SAN DIEGO, April 23, 2024 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced today financial and operating results for the three months ended March 31, 2024. HIGHLIGHTS $11.0 million of net income attributable to common stockholders ($0.09 per diluted share) $37.9 million in Funds From Operations (FFO)(1) ($0.28 per diluted share) FFO per diluted share guidance for 2024 reaffirmed ($1.03 - $1.09 per diluted share) 5.7% increase in same-center cash net operating income (1Q‘24 vs. 1Q‘23) 383,293 square feet of leases executed during 1Q‘24 (207,172 square feet of anchor renewals) 96.4% portfolio lease rate at 3/31/24 (40th consecutive quarter above 96.0%) 179,464 square feet of anchor space leasing currently lined up 12.2% increase in same-space cash base rents on new leases (6.7% on renewals) $70.1 million dual grocery-anchored shopping center acquired in April 2024 $68.2 million property dispositions currently under contract 91.4% of total principal debt outstanding effectively fixed-rate at 3/31/24 6.4x net principal debt-to-annualized EBITDA ratio for 1Q‘24 (vs. 6.7x for 1Q‘23) $26.0 million mortgage retired in April 2024 Awarded 2024 Green Lease Leader by U.S. Department of Energy $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, "As 2024 gets underway, we are off to a solid start.   Demand for space continues to be strong across our portfolio, particularly as it relates to anchor space.   During the first quarter we renewed 207,172 square feet of longstanding, valued anchor tenants.   Additionally, we currently have all of our available anchor space spoken for with new national tenants lined up to lease the space."   Tanz further stated, "In terms of our investment and capital recycling programs, we currently have $68.2 million of property dispositions under contract and, through our off-market sources, we recently acquired an excellent shopping center, featuring two supermarkets, in the San Diego market for $70.1 million.   Overall, the longterm fundamentals of our business and portfolio continue to be strong and we are on track thus far to achieve our previously stated objectives for 2024." FINANCIAL SUMMARY For the three months ended March 31, 2024, GAAP net income attributable to common stockholders was $11.0 million, or $0.09 per diluted share, as compared to GAAP net income attributable to common stockholders of $8.1 million, or $0.06 per diluted share, for the three months ended March 31, 2023.   FFO for the first quarter of 2024 was $37.9 million, or $0.28 per diluted share, as compared to $33.8 million, or $0.25 per diluted share for the first quarter 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. Included in GAAP net income attributable to common stockholders and FFO for the first quarter of 2024 was $6.7 million of non-cash rental revenue amortization, as compared to $2.9 million for the first quarter of 2023.   The bulk of the increase was attributable to an anchor space that expired during the first quarter of 2024. For the first quarter of 2024, same-center net operating income (NOI) was $55.6 million, as compared to $52.6 million in same-center NOI for the first quarter of 2023, representing a 5.7% increase.   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. At March 31, 2024, ROIC had total real estate assets (before accumulated depreciation) of approximately $3.5 billion and approximately $1.4 billion of principal debt outstanding, of which approximately $1.3 billion was unsecured debt, including $68.0 million outstanding on its $600.0 million unsecured credit facility.   For the first quarter of 2024, ROIC's net principal debt-to-annualized EBITDA ratio was 6.4 times, and 91.4% of its total principal debt outstanding was effectively fixed-rate at March 31, 2024.   In April 2024, ROIC retired a $26.0 million mortgage.   As a result, ROIC currently has one mortgage loan outstanding, totaling $33.8 million, maturing in October 2025. ACQUISITION & DISPOSITION SUMMARY Subsequent to the first quarter of 2024, ROIC acquired the following grocery-anchored shopping center. Bressi Ranch Village Center In April 2024, ROIC acquired Bressi Ranch Village Center for $70.1 million. The property is approximately 116,000 square feet and is anchored by two supermarkets, Trader Joe's and Stater Brothers Supermarket. The shopping center is part of a master-planned community, located in Carlsbad, California, within the San Diego metropolitan area. ROIC currently has agreements to sell two properties, in separate transactions, for approximately $68.2 million, in total, subject to the completion of customary closing conditions. PROPERTY OPERATIONS SUMMARY At March 31, 2024, ROIC's portfolio was 96.4% leased.   During the first quarter of 2024, ROIC executed 87 leases, totaling 383,293 square feet, including 26 new leases, totaling 43,968 square feet, achieving a 12.2% increase in same-space comparative base rent, and 61 renewed leases, totaling 339,325 square feet, achieving a 6.7% increase in base rent.    ROIC reports same-space comparative base rent on a cash basis. ENVIRONMENTAL ACCOLADE ROIC has been selected as a 2024 Green Lease Leader by the U.S. Department of Energy's Better Buildings Alliance and the Institute for Market Transformation. For the fourth consecutive year, ROIC was awarded "Gold" level designation in recognition of its continued success in collaborating with tenants on energy efficiency, decarbonization, air quality and other critical environmental issues. DIVIDEND SUMMARY On April 5, 2024, ROIC distributed a $0.15 per share cash dividend. On April 23, 2024, the Board declared a cash dividend of $0.15 per share, payable on July 10, 2024 to stockholders of record on June 14, 2024. CONFERENCE CALL ROIC will conduct a conference call to discuss its results on Wednesday, April 24, 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/BI4cf1b9c86202419e9d9f2cbfe332a738  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/a853xbur  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 March 31, 2024, ROIC owned 94 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)     March 31, 2024 (unaudited)   December 31, 2023 ASSETS       Real Estate Investments:       Land $ 965,516     $ 967,251   Building and improvements   2,501,886       2,500,647       3,467,402       3,467,898   Less:  accumulated depreciation   666,875       654,543       2,800,527       2,813,355   Mortgage note receivable   4,670       4,694   Real Estate Investments, net   2,805,197       2,818,049   Cash and cash equivalents   1,768       6,302   Restricted cash   2,393       2,116   Tenant and other receivables, net   60,781       61,193   Deposit on real estate acquisition   5,000       —   Acquired lease intangible assets, net   41,787       42,791   Prepaid expenses   4,898       3,354   Deferred charges, net   27,199       27,294   Other assets   17,692       16,541   Total assets $ 2,966,715     $ 2,977,640           LIABILITIES AND EQUITY       Liabilities:       Term loan $ 199,805     $ 199,745   Credit facility   68,000       75,000   Senior Notes   1,044,057       1,043,593   Mortgage notes payable   59,831       60,052   Acquired lease intangible liabilities, net   133,700       137,820   Accounts payable and accrued expenses   60,807       50,598   Tenants' security deposits   8,340       8,205   Other liabilities   38,529