Phillips Edison & Company, Inc.

Listed Company

PECOCIK 0001476204NasdaqLarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$726.59M

Net Income

$111.30M

Total Assets

$5.29B

Equity

$2.29B

Shares Out

126.00M

Op. Cash Flow

$348.15M

Business

Phillips Edison & Company, Inc. is a real estate investment trust that owns and operates omni-channel grocery-anchored neighborhood shopping centers and provides third-party investment management and advisory services to unconsolidated joint ventures and a private fund. It generates lease revenue and offers property management, leasing, development and redevelopment, outparcel services, and advisory solutions for managed funds. Its principal operations are presented as a single reportable segment comprising ownership and operation of community and neighborhood shopping centers and an integrated operating platform. The company operates across the United States, targeting small-format centers in favorable trade areas and leasing space to national, regional and local necessity-based retailers (Neighbors) while also sourcing capital through joint ventures.

Summary from filing dated 2025-02-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	709	648	598	561	519
Fees and management income	13	11	10	12	10
Other property income	5	3	3	3	3
Total revenues	727	661	610	575	533
Property operating	124	113	102	95	93
Real estate taxes	86	78	73	68	65
General and administrative	52	46	44	45	49
Depreciation and amortization	266	253	236	236	221
Total operating expenses	528	489	456	445	435
Interest expense, net	−110	−97	−84	—	—
Gain (loss) on disposal of property, net	39	−30,000	1	8	30
Other expense, net	−4	−6	−7	−12	−34
Net income	123	70	64	55	17
Net income attributable to noncontrolling interests	−12	−7	−7	−6	−2
Net income attributable to stockholders	111	63	57	48	15
Net income per share attributable to stockholders - basic (in dollars per share)	0.89	0.51	0.48	0.42	0.15
Net income per share attributable to stockholders - diluted (in dollars per share)	0.89	0.51	0.48	0.42	0.15
Change in unrealized value on interest rate swaps	−4	−7	−12	51	32
Comprehensive income	119	63	52	106	49
Change in unrealized value on interest rate swaps attributable to noncontrolling interests	409,000	701,000	1	−6	−5
Reallocation of comprehensive income upon conversion of noncontrolling interests	3,000	42,000	71,000	273,000	−13,000
Comprehensive income attributable to stockholders	107	56	46	94	43

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land and improvements	1,964	1,867	1,768	1,674	1,587
Building and improvements	4,305	4,086	3,818	3,572	3,355
In-place lease assets	538	523	496	472	453
Above-market lease assets	78	76	74	72	69
Total investment in real estate assets	6,885	6,553	6,157	5,790	5,464
Accumulated depreciation and amortization	−1,958	−1,771	−1,541	−1,317	−1,110
Net investment in real estate assets	4,927	4,781	4,616	4,473	4,353
Investment in unconsolidated joint ventures	43	32	25	27	31
Total investment in real estate assets, net	4,970	4,813	4,641	4,500	4,385
Cash and cash equivalents	4	5	5	5	93
Restricted cash	40	4	4	12	23
Goodwill	29	29	29	29	29
Other assets, net	244	195	186	189	138
Total assets	5,286	5,046	4,866	4,735	4,669
Debt obligations, net	2,375	2,110	1,969	1,897	1,892
Below-market lease liabilities, net	118	116	108	110	108
Accounts payable and other liabilities	180	164	116	113	97
Deferred income	23	23	18	18	19
Total liabilities	2,697	2,412	2,212	2,138	2,192
Commitments and contingencies (see Note 11)	0	0	0	0	0
Preferred stock	0	0	0	0	0
Common stock	1	1	1	1	—
Additional paid-in capital (APIC)	3,664	3,647	3,547	3,384	3,264
Accumulated other comprehensive income (AOCI)	358,000	4	11	21	−25
Accumulated deficit	−1,379	−1,332	−1,248	−1,170	−1,091
Total stockholders equity	2,287	2,320	2,310	2,236	2,150
Noncontrolling interests	303	314	343	361	327
Total equity	2,589	2,634	2,653	2,597	2,476
Total liabilities and equity	5,286	5,046	4,866	4,735	4,669

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of real estate assets	265	251	234	233	218
Depreciation and amortization of corporate assets	2	2	2	4	4
Net amortization of above- and below-market leases	−9	−7	−5	−4	−4
Amortization of deferred financing expenses	5	4	4	3	4
Amortization of debt and derivative adjustments	2	3	3	2	2
Loss on extinguishment or modification of debt, net	90,000	1	368,000	−95,000	2
Impairment of investment in third parties	0	0	3	0	0
Straight-line rent, net	−11	−10	−10	−12	−9
Share-based compensation	12	10	7	15	16
Return on investment in unconsolidated joint ventures	772,000	348,000	271,000	1	3
Other	−243,000	−529,000	−1	−107,000	−883,000
Other assets, net	−18	−17	−12	−10	−4
Accounts payable and other liabilities	15	26	2	10	9
Net cash provided by operating activities	348	335	291	291	263
Real estate acquisitions, net	−360	−296	−270	−282	−308
Capital expenditures	−136	−95	−95	−104	−75
Proceeds (payments) from sale of real estate, net	122	−17,000	7	52	—
Investment in unconsolidated joint ventures	−14	−8	0	0	—
Return of investment in unconsolidated joint ventures	2	2	2	4	5
Investment in marketable securities	−8	−4	0	−3	−6
Proceeds from sale of marketable securities	133,000	6	400,000	0	0
Insurance proceeds for property damage claims	2	3	3	2	0
Net cash used in investing activities	−392	−393	−353	−331	−180
Proceeds from the issuance of common stock	0	75	149	90	547
Payment of offering costs	0	−929,000	−2	−1	−39
Proceeds from revolving credit facility	747	474	503	376	9
Payments on revolving credit facility	−695	−615	−401	−297	−9
Proceeds from notes and loans payable, net	346	683	58	0	—
Payments on mortgages and loans payable	−146	−408	−102	−82	−1,230
Distributions paid	−157	−134	−136	−127	−107
Distributions to noncontrolling interests	−17	−15	−16	−17	−15
Net cash provided by financing activities	79	58	54	−58	−99
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	35	−229,000	−8	−98	−16
Cash paid for interest	98	75	76	65	68
Cash paid for income taxes, net	2	922,000	689,000	194,000	559,000
Right-of-use (ROU) assets obtained in exchange for new lease liabilities	1	57,000	887,000	36,000	902,000
Secured loan receivable	17	0	0	—	—
Accrued capital expenditures	13	16	10	10	6
Assumed other liabilities	0	225,000	0	0	—
Receivable from issuance of common stock	0	−2	2	0	—
Assumed debt obligations, net	0	0	10	0	0
Assumed below-market debt	0	0	444,000	0	0
Change in distributions payable	845,000	13	−293,000	68,000	−8
Change in distributions payable - noncontrolling interests	143,000	2	338,000	−615,000	−650,000

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