Revenue during the quarter grew 22.98 percent to $63.07 million from $51.28 million in the previous year period.

Cost of revenue rose 19.18 percent or $2.45 million during the quarter to $15.20 million. Gross margin for the quarter expanded 77 basis points over the previous year period to 75.91 percent.

Total expenses were $41.07 million for the quarter, up 17.41 percent or $6.09 million from year-ago period. Operating margin for the quarter expanded 309 basis points over the previous year period to 34.88 percent.

Operating income for the quarter was $22 million, compared with $16.30 million in the previous year period.

For fiscal year 2017, Retail Opportunity Investments Corp expects net income to be in the range of $47,400 million to $49,124 million and its diluted earnings per share to be in the range of $0.38 to $0.40.

Revenue from real estate activities during the quarter increased 23.22 percent or $11.72 million to $62.21 million.

Income from operating leases during the quarter rose 21.80 percent or $8.66 million to $48.40 million. Revenue from tenant reimbursements was $13.81 million for the quarter, up 28.45 percent or $3.06 million from year-ago period.

Other income during the quarter was $0.86 million, up 7.93 percent or $0.06 million from year-ago period.

Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, “2016 proved to be another stellar year of growth and performance for the company. We continued to enhance our presence across the West Coast, through our disciplined acquisition program, adding $332.6 million of grocery-anchored shopping centers to our portfolio. For the fourth consecutive year we achieved a portfolio lease rate above 96%, finishing 2016 at a strong 97.6%. We again posted solid rent growth, including a 29.3% increase in base rents on new leases, which helped to drive same-center net operating income to new heights, achieving a 5.3% increase for the year. Additionally, we continued to maintain our financial strength and flexibility raising a balance of new capital, totaling $424.1 million, to prudently fund our growth.” Tanz concluded, “Looking ahead at 2017 and beyond, we intend to remain steadfast to the core principals that have driven our success thus far and are confident in our ability to continue to build value and deliver strong results.”

Investments stood at $35.82 million as on Dec. 31, 2016, up 25.02 percent or $7.17 million from year-ago.

Total assets grew 15.25 percent or $352.33 million to $2,662.97 million on Dec. 31, 2016. On the other hand, total liabilities were at $1,347.40 million as on Dec. 31, 2016, up 17.61 percent or $201.79 million from year-ago.

Return on assets moved up 12 basis points to 0.83 percent in the quarter. At the same time, return on equity moved up 12 basis points to 0.73 percent in the quarter.