The following is a summary of the Retail Opportunity Investments Corp. (ROIC) Q4 2023 Earnings Call Transcript:
Financial Performance:
Retail Opportunity Investments confirmed total revenues of $328 million for 2023.
The company reported a GAAP net income of $35 million or $0.27 per diluted share.
Funds from Operations for 2023 totaled $141 million or $1.6 per share.
Net operating income increased by 3.7% over 2022 on the same center comparative cash basis.
The company reduced its net debt ratio to 6.2x and reduced its floating rate debt from 28% to 9% of total debt.
Their projection for 2024 includes an interest expense range of $78 million to $80 million and an initial FFO guidance range set at $1.03 to $1.09 per diluted share.
Business Progress:
The company leased over 1.7 million square feet in 2023, setting a new record for overall leasing activity.
It also achieved a record of 11 consecutive years of releasing rent growth, with the end-of-year portfolio lease rate being 97.7%.
The acquisition pipeline for 2024 currently contains nearly $100 million worth of off-market transactions.
Retail Opportunity Investments plans for 2024 include continued growth in core portfolio NOI, asset acquisitions ranging between $100 million and $300 million, and potential refinancing activities.
The company has also strategized on enhancing long-term financial strength by balancing its debt maturity schedule.
They plan to extend leases with key tenants early, enhance the tenant mix across their portfolio, and are in discussion with several national destination entertainment businesses for re-leasing purposes.
More details: Retail Opportunity Investments Corp IR
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