Retail Opportunity Investments Corp. (ROIC) has reported 26.70 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $10.17 million, or $0.09 a share in the quarter, compared with $8.03 million, or $0.08 a share for the same period last year. Revenue during the quarter grew 17.48 percent to $65.90 million from $56.09 million in the previous year period.
Cost of revenue rose 24.44 percent or $3.21 million during the quarter to $16.37 million. Gross margin for the quarter contracted 139 basis points over the previous year period to 75.16 percent.
Total expenses were $42.97 million for the quarter, up 14 percent or $5.28 million from year-ago period. Operating margin for the quarter expanded 199 basis points over the previous year period to 34.79 percent.
Operating income for the quarter was $22.93 million, compared with $18.40 million in the previous year period.
Revenue from real estate activities during the quarter increased 16.94 percent or $9.44 million to $65.15 million.
Income from operating leases during the quarter rose 17.40 percent or $7.63 million to $51.48 million. Revenue from tenant reimbursements was $13.67 million for the quarter, up 15.24 percent or $1.81 million from year-ago period.
Other income during the quarter was $0.75 million, up 95.08 percent or $0.37 million from year-ago period.
Stuart A. Tanz, president and chief executive officer of Retail Opportunity Investments Corp. stated, “We are off to a strong and expeditious start to 2017. We continue to make the most of our long-standing relationships across the West Coast to secure excellent acquisition opportunities. To date, we have already lined up approximately $268 million of shopping center acquisitions. Additionally, demand for space across our portfolio continues to be strong. We again achieved a portfolio lease rate above 97% and posted solid rent growth, including a 24% increase in same-space base rent on new leases executed during the first quarter.” Tanz added, “With our performance thus far, we are squarely on track to meet our objectives for the year, including our previously stated guidance of achieving FFO between $1.10 and $1.14 per diluted share for 2017."
Investments stood at $35.95 million as on Mar. 31, 2017, up 18.59 percent or $5.64 million from year-ago.
Total assets grew 15.42 percent or $367.27 million to $2,748.54 million on Mar. 31, 2017. On the other hand, total liabilities were at $1,440.91 million as on Mar. 31, 2017, up 18.75 percent or $227.49 million from year-ago.
Return on assets moved up 6 basis points to 0.83 percent in the quarter. At the same time, return on equity moved up 9 basis points to 0.78 percent in the quarter.
Debt moves upTotal debt was at $1,245.62 million as on Mar. 31, 2017, up 20.44 percent or $211.42 million from year-ago. Shareholders equity stood at $1,307.63 million as on Mar. 31, 2017, up 11.97 percent or $139.77 million from year-ago. As a result, debt to equity ratio went up 7 basis points to 0.95 percent in the quarter.
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