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Phillips Edison & Company Inc. (PECO-0.23%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, including a net income of $69.7 million, which represents an increase of $5.9 million from the previous year. This improvement is attributed to strong operating performance in the same-center portfolio and the impact of acquisition activities.
Rental income for the year was reported at $647.6 million, an increase of 8.4% from the previous year. This growth was driven by both the same-center portfolio and new acquisitions.
The company's operating expenses totaled $488.9 million, up 7.2% from the previous year, primarily due to increased property operating expenses and real estate taxes.
Phillips Edison & Company Inc. declared and paid monthly distributions of $0.0975 per common share and OP unit for the first eight months of 2024, increasing to $0.1025 per share for the remainder of the year.
The company acquired twelve properties and four outparcels during 2024 for a total investment of $296.3 million, adding to its portfolio of grocery-anchored shopping centers.
The company's total debt obligations as of December 31, 2024, were $2.1 billion, with a weighted-average interest rate of 4.3%.
Phillips Edison & Company Inc. maintains a strong balance sheet with a leverage profile that supports its investment-grade rating, and it continues to focus on growth through acquisitions and internal development projects.
The company has a revolving credit facility with a capacity of $800 million, of which $738.9 million was available as of the end of 2024.
Phillips Edison & Company Inc. continues to focus on its strategy of owning and operating grocery-anchored shopping centers, with 95.7% of its annualized base rent derived from such properties as of the end of 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Phillips Edison & Company Inc. annual 10-K report dated February 11, 2025. To report an error, please email earnings@qz.com.