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Retail Opportunity Investments Corp. Reports Fourth Quarter 2010 Results

PURCHASE, N.Y., Feb. 23, 2011 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today financial and operating results for the quarter ended December 31, 2010.

HIGHLIGHTS

  • $ 144.1 million of shopping center investments completed during 4Q'10
  • $442.5 million of shopping center investments completed since 4Q'09 formation
  • Net income of $2.4 million, or $0.06 per diluted share for 4Q'10
  • Funds From Operation (FFO) of 5.6 million, or $0.13 per diluted share for 4Q'10 (1)
  • $464.2 million of total assets with $42.4 million of debt outstanding at 12/31/10
  • $175.0 million senior unsecured revolving credit facility established in 4Q'10
  • Quarterly cash dividend of $0.08 per share of common stock declared (33.3% increase)

(1) See the end of this press release for a reconciliation of GAAP net income to FFO.

Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp., stated, "Since commencing operations as a shopping center REIT in the fourth quarter of 2009, we have made significant progress in amassing an exceptional portfolio of necessity-based shopping centers. As of today we have interests in 25 shopping centers, totaling over 2.8 million square feet, strategically located in demographically strong, supply-constrained metropolitan markets across the western United States."  Mr. Tanz continued, "We have already acquired five shopping centers in 2011 and we are positioned to continue growing our portfolio and platform. Our pipeline of shopping center acquisitions is strong, as we continue to access attractive opportunities through capitalizing on our long-standing relationships and market expertise."

FINANCIAL RESULTS SUMMARY

For the three months ended December 31, 2010, net income attributable to common stockholders for the quarter was $2.4 million, or $0.06 per diluted share. FFO for the fourth quarter 2010 was $5.6 million, or $0.13 per diluted share. ROIC reports FFO as a supplemental performance measure. See the end of this press release for a reconciliation of GAAP net income to FFO.

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