SAN DIEGO, March 15, 2013 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today that 57.3% of the company's total outstanding warrants have been retired to date, including: 12,570,226 warrants exercised, providing ROIC with approximately $150.8 million of proceeds; 7,750,000 warrants repurchased by ROIC in privately negotiated transactions for approximately $10.7 million; and, as previously announced, 8,000,000 founders' warrants exercised on a cashless basis. The expiration date of the remaining outstanding warrants is October 23, 2014. ROIC intends to utilize the proceeds to pay down borrowings on its unsecured credit facility, fund future shopping center acquisitions and for general corporate purposes. At March 15, 2013, ROIC had approximately $12.0 million outstanding on its unsecured credit facility and a total debt to market capitalization ratio of approximately 25%, based on total debt outstanding of approximately $293.6 million and 66.3 million shares of common stock outstanding.
Stuart A. Tanz, President and Chief Executive Officer of ROIC stated, "We are pleased that the majority of the company's outstanding warrants have been retired and look forward to investing the equity capital received through the warrants that were exercised. To date in 2013, we have secured a total of $87.8 million of grocery-anchored shopping center acquisitions and our pipeline continues to be active. That said, we remain steadfast in our long-standing, prudent strategy of being patient and careful in seeking out only the most attractive opportunities to acquire irreplaceable shopping centers that will provide the company with a balance of long-term stable cash flow and good growth opportunities for years to come." Tanz further commented, "Notwithstanding being fully on track with executing our 2013 business plan, and excited to have the additional equity capital to invest, the timing of receiving the capital will undoubtedly impact our near-term earnings and FFO per share results. Accordingly, we expect to adjust our 2013 earnings and FFO per share guidance when we announce our first quarter results, currently scheduled for May 2, 2013."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV