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Retail Opportunity Investments (ROIC) investor relations material
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 at 97.1% as of September 30, 2024, with over 1.2 million sq. ft. leased year-to-date and robust demand for grocery-anchored centers.
Net income for Q3 2024 was $32.1M ($0.25/share), up from $8.4M in Q3 2023, driven by a $26.7M gain on property sales.
FFO for Q3 2024 was $33.2M ($0.25/share), down from $36.0M ($0.27–$0.28/share) in Q3 2023; nine-month FFO was $105.3M, nearly flat year-over-year.
Major tenants include Albertsons, Kroger, Trader Joe's, and Safeway; portfolio comprises 93–94 properties totaling 10.5–10.6 million sq. ft.
450,000+ sq. ft. leased in Q3 2024, the most active quarter year-to-date.
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.
Q3 2024 operating income was $53.9M, up from $26.9M in Q3 2023.
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.
Net principal debt to annualized EBITDA was 6.3x at quarter end.
Outlook and guidance
Full-year 2024 FFO per diluted share expected at $1.03–$1.05; GAAP net income guidance is $0.45–$0.47 per share.
Same-center NOI growth for 2024 projected at 1–2% year-over-year.
Anchor releasing initiative expected to complete in Q4, bringing anchor space to 100% leased and portfolio lease rate to ~98%.
No plans to raise equity capital in the near term; focus on capital recycling and balance sheet management.
Management expects to meet liquidity needs through cash flows, refinancings, asset sales, and available credit.
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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