Loading...
Docoh

Retail Opportunity Investments (ROIC)

Retail Opportunity Investments Corp. (NASDAQ: ROIC), is a fully-integrated,self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely-populated, metropolitan markets across the West Coast. As of September 30, 2020, ROIC owned 88 shopping centers encompassing approximately 10.1 million square feet. ROIC is the largest publicly-traded,grocery-anchored shopping center REIT focused exclusively on the West Coast. ROIC is a member of the S&P SmallCap 600 Index and has investment-grade corporate debt ratings from Moody's Investor Services, Standard & Poor's, and Fitch Ratings, Inc.

Company profile

Ticker
ROIC
Exchange
Website
CEO
Stuart A. Tanz
Employees
Incorporated
Location
Fiscal year end
Former names
NRDC Acquisition Corp.
SEC CIK
Subsidiaries
Retail Opportunity Investments Partnership, LP • Retail Opportunity Investments GP, LLC • ROIC Paramount Plaza, LLC • ROIC Santa Ana, LLC • ROIC Washington, LLC • ROIC Oregon, LLC • ROIC California, LLC • ROIC Crossroads GP, LLC • ROIC Crossroads LP, LLC • ROIC Pinole Vista, LLC ...
IRS number
260500600

ROIC stock data

Calendar

27 Jul 22
3 Oct 22
31 Dec 22
Quarter (USD) Dec 21 Sep 21 Jun 21 Mar 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 15.36M 15.36M 15.36M 15.36M 15.36M 15.36M
Cash burn (monthly) 26.04M (no burn) (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 236.82M n/a n/a n/a n/a n/a
Cash remaining -221.46M n/a n/a n/a n/a n/a
Runway (months of cash) -8.5 n/a n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Mar 22 Laurie A. Sneve Common Stock, par value $0.0001 per share Option exercise Acquire M Yes No 12.43 15,000 186.45K 159,035
1 Mar 22 Laurie A. Sneve Common Stock, par value $0.0001 per share Common Stock, par value $0.0001 per share Option exercise Dispose M No No 12.43 15,000 186.45K 0
15 Feb 22 Laurie A. Sneve Common Stock, par value $0.0001 per share Grant Acquire A Yes No 0 20,000 0 144,035
15 Feb 22 Stuart A Tanz Common Stock, par value $0.0001 per share Grant Acquire A Yes No 0 109,589 0 1,817,344
15 Feb 22 Michael B. Haines Common Stock, par value $0.0001 per share Grant Acquire A Yes No 0 33,973 0 282,261
15 Feb 22 Richard K. Schoebel Common Stock, par value $0.0001 per share Grant Acquire A Yes No 0 37,260 0 394,348
95.3% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 226 227 -0.4%
Opened positions 25 19 +31.6%
Closed positions 26 18 +44.4%
Increased positions 92 85 +8.2%
Reduced positions 74 83 -10.8%
13F shares Current Prev Q Change
Total value 1.88B 2.26B -17.0%
Total shares 118.73M 116.45M +2.0%
Total puts 50.6K 14.5K +249.0%
Total calls 233.8K 433.5K -46.1%
Total put/call ratio 0.2 0.0 +547.0%
Largest owners Shares Value Change
BLK Blackrock 22.23M $350.74M +2.3%
Vanguard 19.34M $305.12M +0.5%
STT State Street 7.52M $119.55M +1.8%
FHI Federated Hermes 3.19M $50.39M -0.9%
Millennium Management 3.14M $49.59M +15.1%
APG Asset Management US 2.87M $46.39M -12.0%
Geode Capital Management 2.55M $40.26M +0.2%
Ranger Global Real Estate Advisors 2.41M $38.06M -13.7%
NTRS Northern Trust 2.31M $36.48M -4.1%
Jennison Associates 2.07M $32.68M +27.3%
Largest transactions Shares Bought/sold Change
Waterfront Capital Partners 0 -1.35M EXIT
MS Morgan Stanley 1.3M +814.35K +167.4%
William Blair Investment Management 0 -780.79K EXIT
Parametric Portfolio Associates 0 -716.21K EXIT
Alliancebernstein 874.16K +658.77K +305.9%
Two Sigma Advisers 885.7K +585.1K +194.6%
BLK Blackrock 22.23M +505.11K +2.3%
Land & Buildings Investment Management 2.03M +484.81K +31.5%
Long Pond Capital 457.16K +457.16K NEW
DB Deutsche Bank AG - Registered Shares 572.75K +452.37K +375.8%

Financial report summary

?
Risks
  • There are risks relating to investments in real estate.
  • The Company operates in a highly competitive market and competition may limit its ability to acquire desirable assets and to attract and retain tenants.
  • The Company may change any of its strategies, policies or procedures without stockholder consent, which could materially and adversely affect its business.
  • The Company’s directors are subject to potential conflicts of interest.
  • Capital markets and economic conditions can materially affect the Company’s financial condition, its results of operations and the value of its assets.
  • Bankruptcy or insolvency of tenants may decrease the Company’s revenues and available cash.
  • Inflation or deflation may materially and adversely affect the Company’s income, cash flow, results of operations, financial condition, liquidity, the ability to service its debt obligations, the market price of its common stock and its ability to pay dividends and distributions to its stockholders.
  • Compliance or failure to comply with safety regulations and requirements could result in substantial costs.
  • The Company expects to acquire additional properties and this may create risks.
  • In the event the Company seeks to redevelop existing properties, these projects could be subject to delays or other risks and might not yield the returns anticipated, which would harm the Company’s financial condition and operating results.
  • The Company faces risks associated with the development and redevelopment of mixed-use commercial properties.
  • Factors affecting the general retail environment could adversely affect the financial condition of the Company’s retail tenants and the willingness of retailers to lease space in its shopping centers, and in turn, materially and adversely affect the Company.
  • The Company’s growth depends on external sources of capital, which may not be available in the future.
  • The Company does not have a formal policy limiting the amount of debt it may incur and its board of directors may change its leverage policy without stockholder consent, which could result in a different risk profile.
  • The Company could be adversely affected if it or any of its subsidiaries are required to register as an investment company under the Investment Company Act of 1940 as amended (the “1940 Act”).
  • Real estate investments’ value and income fluctuate due to conditions in the general economy and the real estate business, which may materially and adversely affect the Company’s ability to service its debt and expenses.
  • The lack of liquidity of the Company’s assets could materially and adversely affect the Company’s income, cash flow, results of operations, financial condition, liquidity, the ability to service its debt obligations, the market price of its common stock and its ability to pay dividends and other distributions to its stockholders, and could materially and adversely affect the Company’s ability to value and sell its assets.
  • The Company depends on leasing space to tenants on economically favorable terms and collecting rent from tenants, some of whom may not be able to pay.
  • Some of the Company’s properties depend on anchor stores or major tenants to attract shoppers and could be materially and adversely affected by the loss of or a store closure by one or more of these tenants.
  • Loss of revenues from major tenants could reduce the Company’s income, cash flow, results of operations, financial condition, liquidity, the ability to service its debt obligations, the market price of its common stock and its ability to pay dividends and other distributions to its stockholders.
  • The Company’s inability to receive reimbursements of Common Area Maintenance (“CAM”) costs from tenants could adversely affect the Company’s cash flow.
  • The Company may incur costs to comply with environmental laws.
  • The Company’s business and operations would suffer in the event of system failures.
  • A prolonged economic slowdown, a lengthy or severe recession or declining real estate values could impair the Company’s assets and have a material and adverse effect on its income, cash flow, results of operations, financial condition, liquidity, the ability to service its debt obligations, the market price of its common stock and its ability to pay dividends and other distributions to its stockholders.
  • Loss of key personnel could harm the Company’s operations.
  • Under their employment agreements, certain members of the Company’s senior management team will have certain rights to terminate their employment and receive severance in connection with a change in control of the Company.
  • Joint venture investments could be materially and adversely affected by the Company’s lack of sole decision-making authority or reliance on a joint venture partner’s financial condition.
  • Uninsured losses or a loss in excess of insured limits could materially and adversely affect the Company.
  • The Company could be materially and adversely affected by poor market conditions where its properties are geographically concentrated.
  • Should the Company decide at some point in the future to expand into new markets, it may not be successful, which could materially and adversely affect its business, financial condition, liquidity and results of operations.
  • The Company’s term loan, credit facility and unsecured senior notes contain restrictive covenants relating to its operations, which could limit the Company’s ability to respond to changing market conditions and its ability to pay dividends and other distributions to its stockholders.
  • Certain of the Company’s mortgage financing arrangements and other indebtedness contain provisions that could limit the Company’s operating flexibility.
  • Increases in interest rates could increase the amount of the Company’s debt payments and materially and adversely affect its business, financial condition, liquidity and results of operations.
  • The replacement of LIBOR may affect the value of certain of the Company’s financial obligations and could affect the Company’s results of operations or financial condition.
  • Financing arrangements that the Company may use to finance its assets may require it to provide additional collateral or pay down debt.
  • The Company depends on dividends and distributions from its direct and indirect subsidiaries. The creditors of these subsidiaries are entitled to amounts payable to them by the subsidiaries before the subsidiaries may pay any dividends or distributions to the Company.
  • Certain provisions of Maryland law may limit the ability of a third party to acquire control of the Company.
  • The authorized but unissued shares of preferred stock and the ownership limitations contained in the Company’s Charter may prevent a change in control.
  • The Company’s failure to qualify as a REIT would subject it to U.S. federal income tax and potentially increased state and local taxes, which would reduce the amount of cash available for distribution to its stockholders.
  • Failure to make required distributions would subject the Company to tax, which would reduce the cash available for distribution to its stockholders.
  • To maintain its REIT qualification, the Company may be forced to borrow funds during unfavorable market conditions.
  • The U.S. federal income tax treatment regarding cash settlement of a forward sale agreement is unclear and could jeopardize the Company’s ability to meet the REIT qualification requirements.
  • Even if the Company qualifies as a REIT, it may be required to pay certain taxes.
  • Legislative, regulatory or administrative changes could adversely affect the Company.
  • In certain circumstances, the Company may be liable for certain tax obligations of certain limited partners.
  • The Company cannot provide assurance of its ability to pay distributions in the future.
  • The Company is subject to certain state laws and exchange requirements relating to the composition of its board of directors, including recently enacted diversity and gender quotas.
Management Discussion
  • At December 31, 2021, the Company had 90 properties (89 retail and one office), all of which are consolidated in the accompanying financial statements. The Company believes, because the properties are located in densely populated areas and are leased to retailers that provide necessity-based, non-discretionary goods and services, the nature of its investments provides for relatively stable revenue flows. The Company has a strong capital structure with manageable debt as of December 31, 2021. The Company expects to continue to actively explore acquisition opportunities consistent with its business strategy.
  • Property operating income is a non-GAAP financial measure of performance. The Company defines property operating income as operating revenues (rental revenue and other income), less property and related expenses (property operating expenses and property taxes). Property operating income excludes general and administrative expenses, mortgage interest income, depreciation and amortization, acquisition transaction costs, other expense, interest expense, gains and losses from property acquisitions and dispositions, equity in earnings from unconsolidated joint ventures, and extraordinary items. Other REITs may use different methodologies for calculating property operating income, and accordingly, the Company’s property operating income may not be comparable to other REITs.
  • Property operating income is used by management to evaluate and compare the operating performance of the Company’s properties, to determine trends in earnings and to compute the fair value of the Company’s properties as this measure is not affected by the cost of our funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to our ownership of our properties. The Company believes the exclusion of these items from net income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the Company’s properties as well as trends in occupancy rates, rental rates and operating costs.

Content analysis

?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. senior Bad
New words: Lucky, Mart, Martinez, Save, unhedged
Removed: dated, mitigate, projected, simultaneously, uncollectible