Retail Opportunity Investments Corp. (ROIC) reported significant financial performance improvements for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $83.5 million, up from $81.7 million in Q3 2023, driven primarily by an increase in rental revenue, which rose to $82.4 million from $78.3 million. Operating income surged to $53.9 million, a substantial increase from $26.9 million in the prior year, while net income for the quarter rose to $33.9 million, compared to $8.9 million in Q3 2023. This resulted in earnings per share increasing to $0.25 from $0.07.
For the nine-month period, net income attributable to ROIC was $53.4 million, up from $28.1 million in 2023. The company reported total revenues of $249.5 million for the nine months ended September 30, 2024, compared to $239.5 million in the same period of 2023. Funds from operations (FFO) for the nine months were $102.4 million, slightly down from $103.8 million in 2023.
ROIC's total assets increased to $3.02 billion as of September 30, 2024, from $2.98 billion at the end of 2023. Cash and cash equivalents saw a significant rise to $61.3 million, compared to $6.3 million at the end of the previous fiscal year. However, total liabilities also increased to $1.66 billion from $1.61 billion, leading to a slight increase in stockholders’ equity to $1.30 billion.
Strategically, ROIC completed the acquisition of Bressi Ranch Village Center for approximately $71 million in April 2024, enhancing its portfolio of retail properties. The company also reported gains from the sale of properties, including $22.2 million from the sale of Marketplace Del Rio and $4.4 million from PCC Community Markets Plaza.
In terms of operational metrics, the company’s portfolio consisted of 94 properties, with a leasing status of approximately 97.1% as of September 30, 2024. The company committed approximately $13.3 million in tenant improvements for new leases during the nine months ended September 30, 2024.
ROIC's financial health remains robust, with adequate working capital to meet its dividend obligations and a commitment to regular quarterly distributions to stockholders. The company continues to maintain investment-grade credit ratings from major agencies, reflecting its stable financial position.
About RETAIL OPPORTUNITY INVESTMENTS CORP
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