Phillips Edison & Company, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Phillips Edison & Company, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations as a Real Estate Investment Trust.</b>

AI Summary

Phillips Edison & Company, Inc. (PECO) filed a Annual Report (10-K) with the SEC on February 12, 2024. Phillips Edison & Company, Inc. filed its 2023 Form 10-K on February 12, 2024. The company is incorporated in Maryland (MD) and operates under the SIC code 6798 for Real Estate Investment Trusts. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 11501 Northlake Drive, Cincinnati, OH 45249. Phillips Edison & Company, Inc. was formerly known as Phillips Edison Grocery Center REIT I, Inc. and Phillips Edison - ARC Shopping Center REIT Inc.

Why It Matters

For investors and stakeholders tracking Phillips Edison & Company, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Phillips Edison & Company's financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. As a Real Estate Investment Trust (REIT), the detailed financial disclosures in this filing are essential for understanding the company's property portfolio, debt levels, and overall market position within the real estate sector.

Risk Assessment

Risk Level: medium — Phillips Edison & Company, Inc. shows moderate risk based on this filing. The company operates as a Real Estate Investment Trust, a sector sensitive to interest rate fluctuations and economic downturns, which could impact property values and rental income.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess the company's strategy for navigating potential market volatility and its impact on the real estate portfolio.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-12 — Filing Date (As of Date)
• 117 — Public Document Count (Document Count)
• 001-40594 — SEC File Number (SEC Filing Information)

Key Players & Entities

• Phillips Edison & Company, Inc. (company) — Filer name
• 0001476204 (company) — Central Index Key
• 6798 (company) — Standard Industrial Classification
• MD (company) — State of Incorporation
• 11501 Northlake Drive, Cincinnati, OH 45249 (company) — Business Address
• Phillips Edison Grocery Center REIT I, Inc. (company) — Former Company Name
• Phillips Edison - ARC Shopping Center REIT Inc. (company) — Former Company Name
• 2024-02-12 (date) — Filing Date

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-12: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share PECO Nasdaq Global Select Mar
• $34.08 — .0 billion, based on a closing price of $34.08 as reported on the Nasdaq Global Select
• $606.6 million — ce sheet and our available liquidity of $606.6 million under our senior unsecured revolving cr
• $200,000 — ogram", generating cost savings of over $200,000. EV Charging Stations: Installed EV ch

Filing Documents

• cik0001476204-20231231.htm (10-K) — 4076KB
• pecoq42023ex-211.htm (EX-21.1) — 161KB
• pecoq42023ex-221.htm (EX-22.1) — 3KB
• pecoq42023-ex231.htm (EX-23.1) — 2KB
• pecoq42023-ex311.htm (EX-31.1) — 9KB
• pecoq42023-ex312.htm (EX-31.2) — 9KB
• pecoq42023-ex321.htm (EX-32.1) — 4KB
• pecoq42023-ex322.htm (EX-32.2) — 4KB
• pecoq42023ex-97.htm (EX-97) — 24KB
• cik0001476204-20231231_g1.jpg (GRAPHIC) — 330KB
• cik0001476204-20231231_g2.jpg (GRAPHIC) — 167KB
• cik0001476204-20231231_g3.jpg (GRAPHIC) — 46KB
• cik0001476204-20231231_g4.jpg (GRAPHIC) — 41KB
• cik0001476204-20231231_g5.jpg (GRAPHIC) — 50KB
• cik0001476204-20231231_g6.jpg (GRAPHIC) — 46KB
• cik0001476204-20231231_g7.jpg (GRAPHIC) — 99KB
• cik0001476204-20231231_g8.jpg (GRAPHIC) — 124KB
• 0001476204-24-000022.txt (&nbsp;) — 21062KB
• cik0001476204-20231231.xsd (EX-101.SCH) — 131KB
• cik0001476204-20231231_cal.xml (EX-101.CAL) — 121KB
• cik0001476204-20231231_def.xml (EX-101.DEF) — 573KB
• cik0001476204-20231231_lab.xml (EX-101.LAB) — 1444KB
• cik0001476204-20231231_pre.xml (EX-101.PRE) — 887KB
• cik0001476204-20231231_htm.xml (XML) — 3393KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 7 ITEM 1B. UNRESOLVED STAFF COMMENTS 21 ITEM 1C. CYBERSECURITY 22 ITEM 2.

PROPERTIES

PROPERTIES 23 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 26 ITEM 4 . MINE SAFETY DISCLOSURES 26 PART II. ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES 27 ITEM 6. [RESERVED] 28 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 29 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 44 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 45 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 45 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 45 ITEM 9B. OTHER INFORMATION 48 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 48 PART III. ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE 48 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 48 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 48 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE 48 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 48 PART IV. ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 49 ITEM 16. FORM 10-K SUMMARY 51 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F- 1 PHILLIPS EDISON & COMPANY DECEMBER 31, 2023 FORM 10-K 1 Cautionary Note Regarding Forward-Looking Statements Certain statements contained in this Annual Report on Form 10-K of Phillips Edison & Company, Inc. ("we," the "Company," "our," or "us") other than historical facts may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995 (collectively with the Securities Act and the Exchange Act, the "Acts"). These forward-looking statements are based on current expectations, estimates, and projections about the industry and markets in which we operate, and beliefs of, and assumptions made by, management of our company and involve uncertainties that could significantly affect our financial results. We intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in the Acts. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "can," "expect," "intend," "anticipate," "estimate," "believe," "continue," "possible," "initiatives," "focus," "seek," "objective," "goal," "strategy," "plan," "potential," "potentially," "preparing," "projected," "future," "long-term," "once," "should," "could," "would," "might," "uncertainty," or other similar words. Readers are cautioned not to place undue reliance on these f

BUSINESS

ITEM 1. BUSINESS All references to "Notes" throughout this Annual Report on Form 10-K refer to the footnotes to the consolidated financial statements in "Part II, Item 8. Financial Statements and Supplementary Data". OVERVIEW —Phillips Edison & Company, Inc. ("we," the "Company," "PECO," "our," or "us"), a real estate investment trust ("REIT") founded in 1991, is one of the nation's largest owners and operators of omni-channel grocery-anchored shopping centers. Additionally, we operate a third-party investment management business providing property management and advisory services to two unconsolidated institutional joint ventures, in which we have partial ownership interests, and one private fund (collectively, the "Managed Funds"). The majority of our revenues are lease revenues derived from our real estate investments. Our portfolio primarily consists of neighborhood centers anchored by the #1 or #2 grocer tenants by sales within their respective formats by trade area. As of December 31, 2023, our portfolio was 97.4% leased. Our tenants, who we refer to as "Neighbors," are a mix of national, regional, and local retailers that primarily provide necessity-based goods and services. We believe our locations are in fundamentally strong demographic markets throughout the United States. Our brick and mortar assets positively contribute to our Neighbors' omni-channel strategies and act as the last mile delivery solution. We were formed as a Maryland corporation in October 2009 and have elected to be taxed as a REIT for U.S. federal income tax purposes. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P. (the "Operating Partnership"), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly-owned subsidiary, Phillips Edison Grocery Center OP GP I LLC, is the sole general partner of the Operating Partnership. As of December 31, 2023, we w

View Full Filing

View this 10-K filing on SEC EDGAR