Q2 2024 Retail Opportunity Investments Corp Earnings Call Transcript
Key Points
- Retail Opportunity Investments Corp (ROIC) achieved a 12% increase in re-leasing rent growth on new leases for the second quarter.
- The company acquired a $70 million grocery-anchored shopping center in a prime San Diego submarket, enhancing its portfolio.
- ROIC's portfolio lease rate increased to 97% as of June 30, with shop space at 96% and anchor space at 98%.
- The company retired a $26 million mortgage, leaving 94 of its 95 shopping centers unencumbered.
- ROIC raised the lower end of its initial FFO guidance based on solid portfolio performance and strong leasing activity.
- The acquisition market remains muted due to high debt financing costs and seller expectations, leading to no additional acquisition activity assumed for the second half of the year.
- There will be some downtime between leases due to ongoing anchor space re-leasing activity, impacting short-term financial performance.
- The uncertain economy continues to weigh on the acquisition market, making future market conditions unclear.
- Tenant credit concerns have slightly increased, although the impact on ROIC has been minimal so far.
- The company faces potential challenges with the Kroger and Albertsons merger, which could affect 32 leases, including eight being sold to C&S Wholesale Grocers.
Welcome to Retail Opportunity Investmentsâ 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.
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
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