SAN DIEGO (AP) _ Retail Opportunity Investments Corp. (ROIC) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The San Diego-based real estate investment trust said it had funds from operations of $29.2 million, or 23 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 22 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 $4.6 million, or 4 cents per share.
The real estate investment trust posted revenue of $66.6 million in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $65 million.
The company's shares have declined 39% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.74, a drop of 41% in the last 12 months.