UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 24, 2023
(Exact Name of Registrant as Specified in Its Charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Exact Name of Registrant as Specified in Its Charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
(858 ) 677-0900
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
_________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Name of Registrant | Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||
| Retail Opportunity Investments Corp. | |||||||||||
| Retail Opportunity Investments Partnership, LP | None | None | None | ||||||||
Item 2.02. Results of Operations and Financial Condition.
On October 24, 2023, Retail Opportunity Investments Corp. (the "Company") issued an earnings release announcing its financial results for the quarter ended September 30, 2023. A copy of the earnings release is attached as Exhibit 99.1 hereto and incorporated herein by reference. On October 24, 2023, in connection with this earnings release, the Company posted certain supplemental information regarding the Company's operations for the quarter ended September 30, 2023 on its website, www.roireit.net. A copy of the supplemental information is attached as Exhibit 99.2 hereto and incorporated herein by reference.
The information in this Current Report, including the exhibits hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, unless it is specifically incorporated by reference therein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | ||||
| 99.1 | |||||
| 99.2 | |||||
| 101 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | ||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL (and contained in Exhibit 101) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 24, 2023 | RETAIL OPPORTUNITY INVESTMENTS CORP. | ||||||||||
| By: | /s/ Michael B. Haines | ||||||||||
| Name: Michael B. Haines | |||||||||||
| Title: Chief Financial Officer | |||||||||||
| RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP | |||||||||||
| By: | RETAIL OPPORTUNITY INVESTMENTS GP, LLC, its general partner | ||||||||||
| By: | /s/ Michael B. Haines | ||||||||||
| Name: Michael B. Haines | |||||||||||
| Title: Chief Financial Officer | |||||||||||
Retail Opportunity Investments Corp. TRADED: NASDAQ: ROIC
11250 El Camino Real, Suite 200
San Diego, CA 92130
FOR IMMEDIATE RELEASE
Tuesday, October 24, 2023
Retail Opportunity Investments Corp. Reports
2023 Third Quarter Results
San Diego, CA, October 24, 2023 - Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced today financial and operating results for the three and nine months ended September 30, 2023.
HIGHLIGHTS
•$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
_____________________________________
(1) A reconciliation of GAAP net income to FFO is provided at the end of this press release.
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.”
FINANCIAL RESULTS SUMMARY
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.
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.
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.
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.
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.
PROPERTY OPERATIONS SUMMARY
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.
DIVIDEND SUMMARY
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 GUIDANCE SUMMARY
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.
| 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 | % | ||||||||||||||||||
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.
CONFERENCE CALL
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.
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
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.
The conference call will also be available live (in a listen-only mode) at: 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
ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.
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.
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.
RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Balance Sheets
(In thousands, except share data)
| 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 | |||||||
RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
| 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 | |||||||||||||||
CALCULATION OF FUNDS FROM OPERATIONS
(Unaudited)
(In thousands)
| 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 | |||||||||||||||
SAME-CENTER CASH NET OPERATING INCOME ANALYSIS
(Unaudited)
(In thousands, except number of shopping centers and percentages)
| 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 | % | ||||||||||||||||||||||||||||||||||
SAME-CENTER CASH NET OPERATING INCOME RECONCILIATION
(Unaudited)
(In thousands)
| 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 | |||||||||||||||
____________________
(1)Includes anchor lease termination fees, net of contractual amounts, if any, expense and recovery adjustments related to prior periods and other miscellaneous adjustments.
NON-GAAP DISCLOSURES
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.
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.
Contact:
Nicolette O’Leary
Director of Investor Relations
858-677-0900
noleary@roireit.net
3rd QUARTER 2023 SUPPLEMENTAL INFORMATION Retail Opportunity Investments Corp. 11250 El Camino Real, Suite 200 San Diego, CA 92130 www.roireit.net
Supplemental Disclosure Quarter Ended September 30, 2023 -2- Overview Our Company 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. Supplemental Information The enclosed information should be read in conjunction with ROIC's filings with the Securities and Exchange Commission, including but not limited to, its Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items under generally accepted accounting principles (“GAAP”). Non-GAAP Disclosures 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. 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 (rental revenue and other income), 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 and extraordinary items. Other REITs may use different methodologies for calculating cash NOI, and accordingly, the Company’s cash NOI may not be comparable to other REITs.
Supplemental Disclosure Quarter Ended September 30, 2023 -3- Page Financial Data Balance Sheets ..................................................................................................................................................................................... 4 Income Statements ................................................................................................................................................................................ 5 Funds From Operations ........................................................................................................................................................................ 6 Summary of Debt Outstanding ............................................................................................................................................................. 7 Selected Financial Analysis .................................................................................................................................................................. 9 Portfolio Data Property Portfolio ................................................................................................................................................................................. 10 Same-Center Cash Net Operating Income Analysis ............................................................................................................................ 13 Top Ten Tenants ................................................................................................................................................................................... 14 Lease Expiration Schedule ................................................................................................................................................................... 15 Leasing Summary ................................................................................................................................................................................. 16 Same-Space Comparative Leasing Summary ...................................................................................................................................... 17 Leased vs. Billed Summary .................................................................................................................................................................. 18 Footnotes .......................................................................................................................................................... 19 Investor Information ....................................................................................................................................... 20 Table of Contents
Supplemental Disclosure Quarter Ended September 30, 2023 -4- Balance Sheets (unaudited, dollars in thousands, except par values and share amounts) 09/30/23 12/31/22 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: 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 EQUITY: Common stock, $0.0001 par value, 500,000,000 shares authorized 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 The Company's Form 10-Q for the quarter ended September 30, 2023, and Form 10-K for the year ended December 31, 2022 should be read in conjunction with the above information.
Supplemental Disclosure Quarter Ended September 30, 2023 -5- Income Statements Three Months Ended Nine Months Ended 09/30/23 09/30/22 09/30/23 09/30/22 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 NET INCOME PER COMMON SHARE - BASIC $ 0.07 $ 0.15 $ 0.21 $ 0.34 NET INCOME PER COMMON SHARE - DILUTED $ 0.07 $ 0.15 $ 0.21 $ 0.33 Weighted average common shares outstanding - basic 125,256 123,798 124,873 123,254 Weighted average common shares outstanding - diluted 133,157 132,738 133,136 132,354 RENTAL REVENUE Base rents $ 56,942 $ 55,392 $ 170,749 $ 163,654 Recoveries from tenants 19,718 18,878 59,750 56,043 Straight-line rent 362 922 1,688 2,288 Amortization of above- and below-market rent 2,118 2,906 7,591 9,218 Bad debt (867) (678) (2,876) (1,528) TOTAL RENTAL REVENUE $ 78,273 $ 77,420 $ 236,902 $ 229,675 (unaudited, in thousands, except per share amounts) The Company’s Form 10-Q for the quarters ended September 30, 2023 and September 30, 2022 should be read in conjunction with the above information.
Supplemental Disclosure Quarter Ended September 30, 2023 -6- Funds From Operations (unaudited, in thousands, except per share amounts) Three Months Ended Nine Months Ended 09/30/23 09/30/22 09/30/23 09/30/22 Funds from Operations (FFO): Net income attributable to ROIC common stockholders $ 8,428 $ 18,522 $ 26,499 $ 41,670 Plus: Depreciation and amortization expense 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 FUNDS FROM OPERATIONS PER SHARE - BASIC $ 0.28 $ 0.28 $ 0.83 $ 0.86 FUNDS FROM OPERATIONS PER SHARE - DILUTED $ 0.27 $ 0.27 $ 0.79 $ 0.83 Weighted average common shares outstanding - basic 125,256 123,798 124,873 123,254 Weighted average common shares outstanding - diluted 133,157 132,738 133,136 132,354 Common dividends per share $ 0.15 $ 0.15 $ 0.45 $ 0.41 FFO Payout Ratio 55.6 % 55.6 % 57.0 % 49.4 % Additional Disclosures: Non Cash Expense (Income) Straight line rent $ (362) $ (922) $ (1,688) $ (2,288) Above/below market rent amortization, net (2,118) (2,906) (7,591) (9,218) Non-cash interest income — (14) (15) (42) Deferred financing costs and mortgage premiums, net 1,043 671 2,879 1,884 Stock based compensation 3,225 3,221 9,582 8,821 Capital Expenditures Tenant improvements $ 5,858 $ 6,147 $ 17,280 $ 22,494 Leasing commissions 515 580 1,410 1,480 Building improvements 979 418 2,564 620 Reimbursable property improvements 1,448 2,445 2,710 3,810 Pad and other development 5,418 4,603 9,713 11,091 Value enhancing tenant improvements 3 1,752 112 6,108 The above does not purport to disclose all items required under GAAP.
Supplemental Disclosure Quarter Ended September 30, 2023 -7- Summary of Debt Outstanding (unaudited, dollars in thousands) Outstanding GAAP Maturity Percent of Balance Interest Rate Interest Rate Date Total Indebtedness Fixed Rate Debt Mortgage Debt: Fullerton Crossroads $ 26,000 4.73 % 3.82 % 4/6/2024 1.7 % Diamond Hills Plaza 34,219 3.55 % 3.61 % 10/1/2025 2.2 % Total Mortgage Debt 60,219 4.06 % 3.70 % 1.4 Years (WA) 3.9 % Unsecured Senior Notes: Senior Notes Due 2023 250,000 5.00 % 5.21 % 12/15/2023 16.0 % Senior Notes Due 2024 250,000 4.00 % 4.21 % 12/15/2024 16.0 % Senior Notes Due 2026 200,000 3.95 % 3.95 % 9/22/2026 12.8 % Senior Notes Due 2027 250,000 4.19 % 4.19 % 12/15/2027 16.0 % Senior Notes Due 2028 350,000 6.75 % 6.86 % 10/15/2028 22.5 % Total Unsecured Senior Notes 1,300,000 4.96 % 5.07 % 2.9 Years (WA) 83.3 % Term Loan: Interest rate swap 100,000 5.58 % 5.58 % 8/31/2024 6.4 % Interest rate swap 50,000 5.13 % 5.13 % 8/31/2024 3.2 % Total Term Loan 150,000 5.43 % 5.43 % 9.6 % Total Fixed Rate Debt 1,510,219 4.97 % 5.05 % 2.8 Years (WA) 96.8 % Variable Rate Debt Credit Facility — — % — % 3/2/2027 — % Term Loan 200,000 6.43 % 6.43 % 1/20/2025 3.2 % Interest rate swaps - Term Loan (150,000) Total Variable Rate Debt 50,000 6.43 % 6.43 % 1.3 Years (WA) 3.2 % TOTAL PRINCIPAL DEBT $ 1,560,219 5.02 % 5.10 % 2.6 Years (WA) 100.0 % Net unamortized premiums on mortgages 126 Net unamortized discounts on notes (2,321) Net unamortized deferred financing charges (3) (5,057) Total Debt $ 1,552,967 (1) (1) (2)
Supplemental Disclosure Quarter Ended September 30, 2023 -8- Summary of Debt Outstanding, continued (unaudited, dollars in thousands) Summary of Principal Maturities Mortgage Principal Mortgage Principal Senior Total Principal Percentage of Year Payments due at Maturity Credit Facility Term Loan Unsecured Notes Payments Debt Maturing 2023 $ 174 $ — $ — $ — $ 250,000 $ 250,174 16.0 % 2024 708 26,000 — — 250,000 276,708 17.7 % 2025 550 32,787 — 200,000 — 233,337 15.0 % 2026 — — — — 200,000 200,000 12.8 % 2027 — — — — 250,000 250,000 16.0 % 2028 — — — — 350,000 350,000 22.5 % Thereafter — — — — — — — % $ 1,432 $ 58,787 $ — $ 200,000 $ 1,300,000 $ 1,560,219 100.0 % Summary of Unencumbered/Encumbered Properties Number of Percentage Properties GLA of GLA Unencumbered properties 91 10,207,982 96.6 % Encumbered properties 2 359,354 3.4 % 93 10,567,336 100.0 % Summary of Unsecured Debt/Secured Debt Percentage of Total Amount Principal Debt Unsecured principal debt $ 1,500,000 96.1 % Secured principal debt 60,219 3.9 % Total Principal Debt $ 1,560,219 100.0 %
Supplemental Disclosure Quarter Ended September 30, 2023 -9- Selected Financial Analysis (unaudited, in thousands, except per share amounts) 09/30/23 06/30/23 03/31/23 12/31/22 09/30/22 Debt coverage ratios, three months ending: Interest coverage ratio (EBITDA/interest expense) 3.0x 3.0x 3.0x 3.2x 3.5x Debt service coverage (EBITDA/(interest expense + scheduled principal payments)) 3.0x 3.0x 3.0x 3.2x 3.5x Net principal debt (Total principal debt less cash & equivalents)/Annualized EBITDA 6.4x 6.5x 6.7x 6.6x 6.6x Net principal debt (Total principal debt less cash & equivalents)/TTM EBITDA 6.4x 6.5x 6.6x 6.8x 6.7x Debt/book value ratios, at period end: Total principal debt/total book assets 49.3 % 46.1 % 45.9 % 46.6 % 45.4 % Total principal debt/undepreciated book value 41.1 % 38.2 % 38.3 % 39.0 % 38.3 % Secured principal debt/undepreciated book value 1.6 % 1.7 % 1.7 % 1.7 % 1.7 % Market capitalization calculations, at period end: Common shares outstanding 125,256 125,256 124,228 123,815 123,813 Operating partnership units (OP units) outstanding 7,437 7,437 8,447 8,447 8,447 Common stock price per share $ 12.38 $ 13.51 $ 13.96 $ 15.03 $ 13.76 Total equity market capitalization $ 1,642,741 $ 1,792,684 $ 1,852,151 $ 1,987,894 $ 1,819,900 Total principal debt 1,560,219 1,373,389 1,377,557 1,398,731 1,362,899 TOTAL MARKET CAPITALIZATION $ 3,202,960 $ 3,166,073 $ 3,229,708 $ 3,386,625 $ 3,182,799 Unsecured Senior Notes Financial Covenants: (4) Total debt to total assets not to exceed 60% 42.8 % 40.1 % 40.3 % 41.1 % 40.3 % Total secured debt to total assets not to exceed 40% 1.7 % 1.8 % 1.8 % 1.8 % 1.8 % Total unencumbered assets to total unsecured debt not to be less than 150% 234.5 % 251.2 % 250.3 % 245.0 % 250.5 % Consolidated income available for debt service to interest expense not to be less than 1.5:1 3.1x 3.2x 3.3x 3.5x 3.5x
Supplemental Disclosure Quarter Ended September 30, 2023 -10- Property Portfolio (dollars in thousands) Date Owned % Metro Area City State Acquired GLA Leased ABR (5) Major Tenants Los Angeles metro area Paramount Plaza Paramount CA 12/22/09 95,062 96.4 % $ 1,917 Grocery Outlet Supermarket, 99¢ Only Stores, Rite Aid Pharmacy Claremont Promenade Claremont CA 09/23/10 92,177 80.5 % 1,922 Super King Supermarket Gateway Village Chino Hills CA 12/17/10 96,959 91.6 % 3,015 Sprouts Market Seabridge Marketplace Oxnard CA 05/31/12 98,348 89.3 % 1,811 Safeway (Vons) Supermarket Glendora Shopping Center Glendora CA 08/01/12 106,535 100.0 % 1,560 Albertsons Supermarket Redondo Beach Plaza Redondo Beach CA 12/28/12 110,509 98.9 % 2,449 Safeway (Vons) Supermarket, Petco Diamond Bar Town Center Diamond Bar CA 02/01/13 100,342 100.0 % 2,502 Walmart Neighborhood Market, Crunch Fitness Diamond Hills Plaza Diamond Bar CA 04/22/13 139,455 100.0 % 4,287 H-Mart Supermarket, Planet Fitness Plaza de la Cañada La Cañada Flintridge CA 12/13/13 100,425 100.0 % 2,712 Gelson’s Supermarket, TJ Maxx, Rite Aid Pharmacy Fallbrook Shopping Center Los Angeles CA 06/13/14 755,164 99.1 % 13,920 Sprouts Market, Trader Joes, Kroger (Ralph’s) Supermarket*, TJ Maxx Moorpark Town Center Moorpark CA 12/03/14 133,547 92.8 % 2,095 Kroger (Ralph’s) Supermarket, CVS Pharmacy Ontario Plaza Ontario CA 01/06/15 150,149 97.2 % 2,451 El Super Supermarket, Rite Aid Pharmacy Park Oaks Shopping Center Thousand Oaks CA 01/06/15 110,092 97.2 % 2,866 Safeway (Vons) Supermarket, Dollar Tree Warner Plaza Woodland Hills CA 12/31/15 110,918 94.7 % 4,621 Sprouts Market, Kroger (Ralph’s) Supermarket*, Rite Aid Pharmacy* Magnolia Shopping Center Santa Barbara CA 03/10/16 116,089 100.0 % 2,582 Kroger (Ralph’s) Supermarket Casitas Plaza Shopping Center Carpinteria CA 03/10/16 105,118 100.0 % 2,003 Albertsons Supermarket, CVS Pharmacy Bouquet Center Santa Clarita CA 04/28/16 148,903 98.4 % 3,845 Safeway (Vons) Supermarket, CVS Pharmacy, Ross Dress For Less North Ranch Shopping Center Westlake Village CA 06/01/16 146,444 89.7 % 4,902 Kroger (Ralph’s) Supermarket, Trader Joe’s, Planet Fitness The Knolls Long Beach CA 10/03/16 51,858 100.0 % 1,450 Trader Joe’s, Pet Food Express The Terraces Rancho Palos Verdes CA 03/17/17 172,922 93.1 % 3,667 Trader Joe’s, Marshall’s, LA Fitness Los Angeles metro area total 2,941,016 96.6 % $ 66,577 Seattle metro area Meridian Valley Plaza Kent WA 02/01/10 51,597 98.1 % $ 918 Kroger (QFC) Supermarket The Market at Lake Stevens Lake Stevens WA 03/11/10 74,130 100.0 % 1,706 Albertsons (Haggen) Supermarket Canyon Park Shopping Center Bothell WA 07/29/11 123,592 100.0 % 2,687 PCC Community Markets, Rite Aid Pharmacy, Petco Hawks Prairie Shopping Center Lacey WA 09/09/11 157,529 100.0 % 2,050 Safeway Supermarket, Dollar Tree, Big Lots, Ace Hardware Gateway Shopping Center Marysville WA 02/16/12 104,298 100.0 % 2,722 WinCo Foods*, Rite Aid Pharmacy, Ross Dress For Less Canyon Crossing Puyallup WA 04/15/13 120,398 100.0 % 2,950 Safeway Supermarket Crossroads Shopping Center Bellevue WA 2010/2013 473,131 99.3 % 12,763 Kroger (QFC) Supermarket, Dick’s Sporting Goods, Edgeworks Climbing Bellevue Marketplace Bellevue WA 12/10/15 113,758 100.0 % 3,734 Asian Family Market Four Corner Square Maple Valley WA 12/21/15 119,531 100.0 % 2,770 Grocery Outlet Supermarket, Walgreens, Johnsons Home & Garden Bridle Trails Shopping Center Kirkland WA 10/17/16 110,257 100.0 % 2,536 Grocery Outlet Supermarket, Rite Aid (Bartell) Pharmacy, Dollar Tree PCC Community Markets Plaza Edmonds WA 01/25/17 34,459 100.0 % 759 PCC Community Markets Highland Hill Shopping Center Tacoma WA 05/09/17 163,926 100.0 % 3,110 WinCo Foods, LA Fitness, Dollar Tree, Petco North Lynnwood Shopping Center Lynnwood WA 10/19/17 63,606 92.9 % 1,041 Grocery Outlet Supermarket, Dollar Tree Stadium Center Tacoma WA 02/23/18 48,888 100.0 % 1,124 Thriftway Supermarket Summerwalk Village Lacey WA 12/13/19 61,545 100.0 % 989 Walmart Neighborhood Market South Point Plaza Everett WA 11/10/21 189,960 100.0 % 2,418 Grocery Outlet Supermarket, Rite Aid Pharmacy, Hobby Lobby, Pep Boys Olympia West Center Olympia WA 12/06/21 69,212 91.5 % 1,394 Trader Joe’s, Petco Olympia Square North Olympia WA 04/01/22 89,884 100.0 % 1,128 Albertsons Supermarket Thomas Lake Shopping Center Mill Creek WA 08/19/22 111,311 100.0 % 2,056 Albertsons Supermarket, Rite Aid Pharmacy Ballinger Village Shoreline WA 08/19/22 112,228 100.0 % 2,515 Thriftway Supermarket, Rite Aid Pharmacy Seattle metro area total 2,393,240 99.4 % $ 51,370 * These retailers are not tenants of ROIC.
Supplemental Disclosure Quarter Ended September 30, 2023 -11- Property Portfolio, continued (dollars in thousands) Date Owned % Metro Area City State Acquired GLA Leased ABR (5) Major Tenants Portland metro area Happy Valley Town Center Happy Valley OR 07/14/10 138,397 99.1 % $ 4,081 New Seasons Market Wilsonville Old Town Square Wilsonville OR 2010/2012 49,880 100.0 % 2,023 Kroger (Fred Meyer) Supermarket* Cascade Summit Town Square West Linn OR 08/20/10 94,934 100.0 % 2,112 Safeway Supermarket, U.S. Postal Service Heritage Market Center Vancouver WA 09/23/10 107,468 100.0 % 1,896 Safeway Supermarket, Dollar Tree Division Crossing Portland OR 12/22/10 103,561 100.0 % 1,346 Rite Aid Pharmacy, Ross Dress For Less, Ace Hardware Halsey Crossing Gresham OR 12/22/10 99,428 100.0 % 1,511 24 Hour Fitness, Dollar Tree Hillsboro Market Center Hillsboro OR 11/23/11 156,021 100.0 % 2,748 Albertsons Supermarket, Dollar Tree, Ace Hardware Robinwood Shopping Center West Linn OR 08/23/13 70,831 100.0 % 1,184 Walmart Neighborhood Market Tigard Marketplace Tigard OR 02/18/14 136,889 100.0 % 2,314 H-Mart Supermarket, Bi-Mart Wilsonville Town Center Wilsonville OR 12/11/14 167,829 100.0 % 3,110 Safeway Supermarket, Rite Aid Pharmacy, Dollar Tree Tigard Promenade Tigard OR 07/28/15 88,043 100.0 % 1,608 Safeway Supermarket, Petco Sunnyside Village Square Happy Valley OR 07/28/15 92,278 100.0 % 1,698 Grocery Outlet Supermarket, Snap Fitness, Ace Hardware Johnson Creek Center Happy Valley OR 11/09/15 108,588 100.0 % 2,375 Trader Joe’s, Walgreens, Sportsman's Warehouse Rose City Center Portland OR 09/15/16 60,680 100.0 % 805 Safeway Supermarket Division Center Portland OR 04/05/17 123,072 99.0 % 2,280 Grocery Outlet Supermarket, Rite Aid Pharmacy, Petco Riverstone Marketplace Vancouver WA 10/11/17 95,774 100.0 % 2,416 Kroger (QFC) Supermarket King City Plaza King City OR 05/18/18 62,676 99.2 % 1,025 Grocery Outlet Supermarket, Anytime Fitness Powell Valley Junction Gresham OR 04/01/22 108,639 100.0 % 1,176 Walmart Neighborhood Market, Planet Fitness Portland metro area total 1,864,988 99.8 % $ 35,708 San Francisco metro area Pleasant Hill Marketplace Pleasant Hill CA 04/08/10 69,715 100.0 % $ 1,524 Total Wine and More, Buy Buy Baby, Basset Furniture Pinole Vista Shopping Center Pinole CA 01/06/11 141,093 95.8 % 3,105 Save Mart (Lucky California) Supermarket, Planet Fitness Country Club Gate Center Pacific Grove CA 07/08/11 109,331 98.4 % 2,396 Save Mart (Lucky California) Supermarket, Rite Aid Pharmacy Marlin Cove Shopping Center Foster City CA 05/04/12 73,943 95.9 % 2,554 99 Ranch Market The Village at Novato Novato CA 07/24/12 20,081 78.3 % 458 Trader Joe’s Santa Teresa Village San Jose CA 11/08/12 131,263 97.9 % 3,406 Grocery Outlet Supermarket, Dollar Tree, MedVet Silicon Valley Granada Shopping Center Livermore CA 06/27/13 71,525 100.0 % 1,555 Save Mart (Lucky California) Supermarket Country Club Village San Ramon CA 11/26/13 111,093 96.7 % 2,203 Walmart Neighborhood Market, CVS Pharmacy North Park Plaza San Jose CA 04/30/14 76,697 100.0 % 2,839 H-Mart Supermarket Winston Manor South San Francisco CA 01/07/15 49,852 96.8 % 1,836 Grocery Outlet Supermarket Jackson Square Hayward CA 07/01/15 114,220 100.0 % 2,481 Safeway Supermarket, CVS Pharmacy, 24 Hour Fitness Gateway Centre San Ramon CA 09/01/15 112,553 95.5 % 2,724 Save Mart (Lucky California) Supermarket, Walgreens Iron Horse Plaza Danville CA 12/04/15 61,915 100.0 % 2,432 Lunardi’s Market Monterey Center Monterey CA 07/14/16 25,626 100.0 % 1,106 Trader Joe’s Santa Rosa Southside Shopping Center Santa Rosa CA 03/24/17 88,606 100.0 % 1,850 REI, Cost Plus World Market, DSW Monta Loma Plaza Mountain View CA 09/19/17 49,694 100.0 % 1,625 Safeway Supermarket Canyon Creek Plaza San Jose CA 09/01/21 64,662 98.2 % 2,169 New Seasons Market Village Oaks Shopping Center Martinez CA 05/17/22 79,875 97.9 % 1,490 Save Mart (Lucky California) Supermarket, Rite Aid Pharmacy* San Francisco metro area total 1,451,744 97.9 % $ 37,753 * These retailers are not tenants of ROIC.
Supplemental Disclosure Quarter Ended September 30, 2023 -12- Property Portfolio, continued (dollars in thousands) Date Owned % Metro Area City State Acquired GLA Leased ABR (5) Major Tenants Orange County metro area Santa Ana Downtown Plaza Santa Ana CA 01/26/10 105,536 98.3 % $ 2,438 Kroger (Food 4 Less) Supermarket, Marshall’s Sycamore Creek Corona CA 09/30/10 74,198 98.2 % 1,927 Safeway (Vons) Supermarket, CVS Pharmacy* Desert Springs Marketplace Palm Desert CA 02/17/11 113,718 97.0 % 2,872 Kroger (Ralph’s) Supermarket, Rite Aid Pharmacy Cypress Center West Cypress CA 12/04/12 112,080 94.3 % 2,212 Kroger (Ralph’s) Supermarket, Rite Aid Pharmacy Harbor Place Center Garden Grove CA 12/28/12 122,636 94.5 % 1,802 AA Supermarket, Ross Dress For Less, AutoZone Mega Hub 5 Points Plaza Huntington Beach CA 09/27/13 161,170 99.7 % 4,933 Trader Joe’s Peninsula Marketplace Huntington Beach CA 10/15/13 95,416 100.0 % 2,560 Kroger (Ralph’s) Supermarket, Planet Fitness Fullerton Crossroads Fullerton CA 10/11/17 219,899 97.0 % 3,402 Kroger (Ralph’s) Supermarket, Kohl’s, Jo-Ann Fabrics and Crafts The Village at Nellie Gail Ranch Laguna Hills CA 11/30/17 89,041 98.1 % 3,133 Smart & Final Extra Supermarket Orange Country metro area total 1,093,694 97.4 % $ 25,279 San Diego metro area Marketplace Del Rio Oceanside CA 01/03/11 183,787 95.7 % $ 3,657 Stater Brothers Supermarket, Walgreens, Planet Fitness Renaissance Towne Centre San Diego CA 08/03/11 52,866 99.1 % 2,780 CVS Pharmacy Bay Plaza San Diego CA 10/05/12 73,324 93.6 % 2,128 Seafood City Supermarket Bernardo Heights Plaza Rancho Bernardo CA 02/06/13 37,729 100.0 % 987 Sprouts Market Hawthorne Crossings San Diego CA 06/27/13 141,288 100.0 % 3,632 Mitsuwa Supermarket, Ross Dress For Less, Staples Creekside Plaza Poway CA 02/28/14 133,914 99.2 % 3,434 Stater Brothers Supermarket, AMC Theatres Palomar Village Temecula CA 10/12/21 125,130 98.4 % 2,141 Albertsons Supermarket, CVS Pharmacy San Diego metro area total 748,038 97.8 % $ 18,759 Number of Owned % Metro Area Summary Centers GLA Leased ABR (5) Los Angeles 20 2,941,016 96.6 % $ 66,577 Seattle 20 2,393,240 99.4 % 51,370 Portland 18 1,864,988 99.8 % 35,708 San Francisco 18 1,451,744 97.9 % 37,753 Orange County 9 1,093,694 97.4 % 25,279 San Diego 7 748,038 97.8 % 18,759 TOTAL SHOPPING CENTER PORTFOLIO 92 10,492,720 98.2 % $ 235,446 * These retailers are not tenants of ROIC. Note: Property Portfolio excludes one shopping center that is currently planned for redevelopment.
Supplemental Disclosure Quarter Ended September 30, 2023 -13- Three Months Ended Nine Months Ended 09/30/23 09/30/22 $ Change % Change 09/30/23 09/30/22 $ Change % Change Number of shopping centers included in same-center analysis (6) 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 % SAME-CENTER CASH NET OPERATING INCOME RECONCILIATION 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 (7) 138 (16) (523) (176) TOTAL COMPANY CASH NET OPERATING INCOME 57,284 52,613 165,609 157,774 Non Same-Center Cash NOI (1,834) (1,378) (7,754) (5,437) SAME-CENTER CASH NET OPERATING INCOME $ 55,450 $ 51,235 $ 157,855 $ 152,337 Same-Center Cash Net Operating Income Analysis (unaudited, dollars in thousands) .
Supplemental Disclosure Quarter Ended September 30, 2023 -14- Top Ten Tenants (dollars in thousands) Percent Number of Leased of Total Percent of Tenant Leases GLA Leased GLA ABR (5) Total ABR 1 Albertsons / Safeway Supermarkets 21 1,052,996 10.2 % $ 13,361 5.7 % 2 Kroger Supermarkets 11 488,735 4.8 % 7,884 3.4 % 3 Rite Aid Pharmacy 15 280,038 2.7 % 3,993 1.7 % 4 Save Mart Supermarkets 5 234,713 2.3 % 3,495 1.5 % 5 Trader Joe’s 9 113,097 1.1 % 3,403 1.4 % 6 Grocery Outlet Supermarkets 10 225,004 2.2 % 3,178 1.3 % 7 JP Morgan Chase 20 82,348 0.8 % 3,001 1.3 % 8 Sprouts Markets 4 145,777 1.4 % 2,721 1.2 % 9 H-Mart Supermarkets 3 147,040 1.4 % 2,684 1.1 % 10 Ross Dress For Less / dd’s Discounts 6 166,703 1.6 % 2,552 1.1 % Top 10 Tenants Total 104 2,936,451 28.5 % $ 46,272 19.7 % Other Tenants 1,934 7,354,021 71.5 % 189,174 80.3 % Total Portfolio 2,038 10,290,472 100.0 % $ 235,446 100.0 %
Supplemental Disclosure Quarter Ended September 30, 2023 -15- Lease Expiration Schedule (dollars in thousands) Anchor Tenants (8) Number of Leased Percent of Total Percent of ABR Leases Expiring (9) GLA Total Leased GLA ABR (5) Total ABR Per Sq. Ft. 2023 2 44,072 0.4 % $ 491 0.2 % $ 11.15 2024 7 280,724 2.7 % 3,293 1.4 % 11.73 2025 23 761,444 7.4 % 10,599 4.5 % 13.92 2026 24 784,371 7.6 % 10,260 4.4 % 13.08 2027 14 460,659 4.5 % 5,364 2.3 % 11.64 2028 29 957,099 9.3 % 17,561 7.4 % 18.35 2029 20 690,126 6.7 % 12,309 5.2 % 17.84 2030 11 382,128 3.7 % 6,531 2.8 % 17.09 2031 11 335,269 3.3 % 5,207 2.2 % 15.53 2032 7 236,380 2.3 % 3,463 1.5 % 14.65 2033+ 23 842,658 8.2 % 13,118 5.6 % 15.57 171 5,774,930 56.1 % $ 88,196 37.5 % $ 15.27 Non-Anchor Tenants Number of Leased Percent of Total Percent of ABR Leases Expiring (9) GLA Total Leased GLA ABR Total ABR Per Sq. Ft. 2023 65 96,949 0.9 % $ 3,357 1.4 % $ 34.63 2024 258 510,871 5.0 % 16,854 7.2 % 32.99 2025 288 611,568 5.9 % 19,519 8.3 % 31.92 2026 298 676,229 6.7 % 21,667 9.2 % 32.04 2027 288 683,515 6.7 % 22,539 9.6 % 32.98 2028 261 626,260 6.1 % 21,305 9.0 % 34.02 2029 108 311,787 3.0 % 9,559 4.0 % 30.66 2030 55 169,331 1.6 % 5,793 2.5 % 34.21 2031 51 169,368 1.6 % 5,414 2.3 % 31.97 2032 76 251,965 2.4 % 8,052 3.4 % 31.96 2033+ 119 407,699 4.0 % 13,191 5.6 % 32.35 1,867 4,515,542 43.9 % $ 147,250 62.5 % $ 32.61 All Tenants Number of Leased Percent of Total Percent of ABR Leases Expiring (9) GLA Total Leased GLA ABR Total ABR Per Sq. Ft. 2023 67 141,021 1.3 % $ 3,848 1.6 % $ 27.29 2024 265 791,595 7.7 % 20,147 8.6 % 25.45 2025 311 1,373,012 13.3 % 30,118 12.8 % 21.94 2026 322 1,460,600 14.3 % 31,927 13.6 % 21.86 2027 302 1,144,174 11.2 % 27,903 11.9 % 24.39 2028 290 1,583,359 15.4 % 38,866 16.4 % 24.55 2029 128 1,001,913 9.7 % 21,868 9.2 % 21.83 2030 66 551,459 5.3 % 12,324 5.3 % 22.35 2031 62 504,637 4.9 % 10,621 4.5 % 21.05 2032 83 488,345 4.7 % 11,515 4.9 % 23.58 2033+ 142 1,250,357 12.2 % 26,309 11.2 % 21.04 2,038 10,290,472 100.0 % $ 235,446 100.0 % $ 22.88
Supplemental Disclosure Quarter Ended September 30, 2023 -16- Leasing Summary For the Three Months Ended September 30, 2023 For the Nine Months Ended September 30, 2023 New Leases Non-Anchor Anchor (8) Total Non-Anchor Anchor (8) Total Number of Leases 29 5 34 107 6 113 Gross Leasable Area (sq. ft.) 48,780 106,805 155,585 167,263 124,505 291,768 Initial Base Rent ($/sq. ft.) (10) $ 36.46 $ 9.54 $ 17.98 $ 37.15 $ 8.96 $ 25.12 Tenant Improvements ($/sq. ft.) $ 0.01 $ — $ — $ 0.75 $ — $ 0.43 Leasing Commissions ($/sq. ft.) $ 3.94 $ 2.20 $ 2.74 $ 4.60 $ 1.88 $ 3.44 Weighted Average Lease Term (Yrs.) (9) 7.8 5.4 6.1 7.9 4.7 6.5 Renewals Non-Anchor Anchor Total Non-Anchor Anchor Total Number of Leases 55 6 61 194 23 217 Gross Leasable Area (sq. ft.) 111,368 198,234 309,602 417,638 744,625 1,162,263 Initial Base Rent ($/sq. ft.) (10) $ 38.47 $ 21.57 $ 27.65 $ 34.94 $ 20.28 $ 25.55 Tenant Improvements ($/sq. ft.) $ — $ 2.08 $ 1.33 $ 0.11 $ 0.55 $ 0.39 Leasing Commissions ($/sq. ft.) $ 0.38 $ — $ 0.14 $ 0.11 $ — $ 0.04 Weighted Average Lease Term (Yrs.) (9) 4.7 4.0 4.3 4.9 4.7 4.8 Total Non-Anchor Anchor Total Non-Anchor Anchor Total Number of Leases 84 11 95 301 29 330 Gross Leasable Area (sq. ft.) 160,148 305,039 465,187 584,901 869,130 1,454,031 Initial Base Rent ($/sq. ft.) (10) $ 37.86 $ 17.36 $ 24.42 $ 35.57 $ 18.66 $ 25.46 Tenant Improvements ($/sq. ft.) $ — $ 1.35 $ 0.89 $ 0.29 $ 0.48 $ 0.40 Leasing Commissions ($/sq. ft.) $ 1.46 $ 0.77 $ 1.01 $ 1.39 $ 0.27 $ 0.72 Weighted Average Lease Term (Yrs.) (9) 5.7 4.5 4.9 5.7 4.7 5.0
Supplemental Disclosure Quarter Ended September 30, 2023 -17- Same-Space Comparative Leasing Summary For the Three Months Ended September 30, 2023 For the Nine Months Ended September 30, 2023 New Leases Non-Anchor Anchor (8) Total Non-Anchor Anchor (8) Total Comparative # of Leases 15 2 17 55 3 58 Comparative GLA (sq. ft.) (11) 24,149 38,200 62,349 91,677 55,900 147,577 Prior Base Rent ($/sq. ft.) (12) $ 33.42 $ 6.88 $ 17.16 $ 31.94 $ 5.46 $ 21.91 Initial Base Rent ($/sq. ft.) (10) $ 37.53 $ 14.38 $ 23.34 $ 35.78 $ 11.54 $ 26.60 Percentage Change in Base Rents 12.3 % 108.9 % 36.0 % 12.0 % 111.4 % 21.4 % Tenant Improvements ($/sq. ft.) $ 0.02 $ — $ 0.01 $ 1.36 $ — $ 0.85 Leasing Commissions ($/sq. ft.) $ 4.99 $ 2.32 $ 3.35 $ 4.49 $ 1.58 $ 3.39 Weighted Average Lease Term (Yrs.) (9) 8.3 8.3 8.3 8.1 5.8 7.2 Renewals Non-Anchor Anchor Total Non-Anchor Anchor Total Comparative # of Leases 55 6 61 194 23 217 Comparative GLA (sq. ft.) (11) 111,368 198,234 309,602 417,638 744,625 1,162,263 Prior Base Rent ($/sq. ft.) (12) $ 35.73 $ 20.21 $ 25.79 $ 32.67 $ 19.08 $ 23.96 Initial Base Rent ($/sq. ft.) (10) $ 38.47 $ 21.57 $ 27.65 $ 34.94 $ 20.28 $ 25.55 Percentage Change in Base Rents 7.7 % 6.7 % 7.2 % 7.0 % 6.3 % 6.6 % Tenant Improvements ($/sq. ft.) $ — $ 2.08 $ 1.33 $ 0.11 $ 0.55 $ 0.39 Leasing Commissions ($/sq. ft.) $ 0.38 $ — $ 0.14 $ 0.11 $ — $ 0.04 Weighted Average Lease Term (Yrs.) (9) 4.7 4.0 4.3 4.9 4.7 4.8 Total Non-Anchor Anchor Total Non-Anchor Anchor Total Comparative # of Leases 70 8 78 249 26 275 Comparative GLA (sq. ft.) (11) 135,517 236,434 371,951 509,315 800,525 1,309,840 Prior Base Rent ($/sq. ft.) (12) $ 35.32 $ 18.06 $ 24.35 $ 32.54 $ 18.13 $ 23.73 Initial Base Rent ($/sq. ft.) (10) $ 38.30 $ 20.41 $ 26.93 $ 35.10 $ 19.67 $ 25.67 Percentage Change in Base Rents 8.5 % 13.0 % 10.6 % 7.9 % 8.5 % 8.1 % Tenant Improvements ($/sq. ft.) $ — $ 1.75 $ 1.11 $ 0.33 $ 0.52 $ 0.45 Leasing Commissions ($/sq. ft.) $ 1.20 $ 0.37 $ 0.67 $ 0.90 $ 0.11 $ 0.42 Weighted Average Lease Term (Yrs.) (9) 5.4 4.7 5.0 5.5 4.8 5.1 .
Supplemental Disclosure Quarter Ended September 30, 2023 -18- Leased vs. Billed Summary (dollars in thousands) 09/30/23 06/30/23 03/31/23 12/31/22 % leased at beginning of quarter 98.3 % 98.3 % 98.1 % 97.8 % % billed at beginning of quarter 95.7 % 95.1 % 94.2 % 93.3 % ABR of new leases signed/not yet commenced - at beginning of quarter (5) $ 7,213 $ 6,485 $ 7,625 $ 9,115 less: ABR of new leases commenced during quarter (1,918) (1,920) (2,142) (3,385) plus: ABR of new leases signed during quarter 1,994 2,648 1,002 1,895 ABR of new leases signed/not yet commenced - at end of quarter $ 7,289 $ 7,213 $ 6,485 $ 7,625 % leased at end of quarter 98.2 % 98.3 % 98.3 % 98.1 % % billed at end of quarter 95.7 % 95.7 % 95.1 % 94.2 % ABR of new leases commenced during quarter - amount billed $ 205 $ 182 $ 274 $ 430
Supplemental Disclosure Quarter Ended September 30, 2023 -19- Footnotes 1. Weighted Average (WA) excludes interest rate swap maturity dates. 2. Does not include extension options available to ROIC. 3. Net unamortized deferred financing charges for the Term Loan, Senior Notes and Mortgages. 4. Calculated in accordance with GAAP pursuant to underlying bond indentures. 5. ABR is equal to annualized base rent on a cash basis for all leases in-place at period end. 6. Same centers are those shopping centers which were owned for the entirety of the current and comparable prior year period, except for one shopping center that is currently planned for redevelopment and is no longer being managed as a retail asset. 7. Includes anchor lease termination fees net of contractual amounts, if any, expense and recovery adjustments related to prior periods and other miscellaneous adjustments. 8. Anchor tenants are leases equal to or greater than 15,000 square feet. 9. Does not assume exercise of renewal options. 10. Initial Base Rent is on a cash basis and is the initial contractual monthly rent, annualized. 11. Comparative GLA includes spaces that were vacant for less than 12 months, excludes spaces that were not leased at the time of acquisition. 12. Prior Base Rent is on a cash basis and is the final monthly rent paid, annualized, for the prior tenant or the prior lease that was renewed.
Supplemental Disclosure Quarter Ended September 30, 2023 -20- Investor Information Retail Opportunity Investments Corp. Investor Relations: Transfer Agent: www.roireit.net Nicolette O'Leary Syed Hussaini NASDAQ: ROIC noleary@roireit.net Computershare 11250 El Camino Real, Suite 200 858.255.4913 syed.hussaini@computershare.com San Diego, CA 92130 Equity Research Coverage Bank of America Merrill Lynch Jeffrey Spector 646.855.1363 Bank of Montreal John P. Kim 212.885.4115 Juan Sanabria 312.845.4074 Baird Wes Golladay 216.737.7510 BTIG Michael Gorman 212.738.6138 Citi Nicholas Joseph 212.816.1909 Craig Mailman 212.816.4471 Green Street Paulina Rojas Schmidt 949.640.8780 J.P. Morgan Michael W. Mueller 212.622.6689 Jefferies Linda Tsai 212.778.8011 KeyBanc Capital Markets Todd Thomas 917.368.2286 Raymond James RJ Milligan 908.447.4493 Wells Fargo Securities James Feldman 212.214.5328 Fixed Income Research Coverage J.P. Morgan Mark Streeter 212.834.5086 Ratings Agency Coverage Fitch Ratings, Inc. Christopher Wimmer 646.582.3412 Moody’s Investors Service Bill Fahy 212.553.1687 S&P Global Ratings Michael Souers 212.438.2508