Wed, Jul 24, 2:47 PM (45 days ago)
Retail Opportunity Investments Corp. (ROIC) and its subsidiary, Retail Opportunity Investments Partnership, LP, reported a mixed financial performance for the quarter ended June 30, 2024. The company’s total revenues increased slightly to $83.3 million from $82.0 million in the same period last year. However, net income attributable to ROIC decreased to $7.4 million from $9.9 million, primarily due to higher interest expenses and other finance expenses, which rose to $20.0 million from $17.6 million. Operating expenses also increased, driven by higher property operating costs and depreciation. Despite these challenges, the company maintained its dividend at $0.15 per share. Cash flows from operations were robust at $65.1 million, although cash and cash equivalents dropped to $2.1 million from $6.3 million at year-end 2023. The company also increased its borrowings under the credit facility to $164.0 million from $75.0 million. Looking ahead, ROIC plans to continue its strategy of acquiring and managing necessity-based community and neighborhood shopping centers on the West Coast of the United States.