ROIC's Board of Directors has declared a cash dividend on its common stock of $0.08 per share, to record holders on March 15, 2011 and payable on March 31, 2011. The $0.08 per share dividend represents a 33.3% increase over ROIC's most recent cash dividend, paid on December 15, 2010.
2011 FFO & DIVIDEND GUIDANCE
ROIC's currently estimates that FFO for 2011 will be within the range of $0.50 to $0.60 per diluted share, and net income will be within the range of $0.15 to $0.20 per diluted share. The following table provides a reconciliation of GAAP net income to FFO.
|For the year ending December 31, 2011|
|(In thousands, except per share amounts)|
|Low End||High End|
|Net income for period||$ 6,250||$ 8,500|
|Depreciation and Amortization||14,500||16,500|
|Funds From Operations (FFO)||20,750||25,000|
|Plus: Acquisition transaction costs||2,000||2,750|
|Modified Funds From Operations (MFFO)||$ 22,750||$ 27,750|
|Earnings per share (dilutive)||$ 0.15||$ 0.20|
|FFO per share (dilutive)||$ 0.50||$ 0.60|
|MFFO per share (dilutive)||$ 0.54||$ 0.66|