SAN DIEGO (AP) — SAN DIEGO (AP) — Retail Opportunity Investments Corp. (ROIC) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in San Diego, said it had funds from operations of $37.9 million, or 28 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 26 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $11 million, or 9 cents per share.
The real estate investment trust, based in San Diego, posted revenue of $85.3 million in the period.
Retail Opportunity Investments expects full-year funds from operations in the range of $1.03 to $1.09 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ROIC at https://www.zacks.com/ap/ROIC