WHITE PLAINS, N.Y., Dec. 1, 2011 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (the "Company") (Nasdaq:ROIC), a fully integrated owner and operator of shopping centers, announced today the pricing of a public offering of 6,500,000 shares of common stock at a price of $10.85 per share, for net proceeds of approximately $67.1 million after the underwriting discount and estimated offering expenses (or approximately $77.2 million if the underwriters' option to purchase additional shares is exercised in full). Retail Opportunity Investments Corp. has granted the underwriters a 30-day option to purchase up to an additional 975,000 shares of common stock. The offering is expected to close on December 7, 2011, subject to customary closing conditions. The shares of common stock will be issued pursuant to an effective shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission.
The Company intends to use the net proceeds from the offering for working capital and general corporate purposes, including the acquisition of properties and the repayment and refinancing of debt, including all of the outstanding borrowings under the Company's $175.0 million unsecured revolving credit facility.
BofA Merrill Lynch and BMO Capital Markets served as joint book-running managers for the offering.
J.P. Morgan, KeyBanc Capital Markets, Piper Jaffray, PNC Capital Markets LLC and RBC Capital Markets served as co-lead managers for the offering.
A preliminary prospectus supplement related to the public offering has been filed with the Securities and Exchange Commission and a final prospectus supplement will be made available. Copies of the preliminary prospectus supplement and final prospectus supplement, when available, may be obtained from BofA Merrill Lynch, 4 World Financial Center, New York, New York 10080, Attn: Prospectus Department or by email to dg.prospectus_requests@baml.com, or from BMO Capital Markets, 3 Times Square, New York, New York 10036, Attn: Syndicate Department or by email to bmoprospectus@bmo.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the Company's common stock nor shall there be any sale of such common stock in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.
The Company is a fully integrated real estate company that qualifies as a REIT for U.S. federal income tax purposes. The Company is focused on investing in, acquiring, owning, leasing, repositioning and managing a diverse portfolio of necessity-based retail properties, including, primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. The Company targets properties strategically situated in densely populated, middle and upper income markets in western and eastern regions of the United States.
The Retail Opportunity Investments Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6855
Forward-Looking Statements
When used in this press release, the words "believes," "anticipates," "projects," "should," "estimates," "expects" and similar expressions are intended to identify forward-looking statements within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and in Section 21F of the Securities Exchange Act of 1934, as amended. Actual results may differ materially due to uncertainties involving the Company including its ability to identify and acquire retail real estate and real estate-related debt investments that meet its investment standards in its target markets; the level of rental revenue and net interest income it achieves from its target assets; the market value of its assets and the supply of, and demand for, retail real estate and real estate-related debt investments in which it invests; the length of the current economic downturn; the conditions in the local markets in which it operates and its concentration in those markets, as well as changes in national economic and market conditions; consumer spending and confidence trends; its ability to enter into new leases or to renew leases with existing tenants at the properties it owns or acquires at favorable rates; its ability to anticipate changes in consumer buying practices and the space needs of tenants; the competitive landscape impacting the properties it owns or acquires and their tenants; its relationships with its tenants and their financial condition and liquidity; its ability to continue to qualify as a REIT for U.S. federal income tax purposes; its use of debt as part of its financing strategy and its ability to make payments or to comply with any covenants under any borrowings or other debt facilities it currently has or subsequently obtains; the level of its operating expenses, including amounts it is required to pay to its management team and to engage third party property managers; changes in interest rates that could impact the market price of its common stock and the cost of its borrowings; and legislative and regulatory changes (including changes to laws governing the taxation of REITs).
Forward-looking statements are based on estimates as of the date of this press release. The Company disclaims any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this release. The risks included above are not exhaustive. Other sections of this press release, the prospectus and preliminary prospectus supplement relating to the offering and the documents incorporated by reference therein may include additional factors that could materially and adversely affect the Company, including those discussed under the heading "Supplemental Risk Factors" in the preliminary prospectus supplement relating to the offering and the risk factors set forth under the heading "Risk Factors" beginning on page 6 of the Company's Annual Report on Form 10‑K for the year ended December 31, 2010. Moreover, the Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time and it is not possible for management to predict all such risks, nor can it assess the impact of all such risks on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in or implied by any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.