Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q4 2023 Results Conference Call February 15, 2024 12:00 PM ET
Company Participants
Lauren Silveira - Chief Accounting Officer
Stuart Tanz - Chief Executive Officer
Michael Haines - Chief Financial Officer
Richard Schoebel - Chief Operating Officer
Conference Call Participants
Dori Kesten - Wells Fargo Securities
Juan Sanabria - BMO Capital Markets
Todd Thomas - KeyBanc Capital Markets
Paulina Rojas - Green Street
Michael Mueller - JPMorgan
Wesley Golladay - Baird
Craig Mailman - Citi
Linda Tsai - Jefferies
Operator
Welcome to Retail Opportunity Investments’ 2023 Fourth Quarter and Year End Conference Call. Participants are currently in a listen-only mode. Following the company's prepared remarks, the call will be open up for questions.
Now, I'd like to introduce Lauren Silveira, the Company's Chief Accounting Officer. Please begin.
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.
Notwithstanding 2023, having been a year of extraordinary challenges for certain commercial real estate asset classes and certain CBD markets across the country. In distinct contrast, the long-term core drivers of the grocery anchorage sector remain fundamentally sound, especially as it relates to our portfolio and highly protected sought after West Coast markets.
Capitalizing on the strong fundamentals, we achieved a number of new leasing records and milestones for the company. For the fourteenth consecutive year, we leased essentially double the amount of space that was originally scheduled to mature. Specifically, in 2023, we leased over 1.7 million square feet achieving a new record for the company in terms of overall leasing activity. Additionally, we again achieved releasing rent growth for a record eleventh consecutive year, including 11 years in a row of achieving double-digit growth on same space new leases.