•Reported Nareit FFO of $83.8 million, or $0.61 per diluted share, for the fourth quarter

•Reported Core FFO of $85.8 million, or $0.62 per diluted share, for the fourth quarter

•Generated Nareit FFO per share of $2.37 for the full year, or 5.3% growth over 2023

•Generated Core FFO per share of $2.43 for the full year, or 3.8% growth over 2023

•The midpoint of full year 2025 Nareit FFO guidance represents 5.7% year-over-year growth

•The midpoint of full year 2025 Core FFO guidance represents 5.1% year-over-year growth

•Increased same-center NOI year-over-year by 6.5% for the fourth quarter, and increased same-center NOI by 3.8% for the full year

•Reported strong leased portfolio occupancy of 97.7% and same-center leased portfolio occupancy of 97.8%

•Increased leased inline occupancy year-over-year to 95.0%, and same-center leased inline occupancy remained strong at 94.9%

•Executed portfolio comparable new leases at a rent spread of 30.2% and inline comparable new leases at a rent spread of 26.5% during the fourth quarter

•Executed portfolio comparable renewal leases at a record-high rent spread of 20.8% and inline comparable renewal leases at a rent spread of 19.8% during the fourth quarter

•Acquired fourteen shopping centers and four land parcels for a total of $305.7 million for the full year

•Full year 2025 gross acquisitions guidance reflects a range of $350 million to $450 million

•For the full year, generated net proceeds of $73.8 million through the issuance of 1.9 million common shares at a gross weighted average price of $39.18 per common share through PECO’s ATM programs

•As previously announced, extended revolving credit facility maturity to January 9, 2029 and upsized to $1.0 billion, and 93.0% of total debt was fixed-rate at year end

•Shops at Cross Creek, a 24,188 square foot shopping center located in a Houston, Texas suburb.

•Harpers Station, a 229,060 square foot shopping center anchored by Fresh Thyme located in a Cincinnati, Ohio suburb.

•Lakeland Village Center, an 83,542 square foot shopping center located in a Houston, Texas suburb.

•Northpark Plaza, a 52,192 square foot shopping center anchored by King Soopers located in a Denver, Colorado suburb.

(1)Includes the prorated portion owned through the Company’s unconsolidated joint ventures.

(2)Represents straight-line rental income and net amortization of above- and below-market leases.

•Twitter at https://twitter.com/PhillipsEdison

•Facebook at https://www.facebook.com/phillipsedison.co

•Instagram at https://www.instagram.com/phillips.edison/; and

•Find PECO on LinkedIn at https://www.linkedin.com/company/phillipsedison&company

The Company presents Same-Center NOI as a supplemental measure of its performance. The Company defines NOI as total operating revenues, adjusted to exclude non-cash revenue items, less property operating expenses and real estate taxes. For the three months and years ended December 31, 2024 and 2023, Same-Center NOI represents the NOI for the 270 properties that were wholly-owned and operational for the entire portion of all comparable reporting periods. The Company believes Same-Center NOI provides useful information to its investors about its financial and operating performance because it provides a performance measure of the revenues and expenses directly involved in owning and operating real estate assets and provides a perspective not immediately apparent from net income (loss). Because Same-Center NOI excludes the change in NOI from properties acquired or disposed of after December 31, 2022, it highlights operating trends such as occupancy levels, rental rates, and operating costs on properties that were operational for all comparable periods. Other REITs may use different methodologies for calculating Same-Center NOI, and accordingly, PECO’s Same-Center NOI may not be comparable to other REITs.

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

Nareit FFO is a non-GAAP financial performance measure that is widely recognized as a measure of REIT operating performance. The National Association of Real Estate Investment Trusts (“Nareit”) defines FFO as net income (loss) computed in accordance with GAAP, excluding: (i) gains (or losses) from sales of property and gains (or losses) from change in control; (ii) depreciation and amortization related to real estate; and (iii) impairment losses on real estate and impairments of in-substance real estate investments in investees that are driven by measurable decreases in the fair value of the depreciable real estate held by the unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect Nareit FFO on the same basis. The Company calculates Nareit FFO in a manner consistent with the Nareit definition.

Core FFO is an additional financial performance measure used by the Company as Nareit FFO includes certain non-comparable items that affect its performance over time. The Company believes that Core FFO is helpful in assisting management and investors with the assessment of the sustainability of operating performance in future periods, and that it is more reflective of its core operating performance and provides an additional measure to compare PECO’s performance across reporting periods on a consistent basis by excluding items that may cause short-term fluctuations in net income (loss). To arrive at Core FFO, the Company adjusts Nareit FFO to exclude certain recurring and non-recurring items including, but not limited to: (i) depreciation and amortization of corporate assets; (ii) changes in the fair value of the earn-out liability; (iii) amortization of unconsolidated joint venture basis differences; (iv) gains or losses on the extinguishment or modification of debt and other; (v) other impairment charges; (vi) transaction and acquisition expenses; and (vii) realized performance income.

Nareit FFO and Core FFO should not be considered alternatives to net income (loss) under GAAP, as an indication of the Company’s liquidity, nor as an indication of funds available to cover its cash needs, including its ability to fund distributions. Core FFO may not be a useful measure of the impact of long-term operating performance on value if the Company does not continue to operate its business plan in the manner currently contemplated.

Accordingly, Nareit FFO and Core FFO should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. The Company’s Nareit FFO and Core FFO, as presented, may not be comparable to amounts calculated by other REITs.

Nareit defines Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (“EBITDAre”) as net income (loss) computed in accordance with GAAP before: (i) interest expense; (ii) income tax expense; (iii) depreciation and amortization; (iv) gains or losses from disposition of depreciable property; and (v) impairment write-downs of depreciable property. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect EBITDAre on the same basis.

Adjusted EBITDAre is an additional performance measure used by the Company as EBITDAre includes certain non-comparable items that affect the Company’s performance over time. To arrive at Adjusted EBITDAre, the Company excludes certain recurring and non-recurring items from EBITDAre, including, but not limited to: (i)

changes in the fair value of the earn-out liability; (ii) other impairment charges; (iii) amortization of basis differences in the Company’s investments in its unconsolidated joint ventures; (iv) transaction and acquisition expenses; and (v) realized performance income.

The Company uses EBITDAre and Adjusted EBITDAre as additional measures of operating performance which allow it to compare earnings independent of capital structure, determine debt service and fixed cost coverage, and measure enterprise value. Additionally, the Company believes they are a useful indicator of its ability to support its debt obligations. EBITDAre and Adjusted EBITDAre should not be considered as alternatives to net income (loss), as an indication of the Company’s liquidity, nor as an indication of funds available to cover its cash needs, including its ability to fund distributions. Accordingly, EBITDAre and Adjusted EBITDAre should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. The Company’s EBITDAre and Adjusted EBITDAre, as presented, may not be comparable to amounts calculated by other REITs.

Same-Center Net Operating Income—The table below compares Same-Center NOI (dollars in thousands):

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

(2)Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis.

Same-Center Net Operating Income Reconciliation—Below is a reconciliation of Net Income to NOI and Same-Center NOI (in thousands):

(1)Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis.

(2)Includes operating revenues and expenses from non-same-center properties, which includes properties acquired or sold, and corporate activities.

Nareit FFO and Core FFO—The following table presents the Company’s calculation of Nareit FFO and Core FFO and provides additional information related to its operations (in thousands, except per share amounts):

(1)Realized performance income includes fees received related to the achievement of certain performance targets in the Company’s NRP joint venture.

EBITDAre and Adjusted EBITDAre—The following table presents the Company’s calculation of EBITDAre and Adjusted EBITDAre (in thousands):

(1)Realized performance income includes fees received related to the achievement of certain performance targets in the Company’s NRP joint venture.

Financial Leverage Ratios—The Company believes its net debt to Adjusted EBITDAre, net debt to total enterprise value, and debt covenant compliance as of December 31, 2024 allow it access to future borrowings as needed in the near term. The following table presents the Company’s calculation of net debt and total enterprise value, inclusive of its prorated portion of net debt and cash and cash equivalents owned through its unconsolidated joint ventures, as of December 31, 2024 and 2023 (in thousands):

(1)Total equity market capitalization is calculated as diluted shares multiplied by the closing market price per share, which includes 138.2 million and 135.8 million diluted shares as of December 31, 2024 and 2023, respectively, and the closing market price per share of $37.46 and $36.48 as of December 31, 2024 and 2023, respectively.

(2)Fully diluted shares include common stock and OP units.

The following table presents the Company’s calculation of net debt to Adjusted EBITDAre and net debt to total enterprise value as of December 31, 2024 and 2023 (dollars in thousands):

(1)Adjusted EBITDAre is based on a trailing twelve month period.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Phillips Edison & Company, Inc. (the “Company”) intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Such forward-looking statements can generally be identified by the Company’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this earnings release. Such statements include, but are not limited to: (a) statements about the Company’s plans, strategies, initiatives, and prospects; (b) statements about the Company’s underwritten incremental yields; and (c) statements about the Company’s future results of operations, capital expenditures, and liquidity.

Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: (i) changes in national, regional, or local economic climates; (ii) local market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in the Company’s portfolio; (iii) vacancies, changes in market rental rates, and the need to periodically repair, renovate, and re-let space; (iv) competition from other available shopping centers and the attractiveness of properties in the Company’s portfolio to its tenants; (v) the financial stability of the Company’s tenants, including, without limitation, their ability to pay rent; (vi) the Company’s ability to pay down, refinance, restructure, or extend its indebtedness as it becomes due; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (viii) potential liability for environmental matters; (ix) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (x) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax, and other considerations; (xi) changes in tax, real estate, environmental, and zoning laws; (xii) information technology security breaches; (xiii) the Company’s corporate responsibility initiatives; (xiv) loss of key executives; (xv) the concentration of the Company’s portfolio in a limited number of industries, geographies, or investments; (xvi) the economic, political, and social impact of, and uncertainty relating to, pandemics or other health crises; (xvii) the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (xviii) the loss or bankruptcy of the Company’s tenants; (xix) to the extent the Company is seeking to dispose of properties, the Company’s ability to do so at attractive prices or at all; and (xx) the impact of inflation on the Company and on its tenants. Additional important factors that could cause actual results to differ are described in the filings made from time to time by the Company with the SEC and include the risk factors and other risks and uncertainties described in the Company’s 2024 Annual Report on Form 10-K, filed with the SEC on or around February 11, 2025, as updated from time to time in the Company’s periodic and/or current reports filed with the SEC, which are accessible on the SEC’s website at www.sec.gov. Therefore, such statements are not intended to be a guarantee of the Company’s performance in future periods.

Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Kimberly Green, Head of Investor Relations

(513) 692-3399

kgreen@phillipsedison.com

Hannah Harper, Manager of Investor Relations

(513) 824-7122

hharper@phillipsedison.com

###

Phillips Edison & Company, Inc. (“we,” the “Company,” “our,” “us,” or "PECO") is one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers. The enclosed information should be read in conjunction with our filings with the U.S. Securities and Exchange Commission (“SEC”), including, but not limited to, our Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items required under Generally Accepted Accounting Principles (“GAAP”).

This supplemental disclosure contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with the safe harbor provisions. Such forward-looking statements can generally be identified by the Company’s use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue,” “seek,” “objective,” “goal,” “strategy,” “plan,” “focus,” “priority,” “should,” “could,” “potential,” “possible,” “look forward,” “optimistic,” or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this supplemental disclosure. Such statements include, but are not limited to: (a) statements about the Company’s plans, strategies, initiatives, and prospects; (b) statements about the Company’s underwritten incremental yields; and (c) statements about the Company’s future results of operations, capital expenditures, and liquidity. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: (i) changes in national, regional, or local economic climates; (ii) local market conditions, including an oversupply of space in, or a reduction in demand for, properties similar to those in the Company’s portfolio; (iii) vacancies, changes in market rental rates, and the need to periodically repair, renovate, and re-let space; (iv) competition from other available shopping centers and the attractiveness of properties in the Company’s portfolio to its tenants; (v) the financial stability of the Company’s tenants, including, without limitation, their ability to pay rent; (vi) the Company’s ability to pay down, refinance, restructure, or extend its indebtedness as it becomes due; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (viii) potential liability for environmental matters; (ix) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (x) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax, and other considerations; (xi) changes in tax, real estate, environmental, and zoning laws; (xii) information technology security breaches; (xiii) the Company’s corporate responsibility initiatives; (xiv) loss of key executives; (xv) the concentration of the Company’s portfolio in a limited number of industries, geographies, or investments; (xvi) the economic, political, and social impact of, and uncertainty relating to, pandemics or other health crises; (xvii) the Company’s ability to re-lease its properties on the same or better terms, or at all, in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant; (xviii) the loss or bankruptcy of the Company’s tenants; (xix) to the extent the Company is seeking to dispose of properties, the Company’s ability to do so at attractive prices or at all; and (xx) the impact of inflation on the Company and on its tenants.

Additional important factors that could cause actual results to differ are described in the filings made from time to time by the Company with the SEC and include the risk factors and other risks and uncertainties described in the Company’s 2024 Annual Report on Form 10-K, to be filed with the SEC on or around February 11, 2025, which is accessible on the SEC’s website at www.sec.gov. Except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this supplement to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting such forward-looking statements.

In addition to GAAP measures, this supplemental disclosure contains and refers to certain non-GAAP measures. We do not consider our non-GAAP measures included in our Glossary of Terms to be alternatives to measures required in accordance with GAAP. Certain non-GAAP measures should not be viewed as an alternative measure of our financial performance as they may not reflect the operations of our entire portfolio, and they may not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income (expense), or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties that could materially impact our results from operations. Additionally, certain non-GAAP measures should not be considered as an indication of our liquidity, nor as an indication of funds available to cover our cash needs, including our ability to fund distributions, and may not be a useful measure of the impact of long-term operating performance on value if we do not continue to operate our business in the manner currently contemplated. Accordingly, non-GAAP measures should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP. Other REITs may use different methodologies for calculating similar non-GAAP measures, and accordingly, our non-GAAP measures may not be comparable to other REITs. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures are included in this supplemental disclosure on pages 16-20 and definitions of our non-GAAP measures are included in our Glossary of Terms beginning on page 61.

We may present our consolidated financial information inclusive of our prorated portion owned through unconsolidated joint ventures. The presentation of pro rata financial information has limitations as an analytical tool, which include but are not limited to: (i) amounts shown on individual line items were calculated by applying our overall economic ownership interest percentage determined when applying the equity method of accounting, and may not represent our legal claim to the assets and liabilities, or the revenues and expenses; and (ii) other REITs may use different methodologies for calculating their pro-rata interest. Accordingly, pro-rata financial information should be reviewed in connection with other GAAP measurements, and should not be viewed as more prominent measures of performance than net income (loss) or cash flows from operations prepared in accordance with GAAP.

•Reported Nareit FFO of $83.8 million, or $0.61 per diluted share, for the fourth quarter

•Reported Core FFO of $85.8 million, or $0.62 per diluted share, for the fourth quarter

•Generated Nareit FFO per share of $2.37 for the full year, or 5.3% growth over 2023

•Generated Core FFO per share of $2.43 for the full year, or 3.8% growth over 2023

•The midpoint of full year 2025 Nareit FFO guidance represents 5.7% year-over-year growth

•The midpoint of full year 2025 Core FFO guidance represents 5.1% year-over-year growth

•Increased same-center NOI year-over-year by 6.5% for the fourth quarter, and increased same-center NOI by 3.8% for the full year

•Reported strong leased portfolio occupancy of 97.7% and same-center leased portfolio occupancy of 97.8%

•Increased leased inline occupancy year-over-year to 95.0%, and same-center leased inline occupancy remained strong at 94.9%

•Executed portfolio comparable new leases at a rent spread of 30.2% and inline comparable new leases at a rent spread of 26.5% during the fourth quarter

•Executed portfolio comparable renewal leases at a record-high rent spread of 20.8% and inline comparable renewal leases at a rent spread of 19.8% during the fourth quarter

•Acquired fourteen shopping centers and four land parcels for a total of $305.7 million for the full year

•Full year 2025 gross acquisitions guidance reflects a range of $350 million to $450 million

•For the full year, generated net proceeds of $73.8 million through the issuance of 1.9 million common shares at a gross weighted average price of $39.18 per common share through PECO’s ATM programs

•As previously announced, extended revolving credit facility maturity to January 9, 2029 and upsized to $1.0 billion, and 93.0% of total debt was fixed-rate at year end

•Shops at Cross Creek, a 24,188 square foot shopping center located in a Houston, Texas suburb.

•Harpers Station, a 229,060 square foot shopping center anchored by Fresh Thyme located in a Cincinnati, Ohio suburb.

•Lakeland Village Center, an 83,542 square foot shopping center located in a Houston, Texas suburb.

•Northpark Plaza, a 52,192 square foot shopping center anchored by King Soopers located in a Denver, Colorado suburb.

(1)Includes the prorated portion owned through the Company’s unconsolidated joint ventures.

(2)Represents straight-line rental income and net amortization of above- and below-market leases.

•Twitter at https://twitter.com/PhillipsEdison

•Facebook at https://www.facebook.com/phillipsedison.co

•Instagram at https://www.instagram.com/phillips.edison/; and

•Find PECO on LinkedIn at https://www.linkedin.com/company/phillipsedison&company

(1)Reflects Same-Center NOI change as initially reported for the specified period.

(2)Statistics represent the Company's wholly-owned properties.

Consolidated Statements of Operations Condensed and Unaudited, in thousands (excluding per share amounts)
			Three Months Ended
			December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024						December 31, 2023
REVENUES
Rental income			$	169,455					$	161,780					$	158,286					$	158,068					$	151,227
Fees and management income			2,788						2,856						2,522						2,565						2,454
Other property income			805						891						707						669						768
Total revenues			173,048						165,527						161,515						161,302						154,449
OPERATING EXPENSES
Property operating			31,172						27,528						27,399						26,534						28,293
Real estate taxes			19,787						19,569						19,474						18,854						17,335
General and administrative			11,551						11,114						11,133						11,813						10,762
Depreciation and amortization			63,310						68,328						61,172						60,206						59,572
Total operating expenses			125,820						126,539						119,178						117,407						115,962
OTHER
Interest expense, net			(25,036)						(24,998)						(23,621)						(23,335)						(22,569)
Gain (loss) on disposal of property, net			4						(19)						(10)						(5)						40
Other expense, net			(2,015)						(1,068)						(1,720)						(929)						(770)
Net income			20,181						12,903						16,986						19,626						15,188
Net income attributable to noncontrolling interests			(2,039)						(1,301)						(1,715)						(1,956)						(1,655)
Net income attributable to stockholders			$	18,142					$	11,602					$	15,271					$	17,670					$	13,533
EARNINGS PER SHARE OF COMMON STOCK
Net income per share attributable to stockholders - basic and diluted			$	0.15					$	0.09					$	0.12					$	0.14					$	0.11

(1)Realized performance income includes fees received related to the achievement of certain performance targets in the Company's NRP joint venture.

(2)Excludes development and redevelopment projects.

(1)Excludes development and redevelopment projects.

(1) Realized performance income includes fees received related to the achievement of certain performance targets in the Company's NRP joint venture.

Same-Center Net Operating Income Unaudited, in thousands
			Three Months Ended  December 31,												Favorable (Unfavorable) %						Year Ended  December 31,												Favorable (Unfavorable) %
			2024						2023												2024						2023
SAME-CENTER NOI(1)
Revenues:
Rental income(2)			$	113,970					$	109,615											$	452,177					$	433,738
Tenant recovery income			38,815						35,018												144,982						141,395
Reserves for uncollectibility(3)			(667)						(1,446)												(4,527)						(3,615)
Other property income			748						725												2,779						2,903
Total revenues			152,866						143,912						6.2		%				595,411						574,421						3.7		%
Operating expenses:
Property operating expenses			24,274						23,068												92,442						87,305
Real estate taxes			18,179						17,182												72,525						72,537
Total operating expenses			42,453						40,250						(5.5)		%				164,967						159,842						(3.2)		%
Total Same-Center NOI			$	110,413					$	103,662					6.5		%				$	430,444					$	414,579					3.8		%
Same-Center NOI margin			72.2%						72.0%												72.3%						72.2%
(1)Same-Center NOI represents the NOI for the 270 properties that were wholly-owned and operational for the entire portion of all comparable reporting periods. (2)Excludes straight-line rental income, net amortization of above- and below-market leases, and lease buyout income. (3)Includes billings that will not be recognized as revenue until cash is collected or the Neighbor resumes regular payments and/or the Company deems it appropriate to resume recording revenue on an accrual basis, rather than on a cash basis.

			Three Months Ended  December 31,												Year Ended  December 31,
			2024						2023						2024						2023
RECONCILIATION OF NET INCOME TO NOI AND SAME-CENTER NOI
Net income			$	20,181					$	15,188					$	69,696					$	63,762
Adjusted to exclude:
Fees and management income			(2,788)						(2,454)						(10,731)						(9,646)
Straight-line rental income(1)			(3,061)						(2,056)						(9,646)						(10,185)
Net amortization of above- and below-market leases			(1,855)						(1,394)						(6,587)						(5,178)
Lease buyout income			(23)						(206)						(867)						(1,222)
General and administrative expenses			11,551						10,762						45,611						44,366
Depreciation and amortization			63,310						59,572						253,016						236,443
Interest expense, net			25,036						22,569						96,990						84,232
(Gain) loss on disposal of property, net			(4)						(40)						30						(1,110)
Other expense, net			2,015						770						5,732						7,312
Property operating expenses related to fees and    management income			995						384						3,323						2,059
NOI for real estate investments			115,357						103,095						446,567						410,833
Less: Non-same-center NOI(2)			(4,944)						567						(16,123)						3,746
Total Same-Center NOI			$	110,413					$	103,662					$	430,444					$	414,579
(1)Includes straight-line rent adjustments for Neighbors for whom revenue is being recorded on a cash basis. (2)Includes operating revenues and expenses from non-same-center properties, which includes properties acquired or sold, and corporate activities.