Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q1 2022 Results Conference Call April 26, 2022 9:00 AM ET

Company Participants

Laurie Sneve - CAO

Stuart Tanz - CEO

Michael Haines - CFO

Rich Schoebel - COO

Conference Call Participants

Chris Lucas - Capital One

Craig Schmidt - Bank of America

Juan Sanabria - BMO Capital Markets

Linda Tsai - Jefferies

Michael Bilerman - Citi

Michael Gorman - BTIG

Paulina Schmidt - Green Street Advisors

RJ Milligan - Raymond James

Tammy Fique - Wells Fargo

Todd Thomas - KeyBanc

Wes Golladay - Robert W. Baird

Operator

Welcome to the Retail Opportunity Investments' 2022 First Quarter Conference Call. [Operator Instructions]

Now I would like to introduce Laurie Sneve, the company's Chief Accounting Officer.

Laurie Sneve

Thank you. Before we begin, please note that certain matters discussed in this call today constitute forward-looking statements within the meaning of federal securities laws. Although the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the company can give no assurance that these expectations will be achieved.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from future results expressed or implied by such forward-looking statements and expectations.

Information regarding such risks and factors is described in the company's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K. Participants are encouraged to refer to the company's filings with the SEC regarding such risks and factors as well as for more information regarding the company's financial and operational results. The company's filings can be found on its website.

Now I'll turn the call over to Stuart Tanz, the company's Chief Executive Officer. Stuart?

Stuart Tanz

Thanks, 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.

We are pleased to report that we are off to a terrific start thus far in 2022. Demand for space continues to propel our business forward. Capitalizing on the demand, during the first quarter, we leased over 416,000 square feet, which is the second most active quarter on record for the company in terms of first quarter leasing activity. Additionally, we are capitalizing on the tenant demand to drive rents higher. We achieved double-digit rent growth on same-space new leases signed during the first quarter. In terms of renewals, we also achieved solid increases in rent.