Company Quick10K Filing
Phillips Edison
Price-0.00 EPS-0
Shares327 P/E0
MCap-0 P/FCF-0
Net Debt2,355 EBIT74
TEV2,355 TEV/EBIT32
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-09
10-Q 2020-06-30 Filed 2020-08-13
10-Q 2020-03-31 Filed 2020-05-12
10-K 2019-12-31 Filed 2020-03-12
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-12
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-13
10-Q 2018-09-30 Filed 2018-11-05
10-Q 2018-06-30 Filed 2018-08-10
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-30
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-03-09
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-03-03
10-Q 2015-09-30 Filed 2015-11-12
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-03-09
10-Q 2014-09-30 Filed 2014-11-05
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-13
10-Q 2013-09-30 Filed 2013-11-08
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-07
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-10
10-Q 2012-03-31 Filed 2012-05-11
10-K 2011-12-31 Filed 2012-03-23
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-11
10-Q 2011-03-31 Filed 2011-05-13
10-K 2010-12-31 Filed 2011-03-30
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-09-24
8-K 2020-11-09
8-K 2020-11-04
8-K 2020-08-12
8-K 2020-08-04
8-K 2020-07-14
8-K 2020-06-17
8-K 2020-06-10
8-K 2020-05-12
8-K 2020-04-15
8-K 2020-03-27
8-K 2020-02-24
8-K 2020-01-08
8-K 2019-11-06
8-K 2019-08-12
8-K 2019-06-12
8-K 2019-05-09
8-K 2019-04-01
8-K 2019-03-12
8-K 2018-11-16
8-K 2018-11-05
8-K 2018-08-08
8-K 2018-08-06
8-K 2018-07-19
8-K 2018-07-17
8-K 2018-05-10
8-K 2018-05-09
8-K 2018-03-14

PHLD 10Q Quarterly Report

Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-14.1 pecoq32020exhibit141.htm
EX-31.1 peco20200930-ex311.htm
EX-31.2 peco20200930-ex312.htm
EX-32.1 peco20200930-ex321.htm
EX-32.2 peco20200930-ex322.htm

Phillips Edison Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.20.10.10.0-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.50.30.1-0.2-0.4-0.62012201420172020
Ops, Inv, Fin

cik0001476204-20200930
Q32020FALSE0001476204--12-3100014762042020-01-012020-09-30xbrli:shares00014762042020-11-02iso4217:USD00014762042020-09-3000014762042019-12-31iso4217:USDxbrli:shares00014762042020-07-012020-09-3000014762042019-07-012019-09-3000014762042019-01-012019-09-300001476204us-gaap:CommonStockMember2019-06-300001476204us-gaap:AdditionalPaidInCapitalMember2019-06-300001476204us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-300001476204us-gaap:RetainedEarningsMember2019-06-300001476204us-gaap:ParentMember2019-06-300001476204us-gaap:NoncontrollingInterestMember2019-06-3000014762042019-06-300001476204us-gaap:CommonStockMember2019-07-012019-09-300001476204us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300001476204us-gaap:ParentMember2019-07-012019-09-300001476204us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300001476204us-gaap:NoncontrollingInterestMember2019-07-012019-09-300001476204us-gaap:RetainedEarningsMember2019-07-012019-09-300001476204us-gaap:CommonStockMember2019-09-300001476204us-gaap:AdditionalPaidInCapitalMember2019-09-300001476204us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300001476204us-gaap:RetainedEarningsMember2019-09-300001476204us-gaap:ParentMember2019-09-300001476204us-gaap:NoncontrollingInterestMember2019-09-3000014762042019-09-300001476204us-gaap:CommonStockMember2020-06-300001476204us-gaap:AdditionalPaidInCapitalMember2020-06-300001476204us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001476204us-gaap:RetainedEarningsMember2020-06-300001476204us-gaap:ParentMember2020-06-300001476204us-gaap:NoncontrollingInterestMember2020-06-3000014762042020-06-300001476204us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-07-012020-09-300001476204us-gaap:ParentMember2020-07-012020-09-300001476204us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001476204us-gaap:CommonStockMember2020-07-012020-09-300001476204us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001476204us-gaap:RetainedEarningsMember2020-07-012020-09-300001476204us-gaap:CommonStockMember2020-09-300001476204us-gaap:AdditionalPaidInCapitalMember2020-09-300001476204us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-09-300001476204us-gaap:RetainedEarningsMember2020-09-300001476204us-gaap:ParentMember2020-09-300001476204us-gaap:NoncontrollingInterestMember2020-09-300001476204us-gaap:CommonStockMember2018-12-310001476204us-gaap:AdditionalPaidInCapitalMember2018-12-310001476204us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310001476204us-gaap:RetainedEarningsMember2018-12-310001476204us-gaap:ParentMember2018-12-310001476204us-gaap:NoncontrollingInterestMember2018-12-3100014762042018-12-310001476204us-gaap:CommonStockMember2019-01-012019-09-300001476204us-gaap:AdditionalPaidInCapitalMember2019-01-012019-09-300001476204us-gaap:ParentMember2019-01-012019-09-300001476204us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-09-300001476204us-gaap:NoncontrollingInterestMember2019-01-012019-09-300001476204us-gaap:RetainedEarningsMember2019-01-012019-09-300001476204us-gaap:CommonStockMember2019-12-310001476204us-gaap:AdditionalPaidInCapitalMember2019-12-310001476204us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001476204us-gaap:RetainedEarningsMember2019-12-310001476204us-gaap:ParentMember2019-12-310001476204us-gaap:NoncontrollingInterestMember2019-12-310001476204us-gaap:CommonStockMember2020-01-012020-09-300001476204us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001476204us-gaap:ParentMember2020-01-012020-09-300001476204us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-09-300001476204us-gaap:NoncontrollingInterestMember2020-01-012020-09-300001476204us-gaap:RetainedEarningsMember2020-01-012020-09-30cik0001476204:propertyxbrli:pure0001476204cik0001476204:NecessityRetailPartnersMember2020-09-300001476204cik0001476204:GroceryRetailPartnersIMember2020-09-300001476204cik0001476204:GroceryRetailPartnersIIMember2020-09-300001476204cik0001476204:GroceryRetailPartnersIMemberus-gaap:SubsequentEventMember2020-10-010001476204stpr:FLus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001476204stpr:CAus-gaap:GeographicConcentrationRiskMember2020-01-012020-09-300001476204us-gaap:SubsequentEventMember2020-10-012020-10-090001476204us-gaap:LeasesAcquiredInPlaceMember2020-01-012020-09-300001476204us-gaap:LeasesAcquiredInPlaceMember2019-01-012019-09-300001476204us-gaap:AboveMarketLeasesMember2020-01-012020-09-300001476204us-gaap:AboveMarketLeasesMember2019-01-012019-09-300001476204us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember2020-01-012020-09-300001476204us-gaap:LeasesAcquiredInPlaceMarketAdjustmentMember2019-01-012019-09-300001476204us-gaap:SubsequentEventMember2020-10-012020-10-050001476204us-gaap:RevolvingCreditFacilityMember2020-01-012020-09-300001476204us-gaap:RevolvingCreditFacilityMember2020-09-300001476204us-gaap:RevolvingCreditFacilityMember2019-12-310001476204srt:MinimumMembercik0001476204:TermLoanFacilityMember2020-09-300001476204srt:MaximumMembercik0001476204:TermLoanFacilityMember2020-09-300001476204cik0001476204:TermLoanFacilityMember2020-09-300001476204cik0001476204:TermLoanFacilityMember2019-12-310001476204srt:MinimumMemberus-gaap:SecuredDebtMember2020-09-300001476204us-gaap:SecuredDebtMembersrt:MaximumMember2020-09-300001476204us-gaap:SecuredDebtMember2020-09-300001476204us-gaap:SecuredDebtMember2019-12-310001476204srt:MinimumMemberus-gaap:MortgagesMember2020-09-300001476204srt:MaximumMemberus-gaap:MortgagesMember2020-09-300001476204us-gaap:MortgagesMember2020-09-300001476204us-gaap:MortgagesMember2019-12-3100014762042020-01-012020-01-3100014762042020-04-012020-04-300001476204us-gaap:SubsequentEventMember2020-10-012020-10-310001476204us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-01-012020-09-30cik0001476204:Debt_Instrument0001476204us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-09-300001476204us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2019-12-310001476204srt:MinimumMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2020-09-300001476204us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMembersrt:MaximumMember2020-09-300001476204srt:MinimumMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2019-12-310001476204us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMembersrt:MaximumMember2019-12-310001476204us-gaap:SubsequentEventMember2021-03-012021-03-3100014762042020-05-0600014762042019-05-080001476204us-gaap:SubsequentEventMemberus-gaap:DividendDeclaredMember2020-12-282020-12-280001476204cik0001476204:A2020TenderOfferMemberus-gaap:SubsequentEventMember2020-11-040001476204cik0001476204:A2020TenderOfferMemberus-gaap:SubsequentEventMember2020-11-102020-11-100001476204us-gaap:RestrictedStockMember2019-01-012019-09-300001476204us-gaap:PerformanceSharesMember2019-01-012019-09-300001476204srt:AffiliatedEntityMemberus-gaap:FixedPriceContractMember2020-07-012020-09-300001476204srt:AffiliatedEntityMemberus-gaap:FixedPriceContractMember2019-07-012019-09-300001476204srt:AffiliatedEntityMemberus-gaap:FixedPriceContractMember2020-01-012020-09-300001476204srt:AffiliatedEntityMemberus-gaap:FixedPriceContractMember2019-01-012019-09-300001476204us-gaap:TimeAndMaterialsContractMembersrt:AffiliatedEntityMember2020-07-012020-09-300001476204us-gaap:TimeAndMaterialsContractMembersrt:AffiliatedEntityMember2019-07-012019-09-300001476204us-gaap:TimeAndMaterialsContractMembersrt:AffiliatedEntityMember2020-01-012020-09-300001476204us-gaap:TimeAndMaterialsContractMembersrt:AffiliatedEntityMember2019-01-012019-09-300001476204srt:AffiliatedEntityMember2019-01-012019-09-300001476204cik0001476204:NecessityRetailPartnersMember2020-09-300001476204cik0001476204:NecessityRetailPartnersMember2020-01-012020-09-300001476204cik0001476204:GroceryRetailPartnersIMember2020-09-300001476204cik0001476204:TermLoanFacilityMember2020-09-300001476204cik0001476204:TermLoanFacilityMemberus-gaap:FairValueInputsLevel3Member2020-09-300001476204cik0001476204:TermLoanFacilityMember2019-12-310001476204cik0001476204:TermLoanFacilityMemberus-gaap:FairValueInputsLevel3Member2019-12-310001476204us-gaap:SecuredDebtMember2020-09-300001476204us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel3Member2020-09-300001476204us-gaap:SecuredDebtMember2019-12-310001476204us-gaap:SecuredDebtMemberus-gaap:FairValueInputsLevel3Member2019-12-310001476204us-gaap:MortgagesMemberus-gaap:FairValueInputsLevel3Member2020-09-300001476204us-gaap:MortgagesMemberus-gaap:FairValueInputsLevel3Member2019-12-310001476204us-gaap:FairValueInputsLevel3Member2020-09-300001476204us-gaap:FairValueInputsLevel3Member2019-12-310001476204us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2020-09-300001476204us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2019-12-310001476204us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-09-300001476204us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001476204us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2020-09-300001476204us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001476204us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001476204us-gaap:CapitalUnitsMembersrt:MinimumMembercik0001476204:PhillipsEdisonLimitedPartnershipMember2020-07-012020-09-300001476204us-gaap:CapitalUnitsMembercik0001476204:PhillipsEdisonLimitedPartnershipMembersrt:MaximumMember2020-07-012020-09-300001476204us-gaap:FairValueMeasurementsRecurringMembercik0001476204:PhillipsEdisonLimitedPartnershipMemberus-gaap:FairValueInputsLevel3Member2019-12-310001476204us-gaap:FairValueMeasurementsRecurringMembercik0001476204:PhillipsEdisonLimitedPartnershipMemberus-gaap:FairValueInputsLevel3Member2020-01-012020-09-300001476204us-gaap:FairValueMeasurementsRecurringMembercik0001476204:PhillipsEdisonLimitedPartnershipMemberus-gaap:FairValueInputsLevel3Member2020-09-3000014762042019-04-012019-06-30

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number: 000-54691
cik0001476204-20200930_g1.jpg
PHILLIPS EDISON & COMPANY, INC.
(Exact name of registrant as specified in its charter)

Maryland27-1106076
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

11501 Northlake Drive, Cincinnati, Ohio
45249
(Address of principal executive offices)(Zip Code)

(513) 554-1110
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneNoneNone
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes  ☑    No  ☐  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.    
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ☑
As of November 2, 2020, there were 290.5 million outstanding shares of common stock of the Registrant.



PHILLIPS EDISON & COMPANY, INC.
FORM 10-Q
TABLE OF CONTENTS
 
PART I. FINANCIAL INFORMATION
   
ITEM 1.
   
 

   
 
  
 
   
 
   
 
   
ITEM 2.
   
ITEM 3.
   
ITEM 4.
  
PART II. OTHER INFORMATION
   
ITEM 1.
ITEM 1A.
ITEM 5.
   
ITEM 6.
  

1


w PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2020 AND DECEMBER 31, 2019
(Condensed and Unaudited)
(In thousands, except per share amounts)
  September 30, 2020December 31, 2019
ASSETS    
Investment in real estate:    
Land and improvements$1,547,154 $1,552,562 
Building and improvements3,220,949 3,196,762 
In-place lease assets441,670 442,729 
Above-market lease assets65,637 65,946 
Total investment in real estate assets5,275,410 5,257,999 
Accumulated depreciation and amortization(892,090)(731,560)
Net investment in real estate assets4,383,320 4,526,439 
Investment in unconsolidated joint ventures39,575 42,854 
Total investment in real estate assets, net4,422,895 4,569,293 
Cash and cash equivalents103,910 17,820 
Restricted cash32,888 77,288 
Goodwill29,066 29,066 
Other assets, net133,014 128,690 
Real estate investment and other assets held for sale 6,038 
Total assets$4,721,773 $4,828,195 
LIABILITIES AND EQUITY    
Liabilities:    
Debt obligations, net$2,319,003 $2,354,099 
Below-market lease liabilities, net105,223 112,319 
Earn-out liability22,000 32,000 
Derivative liabilities60,615 20,974 
Deferred income14,092 15,955 
Accounts payable and other liabilities93,187 124,054 
Total liabilities2,614,120 2,659,401 
Commitments and contingencies (Note 8)
  
Equity:    
Preferred stock, $0.01 par value per share, 10,000 shares authorized, zero shares issued and
    
outstanding at September 30, 2020 and December 31, 2019
  
Common stock, $0.01 par value per share, 1,000,000 shares authorized, 290,466 and 289,047
    
shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
2,905 2,890 
Additional paid-in capital (“APIC”)2,796,655 2,779,130 
Accumulated other comprehensive loss (“AOCI”)
(55,630)(20,762)
Accumulated deficit(980,534)(947,252)
Total stockholders’ equity1,763,396 1,814,006 
Noncontrolling interests344,257 354,788 
Total equity2,107,653 2,168,794 
Total liabilities and equity$4,721,773 $4,828,195 

See notes to consolidated financial statements.
2


PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(Condensed and Unaudited)
(In thousands, except per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
  2020201920202019
Revenues:
Rental income$123,298 $132,715 $367,418 $390,605 
Fees and management income2,581 2,766 7,506 9,078 
Other property income816 528 2,334 1,676 
Total revenues126,695 136,009 377,258 401,359 
Operating Expenses:
Property operating20,835 23,296 62,226 67,095 
Real estate taxes17,282 18,016 50,847 53,294 
General and administrative9,595 11,537 30,141 38,287 
Depreciation and amortization56,095 58,477 168,692 179,020 
Impairment of real estate assets 35,710  74,626 
Total operating expenses103,807 147,036 311,906 412,322 
Other:
Interest expense, net(20,388)(25,309)(65,317)(76,151)
Gain on disposal of property, net10,734 5,048 8,616 10,903 
Other income (expense), net196 1,561 9,565 (1,476)
Net income (loss)13,430 (29,727)18,216 (77,687)
Net (income) loss attributable to noncontrolling interests(1,646)3,850 (2,251)10,045 
Net income (loss) attributable to stockholders$11,784 $(25,877)$15,965 $(67,642)
Earnings per common share:
Net income (loss) per share attributable to stockholders - basic and diluted (Note 10)
$0.04 $(0.09)$0.05 $(0.24)
Comprehensive income (loss):
Net income (loss)$13,430 $(29,727)$18,216 $(77,687)
Other comprehensive income (loss):
Change in unrealized value on interest rate swaps5,098 (9,731)(40,013)(47,737)
Comprehensive income (loss)18,528 (39,458)(21,797)(125,424)
Net (income) loss attributable to noncontrolling interests(1,646)3,850 (2,251)10,045 
Other comprehensive (income) loss attributable to noncontrolling interests(653)1,293 5,145 6,399 
Comprehensive income (loss) attributable to stockholders$16,229 $(34,315)$(18,903)$(108,980)

See notes to consolidated financial statements.
3


PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED STATEMENTS OF EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(Condensed and Unaudited)
(In thousands, except per share amounts)
Three Months Ended September 30, 2020 and 2019
  Common StockAPICAOCIAccumulated DeficitTotal Stockholders’ EquityNoncontrolling InterestsTotal Equity
  SharesAmount
Balance at July 1, 2019283,770 $2,838 $2,718,871 $(20,538)$(830,358)$1,870,813 $371,213 $2,242,026 
Dividend reinvestment plan (“DRIP”)1,475 14 16,357 — — 16,371 — 16,371 
Share repurchases(1,660)(17)(18,193)— — (18,210)— (18,210)
Change in unrealized value on interest
rate swaps
— — — (8,438)— (8,438)(1,293)(9,731)
Common distributions declared, $0.17
   per share
— — — — (48,062)(48,062)— (48,062)
Distributions to noncontrolling interests— — — — — — (6,978)(6,978)
Share-based compensation1  502 — — 502 1,674 2,176 
Net loss— — — — (25,877)(25,877)(3,850)(29,727)
Balance at September 30, 2019283,586 $2,835 $2,717,537 $(28,976)$(904,297)$1,787,099 $360,766 $2,147,865 
Balance at July 1, 2020290,465 $2,905 $2,795,434 $(60,075)$(991,939)$1,746,325 $341,144 $2,087,469 
Change in unrealized value on interest
rate swaps
— — — 4,445 — 4,445 653 5,098 
Share-based compensation1  1,036 — — 1,036 818 1,854 
Other — 185 — (379)(194)(4)(198)
Net income— — — — 11,784 11,784 1,646 13,430 
Balance at September 30, 2020290,466 $2,905 $2,796,655 $(55,630)$(980,534)$1,763,396 $344,257 $2,107,653 

Nine Months Ended September 30, 2020 and 2019
  Common StockAPICAOCIAccumulated DeficitTotal Stockholders’ EquityNoncontrolling InterestsTotal Equity
  SharesAmount
Balance at January 1, 2019279,803 $2,798 $2,674,871 $12,362 $(692,573)$1,997,458 $414,911 $2,412,369 
DRIP4,636 45 51,284 — — 51,329 — 51,329 
Share repurchases(2,806)(28)(30,856)— — (30,884)— (30,884)
Change in unrealized value on interest
rate swaps
— — — (41,338)— (41,338)(6,399)(47,737)
Common distributions declared, $0.50
   per share
— — — — (144,082)(144,082)— (144,082)
Distributions to noncontrolling interests— — — — — — (21,206)(21,206)
Share-based compensation65 1 1,358 — — 1,359 4,404 5,763 
Conversion of noncontrolling interests1,888 19 20,880 — — 20,899 (20,899)— 
Net loss— — — — (67,642)(67,642)(10,045)(77,687)
Balance at September 30, 2019283,586 $2,835 $2,717,537 $(28,976)$(904,297)$1,787,099 $360,766 $2,147,865 
Balance at January 1, 2020289,047 $2,890 $2,779,130 $(20,762)$(947,252)$1,814,006 $354,788 $2,168,794 
DRIP1,436 14 15,926 — — 15,940 — 15,940 
Share repurchases (288)(3)(2,697)— — (2,700)— (2,700)
Change in unrealized value on interest
rate swaps
— — — (34,868)— (34,868)(5,145)(40,013)
Common distributions declared, $0.17
   per share
— — — — (48,809)(48,809)— (48,809)
Distributions to noncontrolling interests— — — — — — (7,105)(7,105)
Share-based compensation109 2 2,508 — — 2,510 1,336 3,846 
Conversion of noncontrolling interests168 2 1,859 — — 1,861 (1,861) 
Other(6)— (71)— (438)(509)(7)(516)
Net income— — — — 15,965 15,965 2,251 18,216 
Balance at September 30, 2020290,466 $2,905 $2,796,655 $(55,630)$(980,534)$1,763,396 $344,257 $2,107,653 

See notes to consolidated financial statements.
4


PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(Condensed and Unaudited)
(In thousands)
Nine Months Ended September 30,
  20202019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss)$18,216 $(77,687)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization of real estate assets164,288 174,501 
Impairment of real estate assets 74,626 
Depreciation and amortization of corporate assets4,404 4,519 
Net amortization of above- and below-market leases(2,394)(3,266)
Amortization of deferred financing expenses3,739 3,758 
Amortization of debt and derivative adjustments2,154 6,007 
Gain on disposal of property, net(8,616)(10,903)
Change in fair value of earn-out liability(10,000)(7,500)
Straight-line rent(3,131)(7,024)
Share-based compensation3,846 5,971 
Other impairment charges 9,661 
Other1,497 1,223 
Changes in operating assets and liabilities:    
Other assets, net(11,089)858 
Accounts payable and other liabilities(5,669)1,138 
Net cash provided by operating activities157,245 175,882 
CASH FLOWS FROM INVESTING ACTIVITIES:    
Real estate acquisitions(23,014)(49,880)
Capital expenditures(40,772)(48,079)
Proceeds from sale of real estate48,276 86,159 
Return of investment in unconsolidated joint ventures1,949 2,498 
Net cash used in investing activities(13,561)(9,302)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Net change in credit facility (73,359)
Proceeds from mortgages and loans payable 60,000 
Payments on mortgages and loans payable(37,778)(7,973)
Distributions paid, net of DRIP(49,083)(92,484)
Distributions to noncontrolling interests(9,406)(20,616)
Repurchases of common stock(5,211)(30,178)
Other(516)(208)
Net cash used in financing activities(101,994)(164,818)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH41,690 1,762 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH:    
Beginning of period95,108 84,304 
End of period$136,798 $86,066 
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents$103,910 $29,516 
Restricted cash32,888 56,550 
Cash, cash equivalents, and restricted cash at end of period$136,798 $86,066 
5


PHILLIPS EDISON & COMPANY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
(Condensed and Unaudited)
(In thousands)
  20202019
SUPPLEMENTAL CASH FLOW DISCLOSURE, INCLUDING NON-CASH INVESTING AND FINANCING ACTIVITIES:
Cash paid for interest$59,906 $66,811 
Right-of-use (“ROU”) assets obtained in exchange for new lease liabilities551 1,444 
Accrued capital expenditures3,587 3,036 
Change in distributions payable(16,214)269 
Change in distributions payable - noncontrolling interests(2,301)590 
Change in accrued share repurchase obligation(2,511)706 
Distributions reinvested15,940 51,329 

See notes to consolidated financial statements.
6


Phillips Edison & Company, Inc.
Notes to Consolidated Financial Statements
(Condensed and Unaudited)

1. ORGANIZATION
Phillips Edison & Company, Inc. (“we,” the “Company,” “PECO,” “our,” or “us”) was formed as a Maryland corporation in October 2009. Substantially all of our business is conducted through Phillips Edison Grocery Center Operating Partnership I, L.P., (the “Operating Partnership”), a Delaware limited partnership formed in December 2009. We are a limited partner of the Operating Partnership, and our wholly-owned subsidiary, Phillips Edison Grocery Center OP GP I LLC (the “General Partner”), is the sole general partner of the Operating Partnership.
We are a real estate investment trust (“REIT”) that invests primarily in well-occupied, grocery-anchored, neighborhood and community shopping centers that have a mix of creditworthy national, regional, and local retailers that sell necessity-based goods and services in strong demographic markets throughout the United States. In addition to managing our own shopping centers, our third-party investment management business provides comprehensive real estate and asset management services to three institutional joint ventures, in which we have a partial ownership interest, and one private fund (collectively, the “Managed Funds”) as of September 30, 2020.
As of September 30, 2020, we wholly-owned 283 real estate properties. Additionally, we owned a 20% equity interest in Necessity Retail Partners (“NRP”), a joint venture that owned six properties; a 15% interest in Grocery Retail Partners I LLC (“GRP I”), a joint venture that owned 17 properties; and a 10% interest in Grocery Retail Partners II LLC (“GRP II”), a joint venture that owned three properties.
On October 1, 2020, GRP I acquired GRP II. Our ownership in the combined entity was adjusted upon consummation of the transaction, and we own approximately a 14% equity interest in GRP I as a result of the acquisition.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Set forth below is a summary of the significant accounting estimates and policies that management believes are important to the preparation of our consolidated interim financial statements. Certain of our accounting estimates are particularly important for an understanding of our financial position and results of operations and require the application of significant judgment by management. For example, significant estimates and assumptions have been made with respect to the useful lives of assets, recoverable amounts of receivables, and other fair value measurement assessments required for the preparation of the consolidated financial statements. As a result, these estimates are subject to a degree of uncertainty.
During the first quarter of 2020, a novel coronavirus (“COVID-19”) began spreading globally, with the outbreak being classified as a pandemic by the World Health Organization on March 11, 2020. Because of the adverse economic conditions that exist as a result of the impacts of the COVID-19 pandemic, it is possible that the estimates and assumptions that have been utilized in the preparation of the consolidated financial statements could change significantly. Specifically, as it relates to our business, the current economic situation resulted in temporary tenant closures at our shopping centers, often as a result of “stay-at-home” government mandates which limited travel and movement of the general public to essential activities only and required all non-essential businesses to close.
Temporary closures of tenant spaces at our centers peaked in April and have significantly decreased as states reduced or removed restrictions on business operations and the travel and movement of the general public. Certain tenants remain temporarily closed, have since closed after reopening, are limiting the number of customers allowed in their stores, or have modified their operations in other ways that may impact their profitability, either as a result of government mandates or self-elected efforts to reduce the spread of COVID-19. Some states and localities have temporarily reinstated certain mandates in response to increasing reported cases of COVID-19. These actions could result in increased permanent store closings and could reduce the demand for leasing space in our shopping centers and result in a decline in occupancy and rental revenues in our real estate portfolio. All of this activity impacts our estimates around the collectability of revenue and valuation of real estate assets, goodwill and other intangible assets, and certain liabilities, among others.
There were no changes to our significant accounting policies during the nine months ended September 30, 2020. For a full summary of our accounting policies, refer to our 2019 Annual Report on Form 10-K filed with the SEC on March 12, 2020.
Basis of Presentation and Principles of Consolidation—The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Readers of this Quarterly Report on Form 10-Q should refer to our audited consolidated financial statements for the year ended December 31, 2019, which are included in our 2019 Annual Report on Form 10-K. In the opinion of management, all normal and recurring adjustments necessary for the fair presentation of the unaudited consolidated financial statements for the periods presented have been included in this Quarterly Report. Our results of operations for the three and nine months ended September 30, 2020 are not necessarily indicative of the operating results expected for the full year.
The accompanying consolidated financial statements include our accounts and those of our majority-owned subsidiaries. All intercompany balances and transactions are eliminated upon consolidation.
Leases—Lease receivables are reviewed continually to determine whether or not it is probable that we will realize all amounts owed to us for each of our tenants (i.e., whether a tenant is deemed to be a credit risk). If we determine that the tenant is not a credit risk, no reserve or reduction of revenue is recorded, except in the case of disputed charges. If we determine that the
7


tenant is a credit risk, revenue for that tenant is recorded on a cash basis, including any amounts relating to straight-line rent receivables and/or receivables for recoverable expenses. The COVID-19 pandemic has increased the uncertainty of collecting rents from a number of our tenants.
In our efforts to maximize collections in the near term while also supporting our tenants as they operate through this pandemic, we have begun negotiating rent relief primarily in the form of payment plans and deferrals on rent and recovery charges, which allow for changes in the timing of payments, but not the total amount of consideration due to us under the lease. In a limited number of instances, we may also agree to waive certain charges due to us under the lease; for additional details, please refer to Note 3.
Income Taxes—Our consolidated financial statements include the operations of wholly-owned subsidiaries that have jointly elected to be treated as Taxable REIT Subsidiaries and are subject to U.S. federal, state, and local income taxes at regular corporate tax rates. We recognized an insignificant amount of federal, state, and local income tax expense for the three and nine months ended September 30, 2020 and 2019, and we retain a full valuation allowance for our deferred tax asset. All income tax amounts are included in Other Income (Expense), Net on the consolidated statements of operations and comprehensive income (loss) (“consolidated statements of operations”).
Recently Issued and Newly Adopted Accounting Pronouncements—In response to the COVID-19 pandemic, the Financial Accounting Standards Board (“FASB”) issued interpretive guidance addressing the accounting treatment for lease concessions attributable to the pandemic. Under this guidance, entities may elect to account for such lease concessions consistent with how they would be accounted for under ASC Topic 842, Leases, (“ASC 842”) if the enforceable rights and obligations for the lease concessions already existed within the lease agreement, regardless of whether such enforceable rights and obligations are explicitly outlined within the lease. This accounting treatment may only be applied if (1) the lease concessions were granted as a direct result of the pandemic, and (2) the total cash flows under the modified lease are less than or substantially the same as the cash flows under the original lease agreement. As a result, entities that make this election will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist within the contract, and may elect not to account for these concessions as lease modifications within the scope of ASC 842.
Some concessions will provide a deferral of payments, which may affect the timing of cash receipts without substantively impacting the total consideration per the original lease agreement. The FASB has stated that there are multiple acceptable methods to account for deferrals under the interpretive guidance:
Account for the concession as if no changes to the lease contract were made, increasing the lease receivable as payments accrue and continuing to recognize income; or
Account for deferred lease payments as variable lease payments.
We have elected not to account for any qualifying lease concessions granted as a result of the COVID-19 pandemic as lease modifications and will account for any qualifying concessions granted as if no changes to the lease contract were made. This will result in an increase to the related lease receivable as payments accrue while we continue to recognize rental income. We will, however, assess the impact of any such concessions on estimated collectability of the related lease payments and will reflect any adjustments as necessary as an offset to Rental Income on the consolidated statements of operations.
8


The following table provides a brief description of newly adopted accounting pronouncements and their effect on our consolidated financial statements:
StandardDescriptionDate of AdoptionEffect on the Financial Statements or Other Significant Matters
Accounting Standards Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments

ASU 2018-19, Financial Instruments - Credit Losses (Topic 326): Codification Improvements

ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief

ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses

ASU 2020-02, Financial Instruments - Credit Losses (Topic 326) and Leases (Topic 842)
The amendments in this update replaced the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. It clarified that receivables arising from operating leases are not within the scope of Accounting Standards Codification (“ASC”) Topic 326. Instead, impairment of receivables arising from operating leases will be accounted for in accordance with Topic 842. It also allowed election of the fair value option on certain financial instruments. January 1, 2020The adoption of this standard did not have a material impact on our consolidated financial statements. The majority of our financial instruments result from operating lease transactions, which are not within the scope of this standard.
ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities This ASU amended two aspects of the related-party guidance in Topic 810: (1) added an elective private-company scope exception to the variable interest entity guidance for entities under common control and (2) indirect interests held through related parties in common control arrangements will be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. January 1, 2020The adoption of this standard did not have a material impact on our consolidated financial statements.
ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial InstrumentsThis ASU amended a variety of topics, improving certain aspects of previously issued ASUs, including ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.January 1, 2020The adoption of this standard did not have a material impact on our consolidated financial statements.
ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial ReportingThis ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur.March 12, 2020We have elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Reclassifications—The following line item on our consolidated balance sheet as of December 31, 2019 was reclassified to conform to current year presentation:
Corporate Intangible Assets, Net was included in Other Assets, Net.
The following line item on our consolidated statement of operations for the nine months ended September 30, 2019 was reclassified to conform to current year presentation:
Other Impairment Charges was included in Other Income (Expense), Net.
The following line item on our consolidated statement of cash flows for the nine months ended September 30, 2019 was reclassified to conform to current year presentation:
Payments of Deferred Financing Expenses was included in Payments on Mortgages and Loans Payable.
9


3. LEASES
Lessor—The majority of our leases are largely similar in that the leased asset is retail space within our properties, and the lease agreements generally contain similar provisions and features, without substantial variations. All of our leases are currently classified as operating leases. Lease income related to our operating leases was as follows for the three and nine months ended September 30, 2020 and 2019 (dollars in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Rental income related to fixed lease payments(1)
$94,511 $97,328 $285,572 $289,318 
Rental income related to variable lease payments31,781 33,626 94,278 93,105 
Straight-line rent amortization(2)
1,772 2,548 3,103 7,055 
Amortization of lease assets802 1,032 2,367 3,230 
Lease buyout income664 632 972 1,088 
Adjustments for collectability(2)(3)
(6,232)(2,451)(18,874)(3,191)
Total rental income$123,298 $132,715 $367,418 $390,605 
(1)Includes rental income related to fixed lease payments before assessing for collectability.
(2)Includes revenue adjustments for non-creditworthy tenants.
(3)Contains general reserves; excludes reserves for straight-line rent amortization.
Approximate future fixed contractual lease payments to be received under non-cancelable operating leases in effect as of September 30, 2020, assuming no new or renegotiated leases or option extensions on lease agreements, are as follows (in thousands):
YearAmount
Remaining 2020$98,238 
2021364,782 
2022330,635 
2023282,988 
2024227,052 
Thereafter594,574 
Total$1,898,269 
During the nine months ended September 30, 2020, we executed payment plans with our tenants agreeing to defer approximately $3.7 million in rent and related charges, and we granted rent abatements totaling approximately $1.3 million. These payment plans and rent abatements represented 0.9% and 0.3% of our wholly-owned portfolio’s annualized base rent (“ABR”), respectively, and the weighted-average term over which we expect to receive payment on executed payment plans is approximately eight months. For the three and nine months ended September 30, 2020, we had $5.2 million and $20.0 million, respectively, in billings that will not be recognized as revenue until cash is collected or the tenant resumes regular payments and/or is considered creditworthy. These amounts include the estimated impact of tenants who have filed for bankruptcy.
No single tenant comprised 10% or more of our aggregate ABR as of September 30, 2020. As of September 30, 2020, our real estate investments in Florida and California represented 12.3% and 10.6% of our ABR, respectively. As a result, the geographic concentration of our portfolio makes it particularly susceptible to adverse weather or economic events, including the impact of the COVID-19 pandemic, in the Florida and California real estate markets.
LesseeLease assets and liabilities, grouped by balance sheet line where they are recorded, consisted of the following as of September 30, 2020 and December 31, 2019 (in thousands):
Balance Sheet InformationBalance Sheet LocationSeptember 30, 2020December 31, 2019
ROU assets, net - operating leases(1)
Investment in Real Estate$3,895 $7,613 
ROU assets, net - operating and finance leasesOther Assets, Net1,998 2,111 
Operating lease liabilityAccounts Payable and Other Liabilities5,880 9,453 
Finance lease liabilityDebt Obligations, Net240 443 
(1)During the nine months ended September 30, 2020, one of our acquisitions was land upon which one of our shopping centers is situated that was previously subject to a ground lease in which the lessor controlled an option requiring us to purchase the land subject to the lease. Our valuation of the ROU asset and lease liability as of December 31, 2019 for this ground lease reflected the assumption that the lessor would exercise this option and that we would purchase the underlying land asset.

10


4. REAL ESTATE ACTIVITY
Property SalesThe following table summarizes our real estate disposition activity (dollars in thousands):
Nine Months Ended September 30,
20202019
Number of properties sold(1)
6 10 
Number of outparcels sold 1 
Proceeds from sale of real estate$48,276 $86,159 
Gain on sale of properties, net(2)
9,915 12,369 
(1)We retained certain outparcels of land associated with one of our property dispositions during the nine months ended September 30, 2020, and as a result, this property is still included in our total property count.
(2)The gain on sale of properties, net does not include miscellaneous write-off activity, which is also recorded in Gain on Disposal of Property, Net on the consolidated statements of operations.
Subsequent to September 30, 2020, we sold one outparcel for approximately $1.1 million.
Impairment of Real Estate Assets—During the three and nine months ended September 30, 2020, we did not recognize any impairment charges. During the three and nine months ended September 30, 2019, we recognized impairment charges totaling $35.7 million and $74.6 million, respectively. The impairments were associated with certain anticipated property dispositions where the net book value exceeded the estimated fair value. Our estimated fair value was based upon the contracted price to sell or the marketed price for disposition, less estimated costs to sell. We applied reasonable estimates and judgments in determining the amount of impairment recognized.
Acquisitions—During the nine months ended September 30, 2020, we acquired one property and two parcels of land for a total of $23.0 million. Both parcels of land are adjacent to shopping centers that we own. During the nine months ended September 30, 2019, we acquired one property and one outparcel for a total of $49.9 million.
The fair value and weighted-average useful life at acquisition for lease intangibles acquired as part of acquisitions in the nine months ended September 30, 2020 and 2019 are as follows (dollars in thousands, weighted-average useful life in years):
Nine Months Ended
September 30, 2020September 30, 2019
Fair ValueWeighted-Average Useful LifeFair ValueWeighted-Average Useful Life
In-place leases$1,682 16$4,736 11
Above-market leases120 5825 8
Below-market leases(1,882)26(2,097)16
Subsequent to September 30, 2020, we purchased one property for approximately $18.4 million.
11


5. OTHER ASSETS, NET
The following is a summary of Other Assets, Net outstanding as of September 30, 2020 and December 31, 2019, excluding amounts related to assets classified as held for sale (in thousands):
September 30, 2020December 31, 2019
Other assets, net:
Deferred leasing commissions and costs$40,465 $38,738 
Deferred financing expenses13,971 13,971 
Office equipment, ROU assets, and other21,772 19,430 
Corporate intangible assets4,883 4,883 
Total depreciable and amortizable assets81,091 77,022 
Accumulated depreciation and amortization(43,565)(35,055)
Net depreciable and amortizable assets37,526 41,967 
Accounts receivable, net(1)
50,384 46,125 
Accounts receivable - affiliates 622 728 
Deferred rent receivable32,179 29,291 
Derivative assets 2,728 
Prepaid expenses and other12,303 7,851 
Total other assets, net$133,014 $128,690 
(1)Net of $7.1 million and $6.9 million of general reserves for uncollectible amounts. Receivables that were removed for tenants considered to be non-creditworthy were $23.4 million and $6.9 million as of September 30, 2020 and December 31, 2019, respectively.

6. DEBT OBLIGATIONS
The following is a summary of the outstanding principal balances and interest rates, which include the effect of derivative financial instruments, for our debt obligations as of September 30, 2020 and December 31, 2019 (dollars in thousands):
   
Interest Rate(1)
September 30, 2020December 31, 2019
Revolving credit facility(2)
LIBOR + 1.40%
$ $ 
Term loans(3)
2.58% - 4.59%
1,622,500 1,652,500 
Secured loan facilities
3.35% - 3.52%
395,000 395,000 
Mortgages
3.45% -