Total revenue at Retail Opportunity Investments Corp. rose 50 percent from a year ago in the third quarter ending Sept. 30, reaching $40.9 million, officials of the San Diego-based company reported.
The real estate investment trust, which invests primarily in retail properties, posted net income attributable to common stockholders of $6.7 million, down from $25.3 million in the year-ago quarter.
Funds from operations, an industry recognized supplemental metric gauging the performance of real estate portfolios, totaled $20.8 million, down from $35.4 million a year ago.
President and CEO Stuart Tanz said the company has secured approximately $500 million in grocery-anchored shopping center acquisitions so far in 2014. Its nationwide portfolio was 97.4 percent leased at the end of the third quarter, and the REIT saw a 31.2 percent increase from a year ago in same-space base rents on new leases signed during the period.
Retail Opportunity Investments Corp. (Nasdaq: ROIC) is headquartered in University Towne Center. As of Sept. 30, it owned 58 shopping centers encompassing approximately 6.9 million square feet.