Retail Opportunity Investments (ROIC) Reports In-Line Q4 EPS

Retail Opportunity Investments (NASDAQ: ROIC) reported Q4 EPS of $0.09, in-line with the analyst estimate of $0.09. Revenue for the quarter came in at $73.62 million versus the consensus estimate of $73.74 million.

4TH QUARTER 2019 HIGHLIGHTS

• $10.2mm of net income attributable to common stockholders ($0.09 per diluted share)
• $35.3 million in Funds From Operations(1) ($0.28 per diluted share)
• $11.5 million grocery-anchored shopping center acquired
• $13.6 million property disposition
• 3.5% increase in same-center cash net operating income (4Q‘19 vs. 4Q‘18)
• 34.1% increase in same-space cash rents on new leases (6.2% increase on renewals)
• $15.0 million of common equity raised through ATM program
• Lowered borrowing spread, extended maturities on credit facility and term loan
• 3.4 times interest coverage
• $0.197 per share quarterly cash dividend paid
• $0.20 per share quarterly cash dividend declared in 1Q‘20

Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, “During 2019, we again achieved stellar property operations results, including a new, record-high year-end lease rate of 97.9%, a 32.8% increase on new leases signed during the year, and a 3.6% increase in same-center cash net operating income. We also made excellent progress with our portfolio enhancement initiatives, including selling $74.1 million of properties and commencing the entitlement process on three densification projects. Additionally, we continued to enhance our long-term financial position, including utilizing proceeds from equity issuances and property dispositions to reduce debt by $72.6 million.” Tanz added, “In terms of our objectives for 2020, we intend to focus on completing targeted dispositions, selectively acquiring grocery-anchored shopping centers in our core markets, and continuing to advance our densification efforts.”

For earnings history and earnings-related data on Retail Opportunity Investments (ROIC) click here.

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