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December 2025 Nareit REITworld Investor Presentation Oak Grove Shoppes | Orlando, FL suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED | 2 Safe Harbor and Non-GAAP Disclosures PECO’s Safe Harbor Statement This presentation 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 presentation. 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 unlevered yield, 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. Non-GAAP Disclosures 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 and nine months ended September 30, 2025 and 2024, Same-Center NOI represents the NOI for the 280 properties that were wholly-owned and operational for the entirety of both calendar year periods being compared.. 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 during both calendar years being compared, 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.
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Join Us for PECO’s Virtual Business Update on December 17th, 2025 The PECO Team will host a virtual Business Update and Q&A Session | 3
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Grocery Centered. Neighborhood Focused. ABR from Grocery- Anchored Centers 95% Nasdaq PECO Founded/IPO 1991/ 2021 Leased Portfolio Occupancy 98% Properties(1) 328 Dividend Yield 3.8% Total Enterprise Value(3) $7.2B+ Portfolio Retention Rate 94% Total GLA 34.0M Square Feet ABR from Necessity-Based Neighbors(1) 70% PECO Team and Board Ownership(2) 8% ABR from #1 or #2 Grocery Anchor by Sales in the Market 84% We create great omni-channel grocery-anchored shopping experiences and improve our communities one center at a time. We are an experienced owner and operator focused on high-quality, right-sized, grocery-anchored neighborhood shopping centers. Source: Company data as of September 30, 2025; Dividend yield as of September 30, 2025 and is based on an annualized rate of $1.30 pe r share 1. Includes the prorated portion owned through the Company’s unconsolidated joint ventures 2. Company data as of December 31, 2024 3. For non-GAAP reconciliations, refer to the Company’s latest quarterly financial supplement or Form 10 -Q PECO at a Glance | 4 Member S&P 600 Cocoa Commons | Palm Bay, FL suburbSprouts Plaza | Las Vegas, NV suburbMeadowthorpe Manor Shoppes | Lexington, KY suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED PECO’s Focused and Differentiated Strategy #1 or #2 grocery anchor by sales (84% of ABR) Last-mile solution for necessity-based and essential retailers 95% of ABR from grocery-anchored neighborhood centers Right-sized centers averaging 112,000 SF with strategic locations in fast-growing markets 70% ABR from necessity-based goods and services(1) Targeted trade areas where leading grocers and small shop Neighbors are successful Key Elements of Our Strategy Cycle-Tested and Resilient Advantage Focused on High-Quality, Grocery-Anchored Neighborhood Shopping Centers Format Drives Results – PECO is Operating from a Position of Strength and Stability Source: Company data as of September 30, 2025 1. Includes the prorated portion owned through the Company’s unconsolidated joint ventures 2. For non-GAAP reconciliations, refer to the Company’s latest quarterly financial supplement or Form 10 -Q 98% leased portfolio occupancy with continued strong Neighbor demand Experienced, cycle-tested team with local expertise and strong Neighbor relationships Strong-credit Neighbors and diversified mix Lack of distressed retailers in PECO’s portfolio Growing pipeline of ground-up outparcel development and repositioning projects Balance sheet and liquidity strength with trailing 12- month net debt / adj. EBITDAre of 5.3x(2) | 5
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED PECO Continues to Deliver Market-Leading Operating and Financial Results PECO is Committed to Long-Term Growth, and Management has Meaningful Skin in the Game PECO’s Grocery-Anchored Portfolio Carries Low Risk with More Alpha, Less Beta | 6 • PECO ranks #1 among its peers in Core FFO per share growth at the midpoint of 2025 guidance(1)(2) • PECO ranks #2 among its peers for average Same-Center NOI growth from 2019 – YTD Q3 2025(1)(3) • PECO ranks #2 among its peers in comparable renewal spreads for Q3 2025(1) • PECO ranks #1 among its peers in management ownership of the total Company(4) • PECO ranks #1 among its peers in total and inline leased occupancy as of Q3 2025(5) • PECO is among the lowest levered shopping center REITs • PECO is Kroger’s #1 landlord, Publix’s #2, and #1 combined by count as of Q3 2025 • PECO holds the #1 position among its peers in percent of grocery-anchored centers as of Q3 2025(6) • PECO ranks #1 among its peers in percent of ABR from necessity-based Neighbors as of Q3 2025(7) Note: Unless otherwise noted peers include REG, BRX, KIM, KRG, IVT, FRT, and AKR Sources: As reported in PECO and Peer company filings as of September 30, 2025 unless otherwise noted 1. Other companies may define/calculate differently than PECO. Accordingly, such data for these companies and PECO may not be comparable 2. Peer group includes those who disclose Core FFO/Share Guidance (REG, IVT, KRG and AKR) 3. IVT excluded as SCNOI data is not available across the full period. 2019-2024 average used for FRT as YTD 2025 data is not available 4. As of December 31, 2024 5. REG inline leased occupancy disclosed on a same- property basis. AKR inline leased occupancy excluded as data is not disclosed 6. Peer group includes REG, IVT, BRX, KIM and KRG 7. Peer group includes KRG and IVT
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED PECO Continues to Deliver Market-Leading Operating and Financial Results PECOPeer Average | 7 Unlevered IRR Acquisition Target 9.0% Q3 2025 Leased Portfolio Occupancy Q3 2025 Renewal Lease Spreads(1) Q3 2025 ABR from Necessity-Based Goods and Services(5) Nareit FFO Per Share Growth at 2025 Guidance Midpoint Q3 2025 Inline Leased Portfolio Occupancy (4) 95.3% 97.6% 70.2%43.0% 92.8% 94.8% 23.2%13.7% Avg. Same-Center NOI Growth 2019 – YTD Q3 2025(1) (3) 2.6% 3.4% Core FFO Per Share Growth at 2025 Guidance Midpoint(1) (2) 4.7% 6.6% 5.8% 6.8% Note: Unless otherwise noted peers include REG, BRX, KIM, KRG, IVT, FRT, and AKR. Sources: As reported in PECO and Peer company filings as of September 30, 2025 unless otherwise noted 1. Other companies may define/calculate differently than PECO. Accordingly, such data for these companies and PECO may not be comparable 2. Peer group includes REG, IVT, KRG and AKR 3. IVT excluded as SCNOI data is not available across the full period. 2019-2024 average used for FRT as YTD 2025 data is not available 4. REG inline leased occupancy disclosed on a same- property basis. AKR inline leased occupancy excluded as data is not disclosed 5. Peer group includes KRG and IVT
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED | 8 PECO’s Cycle-Tested Management Team GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Jeff Edison Chairman and Chief Executive Officer PECO 33 Years Industry 39 Years Bob Myers President PECO 22 Years Industry 27 Years John Caulfield Chief Financial Officer PECO 11 Years Industry 23 Years Tanya Brady Chief Legal and Administrative Officer PECO 12 Years Industry 31 Years Joe Schlosser Chief Operating Officer PECO 21 Years Industry 28 Years Ron Meyers Chief Leasing Officer PECO 15 Years Industry 25 Years • Deep management team with an average 30 years of experience • The PECO Team is focused on growing value, driving external growth, enhancing pricing power, expanding our (re)development pipeline and supporting our long-term growth initiatives • The experience and talent on PECO’s Team is significant, and we have experts in every aspect of the grocery-anchored real estate business | 8
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED 9 Grocery-Anchored Portfolio Stone Gate Plaza | Fort Worth, TX suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Grocery-Anchored Centers Benefit from Macroeconomic Trends that Provide Strong Tailwinds for PECO • Consumer staple goods and services that are indispensable for day-to-day living ‒ 70% of PECO ABR from necessity-based goods and services retailers(1) • Recession-resistant across multiple cycles • Highly resilient with minimal exposure to distressed retailers • Only 0.7% of occupancy loss in 2020 and 1.8% of occupancy loss during the Global Financial Crisis Necessity-Based • U.S. consumers visit grocery stores 1.6 times per week on average (2) • Approximately 31,000 average total trips per week to each PECO center (3) • Approximately 535M total trips were made in the last 12 months to PECO centers (3) • Strong foot traffic benefits inline Neighbor sales and enhances our ability to increase rents High Foot Traffic • PECO centers are a critical component of our Neighbors’ omni-channel strategies and provide an attractive last-mile solution ‒ ~85% of PECO grocers offer BOPIS option (Buy Online, Pick-Up In Store) (4) • 74% of grocery shopping occurs in a physical store(5) Omni-Channel Sources: 1. % of ABR as of September 30, 2025; Includes the prorated portion owned through the Company’s unconsolidated joint ventures 2. The Food Industry Association U.S. Grocery Shopper Trends 2024 3. According to Placer.ai, twelve months ended September 30, 2025 4. Estimate as of September 30, 2025 5. Drive Research April 2024: Grocery Store Statistics: Where, When, & How Much People Grocery Shop Crystal Beach Plaza Tampa, FL suburb McKinney Market Street Dallas, TX suburb Grassland Crossing Atlanta, GA suburb | 10
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED PECO Leads in Neighborhood Center Exposure Among Retail REITs 55% 19% 37% 33% 17% 17% 12% 6% 7% 13% 35% 29% 43% 43% 33% 45% 29% 32% 15% 7% 8% 28% 12% 22% 41% 37% 36% 20% 20% 8% 5% 7% 19% 35% 6% 50% 8% 80% 4% 7% Average Neighborhood Center Community Center Power Center Lifestyle Center Street Retail Unanchored Strip Other Source: Green Street, Strip Center Insights, October 14, 2025 PECO’s Portfolio is Focused on Neighborhood Centers – Highest % of NOI Among Our Peers | 11 % of NOI by Retail Format
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED • 300+ Properties Across 31 States • Approximately 50% of ABR from Sun Belt States(1) • Strong Presence in Growing U.S. Cities • Migration Trends Favor PECO’s Top Markets(2) Strategic Presence in Suburban Markets TOP 10 MARKETS (1) 1. Atlanta 2. Chicago 3. Dallas 4. Houston 5. Sacramento TOP 10 STATES (1) 1. Florida 2. California 3. Texas 4. Georgia 5. Ohio 6. Illinois 7. Colorado 8. Virginia 9. Minnesota 10. Massachusetts 6. Denver 7. Minn. / St. Paul 8. Washington, D.C. 9. Las Vegas 10. Tampa Sources: 1. Based on total ABR for wholly-owned portfolio as of September 30, 2025 2. Placer.ai based on population growth in U.S. cities since 2018 PECO is well-positioned for future growth with significant presence in Sun Belt states and growing U.S. cities | 12
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED $92 $86 $79 68 63 58 AVERAGE 3 -MILE POPULATION (thousands) AVERAGE 3 -MILE MEDIAN HOUSEHOLD INCOME (thousands) Demand for space reinforces the demographic strength of our trade areas PECO Aligns with Leading Grocer Demographics Source: Synergos Technologies, Inc, Calculated using KLI Retrieval as of September 30, 2025 | 13
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Grocery Foot Traffic Remains Strong 15.5 14.7 14.9 16.4 17.0 17.2 17.4 2019 2020 2021 2022 2023 2024 TTM Source: 1. Placer.ai Grocers Continue to be Resilient in the Shopping Center Space National Grocery Foot Traffic Visits Trend(1) Figures in billions Evans Towne Centre | Augusta, GA suburb | 14
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Leasing Environment is Strong Retail occupancy is at an all-time high, providing the opportunity to push rent higher Lack of construction starts should keep occupancy rates high Retailer demand remains strongPECO’s leasing spreads are expected to remain solid 15.7% 32.2% 25.2% 35.7% 29.50% 8.1% 14.6% 16.2% 19.4% 20.9% 2021 2022 2023 2024 2025 YTD Comparable New Lease Spreads Comparable Renewal Lease Spreads 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% -40 -20 0 20 40 60 80 100 120 140 160 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Millions Net Absorption SF Net Delivered SF Vacancy Rate Source: Company data Source: CoStar Source: CoStarSource: Green Street, Strip Center Sector Update, March 14, 2025 0.8% 0.7% 0.7% 0.5% 0.4% 0.5% 0.5% 0.4% 0.4% 2016 2017 2018 2019 2020 2021 2022 2023 2024 SF Under Construction as a Percent of GLA 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Strip Center REIT Leased Occupancy Strip Center Supply Growth (Left) | 15
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED 10,001 – 25,000 2,500 – 5,000 CoStar Insights: Third Quarter 2025 Leasing Activity Driven by Smaller Retailers 3% 3% 68% 19% 7% Sources: CoStar November 2025 Data reflects sector-wide retail leasing trends from CoStar and is not specific to PECO <2,500 5,001 – 10,000 >25,000 Space Size in Square Feet Strong Leasing Activity, Despite Tariff Concerns: • Over 61M SF of retail space leased in Q3 2025 Demand for Smaller Spaces: • ~68% of leases were for spaces ≤ 2,500 SF • ~93% were for spaces < 5,000 SF Service-Based Retailers Leading: • Smaller spaces primarily leased by service-oriented retailers (e.g., restaurants, personal/professional services, Medtail). • Service-based retail is likely to be more resilient to tariff impacts CoStar National Leasing Trends PECO’s Strategy Aligns with CoStar’s National Leasing Trends: 77% of PECO's Available Inline Space Is Under 5,000 SF Leases Signed in Q3 2025 | 16
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED PECO Delivers Regular Income and Strong Returns Sources: 1. Guidance provided as of October 23, 2025 2. Calculated from June 2021 through September 30, 2025 3. Multiple is based on share price at market close on September 30, 2025 and Core FFO consensus of $2.58 4. Dividend yield as of September 30, 2025 and is based on an annualized rate of $1.30 per share 6.8% 2025 Nareit FFO per Share Growth at Guidance Midpoint(1) 3.35% 2025 Same-Center NOI Growth at Guidance Midpoint(1) 5.1% Average Annual Dividend per Share Growth Over the Past Three Years(2) 2025 Core FFO per Share Growth of 6.6% at Guidance Midpoint(1) 2025 Core FFO Multiple of 13.3x(3) Dividend Yield of 3.8%(4) | 17
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED PECO has 30+ Years of Experience in the Grocery-Anchored Shopping Center Industry and an Informed Perspective on what Drives Quality and Success at the Property Level How PECO Defines Quality PECO’s focus is on the #1 or #2 grocer that is well-positioned in the market with a Locally Smart® merchandising mix and ~50% of ABR in the Sun Belt states and growing U.S. cities. PECO’s high occupancy levels are driven by our focused and differentiated strategy of owning right-sized grocery-anchored neighborhood shopping centers. PECO retains a healthy and diverse mix of National, Regional and Local Neighbors who run successful businesses and support our ability to grow rents at attractive rates. PECO’s strong new and renewal leasing spreads are driven by necessity-based goods and services that serve the essential needs of our communities. | 18
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED | 19GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED 2019 2020 2021 2022 2023 2024 Q3 2025 PECO GROCER SALES PSF GROWTH (4) 95% of Our Rents Come from Grocery-Anchored Centers(2) Sources: 1. Based on the most recently reported sales data available 2. Company data as of September 30, 2025 3. Most recently reported sales data reported by neighbors and 3rd party data sources 4. Includes PECO grocers who reported sales PSF in 2024 and through September 30, 2025 5. Drive Research April 2024: Grocery Store Statistics: Where, When, & How Much People Grocery Shop 6. Includes PECO grocers who reported sales PSF in 2024 PECO’s Grocery- Anchored Advantage +43% Grocer Sales PSF Growth Since 2019 2.4% PECO Grocer Health Ratio(1) 84% PECO ABR from Centers with the #1 or #2 Grocery Anchor by Sales (2) 74% of Grocery Shopping Occurs in a Physical Store (5) $746 PECO Grocer Sales PSF (4) +5.0% PECO 2024 Grocer Sales PSF Growth Over 2023 (6) $12B Total Volume of Grocer Sales (3) $681 +6.1% $642 +4.9% $612 +0.5% $609 +16.4%$523 $715 +5.0% $746 +4.3% | 19
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Total Portfolio Neighbors by Type 8% Soft Goods 6% Other 29% Grocery 20% Restaurant 12% Other Essential 9% Medical 16% Personal Services Source: Company data as of September 30, 2025 Total portfolio ABR; Includes the prorated portion owned through the Company’s unconsolidated joint ventures Grocery Continues to be PECO’s Leading Category Exposure and is a Key Element of Our Strategy | 20 PECO’s healthy Neighbor mix and grocery- anchored strategy positions PECO well for continued growth: • Restaurants including quick-service, fast-casual and full-service • Personal services including hair and nail salons • Medical – or Medtail – including dentists, chiropractors and urgent cares 70% of ABR is from necessity-based goods and services, with another 8% of ABR from full-service restaurants Neighbor Category Composition % of ABR as of 9/30/25
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Total Portfolio Composition % of ABR as of 9/30/25 National / Regional Neighbors 72% Local Neighbors 28% Restaurants 35% Personal Services 27% Medical 17% 72% 28% 8% 3% 35% 27% 17% 10% Source: Company data as of September 30, 2025 Total portfolio ABR; Includes the prorated portion owned through the Company’s unconsolidated joint ventures Local Neighbors by Type | 21 28% of PECO’s ABR is derived from Local Neighbors, comprised primarily of: • Restaurants including quick-service, fast- casual and full-service • Personal services including hair and nail salons • Medical – or Medtail – including dentists, chiropractors and urgent cares 59% of Local ABR is from necessity-based goods and services, with another 19% of Local ABR from full-service restaurants Local Neighbors Make Up 28% of PECO’s ABR, Delivering Essential Services and Dining Options that Support Strong Foot Traffic Soft Goods 10% Other Essential 8% Other 3% Local Neighbor Composition % of ABR as of 9/30/25
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED PECO’s inline Local Neighbors offer attractive economics, have high retention rates and achieve above average inline renewal spreads Math Behind Local Neighbors Source: Company data as of September 30, 2025 | 22 • Inline Local Neighbors are resilient and have been in PECO’s centers an average of 10 years • This length of tenancy compares favorably to the capital investment payback period of 12 months for inline Local Neighbors • During Q3 2025, PECO retained 80% of our Local Neighbors that were scheduled to expire • Renewal rent spreads were 22.8% in Q3 2025 for inline Local Neighbors Riverpark Shopping Center| Houston, TX suburb Rocky Ridge Town Center | Sacramento, CA suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Potential Tariff Impact on Neighbors 6% Medium 85% Low 9% High Low <25% Medium 25% - 60% High 61%+ PECO is among the REITs with the lowest tenant exposure to changes in tariff rates: Percentage of COGS Imported by Merchandise Category Source - Wells Fargo Securities Low <25% Wells Fargo Category % COGS Imported Apparel (Full-line), Accessories, and Footwear 80% Auto 20% Banks or Other Business Services 0% Electronics/Office-Communication 80% Entertainment 0% General Merchandise/Dollar Stores 44% Grocery/Pharmacy/Liquor 23% Fitness 0% Home 78% Health and Beauty 4% Medical or Other Essential 20% Off-Price 35% Other Personal Services 0% Pets 15% Restaurants 18% Sporting Goods, Hobby, & Crafts 60% Other Retail 25% Office 0% Residential 0% Source: Company data as of September 30, 2025 | 23 PECO Neighbor Tariff Risk % of ABR as of 9/30/25
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Retailers Growing with PECO RESTAURANTS Dedicated Team Focused on Building Strong Connections with Leading and Expanding Neighbors LOCAL HEALTH AND BEAUTY MEDICAL (“MEDTAIL”) | 24
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Highly Diversified Neighbor Mix Led by Top Grocers and Necessity-Based Retailers Neighbor Location Count % ABR(1) 65 5.5% 62 5.0% 32 3.7% 23 3.3% 12 1.6% 10 1.4% 21 1.3% 13 1.1% 5 0.9% 37 0.8% Neighbor Location Count % ABR(1) 42 0.7% 14 0.7% 3 0.6% 5 0.6% 81 0.6% 69 0.6% 23 0.5% 9 0.5% 82 0.5% 59 0.5% Total 667 30.4% Grocer Investment Grade(2) Sources: 1. % of ABR as of September 30, 2025; Includes the prorated portion owned through the Company’s unconsolidated joint ventures. 2. Investment Grade ratings represent the credit rating of the Company’s Neighbors, their subsidiaries or affiliated companies. Actual ratings based on S&P or Moody’s are used • Scale with 5K+ leases with 3K+ Neighbors • Highly diversified with only 8 Neighbors with ABR exposure greater than 1.0% • The top 10 Neighbors currently on PECO’s watch list represent approximately 2.0% of ABR • Stability with fixed, contractual rents with bumps • Security with weighted-average remaining lease term, assuming options, of 30.9 years for grocery anchors and 7.8 years for inline Neighbors | 25
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED 2.9% 4.7% 5.9% 6.3% 7.1% 7.5% 8.0% 8.0% 9.6% 10.7% Source: BofA Watch List Retailers Include (39 total): Advance Auto Parts, AMC Entertainment Holdings, Barnes & Noble Education, Belk, Big 5 Sporting Goods, Camping World, Cato Corporation, Children’s Place, Citi Trends, Inc., Designer Brands, Farmer Brothers, Fitness International (dba LA Fitness), Gabe's / Old Time Pottery, GameStop Corp., Guitar Center, Harbor Freight, I ndigo Books & Music, J.C. Penney, Kirkland's, Kohl's, Leslie's, Lucky Strike, Michaels, Mountain Equipment Company, Neiman Marcus, Noodles & Company, Petco, QVC Group, Red Robin, Regis Corp., SAIL Outdoors, Saks Global, Save -a-Lot, Sportsman's Warehouse, Staples, The Container Store, Tilly's, Wayfair, West Marin BofA: PECO has Just 0.4% GLA Exposure to Retailers in the Critical and Substantial Risk Categories, Indicating Strong Portfolio Resilience PECO has Limited Exposure to Watchlist Retailers At Risk Retailer Exposure % of GLA | 26 Peer Average
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED 27 Investments Cocoa Commons | Palm Bay, FL suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Continued Focus on Our Pipeline of Accretive Ground-Up Development and Repositioning Projects These Projects are Expected to Provide Superior Risk-Adjusted Returns and Have a Meaningful Impact on NOI Growth Strong Development and Redevelopment Activity • 22 projects under active construction(1) • Our total investment in these projects is estimated to be $76.0M with an average estimated yield between 9% and 12%(1) • 14 projects were stabilized in the first nine months of 2025 with over 222,000 SF of space delivered to our Neighbors and incremental NOI of approximately $4.3M annually Source: 1. As of September 30, 2025 | 28 Roxborough Marketplace | Denver, CO suburb Sunset Shopping Center | Portland, OR suburbLoganville Town Center | Atlanta, GA suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Strong Acquisition Volume 2025 YTD Acquisition Summary 2025 Acquisitions Location GLA Contract Price (in thousands) Grocery Anchor Leased Occupancy at Acquisition Acquisition Date Oak Grove Shoppes(1) Altamonte Springs, FL 142,257 $8,020 Publix 90.8% 1/17/25 Irmo Station Irmo, SC 99,440 19,050 Kroger 95.6% 2/6/25 Market at Cross Creek Ranch Fulshear, TX 59,803 32,125 H-E-B 100.0% 2/26/25 Foothill Park Plaza Monrovia, CA 43,618 31,250 Vons 87.8% 3/7/25 Broomfield Marketplace Broomfield, CO 114,800 19,000 King Soopers 86.1% 3/18/25 Westgate North Shopping Center Tacoma, WA 74,818 37,000 Safeway 93.3% 3/28/25 Clayton Station Clayton, CA 66,724 27,750 Safeway 93.6% 4/8/25 Oak Creek Center Lewis Center, OH 104,124 19,625 N/A 84.4% 5/5/25 New Bern Plaza(2) Raleigh, NC 58,745 5,234 Walmart 94.5% 5/8/25 Cross Creek Centre Boynton Beach, FL 37,192 16,350 N/A 97.5% 5/13/25 Westgate Shopping Center Fairview Park, OH 216,822 51,500 Target 98.1% 5/30/25 Hampton Pointe Hillsborough, NC 38,133 12,795 Walmart 100.0% 6/4/25 Village at Sandhill(2) Columbia, SC 117,257 7,609 Lowes Foods 95.8% 7/2/25 Shops at Butler Crossing Kennesaw, GA 56,910 13,850 N/A 94.4% 7/2/25 Bel Air Town Center(3) Bel Air, MD 77,817 23,150 N/A 92.3% 10/9/25 Surprise Lake Square(3) Milton, WA 132,616 41,040 Safeway 81.9% 10/15/25 Rio Hill Station(1)(3) Charlottesville, VA 286,195 10,570 Kroger 89.0% 10/30/25 Springs Plaza(1)(3) Bonita Springs, FL 195,353 7,150 Aldi 98.8% 12/5/25 Four Development Land Parcels(4) N/A N/A 12,439 N/A N/A N/A Total 1,922,624 $395,507 92.5% Source: Company data as of December 5, 2025 1. Acquisition through the Company’s Necessity Retail Venture LLC joint venture. Contract price shown at PECO’s 20% share 2. Acquisition through the Company’s Neighborhood Grocery Catalyst Fund LLC joint venture. Contract price shown at PECO’s 31% sh are 3. Acquired subsequent to quarter end 4. Two land parcel were purchased subsequent to quarter end, the other two were purchased prior | 29
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Strategic Portfolio Recycling 2025 YTD Disposition Summary 2025 Dispositions Location GLA Contract Price (in thousands) Grocery Anchor Pavilions at San Mateo Albuquerque, NM 148,749 $24,850 Walmart Neighborhood Market Harrison Pointe Development Land(1) Cary, NC N/A 91 N/A Monfort Heights Cincinnati, OH 54,920 8,030 Kroger Plaza of the Oaks Development Land Hudson, FL N/A 1,200 N/A Point Loomis(2) Milwaukee, WI 167,533 9,600 Pick ‘n Save Sierra Del Oro Towne Center(2) Corona, CA 110,486 38,200 Ralphs Kirkwood Market Place(2) Houston, TX 80,220 20,400 N/A Total 561,908 $102,371 Source: Company data as of December 5, 2025 1. Dispositions through the Company’s Grocery Retail Partners I LLC joint venture. Contract price shown at PECO’s 14% share 2. Disposed subsequent to quarter end | 30 Pavilions at San Mateo | Albuquerque, NM suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED 31 2025 Earnings Guidance Mansfield Market Center| Dallas TX suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED 2025 Earnings Guidance Summary Q3 2025 YTD Full Year 2025 Guidance Previous Full Year 2025 Guidance Net income per share $0.51 $0.62 - $0.65 $0.61 - $0.64 Nareit FFO per share $1.90 $2.51 - $2.55 $2.50 - $2.54 Core FFO per share $1.94 $2.57 - $2.61 $2.55 - $2.60 Same-Center NOI growth 3.8% 3.10% - 3.60% 3.10% - 3.60% Portfolio Activity: Acquisitions, gross(1) $301.6 $350.0 - $450.0 $350.0 - $450.0 Other: Interest expense, net $81.9 $108.0 - $116.0 $110.0 - $120.0 G&A expense $37.8 $48.0 - $52.0 $46.0 - $51.0 Non-cash revenue items(2) $14.1 $19.0 - $21.0 $19.0 - $21.0 Adjustments for collectibility $4.1 $5.0 - $7.0 $4.5 - $7.5 PECO’s Full Year 2025 Earnings Guidance – Updated as of October 23, 2025 All figures in millions, except per share data FFO / Share Reconciliation The following table provides a reconciliation of the range of PECO’s 2025 estimated net income to estimated NareitFFO and Core FFO: • Nareit FFO per share growth of 6.8% at the midpoint • Core FFO per share growth of 6.6% at the midpoint Guidance (Unaudited) Low End High End Net income per common share $0.62 $0.65 Depreciation and amortization of real estate assets $1.93 $1.94 Gain on disposal of property, net ($0.07) ($0.07) Adjustments related to unconsolidated joint ventures $0.03 $0.03 Nareit FFO per common share $2.51 $2.55 Depreciation and amortization of corporate assets $0.01 $0.01 Transaction costs and other $0.05 $0.05 Core FFO per common share $2.57 $2.61 The Company does not provide a reconciliation for same -center NOI estimates on a forward- looking basis because it is unable to provide a meaningful or reasonably accurate calculation or estimation of certain reconciling items which could be significant to our results without unreasonable effort. 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 | 32
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED 33 Balance Sheet Cocoa Commons | Orlando FL suburb Grassland Crossing | Atlanta, GA suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED • PECO has continued to preserve low leverage ratios and holds investment grade ratings from Moody’s and S&P • PECO holds a ‘BBB’ rating from S&P • PECO holds a ‘Baa2’ rating from Moody’s • PECO has a long-term target leverage level of approximately mid-5x 5.0x 5.2x 5.3x 5.3x 5.6x 5.6x 5.7x PECO is Among the Lowest Levered Shopping Center REITs S&P(2) BBB NA BBB A- A- BBB+ BBB Moody’s(2) Baa2 NA Baa2 A3 A3 Baa1 Baa2 Sources: 1. As reported in September 30, 2025 quarterly filings (mix of TTM and LQA leverage); data based on Company filings. Other companies may define/calculate net debt / EBITDA differently than PECO. Accordingly, such data for these companies and PECO may not be comparable. For non -GAAP reconciliations, refer to the Company’s latest quarterly financial supplement or Form 10 -Q 2. Long-term issuer ratings, as of December 5, 2025 Net Debt / Adjusted EBITDAre(1) As of September 30, 2025 GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED | 34
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED PECO’s Strong and Flexible Balance Sheet Position Investment Grade Balance Sheet Highlights(1) PECO has a Well-Laddered Debt Maturity Profile ($M)(1) • S&P: BBB; Moody’s: Baa2 • Significant liquidity position of $977M • Trailing 12-month Net debt / adjusted EBITDAre of 5.3x(2) • Approximately 88% of our assets are unencumbered Source: 1. Company data as of September 30, 2025. Revolver capacity is net of letters of credit. Includes options to extend both the rev olver and term loans. 2. For non-GAAP reconciliations, refer to the Company’s latest quarterly financial supplement or 10 -Q • As of September 30, 2025 our outstanding debt had a: • Weighted average interest rate of 4.4% • Weighted average maturity of 5.4 years • Fixed rate debt of 95% of total debt • Closed on $350M bond offering in June 2025 $0.5 $1.9 $200.6 $17.4 $0.8 $200.8 $3.4 $100.0 $323.0 $161.8 $26.2 $350.0 $350.0 $350.0 $350.0 $970.8 $0.0 $250.0 $500.0 $750.0 $1,000.0 $1,250.0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Secured Property Debt Unsecured Term Loans Revolver Balance Letters of Credit Unsecured Notes Revolver Capacity $3.0 | 35
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED 36 Performance and Long-Term Growth Lumina Commons| Wilmington, NC suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED | 37 PECO’s Cycle-Tested Performance GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED LEADING PERFORMANCE Portfolio Retention Leased Portfolio Occupancy 74.7% 74.4% 85.5% 2008 2009 2010 82.6% 80.8% 85.4% 89.6% 2008 2009 2010 2011 Performance following the 2008 Global Financial Crisis highlights the resiliency of PECO’s grocery-anchored portfolio For the 29 centers PECO still owns: • NOI decreased 270 bps in 2010 and recovered to pre-GFC levels by 2011 • Leased occupancy declined 180 bps in 2009 and fully recovered by 2010 • Retention fully recovered by 2010 Source: Company data | 37
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED | 38 PECO’s Cycle-Tested Performance GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED LEADING PERFORMANCE PECO’s grocery-anchored portfolio demonstrated further resilience during 2020 and the pandemic-induced downturn • PECO lost 70 basis points of occupancy during the peak of the pandemic • Leased occupancy fully recovered by mid-year 2021 PECO’s grocery-anchored neighborhood shopping centers have proven to be resilient in multiple market cycles Leased Portfolio Occupancy 95.4% 94.7% 96.3% 97.4% 97.4% 97.7% 97.6% 2019 2020 2021 2022 2023 2024 Q3 2025 Source: Company data | 38
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED | 39GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Strong Operating Environment Record-high renewal rent spreads of 23.2% in Q3 2025 Leasing spreads demonstrate PECO’s pricing power and sustainable organic growth Retention rate remained strong at 94% in Q3 2025 PECO’s portfolio occupancy levels have remained strong, and the resulting pricing power is driving new leasing and renewal spreads significantly above previous levels LEADING PERFORMANCE 8.5% 6.7% 8.1% 14.6% 16.2% 19.4% 23.2% 2019 2020 2021 2022 2023 2024 Q3 2025 Comparable New Lease Spreads Comparable Renewal Lease Spreads 13.3% 8.2% 15.7% 32.2% 25.2% 35.7% 24.5% 2019 2020 2021 2022 2023 2024 Q3 2025 Source: Company data as of September 30, 2025 | 39
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Roadmap to Our Long Term Growth New and renewal spreads expected to contribute 100 to 150 bps of growth Contractual rent increases expected to contribute 100 to 120 bps of growth Increase in occupancy expected to contribute 0 to 50 bps of growth Redevelopment and development activity expected to contribute 100 to 120 bps of growth 3% TO 4% SAME -CENTER NOI LONG -TERM GROWTH PECO Remains Committed to Delivering Sustainable Organic Long-Term Growth and Value Source: Company data PECO continues to believe that we can grow same-center inline occupancy another 100 to 150 basis points | 40
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Long Term Growth Beyond Occupancy When Occupancy is No Longer a Driver of Growth, We Believe Our Portfolio Can Still Deliver 3% to 4% Same-Center NOI Growth Long Term Redevelopment and development activity expected to contribute 100 to 150 bps of growth New and renewal leasing spreads expected to contribute 100 to 200 bps of growth Contractual rent increases expected to contribute 100 to 120 bps of growth 3% TO 4% SAME -CENTER NOI LONG TERM GROWTH Source: Company data PECO continues to believe that we can grow same-center inline occupancy another 100 to 150 basis points | 41
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Roadmap to Our Long Term Growth PECO’s Long Term Core FFO Per Share Growth will be Driven by Effective Internal and External Growth Source: Company data Internal growth expected to contribute 350 to 600 bps MID-TO-HIGH SINGLE-DIGIT CORE FFO PER SHARE LONG TERM GROWTH External growth expected to contribute 100 to 350 bps The PECO team continues to believe we can deliver even higher AFFO growth long term | 42
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED PECO’s Investments Enhance Long-Term Value We Invest in Opportunities that are Accretive to Earnings and our Long-Term Growth Profile We Believe our IRRs on Investments are Meaningfully Above our Cost of Capital PECO’s Investment Strategy is Supported by: Ample Free Cash Flow Leverage Capacity Access to Capital Free Cash Flow Investment Management Acquisitions Development and Redevelopment SOURCES OF CAPITAL USES OF CAPITAL Debt Common Equity Portfolio Recycling Dividend Distributions Capital Expenditures | 43 Everson Pointe | Atlanta, GA suburbMansfield Market Center | Dallas, TX suburbShops at Westridge| Atlanta, GA suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED PECO Delivers Higher Same-Center NOI Growth Over Time with Lower Capex Over the Last 5 Years, PECO’s Capex was Lower than the Peer Average While Outperforming on Same-Center NOI Growth 25% 19% 11% 10% 11% 6% 4% 5% 7% 4% 2% 8% 10% 7% 5% 9% 8% 7% 6% 5% 10% 6% 3% 5% 3% 4% 5% 5% 5% 8% 1% 2% 3% 2% 2% 2% 3% 3% 2% 2% UE BRX FRT Weighted Avg. REG KRG KIM AKR PECO IVT 2024 CAPITAL EXPENDITURES(3) (% of NOI) (Re)development Tenant Improvement Maintenance Leasing Commissions 3.3% 2.3% Peer Avg 36% 28% 25% 22% 21% 20% 20% 20% 19% Sources: 1. As reported in annual filings. Other companies may define/calculate differently than PECO. Accordingly, such data for these comp anies and PECO may not be comparable 2. For non-GAAP reconciliations, refer to the Company’s quarterly financial supplement or Form 10 -K 3. Green Street, Strip Center Sector “Capex Recap”, July 2, 2025 Note: Unless otherwise noted peers include REG, BRX, KIM, KRG, FRT and AKR Peer Average | 44 SAME-CENTER NOI GROWTH 2020-2024(1)(2) CAPITAL EXPENDITURES(3) (% of NOI 2020 – 2024) 37%
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED PECO’s Long Term Targets Mid-to-High-Single-Digit Core FFO per Share Growth and Higher AFFO Growth Same-Center NOI Growth of 3% to 4% | 45
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED 46 AI Innovation Market at Cross Creek Ranch | Houston, TX suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Award Recognition: • Won the 2025 Digie Award for Best Use of Artificial Intelligence (AI)at the Realcomm Conference • This marked PECO's fourth Digie Award in back-to-back years of the “Best Use of AI” • Recognized for its position as a technology-forward leader in commercial real estate Strategic Use of AI: • Positioned AI as a core driver of long-term growth and innovation at PECO Internal AI Development: • Developed in-house AI tools to enhance automation and improve business insights using machine learning and predictive analytics Cross-Functional Collaboration: • Created processes where AI initiatives are designed tofoster collaboration across departments • Enhanced PECO's culture to support technological leadership in AI within the Shopping Center sector Driving Innovation with Artificial Intelligence: PECO’s Leadership in Technology | 47
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED 48 Corporate Responsibility Flynn Crossing | Atlanta, GA suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Corporate Responsibility and Sustainability Our Corporate Responsibility and Sustainability Program is based on the four pillars set forth below and is overseen by our Board of Directors through the Nominating and Governance Committee, reflecting PECO’s comprehensive approach to strong governance. Environmental Management Maximizing Resource Efficiencies & Mitigating Impact of Risks Centers & Economic Impact Improving Our Communities, One Shopping Center at a Time Oversight & Ethics Strong Corporate Governance People & Culture PECO Cultural Advantage (PECO XP) Source: www.phillipsedison.com/corporate-responsibility | 49 Ownership Mindset Transparency & Communication Engagement & Retention Health, Wellness & Benefits Learning Career Development Business Resource Groups Associate Recognition Greenhouse Gas Emissions Resource Efficiency Renewable Energy Water Conservation Waste Management Building Certifications Data Management Climate Risk Assessment Supporting Local Entrepreneurs Connecting Residents to Necessity-Based Goods & Services Providing Jobs & Opportunities for Social Connection Enhancing Community through Re/Development Projects Creating Significant Economic Impact Ethical Culture Trust with Stakeholders Sound & Ethical Decision-Making Internal Control Frameworks Independent Oversight & Review Enterprise Risk Management Transparent Reporting Regular Engagement with Stakeholders
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED 50 Glossary of Terms Alico Commons | Fort Myers, FL suburb
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GROCERY CENTERED. NEIGHBORHOOD FOCUSE D PECO | NASDAQ LISTED Glossary of Terms Anchor space: A space greater than or equal to 10,000 square feet of gross leasable area (GLA). Annualized base rent (ABR): Refers to the monthly contractual base rent as of the end of the applicable reporting period multiplied by twelve months. ABR per square foot (PSF): ABR divided by leased GLA.Increases in ABR PSF can be an indication of our ability to create rental rate growth in our centers, as well as an indication of demand for our spaces, which generally provides us with greater leverage during lease negotiations. Cap rate: Estimated in-place NOI for the property divided by the property’s contractual purchase or sale price. Comparable lease: Refers to a lease with consistent terms that is executed for substantially the same space that has been vacant less than twelve months. Comparable rent spread: Calculated as the percentage increase or decrease in first-year ABR (excluding any free rent or escalations) on new, renewal and option leases where the lease was considered a comparable lease. This metric provides an indication of our ability to generate revenue growth through leasing activity. EBITDAre, and Adjusted EBITDAre (collectively, “EBITDAre metrics”): Nareit defines EBITDAre as net income (loss) computed in accordance with GAAP before: (i) interest expense; (ii) income tax expense; (iii) depreciationand 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. To arrive at Adjusted EBITDAre, we exclude 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. We use EBITDAre and Adjusted EBITDAre as additional measures of operating performance which allow us to compare earnings independent of capital structure and evaluatedebt leverage and fixed cost coverage. Equity market capitalization: The total dollar value of all outstanding shares using the closing price for the applicable date. Grocer health ratio: Amount of annual rent and expense recoveries paid by the Neighbor as a percentage of gross sales. Low grocer health ratios provide us with the knowledge to manage our rents effectively while seeking to ensure the financial stability of our grocery anchors. Gross leasable area (GLA): The total occupied and unoccupied square footage of a building that is available for Neighbors or other retailers to lease. Inline space: A space containing less than 10,000 square feet of GLA. Leased occupancy: Calculated as the percentage of total GLA for which a lease has been signed regardless of whether the lease has commenced or the Neighbor has taken possession. High occupancy is an indicator of demand for our spaces, which generally provides us with greater leverage during lease negotiations. Net debt: Total debt, excluding discounts, market adjustments and deferred financing expenses, less cash and cash equivalents. Net debt to Adjusted EBITDAre: Calculated by dividing net debt by Adjusted EBITDAre (included on an annualized basis within the calculation). It provides insight into our leverage rate based on earnings and isnot impacted by fluctuations in our equity price. Net debt to total enterprise value: Ratio is calculated by dividing net debt by total enterprise value. It provides insight into our capital structure and usage of debt. Net Operating Income (NOI): Calculated as total operating revenues, adjusted to exclude non-cash revenue items, less property operating expenses and real estate taxes. NOI provides insight about our 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). Portfolio retention rate: Calculated by dividing (i) the total square feet of retained Neighbors with current period lease expirations by (ii) the total square feet of leases expiring during the period. The portfolio retention rate provides insight into our ability to retain Neighbors at our shopping centers as their leases approach expiration. Generally,the costs to retain an existing Neighbor are lower than costs to replace with a new Neighbor. (Re)development: Larger scale projects that typically involve substantial demolition of a portion of the shopping center to accommodate new retailers. These projects typically are accompanied with new construction and site infrastructure costs. Same-Center: Refers to a property, or portfolio of properties, owned and operational for the entirety of both calendar year periods being compared. Sun Belt states: Consists of 15 states: Alabama, Arizona, Arkansas, California, Florida, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. Total enterprise value: Net debt plus equity market capitalization on a fully diluted basis. | 51