Dan Guglielmone
Executive Vice President, Chief Financial Officer, and Treasurer at Federal Realty Investment Trust
Thank you. Thank you, Don, and hello, everyone. Our reported NAREIT FFO per share of $6.77 for the year and $1.73 for the 4th-quarter reflect the $0.04 one-time charge for Jeff's departure. Excluding the charge, our FFO growth was 4% and roughly 8% for the full-year and 4th-quarter, respectively. POI was up 5.4% for the full-year and 6.8% for the 4th-quarter. We finished 2024 with momentum. The primary drivers for the solid performance in '24. First, POI growth in our comparable portfolio with the primary catalyst being occupancy increases from continued strength in tenant demand as both leased and occupied metrics increased 2190 190 basis-points respectively over year-end 2023 levels.
As well as solid rollover of 11% on a cash basis and sector-leading contractual rent bumps of roughly 2.5% blended anchor and small-shop. Second, contributions from our redevelopment and expansion pipeline with Huntington, Commons, 915 Meeting Street and Lawrence Park approaching stabilization over the year, driving an incremental $12 million of POI, the upper-end of our range. And strong performance by the $1.4 billion of gross assets we've acquired since mid-2022, where performance almost across-the-board has exceeded underwriting, but in particular at the shops at Fembro Gardens in Florida and Kingstown Town Center in Virginia.
This was primarily offset by upward pressure on property-level expense margins and higher interest expense relative to 2023. Comparable POI growth excluding prior-period rent and term fees came in at 4.2% during the 4th-quarter and averaged 3.4% for the year. Comparable min rents grew 4% in the 4th-quarter and 3.4% for the year. Our residential portfolio was a source of strength in 2024. Same-store residential POI growth was 5% and when including Commons, which continues to outperform, it was 7%. The value proposition of providing a premium residential offering on-top of an attractive retail amenity base is driving outperformance across our targeted residential portfolio. Thank you. Additionally, in 2024, we opportunistically acquired almost $300 million in high-quality retail assets during the year at a blended initial yields in the low-to mid-7s and unlevered IRRs in the mid to-high 8s. When you include the asset that we put under contract during the 4th-quarter, that's over $400 million. Hopefully more to discuss as the year progresses. We continue to seek new undermanaged and under-capitalized properties to add to the portfolio.
On the development, redevelopment and expansion front with the stabilization of a number of redevelopment projects to close-out the year, including Darry and Commons in Connecticut and Lawrence Park in Philly, our in-process pipeline now stands at approximately $785 million with just $230 million remaining to spend. With the addition of a residential over retail project in and the retail redevelopment at in Philly, we continue to mine opportunities across our portfolio and deploy capital accretively on an external basis to drive future FFO growth. Additional opportunities are under consideration, which likely will be added to the pipeline over the course of '25 and into '26., now to the balance sheet and an update on our liquidity position. Our financial flexibility continues to expand as improvement in our leverage metrics accelerated over the course of 2024.
We are leaning on opportunistic equity issuance on our ATM program to fund accretive acquisitions, targeted asset sales and a growing free-cash flow component, which has allowed us to improve our leverage metrics meaningfully. Our 4th-quarter annualized adjusted net-debt to EBITDA stands at 5.5 times, down from 6.6 times as-reported on this call last year. At that time, we forecasted this metric to hit our targeted level of 5.5 times in 2025, we've been able to get it done in 2024. Fixed-charge coverage now stands at 3.8 times, up from 3.5 times at this time last year. We expect this metric to continue to improve toward our four times target over the course of the balance over the course of '25. Our liquidity stood north of $1.4 billion at year-end with an undrawn $1.25 billion unsecured credit facility and $178 million of combined cash and undrawn forward equity. Plus we have no material debt maturities this year. Now on to guidance.
For 2025, we are introducing an FFO per share forecast of $7.10 to $7.22 per share. This represents about 5.8% growth at the midpoint of $7.16 and roughly 5% and 7% at the low and high-ends of the range. This is driven by comparable POI growth of 3% to 4%, 3.5% at the midpoint. Add an additional 40 basis-points to that range when you exclude COVID-era prior-period rents and term fees. This assumes occupancy levels continue to grow from the current level of 94.1% at 12/31 up towards 95% by year-end 2025, although expect a step-back in the first-quarter due to the typical seasonality pullback post holidays. We will have net drag of roughly $0.10 to $0.11 from 1 as we cease capitalization of interest expense at the property in the second-quarter. This is simply a timing delay. The full benefit of $0.12 to $0.14 from this currently 82% committed building is expected to flow directly to the bottom-line, but not meaningfully until 2026 as we begin to then recognize rents having said that, we do expect $0.14 to $0.15 of benefit from revenues earned through new market tax credits associated with our Freedom Plaza shopping center.
The combination of these tax credit revenues at plus $0.14 to $0.15 with net timing drag in '25 from Santana West of minus $0.10 to $0.11 and the widen down of prior-period rents of minus $0.03 to $0.04 fully offset each other, which normalizes our 2025 defined FFO growth and we expect positive FFO growth off this pace into 2026. Other assumptions to our 2025 guidance include, one, incremental POI contributions from our development and expansion pipeline of $3.5 million to $3 million to $5 -- $3 million to $5 million. And capitalized interest for 2025 estimated at $12 million to $14 million, down from $20 million in 2024. Both of these two assumptions reflect the aforementioned timing impact from Santana West. We forecast $175 million to $225 million of spend this year-on redevelopment and expansions at our existing properties.
G&A is forecast in the $45 million to $48 million range for the year. Term fees will be $4 million to $5 million, largely in-line with 2024 and the aforementioned $3 million of lower prior-period collections as we expect a de-minimis amount in 2025. We have assumed a total credit reserve of roughly 75 to 100 basis-points in '25, given limited exposure to bankrupt tenants. But more in-line with historical averages and a normalized cycle of tenant risk in the retailing sector. As-is our custom, this guidance does not reflect any acquisitions or dispositions in 2025 except a $123.5 million Northern California acquisition under contract, which we expect to close later this month. We will adjust likely upwards for all other acquisitions and dispositions as we go. Please see a summary of this detailed guidance in our 8-K on Page 27 of our -- of our supplement. With respect to quarterly FFO cadence for 2025, the first-quarter will start with a range of $167 to $170. Second-quarter was $171 to $1.74, 3rd-quarter $190 to 193 and the 4th-quarter at 182 to 185. Our cadence for comparable growth will start slow in the first-quarter in the mid twos and improve sequentially over the course of the year.
And with that, operator, please open the line for questions.
