[Q1 2024 Performance and Outlook](index=1&type=section&id=Retail%20Opportunity%20Investments%20Corp.%20Reports%202024%20First%20Quarter%20Results) [Highlights](index=1&type=section&id=HIGHLIGHTS) ROIC reported strong Q1 2024 results with increased net income and FFO, reaffirmed guidance, and robust same-center cash NOI growth Q1 2024 Key Performance Indicators | Metric | Value | | :--- | :--- | | Net Income (Common Stockholders) | $11.0 million ($0.09/share) | | Funds From Operations (FFO) | $37.9 million ($0.28/share) | | 2024 FFO Guidance (reaffirmed) | $1.03 - $1.09 per diluted share | | Same-Center Cash NOI Increase (YoY) | 5.7% | | Portfolio Lease Rate (as of 3/31/24) | 96.4% | | New/Renewed Leases (Q1'24) | 383,293 sq. ft. | | Same-Space Cash Base Rent Increase (New) | 12.2% | | Same-Space Cash Base Rent Increase (Renewals) | 6.7% | | Net Debt-to-Annualized EBITDA Ratio | 6.4x | [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Stuart A. Tanz highlighted a solid start to 2024, emphasizing strong demand for portfolio space and active capital recycling - Demand for space remains strong, particularly for anchor locations, with **207,172 square feet** of anchor renewals completed in Q1[3](index=3&type=chunk) - All available anchor space is currently spoken for by new national tenants[3](index=3&type=chunk) - The company is engaged in capital recycling, with **$68.2 million** in property dispositions under contract and a recent **$70.1 million** acquisition in the San Diego market[3](index=3&type=chunk) [Financial Performance](index=1&type=section&id=FINANCIAL%20SUMMARY) ROIC reported increased Q1 2024 GAAP net income and FFO, with same-center net operating income growing by **5.7%** Q1 Financial Results Comparison (YoY, in millions, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | GAAP Net Income (to common) | $11.0 ($0.09/share) | $8.1 ($0.06/share) | | Funds From Operations (FFO) | $37.9 ($0.28/share) | $33.8 ($0.25/share) | | Same-Center NOI | $55.6 | $52.6 | - Non-cash rental revenue amortization increased to **$6.7 million** in Q1 2024 from **$2.9 million** in Q1 2023, largely due to an anchor space lease expiration[7](index=7&type=chunk) [Capital Management and Debt Profile](index=2&type=section&id=Capital%20Management%20and%20Debt%20Profile) ROIC maintained a strong balance sheet with **$1.4 billion** in principal debt, 91.4% fixed-rate, and an improved net debt-to-annualized EBITDA ratio Debt Profile as of March 31, 2024 | Metric | Value | | :--- | :--- | | Total Principal Debt | ~$1.4 billion | | Unsecured Debt | ~$1.3 billion | | Fixed-Rate Debt Percentage | 91.4% | | Net Debt-to-Annualized EBITDA | 6.4x | - In April 2024, the company retired a **$26.0 million** mortgage, reducing its outstanding mortgage loans to one, totaling **$33.8 million**[9](index=9&type=chunk) [Portfolio and Leasing Activity](index=2&type=section&id=Portfolio%20and%20Leasing%20Activity) ROIC actively managed its portfolio through acquisitions and dispositions, maintaining a high lease rate and achieving strong rent increases [Acquisitions and Dispositions](index=2&type=section&id=ACQUISITION%20%26%20DISPOSITION%20SUMMARY) ROIC acquired a **$70.1 million** dual supermarket-anchored property and has agreements to sell two properties for **$68.2 million** - Acquired Bressi Ranch Village Center for **$70.1 million** in April 2024, anchored by Trader Joe's and Stater Brothers Supermarket[12](index=12&type=chunk) - The company currently has two properties under contract to be sold for a total of **$68.2 million**[13](index=13&type=chunk) [Leasing Operations](index=2&type=section&id=PROPERTY%20OPERATIONS%20SUMMARY) ROIC's portfolio was **96.4%** leased at Q1 2024, with 87 leases executed, resulting in strong cash base rent increases - The portfolio lease rate was **96.4%** at March 31, 2024[15](index=15&type=chunk) Q1 2024 Leasing Activity | Lease Type | Number of Leases | Total Square Feet (sq. ft.) | Same-Space Rent Increase (%) | | :--- | :--- | :--- | :--- | | New Leases | 26 | 43,968 | 12.2 | | Renewed Leases | 61 | 339,325 | 6.7 | | **Total** | **87** | **383,293** | **N/A** | [Corporate and Shareholder Information](index=2&type=section&id=Corporate%20and%20Shareholder%20Information) ROIC received the 2024 Green Lease Leader award for the fourth consecutive year and declared a quarterly cash dividend of **$0.15** per share [Environmental Recognition](index=2&type=section&id=ENVIRONMENTAL%20ACCOLADE) ROIC was recognized as a 'Gold' level 2024 Green Lease Leader for the fourth consecutive year, highlighting its commitment to sustainability - Awarded 'Gold' level 2024 Green Lease Leader by the U.S. Department of Energy's Better Buildings Alliance and the Institute for Market Transformation[17](index=17&type=chunk) - This marks the fourth consecutive year ROIC has received this recognition for its collaboration with tenants on environmental issues[17](index=17&type=chunk) [Dividend Summary](index=2&type=section&id=DIVIDEND%20SUMMARY) The Board of Directors declared a cash dividend of **$0.15** per share, payable on July 10, 2024 - A cash dividend of **$0.15** per share was declared by the Board[19](index=19&type=chunk) - The dividend is payable on July 10, 2024, to stockholders of record on June 14, 2024[19](index=19&type=chunk) [Financial Statements and Reconciliations](index=4&type=section&id=Financial%20Statements%20and%20Reconciliations) [Consolidated Balance Sheets](index=4&type=section&id=RETAIL%20OPPORTUNITY%20INVESTMENTS%20CORP.%20Consolidated%20Balance%20Sheets) As of March 31, 2024, ROIC's balance sheet shows total assets of **$2.97 billion**, stable liabilities, and **$1.35 billion** in total equity Key Balance Sheet Items (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Real Estate Investments, net | $2,805,197 | $2,818,049 | | Cash and cash equivalents | $1,768 | $6,302 | | **Total Assets** | **$2,966,715** | **$2,977,640** | | Total Liabilities | $1,613,069 | $1,614,433 | | Total Equity | $1,353,646 | $1,363,207 | | **Total Liabilities and Equity** | **$2,966,715** | **$2,977,640** | [Consolidated Statements of Operations](index=5&type=section&id=RETAIL%20OPPORTUNITY%20INVESTMENTS%20CORP.%20Consolidated%20Statements%20of%20Operations) For Q1 2024, ROIC generated **$85.3 million** in total revenues, leading to a net income of **$11.0 million** or **$0.09** per share Q1 Statement of Operations Highlights (in thousands, except per share data) | Account | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | Total Revenues | $85,330 | $79,296 | | Operating Income | $30,584 | $25,654 | | Net Income Attributable to ROIC | $11,018 | $8,142 | | Earnings per share – basic and diluted | $0.09 | $0.06 | | Dividends per common share | $0.15 | $0.15 | [Non-GAAP Reconciliations](index=6&type=section&id=Non-GAAP%20Reconciliations) The report provides reconciliations for key non-GAAP metrics, including FFO of **$37.9 million** and Same-Center Cash NOI of **$55.6 million** [Funds From Operations (FFO)](index=6&type=section&id=CALCULATION%20OF%20FUNDS%20FROM%20OPERATIONS) Diluted FFO for Q1 2024 was **$37.9 million**, a significant increase from **$33.8 million** in Q1 2023, after adding back depreciation and amortization FFO Reconciliation (in thousands) | Line Item | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net income attributable to ROIC | $11,018 | $8,142 | | Plus: Depreciation and amortization | $26,269 | $25,104 | | Plus: Net income attributable to non-controlling interests | $647 | $554 | | **Funds from operations – diluted** | **$37,934** | **$33,800** | [Same-Center Cash Net Operating Income (NOI)](index=6&type=section&id=SAME-CENTER%20CASH%20NET%20OPERATING%20INCOME%20ANALYSIS) Same-Center Cash NOI increased by **5.7%** year-over-year to **$55.6 million**, driven by higher revenues and decreased operating expenses Same-Center Cash NOI Analysis (in thousands) | Component | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | Total Revenues | $78,027 | $75,638 | 3.2% | | Total Operating Expenses | $22,434 | $23,058 | (2.7)% | | **Same-Center Cash NOI** | **$55,593** | **$52,580** | **5.7%** | - A reconciliation from GAAP operating income of **$30.6 million** to Same-Center Cash NOI of **$55.6 million** is provided, adjusting for various non-cash and non-same-center items[35](index=35&type=chunk)

Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q4 2023 Results Conference Call February 15, 2024 12:00 PM ET Company Participants Lauren Silveira - Chief Accounting Officer Stuart Tanz - Chief Executive Officer Michael Haines - Chief Financial Officer Richard Schoebel - Chief Operating Officer Conference Call Participants Dori Kesten - Wells Fargo Securities Juan Sanabria - BMO Capital Markets Todd Thomas - KeyBanc Capital Markets Paulina Rojas - Green Street Michael Mueller - JPMorgan Wesley Golladay - ...

Portfolio and Property Details - The company's portfolio consists of 95 properties totaling approximately 10.7 million square feet of gross leasable area (GLA) as of December 31, 2023[35] - The company's retail portfolio as of December 31, 2023, consists of 95 properties (94 retail and one office) totaling approximately 10.7 million square feet of gross leasable area, with a 97.7% leased rate excluding one shopping center planned for redevelopment[170] - Paramount Plaza in the Los Angeles metro area has a 98.5% leased rate with 14 tenants and generates $1,983 in annual base rent[171] - Fallbrook Shopping Center, also in the Los Angeles metro area, has a 99.5% leased rate with 50 tenants and generates $14,325 in annual base rent[171] - The Market at Lake Stevens in the Seattle metro area has a 100% leased rate with 9 tenants and generates $1,706 in annual base rent[171] - Crossroads Shopping Center in the Seattle metro area has a 99.3% leased rate with 96 tenants and generates $12,868 in annual base rent[171] - Happy Valley Town Center in the Portland metro area has a 100% leased rate with 38 tenants and generates $4,181 in annual base rent[172] - South Point Plaza in the Seattle metro area has an 89.3% leased rate with 23 tenants and generates $2,276 in annual base rent[172] - Pleasant Hill Marketplace in the San Francisco metro area has a 100% leased rate with 3 tenants and generates $1,524 in annual base rent[172] - Pinole Vista Shopping Center in the San Francisco metro area has a 98.1% leased rate with 29 tenants and generates $3,237 in annual base rent[172] - Country Club Gate Center in the San Francisco metro area has a 98.7% leased rate with 34 tenants and generates $2,411 in annual base rent[172] - Total retail portfolio annual base rent (ABR) is $237.826 million with a 97.7% leased rate across 10,556,718 square feet[173] - Albertsons/Safeway Supermarkets are the largest tenant, contributing 5.6% of total ABR with 21 leases[175] - Kroger Supermarkets are the second-largest tenant, contributing 3.3% of total ABR with 11 leases[175] - 264 leases expiring in 2024, representing 8.1% of total ABR ($19.236 million)[176] - 310 leases expiring in 2025, representing 12.0% of total ABR ($28.699 million)[176] - 313 leases expiring in 2028, representing the highest percentage of total ABR at 17.5% ($41.616 million)[176] - Anchor tenants (occupying ≥15,000 sq. ft.) account for 37.2% of total ABR ($88.550 million)[179] - 7 anchor tenant leases expiring in 2024, representing 1.4% of total ABR ($3.293 million)[179] - 30 anchor tenant leases expiring in 2028, representing 7.9% of total ABR ($18.850 million)[179] Financial Performance and Metrics - Property operating income increased by $9.9 million to $237.1 million in 2023 compared to $227.2 million in 2022[202] - Depreciation and amortization expenses increased by $6.7 million to $104.2 million in 2023 compared to $97.5 million in 2022[203] - Interest expense and other finance expenses increased by $14.0 million to $73.2 million in 2023 compared to $59.2 million in 2022[207] - Funds from operations (FFO) decreased to $140.9 million in 2023 compared to $145.3 million in 2022[212] - Same-center cash NOI increased by 3.7% to $211.4 million in 2023 compared to $203.9 million in 2022, driven by higher base rents and lease termination fees[218] - Total Company cash NOI was $223.5 million in 2023, up from $212.1 million in 2022[217] - Same-center properties accounted for 87 out of 95 total properties as of December 31, 2023[217] - GAAP operating income decreased to $109.8 million in 2023 from $114.7 million in 2022[217] - Depreciation and amortization expenses increased to $104.2 million in 2023 from $97.5 million in 2022[217] - The company recorded a gain on sale of real estate of $7.7 million in 2022, with no such gain in 2023[217] - Straight-line rent adjustments were $1.9 million in 2023 compared to $2.7 million in 2022[217] - Amortization of above- and below-market rent decreased to $11.2 million in 2023 from $11.9 million in 2022[217] - Non same-center cash NOI was $12.2 million in 2023, up from $8.2 million in 2022[217] Debt and Financing - The Operating Partnership has a term loan of $300.0 million with a maturity date of January 20, 2025[46] - The Operating Partnership has a credit facility with borrowing capacity of up to $600.0 million, with a maturity date of March 2, 2027[49] - As of December 31, 2023, $200.0 million and $75.0 million were outstanding under the term loan and credit facility, respectively[53] - The weighted average interest rates on the term loan and the credit facility during 2023 were 6.1% and 5.9%, respectively[53] - The company completed a public offering of $350.0 million aggregate principal amount of 6.75% Senior Notes due 2028 on September 21, 2023[54] - The company's outstanding principal mortgage indebtedness as of December 31, 2023, was approximately $60.0 million[129] - The company had $75.0 million and $200.0 million outstanding under its $600.0 million unsecured revolving credit facility and $300.0 million term loan, respectively, as of December 31, 2023[129] - The Operating Partnership issued $350.0 million in unsecured senior notes in September 2023, $250.0 million in December 2017, $200.0 million in September 2016, and $250.0 million in December 2014[130] - The company's access to financing depends on factors such as general market conditions, asset quality, growth potential, and stock price[131] - Increases in interest rates could increase the company's debt payments and adversely affect its cash flow, operations, and ability to pay dividends[134] - The company may need to provide additional collateral or pay down debt if the market value of its secured assets declines[135] - A downgrade in the company's credit ratings could adversely affect its costs and availability of capital[137] - The company's cash flow depends on distributions from its subsidiaries, which must first satisfy their obligations to creditors[138] ESG and Sustainability Initiatives - The company achieved a 7% year-over-year reduction in energy usage from 2021 to 2022 at like-for-like properties[77] - The company has solar agreements at 12 properties, representing approximately 20% of its portfolio by gross leasable area[77] - The company has installed 70 EV charging stations at 9 properties and plans to add 137 more within the next 12 months[77] - Smart irrigation controllers and monitoring systems have been installed at 34 California shopping centers[77] - 37 shopping centers have converted common area lighting to LED[77] - The company’s ESG initiatives include annual diversity and inclusion training and participation in GRESB since 2021[71][77] Risks and Challenges - The company faces competition from larger entities with greater financial resources, which may impact its ability to acquire assets and retain tenants[67][68] - The company’s income and cash flow could be adversely affected by tenant defaults or inability to lease space on favorable terms[81] - The company’s properties are subject to environmental laws, and non-compliance could result in significant capital expenditures[63][65] - Inflation or deflation could negatively impact the company's property operating expenses, consumer spending, and tenant sales, potentially affecting rents and lease renewals[89] - Compliance with safety regulations may require significant unanticipated expenditures, potentially affecting the company's financial condition and ability to pay dividends[90] - The company expects to acquire additional properties, but faces risks such as increased acquisition costs, difficulties in leasing, and potential liabilities from new properties[91][92] - Redevelopment projects may face delays or fail to meet expectations, potentially resulting in investment losses or impairment charges[93][94] - Mixed-use development projects pose unique risks, including complex entitlement processes and potential dependency on third-party developers[95] - The company's retail-focused properties are vulnerable to changes in consumer spending habits, competition from online retailers, and tenant performance[96][97] - The company relies on external capital sources, including debt and equity financing, to fund growth, which may be limited by market conditions[98] - The company may face challenges in recovering Common Area Maintenance (CAM) costs from tenants, which could adversely affect cash flow[106] - Environmental compliance costs, including potential clean-up liabilities, could impact the company's financial condition[107] - Environmental compliance risks could result in significant costs, including fines and remedial actions for contamination at company properties[108] - Cybersecurity risks, including potential breaches and IT system disruptions, could materially impact the company's financial performance and operations[109][110] - The company relies on third-party service providers, but cannot guarantee the effectiveness of their data security measures[111] - System failures or disruptions could lead to material business interruptions and additional costs to remedy damages[112][113] - Declining real estate values during economic slowdowns could impair assets and negatively affect financial performance[114] - Loss of key personnel, including senior management, could harm operations and financial results[115] - Joint venture investments carry risks, including lack of sole decision-making authority and reliance on partners' financial stability[117] - Geographic concentration in California, Washington, and Oregon (65%, 22%, and 13% of operating income, respectively) exposes the company to localized market risks[120] - Expansion into new markets may face challenges due to unfamiliar market dynamics and operational risks[121] - Pandemics or public health crises could adversely impact tenant operations, rent collection, and overall financial performance[123][124] REIT and Tax Considerations - The company must distribute at least 90% of its REIT taxable income to stockholders annually to maintain REIT qualification, with a 4% non-deductible excise tax applied if distributions fall below a specified minimum[148] - Failure to qualify as a REIT would subject the company to U.S. federal income tax, potentially reducing cash available for distribution to stockholders[145][147] - The company may need to borrow funds or sell assets to meet REIT distribution requirements, even under unfavorable market conditions[151] - The company's taxable income may exceed GAAP net income due to non-cash taxable income, potentially requiring the use of cash reserves or debt to meet distribution requirements[149] - The company may be liable for tax obligations of certain limited partners until 2027, limiting its flexibility to dispose of related assets[155] - The company's ability to pay future distributions is subject to various risks, including earnings, financial condition, debt covenants, and REIT qualification[157] - The company maintains REIT qualification and believes it will continue to qualify for REIT taxation[229] Corporate Governance and Ownership - ROIC owns an approximate 94.4% partnership interest in the Operating Partnership, with other limited partners owning the remaining 5.6%[35] - ROIC's common stock trades on NASDAQ under the symbol "ROIC" with 67 registered holders as of February 8, 2024[183][184] - ROIC owns a 94.4% partnership interest in the Operating Partnership as of December 31, 2023[191] - Maryland law provisions may delay or prevent a change in control of the company, potentially affecting stockholder interests[140] - The company's charter limits ownership of its common stock to 9.8% by value or number of shares, whichever is more restrictive[144] Acquisitions and Leasing Activities - The company acquired Foothill Plaza for an adjusted purchase price of approximately $21.9 million on December 1, 2023[44] - The company plans to finance future acquisitions through operating cash flow, borrowings, equity and debt offerings, and potential asset sales[59] - The company leased and renewed approximately 382,000 and 1.3 million square feet, respectively, during the year ended December 31, 2023[192] - The company committed $15.3 million ($40.15 per square foot) in tenant improvements for new leases and $1.4 million ($3.57 per square foot) in leasing commissions for new leases during the year ended December 31, 2023[193] - The company actively explores acquisition opportunities consistent with its business strategy[194] Cybersecurity and Risk Management - The company has implemented cybersecurity measures, including annual employee training, vulnerability assessments, and third-party risk management, to protect against cyber threats[161][163][165] - The company's board of directors oversees cybersecurity risk management, with the audit committee providing specific oversight of cybersecurity and technology risks[167] Employee and Diversity Statistics - The company has 71 employees as of December 31, 2023, with 46% identifying as racial or ethnic minorities and 68% being female[69][71]

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, 2023 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 ...

www.roireit.net Retail Opportunity Investments Corp. (Nasdaq: ROIC), is a fully integrated, self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely populated, metropolitan markets across the West Coast. As of September 30, 2023, ROIC owned 93 shopping centers encompassing approximately 10.6 million square feet. ROIC is the largest publicly-traded, grocery-anchored shopping center REIT focused exclu ...

Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q2 2023 Earnings Conference Call July 26, 2023 12:00 PM ET Company Participants Lauren Silveira - Chief Accounting Officer Stuart Tanz - Chief Executive Officer Richard Schoebel - Chief Operating Officer Michael Haines - Chief Financial Officer Conference Call Participants Nick Joseph - Citi Todd Thomas - KeyBanc Lizzy Doykan - Bank of America Wesley Golladay - Baird Juan Sanabria - BMO capital Markets Michael Mueller - JPMorgan Dori Kesten - Wells Fargo Li ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 (Exact name of registrant as specified in its charter) Maryland (Retail Opportunity Investments Corp.) 26-0500600 (Retail Opportunity Investments Corp.) Delaware (Retail Opportunity Investments Partnership, LP) (State or other jurisdiction of incorporation or organization) OR FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ ☒ QUARTERLY REPORT P ...

Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q1 2023 Earnings Conference Call April 26, 2023 9:00 AM ET Company Participants Laurie Sneve - Chief Accounting Officer Stuart Tanz - CEO Richard Schoebel - COO Michael Haines - CFO Conference Call Participants Craig Mailman - Citi Juan Sanabria - BMO Capital Markets Lizzy Doykan - Bank of America Merrill Lynch Todd Thomas - KeyBanc Capital Markets Wes Golladay - Baird Michael Mueller - JPMorgan Linda Tsai - Jefferies Paulina Rojas Schmidt - Green Street Ad ...

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 March 31, 2023 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 specified in ...

Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q4 2022 Earnings Conference Call February 16, 2023 12:00 PM ET Company Participants Laurie Sneve - Chief Accounting Officer Stuart Tanz - Chief Executive Officer Michael Haines - Chief Financial Officer Richard Schoebel - Chief Operating Officer Conference Call Participants Wesley Golladay - Robert W. Baird & Co. Lizzy Doykan - Bank of America Merrill Lynch Juan Sanabria - BMO Capital Markets Craig Mailman - Citigroup Inc. Todd Thomas - KeyBanc Capital Mark ...