Form 4: CFO John Caulfield's Equity Grant and Conversions

Phillips Edison & Company's CFO, John P. Caulfield, reported the grant of Class B Units and subsequent conversions to OP Units and underlying common stock.

Summary

• John P. Caulfield, CFO, EVP & Treasurer of Phillips Edison & Company, Inc. (PECO), reported transactions on March 1, 2026, made pursuant to a Rule 10b5-1 plan.
• Received a grant of 12,016 Class B Units of limited partnership interests in Phillips Edison Grocery Center Operating Partnership I, L.P. (PECO OP), which vest in four equal annual installments.
• Multiple conversions of Class B Units to OP Units and OP Units to underlying Common Stock occurred.
• Specifically, 1,134, 1,962, 2,535, and 2,957 Class B Units were converted into an equal number of OP Units.
• Additionally, 8,588 OP Units and 838.883 OP Units (resulting from a prior Class B Unit conversion) were converted into an equal number of underlying Common Stock.
• Following these transactions, Mr. Caulfield's direct beneficial ownership includes 12,016 Class B Units (from the new grant), 1,963 Class B Units (vesting March 1, 2027), 5,069 Class B Units (vesting March 1, 2027 and March 1, 2028), 8,871 Class B Units (vesting March 1, 2027, March 1, 2028, and March 1, 2029), 92,252.022 OP Units, and 93,090.905 OP Units.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral to slightly positive event, reflecting routine executive compensation and alignment of interests, without indicating any significant operational changes or financial performance shifts.

Positives

• The grant of 12,016 Class B Units indicates continued long-term incentive alignment for a key executive.
• The conversions of Class B Units to OP Units and OP Units to underlying common stock represent the routine vesting and realization of previously granted equity compensation.
• The transactions were made pursuant to a Rule 10b5-1 plan, indicating pre-scheduled, non-discretionary transactions.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that equity grants and conversions are standard practices in executive compensation within the REIT sector, aligning management's interests with long-term shareholder value.

Stakeholder Impact

• Shareholders: The grant of Class B Units aligns the interests of CFO John P. Caulfield with long-term shareholder value through equity ownership.
• Employees: The long-term incentive plan encourages executive retention and performance.

Next Steps

• Future vesting of Class B Units on March 1, 2027, March 1, 2028, and March 1, 2029, subject to continued service.

Key Dates

Recommendation

The filing details routine executive equity compensation grants and conversions, which are standard practice and do not provide new fundamental information to alter an investment thesis. It reinforces management's alignment with long-term company performance.

Keywords

Phillips Edison & Company, PECO, Form 4, Insider Transaction, Equity Compensation, Class B Units, OP Units, John P. Caulfield, CFO, Executive Compensation, Real Estate Investment Trust, REIT