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Market Environment

FAVORABLE SUPPLY AND DEMAND CONDITIONS

We believe that macro market conditions are favorable for Phillips Edison Grocery Center REIT III to invest in the grocery-anchored shopping center business, including:
•    New supply of shopping center real estate remains well below the historical average
•    Occupancy in existing centers continues to improve, allowing us to drive rents
•    Availability of shopping center properties to acquire is sufficient to enable us to be very selective while still achieving pricing objectives