Local REIT Sees Second Quarter Revenue IncreaseTuesday, August 6, 2013
San Diego-based Retail Opportunity Investments Corp., also known as ROIC, reported gains in revenue and funds from operations in its second quarter ending June 30.
A statement from the real estate investment trust said revenue totaled $26 million for the period, up from $18 million in the year-ago quarter. Funds from operations, an industry recognized supplemental metric gauging the performance of real estate portfolios, totaled $12.7 million, up from $12 million a year ago.
The company reported $2.5 million in net income, down from $4.4 million a year ago.
ROIC President and CEO Stuart Tanz said the company made $181.8 million in grocery-anchored shopping center acquisitions in the first half of 2013, increasing its presence in its core West Coast markets. The company has headquarters in University Towne Center and trades under the symbol ROIC on the Nasdaq Stock Exchange.
— SDBJ Staff Report