SAN DIEGO (AP) _ Retail Opportunity Investments Corp. (ROIC) on Wednesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The San Diego-based real estate investment trust said it had funds from operations of $33.2 million, or 27 cents per share, in the period.
The average estimate of 10 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 $9.6 million, or 9 cents per share.
The real estate investment trust posted revenue of $63.1 million in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $61 million.
For the year, the company reported funds from operations of $124.8 million, or $1.08 per share. Revenue was reported as $237.2 million.
Retail Opportunity Investments expects full-year funds from operations to be $1.10 to $1.14 per share.
The company's shares have climbed roughly 1 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $21.30, an increase of 15 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
Keywords: Retail Opportunity Investments, Earnings Report