Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q1 2024 Earnings Conference Call April 24, 2024 9:00 AM ET
Company Participants
Lauren Silveira – Chief Accounting Officer
Stuart Tanz – President and Chief Executive Officer
Michael Haines – Chief Financial Officer
Rich Schoebel – Chief Operating Officer
Conference Call Participants
Jeffrey Spector – Bank of America Securities
Todd Thomas – KeyBanc Capital Markets
Juan Sanabria – BMO Capital Markets
Craig Mailman – Citi
Wes Golladay – Baird
Cesar Bracho – Wells Fargo Securities
Paulina Rojas-Schmidt – Green Street
Michael Mueller – JPMorgan
Operator
Welcome to Retail Opportunity Investments’ 2024 First Quarter 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 would 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 morning, 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 we are off to a solid start thus far in 2024. We continue to make the most of the strong demand for space across our portfolio, especially as it relates to anchor space. At the start of the year, we had four anchor spaces that recently became available, an unusual occurrence for us given that we have maintained our anchor space at 100% leased for the past seven years.
We are pleased to report that we currently have four terrific national tenants lined up to take all of the space and at higher rents. In fact, on a blended basis, we expect the increase in rent will be more than double the previous blended rent.