Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q4 2015 Earnings Conference Call - Final Transcript

Feb 24, 2016 • 12:00 pm ET


Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q4 2015 Earnings Conference Call - Final Transcript


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Welcome to Retail Opportunity Investments 2015 Fourth Quarter and Year-End Conference Call. [Operator Instructions]

Please note that certain matters discussed in this call today constitute forward-looking statements within the meaning of the 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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from future results expressed or implied by such forward-looking statements and expectations. Information regarding such risks and factors is described in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K.

Participants are encouraged to refer to the Company's filings with the SEC regarding such risks and factors as well as for more information regarding the Company's financial and operational results. The Company's filings can be found on its website.

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

Stuart Tanz

Thank you. Here with me today is Michael Haines, our Chief Financial Officer, and Rich Schoebel, our Chief Operating Officer. We are pleased to report that the Company posted another very strong year in 2015. Notwithstanding it being a year in which there was considerable uncertainty in the overall U.S. and global economies.

In contrast to that within our core markets on the West Coast and specifically as it relates to the grocery-anchored shopping center sector. The fundamental demographic drivers and supply demand characteristics remain very favorable and we continue to capitalize on this to take our business to new heights achieving both portfolio growth and many operating results well above the goals we set forth at the beginning of the year.

Starting with acquisitions, during 2015 we surpassed our stated target of acquiring $300 million for the year. In fact, 2015 proved to be our most successful year-to-date completing the total of $480 million of grocery-anchored acquisitions for the year running our West Coast presence by another 1.3 million square feet.

Our success on the acquisition front is driven by three key factors. First is our ongoing ability to source attractive off market opportunities, capitalizing on relationships that we worked hard to cultivate over the past 25 years. Second by having a strong presence in multiple metropolitan markets up and down the West Coast we are able to generate a sizable pipeline of opportunities, which enables us to not only be highly disciplined in selecting the best most attractive transactions, but it also enables us to grow our presence in a geographically balanced manner. In fact, during 2015 we acquired properties in four different core markets, including adding grocery-anchored shopping centers to our San Francisco, Los Angeles, Portland and Seattle portfolios.

The third distinguishing factor is one that has taken shape in 2015, utilizing our currency in the form of OP units to acquire well-established grocery-anchored shopping centers, properties that are situated in highly sought-after