Retail Opportunity Investments Corp. reports strong financial results for Q3 2024

From GlobeNewswire: 2024-10-22 16:15:00

Retail Opportunity Investments Corp. (NASDAQ:ROIC) reported strong results for the three and nine months ending September 30, 2024. Highlights include $32.1 million in net income ($0.25 per share) and $33.2 million in Funds From Operations (FFO) ($0.25 per diluted share). The company achieved a portfolio lease rate of 97.1% and 450,623 square feet of leasing activity in the third quarter alone.

Stuart A. Tanz, President and CEO of ROIC, stated that 2024 is proving to be a productive year with over 1.2 million square feet leased, including 450,000 square feet in Q3. ROIC continues to show solid rent growth on new and renewed leases. The company has been active in selling properties, with $68.8 million in dispositions and $70.1 million in acquisitions year-to-date.

For the third quarter of 2024, ROIC reported net income of $32.1 million and FFO of $33.2 million. Same-center NOI decreased by 2.1% compared to the third quarter of 2023. At the end of September 2024, ROIC had approximately $3.5 billion in real estate assets and $1.4 billion in principal debt outstanding.

During the third quarter of 2024, ROIC sold two properties for a total of $68.8 million, with a gain of $26.7 million. The company’s portfolio lease rate was 97.1%, with 450,623 square feet leased in Q3. ROIC executed 328 leases totaling 1,226,662 square feet in the first nine months of 2024.

ROIC declared a $0.15 per share cash dividend on October 4, 2024, and another on October 22, 2024, payable on January 10, 2025. The company estimates that GAAP net income for 2024 will be between $0.45 and $0.47 per diluted share, and FFO will be between $1.03 and $1.05 per diluted share. Management will discuss guidance on the upcoming conference call on October 23, 2024.



Read more at GlobeNewswire:: Retail Opportunity Investments Corp. Reports 2024 Third