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Retail Opportunity Investments
Retail Opportunity Investments (ROIC) investor relations material
Retail Opportunity Investments has been acquired by Blackstone Inc
Retail Opportunity Investments Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary23 Oct, 2024
Executive summary
Portfolio lease rate was 97.1% as of September 30, 2024, with over 1.2 million sq ft leased year-to-date and robust tenant demand across grocery-anchored centers.
Net income attributable to common stockholders was $32.1M ($0.25/share) for Q3 2024, up from $8.4M ($0.07/share) in Q3 2023, driven by a $26.7M gain on real estate sales.
Portfolio comprised 93–94 grocery-anchored shopping centers totaling 10.5–10.6 million sq ft on the West Coast, with major tenants including Albertsons, Kroger, Trader Joe's, and Safeway.
Two property sales in Q3 2024 generated $68.8M–$69M, with a $26.7M gain, and one acquisition for $70M–$71M, supporting capital recycling.
Largest publicly traded West Coast-focused grocery-anchored shopping center REIT, maintaining investment-grade credit ratings.
Financial highlights
Q3 2024 total revenues were $83.5M, up from $81.7M in Q3 2023; nine-month revenues reached $252.1M, up from $243.1M year-over-year.
Q3 2024 net income was $32.1M, up from $8.4M in Q3 2023; nine-month net income was $50.5M, up from $26.5M.
Funds from Operations (FFO) for Q3 2024 was $33.2M ($0.25/share), compared to $36.0M ($0.27–$0.28/share) in Q3 2023; nine-month FFO was $105.3M ($0.78/share), nearly flat year-over-year.
Same-center cash NOI for Q3 2024 was $54.3M, down 2.1% year-over-year; nine-month same-center cash NOI was $163.3M, up 1.5%.
Q3 2024 dividend per share was $0.15, unchanged from Q3 2023.
Outlook and guidance
2024 GAAP net income guidance is $0.45–$0.47 per diluted share; FFO guidance is $1.03–$1.05 per diluted share.
Same-center NOI growth for 2024 projected at 1%–2% year-over-year, with expectations for stronger growth in 2025 as new anchors take occupancy.
Management expects to meet all liquidity needs through operating cash flows, debt refinancings, asset sales, and available credit.
Portfolio remains 97.1% leased, with strong tenant demand and robust leasing activity.
Refinancing of $250M in senior notes maturing in December is planned, with expected pricing in the mid-5.5% range.
Future capital recycling cap rate spread expectations?
Fallbrook new tenant rent commencement timing?
All-in cost expectation for debt refinancing?
Explain the drivers behind NOI decrease.
Detail capital recycling program activity.
What are the assumptions for 2024 guidance?
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Frequently asked questions
Retail Opportunity Investments Corp is a real estate investment trust (REIT) focused on the ownership and management of grocery-anchored shopping centers. Its portfolio is concentrated in densely populated, supply-constrained markets along the West Coast of the United States. The company targets necessity-based retail tenants and long-term occupancy. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
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