Revenue at Retail Opportunity Investments Corp. (ROIC) rose 23 percent from a year ago in the fourth quarter ending Dec. 31, reaching $63.1 million, the San Diego-based company reported.
Officials of the retail-focused real estate investment trust said revenue for the full year also grew 23 percent from 2015, reaching $237.2 million.
For the fourth quarter, net income attributable to common stockholders rose 39 percent, to $9.6 million. Funds from operations, an industry-recognized supplemental metric gauging real estate portfolio performance, rose 28 percent, to $33.2 million.
For the full year, net income increased 37 percent, to $32.8 million; and funds from operations reached $124.8 million, up 30 percent.
CEO Stuart Tanz said the company added $332.6 million of grocery-anchored shopping centers to its portfolio during 2016. The REIT’s portfolio was 97.6 percent leased at year’s end, marking the fourth consecutive year that the lease rate was above 96 percent.
Headquartered in University Towne Center, Retail Opportunity Investments Corp. (Nasdaq: ROIC) as of Dec. 31 owned 81 West Coast shopping centers spanning approximately 9.4 million square feet.