Retail Opportunity Investments Corp. Reports 2023 Third Quarter Results
Retail Opportunity Investments Corp. Reports 2023 Third Quarter Results
SAN DIEGO, Oct. 24, 2023 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced today financial and operating results for the three and nine months ended September 30, 2023.
圣迭戈,2023年10月24日(环球社)--零售机会投资公司(纳斯达克:ROIC)今天公布了截至2023年9月30日的三个月和九个月的财务和经营业绩。
HIGHLIGHTS
高光
- $8.4 million of net income attributable to common stockholders ($0.07 per diluted share)
- $36.0 million in Funds From Operations (FFO)(1) ($0.27 per diluted share)
- FFO per diluted share guidance for 2023 narrowed ($1.05 - $1.07 per diluted share)
- 8.2% increase in same-center cash net operating income (3Q'23 vs. 3Q'22)
- 98.2% portfolio lease rate at 9/30/23 (vs. 97.8% at 9/30/22)
- 465,187 square feet of leases executed during 3Q'23 (new and renewed)
- 36.0% increase in same-space cash base rents on new leases (7.2% increase on renewals)
- 1.5 million square feet of leases executed during first nine months of '23 (record activity)
- $350.0 million senior unsecured notes issued (due October 2028, 6.75% coupon)
- 96.8% of total principal debt outstanding effectively fixed-rate at 9/30/23
- 6.4x net principal debt-to-annualized EBITDA ratio for 3Q'23
- $0.15 per share cash dividend declared
- 840万美元普通股股东应占净收益(0.07美元每股稀释后股份)
- 3,600万美元运营资金(FFO)(1)(0.27美元每股稀释后股份)
- 2023年稀释后每股FFO指引收窄(稀释后每股1.05美元-1.07美元)
- 8.2% 增加同中心现金净营业收入(23财年第三季度与22财年相比)
- 98.2%投资组合租赁率为23年9月30日(22年9月30日为97.8%)
- 465,18723年第三季度签订的租约面积为平方英尺(新建和续期)
- 36.0%新租约的相同空间现金基础租金增加(7.2%增加续订)
- 150万23年前9个月签订的租约面积为平方英尺(创纪录)
- 发行3.5亿美元优先无抵押票据(2028年10月到期,票面利率6.75%)
- 96.8%占未偿还本金债务总额的比例于9/30/23实际固定利率
- 6.4x净本金债务与折合成年率的EBITDA比率,23年第三季度
- 0.15美元宣布每股现金股息
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(1) A reconciliation of GAAP net income to FFO is provided at the end of this press release.
(1)本新闻稿末尾提供了GAAP净收入与FFO的对账。
Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, "During the third quarter, we continued to build on the leasing momentum that we established in the first of half of 2023. As a result, through the first nine months, we leased a record amount of space. Additionally, we continued to achieve solid releasing rent growth, with the third quarter being our strongest year-to-date in terms of same-space rent increases on both new leases and renewals." Tanz added, "Looking ahead, we are working towards achieving a solid finish to 2023 and positioning our business and grocery-anchored portfolio for a strong start to 2024."
零售机会投资公司首席执行官斯图尔特·A·坦兹、总裁和首席执行官表示:“在第三季度,我们继续在2023年上半年建立的租赁势头的基础上再接再厉。因此,在前九个月,我们的租赁空间达到了创纪录的水平。此外,我们继续实现了稳健的释放租金增长,第三季度是我们今年迄今最强劲的租金上涨,无论是新租赁还是续签的相同空间租金的上涨。”Tanz补充说:“展望未来,我们正在努力实现到2023年的坚实目标,并为我们的业务和以食品杂货为基础的投资组合在2024年有一个强劲的开端而努力。”
FINANCIAL RESULTS SUMMARY
财务结果摘要
For the three months ended September 30, 2023, GAAP net income attributable to common stockholders was $8.4 million, or $0.07 per diluted share, as compared to GAAP net income attributable to common stockholders of $18.5 million, or $0.15 per diluted share, for the three months ended September 30, 2022. For the nine months ended September 30, 2023, GAAP net income attributable to common stockholders was $26.5 million, or $0.21 per diluted share, as compared to GAAP net income attributable to common stockholders of $41.7 million, or $0.33 per diluted share, for the nine months ended September 30, 2022. Included in 2022 GAAP net income was a $7.7 million gain on sale of real estate for both the three and nine months ended September 30, 2022.
截至2023年9月30日的三个月,普通股股东应占GAAP净收入为840万美元,或每股摊薄收益0.07美元,而截至2022年9月30日的三个月,普通股股东应占GAAP净收入为1850万美元,或每股摊薄收益0.15美元。截至2023年9月30日的9个月,普通股股东应占GAAP净收入为2650万美元,或每股摊薄收益0.21美元,而截至2022年9月30日的9个月,普通股股东应占GAAP净收入为4170万美元,或每股摊薄收益0.33美元。2022年GAAP净收入包括截至2022年9月30日的三个月和九个月的房地产销售收益770万美元。
FFO for the third quarter of 2023 was $36.0 million, or $0.27 per diluted share, as compared to $36.5 million in FFO, or $0.27 per diluted share for the third quarter of 2022. FFO for the first nine months of 2023 was $105.4 million, or $0.79 per diluted share, as compared to $109.4 million in FFO, or $0.83 per diluted share for the first nine months of 2022. ROIC reports FFO as a supplemental performance measure in accordance with the definition set forth by the National Association of Real Estate Investment Trusts. A reconciliation of GAAP net income to FFO is provided at the end of this press release.
2023年第三季度的FFO为3600万美元,或每股稀释后收益0.27美元,而2022年第三季度的FFO为3650万美元,或每股稀释后收益0.27美元。2023年前9个月的FFO为1.054亿美元,或每股稀释后收益0.79美元,而2022年前9个月的FFO为1.094亿美元,或每股稀释后收益0.83美元。ROIC根据全国房地产投资信托协会的定义,将FFO报告为补充业绩衡量标准。本新闻稿末尾提供了GAAP净收入与FFO的对账。
For the third quarter of 2023, same-center net operating income (NOI) was $55.5 million, as compared to $51.2 million in same-center NOI for the third quarter of 2022, representing an 8.2% increase. For the first nine months of 2023, same-center NOI increased 3.6% as compared to same-center NOI for the first nine months of 2022. ROIC reports same-center comparative NOI on a cash basis. A reconciliation of GAAP operating income to same-center comparative NOI is provided at the end of this press release.
2023年第三季度,同一中心净运营收入(NOI)为5550万美元,而2022年第三季度同一中心净运营收入为5120万美元,增幅为8.2%。2023年前9个月,与2022年前9个月相比,同中心噪声指数增长了3.6%。ROIC报告现金基础上的同一中心比较NOI。本新闻稿末尾提供了GAAP营业收入与同一中心比较噪声指数的对账。
In September 2023, ROIC issued, through its operating partnership, $350.0 million of senior unsecured notes. The notes bear interest at a fixed rate of 6.75% and mature in October 2028. ROIC expects to utilize a portion of the net proceeds to fully retire its operating partnership's $250.0 million senior notes (due December 2023). Additionally, ROIC utilized a portion of the net proceeds to reduce borrowings outstanding on its unsecured term loan and unsecured revolving credit facility.
2023年9月,ROIC通过其运营伙伴关系发行了3.5亿美元的优先无担保票据。票据的固定息率为6.75%,将于2028年10月到期。ROIC预计将利用净收益的一部分,完全注销其运营合伙企业2.5亿美元的优先票据(2023年12月到期)。此外,ROIC利用净收益的一部分来减少其无担保定期贷款和无担保循环信贷安排的未偿还借款。
At September 30, 2023, ROIC had total real estate assets (before accumulated depreciation) of approximately $3.4 billion and approximately $1.4 billion of net principal debt outstanding (total principal debt less cash and equivalents). For the third quarter of 2023, ROIC's net principal debt-to-annualized EBITDA ratio was 6.4 times, and 96.8% of its total principal debt outstanding was effectively fixed-rate at September 30, 2023.
截至2023年9月30日,ROIC的房地产资产总额(累计折旧前)约为34亿美元,未偿还本金债务净额约为14亿美元(本金债务总额减去现金及等价物)。2023年第三季度,ROIC的净本金债务与年化EBITDA比率为6.4倍,截至2023年9月30日,未偿还本金债务总额的96.8%实际上是固定利率。
PROPERTY OPERATIONS SUMMARY
物业运营摘要
At September 30, 2023, ROIC's portfolio was 98.2% leased. During the third quarter of 2023, ROIC executed 95 leases, totaling 465,187 square feet, including 34 new leases, totaling 155,585 square feet, achieving a 36.0% increase in same-space comparative base rent, and 61 renewed leases, totaling 309,602 square feet, achieving a 7.2% increase in base rent. ROIC reports same-space comparative new lease and renewal base rents on a cash basis.
截至2023年9月30日,ROIC的投资组合为98.2%的租赁。在2023年第三季度,ROIC执行了95份租约,总计465,187平方英尺,其中包括34份新租约,总计155,585平方英尺,实现了相同空间比较基准租金36.0%的涨幅;61份续期租赁,总计309,602平方英尺,实现了7.2%的基本租金增长。ROIC报告相同空间的比较新租赁和续订基础租金以现金为基础。
DIVIDEND SUMMARY
股息摘要
On October 6, 2023, ROIC distributed a $0.15 per share cash dividend. On October 24, 2023, the Board declared a cash dividend of $0.15 per share, payable on January 5, 2024 to stockholders of record on December 15, 2023.
2023年10月6日,ROIC派发了每股0.15美元的现金股息。2023年10月24日,董事会宣布每股0.15美元的现金股息,2024年1月5日支付给2023年12月15日登记在册的股东。
2023 GUIDANCE SUMMARY
2023年指导摘要
ROIC currently estimates that GAAP net income for 2023 will be within the range of $0.28 to $0.30 per diluted share, and FFO will be within the range of $1.05 to $1.07 per diluted share.
ROIC目前估计,2023年GAAP净收入将在稀释后每股0.28美元至0.30美元之间,FFO将在稀释后每股1.05美元至1.07美元之间。
Year Ended December 31, 2023 | ||||||||||||||||
Initial (2/15/23) | Current | |||||||||||||||
Low End | High End | Low End | High End | |||||||||||||
(unaudited, amounts in thousands except per share and percentage data) | ||||||||||||||||
GAAP net income applicable to stockholders | $ | 43,709 | $ | 54,526 | $ | 34,693 | $ | 37,316 | ||||||||
Funds from operations (FFO) – diluted | $ | 139,650 | $ | 150,700 | $ | 139,860 | $ | 142,524 | ||||||||
GAAP net income per diluted share | $ | 0.35 | $ | 0.43 | $ | 0.28 | $ | 0.30 | ||||||||
FFO per diluted share | $ | 1.05 | $ | 1.11 | $ | 1.05 | $ | 1.07 | ||||||||
Key Drivers | ||||||||||||||||
General and administrative expenses | $ | 23,000 | $ | 22,000 | $ | 23,000 | $ | 22,000 | ||||||||
Interest expense and other finance expenses | $ | 68,000 | $ | 73,000 | $ | 73,250 | $ | 73,250 | ||||||||
Straight-line rent | $ | 1,000 | $ | 1,000 | $ | 2,000 | $ | 2,500 | ||||||||
Amortization of above- and below-market rent | $ | 10,000 | $ | 10,000 | $ | 10,000 | $ | 10,500 | ||||||||
Bad debt | $ | 5,000 | $ | 3,000 | $ | 4,000 | $ | 3,500 | ||||||||
Acquisitions | $ | 100,000 | $ | 200,000 | $ | — | $ | — | ||||||||
Dispositions | $ | 200,000 | $ | 50,000 | $ | 15,000 | $ | — | ||||||||
Same-center cash NOI growth | 2.0 | % | 5.0 | % | 3.0 | % | 4.0 | % |
截至2023年12月31日的年度 | ||||||||||||||||
首字母(2/15/23) | 当前 | |||||||||||||||
低端 | 高端 | 低端 | 高端 | |||||||||||||
(未经审计,除每股和百分比数据外,以千为单位) | ||||||||||||||||
适用于股东的GAAP净收益 | $ | 43,709 | $ | 54,526 | $ | 34,693 | $ | 37316 | ||||||||
运营资金(FFO)-稀释 | $ | 139,650 | $ | 150,700 | $ | 139,860 | $ | 142,524 | ||||||||
美国公认会计准则稀释后每股净收益 | $ | 0.35 | $ | 0.43 | $ | 0.28 | $ | 0.30 | ||||||||
稀释后每股FFO | $ | 1.05 | $ | 1.11 | $ | 1.05 | $ | 1.07 | ||||||||
关键驱动因素 | ||||||||||||||||
一般和行政费用 | $ | 23,000 | $ | 22,000 | $ | 23,000 | $ | 22,000 | ||||||||
利息费用和其他财务费用 | $ | 68,000 | $ | 73,000人 | $ | 73,250 | $ | 73,250 | ||||||||
直线租金 | $ | 千人 | $ | 千人 | $ | 二千 | $ | 2500人 | ||||||||
摊销高于市值和低于市值的租金 | $ | 10,000 | $ | 10,000 | $ | 10,000 | $ | 10,500 | ||||||||
坏账 | $ | 5,000 | $ | 三千 | $ | 四千 | $ | 3500人 | ||||||||
收购 | $ | 100,000 | $ | 200,000 | $ | - | $ | - | ||||||||
性情 | $ | 200,000 | $ | 50,000 | $ | 一万五千 | $ | - | ||||||||
同中心现金NOI增长 | 2.0 | 百分比 | 5.0 | 百分比 | 3.0 | 百分比 | 4.0 | 百分比 |
ROIC's management will discuss guidance, and the underlying assumptions, on ROIC's October 25, 2023 conference call. ROIC's guidance is a forward-looking statement and is subject to risks and other factors noted elsewhere in this press release.
ROIC管理层将在ROIC 2023年10月25日的电话会议上讨论指导意见和基本假设。ROIC的指导是前瞻性声明,可能会受到本新闻稿中其他地方提到的风险和其他因素的影响。
CONFERENCE CALL
电话会议
ROIC will conduct a conference call to discuss its results on Wednesday, October 25, 2023 at 9:00 a.m. Eastern Time / 6:00 a.m. Pacific Time.
ROIC将于2023年10月25日(星期三)上午9点召开电话会议,讨论其业绩。东部时间/上午6:00太平洋时间。
To participate in the conference call, click on the following link (ten minutes prior to the call) to register:
https://register.vevent.com/register/BI38ddda3155334a659306e46354049ebd
要参加电话会议,请点击以下链接(电话会议前10分钟)进行注册:
Https://register.vevent.com/register/BI38ddda3155334a659306e46354049ebd
Once registered, participants will have the option of: 1) dialing in from their phone (using a PIN); or 2) clicking the "Call Me" option to receive an automated call directly to their phone.
注册后,参与者将可以选择:1)从他们的手机拨入(使用个人识别码);或2)单击“呼叫我”选项,直接接收到他们的手机的自动呼叫。
The conference call will also be available live (in a listen-only mode) at: https://edge.media-server.com/mmc/p/2hpfahit
电话会议还将在以下网址直播(以只听模式):https://edge.media-server.com/mmc/p/2hpfahit
The conference call will be recorded and available for replay following the conclusion of the live broadcast and will be accessible up to one year on ROIC's website, specifically on its Investor Relations Events & Presentations page:
https://investor.roicreit.com/events-presentations
电话会议将被录音,并在现场直播结束后重播,并可在ROIC的网站上观看,最长可达一年,特别是在其投资者关系活动和演示页面上:
Https://investor.roicreit.com/events-presentations
ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.
关于零售机会投资公司。
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 exclusively on the West Coast. ROIC is a member of the S&P SmallCap 600 Index and has investment-grade corporate debt ratings from Moody's Investor Services, S&P Global Ratings and Fitch Ratings, Inc. Additional information is available at: www.roireit.net.
零售机会投资公司(纳斯达克:ROIC)是一家完全集成、自我管理的房地产投资信托基金,专门从事收购、拥有和管理位于西海岸人口稠密的大都市市场的杂货店购物中心。截至2023年9月30日,ROIC拥有93个购物中心,总面积约为1060万平方英尺。ROIC是最大的上市、以杂货为基础的购物中心REIT,专门专注于西海岸。ROIC是S小盘600指数成份股公司之一,拥有穆迪投资者服务公司、S全球评级公司和惠誉评级公司的投资级公司债务评级。
When used herein, the words "believes," "anticipates," "projects," "should," "estimates," "expects," "guidance" and similar expressions are intended to identify forward-looking statements with the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and in Section 21F of the Securities and Exchange Act of 1934, as amended. Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of ROIC to differ materially from future results expressed or implied by such forward-looking statements. Information regarding such risks and factors is described in ROIC's filings with the SEC, including its most recent Annual Report on Form 10-K, which is available at: www.roireit.net.
在本文中使用的“相信”、“预期”、“项目”、“应该”、“估计”、“预期”、“指导”和类似的表述旨在识别符合1933年《证券法》(修订本)第27A节和1934年《证券交易法》(修订本)第21F节中该术语含义的前瞻性陈述。本文中包含的某些陈述可能构成“1995年私人证券诉讼改革法”所指的“前瞻性陈述”。此类前瞻性陈述涉及已知和未知的风险、不确定性和其他因素,这些风险、不确定性和其他因素可能会导致ROIC的实际结果与此类前瞻性陈述明示或暗示的未来结果大相径庭。有关此类风险和因素的信息在ROIC提交给美国证券交易委员会的文件中有描述,其中包括其最新的Form 10-K年度报告,该报告可在www.roireit.net上查阅。
RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Balance Sheets
(In thousands, except share data)
零售机会投资公司。
合并资产负债表
(单位:千,共享数据除外)
September 30, 2023 (unaudited) | December 31, 2022 | ||||||
ASSETS | |||||||
Real Estate Investments: | |||||||
Land | $ | 958,419 | $ | 958,236 | |||
Building and improvements | 2,476,389 | 2,452,857 | |||||
3,434,808 | 3,411,093 | ||||||
Less: accumulated depreciation | 632,087 | 578,593 | |||||
2,802,721 | 2,832,500 | ||||||
Mortgage note receivable | 4,718 | 4,786 | |||||
Real Estate Investments, net | 2,807,439 | 2,837,286 | |||||
Cash and cash equivalents | 205,260 | 5,598 | |||||
Restricted cash | 2,252 | 1,861 | |||||
Tenant and other receivables, net | 58,923 | 57,546 | |||||
Deposits | — | 500 | |||||
Acquired lease intangible assets, net | 45,636 | 52,428 | |||||
Prepaid expenses | 1,627 | 5,957 | |||||
Deferred charges, net | 28,585 | 26,683 | |||||
Other assets | 17,465 | 16,420 | |||||
Total assets | $ | 3,167,187 | $ | 3,004,279 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Term loan | $ | 199,684 | $ | 299,253 | |||
Credit facility | — | 88,000 | |||||
Senior Notes | 1,293,012 | 946,849 | |||||
Mortgage notes payable | 60,271 | 60,917 | |||||
Acquired lease intangible liabilities, net | 142,356 | 152,117 | |||||
Accounts payable and accrued expenses | 64,466 | 22,885 | |||||
Tenants' security deposits | 7,993 | 7,701 | |||||
Other liabilities | 39,500 | 41,959 | |||||
Total liabilities | 1,807,282 | 1,619,681 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Preferred stock, $0.0001 par value 50,000,000 shares authorized; none issued and outstanding | — | — | |||||
Common stock, $0.0001 par value, 500,000,000 shares authorized; 126,001,795 and 124,538,811 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 13 | 12 | |||||
Additional paid-in capital | 1,628,663 | 1,612,126 | |||||
Accumulated dividends in excess of earnings | (346,260 | ) | (315,984 | ) | |||
Accumulated other comprehensive income | 1,270 | 14 | |||||
Total Retail Opportunity Investments Corp. stockholders' equity | 1,283,686 | 1,296,168 | |||||
Non-controlling interests | 76,219 | 88,430 | |||||
Total equity | 1,359,905 | 1,384,598 | |||||
Total liabilities and equity | $ | 3,167,187 | $ | 3,004,279 |
2023年9月30日 (未经审计) | 2022年12月31日 | ||||||
资产 | |||||||
房地产投资: | |||||||
土地 | $ | 958,419 | $ | 958,236 | |||
建筑和改善 | 2476,389 | 2452,857 | |||||
3434,808 | 3411,093 | ||||||
减去:累计折旧 | 632,087 | 578,593 | |||||
2802721 | 2832,500 | ||||||
应收按揭票据 | 4718 | 4786 | |||||
房地产投资净额 | 2807439 | 2837,286 | |||||
现金和现金等价物 | 205,260 | 5598 | |||||
受限现金 | 2,252 | 1,861 | |||||
承租人和其他应收款,净额 | 58,923 | 57,546 | |||||
存款 | - | 500人 | |||||
收购租赁无形资产,净额 | 45,636 | 52,428 | |||||
预付费用 | 1,627 | 5957 | |||||
递延费用,净额 | 28,585 | 26,683 | |||||
其他资产 | 17,465 | 16,420 | |||||
总资产 | $ | 3167,187 | $ | 3004,279 | |||
负债和权益 | |||||||
负债: | |||||||
定期贷款 | $ | 199,684 | $ | 299,253 | |||
信贷安排 | - | 88,000 | |||||
高级附注 | 1293,012 | 946,849 | |||||
应付按揭票据 | 60,271 | 60,917 | |||||
购得租赁无形负债,净额 | 142,356 | 152,117 | |||||
应付账款和应计费用 | 64,466 | 22,885 | |||||
租客的保证金 | 7993 | 7,701 | |||||
其他负债 | 39,500 | 41,959 | |||||
总负债 | 1807282 | 1619,681 | |||||
承付款和或有事项 | |||||||
股本: | |||||||
优先股,面值0.0001美元,授权发行50,000,000股;未发行和未发行 | - | - | |||||
普通股,面值0.0001美元,授权发行500,000,000股;分别于2023年9月30日和2022年12月31日发行和发行124,538,811股 | 13个 | 12 | |||||
额外实收资本 | 1628,663 | 1,612,126 | |||||
累计股息超过收益 | (346,260) | ) | (315,984 | ) | |||
累计其他综合收益 | 1270 | 14. | |||||
零售机会投资公司股东权益总额 | 1283686 | 1296,168 | |||||
非控制性权益 | 76,219 | 88,430 | |||||
总股本 | 1359,905 | 1384,598 | |||||
负债和权益总额 | $ | 3167,187 | $ | 3004,279 |
RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
零售机会投资公司。
合并业务报表
(未经审计)
(单位为千,每股数据除外)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenues | |||||||||||||||
Rental revenue | $ | 78,273 | $ | 77,420 | $ | 236,902 | $ | 229,675 | |||||||
Other income | 3,472 | 618 | 6,179 | 3,061 | |||||||||||
Total revenues | 81,745 | 78,038 | 243,081 | 232,736 | |||||||||||
Operating expenses | |||||||||||||||
Property operating | 13,210 | 12,705 | 40,993 | 37,468 | |||||||||||
Property taxes | 8,909 | 8,876 | 26,677 | 25,812 | |||||||||||
Depreciation and amortization | 27,050 | 24,332 | 77,280 | 72,444 | |||||||||||
General and administrative expenses | 5,492 | 5,203 | 16,588 | 16,145 | |||||||||||
Other expense | 157 | 111 | 811 | 778 | |||||||||||
Total operating expenses | 54,818 | 51,227 | 162,349 | 152,647 | |||||||||||
Gain on sale of real estate | — | 7,653 | — | 7,653 | |||||||||||
Operating income | 26,927 | 34,464 | 80,732 | 87,742 | |||||||||||
Non-operating expenses | |||||||||||||||
Interest expense and other finance expenses | (17,998 | ) | (14,678 | ) | (52,589 | ) | (43,176 | ) | |||||||
Net income | 8,929 | 19,786 | 28,143 | 44,566 | |||||||||||
Net income attributable to non-controlling interests | (501 | ) | (1,264 | ) | (1,644 | ) | (2,896 | ) | |||||||
Net Income Attributable to Retail Opportunity Investments Corp. | $ | 8,428 | $ | 18,522 | $ | 26,499 | $ | 41,670 | |||||||
Earnings per share – basic | $ | 0.07 | $ | 0.15 | $ | 0.21 | $ | 0.34 | |||||||
Earnings per share – diluted | $ | 0.07 | $ | 0.15 | $ | 0.21 | $ | 0.33 | |||||||
Dividends per common share | $ | 0.15 | $ | 0.15 | $ | 0.45 | $ | 0.41 |
截至9月30日的三个月, | 截至9月30日的9个月, | ||||||||||||||
2023年 | 2022 | 2023年 | 2022 | ||||||||||||
收入 | |||||||||||||||
租金收入 | $ | 78,273 | $ | 77,420 | $ | 236,902 | $ | 229,675 | |||||||
其他收入 | 3472 | 六百一十八 | 6,179 | 3061 | |||||||||||
总收入 | 81,745 | 78,038 | 243,081 | 232,736 | |||||||||||
运营费用 | |||||||||||||||
物业经营 | 13,210 | 12,705 | 40,993 | 37468 | |||||||||||
财产税 | 8,909 | 8876 | 26,677 | 25,812 | |||||||||||
折旧及摊销 | 27,050 | 24,332 | 77,280 | 72,444 | |||||||||||
一般和行政费用 | 5492 | 5,203 | 16,588 | 16,145 | |||||||||||
其他费用 | 157 | 111 | 811 | 七百七十八 | |||||||||||
总运营费用 | 54,818 | 51,227 | 162,349 | 152,647 | |||||||||||
房地产销售收益 | - | 7653 | - | 7653 | |||||||||||
营业收入 | 26,927 | 34,464 | 80,732 | 87,742 | |||||||||||
营业外费用 | |||||||||||||||
利息费用和其他财务费用 | (17,998 | ) | (14,678 | ) | (52,589 | ) | (43,176) | ) | |||||||
净收入 | 8929 | 19786 | 28,143 | 44,566 | |||||||||||
可归于非控股权益的净收入 | (501) | ) | (1,264 | ) | (1,644 | ) | (2,896 | ) | |||||||
可归因于零售机会投资公司的净收入 | $ | 8,428 | $ | 18,522 | $ | 26,499 | $ | 41,670 | |||||||
每股收益-基本 | $ | 0.07 | $ | 0.15 | $ | 0.21 | $ | 0.34 | |||||||
每股收益-稀释 | $ | 0.07 | $ | 0.15 | $ | 0.21 | $ | 0.33 | |||||||
每股普通股股息 | $ | 0.15 | $ | 0.15 | $ | 0.45 | $ | 0.41 |
CALCULATION OF FUNDS FROM OPERATIONS
(Unaudited)
(In thousands)
业务资金的计算
(未经审计)
(单位:千)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Net income attributable to ROIC | $ | 8,428 | $ | 18,522 | $ | 26,499 | $ | 41,670 | |||||
Plus: Depreciation and amortization | 27,050 | 24,332 | 77,280 | 72,444 | |||||||||
Less: Gain on sale of real estate | — | (7,653 | ) | — | (7,653 | ) | |||||||
Funds from operations – basic | 35,478 | 35,201 | 103,779 | 106,461 | |||||||||
Net income attributable to non-controlling interests | 501 | 1,264 | 1,644 | 2,896 | |||||||||
Funds from operations – diluted | $ | 35,979 | $ | 36,465 | $ | 105,423 | $ | 109,357 |
截至9月30日的三个月, | 截至9月30日的9个月, | ||||||||||||
2023年 | 2022 | 2023年 | 2022 | ||||||||||
归因于ROIC的净收入 | $ | 8,428 | $ | 18,522 | $ | 26,499 | $ | 41,670 | |||||
加:折旧和摊销 | 27,050 | 24,332 | 77,280 | 72,444 | |||||||||
减去:房地产销售收益 | - | (7653 | ) | - | (7653 | ) | |||||||
业务资金--基础 | 35,478 | 35,201 | 103,779 | 106,461 | |||||||||
可归于非控股权益的净收入 | 501 | 1264 | 1,644 | 2896 | |||||||||
运营资金--稀释 | $ | 35,979 | $ | 36,465 | $ | 105,423 | $ | 109,357 |
SAME-CENTER CASH NET OPERATING INCOME ANALYSIS
(Unaudited)
(In thousands, except number of shopping centers and percentages)
同中心现金净营业收入分析
(未经审计)
(以千为单位,购物中心数量和百分比除外)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | 2023 | 2022 | $ Change | % Change | |||||||||||||||||||||||
Number of shopping centers included in same-center analysis | 90 | 90 | 87 | 87 | ||||||||||||||||||||||||||
Same-center leased rate | 98.1 | % | 98.1 | % | — | % | 98.1 | % | 98.0 | % | 0.1 | % | ||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||
Base rents | $ | 55,324 | $ | 53,990 | $ | 1,334 | 2.5 | % | $ | 162,912 | $ | 158,652 | $ | 4,260 | 2.7 | % | ||||||||||||||
Percentage rent | 419 | 199 | 220 | 110.6 | % | 1,055 | 554 | 501 | 90.4 | % | ||||||||||||||||||||
Recoveries from tenants | 19,327 | 18,520 | 807 | 4.4 | % | 57,545 | 54,346 | 3,199 | 5.9 | % | ||||||||||||||||||||
Other property income | 3,090 | 441 | 2,649 | 600.7 | % | 4,497 | 2,314 | 2,183 | 94.3 | % | ||||||||||||||||||||
Bad debt | (767 | ) | (568 | ) | (199 | ) | 35.0 | % | (2,416 | ) | (1,287 | ) | (1,129 | ) | 87.7 | % | ||||||||||||||
Total Revenues | 77,393 | 72,582 | 4,811 | 6.6 | % | 223,593 | 214,579 | 9,014 | 4.2 | % | ||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||
Property operating expenses | 13,261 | 12,646 | 615 | 4.9 | % | 40,122 | 37,158 | 2,964 | 8.0 | % | ||||||||||||||||||||
Property taxes | 8,682 | 8,701 | (19 | ) | (0.2 | )% | 25,616 | 25,084 | 532 | 2.1 | % | |||||||||||||||||||
Total Operating Expenses | 21,943 | 21,347 | 596 | 2.8 | % | 65,738 | 62,242 | 3,496 | 5.6 | % | ||||||||||||||||||||
Same-Center Cash Net Operating Income | $ | 55,450 | $ | 51,235 | $ | 4,215 | 8.2 | % | $ | 157,855 | $ | 152,337 | $ | 5,518 | 3.6 | % |
截至9月30日的三个月, | 截至9月30日的9个月, | |||||||||||||||||||||||||||||
2023年 | 2022 | $Change | 更改百分比 | 2023年 | 2022 | $Change | 更改百分比 | |||||||||||||||||||||||
同一中心分析中包含的购物中心数量 | 90 | 90 | 八十七 | 八十七 | ||||||||||||||||||||||||||
同中心租赁率 | 98.1 | 百分比 | 98.1 | 百分比 | - | 百分比 | 98.1 | 百分比 | 98.0 | 百分比 | 0.1 | 百分比 | ||||||||||||||||||
收入: | ||||||||||||||||||||||||||||||
基本租金 | $ | 55,324 | $ | 53,990 | $ | 1,334 | 2.5 | 百分比 | $ | 162,912 | $ | 158,652 | $ | 4260 | 2.7 | 百分比 | ||||||||||||||
租金百分率 | 四百一十九 | 一百九十九 | 220 | 110.6 | 百分比 | 1,055 | 五百五十四 | 501 | 90.4 | 百分比 | ||||||||||||||||||||
向租户追讨款项 | 19327 | 18,520 | 八零七 | 4.4 | 百分比 | 57,545 | 54,346 | 3199 | 5.9 | 百分比 | ||||||||||||||||||||
其他财产性收入 | 3090人 | 四百四十一 | 2649 | 600.7 | 百分比 | 4,497 | 2314 | 2183 | 94.3 | 百分比 | ||||||||||||||||||||
坏账 | (767) | ) | (568 | ) | (199) | ) | 35.0 | 百分比 | (2,416 | ) | (1287) | ) | (1,129 | ) | 87.7 | 百分比 | ||||||||||||||
总收入 | 77,393 | 72,582 | 4811 | 6.6 | 百分比 | 223,593 | 214,579 | 9014 | 4.2 | 百分比 | ||||||||||||||||||||
运营费用 | ||||||||||||||||||||||||||||||
物业运营费用 | 13,261 | 12,646 | 615 | 4.9 | 百分比 | 40,122 | 37,158 | 2964 | 8.0 | 百分比 | ||||||||||||||||||||
财产税 | 8,682 | 8701 | (19) | ) | (0.2 | )% | 25,616 | 25,084 | 532 | 2.1 | 百分比 | |||||||||||||||||||
总运营费用 | 21,943 | 21,347 | 五百九十六 | 2.8 | 百分比 | 65,738 | 62,242 | 3496 | 5.6 | 百分比 | ||||||||||||||||||||
同中心现金净营业收入 | $ | 55450 | $ | 51,235 | $ | 4215 | 8.2 | 百分比 | $ | 157,855 | $ | 152,337 | $ | 5518 | 3.6 | 百分比 |
SAME-CENTER CASH NET OPERATING INCOME RECONCILIATION
(Unaudited)
(In thousands)
同中心现金净营业收入对账
(未经审计)
(单位:千)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
GAAP operating income | $ | 26,927 | $ | 34,464 | $ | 80,732 | $ | 87,742 | |||||||
Depreciation and amortization | 27,050 | 24,332 | 77,280 | 72,444 | |||||||||||
General and administrative expenses | 5,492 | 5,203 | 16,588 | 16,145 | |||||||||||
Other expense | 157 | 111 | 811 | 778 | |||||||||||
Gain on sale of real estate | — | (7,653 | ) | — | (7,653 | ) | |||||||||
Straight-line rent | (362 | ) | (922 | ) | (1,688 | ) | (2,288 | ) | |||||||
Amortization of above- and below-market rent | (2,118 | ) | (2,906 | ) | (7,591 | ) | (9,218 | ) | |||||||
Property revenues and other expenses (1) | 138 | (16 | ) | (523 | ) | (176 | ) | ||||||||
Total Company cash NOI | 57,284 | 52,613 | 165,609 | 157,774 | |||||||||||
Non same-center cash NOI | (1,834 | ) | (1,378 | ) | (7,754 | ) | (5,437 | ) | |||||||
Same-center cash NOI | $ | 55,450 | $ | 51,235 | $ | 157,855 | $ | 152,337 |
截至9月30日的三个月, | 截至9月30日的9个月, | ||||||||||||||
2023年 | 2022 | 2023年 | 2022 | ||||||||||||
公认会计准则营业收入 | $ | 26,927 | $ | 34,464 | $ | 80,732 | $ | 87,742 | |||||||
折旧及摊销 | 27,050 | 24,332 | 77,280 | 72,444 | |||||||||||
一般和行政费用 | 5492 | 5,203 | 16,588 | 16,145 | |||||||||||
其他费用 | 157 | 111 | 811 | 七百七十八 | |||||||||||
房地产销售收益 | - | (7653 | ) | - | (7653 | ) | |||||||||
直线租金 | (362 | ) | (922) | ) | (1,688 | ) | (2,288 | ) | |||||||
摊销高于市值和低于市值的租金 | (2,118 | ) | (2906 | ) | (7591 | ) | (9,218 | ) | |||||||
财产收入和其他费用(1) | 一百三十八 | (16 | ) | (523 | ) | (176 | ) | ||||||||
公司现金噪声总额 | 57,284 | 52,613 | 165,609 | 157,774 | |||||||||||
非同中心现金噪声 | (1,834 | ) | (1,378 | ) | (7754 | ) | (5437 | ) | |||||||
同中心现金噪声 | $ | 55450 | $ | 51,235 | $ | 157,855 | $ | 152,337 |
____________________
____________________
(1) Includes anchor lease termination fees, net of contractual amounts, if any, expense and recovery adjustments related to prior periods and other miscellaneous adjustments.
(1)包括锚租赁终止费用,扣除合同金额(如有)、与前期有关的费用和回收调整以及其他杂项调整。
NON-GAAP DISCLOSURES
非公认会计准则披露
Funds from operations ("FFO"), is a widely recognized non-GAAP financial measure for REITs that the Company believes when considered with financial statements presented in accordance with GAAP, provides additional and useful means to assess its financial performance. FFO is frequently used by securities analysts, investors and other interested parties to evaluate the performance of REITs, most of which present FFO along with net income as calculated in accordance with GAAP. The Company computes FFO in accordance with the "White Paper" on FFO published by the National Association of Real Estate Investment Trusts ("NAREIT"), which defines FFO as net income attributable to common stockholders (determined in accordance with GAAP) excluding gains or losses from debt restructuring, sales of depreciable property and impairments, plus real estate related depreciation and amortization, and after adjustments for partnerships and unconsolidated joint ventures.
营运资金(“FFO”)是一项广为认可的REITs非GAAP财务衡量指标,本公司认为,与根据GAAP呈报的财务报表一并考虑时,可提供额外而有用的手段来评估其财务表现。FFO经常被证券分析师、投资者和其他相关方用来评估REITs的业绩,其中大多数都是根据GAAP计算的FFO和净收入。本公司根据全美房地产投资信托协会(“NAREIT”)发布的“FFO白皮书”计算FFO,该白皮书将FFO定义为普通股股东应占净收益(根据公认会计准则确定),不包括债务重组、出售折旧财产和减值的损益,加上与房地产相关的折旧和摊销,以及对合伙企业和未合并的合资企业进行调整后的净收益。
The Company uses cash net operating income ("NOI") internally to evaluate and compare the operating performance of the Company's properties. The Company believes cash NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the Company's properties as this measure is not affected by the non-cash revenue and expense recognition items, the cost of the Company's funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to the Company's ownership of properties. The Company believes the exclusion of these items from operating income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the Company's properties as well as trends in occupancy rates, rental rates and operating costs. Cash NOI is a measure of the operating performance of the Company's properties but does not measure the Company's performance as a whole and is therefore not a substitute for net income or operating income as computed in accordance with GAAP. The Company defines cash NOI as operating revenues (base rent and recoveries from tenants), less property and related expenses (property operating expenses and property taxes), adjusted for non-cash revenue and operating expense items such as straight-line rent and amortization of lease intangibles, debt-related expenses and other adjustments. Cash NOI also excludes general and administrative expenses, depreciation and amortization, acquisition transaction costs, other expense, interest expense, gains and losses from property acquisitions and dispositions, extraordinary items, tenant improvements and leasing commissions. Other REITs may use different methodologies for calculating cash NOI, and accordingly, the Company's cash NOI may not be comparable to other REITs.
公司内部使用现金净营业收入(“NOI”)来评估和比较公司物业的经营业绩。公司认为,现金NOI为投资者提供了有关公司财务状况和经营结果的有用信息,因为它只反映了在物业层面发生的那些收入和支出项目,当跨时期进行比较时,可以用来确定公司物业的收益趋势,因为这一衡量标准不受非现金收入和费用确认项目、公司资金成本、折旧和摊销费用的影响、收购和出售经营性房地产资产的损益、一般和行政费用或与公司物业所有权有关的其他损益的影响。本公司认为,将这些项目从营业收入中剔除是有用的,因为由此产生的衡量标准反映了经营本公司物业所产生的实际收入和发生的实际费用,以及入住率、租金和运营成本的趋势。现金NOI是衡量公司物业经营业绩的指标,但不能衡量公司的整体业绩,因此不能替代按照公认会计原则计算的净收入或营业收入。本公司将现金NOI定义为营业收入(基本租金和从租户那里收回)减去财产和相关费用(财产营业费用和物业税),并根据非现金收入和营业费用项目进行调整,如直线租金和租赁无形资产摊销、债务相关费用和其他调整。现金NOI还不包括一般和行政费用、折旧和摊销、收购交易成本、其他费用、利息支出、物业收购和处置的损益、非常项目、租户改善和租赁佣金。其他REITs可能使用不同的方法来计算现金NOI,因此,公司的现金NOI可能无法与其他REITs相比。
Contact:
Nicolette O'Leary
Director of Investor Relations
858-677-0900
noleary@roireit.net
联系方式:
尼科莱特·奥利里
投资者关系的董事
858-677-0900
邮箱:noolary@roireit.net