Retail Opportunity Investments Corp. Awarded Investment Grade Rating From Moody's Investors Service
SAN DIEGO, June 3, 2013 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (Nasdaq:ROIC) announced today that Moody's Investors Service has assigned a Baa2 issuer rating to ROIC with a stable outlook.
According to Moody's press release, the Baa2 issuer rating reflects ROIC's conservative capital structure and strong credit metrics including its high fixed charge coverage, low level of secured debt and large unencumbered asset base. Additionally, Moody's stated that ROIC's debt maturity schedule is well-laddered and its bank line availability and cash on hand covers the company's debt maturities through 2016. Moody's also noted that ROIC has stable cash flows driven by its core western markets and consistent occupancy rates.
Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, "Achieving an investment grade rating has been one of our core objectives since commencing operations as a shopping center REIT in 2009. We are very pleased that our long-standing, prudent investment, property management and financing disciplines have earned us this important distinction." Tanz stated further, "Looking ahead, accessing the investment grade unsecured debt market will be a critical component of our long-term financing strategy that we believe will enhance our ability to continue consistently growing our portfolio and business."
More information regarding ROIC's rating assignment can be found on Moody's website at www.moodys.com.
ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.
Retail Opportunity Investments Corporation (Nasdaq:ROIC) is a fully integrated, self-managed real estate investment trust. ROIC 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, 2013, ROIC's property portfolio included 47 shopping centers encompassing approximately 5.0 million square feet. Additional information is available at: www.roireit.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:
Ashley Bulot, Investor Relations
858-255-4913
abulot@roireit.net
