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TheStreet Open House

Retail Opportunity Investments Corp. Reports Solid 2012 Results

Stocks in this article: ROIC

SAN DIEGO, Feb. 21, 2013 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today financial and operating results for the year and fourth quarter ended December 31, 2012.

YEAR 2012 HIGHLIGHTS

  • Net income of $7.9 million, or $0.15 per diluted share
  • Funds From Operation (FFO) of $39.1 million, or $0.75 per diluted share (1)
  • $276.1 million in shopping center acquisitions completed
  • 7.4% increase in same-center cash net operating income (2012 vs. 2011)
  • 93.5% portfolio occupancy rate at December 31, 2012 (230 bps increase vs. 2011)
  • 35.1% debt-to-total market capitalization ratio at December 31, 2012
  • Corporate headquarters relocated from White Plains, NY to San Diego, CA
  • 35.9% increase in cash dividends per share paid (2012 vs. 2011)

4TH QUARTER 2012 HIGHLIGHTS

  • Net loss of $278,000, or $0.01 per diluted share
  • FFO of $8.5 million, or $0.15 per diluted share (1)
  • $141.4 million in shopping center acquisitions completed
  • 6.4% increase in same-center cash net operating income (4Q12 vs. 4Q11)
  • Quarterly cash dividend of $0.15 per share declared (7.1% increase)

__________________________

(1) 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, "2012 proved to be another strong and productive year for the company whereby we successfully advanced our business on a number of important fronts. We continued to execute our highly-disciplined investment strategy, acquiring $276.1 million of shopping centers during the year, growing our portfolio by 30.0%, in terms of gross leasable area, and enhancing our presence in each of our core markets in the western region of the United States. We continued to capitalize on the strong demand for space across our portfolio, leasing approximately 728,000 square feet of space, increasing year-end occupancy to a new, two-year high of 93.5%, and achieving a strong, 7.4% increase in same-center cash net operating income for the year. We also continued to enhance our financial position during 2012, significantly lowering our borrowing costs, expanding our debt capital availability and raising equity capital efficiently through our ATM program. Additionally, along with growing our portfolio and business, we increased cash dividends to stockholders by 35.9% in 2012." Tanz stated further, "Looking ahead, with our solid shopping center portfolio and operating platform, together with our strong financial position, we are well positioned to continue growing our business in 2013".

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