Welcome to our dedicated page for Retail Opportunity Invts news (Ticker: ROIC), a resource for investors and traders seeking the latest updates and insights on Retail Opportunity Invts stock.
Retail Opportunity Investments Corp. (NASDAQ: ROIC) is a self-managed real estate investment trust (REIT) that focuses on the acquisition, ownership, and management of necessity-based community and neighborhood shopping centers on the West Coast of the United States. Anchored by supermarkets and drugstores, these properties serve as essential hubs for their respective communities, providing daily necessities and other services.
ROIC's core business involves not only the ownership and management of these retail centers but also their redevelopment to enhance value and improve functionality. The company's strategic approach ensures that their properties remain relevant and attractive to both tenants and customers.
As of the latest financial quarter ending June 30, 2023, ROIC reported strong financial and operational results, illustrating its robust business model and effective management. The company continues to focus on sustainable growth and has issued its fourth Environmental, Social, and Governance (ESG) annual report, detailing achievements for 2022 and outlining ongoing initiatives and goals. This report adheres to the standards set by the Sustainability Accounting Standards Board (SASB), the Task Force on Climate-related Financial Disclosures (TCFD), and the United Nations Sustainable Development Goals (SDG).
Recent updates include:
- July 25, 2023: Financial and operating results for the three and six months ended June 30, 2023, were announced.
- January 4, 2024: Upcoming financial and operational results for Q4 and the year ended December 31, 2023, to be issued on February 14, 2024.
- April 23, 2024: Financial and operating results for the three months ended March 31, 2024, were announced.
ROIC continues to be a significant player in the retail real estate sector, focusing on high-quality properties and sustainable practices to drive long-term shareholder value.
Retail Opportunity Investments Corp. (NASDAQ:ROIC) reported financial results for Q1 2023, posting $8.1 million in net income, equating to $0.06 per diluted share. Funds From Operations (FFO) reached $33.8 million or $0.25 per diluted share. The company reaffirmed its FFO guidance for the year at $1.05 - $1.11 per diluted share.
ROIC achieved a record 98.3% portfolio lease rate and executed 559,157 square feet of leases, marking its most active quarter. However, there was a 0.7% decrease in same-center cash net operating income year-over-year. The company has entered into a contract to sell a property for $15.4 million and extended its unsecured credit facility maturity to 2027.
Retail Opportunity Investments Corp. (NASDAQ: ROIC) will release its financial results for Q1 2023 on April 25, 2023, after market close. The company will host a conference call on April 26, 2023, at 9:00 a.m. ET. ROIC specializes in acquiring and managing grocery-anchored shopping centers primarily on the West Coast. As of December 31, 2022, it owned 93 shopping centers covering about 10.6 million square feet, making it the largest publicly traded grocery-anchored shopping center REIT focused on this region. ROIC holds investment-grade corporate ratings from major agencies.
Retail Opportunity Investments Corp. (NASDAQ: ROIC) has successfully amended and extended its $600 million unsecured credit facility, pushing the maturity date from February 2024 to March 2027. The new agreement introduces an interest rate based on the Secured Overnight Financing Rate (SOFR), along with a sustainability metric feature. The company also amended its $300 million unsecured term loan to be based on SOFR. These adjustments reinforce ROIC's financial stability, as stated by CFO Michael B. Haines. The banking group involved includes major institutions like KeyBanc Capital Markets and Bank of America.
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