Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q2 2020 Earnings Conference Call - Final Transcript
Jul 30, 2020 • 12:00 pm ET
Good day, ladies and gentlemen, and welcome to the Retail Opportunity Investments 2020 Second Quarter Conference Call [Operator Instructions] 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. 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 filing with the SEC regarding such risks and factors as well as more information regarding the company's financial and operational results. The company's filings can be found on its websites.
Now I'd like to introduce Stuart Tanz, the company's Chief Executive Officer.
Stuart A. Tanz
Thank you. Good day, everyone. We hope that all of you and your families are doing well and have remained safe. Here with me today is Michael Haines, our Chief Financial Officer; and Rich Schoebel, our Chief Operating Officer. These past few months have been incredibly challenging for everyone across the country and the world. In terms of the West Coast, and specifically, as it relates to our shopping center business, we too have been faced with extraordinary challenges. At the time of our last earnings call, about three months ago in April, the West Coast was in the early stages of the stay-at-home orders where only businesses that were deemed essential were allowed to be open. Fortunately, given our long-standing focus on the grocery, daily-necessity sector, the bulk of our tenant base is essential. So while countless retail properties across the West Coast were all but completely shut down back in April, our shopping centers remain active with over 70% of our tenants open and operating at that time. As the second quarter progressed, capitalizing on our long-standing strategy of always being proactively engaged with our tenants and very hands-on in terms of operating our shopping centers, we made significant strides with putting our portfolio on a strong and steady course towards returning to normal full operations. We implemented a number of strategic initiatives at the property level to adapt and best position our centers during this time, including adding newly enhanced health, safety and cleaning protocols along with reworking parking patterns to enable efficient and safe, no contact curbside pickup. Additionally, we implemented a comprehensive new signage program, adding over 700 signs across our portfolio, addressing a variety of key items from social distancing, mask and hygiene protocols to provide intense status information. Furthermore, we work creatively and collaboratively with our full-service restaurant tenants to introduce new, safe and pleasant outdoor areas for dining, utilizing shaded, broad sidewalk areas and existing courtyard