ROIC Posts Gains in Revenue, Income for Q4, 2013Tuesday, February 25, 2014
San Diego-based Retail Opportunity Investments Corp., also known as ROIC, reported revenue and net income up significantly from a year go for its fourth quarter and full-year 2013.
Officials of the real estate investment trust said total revenue was $33.6 million for the quarter ending Dec. 31, up 57 percent from a year ago; and $111.2 million for the full year, up 48 percent from 2012.
The company posted $4 million in net income for the quarter, compared with a net loss of $278,310 in the year-ago period; and net income of $34 million for the full year, up from $7.9 million in 2012.
Fund from operations, an industry-recognized metric gauging the performance of real estate portfolios, totaled $16.4 million for the quarter, compared with $8.5 million a year ago; and $76 million for the year, up from $39.1 million in 2012.
President and CEO Stuart Tanz said ROIC made a company-record $437 million in grocery-anchored shopping center acquisitions during 2013, as it expanded its West Coast presence. Center occupancy reached 96.3 percent at year-end, also a company record.
The company (Nasdaq: ROIC) is focused on community and neighborhood shopping centers, with 54 properties in its national portfolio at year-end 2013. ROIC has its headquarters in University Towne Center.