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EX - 99.1 2 roic - 33121xpressreleasexex.htm EX - 99.1 Retail Opportunity Investments Corp. TRADED : NASDAQ : ROIC 11250 El Camino Real , Suite 200 San Diego , CA 92130 FOR IMMEDIATE RELEASE Tuesday , April 27 , 2021 Retail Opportunity Investments Corp. Reports 2021 First Quarter Results San Diego , CA , April 27 , 2021 - Retail Opportunity Investments Corp. ( NASDAQ : ROIC ) announced today financial and operating results for the three months ended March 31 , 2021 . " HIGHLIGHTS $ 7.4 million of net income attributable to common stockholders ( $ 0.06 per diluted share ) " $ 31.0 million in Funds From Operations ( ) ( $ 0.24 per diluted share ) ■ 91.8 % of total 1Q'21 billed base rent has been paid through 4/22/21 ■ 92.7 % of April billed base rent has been paid through 4/26/21 ■ ■ ■ ■ 96.9 % portfolio lease rate at March 31 , 2021 ( positive net absorption since 12/31/20 ) 99.2 % of total tenants are currently open , based on annualized base rent 293,441 square feet of leases executed ( on par with pre - pandemic first quarter activity ) 4.9 % increase in same - space cash rents on new leases ( 3.2 % increase on renewals ) 5.6 % decrease in same - center cash net operating income ( 10'21 vs. 10'20 ) $ 34.2 million debt reduction ( 3/31/21 vs. 12/31/20 ) $ 14.0 million outstanding balance on $ 600 million unsecured credit line at 3/31/21 $ 25.8 million property disposition ( sold in April 2021 ) - $ 0.11 per share cash dividend declared ( 1 ) A reconciliation of GAAP net income to Funds From Operations ( 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 first quarter , our grocery - anchored portfolio continued to perform well , as it has throughout the pandemic . We achieved positive net absorption , increasing our portfolio lease rate to 96.9 % , and we again achieved rent growth with our leasing activity . Additionally , now that business restrictions are being lifted on the West Coast , our portfolio is steadily moving toward full , pre - pandemic operations again . Today , over 99 % of our tenants are open and leasing activity across our portfolio is beginning to accelerate . " Tanz added , “ Given our performance to date , and how our business is progressing , we are on track thus far to achieve our previously stated objectives for 2021. " FINANCIAL RESULTS SUMMARY For the three months ended March 31 , 2021 , GAAP net income attributable to common stockholders was $ 7.4 million , or $ 0.06 per diluted share , as compared to GAAP net income attributable to common stockholders of $ 12.0 million , or $ 0.10 per diluted share , for the three months ended March 31 , 2020 . FFO for the first quarter of 2021 was $ 31.0 million , or $ 0.24 per diluted share , as compared to $ 37.4 million in FFO , or $ 0.29 per diluted share for the first quarter of 2020. ROIC reports FFO as a supplemental performance measure in