Retail Opportunity Investments Corp. (NASDAQ:ROIC) Q3 2023 Earnings Call Transcript

Todd Thomas: Okay, that’s helpful. And one last one maybe for Mike, if I could, on the model here is the 4Q run rate you made some adjustments around straight line rent, but as we think about the implied fourth quarter for both straight line and FAS 141, just with the updated guidance. Is that the right level to consider heading into 2024 as we think about, I guess considerations around non-cash rent for the new year?

Michael Haines: I would say yes. Obviously, we had a little bit of a pulldown from the Buy Buy Baby lease that we had terminated in Q3, so that was a bit of a drag, but straight because we haven’t really acquired anything recently, our FAS 141 rent amortization is pretty static, so when the guidance comes out in February, it should be pretty solid for the whole year, barring any unknown terminations or acquisitions if we do end up buying something. And on the straight line rent side I would say that the run rate was, the nine month number would be a good, if you annualize that, would be a good run rate, given our leasing activity.

Todd Thomas: Okay, got it. So the fourth quarter, the implied fourth quarter straight line rent should be a pretty clean run rate to think about moving forward.

Michael Haines: It should be, it will all depend on the leasing activity due in Q4.

Todd Thomas: Yes. Right. Okay, got it. All right, thank you.

Stuart Tanz: Okay. Thanks.

Operator: Thank you. I’m showing no further questions at this time. I would now like to turn it 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 Lauren, Mike, Rich, or me directly. Also, you can find additional information in the company’s quarterly supplemental package, which is posted on our website as well as our 10-Q. Lastly, for any of you that are attending the ICSC conference in San Diego, that starts today. We hope to see you there. And for those of you that are planning to attend REITs annual conference in a few weeks from now in Los Angeles, we look forward to seeing you there too. Thanks again, and have a great day, everyone.

Operator: This concludes today’s conference call. Thank you for participating, and you may now disconnect.