Retail Opportunity Investments: 2Q Earnings Snapshot

SAN DIEGO (AP) _ Retail Opportunity Investments Corp. (ROIC) on Wednesday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.

The real estate investment trust, based in San Diego, said it had funds from operations of $31.8 million, or 26 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 $7.6 million, or 7 cents per share.

The real estate investment trust posted revenue of $72.9 million in the period, also falling short of Street forecasts. Six analysts surveyed by Zacks expected $74.2 million.

Retail Opportunity Investments expects full-year funds from operations in the range of $1.11 to $1.15 per share.

The company's shares have climbed 12% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $17.86, a drop of roughly 6% 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