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Tuesday, Mar 19, 2024
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ROIC Posts Increase in Revenue for First Quarter

Total first-quarter revenue at Retail Opportunity Investments Corp. (ROIC) rose 6.3 percent over the year-ago period, topping $42.6 million, the San Diego-based company reported.

Officials of the real estate investment trust said net income attributable to common stockholders was $8 million for the quarter ending March 31, up from $4.2 million in the same quarter of 2015.

Funds from operations, an industry-recognized supplemental metric gauging performance of real estate portfolios, was $29.9 million for the quarter, compared with $22 million in the year-ago period.

President and CEO Stuart Tanz said the company year-to-date has secured $155.2 million in grocery-anchored shopping center acquisitions.

Headquartered in University Towne Center, Retail Opportunity Investments Corp. (Nasdaq: ROIC) is a member of the S&P SmallCap 600 Index and invests primarily in grocery-anchored retail centers on the West Coast. As of March 31, the company owned 75 properties totaling approximately 8.8 million square feet.

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