SAN DIEGO (AP) _ Retail Opportunity Investments Corp. (ROIC) on Monday reported a key measure of profitability in its third quarter. The results fell short of Wall Street expectations.
The San Diego-based real estate investment trust said it had funds from operations of $33.4 million, or 27 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 28 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 $17.9 million, or 16 cents per share.
The real estate investment trust posted revenue of $72.4 million in the period, also missing Street forecasts. Six analysts surveyed by Zacks expected $74.3 million.
Retail Opportunity Investments expects full-year funds from operations in the range of $1.10 to $1.12 per share.
The company's shares have increased 18% since the beginning of the year. In the final minutes of trading on Monday, shares hit $18.74, an increase of roughly 9% in the last 12 months.