NEW YORK, Nov. 08, 2024 (GLOBE NEWSWIRE) -- Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered money for shareholders and is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating Retail Opportunity Investments Corp. (Nasdaq: ROIC), relating to its proposed merger with Blackstone. Under the terms of the agreement, Blackstone Real Estate Partners X will acquire all ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number 001-33749 RETAIL OPPORTUNITY INVESTMENTS CORP. RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP (Exact name of registrant as specifie ...

Group 1 - Retail Opportunity Investments (ROIC) reported quarterly funds from operations (FFO) of $0.25 per share, missing the Zacks Consensus Estimate of $0.26 per share, and down from $0.27 per share a year ago, representing an FFO surprise of -3.85% [1] - The company posted revenues of $83.48 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.25%, and up from $81.75 million year-over-year [1] - Over the last four quarters, Retail Opportunity Investments has surpassed consensus revenue estimates four times, but has only exceeded consensus FFO estimates once [1] Group 2 - The stock has added about 12% since the beginning of the year, compared to the S&P 500's gain of 22.7% [2] - The future price movement of the stock will depend on management's commentary on the earnings call and the company's FFO outlook [2][3] - The current consensus FFO estimate for the coming quarter is $0.26 on $83.25 million in revenues, and $1.05 on $334.35 million in revenues for the current fiscal year [4] Group 3 - The Zacks Industry Rank for REIT and Equity Trust - Retail is currently in the top 18% of over 250 Zacks industries, indicating a favorable outlook for the industry [5] - Kite Realty Group, another stock in the same industry, is expected to report quarterly earnings of $0.51 per share, with revenues projected to be $210.39 million, up 1.5% from the year-ago quarter [5]

Core Insights - Retail Opportunity Investments Corp. (ROIC) reported strong financial results for Q3 and the first nine months of 2024, with significant increases in net income and leasing activity [2][3][4] Financial Performance - Net income attributable to common stockholders for Q3 2024 was $32.1 million, or $0.25 per diluted share, compared to $8.4 million, or $0.07 per diluted share in Q3 2023 [3][4] - Funds From Operations (FFO) for Q3 2024 was $33.2 million, or $0.25 per diluted share, down from $36.0 million, or $0.27 per diluted share in Q3 2023 [4] - For the first nine months of 2024, GAAP net income was $50.5 million, or $0.39 per diluted share, compared to $26.5 million, or $0.21 per diluted share in the same period of 2023 [3][4] Leasing Activity - ROIC achieved 450,623 square feet of leasing activity in Q3 2024, marking the most active quarter year-to-date, with a total of 1.2 million square feet leased year-to-date [2][3] - The portfolio lease rate was 97.1% as of September 30, 2024, with a 98.0% anchor lease rate and a 96.0% non-anchor lease rate [2][3] Rent Growth - There was a 13.8% increase in same-space cash base rents on new leases in Q3 2024, and a 7.0% increase on renewals [2][3] - For the first nine months of 2024, same-center cash net operating income (NOI) increased by 1.5% compared to the same period in 2023 [4][19] Dispositions and Acquisitions - ROIC sold properties totaling $68.8 million in Q3 2024, realizing a $26.7 million gain on sale of real estate [2][6] - The company has been actively recycling investment capital, with $70.1 million in acquisitions year-to-date [3] Debt and Dividends - As of September 30, 2024, ROIC had a net principal debt-to-annualized EBITDA ratio of 6.3x, down from 6.4x in Q3 2023 [2][5] - A cash dividend of $0.15 per share was declared on October 22, 2024, payable on January 10, 2025 [8] Guidance - ROIC updated its guidance for 2024, estimating GAAP net income to be in the range of $0.45 to $0.47 per diluted share, and FFO to be between $1.03 and $1.05 per diluted share [9]

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Core Viewpoint - The outlook for Retail Opportunity Investments Corp. (ROIC) is generally positive due to steady demand and constrained supply in the shopping center market, but past performance indicates a deceleration in growth, leading to a recommendation to wait for a better price level before investing [1][5]. Portfolio and Outlook - ROIC's portfolio includes 94 properties totaling 10.7 million square feet, primarily concentrated in California, particularly Los Angeles [2]. - Essential and e-commerce-resistant retailers make up 82% of the company's annual base rent (ABR), indicating a strong industry exposure despite geographical concentration [2]. - The top tenant accounts for 5.5% of ABR, with reliance on subsequent tenants diminishing to approximately 1.5%, showcasing a diversified tenant base [3]. - More than half of ROIC's leases are set to expire in the next four years, allowing for potential internal growth through rate increases [3]. - The company has consistently re-leased space at double-digit spreads over the past five years, with an occupancy rate maintained above 97% [3]. Performance - In 2023, ROIC reported a 22% spread on new leases and 7% on renewals, with an occupancy rate of 97.7% [5]. - Same-center net operating income (NOI) increased by 3.68% to $211 million, but funds from operations (FFO) decreased by 3.04% [5]. - By Q2 2024, the spread for new leases dropped to 12% and renewals to 6%, with occupancy at 97%, reflecting a decline from previous levels [5]. - Same-center NOI growth slowed to 1.73%, and FFO decreased by 4.25% [5]. - Management guidance for 2024 indicates same-center NOI growth of only 1% to 2%, with potential FFO decline [5]. Leverage & Liquidity - ROIC has a solid balance sheet, with debt financing 41% of its assets and only 2.3% of the debt secured [6]. - 85% of the debt is fixed-rate, with a debt/EBITDA ratio of 6.6x and interest coverage at 2.7x, indicating good liquidity [7]. - The company has $438 million in available liquidity, making upcoming maturities manageable [7]. Dividend & Valuation - ROIC pays a quarterly dividend of $0.15 per share, yielding 3.75%, with a payout ratio of 57.69% [7]. - The forward FFO yield is 6.51%, but the stock price has risen over 20% due to acquisition talks with Blackstone, leading to concerns about valuation [7]. - The stock is trading at a 15.38x FFO multiple, above the retail REIT average of 14.8x, and at a 14.39% premium to net asset value (NAV) [7].

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Financial Data and Key Metrics Changes - For Q2 2024, the company reported total revenues of $83 million and operating income of $28 million, while for the first six months, total revenues were $169 million and operating income was $58 million [2] - GAAP net income attributable to common shareholders for Q2 2024 was $7.4 million, or $0.06 per diluted share, and for the first six months, it was $18.4 million, or $0.14 per diluted share [4] - Funds from operations (FFO) for Q2 2024 totaled $34.1 million, equating to $0.25 per diluted share, and for the first six months, FFO totaled $72.1 million, or $0.54 per diluted share [5] - Same center cash basis net operating income (NOI) increased by 1.7% in Q2 and 3.7% for the first half of the year, exceeding the full-year guidance range of 1% to 2% [3] Business Line Data and Key Metrics Changes - The company leased 393,000 square feet in Q2, marking the second most active second quarter on record, with 40 new leases totaling 117,000 square feet and a 12% increase in same space base rent [12] - The portfolio lease rate increased to 97% as of June 30, with shop space at 96% leased and anchor space at 98% leased [13] - New leases signed during Q2 added over $2.5 million of incremental annual base rent, bringing the total incremental rent from new leases to approximately $7.3 million as of June 30 [14] Market Data and Key Metrics Changes - Demand for space across the portfolio remains strong, particularly from destination tenants in sectors such as fitness, wellness, and restaurants [8][9] - The company is focusing on expanding in select markets on the West Coast, where it has a strong presence [10] Company Strategy and Development Direction - The company plans to enhance the value and cash flow of its properties by improving tenant mix and releasing below-market spaces [20] - The acquisition market is currently muted due to interest rate uncertainties, but the company anticipates a potential pickup in acquisition activity in 2025 if interest rates decline [26][41] - The company is focusing on growth opportunities within its core portfolio, particularly with upcoming anchor lease maturities that are significantly below market [35] Management's Comments on Operating Environment and Future Outlook - Management noted that the tenant base continues to perform well, with receivables consistent with historical averages, and minimal exposure to tenants in distress [30] - The company expects same-store NOI growth to be stronger in 2025 compared to 2024, driven by the leasing of spaces that have recently become available [50] - Management expressed optimism about the long-term strength of the grocery-anchored, necessity-based portfolio in affluent markets [35][98] Other Important Information - The company retired a $26 million mortgage during Q2, leaving only one remaining mortgage of $34 million, with 94 of 95 shopping centers unencumbered [6] - The company aims to refinance $250 million of senior notes maturing in December through a long-term public bond offering [7] Q&A Session Summary Question: What is the outlook for net investment activity given the uncertainty around interest rates? - Management indicated that timing is a factor, with sellers reluctant to transact due to the current interest rate environment, but they hope for increased acquisition activity in 2025 if rates decline [26] Question: How does the lower level of net investment activity impact guidance? - The company adjusted its guidance downward, noting that for every $100 million of net investment activity, it adds about a penny of FFO, and with no acquisition activity assumed for the remainder of the year, the high end of guidance was pulled down [28] Question: What is the health of the tenant base today compared to three months ago? - The tenant base continues to perform well, with consistent receivables and minimal impact from tenants in distress [30] Question: Any updates on the Kohl's backfill at Fallbrook? - The company signed leases totaling about 45,000 square feet, with ongoing discussions for the largest space of 115,000 square feet [31] Question: What is the status of the anchor leasing opportunities? - Management noted that many maturing anchor tenants do not have renewal options, presenting significant mark-to-market opportunities [35] Question: How does the company view the impact of recent store closures in the industry? - Management stated that they have very little exposure to affected tenants and are actively working on backfilling spaces [61][68]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Maryland (Retail Opportunity Investments Corp.) 26-0500600 (Retail Opportunity Investments Corp.) Delaware (Retail Opportunity Investments Partnership, LP) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Com ...

This quarterly report represents an FFO surprise of -3.85%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.26 per share when it actually produced FFO of $0.28, delivering a surprise of 7.69%. Ahead of this earnings release, the estimate revisions trend for Retail Opportunity Investments: unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks ...