Retail Opportunity Investments Corp.

Welcome to the Retail Opportunity Investments 2022 Fourth Quarter and Year-End Conference Call. Participants are currently in a listen-only mode. Following the company's prepared remarks, the call will be opened up for questions. Now I'd like to introduce Lori Sneave, the company's Chief Accounting Officer.

Thank you. Before we begin, please note that certain matters which we will discuss on today's call are forward-looking statements within the meaning of federal securities law. These forward-looking statements involve risks and other factors which can cause actual results to differ significantly from future results that are expressed or implied by such forward-looking statements. Participants should refer to the company's filings with the SEC, including our most recent annual report on Form 10-K, to learn more about these risks and other factors. In addition, we will be discussing certain non-GAAP financial results on today's call. Reconciliation of these non-GAAP financial results to GAAP results can be found in the company's quarterly supplemental, which is posted on our website. Now I'll turn the call over to Stuart Kanz, the company's Chief Executive Officer.

Stuart? Thank you, Lori, and good day, everyone. Here with Lori and me today is Michael Haynes, our Chief Financial Officer, and Rich Schoble, our Chief Operating Officer. We are pleased to report that during 2022, through implementing our longstanding strategic property operations, leasing, and investment initiatives, we continue to enhance the long-term intrinsic value and competitive position of ROIC's portfolio and business. In the face of significant economic headwinds and uncertainty that continued throughout 2022, our gross re-anchored portfolio again proved its time-tested resiliency and value. In fact, capitalizing on the long-standing appeal and strength of our portfolio in West Coast markets We had one of the best, most active years to date in terms of property operations and leasing, setting a new number of new records. We achieved a new record high portfolio lease rate, surpassing 98% at year end. Our record high lease rate was driven by the ongoing strong demand for space and our ability to capitalize on that demand. In step with achieving a record high lease rate, we also achieved a new record for the company in terms of our overall leasing activity. Additionally, we continue to achieve strong rent growth. In fact, 2022 represented our 10th year in a row of achieving rent growth on both new leases signed during the year as well as renewals. With respect to new leases, 2022 was also our 10th consecutive year of achieving double-digit rent growth. and it is also our sixth year where we achieved rent increases in excess of 20%. In short, 2022 proved to be a stellar year on the leasing front, again, in the face of challenging and uncertain economic environment. While we work to enhance the underlying value of our existing portfolio through our leasing initiatives, we also continue to work on enhancing our leadership position and presence on the West Coast through our relationship driven investment program. During 2022, we continue to capitalize on our off market sources to gain unique access to acquire exceptional irreplaceable properties. In total, we acquired five excellent grocery anchored shopping centers encompassing over a half a million square feet of space in total. These new acquisitions fit our discipline, risk adverse strategy and our existing portfolio perfectly. They are well situated in our core markets, three being located in the Seattle market, one in Portland, and one in the San Francisco market. Within each of these markets, the properties are well established in the heart of affluent communities. All five shopping centers feature strong grocery operators that are longstanding existing tenants of ours, along with a broad range of necessity, service, and destination tenants, many of which are existing tenants of ours as well. While the new acquisitions provide a stable base of cash flow, they also offer a wealth of opportunities to increase cash flow and enhance the underlying value going forward. Within just a few short months of having acquired the properties, we have already leased the bulk of the available space. Looking ahead, there's an abundance of opportunities to release below market space over the next several years. There's also a number of opportunities to reconfigure expiring space and attract new tenants at higher rents, as well as potential expansion and pad opportunities. In summary, our 2022 acquisitions are an excellent strategic fit by all measures and enhance the value of our overall portfolio and presence on the West Coast. Additionally, our investment activities together with our leasing accomplishments serve to generate solid financial results. I'll turn the call over now to Michael Haynes, our CFO, to take you through those details. Mike?