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Retail Opportunity Investments Corp. Reports Solid First Quarter 2013 Results

Stocks in this article: ROIC

CONFERENCE CALL

ROIC will conduct a conference call and audio webcast to discuss its quarterly results on May 2, 2013 at 12:00 p.m. Eastern Time. Those interested in participating in the conference call should dial (877) 312-8783 (domestic), or (408) 940-3874 (international) at least ten minutes prior to the scheduled start of the call. When prompted, provide the Conference ID: 31508344. A live webcast will also be available in listen-only mode at: www.roireit.net . The conference call will be recorded and available for replay beginning at 3:00 p.m. Eastern Time on May 2, 2013 and will be available until 11:59 p.m. Eastern Time on May 9, 2013. To access the conference call recording, dial (855) 859-2056 (domestic), or (404) 537-3406 (international) and use the Conference ID: 31508344. The conference call will also be archived at: www.roireit.net for approximately 90 days.

ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.

Retail Opportunity Investments Corporation (Nasdaq:ROIC) is a fully integrated, self-managed real estate investment trust.  ROIC specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores.  As of March 31, 2013, ROIC's property portfolio included 47 shopping centers encompassing approximately 5.0 million square feet. Additional information is available at:  www.roireit.net .

When used herein, the words "believes," "anticipates," "projects," "should," "estimates," "expects," and similar expressions are intended to identify forward-looking statements with the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and in Section 21F of the Securities and Exchange Act of 1934, as amended. Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ROIC to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors. Additional information regarding these and other factors is described in ROIC's filings with the SEC, including its most recent Annual Report on Form 10-K.

 
RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Balance Sheet
 
  March 31, 2013(unaudited) December 31,  2012
ASSETS    
Real Estate Investments:    
Land $ 296,177,411 $ 283,445,257
Building and improvements 617,112,385 588,248,338
  913,289,796 871,693,595
Less: accumulated depreciation 37,851,711 32,364,772
  875,438,085 839,328,823
Mortgage note receivable 10,294,000 10,000,000
Investment in and advances to unconsolidated joint ventures 15,526,417 15,295,223
Real Estate Investments, net 901,258,502 864,624,046
Cash and cash equivalents 6,893,609 4,692,230
Restricted cash 1,879,697 1,700,692
Tenant and other receivables 13,973,065 12,455,190
Deposits 2,000,000 2,000,000
Acquired lease intangible asset, net of accumulated amortization 40,345,275 41,230,616
Prepaid expenses 3,099,149 1,245,778
Deferred charges, net of accumulated amortization 21,974,857 21,623,474
Other 948,774 1,339,501
Total assets $ 992,372,928 $ 950,911,527
     
LIABILITIES AND EQUITY    
Liabilities:    
Term loan $ 200,000,000 $ 200,000,000
Credit facility 18,000,000 119,000,000
Mortgage notes payable 81,753,145 72,689,842
Acquired lease intangibles liability, net of accumulated amortization 56,773,932 57,371,803
Accounts payable and accrued expenses 3,799,600 6,468,580
Tenants' security deposits 2,428,389 2,336,680
Other liabilities 24,387,028 26,502,551
Total liabilities 387,142,094 484,369,456
  Commitments and contingencies
     
Equity:    
Preferred stock, $.0001 par value 50,000,000 shares authorized; none issued and outstanding
Common stock, $.0001 par value 500,000,000 shares authorized; and 66,410,588 and 52,596,754 shares issued and outstanding at March 31, 2013 and December 31, 2012 6,635 5,260
Additional paid-in-capital 668,342,198 523,540,268
Accumulated deficit (46,485,714)  (38,851,234)
Accumulated other comprehensive loss (16,634,674) (18,154,612)
Total Retail Opportunity Investments Corp. stockholders' equity 605,228,445 466,539,682
Noncontrolling interests 2,389 2,389
Total equity 605,230,834 466,542,071
Total liabilities and equity $ 992,372,928 $ 950,911,527
 
 
RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statement of Operations
(unaudited)
 
  For the Three Months Ended
  March 31, 2013 March 31, 2012
Revenues    
Base rents $ 19,349,561 $ 13,341,420
Recoveries from tenants 4,830,829 3,104,042
Mortgage interest 204,059 202,222
Total revenues 24,384,449 16,647,684
Operating expenses    
Property operating 4,158,881 2,969,348
Property taxes 2,315,178 1,599,159
Depreciation and amortization 8,881,130 6,649,818
General 2,736,581 2,419,838
Acquisition transaction costs 408,836 122,843
Total operating expenses 18,500,606 13,761,006
Operating income 5,883,843 2,886,678
Non-operating income (expenses)    
Interest expense and other finance expenses (3,825,151) (2,293,748)
Equity in earnings from unconsolidated joint ventures 231,194 524,329
Interest income 10,145
Net Income Attributable to Retail Opportunity Investments Corp. $ 2,289,886 $ 1,127,404
     
Basic and diluted per share: $ 0.04 $  0.02
     
Dividends per common share $ 0.15 $ 0.12
 
 
CALCULATION OF FUNDS FROM OPERATIONS
(unaudited)
 
The following table provides a reconciliation of GAAP net income to FFO. (In thousands, except per share amounts)
 
  For the Three Months Ended
  March 31, 2013 March 31, 2012
     
Net income for period $ 2,289,886  $ 1,127,404
Plus: Real property depreciation 4,248,789 2,954,481
Amortization of tenant improvements and allowances 1,180,376 946,342
Amortization of deferred leasing costs 3,451,965 2,748,995
Depreciation attributable to unconsolidated joint ventures 352,076 606,265
Funds from operations $ 11,523,092 $ 8,383,487

ROIC computes FFO in accordance with the "White Paper" on FFO published by NAREIT, which defines FFO as net income attributable to common shareholders (determined in accordance with GAAP) excluding gains or losses from debt restructuring and sales of property and impairments, plus real estate related depreciation and amortization, and after adjustments for partnerships and unconsolidated joint ventures. FFO as defined by ROIC may not be comparable to similarly titled items reported by other real estate investment trusts due to possible differences in the application of the NAREIT definition used by such REITs. 

CONTACT: Ashley Bulot, Investor Relations
         858-255-4913
         abulot@roireit.net

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