Wed, Oct. 28, 4:24 PM
Wed, Sep. 30, 9:10 AM
- The new $300M unsecured term loan has an initial maturity date of Jan. 2019 and an interest rate of Libor + 110 basis points. An accordion feature allows for an increase to $500M.
- The immediate use of the proceeds will be to pay down the company revolver.
- Source: Press Release
Thu, Sep. 3, 9:51 AM| Thu, Sep. 3, 9:51 AM | Comment!
Wed, Aug. 5, 7:33 AM
- The 4.8M share offering was upsized by 300K shares and priced at $16.55 each for net proceeds of roughly $75.8M. The underwriters have an option to buy up to another 720K shares at that price.
- Source: Press Release
- ROIC -3.9% to $16.45
- Previously: Retail Opportunity Investments announces 4.5M share secondary (Aug. 4)
Tue, Aug. 4, 4:13 PM
Wed, Jul. 29, 4:24 PM
Fri, Jul. 17, 2:38 PM
- Total returns for retail REITs year-to-date through mid-July of negative 2.61% are about 100 basis points lower than the FTSE NAREIT All-Equity REIT average. Digging further into the retail sector, regional malls - Simon Property (NYSE:SPG), General Growth (NYSE:GGP) and Macerich (NYSE:MAC), for example - have done the best with a negative return of just 1.92%. Shopping centers - Kimco (NYSE:KIM), Retail Opportunity (NASDAQ:ROIC), Federal Realty Investment (NYSE:FRT), for example - have a negative return of 2.94%.
- Free-standing retail REITs - think Realty Income (NYSE:O), National Retail Properties (NYSE:NNN), Spirit Realty (NYSE:SRC) - have fared worst with a negative 4.83% total return. Trepp's Susan Persin notes the returns of these stocks are bond-like thanks to the long-term nature of their leases, and thus most sensitive to higher rates.
- Not helping was a lame retail sales report for June, and on top of that the National Retail Federation's forecast for back-to-school spending to fall 9.3% this year.
Thu, May 14, 4:49 PM
- The team at Wells Fargo finds seven REITs most at risk of a takeover, writes Jake Mooney at SNL Financial. What they have in common are sustained discounts to NAV, market caps less than $5B, and relatively low debt ratios - important because it allows added leverage without violating debt covenants.
- At risk? The higher debt loads following a privatization could be harmful to existing bondholders. Stockholders, of course, might feel differently.
- The seven: Mack-Cali (NYSE:CLI), Education Realty Trust (NYSE:EDR), Equity One (NYSE:EQY), Healthcare Realty (NYSE:HR), Retail Opportunity Investments (NASDAQ:ROIC), Post Properties (NYSE:PPS), and Washington Real Estate (NYSE:WRE).
- In the right environment, why limit candidates to smaller REITs? Stifel's Daniel Bernstein suggests Ventas (NYSE:VTR) could go for the equivalent of a 5% cap rate or $90 per share, given Blackstone paid a 6.2% cap rate for Excel Trust, and Associated Estates sold with a cap rate below 5%. Similar cap rates would produce tasty premiums for HCP, Health Care REIT (NYSE:HCN), Healthcare Realty Trust (HR), and Healthcare Trust of America (NYSE:HTA).
Thu, Apr. 30, 3:15 PM
- A big rise in interest rates early in the session made for a good excuse to sell REITs, but - with the averages sharply lower - rates have reversed course. Still, the sector can't catch a bid, with many of the bigger names down way more than the broader market.
- Equity REITs: Realty Income (O -2.3%), Health Care REIT (HCN -3.2%), Ventas (VTR -3.2%), HCP (HCP -3.1%), Equity Residential (EQR -2.6%), Silver Bay Realty (SBY -2.5%), General Growth Properties (GGP -2.4%), Retail Opportunity (ROIC -3.9%), Boston Properties (BXP -2.4%), Hospitality Properties (HPT -2.9%)
- Mortgage REITs: Armour Residential (ARR -5.6%) - which reported another weak quarter overnight, Two Harbors (TWO -1.1%), Western Asset (WMC -1.3%), Arlington Asset (AI -2.8%), PennyMac (PMT -1.5%). When things get tough, money does have a tendency to flow into the sector giants though: Annaly Capital (NLY -0.4%) and American Capital Agency (AGNC +0.3%) are notable outperformers on the session.
- ETFs: IYR, VNQ, DRN, URE, REZ, SCHH, ICF, SRS, RWR, KBWY, DRV, REK, FRI, FTY, PSR, FREL, WREI
Wed, Apr. 29, 4:13 PM
Tue, Mar. 24, 10:21 AM
- Started at Outperform are Agree Realty (ADC +0.4%), DDR (DDR -0.7%), Excel Trust (EXL +0.1%), Kite Realty (KRG), Retail Opportunity Investments (ROIC -0.3%), and Store Capital (STOR +0.9%).
- Initiated at Neutral are Kimco (KIM -0.3%), National Retail Properties (NNN -0.3%), Ramco-Gershenshon (RPT -0.3%), Realty Income (O -0.5%), Regency Centers (REG -0.2%), and Spirit Realty (SRC -0.7%).
Tue, Feb. 24, 4:35 PM
- Q4 FFO of $20.2M or $0.21 per share vs. $16.5M and $0.21 one year ago.
- 2015 outlook: FFO per share of $0.88-$0.93 vs. $0.85 in 2014.
- Conference call tomorrow at 12 ET
- Previously: Retail Opportunity Investments FFO in-line, beats on revenue (Feb. 24)
- ROIC flat after hours
Tue, Feb. 24, 4:13 PM
Dec. 15, 2014, 8:32 AM
- Alongside the announcement of the retirement of tis $200M unsecured term loan, Retail Opportunity Investments (NASDAQ:ROIC) increases the borrowing capacity on its revolver to $500M from $350M (with an accordion feature allowing expansion up to $1B), extends the maturity date to January 2019, and lowers the interest rate to Libor plus 100 basis points.
- Source: Press Release
Oct. 29, 2014, 7:28 PM
- Q3 EPS of $0.07 vs. $0.34 in 3Q13 (incl. one time gain).
- FFO of $0.22 vs. $0.48 in 3Q13 (incl. one time gain).
- 97.4% of portfolio leased up 60bps from Q2.
- 31.2% increase in same space cash annualized base rent
- FY Guidance: FFO $0.83-$0.85; EPS $0.25-$0.27
- Confernece call tomorrow at 12:00 PM ET.
- ROIC no trades AH
- Previous: Retail Opportunity Investments beats by $0.01, beats on revenue
Oct. 29, 2014, 4:15 PM
Retail Opportunity Investments Corp is a fully integrated & self-managed real estate investment trust. It is engaged in the acquisition, ownership & management of necessity-based community & neighborhood shopping centers on west coast of United States.
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