Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q1 2023 Earnings Call Transcript

Paulina Rojas Schmidt : Thank you. And then one last question. You mentioned a couple of times that you have seen very few transactions, but the one that you have seen close to being the west coast of being a low-6s. And I’m curious, do you your view, has the quality of those strength assets that have constructed and in similar to your portfolio, are they representative for your portfolio?

Richard Schoebel: Again, very few transactions to talk about. These have been high, pretty good quality, stabilized grocery anchored centers. I would tell you that certainly, the quality of the assets have been there. But these assets are newer in nature. And therefore rents in terms of creating NOI growth at the property level has not been that strong, because there were brand new leases. So we continue to monitor obviously, the market very closely. But most of these deals and again, very few of them that have traded, these have been very stabilized newer assets. So the cap rates sort of reflect in my view, not a lot of internal growth, because there’s just — they’re typically 100% occupied.

Paulina Rojas Schmidt : Thank you. That’s all.

Operator: Thank you. I’m seeing no further questions in the queue. I would now like to turn the conference back to Stuart Tanz for closing remarks.

Stuart Tanz: In closing, thanks to all of you for joining us today. As always, we appreciate your interest in ROIC. If you have any additional questions, please contact Mike, Rich or me directly. Also, you can find additional information to the company’s quarterly supplemental package which is posted on our website, as well as our 10-Q. And lastly, for those of you who are attending ICSC convention in Las Vegas next month, please stop by our booth. We will be in the South Hall on level one specifically booth number 807. We hope to see you there. And thanks again and have a great day everyone.

Operator: This concludes today’s conference call. Thank you all for participating. You may now disconnect. And have a pleasant day.