Retail Opportunity Investments Partnership, Lp 10-Q Quarterly Report Tue Oct 27 2020

San Diego, CA, October 26, 2020 – Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced today financial and operating results for the three and nine months ended September 30, 2020.

HIGHLIGHTS

▪$6.5 million of net income attributable to common stockholders for 3Q‘20 ($0.06 per diluted share)

▪$31.6 million of Funds From Operations (FFO)⁽¹⁾ for 3Q‘20 ($0.25 per diluted share)

▪88.7% of total 3Q‘20 billed base rent has been paid to date

▪96.8% portfolio lease rate at September 30, 2020

▪94.8% of total tenants are currently open, based on annualized base rent (ABR)

▪441,148 square feet of leases executed in 3Q‘20 (comparable to pre-pandemic leasing volume)

▪12.2% increase in same-space comparative cash rents on new leases in 3Q‘20 (11.6% on renewals)

▪3.5% decrease in same-center cash net operating income (3Q‘20 vs. 3Q‘19)

▪$130.0 million liquidity borrowing repaid in full

▪$49.1 million of operational cash flow conserved since 1Q‘20

▪$62.2 million in cash & cash equivalents currently

▪Awarded investment grade rating from Fitch Ratings, Inc.

▪Quarterly cash dividend expected to be reinstated starting in 1Q‘21

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⁽¹⁾ A reconciliation of GAAP net income to FFO is provided at the end of this press release.

Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, “Our business, portfolio and tenants continue to exhibit remarkable resiliency. Notwithstanding ongoing state safeguards on the West Coast, that continue to limit operational capacity for a number of businesses, consumer activity across our grocery-anchored shopping center portfolio is strong. Accordingly, demand for space from a broad range of retailers has ramped up considerably. Our leasing activity during the third quarter totaled over 441,000 square feet, which is close to a new record in terms of our historical third quarter leasing activity. Additionally, we achieved double-digit rent growth on both new leases signed during the quarter and renewals.” Tanz added, “We intend to continue making the most of the demand, along with working diligently and collaboratively with existing tenants toward returning to full operations, with the goal of achieving a solid finish to 2020.”

The following information was filed by Retail Opportunity Investments Partnership, Lp on Monday, October 26, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Retail Opportunity Investments Partnership, Lp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

CIK: 1577230
Form Type: 10-Q Quarterly Report
Accession Number: 0001407623-20-000068
Submitted to the SEC: Tue Oct 27 2020 1:35:47 PM EST
Accepted by the SEC: Tue Oct 27 2020
Period: Wednesday, September 30, 2020
Industry: Real Estate Investment Trusts

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