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Consumer Discretionary : Auto Components | Mid Cap Blend
Based in United Kingdom
Company profile

Aptiv PLC is a technology and mobility architecture company. The Company is primarily serving the automotive sector. The Company’s segments include Advanced Safety and User Experience and Signal and Power Solutions. The Advanced Safety and User Experience segment is focused on providing the necessary software and advanced computing platforms. The Signal and Power Solutions segment is focused on providing the requisite networking architecture required to support the integrated systems in vehicles. It delivers mobility solutions enabling its customers’ transition to electrified, software-defined vehicles. The Company designs and manufactures vehicle components and provides electrical, electronic and active safety technology solutions to the global automotive and commercial vehicle markets, creating the software and hardware foundation for vehicle features and functionality. It operates over 127 manufacturing facilities and over 12 technical centers utilizing a regional service model.

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Retail Opportunity Investments Corp. Reports 2022 Second Quarter Results

4:15 pm ET July 26, 2022 (Globe Newswire) Print

EQNX::TICKER_START (NASDAQ:ROIC), EQNX::TICKER_END Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced today financial and operating results for the three and six months ended June 30, 2022.

HIGHLIGHTS

-- $11.5 million of net income attributable to common stockholders ($0.09 per diluted share)

-- $36.7 million in Funds From Operations (FFO) ($0.28 per diluted share)

-- FFO guidance for 2022 raised ($1.08 - $1.12 per diluted share)

-- $120.2 million of acquisitions lined up ($60.0 million closed, $60.2 million under contract)

-- $37.1 million property disposition under contract

-- 714,380 square feet of leases executed during first six months of '22 (record activity)

-- 97.6% portfolio lease rate at 6/30/22 (vs. 97.2% at 3/31/22 and 96.9% at 6/30/21)

-- 16.7% increase in same-space cash base rents on 2Q'22 new leases (10.5% renewal increase)

-- 3.7% increase in same-center cash net operating income (2Q'22 vs. 2Q'21)

-- 5.6% increase in same-center cash net operating income (first six months '22 vs. '21)

-- $25.2 million of common equity raised through ATM program during first six months

-- 6.7x net principal debt-to-annualized EBITDA ratio for 2Q'22

-- Awarded 2022 Green Lease Leader in recognition of ESG initiatives

-- $0.15 per share cash dividend declared

________________________________________

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, "Strong demand for space across our portfolio continues to drive our business forward. Building on our leasing momentum from the first quarter, we increased our portfolio lease rate during the second quarter and again posted solid double-digit rent growth on both same-space new leases and renewals. Additionally, we continue to steadily grow and enhance our portfolio. Year-to-date, we have lined up $120.2 million of grocery-anchored shopping center acquisitions." Tanz added, "With our success during the first half of the year, we are well-positioned and firmly on track to achieve our key objectives for 2022."

FINANCIAL RESULTS SUMMARY

For the three months ended June 30, 2022, GAAP net income attributable to common stockholders was $11.5 million, or $0.09 per diluted share, as compared to GAAP net income attributable to common stockholders of $16.5 million, or $0.14 per diluted share, for the three months ended June 30, 2021. For the six months ended June 30, 2022, GAAP net income attributable to common stockholders was $23.1 million, or $0.19 per diluted share, as compared to GAAP net income attributable to common stockholders of $23.9 million, or $0.20 per diluted share, for the six months ended June 30, 2021. Included in 2021 GAAP net income was a $9.5 million gain on sale of real estate.

FFO for the second quarter of 2022 was $36.7 million, or $0.28 per diluted share, as compared to $31.7 million in FFO, or $0.25 per diluted share for the second quarter of 2021. FFO for the first six months of 2022 was $72.9 million, or $0.55 per diluted share, as compared to $62.7 million in FFO, or $0.49 per diluted share for the first six months of 2021. ROIC reports FFO as a supplemental performance measure in accordance with the definition set forth by the National Association of Real Estate Investment Trusts. A reconciliation of GAAP net income to FFO is provided at the end of this press release.

For the second quarter of 2022, same-center net operating income (NOI) was $49.6 million, as compared to $47.8 million in same-center NOI for the second quarter of 2021, representing a 3.7% increase. For the first six months of 2022, same-center NOI increased 5.6% as compared to same-center NOI for the first six months of 2021. ROIC reports same-center comparative NOI on a cash basis. A reconciliation of GAAP operating income to same-center comparative NOI is provided at the end of this press release.

At June 30, 2022, ROIC had total market capitalization of approximately $3.4 billion and approximately $1.4 billion of principal debt outstanding. As of June 30, 2022, 95.5% of ROIC's principal debt outstanding was unsecured, including $46.0 million outstanding on its $600.0 million unsecured revolving credit facility. Additionally, ROIC's interest coverage ratio and net principal debt-to-annualized EBITDA ratio for the second quarter of 2022 was 3.6 times and 6.7 times, respectively, and 96.6% of its portfolio was unencumbered at June 30, 2022, based on gross leasable area.

Year to date, ROIC has issued approximately 1.3 million shares of common stock through its ATM program, raising $25.2 million in gross proceeds, including issuing approximately 0.7 million shares of common stock during the first quarter, and approximately 0.6 million shares during the second quarter.

ACQUISITION & DISPOSITION SUMMARY

Year-to-date, ROIC has lined up $120.2 million of grocery-anchored shopping center acquisitions, including the following three grocery-anchored shopping centers acquired during the second quarter, totaling $60.0 million.

Powell Valley Junction

In April 2022, ROIC acquired Powell Valley Junction for $17.6 million. The shopping center is approximately 109,000 square feet and is anchored by Walmart Neighborhood Market. The property is located in Gresham, Oregon, within the Portland metropolitan area, and is currently 99.0% leased.

Olympia Square North

In April 2022, ROIC acquired Olympia Square North for $18.4 million. The shopping center is approximately 90,000 square feet and is anchored by Albertsons Supermarket. The property is located in Olympia, Washington, within the Seattle metropolitan area, and is currently 100% leased.

Village Oaks Shopping Center

In May 2022, ROIC acquired Village Oaks Shopping Center for $24.0 million. The shopping center is approximately 80,000 square feet and is anchored by Save Mart (Lucky California) Supermarket and Rite Aid Pharmacy (NAP). The property is located in Martinez, California, within the San Francisco metropolitan area, and is currently 97.9% leased.

Additionally, ROIC currently has a contract involving a three property transaction, including selling one ROIC property for $37.1 million, while acquiring the following two grocery-anchored shopping centers for a total of $60.2 million.

Ballinger Village

ROIC has a contract to acquire Ballinger Village for $29.2 million. The shopping center is approximately 113,000 square feet and is anchored by Thriftway Supermarket and Rite Aid Pharmacy. The property is located in Shoreline, Washington, within the Seattle metropolitan area, and is currently 89.1% leased.

Thomas Lake Shopping Center

ROIC has a contract to acquire Thomas Lake Shopping Center for $31.0 million. The shopping center is approximately 111,000 square feet and is anchored by Albertsons Supermarket and Rite Aid Pharmacy. The property is located in Mill Creek, Washington, within the Seattle metropolitan area, and is currently 100% leased.

PROPERTY OPERATIONS SUMMARY

At June 30, 2022, ROIC's portfolio was 97.6% leased. During the second quarter of 2022, ROIC executed 93 leases, totaling 297,741 square feet, including 38 new leases, totaling 83,276 square feet, achieving a 16.7% increase in same-space comparative base rent, and 55 renewed leases, totaling 214,465 square feet, achieving a 10.5% increase in base rent. ROIC reports same-space comparative new lease and renewal base rents on a cash basis.

ENVIRONMENTAL, SOCIAL & GOVERNANCE SUMMARY

In May 2022, ROIC was selected as a 2022 Green Lease Leader by the U.S. Department of Energy's Better Buildings Alliance and the Institute for Market Transformation. Specifically, ROIC was awarded "Gold" level designation in recognition of its continued success in collaborating with tenants on energy efficiency, decarbonization, air quality and other environmental and social issues.

Subsequent to the second quarter, in July 2022, ROIC released its annual Environmental, Social and Governance (ESG) report, detailing the company's ESG achievements during 2021, as well as its ongoing initiatives and long term strategic goals. The report was prepared in accordance with the Sustainability Accounting Standards Board (SASB) standards, the Task Force on Climate-related Financial Disclosures (TCFD) framework, and the United Nations Sustainable Development Goals (SDG). The report is available at: http://www.roireit.net/assets/001/5927.pdf.

CASH DIVIDEND

On July 8, 2022, ROIC distributed a $0.13 per share cash dividend. On July 26, 2022, ROIC's board of directors declared a cash dividend of $0.15 per share, payable on October 7, 2022 to stockholders of record on September 16, 2022.

2022 GUIDANCE SUMMARY

ROIC currently estimates that GAAP net income for 2022 will be within the range of $0.31 to $0.36 per diluted share, and FFO will be within the range of $1.08 to $1.12 per diluted share.

                                             Year Ended December 31, 2022
                                             Previous                              Current
                                             Low End            High End           Low End            High End
                                             (unaudited, amounts in thousands except per share and percentage data)
GAAP net income applicable to stockholders   $    29,501        $    40,494        $    37,546        $    44,907
Funds from operations (FFO) - diluted        $    137,280       $    148,500       $    142,560       $    150,080
GAAP net income per diluted share            $    0.24          $    0.32          $    0.31          $    0.36
FFO per diluted share                        $    1.04          $    1.10          $    1.08          $    1.12
Key Drivers
General and administrative expenses          $    22,000        $    21,000        $    22,500        $    21,500
Straight-line rent                           $    500           $    500           $    2,400         $    2,400
Amortization of above- and below-market rent $    10,400        $    10,400        $    11,300        $    11,300
Bad debt                                     $    3,000         $    2,000         $    3,000         $    2,000
Acquisitions                                 $    100,000       $    300,000       $    120,000       $    200,000
Dispositions                                 $    50,000        $    30,000        $    70,000        $    100,000
Same-center cash NOI growth (vs. 2021)            3.0     %          4.0     %          4.0     %          5.0     %

ROIC's management will discuss guidance, and the underlying assumptions, on ROIC's July 27, 2022 conference call. ROIC's guidance is a forward-looking statement and is subject to risks and other factors noted elsewhere in this press release.

CONFERENCE CALL

ROIC will conduct a conference call to discuss its results on Wednesday, July 27, 2022 at 9:00 a.m. Eastern Time / 6:00 a.m. Pacific Time. To participate in the conference call, click on the following link (ten minutes prior to the call) to register:

http://register.vevent.com/register/BI62b17b0b4d274c8ba58b978c41bb4c2f

Once registered, participants will have the option of: 1) dialing in from their phone (using a PIN); or 2) clicking the "Call Me" option to receive an automated call directly to their phone.

The conference call will also be available live (in a listen-only mode) at: http://edge.media-server.com/mmc/p/ehpn5ywt

The conference call will be archived and available for replay for approximately 90 days at: http://www.roireit.net/

ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.

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 June 30, 2022, ROIC owned 92 shopping centers encompassing approximately 10.4 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, S&P Global Ratings and Fitch Ratings, Inc. Additional information is available at: www.roireit.net.

When used herein, the words "believes," "anticipates," "projects," "should," "estimates," "expects," "guidance" and similar expressions are intended to identify forward-looking statements with the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and in Section 21F of the Securities and Exchange Act of 1934, as amended. Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of ROIC to differ materially from future results expressed or implied by such forward-looking statements. Information regarding such risks and factors is described in ROIC's filings with the SEC, including its most recent Annual Report on Form 10-K, which is available at: www.roireit.net.

RETAIL OPPORTUNITY INVESTMENTS CORP.

Consolidated Balance Sheets

(In thousands, except share data)

                                                                                                                                                                               June 30, 2022        December 31, 2021
                                                                                                                                                                               (unaudited)
ASSETS
Real Estate Investments:
Land                                                                                                                                                                           $    934,687         $     915,861
Building and improvements                                                                                                                                                           2,419,177             2,350,294
                                                                                                                                                                                    3,353,864             3,266,155
Less:  accumulated depreciation                                                                                                                                                     546,043               510,836
                                                                                                                                                                                    2,807,821             2,755,319
Mortgage note receivable                                                                                                                                                            4,831                 4,875
Real Estate Investments, net                                                                                                                                                        2,812,652             2,760,194
Cash and cash equivalents                                                                                                                                                           5,632                 13,218
Restricted cash                                                                                                                                                                     1,730                 2,145
Tenant and other receivables, net                                                                                                                                                   52,619                55,787
Acquired lease intangible assets, net                                                                                                                                               52,296                50,139
Prepaid expenses                                                                                                                                                                    1,950                 5,337
Deferred charges, net                                                                                                                                                               25,358                25,017
Other assets                                                                                                                                                                        16,473                17,007
Total assets                                                                                                                                                                   $    2,968,710       $     2,928,844
LIABILITIES AND EQUITY
Liabilities:
Term loan                                                                                                                                                                      $    299,071         $     298,889
Credit facility                                                                                                                                                                     46,000                --
Senior Notes                                                                                                                                                                        946,035               945,231
Mortgage notes payable                                                                                                                                                              61,339                85,354
Acquired lease intangible liabilities, net                                                                                                                                          141,577               136,608
Accounts payable and accrued expenses                                                                                                                                               38,632                48,598
Tenants' security deposits                                                                                                                                                          7,561                 7,231
Other liabilities                                                                                                                                                                   40,271                40,580
Total liabilities                                                                                                                                                                   1,580,486             1,562,491
Commitments and contingencies
Equity:
Preferred stock, $0.0001 par value 50,000,000 shares authorized; none issued and outstanding                                                                                        --                    --
Common stock, $0.0001 par value, 500,000,000 shares authorized; 124,341,618 and 122,685,266 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively      12                    12
Additional paid-in capital                                                                                                                                                          1,604,495             1,577,837
Dividends in excess of earnings                                                                                                                                                     (307,039  )           (297,801  )
Accumulated other comprehensive loss                                                                                                                                                (5        )           (3,154    )
Total Retail Opportunity Investments Corp. stockholders' equity                                                                                                                     1,297,463             1,276,894
Non-controlling interests                                                                                                                                                           90,761                89,459
Total equity                                                                                                                                                                        1,388,224             1,366,353
Total liabilities and equity                                                                                                                                                   $    2,968,710       $     2,928,844

RETAIL OPPORTUNITY INVESTMENTS CORP.

Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share data)

                                                                Three Months Ended June 30,       Six Months Ended June 30,
                                                                    2022             2021             2022             2021
Revenues
Rental revenue                                                  $   77,218       $   70,114       $   152,255      $   139,018
Other income                                                        1,007            616              2,443            899
Total revenues                                                      78,225           70,730           154,698          139,917
Operating expenses
Property operating                                                  12,672           10,766           24,763           21,325
Property taxes                                                      8,416            8,332            16,936           16,938
Depreciation and amortization                                       24,350           23,507           48,112           46,547
General and administrative expenses                                 5,702            5,232            10,942           9,607
Other expense                                                       488              331              667              484
Total operating expenses                                            51,628           48,168           101,420          94,901
Gain on sale of real estate                                         --               9,460            --               9,460
Operating income                                                    26,597           32,022           53,278           54,476
Non-operating expenses
Interest expense and other finance expenses                         (14,283 )        (14,337 )        (28,498 )        (28,817 )
Net income                                                          12,314           17,685           24,780           25,659
Net income attributable to non-controlling interests                (807    )        (1,201  )        (1,632  )        (1,760  )
Net Income Attributable to Retail Opportunity Investments Corp. $   11,507       $   16,484       $   23,148       $   23,899
Earnings per share - basic and diluted                          $   0.09         $   0.14         $   0.19         $   0.20
Dividends per common share                                      $   0.13         $   0.11         $   0.26         $   0.22

CALCULATION OF FUNDS FROM OPERATIONS

(Unaudited)

(In thousands)

                                                     Three Months Ended June 30,    Six Months Ended June 30,
                                                          2022         2021              2022         2021
Net income attributable to ROIC                      $    11,507  $    16,484       $    23,148  $    23,899
Plus:  Depreciation and amortization                      24,350       23,507            48,112       46,547
Less: Gain on sale of real estate                         --           (9,460 )          --           (9,460 )
Funds from operations - basic                             35,857       30,531            71,260       60,986
Net income attributable to non-controlling interests      807          1,201             1,632        1,760
Funds from operations - diluted                      $    36,664  $    31,732       $    72,892  $    62,746

SAME-CENTER CASH NET OPERATING INCOME ANALYSIS

(Unaudited)

(In thousands, except number of shopping centers and percentages)

                                                            Three Months Ended June 30,                         Six Months Ended June 30,
                                                              2022        2021      $ Change     % Change         2022         2021       $ Change     % Change
Number of shopping centers included in same-center analysis   85          85                                      85           85
Same-center occupancy                                         97.6   %    97.0   %               0.6      %       97.6    %    97.0    %               0.6   %
Revenues:
                              Base rents                    $ 51,589    $ 49,619    $  1,970     4.0      %     $ 102,816    $ 99,069     $  3,747     3.8   %
                              Percentage rent                 142         (9     )     151       (1,677.8 )%      330          174           156       89.7  %
                              Recoveries from tenants         17,416      16,445       971       5.9      %       34,992       33,157        1,835     5.5   %
                              Other property income           825         445          380       85.4     %       1,854        554           1,300     234.7 %
                              Bad debt                        (136   )    127          (263  )   (207.1   )%      (700    )    (1,425  )     725       (50.9 )%
Total Revenues                                                69,836      66,627       3,209     4.8      %       139,292      131,529       7,763     5.9   %
Operating Expenses
                              Property operating expenses     12,365      10,636       1,729     16.3     %       24,120       21,100        3,020     14.3  %
                              Property taxes                  7,887       8,195        (308  )   (3.8     )%      16,094       16,604        (510  )   (3.1  )%
Total Operating Expenses                                      20,252      18,831       1,421     7.5      %       40,214       37,704        2,510     6.7   %
Same-Center Cash Net Operating Income                       $ 49,584    $ 47,796    $  1,788     3.7      %     $ 99,078     $ 93,825     $  5,253     5.6   %

SAME-CENTER CASH NET OPERATING INCOME RECONCILIATION

(Unaudited)

(In thousands)

                                             Three Months Ended June 30,     Six Months Ended June 30,
                                                 2022            2021            2022             2021
GAAP operating income                        $   26,597      $   32,022      $   53,278       $   54,476
Depreciation and amortization                    24,350          23,507          48,112           46,547
General and administrative expenses              5,702           5,232           10,942           9,607
Other expense                                    488             331             667              484
Gain on sale of real estate                      --              (9,460 )        --               (9,460 )
Straight-line rent                               (915   )        (294   )        (1,366  )        (312   )
Amortization of above- and below-market rent     (3,254 )        (2,214 )        (6,311  )        (4,446 )
Property revenues and other expenses             (265   )        (52    )        (589    )        (181   )
Total Company cash NOI                           52,703          49,072          104,733          96,715
Non same-center cash NOI                         (3,119 )        (1,276 )        (5,655  )        (2,890 )
Same-center cash NOI                         $   49,584      $   47,796      $   99,078       $   93,825

____________________

(1) Includes anchor lease termination fees, net of contractual amounts, if any, expense and recovery adjustments related to prior periods and other miscellaneous adjustments.

NON-GAAP DISCLOSURES

Funds from operations ("FFO"), is a widely recognized non-GAAP financial measure for REITs that the Company believes when considered with financial statements presented in accordance with GAAP, provides additional and useful means to assess its financial performance. FFO is frequently used by securities analysts, investors and other interested parties to evaluate the performance of REITs, most of which present FFO along with net income as calculated in accordance with GAAP. The Company computes FFO in accordance with the "White Paper" on FFO published by the National Association of Real Estate Investment Trusts ("NAREIT"), which defines FFO as net income attributable to common stockholders (determined in accordance with GAAP) excluding gains or losses from debt restructuring, sales of depreciable property and impairments, plus real estate related depreciation and amortization, and after adjustments for partnerships and unconsolidated joint ventures.

The Company uses cash net operating income ("NOI") internally to evaluate and compare the operating performance of the Company's properties. The Company believes cash NOI provides useful information to investors regarding the Company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the Company's properties as this measure is not affected by the non-cash revenue and expense recognition items, the cost of the Company's 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 the Company's ownership of properties. The Company believes the exclusion of these items from operating 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. Cash NOI is a measure of the operating performance of the Company's properties but does not measure the Company's performance as a whole and is therefore not a substitute for net income or operating income as computed in accordance with GAAP. The Company defines cash NOI as operating revenues (base rent and recoveries from tenants), less property and related expenses (property operating expenses and property taxes), adjusted for non-cash revenue and operating expense items such as straight-line rent and amortization of lease intangibles, debt-related expenses and other adjustments. Cash NOI also excludes general and administrative expenses, depreciation and amortization, acquisition transaction costs, other expense, interest expense, gains and losses from property acquisitions and dispositions, extraordinary items, tenant improvements and leasing commissions. Other REITs may use different methodologies for calculating cash NOI, and accordingly, the Company's cash NOI may not be comparable to other REITs.

Contact:

Nicolette O'Leary

Director of Investor Relations

858-677-0900

noleary@roireit.net

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