Item 2. Properties
ITEM 2. PROPERTIES
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, 2025, 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
Wholly-owned properties 100% 297 $ 539,129 33,495
GRP I 14% 20 33,528 2,221
NRV 20% 4 12,435 744
NGCF 31% 3 4,273 225
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 ventures, by ABR as of December 31, 2025. For additional portfolio information, refer to “Schedule III - Real Estate Assets and Accumulated Depreciation” (dollars and square feet in thousands):
State ABR (1)
% ABR ABR/Leased Square Foot GLA (2)
% GLA % Leased Number of Properties
Florida $ 67,439 12.3 % $ 16.41 4,221 12.4 % 97.4 % 55
California 57,786 10.5 % 23.65 2,508 7.4 % 97.4 % 27
Texas 51,684 9.4 % 21.05 2,526 7.4 % 97.2 % 22
Georgia 46,857 8.6 % 14.78 3,247 9.5 % 97.6 % 33
Ohio 35,081 6.4 % 12.79 2,852 8.4 % 96.2 % 21
Illinois 32,311 5.9 % 17.12 1,934 5.7 % 97.6 % 17
Colorado 31,019 5.6 % 19.78 1,600 4.7 % 98.0 % 15
Virginia 24,462 4.5 % 18.07 1,420 4.2 % 95.4 % 14
Minnesota 22,877 4.2 % 17.82 1,307 3.8 % 98.2 % 13
Massachusetts 18,203 3.3 % 16.18 1,151 3.4 % 97.8 % 9
Nevada 16,037 2.9 % 24.48 663 1.9 % 98.8 % 5
Pennsylvania 13,040 2.4 % 13.09 1,000 2.9 % 99.6 % 6
South Carolina 12,901 2.4 % 12.94 1,010 3.0 % 98.7 % 10
Arizona 11,949 2.2 % 16.14 750 2.2 % 98.8 % 7
Maryland 11,857 2.2 % 22.61 541 1.6 % 97.0 % 5
North Carolina 10,435 1.9 % 14.65 722 2.1 % 98.6 % 12
Wisconsin 10,230 1.9 % 12.81 807 2.4 % 98.9 % 7
Tennessee 8,804 1.6 % 11.25 802 2.4 % 97.6 % 5
Connecticut 8,736 1.6 % 17.38 515 1.5 % 97.5 % 5
Washington 8,030 1.5 % 22.85 380 1.1 % 92.4 % 4
Indiana 7,654 1.4 % 9.67 832 2.5 % 95.2 % 5
Kentucky 7,208 1.3 % 11.82 616 1.8 % 99.0 % 4
Michigan 6,617 1.2 % 9.86 724 2.1 % 92.7 % 5
Oregon 5,303 1.0 % 17.41 315 0.9 % 96.8 % 4
Kansas 5,080 0.9 % 13.57 374 1.1 % 100.0 % 3
New Jersey 4,393 0.8 % 25.92 169 0.5 % 100.0 % 1
New Mexico 3,393 0.6 % 13.72 255 0.7 % 97.0 % 2
Missouri 2,957 0.5 % 13.47 246 0.7 % 89.3 % 3
Iowa 2,889 0.5 % 8.29 360 1.1 % 96.9 % 3
New York 1,951 0.4 % 12.61 163 0.5 % 94.7 % 1
Utah 461 0.1 % 31.70 15 0.1 % 100.0 % 1
Total $ 547,644 100.0 % $ 16.54 34,025 100.0 % 97.3 % 324
(1) We calculate ABR as monthly contractual base rent as of December 31, 2025 multiplied by twelve months.
(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
DECEMBER 31, 2025 FORM 10-K
22
TOP TEN CITIES —The following table presents the top ten city markets by ABR of our wholly-owned properties as of December 31, 2025 (dollars in thousands):
City ABR (1)
% ABR
Atlanta $ 39,644 7.4 %
Chicago 29,342 5.4 %
Dallas 26,074 4.8 %
Sacramento 23,187 4.3 %
Denver 22,414 4.2 %
Houston 22,025 4.1 %
Minneapolis 21,786 4.0 %
Las Vegas 16,037 3.0 %
Washington D.C. 15,631 2.9 %
Tampa 14,808 2.7 %
Total $ 230,948 42.8 %
(1) We calculate ABR as monthly contractual base rent as of December 31, 2025 multiplied by twelve months.
LEASE EXPIRATIONS —The following chart shows the aggregate scheduled lease expirations for our over 3,500 Neighbors, excluding our Neighbors who are occupying space on a temporary basis, after December 31, 2025 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. Conversely, we may experience rental rate decline when occupancy at our centers is low or during periods of economic recession, as the leverage during new and renewal lease negotiations may shift to prospective and existing Neighbors.
PHILLIPS EDISON & COMPANY
DECEMBER 31, 2025 FORM 10-K
23
For our wholly-owned properties and those owned through our unconsolidated joint ventures, during the 2026 fiscal year, we have a total of 735 leases expiring, representing 2.7 million square feet of GLA. For our wholly-owned properties, during the 2026 fiscal year, we have 668 leases expiring, representing 2.7 million square feet of GLA. For our wholly-owned properties, the expiring leases have an ABR of $18.20 per square foot. While we cannot predict what rental rates we will achieve in 2026 as we renew or replace these expiring leases, the comparable rent spread of new leases signed during 2025 was 30.9%, and the comparable rent spread for lease renewals executed in 2025 was 20.7%. Further, during the 2025 fiscal year, our occupancy remained above 97%, indicating continued demand for leasing spaces at our centers.
See “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Overview - Leasing Activity” of this filing on Form 10-K for further discussion of leasing activity.
PORTFOLIO TENANCY —We define national Neighbors as those Neighbors that operate in at least three states. 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 ventures, by Neighbor type as of December 31, 2025:
The following charts present the composition of our portfolio by Neighbor industry as of December 31, 2025:
PHILLIPS EDISON & COMPANY
DECEMBER 31, 2025 FORM 10-K
24
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 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, 2025 (dollars and square feet in thousands):
Neighbor (1)
ABR % of ABR Leased
Square Feet % of Leased Square Feet Number of Locations (2)
Kroger $ 28,327 5.2 % 3,467 10.5 % 63
Publix 27,013 4.9 % 2,482 7.5 % 62
Albertsons 19,496 3.6 % 1,729 5.2 % 31
Ahold Delhaize 18,138 3.3 % 1,249 3.8 % 23
Walmart 8,483 1.6 % 1,733 5.2 % 12
Giant Eagle 7,419 1.4 % 759 2.3 % 10
TJX Companies 7,166 1.3 % 584 1.8 % 21
Sprouts Farmers Market 6,205 1.1 % 389 1.2 % 13
Raley's 4,708 0.9 % 288 0.9 % 5
Dollar Tree 4,480 0.8 % 399 1.2 % 39
Planet Fitness, Inc. 3,894 0.7 % 315 1.0 % 16
Starbucks Corporation 3,890 0.7 % 82 0.2 % 42
UNFI (SuperValu) 3,500 0.6 % 336 1.0 % 5
Big Y 3,487 0.6 % 167 0.5 % 3
United Parcel Service 3,118 0.6 % 104 0.3 % 83
Subway Group 3,091 0.6 % 100 0.3 % 69
Pet Supplies Plus 3,010 0.6 % 185 0.6 % 24
Great Clips, Inc. 2,879 0.5 % 95 0.3 % 84
Trader Joe's 2,860 0.5 % 122 0.4 % 9
Lowe's 2,748 0.5 % 369 1.1 % 4
Total $ 163,912 30.0 % 14,954 45.3 % 618
(1) Neighbors are grouped by parent company and may represent multiple subsidiaries and banners.
(2) Number of locations excludes auxiliary leases with grocery anchors such as fuel stations, pharmacies, and liquor stores. Additionally, if a parent company has multiple subsidiaries or banners in a single shopping center, those subsidiaries are included as one location.