The following is a summary of the Retail Opportunity Investments Corp. (ROIC) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Total revenues increased to $85.3 million for Q1 2024, driven by higher base rents and high amortization of above and below-market rent.

• GAAP net income attributable to common shareholders was $11 million for the quarter, equating to $0.09 per diluted share.

• FFO for the quarter was $37.9 million, which equates to $0.28 per diluted share.

• Same-center net operating income increased by 5.7% in Q1, driven by base rent, recovery increases, and an increase in other income from lease recapture initiatives.

• Financing activities included buying a shopping center for $70M and selling two properties totaling $68M.

• Despite an anchor vacating, lease amortization was high for the quarter.

Business Progress:

• The company has leased all available anchor spaces at higher rents, and the space at a recently acquired shopping center in the San Diego market is fully leased.

• Retail Opportunity Investments Corp. is on the lookout for possible acquisition opportunities and projects an acquisition guidance range of $100 to $300 million.

• The company is experiencing strong leasing demand and notable rent growth, with an increase of 12% on new leases and 7% on renewals in Q1 2024.

• Proactive discussions with Kroger and Albertsons have continued during their merger talks.

• The company plans to return to the bond market, aiming for a ten-year deal.

• They maintain an active leasing pipeline, driven by a mix of necessity, service, and destination tenants looking to expand in core West Coast markets.

• Two properties were disposed of, including a single tenant property and another property with future growth issues.

• The company is set to attend the annual ICSC Convention, further highlighting industry engagement.

More details: Retail Opportunity Investments Corp IR

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