Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q3 2023 Earnings Conference Call October 25, 2023 9:00 AM ET
Company Participants
Lauren Silveira - Chief Accounting Officer
Stuart Tanz - Chief Executive Officer
Richard Schoebel - Chief Operating Officer
Michael Haines - Chief Financial Officer
Conference Call Participants
Juan Sanabria - BMO capital Markets
Craig Mailman - Citi
Wesley Golladay - Baird
Dori Kesten - Wells Fargo Securities
Michael Mueller - JPMorgan
Linda Tsai - Jefferies
Paulina Rojas Schmidt - Green Street
Todd Thomas - KeyBanc Capital Markets
Operator
Welcome to the Retail Opportunity Investments Third Quarter 2023 Conference Call. Participants are currently in a listen-only mode. Following the company's prepared remarks, the call will be opened up for questions.
Now, I'd like to introduce Lauren Silveira, the company's Chief Accounting Officer.
Lauren Silveira
Thank you. Before we begin, please note that certain matters which we will discuss on today's call are forward-looking statements within the meaning of federal securities laws. 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. Participants should refer to the company's filings with the SEC, including our most recent annual report on Form 10-K to learn more about these risks and other factors.
In addition, we will be discussing certain non-GAAP financial results on today's call. Reconciliation of these non-GAAP financial results to GAAP results can be found in the company's quarterly supplemental, which is posted on our website.
Now, I'll turn the call over to Stuart Tanz, the company's Chief Executive Officer. Stuart?
Stuart Tanz
Thank you, Lauren, and good day, everyone. Here with Lauren and me today is Michael Haines, our Chief Financial Officer’ and Rich Schoebel, our Chief Operating Officer.
We are pleased to report that our grocery-anchored portfolio continues to perform well. Notwithstanding our portfolio being essentially fully leased at over 98%, we continue to make the most of the ongoing strong demand for space. In fact, through the first nine months of 2023, we have leased a record amount of space thus far. Additionally, in step with capitalizing on the demand for space to achieve record-leasing volume, we are also capitalizing on the demand to continue driving rents higher, posting our strongest quarter-year-to-date in terms of releasing rent growth on both new leases and renewals.
With respect to acquisitions, the West Coast has largely been idle this year with only a limited number of grocery-anchored shopping centers trading. Interest rates continuing to rise throughout the year and the related uncertainty and difficulty in terms of obtaining reasonable debt financing has compelled many would-be buyers to stay on the sidelines.