San Diego-based Retail Opportunity Investments Corp. posted revenue of $45.1 million in its first quarter ending March 31, an increase of 24 percent from the same period of 2014.
Company officials said net income was $4.37 million, up 34 percent from a year ago. Funds from operations, an industry recognized supplemental metric gauging the performance of real estate portfolios, totaled $22 million, an increase of 32 percent from the year-ago quarter.
CEO Stuart Tanz said the real estate investment trust has made $207 million in off-market acquisitions of grocery-anchored shopping centers so far in 2015.
Headquartered in University Towne Center, Retail Opportunity Investments Corp. (Nasdaq: ROIC) invests primarily in shopping centers and related retail properties. As of March 31, it owned a portfolio of 64 retail centers totaling approximately 7.6 million square feet, primarily on the West Coast.