The following is a summary of the Retail Opportunity Investments Corp. (ROIC) Q1 2024 Earnings Call Transcript:
Financial Performance:
Total revenues increased to $85.3 million for Q1 2024, driven by higher base rents and high amortization of above and below-market rent.
GAAP net income attributable to common shareholders was $11 million for the quarter, equating to $0.09 per diluted share.
FFO for the quarter was $37.9 million, which equates to $0.28 per diluted share.
Same-center net operating income increased by 5.7% in Q1, driven by base rent, recovery increases, and an increase in other income from lease recapture initiatives.
Financing activities included buying a shopping center for $70M and selling two properties totaling $68M.
Despite an anchor vacating, lease amortization was high for the quarter.
Business Progress:
The company has leased all available anchor spaces at higher rents, and the space at a recently acquired shopping center in the San Diego market is fully leased.
Retail Opportunity Investments Corp. is on the lookout for possible acquisition opportunities and projects an acquisition guidance range of $100 to $300 million.
The company is experiencing strong leasing demand and notable rent growth, with an increase of 12% on new leases and 7% on renewals in Q1 2024.
Proactive discussions with Kroger and Albertsons have continued during their merger talks.
The company plans to return to the bond market, aiming for a ten-year deal.
They maintain an active leasing pipeline, driven by a mix of necessity, service, and destination tenants looking to expand in core West Coast markets.
Two properties were disposed of, including a single tenant property and another property with future growth issues.
The company is set to attend the annual ICSC Convention, further highlighting industry engagement.
More details: Retail Opportunity Investments Corp IR
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