Phillips Edison & Company, Inc. (NASDAQ:PECO) shares are up after a slight dip in premarket trading on Wednesday following the announcement of its transaction activity for the quarter ending Dec. 31.
In his commentary, Phillips Edison CEO Jeff Edison noted that the company completed over $300 million in acquisitions during 2024.
Edison highlighted that these acquisitions align with the company's long-term growth strategy. He remains focused on achieving an internal rate of return (IRR) of 9%.
In the fourth quarter of 2024, Phillips Edison acquired four shopping centers: Shops at Cross Creek (24,188 sq. ft.) in Houston, Harpers Station (229,060 sq. ft.) in Cincinnati, Lakeland Village Center (83,542 sq. ft.) in Houston, and Northpark Plaza (52,192 sq. ft.) in Denver.
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The company plans to drive value by increasing occupancy and rent growth, with potential future development opportunities for outparcel retail spaces.
Notably, there were no dispositions during the quarter.
For the full year 2024, Phillips Edison acquired 14 shopping centers and four land parcels for about $306 million, exceeding its acquisition target.
According to Benzinga Pro, Phillips Edison stock has gained over 0.8% in the past year. Investors can gain exposure to the stock via Harbor Human Capital Factor US Small Cap ETF (NYSE:HAPS).
Price Action: Phillips Edison shares are trading higher by 1.34% at last check Wednesday.
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