Phillips Edison & Co Inc at NAREIT REITweek: Investor Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andrew Rosivach - Wolfe Research, LLC - Analyst : Thanks, Jeff. It's that's a great way to split up the discussion between operations and the transaction side. First, maybe we could start off with the State of the Union. The occupancy in your portfolio is amazingly tight right now and demand is really high. Maybe -- people are worried about interest rates. People are worried about credit. We just had an amazing jobs report, though. People are starting to talk about Goldilocks. Maybe a little bit about your portfolio, and then I thought also it would be fun to ask about where demand is coming from. Because it sounds like it's coming from some sources that people don't traditionally associate with your portfolio. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 06, 2023 / 1:30PM, PECO.OQ - Phillips Edison & Co Inc at NAREIT REITweek: Investor Conference

Question: Andrew Rosivach - Wolfe Research, LLC - Analyst : Something I also appreciate in the tenant list, Devin -- when we often talk, I think people talk about your shop tenants as being like a local guy that rents a dry cleaner. You just listed a lot of national tenants. I think that may be something that people don't appreciate. It's how institutional, even your small-shop space, is becoming.

Question: Andrew Rosivach - Wolfe Research, LLC - Analyst : Thanks for that, guys, and I'm going to sneak in one more before I go to the audience. Jeff, you alluded to the transaction market since your IPO. By the way, these guys have had terrific stock performance since the IPO and actually a terrific performance when they were in the unlisted market, which is rare. I should have brought that up before. You came out with an external growth model. You guys have done a terrific job of even raising equity last year to have dry powder to fund it. What are you seeing today? I'm getting a sense that there may still be a bid-ask spread. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 06, 2023 / 1:30PM, PECO.OQ - Phillips Edison & Co Inc at NAREIT REITweek: Investor Conference

Question: Andrew Rosivach - Wolfe Research, LLC - Analyst : I'm just curious again to get an idea of what it's like in the market out there. Is their product available and they're just not getting the pricing they want? And I thought like -- or people just kind of taking their ball and staying home for a bit. I thought maybe a way to frame it is this isn't you guys because you have multiple capital sources. But if you wanted to get a reasonable loan-to-value mortgage on a grocery-anchored property today, what would the cost be, and how does that compare to the cap rate that people seem to want to sell their assets at? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 06, 2023 / 1:30PM, PECO.OQ - Phillips Edison & Co Inc at NAREIT REITweek: Investor Conference

Question: Andrew Rosivach - Wolfe Research, LLC - Analyst : That's what I was saying. Eventually, the debt market is going to force things to happen.

Question: Andrew Rosivach - Wolfe Research, LLC - Analyst : Is it just we're not there yet, or there haven't been enough maturities rolling that are forcing events? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 06, 2023 / 1:30PM, PECO.OQ - Phillips Edison & Co Inc at NAREIT REITweek: Investor Conference

Question: Andrew Rosivach - Wolfe Research, LLC - Analyst : All right. I have more, but let me open it up to the audience. Okay. Let me give you another. So I want to kind of work out Phillips Edison versus some headlines that you see in the press and one of them that gets talked about a lot is shrinkage. I've never asked you this before, but I'm guessing there is a big difference between the experience that happens in your portfolio and given its suburban locations versus what you're seeing in portfolios overall, if you could comment on that.

Question: Andrew Rosivach - Wolfe Research, LLC - Analyst : Yes, I think it's just an advantage that you guys mentioned kind of where the world is going in for suburban footprint that you guys are better suited.

Question: Andrew Rosivach - Wolfe Research, LLC - Analyst : All right. I'm going to sneak in one more. I think this is important for this story. You have a lot of retail companies that talk about how tight -- the market is tight, how supply is low. And then the following question is, well, if the market is so tight, why isn't it getting into your numbers? And I know you guys have been successful in leasing spreads. In terms of the escalations you've been giving, if you could talk about on the ground, how the supply-demand is actually really helping the rent growth of your portfolio.

Question: Andrew Rosivach - Wolfe Research, LLC - Analyst : All right. Let me check, any from the audience? All right, great. We'll stop there. Thanks a lot, guys.