Retail Opportunity Investments Corp (ROIC) 10-Q Quarterly Report October 2018

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.

HIGHLIGHTS

▪$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

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⁽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.”

FINANCIAL SUMMARY

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.

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Inside Retail Opportunity Investments Corp's 10-Q Quarterly Report:

Financial - Shares Highlight
Most of the Companys leases require tenants to pay a share of operating expenses, including common area maintenance, real estate taxes, insurance and utilities, thereby reducing the Companys exposure to increases in costs and operating expenses resulting from inflation.

M & A - Other Highlight
New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from
Financial - Income Highlight
The Company believes cash NOI provides useful information to investors regarding the Companys financial condition and results of operations because it reflects only those cash income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the Companys properties as this measure is not affected by non-cash revenue and expense recognition items, the cost of the Companys funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to the Companys ownership of properties.
Other - Other Highlight
For the new leases and renewals that occurred during the nine months ended September 30, 2018, the Company has committed approximately $14.2 million and $613,000 in tenant improvements including building improvements and leasing commissions, respectively.
Financial - Expense Highlight
Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs.
M & A - Other
The Company recognizes the acquisition...Read more
Other - Other
The Company has committed approximately...Read more
Other - Other
The Company has committed approximately...Read more
Revenue - Product
Such provisions include clauses entitling...Read more
Financial - Dividend
increase in dividend and distribution...Read more
Financial - Cash Flow
During the nine months ended...Read more
Other - Other
During the three months ended...Read more
Other - Other
During the nine months ended...Read more
Financial - Income
Property operating income is used...Read more
Financial - Income
If ROICs cash available for...Read more
Revenue - Product
The sales price of $28.0...Read more
Revenue - Product
The sales price of $28.0...Read more
Other - Other
Borrowings under the credit facility...Read more
Financial - Expense
Land, buildings, property improvements, furniturefixtures...Read more
Other - Other
Effective September 8, 2017, the...Read more
Other - Other
Effective September 8, 2017, the...Read more
Financial - Expense
Depreciation and amortization expenses were...Read more
Financial - Expense
Depreciation and amortization expenses were...Read more
Other - Other
The excess of rents recognized...Read more
Financial - Expense
General and administrative expenses increased...Read more
Financial - Debt
Even with non-recourse indebtedness, however,...Read more
Financial - Debt
The Company is a well-known...Read more
Other - Other
While the Operating Partnership generally...Read more
M & A - Other
our ability to enter into...Read more
Financial - Debt
The analysis places particular emphasis...Read more
M & A - Other
Acquired lease intangible assets include...Read more
Financial - Expense
General and administrative expenses increase...Read more
Financial - Income
The property operating income for...Read more
Other - Other
In addition, the Company also...Read more
Other - Other
In addition, the Company also...Read more
Other - Other
Effective September 8, 2017, the...Read more
Other - Other
Effective September 8, 2017, the...Read more
M & A - Other
The Operating Partnership may use...Read more
Other - Other
The Term Loan Agreement also...Read more
Other - Other
The Term Loan Agreement also...Read more
Financial - Shares
During the three months and...Read more
Financial - Expense
Borrowings under the Term Loan...Read more
Financial - Cash Flow
During the nine months ended...Read more
M & A - Other
The Company expects to continue...Read more
Financial - Expense
The value of in-place leases...Read more
Other - Other
Borrowings under the credit facility...Read more
M & A - Other
The fair value of the...Read more
Financial - Expense
Cash NOI also excludes general...Read more
Other - Other
Borrowings under the term loan...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Retail Opportunity Investments Corp 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

Ticker: ROIC
CIK: 1407623
Form Type: 10-Q Quarterly Report
Accession Number: 0001407623-18-000017
Submitted to the SEC: Wed Oct 24 2018 12:44:02 PM EST
Accepted by the SEC: Wed Oct 24 2018
Period: Sunday, September 30, 2018
Industry: Real Estate Investment Trusts

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Retail Opportunity Investments Corp (ROIC) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

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