Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q4 2020 Earnings Conference Call February 24, 2021 12:00 PM ET Company Participants Stuart Tanz - Chief Executive Officer Michael Haines - Chief Financial Officer Rich Schoebel - Chief Operating Officer Conference Call Participants Craig Schmidt - Bank of America Katy McConnell - Citi Michael Bilerman - Citi Todd Thomas - KeyBanc Capital Juan Sanabria - BMO Capital Mike Mueller - JPMorgan Paulina Rojas Schmidt - Green Street. Linda Tsai - Jefferies Chris Lu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to RETAIL OPPORTUNITY INVESTMENTS CORP. (Exact name of registrant as specified in its charter) Commission file number: 001-33749 RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP ...

Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q3 2020 Earnings Conference Call October 27, 2020 12:00 PM ET Company Participants Stuart Tanz - CEO Michael Haines - CFO Rich Schoebel - COO Conference Call Participants Katy McConnell - Citi Mike Mueller - JPMorgan Michael Gorman - BTIG Todd Thomas - KeyBanc Capital Markets Juan Sanabria - BMO Capital Markets Craig Schmidt - Bank of America Vince Tibone - Green Street Linda Tsai - Jefferies Michael Bilerman - Citi Operator Welcome to Retail Opportunity In ...

Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q2 2020 Earnings Conference Call July 2, 2020 8:30 AM ET Company Participants Stuart Tanz - Chief Executive Officer Michael Haines - Chief Financial Officer Rich Schoebel - Chief Operating Officer Conference Call Participants Christy McElroy - Citigroup Todd Thomas - KeyBanc Capital Management Brian Hawthorne - RBC Capital Markets Craig Schmidt - Bank of America Merrill Lynch Michael Mueller - JPMorgan Vince Tibone - Green Street Advisors Linda Tsai - Jeffe ...

Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q1 2020 Earnings Conference Call April 23, 2020 ET Operator Company Participants | --- | |--------------------------------------------------------------------------------| | | | Stuart Tanz - Chief Executive Officer Michael Haines - Chief Financial Officer | | Rich Schoebel - Chief Operating Officer | | Conference Call Participants | | Collin Mings - Raymond James | | Todd Thomas - KeyBanc | | Christy McElroy - Citigroup | | R.J. Milligan - Baird | | Jeremy ...

Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q4 2019 Results Earnings Conference Call February 19, 2020 12:00 PM ET Company Participants Stuart Tanz - Chief Executive Officer Michael Haines - Chief Financial Officer Rich Schoebel - Chief Operating Officer Conference Call Participants Christy McElroy - Citi Group Michael Mueller – JP Morgan Wes Golladay - RBC Todd Thomas - KeyBanc Capital Markets Chris Lucas - Capital One Securities Linda Tsai - Jefferies Operator Welcome to Retail Opportunity Investme ...

Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q3 2019 Earnings Conference Call October 29, 2019 9:00 AM ET Company Participants Carol Merriman - IR Stuart Tanz - CEO Rich Schoebel - COO Michael Haines - CFO Conference Call Participants Collin Mings - Raymond James Christy McElroy - Citi Michael Gorman - BTIG Barry Oxford - D.A. Davidson Jeremy Metz - BMO Capital Markets Wes Golladay - RBC Capital Markets Todd Thomas - KeyBanc Capital Markets Vince Tibone - Green Street Advisors Craig Schmidt - Bank of ...

Retail Opportunity Investments Corp (NASDAQ:ROIC) Q2 2019 Results Earnings Conference Call July 25, 2019 9:00 AM ET | --- | |------------------------------------------| | | | Company Participants | | Carol Merriman - Investor Relations | | Stuart Tanz - Chief Executive Officer | | Rich Schoebel - Chief Operating Officer | | Michael Haines - Chief Financial Officer | | Conference Call Participants | | Christy McElroy - Citi | | Collin Mings - Raymond James | | Jeremy Metz - BMO Capital Markets | | Todd Thoma ...

Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q1 2019 Results Earnings Conference Call April 25, 2019 9:00 AM ET Company Participants Stuart Tanz - Director, President, Chief Executive Officer Michael Haines - Chief Financial Officer Rich Schoebel - Chief Operating Officer Conference Call Participants Christine McElroy - Citi Jeremy Metz - BMO Capital Markets Todd Thomas - KeyBanc Capital Markets Wes Golladay - RBC Capital Markets Michael Mueller - JPMorgan Tayo Okusanya - Jefferies Craig Schmidt - Ban ...

Financial Data and Key Metrics Changes - For the full year 2018, total revenues increased to $296 million from $273 million in 2017, and GAAP operating income rose to $103 million from $94 million [16] - For Q4 2018, total revenues were $75 million, up from $73 million in Q4 2017, while GAAP operating income increased to $27 million from $26 million [17] - GAAP net income attributable to common shareholders for 2018 was $42.7 million or $0.38 per diluted share, compared to $38.5 million or $0.35 per diluted share in 2017 [18] - Funds from operations (FFO) for 2018 were $142.1 million, compared to $138.9 million in 2017, with FFO per diluted share remaining at $1.14 [19] - Same center net operating income (NOI) increased by 2.5% for both the full year and Q4 2018 [20] Business Line Data and Key Metrics Changes - The company leased over 1.5 million square feet in 2018, achieving a record high year-end portfolio lease rate of 97.7% [7][31] - Same space cash rent growth on new leases exceeded 20% for the fourth consecutive year [8] - In Q4 2018, the company executed 109 leases totaling 402,000 square feet, achieving a 26.8% increase in same space cash rents [34] Market Data and Key Metrics Changes - The company reported strong demand for space across its portfolio, particularly in core West Coast markets [6] - The economic spread between build and lease space decreased to 2.9% by the end of 2018, representing $6.8 million in additional incremental annual base rent [38] Company Strategy and Development Direction - The company is focusing on disposing of non-core properties to enhance long-term competitive strength, having sold properties for $28 million and $17 million in 2018, with additional properties lined up for sale [9][10] - Densification of shopping centers is a key strategy, with 20 centers identified for potential multi-family components, aiming for a $200 million investment with projected returns in the mid-7% range [12][13] - The company plans to partner with experienced multi-family developers to mitigate development risks [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong fundamentals of the business and the portfolio's performance, expecting continued strong demand for space in 2019 [46] - The company anticipates FFO for 2019 to be between $1.11 and $1.15 per diluted share, with same-center NOI growth expected between 2% and 3% [27][28] Other Important Information - The company maintained a minimal floating rate debt exposure of 10% and increased its unencumbered portfolio to 95% of total assets [21][23] - The interest coverage ratio was 3.4x, and the net debt to EBITDA ratio improved to 7.1x by year-end [26] Q&A Session Summary Question: Contribution of land for densification projects - Management confirmed that they plan to obtain a construction loan for actual construction costs [57] Question: Same-store NOI growth guidance and permitting issues - Management acknowledged that the permitting process remains cumbersome on the West Coast and that estimates are conservative [58] Question: Funding for acquisitions above $50 million - Management indicated that external growth is anticipated primarily through asset sales, with no equity issuance planned [61] Question: Bad debt expense budgeting - Management budgeted bad debt expense at 1.5% of revenue, which is historically above actual numbers [80] Question: Targeted cap rates for dispositions and acquisitions - Target cap rates for dispositions are 6.5% to 7%, while acquisitions are targeted at about 5.5% [83] Question: Impact of leasing spreads and tenant negotiations - Management noted that leasing spreads accelerated due to year-end pushes from retailers, and they are negotiating new leases with expiring tenants [96]