Market Overview

Phillips Edison & Company Reports First Quarter 2018 Results; Increases Estimated Value per Share to $11.05

Share:

Record Number of Leases Executed and Strong Leasing Spreads During
the Quarter Illustrate Strength in Grocery-Anchored Real Estate

Phillips
Edison & Company
, an internally-managed real estate
investment trust (REIT) and one of the nation's largest owners and
operators of grocery-anchored shopping centers, reported its results for
the quarter ended March 31, 2018 and increased its estimated value per
share to $11.05 as of March 31, 2018.

First Quarter 2018 Highlights (vs. First Quarter 2017)

  • Acquired one grocery-anchored shopping center for a total cost of $8.4
    million
  • Net loss totaled $1.8 million
  • Funds from operations (FFO) per diluted share increased 20.0% to $0.18
  • FFO totaled 104% of regular distributions made during the quarter
  • Modified funds from operations (MFFO) per diluted share increased
    20.0% to $0.18
  • Pro forma same-center net operating income (NOI)*, which reflects
    adjustments for the Phillips Edison Limited Partnership (PELP)
    acquisition in October 2017, increased 4.3% to $61.3 million
  • Net debt to total enterprise value was 41.9% at quarter-end
  • Outstanding debt had a weighted-average interest rate of 3.4% and
    87.1% was fixed-rate debt

*Please see 'Pro Forma Same-Center Results' under Portfolio Results
for additional disclosure

Estimated Value per Share Update

  • On May 9, 2018, the company's board of directors increased the
    estimated value per share of its common stock to $11.05 as of March
    31, 2018, based on the range of $10.35 to $11.75 provided by Duff &
    Phelps, an independent third-party valuation firm.

Management Commentary

"During the first quarter of 2018, we executed a record number of leases
and realized 20.3% comparable spreads on new leases, both of which are
strong indicators of the healthy fundamentals in our grocery-anchored
portfolio," said Jeff Edison, Chairman and Chief Executive Officer of
Phillips Edison & Company. "The quarter also demonstrated the accretive
integration of PELP's 76 shopping centers and investment management
business, which we acquired last October, with a 20% increase in MFFO
per diluted share."

"Our continued strong performance led our board to increase the
estimated value of our common stock to $11.05 per share despite the
challenging retail environment. We believe the current disparity between
the public and private market valuations in retail real estate is
unsupported as the operating fundamentals of our centers remain strong.
We are confident that our best-in-class platform will continue to add
value and drive growth at our grocery-anchored centers."

First Quarter Ended March 31, 2018 Financial Results

Net (Loss) Income

For the first quarter of 2018, net loss totaled $1.8 million compared to
net income of $1.1 million for the first quarter of 2017. Net loss was
primarily driven by increased depreciation and amortization as a result
of owning an additional 84 properties when compared to March 31, 2017.

Funds from Operations (FFO) as Defined by the National Association of
Real Estate Investment Trusts (NAREIT)

For the first quarter of 2018, FFO attributable to stockholders and
convertible noncontrolling interests increased 40.4% to $40.4 million,
or $0.18 per diluted share, from $28.8 million, or $0.15 per diluted
share, during the first quarter of 2017. The improvement in FFO was
driven by an increase in net operating income generated by additional
properties owned, $8.7 million of fee income for asset management and
property management services generated by the investment management
business acquired in the PELP transaction, and a 4.3% increase in pro
forma same-center NOI.

Modified Funds from Operations (MFFO)

For the first quarter of 2018, MFFO increased 46.9% to $42.2 million, or
$0.18 per diluted share, compared to $28.7 million, or $0.15 per diluted
share, during the same year-ago quarter. The increase in MFFO was
directly correlated to the increase in FFO.

Pro Forma Same-Center Results*

For the first quarter of 2018, pro forma same-center NOI increased 4.3%
to $61.3 million compared to $58.8 million during the first quarter of
2017. The improvement was driven by a $0.21 increase in minimum rent per
square foot on the company's pro forma portfolio, as well as a $1.4
million decrease in operating expenses versus the comparable period.

Pro-forma same-center leased occupancy totaled 93.8% compared to 93.9%
as of March 31, 2017.

*For purposes of evaluating same-center NOI on a comparative basis,
and in light of the acquisition of PELP in October 2017, the company is
presenting pro forma same-center NOI, which includes all properties that
were owned and operational for the entire portion of both comparable
reporting periods for both Phillips Edison & Company and PELP. As such,
contributing to pro forma same-center NOI were 226 properties.

First Quarter Ended March 31, 2018 Portfolio Results

Portfolio Statistics

At quarter-end, the portfolio consisted of 237 properties, totaling
approximately 26.4 million square feet located in 32 states. This
compares to 154 properties, totaling approximately 16.8 million square
feet located in 28 states as of March 31, 2017.

Leased portfolio occupancy totaled 93.6% compared to 93.9% as of
December 31, 2017.

Leasing Activity

During the first quarter of 2018, a record 192 leases (new, renewal and
options) were executed totaling approximately 821,000 square feet. This
compares to 132 leases (new, renewal and options) executed totaling
557,000 square feet during the first quarter of 2017.

Comparable rent spreads during the quarter, which compare the percentage
increase (or decrease) of new or renewal leases to the expiring lease of
a unit that was occupied within the past 12 months, were 20.3% for new
leases and 10.7% for renewal leases, excluding options.

Acquisition Activity

One grocery-anchored shopping center was acquired for a total cost of
$8.4 million during the first quarter of 2018. The property, located in
Leesburg, Florida, outside Orlando, is anchored by Publix and totals
approximately 135,000 square feet.

Investment Management Business

During the first quarter of 2018, the company generated $8.7 million of
fee income for asset management and property management services
rendered.

At quarter-end, the company had approximately $2.1 billion of
third-party assets under management, which included Phillips Edison
Grocery Center REIT II, Inc., Phillips Edison Grocery Center REIT III,
Inc., and Necessity Retail Partners (a joint venture between Phillips
Edison Grocery Center REIT II, Inc. and TPG).

Phillips Edison Grocery Center REIT III

Phillips Edison Grocery Center REIT III, Inc., Phillips Edison &
Company's third sponsored non-traded REIT, raised $56.8 million in a
private offering of common stock. Additionally, on May 8, 2018, Phillips
Edison Grocery Center REIT III had its registration statement pertaining
to an initial public offering declared effective by the Securities and
Exchange Commission and will offer up to an aggregate of $1.7 billion in
common stock.

Balance Sheet Highlights at March 31, 2018

At quarter-end, the company had $474.4 million of borrowing capacity
available on its $500 million revolving credit facility. During the
quarter, the company executed a delayed draw on its five-year term
facility to pay down the revolving credit facility.

Net debt to total enterprise value was 41.9% at March 31, 2018. Please
see the Net Debt to Total Enterprise Value table for additional
disclosure.

At quarter-end, the company's outstanding debt had a weighted-average
interest rate of 3.4%, a weighted-average maturity of 5.2 years, and
87.1% of its total debt was fixed-rate debt. This compared to a
weighted-average interest rate of 3.4%, a weighted average maturity of
5.5 years, and 88.5% fixed-rate debt at December 31, 2017.

Estimated Value Per Share

Effective May 9, 2018, the company's board of directors increased the
estimated value per share of its common stock to $11.05 as of March 31,
2018.

Duff & Phelps was engaged to provide a calculation of the range in
estimated value per share of the company's common stock as of March 31,
2018. Duff & Phelps prepared a valuation report based substantially on
its estimate of the "as is" market values of the company's portfolio,
adjusted to reflect balance sheet assets and liabilities, and the
estimated value of in-place contracts of the third-party asset
management business provided by the company's management as of March 31,
2018, before calculating a range of estimated per share values based on
the number of outstanding shares of common stock and operating
partnership units (OP units) as of quarter end. These calculations
produced an estimated value per share in the range of $10.35 to $11.75.

For a full description of the assumptions and methodologies used to
determine the estimated value per share, see the Form 10-Q for the
quarter ended March 31, 2018 to be filed with the SEC, which will be
accessible on the SEC's website at www.sec.gov.

First Quarter 2018 Distributions

Gross distributions of $38.3 million were paid to common shareholders
and OP unit holders during the first quarter of 2018, including $12.8
million reinvested through the distribution reinvestment plan, for net
cash distributions of $25.5 million.

During the quarter, FFO was $40.4 million, which totaled 104% of the
company's gross distributions.

Subsequent to quarter-end, the company's board of directors authorized
distributions for June 2018, July 2018, and August 2018 in the amount of
$0.05583344 per share to the shareholders of record at the close of
business on June 15, 2018, July 16, 2018, and August 15, 2018,
respectively. OP unit holders will receive distributions at the same
rate, subject to required withholding.

Share Repurchase Program (SRP)

During the first quarter of 2018, approximately 366,000 shares of common
stock, totaling $4.0 million, were repurchased.

Subsequent to the quarter end, in April 2018, approximately 3.4 million
shares of common stock, totaling $37.4 million, were repurchased at
$11.00 per share under the SRP. Standard repurchase requests surpassed
the funding limits under the SRP resulting in the company processing
standard requests on a pro rata basis.

The company will continue to fulfill repurchases sought upon a
stockholder's death, "qualifying disability," or "determination of
incompetence" in accordance with the terms of the SRP.

Due to the program's funding limits, the company does not expect funding
to be available for standard repurchases for the remainder of 2018. Cash
available for standard repurchases on any particular date under the SRP
is generally limited to the proceeds from the dividend reinvestment plan
during the preceding four quarters, less amounts already used for
repurchases during the same time period.

Stockholder Update Call

Chairman and Chief Executive Officer Jeff Edison, Chief Financial
Officer Devin Murphy, and Executive Vice President Mark Addy will host a
live presentation addressing the company's results on Thursday, May 10,
2018 at 1:00 p.m. Eastern Time.

Following management's prepared remarks, there will be a question and
answer session. Investors are encouraged to submit questions in advance
of the presentation by emailing them to InvestorRelations@phillipsedison.com.
Additionally, questions may be submitted via the webcast interface
during the live presentation.

Interested parties will be able to access the presentation online or by
telephone. If dialing in, please call the conference telephone number
five minutes prior to the start time as an operator will register your
name and organization. Participants should ask to join the Phillips
Edison & Company call.

Date: Thursday, May 10, 2018
Time: 1:00 p.m. Eastern
Time
Webcast link: https://services.choruscall.com/links/peco180510.html
U.S.
listen-only:
(888) 346-2646
International listen-only:
(412) 317-5249

A webcast replay will be available approximately one hour after the
conclusion of the presentation in the Events & Presentations section of
the Phillips Edison & Company website at http://investors.phillipsedison.com/event.

For investor-related updates on Phillips Edison, please visit http://www.phillipsedison.com/investors.

For more information on the company's quarterly results, please refer to
the company's Form 10-Q for the quarter ended March 31, 2018, which will
be filed with the SEC and available on the SEC's website at www.sec.gov.

Non-GAAP Disclosures

Pro Forma Same-Center Net Operating Income

Same-Center NOI represents the NOI for the properties that were owned
and operational for the entire portion of both comparable reporting
periods. For purposes of evaluating Same-Center NOI on a comparative
basis, and in light of the company's acquisition of 76 shopping centers
and the investment management business from PELP, the company is
presenting Pro Forma Same-Center NOI, which is Same-Center NOI on a pro
forma basis as if the transaction had occurred on January 1, 2017. This
perspective allows the company to evaluate Same-Center NOI growth over a
comparable period. Pro Forma Same-Center NOI is not necessarily
indicative of what actual Same-Center NOI and growth would have been if
the PELP transaction had occurred on January 1, 2017, nor does it
purport to represent Same-Center NOI and growth for future periods.

Pro Forma Same-Center NOI highlights operating trends such as occupancy
rates, rental rates, and operating costs on properties that were
operational for both comparable periods. Other REITs may use different
methodologies for calculating Same-Center NOI, and accordingly, Pro
Forma Same-Center NOI may not be comparable to other REITs.

Pro Forma Same-Center NOI should not be viewed as an alternative measure
of the company's financial performance since it does not reflect the
operations of the company's entire portfolio, nor does it reflect the
impact of general and administrative expenses, acquisition expenses,
depreciation and amortization, interest expense, other income, or the
level of capital expenditures and leasing costs necessary to maintain
the operating performance of company properties that could materially
impact its results from operations.

Funds from Operations and Modified Funds from Operations

FFO is a non-GAAP performance financial measure that is widely
recognized as a measure of REIT operating performance. The National
Association of Real Estate Investment Trusts ("NAREIT") defines FFO as
net income (loss) attributable to common stockholders computed in
accordance with GAAP, excluding gains (or losses) from sales of
property, plus depreciation and amortization, and after adjustments for
impairment losses on depreciable real estate and impairments of
in-substance real estate investments in investees that are driven by
measurable decreases in the fair value of the depreciable real estate
held by the unconsolidated partnerships and joint ventures. Adjustments
for unconsolidated partnerships and joint ventures are calculated to
reflect funds from operations on the same basis. The company calculates
FFO Attributable to Stockholders and Convertible Noncontrolling
Interests in a manner consistent with the NAREIT definition, with an
additional adjustment made for noncontrolling interests that are not
convertible into common stock.

MFFO is an additional performance financial measure used by the company
as FFO includes certain non-comparable items that affect the company's
performance over time. MFFO excludes the following items:

  • acquisition and transaction expenses;
  • straight-line rent amounts, both income and expense;
  • amortization of above- or below-market intangible lease assets and
    liabilities;
  • amortization of discounts and premiums on debt investments;
  • gains or losses from the early extinguishment of debt;
  • gains or losses on the extinguishment of derivatives, except where the
    trading of such instruments is a fundamental attribute of company
    operations;
  • gains or losses related to fair value adjustments for derivatives not
    qualifying for hedge accounting; and
  • adjustments related to the above items for joint ventures and
    noncontrolling interests and unconsolidated entities in the
    application of equity accounting.

The company believes that MFFO is helpful in assisting management and
investors with the assessment of the sustainability of operating
performance in future periods. The company believes it is more
reflective of its core operating performance and provides an additional
measure to compare its performance across reporting periods on a
consistent basis by excluding items that may cause short-term
fluctuations in net income (loss) but have no impact on cash flows.

FFO, FFO Attributable to Stockholders and Convertible Noncontrolling
Interests, and MFFO should not be considered alternatives to net income
(loss) or income (loss) from continuing operations under GAAP, as an
indication of liquidity, nor as an indication of funds available to
cover the company's cash needs, including its ability to fund
distributions. MFFO may not be a useful measure of the impact of
long-term operating performance on value if the company does not
continue to operate its business plan in the manner currently
contemplated.

Accordingly, FFO, FFO Attributable to Stockholders and Convertible
Noncontrolling Interests, and MFFO should be reviewed in connection with
other GAAP measurements, and should not be viewed as more prominent
measures of performance than net income (loss) or cash flows from
operations prepared in accordance with GAAP. The company's FFO, FFO
Attributable to Stockholders and Convertible Noncontrolling Interests,
and MFFO, as presented, may not be comparable to amounts calculated by
other REITs.

PHILLIPS EDISON & COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2018 AND DECEMBER 31, 2017

(Unaudited)

(In thousands, except per share amounts)

 
  March 31, 2018   December 31, 2017
ASSETS
Investment in real estate:
Land and improvements $ 1,125,816 $ 1,121,590
Building and improvements 2,274,876 2,263,400
Acquired in-place lease assets 314,378 313,432
Acquired above-market lease assets 53,597   53,524  
Total investment in real estate assets 3,768,667 3,751,946
Accumulated depreciation and amortization (504,912 ) (462,025 )
Total investment in real estate assets, net 3,263,755 3,289,921
Cash and cash equivalents 14,690 5,716
Restricted cash 17,279 21,729
Account receivable - affiliates 6,935 6,102
Corporate intangible assets, net 52,200 55,100
Goodwill 29,066 29,066
Other assets, net 135,102   118,448  
Total assets $ 3,519,027   $ 3,526,082  
 
LIABILITIES AND EQUITY
Liabilities:
Debt obligations, net $ 1,834,829 $ 1,806,998
Acquired below-market lease liabilities, net of accumulated
amortization
of $29,946 and $27,388, respectively 88,523 90,624
Accounts payable – affiliates 1,733 1,359
Accounts payable and other liabilities 132,670   148,419  
Total liabilities 2,057,755   2,047,400  
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value per share, 10,000 shares
authorized, zero shares issued and
outstanding at March 31, 2018 and December 31, 2017, respectively
Common stock, $0.01 par value per share, 1,000,000 shares
authorized, 186,027 and 185,233
shares issued and outstanding at March 31, 2018 and December 31,
2017, respectively
1,860 1,852
Additional paid-in capital 1,638,176 1,629,130
Accumulated other comprehensive income 27,381 16,496
Accumulated deficit (634,164 ) (601,238 )
Total stockholders' equity 1,033,253 1,046,240
Noncontrolling interests 428,019   432,442  
Total equity 1,461,272   1,478,682  
Total liabilities and equity $ 3,519,027   $ 3,526,082  

PHILLIPS EDISON & COMPANY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017

(Unaudited)

(In thousands, except per share amounts)

 
Three Months Ended March 31,
2018   2017
Revenues:
Rental income $ 71,449 $ 51,093
Tenant recovery income 22,437 16,936
Fees and management income 8,712
Other property income 601   274  
Total revenues 103,199 68,303
Expenses:
Property operating 18,115 11,432
Real estate taxes 13,147 10,258
General and administrative 10,461 7,830
Depreciation and amortization 46,427   27,624  
Total expenses 88,150 57,144
Other:
Interest expense, net (16,779 ) (8,390 )
Other expense, net (107 ) (1,635 )
Net (loss) income (1,837 ) 1,134
Net loss (income) attributable to noncontrolling interests 237   (28 )
Net (loss) income attributable to stockholders $ (1,600 ) $ 1,106  
Earnings per common share:
Net (loss) income per share attributable to stockholders - basic and
diluted
$ (0.01 ) $ 0.01
Weighted-average common shares outstanding:
Basic 185,899 183,230
Diluted 230,352 186,022
 
Comprehensive income:
Net (loss) income $ (1,837 ) $ 1,134
Other comprehensive income:
Change in unrealized gain on interest rate swaps 13,488   1,816  
Comprehensive income 11,651 2,950
Net loss (income) attributable to noncontrolling interests 237 (28 )
Other comprehensive income attributable to noncontrolling interests (2,603 )  
Comprehensive income attributable to stockholders $ 9,285   $ 2,922  

The table below compares Pro Forma Same-Center NOI for the three months
ended March 31, 2018 and 2017 (in thousands):

  Three Months Ended March 31,   Favorable (Unfavorable) Change
2018  

2017(1)

 

$  

%

Revenues:
Rental income(2) $ 65,453 $ 64,521 $ 932
Tenant recovery income 21,181 21,127 54
Other property income 570   474   96  
Total revenues 87,204 86,122 1,082 1.3%
Operating expenses:
Property operating expenses 13,630 14,609 979
Real estate taxes 12,298   12,752   454  
Total operating expenses 25,928   27,361   1,433   5.2%
Total Same-center NOI $ 61,276   $ 58,761   $ 2,515   4.3%

(1) Adjusted for PELP same-center operating results
prior to the transaction for these periods. For additional information
and details about PELP operating results included herein, refer to the
PELP Same-Center NOI table on the following page.

(2)
Excludes straight-line rental income, net amortization of above-
and below-market leases, and lease buyout income.

Below is a reconciliation of Net (Loss) Income to Owned Real Estate NOI
and Pro Forma Same-Center NOI for the three months ended March 31, 2018
and 2017 (in thousands):

  2018   2017
Net (loss) income $ (1,837 ) $ 1,134
Adjusted to exclude:
Fees and management income (8,712 )
Straight-line rental income (1,080 ) (493 )
Net amortization of above- and below-market leases (1,007 ) (331 )
Lease buyout income (23 ) (27 )
General and administrative expenses 10,461 7,830
Depreciation and amortization 46,427 27,624
Interest expense, net 16,779 8,390
Other 201 1,635
Property management allocations to third-party assets under
management(1)
3,602    
Owned Real Estate NOI 64,811 45,762
Less: NOI from centers excluded from same-center (3,535 ) (208 )
NOI prior to October 4, 2017, from same-center properties acquired
in the

PELP transaction(2)

  13,207  
Total Pro Forma Same-Center NOI $ 61,276   $ 58,761  

(1) This represents property management expenses
allocated to third-party owned properties based on the property
management fee that is provided for in the individual management
agreements under which the company's investment management business
provides services.

(2) See calculation on the
following page.

Below is a breakdown of properties:

  March 31, 2018
Same-center properties(1) 226
Non-same-center properties 11
Total properties 237

(1) Property count includes 74 same-center properties
acquired in the PELP transaction.

NOI from the PELP properties acquired prior to the PELP transaction was
obtained from the accounting records of PELP without adjustment. The
accounting records were subject to internal review by the company. The
table below provides Same-Center NOI detail for the non-ownership period
of PELP, which was the three months ended March 31, 2017.

  2017
Revenues:
Rental income(1) $ 14,766
Tenant recovery income 4,244
Other property income 248
Total revenues 19,258
Operating expenses:
Property operating expenses 3,533
Real estate taxes 2,518
Total operating expenses 6,051
Total Same-Center NOI $ 13,207

(1) Excludes straight-line rental income, net
amortization of above- and below-market leases, and lease buyout income.

The following section presents the company's calculation of FFO, FFO
Attributable to Stockholders and Convertible Noncontrolling Interests,
and MFFO and provides additional information related to the company's
operations for the three months ended March 31, 2018 and 2017 (in
thousands, except per share amounts):

  2018  

2017(1)

Calculation of FFO Attributable to Stockholders and
Convertible

Noncontrolling Interests
Net (loss) income $ (1,837 ) $ 1,134
Adjustments:
Depreciation and amortization of real estate assets 42,299   27,624  
FFO attributable to the Company 40,462 28,758
Adjustments attributable to noncontrolling interests not convertible

into common stock

(97 )  
FFO attributable to stockholders and convertible noncontrolling
interests
$ 40,365   $ 28,758  
Calculation of MFFO
FFO attributable to stockholders and convertible noncontrolling
interests
$ 40,365 $ 28,758
Adjustments:
Net amortization of above- and below-market leases (1,007 ) (331 )
Depreciation and amortization of corporate assets 4,128
Gain on extinguishment of debt, net (524 )
Straight-line rent (1,057 ) (493 )
Amortization of market debt adjustment (272 ) (278 )
Other 31   1,594  
MFFO $ 42,188   $ 28,726  
 
FFO Attributable to Stockholders and Convertible
Noncontrolling
Interests/MFFO per share
Weighted-average common shares outstanding - diluted(2) 230,360 186,022
FFO attributable to stockholders and convertible noncontrolling
interests

per share - diluted(2)

$ 0.18 $ 0.15
MFFO per share - diluted $ 0.18 $ 0.15

(1) Certain prior period amounts have been restated to
conform with current year presentation.

(2) Restricted
stock awards were dilutive to FFO Attributable to Stockholders and
Convertible Noncontrolling Interests and MFFO for the three months ended
March 31, 2018 and 2017, and, accordingly, were included in the
weighted-average common shares used to calculate diluted FFO
Attributable to Stockholders and Convertible Noncontrolling Interests
and MFFO per share.

Net Debt to Total Enterprise Value

The following table presents the company's calculation of debt to total
enterprise value as of March 31, 2018 and December 31, 2017 (dollars in
thousands):

  March 31,   December 31,
2018 2017
Net debt:
Total debt, excluding below-market adjustments and deferred
financing costs
$ 1,844,879 $ 1,817,786
Less: Cash and cash equivalents (14,690 ) (5,716 )
Total net debt $ 1,830,189   $ 1,812,070  
Enterprise Value:
Total net debt $ 1,830,189 $ 1,812,070
Total equity value 2,535,280   2,526,557  
Total enterprise value $ 4,365,469   $ 4,338,627  
   
Net debt to total enterprise value 41.9 % 41.8 %

(1) Total equity value is calculated as the product of the
number of diluted shares outstanding and the estimated value per share
at the end of the period. There were 230.5 million and 229.7 million
diluted shares outstanding as of March 31, 2018 and December 31, 2017,
respectively.

About Phillips Edison & Company

Phillips Edison & Company, Inc. (formerly known as Phillips Edison
Grocery Center REIT I, Inc.), an internally-managed real estate
investment trust (REIT), is one of the nation's largest owners and
operators of grocery-anchored shopping centers. Its diversified
portfolio of well-occupied neighborhood shopping centers has a mix of
national and regional retailers selling necessity-based goods and
services, in strong demographic markets throughout the United States. As
of March 31, 2018, the company manages 344 shopping centers - 237 of
which it owns directly - comprising approximately 26.4 million square
feet located in 32 states. The company's proven, vertically-integrated
operating platform allows it to effectively and efficiently acquire,
lease and manage its properties, resulting in a history of strong
operating results and great shopping experiences. For more information,
please visit www.phillipsedison.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. These statements include, but are
not limited to, statements related to the Company's expectations
regarding the performance of its business, its financial results, its
liquidity and capital resources, the quality of the Company's portfolio
of grocery-anchored shopping centers and other non-historical
statements. You can identify these forward-looking statements by the use
of words such as "outlook," "believes," "expects," "potential,"
"continues," "may," "will," "should," "seeks," "approximately,"
"projects," "predicts," "intends," "plans," "estimates," "anticipates,"
or the negative version of these words or other comparable words. Such
forward-looking statements are subject to various risks and
uncertainties, such as the risks that retail conditions may adversely
affect the company's base rent and, subsequently, the company's income,
and that the company's properties consist primarily of retail properties
and the company's performance, therefore, is linked to the market for
retail space generally, as well as other risks that are described under
the section entitled "Risk Factors" in the company's Annual Report on
Form 10-K for the year ended December 31, 2017, as such factors may be
updated from time to time in the Company's periodic filings with the
SEC, which are accessible on the SEC's website at www.sec.gov.
Accordingly, there are or will be important factors that could cause
actual outcomes or results to differ materially from those indicated in
these statements. These factors should not be construed as exhaustive
and should be read in conjunction with the other cautionary statements
that are included in this press release and in the Company's filings
with the SEC. The Company undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.

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