Retail Opportunity Investments Corp. TRADED: NASDAQ: ROIC
11250 El Camino Real, Suite 200
San Diego, CA 92130
FOR IMMEDIATE RELEASE
Retail Opportunity Investments Corp. Reports
2021 First Quarter Results
San Diego, CA, April 27, 2021 - Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced today financial and operating results for the three months ended March 31, 2021.
▪$7.4 million of net income attributable to common stockholders ($0.06 per diluted share)
▪$31.0 million in Funds From Operations(1) ($0.24 per diluted share)
▪91.8% of total 1Q’21 billed base rent has been paid through 4/22/21
▪92.7% of April billed base rent has been paid through 4/26/21
▪96.9% portfolio lease rate at March 31, 2021 (positive net absorption since 12/31/20)
▪99.2% of total tenants are currently open, based on annualized base rent
▪293,441 square feet of leases executed (on par with pre-pandemic first quarter activity)
▪4.9% increase in same-space cash rents on new leases (3.2% increase on renewals)
▪5.6% decrease in same-center cash net operating income (1Q’21 vs. 1Q’20)
▪$34.2 million debt reduction (3/31/21 vs. 12/31/20)
▪$14.0 million outstanding balance on $600 million unsecured credit line at 3/31/21
▪$25.8 million property disposition (sold in April 2021)
▪$0.11 per share cash dividend declared
(1) A reconciliation of GAAP net income to Funds From Operations (FFO) is provided at the end of this press release.
Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, “During the first quarter, our grocery-anchored portfolio continued to perform well, as it has throughout the pandemic. We achieved positive net absorption, increasing our portfolio lease rate to 96.9%, and we again achieved rent growth with our leasing activity. Additionally, now that business restrictions are being lifted on the West Coast, our portfolio is steadily moving toward full, pre-pandemic operations again. Today, over 99% of our tenants are open and leasing activity across our portfolio is beginning to accelerate.” Tanz added, “Given our performance to date, and how our business is progressing, we are on track thus far to achieve our previously stated objectives for 2021.”
FINANCIAL RESULTS SUMMARY
For the three months ended March 31, 2021, GAAP net income attributable to common stockholders was $7.4 million, or $0.06 per diluted share, as compared to GAAP net income attributable to common stockholders of $12.0 million, or $0.10 per diluted share, for the three months ended March 31, 2020.
FFO for the first quarter of 2021 was $31.0 million, or $0.24 per diluted share, as compared to $37.4 million in FFO, or $0.29 per diluted share for the first quarter of 2020. ROIC reports FFO as a supplemental performance measure in
The following information was filed by Retail Opportunity Investments Partnership, Lp on Tuesday, April 27, 2021 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.