Retail Opportunity, a fully integrated, self-managed real estate investment trust, has priced 12,500,000 shares of common stock at $14.95 per share, for approximately $178.6 million in net proceeds.
Underwriters have been granted a 30-day option to purchase an additional 1,875,000 shares.
The REIT said it is planning to use the net proceeds to "reduce borrowings under the company's $350 million unsecured revolving credit facility."
Separately, TheStreet Ratings team rates RETAIL OPPORTUNITY INVTS CP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate RETAIL OPPORTUNITY INVTS CP (ROIC) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, compelling growth in net income, good cash flow from operations, increase in stock price during the past year and notable return on equity. We feel these strengths outweigh the fact that the company shows low profit margins."