DEF 14A of Phillips Edison & Company, Inc., Mar 23, 2026

DEF 14A of Phillips Edison & Company, Inc.

Filed Mar 23, 2026 · FY20250001476204-26-000016

Open on EDGAR

  1. Our Director Nominees

    Our Director Nominees The director nominees represent a broad range of experience, professions, skills, geographic representation and backgrounds, enabling the Board to lead and advise PECO on its most important matters. The majority of our director nominees have decades of leadership experience in real estate, finance and investment, including several with institutional experience with PECO and the REIT industry, and those who have joined our Board more recently bring new perspectives and insights. This breadth of experience enables our Board to help guide our strategy and oversee its execution by management. Several of our director nominees have served on boards of other public companies, which we believe is valuable, and each of our director nominees has demonstrated prudent judgment and integrity in highly competitive businesses.

  2. Board of Directors

    Board of Directors Our Board consists of ten members, seven of whom are independent and three of whom are not independent, including Jeff Edison who serves as our CEO. Each of these directors is nominated for election at our 2026 Annual Meeting of Stockholders. The following charts show the composition of our ten director nominees by age, tenure, and gender. More information about the composition of our Board and the nominees can be found below.

  3. Board of Directors

    | | Edison | Chao | Fischer | Murphy | Quazzo | Silfen | Strong | Terry | Wang | Wood | | Age | 65 | 69 | 66 | 66 | 66 | 40 | 65 | 58 | 39 | 67 | | Tenure | 2009 | 2010 | 2019 | 2024 | 2013 | 2019 | 2018 | 2023 | 2023 | 2016 | | Lead Independent Director | | ● | | | | | | | | | | Independent Directors | | ● | ● | | ● | ● | ● | ● | | ● | | Committees | | | | | | | | | | | | Audit | | ❖ | ● | | | | | ● | | ● | | Compensation | | ● | | | | ● | ❖ | | | ● | | Nominating & Governance | | | ❖ | | ● | ● | ● | | | | | Experience / Qualifications | | | | | | | | | | | | Business/Strategic Leadership | ● | ● | ● | ● | ● | ● | ● | ● | ● | ● | | Real Estate / Retail Industry | ● | ● | ● | ● | ● | ● | ● | ● | ● | | | Corporate Governance | ● | ● | ● | ● | ● | ● | ● | ● | ● | ● | | Financial / Accounting | ● | ● | ● | ● | ● | ● | ● | ● | ● | ● | | Investment / Capital Markets | ● | ● | ● | ● | ● | ● | ● | ● | ● | ● | | Risk Management or Oversight | ● | ● | ● | ● | ● | ● | ● | ● | ● | ● | | Technology / Information Systems / Data and Cybersecurity | ● | ● | | | | | ● | | ● | ● | | Human Capital Management | ● | ● | ● | ● | ● | ● | ● | ● | ● | |

  4. Board of Directors

    ❖ = Chair

  5. Board of Directors

    | | 13 |

  6. Board of Directors

    The names and ages of the director nominees, together with certain biographical information and the experience, qualifications, attributes, and skills that led the Board to nominate and recommend that the director nominees continue to serve as directors are set forth below.

  7. Board of Directors

    | | JEFFREY (JEFF) S. EDISON | | | Chief Executive Officer and Chairman | | | Director Since 2009 | | | Age 65 |

  8. Board of Directors

    | Mr. Edison has served as PECO’s Chairman of the Board and Chief Executive Officer since December 2009 and also served as President from October 2017 to August 2019. Mr. Edison also served as Chairman of the Board and Chief Executive Officer of Phillips Edison Grocery Center REIT III, Inc. from April 2016 through the date it merged with PECO in October 2019, and served as Chairman of the Board and Chief Executive Officer of Phillips Edison Grocery Center REIT II, Inc. from 2013 through the date it merged with PECO in November 2018. Mr. Edison co-founded Phillips Edison Limited Partnership and has served as a principal since 1995. Before founding PECO, Mr. Edison was a Senior Vice President from 1993 until 1995 and a Vice President from 1991 until 1993 at NationsBank’s South Charles Realty Corporation. Prior to that, Mr. Edison was employed by Morgan Stanley Realty Incorporated from 1987 until 1990, and was employed by The Taubman Company from 1984 to 1987. Mr. Edison holds a Bachelor of Arts in mathematics and economics from Colgate University and a Master of Business Administration from Harvard University. In determining that he should serve as a director, our Board considered Mr. Edison’s extensive experience of more than 30 years in the commercial real estate industry, his leadership skills, integrity and judgment, and the deep knowledge of the Company and its assets he brings as our co-founder. |

  9. Board of Directors

    | | LESLIE (LES) T. CHAO | | | | | Lead Independent Director (Non-Management) | | | | | Director Since 2010 | Committee Membership: | Audit Committee (Chair) | | | Age 69 | | Compensation Committee |

  10. Board of Directors

    | Mr. Chao has served as a director since July 2010 and as Lead Independent Director since November 2017. He retired in 2008 as Chief Executive Officer of Chelsea Property Group, Inc., a New York Stock Exchange (“NYSE”) listed shopping center REIT with operations in the United States, Asia and Mexico (now part of Simon Property Group, NYSE: SPG), previously serving as President and Chief Financial Officer. He has been a member of the Global Advisory Board of London-based Value Retail PLC since 2009; and a co-founder and chairman of entities comprising Value Retail China, a privately-held owner/developer of retail properties, since 2012. From 2005 to 2008, he was an inaugural member of the board of Link REIT, the first publicly-listed REIT in Hong Kong. Earlier in his career, Mr. Chao was with Manufacturers Hanover Corporation (now part of JPMorgan Chase & Company), ending in 1987 as a Vice President in the bank holding company treasury group. He received a Master of Business Administration from Columbia University and a Bachelor of Arts from Dartmouth College, where he is a member of the President’s Leadership Council and of the advisory board of the Hopkins Center for the Arts. In determining that he should serve as a director, our Board considered Mr. Chao’s extensive domestic and international commercial real estate expertise, accounting and financial management expertise, public company director experience, integrity, judgment, leadership skills, and independence from management and our affiliates. |

  11. Board of Directors

    | | 14 |

  12. Board of Directors

    | | ELIZABETH (LIZ) O. FISCHER | | | | | Independent Director (Non-Management) | | | | | Director Since 2019 | Committee Membership: | Audit Committee | | | Age 66 | | Nominating & Governance Committee (Chair) |

  13. Board of Directors

    Ms. Fischer has served as a director since 2019. She joined Goldman Sachs & Co. LLC in 1998 and most recently served as Managing Director of the Bank Debt Portfolio Group from 2010 until her retirement in May 2019, where she managed Leveraged Finance led syndicated loans. She also served four years as co-head of Goldman Sachs’ firm-wide Women’s Network for the Americas. Prior to joining Goldman Sachs, she held various positions in the leveraged finance, syndications, and risk management group at the Canadian Imperial Bank of Commerce (CIBC). Ms. Fischer began her career at KPMG LLP and was formerly a certified public accountant. She holds a Bachelor of Arts from Colgate University and a Master of Business Administration from New York University. In determining that she should serve as a director, our Board considered Ms. Fischer’s extensive financial and investment expertise, leadership skills, integrity, judgment, and independence from management and our affiliates.

  14. Board of Directors

    | | DEVIN I. MURPHY | | | | | Director (Non-Management) | | | | | Director Since 2024 | Committee Membership: | None | | | Age 66 | | |

  15. Board of Directors

    | Mr. Murphy joined PECO’s board of directors in 2024. Mr. Murphy served as President of PECO from August 2019 until December 31, 2023. Prior to that, he served as PECO’s Chief Financial Officer from June 2013, when he joined the Company, to August 2019. Before joining PECO in 2013, Mr. Murphy worked for 27 years as an investment banker and held senior leadership roles at Morgan Stanley and Deutsche Bank. He served as the Global Head of Real Estate Investment Banking at Deutsche Bank and as a Vice Chairman of Morgan Stanley. Mr. Murphy serves as a director of Macerich (NYSE: MAC), an owner of retail shopping centers, and serves on the Compensation and Nominating and Governance Committees. He also has served as an independent director of CoreCivic (CXW), a NYSE-listed corporation that provides diversified government solutions in corrections and detention management, since 2018. He serves on the Audit Committee, Risk Committee and chairs the Nominating and Governance Committee at CXW. Previously, Mr. Murphy served as chairperson of Apartment Income REIT Corp (NYSE: AIRC), an apartment REIT, and served on the Audit, Compensation and Human Resources and Governance and Corporate Responsibility Committees of AIRC until the company was sold to Blackstone in June 2024. He previously served as a Director of the NYSE-listed real estate services firm Grubb and Ellis prior to its sale to BGC Partners and of the S&P 500 company Apartment Investment and Management (AIV) prior to its spin-off transaction. He earned a Bachelor of Arts in English and History with honors from the College of William & Mary and a Master of Business Administration from the University of Michigan. In determining that he should serve as a director, our Board considered Mr. Murphy’s extensive experience in the commercial real estate industry, including with PECO, together with his extensive investment expertise, capital markets experience, public company director experience, leadership skills, integrity, and judgment. |

  16. Board of Directors

    | | 15 |

  17. Board of Directors

    | | STEPHEN (STEVE) R. QUAZZO | | | | | Independent Director (Non-Management) | | | | | Director Since 2013 | Committee Membership: | Nominating & Governance Committee | | | Age 66 | | |

  18. Board of Directors

    Mr. Quazzo has served as a director since 2013. He is co-founder and Chief Executive Officer of Pearlmark Real Estate, LLC. From 1991 to 1996, Mr. Quazzo served as President of Equity Institutional Investors, Inc., a subsidiary of investor Sam Zell’s private holding company, Equity Group Investments, Inc. Mr. Quazzo was responsible for raising equity capital and performing various portfolio management services in connection with the firm’s real estate investments, including institutional opportunity funds and public REITs. Prior to joining the Zell organization, Mr. Quazzo was in the Real Estate Department of Goldman, Sachs & Co., where he was a Vice President responsible for the firm’s real estate investment banking activities in the Midwest. He is a Trustee of the Urban Land Institute (“ULI”), past Chair of the ULI Foundation, a member of the Pension Real Estate Association, and a licensed real estate broker in Illinois. In addition, Mr. Quazzo currently serves as a director of Marriott Vacations Worldwide (NYSE: VAC) and previously served as a director of ILG, Inc. (Nasdaq: ILG) until September 2018 and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) until September 2016. He also sits on a number of non-profit boards, including Rush University Medical Center, the Chicago Symphony Orchestra Endowment, and Deerfield Academy. Mr. Quazzo holds a Bachelor of Arts and a Master of Business Administration from Harvard University, where he has served as a Director of the Alumni Association for the college and as a member of the Board of Dean’s Advisors for the business school. In determining that he should serve as a director, our Board considered Mr. Quazzo’s extensive experience in the commercial real estate industry, together with his extensive investment management expertise, public company director experience, leadership skills, integrity, judgment, and independence from management and our affiliates.

  19. Board of Directors

    | | JANE E. SILFEN | | | | | Independent Director (Non-Management) | | | | | Director Since 2019 | Committee Membership: | Compensation Committee | | | Age 40 | | Nominating & Governance Committee |

  20. Board of Directors

    | Ms. Silfen has served as a director since 2019. She is a Vice President of Mayfair Management Co., Inc., a family office where she is responsible for overseeing and making public and private investments. She has held this role since 2015. Ms. Silfen began her career in investment banking at Goldman, Sachs & Co. from 2007 to 2010 and later served as a Vice President at Encourage Capital, LLC from 2014 to 2017. In 2019, she founded Mayfair Advisors, a clean technology investment consultancy. From 2019 to 2023, she also worked at WindSail Capital Group, which provides growth financing to companies advancing decarbonization, first as an Operating Advisor working directly with the WindSail’s portfolio companies and subsequently as a Managing Director on WindSail’s investment team. Ms. Silfen holds a Bachelor of Arts from the University of Pennsylvania and a Master of Public Policy and Master of Business Administration from Harvard Business School. She is also a CFA Charterholder. In determining that she should serve as a director, our Board considered Ms. Silfen’s investment experience, clean technology and sustainability expertise, integrity, judgment, and independence from management and our affiliates. |

  21. Board of Directors

    | | 16 |

  22. Board of Directors

    | | JOHN A. STRONG | | | | | Independent Director (Non-Management) | | | | | Director Since 2018 | Committee Membership: | Compensation Committee (Chair) | | | Age 65 | | Nominating & Governance Committee |

  23. Board of Directors

    | Dr. Strong has served as a director since 2018. Since July 2010, Dr. Strong has served as Chairman and Chief Executive Officer of Bankers Financial Corporation, a diversified financial services company for outsourcing solutions for claims, policy and flood products for insurers, insurance tracking for lenders, human resources solutions for small business, warranties for consumer electronics and new homes, insurance and maintenance services for properties, businesses and builders, and surety bonds for bail. From 2005 to 2010, he served as the President and Managing Partner of Greensboro Radiology. Since 2007, Dr. Strong has served as a board member of Bankers Financial Corporation. He previously served as a director of Phillips Edison Grocery Center REIT II, Inc. from May 2017 to November 2018 when it merged into PECO. Dr. Strong holds a Bachelor of Science in mathematics from Duke University and a Doctor of Medicine degree from Michigan State University College of Human Medicine as well as his residency and fellowship in radiology from Duke University. In determining that he should serve as a director, our Board considered Dr. Strong’s financial and management expertise, judgment, leadership skills, and independence from management and our affiliates. |

  24. Board of Directors

    | | ANTHONY (TONY) E. TERRY | | | | | Independent Director (Non-Management) | | | | | Director Since 2023 | Committee Membership: | Audit Committee | | | Age 58 | | |

  25. Board of Directors

    | Mr. Terry has served as a director since 2023. He previously served as Executive Vice President and Chief Financial Officer for Marriott Vacations Worldwide Corporation (NYSE: VAC), a leading global vacation company that offers vacation ownership, exchange, rental and resort and property management, from October 2021 until his retirement in September 2023, and served as Senior Vice President, Global Operational Finance at VAC from July 2005 to September 2021. As CFO at VAC, Mr. Terry led the global finance and accounting organization as well as the feasibility and development functions. Mr. Terry spent more than 26 years with VAC and has extensive experience in strategic planning, organizational optimization and financial analysis. He held numerous roles of increasing responsibility, including leadership roles in accounting, finance, new product development, brand management, product supply management, strategic planning, M&A, investor relations and capital markets. Prior to VAC, Mr. Terry worked in various management roles at The Walt Disney Company and Arthur Andersen LLP. Mr. Terry is currently on the board of directors of Newell Brands (Nasdaq: NWL), where he serves as a member of the audit committee and the nominating and governance committee. Mr. Terry holds a Bachelor of Science in accounting from Florida State University and has attended the Wharton Business School Executive Development Program. In determining that he should serve as a director, our Board considered Mr. Terry’s public company expertise, corporate and operational finance expertise, strategic planning expertise, business development expertise, integrity, judgment and leadership skills. |

  26. Board of Directors

    | | 17 |

  27. Board of Directors

    | | PARILEE E. WANG | | | | | Director (Non-Management) | | | | | Director Since 2023 | Committee Membership: | None | | | Age 39 | | |

  28. Board of Directors

    | Ms. Wang has served as a director since 2023. Since November 2025, Ms. Wang has served as the Chief Operating Officer and Chief Product Officer of Alloy, a global identity risk decisioning platform that helps banks and fintech companies automate their decisions for onboarding, ongoing monitoring and credit underwriting. From February 2023 to November 2025, Ms. Wang served as the Chief Product Officer and from March 2022 to February 2023, Ms. Wang served as the Head of Product of Alloy. Prior to joining Alloy, Ms. Wang was with Bread Finance (now Bread Financial), where she served as Senior Vice President and Head of Product from June 2020 to February 2022. As a member of the senior leadership team, Ms. Wang drove the product vision and execution that led to the successful sale of Bread Finance to Alliance Data Systems in December 2021 for approximately $450 million. Ms. Wang additionally held roles at Bread Finance of Vice President and Head of Product from May 2019 to June 2020 and Senior Director and Head of Product from January 2018 to May 2019. From 2012 to 2018, Ms. Wang was with OnDeck Capital Inc., where she held various positions, ending as Senior Director, Product Management. In that role, Ms. Wang led new product development and global expansion efforts, contributing to OnDeck's approximately $1.3 billion initial public offering in December 2014. From 2008 to 2011, Ms. Wang served as Manager, Digital Business Development of Barnes & Noble.com. Ms. Wang holds a Bachelor of Arts in international relations from Stanford University, where she graduated Phi Beta Kappa with Distinction, and a Master of Business Administration from Harvard Business School, where she was a Baker Scholar. In determining that she should serve as a director, the Board considered Ms. Wang’s banking and financial technology sector experience, data-driven business development expertise, business start-up expertise, educational excellence, integrity, judgment, leadership skills and passion for supporting the Company's core values while protecting the long-term interests of shareholders. |

  29. Board of Directors

    | | GREGORY (GREG) S. WOOD | | | | | Independent Director (Non-Management) | | | | | Director Since 2016 | Committee Membership: | Audit Committee | | | Age 67 | | Compensation Committee |

  30. Board of Directors

    | Mr. Wood has served as a director since 2016. Previously, he served as Executive Vice President and Chief Financial Officer of EnergySolutions, Inc., a leading services provider to the nuclear industry, from June 2012 until his retirement in June 2023. Prior to that, Mr. Wood held the role of Chief Financial Officer at numerous public and private companies, including Actian Corporation, Silicon Graphics, Liberate Technologies, and InterTrust Technologies. Mr. Wood was a director of Steinway Musical Instruments, Inc. from October 2011 to October 2013, where he also served as Chairman of the Audit Committee. Mr. Wood, formerly a certified public accountant, holds a Bachelor of Business Administration in accounting from the University of San Diego and a Juris Doctor from the University of San Francisco School of Law. In determining that he should serve as a director, our Board considered Mr. Wood’s accounting and financial management expertise, public company director experience, integrity, judgment, and independence from management and our affiliates. |

  31. Board of Directors

    | | 18 |

  32. Director Compensation

    Director Compensation Our director compensation program is intended to provide a total compensation package that enables the Company to attract and retain qualified and experienced directors, and to align our directors’ interests with those of our stockholders by including a substantial portion of their compensation in shares of our common stock. Non-employee director compensation is set by the Compensation Committee. Based upon an extensive analysis of director compensation of other publicly traded REITs undertaken by the Compensation Committee, we believe our director compensation program continues to be commensurate with our peers so that we continue to draw and keep qualified and experienced directors on our Board.

  33. NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

    NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

  34. Director Compensation Table

    Director Compensation Table The following table sets forth the compensation of our non-employee directors who served on the Board during 2025. Mr. Edison did not receive any compensation for his service as a director and his compensation as a NEO is set forth in the Summary Compensation Table.

  35. Director Compensation Table

    | | | Stock | All Other | | | | Fees Earned or Paid | Awards | Compensation | | | | in Cash ($)(1) | ($)(2) | ($)(3) | Total ($) | | Leslie T. Chao | 156,667 | 115,016(4) | 4,142 | 275,825 | | Elizabeth O. Fischer | 103,333 | 115,016(4) | 4,142 | 222,491 | | Devin I. Murphy | 68,333 | 115,016(5) | 3,709 | 187,058 | | Stephen R. Quazzo | 83,333 | 115,016(4) | 4,142 | 202,491 | | Jane E. Silfen | 98,333 | 115,016(4) | 4,142 | 217,491 | | John A. Strong | 103,333 | 115,016(4) | 4,142 | 222,491 | | Anthony E. Terry | 83,333 | 115,016(4) | 4,142 | 202,491 | | Parilee E. Wang | 68,333 | 115,016(5) | 4,125 | 187,474 | | Gregory S. Wood | 98,333 | 115,016(4) | 4,142 | 217,491 |

  36. Director Compensation Table

    (1)Represents cash fees earned in 2025, certain of which were paid in 2026 in arrears. (2)Represents the aggregate grant date fair value of restricted stock or Class B Units granted to our directors in 2025, calculated in accordance with Accounting Standards Codification 718, Compensation - Stock Compensation (“ASC 718”), excluding any estimated forfeitures related to service-based vesting conditions. The amounts reported in this column reflect the accounting cost for these equity awards, and do not correspond to the actual economic value that may be received by the director upon vesting of the awards. Assumptions used in the calculation of these amounts are included in Note 13 to our consolidated financial statements for the year ended December 31, 2025. (3)Represents dividends paid on unvested restricted stock and/or Class B Units. (4)As of December 31, 2025, unvested restricted stock held by each of Messrs. Chao, Quazzo, Strong, Terry, and Wood and Mses. Fischer and Silfen totaled 3,290 shares. (5)As of December 31, 2025, unvested Class B Units held by Mr. Murphy and Ms. Wang totaled 3,290 units.

  37. Proposal 1: Election of Directors

    Proposal 1: Election of Directors You are being asked to elect ten director nominees to serve on our Board until the Company’s 2027 Annual Meeting of Stockholders and until their respective successors are duly elected and qualify. Our nominees were selected by the Board, based on the recommendation of the Nominating and Governance Committee. All ten nominees currently serve on our Board. All nominees are willing to serve as directors, but if any of them should decline or be unable to act as a director, the individuals designated in the proxy cards as proxies will exercise the discretionary authority provided to vote for the election of such substitute nominee recommended by our Nominating and Governance Committee.

  38. Summary of Fixed and At Risk Pay Elements

    | | ELEMENT | FORM | DESCRIPTION | | Fixed Compensation | Base Salary | Cash | •Designed to compensate executive officers for services rendered on a day-to-day basis •Provides guaranteed cash compensation to secure services of our executive talent •Established based on scope of responsibilities, experience, performance, contributions, and internal pay equity considerations •Compensation Committee reviews annually | | Variable/ At-Risk Compensation | Annual Incentive Plan | Cash Bonus | •Designed to encourage outstanding individual and Company performance by motivating executives to achieve short-term Company and individual goals by rewarding performance measured against key annual strategic objectives •2025 Company performance metrics were Adjusted FFO per share and Same-Center NOI growth | | | Long-Term Incentive Plan | Performance- Based Awards | •Compensation Committee believes a substantial portion of each executive’s compensation should be in the form of long-term equity incentives •Designed to encourage management to create stockholder value over the long term; value of equity awards directly tied to changes in value of our common stock over time •2025 awards were 60% performance-based and 40% time-based, as more fully described below | | | | Time-Based Awards | |

  39. EXECUTIVE COMPENSATION OBJECTIVES AND PHILOSOPHY

    EXECUTIVE COMPENSATION OBJECTIVES AND PHILOSOPHY The key objectives of our executive compensation program are to: (i) attract, motivate, reward, and retain superior executive officers with the skills necessary to successfully lead and manage our business; (ii) achieve accountability for performance by linking annual cash incentive compensation to the achievement of measurable performance objectives; and (iii) incentivize our executive officers to build value and achieve financial objectives designed to increase the value of our business through short-term and long-term incentive compensation programs. For our executive officers, these short-term and long-term incentives are designed to accomplish these objectives by providing a significant correlation between our financial results and their actual total compensation. We expect to continue to provide our executive officers with a significant portion of their compensation through cash incentive compensation contingent upon the achievement of financial and individual performance metrics as well as through equity compensation. These two elements of executive compensation (cash and equity) are aligned with the interests of our stockholders because the amount of compensation ultimately received will vary with our financial performance. Our SOP and our Insider Trading Policy further align the interests of our NEOs with the long-term interests of our stockholders. We seek to apply a consistent compensation philosophy for all executive officers.

  40. Role of Compensation Consultant

    Role of Compensation Consultant The Compensation Committee engaged Ferguson Partners Consulting (“FPC”) to provide guidance regarding our executive compensation program for 2025. FPC regularly attends Compensation Committee meetings at the Compensation Committee’s invitation. The Compensation Committee performs an annual assessment of the compensation consultant’s independence to determine whether the consultant is independent. During 2025, FPC did not provide services to the Company other than the services provided to the Compensation Committee. The Compensation Committee has determined that FPC is independent and that its work has not raised any conflicts of interest.

  41. Benchmarking and Peer Group Comparisons

    Benchmarking and Peer Group Comparisons The Compensation Committee reviews competitive compensation data from a select group of peer companies and broader survey sources. Although comparisons of compensation paid to our NEOs relative to compensation paid to similarly situated executives in the survey and by our peers assist the Compensation Committee in determining compensation, the Compensation Committee principally evaluates executive compensation based on corporate objectives and individual performance. For 2025, FPC proposed, and the Compensation Committee approved, the use of the following peer group of companies (with whom we compete for talent) to benchmark our pay practices. The companies considered by FPC in developing the peer group included other shopping center focused public REITs, generally between 0.5x and 2.0x the Company’s size, companies which analysts generally compare our performance against and other companies within the Nareit Shopping Center REIT Index of comparable total capitalization.

  42. Benchmarking and Peer Group Comparisons

    | Acadia Realty Trust | Kimco Realty Corporation | Retail Opportunity Investments Corp. | | Brixmor Property Group Inc. | Kite Realty Group Trust | Tanger Inc. | | Federal Realty Investment Trust | The Macerich Company | Urban Edge Properties | | InvenTrust Properties Corp. | Regency Centers Corporation | |

  43. Benchmarking and Peer Group Comparisons

    To further assess our compensation levels for 2025, FPC also furnished a report to the Compensation Committee that compared the compensation of our executive officers to data in the survey provided by the National Association of Real Estate Investment Trusts, or Nareit (the “Nareit Survey”). The Nareit Survey includes 117 REITs and provides a broad market reference of REITs, including retail REITs, many of which compete with us for executive talent.

  44. 2025 Annual Cash Incentive Program

    2025 Annual Cash Incentive Program

  45. Program Design

    Program Design In February 2025, the Compensation Committee, in consultation with FPC, approved the 2025 annual cash incentive program for our executive officers. The 2025 annual cash incentive program used the same Company performance measures, Adjusted FFO per share and Same-Center NOI growth, as in 2024. Accordingly, under the 2025 annual cash incentive program, for all executive officers, the weighting of Company and individual performance was as follows: The Compensation Committee chose the relative weighting of the performance measures in the chart above based on its desire to emphasize financial results while maintaining a focus on non-financial initiatives.

  46. Company Performance Goals

    Company Performance Goals The Compensation Committee believes that Adjusted FFO per share and Same-Center NOI growth are appropriate and effective measures of annual Company-wide performance. For a reconciliation of Net Income to Adjusted FFO and Same-Center NOI, please see Annex A. The 2025 performance criteria for the Company performance metrics is set forth in the table below. Performance achievement between designated levels is interpolated. Payout is based 50% on achievement against Adjusted FFO per share goals, 20% against Same-Center NOI Growth and 30% based on individual performance. The maximum payout for each metric is 200% of target, regardless of performance achieved. The threshold levels were set based on a level of performance that was believed to be achievable in order to motivate and retain the Company’s executives. The target levels were set based on a level of operating performance that was believed to be aggressive, but obtainable. The maximum levels were set based on a level of operating performance that was believed to be realizable, but only as a result of exceptional performance. The Compensation Committee has the discretion to adjust the performance goals used to determine performance achievement to take into account extraordinary, unusual or infrequently occurring events and transactions not anticipated at the time the performance goals were set. No adjustments were made to the originally set 2025 performance goals.

  47. Company Performance Goals

    | | 31 |

  48. Short-Term Incentive Program Performance Against Performance Targets

    Short-Term Incentive Program Performance Against Performance Targets The 2025 performance criteria for the Company performance metrics, and our actual performance, are set forth below:

  49. Short-Term Incentive Program Performance Against Performance Targets

    | | Threshold | Target | Maximum | | | | Performance Metric | (0.5x Payout) | (1.0x Payout) | (2x Payout) | Actual | Weighting(1) | | Adjusted FFO per Share(2) | $2.05 | $2.10 | $2.16 | $2.12 | 50% | | Same-Center NOI Growth(2) | 2.75% | 3.25% | 4.0% | 3.8% | 20% |

  50. Short-Term Incentive Program Performance Against Performance Targets

    (1)30% of the short-term incentive is based on individual performance metrics. (2)For a reconciliation of Net Income to Adjusted FFO and Same-Center NOI, please see Annex A. The Company’s actual performance as compared to the target goals for Adjusted FFO per share achieved above target performance yielding 66.5% payout after weighting, and Same-Center NOI growth achieved above target performance yielding 34.4% payout after weighting, totaling 100.9% of target payout opportunity for achievement of the Company goals.

  51. Individual Performance Goals

    Individual Performance Goals The Compensation Committee also reviewed the performance of each NEO against his or her individual goals, which represents 30% of the payout opportunity under the annual cash program. The individual goals, as originally set in February 2025, included, for all NEOs, individual performance related to the achievement of the Company’s financial and operational performance targets and leadership goals, as well as the individual goals for each NEO described below. •Mr. Edison: Goals relating to creating and advancing the Company’s strategic vision, the Company’s strategy to maximize long-term value and institutional investor and partner relations. •Mr. Myers: Goals relating to executing on development/redevelopment projects within budget, completing budgeted acquisitions and dispositions, monitoring the profitability of the investment management business, and cost controls. •Mr. Caulfield: Goals relating to the Company’s leverage levels, internal controls, enterprise risk management, investor relations, and cost controls. •Ms. Brady: Goals relating to overseeing the Company’s legal and marketing activities, investment in and management of technology, Corporate Responsibility strategy, compliance and enterprise risk management. •Mr. Schlosser: Goals relating to leading and executing the Company’s portfolio management strategy, and cost controls. The Compensation Committee determined that for 2025 the individual goals for each NEO were achieved above target performance yielding a 39% payout after weighting, which when combined with the 100.9% payout on the Company performance goals, yielded a total cash incentive payout of 140% of target payout opportunity.

  52. Long-Term Equity Incentive Program

    Long-Term Equity Incentive Program The Compensation Committee believes that a substantial portion of each executive’s annual compensation should be in the form of long-term equity incentive awards. Long-term equity incentive awards encourage management to create stockholder value over the long term because the value of the equity awards is directly attributable to changes in the value of our common stock over time. In addition, long-term equity incentive awards are an effective tool for management retention because full vesting of the awards generally requires continued employment for multiple years. As such, the purpose of our Long-Term Equity Incentive Program (“LTI Program”) is to further align the interests of our stockholders with that of management by encouraging our NEOs to remain employed by us for the long term and to create stockholder value in a “pay for performance” structure.

  53. 2025 Long-Term Equity Incentive Program

    2025 Long-Term Equity Incentive Program

  54. 2025 Long-Term Equity Incentive Program

    | 2025 LTI Program Highlights Performance LTI Awards | | | Majority Performance Based | •Our performance-vesting LTI Awards represent 60% of our LTI Program and are earned based upon our TSR relative to the FTSE Nareit Equity Shopping Center Index. | | 100% Relative TSR | | | Absolute TSR Modifier | •Additionally, the number of performance-vesting shares or units subject to a LTI Award that may be earned is capped at target payout if the Company’s absolute TSR percentage is negative for the performance period, but the portion of the LTI Award that would have vested above target can be earned if the Company’s absolute TSR percentage becomes positive as measured from the beginning of the performance period to the last day of any calendar quarter within five years following the performance period. |

  55. 2025 Long-Term Equity Incentive Program

    In February 2025, the Compensation Committee approved the 2025 LTI Program for NEOs, pursuant to which we issued awards, or LTI Awards, in the form of time-based vesting units representing 40% of 2025 LTI Award value and performance-based vesting units representing 60% of 2025 LTI Award value. As part of our annual grant process for our LTI Awards, each NEO is given the opportunity to elect to receive the annual time-based and performance-based LTI Awards in the form of either (i) rights with respect to common stock, or (ii) rights with respect to units in Phillips Edison Grocery Center Operating Partnership I, L.P. (our “Operating Partnership”) (“OP Units”). These elections are completed prior to the grant date of the respective LTI Award. If rights with respect to common stock are elected by the individual, then the LTI Award is in the form of time-based restricted stock units (“RSUs”) or performance-based RSUs, as applicable. If rights with respect to OP Units are elected by the individual, then the LTI Award is in the form of time-based Class B limited partnership units of our Operating Partnership (“Class B Units”) or performance-based Class C limited partnership units of our Operating Partnership (“Class C Units”). Class B Units and Class C Units are intended to qualify as profits interests in the Operating Partnership and, pursuant to our Operating Partnership’s partnership agreement, automatically convert on a one-for-one basis into OP Units once the Class B Units or Class C Units, as applicable, achieve parity with the OP Units (based on capital account balance per unit) and have satisfied all applicable time-vesting and performance-vesting conditions. For 2025, Messrs. Edison, Myers, Caulfield, and Schlosser and Ms. Brady each elected to receive Class B Units for their time-based and Class C Units for their performance-based LTI Awards. In February 2025, the Compensation Committee determined the grant values denominated in dollars for both the time-based and performance-based LTI Awards. These LTI Awards, Class B and Class C Units, were then formally granted on March 1st based on our closing stock price on the date of grant. The time-based LTI Awards vest in equal 25% annual installments over a four-year period, subject to the executive’s continued employment through the relevant vesting dates. The performance-based LTI Awards are earned based on the achievement of specified performance metrics measured at the end of the three-year performance period and are subject to vesting as described below.

  56. 2025 Long-Term Equity Incentive Program

    | | 33 |

  57. 2025 Long-Term Equity Incentive Program

    For performance-based LTI Awards, the maximum number of shares or units that can be earned are awarded on the date of grant, representing two times the target number that can be earned. At the end of the performance period, 50% of the earned performance-based LTI Awards granted to our NEOs vest at the end of the three-year performance period and the remaining 50% of the earned performance-based LTI Awards vest one year later, subject to continued employment through the applicable vesting period. The Compensation Committee may, in its discretion, accelerate the vesting schedule. The 2025 LTI Awards granted to our NEOs in March 2025 are set forth in the table below. The amounts set forth below reflect the dollar-denominated value of the 2025 LTI Awards approved by the Compensation Committee. The dollar-denominated value of the performance-based awards represents the target level of performance achievable under the 2025 LTI Program, which is 50% of the maximum performance-based award that can be earned and paid. The number of performance-based awards granted each year is equal to the maximum amount that can be earned, and if such maximum amount is not earned, the performance-based awards that are not earned are forfeited.

  58. 2025 Long-Term Equity Incentive Program

    | | Time-Based | Performance-Based | Total LTI Award Values | | | LTI | LTI Awards at | Granted in 2025 at | | NEO | Awards ($) | Target ($) | Target ($)(1) | | Jeffrey S. Edison | 1,600,009 | 2,399,995 | 4,000,004 | | Robert F. Myers | 500,005 | 750,008 | 1,250,013 | | John P. Caulfield | 440,002 | 660,002 | 1,100,004 | | Tanya E. Brady | 187,190 | 280,804 | 467,994 | | Joseph G. Schlosser | 199,987 | 299,999 | 499,986 |

  59. 2025 Long-Term Equity Incentive Program

    (1) The grant date fair value of the 2025 LTI Awards determined in accordance with ASC 718 shown in the Summary Compensation Table differs from this value approved by the Compensation Committee due, in part, to the accounting valuation of the 2025 LTI Awards, which employed a Monte Carlo simulation instead of the closing stock price on the date of grant. Beginning in 2022, the Compensation Committee approved a change in the Company’s performance-based LTI Program such that the performance-based component of awards under the program will be based on a single metric, total shareholder return (“TSR”) relative to the FTSE Nareit Equity Shopping Center Index (“Relative TSR”), as illustrated in the below graphic. The Company believes linking the long-term compensation of our executives to TSR aligns with the best interest of our stockholders as a public company. The threshold, target, and maximum levels for the performance-based 2025 LTI Awards were as follows:

  60. 2025 Long-Term Equity Incentive Program

    | | Threshold | Target | Maximum | | Metric | (50% of Target Payout) | (100% of Target Payout) | (200% of Target Payout) | | Relative TSR | 30th Percentile | 50th Percentile | 75th Percentile | | | of FNSC | of FNSC | of FNSC |

  61. 2025 Long-Term Equity Incentive Program

    In addition, a Company absolute TSR modifier will be applied if the Company’s three-year absolute TSR percentage at the end of the performance period is negative (the “Absolute TSR Modifier”). Specifically, to the extent that any portion of the award above the target level is earned based on achievement of the relative TSR performance metric at the end of the performance period, but the Company’s absolute TSR percentage at the end of the performance period is negative, the portion of the award that is earned at the end of the performance period will be capped at the target amount. The remaining amount of the award that would have been earned based on achievement of the performance metric (the “Contingent Portion”) will become earned and vested if and when the Company’s absolute TSR performance is positive measured from the last day of the performance period through the last day of any calendar quarter within five years following the completion of the performance period (when compared to the share value at the beginning of the performance period). In the event that such share value target is not achieved as described above, the Contingent Portion will be forfeited. The Compensation Committee has established the 2026 LTI Program, with updated goals, on substantially the same terms as the 2025 LTI Program.

  62. 2025 Long-Term Equity Incentive Program

    | | 34 |

  63. Payout under the 2023 LTI Program

    Payout under the 2023 LTI Program The performance period for the performance-based LTI Awards granted under the 2023 LTI Program commenced January 1, 2023 and ended on December 31, 2025 (the “2023-2025 Performance Period”). As described above, the 2023 performance-based LTI Awards were eligible to vest based on TSR relative to the FTSE Nareit Equity Shopping Center Index (“FNSC”). During the 2023-2025 Performance Period, we achieved TSR of 24.3%, placing us in the 46th percentile of the index and resulting in 90.8% of target payout for the 2023 performance-based LTI Awards being earned. The Compensation Committee exercised discretion to exclude Whitestone REIT and Alexander & Baldwin from the FNSC for purposes of measuring relative TSR over the 2023-2025 Performance Period because it determined that these companies were no longer suitable for inclusion as a result of stock price instability reflecting acquisition offers announced during the 2023-2025 Performance Period. 50% of the 2023 performance-based LTI Awards that were earned vested on January 1, 2026 (upon the completion of the 2023-2025 Performance Period) and the remaining 50% vests on January 1, 2027, subject to continued employment through the applicable vesting date. The threshold, target, and maximum levels for the 2023 performance-based LTI Awards were as follows:

  64. Payout under the 2023 LTI Program

    | 2023 - 2025 LTI Program Performance Period and Metrics | Threshold (50% of Target Payout) | Target (100% of Target Payout) | Maximum (200% of Target Payout) | | FTSE Nareit Equity Shopping Center Index TSR | 30th Percentile of Peer Group | 50th Percentile of Peer Group | 75th Percentile of Peer Group |

  65. Payout under the 2023 LTI Program

    The following graph is a comparison of the cumulative Total Stockholder Return (“TSR”), S&P’s 500 Composite Index (“S&P 500”), FTSE Nareit All Equity REITs index (“FNER”), and FTSE Nareit Equity Shopping Centers index (“FNSC”). The graph assumes that $100 was invested on July 15, 2021 (the first trading day for shares of our common stock) and assumes the reinvestment of any dividends. The TSR shown on the graph below is not indicative of future performance.

  66. Payout under the 2023 LTI Program

    | | 35 |

  67. Payout under the 2023 LTI Program

    The following table sets forth the status of our LTI Program for completed and outstanding performance units. Outstanding status of outstanding performance units is based on a truncated performance period through December 31, 2025, and is not necessarily indicative of actual performance at the end of the applicable three-year performance period.

  68. Dividends and Distributions

    Dividends and Distributions Holders of unvested time-based RSUs are paid cash dividend equivalents on a quarterly basis, and holders of time-based unvested Class B Units are paid monthly cash distributions, in each case in an amount equal to the cash dividends paid by the Company. Performance-based LTI Awards accrue dividend or distribution equivalents during the performance period. For performance-based RSUs, accrued dividend equivalents are paid in cash when and only to the extent the performance-based RSUs are earned and shares of common stock are issued. The 50% portion of the earned RSUs that are subject to vesting for one year following the end of the performance-period continue to be paid cash dividends during the vesting period as earned awards. In accordance with the Operating Partnership agreement, holders of performance-based Class C Units are entitled to receive cash distributions in an amount per unit equal to, in the case of unearned Class C Units, 10% of the distributions made by the Operating Partnership with respect to OP Units during the performance period and, in the case of earned Class C Units, the distributions made by the Operating Partnership with respect to OP Units, which generally are in an amount per unit equal to the per share declared monthly dividends on our common stock. Upon satisfaction of the performance condition at the end of the performance period, the distributions that would have been payable on such earned Class C Units from the beginning of the performance period are determined (net of the 10% monthly distributions made during the performance period with respect to such units), and are paid to the holder in the form of fully vested Class B Units (or cash, at the Company’s discretion).

  69. EMPLOYMENT, SEVERANCE, CHANGE IN CONTROL, AND OTHER ARRANGEMENTS

    EMPLOYMENT, SEVERANCE, CHANGE IN CONTROL, AND OTHER ARRANGEMENTS

  70. Executive Change in Control Severance Plan

    Executive Change in Control Severance Plan Our Amended and Restated Executive Change in Control Severance Plan for NEOs, or the Severance Plan, provides for specified payments and benefits in connection with a termination of employment by the Company not for Cause or a resignation by the executive for Good Reason (as each such term is defined in the Severance Plan). Our goal in providing Severance Plan payments and benefits is to offer sufficient cash continuity protection such that our NEOs will focus their full time and attention on the requirements of the business rather than the potential implications for their respective positions. We prefer to have certainty regarding the potential severance amounts payable to the NEOs, rather than negotiating severance at the time employment terminates. We also have determined that accelerated vesting provisions with respect to outstanding equity awards in connection with a qualifying termination of employment are appropriate because they encourage our NEOs to stay focused on the business in those circumstances rather than focusing on the potential implications for them personally. To receive the severance payments and benefits under the Severance Plan, the NEOs must execute a general release of claims and comply with non-competition and non-solicitation provisions that apply for 18 months (or 24 months in the case of Mr. Edison) following termination of employment and confidentiality provisions that apply during and following termination of employment.

  71. Tax and Accounting Considerations

    Tax and Accounting Considerations We have not provided or agreed to provide any of our executive officers or directors with a gross-up or other reimbursement for tax amounts they might pay pursuant to Section 4999 or Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Sections 280G and 4999 of the Code provide that executive officers, directors who hold significant stockholder interests, and certain other service providers could be subject to significant additional taxes if they receive payments or benefits in connection with a change in control of our Company that

  72. Equity Award Timing Policies and Practices

    Equity Award Timing Policies and Practices The Company does not currently grant (and does not currently have any outstanding) stock options, stock appreciation rights, or any similar awards with “option-like” features and therefore has not adopted a policy regarding the timing of any such awards in connection with the disclosure of material non-public information of the Company, however, as a general matter, the Company does not grant equity awards in anticipation of the release of material non-public information and we do not time the release of material non-public information for the purpose of affecting the value of executive compensation.

  73. Equity Award Timing Policies and Practices

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  74. SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

    SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS Information related to the Company’s equity compensation plans, including the number of unvested awarded shares outstanding and the number of shares available for future issuance as of December 31, 2025 under such plans, is as follows:

  75. SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

    | | (a) Number of Securities | (b) Weighted-Average | (c) Number of Securities Remaining | | | to be Issued Upon Exercise | Exercise Price of | Available for Future Issuance Under | | | of Outstanding Options, | Outstanding Options, | Equity Compensation Plans (excluding | | | Warrants, and Rights(1) | Warrants, and Rights | securities reflected in column (a))(2) | | Equity compensation | 1,213,478 | — | 3,273,962 | | plans approved by | | | | | security holders | | | | | Equity compensation | — | — | — | | plans not approved by | | | | | security holders | | | | | Total | 1,213,478 | — | 3,273,962 |

  76. SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

    (1)Includes approximately 0.8 million performance-vesting awards (“PSUs”) at maximum achievement level under the plan metrics that were issued under our 2020 Plan. Based upon results to date, we currently expect a total of approximately 0.4 million of such PSUs to vest. (2)Represents shares of our common stock available for grants under the 2020 Plan.

  77. Summary Compensation Table

    Summary Compensation Table The following table and footnotes provide information regarding the compensation of our NEOs for the years presented:

  78. Summary Compensation Table

    | | | | Stock Awards | Non-Equity | All Other | | | | | Salary | | Incentive Plan | | | | | | | | Compensation | Compensation | | | Name and Principal Position | Year | ($) | ($)(1) | ($)(2) | ($)(3) | Total ($) | | Jeffrey S. Edison | 2025 | 991,864 | 4,931,230 | 1,960,700 | 179,026 | 8,062,820 | | Chairman of the Board | 2024 | 927,375 | 4,428,883 | 1,435,241 | 197,559 | 6,989,058 | | and Chief Executive Officer | 2023 | 907,460 | 4,174,387 | 1,606,800 | 457,581 | 7,146,228 | | Robert F. Myers | 2025 | 576,538 | 1,539,969 | 812,290 | 11,773 | 2,940,570 | | President | 2024 | 547,115 | 1,387,395 | 577,500 | 46,083 | 2,558,093 | | | 2023 | 523,223 | 1,130,575 | 630,000 | 136,035 | 2,419,833 | | John P. Caulfield | 2025 | 494,231 | 1,341,818 | 560,200 | 11,002 | 2,407,251 | | Chief Financial Officer, Executive | 2024 | 448,269 | 1,025,644 | 378,000 | 28,685 | 1,880,598 | | Vice President and Treasurer | 2023 | 432,462 | 814,735 | 300,000 | 62,970 | 1,610,167 | | Tanya E. Brady | 2025 | 437,692 | 580,907 | 378,135 | 10,775 | 1,407,509 | | Chief Legal & Administrative Officer, | 2024 | 417,692 | 502,491 | 262,500 | 25,416 | 1,208,099 | | Executive Vice President and Secretary | 2023 | 397,646 | 489,664 | 228,000 | 48,685 | 1,163,995 | | Joseph G. Schlosser | 2025 | 365,962 | 584,127 | 518,185 | 25,560 | 1,493,834 | | Chief Operating Officer | | | | | | | | and Executive Vice President | | | | | | |

  79. Summary Compensation Table

    (1)Amounts reflect the grant date fair value of time-based and performance-based LTI Awards, including earned Class C Units attributable to the value of accrued distributions with respect to earned performance-based LTI Awards, under our annual LTI Program, in each case as computed in accordance with ASC 718. The time-based awards and performance-based awards under our annual LTI Program were granted in 2025, 2024 and 2023 under the LTI Program for such year. See “Compensation Discussion & Analysis - Long-Term Equity Incentive Program” for additional information regarding these awards. The Compensation Committee grants the maximum number of performance units that can be earned, representing 200% of target performance, and any performance units not earned are forfeited. The LTI performance-based awards are earned solely on our Relative TSR, which is a market condition and not a performance condition. The grant date fair value per unit was calculated using a Monte Carlo simulation. The assumptions used in calculating the valuations for the awards are set forth in Note 13 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. This amount is consistent with the estimate of aggregate compensation cost to be recognized by the Company over the three-year performance period of the award determined as of the grant date under ASC 718. The grant date fair value determined in accordance with ASC 718 shown above differs from the value of LTI Awards approved by the Compensation Committee because the approved LTI Awards (both time-based and performance-based) were converted to the number of rights to common stock based on the closing stock price on the date of grant instead of the Monte Carlo simulation shown here. Class B Units and Class C Units are intended to qualify as profits interests in our Operating Partnership and, pursuant to our Operating Partnership’s partnership agreement, automatically convert on a one-for-one basis into OP Units once the Class B Units or Class C Units, as applicable, achieve parity with the OP Units (based on capital account balance per unit) and satisfy all applicable time-vesting and performance-vesting conditions. (2)Represents amounts earned under the Annual Cash Incentive Program based on achievement of individual and Company performance metrics for the applicable year and paid in the following calendar year. (3)Amounts reported in the “All Other Compensation” column for 2025 include Company contributions to the 401(k) plan, distributions paid on unvested equity-based awards, and personal use of the Company’s leased aircraft, as shown in the following table:

  80. Summary Compensation Table

    | | | Distributions Paid on | | | | | Retirement Plan | Unvested Equity- | | | | Name | Contributions ($) | Based Awards ($)(a) | Perquisites ($)(b) | Total ($) | | Jeffrey S. Edison | 10,500 | 59,524 | 109,002 | 179,026 | | Robert F. Myers | 10,500 | 1,273 | — | 11,773 | | John P. Caulfield | 10,500 | 502 | — | 11,002 | | Tanya E. Brady | 10,500 | 275 | — | 10,775 | | Joseph G. Schlosser | 10,500 | 15,060 | — | 25,560 |

  81. Summary Compensation Table

    a.Includes (i) distributions paid on certain Class B Units and Class C Units for which the grant date fair value did not take into account dividend equivalents, and (ii) dividend equivalents paid on RSUs. See “Compensation Discussion and Analysis – Dividends and Distributions” for more information regarding dividends and distributions on RSUs. b.For Mr. Edison, this amount includes $109,002 for personal use of the Company’s leased aircraft, representing the incremental cost to the Company determined by multiplying the difference between the amount the Company pays per hour and the amount that Mr. Edison pays per hour for personal flights by the number of personal flight hours used by Mr. Edison in 2025. Occasionally, Mr. Edison’s spouse, family member, or other guests may be passengers on the Company’s leased aircraft when the

  82. Summary Compensation Table

    | | 40 |

  83. Summary Compensation Table

    aircraft is already scheduled for business use by Mr. Edison. There was no incremental cost to the Company associated with these additional passengers. See “Related Party Transactions—Agreements with Related Persons—Aircraft Leases” for more information on personal use of the aircraft.

  84. 2025 Grants of Plan-Based Awards

    2025 Grants of Plan-Based Awards The following table provides information about equity and non-equity incentive awards granted to NEOs in 2025:

  85. 2025 Grants of Plan-Based Awards

    | | | | | | | | | | All Other | Grant Date | | | | | Estimated Future Payouts Under | | | Estimated Future Payouts | | | Stock Awards: | Value of | | | | | Non-Equity Incentive Plan | | | Under Equity Incentive Plan | | | Number of | Stock and | | | | | Awards(1) | | | Awards(2) | | | Shares of | Option | | Name | Grant | Approval | Threshold | Target | Maximum | Threshold | Target | Maximum | Stock or Units | Awards | | | Date | Date | ($) | ($) | ($) | (#) | (#) | (#) | (#) | ($) | | Jeffrey S. Edison | | | 700,000 | 1,400,000 | 2,800,000 | | | | | | | | 1/29/2025 | 1/29/2025 | | | | | | | 7,112(3) | 258,110 | | | 3/1/2025 | 3/1/2025 | | | | 32,258 | 64,516 | 129,032 | | 3,162,574 | | | 3/1/2025 | 3/1/2025 | | | | | | | 43,011(4) | 1,510,546 | | Robert F. Myers | | | 290,000 | 580,000 | 1,160,000 | | | | | | | | 1/29/2025 | 1/29/2025 | | | | | | | 2,194(3) | 79,604 | | | 3/1/2025 | 3/1/2025 | | | | 10,081 | 20,162 | 40,323 | | 988,317 | | | 3/1/2025 | 3/1/2025 | | | | | | | 13,441(4) | 472,048 | | John P. Caulfield | | | 200,000 | 400,000 | 800,000 | | | | | | | | 1/29/2025 | 1/29/2025 | | | | | | | 1,563(3) | 56,706 | | | 3/1/2025 | 3/1/2025 | | | | 8,871 | 17,742 | 35,484 | | 869,713 | | | 3/1/2025 | 3/1/2025 | | | | | | | 11,828(4) | 415,399 | | Tanya E. Brady | | | 135,000 | 270,000 | 540,000 | | | | | | | | 1/29/2025 | 1/29/2025 | | | | | | | 941(3) | 34,156 | | | 3/1/2025 | 3/1/2025 | | | | 3,774 | 7,549 | 15,097 | | 370,027 | | | 3/1/2025 | 3/1/2025 | | | | | | | 5,032(4) | 176,724 | | Joseph G. Schlosser | | | 185,000 | 370,000 | 740,000 | | | | | | | | 3/1/2025 | 3/1/2025 | | | | 4,032 | 8,065 | 16,129 | | 395,322 | | | 3/1/2025 | 3/1/2025 | | | | | | | 5,376(4) | 188,805 |

  86. 2025 Grants of Plan-Based Awards

    (1)Amounts relate to the 2025 Annual Cash Incentive Program. The amounts actually paid in February 2026 are included in the Summary Compensation Table for 2025 in the “Non-Equity Incentive Plan Compensation” column. (2)The Compensation Committee grants the maximum number of performance units that can be earned, representing 200% of target performance, and any performance units not earned are forfeited following the end of the performance period. Represents performance-based LTI Awards awarded under the 2025 LTI Program in the form of Class C Units per the election of the executive officers, which covers performance during the three-year period January 1, 2025 through December 31, 2027. The performance-based LTI Awards were granted under our 2020 Omnibus Incentive Plan (the “2020 Plan”). The per unit amount utilized for the aggregate grant date fair value reported in the last column above represents the fair value of the awards determined as of the grant date under ASC 718. The aggregate grant date fair value for these awards is included in the Summary Compensation Table for 2025 in the “Stock Awards” column and described in footnote 1 to that table. (3)Represents vested and earned Class C Units, calculated pursuant to the award agreement, attributable to the value of accrued distributions with respect to earned 2022 performance-based LTI Awards, which were automatically granted pursuant to the applicable award agreement. (4)Represents the number of time-based LTI Awards granted in 2025 pursuant to awards under the 2025 LTI Program in the form of Class B Units per the election of the executive officers. These awards vest in four equal annual installments following the grant date. The time-based LTI Awards were granted under the 2020 Plan. The aggregate grant date fair value for these awards was determined as of the grant date under ASC 718 and is included in the Summary Compensation Table for 2025 in the “Stock Awards” column and described in footnote 1 to that table.

  87. 2025 Grants of Plan-Based Awards

    | | 41 |

  88. 2025 Outstanding Equity Awards at Fiscal Year End

    2025 Outstanding Equity Awards at Fiscal Year End The following table sets forth information with respect to outstanding equity awards held by the NEOs as of December 31, 2025, with market value determined based on our closing stock price on December 31, 2025 (last trading day in 2025) of $35.57:

  89. 2025 Outstanding Equity Awards at Fiscal Year End

    | | | Stock Awards | | | | | | | | | Equity Incentive | Equity Incentive | | | | | | Plan Awards: | | | | | | Market Value of | Number of | Plan Awards: Market | | | | | | Unearned | or Payout Value of | | | | Number of Shares or | Shares or Units | Shares, Units or | Unearned Shares, | | | | | of Stock That | Other Rights | Units or Other | | Name | Date of Grant | Units of Stock That | Have Not | That Have Not | Rights That Have | | | | Have Not Vested (#) | Vested ($) | Vested (#) | Not Vested ($) | | Jeffrey S. Edison | 3/12/2019(1)** | | | — | — | | | 3/1/2022(2)** | 9,135 | 324,932 | | | | | 3/1/2023(3)** | 18,006 | 640,473 | | | | | 3/1/2023(4)** | 60,470 | 2,150,918 | | | | | 3/1/2024(5)** | 32,346 | 1,150,547 | | | | | 3/1/2024(6)** | | | 32,345 | 1,150,512 | | | 3/1/2025(7)** | 43,011 | 1,529,901 | | | | | 3/1/2025(8)** | | | 129,032 | 4,589,668 | | Robert F. Myers | 3/1/2022(2)** | 2,811 | 99,987 | | | | | 3/1/2023(3)** | 5,540 | 197,058 | | | | | 3/1/2023(4)** | 15,543 | 552,865 | | | | | 3/1/2024(5)** | 10,138 | 360,609 | | | | | 3/1/2024(6)** | | | 10,138 | 360,609 | | | 3/1/2025(7)** | 13,441 | 478,096 | | | | | 3/1/2025(8)** | | | 40,323 | 1,434,289 | | John P. Caulfield | 3/1/2022(2)** | 1,134 | 40,336 | | | | | 3/1/2023(3)** | 3,925 | 139,612 | | | | | 3/1/2023(4)** | 11,286 | 401,443 | | | | | 3/1/2024(5)** | 7,604 | 270,474 | | | | | 3/1/2024(6)** | | | 7,604 | 270,474 | | | 3/1/2025(7)** | 11,828 | 420,722 | | | | | 3/1/2025(8)** | | | 35,484 | 1,262,166 | | Tanya E. Brady | 3/1/2022(2)** | 625 | 22,231 | | | | | 3/1/2023(3)** | 2,368 | 84,230 | | | | | 3/1/2023(4)** | 6,772 | 240,880 | | | | | 3/1/2024(5)** | 3,717 | 132,214 | | | | | 3/1/2024(6)** | | | 3,717 | 132,214 | | | 3/1/2025(7)** | 5,032 | 178,988 | | | | | 3/1/2025(8)** | | | 15,097 | 537,000 | | Joseph G. Schlosser | 3/1/2022(2)* | 553 | 19,670 | | | | | 3/1/2023(3)* | 1,088 | 38,700 | | | | | 3/1/2023(4)* | 1,018 | 36,210 | | | | | 3/1/2024(5)* | 3,538 | 125,847 | | | | | 3/1/2024(6)* | | | 2,359 | 83,910 | | | 3/1/2025(7)** | 5,376 | 191,224 | | | | | 3/1/2025(8)** | | | 16,129 | 573,709 |

  90. 2025 Outstanding Equity Awards at Fiscal Year End

    * RSUs/Performance-based RSUs ** Class B Units/Class C Units (1)Special long-term incentive award (“Special LTI Award”) consisting of 452,489 Class C Units granted to Mr. Edison in 2019, that will be earned, to the extent performance conditions are achieved, as of the last day of the performance period on March 31, 2026. The number of Class C units that would have been earned as of December 31, 2025 had the performance period ended on such date is zero, and it was conclusively determined that the performance conditions for the Special LTI Award cannot be achieved under any circumstances. As a result of such determination and because the Special LTI Award does not include a threshold performance level, no amounts have been presented for the Special LTI Awards.

  91. 2025 Outstanding Equity Awards at Fiscal Year End

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  92. 2025 Outstanding Equity Awards at Fiscal Year End

    (2)Remaining portion of time-based RSUs/Class B Units granted in March 2022 that vest on March 1, 2026. (3)Remaining portion of time-based RSUs/Class B Units granted in March 2023 that vest in equal amounts over four years, beginning on March 1, 2024. (4)Performance-based LTI Awards granted under the 2023 LTI Program were deemed earned at 90.8% of target opportunity based on performance through December 31, 2025, the last day of the performance period. Half of the earned shares or units vested on January 1, 2026 and the remaining half will vest on January 1, 2027. These shares or units are reported in the “Shares or Units of Stock That Have Not Vested” column. (5)Remaining portion of time-based RSUs/Class B Units granted in March 2024 that vest in equal amounts over four years, beginning on March 1, 2025. (6)The threshold amount of performance-based LTI Awards granted under the 2024 LTI Program that can be earned, based on the three-year total shareholder return, as of December 31, 2026, the last day of the performance period. Half of the earned shares or units will vest on January 1, 2027 and half will vest on January 1, 2028. (7)Time-based Class B Units granted in March 2025 that vest in equal amounts over four years, beginning on March 1, 2026. (8)The maximum amount of performance-based LTI Awards granted under the 2025 LTI Program that can be earned, based on the three-year total shareholder return, as of December 31, 2027, the last day of the performance period. Half of the earned units will vest on January 1, 2028 and half will vest on January 1, 2029. .

  93. 2025 Stock Vested

    2025 Stock Vested The following table sets forth summary information regarding the vesting during 2025 of LTI Awards and/or RSUs held by our NEOs. None of the NEOs held or exercised any stock options in 2025.

  94. 2025 Stock Vested

    | | Stock Awards | | | | Number of OP Units/Shares | Value Realized | | Name | Acquired on Vesting (#) | on Vesting ($)(1)(2)(3) | | Jeffrey S. Edison | 94,258 | 3,420,970 | | Robert F. Myers | 29,068 | 1,055,016 | | John P. Caulfield | 18,712 | 677,126 | | Tanya E. Brady | 10,864 | 392,702 | | Joseph G. Schlosser | 3,878 | 142,885 |

  95. 2025 Stock Vested

    (1)Represents the value realized upon vesting as calculated by multiplying the number of shares or units that vested by the closing market price of our common stock on the applicable vesting date. (2)In addition to time-vesting Class B Units and time-vesting RSUs that vested during 2025, amounts shown include Class C Units and/or RSUs issued under our 2022 and 2023 LTI Programs that satisfied both the applicable performance-vesting condition and applicable time-vesting condition as of December 31, 2025. (3)Commencing with the performance-based LTI Awards for the 2023-2025 performance period, the vesting date of the earned awards was changed from December 31st of the last year of the performance period to January 1st of the following year.

  96. PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL

    PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL

  97. Quantification of Payments Upon Termination or Change in Control

    Quantification of Payments Upon Termination or Change in Control The following table provides information regarding certain potential payments that would have been made to the NEOs if the triggering event occurred on December 31, 2025, the last day of the fiscal year, based on the value of a share of our common stock on such date, where applicable. If a triggering event would actually occur, the amounts actually received will vary based on factors such as the timing during the year of such triggering event and the closing price of our common stock on such date.

  98. Quantification of Payments Upon Termination or Change in Control

    | | | | Termination | | Change in | Change in | | | | | for Good | | Control | Control | | | | Retirement | Reason or | Death or | without | with | | Name | Benefit | | not for Cause | Disability | Termination | Termination | | | | ($)(1) | ($) | ($) | ($) | ($) | | Jeffrey S. Edison | Severance Pay | - | 5,335,161 | 1,960,700 | - | 6,668,951 | | | Health Care Benefits(2) | - | 35,949 | - | - | 44,936 | | | Time-based Equity Acceleration | 2,497,370 | 2,497,370 | 2,497,370 | - | 3,645,854 | | | Performance-based Equity Acceleration | 6,748,838 | 6,748,838 | 6,748,838 | - | 11,342,668 | | | Total | 9,246,208 | 14,617,318 | 11,206,908 | - | 21,702,409 | | Robert F. Myers | Severance Pay | - | 1,879,895 | 812,290 | - | 2,506,527 | | | Health Care Benefits(2) | - | 43,144 | - | - | 57,525 | | | Time-based Equity Acceleration | - | 776,458 | 776,458 | - | 1,135,750 | | | Performance-based Equity Acceleration | - | 1,992,560 | 1,992,560 | - | 3,429,588 | | | Total | - | 4,692,057 | 3,581,308 | - | 7,129,390 | | John P. Caulfield | Severance Pay | - | 1,369,100 | 560,200 | - | 1,825,467 | | | Health Care Benefits(2) | - | 23,838 | - | - | 31,784 | | | Time-based Equity Acceleration | - | 570,614 | 570,614 | - | 871,145 | | | Performance-based Equity Acceleration | - | 1,543,382 | 1,543,382 | - | 2,745,435 | | | Total | - | 3,506,934 | 2,674,196 | - | 5,473,831 | | Tanya E. Brady | Severance Pay | - | 1,094,318 | 378,135 | - | 1,459,090 | | | Health Care Benefits(2) | - | 13,478 | - | - | 17,970 | | | Time-based Equity Acceleration | - | 284,098 | 284,098 | - | 417,663 | | | Performance-based Equity Acceleration | - | 772,474 | 772,474 | - | 1,306,771 | | | Total | - | 2,164,368 | 1,434,707 | - | 3,201,494 | | Joseph G. Schlosser | Severance Pay | - | 1,136,568 | 518,185 | - | 1,515,424 | | | Health Care Benefits(2) | - | 43,144 | - | - | 57,525 | | | Time-based Equity Acceleration | - | 279,829 | 279,829 | - | 375,441 | | | Performance-based Equity Acceleration | - | 451,134 | 451,134 | - | 945,486 | | | Total | - | 1,910,675 | 1,249,148 | - | 2,893,876 |

  99. Quantification of Payments Upon Termination or Change in Control

    (1)As of December 31, 2025, only Mr. Edison was retirement eligible. (2)Represents the aggregate present value of continued participation in the Company’s group health insurance coverage based on the portion of the premiums payable by the Company during the eligible period. The eligible period for a termination without Cause or resignation for Good Reason, in either case, not in connection with a Change in Control, is 24 months for Mr. Edison and 18 months for all other NEOs. The eligible period for a Change in Control with termination without Cause or resignation for Good Reason is 30 months for Mr. Edison and 24 months for all other NEOs. The amounts reported may ultimately be lower if the NEO is no longer eligible to receive benefits, which could occur upon obtaining other employment and becoming eligible for group health insurance coverage through the new employer.

  100. CEO PAY RATIO

    CEO PAY RATIO As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation S-K, we are providing the following information regarding the ratio of the annual total compensation of our Chairman and CEO, Mr. Edison, to the annual total compensation of our median employee. As reported in the Summary Compensation Table, our CEO had annual total compensation for 2025 of $8,062,820. Using this Summary Compensation Table methodology, the annual total compensation of our median employee for 2025 was $191,441. As a result, we estimate that the ratio of our CEO’s annual total compensation to that of our median employee for fiscal year 2025 was 42 to 1. We believe that our compensation philosophy should be consistent and internally equitable to motivate our associates to create stockholder value. We are committed to internal pay equity, and our Compensation Committee monitors the relationship between the pay that our CEO receives and the pay that all of our other associates receive.

  101. CEO PAY RATIO

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  102. CEO PAY RATIO

    We identified the median employee in 2025 based on the pool of full-time individuals who were employed by us on December 31, 2025. Employees on leave of absence were excluded from the list and reportable wages were annualized for those employees who were not employed for the full calendar year. The compensation of this pool of employees was calculated using the Summary Compensation Table methodology. The pay ratio reported above is a reasonable estimate calculated in a manner consistent with SEC rules, based on our internal records and the methodology described above. The SEC rules for identifying the median compensated employee allow companies to adopt a variety of methodologies, to apply certain exclusions and to make reasonable estimates and assumptions that reflect their employee populations and compensation practices. Accordingly, the pay ratio reported by other companies may not be comparable to the pay ratio reported above, as other companies have different employee populations and compensation practices and may use different methodologies, exclusions, estimates and assumptions in calculating their own pay ratios.

  103. PAY VERSUS PERFORMANCE

    PAY VERSUS PERFORMANCE The following table sets forth information concerning the compensation of our NEOs for each of the fiscal years ended December 31, 2025, 2024, 2023, 2022, and 2021, and our financial performance for each such fiscal year:

  104. PAY VERSUS PERFORMANCE

    | Year | Summary Compensation Table Total for Principal Executive Officer (“PEO”) ($) | Compensation Actually Paid to PEO ($)(1) | Average Summary Compensation Table Total for Non-PEO NEOs ($) | Average Compensation Actually Paid to Non-PEO NEOs ($)(1) | Value of Initial Fixed $100 Investment Based on: | | Net Income ($ in thousands) | Adjusted FFO per Share ($)(3) | | | | | | | TSR ($) | Peer Group TSR ($)(2) | | | | 2025 | 8,062,820 | 7,432,536 | 2,062,291 | 1,967,204 | 149 | 146 | 122,968 | 2.12 | | 2024 | 6,989,058 | 5,459,466 | 1,882,263 | 1,536,729 | 151 | 149 | 69,696 | 2.00 | | 2023 | 7,146,228 | 9,352,243 | 1,882,586 | 2,408,214 | 142 | 111 | 63,762 | 1.88 | | 2022 | 6,847,851 | 6,720,807 | 1,840,005 | 1,829,604 | 120 | 102 | 54,529 | 1.82 | | 2021 | 8,807,044 | 12,491,228 | 3,032,600 | 3,704,836 | 120 | 120 | 17,233 | 1.79 |

  105. PAY VERSUS PERFORMANCE

    (1)Amounts represent compensation actually paid to our PEO and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules (and described below), which includes the individuals indicated in the table below for each fiscal year. An IPO Award was granted to all PECO associates at the time of our IPO in 2021, with a grant date fair value of $28.00 per share awarded. These awards are one-time in nature and the values reflected above include the change in fair value from time of grant to end of period (July 2024). The change in our closing share prices for each period end is noted below in footnote “c.”

  106. PAY VERSUS PERFORMANCE

    | Year | PEO | Non-PEO NEOs | | 2025 | Jeffrey S. Edison | Robert F. Myers, John P. Caulfield, Tanya E. Brady, and Joseph G. Schlosser | | 2024 | Jeffrey S. Edison | Robert F. Myers, John P. Caulfield, and Tanya E. Brady | | 2023 | Jeffrey S. Edison | Devin I. Murphy, Robert F. Myers, John P. Caulfield, and Tanya E. Brady | | 2022 | Jeffrey S. Edison | Devin I. Murphy, Robert F. Myers, John P. Caulfield, and Tanya E. Brady | | 2021 | Jeffrey S. Edison | Devin I. Murphy, Robert F. Myers, John P. Caulfield, and Tanya E. Brady |

  107. PAY VERSUS PERFORMANCE

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  108. PAY VERSUS PERFORMANCE

    Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, adjusted as follows:

  109. PAY VERSUS PERFORMANCE

    | | 2025 | | 2024 | | | Adjustments | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | | Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY | $(4,931,230) | $(1,011,705) | $(4,428,883) | $(971,843) | | Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End (a) (b) | 4,508,389 | 934,928 | 3,412,208 | 754,577 | | Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date (a) | 255,549 | 42,194 | 144,187 | 24,114 | | Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End (a) (c) | 457,287 | 73,620 | (362,160) | (61,743) | | Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date (a) | (91,225) | (15,484) | (73,673) | (42,182) | | Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End | (829,054) | (118,640) | (221,271) | (48,457) | | Total Adjustments | $(630,284) | $(95,087) | $(1,529,592) | $(345,534) |

  110. PAY VERSUS PERFORMANCE

    | | 2023 | | 2022 | | 2021 | | | Adjustments | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | PEO | Average Non-PEO NEOs | | Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY | $(4,174,387) | $(883,354) | $(4,137,071) | $(880,326) | $(5,802,345) | $(2,018,831) | | Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End (a) (b) | 4,646,629 | 893,948 | 3,897,659 | 808,373 | 6,957,596 | 2,233,620 | | Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date (a) | — | 93,598 | 507,744 | 153,753 | 114,155 | 134,122 | | Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End (a) (c) | 1,262,886 | 267,755 | (404,435) | (100,186) | 2,134,697 | 293,502 | | Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date (a) | 470,887 | 153,681 | 9,059 | 7,985 | 280,081 | 29,823 | | Total Adjustments | $2,206,015 | $525,628 | $(127,044) | $(10,401) | $3,684,184 | $672,236 |

  111. PAY VERSUS PERFORMANCE

    a.Fair value or change in fair value, as applicable, of equity awards in the “Compensation Actually Paid” columns was determined by reference to (i) for solely time-vesting RSUs/Class B Units, the closing price per share on the applicable year-end date(s) or, in the case of vesting dates, the closing price per share on the applicable vesting date(s); (ii) for performance-based 2021 RSUs/Class C Units (excluding any market-based awards), the same valuation methodology as time-vesting RSUs/Class B Units above except that the year-end values are multiplied by the probability of achievement of the applicable performance objective as of the applicable date; and (iii) for 2022, 2023, 2024, and 2025 market-based performance awards, the fair value is calculated by a Monte Carlo simulation model as of the applicable year-end date(s). For additional information on the valuation assumptions, please refer to Note 13 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. b.The material differences in assumptions from the grant date values are as follows: (i) Monte Carlo valuation as of December 31, 2025, 2024, 2023, and 2022, was $33.12, $36.97, $35.79 and $31.04, respectively for time-vesting LTIPs, compared to $35.12, $33.38, $31.59 and $29.46, respectively at grant date; and $23.90, $14.05, $25.21 and $24.24, respectively for performance-based LTIPs, compared to $24.51, $22.02, $22.80 and $22.31, respectively at grant date; and (ii) changes in the probability assumptions and closing price per share as of December 31, 2021. The 2022 performance-based LTIPs had a probable outcome at grant date of 100% compared to 165.2% and 100% at December 31, 2024 and 2023, respectively. The 2023 performance-based LTIPs had a probable outcome at grant date of 100% compared to 90.8% and 100% at December 31, 2025 and 2024, respectively. c.Closing price per share as of December 31, 2025, 2024, 2023, 2022, 2021, and 2020 was $35.57, $37.46, $36.48, $31.84, $33.04, and $26.25, respectively. (2)For the year ended December 31, 2025, represents the average TSR (the “Peer Group TSR”) for the following peer companies: Acadia Realty Trust; Brixmor Property Group Inc.; Federal Realty Investment Trust; InvenTrust Properties Corp.; Kimco Realty Corporation; Kite Realty Group Trust; The Macerich Company; Regency Centers Corporation; Retail Opportunity Investments Corp.; Tanger Inc.; and Urban Edge Properties (the “Peer Group”) with an initial investment of $100 on July 15, 2021, the first day on which our common stock began trading on Nasdaq. (3)For a reconciliation of Net Income to Adjusted FFO, please see Annex A.

  112. Relationship Between Compensation Actually Paid and Performance

    Relationship Between Compensation Actually Paid and Performance The graphs below compare the compensation actually paid to our PEO and the average of the compensation actually paid to our remaining NEOs, with (i) our cumulative TSR and our Peer Group TSR, in each case, for the fiscal years ended December 31, 2021, 2022, 2023, 2024, and 2025; and (ii) our net income and (iii) our Adjusted FFO, in each case, for the fiscal years ended December 31, 2021, 2022, 2023, 2024, and 2025. TSR amounts reported in the graph assume an initial fixed investment of $100, and that all dividends, if any, were reinvested. Our common stock began trading on Nasdaq on July 15, 2021, and thus all TSR amounts are calculated with the $100 investment using the closing market price of our common stock on its first day of trading.

  113. Relationship Between Compensation Actually Paid and Performance

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  114. Relationship Between Compensation Actually Paid and Performance

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  115. Important Financial Performance Measures for Pay Versus Performance

    Important Financial Performance Measures for Pay Versus Performance We believe the following performance measures represent the most important financial performance measures used by us to link compensation actually paid to our NEOs for the fiscal year ended December 31, 2025: •Adjusted FFO per share; •Same-Center NOI growth; •Relative TSR; •Leased occupancy for our portfolio; •ABR per leased square foot growth; and •Net acquisition activity. For additional details regarding our most important financial performance measures, please see the sections titled “2025 Annual Cash Incentive Program” and “Long-Term Equity Incentive Program” in our Compensation Discussion and Analysis (CD&A) above in this Proxy Statement. The information and statements contained in the PAY VERSUS PERFORMANCE section shall not be deemed incorporated by reference by any general statement incorporating by reference this Proxy Statement into any filing under the Securities Act or the Exchange Act, except to the extent that the Company specifically incorporates this information by reference, and shall not otherwise be deemed filed under the Securities Act or Exchange Act.