Retail Opportunity Investments Corp. Reports 2024 Second Quarter Results

Core Viewpoint - Retail Opportunity Investments Corp. (ROIC) reported its financial and operational results for the second quarter and first half of 2024, highlighting a strong leasing performance and a solid portfolio operational result despite a slight decrease in net income compared to the previous year [14][36]. Financial Summary - As of June 30, 2024, ROIC had total real estate assets of approximately $3.5 billion and principal debt outstanding of about $1.4 billion, with a net principal debt-to-annualized EBITDA ratio of 6.6 times [3][36]. - For Q2 2024, ROIC's rental revenue was $82.2 million, an increase from $79.6 million in Q2 2023, while total revenues reached $83.3 million compared to $82.0 million in the same period last year [11][36]. - The net income attributable to common stockholders for Q2 2024 was $7.4 million, or $0.06 per diluted share, down from $9.9 million, or $0.08 per diluted share, in Q2 2023 [37][36]. - Funds from operations (FFO) for Q2 2024 were $34.1 million, or $0.25 per diluted share, compared to $35.6 million, or $0.27 per diluted share, in Q2 2023 [16][36]. Acquisition and Disposition Summary - In April 2024, ROIC acquired Bressi Ranch Village Center for $70.1 million, a property that is 98.4% leased and anchored by two supermarkets [4][36]. - Subsequent to Q2, in July 2024, ROIC sold a property for $56.6 million [39][36]. Property Operations Summary - As of June 30, 2024, ROIC's portfolio was 97.0% leased, with 131 leases executed in Q2 2024, totaling 392,746 square feet [52][36]. - The same-center net operating income (NOI) for Q2 2024 was $55.6 million, representing a 1.7% increase from $54.7 million in Q2 2023 [50][36]. - The company achieved a 12.4% increase in same-space cash base rents on new leases during Q2 2024, with a 5.8% increase on renewals [36][49]. Dividend Summary - ROIC declared a cash dividend of $0.15 per share, payable on October 4, 2024, to stockholders of record on September 20, 2024 [6][36]. Environmental, Social & Governance Summary - In June 2024, ROIC issued its fifth annual ESG report, detailing achievements and ongoing initiatives in line with sustainability standards [19][36].