Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q2 2024 Earnings Conference Call July 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

Dori Kesten - Wells Fargo Securities
Todd Thomas - KeyBanc Capital Markets
Craig Mailman - Citi
Juan Sanabria - BMO Capital Markets
Andrew Rios - Bank of America Securities
Wesley Golladay - Baird
Hongliang Zhang - JPMorgan
Linda Tsai - Jeffries
Paulina Rojas-Schmidt - Green Street

Operator

Welcome to Retail Opportunity Investments’ Second Quarter 2024 Conference Call. Participants are currently in a listen-only mode. Following the company's prepared remarks, the call will be opened up for questions.

I would now 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.

Demand for space across our portfolio continues to be strong and we continue to work hard at making the most of it leasing space at a near record pace. In fact, year-to-date, we've already leased over 776,000 sqft. Additionally, we continue to achieve releasing rent growth, posting a 12% increase on new leases for the second quarter, representing our 50 consecutive quarter extending over twelve plus years dating back to when we first commenced reporting property statistics in 2012, when we owned just 35 shopping centers.

As we've grown our portfolio nearly threefold since, we have consistently achieved releasing rent growth every year and every quarter. With respect to acquisitions, as we reported on our last call, early in the second quarter, through a longstanding off market relationship, we acquired for 70 million an excellent core grocery anchored shopping center.