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Retail Opportunity Investments Corp. Reports Solid First Quarter 2013 Results

Diamond Hills Plaza

In April 2013, ROIC acquired Diamond Hills Plaza for $48.0 million. The shopping center is approximately 140,000 square feet and is anchored by H Mart Supermarket and Rite Aid Pharmacy. The property is located in Diamond Bar, California, within the Los Angeles metropolitan area and is currently 97.9% leased.

CASH DIVIDEND

On March 29, 2013, ROIC distributed a $0.15 per share cash dividend. On May 1, 2013, ROIC's board of directors declared a cash dividend on its common stock of $0.15 per share, payable on June 28, 2013 to shareholders of record on June 14, 2013.

WARRANT UPDATE

As of May 1, 2013, 58.3% of the company's total outstanding warrants have been retired, including: 13,066,685 warrants exercised, providing ROIC with approximately $156.8 million of proceeds; 7,750,000 warrants repurchased by ROIC in privately negotiated transactions for approximately $10.7 million; and 8,000,000 founders' warrants exercised on a cashless basis. ROIC utilized the $156.8 million of proceeds primarily to pay down borrowings on its unsecured credit facility. ROIC currently has 20.6 million warrants outstanding, scheduled to expire in October 2014.

2013 FFO GUIDANCE

Based on ROIC's results for the first quarter of 2013 and taking into account the warrants retired to date, ROIC currently estimates FFO for 2013 will be within the range of $0.77 to $0.82 per diluted share, and net income will be within the range of $0.14 to $0.16 per diluted share. 

  For the year ended December 31, 2013
  Low End High End
Net Income for the year $9,500 $11,000
Plus:    
Depreciation & amortization 43,000 45,000
Funds From Operations (FFO) $ 52,500 $ 56,000
     
Weighted average diluted shares 68,265 68,265
     
Earnings per diluted share $0.14 $0.16
FFO per diluted share $0.77 $0.82

ROIC's current estimates do not incorporate any assumption regarding its remaining outstanding warrants. ROIC's management will discuss the company's estimates and underlying assumptions on its May 2, 2013 conference call. ROIC's guidance is a forward-looking statement and is subject to risks and other factors described elsewhere in this press release.

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