SAN DIEGO (AP) _ Retail Opportunity Investments Corp. (ROIC) on Tuesday reported a key measure of profitability in its fourth quarter. The results met Wall Street expectations.
The real estate investment trust, based in San Diego, said it had funds from operations of $36.5 million, or 29 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 29 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 $10.5 million, or 9 cents per share.
The real estate investment trust posted revenue of $75.2 million in the period, exceeding Street forecasts. Five analysts surveyed by Zacks expected $74.3 million.
For the year, the company reported funds from operations of $137.7 million, or $1.14 per share. Revenue was reported as $295.8 million.
Retail Opportunity Investments expects full-year funds from operations to be $1.11 to $1.15 per share.
The company's shares have climbed 12 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $17.80, a rise of 1 percent in the last 12 months.
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