Phillips Edison Files 2024 10-K

TL;DR

PECO filed its 2024 10-K, check financials for REIT.

AI Summary

Phillips Edison & Company, Inc. filed its 2024 10-K on February 11, 2025, reporting on its fiscal year ending December 31, 2024. The company, a real estate investment trust, is headquartered in Cincinnati, Ohio. The filing details its financial performance and operational status for the year.

Why It Matters

This filing provides investors with a comprehensive overview of Phillips Edison's financial health and strategic direction for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags.

Key Numbers

• 0.33 — Real Estate Investment Property Net (Represents a portion of the company's net property assets.)
• 0.33 — Other Assets (Indicates other assets held by the company.)
• 0.5 — Accounts Payable and Other Accrued Liabilities (Represents short-term obligations.)
• 0.5 — Debt and Capital Lease Obligations (Shows the company's leverage.)

Key Players & Entities

• Phillips Edison & Company, Inc. (company) — Filer of the 10-K
• 11501 NORTHLAKE DRIVE, CINCINNATI, OH 45249 (location) — Company's business and mailing address
• 20241231 (date) — Fiscal year end date
• 20250211 (date) — Filing date of the 10-K

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share PECO Nasdaq Global Select Mar
• $32.71 — .0 billion, based on a closing price of $32.71 as reported on the Nasdaq Global Select
• $738.9 million — 31, 2024, we had available liquidity of $738.9 million under our senior unsecured revolving cr
• $1 billion — e borrowing capacity of the facility to $1 billion and extends the maturity date to Januar

Filing Documents

• cik0001476204-20241231.htm (10-K) — 4016KB
• pecoq42024ex19insidertradi.htm (EX-19) — 49KB
• pecoq42024ex-211.htm (EX-21.1) — 169KB
• pecoq42024ex-221.htm (EX-22.1) — 3KB
• pecoq42024-ex231.htm (EX-23.1) — 2KB
• pecoq42024-ex311.htm (EX-31.1) — 9KB
• pecoq42024-ex312.htm (EX-31.2) — 9KB
• pecoq42024-ex321.htm (EX-32.1) — 4KB
• pecoq42024-ex322.htm (EX-32.2) — 4KB
• cik0001476204-20241231_g1.jpg (GRAPHIC) — 330KB
• cik0001476204-20241231_g2.jpg (GRAPHIC) — 169KB
• cik0001476204-20241231_g3.jpg (GRAPHIC) — 45KB
• cik0001476204-20241231_g4.jpg (GRAPHIC) — 41KB
• cik0001476204-20241231_g5.jpg (GRAPHIC) — 50KB
• cik0001476204-20241231_g6.jpg (GRAPHIC) — 43KB
• cik0001476204-20241231_g7.jpg (GRAPHIC) — 103KB
• cik0001476204-20241231_g8.jpg (GRAPHIC) — 125KB
• 0001476204-25-000030.txt ( ) — 21407KB
• cik0001476204-20241231.xsd (EX-101.SCH) — 141KB
• cik0001476204-20241231_cal.xml (EX-101.CAL) — 125KB
• cik0001476204-20241231_def.xml (EX-101.DEF) — 570KB
• cik0001476204-20241231_lab.xml (EX-101.LAB) — 1359KB
• cik0001476204-20241231_pre.xml (EX-101.PRE) — 912KB
• cik0001476204-20241231_htm.xml (XML) — 3412KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 7 ITEM 1B. UNRESOLVED STAFF COMMENTS 22 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 46 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, 2024 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," "expect," "intend," "anticipate," "estimate," "believe," "continue," "seek," "objective," "goal," "strategy," "plan," "focus," "priority," "should," "could," "potential," "possible," "look forward," "optimistic," or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with

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 four 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, 2024, our portfolio was 97.7% 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, 2024, we

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View this 10-K filing on SEC EDGAR