share_log

Retail Opportunity Investments Corp. Reports 2023 Third Quarter Results

Retail Opportunity Investments Corp. Reports 2023 Third Quarter Results

零售机会投资公司公布2023年第三季度业绩
Retail Opportunity Investments Corp. ·  2023/10/24 00:00
PDF Version
PDF版本
724.2 KB
724.2 KB
PDF Version
PDF版本
724.2 KB
724.2 KB

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

_____________________________________

_

(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

声明：本内容仅用作提供资讯及教育之目的，不构成对任何特定投资或投资策略的推荐或认可。 更多信息
    抢沙发