Attached files
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| EX-99.1 - EX-99.1 - RETAIL OPPORTUNITY INVESTMENTS CORP | roic-123119xpressrelea.htm |
| 8-K - 8-K - RETAIL OPPORTUNITY INVESTMENTS CORP | roic-20200218.htm |
4th QUARTER 2019 SUPPLEMENTAL INFORMATION Retail Opportunity Investments Corporation 11250 El Camino Real, Suite 200 San Diego, CA 92130 www.roireit.net
Supplemental Disclosure Overview Quarter Ended December 31, 2019 Our Company 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 December 31, 2019, 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 and S&P Global Ratings. Additional information is available at www.roireit.net. Supplemental Information The enclosed information should be read in conjunction with ROIC's filings with the Securities and Exchange Commission, including but not limited to, its Form 10-Qs filed quarterly and Form 10-Ks filed annually. Additionally, the enclosed information does not purport to disclose all items under generally accepted accounting principles (“GAAP”). 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. - 2 -
Supplemental Disclosure Table of Contents Quarter Ended December 31, 2019 Financial Data Page Balance Sheets……..……………………………………………………………..………………………………………………… 4 Income Statements .…………………………………………………………………………………..……..…………...………… 5 Funds From Operations …………………………………………………………………………………………………………… 6 Summary of Debt Outstanding .……………………………………………..…………………………………………………… 7 Selected Financial Analysis .……………………………………………………………………………………………………… 9 Portfolio Data Property Acquisitions and Dispositions ………………………….………………………...……………………………………… 10 Property Portfolio ………………………………………………….……………………………………………………………… 11 Same-Center Cash Net Operating Income Analysis……………………………………………………………………………… 14 Top Ten Tenants ………………….…………….………………….……………………………………………………………… 15 Lease Expiration Schedule ……………………..………………………..…….………………………………………………… 16 Leasing Summary ………………………………………………………..…................................................................................ 17 Same-Space Comparative Leasing Summary ………………………………………………………..…...................................... 18 Leased vs. Billed Summary ………………………………………………………..…............................................................. 19 Investor Information …………………………………………………………..…………………………………………………… 20 - 3 -
Supplemental Disclosure Balance Sheets Quarter Ended December 31, 2019 (dollars in thousands, except par values and share amounts) 12/31/19 12/31/18 ASSETS: Real Estate Investments: Land $ 879,540 $ 894,240 Building and improvements 2,252,301 2,266,232 3,131,841 3,160,472 Less: accumulated depreciation 390,916 329,207 2,740,925 2,831,265 Mortgage note receivable 13,000 - Real Estate Investments, net 2,753,925 2,831,265 Cash and cash equivalents 3,800 6,076 Restricted cash 1,658 1,373 Tenant and other receivables, net 45,821 46,832 Acquired lease intangible assets, net 59,701 72,109 Prepaid expenses 3,169 4,194 Deferred charges, net 27,652 33,857 Other assets 18,031 7,365 TOTAL ASSETS $ 2,913,757 $ 3,003,071 LIABILITIES: Term loan $ 298,330 $ 299,076 Credit facility 80,743 153,689 Senior Notes 942,850 941,449 Mortgage notes payable 87,523 88,511 Acquired lease intangible liabilities, net 144,757 166,146 Accounts payable and accrued expenses 17,562 15,488 Tenants' security deposits 7,177 7,065 Other liabilities 42,987 23,219 TOTAL LIABILITIES 1,621,929 1,694,643 EQUITY: Common stock, $.0001 par value 500,000,000 shares authorized 12 11 Additional paid-in capital 1,481,466 1,441,080 Dividends in excess of earnings (297,998) (256,438) Accumulated other comprehensive (loss) income (4,132) 3,561 Total Retail Opportunity Investments Corp. stockholders' equity 1,179,348 1,188,214 Non-controlling interests 112,480 120,214 TOTAL EQUITY 1,291,828 1,308,428 TOTAL LIABILITIES AND EQUITY $ 2,913,757 $ 3,003,071 The Company's Form 10-Q for the quarters ended September 30, 2019, June 30, 2019, and March 31, 2019, and Form 10-K for the years ended December 31, 2019 and 2018 should be read in conjunction with the above information - 4 -
Supplemental Disclosure Income Statements Quarter Ended December 31, 2019 (in thousands, except per share amounts) 3 Months Ended (unaudited) Year Ended 12/31/19 12/31/18 12/31/19 12/31/18 REVENUES: Rental revenue (1) $ 72,282 $ 73,514 $ 291,263 $ 289,601 Other income 1,337 1,644 3,777 6,197 TOTAL REVENUES 73,619 75,158 295,040 295,798 OPERATING EXPENSES: Property operating 10,896 11,206 43,662 43,851 Property taxes 8,205 8,361 32,388 32,349 Depreciation and amortization 24,192 24,955 97,559 100,838 General and administrative expenses 4,157 3,627 17,831 14,918 Other expense 41 89 1,405 478 TOTAL OPERATING EXPENSES 47,491 48,238 192,845 192,434 Gain on sale of real estate - - 13,175 5,890 OPERATING INCOME 26,128 26,920 115,370 109,254 NON-OPERATING EXPENSES: Interest expense and other finance expenses (15,002) (15,352) (61,687) (62,113) NET INCOME 11,126 11,568 53,683 47,141 NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS (975) (1,067) (4,839) (4,405) NET INCOME ATTRIBUTABLE TO RETAIL OPPORTUNITY INVESTMENTS CORP. $ 10,151 $ 10,501 $ 48,844 $ 42,736 NET INCOME PER COMMON SHARE - BASIC $ 0.09 $ 0.09 $ 0.42 $ 0.38 NET INCOME PER COMMON SHARE - DILUTED $ 0.09 $ 0.09 $ 0.42 $ 0.38 Weighted average common shares outstanding - basic 115,518 113,438 114,178 112,645 Weighted average common shares outstanding - diluted 126,938 125,284 125,741 124,559 (1) RENTAL REVENUE Base rents $ 52,518 $ 52,709 $ 206,816 $ 204,452 Recoveries from tenants 17,053 16,717 67,715 65,804 Straight-line rent 433 1,014 3,083 5,380 Amortization of above- and below-market rent 2,593 3,074 15,618 13,965 Bad debt (315) - (1,969) - TOTAL RENTAL REVENUE $ 72,282 $ 73,514 $ 291,263 $ 289,601 The Company's Form 10-Q for the quarters ended September 30, 2019, June 30, 2019, and March 31, 2019, and Form 10-K for the years ended December 31, 2019 and 2018 should be read in conjunction with the above information. In connection with the adoption of the lease accounting standard ASU No. 2016-2, effective January 1, 2019, previously capitalized internal leasing costs are now expensed and included in General and administrative expenses. These costs amounted to $343,000 and $1.3 million for the three months and the year ended December 31, 2018, respectively. In addition, bad debt is now classified as an offset to revenue instead of being included in Property operating expenses. - 5 -
Supplemental Disclosure Funds From Operations Quarter Ended December 31, 2019 (in thousands, except per share amounts) 3 Months Ended (unaudited) Year Ended 12/31/19 12/31/18 12/31/19 12/31/18 Funds from Operations (FFO) (1) : Net income attributable to ROIC common stockholders $ 10,151 $ 10,501 $ 48,844 $ 42,736 Plus: Depreciation and amortization expense 24,192 24,955 97,559 100,838 Less: Gain on sale of real estate - - (13,175) (5,890) FUNDS FROM OPERATIONS - BASIC 34,343 35,456 133,228 137,684 Net income attributable to non-controlling interests 975 1,067 4,839 4,405 FUNDS FROM OPERATIONS - DILUTED $ 35,318 $ 36,523 $ 138,067 $ 142,089 FUNDS FROM OPERATIONS PER SHARE - BASIC $ 0.30 $ 0.31 $ 1.17 $ 1.22 FUNDS FROM OPERATIONS PER SHARE - DILUTED $ 0.28 $ 0.29 $ 1.10 $ 1.14 Weighted average common shares outstanding - basic 115,518 113,438 114,178 112,645 Weighted average common shares outstanding - diluted 126,938 125,284 125,741 124,559 Common dividends per share $ 0.1970 $ 0.1950 $ 0.7880 $ 0.7800 FFO Payout Ratio 70.4% 67.2% 71.6% 68.4% Additional Disclosures: Non Cash Expense (Income) Straight line rent $ (433) $ (1,014) $ (3,083) $ (5,380) Above/below market rent amortization, net (2,593) (3,074) (15,618) (13,965) Non-cash interest expense 74 301 524 1,674 Deferred financing costs and mortgage premiums, net 523 513 2,076 1,899 Stock based compensation 2,443 1,977 8,567 7,392 Capital Expenditures Tenant improvements $ 4,886 $ 6,008 $ 20,919 $ 18,184 Leasing commissions 370 460 1,178 2,048 Building improvements 118 700 794 2,371 Reimbursable property improvements 351 692 2,758 2,710 Pad and other development 1,138 590 4,958 3,540 Value enhancing tenant improvements 486 1,788 4,668 8,961 (1) - Funds from operations ("FFO"), is a widely-recognized non GAAP financial measure for REITs that ROIC believes, when considered with financial statements determined 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. ROIC 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 shareholders (determined in accordance with GAAP) excluding gains or losses from debt restructuring and sales of property, plus real estate related depreciation and amortization, and after adjustments for partnerships and unconsolidated joint ventures. The above does not purport to disclose all items required under GAAP. - 6 -
Supplemental Disclosure Summary of Debt Outstanding Quarter Ended December 31, 2019 (unaudited, dollars in thousands) Outstanding GAAP Maturity Percent of Balance Interest Rate Interest Rate Date Total Indebtedness Fixed Rate Debt Mortgage Debt: Casitas Plaza Shopping Center $ 7,001 5.32% 4.20% 06/01/22 0.5% Riverstone Marketplace 17,656 4.96% 3.80% 07/01/22 1.2% Fullerton Crossroads 26,000 4.73% 3.82% 04/06/24 1.8% Diamond Hills Plaza 35,500 3.55% 3.61% 10/01/25 2.5% Net unamortized premiums/deferred financing charges 1,366 Total Mortgage Debt 87,523 4.34% 3.76% 4.4 Years (WA) 6.0% Unsecured Senior Notes: Senior Notes Due 2023 250,000 5.00% 5.21% 12/15/23 17.6% Senior Notes Due 2024 250,000 4.00% 4.21% 12/15/24 17.6% Senior Notes Due 2026 200,000 3.95% 3.95% 09/22/26 14.1% Senior Notes Due 2027 250,000 4.19% 4.19% 12/15/27 17.6% Net unamortized discounts/deferred financing charges (7,150) Total Unsecured Senior Notes 942,850 4.30% 4.41% 5.9 Years (WA) 66.9% Term Loan: Interest rate swaps 100,000 3.59% 3.59% 8/31/2022 7.1% Interest rate swaps 200,000 2.74% 2.74% 8/31/2022 14.1% Total Term Loan 300,000 3.02% 3.02% 21.2% Total Fixed Rate Debt 1,330,373 4.02% 4.06% 5.7 Years (WA) 94.1% Variable Rate Debt Credit Facility 84,000 2.69% 2.69% 02/20/24 (1) 5.9% Net unamortized deferred financing charges (3,257) Credit Facility, net 80,743 Term Loan 300,000 01/20/25 Net unamortized deferred financing charges (1,670) Term Loan, net 298,330 Interest rate swaps - Term loan (300,000) Total Variable Rate Debt 79,073 2.69% 2.69% 4.9 Years (WA) 5.9% TOTAL DEBT $ 1,409,446 3.94% 3.98% 5.5 Years (WA) 100.0% Net unamortized premiums on mortgages (1,594) Net unamortized discounts on notes 3,827 Net unamortized deferred financing charges 8,478 Total Principal Debt $ 1,420,157 (1) Does not include extension options available to ROIC. - 7 -
Supplemental Disclosure Summary of Debt Outstanding, continued Quarter Ended December 31, 2019 (unaudited, dollars in thousands) Summary of Principal Maturities Mortgage Principal Mortgage Principal Senior Total Principal Percentage of Year Payments due at Maturity Credit Facility Term Loan Unsecured Notes Payments Debt Maturing 2020 $ 577 $ - $ - $ - $ - $ 577 0.0% 2021 717 - - - - 717 0.0% 2022 1,003 23,129 - - - 24,132 1.7% 2023 686 - - - 250,000 250,686 17.7% 2024 708 26,000 84,000 (1) - 250,000 360,708 25.4% 2025 550 32,787 - 300,000 - 333,337 23.5% 2026 - - - - 200,000 200,000 14.1% 2027 - - - - 250,000 250,000 17.6% 2028 - - - - - - 0.0% $ 4,241 $ 81,916 $ 84,000 $ 300,000 $ 950,000 $ 1,420,157 100.0% Summary of Unencumbered/Encumbered Properties Number of Percentage Properties GLA of GLA Unencumbered properties 84 9,505,409 94.5% Encumbered properties 4 552,471 5.5% 88 10,057,880 100.0% Summary of Unsecured Debt/Secured Debt Percentage of Total Amount Principal Debt Unsecured principal debt $ 1,334,000 93.9% Secured principal debt 86,157 6.1% Total Principal Debt $ 1,420,157 100.0% (1) Does not include extension options available to ROIC. - 8 -
Supplemental Disclosure Selected Financial Analysis Quarter Ended December 31, 2019 (unaudited, in thousands, except per share amounts) 12/31/19 09/30/19 06/30/19 03/31/19 12/31/18 Debt coverage ratios, three months ending: Interest coverage ratio (EBITDA/interest expense) 3.4x 3.2x 3.1x 3.4x 3.4x Debt service coverage (EBITDA/(interest expense + scheduled principal payments)) 3.3x 3.2x 3.1x 3.3x 3.4x Net principal debt (Total principal debt less cash & equivalents)/Annualized EBITDA 7.0x 7.2x 7.5x 7.3x 7.1x Net principal debt (Total principal debt less cash & equivalents)/TTM EBITDA 7.0x 7.0x 7.2x 7.1x 7.2x Debt/equity ratios, at period end: Total principal debt/total market capitalization 38.8% 38.4% 41.0% 40.5% 42.9% Total principal debt/total equity market capitalization 63.4% 62.2% 69.4% 68.2% 75.2% Total principal debt/total book assets 48.7% 48.7% 50.1% 49.4% 49.7% Total principal debt/undepreciated book value 43.0% 43.2% 44.7% 44.3% 44.8% Secured principal debt/undepreciated book value 2.6% 2.6% 2.6% 2.6% 2.6% Market capitalization calculations, at period end: Common shares outstanding 115,871 114,700 113,681 113,681 113,441 Operating partnership units (OP units) outstanding 11,051 11,227 11,407 11,407 11,477 Common stock price per share $ 17.66 $ 18.23 $ 17.13 $ 17.34 $ 15.88 Total equity market capitalization $ 2,241,442 $ 2,295,641 $ 2,142,752 $ 2,169,021 $ 1,983,698 Total principal debt 1,420,157 1,428,298 1,487,435 1,478,570 1,492,708 TOTAL MARKET CAPITALIZATION $ 3,661,599 $ 3,723,939 $ 3,630,187 $ 3,647,591 $ 3,476,406 Unsecured Senior Notes Financial Covenants: (1) Total debt to total assets not to exceed 60% 45.4% 45.8% 46.5% 46.1% 46.6% Total secured debt to total assets not to exceed 40% 2.8% 2.8% 2.8% 2.8% 2.8% Total unencumbered assets to total unsecured debt not to be less than 150% 221.2% 219.0% 215.5% 217.7% 215.0% Consolidated income available for debt service to interest expense not to be less than 1.5:1 3.3x 3.3x 3.3x 3.3x 3.3x (1) Calculated in accordance with GAAP pursuant to underlying bond indentures. - 9 -
Supplemental Disclosure Property Acquisitions and Dispositions Quarter Ended December 31, 2019 (dollars in thousands) Acquisitions Date Owned Shopping Centers Location Acquired Purchase Amount GLA 4Q 2019 Summerwalk Village Lacey, WA 12/13/19 $ 11,505 58,484 Total 2019 Acquisitions $ 11,505 58,484 Dispositions Date Owned Shopping Centers Location Sold Sales Amount GLA 1Q 2019 Vancouver Market Center Vancouver, WA 02/15/19 $ 17,000 118,385 2Q 2019 Norwood Shopping Center Sacramento, CA 05/01/19 $ 13,500 85,706 3Q 2019 Morada Ranch Stockton, CA 08/01/19 $ 30,000 101,842 4Q 2019 Mission Foothill Marketplace (1) Mission Viejo, CA 12/12/19 $ 13,589 91,511 Total 2019 Dispositions $ 74,089 397,444 (1) Mission Foothill Marketplace was sold as a redevelopment property. ROIC retained ownership of two retail pads, totaling 19,167 square feet that will be the gateway to the buyer’s planned single-family and townhome community. - 10 -
Supplemental Disclosure Property Portfolio Quarter Ended December 31, 2019 (dollars in thousands) Date Owned % Southern California City State Acquired GLA Leased ABR (1) Major Tenants Los Angeles metro area Paramount Plaza * Paramount CA 12/22/09 95,062 98.0% $ 1,822 Grocery Outlet Supermarket, 99¢ Only Stores, Rite Aid Pharmacy Claremont Promenade * Claremont CA 09/23/10 92,297 100.0% 2,485 Super King Supermarket Gateway Village * Chino Hills CA 12/17/10 96,959 98.5% 3,010 Sprouts Market Seabridge Marketplace * Oxnard CA 05/31/12 98,348 97.4% 1,898 Safeway (Vons) Supermarket Glendora Shopping Center * Glendora CA 08/01/12 106,535 94.2% 1,313 Albertson's Supermarket Redondo Beach Plaza * Redondo Beach CA 12/28/12 110,509 100.0% 2,291 Safeway (Vons) Supermarket, Petco Diamond Bar Town Center * Diamond Bar CA 02/01/13 100,342 96.4% 2,309 Walmart Neighborhood Market, Crunch Fitness Diamond Hills Plaza * Diamond Bar CA 04/22/13 139,505 98.9% 3,954 H-Mart Supermarket, Planet Fitness Plaza de la Cañada * La Cañada Flintridge CA 12/13/13 100,425 100.0% 2,665 Gelson's Supermarket, TJ Maxx, Rite Aid Pharmacy Fallbrook Shopping Center * Los Angeles CA 06/13/14 755,299 100.0% 13,190 Sprouts Market, Trader Joe's, Kroger (Ralph's) Supermarket(2), TJ Maxx Moorpark Town Center * Moorpark CA 12/03/14 133,547 95.4% 2,050 Kroger (Ralph's) Supermarket, CVS Pharmacy Ontario Plaza * Ontario CA 01/06/15 150,149 94.4% 2,299 El Super Supermarket, Rite Aid Pharmacy Park Oaks Shopping Center * Thousand Oaks CA 01/06/15 110,092 88.4% 2,474 Safeway (Vons) Supermarket, Dollar Tree Warner Plaza * Woodland Hills CA 12/31/15 110,918 97.5% 4,682 Sprouts Market, Kroger (Ralph's) Supermarket (2), Rite Aid Pharmacy (2) Magnolia Shopping Center * Santa Barbara CA 03/10/16 116,360 85.9% 2,092 Kroger (Ralph's) Supermarket Casitas Plaza Shopping Center * Carpinteria CA 03/10/16 105,118 96.9% 1,775 Albertson's Supermarket, CVS Pharmacy Bouquet Center * Santa Clarita CA 04/28/16 148,903 95.5% 3,259 Safeway (Vons) Supermarket, CVS Pharmacy, Ross Dress For Less North Ranch Shopping Center * Westlake Village CA 06/01/16 146,448 93.7% 4,924 Kroger (Ralph's) Supermarket, Trader Joe's, Rite Aid Pharmacy, Petco The Knolls * Long Beach CA 10/03/16 52,021 95.2% 1,268 Trader Joe's, Pet Food Express The Terraces * Rancho Palos Verdes CA 03/17/17 172,922 94.7% 3,481 Trader Joe's, Marshall's, LA Fitness Los Angeles metro area total 2,941,759 96.8% $ 63,241 Orange County metro area Santa Ana Downtown Plaza * Santa Ana CA 01/26/10 105,536 100.0% $ 2,252 Kroger (Food 4 Less) Supermarket, Marshall's Sycamore Creek * Corona CA 09/30/10 74,198 100.0% 1,876 Safeway (Vons) Supermarket, CVS Pharmacy (2) Desert Springs Marketplace * Palm Desert CA 02/17/11 113,718 97.7% 2,910 Kroger (Ralph's) Supermarket, Rite Aid Pharmacy Cypress Center West * Cypress CA 12/04/12 109,046 95.5% 2,042 Kroger (Ralph's) Supermarket, Rite Aid Pharmacy Harbor Place Center * Garden Grove CA 12/28/12 119,821 100.0% 2,736 AA Supermarket, Ross Dress For Less 5 Points Plaza * Huntington Beach CA 09/27/13 160,536 92.5% 4,505 Trader Joe's, Pier 1 Peninsula Marketplace * Huntington Beach CA 10/15/13 95,416 98.9% 2,431 Kroger (Ralph's) Supermarket, Planet Fitness Fullerton Crossroads * Fullerton CA 10/11/17 219,785 97.6% 3,349 Kroger (Ralph's) Supermarket, Kohl's, Jo-Ann Fabrics and Crafts The Village at Nellie Gail Ranch * Laguna Hills CA 11/30/17 89,041 98.7% 2,937 Smart & Final Extra Supermarket Orange Country metro area total 1,087,097 97.5% $ 25,038 San Diego metro area Marketplace Del Rio * Oceanside CA 01/03/11 183,787 96.6% $ 3,439 Stater Brothers Supermarket, Walgreens Renaissance Towne Centre * San Diego CA 08/03/11 53,272 100.0% 2,673 CVS Pharmacy Euclid Plaza * San Diego CA 03/29/12 77,044 100.0% 1,483 Vallarta Supermarket, Walgreens Bay Plaza * San Diego CA 10/05/12 73,324 100.0% 2,098 Seafood City Supermarket Bernardo Heights Plaza * Rancho Bernardo CA 02/06/13 37,729 100.0% 946 Sprouts Market Hawthorne Crossings * San Diego CA 06/27/13 141,288 92.3% 3,042 Mitsuwa Supermarket, Ross Dress For Less, Staples Creekside Plaza * Poway CA 02/28/14 131,252 96.4% 3,136 Stater Brothers Supermarket, AMC Theatres San Diego metro area total 697,696 96.9% $ 16,817 Southern California Totals 4,726,552 97.0% $ 105,096 (1) ABR is equal to annualized base rent on a cash basis for all leases in-place at period end. (2) These retailers are not tenants of ROIC. *Denotes properties in same center pool for 4Q 2019. - 11 -
Supplemental Disclosure Property Portfolio, continued Quarter Ended December 31, 2019 (dollars in thousands) Date Owned % Northern California City State Acquired GLA Leased ABR (1) Major Tenants San Francisco metro area Pleasant Hill Marketplace * Pleasant Hill CA 04/08/10 69,715 100.0% $ 1,471 Total Wine and More, Buy Buy Baby, Basset Furniture Pinole Vista Shopping Center * Pinole CA 01/06/11 135,962 99.3% 2,832 SaveMart (Lucky) Supermarket, Planet Fitness Country Club Gate Center * Pacific Grove CA 07/08/11 109,331 97.9% 2,258 SaveMart (Lucky) Supermarket, Rite Aid Pharmacy Marlin Cove Shopping Center * Foster City CA 05/04/12 73,943 100.0% 2,400 99 Ranch Market The Village at Novato * Novato CA 07/24/12 20,081 100.0% 558 Trader Joe's, Pharmaca Pharmacy Santa Teresa Village * San Jose CA 11/08/12 124,306 92.1% 2,685 Grocery Outlet Supermarket, Dollar Tree Granada Shopping Center * Livermore CA 06/27/13 69,325 100.0% 1,354 SaveMart (Lucky) Supermarket Country Club Village * San Ramon CA 11/26/13 111,093 98.8% 2,422 Walmart Neighborhood Market, CVS Pharmacy North Park Plaza * San Jose CA 04/30/14 76,697 99.1% 2,619 H-Mart Supermarket Winston Manor * South San Francisco CA 01/07/15 49,852 100.0% 1,666 Grocery Outlet Supermarket Jackson Square * Hayward CA 07/01/15 114,220 100.0% 2,231 Safeway Supermarket, CVS Pharmacy, 24 Hour Fitness Gateway Centre * San Ramon CA 09/01/15 112,553 100.0% 2,724 SaveMart (Lucky) Supermarket, Walgreens Iron Horse Plaza * Danville CA 12/04/15 61,915 100.0% 2,340 Lunardi's Market Monterey Center * Monterey CA 07/14/16 25,626 93.7% 1,019 Trader Joe's, Pharmaca Pharmacy Santa Rosa Southside Shopping Center * Santa Rosa CA 03/24/17 88,535 95.9% 1,577 REI, Cost Plus World Market, DSW Monta Loma Plaza * Mountain View CA 09/19/17 48,078 100.0% 1,493 Safeway Supermarket San Francisco metro area total 1,291,232 98.4% $ 31,649 Sacramento metro area Mills Shopping Center * Rancho Cordova CA 02/17/11 235,514 88.0% $ 2,605 Viva Supermarket, Ross Dress For Less (dd's Discounts), Dollar Tree Green Valley Station * Cameron Park CA 06/15/12 52,245 90.9% 986 CVS Pharmacy Sacramento metro area total 287,759 88.5% $ 3,591 Northern California Totals 1,578,991 96.6% $ 35,240 (1) ABR is equal to annualized base rent on a cash basis for all leases in-place at period end. *Denotes properties in same center pool for 4Q 2019. - 12 -
Supplemental Disclosure Property Portfolio, continued Quarter Ended December 31, 2019 (dollars in thousands) Date Owned % Pacific Northwest City State Acquired GLA Leased ABR (1) Major Tenants Seattle metro area Meridian Valley Plaza * Kent WA 02/01/10 51,597 100.0% $ 852 Kroger (QFC) Supermarket The Market at Lake Stevens * Lake Stevens WA 03/11/10 74,130 100.0% 1,663 Albertson's (Haggen) Supermarket Canyon Park Shopping Center * Bothell WA 07/29/11 123,592 100.0% 2,468 PCC Community Markets, Rite Aid Pharmacy, Petco Hawks Prairie Shopping Center * Lacey WA 09/09/11 157,529 100.0% 1,893 Safeway Supermarket, Dollar Tree, Big Lots The Kress Building * Seattle WA 09/30/11 74,616 100.0% 1,969 IGA Supermarket, TJMaxx Gateway Shopping Center * Marysville WA 02/16/12 104,298 96.1% 2,549 WinCo Foods (2), Rite Aid Pharmacy, Ross Dress For Less Aurora Square * Shoreline WA 2012/2014 108,558 100.0% 1,771 Central Supermarket, Marshall's Canyon Crossing * Puyallup WA 04/15/13 120,398 100.0% 2,827 Safeway Supermarket Crossroads Shopping Center * Bellevue WA 2010/2013 475,413 99.5% 11,040 Kroger (QFC) Supermarket, Bed Bath & Beyond, Dick's Sporting Goods Bellevue Marketplace * Bellevue WA 12/10/15 113,758 100.0% 3,338 Asian Family Market Four Corner Square * Maple Valley WA 12/21/15 119,531 100.0% 2,616 Grocery Outlet Supermarket, Walgreens, Johnsons Home & Garden Bridle Trails Shopping Center * Kirkland WA 10/17/16 109,800 100.0% 2,332 Grocery Outlet Supermarket, Bartell Drugs, Dollar Tree PCC Community Markets Plaza * Edmonds WA 01/25/17 34,459 100.0% 690 PCC Community Markets Highland Hill Shopping Center * Tacoma WA 05/09/17 163,926 100.0% 2,889 Safeway Supermarket, LA Fitness, Dollar Tree, Petco North Lynnwood Shopping Center * Lynnwood WA 10/19/17 63,606 95.8% 1,079 Grocery Outlet Supermarket Stadium Center * Tacoma WA 02/23/18 48,888 100.0% 1,032 Thriftway Supermarket Summerwalk Village Lacey WA 12/13/19 58,484 97.9% 807 Walmart Neighborhood Market Seattle metro area total 2,002,583 99.5% $ 41,815 Portland metro area Happy Valley Town Center * Happy Valley OR 07/14/10 138,397 100.0% $ 3,754 New Seasons Supermarket Wilsonville Old Town Square * Wilsonville OR 2010/2012 49,937 100.0% 1,848 Kroger (Fred Meyer) Supermarket (2) Cascade Summit Town Square * West Linn OR 08/20/10 94,934 100.0% 1,782 Safeway Supermarket Heritage Market Center * Vancouver WA 09/23/10 107,468 100.0% 1,766 Safeway Supermarket, Dollar Tree Division Crossing * Portland OR 12/22/10 103,561 100.0% 1,289 Rite Aid Pharmacy, Ross Dress For Less, Ace Hardware Halsey Crossing * Gresham OR 12/22/10 99,428 100.0% 1,387 24 Hour Fitness, Dollar Tree Hillsboro Market Center * Hillsboro OR 11/23/11 156,021 100.0% 2,598 Albertson's Supermarket, Dollar Tree, Ace Hardware Robinwood Shopping Center * West Linn OR 08/23/13 70,831 100.0% 1,075 Walmart Neighborhood Market Tigard Marketplace * Tigard OR 02/18/14 136,889 99.3% 2,040 H-Mart Supermarket, Bi-Mart Wilsonville Town Center * Wilsonville OR 12/11/14 167,829 98.9% 2,816 Safeway Supermarket, Rite Aid Pharmacy, Dollar Tree Tigard Promenade * Tigard OR 07/28/15 88,043 100.0% 1,493 Safeway Supermarket Sunnyside Village Square * Happy Valley OR 07/28/15 92,278 100.0% 1,600 Grocery Outlet Supermarket, 24 Hour Fitness, Ace Hardware Johnson Creek Center * Happy Valley OR 11/09/15 108,588 100.0% 2,270 Trader Joe's, Walgreens, Sportsman's Warehouse Rose City Center * Portland OR 09/15/16 60,680 100.0% 829 Safeway Supermarket Division Center * Portland OR 04/05/17 116,420 100.0% 1,998 Grocery Outlet Supermarket, Rite Aid Pharmacy, Petco Riverstone Marketplace * Vancouver WA 10/11/17 95,774 100.0% 2,222 Kroger (QFC) Supermarket King City Plaza * King City OR 05/18/18 62,676 95.1% 938 Grocery Outlet Supermarket Portland metro area total 1,749,754 99.7% $ 31,705 Pacific Northwest Totals 3,752,337 99.6% $ 73,520 TOTAL SHOPPING CENTERS 10,057,880 97.9% $ 213,856 (1) ABR is equal to annualized base rent on a cash basis for all leases in-place at period end. (2) These retailers are not tenants of ROIC. *Denotes properties in same center pool for 4Q 2019. - 13 -
Supplemental Disclosure Same-Center Cash Net Operating Income Analysis Quarter Ended December 31, 2019 (unaudited, dollars in thousands) Three Months Ended Year Ended 12/31/19 12/31/18 $ Change % Change 12/31/19 12/31/18 $ Change % Change Number of shopping centers included in same-center analysis (1) 87 87 85 85 Same-center occupancy 97.9% 97.8% 0.1% 97.9% 97.7% 0.2% REVENUES: Base rents $ 51,385 $ 49,806 $ 1,579 3.2% $ 201,118 $ 193,930 $ 7,188 3.7% Percentage rent 1,007 1,263 (256) (20.3%) 1,316 1,545 (229) (14.8%) Recoveries from tenants 16,720 16,432 288 1.8% 65,603 63,400 2,203 3.5% Other property income 1,050 473 577 122.0% 2,943 2,577 366 14.2% Bad debt (2) (305) - (305) N/A (1,416) - (1,416) N/A TOTAL REVENUES 69,857 67,974 1,883 2.8% 269,564 261,452 8,112 3.1% OPERATING EXPENSES: Property operating expenses 11,142 10,827 315 2.9% 43,721 41,684 2,037 4.9% Bad debt (2) - 142 (142) N/A - 844 (844) N/A Property taxes 8,110 8,133 (23) (0.3)% 31,434 31,271 163 0.5% TOTAL OPERATING EXPENSES 19,252 19,102 150 0.8% 75,155 73,799 1,356 1.8% SAME-CENTER CASH NET OPERATING INCOME $ 50,605 $ 48,872 $ 1,733 3.5% $ 194,409 $ 187,653 $ 6,756 3.6% SAME-CENTER CASH NET OPERATING INCOME RECONCILIATION GAAP Operating Income $ 26,128 $ 26,920 $ 115,370 $ 109,254 Depreciation and amortization 24,192 24,955 97,559 100,838 General and administrative expenses 4,157 3,627 17,831 14,918 Other expense 41 89 1,405 478 Gain on sale of real estate - - (13,175) (5,890) Straight-line rent (433) (1,014) (3,083) (5,380) Amortization of above- and below-market rent (2,593) (3,074) (15,618) (13,965) Property revenues and other expenses (3) (277) (751) (269) (711) TOTAL COMPANY CASH NET OPERATING INCOME 51,215 50,752 200,020 199,542 Non Same-Center Cash NOI (610) (1,880) (5,611) (11,889) SAME-CENTER CASH NET OPERATING INCOME $ 50,605 $ 48,872 $ 194,409 $ 187,653 (1) Same centers are those properties which were owned for the entirety of the current and comparable prior year period. (2) In connection with the adoption of the lease accounting standard ASU No. 2016-2, effective January 1, 2019, bad debt is now classified as an offset to revenue instead of being included in operating expenses. (3) Includes anchor lease termination fees net of contractual amounts, if any, expense and recovery adjustments related to prior periods and other miscellaneous adjustments. - 14 -
Supplemental Disclosure Top Ten Tenants Quarter Ended December 31, 2019 (dollars in thousands) Percent Number of Leased of Total Percent of Tenant Leases GLA Leased GLA ABR Total ABR 1 Albertson's / Safeway Supermarkets 19 951,600 9.7% $ 11,866 5.5% 2 Kroger Supermarkets 11 483,455 4.9% 7,335 3.4% 3 JP Morgan Chase 21 95,163 1.0% 3,087 1.4% 4 Rite Aid Pharmacy 12 232,586 2.4% 3,080 1.4% 5 SaveMart Supermarkets 4 187,639 1.9% 2,901 1.4% 6 Marshall's / TJMaxx 6 178,195 1.8% 2,819 1.3% 7 Trader Joe's 8 96,714 1.0% 2,773 1.3% 8 Sprouts Markets 4 159,163 1.6% 2,747 1.3% 9 Grocery Outlet Supermarkets 9 194,443 2.0% 2,662 1.2% 10 Ross Dress For Less / dd's Discounts 7 191,703 1.9% 2,655 1.2% Top 10 Tenants Total 101 2,770,661 28.2% $ 41,925 19.4% Other Tenants 1,843 7,069,967 71.8% 171,931 80.6% Total Portfolio 1,944 9,840,628 100.0% $ 213,856 100.0% - 15 -
Supplemental Disclosure Lease Expiration Schedule Quarter Ended December 31, 2019 (dollars in thousands) Anchor Tenants (1) Number of Leased Percent of Total Percent of ABR Leases Expiring (2) GLA Total Leased GLA ABR Total ABR Per Sq. Ft. 2020 5 173,902 1.8% $ 1,837 0.9% $ 10.56 2021 14 425,104 4.3% 5,095 2.4% 11.99 2022 18 530,799 5.4% 7,055 3.3% 13.29 2023 26 836,758 8.5% 13,312 6.2% 15.91 2024 16 595,384 6.1% 9,669 4.5% 16.24 2025 17 603,882 6.1% 8,045 3.8% 13.32 2026 9 336,444 3.4% 4,707 2.2% 13.99 2027 7 144,682 1.5% 2,084 1.0% 14.40 2028 14 514,446 5.2% 9,360 4.4% 18.19 2029 11 354,143 3.6% 6,394 3.0% 18.06 2030+ 26 948,458 9.6% 14,105 6.6% 14.87 163 5,464,002 55.5% $ 81,663 38.3% $ 14.95 Non-Anchor Tenants Number of Leased Percent of Total Percent of ABR Leases Expiring (2) GLA Total Leased GLA ABR Total ABR Per Sq. Ft. 2020 216 420,982 4.3% $ 12,092 5.7% $ 28.72 2021 294 601,764 6.1% 18,202 8.5% 30.25 2022 279 616,108 6.3% 18,914 8.8% 30.70 2023 275 639,469 6.5% 19,796 9.3% 30.96 2024 256 607,667 6.2% 18,740 8.8% 30.84 2025 158 446,118 4.5% 12,256 5.7% 27.47 2026 67 207,729 2.1% 6,169 2.9% 29.70 2027 63 206,397 2.1% 6,020 2.8% 29.17 2028 59 188,150 1.9% 6,595 3.1% 35.05 2029 47 149,085 1.5% 4,799 2.2% 32.19 2030+ 67 293,157 3.0% 8,610 3.9% 29.37 1,781 4,376,626 44.5% $ 132,193 61.7% $ 30.20 All Tenants Number of Leased Percent of Total Percent of ABR Leases Expiring (2) GLA Total Leased GLA ABR Total ABR Per Sq. Ft. 2020 221 594,884 6.1% $ 13,929 6.6% $ 23.41 2021 308 1,026,868 10.4% 23,297 10.9% 22.69 2022 297 1,146,907 11.7% 25,969 12.1% 22.64 2023 301 1,476,227 15.0% 33,108 15.5% 22.43 2024 272 1,203,051 12.3% 28,409 13.3% 23.61 2025 175 1,050,000 10.6% 20,301 9.5% 19.33 2026 76 544,173 5.5% 10,876 5.1% 19.99 2027 70 351,079 3.6% 8,104 3.8% 23.08 2028 73 702,596 7.1% 15,955 7.5% 22.71 2029 58 503,228 5.1% 11,193 5.2% 22.24 2030+ 93 1,241,615 12.6% 22,715 10.5% 18.30 1,944 9,840,628 100.0% $ 213,856 100.0% $ 21.73 (1) Anchor tenants are leases equal to or greater than 15,000 square feet. (2) Does not assume exercise of renewal options. - 16 -
Supplemental Disclosure Leasing Summary Quarter Ended December 31, 2019 For the Three Months Ended December 31, 2019 For the Year Ended December 31, 2019 New Leases Non-Anchor Anchor Total Non-Anchor Anchor Total Number of Leases 35 4 39 124 6 130 Gross Leasable Area (sq. ft.) 72,859 105,123 177,982 296,480 166,563 463,043 Initial Base Rent ($/sq. ft.) (1) $ 28.18 $ 13.37 $ 19.43 $ 26.92 $ 15.24 $ 22.72 Tenant Improvements ($/sq. ft.) $ 0.64 $ 4.58 $ 2.96 $ 2.63 $ 2.89 $ 2.72 Leasing Commissions ($/sq. ft.) $ 3.33 $ 2.45 $ 2.81 $ 3.64 $ 2.19 $ 3.11 Weighted Average Lease Term (Yrs.) (2) 6.4 15.7 11.9 7.2 15.6 10.3 Renewals Non-Anchor Anchor Total Non-Anchor Anchor Total Number of Leases 49 2 51 232 13 245 Gross Leasable Area (sq. ft.) 110,495 90,982 201,477 466,205 453,583 919,788 Initial Base Rent ($/sq. ft.) (1) $ 30.25 $ 16.53 $ 24.05 $ 32.08 $ 14.68 $ 23.50 Tenant Improvements ($/sq. ft.) $ 0.47 $ - $ 0.26 $ 1.39 $ - $ 0.70 Leasing Commissions ($/sq. ft.) $ - $ - $ - $ 0.11 $ - $ 0.06 Weighted Average Lease Term (Yrs.) (2) 4.6 5.0 4.8 5.1 5.9 5.5 Total Non-Anchor Anchor Total Non-Anchor Anchor Total Number of Leases 84 6 90 356 19 375 Gross Leasable Area (sq. ft.) 183,354 196,105 379,459 762,685 620,146 1,382,831 Initial Base Rent ($/sq. ft.) (1) $ 29.43 $ 14.84 $ 21.89 $ 30.08 $ 14.83 $ 23.24 Tenant Improvements ($/sq. ft.) $ 0.53 $ 2.45 $ 1.53 $ 1.87 $ 1.97 $ 1.91 Leasing Commissions ($/sq. ft.) $ 1.32 $ 1.31 $ 1.32 $ 1.48 $ 0.59 $ 1.08 Weighted Average Lease Term (Yrs.) (2) 5.3 10.7 8.1 5.9 8.5 7.1 (1) Initial Base Rent is on a cash basis and is the initial contractual monthly rent, annualized. (2) Does not assume exercise of renewal options. - 17 -
Supplemental Disclosure Same-Space Comparative Leasing Summary Quarter Ended December 31, 2019 For the Three Months Ended December 31, 2019 For the Year Ended December 31, 2019 New Leases Non-Anchor Anchor Total Non-Anchor Anchor Total Comparative # of Leases 21 3 24 76 5 81 Comparative GLA (sq. ft.) (1) 36,529 76,812 113,341 152,979 138,252 291,231 Prior Base Rent ($/sq. ft.) (2) $ 30.72 $ 7.63 $ 15.07 $ 27.67 $ 8.27 $ 18.46 Initial Base Rent ($/sq. ft.) $ 35.59 $ 12.89 $ 20.21 $ 32.80 $ 15.36 $ 24.52 Percentage Change in Base Rents 15.8% 69.0% 34.1% 18.5% 85.7% 32.8% Tenant Improvements ($/sq. ft.) $ 1.25 $ 3.92 $ 3.06 $ 3.00 $ 2.18 $ 2.61 Leasing Commissions ($/sq. ft.) $ 4.31 $ 2.32 $ 2.96 $ 4.42 $ 2.07 $ 3.30 Weighted Average Lease Term (Yrs.) (3) 7.9 16.0 13.4 8.0 15.8 11.7 Renewals Non-Anchor Anchor Total Non-Anchor Anchor Total Comparative # of Leases 49 2 51 232 13 245 Comparative GLA (sq. ft.) 110,495 90,982 201,477 466,205 453,583 919,788 Prior Base Rent ($/sq. ft.) (2) $ 27.71 $ 16.53 $ 22.66 $ 29.43 $ 13.20 $ 21.43 Initial Base Rent ($/sq. ft.) $ 30.25 $ 16.53 $ 24.05 $ 32.08 $ 14.68 $ 23.50 Percentage Change in Base Rents 9.2% - 6.2% 9.0% 11.2% 9.7% Tenant Improvements ($/sq. ft.) $ 0.47 $ - $ 0.26 $ 1.39 $ 1.63 $ 1.51 Leasing Commissions ($/sq. ft.) $ - $ - $ - $ 0.11 $ - $ 0.06 Weighted Average Lease Term (Yrs.) (3) 4.6 5.0 4.8 5.1 5.9 5.5 Total Non-Anchor Anchor Total Non-Anchor Anchor Total Comparative # of Leases 70 5 75 308 18 326 Comparative GLA (sq. ft.) (1) 147,024 167,794 314,818 619,184 591,835 1,211,019 Prior Base Rent ($/sq. ft.) (2) $ 28.45 $ 12.46 $ 19.93 $ 29.00 $ 12.05 $ 20.71 Initial Base Rent ($/sq. ft.) $ 31.57 $ 14.87 $ 22.67 $ 32.26 $ 14.84 $ 23.74 Percentage Change in Base Rents 11.0% 19.3% 13.8% 11.3% 23.1% 14.6% Tenant Improvements ($/sq. ft.) $ 0.66 $ 1.80 $ 1.27 $ 1.79 $ 1.76 $ 1.77 Leasing Commissions ($/sq. ft.) $ 1.07 $ 1.06 $ 1.07 $ 1.18 $ 0.48 $ 0.84 Weighted Average Lease Term (Yrs.) (3) 5.4 10.0 7.9 5.8 8.2 7.0 (1) Comparative GLA includes spaces that were vacant for less than 12 months, excluding spaces that were not leased at the time of acquisition. (2) Prior Base Rent is on a cash basis and is the final monthly rent paid, annualized, for the prior tenant or the prior lease that was renewed. (3) Does not assume exercise of renewal options. - 18 -
Supplemental Disclosure Leased vs. Billed Summary Quarter Ended December 31, 2019 (dollars in thousands) 12/31/19 09/30/19 06/30/19 03/31/19 % leased at beginning of quarter 97.7% 97.9% 97.8% 97.7% % billed at beginning of quarter 95.1% 95.3% 95.2% 94.9% ABR of new leases signed/not yet commenced - at beginning of quarter $ 5,945 $ 6,247 $ 6,520 $ 6,804 less: ABR of new leases commenced during quarter (1,370) (2,156) (1,872) (2,010) plus: ABR of new leases signed during quarter 1,907 1,854 1,599 1,726 ABR of new leases signed/not yet commenced - at end of quarter $ 6,482 $ 5,945 $ 6,247 $ 6,520 % leased at end of quarter 97.9% 97.7% 97.9% 97.8% % billed at end of quarter 94.4% 95.1% 95.3% 95.2% ABR of new leases commenced during quarter - actual cash received $ 222 $ 247 $ 371 $ 283 - 19 -
Supplemental Disclosure Investor Information Quarter Ended December 31, 2019 Retail Opportunity Investments Corp. Investor Relations: Transfer Agent: www.roireit.net Ashley Rubino Constance Adams NASDAQ: ROIC arubino@roireit.net ComputerShare 11250 El Camino Real, Suite 200 858.255.4913 constance.adams@computershare.com San Diego, CA 92130 Equity Research Coverage Baird Equity Research RJ Milligan 813.273.8252 Bank of America Merrill Lynch Craig Schmidt 646.855.3640 Bank of Montreal Jeremy Metz 212.885.4053 BTIG Michael Gorman 212.738.6138 Capital One Securities, Inc. Chris Lucas 571.633.8151 Citi Michael Bilerman 212.816.1383 Christy McElroy 212.816.6981 D.A. Davidson & Co. Barry Oxford 212.240.9871 Green Street Vince Tibone 949.640.8780 J.P. Morgan Michael W. Mueller 212.622.6689 Jefferies Linda Tsai 212.778.8011 KeyBanc Capital Markets Todd Thomas 917.368.2286 Raymond James Paul Puryear 727.567.2253 Collin Mings 727.567.2585 RBC Capital Markets Wes Golladay 440.715.2650 Wells Fargo Tamara Fique 617.603.4262 Fixed Income Research Coverage J.P. Morgan Mark Streeter 212.834.5086 Ratings Agency Coverage Moody’s Investors Service Juan Acosta 212.553.4849 S&P Global Ratings Michael Souers 212.438.2508 - 20 -