ROIC - Earnings call transcript Q1 2024 | Retail Opportunity Investments Corp.

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Operator

Welcome to Retail Opportunity Investments 2024 First Quarter Conference Call. rented.

Following the company's prepared remarks, the call will be opened for questions.

Now I would like to introduce Lauren Silveira, the company's Chief Accounting Officer.

Lauren Silveira

Thank you.

note call matters, the are federal laws. please discuss we meaning begin, securities today's on forward-looking we that which certain will of Before statements within cause risks results future are expressed such factors, These significantly by that and implied statements. statements to differ involve which forward-looking can forward-looking actual or results from other factors. Participants should recent filings about report Form on company's risks annual learn these SEC, more the refer with to and other XX-K the most including to our

non-GAAP financial GAAP In on will found addition, website. discussing certain non-GAAP which to we Reconciliation call. results in supplemental, these our results results of posted quarterly be today's be on is the financial company's can

Stuart I'll the Executive company's the Chief Stuart? over Now turn to Tanz, Officer. call

Stuart A. Tanz

Lauren, you, Thank and good everyone. morning,

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

pleased solid a We off that start thus report are are in XXXX. we to to far

the portfolio, an Anchor have leased past for the four Anchor continue for most our demand year, we available, that space to Anchor to that given us XXX% relates occurrence strong maintained space it had X spaces our for of recently across years. space. of at as the became the make unusual the start We we At especially

to We take tenants lined all have that up report are rents. four pleased to at and of currently we terrific higher national the space

we increase blended rent in basis, the will than expect blended rent. previous a double more on the fact, In be

Through came long-standing truly sought-after quick directly community affluent to property in to off-market center as execute We irreplaceable the shopping relationship, that of San acquisitions. real in the a Turning submarkets to planned one seller The a located grocery-anchored recently acquired serves most is master San anchoring in the transaction. center seeking a terrific Diego us the market. Diego, shopping a here estate. primary situated

closing. generating are short The to sales we our for been efficient supermarkets, that the center years. at Stater center the Joe's X we're thriving the and few already just we've X the property strong Given a position strong owned we've in that literally have not center. and located accommodate numbers knew at space but in the backyard, this weeks available Trader is Brothers, an which both well, extremely and property the property, leased of In features

several of Additionally, express tenants, to grocery property. leasing out their space excited us this own a our at very interest in long-standing Safe center, has tenant including the say, to we're to to reached

which to X% GAAP the acquired shopping cash X.XX% In yield, north numbers, a million, terms we is on the of equating of for a center $XX basis.

to in capital our Additionally, With as our under notably. From of are Xs. going we next as redeploying flow time should release ability of intrinsic underlying in-line to continue have respect two properties as there grow $XX sell well contract to properties San an with million to selling the couple totaling perspective, remerchandise forward, below-market our these effectively blended a Diego enhances the space growing the value over dispositions, portfolio some the asset, such and accretively the the cash in overall currently years, low space rate acquisition into our ahead. irreplaceable and that the ex opportunities yield cap

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

Michael B. Haines

Stuart. Thanks,

driven above amortization below total in also higher rents, of in came million, in part revenues higher rent. base forecast to usual quarter, by first the part than and than and our internal which increased market by During $XX.X

was $XX.X the FFO guidance substantially $XX equating shareholders XXXX of for accounted respect share. range account totaled first we quarter equating taken to our in in of during for the $X.XX to into of for below the which XXXX, As with quarter call, And first quarter our bulk an year. the had which was discussed GAAP million last the increase FFO million, to diluted lease first net per expired the Anchor for $X.XX we that common attributable per market. share. income diluted

of net operating during same-center lease same-center rent with NOI other balance quarter, as a driven which first cash was in X.X%, terms our an of increase In income, in initiatives. recapture the income base recovery increases and by connection as increased well

ahead, increase particularly re-leasing While that of. forecast for Anchor quarter, space cautious remain the our above internal the activity given Stuart is X.X% spoke first we the looking

which NOI some have the be reflected we range all space same-center between in the of leases, is our Anchor year. for While downtime guidance for, there will available spoken currently full

financing our activities. to Turning

As we a acquired shopping recently Stuart for center million. indicated, $XX

the the effectively to XX While days. initially fund to in expect from transaction utilized the objective dispositions, close finance acquisition, which XX with the credit line the we is to pending our next to proceeds the we

first In ago. year terms from net X.Xx quarter, of the our to a balance financial sheet was X.Xx annualized for and debt down EBITDA ratios,

of full second start we retired a the at $XX the in mortgage. Here million quarter,

only this As shopping matures a of million, have about months XX in centers last that XX now. currently result, mortgage we XX currently meaning mortgage are from $XX for loan remaining our X unencumbered and

continue more forward Looking that closely become and position market the a favorable. opportunistically year, than in refinancing respect subtle move bonds when to to conditions at to watch ahead, the end with of are mature the we the market

over to turn I'll Rich call Schoebel, the our COO. Rich? Now

Richard K. Schoebel

Thanks, Mike.

our space As Stuart highlighted, demand strong. portfolio for to continues be across

we around feet, signed centered first the over of Tenants. totaling bulk leases quarter, XXX,XXX which XX valued square Anchor renewing the During

Specifically, which them, for seeking three another for All of long-standing not the X totaling mature renew two year. tenants we to and the feet, of renew their tenants quarter, during next with until one those a came years tenant renewed of their to early another to actually of X lease seeking tenants years. grocery to Anchor XX us scheduled lease first XXX,XXX square were three

the tenants Stuart which of And a have will we we feet. national As on our strong Anchor totaling our spaces, to draw spaces lease currently terrific X all as noted noted, be last centers. new available XXX,XXX to up new call, became square recently lined

higher Additionally, initial have will all all and REMS. at terms X leases XX-year lease

currently the are process are a work part. lease expect to spaces the to to strong. our of finalizing we deliver in Once continues demand the required limited the only on is executed, amount respect With of there Non-Anchor, be leases prep expeditiously also as agreements. space, We in-line

the signed in-line number a renewals During us totaling leases square to tenant of And XXX,XXX our leasing good first TIM around activity, with also our quarter, with renew. activity we Anchor centered Non-Anchor as leasing coming to early feet.

the leases rent solid increase another In quarter posted growth, achieving increase signed a a X% renewals. first and terms during re-leasing quarter, XX% on we on of new

even second quarter first among first quarter. quarters our volume record, poised potentially our stronger While we of leasing one was most to on have an active are

addition In our a necessity, diverse finalizing, tenants mix destination the that and markets. by plans leases of pipeline we Anchor Non-Anchor leasing very is seeking that driven Coast expansion being to West to service strong core implement are well, are as across

continue Lastly, getting make tenants open, progress. we in of steady to terms new

quarter, paying rent the basis During rent. new $X.X representing of tenants commenced base first million incremental and cash on opened a annual

annual we from added we move so approximately not of of rent rent. million Accordingly, we during signed expect will Additionally, the new of $X.X first March had leases quarter new incremental incremental at open, which XX, tenants as yet through base base just do $X in the annual year. over million the total bulk

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

Stuart A. Tanz

Thanks, Rich.

moved that involving with looming pause the caused especially with it proactive to the in current maturities. could concerns to play, back proactively of market quickly private as West engaged In on market owners to yet facing of along have that interest state our to have off-market to terms of renewed think acquisition and sidelines. the corresponding mortgage rise activity With year regarding relates this and again in the the recent arise work the as inflation, as sources. number off-market We we continue our to has opportunities Coast a could this mind, the potentially discussions rates continue advantage be progresses, buyers

economy, disciplined to Anchor I tenants consistently for their and on to expand briefly us results say, reflected grocery-anchored year to businesses. out strong is to like the selecting what we've of our capitalize speaks strength core face expand our shifted attributes renew after drives the and Non-Anchor Furthermore, year on to indicative From centers portfolio. underlying have shift, to to carefully tenants to and our regarding renewals. another early, forward. and appeal Rich's Lastly, years remarks communities tenant the more prospects stability and come of base their going shopping speak tenants both specifically our Needless strategy. which perspective, worked also growing leasing XX and in following in consistently the is to and would their continued our X uncertain the It's to general we acquisition which guarded in being of in of of tenant hard pandemic, this think as business sector since the the leases volumes

sought-after are the focus these necessity being today believe to compelling the ahead, continue our we discerning Looking daily of valued positioned with centers and their on tenants. grocery location by demographics well choice shopping strong that attributes, among West properties top Coast

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

Operator

comes question Jeffrey Bank from Securities. first with Our Spector America of

Jeffrey Spector

to this. you I this I'm the $XXX range your you still comment Are for missed expectations in if Did acquisitions million year? $XXX Stuart, net sorry on of million?

Stuart A. Tanz

are. we Yes,

But yes, is market although that the currently tap is still yes. paused, -- quickly. things on can range. are answer external We look very acquisition to change the growth in at We're

Jeffrey Spector

expectations a We're then where And stronger. And commented slowing on leasing I bit decisions. to more are on on think in some you comments the elaborate XQ leasing other Mike Great. sectors XQ? be Okay. companies seeing can on

to found I be remark that interesting. very So,

Richard K. Schoebel

Rich. is This Sure.

for tenants space. We're continues and we space the shop multiple still very mentioned, strong. we've LOIs and of receiving The the still on got the demand As longer get the Anchor for all for available is touch the on up has lot spaces shop taking lined space a to while to it signature the a be these leasing Anchor demand the space. to team,

Jeffrey Spector

Great.

no slowdown discussions. of in leasing So, any evidence

Richard K. Schoebel

No.

Jeffrey Spector

can comment coming due is more to push there? in senior my you thinking And sooner I than December, last, then guess, the that And a little would bit you certain there a notes the later? trigger around execute

Stuart A. Tanz

it conditions. seems the XX-year has for bit us, ticked I just it's to -- quite move favorable market obviously, a not not but obviously quite basically up bit. would that's and around recently, just I'm say, a Jeff,

So, the in the little obviously, we'll to year. probably a year, the probably the is last half like time before in bit good third did look end quarter of news back the and we got transact of -- we've the

Operator

next our from Todd comes KeyBanc question Capital Markets. Thomas And with

Todd Thomas

still mean, I on net the roughly neutral $XXX you're would wanted comments you're million guidance $XX -- the year-to-date, of capital sort sort $XXX we about $XXX XX curious just I'm about activity of follow issuance. previous I that vis-a-vis to a future sideline of markets XX million, and back buyers next Stuart, the days. how close think investments? Is to net funding investment assumes slow first that sellers within and all to that have maybe on the to may transaction assuming I million guidance how Mike, in moved just of up to dispositions and of you tap? should how bit the million your equity thinking think that.

Michael B. Haines

our I trading. Well, not certainly we're look, issuing stock Sure. is where equity currently mean,

continue to accordingly, And buy more for we'll than as the primarily up market accelerating market the move if through accretively, well, we more but Todd. help we as and does look anything growth disposition being to continue So, pay equity at for look through subject will conditions, dispositions more to year. can stock to it the funded the then else, side move accelerate we or acquisitions to

Todd Thomas

doubling anticipated? net And pertains basis. if commence rent Stuart, CapEx some rent vacant roughly on Okay. then you you may a as was the all as the to on Anchor those I How estimated that wasn't provide timing can And executed then, it assuming sense GLA. of leases. are mentioned when much the is around sure effective leases

Michael B. Haines

$XXX. from look, CapEx a Anchor it's all -- mean, I on looking the that at you're $XX basically leases, perspective to Yes. --

of a on doubling around in is net basis comment Our the terms rent.

the lease an the after we're as rent. on actually is as CapEx, one increase So heard big over double XXX%. in you an that's to the example, But with comments,

what the we're executed, already rich. quarter. Rich on, should expecting, Delivery -- within as executed work has probably take but the and be place again, on how to of depending leases one all touched So, been during the balance actually, much

Stuart A. Tanz

Yes, we're in months of thinking it's probably terms X fit-out.

their the space mentioned basically for condition. comments, work spaces are tenants needs. the to the out the As we do have in to But fit in deliverable obviously, some will

Richard K. Schoebel

early probably 'XX. a But I think rent mean from I investment,

You some this early capture may of late 'XX. but 'XX,

Todd Thomas

Got it.

be that right? of some will will And Is some not. this of same space, this

Stuart A. Tanz

single thing. Would base. It's all the whole

Michael B. Haines

old space. The same

Stuart A. Tanz

Correct.

Todd Thomas

it. Got

next third are activity? quarter, as reflected sort So we that we'll quarter, of should -- leasing see the executed leases see comp in perhaps

Stuart A. Tanz

correct. is That

Todd Thomas

going with talk either question, what I was in terms drove expect growth, Okay. could if income do the down, Anchor were were forward. was of that down bit, what to the in just last think maybe that Mike. of what occupancy the were sure maybe budget higher. something And relative of a their was -- if little you lower spaces recovery the a then expense rate that recaptured same-store happened some dynamic is to paying you suspect unsure just I the that and I on quarter, wasn't that there, expenses, share sort growth about the recovery but higher that But of quarter had the to mentioned. that Expenses in

Michael B. Haines

X% store, it combination debt of year, moves the higher spaces particularly at bad full expected, think given looking end, operating variety just But of was the a around just year, in we're number rent. still It the variables. sometimes to myriad at stronger things. the higher same center than a base of just cautious fairly obviously, quarter, The Actually, significantly. things a I of we we of. lower being hopefully, came same Anchor the at X% expenses, decreased spoke each again, lower this a about It's

Operator

with BMO Markets. comes from Our next question Sanabria Juan Capital

Juan Sanabria

thoughts little on could hoping latest Just a about bit the [indiscernible]. talk you

and market they've their increased the count maybe store back hesitation think forth and there's in Chapter X. may there some delays maybe closure some they or and I that pursue

to that Rite So Aid? just with curious if were be on what the plan would eventuate

Stuart A. Tanz

as Well, the uncertainty outcome there's obviously, situation. there, final Rite about you're Aid the yes, touching of a on bit of

the approved. most Aid those. in doesn't, Rite back, extending we spaces to with all And agreements they get space the of hopeful we continues plan spoken get reached But strong. event remaining very very have on that, that as the the that And the are it locations, quickly. be did with We demand on terms for will touched on were our we for

also if gets we're prepared hoping opportunity while the So, that capitalize plan doesn't. we're approved, to it on the

Juan Sanabria

And those of now? the the this release it what's stores close at terms what based on you And would be plan prospective to current closure once what point? stands as in need

Stuart A. Tanz

pipeline leasing, current locations look you if the that gave up. in they would of Well, at be what's the that terms in

Richard K. Schoebel

recently Aids. Yes, closures. out on sign XX. we started agreements of with XX did They've Rite Three those some additional were rejected. remaining We announced the

our One called adjacent of after that it about Anchor day It's expanding. list. was And space. the listed, stores grocer was on us the an not

tenants the them a talking the that there's happens. in a to spaces. that rather for our and got already focused these And feel we again, on still team ducks that, So row potential we've we get prepared back, not in leasing of get lot would while we're to and them back, is our demand event

Juan Sanabria

on And thinking released, go much those of the a growth your year, appropriately? spoken cadence can Anchor so guess, temporarily leases how NOI, about perspective, but capture rest -- from just the modeling spaces and away the that NOI for and just of forecast to acre then the you've mean that Okay. what would we for I same-store

Michael B. Haines

released have a but three Juan, already that back not the got are and to you we referring in

Stuart A. Tanz

Yes.

Michael B. Haines

same-store anything NOI didn't or in FFO. for We those the model spaces XX

for So there's nothing that. in the numbers

Stuart A. Tanz

if looking And what terms the for. just Mike you're of will back get in number, that's

Juan Sanabria

we're capturing be, make offline. not follow drop-off we much how sequential just sure to the up first whatever or may can but in Yes, quarter was the that may

Stuart A. Tanz

in In was QX, nothing Rite Aid spaces. the for three numbers our there

Juan Sanabria

of of back results expenses any comp sort impacted forward? have going there going that was NOI to to the question lastly, regards year-over-year Todd's with issue kind on that then about we there may same-store And positively the think should

Stuart A. Tanz

specific think Nothing. item. some of costs I can accelerated revival know last no nothing of we Outside snow I had that, year bit. over a

Operator

One moment question. for next our

question comes from with Our Mailman Citi. next Craig

Craig Mailman

Yes.

on guys leases. getting kind renewals, tenants? now relative you escalators as put a of more of Anchor these better it the kind to these still is follow-up early what in Were Or get you're bots minimal through in with guys just the the that of of in some start is to you any conversation SHOP? deals? Anchor So to able Or

Stuart A. Tanz

space Anchor a we on this one vacancy, big that and out quickly. more than one very new higher were Anchor tenant and Well, term get concept tenant extremely the rolled It's the probably from to the able even needed because particular need to get they usual badly. rent

Rich, the The upper would of had we hand spaces, see just in tenants? negotiation. there balance terms what ordinarily of the in of So those these you sort from terms ordinary of

Richard K. Schoebel

Yes.

think an And for XX% ongoing our which historic, the increases Anchor to space, we're for tenant X% the shop I still is is years, of around X XX%. every sort annually.

Craig Mailman

new concept, is look U.S. new markets? your just it Is credit what's What profile grocery? to new Okay. like? And kind the this to it of or of the kind

Stuart A. Tanz

strong. But very proven pretty concept already a U.S. way. has more is of in be that the to in their They're lot profitable than brand-new very, big Very, current a stores. inventory a this

Craig Mailman

already. market things end? much range? sensitivity out of was much that how there just a of guidance -- of year a a I the and stalled pushed contribution of acquisition timing guidance if bit the the that a And is what to on to remains little on you risk how and sense the just acquisition And get Like the what a But then capital, as this can and your piece? so from here cost guys you spread give what just kind from relative of couple perspective from acquisition. know just was initial got questions us to

Stuart A. Tanz

per than quarter I we think bit out if it's $XX that. a modeled, or I more Mike, million recall, So,

Michael B. Haines

$XXX $XXX guidance million was Our million. to initial

So right on market side. to is equity really as And availability far to capital the support equity now, capital. we're going the acquisition as depend our churning for

to very the it's positively. over the course on a favor, of year. respond the how of typically then change in rates depend going evolves make Obviously, So, if market kind REITs

could impact a our as that make So would use more stock it that funding source. price to accretive

Stuart A. Tanz

But cash typically. a yield around modeling about we're X.X

Craig Mailman

cost or of On that the is acquisitions the capital?

Stuart A. Tanz

acquisitions. No, the on

Craig Mailman

you're Okay. kind the would capital the there? out of of what be And cost putting

Stuart A. Tanz

acquisition the -- more a on guidance have to think a we're going smart going become And down equity again, depending doesn't blend where the is favorable for us. price I if is. to come to

just kept place remarks, like in guys We earlier markets, in depends. can Sur it know. in So, very as the the as prepared quickly because change mentioned the things you

we're So kind revisit that just to call. have for is We'll on as guidance it the next of keeping now.

Michael B. Haines

Yes. thing That's Craig, most a make critical current I mean to are important to perspective. the is we of cost the it's as our that buying capital. point accretive is, modeling sure from

the in news acquisition So, good day done as of last in made believe, that the just bought, we've what is quarter year fourth accretively the we well we being as one. is

Craig Mailman

range, to Okay. timing commencement be be or bad at negative a put going lower to debt things enough that easier expected acquisition if an could lease way the than operationally better either that is lower or if I have guidance the to just will guidance trying acquisition there's get guess, it. was net if that may I for you offset

Michael B. Haines

feel Craig. that, comfortable here sides predict of this on morning, we're that it I we future at we as but both Yes. leave equation. pretty sitting mean, the I'll obviously, can't

Operator

our question. And next for from Wes Baird. comes We'll with next question Golladay our move

Wesley Golladay

was percent went back term up. base of guidance, bit, quite as where rent there lease the Occupancy the the items down a anything rents rate but Just to related the favorable. lot a now? like same-store onetime such income income? the And is Is it looks were going

Michael B. Haines

such gives grand in a We've rolled rent the into Percentage up significant it scheme. rental revenue. us number

base out total -- It's the it's it enough just meaningful wasn't So rent. kind to continue of breaking revenue it -- in number. to relative

-- there's I as relatively Bad -- in but was was I a just earlier, it moves base nothing far of think the the sits positive effects. was mentioned to income guidance, as like where unusual, that's rent of number was quarter quarter-to-quarter. up. debt the around So up. that from down And now. terms was other There that flat

I of. cash was there onetime on a no think drivers that basis can So,

Wesley Golladay

before does And willingness Okay. you cost if something the the it at you today then -- debt? if could to current year-end? your of to issue levels. And had were to where increase debt stay borrow do strategic

Stuart A. Tanz

as And -- Based sits The that cutter and see all Fed. decision-making somewhere on today it's on the timing we'll to X.X%. where treasury XX-year drive the the that of market current our some of to of going to the of spreads, goes far first-rate as that's the be regard. indication market balance around the for in eyes the year. rate cut, And where have X, where are going

Wesley Golladay

maybe Okay. stay issue though, And do a Would level, would if process be? debt? dispositions? that to the at approach to more thought you X.X% long-term it that? you look you would how venture, were What Would joint

Michael B. Haines

all alternatives West. looking that We're at from perspective,

alternatives, So, the on focused We've is some today. these been we good have this flexibility. on about nothing to talk call but obviously, news

Wesley Golladay

And get to latest they some that they Any on negative fees of of sell sell Albertsons, they sell we Kroger portfolio? merger or can to Okay. your then you if to some have or of part if pay thoughts would groceries benefits potential your the were assets? at have or were had positives more assets the to your

Michael B. Haines

it's the disclose are they're still position specific and what be are of not the to their part going to in the in usual, Well, stores of merger. I sold Kroger Obviously, year. a government as the Albert of business yet renewing we first with communicate the look, leases including mean, one in current and quarter continue as and the to discussions ongoing quarter Conduct with

that's around. think moving still I

company. went it positive negative can spoken out positive. last be CNS, today sort but it's the we tell turned I very or haven't What is of a it's with you a whether Haggen, you XXXX step we for to tough time with to So, tell this through this, in

that's see where sit the things call, we'll merger of on get through call as our having and summer the as what of here, happens our today. So, sort we

Operator

with comes Our next Wells Bronco Securities. question Fargo Cesar from

Cesar Bronco

vacated Very stability that But the sort you the more back happened more some as forward? expect earlier. asked like you of like would occupancy Or think going your that to turnover we about questions good Anchor Anchors going I forward, going would this guess quarter? expect one

Stuart A. Tanz

for balance the Anchor two there's XXXX, year. of expire that So, remaining leases this will

One of those Aid, where it another is agreement reached we X to Rite have a an extend years. for

The a has foot space matures And the tenant as in fall. notified other that that is XX,XXX square they're leaving.

So we're in space hope the have vacate. up they that process of to before re-tending lined and tenant a

Cesar Bronco

to And it. will see occupancy from that Got respect shop? sort shop? that your the how you with overall potential any small be small of impact Would could move-outs

Stuart A. Tanz

about now. XX% No. at Small shop is sitting right

We expect range the of be for the the year. balance that will

Cesar Bronco

Got the Was of that would the was jump guess, leases. related Like the then on Okay. this that quarter? quarter? amortization quickly that to, it. I vacated And in Anchors during

Stuart A. Tanz

Anchor. yes, expired one the that didn't was left yes, in It anchor basically. QX, was It that Yes. one

Cesar Bronco

a Yes. Probably fair. that of will on sort normalize basis. go-forward a Is

Stuart A. Tanz

the That's million more prior That the is $X.X like [indiscernible] of rate. run to year. the typical

Cesar Bronco

-- be you to other items there like you Or Got to those it. one. debt quick in last expense, bad With G&A, same? are numbers? the those will guidance changes One reserve, like to respect more that any interest the call, provided expect would there

Stuart A. Tanz

to those the expect would I same. Yes. be

anything in was there we'll yet. the of through premature. if I kind year, we ago, any just early so As changes call. see is weeks But we that don't causes put updated move out that I those next X, in provide guidance it mean, that move, to the guidance X

Cesar Bronco

Okay. Got it.

Operator

comes from Paulina Our Schmidt Street. next Rojas Green question with

Paulina Rojas Schmidt

mentioned thinking in cycle buyers how And color You in as I'm pickup property And some about shopping facing wondering in in have particular sidelines. a interest you weakening sellers provide apartments, have you I result if other centers. seen office And potential you of back any fundamentals? types, could moving this on to investors was seen behave. institutional if the

Stuart A. Tanz

our buyers Yes. in not I of year, shopping or terms were types lower other in can't the today, of moved in the quite there comment quite that's interest our quarter a really I higher market. rapidly. my were comments, buyers, focus were as did mean, the the said centers, they property higher But to first because look on over when specialty. than as back moved interest I look, coming it number weeks last rates like or several rates of But

move buyers, have to number sidelines. We a seen the of again, these

interest maybe So But institutions I going from depend there flows. perspective. market a has XX coming on And retail buyer profile market institutional will really shift active. see it many capital to into some going. I rates, other don't then just back is XX where question sectors forward, that's been from the yet. think your was

NOI. have given buyers think these But attracted has there seeing that and buyers. cash multifamily, stability industrial, of seen invested I retail, other today, the certainly where the more in more retail investment the we're that feel very heavily We side, out the importantly, is that we're of different their they to terms of move in strength a place. flow in

Paulina Rojas Schmidt

balance about Thank then a the And you it. -- sheet. question you got

the or Your center space. strip average debt the is maturity is second the in shortest short

average the if wondering increase or comfortable would to level comfortable was maturity you're that you if and make goal where have I are? what So, you you

Michael B. Haines

Mike. Paulina, Thanks, it's

do through is we the later on else move a go the coming to to is to it because I And to think X-year back to We a debt September long-term stack, everyone on a to fixed maturity bond the when -- we'll XX-year goal rate out. was market, us, back It market will like -- data do looking XX-year then push our where the deal is come this basis. we we down. year, and when refinancing rates the we be were look a or we'll offering, which is, market expecting as do extend fixed-rate XX-year the everything bonds did last mature deal. start that

Operator

[Operator Instructions].

JPMorgan. Our next Michael question Mueller comes with from

Michael Mueller

ones properties you I for here. users made disposition that but missed did of the leases? properties, have that new have guess for Two holds. the types mention those two long-term quick what Anchor you weren't I it, may And

Stuart A. Tanz

in And players. one location, national two the broke to regional are space leases up Anchor the Well, players. we

In the terms dispositions. of

Michael B. Haines

the Yes. we some property a the one -- lot I some primarily, a that it's a future strong is other of property tenants. for there really in lease-up a And single-tenant and one lot don't mean, We've of property, owned completed time. of in. quite see just is growth actually that we've bringing

So time was sell from to it it. perspective, our

Michael Mueller

Got it.

Yes. Okay.

Operator

time. this closing I'm showing Officer, now Stuart to no questions Chief further turn Executive it like to for at back would Tanz, I remarks.

Stuart A. Tanz

joining and to in for us all you of Well, thanks close Great. today.

As always, we in ROIC. appreciate your interest

contact website can additional Rich questions, which XX-Q. is me package, find company's as information as well you on in Also, directly. posted additional please or the our supplemental Mike, our any If have quarterly you

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Operator

This concludes Thank you today's for participating. conference call.

disconnect. now You may

Retail Opportunity Investments (ROIC) 24 Apr 242024 Q1 Earnings call transcript