Phillips Edison & Company announced that it completed over $300 million in acquisitions during 2024, surpassing the midpoint of its upwardly revised guidance range. This achievement reflects the company's ability to identify and secure high-quality assets within the shopping center sector.
For the twelve months ended December 31, 2024, PECO acquired 14 shopping centers and four land parcels for approximately $306 million, including its prorated share of joint venture assets. These investments are central to PECO’s long-term growth strategy, targeting an unlevered Internal Rate of Return (IRR) of 9%.
The fourth quarter of 2024 contributed five shopping centers to this total, acquired for $94.6 million. PECO plans to enhance the value of these newly acquired assets through occupancy increases, rent growth, and potential future development of ground-up outparcel retail spaces.
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