For the twelve months ended December 31, 2012, net income was $7.9 million, or $0.15 per diluted share. FFO for the year 2012 was $39.1 million, or $0.75 per diluted share. For the three months ended December 31, 2012, ROIC incurred $1.8 million in costs associated with relocating its corporate headquarters from New York to California, resulting in a net loss of $278,000 or $0.01 per diluted share. FFO for the fourth quarter 2012 was $8.5 million, or $0.15 per diluted share. ROIC reports FFO as a supplemental performance measure. A reconciliation of GAAP net income to FFO is provided at the end of this press release.
At December 31, 2012, ROIC had total market capitalization of approximately $1.1 billion with $391.7 million of debt outstanding, equating to a 35.1% debt-to-total market capitalization ratio. ROIC's debt outstanding was comprised of $72.7 million of mortgage debt and $319.0 million of unsecured debt, including $119.0 million outstanding on its unsecured credit facility. At December 31, 2012, 89.4% of ROIC's portfolio was unencumbered, based on gross leasable area.
INVESTMENT SUMMARYDuring 2012, ROIC acquired fourteen shopping centers for a total of $276.1 million, including the following five shopping centers acquired during the fourth quarter for a total of $139.3 million. Additionally, during the fourth quarter, ROIC acquired a newly developed pad building at one of its existing shopping centers for $2.1 million. Bay Plaza Shopping Center In October 2012, ROIC acquired Bay Plaza Shopping Center for $21.6 million. The shopping center is approximately 73,000 square feet and is anchored by Seafood City Supermarket, a regional grocery store. The property is located in San Diego, California and is currently 86.9% leased. Santa Teresa Village Shopping Center In November, 2012, ROIC acquired Santa Teresa Village Shopping Center for $31.6 million. The shopping center is approximately 125,000 square feet and is anchored by Raley's (Nob Hill) Supermarket, a regional grocery store. The property is located in San Jose, California and is currently 94.0% leased.