ROIC - Earnings call transcript Q1 2019 | Retail Opportunity Investments Corp.

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Operator

Welcome to the Retail Opportunity Investments 2019 first quarter conference call. Participants are currently in listen-only mode.

Following the company's prepared comments, the call will be opened up for questions. Please note that certain matters discussed in this call today constitute forward-looking statements within the meaning of federal securities laws.

Although, the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the company can give no assurance that these expectations will be achieved. by known cause risks, materially actual results or involve factors, and from statements and expressed may statements which results implied forward-looking and uncertainties unknown other future expectations. Such forward-looking such to differ Information the filings regarding Commission, its with in report annual Exchange company's most and such recent factors Securities on described and including risks is the Form XX-K. and company's more refer to the and such risks with information results. the SEC for as the filings to factors, company's encouraged well are financial Participants operational regarding as regarding filings can company's be The website. found on its

to Now, I Stuart would Chief Company's Executive like introduce Tanz, the Officer.

Stuart Tanz

Thank and morning you everyone. good

Here Rich is, Schoebel, Michael today with Operating Chief our Officer. me Chief and our Financial Officer Haines,

to last pleased first first that signed We to demand our a record quarter we another year, be of the leasing of report continues activity. active in as year We in first had for and quarter successful had space terms busy quarter the to leases a quarter. this very of are company record-setting again Similar and number productive strong.

achieved releasing a strong spreads. very also We

quarter largest for In ROIC. releasing first spreads on fact, the record

Additionally, first are was property Safe for with X.X% a say, NOI the in in operations. cash very growth solid our strong leasing, we good a off step with to to start quarter. same-center XXXX

the off competitive strength good are our value start enhancing our a aimed to business. at long-term We strategic and also in terms initiatives of of intrinsic

that Since dispose initiative and the up It a of we property along we center acquired terms the re-merchandised property, way. NOI value-add first in was we non-core properties reposition in million. market back of to retenanted one that was the XXXX our the the certain $XX increasing substantially sold the the Portland fully in as acquiring properties, for Specifically, play. quarter of during property first a one

forward. it given stable anchored lease expiration was center not from going here, and profile the its growth limited property, potential was grocery a While had

the believe was the sell we So center. time to right

we three to in have sell $XX totaling million. currently agreements another Additionally, hand properties, together,

the Two the to the complete will Sacramento which in two the market centers to two days. market. XX later to next are sales we XX these down hope expect properties be of just the we We sales, completion over Sacramento, to put remaining then located in year. Upon the this of on

two Turning to are on making our partners. initial the are headway several venture joint process focusing opportunities, up with good efforts, we and with currently densification where entitlement lining both terrific we

excellent proposals have great number with Seattle has Phase the densification number a Specifically, of developers, respect in from reviewing at to multifamily selected X we properties successful multifamily JV developed Crossroads, after a of a project, carefully market. that partner

are of to market, centers Additionally, with Francisco is partner project, to shopping operator. a that very multifamily add have we component a housing our where looking senior the San highly high-end to housing and second developer densification one successful selected senior the in also respect we great seasoned, another

be on both XXXX in In to terms that ground are such process, and this entitlement to a projects. we obtain tracking similar later a both in currently of the projects hope on year approvals timetables, position break

Lastly, the will joint of both XX-XX ventures. arrangements, in deals terms be partnership

valued for XX% million. stake. between both be our land a our has land million We On contributing projects, will excess $XX been and $XX

scope will projected development. picture that and each in mind Bear and between will projected million retail is development process. As of have preliminary budgeting, around clear that's cost value. space. as the Once cost will entitlement though land apartment range XX,XXX of are XX,XXX on have XXX the project cost our the in move through Based each includes planned, feet we high-end the we and which square evolve currently plans the the to completed, developments to units a $XX each of

the Michael Mike? turn our Haines will financial first to the call I quarter. you to results Now, take for through over

Michael Haines

Stuart. Thanks

GAAP XXXX, the total the months and revenues $XX.X million total million in to quarter GAAP per share and the $XX.X first $X.XX income million income quarter $XX.X had net million revenues $XX.X in of March in operating to or in XX, income $XX.X common compared diluted the equating XXXX as quarter company ended for million compared For of XXXX. was net for of income $XX.X to three of GAAP first XXXX. attributable operating the for million shareholders diluted as GAAP per share first $X.XX to

In of as first to share $X.XX from terms million of equating the There several impacted to are totaled million $X.XX quarter operations, diluted items for share worth the funds XXXX. or our first noting of for FFO results. $XX compared $XX.X diluted quarter per that quarter first XXXX, per FFO of

associated On Stuart there below-market result and bulk was acquired was million that And the side, redevelopment the included a the GAAP at of terminated which XXXX, recognition, we the a sale revenue rental that was discussed. we lease net $X.X ground income lease included property as of in year-end. gain of with whereby parcel in in both income income FFO net $X.X below-market then, million

$XXX X.X%. side, first quarter that it's we for with million fixed term the years at during the had connection in expense three $XXX,XXX the low rate locking very interest interest expense the now loan, a on of On additional next our such

first we in years be expense previous during Additionally, now expensed that with to that leasing quarter added certain accounting of cost the were capitalized. $XXX,XXX G&A in the rules had requires connection new

revenue an included in the been classified to change regarding offset another as is historically. leasing change, accounting to is bad there XXXX, expenses it in had being operating addition In of Starting now debt. debt instead cost as bad

item at starting now is debt year, at statement, will this quarter, when [indiscernible] debt. of by bad our had debt change when you necessarily of NOI this line Historically, remainder operating the for where clear this line separate a $XXX,XXX shown And with we under looking revenues. expenses. our required bad to compare year, to falls. the first part item it's of company not quarter, this income While bad to But last looking this comparative to apparent bad same-store the are as as the table. quarter show when Bear see in you debt respect year's was mind year's that

to of Although is as total of it the is compared bad last year, X.X% which first was well notably quarter $XXX,XXX budget, the higher below our debt revenue.

achieved first Additionally, the still the number, notwithstanding we NOI higher for in same increase solid center a quarter. X.X%

XX, as a roughly approximately debt fixed-rate vast $X.X Turning which the of sheet. company's At majority to debt billion unsecured. of is of market March the with had $X.X outstanding, total the cap company balance being as well billion

of effectively is Specifically, fixed-rate. our debt XX%

only unsecured is debt outstanding line is of credit GLA had and have of rate our currently the And debt floating is at which XX. we fact, unencumbered. XX% XX% our today In March over our million $XXX

quarter. Additionally, the the coverage steady a company's interest remained first times X.X at for solid

of our far, year track the FFO on with we and diluted stated $X.XX Lastly, share between guidance, in thus XXXX. for of are guidance terms previously achieving full FFO $X.XX per

the Now COO, property over call to Schoebel, our discuss to I operations. Rich will turn Rich?

Rich Schoebel

Thanks Mike.

strong. space As Stuart for is highlighted, our demand across portfolio

We that. our most it and continue of to work to make results reflect the hard

we above XX%. again For rate maintained portfolio lease the consecutive our XXthe quarter,

is and lease achieved In between space at to lease. anchor XX.X% first rate new in XXX% while that continues shop leased finishing continues achieved the and a fact, leased, quarter space, Breaking What's space, note fully our terms quarter effectively high not we to anchor be our of high of that record to we our sitting a record important shop are idle. portfolio we new down XX.X%. be

executed XXX quarter, record. first we fact, new leases, the In during quarter first is a which

particularly is Our and changing approach, ongoing challenging in success is attributable to which environment. important our retail proactive today's

well be that to our shifting focuses We continue what certain on more very new destination, optimization strategy and other introducing as to and existing more tenants seeking key order proactive improve out service-based or ways to opportunities to such our tenancies internally we tenants tenant rightsizing in expand Internet-resistant, retailers refer in portfolio. as to as as

Just examples. of to highlight a couple

During their we tenant, then today. the productivity the long-standing in the so in market, that space shopping rightsized created is market provider the leased and doing health-care will Francisco San leading in one of providers we serve a our San centers at the terrific first enhance to to a Francisco quarter, existing which newly one of

one we also space, of expanding centers anchor an our very Seattle, existing destination in expanding are their and substantially at significantly popular we for example, their successful with renew existing, another good tenant years. Another lease and along XX

higher. optimization that. Again, we While our our demand rents reflect are focusing space strategy, on strong the also for capitalizing results on drive to on tenant focused equally

In fact, renewals. on new quarter both first on we achieved leases leasing and spreads, record

we achieved leases increase we achieved Specifically, XX.X% new on space renewals. same a comparative rents in and XX.X% increase on a

the as existing of indicative attributes quarter of as Our demographic the strength performance well portfolio location record are tenants. of and and first our our releasing ongoing spreads

quarter the as approximately results period have supplemental rent Additionally, is activity. relates challenging leasing the spread traditionally through representing versus basis. leasing that given year-end on economic it X.X% page to $X.X quarterly the season we getting build build the especially to new achieve With first summarizes and annual holiday spread new cash of was at our space, between new incremental a activity in following lease is typically the and is these done. deals terms respect slow to noteworthy particularly that in a added additional numbers, million lease To to you a take

rent million $X of approximately incremental the account come $X.X $XXX,XXX quarter, quarter, million XXXX. XX, will of the million representing first received X.X% the during activity started we with tenants $X.X our as spread the of $X was we which March first of leasing was which During move in million million, paying into about $X through as expect that quarter. together Taking online the first representing the

over Now to call Stuart. the will turn I back

Stuart Tanz

Rich. Thanks

for on call few regarding like acquisition opening Before are what the the make I a comments we seeing up questions, would front. your to

expectations. a Just becoming the buyer's in again, from reasonable as pricing become favorable a terms sellers bit of of starting to perspective few more market months more to back, speaking was

to to such continue done at market caps However, well. grocery-anchored recent we again side interest deals Adding in in The impacting on see some with private the as aggressive five the drop buyers A-plus open getting sellers caps. it, that rates pursuing be the very with West even the sub-five in have at raised to markets Coast, and continue bar. interest drop centers rates, are

where predicting valuation to we until the acquisition to through that the opportunity, difficult deal pursuing an years what keep quarter, we then could were to In came challenge looked say, headed. first back proactively interest As pay. again. an ago seek to private we can a were gauge two example, at and than dropped we closely continue started the at market rates our off-market they owner discussions in owner progressing recently but terms continues watch a that back portfolio of terms we and Things agree and very on believing environment off-market Needless a very private the opportunities to achieve the is out higher us to interesting pulled time. a continue and willing were unable were be relationships. be said, on to careful That to up

While continue to demand be hand, it's the for us prime one on our centers shopping fact the for grocery-anchored in hand, in a the high the well frustrating Coast locations on on bodes that business. other market West

not As how the in we as market are we idle. wait evolves, Rich sitting to see patiently the acquisition said, meantime,

at while initiatives. forward our as our well We operating implementing moving disposition the focus prudently on as portfolio also to highest our with level, strategy densification continue

for call the up questions. your open will Operator? we Now

Operator

[Operator Instructions].

from comes from of the question first Christine Our line Citi. McElroy

is now line Your open.

Christine McElroy

comments seeing that centers, that and could everyone. REIT private an trading just market Good deals just the do increase space? demand Hi. potentially potentially portfolio shopping the even regards you Stuart, translate in shopping you to more with in M&A for morning more think into made, center

Stuart Tanz

portfolio standpoint, seeing perspective from I now. M&A might From help it more a an accelerate believe

Christine McElroy

projects about initial talked Okay. for densification. slated then had you And just the two

think each said $XXX for million total $XX million. you I of

three yield third think may I how discuss projections the X% originally yield. about project you hanged? happened $XXX at had c Can have for what projects with talked and just million you

Stuart Tanz

Sure.

that's project early redevelopment stages as terms what are current course which third action stages, will of of redeveloping the well, the in Francisco in for of the is of San evaluating While be outside best site. site the we

discussions have we want go we directions several clearer preliminary make to right. months. having and we that site their site that this we in much are this We city input sure that and the picture get make There also sure the coming should have support. it We could to different are with on with a

range. the to In XX% yields, of projects, unleveraged terms be the X% projected in on yields yields two the are to

move we the mind, bear evolve will through cost Although scope in the as entitlement and process.

are of dollars So investment to given excess multiple which land additionally, be each the is XX% each as that a our we receive our contributing evolve projected will cash land yield well. we flow annual centers, a that at be the are the of will partner will the But project, that return as we versus in minimal, investment. actually will that going

Christine McElroy

Thanks. Okay.

Stuart Tanz

you. Thank

Operator

question Our comes next of Capital the Metz Jeremy BMO from from line Markets.

now Your open. line is

Stuart Tanz

Good morning Jeremy.

Jeremy Metz

guys. Hi morning. Good

the Just sticking quickly densification. with

two to of roughly each split retail. XX,XXX also residential the you Or square retail outright? mentioned having of terms that In own feet you projects Will JV? be XX,XXX ROIC the will in the outlined,

Stuart Tanz

it own outright it projects. on now like will looks we Right both

Jeremy Metz

that And of million that part is you cost outlined? of the $XX

Stuart Tanz

Yes.

Jeremy Metz

repositioning of years the expecting cadence anchor should And popping the to as and some terms get that's back XXXX online? to in track? flow you here NOI, X.X% paying some then to start as in the the come those in same-store pop those in back leases before And X% relative start a dip right. All of half we the expect anchor of back XQ we assuming to rent, you think on through are larger also X% deal it is NOI, sort come of of on still XQ here to the undertook of and as half back of guidance,

Stuart Tanz

to of The year the look continues strong. end back very

street. a So relates right year maybe guided we looking it small now do as in expect where strong QX, quite we but have is the to the little dip

Jeremy Metz

timing in on expectations those? on Okay. all And still change those are No or those track? anchor repositionings,

Stuart Tanz

are still all correct. track, They Yes. on

Jeremy Metz

Thanks right. guys. All

Stuart Tanz

Thank you.

Operator

question next from line comes Capital Our Thomas Todd KeyBanc from of the Markets.

is line Your open. now

Stuart Tanz

Todd. morning Good

Michael Haines

Hi Todd.

Todd Thomas

Good morning. Thanks. Hi.

on talked up expirations following question, that about lease First the anchor six you quarter. last

six this at one value be You update know rent. you the lease you mentioned fair renewing, on anchor there were year? that for handling activity would negotiated you leasing expirations that two the Can an just market provide are

Stuart Tanz

Yes. Sure.

the moving We renewal are still forward these leases. anchor of with

all getting There back, As have we one, believe, lease a but market these, much we of higher and the that already of are sit the a renew. year the here today, below tenant significantly it middle in replacement lined is anchor looks one will we at rent. like that process I of up is about

to So things are expirations. on anchor relates track as it the

Todd Thomas

would for And the Okay. expect XXXX to space? tenant begin paying rent you that replacement in

Stuart Tanz

No. And our budgets reflect that.

Michael Haines

terms of model tenants the going that, We in are out. Yes. Todd,

Todd Thomas

higher what's commented despite occupancy know soft you anticipating Rich, and the you I you upside, bit but do was first isn't expect then, are bit lot leasing quarter strong relatively to season see Or on dip And Okay. from of your and lease quarter? the a there and second occupancy up will grind that post-holiday held a usually little into that occupancy a rates room here? a

Rich Schoebel

throughout occupancy you until know sure, XXX%. I range we to for remain thing this be me we a of there over year. and there. I fractional know, the year no, it last But of range it's Stuart and in balance that's working will one that the But not top for rest churn that is mean think expect at bit the the Well, hard the going a as are remain let we end in to out up fill will that vacancy always

Todd Thomas

And just under the on Stuart, about you Okay. here. lastly, dispositions what's talked contract

am I you and mentioned do on there beyond, for list a selling is think more of another this that the done a Or market we once think might complete little asset and process as I just the might in that XXXX Sacramento look anticipate sort disposition? property later. about to one you you be company? you curious,

Stuart Tanz

process. it's say one and a I done wouldn't never

slowing at at where NOI, portfolio internal our We where is assets down. and growth are looking looking constantly

articulated other see goal acceleration The you have the with really but get is to we moving more that the the on as buy. are may on of out dispositions we which side as are accelerated what certainly finding doesn't that really getting of front, today, else. mean side equation, more the we well. are It anything Sacramento, sell we acquisition forward the on not of we to depends So going

Todd Thomas

like certain assets, markets it's certain has the of for And improving in demand for it seems product. types Okay.

the say Or you As would your through expectations? this you looking seeing for consistent you you that that with you that assets sell? process, pricing was are are move generally to

Stuart Tanz

in of Pricing we expectations. has we It our better, selling. exceeded gotten is have terms what found are

buyer the So demand increased. has

I in drop lot think again, as related heard you I a my that rates. think is comments, the of interest in to

certainly own. change can see However, product that up, we forward, we picking buyer But not off too. tailing know we as demand for type that the going of

Todd Thomas

Okay. Thank you.

Stuart Tanz

you. Thank

Operator

from line Markets. from Our Capital next the of Wes comes Golladay RBC question

open. now is line Your

Stuart Tanz

Good morning Wes.

Wes Golladay

the with Hi. guys. Sticking Good side. disposition morning

For a cap rates the falling? the non-core all? compressed interest with Have at those rates caught assets, have bit

Stuart Tanz

Yes.

Wes Golladay

anything for meaningful XX basis XX like the it or Is high-yielding stuff? basis points points

Stuart Tanz

I would tell points. you XX basis

grocer am have drug. a again, to referring Now that assets I and/or

the it would you again to with has the So I think or as segment do retailing, product say. type of

Wes Golladay

Okay. And year, sometime full NOI get those go? ready these look year. then going the year to projects next we FFO to two guidance, you this going are start lose you early to we Are late projects when as maybe any obviously to

Stuart Tanz

No NOI loss.

Wes Golladay

And it I Okay. much. then, okay, think Thank me. very you for that's

Stuart Tanz

Wes. Thank Great. you

Operator

the next from Our of from Mueller question JPMorgan. comes Michael line

open. line is Your now

Stuart Tanz

Mike. morning Good

Michael Mueller

A Good of questions. Hi. morning. couple

your $XX would said now little a million will you bit, shift resi, you the So than around XX% on of each to I right retail about million? XX% more should the know outright about are that? have are doing owning but a going But you we think to economics XX%. then $XX project if and How comments, and you the

Michael Haines

the it, capital funding looking in retail percentage total right it of it's if The piece. are the deal. way we the And relatively average the to of are now, Mike. small it's Mike, at going price a Hi we component, is

projects. we big XX,XXX per to are XX,XXX that's number So because talking feet not a

Michael Mueller

Okay.

it $XX say to going your contribution? and are should $XX to land each down million million that's of to going $XX be dumb So of and million, be we million of the you $XX

Michael Haines

Per Right. project.

Stuart Tanz

project. Per

Michael Mueller

project. Per Yes.

Okay. consider guess projects, selling kind of trigger further accelerate or And disposition, after big pool then going would to the and like on you of you two the down be to the is I get dispositions? your Sacramento how to road what you will sell comments the sell the what to

Stuart Tanz

do what that quite company I asset think the be at side see will the look asset. trigger we and the other by of on is often the as Again, growth internal equation, which profile we growing

really side. But on accelerate. And we it focused It depends the where accelerate. we on what might just other are on disposition so side. might It that's the see

Michael Mueller

That's it. it. Okay. you. Appreciate Thank

Stuart Tanz

Great. Thank you.

Operator

[Operator Instructions].

Our next Jefferies. question of comes from Tayo from the line Okusanya

line is now open. Your

Stuart Tanz

Good morning.

Michael Haines

Good morning.

Tayo Okusanya

project, am believe one Good why of just I them morning senior your densification chose resi build you partners project? I gentlemen. housing JV of to was developer. the more The mentioned a curious

Stuart Tanz

the going why housing that to, will because of what's reason the and housing they that speeding less process. that than importantly That's the very bodes The less up need from And much given really an driving of and all the multifamily entitlements for entitlement really overall the is density. the endorsing embracing the it project is will quicker greater lot are need. a the and perspective, of process be senior in city's perspective be parking entitlement city fact senior is plus well from getting terms more

Tayo Okusanya

in the regards to space does of well retail -- But there it rest bode for

Stuart Tanz

living. It's housing. it's senior independent Well,

living. This not that. essentially is really anything it's So independent or This is assisted project. residential like

Tayo Okusanya

Got you.

if a in about of same-store that talk just were? then there And first growth. just little bit was bump Could some a the helpful. you about in the what bit the OpEx of you a Mike, a to talk That's bit Okay. contributors quarter

Michael Haines

other had removal unusual On the or the an snow the in side, first Pacific increase shopping at that unexpected there increase, quarter than our really we some up cost to expense Northwest. centers occurred nothing relating operating in was

we Portland had that under February. unusual. those hit So in large filing Very Seattle snowstorm and

operating mind was that from is else really Bear the Aside recoveries, largely unexpected. Tayo. increase expenses in nothing in recouped that, tenant through that

Tayo Okusanya

Right.

you. Thank Great. Okay.

Stuart Tanz

you. Thank

Operator

comes question Bank next of Schmidt line from Our the Craig of from America.

now Your line is open.

Stuart Tanz

Good Craig. morning

Michael Haines

Craig. morning Good

Craig Schmidt

that going the think could to the your in wondering, release of are on for to most of comments morning. and had a question do ABR. leasing now end terms the are you I thanks the to you call was supplemental. through where It $X.X spreads that build like of to in lease the sounded you year stands X.X%? beginning going I at million the that Good adding

Stuart Tanz

I historically, coming to is similar seen sort this think been are pool it's as in you NOI adding as as range we have leasing, new and doing are online. of obviously we that

for see online of that's it in being spread currently this now, coming end the the staying year, year. with throughout So with by there the replaced but range spreads the new we

Craig Schmidt

you. Thank Great.

Stuart Tanz

Craig. Thanks

Operator

line of next question Capital One Securities. Lucas Chris comes Our from the from

open. now is line Your

Stuart Tanz

morning Good Chris.

Michael Haines

Hi Chris.

Chris Lucas

Hi. Good morning guys.

quick Just a one.

specific talking the annualized then about the for bad bad there associated that rent? we And it? are much On debt expense with was quarter, secondarily, about rent anything debt, how

Michael Haines

necessarily the on second nothing was I wasn't of. base. am going based But unusual, not part. really sure fluctuates got debt side. on anything There what's I bad the speak just with It the unusual on to there tenant

those far that in handy. don't I ABL to, it relates As if know of that I front as have me specific

Stuart Tanz

We could follow-up.

Michael Haines

back We Yes. a with up call the follow when get you to I could office. with it

Chris Lucas

right, Okay. Yes. That's all then.

is Kmart? just the The than contribution one quarter language for that was the used follow-up the XXX then guess call. you the FAS quarter, I to So little fourth other different related on quick in a

just to it of kind make sure we are tying together. that So

Michael Haines

got primarily was $X.X back that added million year. of at that The it I a script I end There mentioned another was bulk think was little Yes. it. the we of lease. partial the in became that was the to Kmart terminated But the the tenant

Chris Lucas

Okay. it. you. Great. appreciate Thank I

Michael Haines

Thanks Chris.

Operator

[Operator Instructions].

Citi. from follow-up have the of Christy line question We a McElroy from

open. is line now Your

Christine McElroy

guys. Hi

follow-ups. progressing the on parts did as leverage through debt Just terms assumption of see how opportunities moving year? in lot you a and there your realized But Maybe bit. you assets little and your a well. of your us just increase that a is paydown update acquire goals could sell couple I of to you

Stuart Tanz

if on We really dispositions the am Mike. Well, am acceleration correct, correct, we increased of I that I paydown, I side. think set and terms guidance. If the in debt was up the

balance In through which our rest that able over achieve EBITDA, we continuing to sheet flow to and of sale both. outside goal be number down would assets, shape will in cash good the the a through move is combination really of terms to of and net the to the be believe debt of we there time, of

Christine McElroy

Okay. just ahead. -- And then go

Michael Haines

ahead, go Well, Stuart.

Stuart Tanz

I debt Well, want going terms where target, mid-sixes to Christy, net to of was the say, the we in EBITDA. is to

Christine McElroy

then realize remerchandising Okay. income there in terms Was retenanting Thanks. the And just is meaningful a QX? lease activity. lot going of any of through of that sort there proactive sort on term and flowed

Michael Haines

that Not think No. of, no. I can

Christine McElroy

practical Okay. related revenue old on the reporting recoveries side, you the maybe rental could just $XX rental methodology? that But under break understanding the And from revenue modeling regard would us? you with a down of of you standpoint, recoveries been for the non-lease to could adopted revenue. have us million the lastly then to tell just expedient What

Michael Haines

saw I last that. night Yes. your about not

and help income supplemental out also much XX-Q splitting the almost provide to the as else group our you. after the mirrored am package we as population it to In our will to what color and case, or be everyone our peer happy it forward, follow-up with going little a pretty look going of is is will at in their the you if I And saying pool in historically but I same-store supplemental have entire We because there, can a call. statement XX-K. as that far

Christine McElroy

statement. out most face the that on break peers of is be understanding will not in income continue the though My it's supplemental. even It the GAAP Yes. it the of will to still

that be going hopefully something consider much. you so to Thank will forward. So

Michael Haines

Thanks problem. Christine. Yes. No

Operator

time. And no this is questions there further at

may You continue.

Stuart Tanz

like I all thank Thank you today. for of to again you. us In closing, joining would

please the can have any at in stop package company's questions, again for ICSE those corner of day We lastly a supplemental there. our will the quarterly have Avenue. our Street Thanks in me is additional Convention posted you see information and If the be which month, Las on Also hope booth Vegas great Rich please in N. by to Hall find XXth And website. everyone. are which South and additional or you attending contact you who Mike, next directly.

Operator

And you today's call. for your this Thank may a Have now conference disconnect. participation. and day great concludes you

Retail Opportunity Investments (ROIC) 25 Apr 192019 Q1 Earnings call transcript