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
2018 Third Quarter Results
San Diego, CA, October 23, 2018 - Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced today financial and operating results for the three and nine months ended September 30, 2018.
▪$14.2 million of net income attributable to common stockholders ($0.12 per diluted share)
▪$35.1 million of Funds From Operations(1) ($0.28 per diluted share)
▪97.8% portfolio lease rate at September 30, 2018
▪17.1% increase in same-space comparative cash rents on new leases (8.6% on renewals)
▪2.5% increase in same-center cash net operating income (3Q’18 vs. 3Q’17)
▪$5.0 million redevelopment site acquired
▪$28.0 million shopping center disposition
▪$24.2 million of common equity raised through ATM program
▪$64.0 million debt reduction (9/30/18 vs. 6/30/18)
▪$0.1950 per share quarterly cash dividend paid
(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, “Demand for space across our portfolio remains robust and we continue to work hard at making the most of it. During the third quarter we increased our portfolio lease rate to a new record high for the company, and again achieved growth in same-center NOI and same-space releasing spreads.” Tanz added, “Along with advancing portfolio operations, we also strengthened our financial position, raising equity during the third quarter while retiring mortgage debt and reducing our credit line balance. We look forward to a solid finish to 2018.”
For the three months ended September 30, 2018, GAAP net income attributable to common stockholders was $14.2 million, or $0.12 per diluted share, as compared to GAAP net income attributable to common stockholders of $9.1 million, or $0.08 per diluted share, for the three months ended September 30, 2017. For the nine months ended September 30, 2018, GAAP net income attributable to common stockholders was $32.2 million, or $0.28 per diluted share, as compared to GAAP net income attributable to common stockholders of $27.6 million, or $0.25 per diluted share, for the nine months ended September 30, 2017.
The following information was filed by Retail Opportunity Investments Corp (ROIC) on Tuesday, October 23, 2018 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.