Phillips Edison & Company reported its third-quarter 2024 financial results, with Nareit FFO increasing by 12.5% to $81.6 million, or $0.60 per diluted share, compared to the third quarter of 2023. Core FFO also saw a 9.6% increase to $84.4 million, or $0.62 per diluted share, demonstrating strong operational performance despite a slight decrease in net income attributable to stockholders to $11.6 million.
The company's Same-Center Net Operating Income (NOI) grew by 3.2% to $107.7 million, reflecting the stability of its grocery-anchored portfolio. Leased portfolio occupancy remained high at 97.8% as of September 30, 2024, with comparable new lease spreads at 55.0% and renewal spreads at 19.8%, indicating strong demand and pricing power.
PECO also announced a significant increase in its full-year 2024 acquisitions guidance to a range of $275 million to $325 million, net of dispositions. This updated outlook, coupled with the successful pricing of $350 million in 4.950% senior notes due 2035 in September, underscores management's confidence in its growth strategy and financial capacity.
During the third quarter, Phillips Edison & Company acquired five shopping centers and two land parcels for a total of $95.7 million. These acquisitions are expected to drive future value through increased occupancy and rent growth, aligning with the company's disciplined approach to expanding its portfolio of necessity-based retail centers.
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