Looking at today's Q, ROIC is basically sitting there issuing equity at $12 (net of commission). Seems like they are intentionally putting a lid on the share price ahead of any warrant conversion offer to strengthen any negotiating leverage.
Despite the continued use of the ATM, at these levels even using the ATM is accretive to existing shareholders. Using debt would be better, but issuing equity at these FFO yields and reinvesting in 8 caps is still accretive and should continue to drive the share price (holding yields constant). The company is masking its profitability with the one-off move related expenses. The company is also masking its profitability by staying well below its 40% target leverage level. Clearly they are trying to manipulate the share price lower until they can do something about the warrants.
The prospectus supplement edgetrader2001 linked above is dated June 2011 and the sales referenced in the 10q were for the first 2 quarters of 2012. So the offering can continue until they sell $50 million. I have the average sale price (since inception to June 30, 2012) at $12.16 based on the 10q and another $35 million in room.
10q has latest sales and is only place to track: http://www.sec.gov/Archives/edgar/data/1407623/000117184312002932/f10q_080612.htm
Here is ATM offering memo: http://www.sec.gov/Archives/edgar/data/1407623/000117184311001877/f424b5_062211.htm