Director at Phillips Edison (PECO) converts Class B units into OP Units

Rhea-AI Filing Summary

Phillips Edison & Company, Inc. director Devin Ignatius Murphy reported the conversion of 1,150.726 Class B Units into an equal number of OP Units on March 1, 2026. These OP Units are exchangeable at the holder’s election for cash equal to the fair market value of one share of common stock or, at PECO OP’s option, one share of common stock on a one-for-one basis.

The Class B Units had been granted as long-term incentive compensation and achieved full parity with OP Units before converting. After the transaction, Murphy directly holds 342,990.275 OP Units and has additional indirect OP Unit holdings through DJM Investments LLC and an LLC held by a family member’s trust, for which he disclaims beneficial ownership except to the extent of any pecuniary interest.

Insider Trade Summary

2,301.452 shares exercised/converted

Mixed 4 txns

Insider Murphy Devin Ignatius

Role Director

Type	Security	Shares	Price	Value
Exercise	Class B Units	1,150.726	$0.00	--
Exercise	OP Units	1,150.726	$0.00	--
holding	OP Units	--	--	--
holding	OP Units	--	--	--

Holdings After Transaction: Class B Units — 0 shares (Direct); OP Units — 342,990.275 shares (Direct); OP Units — 378,487.819 shares (Indirect, By DJM Investments LLC)

Footnotes (1)

1. Limited partnership interests ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP") are exchangeable, at the election of the holder, for cash equal to the fair market value of one share of the Issuer's Common Stock or, at the option of PECO OP, shares of the Issuer's Common Stock on a one-for-one basis, and have no expiration date and are not subject to vesting. Represents the conversion to OP Units of vested and earned Class B Units of limited partnership interests ("Class B Units") in PECO OP, previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units did not have full parity with the OP Units, but upon the occurrence of certain events described in PECO OP's partnership agreement, based upon capital account balance per unit, could over time achieve full parity with the OP Units for all purposes. Having achieved full parity with the OP Units, the Class B Units were converted into an equal number of OP Units. The Class B Units have no expiration date. Mr. Murphy disclaims beneficial ownership of these shares except to the extent of any pecuniary interest therein.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Murphy Devin Ignatius

(Last) (First) (Middle)

11501 NORTHLAKE DRIVE

(Street)

CINCINNATI OH 45249

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Phillips Edison & Company, Inc. [ PECO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/01/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Units	(1)(2)	03/01/2026		M(2)			1,150.726	(1)(2)	(1)(2)	Common Stock	1,150.726	$0	0	D
OP Units	(1)(2)	03/01/2026		M(2)		1,150.726		(1)	(1)	Common Stock	1,150.726	$0	342,990.275	D
OP Units	(1)							(1)	(1)	Common Stock	378,487.819		378,487.819(3)	I	By DJM Investments LLC
OP Units	(1)							(1)	(1)	Common Stock	64,000		64,000(3)	I	LLC held by Family Member's Trust

Explanation of Responses:

1. Limited partnership interests ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP") are exchangeable, at the election of the holder, for cash equal to the fair market value of one share of the Issuer's Common Stock or, at the option of PECO OP, shares of the Issuer's Common Stock on a one-for-one basis, and have no expiration date and are not subject to vesting.

2. Represents the conversion to OP Units of vested and earned Class B Units of limited partnership interests ("Class B Units") in PECO OP, previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units did not have full parity with the OP Units, but upon the occurrence of certain events described in PECO OP's partnership agreement, based upon capital account balance per unit, could over time achieve full parity with the OP Units for all purposes. Having achieved full parity with the OP Units, the Class B Units were converted into an equal number of OP Units. The Class B Units have no expiration date.

3. Mr. Murphy disclaims beneficial ownership of these shares except to the extent of any pecuniary interest therein.

Remarks:

	/s/ Jennifer Robison, Attorney-in-Fact	03/03/2026
	** Signature of Reporting Person	Date
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