•Reported Nareit FFO of $89.0 million, or $0.64 per diluted share

•Reported Core FFO of $90.8 million, or $0.65 per diluted share

•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 3.9%

•The midpoint of full year 2025 same-center NOI guidance represents 3.25% year-over-year growth

•Reported strong leased portfolio occupancy of 97.1% and same-center leased portfolio occupancy of 97.2%

•Reported strong leased inline occupancy of 94.6% and same-center leased inline occupancy of 94.7%

•Executed portfolio comparable new leases at a rent spread of 28.1% and inline comparable new leases at a rent spread of 27.5% during the quarter

•Executed portfolio comparable renewal leases at a rent spread of 20.8% and inline comparable renewal leases at a record-high rent spread of 21.7% during the quarter

•Acquired six shopping centers for a total of $146.4 million at PECO’s total prorated share, and sold one shopping center for a total of $24.9 million

•Subsequent to quarter end, acquired one shopping center for a total of $27.8 million

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

•As previously announced, extended revolving credit facility maturity to January 9, 2029 and upsized to $1.0 billion

First quarter 2025 funds from operations attributable to stockholders and operating partnership (“OP”) unit holders as defined by Nareit (“Nareit FFO”) increased 11.2% to $89.0 million, or $0.64 per diluted share, compared to $80.1 million, or $0.59 per diluted share, during the first quarter of 2024.

First quarter 2025 Nareit FFO included a one-time lease termination fee that contributed approximately $0.01 per diluted share.

•Irmo Station, a 99,440 square foot shopping center anchored by Kroger located in a Columbia, South Carolina suburb.

•Market at Cross Creek Ranch, a 59,803 square foot shopping center anchored by H-E-B located in a Houston, Texas suburb.

•Foothill Park Plaza, a 43,618 square foot shopping center anchored by Vons located in a Los Angeles, California suburb.

•Broomfield Marketplace, a 114,800 square foot shopping center anchored by King Soopers located in a Denver, Colorado suburb.

•Westgate North Shopping Center, a 74,818 square foot shopping center anchored by Safeway located in a Tacoma, Washington suburb.

•Clayton Station, a 67,424 square foot shopping center anchored by Safeway located in a San Francisco, California 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 ended March 31, 2025 and 2024, Same-Center NOI represents the NOI for the 280 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, 2023, 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) adjustments related to our investments in unconsolidated joint ventures; (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) adjustments related to our investments in 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):

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

Financial Leverage Ratios—The Company believes its net debt to Adjusted EBITDAre, net debt to total enterprise value, and debt covenant compliance as of March 31, 2025 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 March 31, 2025 and December 31, 2024 (in thousands):

(1)Total equity market capitalization is calculated as diluted shares multiplied by the closing market price per share, which includes 138.4 million and 138.2 million diluted shares as of March 31, 2025 and December 31, 2024, respectively, and the closing market price per share of $36.49 and $37.46 as of March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024 (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 tariffs and global trade disruptions on the Company, its tenants, and consumers, including the impact on inflation, supply chains, and consumer sentiment. 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 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, Senior 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 tariffs and global trade disruptions on the Company, its tenants, and consumers, including the impact on inflation, supply chains, and consumer sentiment.

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 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 63.

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 $89.0 million, or $0.64 per diluted share

•Reported Core FFO of $90.8 million, or $0.65 per diluted share

•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 3.9%

•The midpoint of full year 2025 same-center NOI guidance represents 3.25% year-over-year growth

•Reported strong leased portfolio occupancy of 97.1% and same-center leased portfolio occupancy of 97.2%

•Reported strong leased inline occupancy of 94.6% and same-center leased inline occupancy of 94.7%

•Executed portfolio comparable new leases at a rent spread of 28.1% and inline comparable new leases at a rent spread of 27.5% during the quarter

•Executed portfolio comparable renewal leases at a rent spread of 20.8% and inline comparable renewal leases at a record-high rent spread of 21.7% during the quarter

•Acquired six shopping centers for a total of $146.4 million at PECO’s total prorated share, and sold one shopping center for a total of $24.9 million

•Subsequent to quarter end, acquired one shopping center for a total of $27.8 million

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

•As previously announced, extended revolving credit facility maturity to January 9, 2029 and upsized to $1.0 billion

First quarter 2025 funds from operations attributable to stockholders and operating partnership (“OP”) unit holders as defined by Nareit (“Nareit FFO”) increased 11.2% to $89.0 million, or $0.64 per diluted share, compared to $80.1 million, or $0.59 per diluted share, during the first quarter of 2024. First quarter 2025 Nareit FFO included a one-time lease termination fee that contributed approximately $0.01 per diluted share.

•Irmo Station, a 99,440 square foot shopping center anchored by Kroger located in a Columbia, South Carolina suburb.

•Market at Cross Creek Ranch, a 59,803 square foot shopping center anchored by H-E-B located in a Houston, Texas suburb.

•Foothill Park Plaza, a 43,618 square foot shopping center anchored by Vons located in a Los Angeles, California suburb.

•Broomfield Marketplace, a 114,800 square foot shopping center anchored by King Soopers located in a Denver, Colorado suburb.

•Westgate North Shopping Center, a 74,818 square foot shopping center anchored by Safeway located in a Tacoma, Washington suburb.

•Clayton Station, a 67,424 square foot shopping center anchored by Safeway located in a San Francisco, California 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
			March 31, 2025						December 31, 2024						September 30, 2024						June 30, 2024						March 31, 2024
REVENUES
Rental income			$	174,183					$	169,455					$	161,780					$	158,286					$	158,068
Fees and management income			2,783						2,788						2,856						2,522						2,565
Other property income			1,345						805						891						707						669
Total revenues			178,311						173,048						165,527						161,515						161,302
OPERATING EXPENSES
Property operating			29,936						31,172						27,528						27,399						26,534
Real estate taxes			21,079						19,787						19,569						19,474						18,854
General and administrative			12,086						11,551						11,114						11,133						11,813
Depreciation and amortization			65,274						63,310						68,328						61,172						60,206
Total operating expenses			128,375						125,820						126,539						119,178						117,407
OTHER
Interest expense, net			(25,672)						(25,036)						(24,998)						(23,621)						(23,335)
Gain (loss) on disposal of property, net			5,609						4						(19)						(10)						(5)
Other expense, net			(980)						(2,015)						(1,068)						(1,720)						(929)
Net income			28,893						20,181						12,903						16,986						19,626
Net income attributable to noncontrolling interests			(2,584)						(2,039)						(1,301)						(1,715)						(1,956)
Net income attributable to stockholders			$	26,309					$	18,142					$	11,602					$	15,271					$	17,670
EARNINGS PER SHARE OF COMMON STOCK
Net income per share attributable to stockholders - basic and diluted			$	0.21					$	0.15					$	0.09					$	0.12					$	0.14

(1)Excludes development and redevelopment projects.

(1)Excludes development and redevelopment projects.

Same-Center Net Operating Income Unaudited, in thousands
															Three Months Ended  March 31,												Favorable (Unfavorable) % Change
																		2025						2024
SAME-CENTER NOI(1)
Revenues:
Rental income(2)																					$	121,343					$	117,050
Tenant recovery income																					38,949						37,592
Reserves for uncollectibility(3)																					(1,148)						(1,838)
Other property income																					1,016						658
Total revenues																					160,160						153,462						4.4		%
Operating expenses:
Property operating expenses																					25,411						24,078
Real estate taxes																					19,655						18,657
Total operating expenses																					45,066						42,735						(5.5)		%
Total Same-Center NOI																					$	115,094					$	110,727					3.9		%
Same-Center NOI margin																					71.9%						72.2%
(1)Same-Center NOI represents the NOI for the 280 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  March 31,
															2025						2024
RECONCILIATION OF NET INCOME TO NOI AND SAME-CENTER NOI
Net income															$	28,893					$	19,626
Adjusted to exclude:
Fees and management income															(2,783)						(2,565)
Straight-line rental income(1)															(2,675)						(2,365)
Net amortization of above- and below-market leases															(1,944)						(1,419)
Lease buyout income															(1,739)						(246)
General and administrative expenses															12,086						11,813
Depreciation and amortization															65,274						60,206
Interest expense, net															25,672						23,335
(Gain) loss on disposal of property, net															(5,609)						5
Other expense, net															980						929
Property operating expenses related to fees and management income															896						1,026
NOI for real estate investments															119,051						110,345
Less: Non-same-center NOI(2)															(3,957)						382
Total Same-Center NOI															$	115,094					$	110,727
(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.