Retail Opportunity Investments
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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. The last earnings update was 59 days ago. More info.
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ROIC Share Price and Events
7 Day Returns
1 Year Returns
ROIC Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Retail Opportunity Investments (ROIC) | -2.5% | 0.9% | 2.1% | 3.7% | -9.7% | 9.7% |
| US REITs | -2.7% | 0.5% | 7.1% | 14.5% | 11% | 25.5% |
| US Market | 0.2% | 2.1% | 8.5% | 6.3% | 37.9% | 45.7% |
1 Year Return vs Industry and Market
- ROIC underperformed the REITs industry which returned 14.5% over the past year.
- ROIC underperformed the Market in United States of America which returned 6.3% over the past year.
ROIC Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Retail Opportunity Investments
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Retail Opportunity Investments.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 5 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 8.1% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.55 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.546 (1 + (1- 21%) (68.54%)) |
0.894 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.89 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.894 * 5.96%) |
8.06% |
Discounted Cash Flow Calculation for NasdaqGS:ROIC using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Retail Opportunity Investments is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Retail Opportunity Investments is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 8.06%) |
|
|---|---|---|---|
| 2019 | 115.58 | Analyst x6 | 106.96 |
| 2020 | 122.29 | Analyst x6 | 104.73 |
| 2021 | 104.57 | Analyst x1 | 82.87 |
| 2022 | 105.88 | Est @ 1.25% | 77.65 |
| 2023 | 107.67 | Est @ 1.69% | 73.08 |
| 2024 | 109.83 | Est @ 2.01% | 68.99 |
| 2025 | 112.27 | Est @ 2.22% | 65.26 |
| 2026 | 114.94 | Est @ 2.37% | 61.83 |
| 2027 | 117.79 | Est @ 2.48% | 58.64 |
| 2028 | 120.80 | Est @ 2.56% | 55.65 |
| Present value of next 10 years cash flows | $755.68 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $120.80 × (1 + 2.73%) ÷ (8.06% – 2.73%) |
$2,329.08 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $2,329.08 ÷ (1 + 8.06%)10 |
$1,073.03 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $755.68 + $1,073.03 |
$1,828.70 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $1,828.70 / 125.60 |
$14.56 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $14.56 |
| Current discount | Discount to share price of
$17.23
= -1 x ($17.23 - $14.56) / $14.56 |
-18.3% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Retail Opportunity Investments is above its future cash flow value.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Retail Opportunity Investments's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Retail Opportunity Investments's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in USD | $0.38 |
| NasdaqGS:ROIC Share Price ** | NasdaqGS (2019-04-18) in USD | $17.23 |
| United States of America REITs Industry PE Ratio | Median Figure of 152 Publicly-Listed REITs Companies | 31.08x |
| United States of America Market PE Ratio | Median Figure of 3,081 Publicly-Listed Companies | 18.15x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Retail Opportunity Investments.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NasdaqGS:ROIC Share Price ÷ EPS (both in USD) = 17.23 ÷ 0.38 |
45.85x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Retail Opportunity Investments is overvalued based on earnings compared to the US REITs industry average.
- Retail Opportunity Investments is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
Retail Opportunity Investments's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 45.85x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts |
-1.8%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 139 Publicly-Listed REITs Companies | -0.1x |
| United States of America Market PEG Ratio | Median Figure of 2,109 Publicly-Listed Companies | 1.57x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 45.85x ÷ -1.8% |
-25.95x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Retail Opportunity Investments earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on
Retail Opportunity Investments's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in USD | $10.42 |
| NasdaqGS:ROIC Share Price * | NasdaqGS (2019-04-18) in USD | $17.23 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.84x |
| United States of America Market PB Ratio | Median Figure of 5,178 Publicly-Listed Companies | 1.91x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NasdaqGS:ROIC Share Price ÷ Book Value per Share (both in USD) = 17.23 ÷ 10.42 |
1.65x |
* Primary Listing of Retail Opportunity Investments.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Retail Opportunity Investments is good value based on assets compared to the US REITs industry average.
Value checks
We assess Retail Opportunity Investments's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Retail Opportunity Investments has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
ROIC Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Retail Opportunity Investments's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
- Retail Opportunity Investments's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
- Retail Opportunity Investments's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NasdaqGS:ROIC Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts | -1.8% |
| NasdaqGS:ROIC Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts | 1.8% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 1.9% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 3.4% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.3% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 39 | |||
| 2020-12-31 | 307 | 142 | 42 | 5 |
| 2019-12-31 | 300 | 135 | 37 | 5 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 296 | 131 | 42 |
| 2018-09-30 | 293 | 136 | 43 |
| 2018-06-30 | 287 | 131 | 38 |
| 2018-03-31 | 282 | 133 | 39 |
| 2017-12-31 | 273 | 129 | 38 |
| 2017-09-30 | 264 | 119 | 37 |
| 2017-06-30 | 255 | 122 | 35 |
| 2017-03-31 | 247 | 119 | 35 |
| 2016-12-31 | 237 | 115 | 32 |
| 2016-09-30 | 225 | 111 | 30 |
| 2016-06-30 | 216 | 101 | 30 |
| 2016-03-31 | 204 | 94 | 27 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
All data from Retail Opportunity Investments Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | 0.30 | 0.30 | 0.30 | 1.00 |
| 2020-12-31 | 0.31 | 0.37 | 0.25 | 3.00 |
| 2019-12-31 | 0.28 | 0.31 | 0.23 | 3.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.38 |
| 2018-09-30 | 0.38 |
| 2018-06-30 | 0.34 |
| 2018-03-31 | 0.35 |
| 2017-12-31 | 0.35 |
| 2017-09-30 | 0.34 |
| 2017-06-30 | 0.32 |
| 2017-03-31 | 0.32 |
| 2016-12-31 | 0.31 |
| 2016-09-30 | 0.29 |
| 2016-06-30 | 0.30 |
| 2016-03-31 | 0.28 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Retail Opportunity Investments is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Future performance checks
We assess Retail Opportunity Investments's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Retail Opportunity Investments has a total score of 0/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
ROIC Past Performance
How has Retail Opportunity Investments performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Retail Opportunity Investments's year on year earnings growth rate has been positive over the past 5 years.
- Retail Opportunity Investments's 1-year earnings growth exceeds its 5-year average (10.9% vs 9.6%)
- Retail Opportunity Investments's earnings growth has not exceeded the US REITs industry average in the past year (10.9% vs 22%).
Earnings and Revenue History
All data from Retail Opportunity Investments Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 295.80 | 42.34 | 14.92 | |
| 2018-09-30 | 293.39 | 42.70 | 14.60 | |
| 2018-06-30 | 287.46 | 37.68 | 14.31 | |
| 2018-03-31 | 281.76 | 38.67 | 14.14 | |
| 2017-12-31 | 273.26 | 38.16 | 14.10 | |
| 2017-09-30 | 263.58 | 36.94 | 13.86 | |
| 2017-06-30 | 254.96 | 35.21 | 13.60 | |
| 2017-03-31 | 247.00 | 34.62 | 13.30 | |
| 2016-12-31 | 237.19 | 32.48 | 13.12 | |
| 2016-09-30 | 225.40 | 29.79 | 13.32 | |
| 2016-06-30 | 216.13 | 29.94 | 13.19 | |
| 2016-03-31 | 203.67 | 27.45 | 13.33 | |
| 2015-12-31 | 192.70 | 23.64 | 12.65 | |
| 2015-09-30 | 183.16 | 21.32 | 12.26 | |
| 2015-06-30 | 173.94 | 20.55 | 12.16 | |
| 2015-03-31 | 164.64 | 21.19 | 11.28 | |
| 2014-12-31 | 155.86 | 20.14 | 11.20 | |
| 2014-09-30 | 147.76 | 19.36 | 10.40 | |
| 2014-06-30 | 136.17 | 37.95 | 9.90 | |
| 2014-03-31 | 125.36 | 35.32 | 9.85 | |
| 2013-12-31 | 113.62 | 34.45 | 10.06 | |
| 2013-09-30 | 101.64 | 30.35 | 9.20 | |
| 2013-06-30 | 91.76 | 7.60 | 10.41 | |
| 2013-03-31 | 84.24 | 8.80 | 10.28 | |
| 2012-12-31 | 76.79 | 7.68 | 9.93 | |
| 2012-09-30 | 72.10 | 8.24 | 11.26 | |
| 2012-06-30 | 66.43 | 8.23 | 9.99 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Retail Opportunity Investments has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Retail Opportunity Investments used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
- Retail Opportunity Investments has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Retail Opportunity Investments's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Retail Opportunity Investments has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
ROIC Health
How is Retail Opportunity Investments's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Retail Opportunity Investments's finances.
The net worth of a company is the difference between its assets and liabilities.
- Retail Opportunity Investments is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- Retail Opportunity Investments's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Retail Opportunity Investments Company Filings, last reported 3 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 1,308.43 | 1,483.31 | 11.01 |
| 2018-09-30 | 1,325.58 | 1,463.35 | 12.12 |
| 2018-06-30 | 1,309.12 | 1,526.85 | 19.59 |
| 2018-03-31 | 1,322.43 | 1,494.05 | 20.61 |
| 2017-12-31 | 1,329.64 | 1,487.15 | 15.87 |
| 2017-09-30 | 1,286.51 | 1,365.79 | 12.45 |
| 2017-06-30 | 1,295.61 | 1,331.85 | 12.36 |
| 2017-03-31 | 1,307.63 | 1,245.62 | 20.49 |
| 2016-12-31 | 1,315.57 | 1,156.28 | 14.00 |
| 2016-09-30 | 1,324.11 | 1,066.09 | 10.45 |
| 2016-06-30 | 1,197.02 | 1,192.03 | 17.54 |
| 2016-03-31 | 1,167.85 | 1,034.43 | 14.99 |
| 2015-12-31 | 1,165.02 | 982.25 | 8.84 |
| 2015-09-30 | 1,030.36 | 872.26 | 6.95 |
| 2015-06-30 | 950.90 | 855.09 | 7.54 |
| 2015-03-31 | 960.42 | 824.51 | 11.68 |
| 2014-12-31 | 962.78 | 743.38 | 10.77 |
| 2014-09-30 | 944.60 | 676.70 | 11.78 |
| 2014-06-30 | 935.87 | 687.68 | 10.32 |
| 2014-03-31 | 703.72 | 688.94 | 14.10 |
| 2013-12-31 | 705.41 | 624.23 | 9.87 |
| 2013-09-30 | 719.42 | 513.01 | 11.23 |
| 2013-06-30 | 658.07 | 397.39 | 6.39 |
| 2013-03-31 | 605.23 | 316.43 | 6.89 |
| 2012-12-31 | 466.54 | 409.70 | 4.69 |
| 2012-09-30 | 472.10 | 279.52 | 23.49 |
| 2012-06-30 | 454.26 | 252.31 | 10.15 |
- Retail Opportunity Investments's level of debt (113.4%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (88.6% vs 113.4% today).
- Debt is not well covered by operating cash flow (8.8%, less than 20% of total debt).
- Interest payments on debt are not well covered by earnings (EBIT is 1.7x annual interest expense, ideally 3x coverage).
Financial health checks
We assess Retail Opportunity Investments's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Retail Opportunity Investments has a total score of 1/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
ROIC Dividends
What is Retail Opportunity Investments's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
Retail Opportunity Investments
shares you are expected to receive
$91
in your first year as a dividend.
Dividend Amount
- Retail Opportunity Investments's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
- Retail Opportunity Investments's dividend is above the markets top 25% of dividend payers in United States of America (3.62%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 5 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 184 Stocks | 4% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2009 Stocks | 2.4% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 0.88 | 1.00 |
| 2022-12-31 | 0.86 | 1.00 |
| 2021-12-31 | 0.83 | 4.00 |
| 2020-12-31 | 0.81 | 7.00 |
| 2019-12-31 | 0.79 | 7.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-19 | 0.788 | 4.598 |
| 2018-10-24 | 0.780 | 4.520 |
| 2018-10-23 | 0.780 | 4.483 |
| 2018-07-26 | 0.780 | 4.149 |
| 2018-07-25 | 0.780 | 4.118 |
| 2018-04-25 | 0.780 | 4.271 |
| 2018-02-21 | 0.780 | 4.501 |
| 2017-10-25 | 0.750 | 3.986 |
| 2017-10-24 | 0.750 | 4.021 |
| 2017-07-27 | 0.750 | 3.815 |
| 2017-07-26 | 0.750 | 3.651 |
| 2017-04-26 | 0.750 | 3.773 |
| 2017-02-23 | 0.750 | 3.532 |
| 2017-02-22 | 0.750 | 3.457 |
| 2016-10-25 | 0.720 | 3.494 |
| 2016-07-28 | 0.720 | 3.299 |
| 2016-07-27 | 0.720 | 3.200 |
| 2016-04-28 | 0.720 | 3.429 |
| 2016-04-27 | 0.720 | 3.648 |
| 2016-02-24 | 0.720 | 3.728 |
| 2016-02-23 | 0.720 | 3.891 |
| 2015-10-29 | 0.680 | 3.778 |
| 2015-10-28 | 0.680 | 3.714 |
| 2015-07-30 | 0.680 | 4.043 |
| 2015-07-29 | 0.680 | 4.028 |
| 2015-04-30 | 0.680 | 4.169 |
| 2015-04-29 | 0.680 | 3.985 |
| 2015-02-25 | 0.680 | 3.849 |
| 2015-02-24 | 0.680 | 3.998 |
| 2014-10-30 | 0.640 | 3.778 |
| 2014-10-29 | 0.640 | 3.993 |
| 2014-07-30 | 0.640 | 4.149 |
| 2014-04-30 | 0.640 | 4.067 |
| 2014-02-24 | 0.640 | 4.253 |
| 2013-10-31 | 0.600 | 4.115 |
| 2013-08-02 | 0.600 | 4.377 |
| 2013-08-01 | 0.600 | 4.404 |
| 2013-05-02 | 0.600 | 4.207 |
| 2013-02-21 | 0.600 | 4.371 |
| 2012-11-01 | 0.560 | 4.372 |
| 2012-08-02 | 0.560 | 4.422 |
| 2012-05-03 | 0.520 | 4.274 |
| 2012-02-23 | 0.480 | 4.006 |
| 2011-11-03 | 0.480 | 4.116 |
| 2011-08-03 | 0.400 | 3.631 |
| 2011-05-04 | 0.360 | 3.319 |
| 2011-02-23 | 0.320 | 2.953 |
| 2010-11-03 | 0.240 | 2.420 |
| 2010-08-04 | 0.240 | 2.483 |
| 2010-05-05 | 0.240 | 2.474 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, Retail Opportunity Investments has been paying a dividend for less than 10 years.
- Dividend payments have increased, but Retail Opportunity Investments only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of
Retail Opportunity Investments's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.6x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (183.8x coverage).
Income/ dividend checks
We assess Retail Opportunity Investments's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Retail Opportunity Investments afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Retail Opportunity Investments has a total score of 4/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
ROIC Management
CEO
| COMPENSATION | $4,944,414 |
| AGE | 59 |
| TENURE AS CEO | 9.5 years |
CEO Bio
Mr. Stuart A. Tanz has been the Chief Executive Officer and President of Retail Opportunity Investments GP LLC - General Partner of Retail Opportunity Investments Partnership, LP since 2009. Mr. Tanz has been the Chief Executive Officer and the President of Retail Opportunity Investments Corp., since 2009. He is the Founder of United Income Properties and served as its Chief Executive Officer from 2006 to 2009. He has more than 25 years of outstanding and highly-productive experience in real estate investment and development. Using his expertise and well-developed management skills, he grew his predecessor company, Pan Pacific Retail Properties, Inc. (PPRP) from a small, closely-held private investment company into the West Coast's premier publicly-held Real Estate Investment Trust (REIT) with assets exceeding $4 billion. He served as the Chairman, Chief Executive Officer and President at Pan Pacific Retail Properties Inc. since inception as a public company in August 1997. Previously, Mr. Tanz served as Chief Executive Officer of Revenue Properties (U.S.) Inc. from May 1996 to August 1997 and as its President from April 1992 to August 1997. From 1992 to August 1997, he also served in various executive capacities of Revenue Properties (U.S.) Inc.'s parent company and subsidiary entities. From 1985 to 1992, he served as President and Chief Operating Officer of United Income Properties, Inc., where he developed property in Southern California. He was responsible for land acquisitions for Bramalea Ltd. from 1982 to 1985. He serves as Director of Retail Opportunity Investments GP LLC. He serves as Trustee at Sanford-Burnham Medical Research Institute. Mr. Tanz is a member of the Advisory Council for the University of Southern California Lusk Center for Real Estate and Chairman of the Advisory council for the Tanz Centre for Research in Neurodegenerative Diseases. He has been a Director of Retail Opportunity Investments Corp. since 2009 (formerly NRDC Acquisition Corp.). Mr. Tanz is a member of International Council of Shopping Centers and Young President Organization. In 1998, National Real Estate Investors named Mr. Tanz as one of the country’s top real estate executives under the age of 40 and in 2001 Mr. Tanz was awarded San Diego’s Ernst & Young Real Estate Entrepreneur of the Year in real estate. He served as a Director since PPRP's inception as a public company in August 1997. He served as Director at Grubb & Ellis Company. Mr. Tanz received his B.S. degree in Business Administration from the University of Southern California.
CEO Compensation
- Stuart's compensation has been consistent with company performance over the past year.
- Stuart's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the Retail Opportunity Investments management team in years:
- The average tenure for the Retail Opportunity Investments management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Stuart Tanz
President
$5M
59
9.5 yrs
Michael Haines
Executive VP
$2M
56
6.3 yrs
Rich Schoebel
Chief Operating Officer
$2M
52
9.4 yrs
Laurie Sneve
CAO, Senior VP & Controller
$224K
55
6.3 yrs
Ashley Rubino
Investor Relations Officer
7.3 yrs
Board of Directors Tenure
Average tenure and age of the Retail Opportunity Investments board of directors in years:
- The average tenure for the Retail Opportunity Investments board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors
Richard Baker
Non-Executive Chairman
$786K
53
9.5 yrs
Stuart Tanz
President
$5M
59
9.5 yrs
Michael Indiveri
Director
$196K
65
11.8 yrs
Ed Meyer
Director
$189K
91
11.8 yrs
Laura Pomerantz
Director
$188K
70
11.8 yrs
Lee Neibart
Director
$169K
67
11.8 yrs
Charles Persico
Director
$176K
78
9.5 yrs
Eric Zorn
Director
$175K
69
7.1 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 03. May 18 | Sell | Charles Persico | Individual | 01. May 18 | 01. May 18 | -5,800 | $17.13 | $-99,326 | ||
Management checks
We assess Retail Opportunity Investments's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Retail Opportunity Investments has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
ROIC News
Simply Wall St News
Investing In Retail Opportunity Investments Corp. (NASDAQ:ROIC): What You Need To Know
Retail Opportunity Investments Corp. … real estate investment trust (REIT) based in San Diego, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company.
Simply Wall St - – Full articleIs Retail Opportunity Investments Corp. (NASDAQ:ROIC) Excessively Paying Its CEO?
Stuart Tanz became the CEO of Retail Opportunity Investments Corp. … Check out our latest analysis for Retail Opportunity Investments? … How Does Stuart Tanz's Compensation Compare With Similar Sized Companies.
Simply Wall St - – Full articleWhat Can We Expect From Retail Opportunity Investments Corp.'s (NASDAQ:ROIC) Earnings In The Year Ahead?
On 31 December 2018, Retail Opportunity Investments Corp. … (NASDAQ:ROIC) announced its latest earnings update. … as a -7.7% fall in profits is expected in the upcoming year
Simply Wall St - – Full articleRetail Opportunity Investments Shareholders Booked A 16% Gain In The Last Five Years
Furthermore, you'd generally like to see the share price rise faster than the market. … (NASDAQ:ROIC) has fallen short of that second goal, with a share price rise of 16% over five years, which is below the market return. … During five years of share price growth, Retail Opportunity Investments actually saw its EPS drop 6.0% per year.
Simply Wall St - – Full articleDid Retail Opportunity Investments Corp. (NASDAQ:ROIC) Insiders Sell Shares?
So shareholders might well want to know whether insiders have been buying or selling shares in Retail Opportunity Investments Corp. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'? … The Last 12 Months Of Insider Transactions At Retail Opportunity Investments.
Simply Wall St - – Full articleShould We Be Cautious About Retail Opportunity Investments Corp's (NASDAQ:ROIC) ROE Of 3.6%?
We'll use ROE to examine Retail Opportunity Investments Corp (NASDAQ:ROIC), by way of a worked example. … Our data shows Retail Opportunity Investments has a return on equity of 3.6% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleIs Retail Opportunity Investments Corp's (NASDAQ:ROIC) Growth Strong Enough To Justify Its August Share Price?
Retail Opportunity Investments Corp (NASDAQ:ROIC) is considered a high growth stock. … See our latest analysis for Retail Opportunity Investments? … According to the analysts covering the company, the following few years should bring about good growth prospects for Retail Opportunity Investments
Simply Wall St - – Full articleWhy Are Insiders Cautious About Retail Opportunity Investments Corp's (NASDAQ:ROIC) Shares?
Retail Opportunity Investments's insiders have divested from. … Generally, insiders selling shares in their own firm sends a bearish signal … A research published in The MIT Press (1998) concluded that stocks following insider selling fell 2.7% compared to the market.
Simply Wall St - – Full articleDon't Trust NASDAQ:ROIC's 4.17% Yield
Dividends play an important role in compounding returns in the long run and end up forming a sizeable part of investment returns. … Over the past 8 years, Retail Opportunity Investments Corp (NASDAQ:ROIC) has returned an average of 4.00% per year to shareholders in terms of dividend yield. … Does Retail Opportunity Investments tick all the boxes of a great dividend stock?
Simply Wall St - – Full articleRetail Opportunity Investments Corp (NASDAQ:ROIC): Ex-Dividend Is In 4 Days, Should You Buy?
Important news for shareholders and potential investors in Retail Opportunity Investments Corp (NASDAQ:ROIC): The dividend payment of $0.20 per share will be distributed into shareholder on 28 June 2018, and the stock will begin trading ex-dividend at an earlier date, 13 June 2018. … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I take a deeper dive into Retail Opportunity Investments's latest financial data to analyse its dividend attributes. … View out our latest analysis for Retail Opportunity Investments?
Simply Wall St - – Full articleROIC Company Info
Description
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, 2018, ROIC owned 91 shopping centers encompassing approximately 10.5 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 Standard & Poor's.
Details
| Name: | Retail Opportunity Investments Corp. |
| ROIC | |
| Exchange: | NasdaqGS |
| Founded: | |
| $2,164,089,998 | |
| $1,966,340,582 | |
| 125,600,116 | |
| Website: | http://www.roireit.net |
| Address: |
Retail Opportunity Investments Corp. 11250 El Camino Real, Suite 200, San Diego, California, 92130, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NasdaqGS | ROIC | Common Stock | Nasdaq Global Select | US | USD | 30. Oct 2007 |
Number of employees
Current staff
Industry
| Retail REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/04/20 00:02 |
| End of day share price update: | 2019/04/18 00:00 |
| Last estimates confirmation: | 2019/04/15 |
| Last earnings filing: | 2019/02/20 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
