Phillips Edison & Company, Inc.

For the period ended Dec 31, 2025. Filed Feb 10, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 10, 2026

PECO$41.20+0.9%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Schedule III - Real Estate Assets and Accumulated Depreciation

SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2025
(in thousands)
Initial Cost · Costs Capitalized Subsequent to Acquisition(2) · Gross Amount Carried at End of Period(3)
Property Name · City, State · Encumbrances(1) · Land and Improvements · Buildings and Improvements · Land and Improvements · Buildings and Improvements · Total · Accumulated Depreciation · Date Constructed/ Renovated · Date Acquired
Snow View Plaza	Parma, OH	$—	$4,104	$6,432	$1,590	$4,613	$7,513	$12,126	$5,207	1981/2023	12/15/2010
Lakeside Plaza	Salem, VA	—	3,344	5,247	2,591	3,691	7,491	11,182	4,178	1988/2025	11/23/2011
St. Charles Plaza	Davenport, FL	—	4,090	4,399	920	4,467	4,942	9,409	4,119	2007/2011	11/23/2011
Burwood Village Center	Glen Burnie, MD	—	5,448	10,167	841	5,824	10,632	16,456	7,278	1971/2002	11/23/2011
Centerpoint	Easley, SC	—	2,750	4,361	1,676	3,471	5,316	8,787	3,614	2002	11/23/2011
Southampton Village	Tyrone, GA	—	3,046	5,787	2,094	3,446	7,481	10,927	4,185	2003/2024	11/23/2011
Cureton Town Center	Waxhaw, NC	—	6,569	6,197	2,680	5,942	9,504	15,446	6,503	2006/2025	12/29/2011
Tramway Crossing	Sanford, NC	—	2,016	3,071	1,355	2,906	3,536	6,442	2,939	1996	2/23/2012
Village At Glynn Place	Brunswick, GA	—	5,812	7,368	2,373	6,089	9,464	15,553	6,131	1992/2009	4/27/2012
Meadowthorpe Manor Shoppes	Lexington, KY	—	4,093	4,185	2,384	4,666	5,996	10,662	3,517	1989/2022	5/9/2012
Brentwood Commons	Bensenville, IL	—	6,105	8,024	2,647	6,427	10,349	16,776	6,254	1981/2015	7/5/2012
Sidney Towne Center	Sidney, OH	—	1,429	3,802	1,843	2,292	4,782	7,074	3,862	1981/2007	8/2/2012
Broadway Plaza	Tucson, AZ	—	4,979	7,169	3,742	6,456	9,434	15,890	6,201	1982/2003	8/13/2012
Baker Hill	Glen Ellyn, IL	—	7,068	13,738	10,728	7,777	23,757	31,534	14,517	1998/2018	9/6/2012
New Prague Commons	New Prague, MN	—	3,248	6,604	3,257	3,531	9,578	13,109	6,373	2008/2019	10/12/2012
Heron Creek Towne Center	North Port, FL	—	4,062	4,082	1,147	4,421	4,870	9,291	3,223	2001	12/17/2012
Quartz Hill Towne Centre	Lancaster, CA	11,740	8,596	13,529	1,528	9,346	14,307	23,653	8,090	1991/2012	12/27/2012
Village One Plaza	Modesto, CA	17,700	5,166	18,752	1,124	5,540	19,502	25,042	10,397	2007	12/28/2012
Hilfiker Shopping Center	Salem, OR	—	2,879	4,750	1,011	3,044	5,596	8,640	2,798	1984/2024	12/28/2012
Butler Creek	Acworth, GA	—	3,925	6,129	4,188	4,883	9,359	14,242	5,108	1989/2021	1/15/2013
Fairview Oaks	Ellenwood, GA	6,430	3,563	5,266	1,356	4,045	6,140	10,185	3,939	1996	1/15/2013
Grassland Crossing	Alpharetta, GA	—	3,680	5,791	1,856	4,007	7,320	11,327	4,159	1996	1/15/2013
Hamilton Ridge	Buford, GA	11,421	4,772	7,168	4,344	5,149	11,135	16,284	5,271	2002/2024	1/15/2013
Mableton Crossing	Mableton, GA	—	4,426	6,413	1,716	4,905	7,650	12,555	4,703	1997	1/15/2013
Shops at Westridge	McDonough, GA	—	3,962	3,901	2,230	4,166	5,927	10,093	3,404	2006/2020	1/15/2013
Fairlawn Town Centre	Fairlawn, OH	20,000	10,398	29,005	7,518	11,812	35,109	46,921	19,439	1962/2025	1/30/2013
Macland Pointe	Marietta, GA	—	3,493	5,364	1,530	4,215	6,172	10,387	4,244	1992	2/13/2013
Kleinwood Center	Spring, TX	—	11,478	18,954	1,598	11,890	20,140	32,030	11,972	2003	3/21/2013
Murray Landing	Columbia, SC	6,750	3,221	6,856	5,817	3,840	12,054	15,894	5,013	2003/2016	3/21/2013
Vineyard Shopping Center	Tallahassee, FL	—	2,761	4,221	1,000	3,149	4,833	7,982	3,054	2002	3/21/2013
Lutz Lake Crossing	Lutz, FL	—	2,636	6,600	1,411	3,080	7,567	10,647	3,912	2002	4/4/2013
Publix at Seven Hills	Spring Hill, FL	—	2,171	5,642	8,225	2,520	13,518	16,038	1,987	1991/2006	4/4/2013
Hartville Centre	Hartville, OH	—	2,069	3,691	2,012	2,500	5,272	7,772	3,318	1988/2008	4/23/2013
Sunset Shopping Center	Corvallis, OR	15,410	7,933	14,939	3,664	8,272	18,264	26,536	9,140	1998/2023	5/31/2013
Savage Town Square	Savage, MN	9,000	4,106	9,409	697	4,533	9,679	14,212	5,793	2003	6/19/2013
Glenwood Crossings	Kenosha, WI	—	1,872	9,914	1,465	2,492	10,759	13,251	5,717	1992/2018	6/27/2013

SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2025
(in thousands)
Initial Cost · Costs Capitalized Subsequent to Acquisition(2) · Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition(2)	Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Shiloh Square Shopping Center	Kennesaw, GA	—	4,685	8,729	2,870	5,150	11,134	16,284	5,684	1996/2003	6/27/2013
Boronda Plaza	Salinas, CA	14,750	9,027	11,870	871	9,384	12,384	21,768	6,854	2003/2021	7/3/2013
Westwoods Shopping Center	Arvada, CO	—	3,706	11,115	1,449	4,667	11,603	16,270	6,597	2003/2011	8/8/2013
Paradise Crossing	Lithia Springs, GA	—	2,204	6,064	1,127	2,587	6,808	9,395	3,799	2000	8/13/2013
Contra Loma Plaza	Antioch, CA	—	3,018	3,926	2,444	3,823	5,565	9,388	2,819	1989/2022	8/19/2013
South Oaks Plaza	St. Louis, MO	—	1,938	6,634	2,660	2,204	9,028	11,232	4,437	1969/2021	8/21/2013
Yorktown Centre	Millcreek Township, PA	—	3,736	15,396	3,620	4,887	17,865	22,752	10,354	1989/2020	8/30/2013
Dyer Town Center	Dyer, IN	—	6,017	10,214	981	6,609	10,603	17,212	6,303	2004/2005	9/4/2013
East Burnside Plaza	Portland, OR	—	2,484	5,422	207	2,621	5,492	8,113	2,462	1955/1999	9/12/2013
Red Maple Village	Tracy, CA	18,358	9,250	19,466	1,273	9,691	20,298	29,989	9,502	2009	9/18/2013
Crystal Beach Plaza	Palm Harbor, FL	6,360	2,334	7,918	1,056	2,598	8,710	11,308	4,702	2010	9/25/2013
CitiCentre Plaza	Carroll, IA	—	770	2,530	844	1,134	3,010	4,144	1,641	1991/2018	10/2/2013
Duck Creek Plaza	Bettendorf, IA	—	4,612	13,007	3,817	5,262	16,174	21,436	7,517	2005/2023	10/8/2013
Cahill Plaza	Inver Grove Heights, MN	—	2,587	5,114	1,121	3,093	5,729	8,822	3,369	1995/2020	10/9/2013
College Plaza	Normal, IL	—	4,460	17,772	8,954	5,213	25,973	31,186	10,467	1983/2018	10/22/2013
Courthouse Marketplace	Virginia Beach, VA	11,650	6,130	8,061	2,046	6,532	9,705	16,237	5,257	2005/2024	10/25/2013
Hastings Marketplace	Hastings, MN	—	3,980	10,045	1,643	4,708	10,960	15,668	5,971	2002	11/6/2013
Coquina Plaza	Southwest Ranches, FL	—	9,458	11,770	2,160	9,845	13,543	23,388	6,472	1998	11/7/2013
Shoppes of Paradise Lakes	Miami, FL	—	5,811	6,020	1,553	6,248	7,136	13,384	3,748	1999	11/7/2013
Collington Plaza	Bowie, MD	—	12,207	15,142	2,356	12,581	17,124	29,705	8,551	1996	11/21/2013
Golden Town Center	Golden, CO	13,047	7,065	10,166	2,590	7,820	12,001	19,821	6,794	1993/2003	11/22/2013
Northstar Marketplace	Ramsey, MN	—	2,810	9,204	4,630	3,095	13,549	16,644	5,669	2004/2025	11/27/2013
Bear Creek Plaza	Petoskey, MI	—	5,677	17,611	2,903	5,919	20,272	26,191	10,583	1998/2024	12/18/2013
East Side Square	Springfield, OH	—	394	963	325	529	1,153	1,682	667	2007	12/18/2013
Flag City Station	Findlay, OH	—	4,685	9,630	3,942	5,198	13,059	18,257	6,408	1992/2020	12/18/2013
Town & Country Shopping Center	Noblesville, IN	13,480	7,361	16,269	521	7,463	16,688	24,151	9,089	1998/2023	12/18/2013
Sulphur Grove	Huber Heights, OH	—	553	2,142	821	611	2,905	3,516	1,461	2004	12/18/2013
Southgate Shopping Center	Des Moines, IA	—	2,434	8,358	1,911	3,042	9,661	12,703	5,400	1972/2014	12/20/2013
Sterling Pointe Center	Lincoln, CA	24,563	7,039	20,822	2,527	7,758	22,630	30,388	10,615	2004/2017	12/20/2013
Arcadia Plaza	Phoenix, AZ	—	5,774	6,904	3,279	6,123	9,834	15,957	5,358	1980/2018	12/30/2013
Stop & Shop Plaza	Enfield, CT	—	8,892	15,028	1,666	9,435	16,151	25,586	8,829	1988/1998	12/30/2013
Fair Acres Shopping Center	Oshkosh, WI	—	3,543	5,189	1,463	4,176	6,019	10,195	3,792	1992/2016	1/21/2014

SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2025
(in thousands)
Initial Cost · Costs Capitalized Subsequent to Acquisition(2) · Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition(2)	Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Savoy Plaza	Savoy, IL	—	4,304	10,895	1,168	4,978	11,389	16,367	6,744	1999/2025	1/31/2014
The Shops of Uptown	Park Ridge, IL	—	7,744	16,884	2,865	8,210	19,283	27,493	8,367	2006	2/25/2014
Chapel Hill North Center	Chapel Hill, NC	5,131	5,043	10,189	2,428	5,462	12,198	17,660	6,785	1998	2/28/2014
Coppell Market Center	Coppell, TX	—	4,870	12,236	854	5,231	12,729	17,960	6,487	2008	3/5/2014
Winchester Gateway	Winchester, VA	—	9,342	23,468	2,958	9,703	26,065	35,768	$12,973	2006	3/5/2014
Stonewall Plaza	Winchester, VA	—	7,929	16,642	1,404	8,183	17,792	25,975	9,083	2007	3/5/2014
Town Fair Center	Louisville, KY	—	8,108	14,411	6,386	9,243	19,662	28,905	10,906	1988/2019	3/12/2014
Villages at Eagles Landing	Stockbridge, GA	—	2,824	5,515	1,485	3,415	6,409	9,824	4,100	1995	3/13/2014
Champions Gate Village	Davenport, FL	—	1,814	6,060	1,245	2,113	7,006	9,119	3,581	2001	3/14/2014
Towne Centre at Wesley Chapel	Wesley Chapel, FL	—	2,466	5,553	1,336	3,029	6,326	9,355	3,134	2000	3/14/2014
Statler Square	Staunton, VA	—	4,108	9,072	1,440	4,701	9,919	14,620	5,450	1989/1997	3/21/2014
Burbank Plaza	Burbank, IL	—	2,972	4,546	4,091	3,793	7,816	11,609	4,469	1972/2018	3/25/2014
Hamilton Village	Chattanooga, TN	—	12,682	19,103	6,312	13,559	24,538	38,097	13,597	1989/2021	4/3/2014
Waynesboro Plaza	Waynesboro, VA	—	5,597	8,334	397	5,848	8,480	14,328	5,128	2005	4/30/2014
Southwest Marketplace	Las Vegas, NV	—	16,019	11,270	10,640	16,349	21,580	37,929	8,109	2008/2022	5/5/2014
Hampton Village	Taylors, SC	—	5,456	7,254	6,274	6,144	12,840	18,984	6,982	1959/2019	5/21/2014
Central Station	Louisville, KY	12,566	6,143	6,932	3,554	6,795	9,834	16,629	5,163	2005/2018	5/23/2014
Fairview Plaza	New Cumberland, PA	—	2,786	8,500	1,314	3,212	9,388	12,600	4,115	1992/1999	5/27/2014
Broadway Promenade	Sarasota, FL	—	3,831	6,795	1,461	4,275	7,812	12,087	3,578	2007	5/28/2014
Townfair Center	Indiana, PA	—	7,007	13,233	1,567	7,456	14,351	21,807	8,452	1995/2016	5/29/2014
Heath Brook Commons	Ocala, FL	6,930	3,470	8,352	1,351	3,759	9,414	13,173	4,639	2002	5/30/2014
The Orchards	Yakima, WA	—	5,425	8,743	919	5,887	9,200	15,087	4,943	2002	6/3/2014
Shaw's Plaza Hanover	Hanover, MA	—	2,826	5,314	10	2,826	5,324	8,150	2,602	1994/2000	6/23/2014
Shaw's Plaza Easton	Easton, MA	—	5,520	7,173	4,474	5,937	11,230	17,167	4,269	1984/2024	6/23/2014
Lynnwood Place	Jackson, TN	—	3,341	4,826	1,386	3,866	5,687	9,553	3,303	1986/2013	7/28/2014
Thompson Valley Towne Center	Loveland, CO	—	5,758	17,387	3,489	6,520	20,114	26,634	9,643	1999	8/1/2014
Lumina Commons	Wilmington, NC	4,764	2,008	11,249	1,839	2,136	12,960	15,096	5,451	1974/2007	8/4/2014
Driftwood Village	Ontario, CA	—	6,811	12,993	3,629	8,357	15,076	23,433	6,951	1985/2025	8/7/2014
French Golden Gate	Bartow, FL	—	2,599	12,877	2,673	2,958	15,191	18,149	6,609	1960/2011	8/28/2014
Orchard Square	Washington Township, MI	—	1,361	11,550	1,441	1,714	12,638	14,352	5,773	1999/2011	9/8/2014
Trader Joe's Center	Dublin, OH	10,902	2,338	7,922	3,748	3,077	10,931	14,008	5,393	1986	9/11/2014
Palmetto Pavilion	North Charleston, SC	—	2,509	8,526	1,887	3,632	9,290	12,922	4,357	2003	9/11/2014
Five Town Plaza	Springfield, MA	—	8,912	19,635	8,788	10,775	26,560	37,335	14,554	1970/2025	9/24/2014
Fairfield Crossing	Beavercreek, OH	—	3,572	10,026	414	3,859	10,153	14,012	5,120	1994	10/24/2014

SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2025
(in thousands)
Initial Cost · Costs Capitalized Subsequent to Acquisition(2) · Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition(2)	Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Beavercreek Towne Center	Beavercreek, OH	—	14,055	30,799	5,416	15,893	34,377	50,270	18,514	1994/2019	10/24/2014
Grayson Village	Loganville, GA	—	3,952	5,620	2,851	4,351	8,072	12,423	4,773	2002/2019	10/24/2014
The Fresh Market Commons	Pawleys Island, SC	—	2,442	4,941	301	2,598	5,086	7,684	2,781	2011/2014	10/28/2014
Claremont Village	Everett, WA	—	5,635	10,544	2,517	6,375	12,321	18,696	5,791	1994/2012	11/6/2014
Cherry Hill Marketplace	Westland, MI	—	4,641	10,137	2,924	5,368	12,334	17,702	7,449	1992/2017	12/17/2014
Nor'Wood Shopping Center	Colorado Springs, CO	—	5,358	6,684	3,122	5,632	9,532	15,164	4,751	2003/2025	1/8/2015
Sunburst Plaza	Glendale, AZ	—	3,435	6,041	2,981	4,402	8,055	12,457	4,553	1970/2022	2/11/2015
Rivermont Station	Johns Creek, GA	—	6,876	8,916	5,376	7,296	13,872	21,168	7,787	1996/2022	2/27/2015
Breakfast Point Marketplace	Panama City Beach, FL	—	5,578	12,052	1,096	6,113	12,613	18,726	6,610	2009/2010	3/13/2015
Falcon Valley	Lenexa, KS	—	3,131	6,873	511	3,588	6,927	10,515	4,057	2008/2009	3/13/2015
Kohl's Onalaska	Onalaska, WI	—	2,670	5,648	300	2,670	5,948	8,618	3,305	1992/2021	3/13/2015
Coronado Center	Santa Fe, NM	11,560	4,396	16,460	6,237	5,009	22,084	27,093	9,247	1964/2023	5/1/2015
West Creek Plaza	Coconut Creek, FL	—	3,459	6,131	803	3,702	6,691	10,393	3,092	2006/2013	7/10/2015
Northwoods Crossing	Taunton, MA	—	10,092	14,437	1,117	10,225	15,421	25,646	10,659	2003/2022	5/24/2016
Murphy Marketplace	Murphy, TX	—	28,652	33,122	9,967	29,934	41,807	71,741	15,489	2008/2025	6/24/2016
Harbour Village	Jacksonville, FL	—	5,630	16,727	4,339	6,201	20,495	26,696	8,602	2006/2021	9/22/2016
Oak Mill Plaza	Niles, IL	—	6,843	13,692	8,165	7,740	20,960	28,700	9,765	1977/2023	10/3/2016
Southern Palms	Tempe, AZ	—	10,025	24,346	5,021	10,608	28,784	39,392	13,877	1982/2018	10/26/2016
Golden Eagle Village	Clermont, FL	—	3,760	7,735	1,911	4,046	9,360	13,406	3,989	2011	10/27/2016
Atwater Marketplace(4)	Atwater, CA	—	6,116	7,597	(11,465)	417	1,831	2,248	300	2023	2/10/2017
Rocky Ridge Town Center	Roseville, CA	17,911	5,449	29,207	1,402	5,708	30,350	36,058	10,444	1996/2015	4/18/2017
Greentree Centre	Racine, WI	—	2,955	8,718	628	3,140	9,161	12,301	3,955	1989/2018	5/5/2017
Birdneck Shopping Center	Virginia Beach, VA	—	1,900	3,253	1,088	2,096	4,145	6,241	2,353	1987/2017	10/4/2017
Crossroads Plaza	Asheboro, NC	—	1,722	2,720	942	2,323	3,061	5,384	1,943	1984/2016	10/4/2017
Dunlop Village	Colonial Heights, VA	—	2,420	4,892	2,603	2,924	6,991	9,915	2,965	1987/2012	10/4/2017
Edgecombe Square	Tarboro, NC	—	1,412	2,258	608	1,554	2,724	4,278	2,211	1990/2013	10/4/2017
Forest Park Square	Cincinnati, OH	—	4,007	5,877	1,334	4,522	6,696	11,218	3,797	1988/2018	10/4/2017
Goshen Station	Goshen, OH	—	1,555	4,621	191	1,800	4,567	6,367	3,148	1973/2003	10/4/2017
The Village Shopping Center	Mooresville, IN	—	2,059	8,325	1,020	2,471	8,933	11,404	4,015	1965/2024	10/4/2017
Hickory Plaza	Nashville, TN	—	2,927	5,099	2,480	3,014	7,492	10,506	2,897	1974/2020	10/4/2017
Highland Fair	Gresham, OR	—	3,263	7,979	1,097	3,517	8,822	12,339	3,147	1984/2013	10/4/2017
Mayfair Village	Hurst, TX	18,726	15,343	16,522	4,464	16,146	20,183	36,329	8,994	1981/2025	10/4/2017
LaPlata Plaza	La Plata, MD	17,860	8,434	22,855	2,476	8,773	24,992	33,765	9,267	2003/2019	10/4/2017
Lafayette Square	Lafayette, IN	—	5,387	5,636	1,446	5,482	6,987	12,469	6,217	1963/2025	10/4/2017

SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2025
(in thousands)
Initial Cost · Costs Capitalized Subsequent to Acquisition(2) · Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition(2)	Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Mountain Park Plaza	Roswell, GA	—	6,118	6,652	1,248	6,235	7,783	14,018	3,197	1988/2003	10/4/2017
Nordan Shopping Center	Danville, VA	—	1,911	6,751	1,103	2,155	7,610	9,765	3,448	1961/2015	10/4/2017
Northside Plaza	Clinton, NC	—	1,406	5,471	645	1,588	5,934	7,522	2,854	1982/2015	10/4/2017
Park Place Plaza	Port Orange, FL	—	2,347	8,458	(1,662)	2,104	7,039	9,143	2,418	1984/2012	10/4/2017
Parsons Village	Seffner, FL	—	3,465	10,864	(3,482)	2,809	8,038	10,847	2,942	1983/1994	10/4/2017
Hillside - West	Hillside, UT	—	691	1,739	3,870	4,561	1,739	6,300	1,140	2006	10/4/2017
South Oaks Shopping Center	Live Oak, FL	—	1,742	5,119	1,003	1,960	5,904	7,864	3,365	1976/2022	10/4/2017
Summerville Galleria	Summerville, SC	—	4,104	8,668	2,045	4,660	10,157	14,817	4,431	1989/2014	10/4/2017
The Oaks	Hudson, FL	—	3,876	6,668	13,330	4,642	19,232	23,874	6,154	1981/2025	10/4/2017
Riverplace Centre	Noblesville, IN	6,011	3,890	4,044	1,091	4,050	4,975	9,025	3,118	1992/2020	10/4/2017
Towne Crossing Shopping Center	Mesquite, TX	—	5,358	15,584	4,381	6,779	18,544	25,323	7,593	1984/2024	10/4/2017
Village at Waterford	Midlothian, VA	—	2,702	5,194	1,422	3,342	5,976	9,318	2,772	1991/2016	10/4/2017
Windsor Center	Dallas, NC	—	2,488	5,186	1,108	2,683	6,099	8,782	3,145	1974/2015	10/4/2017
Willowbrook Commons	Nashville, TN	—	5,384	6,002	1,137	5,917	6,606	12,523	3,220	2005	10/4/2017
Edgewood Towne Center	Edgewood, PA	—	10,029	22,535	4,179	11,326	25,417	36,743	12,078	1990/2021	10/4/2017
Everson Pointe	Snellville, GA	7,930	4,222	8,421	703	4,412	8,934	13,346	3,767	1999	10/4/2017
Shoppes of Lake Village	Leesburg, FL	—	7,193	3,795	7,702	7,581	11,109	18,690	5,009	1987/2021	2/26/2018
Sierra Vista Plaza	Murrieta, CA	—	9,824	11,669	3,219	10,538	14,174	24,712	5,261	1991/2025	9/28/2018
Wheat Ridge Marketplace	Wheat Ridge, CO	—	7,926	8,393	2,003	8,548	9,774	18,322	4,179	1996/2024	10/3/2018
Atlantic Plaza	North Reading, MA	—	12,341	12,699	2,386	12,684	14,742	27,426	6,418	1959/2014	11/9/2018
Staunton Plaza	Staunton, VA	—	4,818	14,380	137	4,900	14,435	19,335	4,512	2006	11/16/2018
Bethany Village	Alpharetta, GA	—	6,138	8,355	962	6,291	9,164	15,455	3,317	2001	11/16/2018
Kings Crossing	Sun City Center, FL	12,176	5,654	11,225	870	5,997	11,752	17,749	3,942	2000/2018	11/16/2018
Lake Washington Crossing	Melbourne, FL	—	4,222	13,553	3,605	4,389	16,991	21,380	4,843	1987/2023	11/16/2018
Kipling Marketplace	Littleton, CO	—	4,020	10,405	718	4,230	10,913	15,143	4,240	1983/2009	11/16/2018
MetroWest Village	Orlando, FL	—	6,841	15,333	4,526	7,238	19,462	26,700	3,870	1990/2025	11/16/2018
Spring Cypress Village	Houston, TX	—	9,579	14,567	1,662	9,833	15,975	25,808	5,515	1982/2024	11/16/2018
Commonwealth Square	Folsom, CA	—	9,955	12,586	1,951	10,261	14,231	24,492	6,578	1987	11/16/2018
Shasta Crossroads	Redding, CA	—	9,598	18,643	(1,758)	8,507	17,976	26,483	5,177	1989/2023	11/16/2018
Milan Plaza	Milan, MI	—	925	1,974	357	1,094	2,162	3,256	1,807	1960/2018	11/16/2018
Hilander Village	Roscoe, IL	—	2,571	7,461	2,454	2,740	9,746	12,486	4,553	1994/2022	11/16/2018
Laguna 99 Plaza	Elk Grove, CA	—	5,422	16,952	1,088	5,436	18,026	23,462	5,453	1992/2025	11/16/2018
Southfield Center	St. Louis, MO	—	5,612	13,643	2,447	6,743	14,959	21,702	5,624	1987/2021	11/16/2018
Waterford Park Plaza	Plymouth, MN	—	4,935	19,543	1,030	5,309	20,199	25,508	6,819	1989/2023	11/16/2018
Colonial Promenade	Winter Haven, FL	—	12,403	22,097	1,188	12,511	23,177	35,688	9,331	1986/2008	11/16/2018

SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2025
(in thousands)
Initial Cost · Costs Capitalized Subsequent to Acquisition(2) · Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition(2)	Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Willimantic Plaza	Willimantic, CT	—	3,596	8,859	9,100	3,828	17,727	21,555	5,386	1968/2024	11/16/2018
Quivira Crossings	Overland Park, KS	—	7,512	10,729	2,974	8,333	12,882	21,215	5,448	1996/2025	11/16/2018
Spivey Junction	Stockbridge, GA	—	4,083	10,414	350	4,230	10,617	14,847	3,725	1998	11/16/2018
Plaza Farmington	Farmington, NM	—	6,322	9,619	624	6,813	9,752	16,565	3,948	2004	11/16/2018
Harvest Plaza	Akron, OH	—	2,693	6,083	352	2,935	6,193	9,128	2,461	1974/2015	11/16/2018
Oakhurst Plaza	Seminole, FL	—	2,782	4,506	842	2,984	5,146	8,130	2,157	1974/2001	11/16/2018
Old Alabama Square	Johns Creek, GA	—	10,782	17,359	2,119	10,990	19,270	30,260	6,333	2000	11/16/2018
North Point Landing	Modesto, CA	16,536	8,040	28,422	1,717	8,254	29,925	38,179	9,178	1964/2008	11/16/2018
Glenwood Crossing	Cincinnati, OH	—	4,581	3,922	406	4,800	4,109	8,909	2,463	1999/2015	11/16/2018
Rosewick Crossing	La Plata, MD	—	8,252	23,507	1,067	8,366	24,460	32,826	7,968	2008	11/16/2018
Vineyard Center	Templeton, CA	—	1,753	6,406	263	1,813	6,609	8,422	2,043	2007	11/16/2018
Ocean Breeze Plaza	Ocean Breeze, FL	—	6,416	9,986	1,374	6,596	11,180	17,776	4,241	1993/2010	11/16/2018
Central Valley Marketplace	Ceres, CA	—	6,163	17,535	247	6,194	17,751	23,945	5,507	2005	11/16/2018
51st & Olive Square	Glendale, AZ	—	2,236	9,038	767	2,608	9,433	12,041	3,357	1975/2007	11/16/2018
West Acres Shopping Center	Fresno, CA	—	4,866	5,627	665	5,117	6,041	11,158	3,478	1990/2015	11/16/2018
Meadows on the Parkway	Boulder, CO	—	23,954	32,744	3,154	24,590	35,262	59,852	11,100	1989	11/16/2018
Wyandotte Plaza	Kansas City, KS	—	5,204	17,566	1,159	5,492	18,437	23,929	6,311	1961/2015	11/16/2018
Broadlands Marketplace	Broomfield, CO	—	7,434	9,459	1,252	8,097	10,048	18,145	4,120	2002	11/16/2018
Village Center	Racine, WI	—	6,051	26,473	1,711	6,289	27,946	34,235	10,201	2002/2021	11/16/2018
Shoregate Town Center	Willowick, OH	—	7,152	16,282	8,105	7,549	23,990	31,539	10,740	1958/2025	11/16/2018
Plano Market Street	Plano, TX	—	14,837	33,178	3,103	15,218	35,900	51,118	10,797	2009	11/16/2018
Island Walk Shopping Center	Fernandina Beach, FL	—	8,190	19,992	7,263	8,332	27,113	35,445	6,519	1987/2012	11/16/2018
Normandale Village	Bloomington, MN	—	8,390	11,407	2,487	9,230	13,054	22,284	6,758	1973/2017	11/16/2018
North Pointe Plaza	North Charleston, SC	—	10,232	26,348	4,005	11,797	28,788	40,585	11,359	1989/2024	11/16/2018
Palmer Town Center	Easton, PA	—	7,331	23,525	2,433	7,472	25,817	33,289	8,496	2005	11/16/2018
Alico Commons	Fort Myers, FL	—	4,670	16,557	804	5,058	16,973	22,031	5,636	2009/2020	11/16/2018
Windover Square	Melbourne, FL	9,947	4,115	13,309	882	4,303	14,003	18,306	4,497	1984/2010	11/16/2018
Rockledge Square	Rockledge, FL	—	3,477	4,469	4,259	3,781	8,424	12,205	2,439	1985/2022	11/16/2018
Fairfield Commons	Lakewood, CO	—	8,802	29,946	2,945	8,993	32,700	41,693	9,756	1985/2014	11/16/2018
Cocoa Commons	Cocoa, FL	—	4,838	8,247	1,700	4,951	9,834	14,785	4,158	1986/2000	11/16/2018
Hamilton Mill Village	Dacula, GA	—	7,059	9,734	987	7,222	10,558	17,780	3,953	1996/2016	11/16/2018
Sheffield Crossing	Sheffield Village, OH	—	8,841	10,232	595	9,068	10,600	19,668	4,725	1989/2024	11/16/2018
The Shoppes at Windmill Place	Batavia, IL	—	8,186	16,005	3,029	8,490	18,730	27,220	6,175	1991/2022	11/16/2018
Stone Gate Plaza	Crowley, TX	—	5,261	7,007	1,791	5,445	8,614	14,059	3,130	2003	11/16/2018

SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2025
(in thousands)
Initial Cost · Costs Capitalized Subsequent to Acquisition(2) · Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition(2)	Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Everybody's Plaza	Cheshire, CT	—	2,520	10,096	885	2,635	10,866	13,501	3,356	1960/2014	11/16/2018
Lakewood City Center	Lakewood, OH	—	1,593	10,308	536	1,685	10,752	12,437	3,187	1991/2011	11/16/2018
Carriagetown Marketplace	Amesbury, MA	—	7,084	15,492	1,954	7,407	17,123	24,530	6,157	2000	11/16/2018
Crossroads of Shakopee	Shakopee, MN	—	8,869	20,320	1,820	9,212	21,797	31,009	8,512	1998	11/16/2018
Broadway Pavilion	Santa Maria, CA	—	8,512	20,427	727	8,678	20,988	29,666	7,337	1987	11/16/2018
Sanibel Beach Place	Fort Myers, FL	—	3,918	7,043	2,951	4,583	9,329	13,912	3,101	2003/2022	11/16/2018
Shoppes at Glen Lakes	Weeki Wachee, FL	—	4,662	7,473	1,048	4,795	8,388	13,183	3,026	2008	11/16/2018
Bartow Marketplace	Cartersville, GA	21,041	11,944	24,610	1,104	12,122	25,536	37,658	11,922	1995/2025	11/16/2018
Bloomingdale Hills	Riverview, FL	—	4,384	5,179	417	4,486	5,494	9,980	3,047	2002/2012	11/16/2018
University Plaza	Amherst, NY	—	6,402	9,800	1,080	6,555	10,727	17,282	5,020	1980/2020	11/16/2018
McKinney Market Street	McKinney, TX	—	10,941	16,061	1,870	11,091	17,781	28,872	6,811	2003/2019	11/16/2018
Montville Commons	Montville, CT	—	12,417	11,091	1,080	12,806	11,782	24,588	5,735	2007	11/16/2018
Shaw's Plaza Raynham	Raynham, MA	—	8,378	26,829	1,971	8,487	28,691	37,178	9,984	1965/2022	11/16/2018
Suntree Square	Southlake, TX	—	6,335	15,642	1,456	6,496	16,937	23,433	5,013	2000/2025	11/16/2018
Green Valley Plaza	Henderson, NV	—	7,284	16,879	827	7,385	17,605	24,990	5,778	1978/1982	11/16/2018
Cross Creek Village	St. Cloud, FL	—	3,821	9,604	628	3,973	10,080	14,053	3,818	2008/2019	11/16/2018
Market Walk	Savannah, GA	—	20,679	31,836	3,813	21,006	35,322	56,328	11,929	2014/2022	11/16/2018
Livonia Plaza	Livonia, MI	—	4,118	17,037	923	4,335	17,743	22,078	6,093	1988/2014	11/16/2018
Franklin Centre	Franklin, WI	—	6,353	5,482	812	6,578	6,069	12,647	4,270	1994/2018	11/16/2018
Plaza 23	Pompton Plains, NJ	—	11,412	40,144	6,250	12,029	45,777	57,806	12,724	1963/2025	11/16/2018
Shorewood Crossing	Shorewood, IL	—	9,468	20,993	3,269	9,765	23,965	33,730	8,730	2001/2020	11/16/2018
Herndon Place	Fresno, CA	—	7,148	10,072	(160)	6,906	10,154	17,060	4,053	2005	11/16/2018
Windmill Marketplace	Clovis, CA	—	2,775	7,299	38	2,860	7,252	10,112	2,019	2001	11/16/2018
Riverlakes Village	Bakersfield, CA	—	8,567	15,242	3,336	9,053	18,092	27,145	5,649	1997/2022	11/16/2018
Mansfield Market Center	Mansfield, TX	—	4,672	13,154	738	4,866	13,698	18,564	4,302	2015	11/16/2018
Ormond Beach Mall	Ormond Beach, FL	—	4,954	7,006	1,392	5,159	8,193	13,352	3,487	1967/2018	11/16/2018
Heritage Plaza	Carol Stream, IL	—	6,205	16,507	1,473	6,486	17,699	24,185	6,000	1988/2018	11/16/2018
Mountain Crossing	Dacula, GA	2,109	6,602	6,835	265	6,449	7,253	13,702	2,870	1997	11/16/2018
Seville Commons	Arlington, TX	—	4,689	12,602	1,108	4,901	13,498	18,399	4,669	1987/2022	11/16/2018
Cinco Ranch at Market Center	Katy, TX	—	5,553	14,063	1,181	5,778	15,019	20,797	4,516	2007/2023	12/12/2018
Naperville Crossings	Naperville, IL	25,380	15,766	30,881	5,934	16,959	35,622	52,581	12,256	2007/2021	4/26/2019
Orange Grove Shopping Center	North Fort Myers, FL	—	2,637	7,340	882	3,221	7,638	10,859	2,683	1999	10/31/2019
Sudbury Crossing	Sudbury, MA	—	6,483	12,933	7,657	6,553	20,521	27,073	4,512	1984/2021	10/31/2019
Ashburn Farm Market Center	Ashburn, VA	—	14,035	16,648	931	14,090	17,524	31,614	5,130	2000	10/31/2019
Alameda Crossing	Avondale, AZ	—	7,785	19,875	5,147	8,175	24,632	32,807	8,696	2005/2025	11/16/2019

SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2025
(in thousands)
Initial Cost · Costs Capitalized Subsequent to Acquisition(2) · Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition(2)	Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Del Paso Marketplace	Sacramento, CA	—	5,722	12,242	1,541	6,123	13,382	19,505	3,910	2006/2016	12/12/2019
Hickory Flat Commons	Canton, GA	—	6,976	11,786	1,206	7,433	12,535	19,968	4,161	2008/2020	8/17/2020
Roxborough Marketplace	Littleton, CO	—	4,105	12,668	3,933	4,846	15,860	20,706	3,920	2005/2024	10/5/2020
Cinco Ranch Station II	Katy, TX	—	1,045	—	2,835	1,057	2,823	3,880	383	2023	1/26/2021
West Village Center	Chanhassen, MN	—	10,860	11,281	1,905	11,509	12,537	24,046	3,620	1994/2021	2/4/2021
Hickory Creek Plaza	Denton, TX	—	5,370	2,710	419	5,581	2,918	8,499	888	2007	2/25/2021
Foxridge Plaza	Centennial, CO	—	3,740	11,636	1,980	4,520	12,836	17,356	2,613	1983/2022	8/20/2021
Valrico Commons	Valrico, FL	16,776	7,522	26,480	973	8,153	26,822	34,975	4,661	1986/2021	8/25/2021
Market Place at Pabst Farms	Oconomowoc, WI	—	6,204	17,199	777	6,597	17,583	24,180	3,719	2005/2020	10/13/2021
Arapahoe Marketplace	Greenwood Village, CO	—	13,779	49,329	4,743	14,917	52,934	67,851	8,804	1977/2024	10/19/2021
Loganville Town Center	Loganville, GA	—	5,309	7,920	2,480	5,486	10,223	15,709	3,428	1997/2023	11/5/2021
Town & Country Village	Sacramento, CA	—	21,895	35,792	2,928	22,275	38,340	60,615	6,765	1950/2025	11/12/2021
Sprouts Plaza	Las Vegas, NV	—	5,104	22,622	1,608	5,512	23,822	29,334	3,859	1995/2022	12/3/2021
Rainbow Plaza	Las Vegas, NV	—	7,158	30,171	1,663	7,931	31,061	38,992	5,059	1989/2022	12/3/2021
Cascades Overlook	Sterling, VA	—	16,242	41,448	2,297	16,642	43,345	59,987	5,733	2016	1/14/2022
Oak Meadows Marketplace	Georgetown, TX	—	4,847	15,848	1,006	5,068	16,633	21,701	2,250	2018	2/1/2022
Shoppes at Avalon	Spring Hill, FL	—	9,184	7,740	1,749	9,834	8,839	18,673	1,637	2009/2022	2/14/2022
Centennial Lakes Plaza	Edina, MN	—	13,581	51,050	3,109	14,389	53,351	67,740	6,647	1989/2022	5/13/2022
Crossroads Towne Center	North Las Vegas, NV	—	25,226	27,638	2,041	25,730	29,175	54,905	7,701	2007/2021	8/15/2022
Chinoe Center	Lexington, KY	—	3,841	14,001	1,472	4,226	15,088	19,314	2,723	1984/2023	11/21/2022
Sunridge Plaza	Rancho Cordova, CA	—	12,003	21,375	846	12,305	21,919	34,224	3,081	2017	12/20/2022
Providence Commons	Mt. Juliet, TN	—	7,425	18,665	1,454	7,664	19,880	27,544	2,637	2009	1/19/2023
Village Shoppes at Windermere	Suwanee, GA	—	5,747	12,698	766	5,959	13,252	19,211	1,697	2008	3/16/2023
Town Center at Jensen Beach	Jensen Beach, FL	—	6,042	10,930	1,691	6,462	12,201	18,663	2,291	2000	3/27/2023
Shops at Sunset Lakes	Miramar, FL	—	5,871	7,775	414	6,137	7,923	14,060	1,547	1999	3/27/2023
Lake Pointe Market	Rowlett, TX	—	3,490	9,410	989	3,785	10,104	13,889	1,028	2002	8/16/2023
Contra Loma Station Outparcel	Antioch, CA	—	224	—	1,634	224	1,634	1,858	25	-	8/29/2023
Mansell Village	Roswell, GA	—	4,470	11,624	459	4,601	11,952	16,553	1,275	2003/2013	10/30/2023
Riverpark Shopping Center	Sugar Land, TX	—	24,270	49,447	4,492	25,265	52,944	78,209	5,659	2003/2025	11/13/2023
Apache Shoppes	Rochester, MN	—	1,807	3,706	3,080	2,034	6,559	8,593	1,045	2005/2025	12/4/2023
Maple View	Grayslake, IL	—	5,256	9,762	867	5,706	10,179	15,885	1,355	1999	12/4/2023
Maple View	Grayslake, IL	—	1,621	3,307	—	1,621	3,307	4,928	349	1999	12/4/2023
Quail Pointe	Fair Oaks, CA	—	7,492	33,590	1,050	7,924	34,208	42,132	2,530	1987	12/5/2023
Glenbrook Marketplace	Glenview, IL	—	3,152	8,805	269	3,339	8,887	12,226	844	1992/2014	12/11/2023

SCHEDULE III—REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION
December 31, 2025
(in thousands)
Initial Cost · Costs Capitalized Subsequent to Acquisition(2) · Gross Amount Carried at End of Period(3)
Property Name	City, State	Encumbrances(1)	Land and Improvements	Buildings and Improvements	Costs Capitalized Subsequent to Acquisition(2)	Land and Improvements	Buildings and Improvements	Total	Accumulated Depreciation	Date Constructed/ Renovated	Date Acquired
Shoppes at Lake Mary	Lake Mary, FL	—	9,281	16,887	919	9,521	17,566	27,087	1,365	2000/2024	2/14/2024
Goolsby Pointe Outparcel Station	Riverview, FL	—	2,063	—	162	2,063	162	2,225	—	-	3/7/2024
Memorial at Kirkwood	Houston, TX	—	8,596	19,377	1,449	9,348	20,074	29,422	1,288	1979/2025	3/27/2024
Loganville Crossing	Loganville, GA	—	11,265	20,744	656	11,642	21,023	32,665	1,673	2008	6/26/2024
Walden Park	Austin, TX	—	12,904	13,834	738	13,311	14,165	27,476	1,045	2002/2014	6/27/2024
Ridgeview Marketplace	Colorado Springs, CO	—	1,850	8,358	562	2,045	8,725	10,770	417	2003	7/18/2024
Rue de France	Edina, MN	—	6,304	18,577	480	6,462	18,899	25,361	850	1973/2009	8/6/2024
Lemont Plaza	Lemont, IL	—	3,797	10,890	1,291	4,312	11,666	15,978	1,102	1983/2025	8/6/2024
Evans Towne Centre	Evans, GA	—	7,460	7,013	764	7,625	7,612	15,237	2,838	1995/2017	8/8/2024
Bethel Shopping Center	Bethel, CT	—	7,469	21,878	66	7,505	21,908	29,413	1,259	2007	9/27/2024
Shops at Cross Creek	Fulshear, TX	—	2,994	7,212	114	3,071	7,249	10,320	333	2015	11/22/2024
Harpers Station	Cincinnati, OH	—	6,797	23,091	1,302	6,798	24,392	31,190	1,517	1994/2022	12/5/2024
Lakeland Village Center	Cypress, TX	—	4,159	23,479	411	4,284	23,765	28,049	945	2016	12/19/2024
Northpark Plaza	Westminster, CO	—	3,557	14,615	528	3,920	14,780	18,700	631	2001	12/20/2024
Irmo Station	Irmo, SC	—	5,141	12,816	628	5,173	13,412	18,585	568	1980/1981	2/6/2025
Market at Cross Creek Ranch	Fulshear, TX	—	9,897	22,237	134	9,918	22,350	32,268	593	2017	2/26/2025
Foothill Park Plaza	Monrovia, CA	—	9,704	20,079	541	9,898	20,426	30,324	493	1985/2001	3/7/2025
Broomfield Marketplace	Broomfield, CO	—	7,721	10,063	1,173	8,352	10,605	18,957	603	1999/2025	3/18/2025
Westgate North Shopping Center	Tacoma, WA	—	9,882	24,728	497	10,147	24,960	35,107	573	1960/2017	3/28/2025
Clayton Station	Clayton, CA	—	5,488	22,536	477	5,725	22,776	28,501	619	1991	4/8/2025
Oak Creek Center	Lewis Center, OH	—	5,234	13,241	204	5,348	13,331	18,679	527	2000	5/5/2025
Cross Creek Centre	Boynton Beach, FL	—	9,978	5,409	206	10,124	5,469	15,593	262	1988/2014	5/13/2025
Westgate Shopping Center	Fairview Park, OH	—	13,863	33,767	373	14,154	33,849	48,003	1,094	2007/2023	5/30/2025
Hampton Pointe	Hillsborough, NC	—	4,624	7,258	124	4,624	7,382	12,006	242	2005	6/4/2025
Shops at Butler Crossing	Kennesaw, GA	—	5,934	7,918	302	6,022	8,132	14,154	233	1996	7/29/2025
Murray Station North	Irmo, SC	—	486	—	3	486	3	489	—	-	7/29/2025
Marion Oaks Station	Ocala, FL	—	4,826	—	344	4,826	344	5,170	—	-	10/6/2025
Marion Oaks TRS Station	Ocala, FL	—	5,936	—	—	5,936	—	5,936	—	-	10/6/2025
Bel Air Town Center	Bel Air, MD	—	9,951	12,690	445	9,951	13,135	23,086	110	1990	10/9/2025
Surprise Lake Square	Milton, WA	—	13,530	26,870	11	13,530	26,881	40,411	220	1984/2020	10/15/2025
Northlake Station(5)	Cincinnati, OH	—	2,327	11,806	2,311	2,795	13,649	16,444	4,449		10/6/2006
Corporate Adjustments(6)		—	6	2,734	(1,216)	(4,945)	6,468	1,524	2,959
Totals		$424,915	$1,851,365	$3,798,043	$619,501	$1,963,735	$4,305,174	$6,268,909	$1,535,981

(1)Encumbrances do not include our finance leases.

(2)Reductions to costs capitalized subsequent to acquisition are generally attributable to parcels/outparcels sold, impairments, and assets held-for-sale.

(3)The aggregate basis of properties for federal income tax purposes was approximately $6.1 billion at December 31, 2025.

(4)The main shopping center at this location was sold and we currently only own an outparcel.

(5)Amounts consist of corporate building and land.

(6)Amounts consist of elimination of intercompany construction management fees charged by the property manager to the real estate assets.

Reconciliation of real estate assets at cost:

	2025	2024	2023
Balance at January 1	$5,952,940	$5,586,671	$5,246,279
Additions during the year:
Real estate acquisitions	343,973	284,895	260,856
Net additions to/improvements of real estate	131,213	98,939	94,446
Deductions during the year:
Real estate dispositions	(159,217)	(17,565)	(14,910)
Impairment of real estate	—	—	—
Balance at December 31	$6,268,909	$5,952,940	$5,586,671

Reconciliation of accumulated depreciation:

	2025	2024	2023
Balance at January 1	$1,377,785	$1,186,630	$1,001,863
Additions during the year:
Depreciation expense	207,457	197,669	188,913
Deductions during the year:
Accumulated depreciation of real estate dispositions	(49,261)	(6,514)	(4,146)
Impairment of real estate	—	—	—
Balance at December 31	$1,535,981	$1,377,785	$1,186,630

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized this 10th day of February 2026.

PHILLIPS EDISON & COMPANY, INC.
By:	/s/ JEFFREY S. EDISON
	Jeffrey S. Edison
	Chairman of the Board and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Jeffrey S. Edison
Signature	Title	Date
/S/ JEFFREY S. EDISON	Chairman of the Board and Chief Executive Officer (Principal Executive Officer)	February 10, 2026
/S/ JOHN P. CAULFIELD	Executive Vice President, Chief Financial Officer, and Treasurer (Principal Financial Officer)	February 10, 2026
John P. Caulfield
/S/ JENNIFER L. ROBISON	Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)	February 10, 2026
Jennifer L. Robison
/S/ LESLIE T. CHAO	Director	February 10, 2026
Leslie T. Chao
/S/ ELIZABETH FISCHER	Director	February 10, 2026
Elizabeth Fischer
/S/ DEVIN I. MURPHY	Director	February 10, 2026
Devin I. Murphy
/S/ STEPHEN R. QUAZZO	Director	February 10, 2026
Stephen R. Quazzo
/S/ JANE SILFEN	Director	February 10, 2026
Jane Silfen
/S/ JOHN A. STRONG	Director	February 10, 2026
John A. Strong
/S/ ANTHONY TERRY	Director	February 10, 2026
Anthony Terry
/S/ PARILEE EDISON WANG	Director	February 10, 2026
Parilee Edison Wang
/S/ GREGORY S. WOOD	Director	February 10, 2026
Gregory S. Wood

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.