San Diego-based Retail Opportunity Investments Corp. posted an 18.5 percent increase in total third-quarter revenue from a year ago, reaching $59.4 million for the period ending Sept. 30.
A statement from the real estate investment trust, also known as ROIC, said net income attributable to common stockholders was $7.4 million, down slightly from $7.5 million in the year-ago quarter.
Funds from operations, an industry-recognized metric gauging the performance of real estate portfolios, reached $31.3 million, up from $25.9 million in the third quarter of 2015.
President and CEO Stuart Tanz said the company year-to-date has acquired $332 million of grocery-anchored shopping centers.
“We continue to capitalize on the strong fundamentals across our West Coast markets to grow our portfolio and enhance value,” Tanz said.
Headquartered in University Towne Center, Retail Opportunity Investments Corp. (Nasdaq: ROIC) as of Sept. 30 owned 79 West Coast shopping centers encompassing approximately 9.2 million square feet. The company is a member of the S&P SmallCap 600 Index.