ROIC - Earnings call transcript Q4 2019 | Retail Opportunity Investments Corp.

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Operator

Welcome to Retail Opportunity Investments' 2019 Fourth Quarter and Year End Earnings Conference Call. Participants are currently in a 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

the Information Participants the filings regarding refer are Commission, its encouraged with in report annual the Exchange company's most and to such recent factors Securities on described for company's and such including risks regarding is the and risks factors, Form more SEC to XX-K. information company's the as regarding site. The found with filings results. company's be on financial Web as operational and can well filings its

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

Stuart Tanz

everyone. Thank you, morning, and good

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

that we business XXXX, pleased We successfully important report are a on to our fronts. of number advanced during

fundamentals indicative operations with our across core ongoing West leasing. results and the First, markets, excellent property again of achieved strong we Coast

sixth portfolio For the maintained above XX%. our rates lease consecutive year, we

In off the the rate year-end achieving fact, we high of finished new lease XX.X%. record decade

we gaining increase. increase to posted increase Additionally, XX.X% growth, on including second during new for is leases re-leasing signed record us, rent again very XXXX, when highest XX% strong XXXX which we achieved on the the back

year. to on and also telling operating range our is the of most renewal average, Since consistently grown of or including rent XXXX. centers We ability continue increase most X% each strong terms our achieved important XX% post X.X% strength renewals. XXXX, team, the growth the shopping income we've net to growth on our to consistently Perhaps in in of appeal consistently in

statistics, X.X% to NOI a solid in in In including we reporting XXXX. fact, every same center back eighth grown commenced have increase getting for XXXX a we year, the when each and row, year property

business. with intrinsic during While aimed excellent our achieving strength value our long-term competitive and we with XXXX property also the results progress of strong enhancing initiatives operations, made at

key longer ago initiatives for our our of properties are non-core stated no A of year sell was this XXXX is million that goal at XX that we within fit portfolio. One non-core properties. strategic time, of to disposing core our

to pleased selling that made Along strategic million dispositions headway also the properties densification with XX our total non-core of with goal, XX a during XXXX. of XXXX, million in making are with We surpassed steady report good we program. property progress we

first In project was crossroads at center XXXX, densification completed our shopping in Seattle. our

and living who in out You living may a Crossroads. developer that parceled leading leased community built at recall senior multifamily unit we senior ground to XXX

and rent. the of space annual street of we in completed opened the at we rent receiving development. the as retail $XXX,XXX from will total, level In XXXX, add project late commenced XXXX, about well project ground that revenue Crossroads. is will shop the be With Starting incremental also in receiving part

feet of In addition multifamily adding project time three first advanced on in XX,XXX additional we retail another at densification this being is the and to over process square of The about we'll XXXX, apartments the this three completed entitlement where XXX again be projects. Crossroads most space. development pursue

We the year by put the once the package close back are us end. which with track on project break to entitlement city, finalizing ground to completed, on should

new recently Bellevue, completed. adding terms multifamily in announced demand is employees tower storey in Bellevue, be workforce XX,XXX its for in XX dramatically Additionally, growing Amazon its it of increasing office that will once

contemplated with to planners, apartments and involves feet XXX space. XXXX, scope each that respect in projects retail square currently between other two with project XX,XXX of to each are fully adding Generally midst of XX,XXX has of city in working working discussions densification we along XXX development. the define the on speaking, With the started to we currently

process entitlement city in XXXX. planners, with complete projects break could the progress by both end, put on making us year the that to a project Given ground in currently to position on we're each we which expect

we we paid financial proceeds debt. proceeds our as XXXX down to as equity Lastly, during position, continued strengthen utilizing from issuing sales, from property well

that four debt no we for maturing such meaningful also We have approximately the years. currently debt extended maturity next

Beyond laddered. debt our that, maturities well are

Now I'll take XXXX. over Haines financial call turn specifics the to you to of our results sheet initiatives for Michael our balance the Mike? through and

Michael Haines

in million for to year-over-year December with ended operating compared $XXX basis. Starting year NOI on XXXX, increased the increase million Stuart. income XXXX. to $XXX by Thanks, income our as of center X.X% XXXX. income fourth net to fourth quarter operating With for a XXXX, And center respect increased cash financial million quarter for million GAAP year GAAP XX, representing XXXX, operating compared to results, $XXX increased a the as X.X% over NOI same basis, full to for a the $XXX the on for same

or GAAP to to compared net respect per diluted shareholders, attributable $X.XX for was million December With income as net GAAP income in share of GAAP $XX.X or million share $X.XX common to XX, diluted year-ended per XXXX. $XX.X XXXX, income for the

XXXX. net company GAAP million, the of $XX.X for income share XXXX, compared $X.XX had fourth net the of quarter equating income share to per to $XX.X For diluted as $X.XX of fourth quarter GAAP the per million diluted of or

share $XXX $XXX diluted year per In million was from share FFO full terms $X.XX XXXX. operations, as funds of compared or to XXXX, FFO million for diluted or per for $X.XX the

For XXXX compared the the $XX.X of $XX.X share. fourth million for of per totaled million quarter $X.XX to per of diluted as quarter FFO or diluted XXXX, fourth or share $X.XX FFO

property as from the impacted were operations and achieving XXXX financial sold the during loss highlighted, driven year. same by for results the of Notwithstanding NOI income leasing, by of non-core growth, were properties that center Stuart year another and strong

were XXXX. the results by shares that impacted per Additionally, during issued share were common

utilizing from our issuance While position, to was XXXX, short which our term strengthened and results long-term key we equity are XXXX. debt one impacted by property retire proceeds for in sales financial objectives of

all of common over shares $XX.X where of we stock course program issuance a raising stock, were able the to X.X costs ATM Specifically through million our issued during of XXXX, the we to minimum. keep issued We year. approximately million the

XXXX, sales, reduced total. of by equity during As we in a in amount result outstanding we of million had $XX.X the property the issuance debt

important continue rate us to for XXXX floating to limit our exposure. Another goal was in

You our that our may which debt debt, to we it XXXX. debt bringing of lower only rate. floating recall being rate overall of even with X% steps only XXXX, floating successfully it in took maintained we lowered the XX% our further, significantly, in year back In XXXX, down to about finishing we

we our we unencumbered large a finishing times coverage, properties. solid our pool to In maintaining minimal addition also amount the flooding continued to maintain maintained of rate at interest X.X XXXX, and debt, during of year

In at unencumbered, XX% of XX equating our our XX year-end, fact of shopping GLA. were total centers to

terms down unsecured X.X%. of out credit the fourth facility, to borrowing to maturity years now from the date in amended the quarter, extending just Importantly, lowered the spread when four our we we

our down we loan, the terms of $XXX unsecured the X%. to from the to amended and million out we extending borrowing Additionally, maturity lowered date also years spread term now five

XXXX As two in year, loan, maturing dates no current no on XXXX. extending the only mortgages maturity a this term result of in maturing debt the we maturing have line and debt small now of

well is Looking maturity beyond schedule out our laddered. debt that,

The be million Lastly, $X.XX FFO $XX in capital assumes is debt range of The equity down we acquire million to debt currently $XX pay $XX high the and low million to for the and of utilized $XX $X.XX $XX million to terms another with to of dispositions and per million new shopping for centers. utilized expect approximately proceeds down million and $XX range our end total of end of between shopping by guidance XXXX, in and year dispositions $XX $XX million acquire the share diluted of capital proceeds, $XXX the centers. FFO million pay in XXXX. another full the new to million issuance equity in of in

it to of $X year-over-year same on in into In $X.XX and FFO between approximately account equating XXX Also, be of FAS X% a we basis. revenue XXXX, center to a reduction growth, takes million X% about NOI guidance terms share. our the expect

over discuss Now the Rich operations. to Rich? I'll call turn property to

Rich Schoebel

Mike. Thanks

successful another property year operations we leasing. had highlighted, and Stuart As with highly

In with modest of of lease XXXX, in year total began Starting square portfolio. fact, we which be a to portfolio scheduled XXX,XXX the amount XXXX one of expire space and rate totaling a best. was of about leasing our statistics, feet, to with our XX.X% only our proved with X%

portfolio high leased again out work on space demand essentially that seeking was for fully produced approximately increased tenancies our total, work went scheduled hard XX.X%. we and a excellent new In lease our expire all we two rate of And to of leased Notwithstanding not year-end every originally opportunity a of do, to times strong with and lease our portfolio time results. we space. being improve capitalize rollover, the we always lot across to as

million leases, year. space record only square strong totaling during for amount feet near we executed we a XXXX, X.X company, Specifically, we rent for XXX the very also the achieved Not growth. lease approximately of did

during signed highest leases company. the And Specifically, the the was on XXX we XXXX, XX.X%, Steward that growth for totaling this we achieved feet. rent as XXX,XXX new noted, among square year, record

X.X% and In XXX,XXX achieved solid leases square increase a XXX in base terms of totaling feet cash renewal activity, we rent. during renewed XXXX, we

XX strong and in leasing our in rent are constantly leases, based XXX,XXX XXX,XXX of space in Looking how new increase improve feet, work a We fourth results XX.X% opportunity base, feet, grow underlying the tenancies, indicative at increase totaling leasing the we portfolio. quarter. to value seeking rent. rents XXXX X.X% Overall, XX activity enhance square our same achieving signed every our totaling out in of cash achieving square renewed leases, tenant our and we

a we a daily our old anchor the growing year, Seattle underperforming highlight at strong We and couple with we few necessity doubled very new, rent. examples, and the in market. to the replaced two centers the of Just destination In retailers cases, both tenants the sectors. in recaptured during spaces

one in the approached by space. a anchor Francisco San Additionally, our leasing were national strong about at we market, retailer of centers

the away, property our to tenant, space. virtually property. that line to spaces turn anchor new create several anchor expirations maneuvering now in creatively site. interest as However, went remerchandising line the in full such prime of we of than rather in tenant no generating them we embarking this well is of space inline underperforming recapturing And work lot retail a was a on a comprehensive are new anchor But as with

at $X.X the quarter annual to economic incremental build on million between spread stood third of a at and X.X%, spread of of XXXX, space, lease the end base respect rent basis. the With the cash additional representing

quarter. cash quarter, occupancy During tenants during the that our tenants paying fourth during was into the in of X.X with Of which, fourth new reflected Taking the took representing commenced new quarter that million and rent. together the activity fourth took the account occupancy leasing million flow. $XXX,XXX X.X of those quarter,

economic million the XXXX, XX, spreads of December a basis. $X.X cash of incremental on annual X.X% additional base As rent represented in

Turning tenants. national grocer a that we are new leases anchor term the a currently five currently now anchor to new option of in five year, those will be our of close a XXXX, years. finalizing space anchor to expire a to for increase Two negotiating rent. their feet. totaling long we existing will we And substantial be are square the respect square feet lease leases, plus including scheduled of the have renewal terrific With lease five with tenants XXX,XXX big to center fifth exercised and just two getting leases, another anchor this to with XXX,XXX new

this space, year. have feet to expire In terms inline of XXX,XXX we square scheduled

space consistent We this expect past to and renew our performance. with release

significant Beyond the rent. we're have improve where feet scheduled around we we opportunities. XXXX, can XXX,XXX tenancies of our also currently recapture to in We increases pursuing square that number working are achieve recapture sites a in and in expirations

that completion. terms various operations in early have summary, in patent feet total our we to highly of currently underway Altogether, year to square XX $X.X another several property a in additional leasing. million stages annual stages the In we of space with successful have projects once $X of nearing ranging opportunities from completed. about planning and XXXX projects the opportunities productive Lastly, in and roughly expansion XX,XXX rent development portfolio, across dozen the of and add to will expect are million all are

the call to turn back I'll Now over Stuart.

Stuart Tanz

Rich. Thanks,

to on Just expand last XXXX. Rich's comment regarding

getting underway, a is As start. Year the to great off we're New

has property the it end, already our put the hand in sell To remerchandising to finish the market. of we considerable next lease process an few terms of remaining on but and a a we sale in the expect remaining in over in have a and exiting In XXXX. the the we've two to properties of the of XXXX expect sales dispositions, may fully larger center one the primary time, couple past that goal for year, agreement Sacramento to weeks. we bit shopping as complete take and still last done so in sale It's market is Sacramento moving amount of a parts to

Beyond at two or that, looking are as currently possible additional candidates. one disposition we properties

at the center are yield going existing have XX,XXX In pleased to once already grocery terrific and terms that and with in center to $XX.X million. supermarket. of center neighborhood neighborhood fixed the anchored expand we for on ability a property in anchored by on report our overall square Along in, the the Walmart's working will new cap the by shopping Seattle rate December, city we acquired are we a completed. acquisitions, located we with is acquiring The enhance feet, another is property which

currently in leases rate X.X% and $XX.X under California. and the over on market for to below value. remerchandising going are time The we to space center recapture have contract work aggressively intend Southern in grocery-anchored another the and cap shopping located grow average. We enhance the Additionally, at million terrific is yield

acquisitions, several these two opportunities. we're also other Beyond off-market pursuing

uncertain, Year the portfolio a it's the market still shopping exceptional centers excited bit about New and growing adding acquisition are and core we While in our early XXXX. in is

Notwithstanding year. our XXXX, terms year of transitional continue reducing starting issuance is equity financial expect again, that debt, our position a ATM XXXX folio to enhancing the during by will to Similar in our FFO. through XXXX we in primarily goal to be grow

the NOI while guidance XXXX, our center growth fact is leasing slowdown a of for in Lastly, in suggest in may our opposite same true. activity, terms

As recapturing continue aggressively to Rich noted, we intend space.

to XXXX. While where occupancy recapture of relates which impact consequence this the not value, taken our tenants past haven't center leases, there's term enhances but is in which in short NOI our year new it future always half activity will as to competitive long-term cash between the second same the guidance, in as with efforts yet it reflected only downtime this growth relates

competitive tenant Finally, been. our like its as a of base, can our West prospects on be business. new position decade, is we term it's strongest our on with the long cornerstone we say which ever to and the of The diverse said embark today same growth is the portfolio Coast as

mind, prospects confident in as excited of of and the continuing tenant better marketplace. to us Our today has future ROIC base the never build With that or in our in at been stronger ever are as we positioned business, as value. focused as all on and are as ever

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

Operator

will our Instructions] first line from Group. Citi of [Operator from And question come Christy McElroy

may You begin.

Christy McElroy

to guidance. wanted on follow up Just

could growth your same if given X% about we of walk wonder how get forecast us from midpoint. growth, the X% to FFO there X% store So to you at just only through

you so of And got about you've and down level recycling your debt. talked and capital your issuance so then there's acquisitions dispositions, equity to pay some from dilution

that somewhat like know, movement the G&A should XXXX factors there at other looking deleveraging X.XX FFO You of that any be we between as non-cash bridge other basically income in or in or of the Are midpoint revenues? and X.XX guidance. for component. So there's, an a considering

Rich Schoebel

Well, same want terms same about the store, talk store year. of to we in

First just of address all, G&A. to the

Our for guidance year. G&A, for $XX.X good $XX the million is roughly so to million assuming that’s

seeing remarks $X XXXX, the a a over in $X.XX as better revenue, As revenue was in million in FASXXX XXXX far share. drop mentioned we're my I prepared I than about think non-cash about which

you're the equity it year moderate this balance difference versus with street to we're sheet. of issuance continue $X.XX to us. just some the So getting de-lever dilution that's where $X.XX from has to The planning

Christy McElroy

chair, and we terms capital in right? or expectations, about much are in of how of in of terms the impact that the -- pennies of recycling thinking de-leveraging? terms on the So is of timings

Rich Schoebel

price, going of equity, in year. of throughout assuming Well, the the I we've equity stock think there's not the is currently equity timing the where terms be trading. momentum we're the But company modeled stock really, obviously, is to some that doing Mike, with

the that's equity side. So

out sort of spread And the the disposition side, that the on we've our year. really that of front On side, part throughout acquisition we've loaded guidance.

Christy McElroy

And your about on capital that in trade, opportunity sort to cost is kind with So your how thinking today? there with the you of mean acquisitions the of match about where deals a I of of thinking are set to shares in disposition? terms going dispositions, funded the relative of much sort you're factor funding do that relative to

Rich Schoebel

it also watching that are to of what relates given as what behind It's longer obviously great watching And Obviously, it question. term. buying retail we to we're equity relates we're we're risk the yields cost absolutely overall in a that as the climate. getting the

to So the opportunities, are as at company there of mentioned call that we cost equity accretively is this of growing type be But the so. those are our is the think to that currently of we OP the coming there last looking capital. fruition. in those couple Where price going again, the trading continue acquiring, do a point, caveat we're transactions. at in find doing our our again, to of We when have And we currency. to given terms opportunity, we of

Operator

RBC. our And you. come question Golladay of from line will Wes Thank from the next

You may begin.

Wes Golladay

need that to this year. for much Crossroads on to sheet last this the densification? the prepare topic, balance for So project? equity de-leverage And Is push how do the you

Rich Schoebel

a elevated, that of pretty debt to densification down. acknowledge balance balance going Speakers] but For continue finance look our sheet line sheet keep basis. drive pretty, is we've on always we'll on try we're rate to Crossroads, Financing little credit to phase [Multiple to bit our neutral two the on fully EBITDA interest our so and activity net compelling to

Stuart Tanz

or late until financing XXXX. early that probably needed be in very year won't the And

we until probably focused Mike 'XX. that on So is is first quarter the need reality won't capital although, that, of currently the

Wes Golladay

about stock then being monetize equity potentially where And these months densification you equity sensitive, or is it the issuance the from you to want If de-lever. guys sensitive price. to to it Yet, mentioned the opportunities? look the equity price six call still you now, be would is

Stuart Tanz

We at answer that alternative. as is would look yes. The as an an

Wes Golladay

And then for year list And is looking out stand update on there you're at versus leasing, give any the watch the last maybe an the on this last then one. power? Can that year? pricing guys you regions strong tenant how

Rich Schoebel

overall in of we are very that is terms close names Obviously, their exposure terms looking keeping in for having of very trying that continues press to whole of Pacific to and we good I closely Coast. that. leasing portfolio, have the watch eye weakness we issues. there the ahead it are And terms are The news be those And any proactive that the on in mean in the and lead strength, low then I to out West Northwest tenants. retailers think of get

Portland We and are in fully markets. Seattle essentially the both in sitting occupied

Stuart Tanz

across is Seattle. demand articulated But West very Rich the think I with strong Coast, certainly as with entire and Portland

Given California. well those our we're two to re-leasing it just markets spreads to continue the fact and to just of strength drive leased, so going as the relates it's

Operator

our question comes next Michael And Morgan. from the from JP of Muller line

begin. may You

Michael Muller

of rate Couple guess are putting to that below million. at cap rents attributes are the are considering close looking that that's the about market? you're to acquisition the questions, for first that the Southern $XX California, said six, I you What in center

Stuart Tanz

tenants. XX, some of what your along would two anchor are buying under one very tenants sales one, call in, the the that the are we're I tenant, our want to add more years, the of know one roll what been terms rest team the really breakdown leased we're what probably deal. I to it's the And Those is in if don't of looking respective national, country. XX with value and balance number underwriting we number in our you that that seeing so market very, has a strongest what this of and call lot we attributes, anchored ownership in been local and fully Well believe generate which can regional terms And in grocers after the the in is terms strong But asset what Rich, certainly that over leases most the of of in space. with on growth time.

Rich Schoebel

are also the and pivoting cap mean I think, know, seller’s interested of the a I of quick you seamless is motivation. out and retail rate function They in transaction. are Yes, having

Michael Muller

identification, right And entitled Is process shadow the opportunities kind where pipeline additional besides projects then there on XXXX? three the we that of could be in are entitlement side now. of see in and say

Stuart Tanz

are bit those excited start apartments three projects, need the viable terms with Those what We process. or fact there close but that badly. three take us, I entitlement are but and are would But through cities all -- the longer that of four moving talking next primarily are of can are that Yes, because entitlements. really along along behind point beginning those the process, these really four they're us. will discussed. process stages and are They the All we probably three quite three in at housing about year. a working in at moving this more call about with or very located helping the can well push this really assets we of

Operator

you. our Thank Todd line comes Capital Thomas Markets. the KeyBanc from next of from And question

begin. may You

Todd Thomas

growth from range occupancy It perhaps that known of space How much that mentioned the that slowdown versus tenant basis that of -- you're slowdown or from recapture. disruption the is you forecast. X% much looking store you're the to how reflect NOI and move looking of points to to into proactively disruption terms mentioned X.X% a the back proactively baked in of does same there's the X% to outs Just XXX recapture? ’XX, what's you in result

Stuart Tanz

from of all of almost the correct, store… recapture, I'm primarily Mike, it terms same it's and Well, downtime in if recapture, from

Michael Haines

a as that you the the that the components But downtime details know There's you anchor conservative Rich into of number X% guidance all still as in just of repositions give a number to which have prepared gets with us that mentioned goes, remarks, certain there's basis. budgets that to by that built here. property all are and on going some kind far to his know of some the X% we property be

Rich Schoebel

any And taken guidance. they any tenants obviously, the from fallout well as consideration, in haven't

Todd Thomas

portfolio. So What's outs. to is fallout bunch a for And I assumed XXXX unexpected what I specifically so XX that, kind of the cushion guess know fitness in or have hour have with regard of you move you into latest guidance. exposure there? any list. don't top the fitness they XX represent? in made have I there realized the much that, And does the how But break you assumptions hour this tenant XX

Michael Haines

I'll fitness. of be we're XX our side talk let actual X%. on assumptions you got the has always below as sort been debt Rich bad about far revenues bad XXXX. hour as assuming But total keep guidance to conservative, in of then mind debt for in to But X%

fact, in but constantly the we're always I X.X% In base. evaluating XXXX think it was tenant

actually little unexpected a just in And there so bit that for is move outs.

Rich Schoebel

people of In base the XX in X% performing the our And they’re entire from rent. total on less and have portfolio ground terms word is than of they're hours, we the the all well. the four we only have that

So have immediate them. about concerns we don't any

Stuart Tanz

from And hour are XX they very fitness, most those of rents low older leases. are

were anything in that nice terms or there's probably do gaining income. rents could gaining happen, of if some we recapturing So to

Todd Thomas

XXX decrease Mike, the just lastly, the income, that's FAS guidance. in the embedded rental And for model, the

That first year-over-year. you $X line 'XX. in the heavy quarter and of think second million was said I

heading guess guess actually little I low into up Is needs a would the right? pick bit I as think Year. that XXXX be run And you into XQ heading rate I space to recaptured some that there. New the

Michael Haines

a have call a Well, that market. the which did QX, there. March, recapture rate. can first a to going of big 'XX, fourth expecting end quarter moved next for which was We're the out of to elaborate we're the better in run large tenant have in by pop have that another we is Kmart on The probably a pop lease we had below quarter

being that's So amortized currently.

fourth of the disclosed which should about next to be attract quarter call that a that'll rate, more in 'XX. probably would normal eight the run in be it After weeks. So

Operator

question Thank of you. the America. our Bank And line from next Craig comes from Schmidt of

You may begin.

Craig Schmidt

on of Prop XXXX What exposure amendment? the is read repeal ROIC’s possible to XX,

Stuart Tanz

not and away last might let's been So the over of call that assets at bit of happen. or still a eight in of -- California of really at most But properties, look of all the has of we've are today's about being looking what terms two it way runs time usually seven value. years. And of so we years terms assessor the assessed them the reassessment, obviously in in them, most our at acquired most behind

don't if from we So impact really this see Craig. gets passed, proposition it much

the are going other other really on you is of ends what there's what assets, it REITs to going actually happen what period Because TAMs that by assets to owners help could to think us. hand, have around will on happening owned find or really are other become And more platform we if cost. held it that these for if number this up passes, is as a is a number look you a centers of our relates long of level time. is And a

could actually that help we lot. So us think a

of see happens. the quick So that's overview sort of what proposition, we'll a

Operator

next Lucas our Capital from of Chris will the Securities. come One And question from line you. Thank

Chris Lucas

follow-up what's a embedded of there your related the any guys, in Hey it guidance, just year? you you is this that or quick coming have. to modeling rent burn? are questions sort on on more a same What same in Is earlier guys slow X’s the store sort for pier

Rich Schoebel

numerous and We have already proactive, any in market pad list. only space very terms we're a great they're of these have being and that pier know, and that believe any may have rents. below center. don't portfolio out marketing we've this months Seattle in you great shopping because And words the on a LOIs, be closing it's the officially X’s one typically in location in three ago hand locations, all they're of We however, we

some downtime. there expect fall those in that they be upside But that rents. some maybe So some out. all you be There may know we there'll

Operator

question from Tsai from is the line of next Linda Jefferies. the And

begin. may You

Linda Tsai

from end would you year the to Where a like leverage perspective?

Michael Haines

debt net my handle on to like with to EBITDA would clearly it, get there. a six I

leverage overall the modest XXs. to to a debt say EBITDA away at we'll metric to bit and you low it’s in it. one are that total net to continue debt get cap But is focused down market on it Our XXs, chip mid with if is, we obviously very the

Operator

I’m further like And to Stuart questions the at call you. closing would to not this any remarks. back time. any turn showing over for Thank I

Stuart Tanz

thank joining us closing, you In to all We ROIC. your interest like appreciate Great. in I’d of today. for greatly

you questions, additional in If you can a any me Web and posted please Thanks company's everyone. additional on find directly. day package Mike, have supplemental our the contact again have quarterly information Rich great Also, site. or

Operator

and this today's for call. concludes Thank Ladies gentlemen, you conference participating.

now disconnect. may You

Retail Opportunity Investments (ROIC) 19 Feb 202019 Q4 Earnings call transcript