Retail Opportunity Investments Corp. posted gains from a year ago in total revenue and net income for its first quarter ending March 31.
Revenue totaled $24.4 million for the period, compared with $16.6 million in the year-ago quarter, according to a statement from the San Diego-based real estate investment trust. Net income attributable to common shareholders was $2.3 million, up from $1.1 million a year ago.
Funds from operations, a supplemental industry measure gauging the performance of real estate portfolios, totaled $11.5 million for the quarter, up from $8.4 million in the first quarter of 2012.
President and CEO Stuart A. Tanz said the company is “fully on track” to achieve its acquisition, management and leasing goals for the year. The REIT has made $122.8 million in acquisitions of grocery-anchored shopping centers year-to-date.
The company, also known as ROIC, has headquarters in University Towne Center and trades under the symbol ROIC on the Nasdaq stock exchange.
As of March 31, the company’s property portfolio included 47 shopping centers encompassing approximately 5 million square feet.
— SDBJ Staff Report