What changed in this filing

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Item 2. Properties

2025-02-11 compared with 2024-02-12 · 21 added, 19 removed, 88 unchanged (31% of the section changed)

REAL ESTATE INVESTMENTS —The following table details information for our wholly-owned properties and those owned through our unconsolidated joint venture as of December 31, 2023, which is the basis for determining the prorated information included in the subsequent tables (dollars and square feet in thousands):

REAL ESTATE INVESTMENTS —The following table details information for our wholly-owned properties and those owned through our unconsolidated joint ventures as of December 31, 2024, which is the basis for determining the prorated information included in the subsequent tables (dollars and square feet in thousands):

Ownership Percentage Number of Properties ABR GLA

1 unchanged sentence

GRP I 14% 20 32,723 2,213

The following table presents information regarding the geographic location of our properties, including wholly-owned and the prorated portion of those owned through our unconsolidated joint venture, by ABR as of December 31, 2023.

NRV 20% 1 2,796 121

NGCF 31% 1 1,042 49

For additional portfolio information, refer to “Schedule III - Real Estate Assets and Accumulated Depreciation” (dollars and square feet in thousands):

19 unchanged sentences

North Carolina 8,497 1.6 % 13.59 659 2.0 % 94.9 % 10

Connecticut 8,418 1.6 % 16.95 522 1.6 % 95.1 % 5

Tennessee 8,290 1.6 % 10.38 802 2.4 % 99.6 % 5

3 unchanged sentences

New Mexico 6,035 1.2 % 15.27 404 1.2 % 97.9 % 3

Connecticut 5,982 1.3 % 14.35 421 1.3 % 99.0 % 4

Oregon 5,084 1.0 % 16.83 316 0.9 % 95.6 % 4

2 unchanged sentences

Washington 3,480 0.7 % 20.13 173 0.5 % 100.0 % 2

Iowa 2,822 0.6 % 8.00 360 1.1 % 98.1 % 3

Missouri 2,902 0.6 % 13.16 246 0.7 % 89.7 % 3

Iowa 2,851 0.6 % 8.19 360 1.1 % 96.8 % 3

New York 1,827 0.4 % 11.80 163 0.5 % 94.7 % 1

2 unchanged sentences

(1) We calculate ABR as monthly contractual base rent as of December 31, 2024 multiplied by twelve months.

(2) Gross leasable area (“GLA”) is defined as the total occupied and unoccupied square footage of a building that is available for Neighbors to lease.

(2) GLA is defined as the total occupied and unoccupied square footage of a building that is available for Neighbors to lease.

PHILLIPS EDISON & COMPANY

6 unchanged sentences

Minneapolis 21,158 4.2 %

Houston 21,109 4.1 %

Denver 20,425 4.0 %

1 unchanged sentence

Las Vegas 14,558 2.9 %

Houston 14,609 3.1 %

Tampa 14,358 2.8 %

1 unchanged sentence

(1) We calculate ABR as monthly contractual base rent as of December 31, 2024 multiplied by twelve months.

LEASE EXPIRATIONS —The following chart shows the aggregate scheduled lease expirations for our over 3,000 Neighbors, excluding our Neighbors who are occupying space on a temporary basis, after December 31, 2023 for each of the next ten years and thereafter for our wholly-owned properties and the prorated portion of those owned through our unconsolidated joint venture:

LEASE EXPIRATIONS —The following chart shows the aggregate scheduled lease expirations for our over 3,000 Neighbors, excluding our Neighbors who are occupying space on a temporary basis, after December 31, 2024 for each of the next ten years and thereafter for our wholly-owned properties and the prorated portion of those owned through our unconsolidated joint ventures:

Our ability to create rental rate growth generally depends on our leverage during new and renewal lease negotiations with prospective and existing Neighbors, which typically occurs when occupancy at our centers is high or during periods of economic growth and recovery.

2 unchanged sentences

DECEMBER 31, 2024 FORM 10-K

For our wholly-owned properties and those owned through our unconsolidated joint venture, during the 2024 fiscal year, we have a total of 670 leases expiring, representing 2.8 million square feet of GLA.

For our wholly-owned properties and those owned through our unconsolidated joint ventures, during the 2025 fiscal year, we have a total of 643 leases expiring, representing 2.9 million square feet of GLA.

For our wholly-owned properties, during the 2025 fiscal year, we have 594 leases expiring, representing 2.8 million square feet of GLA.

1 unchanged sentence

While we cannot predict what rental rates we will achieve in 2025 as we renew or replace these expiring leases, the comparable rent spread of new leases signed during 2024 was 35.7%, and the comparable rent spread for lease renewals executed in 2024 was 19.4%.

Further, during the fiscal year 2023, our occupancy remained high, ending the year at 97.4%, indicating continued demand for leasing spaces at our centers.

Further, during the 2024 fiscal year, our occupancy improved 30 basis points to 97.7%, indicating continued demand for leasing spaces at our centers.

See “Part II, Item 7.

2 unchanged sentences

Regional Neighbors are defined as those Neighbors that have at least three locations in fewer than three states.

The following charts present the composition of our portfolio, including our wholly-owned properties and the prorated portion of those owned through our unconsolidated joint venture, by Neighbor type as of December 31, 2023:

The following charts present the composition of our portfolio by Neighbor industry as of December 31, 2024:

2 unchanged sentences

NECESSITY-BASED GOODS AND SERVICES —We define “necessity-based goods and services” as goods and services that are indispensable, necessary, or common for day-to-day living, or that tend to be inelastic (i.e., those for which the demand does not change based on a consumer’s income level).

We estimate that approximately 70% of our ABR, including the pro rata portion attributable to properties owned through our unconsolidated joint venture, is generated from Neighbors providing necessity-based goods and services.

TOP TWENTY NEIGHBORS —The following table presents our top 20 Neighbors by ABR, including our wholly-owned properties and the prorated portion of those owned through our unconsolidated joint venture, as of December 31, 2023 (dollars and square feet in thousands):

We estimate that approximately 69% of our ABR, including the pro rata portion attributable to properties owned through our unconsolidated joint ventures, is generated from Neighbors providing necessity-based goods and services.

TOP 20 NEIGHBORS —The following table presents our top 20 Neighbors by ABR, including our wholly-owned properties and the prorated portion of those owned through our unconsolidated joint ventures, as of December 31, 2024 (dollars and square feet in thousands):

ABR % of ABR Leased

6 unchanged sentences

Giant Eagle 7,390 1.4 % 759 2.3 % 10

Sprouts Farmers Market 6,663 1.4 % 421 1.3 % 14

TJX Companies 7,147 1.4 % 597 1.8 % 20

Sprouts Farmers Market 6,732 1.2 % 421 1.3 % 14

Raley's 4,607 0.9 % 288 0.9 % 5

Dollar Tree 4,552 0.8 % 424 1.3 % 42

UNFI (SuperValu) 3,476 0.7 % 336 1.1 % 5

Starbucks Corporation 3,528 0.7 % 73 0.2 % 38

Big Y 3,487 0.7 % 167 0.5 % 3

UNFI (SuperValu) 3,476 0.7 % 336 1.0 % 5

Trader Joe's 2,798 0.5 % 122 0.4 % 9

H-E-B 2,492 0.5 % 164 0.5 % 2

Lowe's 2,469 0.5 % 369 1.2 % 4

Subway Group 2,785 0.5 % 96 0.3 % 65

Anytime Fitness, Inc.

2,430 0.5 % 140 0.4 % 29

Food 4 Less (PAQ) 2,305 0.5 % 118 0.4 % 2

Planet Fitness 2,766 0.5 % 214 0.7 % 10

Pet Supplies Plus 2,688 0.5 % 169 0.5 % 22

United Parcel Service 2,585 0.5 % 88 0.3 % 71

1 unchanged sentence

2,532 0.5 % 98 0.3 % 58

Great Clips, Inc.

2,519 0.5 % 86 0.3 % 75

Total $ 161,789 31.2 % 14,803 45.2 % 640

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties