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Retail Opportunity Investments Corp. Reports Solid First Quarter 2013 Results

Stocks in this article: ROIC

SAN DIEGO, May 2, 2013 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today financial and operating results for the three months ended March 31, 2013.

HIGHLIGHTS

  • Net income of $2.3 million, or $0.04 per diluted share for 1Q'13
  • Funds From Operation (FFO) of $11.5 million, or $0.19 per diluted share (1) for 1Q'13
  • $122.8 million of grocery-anchored shopping center acquisitions completed year-to-date
  • 7.9% increase in same-center cash net operating income (1Q'13 vs. 1Q'12)
  • 171,200 square feet of leases executed in 1Q'13 (new and renewed)
  • 93.4% portfolio occupancy rate at March 31, 2013 (110 bps increase vs. 1Q'12)
  • 58.3% of the company's warrants retired, $156.8 million proceeds received to date
  • 23.5% debt-to-total market capitalization ratio at March 31, 2013
  • Quarterly cash dividend of $0.15 per share of common stock declared

(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, "We are fully on track with achieving our targeted acquisition, management and leasing goals for the year. Thus far, we have acquired $122.8 million of grocery-anchored shopping centers year-to-date and our pipeline of acquisition opportunities continues to be active. In terms of property operations, we again posted strong results during the first quarter. We leased 171,200 square feet, increased occupancy by 110 basis points, from a year ago, to 93.4%, and achieved a 7.9% increase in same-center cash net operating income." Tanz stated further, "Looking ahead, with the $155.7 million of equity capital received through the warrants that have been exercised to date, our financial position continues to be strong. Accordingly, we are well-positioned to continue growing our portfolio and business."

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