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ROIC Posts Increases in Net Income, Revenue

Retail Opportunity Investments Corp. (ROIC) saw revenue and net income rise from a year ago in its fourth quarter ending Dec. 31, and also for the full year of 2015, the San Diego-based real estate investment trust reported.

The company reported total revenue of $51.3 million for the fourth quarter, up 23 percent from the year-ago period; and $192.7 million for the full year, an increase of 24 percent. Net income for the quarter was $7.5 million, up 57 percent from a year ago, and rose 19 percent for the full year, reaching $25.1 million.

Funds from operations, an industry-recognized supplemental metric gauging the performance of real estate portfolios, totaled $25.9 million for the quarter, for a 28 percent increase; and $96 million for the full year, marking a 29 percent rise.

President and CEO Stuart Tanz said the company made $479.6 million in acquisitions of grocery-anchored shopping centers during 2015, including $243.7 million in purchases during the fourth quarter.

The company has an additional $63.2 million in shopping center acquisitions under contract so far in 2016, Tanz said. As of Dec. 31, ROIC owned 73 shopping centers totaling approximately 8.6 million square feet.

Headquartered in University Towne Center, Retail Opportunity Investments Corp. (Nasdaq: ROIC) acquires, owns and manages grocery-anchored retail centers located primarily in densely populated metro markets on the West Coast. It is a member of the S&P SmallCap 600 Index.

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