Phillips Edison & Company reported robust financial and operating results for the fourth quarter and full year ended December 31, 2024. For the full year, Nareit FFO increased by 8.1% to $323.8 million, or $2.37 per diluted share, while Core FFO grew by 6.8% to $331.8 million, or $2.43 per diluted share.
The company achieved a 3.8% increase in Same-Center Net Operating Income (NOI) for the full year 2024, reaching $430.4 million. Leased portfolio occupancy remained high at 97.7% as of year-end, with anchor occupancy at 99.1% and inline occupancy at 95.0%, reflecting strong tenant demand and effective property management.
Leasing activity remained strong, with 1,021 leases executed totaling 6.0 million square feet in 2024. Comparable rent spreads for the full year were 35.7% for new leases and 19.4% for renewal leases, demonstrating PECO's significant pricing power within its grocery-anchored portfolio.
PECO completed $305.7 million in acquisitions during 2024, adding 14 shopping centers and four land parcels to its portfolio. This included the acquisition of South Point Plaza through a new joint venture, Neighborhood Grocery Catalyst Fund LLC, further expanding its footprint in strategic markets.
The company's balance sheet remained strong, with net debt to annualized adjusted EBITDAre improving to 5.0x as of December 31, 2024. PECO also provided its 2025 guidance, projecting Same-Center NOI growth between 3.1% and 3.6%, and anticipating mid-to-high single-digit Core FFO per share growth, reflecting confidence in continued operational momentum.
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