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 22, 2024
(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 22, 2024, Retail Opportunity Investments Corp. (the "Company") issued an earnings release announcing its financial results for the quarter ended September 30, 2024. A copy of the earnings release is attached as Exhibit 99.1 hereto and incorporated herein by reference. On October 22, 2024, in connection with this earnings release, the Company posted certain supplemental information regarding the Company's operations for the quarter ended September 30, 2024 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 22, 2024 | 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 22, 2024
Retail Opportunity Investments Corp. Reports
2024 Third Quarter Results
San Diego, CA, October 22, 2024 - Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced today financial and operating results for the three and nine months ended September 30, 2024.
HIGHLIGHTS
•$32.1 million of net income attributable to common stockholders ($0.25 per diluted share)
•$33.2 million in Funds From Operations (FFO)(1) ($0.25 per diluted share)
•FFO per diluted share guidance for 2024 updated ($1.03 - $1.05 per diluted share)
•$68.8 million of dispositions in 3Q‘24 ($26.7 million gain on sale of real estate)
•97.1% portfolio lease rate at 9/30/24 (98.0% anchor lease rate, 96.0% non-anchor lease rate)
•450,623 square feet of leasing activity during 3Q‘24 (most active quarter year-to-date)
•1.2 million square feet of leasing activity year-to-date (2nd most active on record)
•13.8% increase in same-space cash base rents on new leases in 3Q‘24 (7.0% on renewals)
•2.1% decrease in same-center cash net operating income (NOI) (3Q‘24 vs. 3Q‘23)
•1.5% increase in same-center cash NOI (1st 9 months of ‘24 vs. 1st 9 months of ‘23)
•98.7% of total gross leasable area unencumbered at 9/30/24
•6.3x net principal debt-to-annualized EBITDA ratio for 3Q‘24 (vs. 6.4x 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, “2024 continues to be one of our most productive years in terms of strong leasing activity. Year to date, we have already leased over 1.2 million square feet, including over 450,000 square feet in the third quarter alone. In step with the strong activity, we continue to achieve solid releasing rent growth, and are on track to post our 12th consecutive year of rent growth on both new and renewed leases.” Tanz added, “Along with our strong leasing activity, we continue to advance our investment capital recycling program aimed at enhancing the long term value of our portfolio and business. Year to date, we have sold $68.8 million of properties, while acquiring $70.1 million.”
FINANCIAL SUMMARY
For the three months ended September 30, 2024, GAAP net income attributable to common stockholders was $32.1 million, or $0.25 per diluted share, as compared to GAAP net income attributable to common stockholders of $8.4 million, or $0.07 per diluted share, for the three months ended September 30, 2023. For the nine months ended September 30, 2024, GAAP net income attributable to common stockholders was $50.5 million, or $0.39 per diluted share, as compared to GAAP net income attributable to common stockholders of $26.5 million, or $0.21 per diluted share, for the nine months ended September 30, 2023. Included in 2024 GAAP net income is $26.7 million of gain on sale of real estate for both the three and nine months ended September 30, 2024.
FFO for the third quarter of 2024 was $33.2 million, or $0.25 per diluted share, as compared to $36.0 million in FFO, or $0.27 per diluted share for the third quarter of 2023. FFO for the first nine months of 2024 was $105.3 million, or $0.78 per diluted share, as compared to $105.4 million in FFO, or $0.79 per diluted share for the first nine months of 2023. 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 2024, same-center NOI was $54.3 million, as compared to $55.4 million in same-center NOI for the third quarter of 2023, representing a 2.1% decrease. For the first nine months of 2024, same-center NOI increased 1.5%, as compared to the first nine months of 2023. A reconciliation of GAAP operating income to same-center comparative NOI is provided at the end of this press release.
At September 30, 2024, ROIC had total real estate assets (before accumulated depreciation) of approximately $3.5 billion and approximately $1.4 billion of principal debt outstanding, including $135.0 million outstanding on its $600.0 million unsecured credit facility. For the third quarter of 2024, ROIC’s net principal debt-to-annualized EBITDA ratio was 6.3 times, and 98.7% of ROIC’s total gross leasable area was unencumbered at September 30, 2024.
DISPOSITION SUMMARY
During the third quarter of 2024, ROIC sold two properties for a total of $68.8 million, recording a $26.7 million aggregate gain on sale of real estate.
PROPERTY OPERATIONS SUMMARY
At September 30, 2024, ROIC’s portfolio was 97.1% leased. During the third quarter of 2024, ROIC executed 110 leases, totaling 450,623 square feet, including 35 new leases, totaling 110,464 square feet, achieving a 13.8% increase in same-space comparative base rent, and 75 renewed leases, totaling 340,159 square feet, achieving a 7.0% increase in base rent. For the first nine months of 2024, ROIC executed 328 leases, totaling 1,226,662 square feet, including 101 new leases, totaling 271,083 square feet, achieving a 12.9% increase in same-space comparative base rent, and 227 renewed leases, totaling 955,579 square feet, achieving a 6.5% increase in base rent. ROIC reports same-space comparative base rent on a cash basis.
DIVIDEND SUMMARY
On October 4, 2024, ROIC distributed a $0.15 per share cash dividend. On October 22, 2024, the Board declared a cash dividend of $0.15 per share, payable on January 10, 2025 to stockholders of record on December 20, 2024.
2024 GUIDANCE SUMMARY
ROIC currently estimates that GAAP net income for 2024 will be within the range of $0.45 to $0.47 per diluted share, and FFO will be within the range of $1.03 to $1.05 per diluted share.
| Year Ended December 31, 2024 | ||||||||||||||||||||||||||
| Previous (7/23/24) | 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 | $ | 31,374 | $ | 35,336 | $ | 56,880 | $ | 59,506 | ||||||||||||||||||
| Funds From Operations – diluted | $ | 139,360 | $ | 143,380 | $ | 138,535 | $ | 141,225 | ||||||||||||||||||
| GAAP net income per diluted share | $ | 0.25 | $ | 0.28 | $ | 0.45 | $ | 0.47 | ||||||||||||||||||
| Funds From Operations per diluted share | $ | 1.04 | $ | 1.07 | $ | 1.03 | $ | 1.05 | ||||||||||||||||||
| Key Drivers | ||||||||||||||||||||||||||
| General and administrative expenses | $ | 23,000 | $ | 22,500 | $ | 23,500 | $ | 23,200 | ||||||||||||||||||
| Interest expense and other finance expenses | $ | 80,000 | $ | 78,000 | $ | 80,000 | $ | 78,500 | ||||||||||||||||||
| Straight-line rent | $ | 600 | $ | 1,500 | $ | 600 | $ | 1,000 | ||||||||||||||||||
| Amortization of above-market and below-market rent | $ | 14,300 | $ | 14,300 | $ | 14,600 | $ | 14,600 | ||||||||||||||||||
| Bad debt | $ | 4,000 | $ | 3,000 | $ | 3,000 | $ | 3,000 | ||||||||||||||||||
| Acquisitions (net of dispositions) | $ | 13,500 | $ | 13,500 | $ | 1,300 | $ | 1,300 | ||||||||||||||||||
| Equity issued | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
| Same-center NOI growth | 1.0 | % | 2.0 | % | 1.0 | % | 2.0 | % | ||||||||||||||||||
ROIC’s management will discuss guidance, and the underlying assumptions, on ROIC’s October 23, 2024 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 23, 2024 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/BI1159e29665c0441fb6af478fc52e86a9
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/4i9ibu36
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, 2024, ROIC owned 93 shopping centers encompassing approximately 10.5 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, 2024 (unaudited) | December 31, 2023 | ||||||||||
| ASSETS | |||||||||||
| Real Estate Investments: | |||||||||||
| Land | $ | 971,609 | $ | 967,251 | |||||||
| Building and improvements | 2,525,268 | 2,500,647 | |||||||||
| 3,496,877 | 3,467,898 | ||||||||||
| Less: accumulated depreciation | 693,690 | 654,543 | |||||||||
| 2,803,187 | 2,813,355 | ||||||||||
| Mortgage note receivable | 4,622 | 4,694 | |||||||||
| Real Estate Investments, net | 2,807,809 | 2,818,049 | |||||||||
| Cash and cash equivalents | 61,338 | 6,302 | |||||||||
| Restricted cash | — | 2,116 | |||||||||
| Tenant and other receivables, net | 59,986 | 61,193 | |||||||||
| Deposit on real estate acquisition | 200 | — | |||||||||
| Acquired lease intangible assets, net | 42,364 | 42,791 | |||||||||
| Prepaid expenses | 1,932 | 3,354 | |||||||||
| Deferred charges, net | 26,032 | 27,294 | |||||||||
| Other assets | 16,500 | 16,541 | |||||||||
| Total assets | $ | 3,016,161 | $ | 2,977,640 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Liabilities: | |||||||||||
| Term loan | $ | 199,927 | $ | 199,745 | |||||||
| Credit facility | 135,000 | 75,000 | |||||||||
| Senior Notes | 1,044,992 | 1,043,593 | |||||||||
| Mortgage notes payable | 33,481 | 60,052 | |||||||||
| Acquired lease intangible liabilities, net | 128,520 | 137,820 | |||||||||
| Accounts payable and accrued expenses | 63,265 | 50,598 | |||||||||
| Tenants’ security deposits | 8,382 | 8,205 | |||||||||
| Other liabilities | 41,821 | 39,420 | |||||||||
| Total liabilities | 1,655,388 | 1,614,433 | |||||||||
| 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; 128,648,870 and 126,904,085 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 13 | 13 | |||||||||
| Additional paid-in capital | 1,661,702 | 1,643,908 | |||||||||
| Accumulated dividends in excess of earnings | (364,322) | (357,160) | |||||||||
| Accumulated other comprehensive income | — | 559 | |||||||||
| Total Retail Opportunity Investments Corp. stockholders’ equity | 1,297,393 | 1,287,320 | |||||||||
| Non-controlling interests | 63,380 | 75,887 | |||||||||
| Total equity | 1,360,773 | 1,363,207 | |||||||||
| Total liabilities and equity | $ | 3,016,161 | $ | 2,977,640 | |||||||
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, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Rental revenue | $ | 82,437 | $ | 78,273 | $ | 249,216 | $ | 236,902 | |||||||||||||||
| Other income | 1,047 | 3,472 | 2,918 | 6,179 | |||||||||||||||||||
| Total revenues | 83,484 | 81,745 | 252,134 | 243,081 | |||||||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Property operating | 14,923 | 13,210 | 43,478 | 40,993 | |||||||||||||||||||
| Property taxes | 9,324 | 8,909 | 26,372 | 26,677 | |||||||||||||||||||
| Depreciation and amortization | 25,918 | 27,050 | 78,518 | 77,280 | |||||||||||||||||||
| General and administrative expenses | 5,959 | 5,492 | 17,323 | 16,588 | |||||||||||||||||||
| Other expense | 158 | 157 | 815 | 811 | |||||||||||||||||||
| Total operating expenses | 56,282 | 54,818 | 166,506 | 162,349 | |||||||||||||||||||
| Gain on sale of real estate | 26,656 | — | 26,656 | — | |||||||||||||||||||
| Operating income | 53,858 | 26,927 | 112,284 | 80,732 | |||||||||||||||||||
| Non-operating expenses | |||||||||||||||||||||||
| Interest expense and other finance expenses | (19,933) | (17,998) | (58,895) | (52,589) | |||||||||||||||||||
| Net income | 33,925 | 8,929 | 53,389 | 28,143 | |||||||||||||||||||
| Net income attributable to non-controlling interests | (1,797) | (501) | (2,877) | (1,644) | |||||||||||||||||||
| Net Income Attributable to Retail Opportunity Investments Corp. | $ | 32,128 | $ | 8,428 | $ | 50,512 | $ | 26,499 | |||||||||||||||
| Earnings per share – basic | $ | 0.25 | $ | 0.07 | $ | 0.40 | $ | 0.21 | |||||||||||||||
Earnings per share – diluted | $ | 0.25 | $ | 0.07 | $ | 0.39 | $ | 0.21 | |||||||||||||||
| Dividends per common share | $ | 0.15 | $ | 0.15 | $ | 0.45 | $ | 0.45 | |||||||||||||||
CALCULATION OF FUNDS FROM OPERATIONS
(Unaudited)
(In thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net income attributable to ROIC | $ | 32,128 | $ | 8,428 | $ | 50,512 | $ | 26,499 | |||||||||||||||
| Plus: Depreciation and amortization | 25,918 | 27,050 | 78,518 | 77,280 | |||||||||||||||||||
| Less: Gain on sale of real estate | (26,656) | — | (26,656) | — | |||||||||||||||||||
| Funds from operations – basic | 31,390 | 35,478 | 102,374 | 103,779 | |||||||||||||||||||
| Net income attributable to non-controlling interests | 1,797 | 501 | 2,877 | 1,644 | |||||||||||||||||||
| Funds from operations – diluted | $ | 33,187 | $ | 35,979 | $ | 105,251 | $ | 105,423 | |||||||||||||||
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, | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | $ Change | % Change | 2024 | 2023 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
| Number of shopping centers included in same-center analysis | 90 | 90 | 90 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||
| Same-center leased rate | 97.1 | % | 98.2 | % | (1.1) | % | 97.1 | % | 98.2 | % | (1.1) | % | ||||||||||||||||||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Base rents | $ | 56,942 | $ | 55,738 | $ | 1,204 | 2.2 | % | $ | 169,825 | $ | 166,828 | $ | 2,997 | 1.8 | % | ||||||||||||||||||||||||||||||||||
| Recoveries from tenants | 21,006 | 19,274 | 1,732 | 9.0 | % | 61,081 | 58,517 | 2,564 | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||
| Other property income | 414 | 3,088 | (2,674) | (86.6) | % | 1,862 | 4,489 | (2,627) | (58.5) | % | ||||||||||||||||||||||||||||||||||||||||
| Bad debt | (602) | (779) | 177 | (22.7) | % | (1,640) | (2,552) | 912 | (35.7) | % | ||||||||||||||||||||||||||||||||||||||||
| Total Revenues | 77,760 | 77,321 | 439 | 0.6 | % | 231,128 | 227,282 | 3,846 | 1.7 | % | ||||||||||||||||||||||||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Property operating expenses | 14,503 | 13,154 | 1,349 | 10.3 | % | 42,450 | 40,220 | 2,230 | 5.5 | % | ||||||||||||||||||||||||||||||||||||||||
| Property taxes | 9,005 | 8,726 | 279 | 3.2 | % | 25,405 | 26,128 | (723) | (2.8) | % | ||||||||||||||||||||||||||||||||||||||||
| Total Operating Expenses | 23,508 | 21,880 | 1,628 | 7.4 | % | 67,855 | 66,348 | 1,507 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||||
| Same-Center Cash Net Operating Income | $ | 54,252 | $ | 55,441 | $ | (1,189) | (2.1) | % | $ | 163,273 | $ | 160,934 | $ | 2,339 | 1.5 | % | ||||||||||||||||||||||||||||||||||
SAME-CENTER CASH NET OPERATING INCOME RECONCILIATION
(Unaudited)
(In thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| GAAP operating income | $ | 53,858 | $ | 26,927 | $ | 112,284 | $ | 80,732 | |||||||||||||||
| Depreciation and amortization | 25,918 | 27,050 | 78,518 | 77,280 | |||||||||||||||||||
| General and administrative expenses | 5,959 | 5,492 | 17,323 | 16,588 | |||||||||||||||||||
| Other expense | 158 | 157 | 815 | 811 | |||||||||||||||||||
| Gain on sale of real estate | (26,656) | — | (26,656) | — | |||||||||||||||||||
| Straight-line rent | 177 | (362) | (246) | (1,688) | |||||||||||||||||||
| Amortization of above-market and below-market rent, net | (2,644) | (2,118) | (11,965) | (7,591) | |||||||||||||||||||
Property revenues and other expenses (1) | (174) | 196 | (89) | (428) | |||||||||||||||||||
| Total Company cash NOI | 56,596 | 57,342 | 169,984 | 165,704 | |||||||||||||||||||
| Non same-center cash NOI | (2,344) | (1,901) | (6,711) | (4,770) | |||||||||||||||||||
| Same-center cash NOI | $ | 54,252 | $ | 55,441 | $ | 163,273 | $ | 160,934 | |||||||||||||||
____________________
(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 2024 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, 2024 -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, 2024, ROIC owned 93 shopping centers encompassing approximately 10.5 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, 2024 -3- Page Financial Data Balance Sheets ..................................................................................................................................................................................... 4 Income Statements ................................................................................................................................................................................ 5 Funds From Operations ........................................................................................................................................................................ 6 Summary of Debt Outstanding ............................................................................................................................................................. 7 Selected Financial Analysis .................................................................................................................................................................. 9 Property Acquisitions and Dispositions ............................................................................................................................................... 10 Portfolio Data Property Portfolio ................................................................................................................................................................................. 11 Same-Center Cash Net Operating Income Analysis ............................................................................................................................ 14 Top Ten Tenants ................................................................................................................................................................................... 15 Lease Expiration Schedule ................................................................................................................................................................... 16 Leasing Summary ................................................................................................................................................................................. 17 Same-Space Comparative Leasing Summary ...................................................................................................................................... 18 Leased vs. Billed Summary .................................................................................................................................................................. 19 Footnotes .......................................................................................................................................................... 20 Investor Information ....................................................................................................................................... 21 Table of Contents
Supplemental Disclosure Quarter Ended September 30, 2024 -4- Balance Sheets (unaudited, dollars in thousands, except par values and share amounts) 09/30/24 12/31/23 ASSETS: Real Estate Investments: Land $ 971,609 $ 967,251 Building and improvements 2,525,268 2,500,647 3,496,877 3,467,898 Less: accumulated depreciation 693,690 654,543 2,803,187 2,813,355 Mortgage note receivable 4,622 4,694 Real Estate Investments, net 2,807,809 2,818,049 Cash and cash equivalents 61,338 6,302 Restricted cash — 2,116 Tenant and other receivables, net 59,986 61,193 Deposit on real estate acquisition 200 — Acquired lease intangible assets, net 42,364 42,791 Prepaid expenses 1,932 3,354 Deferred charges, net 26,032 27,294 Other assets 16,500 16,541 TOTAL ASSETS $ 3,016,161 $ 2,977,640 LIABILITIES: Term loan $ 199,927 $ 199,745 Credit facility 135,000 75,000 Senior Notes 1,044,992 1,043,593 Mortgage notes payable 33,481 60,052 Acquired lease intangible liabilities, net 128,520 137,820 Accounts payable and accrued expenses 63,265 50,598 Tenants’ security deposits 8,382 8,205 Other liabilities 41,821 39,420 TOTAL LIABILITIES 1,655,388 1,614,433 EQUITY: Common stock, $0.0001 par value, 500,000,000 shares authorized 13 13 Additional paid-in capital 1,661,702 1,643,908 Accumulated dividends in excess of earnings (364,322) (357,160) Accumulated other comprehensive income — 559 Total Retail Opportunity Investments Corp. stockholders’ equity 1,297,393 1,287,320 Non-controlling interests 63,380 75,887 TOTAL EQUITY 1,360,773 1,363,207 TOTAL LIABILITIES AND EQUITY $ 3,016,161 $ 2,977,640 The Company’s Form 10-Q for the quarter ended September 30, 2024, and Form 10-K for the year ended December 31, 2023 should be read in conjunction with the above information.
Supplemental Disclosure Quarter Ended September 30, 2024 -5- Income Statements Three Months Ended Nine Months Ended 09/30/24 09/30/23 09/30/24 09/30/23 REVENUES: Rental revenue $ 82,437 $ 78,273 $ 249,216 $ 236,902 Other income 1,047 3,472 2,918 6,179 TOTAL REVENUES 83,484 81,745 252,134 243,081 OPERATING EXPENSES: Property operating 14,923 13,210 43,478 40,993 Property taxes 9,324 8,909 26,372 26,677 Depreciation and amortization 25,918 27,050 78,518 77,280 General and administrative expenses 5,959 5,492 17,323 16,588 Other expense 158 157 815 811 TOTAL OPERATING EXPENSES 56,282 54,818 166,506 162,349 Gain on sale of real estate 26,656 — 26,656 — OPERATING INCOME 53,858 26,927 112,284 80,732 NON-OPERATING EXPENSES: Interest expense and other finance expenses (19,933) (17,998) (58,895) (52,589) NET INCOME 33,925 8,929 53,389 28,143 NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (1,797) (501) (2,877) (1,644) NET INCOME ATTRIBUTABLE TO RETAIL OPPORTUNITY INVESTMENTS CORP. $ 32,128 $ 8,428 $ 50,512 $ 26,499 NET INCOME PER COMMON SHARE - BASIC $ 0.25 $ 0.07 $ 0.40 $ 0.21 NET INCOME PER COMMON SHARE - DILUTED $ 0.25 $ 0.07 $ 0.39 $ 0.21 Weighted average common shares outstanding - basic 127,092 125,256 126,761 124,873 Weighted average common shares outstanding - diluted 134,534 133,157 134,476 133,136 RENTAL REVENUE Base rents $ 58,855 $ 56,942 $ 175,827 $ 170,749 Recoveries from tenants 21,700 19,718 63,239 59,750 Straight-line rent (177) 362 246 1,688 Amortization of above-market and below-market rent, net 2,644 2,118 11,965 7,591 Bad debt (585) (867) (2,061) (2,876) TOTAL RENTAL REVENUE $ 82,437 $ 78,273 $ 249,216 $ 236,902 (unaudited, in thousands, except per share amounts) The Company’s Form 10-Q for the quarters ended September 30, 2024 and September 30, 2023 should be read in conjunction with the above information.
Supplemental Disclosure Quarter Ended September 30, 2024 -6- Funds From Operations (unaudited, in thousands, except per share amounts) Three Months Ended Nine Months Ended 09/30/24 09/30/23 09/30/24 09/30/23 Funds from Operations (FFO): Net income attributable to ROIC common stockholders $ 32,128 $ 8,428 $ 50,512 $ 26,499 Plus: Depreciation and amortization expense 25,918 27,050 78,518 77,280 Less: Gain on sale of real estate (26,656) — (26,656) — FUNDS FROM OPERATIONS - BASIC 31,390 35,478 102,374 103,779 Net income attributable to non-controlling interests 1,797 501 2,877 1,644 FUNDS FROM OPERATIONS - DILUTED $ 33,187 $ 35,979 $ 105,251 $ 105,423 FUNDS FROM OPERATIONS PER SHARE - BASIC $ 0.25 $ 0.28 $ 0.81 $ 0.83 FUNDS FROM OPERATIONS PER SHARE - DILUTED $ 0.25 $ 0.27 $ 0.78 $ 0.79 Weighted average common shares outstanding - basic 127,092 125,256 126,761 124,873 Weighted average common shares outstanding - diluted 134,534 133,157 134,476 133,136 Common dividends per share $ 0.15 $ 0.15 $ 0.45 $ 0.45 FFO Payout Ratio 60.0 % 55.6 % 57.7 % 57.0 % Additional Disclosures: Non-Cash Expense (Income) Straight-line rent $ 177 $ (362) $ (246) $ (1,688) Above-market and below-market rent amortization, net (2,644) (2,118) (11,965) (7,591) Deferred financing costs and mortgage premiums, net 934 1,043 2,723 2,879 Stock based compensation 3,532 3,225 9,602 9,582 Capital Expenditures Tenant improvements $ 8,631 $ 5,861 $ 18,571 $ 17,392 Leasing commissions 623 515 1,597 1,410 Building improvements 897 979 1,909 2,564 Reimbursable property improvements 2,843 1,448 6,573 2,710 Pad and other development 1,539 5,418 4,953 9,713 The above does not purport to disclose all items required under GAAP.
Supplemental Disclosure Quarter Ended September 30, 2024 -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: Diamond Hills Plaza $ 33,518 3.55 % 3.61 % 10/1/2025 2.4 % Total Mortgage Debt 33,518 3.55 % 3.61 % 1.0 Year (WA) 2.4 % Unsecured Senior Notes: Senior Notes Due 2024 250,000 4.00 % 4.21 % 12/15/2024 17.6 % Senior Notes Due 2026 200,000 3.95 % 3.95 % 9/22/2026 14.1 % Senior Notes Due 2027 250,000 4.19 % 4.19 % 12/15/2027 17.6 % Senior Notes Due 2028 350,000 6.75 % 6.86 % 10/15/2028 24.7 % Total Unsecured Senior Notes 1,050,000 4.95 % 5.04 % 2.5 Years (WA) 74.0 % Total Fixed Rate Debt 1,083,518 4.91 % 4.99 % 2.5 Years (WA) 76.4 % Variable Rate Debt Credit Facility 135,000 6.11 % 6.11 % 3/2/2027 9.5 % Term Loan 200,000 6.30 % 6.30 % 1/20/2025 14.1 % Total Variable Rate Debt 335,000 6.22 % 6.22 % 1.2 Years (WA) 23.6 % TOTAL PRINCIPAL DEBT $ 1,418,518 5.22 % 5.28 % 2.2 Years (WA) 100.0 % Net unamortized discounts on notes (1,499) Net unamortized deferred financing charges (2) (3,619) Total Debt $ 1,413,400 (1)
Supplemental Disclosure Quarter Ended September 30, 2024 -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 (1) Term Loan Unsecured Notes Payments Debt Maturing 2024 $ 181 $ — $ — $ — $ 250,000 $ 250,181 17.6 % 2025 550 32,787 — 200,000 — 233,337 16.5 % 2026 — — — — 200,000 200,000 14.1 % 2027 — — 135,000 — 250,000 385,000 27.1 % 2028 — — — — 350,000 350,000 24.7 % Thereafter — — — — — — — % $ 731 $ 32,787 $ 135,000 $ 200,000 $ 1,050,000 $ 1,418,518 100.0 % Summary of Unencumbered/Encumbered Properties Number of Percentage Properties GLA of GLA Unencumbered properties 92 10,388,909 98.7 % Encumbered properties 1 139,455 1.3 % 93 10,528,364 100.0 % Summary of Unsecured Debt/Secured Debt Percentage of Total Amount Principal Debt Unsecured principal debt $ 1,385,000 97.6 % Secured principal debt 33,518 2.4 % Total Principal Debt $ 1,418,518 100.0 %
Supplemental Disclosure Quarter Ended September 30, 2024 -9- Selected Financial Analysis (unaudited, in thousands, except per share amounts) 09/30/24 06/30/24 03/31/24 12/31/23 09/30/23 Debt coverage ratios, three months ending: Interest coverage ratio (EBITDA/interest expense) 2.7x 2.7x 3.0x 2.7x 3.0x Debt service coverage (EBITDA/(interest expense + scheduled principal payments)) 2.6x 2.7x 3.0x 2.7x 3.0x Net principal debt (Total principal debt less cash & equivalents)/Annualized EBITDA 6.3x 6.6x 6.4x 6.2x 6.4x Net principal debt (Total principal debt less cash & equivalents)/TTM EBITDA 6.1x 6.5x 6.2x 6.4x 6.4x Debt/book value ratios, at period end: Total principal debt/total book assets 47.0 % 48.1 % 46.4 % 46.5 % 49.3 % Total principal debt/undepreciated book value 38.2 % 39.1 % 37.9 % 38.1 % 41.1 % Secured principal debt/undepreciated book value 0.9 % 0.9 % 1.6 % 1.7 % 1.6 % Market capitalization calculations, at period end: Common shares outstanding 127,788 126,593 126,593 126,160 125,256 Operating partnership units (OP units) outstanding 6,243 7,437 7,437 7,437 7,437 Common stock price per share $ 15.73 $ 12.43 $ 12.82 $ 14.03 $ 12.38 Total equity market capitalization $ 2,108,300 $ 1,666,000 $ 1,718,271 $ 1,874,372 $ 1,642,741 Total principal debt 1,418,518 1,447,694 1,377,868 1,385,045 1,560,219 TOTAL MARKET CAPITALIZATION $ 3,526,818 $ 3,113,694 $ 3,096,139 $ 3,259,417 $ 3,202,960 Unsecured Senior Notes Financial Covenants: (3) Total debt to total assets not to exceed 60% 40.0 % 40.9 % 39.7 % 39.9 % 42.8 % Total secured debt to total assets not to exceed 40% 0.9 % 0.9 % 1.7 % 1.7 % 1.7 % Total unencumbered assets to total unsecured debt not to be less than 150% 252.7 % 246.8 % 254.1 % 252.8 % 234.5 % Consolidated income available for debt service to interest expense not to be less than 1.5:1 2.8x 2.8x 2.9x 2.9x 3.1x
Supplemental Disclosure Quarter Ended September 30, 2024 -10- Property Acquisitions and Dispositions (dollars in thousands) Acquisitions Date Owned Shopping Centers Location Acquired Purchase Amount GLA 2Q 2024 Bressi Ranch Village Center Carlsbad, CA 04/04/24 $ 70,100 116,278 $ 70,100 116,278 Total 2024 Acquisitions $ 70,100 116,278 Dispositions Date Owned Shopping Centers Location Sold Sale Amount GLA 3Q 2024 Marketplace Del Rio Oceanside, CA 07/17/24 $ 56,600 183,292 PCC Community Markets Plaza Edmonds, WA 08/27/24 12,185 34,459 $ 68,785 217,751 Total 2024 Dispositions $ 68,785 217,751
Supplemental Disclosure Quarter Ended September 30, 2024 -11- Property Portfolio (dollars in thousands) Date Owned % Metro Area City State Acquired GLA Leased ABR (4) Major Tenants Los Angeles metro area Bouquet Center Santa Clarita CA 04/28/16 148,903 96.8 % $ 3,849 Safeway (Vons) Supermarket, CVS Pharmacy, Ross Dress For Less Casitas Plaza Shopping Center Carpinteria CA 03/10/16 105,118 100.0 % 2,104 Albertsons Supermarket, CVS Pharmacy Claremont Promenade Claremont CA 09/23/10 92,297 87.7 % 2,241 Super King Supermarket Diamond Bar Town Center Diamond Bar CA 02/01/13 100,342 100.0 % 2,666 Walmart Neighborhood Market Diamond Hills Plaza Diamond Bar CA 04/22/13 139,455 98.7 % 4,253 H-Mart Supermarket, Planet Fitness Fallbrook Shopping Center Los Angeles CA 06/13/14 755,164 84.5 % 14,061 Sprouts Market, Trader Joes, Kroger (Ralph’s) Supermarket*, TJ Maxx Foothill Plaza La Verne CA 12/01/23 64,514 97.4 % 1,466 Sprouts Market Gateway Village Chino Hills CA 12/17/10 96,776 95.6 % 2,987 Sprouts Market Glendora Shopping Center Glendora CA 08/01/12 106,535 100.0 % 1,573 Albertsons Supermarket Magnolia Shopping Center Santa Barbara CA 03/10/16 116,089 96.9 % 2,533 Kroger (Ralph’s) Supermarket Moorpark Town Center Moorpark CA 12/03/14 133,547 93.0 % 2,049 Kroger (Ralph’s) Supermarket, CVS Pharmacy North Ranch Shopping Center Westlake Village CA 06/01/16 146,444 91.9 % 5,123 Kroger (Ralph’s) Supermarket, Trader Joe’s, Planet Fitness Ontario Plaza Ontario CA 01/06/15 150,149 97.2 % 2,497 El Super Supermarket, Rite Aid Pharmacy Paramount Plaza Paramount CA 12/22/09 95,062 98.5 % 2,010 Grocery Outlet Supermarket, Rite Aid Pharmacy Park Oaks Shopping Center Thousand Oaks CA 01/06/15 110,092 95.2 % 2,850 Safeway (Vons) Supermarket, Dollar Tree Plaza de la Cañada La Cañada Flintridge CA 12/13/13 100,425 100.0 % 2,876 Gelson’s Supermarket, TJ Maxx, Rite Aid Pharmacy Redondo Beach Plaza Redondo Beach CA 12/28/12 110,509 100.0 % 2,530 Safeway (Vons) Supermarket, Petco Seabridge Marketplace Oxnard CA 05/31/12 98,348 91.5 % 1,929 Safeway (Vons) Supermarket The Knolls Long Beach CA 10/03/16 51,858 94.8 % 1,302 Trader Joe’s, Pet Food Express The Terraces Rancho Palos Verdes CA 03/17/17 172,922 94.1 % 3,733 Trader Joe’s, Marshall’s, LA Fitness Warner Plaza Woodland Hills CA 12/31/15 110,918 95.1 % 4,694 Sprouts Market, Kroger (Ralph’s) Supermarket* Los Angeles metro area total 3,005,467 93.2 % $ 69,326 Seattle metro area Ballinger Village Shoreline WA 08/19/22 112,228 100.0 % $ 2,543 Thriftway Supermarket, Rite Aid Pharmacy Bellevue Marketplace Bellevue WA 12/10/15 113,758 100.0 % 3,784 Asian Family Market Bridle Trails Shopping Center Kirkland WA 10/17/16 110,248 100.0 % 2,592 Grocery Outlet Supermarket, Rite Aid (Bartell) Pharmacy, Dollar Tree Canyon Crossing Puyallup WA 04/15/13 120,398 100.0 % 3,046 Safeway Supermarket Canyon Park Shopping Center Bothell WA 07/29/11 123,592 100.0 % 2,747 PCC Community Market, Rite Aid Pharmacy, Petco Crossroads Shopping Center Bellevue WA 2010/2013 473,127 99.3 % 12,915 Kroger (QFC) Supermarket, Dick’s Sporting Goods, Edgeworks Climbing Four Corner Square Maple Valley WA 12/21/15 119,531 100.0 % 2,825 Grocery Outlet Supermarket, Walgreens, Johnsons Home & Garden Gateway Shopping Center Marysville WA 02/16/12 104,298 100.0 % 2,742 WinCo Foods*, Rite Aid Pharmacy, Ross Dress For Less Hawks Prairie Shopping Center Lacey WA 09/09/11 157,529 100.0 % 2,068 Safeway Supermarket, Dollar Tree, Ace Hardware Highland Hill Shopping Center Tacoma WA 05/09/17 163,926 95.9 % 3,027 WinCo Foods, LA Fitness, Dollar Tree, Petco Meridian Valley Plaza Kent WA 02/01/10 51,597 100.0 % 959 Kroger (QFC) Supermarket North Lynnwood Shopping Center Lynnwood WA 10/19/17 63,606 100.0 % 1,159 Grocery Outlet Supermarket, Dollar Tree Olympia Square North Olympia WA 04/01/22 89,884 100.0 % 1,118 Albertsons Supermarket Olympia West Center Olympia WA 12/06/21 69,212 100.0 % 1,604 Trader Joe’s, Petco South Point Plaza Everett WA 11/10/21 189,960 93.7 % 2,396 Grocery Outlet Supermarket, Hobby Lobby, Pep Boys Stadium Center Tacoma WA 02/23/18 48,888 96.5 % 1,059 Thriftway Supermarket Summerwalk Village Lacey WA 12/13/19 61,545 100.0 % 989 Walmart Neighborhood Market The Market at Lake Stevens Lake Stevens WA 03/11/10 74,130 100.0 % 1,724 Albertsons (Haggen) Supermarket Thomas Lake Shopping Center Mill Creek WA 08/19/22 111,604 100.0 % 2,102 Safeway Supermarket Seattle metro area total 2,359,061 99.0 % $ 51,399 * These retailers are not tenants of ROIC.
Supplemental Disclosure Quarter Ended September 30, 2024 -12- Property Portfolio, continued (dollars in thousands) Date Owned % Metro Area City State Acquired GLA Leased ABR (4) Major Tenants Portland metro area Cascade Summit Town Square West Linn OR 08/20/10 94,934 100.0 % $ 2,120 Safeway Supermarket, U.S. Postal Service Division Center Portland OR 04/05/17 123,070 100.0 % 2,337 Grocery Outlet Supermarket, Rite Aid Pharmacy, Petco Division Crossing Portland OR 12/22/10 103,561 98.0 % 1,358 Ross Dress For Less, Ace Hardware, Autozone Halsey Crossing Gresham OR 12/22/10 99,428 100.0 % 1,525 24 Hour Fitness, Dollar Tree Happy Valley Town Center Happy Valley OR 07/14/10 138,397 100.0 % 4,251 New Seasons Market Heritage Market Center Vancouver WA 09/23/10 107,468 100.0 % 1,957 Safeway Supermarket, Dollar Tree Hillsboro Market Center Hillsboro OR 11/23/11 156,021 100.0 % 2,785 Albertsons Supermarket, Dollar Tree, Ace Hardware Johnson Creek Center Happy Valley OR 11/09/15 108,588 100.0 % 2,412 Trader Joe’s, Walgreens, Sportsman’s Warehouse King City Plaza King City OR 05/18/18 62,676 96.8 % 1,013 Grocery Outlet Supermarket, Anytime Fitness Powell Valley Junction Gresham OR 04/01/22 108,791 100.0 % 1,186 Walmart Neighborhood Market, Planet Fitness Riverstone Marketplace Vancouver WA 10/11/17 95,774 89.9 % 2,179 Kroger (QFC) Supermarket Robinwood Shopping Center West Linn OR 08/23/13 70,831 96.6 % 1,137 Walmart Neighborhood Market Rose City Center Portland OR 09/15/16 60,680 100.0 % 805 Safeway Supermarket Sunnyside Village Square Happy Valley OR 07/28/15 92,278 100.0 % 1,708 Grocery Outlet Supermarket, Snap Fitness, Ace Hardware Tigard Marketplace Tigard OR 02/18/14 136,889 99.1 % 2,370 H-Mart Supermarket, Bi-Mart Tigard Promenade Tigard OR 07/28/15 88,043 100.0 % 1,667 Safeway Supermarket, Petco Wilsonville Old Town Square Wilsonville OR 2010/2012 49,880 98.0 % 1,980 Kroger (Fred Meyer) Supermarket* Wilsonville Town Center Wilsonville OR 12/11/14 167,829 100.0 % 3,249 Safeway Supermarket, Rite Aid Pharmacy, Dollar Tree Portland metro area total 1,865,138 99.0 % $ 36,039 San Francisco metro area Canyon Creek Plaza San Jose CA 09/01/21 64,662 98.2 % $ 2,221 New Seasons Market Country Club Gate Center Pacific Grove CA 07/08/11 109,331 93.6 % 2,432 Save Mart (Lucky California) Supermarket, Rite Aid Pharmacy Country Club Village San Ramon CA 11/26/13 111,093 97.9 % 2,293 Walmart Neighborhood Market, CVS Pharmacy Gateway Centre San Ramon CA 09/01/15 112,553 100.0 % 2,925 Save Mart (Lucky California) Supermarket, Dollar Tree Granada Shopping Center Livermore CA 06/27/13 71,525 100.0 % 1,584 Save Mart (Lucky California) Supermarket Iron Horse Plaza Danville CA 12/04/15 61,915 100.0 % 2,594 Lunardi’s Market Jackson Square Hayward CA 07/01/15 114,220 100.0 % 2,503 Safeway Supermarket, CVS Pharmacy, 24 Hour Fitness Marlin Cove Shopping Center Foster City CA 05/04/12 73,943 87.5 % 2,213 99 Ranch Market Monta Loma Plaza Mountain View CA 09/19/17 48,078 100.0 % 1,599 Safeway Supermarket Monterey Center Monterey CA 07/14/16 25,626 100.0 % 1,131 Trader Joe’s North Park Plaza San Jose CA 04/30/14 76,697 100.0 % 2,867 H-Mart Supermarket Pinole Vista Shopping Center Pinole CA 01/06/11 141,093 98.9 % 3,425 Save Mart (Lucky California) Supermarket, Planet Fitness Pleasant Hill Marketplace Pleasant Hill CA 04/08/10 69,715 100.0 % 1,569 Total Wine and More, Basset Furniture Santa Rosa Southside Shopping Center Santa Rosa CA 03/24/17 88,719 100.0 % 1,875 REI, World Market, DSW Santa Teresa Village San Jose CA 11/08/12 131,214 94.5 % 3,459 Grocery Outlet Supermarket, Dollar Tree, MedVet The Village at Novato Novato CA 07/24/12 20,081 78.3 % 460 Trader Joe’s Village Oaks Shopping Center Martinez CA 05/17/22 79,875 98.1 % 1,516 Save Mart (Lucky California) Supermarket Winston Manor South San Francisco CA 01/07/15 49,852 100.0 % 1,945 Grocery Outlet Supermarket San Francisco metro area total 1,450,192 97.6 % $ 38,611 * These retailers are not tenants of ROIC.
Supplemental Disclosure Quarter Ended September 30, 2024 -13- Property Portfolio, continued (dollars in thousands) Date Owned % Metro Area City State Acquired GLA Leased ABR (4) Major Tenants Orange County metro area 5 Points Plaza Huntington Beach CA 09/27/13 161,170 99.2 % $ 4,900 Trader Joe’s Cypress Center West Cypress CA 12/04/12 112,080 98.4 % 2,436 Kroger (Ralph’s) Supermarket Desert Springs Marketplace Palm Desert CA 02/17/11 113,718 96.1 % 3,006 Kroger (Ralph’s) Supermarket, Rite Aid Pharmacy Fullerton Crossroads Fullerton CA 10/11/17 218,620 100.0 % 3,757 Kroger (Ralph’s) Supermarket, Kohl’s, Jo-Ann Fabrics and Crafts Harbor Place Center Garden Grove CA 12/28/12 123,836 98.8 % 2,109 Lucky Seafood Supermarket, Ross Dress For Less, AutoZone Mega Hub Peninsula Marketplace Huntington Beach CA 10/15/13 95,416 100.0 % 2,587 Kroger (Ralph’s) Supermarket, Planet Fitness Santa Ana Downtown Plaza Santa Ana CA 01/26/10 105,536 98.3 % 2,504 Kroger (Food 4 Less) Supermarket, Marshall’s Sycamore Creek Corona CA 09/30/10 74,198 100.0 % 1,984 Safeway (Vons) Supermarket, CVS Pharmacy* The Village at Nellie Gail Ranch Laguna Hills CA 11/30/17 89,041 92.4 % 2,939 Smart & Final Extra Supermarket Orange County metro area total 1,093,615 98.4 % $ 26,222 San Diego metro area Bay Plaza San Diego CA 10/05/12 73,070 100.0 % $ 2,353 Seafood City Supermarket Bernardo Heights Plaza Rancho Bernardo CA 02/06/13 37,729 100.0 % 990 Sprouts Market Bressi Ranch Village Center Carlsbad CA 04/04/24 116,278 98.4 % 4,684 Stater Brothers Supermarket, Trader Joe’s Creekside Plaza Poway CA 02/28/14 133,914 98.2 % 3,454 Stater Brothers Supermarket, AMC Theatres Hawthorne Crossings San Diego CA 06/27/13 141,288 100.0 % 3,664 Mitsuwa Supermarket, Ross Dress For Less, Staples Palomar Village Temecula CA 10/12/21 125,130 96.9 % 2,167 Albertsons Supermarket, CVS Pharmacy Renaissance Towne Centre San Diego CA 08/03/11 52,866 99.1 % 2,849 CVS Pharmacy San Diego metro area total 680,275 98.7 % $ 20,161 Number of Owned % Metro Area Summary Centers GLA Leased ABR (4) Los Angeles 21 3,005,467 93.2 % $ 69,326 Seattle 19 2,359,061 99.0 % 51,399 Portland 18 1,865,138 99.0 % 36,039 San Francisco 18 1,450,192 97.6 % 38,611 Orange County 9 1,093,615 98.4 % 26,222 San Diego 7 680,275 98.7 % 20,161 TOTAL SHOPPING CENTER PORTFOLIO 92 10,453,748 97.1 % $ 241,758 * 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, 2024 -14- Three Months Ended Nine Months Ended 09/30/24 09/30/23 $ Change % Change 09/30/24 09/30/23 $ Change % Change Number of shopping centers included in same-center analysis (5) 90 90 90 90 Same-center leased rate 97.1 % 98.2 % (1.1) % 97.1 % 98.2 % (1.1) % REVENUES: Base rents $ 56,942 $ 55,738 $ 1,204 2.2 % $ 169,825 $ 166,828 $ 2,997 1.8 % Recoveries from tenants 21,006 19,274 1,732 9.0 % 61,081 58,517 2,564 4.4 % Other property income 414 3,088 (2,674) (86.6) % 1,862 4,489 (2,627) (58.5) % Bad debt (602) (779) 177 (22.7) % (1,640) (2,552) 912 (35.7) % TOTAL REVENUES 77,760 77,321 439 0.6 % 231,128 227,282 3,846 1.7 % OPERATING EXPENSES: Property operating expenses 14,503 13,154 1,349 10.3 % 42,450 40,220 2,230 5.5 % Property taxes 9,005 8,726 279 3.2 % 25,405 26,128 (723) (2.8) % TOTAL OPERATING EXPENSES 23,508 21,880 1,628 7.4 % 67,855 66,348 1,507 2.3 % SAME-CENTER CASH NET OPERATING INCOME $ 54,252 $ 55,441 $ (1,189) (2.1) % $ 163,273 $ 160,934 $ 2,339 1.5 % SAME-CENTER CASH NET OPERATING INCOME RECONCILIATION GAAP Operating Income $ 53,858 $ 26,927 $ 112,284 $ 80,732 Depreciation and amortization 25,918 27,050 78,518 77,280 General and administrative expenses 5,959 5,492 17,323 16,588 Other expense 158 157 815 811 Gain on sale of real estate (26,656) — (26,656) — Straight-line rent 177 (362) (246) (1,688) Amortization of above-market and below-market rent, net (2,644) (2,118) (11,965) (7,591) Property revenues and other expenses (6) (174) 196 (89) (428) TOTAL COMPANY CASH NET OPERATING INCOME 56,596 57,342 169,984 165,704 Non Same-Center Cash NOI (2,344) (1,901) (6,711) (4,770) SAME-CENTER CASH NET OPERATING INCOME $ 54,252 $ 55,441 $ 163,273 $ 160,934 Same-Center Cash Net Operating Income Analysis (unaudited, dollars in thousands)
Supplemental Disclosure Quarter Ended September 30, 2024 -15- Top Ten Tenants (dollars in thousands) Percent Number of Leased of Total Percent of Tenant Leases GLA Leased GLA ABR (4) Total ABR 1 Albertsons / Safeway Supermarkets 21 1,052,996 10.4 % $ 13,420 5.6 % 2 Kroger Supermarkets 11 498,800 4.9 % 8,130 3.4 % 3 Trader Joe’s 10 126,047 1.2 % 3,893 1.6 % 4 Save Mart Supermarkets 5 234,713 2.3 % 3,704 1.5 % 5 Sprouts Markets 5 175,823 1.7 % 3,261 1.4 % 6 Grocery Outlet Supermarkets 10 225,004 2.2 % 3,208 1.3 % 7 Rite Aid Pharmacy 11 205,743 2.0 % 3,201 1.3 % 8 JP Morgan Chase 19 80,076 0.8 % 2,895 1.2 % 9 H-Mart Supermarkets 3 147,040 1.5 % 2,702 1.1 % 10 Dollar Tree 16 188,622 1.9 % 2,644 1.1 % Top 10 Tenants Total 111 2,934,864 28.9 % $ 47,058 19.5 % Other Tenants 1,932 7,203,842 71.1 % 194,700 80.5 % Total Portfolio 2,043 10,138,706 100.0 % $ 241,758 100.0 %
Supplemental Disclosure Quarter Ended September 30, 2024 -16- Lease Expiration Schedule (dollars in thousands) Anchor Tenants (7) Number of Leased Percent of Total Percent of ABR Leases Expiring (8) GLA Total Leased GLA ABR (4) Total ABR Per Sq. Ft. 2024 — — — % $ — — % $ — 2025 10 317,139 3.1 % 4,693 1.9 % 14.80 2026 21 712,564 7.0 % 9,615 4.0 % 13.49 2027 13 433,197 4.3 % 5,137 2.1 % 11.86 2028 29 969,295 9.6 % 18,222 7.5 % 18.80 2029 23 741,228 7.3 % 13,467 5.6 % 18.17 2030 24 813,603 8.0 % 12,243 5.1 % 15.05 2031 11 335,269 3.3 % 5,247 2.2 % 15.65 2032 7 243,126 2.4 % 3,661 1.5 % 15.06 2033 9 279,734 2.8 % 3,933 1.6 % 14.06 2034+ 20 757,435 7.5 % 12,920 5.4 % 17.06 167 5,602,590 55.3 % $ 89,138 36.9 % $ 15.91 Non-Anchor Tenants Number of Leased Percent of Total Percent of ABR Leases Expiring (8) GLA Total Leased GLA ABR (4) Total ABR Per Sq. Ft. 2024 48 91,765 0.9 % $ 2,698 1.1 % $ 29.40 2025 243 474,711 4.7 % 15,441 6.4 % 32.53 2026 299 661,747 6.5 % 21,971 9.1 % 33.20 2027 305 686,113 6.8 % 22,898 9.5 % 33.37 2028 289 665,677 6.6 % 23,418 9.7 % 35.18 2029 262 627,108 6.2 % 21,360 8.8 % 34.06 2030 100 272,820 2.7 % 9,743 4.0 % 35.71 2031 67 214,679 2.1 % 7,211 3.0 % 33.59 2032 76 237,382 2.3 % 7,678 3.2 % 32.35 2033 70 224,942 2.2 % 7,281 3.0 % 32.37 2034+ 117 379,172 3.7 % 12,921 5.3 % 34.08 1,876 4,536,116 44.7 % $ 152,620 63.1 % $ 33.65 All Tenants Number of Leased Percent of Total Percent of ABR Leases Expiring (8) GLA Total Leased GLA ABR (4) Total ABR Per Sq. Ft. 2024 48 91,765 0.9 % $ 2,698 1.1 % $ 29.40 2025 253 791,850 7.8 % 20,134 8.3 % 25.43 2026 320 1,374,311 13.5 % 31,586 13.1 % 22.98 2027 318 1,119,310 11.1 % 28,035 11.6 % 25.05 2028 318 1,634,972 16.2 % 41,640 17.2 % 25.47 2029 285 1,368,336 13.5 % 34,827 14.4 % 25.45 2030 124 1,086,423 10.7 % 21,986 9.1 % 20.24 2031 78 549,948 5.4 % 12,458 5.2 % 22.65 2032 83 480,508 4.7 % 11,339 4.7 % 23.60 2033 79 504,676 5.0 % 11,214 4.6 % 22.22 2034+ 137 1,136,607 11.2 % 25,841 10.7 % 22.74 2,043 10,138,706 100.0 % $ 241,758 100.0 % $ 23.85
Supplemental Disclosure Quarter Ended September 30, 2024 -17- Leasing Summary For the Three Months Ended September 30, 2024 For the Nine Months Ended September 30, 2024 New Leases Non-Anchor Anchor (7) Total Non-Anchor Anchor (7) Total Number of Leases 34 1 35 99 2 101 Gross Leasable Area (sq. ft.) 93,664 16,800 110,464 226,821 44,262 271,083 Initial Base Rent ($/sq. ft.) (9) $ 30.16 $ 24.00 $ 29.23 $ 30.55 $ 15.31 $ 28.07 Tenant Improvements ($/sq. ft.) $ 3.68 $ 25.95 $ 7.07 $ 2.65 $ 9.85 $ 3.83 Leasing Commissions ($/sq. ft.) $ 3.23 $ — $ 2.74 $ 3.86 $ 3.05 $ 3.72 Weighted Average Lease Term (Yrs.) (8) 9.3 10.3 9.5 8.0 13.2 8.9 Renewals Non-Anchor Anchor (7) Total Non-Anchor Anchor (7) Total Number of Leases 69 6 75 211 16 227 Gross Leasable Area (sq. ft.) 138,559 201,600 340,159 417,762 537,817 955,579 Initial Base Rent ($/sq. ft.) (9) $ 35.99 $ 13.88 $ 22.89 $ 37.21 $ 14.51 $ 24.43 Tenant Improvements ($/sq. ft.) $ 5.34 $ 3.23 $ 3.96 $ 2.64 $ 2.28 $ 2.43 Leasing Commissions ($/sq. ft.) $ — $ — $ — $ 0.02 $ 0.07 $ 0.05 Weighted Average Lease Term (Yrs.) (8) 5.1 6.4 5.8 5.1 5.5 5.3 Total Non-Anchor Anchor (7) Total Non-Anchor Anchor (7) Total Number of Leases 103 7 110 310 18 328 Gross Leasable Area (sq. ft.) 232,223 218,400 450,623 644,583 582,079 1,226,662 Initial Base Rent ($/sq. ft.) (9) $ 33.64 $ 14.66 $ 24.44 $ 34.87 $ 14.57 $ 25.24 Tenant Improvements ($/sq. ft.) $ 4.79 $ 4.26 $ 4.49 $ 2.66 $ 2.74 $ 2.71 Leasing Commissions ($/sq. ft.) $ 1.30 $ — $ 0.67 $ 1.37 $ 0.30 $ 0.86 Weighted Average Lease Term (Yrs.) (8) 6.8 6.7 6.7 6.1 6.1 6.1
Supplemental Disclosure Quarter Ended September 30, 2024 -18- Same-Space Comparative Leasing Summary For the Three Months Ended September 30, 2024 For the Nine Months Ended September 30, 2024 New Leases Non-Anchor Anchor (7) Total Non-Anchor Anchor (7) Total Comparative # of Leases 16 1 17 52 2 54 Comparative GLA (sq. ft.) (10) 38,837 16,800 55,637 109,902 44,262 154,164 Prior Base Rent ($/sq. ft.) (11) $ 32.33 $ 16.50 $ 27.55 $ 30.22 $ 11.38 $ 24.81 Initial Base Rent ($/sq. ft.) (9) $ 34.52 $ 24.00 $ 31.34 $ 33.13 $ 15.31 $ 28.02 Percentage Change in Base Rents 6.8 % 45.5 % 13.8 % 9.6 % 34.6 % 12.9 % Tenant Improvements ($/sq. ft.) $ 0.13 $ 25.95 $ 7.93 $ 0.83 $ 9.85 $ 3.42 Leasing Commissions ($/sq. ft.) $ 2.18 $ — $ 1.52 $ 3.00 $ 3.05 $ 3.01 Weighted Average Lease Term (Yrs.) (8) 6.8 10.3 7.8 7.0 13.2 8.8 Renewals Non-Anchor Anchor (7) Total Non-Anchor Anchor (7) Total Comparative # of Leases 69 6 75 211 16 227 Comparative GLA (sq. ft.) (10) 138,559 201,600 340,159 417,762 537,817 955,579 Prior Base Rent ($/sq. ft.) (11) $ 33.64 $ 12.98 $ 21.39 $ 34.72 $ 13.78 $ 22.94 Initial Base Rent ($/sq. ft.) (9) $ 35.99 $ 13.88 $ 22.89 $ 37.21 $ 14.51 $ 24.43 Percentage Change in Base Rents 7.0 % 6.9 % 7.0 % 7.2 % 5.3 % 6.5 % Tenant Improvements ($/sq. ft.) $ 5.34 $ 3.23 $ 3.96 $ 2.64 $ 2.28 $ 2.43 Leasing Commissions ($/sq. ft.) $ — $ — $ — $ 0.02 $ 0.07 $ 0.05 Weighted Average Lease Term (Yrs.) (8) 5.1 6.4 5.8 5.1 5.5 5.3 Total Non-Anchor Anchor (7) Total Non-Anchor Anchor (7) Total Comparative # of Leases 85 7 92 263 18 281 Comparative GLA (sq. ft.) (10) 177,396 218,400 395,796 527,664 582,079 1,109,743 Prior Base Rent ($/sq. ft.) (11) $ 33.35 $ 13.25 $ 22.26 $ 33.78 $ 13.60 $ 23.20 Initial Base Rent ($/sq. ft.) (9) $ 35.67 $ 14.66 $ 24.08 $ 36.36 $ 14.57 $ 24.93 Percentage Change in Base Rents 7.0 % 10.6 % 8.2 % 7.6 % 7.1 % 7.5 % Tenant Improvements ($/sq. ft.) $ 4.45 $ 4.26 $ 4.33 $ 2.30 $ 2.74 $ 2.54 Leasing Commissions ($/sq. ft.) $ 0.48 $ — $ 0.21 $ 0.64 $ 0.30 $ 0.46 Weighted Average Lease Term (Yrs.) (8) 5.4 6.7 6.1 5.5 6.1 5.8 .
Supplemental Disclosure Quarter Ended September 30, 2024 -19- Leased vs. Billed Summary (dollars in thousands) 09/30/24 06/30/24 03/31/24 12/31/23 % leased at beginning of quarter 97.0 % 96.4 % 97.7 % 98.2 % % billed at beginning of quarter 94.5 % 93.9 % 95.2 % 95.7 % ABR of new leases signed/not yet commenced - at beginning of quarter (4) $ 7,292 $ 6,672 $ 6,994 $ 7,289 less: ABR of new leases commenced during quarter (1,374) (1,882) (1,370) (2,154) less: ABR of new leases related to disposed properties (90) — — — plus: ABR of new leases signed during quarter 2,390 2,502 1,048 1,859 ABR of new leases signed/not yet commenced - at end of quarter $ 8,218 $ 7,292 \$ 6,672 \$ 6,994 % leased at end of quarter 97.1 % 97.0 % 96.4 % 97.7 % % billed at end of quarter 94.3 % 94.5 % 93.9 % 95.2 % ABR of new leases commenced during quarter - amount billed $ 212 $ 191 $ 185 $ 250
Supplemental Disclosure Quarter Ended September 30, 2024 -20- Footnotes 1. Does not include extension options available to ROIC. 2. Net unamortized deferred financing charges for the Term Loan, Senior Notes and Mortgages. 3. Calculated in accordance with GAAP pursuant to underlying bond indentures. 4. ABR is equal to annualized base rent on a cash basis for all leases in-place at period end. 5. 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. 6. Includes anchor lease termination fees net of contractual amounts, if any, expense and recovery adjustments related to prior periods and other miscellaneous adjustments. 7. Anchor tenants are leases equal to or greater than 15,000 square feet. 8. Does not assume exercise of renewal options. 9. Initial Base Rent is on a cash basis and is the initial contractual monthly rent, annualized. 10. Comparative GLA includes spaces that were vacant for less than 12 months, excludes spaces that were not leased at the time of acquisition. 11. 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, 2024 -21- 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 Dori Kesten 617.603.4233 James Feldman 212.214.5328 Fixed Income Research Coverage J.P. Morgan Mark Streeter 212.834.5086 Mizuho Thierry Perrein 212.205.7665 Ratings Agency Coverage Fitch Ratings, Inc. Christopher Wimmer 646.582.3412 Moody’s Ratings Misbah Seyal 212.553.9357 S&P Global Ratings Michael Souers 212.438.2508