Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q3 2022 Earnings Conference Call October 26, 2022 9:00 AM ET
Company Participants
Laurie Sneve - Chief Accounting Officer
Michael Haines - Executive Vice President & Chief Financial Officer
Rich Schoebel - Chief Operating Officer
Stuart Tanz - Chief Executive Officer
Conference Call Participants
Juan Sanabria - BMO
Todd Thomas - KeyBanc
Craig Mailman - Citi
Nick Joseph - Citi
Craig Schmidt - Bank of America
Michael Gorman - BTIG
Wesley Golladay - Baird
R.J. Milligan - Raymond James
Mike Mueller - JPMorgan
Christopher Lucas - Capital One
Operator
Hello and welcome to the Retail Opportunity Investments 2022 Third Quarter Conference Call. [Operator Instructions]
Now, I would like to introduce Laurie Sneve, the company’s Chief Accounting Officer. You may begin.
Laurie Sneve
Thank you. Before we begin, please note that certain matters that will be discussed on today's call are forward-looking statements within the meaning of federal securities laws. Although we believe that these forward-looking statements are based on reasonable assumptions, we can give no assurance that these assumptions will be achieved. These forward-looking statements involve risks and other factors which can cause actual results to differ significantly from future results that are expressed or implied by such forward-looking statements. These risks and other factors are described in the company's filings with the SEC including our most recent annual report on Form 10-K. Participants should refer to the company's filings to learn more about these risks and other factors as well as for more information regarding our financial and operational results.
Now, I’ll turn the call over to Stuart Tanz, the company’s Chief Executive Officer. Stuart?
Stuart Tanz
Thank you, Laurie and good morning, everyone. Here with Laurie and me today is Michael Haines, our Chief Financial Officer; and Rich Schoebel, our Chief Operating Officer. The strong demand for space across our portfolio and our ability to capitalize on the demand continues to be the main headline story this year for ROIC. We continue to lease space at a record pace. In fact, in just the first 9 months, we have already leased 1.2 million square feet of space which is a new record for the company.
Instead of leasing space at a record pace, we continue to steadily increase our overall portfolio lease rate as we move through the year. Today, our portfolio stands at a very strong 97.8% leased. In terms of re-leasing rent growth, we are pleased to report that we -- that we had one of the best quarters on record for the company, achieving a 48% increase in cash base rents on new leases signed during the third quarter. With respect to renewal activity, existing tenants, especially core long-standing anchor tenants are increasingly coming to us early to renew their leases, in some cases by as much as 9 months to a year in advance of their lease expirations. As a result, we are renewing space at a record pace.