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Retail Opportunity Investments Partnership, Lp (1577230) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Retail Opportunity Investments Partnersh

CIK: 1577230


Retail Opportunity Investments Corp.                 TRADED: NASDAQ: ROIC
11250 El Camino Real, Suite 200
San Diego, CA 92130        

FOR IMMEDIATE RELEASE
Tuesday, April 27, 2021

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.

HIGHLIGHTS
$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.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statement Of Equity
Consolidated Statement Of Equity (Parentheticals)
Consolidated Statement Of Partners' Capital
Consolidated Statement Of Partners' Capital (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income
Capital Of The Operating Partnership
Capital Of The Operating Partnership (Details Textual)
Commitments And Contingencies
Commitments And Contingencies (Details Textual)
Commitments And Contingencies (Future Minimum Annual Lease Payments Under Operating Leases) (Details)
Commitments And Contingencies (Tables)
Common Stock Of Roic
Common Stock Of Roic (Details Textual)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Of Financial Instruments (Balance Sheet Classification) (Details)
Fair Value Of Financial Instruments (Details Textual)
Fair Value Of Financial Instruments (Interest Rate Swaps) (Details)
Fair Value Of Financial Instruments (Location Of Gain Or Loss On Interest Rate Derivatives Designated As Cash Flow Hedges) (Details)
Fair Value Of Financial Instruments (Tables)
Mortgage Notes Payable, Credit Facilities And Senior Notes
Mortgage Notes Payable, Credit Facilities And Senior Notes (Carrying Value Of Debt) (Details)
Mortgage Notes Payable, Credit Facilities And Senior Notes (Details Textual)
Mortgage Notes Payable, Credit Facilities And Senior Notes (Mortgage Notes Based On Their Respective Properties) (Details)
Mortgage Notes Payable, Credit Facilities And Senior Notes (Tables)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Details Textual)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Reconciliation Between Basic And Diluted Eps) (Details)
Organization, Basis Of Presentation And Summary Of Significant Accounting Policies (Tables)
Preferred Stock Of Roic
Preferred Stock Of Roic (Details Textual)
Related Party Transactions
Related Party Transactions (Details Textual)
Stock Compensation For Roic
Stock Compensation For Roic (Details Textual)
Stock Compensation For Roic (Status Of Non-Vested Restricted Stock Awards) (Details)
Stock Compensation For Roic (Tables)
Subsequent Events
Subsequent Events (Details Textual)
Tenant Leases
Tenant Leases (Tables)
Tenant Leases Minimum Future Rentals To Be Received Under Non-Cancellable Leases (Details)

Material Contracts, Statements, Certifications & more

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

CIK: 1577230
Form Type: 10-Q Quarterly Report
Accession Number: 0001407623-21-000056
Submitted to the SEC: Wed Apr 28 2021 1:51:22 PM EST
Accepted by the SEC: Wed Apr 28 2021
Period: Wednesday, March 31, 2021
Industry: Real Estate Investment Trusts

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