Retail Opportunity Investments (NASDAQ: ROIC) reported Q1 EPS of $0.12, $0.05 better than the analyst estimate of $0.07. Revenue for the quarter came in at $76.05 million versus the consensus estimate of $75.17 million.

• $13.3 million of net income attributable to common stockholders ($0.12 per diluted share)
• $36.7 million of Funds From Operations (FFO)(1) ($0.29 per diluted share)
• 97.8% portfolio lease rate at March 31, 2019 (19th consecutive quarter at or above 97%)
• 30.7% increase in same-space comparative cash rents on new leases (12.4% on renewals)
• 2.9% increase in same-center cash net operating income (1Q‘19 vs. 1Q‘18)
• $17.0 million property disposition ($2.6 million gain on sale)
• $57.0 million of property dispositions lined up for sale
• $0.1970 per share quarterly cash dividend paid
• 2019 FFO guidance range reaffirmed ($1.11 - $1.15 per diluted share)
  • (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, “Property operations and leasing continue to propel our business forward. We achieved a record-high first quarter portfolio lease rate of 97.8% and a record-high first quarter same-space cash rent increase on new leases of 30.7%. We also achieved a solid 2.9% increase in same-center cash NOI. In terms of strategic initiatives, we are making good progress with disposing of non-core properties. We sold one property during the first quarter and have three more currently lined up for sale, which all together total approximately $74 million. Additionally, with respect to our initial property densification efforts, the entitlement process is moving forward steadily.” Tanz concluded, “With our accomplishments to date, we are off to a solid start in 2019 and firmly on track to achieve our stated objectives for the year.”

GUIDANCE:

Retail Opportunity Investments sees FY2019 EPS of $0.40-$0.44, versus the consensus of $0.31.

For earnings history and earnings-related data on Retail Opportunity Investments (ROIC) click here.