Retail Opportunity Investments Corp., also known as ROIC, has closed on an underwritten public offering of just over 14.3 million shares of common stock.
Net proceeds totaled approximately $205.5 million after underwriting discounts and related expenses, the San Diego-based company reported. The offering included approximately 1.8 million common stock shares issued to underwriters.
Officials said ROIC will use the net proceeds to reduce borrowings under the company’s $350 million unsecured revolving credit facility.
Headquartered in University Towne Center, ROIC (Nasdaq: ROIC) is a real estate investment trust that invests primarily in neighborhood shopping centers. The company as of March 31 owned 56 properties totaling about 6 million square feet.