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Retail Opportunity Investments Corp. Reports 2023 Third Quarter Results

Retail Opportunity Investments Corp. Reports 2023 Third Quarter Results

零售機會投資公司公佈2023年第三季度業績
Retail Opportunity Investments Corp. ·  2023/10/24 00:00
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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.

聖迭戈，2023年10月24日(環球社)--零售機會投資公司(納斯達克：ROIC)今天公佈了截至2023年9月30日的三個月和九個月的財務和經營業績。

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
  • 840萬美元普通股股東應佔淨收益(0.07美元每股稀釋後股份)
  • 3,600萬美元運營資金(FFO)(1)(0.27美元每股稀釋後股份)
  • 2023年稀釋後每股FFO指引收窄(稀釋後每股1.05美元-1.07美元)
  • 8.2% 增加同中心現金淨營業收入(23財年第三季度與22財年相比)
  • 98.2%投資組合租賃率為23年9月30日(22年9月30日為97.8%)
  • 465,18723年第三季度簽訂的租約面積為平方米英尺(新建和續期)
  • 36.0%新租約的相同空間現金基礎租金增加(7.2%增加續訂)
  • 150萬23年前9個月簽訂的租約面積為平方米英尺(創紀錄)
  • 發行3.5億美元優先無抵押票據(2028年10月到期，票面利率6.75%)
  • 96.8%佔未償還本金債務總額的比例於9/30/23實際固定利率
  • 6.4x淨本金債務與摺合成年率的EBITDA比率，23年第三季度
  • 0.15美元宣佈每股現金股息

_____________________________________

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(1) A reconciliation of GAAP net income to FFO is provided at the end of this press release.

(1)本新聞稿末尾提供了GAAP淨收入與FFO的對賬。

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."

零售機會投資公司首席執行官斯圖爾特·A·坦茲、總裁和首席執行官表示：“在第三季度，我們繼續在2023年上半年建立的租賃勢頭的基礎上再接再厲。因此，在前九個月，我們的租賃空間達到了創紀錄的水準。此外，我們繼續實現了穩健的釋放租金增長，第三季度是我們今年迄今最強勁的租金上漲，無論是新租賃還是續簽的相同空間租金的上漲。”Tanz補充說：“展望未來，我們正在努力實現到2023年的堅實目標，並為我們的業務和以食品雜貨為基礎的投資組合在2024年有一個強勁的開端而努力。”

FINANCIAL RESULTS SUMMARY

財務結果摘要

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日的三個月，普通股股東應佔GAAP淨收入為840萬美元，或每股攤薄收益0.07美元，而截至2022年9月30日的三個月，普通股股東應佔GAAP淨收入為1850萬美元，或每股攤薄收益0.15美元。截至2023年9月30日的9個月，普通股股東應佔GAAP淨收入為2650萬美元，或每股攤薄收益0.21美元，而截至2022年9月30日的9個月，普通股股東應佔GAAP淨收入為4170萬美元，或每股攤薄收益0.33美元。2022年GAAP淨收入包括截至2022年9月30日的三個月和九個月的房地產銷售收益770萬美元。

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為3600萬美元，或每股稀釋後收益0.27美元，而2022年第三季度的FFO為3650萬美元，或每股稀釋後收益0.27美元。2023年前9個月的FFO為1.054億美元，或每股稀釋後收益0.79美元，而2022年前9個月的FFO為1.094億美元，或每股稀釋後收益0.83美元。ROIC根據全國房地產投資信託協會的定義，將FFO報告為補充業績衡量標準。本新聞稿末尾提供了GAAP淨收入與FFO的對賬。

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，同一中心淨運營收入(NOI)為5550萬美元，而2022年第三季度同一中心淨運營收入為5120萬美元，增幅為8.2%。2023年前9個月，與2022年前9個月相比，同中心噪音指數增長了3.6%。ROIC報告現金基礎上的同一中心比較NOI。本新聞稿末尾提供了GAAP營業收入與同一中心比較噪音指數的對賬。

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通過其運營夥伴關係發行了3.5億美元的優先無擔保票據。票據的固定息率為6.75%，將於2028年10月到期。ROIC預計將利用淨收益的一部分，完全註銷其運營合夥企業2.5億美元的優先票據(2023年12月到期)。此外，ROIC利用淨收益的一部分來減少其無擔保定期貸款和無擔保迴圈信貸安排的未償還借款。

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的房地產資產總額(累計折舊前)約為34億美元，未償還本金債務淨額約為14億美元(本金債務總額減去現金及等價物)。2023年第三季度，ROIC的淨本金債務與年化EBITDA比率為6.4倍，截至2023年9月30日，未償還本金債務總額的96.8%實際上是固定利率。

PROPERTY OPERATIONS SUMMARY

物業運營摘要

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的投資組合為98.2%的租賃。在2023年第三季度，ROIC執行了95份租約，總計465,187平方米英尺，其中包括34份新租約，總計155,585平方米英尺，實現了相同空間比較基準租金36.0%的漲幅；61份續期租賃，總計309,602平方米英尺，實現了7.2%的基本租金增長。ROIC報告相同空間的比較新租賃和續訂基礎租金以現金為基礎。

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派發了每股0.15美元的現金股息。2023年10月24日，董事會宣佈每股0.15美元的現金股息，2024年1月5日支付給2023年12月15日登記在冊的股東。

2023 GUIDANCE SUMMARY

2023年指導摘要

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目前估計，2023年GAAP淨收入將在稀釋後每股0.28美元至0.30美元之間，FFO將在稀釋後每股1.05美元至1.07美元之間。

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) 當前
低端 高端 低端 高端
(未經審計，除每股和百分比數據外，以千為單位)
適用於股東的GAAP淨收益 $ 43,709 $ 54,526 $ 34,693 $ 37316
運營資金(FFO)-稀釋 $ 139,650 $ 150,700 $ 139,860 $ 142,524
美國公認會計準則稀釋後每股淨收益 $ 0.35 $ 0.43 $ 0.28 $ 0.30
稀釋後每股FFO $ 1.05 $ 1.11 $ 1.05 $ 1.07
關鍵驅動因素
一般和行政費用 $ 23,000 $ 22,000 $ 23,000 $ 22,000
利息費用和其他財務費用 $ 68,000 $ 73,000人 $ 73,250 $ 73,250
直線租金 $ 千人 $ 千人 $ 二千 $ 2500人
攤銷高於市值和低於市值的租金 $ 10,000 $ 10,000 $ 10,000 $ 10,500
壞賬 $ 5,000 $ 三千 $ 四千 $ 3500人
收購 $ 100,000 $ 200,000 $ - $ -
性情 $ 200,000 $ 50,000 $ 一萬五千 $ -
同中心現金NOI增長 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管理層將在ROIC 2023年10月25日的電話會議上討論指導意見和基本假設。ROIC的指導是前瞻性聲明，可能會受到本新聞稿中其他地方提到的風險和其他因素的影響。

CONFERENCE CALL

電話會議

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將於2023年10月25日(星期三)上午9點召開電話會議，討論其業績。東部時間/上午6：00太平洋時間。

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

要參加電話會議，請點擊以下鏈接(電話會議前10分鐘)進行註冊：
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.

註冊後，參與者將可以選擇：1)從他們的手機撥入(使用個人識別碼)；或2)單擊“呼叫我”選項，直接接收到他們的手機的自動呼叫。

The conference call will also be available live (in a listen-only mode) at: https://edge.media-server.com/mmc/p/2hpfahit

電話會議還將在以下網址直播(以只聽模式)：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

電話會議將被錄音，並在現場直播結束後重播，並可在ROIC的網站上觀看，最長可達一年，特別是在其投資者關係活動和演示頁面上：
Https://investor.roicreit.com/events-presentations

ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.

關於零售機會投資公司。

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.

零售機會投資公司(納斯達克：ROIC)是一家完全集成、自我管理的房地產投資信託基金，專門從事收購、擁有和管理位於西海岸人口稠密的大都市市場的雜貨店購物中心。截至2023年9月30日，ROIC擁有93個購物中心，總面積約為1060萬平方米英尺。ROIC是最大的上市、以雜貨為基礎的購物中心REIT，專門專注於西海岸。ROIC是S小盤600指數成份股公司之一，擁有穆迪投資者服務公司、S全球評級公司和惠譽評級公司的投資級公司債務評級。

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”、“預期”、“專案”、“應該”、“估計”、“預期”、“指導”和類似的表述旨在識別符合1933年《證券法》(修訂本)第27A節和1934年《證券交易法》(修訂本)第21F節中該術語含義的前瞻性陳述。本文中包含的某些陳述可能構成“1995年私人證券訴訟改革法”所指的“前瞻性陳述”。此類前瞻性陳述涉及已知和未知的風險、不確定性和其他因素，這些風險、不確定性和其他因素可能會導致ROIC的實際結果與此類前瞻性陳述明示或暗示的未來結果大相徑庭。有關此類風險和因素的資訊在ROIC提交給美國證券交易委員會的檔案中有描述，其中包括其最新的Form 10-K年度報告，該報告可在www.roireit.net上查閱。

RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Balance Sheets
(In thousands, except share data)

零售機會投資公司。
合併資產負債表
(單位：千，共享數據除外)

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
(未經審計) 		2022年年12月31日
資產
房地產投資：
土地 $ 958,419 $ 958,236
建築和改善 2476,389 2452,857
3434,808 3411,093
減去：累計折舊 632,087 578,593
2802721 2832,500
應收按揭票據 4718 4786
房地產投資淨額 2807439 2837,286
現金和現金等價物 205,260 5598
受限現金 2,252 1,861
承租人和其他應收款，淨額 58,923 57,546
存款 - 500人
收購租賃無形資產，淨額 45,636 52,428
預付費用 1,627 5957
遞延費用，淨額 28,585 26,683
其他資產 17,465 16,420
總資產 $ 3167,187 $ 3004,279
負債和權益
負債：
定期貸款 $ 199,684 $ 299,253
信貸安排 - 88,000
高級附註 1293,012 946,849
應付按揭票據 60,271 60,917
購得租賃無形負債，淨額 142,356 152,117
應付賬款和應計費用 64,466 22,885
租客的保證金 7993 7,701
其他負債 39,500 41,959
總負債 1807282 1619,681
承付款和或有事項
股本：
優先股，面值0.0001美元，授權發行50,000,000股；未發行和未發行 - -
普通股，面值0.0001美元，授權發行500,000,000股；分別於2023年9月30日和2022年12月31日發行和發行124,538,811股 13個 12
額外實收資本 1628,663 1,612,126
累計股息超過收益 (346,260) ) (315,984 )
累計其他綜合收益 1270 14.
零售機會投資公司股東權益總額 1283686 1296,168
非控制性權益 76,219 88,430
總股本 1359,905 1384,598
負債和權益總額 $ 3167,187 $ 3004,279

RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)

零售機會投資公司。
合併業務報表
(未經審計)
(單位為千，每股數據除外)

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日的三個月， 截至9月30日的9個月，
2023年年 2022 2023年年 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
總收入 81,745 78,038 243,081 232,736
運營費用
物業經營 13,210 12,705 40,993 37468
財產稅 8,909 8876 26,677 25,812
折舊及攤銷 27,050 24,332 77,280 72,444
一般和行政費用 5492 5,203 16,588 16,145
其他費用 157 111 811 七百七十八
總運營費用 54,818 51,227 162,349 152,647
房地產銷售收益 - 7653 - 7653
營業收入 26,927 34,464 80,732 87,742
營業外費用
利息費用和其他財務費用 (17,998 ) (14,678 ) (52,589 ) (43,176) )
淨收入 8929 19786 28,143 44,566
可歸於非控股權益的淨收入 (501) ) (1,264 ) (1,644 ) (2,896 )
可歸因於零售機會投資公司的淨收入 $ 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-稀釋 $ 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)

業務資金的計算
(未經審計)
(單位：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日的三個月， 截至9月30日的9個月，
2023年年 2022 2023年年 2022
歸因於ROIC的淨收入 $ 8,428 $ 18,522 $ 26,499 $ 41,670
加：折舊和攤銷 27,050 24,332 77,280 72,444
減去：房地產銷售收益 - (7653 ) - (7653 )
業務資金--基礎 35,478 35,201 103,779 106,461
可歸於非控股權益的淨收入 501 1264 1,644 2896
運營資金--稀釋 $ 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)

同中心現金淨營業收入分析
(未經審計)
(以千為單位，購物中心數量和百分比除外)

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日的三個月， 截至9月30日的9個月，
2023年年 2022 $Change 更改百分比 2023年年 2022 $Change 更改百分比
同一中心分析中包含的購物中心數量 90 90 八十七 八十七
同中心租賃率 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
向租戶追討款項 19327 18,520 八零七 4.4 百分比 57,545 54,346 3199 5.9 百分比
其他財產性收入 3090人 四百四十一 2649 600.7 百分比 4,497 2314 2183 94.3 百分比
壞賬 (767) ) (568 ) (199) ) 35.0 百分比 (2,416 ) (1287) ) (1,129 ) 87.7 百分比
總收入 77,393 72,582 4811 6.6 百分比 223,593 214,579 9014 4.2 百分比
運營費用
物業運營費用 13,261 12,646 615 4.9 百分比 40,122 37,158 2964 8.0 百分比
財產稅 8,682 8701 (19) ) (0.2 )% 25,616 25,084 532 2.1 百分比
總運營費用 21,943 21,347 五百九十六 2.8 百分比 65,738 62,242 3496 5.6 百分比
同中心現金淨營業收入 $ 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)

同中心現金淨營業收入對賬
(未經審計)
(單位：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日的三個月， 截至9月30日的9個月，
2023年年 2022 2023年年 2022
公認會計準則營業收入 $ 26,927 $ 34,464 $ 80,732 $ 87,742
折舊及攤銷 27,050 24,332 77,280 72,444
一般和行政費用 5492 5,203 16,588 16,145
其他費用 157 111 811 七百七十八
房地產銷售收益 - (7653 ) - (7653 )
直線租金 (362 ) (922) ) (1,688 ) (2,288 )
攤銷高於市值和低於市值的租金 (2,118 ) (2906 ) (7591 ) (9,218 )
財產收入和其他費用(1) 一百三十八 (16 ) (523 ) (176 )
公司現金噪音總額 57,284 52,613 165,609 157,774
非同中心現金噪音 (1,834 ) (1,378 ) (7754 ) (5437 )
同中心現金噪音 $ 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)包括錨租賃終止費用，扣除合同金額(如有)、與前期有關的費用和回收調整以及其他雜項調整。

NON-GAAP DISCLOSURES

非公認會計準則披露

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.

營運資金(“FFO”)是一項廣為認可的REITs非GAAP財務衡量指標，本公司認為，與根據GAAP呈報的財務報表一併考慮時，可提供額外而有用的手段來評估其財務表現。FFO經常被證券分析師、投資者和其他相關方用來評估REITs的業績，其中大多數都是根據GAAP計算的FFO和淨收入。本公司根據全美房地產投資信託協會(“NAREIT”)發佈的“FFO白皮書”計算FFO，該白皮書將FFO定義為普通股股東應佔淨收益(根據公認會計準則確定)，不包括債務重組、出售折舊財產和減值的損益，加上與房地產相關的折舊和攤銷，以及對合夥企業和未合併的合資企業進行調整後的淨收益。

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.

公司內部使用現金淨營業收入(“NOI”)來評估和比較公司物業的經營業績。公司認為，現金NOI為投資者提供了有關公司財務狀況和經營結果的有用資訊，因為它只反映了在物業層面發生的那些收入和支出專案，當跨時期進行比較時，可以用來確定公司物業的收益趨勢，因為這一衡量標準不受非現金收入和費用確認專案、公司資金成本、折舊和攤銷費用的影響、收購和出售經營性房地產資產的損益、一般和行政費用或與公司物業所有權有關的其他損益的影響。本公司認為，將這些專案從營業收入中剔除是有用的，因為由此產生的衡量標準反映了經營本公司物業所產生的實際收入和發生的實際費用，以及入住率、租金和運營成本的趨勢。現金NOI是衡量公司物業經營業績的指標，但不能衡量公司的整體業績，因此不能替代按照公認會計原則計算的淨收入或營業收入。本公司將現金NOI定義為營業收入(基本租金和從租戶那裡收回)減去財產和相關費用(財產營業費用和物業稅)，並根據非現金收入和營業費用專案進行調整，如直線租金和租賃無形資產攤銷、債務相關費用和其他調整。現金NOI還不包括一般和行政費用、折舊和攤銷、收購交易成本、其他費用、利息支出、物業收購和處置的損益、非常專案、租戶改善和租賃佣金。其他REITs可能使用不同的方法來計算現金NOI，因此，公司的現金NOI可能無法與其他REITs相比。

Contact:
Nicolette O'Leary
Director of Investor Relations
858-677-0900
noleary@roireit.net

聯繫方式：
尼科萊特·奧利裡
投資者關係的董事
858-677-0900
郵箱：noolary@roireit.net

声明：本內容僅用作提供資訊及教育之目的，不構成對任何特定投資或投資策略的推薦或認可。 更多信息
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