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9.5% Increase in Same-Center Cash Net Operating Income
76.6% of Total Warrants Outstanding Retired To Date
Reaffirms 2013 FFO Guidance
SAN DIEGO, Aug. 1, 2013 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today financial and operating results for the three months ended June 30, 2013.
Net income of $2.5 million, or $0.03 per diluted share for 2Q'13
Funds From Operation (FFO) of $12.7 million, or $0.18 per diluted share (1) for 2Q'13
$64.9 million received from warrants exercised in 2Q'13 ($220.4 million to date)
76.6% of the company's total outstanding warrants retired to date
$142.0 million of shopping center acquisitions completed in 2Q'13 ($181.8 million YTD)
9.5% increase in same-center cash net operating income (2Q'13 vs. 2Q'12)
93.5% portfolio occupancy rate at June 30, 2013 (70 bps increase vs. 2Q'12)
Awarded investment grade ratings from Moody's and Standard & Poor's
27.4% debt-to-total market capitalization ratio at June 30, 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, "The first of half of 2013 has proven to be one of our most active and successful to date. During the first six months, we acquired $181.8 million of grocery-anchored shopping centers, deepening our presence in each of our core West Coast markets. Along with acquisitions, we continue to focus on maximizing property operations. During the second quarter, we increased our overall portfolio occupancy to 93.5% and achieved a 9.5% increase in same-center cash net operating income, representing the fifth consecutive quarter that we have increased occupancy and same-center cash NOI." Mr. Tanz stated further, "In addition to our acquisition and leasing activity, the company was recently awarded investment grade ratings by Moody's and Standard & Poor's. We have also received $220.4 million in equity proceeds thus far in 2013 from warrants that have been exercised. Looking ahead, with our strong financial position, together with our solid market presence on the West coast, which now totals over five million square feet, we continue to be excited about the future prospects of our business."