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ROIC Appoints New Chief Financial Officer & New Controller (11/30/12)
SAN DIEGO, Nov. 30, 2012 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today the appointment of Michael B. Haines as Executive Vice President and Chief Financial Officer, Treasurer and Secretary effective December 1, 2012. Mr. Haines will succeed John Roche whose employment with ROIC concludes December 1, 2012. ROIC also announced today that Laurie A. Sneve will be appointed as Senior Vice President and Controller prior to year end-2012. Ms. Sneve will succeed Joseph LoParrino, who will continue with ROIC until early-2013 to assist with the transition.
Mr. Haines and Ms. Sneve each has over 20 years of commercial real estate financial and accounting experience. Mr. Haines most recently served as Chief Accounting Officer of Pacific Office Properties Trust, Inc. Ms. Sneve most recently served as Chief Financial Officer of Coreland Companies, Inc. From 1995 to 2006, both Mr. Haines and Ms. Sneve served in various senior financial and accounting capacities at Pan Pacific Retail Properties Inc. Mr. Haines began his career with Deloitte & Touche and holds a Bachelors in Business Administration from San Diego State University. Ms. Sneve began her career with Arthur Anderson and holds a Bachelor of Science in Accounting from Pennsylvania State University. Both Mr. Haines and Ms. Sneve are members of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants.
Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, "I am thrilled to be teaming up again with Michael and Laurie, who I enjoyed working with at Pan Pacific for approximately 11 years. They each have a deep knowledge of REIT financial operations and an impeccable track record working with both public and private companies. While at Pan Pacific, Michael and Laurie were an integral part of the company's extraordinary growth and transformation from a small, private shopping center company to the largest, publicly-traded shopping center REIT on the West Coast. Michael and Laurie were also instrumental in managing and maintaining Pan Pacific's conservative balance sheet and investment-grade rating. I look forward to working with them again in taking ROIC's business to new heights." Mr. Tanz added, "I want to express my deep appreciation to John and Joe for their commitment and countless contributions to the success of ROIC. It has been my pleasure working with them for the past three years and I wish them the best in their future endeavors."
ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.
Retail Opportunity Investments Corp. (Nasdaq:ROIC) is a fully integrated, self-managed real estate investment trust. The Company specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. At September 30, 2012, ROIC's property portfolio included 40 shopping centers totaling approximately 4.3 million square feet. Additional information is available at www.roicreit.net.
The Retail Opportunity Investments Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6855
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.
Ashley Bulot, Investor Relations
858-255-4913
http://globenewswire.com/news-release/2012/11/30/508592/10014095/en/Retail-Opportunity-Investments-Corp-Appoints-New-Chief-Financial-Officer-New-Controller.html
Bank of America downgraded ROIC to underperform from neutral with a $12 price target, came across about an hour ago:
http://www.benzinga.com/analyst-ratings/analyst-color/12/11/3101702/update-bank-of-america-downgrades-retail-opportunity-inv
Bank of America reduced its rating on Retail Opportunity Investments (NASDAQ: ROIC [FREE Stock Trend Analysis]) from Neutral to Underperform with a reiterated $12 price objective.
Bank of America commented, "At this point in the cycle, we prefer general merchandise anchored shopping centers over supermarket anchored. This is due to the increasing volatility of food retailing and the increased competition traditional supermarket retailers face from warehouse clubs (Costco), premium grocers (Whole Foods), discount operators (Aldi's), and the emerging Wal*Mart Neighborhood Supermarket concept. ROIC has the highest exposure to supermarkets relative to peers with 89% of their portfolio anchored by a grocer compared to REG (68%), EQY (56%), and WRI (43%). Of ROIC's top 10 tenants, 6 are supermarkets that account for 14.4% of ABR. We prefer the flexibility of larger, multi-format general merchandise centers."
Retail Opportunity Investments closed at $12.28 on Friday.
-Pagz
ROIC Reports Third Quarter 2012 Results (11/01/12)
9% Increase in Same-Center Net Operating Income
SAN DIEGO, Nov. 1, 2012 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today financial and operating results for the quarter ended September 30, 2012.
HIGHLIGHTS
•Net income of $2.6 million, or $0.05 per diluted share for 3Q'12
•Funds From Operation (FFO) of $10.2 million, or $0.19 per diluted share (1) for 3Q'12
•$156.2 million of shopping center acquisitions completed year to date
•$58.0 million of shopping center acquisitions under binding contract
•9.0% increase in same-center cash net operating income (3Q'12 vs. 3Q'11)
•93.1% portfolio occupancy at 9/30/12
•26.4% debt-to-total market capitalization ratio at 9/30/12
•Extends, expands and lowers borrowing costs of unsecured credit facility & term loan
•Quarterly cash dividend of $0.14 per share of common stock declared
(1) See the end of this press release for a reconciliation of GAAP net income to FFO.
Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, "We are fully on track to achieve our stated objectives for the year. We continue to broaden our portfolio in each of our core markets on the West Coast. Year-to-date, we have completed $156.2 million of shopping center acquisitions and have another $58.0 million of grocery-anchored shopping centers currently under contract. Additionally, we continue to capitalize on the demand for space across our portfolio. Occupancy increased for the third consecutive quarter, reaching a new, two-year portfolio high of 93.1%, and same-center net operating income increased by 9.0%. Along with broadening our portfolio and achieving solid property operating results, during third quarter we expanded, extended and lowered the borrowing costs on our unsecured debt facilities, enhancing the company's financial flexibility and capacity to continue growing." Tanz added, "With respect to our previously announced relocation of the company's headquarters from New York to San Diego and CFO executive search, we are on track as planned to complete the process by year-end."
FINANCIAL SUMMARY
For the three months ended September 30, 2012, net income attributable to common stockholders was $2.6 million, or $0.05 per diluted share. FFO for the third quarter 2012 was $10.2 million, or $0.19 per diluted share. For the nine months ended September 30, 2012, net income was $8.2 million, or $0.16 per diluted share. FFO for the first nine months of 2012 was $30.6 million, or $0.60 per diluted share. ROIC reports FFO as a supplemental performance measure. See the end of this press release for a reconciliation of GAAP net income to FFO.
At September 30, 2012, ROIC had a total market capitalization of $988.0 million, including $260.4 million of debt outstanding, equating to a 26.4% debt-to-total market cap ratio. At September 30, 2012, 80.7% of ROIC's debt was at fixed interest rates and 91.2 % of its portfolio was unencumbered, based on gross leasable area.
In August 2012, ROIC expanded its unsecured credit facility from $175.0 million to $200.0 million, extended the maturity date to August 2016, and lowered its borrowing costs by approximately 40 basis points. Simultaneously, ROIC expanded its unsecured term loan from $110.0 million to $200.0 million, extended the maturity date to August 2017, and lowered its borrowing costs by approximately 40 basis points. Additionally, ROIC has the ability to increase the credit facility and term loan amounts to $300.0 million each, subject to commitments and the satisfaction of certain other conditions. ROIC utilized the $90.0 million in proceeds from the increased term loan to pay down outstanding borrowings on its credit facility. At September 30, 2012, ROIC had no borrowings outstanding on its $200.0 million unsecured credit facility.
INVESTMENT SUMMARY
During the third quarter 2012, ROIC acquired three shopping centers, in separate transactions, totaling $40.3 million. ROIC funded the transactions with cash and borrowings on its unsecured credit facility. Subsequent to the end of the third quarter, ROIC acquired one shopping center for $21.6 million funded with cash and borrowings on its unsecured credit facility.
Year-to-date, ROIC has acquired ten shopping centers totaling $156.2 million. In addition, ROIC has binding contracts to acquire three shopping centers, in separate transactions, for a total of $58.0 million.
The Village at Novato
In July 2012, ROIC acquired The Village at Novato for $10.5 million. The shopping center is approximately 20,000 square feet and is anchored by Trader Joe's. The property is located in Novato, California, within the San Francisco metropolitan area and is currently 90.6% leased. Included in the acquisition is an adjacent parcel entitled for an additional 55,000 square feet of retail space, which ROIC is developing.
Wilsonville Old Town Square
In August 2012, ROIC acquired the remaining interest in Wilsonville Old Town Square from its joint venture development partner for $1.6 million. Additionally, ROIC repaid an existing $13.3 million construction loan securing the property. The property is a newly developed 200,000 square foot shopping center and is anchored by Kroger (Fred Meyer) (NAP). The property is located in Wilsonville, Oregon, within the Portland metropolitan area and is currently 95.0% leased.
Glendora Shopping Center
In August 2012, ROIC acquired Glendora Shopping Center for $14.9 million. The shopping center is approximately 107,000 square feet and is anchored by Albertson's. The property is located in Glendora, California, within the Los Angeles metropolitan area and is currently 94.3% leased.
Bay Plaza Shopping Center
In October 2012, ROIC acquired Bay Plaza Shopping Center for $21.6 million. The shopping center is approximately 73,000 square feet and is anchored by Seafood City Supermarket, a regional grocery store. The property is located in San Diego, California and is currently 88.0% leased.
Bernardo Heights Plaza
ROIC has a binding contract to acquire Bernardo Heights Plaza for $12.4 million. The shopping center is approximately 38,000 square feet and is anchored by Sprouts Supermarket, a regional grocery store. The property is located in Rancho Bernardo, California, within the San Diego metropolitan area and is currently 100.0% leased.
Manhattan Village Shopping Center
ROIC has a binding contract to acquire Manhattan Village Shopping Center for $14.0 million. The shopping center is approximately 63,000 square feet and is anchored by QFC Supermarket (Kroger). The property is located in Normandy Park, Washington, within the Seattle metropolitan area and is currently 95% leased.
Santa Teresa Village Shopping Center
ROIC has a binding contract to acquire Santa Teresa Village Shopping Center for $31.6 million. The shopping center is approximately 124,000 square feet and is anchored by Nob Hill Foods, a regional grocery store. The property is located in San Jose, California and is currently 91.1% leased.
CASH DIVIDEND
On August 31, 2012, ROIC distributed a $0.14 per share cash dividend. On October 31, 2012, the Company's board of directors declared a cash dividend on its common stock of $0.14 per share, payable on November 30, 2012 to holders of record on November 14, 2012.
2012 FFO GUIDANCE
ROIC has adjusted its FFO guidance for 2012 to be within the range of $0.70 and $0.75 per diluted share and net income within the range of $0.12 to $0.14 per diluted share. ROIC's guidance takes into account anticipated costs associated with the relocation of its corporate headquarters to San Diego, California. During the third quarter of 2012, ROIC incurred $1.0 million in costs associated with the relocation and expects to incur an additional $2.0 million to $2.3 million during the fourth quarter of 2012 associated with completing the relocation.
CONFERENCE CALL
ROIC will conduct a conference call and audio webcast to discuss its quarterly results on November 1, 2012 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: 32354131. A live webcast will also be available in listen-only mode at http://www.roicreit.com/. The conference call will be recorded and available for replay beginning at 3:00 p.m. Eastern Time on November 1, 2012 and will be available until 11:59 p.m. Eastern Time on November 7, 2012. To access the conference call recording, dial (855) 859-2056 (domestic), or (404) 537-3406 (international) and use the Conference ID: 32354131. The conference call will also be archived on http://www.roicreit.com/ 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. The Company specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. At September 30, 2012, ROIC's property portfolio included 40 shopping centers encompassing approximately 4.3 million square feet. Additional information is available at www.roicreit.net.
http://www.globenewswire.com/news-release/2012/11/01/501603/10010594/en/Retail-Opportunity-Investments-Corp-Reports-Third-Quarter-2012-Results.html
ROIC Closes on $200 Million Senior Unsecured Revolving Credit Facility & $200 Million Senior Unsecured Term Loan (8/30/12)
SAN DIEGO, Aug. 30, 2012 (GLOBE NEWSWIRE) -- Retail Opportunity Investments, Corp. (the "Company") (Nasdaq:ROIC), a fully integrated owner and operator of shopping centers, announced today that it has amended and restated its $175 million senior unsecured revolving credit facility and $110 million senior unsecured term loan facility, extending their term by two years and increasing their size by $115 million, while simultaneously reducing borrowing costs.
John B. Roche, the Company's Chief Financial Officer commented, "The refinancing of our unsecured facilities, at spreads approximately 40 basis points inside our existing facilities, reflects our continued success in executing the Company's business plan and our commitment to a conservative and flexible capital structure. As of June 30, 2012, debt to total market capitalization was 26.5% and approximately 91% of the Company's portfolio was unencumbered. In addition to tighter spreads, the new facilities include a covenant package consistent with our investment grade peers and reflect our lenders' confidence in the Company. Proceeds from the term loan facility will be used to pay off the outstanding debt under the Company's existing credit facility, while the restructured revolving credit facility will provide us with additional flexibility to continue to grow our portfolio."
The unsecured revolving credit facility has an initial maturity date of August 29, 2016 with a borrower's option to extend the revolving credit facility for one year, while the term loan facility has a maturity date of August 29, 2017. Each facility has the same LIBOR-based borrowing margin, initially priced off a grid that is tied to the Company's leverage ratio. Based on the Company's current leverage, the facilities will bear interest at a rate of LIBOR plus 155 basis points. If the Company receives an investment grade credit rating from at least two rating agencies, the borrowing margin converts to a ratings-based grid. Additionally, both the credit facility and the term loan facility contain an accordion feature, providing the Company with the ability to increase the amount of both facilities to $300 million, subject to commitments and other conditions.
KeyBanc Capital Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are Joint Lead Arrangers and Joint Book Managers, KeyBank National Association is the Administrative Agent, Swing Line Lender and L/C Issuer, Bank of America, N.A. is the Syndication Agent with PNC Bank, National Association and U.S. Bank National Association as the Co-Documentation Agents. Other participants include Bank of Montreal, JPMorgan Chase Bank, N.A, RBS Citizens, N.A, Regions Bank, Royal Bank of Canada and Wells Fargo Bank, National Association.
ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.
Retail Opportunity Investments Corporation (Nasdaq:ROIC) is a fully integrated, self-managed real estate investment trust. The Company specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. At June 30, 2012, ROIC's property portfolio included 38 shopping centers encompassing approximately 4.1 million square feet. Additional information is available at www.roicreit.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.
CONTACT: Retail Opportunity Investments, Corp.
Renaissance Towne Centre - La Jolla
8905 Towne Centre Drive, Suite #108
San Diego, CA 92122
858-677-0900
http://globenewswire.com/newsroom/news.html?d=10003553
Take a look at two year chart. I love reits, well, all companies that can grow stock value systematically.
Let's assume here on out that the dividend stayed at $.14 / quarter and then use the average current shopping yield of 3.56%. In such a low-rate environment, stable dividend payers are coveted by investors, which probably will keep yields down for a while in my opinion.
($.14 * 4) / .0356 = $15.73 or a ROICW value of $3.73.
My buy was at $.80, so I'm hoping for a shot at a 5-bagger.
Have a great week all.
-Pagz
SA article for some Monday morning reading:
http://seekingalpha.com/article/782341-make-my-day-with-a-low-leveraged-sharp-shooting-west-coast-reit?source=yahoo
"one of the best overall balance sheets in the shopping center sector"
"the highest performing growth in the shopping center sector " Note: dividend
"The shopping center sector has produced annualized total sector returns of 22.01 percent, and the average dividend yield is 3.56 percent. ROIC's dividend yield is 4.53 percent"
ROIC Reports Second Quarter 2012 Results & Announces Plan to Relocate Headquarters to San Diego (8/02/12)
8.0% Increase in Same-Center Net Operating Income
7.7% Increase in Common Cash Dividend
Reaffirms 2012 FFO Guidance
WHITE PLAINS, N.Y., Aug. 2, 2012 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today financial and operating results for the quarter ended June 30, 2012.
HIGHLIGHTS
Net income of $4.4 million, or $0.09 per diluted share for 2Q'12
Funds From Operation (FFO) of $12.0 million, or $0.24 per diluted share (1) for 2Q'12
$134.3 million of shopping center investments completed year to date
8.0% increase in same-center cash net operating income (2Q'12 vs. 2Q'11)
92.8% portfolio occupancy at 6/30/12
284,000 square feet of leases executed in 2Q'12 (new and renewed)
26.5% debt-to-total market capitalization ratio at 6/30/12
Quarterly cash dividend of $0.14 per share of common stock declared (7.7% increase)
(1) See the end of this press release for a reconciliation of GAAP net income to FFO.
Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp., stated, "During the first six months of 2012, we continued broadening our portfolio through acquisitions, along with achieving strong operating, leasing and financial results. Year to date, we have acquired approximately $134.3 million of quality grocery and drug-store anchored shopping centers, including $48.7 million acquired during the second quarter. Additionally, we again posted solid property operating results, including achieving an 8.0% increase in same-center net operating income and leasing 284,000 square feet of space during the second quarter, increasing occupancy to 92.8%." Tanz continued, "We are heading into the second half of the year with excellent momentum and remain on track to achieve our stated objectives for the year."
FINANCIAL SUMMARY
For the three months ended June 30, 2012, net income attributable to common stockholders was $4.4 million, or $0.09 per diluted share. FFO for the second quarter 2012 was $12.0 million, or $0.24 per diluted share. For the six months ended June 30, 2012, net income was $5.6 million, or $0.11 per diluted share. FFO for the first six months of 2012 was $20.4 million, or $0.41 per diluted share. ROIC reports FFO as a supplemental performance measure. See the end of this press release for a reconciliation of GAAP net income to FFO.
At June 30, 2012, ROIC had a total market capitalization of $888.0 million, including $234.9 million of debt outstanding, equating to a 26.5% debt-to-total market cap ratio. At June 30, 2012, 89.7% of ROIC's debt was at fixed interest rates and the Company had $64.0 million outstanding on its $175.0 million unsecured credit facility. At June 30, 2012, 90.9% of ROIC's portfolio was unencumbered based on gross leasable area.
INVESTMENT SUMMARY
During the second quarter 2012, ROIC acquired four shopping centers in separate transactions totaling $48.7 million. ROIC funded the acquisitions with $10.8 million in cash and borrowings totaling $37.9 million on its unsecured credit facility. Subsequent to the end of the second quarter, ROIC acquired three shopping centers in separate transactions totaling $40.3 million, funded with borrowings on its unsecured credit facility. Year-to-date, ROIC has acquired nine shopping centers totaling $134.3 million.
Green Valley Station
In April 2012, ROIC acquired a mortgage note for $8.3 million secured by Green Valley Station. In June 2012, ROIC acquired the shopping center, pursuant to a conveyance-in-lieu of foreclosure agreement. Green Valley Station is approximately 52,000 square feet and is anchored by CVS Pharmacy. The property is located in Cameron Park, California, within the Sacramento metropolitan area and is currently 70.0% leased.
Aurora Square
In May 2012, ROIC acquired Aurora Square for $4.2 million. The shopping center is approximately 38,000 square feet and is anchored by Central Market, a regional grocery store. The property is located in Shoreline, Washington, within the Seattle metropolitan area and is currently 100.0% leased.
Marlin Cove
In May 2012, ROIC acquired Marlin Cove for $17.4 million. The shopping center is approximately 75,000 square feet and is anchored by 99 Ranch Supermarket, a regional grocery store. The property is located in Foster City, California, within the San Francisco metropolitan area and is currently 80.0% leased.
Seabridge Marketplace
In May 2012, ROIC acquired a mortgage note for $18.8 million secured by Seabridge Marketplace. In May 2012, ROIC acquired the property, pursuant to a conveyance-in-lieu of foreclosure agreement. Seabridge Marketplace is approximately 92,000 square feet and is anchored by Vons Supermarket. The property is part of an award-winning master planned community, Seabridge Marina, located in Oxnard, California, within the Los Angeles metropolitan area and is currently 92.0% leased.
The Village at Novato
In July 2012, ROIC acquired The Village at Novato for $10.5 million. The shopping center is approximately 20,000 square feet and is anchored by Trader Joe's. The property is located in Novato, California, within the San Francisco metropolitan area and is currently 91.0% leased. Included in the acquisition is an adjacent parcel entitled for an additional 55,000 square feet of retail space, which ROIC intends to develop.
Wilsonville Old Town Square
In August 2012, ROIC acquired the remaining interest in Wilsonville Old Town Square from its joint venture development partner for $1.6 million. Additionally, ROIC repaid an existing $13.3 million construction loan securing the property. The property is a newly developed 200,000 square foot shopping center and is anchored by Kroger (Fred Meyer) (NAP). The property is located in Wilsonville, Oregon, within the Portland metropolitan area and is currently 91.4% leased.
Glendora Shopping Center
In August 2012, ROIC acquired Glendora Shopping Center for $14.9 million. The shopping center is approximately 107,000 square feet and is anchored by Albertson's. The property is located in Glendora, California, within the Los Angeles metropolitan area and is currently 92.0% leased.
CASH DIVIDEND
On May 30, 2012, ROIC distributed a $0.13 per share cash dividend. On July 31, 2012, the Company's board of directors declared a cash dividend on its common stock of $0.14 per share, payable on August 31, 2012 to holders of record on August 14, 2012. The $0.14 per share dividend represents a 7.7% increase over ROIC's previous cash dividend.
CORPORATE HEADQUARTERS RELOCATION & MANAGEMENT CHANGE
During the second half of 2012, ROIC will move its corporate headquarters from White Plains, New York, to San Diego, California. Additionally, John Roche, ROIC's Chief Financial Officer, has elected not to remain with ROIC once the transition to the West coast has been completed.
Tanz commented, "When ROIC commenced operations as a shopping center REIT in October 2009, our stated target markets for acquiring shopping centers were the West and East coasts. Notwithstanding giving careful consideration to numerous investment opportunities on both coasts, to date our acquisition activity has been focused on the West coast, where we believe we have been one of the most active acquirers and have become one of the largest owners of neighborhood and community shopping centers over the past three years. In order to operate efficiently, we will be combining corporate functions with property management and leasing functions in San Diego." Tanz further stated, "Once the relocation is complete, John Roche will step down as Chief Financial Officer. John's leadership and invaluable contribution has been instrumental to ROIC's growth over the past three years. The Company will soon commence conducting an executive search. In the meantime, John will continue to serve as ROIC's Chief Financial Officer."
2012 FFO GUIDANCE
The Company maintains its FFO guidance for 2012 of $0.68 to $0.78 per diluted share and net income within the range of $0.08 to $0.14 per diluted share. The Company's guidance takes into account anticipated costs associated with the relocation of the Company's headquarters to San Diego, California, expected to be between $3.0 and $3.3 million and recognized during the third and fourth quarters of 2012.
CONFERENCE CALL
ROIC will conduct a conference call and audio webcast to discuss its quarterly results on August 2, 2012 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: 95816513. A live webcast will also be available in listen-only mode at http://www.roicreit.com/. The conference call will be recorded and available for replay beginning at 3:00 p.m. Eastern Time on August 2, 2012 and will be available until 11:59 p.m. Eastern Time on August 8, 2012. To access the conference call recording, dial (855) 859-2056 (domestic), or (404) 537-3406 (international) and use the Conference ID: 95816513. The conference call will also be archived on http://www.roicreit.com/ 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. The Company specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. At June 30, 2012, ROIC's property portfolio included 38 shopping centers encompassing approximately 4.1 million square feet. Additional information is available at www.roicreit.net.
http://globenewswire.com/newsroom/news.html?d=10000622
Raymond James initiated an Outperform rating today with a price target of $13.
Good to see analysts picking up on ROIC.
Disclosure: I have a position in ROICW warrants.
This thing is rallying hard.
Another new high.This investment is for seasoned value investors, who love growth...Can we say best of both worlds. Roic just getting noticed. 15 by September , hopefully. :)
IMO !
ROIC Reports First Quarter 2012 Results (5/03/12)
10% Increase in Same-Center Net Operating Income
8.3% Increase in Common Cash Dividend
WHITE PLAINS, N.Y., May 3, 2012 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today financial and operating results for the quarter ended March 31, 2012.
HIGHLIGHTS
Net income of $1.1 million, or $0.02 per diluted share for 1Q'12
Funds From Operations (FFO) of $8.4 million, or $0.17 per diluted share (1) for 1Q'12
$75.3 million of shopping center investments committed year to date
10.0% increase in same-center cash net operating income (1Q'12 vs. 1Q'11)
172,000 square feet of leases executed in 1Q'12 (new and renewed)
100 basis point increase in portfolio occupancy (92.3% at 3/31/12)
22.9% debt-to-total market capitalization ratio at 3/31/12
Quarterly cash dividend of $0.13 per share of common stock declared (8.3% increase)
Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, "We are off to a great start in 2012, as we continue to broaden our portfolio through acquiring quality, grocery-anchored shopping centers and enhancing value through our proactive management and leasing programs. We have over $75 million of shopping center investments committed to thus far in 2012. Additionally, in terms of property operations, we posted solid results during the first quarter, including increasing same-center net operating income by 10.0%, leasing 172,000 square feet and increasing occupancy by 100 basis points to 92.3%." Tanz continued, "With these accomplishments, we are on track to meet our objectives for the year, including our previously stated guidance of achieving FFO between $0.68 and $.78 per diluted share for 2012."
FINANCIAL SUMMARY
For the three months ended March 31, 2012, net income attributable to common stockholders was $1.1 million, or $0.02 per diluted share. FFO for the first quarter 2012 was $8.4 million, or $0.17 per diluted share. ROIC reports FFO as a supplemental performance measure. See the end of this press release for a reconciliation of GAAP net income to FFO.
At March 31, 2012, ROIC had a total market capitalization of $842.3 million, including $192.9 million of debt outstanding, equating to a 22.9% debt-to-total market cap ratio. At March 31, 2012, 73.9% of ROIC's debt was at fixed interest rates and the company had $15.0 million outstanding on its $175.0 million unsecured credit facility. At March 31, 2012, 87.4% of ROIC's portfolio was unencumbered based on gross leasable area.
INVESTMENT SUMMARY
During the first quarter 2012, ROIC acquired two shopping centers in separate transactions totaling $45.4 million. ROIC funded the acquisitions with a combination of $22.0 million in cash, the assumption of an existing $8.4 million mortgage and borrowings totaling $15.0 million on its unsecured credit facility.
Subsequent to the end of the first quarter, ROIC acquired one shopping center for $4.2 million and purchased for $8.3 million an existing mortgage loan secured by a shopping center. ROIC funded the acquisitions with borrowings on its unsecured credit facility. Additionally, ROIC is currently in escrow to acquire one shopping center for $17.4 million.
Gateway Shopping Center
In February 2012, ROIC acquired Gateway Shopping Center for $29.5 million. The shopping center is approximately 101,000 square feet and is anchored by WinCo Foods (NAP) and Rite Aid. The property is located in Marysville, Washington, within the Seattle metropolitan area and is currently 97.6% leased.
Euclid Plaza
In March 2012, ROIC acquired Euclid Plaza for $15.9 million. The shopping center is approximately 69,000 square feet and is anchored by Vallarta Supermarket, a Southern California based grocer, and Walgreens. The property is located in San Diego, California and is currently 100.0% leased. The shopping center is fully entitled for a 10,000 square foot expansion for new shop retailers, which ROIC is currently pursuing.
Aurora Square
In May 2012, ROIC acquired Aurora Square for $4.2 million. The shopping center is approximately 38,000 square feet and is anchored by Central Market (Town & Country), a regional grocery store. The property is located in Shoreline, Washington, within the Seattle metropolitan area and is currently 100.0% leased.
Marlin Cove
ROIC is currently in escrow to acquire Marlin Cove for $17.4 million. The shopping center is approximately 75,000 square feet and is anchored by 99 Ranch (Tawa) Supermarket, a regional grocery store operating 28 stores in four states. The property is located in the San Francisco Bay Area community of Foster City, California and is currently 80.0% leased.
CASH DIVIDEND
On March 15th, 2012, ROIC distributed a $0.12 per share cash dividend, equating to a 70.6% FFO payout ratio for the first quarter 2012. On May 2, 2012, the Company's board of directors declared a cash dividend on its common stock of $0.13 per share, payable on May 30, 2012 to holders of record on May 16, 2012. The $0.13 per share dividend represents an 8.3% increase over ROIC's previous cash dividend.
CONFERENCE CALL
ROIC will conduct a conference call and audio webcast to discuss its quarterly results on May 3, 2012 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: 67987154. A live webcast will also be available in listen-only mode at http://www.roicreit.com/. The conference call will be recorded and available for replay beginning at 3:00 p.m. Eastern Time on May 3, 2012 and will be available until 11:59 p.m. Eastern Time on May 9, 2012. To access the conference call recording, dial (855) 859-2056 (domestic), or (404) 537-3406 (international) and use the Conference ID: 67987154. The conference call will also be archived on http://www.roicreit.com/ 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. The Company specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. At March 31, 2012, ROIC's property portfolio included 35 shopping centers encompassing approximately 3.9 million square feet. Additional information is available at www.roicreit.net.
http://globenewswire.com/newsroom/news.html?d=254459
Bob Pisani commented on rising REITs on CNBC (3/27/12)
Similar information appeared in blog:
Real estate investment trusts (REITs) shine: I have mentioned all this week that many REITs are the new market leaders, led by 3.5 year highs in the MSCI REIT Index. In the last 24 hours, two of the big kahunas in the space, mall giants Simon Property Group and Taubman Centers, both reported stellar earnings.
It's simple: both reported increases in rent and occupancy. For Simon Property, sales per square foot were up 11 percent. Occupancy rates were up 0.6 percent to 93.6 percent. They are building outlets in Brazil and China. And they're raising their dividend 5 percent. The company raised guidance for funds from operations (FFO, the key metric for REITs) for 2012.
For Taubman Centers, FFO was above consensus by several cents. Operating expenses were down (less snow removal due to a warm winter?). Base rents are rising, increasing 2.6 percent sequentially. Tenant sales (sales per square foot) increased 13.3 percent year over year.
http://www.cnbc.com/id/47203839
Drop in Store Vacancies Signal Possible Mall Rebound (4/06/12)
By KRIS HUDSON
The rebounding economy is providing a slight boost to U.S. malls and shopping centers, which in the first quarter registered their first declines in vacancy in years. But analysts aren't yet ready to declare a turnaround.
"I think we're on the precipice of a recovery, but it's a little too soon to call it that," said Ryan Severino, a senior economist at real-estate research company Reis Inc. "We're gathering steam. The data on a quarter-by-quarter basis is more heartening than we've seen in a long time."
Vacancies at shopping malls declined to 9% in the first quarter from 9.2% in the fourth quarter of 2011, marking the first quarterly decline for malls in more than a year, according to Reis, which tracks the top 80 U.S. markets. Still, the vacancy rate remains close to the 10-year high for malls of 9.4% set in last year's third quarter. Meanwhile, average lease rates at malls increased 0.2% in the first quarter to $39 per square foot per year, marking a third consecutive increase, according to Reis.
Vacancy rates at strip malls and other neighborhood shopping centers, which have been the hardest-hit sector of the retail real-estate industry, declined for the first time since 2005, falling to 10.9% in the first quarter from 11% in the fourth quarter of last year, according to Reis. As with malls, the strip-center vacancy rate remains close to its all-time high of 11.1% set in 1990. Rates at strip centers increased slightly for the second consecutive quarter, rising by 0.1% to $16.57.
CBL & Associates Properties Inc., CBL -0.91% which owns or manages 87 U.S. malls, noted sales gains in the first quarter by retailers of home goods, shoes, apparel and jewelry. Among the stores CBL is adding this year is a Forever 21 Inc. in a former Borders Group Inc. location at the Arbor Place Mall in Douglasville, Ga., and an American Girl store replacing a large restaurant at Chesterfield Mall near St. Louis.
"There has been virtually no new (retail) development for three years," said Stephen Lebovitz, CBL's president and chief executive. "With no new space to accommodate (retailers' expansion), that plays into the hands of existing property owners."
That is a sharp departure from the past few years, when declining consumer spending prompted retailers to reduce space, close stores and consolidate operations, leading to higher store vacancies. But now that consumer spending is picking up, the outlook for retail landlords is improving. The 20 national retail chains tracked by research company Retail Metrics Inc. posted an average gain in March of 3.9% in sales at stores open for at least a year, up from a 3.2% gain in March 2011.
Still, some analysts and landlords say optimism should remain tempered. Online shopping, although still a fraction of sales at brick-and-mortar stores, continues to grow dramatically faster than traditional, in-person shopping. And more fallout may come from additional store closures by struggling retail stalwarts such as Sears Holdings Corp. SHLD -1.32% and Best Buy Co. BBY -1.31%
Furthermore, the recent gains by the retail-property industry likely are as attributable to the lack of new competition as they are to retailers opening more stores. New construction of malls and shopping centers has remained near historically low levels since the recession, meaning that few new centers are opening half empty and siphoning stores away from existing centers.
Absent that influence, retailers moved into more strip-center space than they forfeited for the third consecutive quarter, adding a net of nearly three million square feet last quarter. Reis forecasts that strip-center vacancies will continue to decline slowly this year. "But demand for goods and space remains fragile despite recent hopeful signs," Mr. Severino said. "Until the economy and labor market are on more solid footing and (retail expansion) begins to return to more healthy levels, we remain guarded in our outlook for shopping centers."
Philip Montgomery, president of Dallas-based PO'B Montgomery & Co., which owns seven shopping centers in four states, said he saw "a noticeable pickup in leasing" in the first quarter. He signed up Sports Authority Inc. last quarter to move into a 25,000-square-foot, former Borders location in the Broadmoor Towne Center in Colorado Springs, Colo., at a slight increase to Borders' lease rate, he said.
Even so, Mr. Montgomery said many retailers are pushing to reduce the size of their stores. And he noted that some landlords are facing a decline in rents because leases now expiring were signed during the boom years, when lease rates were higher. Many retailers no longer are willing to pay those rates.
Write to Kris Hudson at kris.hudson@wsj.com
http://online.wsj.com/article/SB10001424052702304072004577326061073548678.html
Yesterday the warrants moved quite a bit in response to ROIC going above 12...didn't get much about 12. Kind of like options being 'in the money'. We have 2.5 years to sit wait for it to go up... I'm excited.
This one is just getting started. This common will move slow and steady. The properties comprised of shopping centers with an anchor stores seem to be performing well. these warrants with a strike of $12 are now in the money don't expire for another 2 1/2 years.. ROIC and ROICW are now on people radars.
In the warrants at about a buck. Target $4.00
I expect the common to be at least $16.00 by oct. 2014.
I bought a bit of ROIC years ago and just started looking again at it. I noticed the warrants are now trading at 0.70... seems to me like a potentially good investment since we are about 30 cents away from $12 and have until Oct 2014... the way i see it is that this is essentially a long term call...any thoughts?
http://seekingalpha.com/article/406661-roic-deserves-more-playing-time-this-reit-can-score-points?source=yahoo
Waiting for the right pitch.
Despite reading the Forbes article in the earlier post and starting this board on 12/24/09 when ROIC closed at $10.22, I did not begin buying ROICW (warrants) until 2/23/11.
Did waiting 14 months hurt?
ROIC closed at $10.65 on 2/23/11. I do not think so. Timing looks good.
The point is that my board creations do not necessarily relate to actually holding a position. Obviously, no P&D objective. In many cases, a board is just a placeholder for me.
ROIC Reports Solid 2011 Results (2/23/12)
Declares Cash Dividend & Establishes 2012 FFO Guidance
WHITE PLAINS, N.Y., Feb. 23, 2012 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today financial and operating results for the quarter and year ended December 31, 2011.
4TH QUARTER 2011 HIGHLIGHTS
Net income of $0.2 million, or $0.01 per diluted share for 4Q11
Funds From Operation (FFO) of $7.5 million, or $0.17 per diluted share (1) for 4Q11
$17.5 million grocery-anchored shopping center acquired in 4Q11
$77.2 million net proceeds raised through common stock offering in 4Q11
$0.12 per common share cash dividend declared
YEAR 2011 HIGHLIGHTS
Net income of $9.7 million, or $0.23 per diluted share for 2011
FFO of $33.0 million, or $0.78 per diluted share (1) for 2011
$288.2 million of shopping centers acquired in 2011
91.3% portfolio occupancy rate at December 31, 2011
24.5% debt-to-total assets ratio at December 31, 2011
(1) See the end of this press release for a reconciliation of GAAP net income to FFO.
Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, "During 2011, we successfully achieved a number of key objectives. Through our acquisition program, we expanded our portfolio by 80%, in terms of gross leasable area, enhancing our presence across all of our core markets in the western United States. Additionally, we continued to capitalize on the strong demand for space across our portfolio, aggressively leasing space at newly acquired properties. We also completed several important balance sheet initiatives, including refinancing our unsecured credit facility, significantly lowering the borrowing spread, as well as completing our first public stock offering as a shopping center REIT. Looking ahead at 2012, we are already off to a solid start with $65 million in shopping center acquisitions committed to date. Additionally, with our leasing activity during the past year, together with the current demand for space, we are poised to generate strong, same-store cash net operating income in 2012." Tanz stated further, "In the two years time since commencing operations as a shopping center REIT, we have successfully completed $654 million of shopping center investments and established a solid operating platform in our core markets. We believe we have the critical mass and infrastructure in place today to drive strong operating results going forward and continue growing our business."
FINANCIAL SUMMARY
For the three months ended December 31, 2011, net income attributable to common stockholders was $0.2 million, or $0.01 per diluted share. FFO for the fourth quarter 2011 was $7.5 million, or $0.17 per diluted share. For the year ended December 31, 2011, net income was $9.7 million, or $0.23 per diluted share. FFO for the twelve months of 2011 was $33.0 million, or $0.78 per diluted share. ROIC reports FFO as a supplemental performance measure. See the end of this press release for a reconciliation of GAAP net income to FFO.
At December 31, 2011, ROIC had total assets of $694.4 million with $169.9 million of debt outstanding, equating to a 24.5% debt-to-total assets ratio. At December 31, 2011, ROIC had no borrowings outstanding on its unsecured revolving credit facility.
In December 2011, ROIC sold 7.5 million newly-issued shares of common stock in an underwritten, public offering, raising $77.2 million in net proceeds. ROIC utilized the proceeds to repay outstanding borrowings on its unsecured credit facility and to fund a recent shopping center acquisition.
INVESTMENT SUMMARY
During 2011, ROIC acquired thirteen shopping centers for a total of $288.2 million, including one shopping center acquired during the fourth quarter for $17.5 million. ROIC funded the acquisitions with a combination of cash, the assumption of mortgages securing two of the acquired shopping centers and borrowings under its unsecured credit facility.
Year-to-date in 2012, ROIC has thus far committed a total of $65.3 million in shopping center acquisitions, including one recently acquired shopping center for $29.4 million and binding contracts to acquire two additional shopping centers, in separate transactions, for a total of $35.9 million. ROIC funded the recently acquired shopping center with cash and expects to fund the two pending transactions with borrowings under its unsecured credit facility.
Hillsboro Market Center
In November 2011, ROIC acquired Hillsboro Market Center for $17.5 million. The shopping center is approximately 156,000 square feet and is anchored by Albertsons. The property is located in Hillsboro, Oregon, within the Portland metropolitan area and is currently 92.0% leased.
Gateway Shopping Center
In February 2012, ROIC acquired Gateway Shopping Center for $29.4 million. The shopping center is approximately 101,000 square feet and is anchored by WinCo Foods (NAP) and Rite Aid. The property is located in Marysville, Washington, within the Seattle metropolitan area and is currently 94.0% leased.
Euclid Plaza
ROIC has a binding contract to acquire Euclid Plaza for $15.9 million. The shopping center is approximately 68,000 square feet and is anchored by Vallarta Supermarket, a Southern California based grocer, and Walgreens. The property is located in San Diego, California and is currently 100.0% leased to four tenants. The shopping center is fully entitled for a 10,000 square foot expansion for new shop retailers. Following the closing of the acquisition, ROIC intends to pursue the expansion opportunity.
Wilsonville Old Town Square
ROIC has a contractual right to acquire Wilsonville Old Town Square based upon a 7.75% cap rate upon reaching a stipulated leasing threshold. The property is a newly developed 200,000 square foot shopping center and is anchored by Kroger (Fred Meyer) (NAP). The property is located in Wilsonville, Oregon, within the Portland metropolitan area. The property is currently 89.3% leased.
CASH DIVIDEND
ROIC's Board of Directors has declared a quarterly cash dividend on its common stock of $0.12 per share, payable on March 15, 2012 to holders of record on February 29, 2012.
2012 FFO & DIVIDEND GUIDANCE
ROIC currently estimates that FFO for 2012 will be within the range of $0.68 to $0.78 per diluted share, and net income will be within the range of $0.08 to $0.14 per diluted share. The following table provides a reconciliation of GAAP net income to FFO. (In Thousands)
ROIC plans to target cash dividends on its common stock during 2012, equivalent to approximately 70%- 80% of FFO. ROIC's estimates are based on numerous critical assumptions, including, but not limited, completing approximately $250 million of shopping center investments during 2012. ROIC management will discuss its estimates and underlying assumptions on the company's February 23, 2012 conference call (see information below). ROIC's guidance is a forward-looking statement and is subject to risks and other factors described elsewhere in this press release.
CONFERENCE CALL
ROIC will conduct a conference call and audio webcast to discuss its quarterly results on February 23, 2012 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: 41312151. A live webcast will also be available in listen-only mode at http://www.roicreit.com/. The conference call will be recorded and available for replay beginning at 3:00 p.m. Eastern Time on February 23, 2012 and will be available until 11:59 p.m. Eastern Time on March 1, 2012. To access the conference call recording, dial (855) 859-2056 (domestic), or (404) 537-3406 (international) and use the Conference ID: 41312151. The conference call will also be archived on http://www.roicreit.com/ for approximately 90 days.
ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.
Retail Opportunity Investments Corp. (Nasdaq:ROIC) is a fully integrated, self-managed real estate investment trust. The Company specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. The Company's property portfolio includes 34 shopping centers encompassing approximately 3.8 million square feet. Additional information is available at www.roicreit.net.
The Retail Opportunity Investments Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6855
http://globenewswire.com/newsroom/news.html?d=246889
Retail Opportunity Investments Corp. Reports Solid 2011 Results
http://ih.advfn.com/p.php?pid=nmona&article=51318011&symbol=ROIC
~ Thursday! $ROIC ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $ROIC ~ Earnings expected on Thursday *
Want more like this? Search Keyword: MACMONEY >>> http://tinyurl.com/MACMONEY <<<
One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
http://stockcharts.com/h-sc/ui?s=ROIC&p=D&b=3&g=0&id=p88783918276&a=237480049
http://stockcharts.com/h-sc/ui?s=ROIC&p=W&b=3&g=0&id=p54550695994
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~ BusyStock: http://busystock.com/i.php?s=ROIC&v=2
<<<<<< http://www.earningswhispers.com/stocks.asp?symbol=ROIC >>>>>>
http://investorshub.advfn.com/boards/post_prvt.aspx?user=251916
*If the earnings date is in error please ignore error. I do my best.
Blackstone Spies Retail Recovery (2/01/12)
Private-Equity Giant's Bet Starts to Look Like a Winner; Vacancy and Lease Rates Show Gains.
By KRIS HUDSON
Blackstone Group LP's $11 billion bet on retail property is showing signs of paying off.
As the retail property market struggled over the past year with high vacancies and competition from online shopping, the private-equity giant made a bold play: It bought up three major retail portfolios to become one of the largest owners of U.S. shopping centers.
Now there are signs that the industry is near its bottom, and perhaps starting a slight recovery.
In the span of 12 months, Blackstone snapped up Centro Property Group's 588 U.S. centers, 36 grocery-anchored centers from Equity One Inc. and—in January—a 95% stake in 46 big-box centers from EPN Group.
CloseBrixmor Property Group
To be sure, Blackstone is still many years from successfully exiting those purchases. And the retail-property sector still is besieged with long-term problems, such as the consolidation of certain big-box retail categories and high profile closures by companies such as Sears Holdings Corp. and Gap Inc.
But Blackstone paid relatively modest prices for its retail portfolios, which included many properties in secondary locations.
The former Centro properties' annual net income amounts to a roughly 8% yield on Blackstone's $9.4 billion investment, according to people familiar with the matter. These days, top-quality shopping centers tend to trade at cap rates of 4% to 6%.
Meanwhile, Blackstone is collecting initial yields of roughly 7.5% on its Equity One and EPN investments, which were valued at $473 million and $1.4 billion, respectively.
The upshot is that as long as the retail industry's problems don't get worse, Blackstone's bets in the sector likely will produce a decent return.
In the broader market, the vacancy and lease rates at U.S. retail centers have recently shown slight gains. Average vacancy at grocery-anchored centers like those Blackstone bought from Equity One and Centro stands at 7.5%, slightly below the recent high of 7.7% in last year's second quarter, according to real-estate-research firm Reis Inc.
At big-box centers like those Blackstone bought from EPN, the average vacancy rate in the top 80 U.S. markets stands at 6.8% after touching a recent high of 7.6% in early 2010, Reis says. Those centers likely are more at risk than other retail formats because big-box retailers like Best Buy Co., Office Depot Inc. and Barnes & Noble Inc. have lost the most to online sales.
Blackstone's retail bet is one of many in commercial property being made by the private-equity giant, which has $158 billion in total assets under management. Of that, Blackstone's equity under management in its real-estate investments now amounts to $41 billion, up from $23 billion when Blackstone went public in 2007.
Blackstone is scheduled to report its fourth-quarter results on Thursday.
Many of Blackstone's investments are in established properties like office buildings in downtowns with high occupancy rates. But Blackstone also is one of the biggest risk-takers in the commercial-property world, betting on suburban office buildings, properties facing foreclosures and hotels in need of a turnaround.
Blackstone is "making a macro bet on the U.S. retail sector," said Dan Fasulo, managing director of Real Capital Analytics, which tracks commercial real-estate transactions. "It's an educated judgment that we're either at or close to the bottom and that the worst is over."
Blackstone jumped into the retail-property industry in 2010 when it invested $500 million for a minority stake in mall owner General Growth Properties Inc. as it emerged from bankruptcy. Also in 2010, Blackstone bought stakes in two U.S. malls owned and operated by Glimcher Realty Trust, and bought a third in partnership with Glimcher.
Last year, Blackstone moved full-force into the market for shopping centers, which are smaller than malls and typically are anchored by a grocery store or big-box retailer with all stores surrounding a common parking lot.
Blackstone paid relatively modest prices because the sellers were eager to divest them and because Blackstone was one of a just handful of buyers with deep enough pockets to make such deals.
The slight improvement in national vacancy statistics are reflected in Blackstone's retail-property portfolio. For example, the centers that it bought from EPN and Equity One lost several percentage points of occupancy during the recession but each regained one percentage point last year, putting them at 90%, according to people familiar with the properties.
New leases on the books indicate that the centers will gain another one or two points of occupancy this year.
Even the former Centro centers, which have lower-quality tenants and rents on average than Blackstone's others, registered an increase in occupancy to 88.1% last year from 87.6% a year earlier, people said.
Blackstone combined the Centro and Equity One portfolios in a new company called Brixmor Property Group. The former EPN centers will continue to be managed by DDR Corp.
While the retail sector is still grappling with years of overbuilding during the boom years, construction slowed to nearly nothing in 2010 and 2011. That means existing shopping centers needn't fight with newly built centers for tenants.
"What's really helping the [industry's] recovery along is, with demand so lukewarm, the fact that there has been so little supply growth has really tempered any further distress," said Victor Calanog, Reis' director of research.
http://online.wsj.com/article/SB10001424052970203920204577193402080585154.html?KEYWORDS=blackstone+spies
Shopping in Scottsdale (10/19/11)
By MAURA WEBBER SADOVI
The sale of the Shea Scottsdale shopping center just outside Phoenix helps explain a curious phenomenon taking place in retail real estate.
On one hand, one would expect investors to be shunning grocery-anchored shopping centers, which have been suffering from high vacancy and anemic rent growth. New competitors have surfaced, including online shopping and monster retailers like Wal-Mart Stores Inc. and Target Corp., that offer aisles of discounted food.
On the other hand, so far this year investors have snapped up $7.9 billion of retail centers with supermarkets, sending volume up 68% from the $4.7 billion sold in all of 2010, though the level is still well below the peak in 2007, according to Real Capital Analytics Inc., a real-estate research firm. The U.S. sales volume of all other retail properties rose 32% to $20.8 billion this year to date, from $15.7 billion in all 2010.
Retail real-estate investors include giants like Blackstone Group LP. Earlier this year New York-based Blackstone agreed to buy 588 U.S. shopping centers from Centro Properties Group, many of which were grocery-anchored, in a transaction that valued the properties at over $9 billion. Last month Blackstone agreed to buy 36 mostly grocery-anchored U.S. shopping centers from Equity One Inc. in a deal valued at $473.1 million.
The deals are largely being driven by yield. Karlin Real Estate, a Los Angeles investment firm, paid $50 million for two adjacent shopping centers known as Shea Scottsdale and expects the property to have an initial return of under 7%. By comparison, yields on office buildings and rental apartment buildings in downtowns of a half-dozen major cities are in the 5% to 6% range, according to Real Capital.
Blackstone's initial yields were 8.1% and 7.7% in its Centro and Equity One deals, respectively, according to people familiar with the matter. Those are good initial returns considering that Blackstone's borrowing costs were in the 4% to 5% range.
Karlin expects its yield to go higher on Shea if it succeeds in bringing new tenants to vacant space in the 277,000-square-foot center, which is 85% leased. "We expect to get to a double digit return in about two to three years based upon operating efficiencies, rent increases and by filling vacant space," says Matthew Schwab, a managing director with Karlin.
Yields, of course, can also fall if tenants move out or go bust. Grocery-anchored retail shopping center vacancy rates in the Phoenix area ticked down to 8.5% in the third quarter, from 8.8% in the second quarter, though they are still above the year-earlier level of 7.4%, according to Reis Inc.
It used to be conventional wisdom that grocery-anchored centers were downturn-resistant. But, with the new competitors, that no longer is the case. "Supermarkets are no longer safe anchors," says Burt P. Flickinger III, managing director of Strategic Resource Group, a New York retail consultant.
But that is where good market intelligence comes in. The Shea Scottsdale Safeway Inc. store logs annual sales of $500 a square foot annually, above the $300 range for the Phoenix area, and the nearest grocery store is three miles away, according to Michael Hackett, a retail investment sales broker with Cassidy Turley BRE Commercial in Phoenix.
Also, Mr. Schwab says he is confident he could replace Safeway, whose lease expires in four years, because of Shea's location. The seller of the property was the Herberger family, which bought the land in the early 1950s, when Scottsdale had a population of about 2,000. Since then it has swelled to over 200,000, and Scottsdale is home to exclusive spas and some of the Phoenix area's most-upscale residential areas.
"It's a question of betting on the right grocer in the right location," says Ben Carlos Thypin, director of market analysis with Real Capital.
Even if vacancy rises at Shea, Karlin may be safe because it is acquiring the shopping center with no debt, as it does in most of its deals. The investment company was founded in 2008 to invest capital for Dr. Gary Michelson, a surgeon whose unusually large hands and concerns about invasive spinal surgery led him to make part of his fortune inventing and selling medical devices. Karlin owns more than two million square feet of office, retail and industrial properties, and some 1,500 apartment units.
Karlin is planning to spend about $1 million to upgrade and rebrand the Mediterranean-style Shea Scottsdale , which was developed as two separate, contiguous shopping centers. "We'll be redesigning [it] to make it much more pedestrian-friendly," Mr. Schwab says.
http://online.wsj.com/article/SB10001424052970203658804576637400614107410.html?KEYWORDS=shopping+in+scottsdale
[The Wednesday edition of the WSJ is a must read for its real estate coverage. I saved a hard copy of this article, but never posted it for others. Sorry. Some of my best ideas come from things read months (or even a year) earlier.]
ROIC acquired Hillsboro Market Center (11/23/11)
The shopping center property, located in Hillsboro, Oregon, within the Portland metropolitan area, was acquired for $17.5 million in cash.
http://sec.gov/Archives/edgar/data/1407623/000119312511328874/0001193125-11-328874-index.htm
Financial Summary (9/30/11)
For the three months ended September 30, 2011, net income attributable to common stockholders for the quarter was $2.5 million, or $0.06 per diluted share. FFO for the third quarter 2011 was $9.0 million, or $0.21 per diluted share. For the nine months ended September 30, 2011, net income was $9.4 million, or $0.22 per diluted share. FFO for the first nine months of 2011 was $25.6 million, or $0.61 per diluted share. ROIC reports FFO as a supplemental performance measure. See the end of this press release for a reconciliation of GAAP net income to FFO.
ROIC had total assets of $650.7 million with $200.6 million of debt outstanding including $110.0 million outstanding on its unsecured term loan and $29.9 million on its unsecured revolving credit lines.
ROIC extended the maturity date of its $175.0 million senior unsecured revolving credit facility and simultaneously entered into a $110.0 million unsecured term loan agreement. The new credit facility and term loan have initial maturity dates of September 20, 2014 and September 20, 2015, respectively. ROIC has the option to extend the maturity date of the credit facility for an additional year subject to certain conditions. ROIC also has the ability to increase the credit facility and term loan amounts to $300.0 million and $175.0 million, respectively subject to commitments and other conditions including the consent of the lenders. ROIC intends to utilize borrowings under the credit facility primarily to fund future shopping center investments.
http://sec.gov/Archives/edgar/data/1407623/000117184311003277/newsrelease.htm
Occupancy rates (9/30/11)
Portfolio occupancy: 92.5%
Stabilized occupancy: 95.6% (new high)
http://sec.gov/Archives/edgar/data/1407623/000117184311003277/newsrelease.htm
Q3 Investment Summary
During the third quarter of 2011, ROIC completed $138.3 million of shopping center investments, acquiring six shopping centers in separate transactions. The transactions were funded by the assumption of two existing mortgages totaling $30.2 million and borrowings under its unsecured credit facility and term loan.
Year-to-date ROIC has completed $228.6 million of shopping center investments. In addition, ROIC has binding contracts to acquire two shopping centers, in separate transactions, for a total of $42.8 million. ROIC expects to fund the pending acquisitions with borrowings under its unsecured credit facility.
Country Club Gate
In July 2011, ROIC acquired Country Club Gate for $22.8 million. The shopping center is approximately 109,000 square feet and is anchored by Save Mart Supermarket and Rite Aid. The property is located in Pacific Grove, California, in the heart of the Monterey pennisula. The property is currently 91.3% leased.
Canyon Park Shopping Center
In July 2011, ROIC acquired Canyon Park Shopping Center for $18.4 million. The shopping center is approximately 122,000 square feet and is anchored by Albertsons and Rite Aid. The property is located in Bothell, Washington, within the Seattle metropolitan area. The property is currently 100.0% leased.
Renaissance Towne Center
In August 2011, ROIC acquired Renaissance Towne Center for $23.8 million. The shopping center is approximately 53,000 square feet and is anchored by CVS Pharmacy. The property is located in La Jolla, California, within the San Diego metropolitan area. The property is currently 97.2% leased.
Round Hill Square
In September 2011, through a conveyance-in-lieu of foreclosure agreement in relation to a mortgage note ROIC acquired in August 2011 for $22.0 million, ROIC acquired the Round Hill Square Shopping Center. The shopping center is approximately 117,000 square feet and is anchored by Safeway. The property is located in Zephyr Cove, Nevada, in the heart of the Lake Tahoe market, and is currently 79.3% leased.
Kress Building
In September 2011, ROIC acquired The Kress Building for $28.8 million. The property is a three-story shopping center, totaling 74,000 square feet, located in the heart of Seattle's central business district at the intersection of Pike Street and 3rd Avenue. The property is anchored by Kress Supermarket (IGA), the only full-size, traditional grocer located in Seattle's central business district. The property is currently 100.0% leased.
Hawks Prairie
In September 2011, ROIC acquired Hawks Prairie for $22.5 million. The shopping center is approximately 154,800 square feet and is anchored by Safeway. The property is located in Lacey, Washington, within the Seattle metropolitan area. The property is currently 100.0% leased.
Harbor Bay Landing
ROIC has a binding contract to acquire Harbor Bay Landing for $24.8 million. The shopping center is approximately 116,000 square feet and is anchored by Safeway and CVS Pharmacy. The property is located in Alameda, California, within the East Bay market of the San Francisco metropolitan area. The property is currently 78.4% leased.
Hillsboro Market Center
ROIC has a binding contract to acquire Hillsboro Market Center for $18.0 million. The shopping center is approximately 156,000 square feet and is anchored by Albertsons. The property is located in Hillsboro, Oregon, within the Portland metropolitan area. The property is currently 92.0% leased.
http://sec.gov/Archives/edgar/data/1407623/000117184311003277/newsrelease.htm
Retail Opportunity Investments Corp. Closes on $175 Million Senior Unsecured Revolving Credit Facility & $110 Million Term Loan
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Retail Opportunity Investments Corp. (MM) (NASDAQ:ROIC)
Intraday Stock Chart
Today : Wednesday 21 September 2011
Click Here for more Retail Opportunity Investments Corp. (MM) Charts.
Retail Opportunity Investments, Corp. (the "Company") (Nasdaq:ROIC), a fully integrated owner and operator of shopping centers, announced today that it has simultaneously closed on the refinancing of its $175 million senior unsecured revolving credit facility and a $110 million senior unsecured term loan facility arranged by KeyBanc Capital Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
ROIC Closes on $175 Million Credit Facility and $110 Million Term Loan (9/21/11)
PURCHASE, N.Y., Sept. 21, 2011 (GLOBE NEWSWIRE) -- Retail Opportunity Investments, Corp. (the "Company") (Nasdaq:ROIC), a fully integrated owner and operator of shopping centers, announced today that it has simultaneously closed on the refinancing of its $175 million senior unsecured revolving credit facility and a $110 million senior unsecured term loan facility arranged by KeyBanc Capital Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated.
The unsecured revolving credit facility has an initial maturity date of September 20, 2014 with a borrower's option to extend the revolving credit facility for one year, while the term loan facility has a maturity date of September 20, 2015. Each facility has the same LIBOR-based borrowing margin, initially priced off a grid that is tied to the Company's leverage ratio. Based on the Company's current leverage, the facilities will bear interest at a rate of LIBOR plus 175 basis points. If the Company receives an investment grade credit rating from at least two rating agencies, the borrowing margin converts to a ratings-based grid. Additionally, both the credit facility and the term loan facility contain an accordion feature, providing the Company with the ability to increase the amount of the revolving credit facility and the term loan to $300 million and $175 million, respectively, subject to commitments and other conditions.
John B. Roche, the Company's Chief Financial Officer commented, "The refinancing of our revolving credit facility and the closing of the term loan on an unsecured basis at spreads 75 basis points inside our existing facility reflects our continued success in executing the Company's business plan and our commitment to a conservative and flexible capital structure. As of June 30, 2011, debt to total assets was 13.3% and approximately 88% of the Company's portfolio was unencumbered. In addition to tighter spreads, the new facilities include a covenant package consistent with our investment grade peers and reflect our lenders' confidence in the Company. Proceeds from the term loan facility will be used to pay off the outstanding debt under the Company's existing credit facility, while the restructured revolving credit facility will provide us with additional flexibility to continue to grow our portfolio."
KeyBank National Association is the Administrative Agent and L/C Issuer, Bank of America, National Association is the Syndication Agent with PNC Bank, National Association and U.S. Bank National Association as the Co-Documentation Agents. Other participants include Bank of Montreal, Compass Bank, JPMorgan Chase Bank, N.A, Royal Bank of Canada and Wells Fargo Bank, National Association.
http://globenewswire.com/newsroom/news.html?d=232919
News out or... Etrade is doing something odd. Not sure.
Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today financial and operating results for the quarter ended June 30, 2011.
HIGHLIGHTS
Net income of $697,800, or $0.02 per diluted share for 2Q'11
Funds From Operation (FFO) of $5.7 million, or $0.14 per diluted share for 2Q'11 (1)
$155.3 million of shopping center investments completed year-to-date (2)
$49.5 million of pending shopping center acquisitions under contract
270 basis point increase in overall portfolio occupancy (91.9% at 6/30/11)
95.5% occupancy rate at 6/30/11 for stabilized properties
13.3% debt to total assets ratio at 6/30/11
Quarterly cash dividend of $0.10 per share of common stock declared (11.1% increase)
Retail Opportunity Investments Corp. (Nasdaq:ROIC) will issue financial and operational results for the second quarter ended June 30, 2011 before the market opens on August 3, 2011. The Company will conduct a conference call and audio webcast on August 3, 2011 at 12 noon Eastern Time.
To access the conference, 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: 79330439. The live webcast will also be available in listen-only mode at http://www.roicreit.com/.
The conference call will be recorded and available for replay beginning at 3:00 p.m. Eastern Time on August 3, 2011 and will be available until 11:59 p.m. Eastern Time on August 10, 2011. To access the conference call recording, dial (800) 642-1687 (domestic), or (706) 645-9291 (international) and use the Conference ID: 79330439. The call will also be archived on http://www.roicreit.com/ for approximately 90 days
Last week was off 3.72%...
ROIC Reports Q1 2011 Results (5/04/11)
Company Increases Dividend 12.5% and Increases 2011 Guidance
PURCHASE, N.Y., May 4, 2011 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today financial and operating results for the quarter ended March 31, 2011.
HIGHLIGHTS
Net income of $6.2 million, or $0.15 per diluted share for 1Q'11
Funds From Operation (FFO) of $10.9 million, or $0.26 per diluted share for 1Q'11 (1)
$86.3 million of shopping center investments completed during 1Q'11
$46.6 million of pending shopping center acquisitions under contract
95.1% occupancy rate at 3/31/11 for stabilized properties
$493.3 million of total assets with $55.0 million of debt outstanding at 3/31/11 (11.1% debt to total assets )
Quarterly cash dividend of $0.09 per share of common stock declared (12.5% increase)
__________________________
(1) See the end of this press release for a reconciliation of GAAP net income to FFO.
Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, "We continue to successfully implement our business plan of broadening our portfolio through acquiring quality necessity-based shopping centers in key metropolitan markets in the western United States. Thus far in 2011, we have secured a total of $132.9 million of shopping center investments. As we acquire properties, we are quickly enhancing value through aggressively leasing space, capitalizing on the strong demand across our portfolio. As a result, today our stabilized portfolio is 95.1% leased." Mr. Tanz further stated, "We continue to cultivate opportunities to acquire exceptional shopping centers through our longstanding relationships and market expertise. With our solid start to 2011, together with our strong pipeline of acquisition opportunities and leasing activity, we are well positioned to achieve our growth objectives for the year."
FINANCIAL SUMMARY
For the three months ended March 31, 2011, net income attributable to common stockholders for the quarter was $6.2 million, or $0.15 per diluted share. FFO for the 1st quarter 2011 was $10.9 million, or $0.26 per diluted share. ROIC reports FFO as a supplemental performance measure. See the end of this press release for a reconciliation of GAAP net income to FFO. At March 31, 2011, ROIC had total assets of $493.3 million with $55.0 million of debt outstanding including $13.0 million outstanding on its unsecured credit facility.
INVESTMENT SUMMARY
During the first quarter of 2011, ROIC completed $86.3 million of shopping center investments. ROIC acquired two shopping centers in separate transactions for $56.5 million. ROIC acquired a three shopping center portfolio, through a conveyance-in-lieu of foreclosure agreement for an aggregate cost of approximately $52.3 million. The $52.3 million reflects approximately $2.3 million of expenditures incurred in the first quarter of 2011 (included in the $86.3 million), and the $50.0 million purchase price of the mortgage notes receivable acquired in the fourth quarter of 2010. Additionally, during the first quarter of 2011, ROIC completed $27.5 million of mortgage note investments secured by three shopping centers. The first quarter transactions were funded in cash.
In addition to the $86.3 million of completed transactions, ROIC has entered into binding contracts to acquire two shopping centers in two separate transactions for a total of $46.6 million. ROIC expects to fund the pending acquisitions with $16.5 million from our unsecured credit facility and the assumption of two existing mortgages totaling $30.1 million.
Marketplace Del Rio
In January 2011, ROIC acquired Marketplace Del Rio for $35.7 million. The shopping center is approximately 177,000 square feet and is anchored by Stater Brothers Market and Walgreens. The property is located in Oceanside, California, within the San Diego metropolitan area.
Pinole Vista
In January 2011, ROIC acquired Pinole Vista for $20.8 million. The shopping center is approximately 165,000 square feet and is anchored by Lucky Supermarket, a Northern California based grocer. The property is located in Pinole, California, within the San Francisco metropolitan area.
Desert Springs Marketplace
In February 2011, ROIC acquired, through a conveyance-in-lieu of foreclosure agreement, Desert Springs Marketplace. The shopping center is approximately 105,000 square feet and is anchored by Ralphs "Fresh Fare" Grocer (Kroger Co.). The property is located in Palm Desert, California.
Mills Shopping Center
In February 2011, ROIC acquired, through a conveyance-in-lieu of foreclosure agreement, Mills Shopping Center. The property is approximately 253,000 square feet and is anchored by Raley's Supermarket, a Northern California based grocer. The shopping center is located in Rancho Cordova, California, within the Sacramento metropolitan area.
Nimbus Winery Shopping Center
In February 2011, ROIC acquired, through a conveyance-in-lieu of foreclosure agreement, Nimbus Winery Shopping Center. The property is approximately 75,000 square feet and is located in Rancho Cordova, California, within the Sacramento metropolitan area.
Country Club Gate
In March 2011, ROIC entered into a binding contract to acquire Country Club Gate for $22.8 million. The shopping center is approximately 109,000 square feet and is anchored by Save Mart Supermarket and Rite Aid. The property is located in Pacific Grove, California, in the heart of the Monterey Peninsula with a population of 76,702 people and average household income of $89,385 within a five mile radius.
Renaissance Towne Center
In April 2011, ROIC entered into a binding contract to acquire Renaissance Towne Center for $23.8 million. The shopping center is approximately 53,000 square feet and is anchored by CVS Pharmacy. The property is located in La Jolla, California, within the San Diego metropolitan area with a population of 218,000 people and average household income of $106,000 within a three mile radius.
CASH DIVIDEND
ROIC's Board of Directors has declared a cash dividend on its common stock of $0.09 per share, to record holders on May 31, 2011 and payable on June 15, 2011. The $0.09 per share dividend represents a 12.5% increase over ROIC's most recent cash dividend, paid on March 31, 2011.
http://globenewswire.com/newsroom/news.html?d=220729
That's fun... so where's the support?
At the end of the week: +0.82%
Looks like even if ROIC comes up short of EI's prediction and hits say $18, ROICW would be worth $6 at expiration date. Looks pretty good to me! I'm in.
ROICW.
If ROIC could double from $11 today to $22 by 10/13/14, ROICW purchased at $1 today would have intrinsic value of $10 at expiration ($22-$12). Thus, a $1 investment in theory would be worth $10.
Is a target of $22 farfetched? Not really. Tanz previously produced a 26 percent total return for running Pan Pacific between 1999 to 2006.
The logical path is to call the company and participate in a fresh round of warrant funding. In that way you get to avoid expiration, negotiate a strike, and structure the placement. (Assuming they are open to warrants issuance.)
If I had to choose one or the other for ROI potential...which would it be? ROIC or ROICW? My hunch is it's a considerable difference.
Cool, I will get that into the iBOX tonight.
Warrants trade as ROICW.
The warrants have an exercise price of $12.00 and expire 10/13/14.
IPO and Framework Transactions (10/23/07)
On October 23, 2007, the Company sold 41,400,000 units ("Units") in the Public Offering at a price of $10 per Unit, including 5,400,000 Units sold by the underwriters in their exercise of the full amount of their over-allotment option. Each Unit consists of one share of the Company's common stock and one warrant.
Simultaneously with the consummation of the Public Offering, the Sponsor purchased 8,000,000 Private Placement Warrants at a purchase price of $1.00 per warrant. The proceeds of $8 million were placed in a trust account (the "Trust Account"). The Private Placement Warrants were identical to the warrants sold in the Public Offering except that the Private Placement Warrants are exercisable on a cashless basis as long as they are still held by the Sponsor or its permitted transferees. The purchase price of the Private Placement Warrants approximated the fair value of such warrants at the purchase date.
The Company has the right to redeem all of the warrants it issued in the Public Offering or the Private Placement Warrants, at a price of $0.01 per warrant upon 30 days' notice while the warrants are exercisable, only in the event that the last sale price of the common stock is at least a specified price, as described below.
In accordance with the warrant agreement relating to the warrants sold and issued in the Public Offering and the Private Placement Warrants, the Company is only required to use its best efforts to maintain an effective registration statement covering the warrants. The Company will not be obligated to deliver shares securities, and there are no contractual penalties for failure to deliver securities, if a registration statement is not effective at the time of exercise. Consequently, the warrants may expire unexercised and unredeemed. Additionally, in no event (whether in the case of a registration statement not being effective or otherwise) will the Company be required to net cash settle the exercise of a warrant issued in the Public Offering.
As a result of the Framework Transactions that were consummated on October 20, 2009, certain terms of the warrants were amended as follows:
· The exercise price of the warrants was increased to $12.00 from $7.50 per share.
· The expiration date of the warrants was extended from October 17, 2011 to October 23, 2014.
· The price at which the Company's common stock must trade before the Company is able to redeem the warrants it issued in the Public Offering increased from $14.25 to $18.75.
· The price at which the Company's common stock must trade before the Company is able to redeem the Private Placement Warrants increased from $14.25 to (x) $22.00, as long as they are held by the Sponsor or its members, members of its members' immediate families or their controlled affiliates, or (y) $18.75.
· To provide that a warrantholder's ability to exercise warrants is limited to ensure that such holder's "Beneficial Ownership" or "Constructive Ownership," each as defined in the Company's certificate of incorporation, does not exceed the restrictions contained in the certificate of incorporation limiting the ownership of shares of the Company's common stock.
That chart rocked into earning. Man, that was fun.
ROIC sets new 52-week high (2/23/11)
Retail Opportunity Investments (NasdaqGS: ROIC )
After Hours: 10.65 0.00 (0.00%) 4:40PM EST
Last Trade: 10.65
Trade Time: 4:00PM EST
Change: 0.21 (2.01%)
Prev Close: 10.44
Open: 10.46
Bid: 10.50 x 1000
Ask: 11.00 x 100
1y Target Est: 13.00
Day's Range: 10.46 - 10.76
52wk Range: 9.34 - 10.76
Volume: 444,896
Avg Vol (3m): 242,287
Market Cap: 445.21M
P/E (ttm): N/A
EPS (ttm): -0.21
Div & Yield: 0.24 (2.30%)
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Retail Opportunity Investments Corp., formerly known as NRDC Acquisition Corp., was incorporated in Delaware on July 10, 2007 for the purpose of acquiring through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination with one or more assets or control of one or more operating businesses. On August 7, 2009, we entered into the Framework Agreement (the "Framework Agreement") with NRDC Capital Management, LLC, which, among other things, sets forth the steps to be taken by us to continue our business as a corporation that will elect to qualify as a REIT for U.S. federal income tax purposes, commencing with our taxable year ending December 31, 2010. On October 20, 2009, our stockholders and warrantholders approved each of the proposals presented at the special meetings of stockholders and warrantholders, respectively, in connection with the transactions contemplated by the Framework Agreement (the "Framework Transactions"), including to provide that the consummation of substantially all of the Framework Transactions also constitutes a business combination under our second amended and restated certificate of incorporation, as amended (our "certificate of incorporation"). |
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