Maryland | (Retail Opportunity Investments Corp.) | 26-0500600 | (Retail Opportunity Investments Corp.) | |||||||||||
Delaware | (Retail Opportunity Investments Partnership, LP) | 94-2969738 | (Retail Opportunity Investments Partnership, LP) | |||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
11250 El Camino Real | |||||||||||||||||
San Diego, | California | 92130 | |||||||||||||||
(Address of | (Zip |
Retail Opportunity Investments Corp. | Yes | ☒ | No | ☐ | ||||||||||
Retail Opportunity Investments Partnership, LP | Yes | ☐ | No | ☒ |
Retail Opportunity Investments Corp. | Yes | ☐ | No | ☒ | ||||||||||
Retail Opportunity Investments Partnership, LP | Yes | ☐ | No | ☒ |
Retail Opportunity Investments Corp. | Yes | ☒ | No | ☐ | ||||||||||
Retail Opportunity Investments Partnership, LP | Yes | ☒ | No | ☐ |
Retail Opportunity Investments Corp. | Yes | ☒ | No | ☐ | ||||||||||
Retail Opportunity Investments Partnership, LP | Yes | ☒ | No | ☐ |
Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||
Emerging growth company | ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Large accelerated filer | ☐ | Accelerated filer | ☐ | Non-accelerated filer | ☒ | Smaller reporting company | ☐ | |||||||||||||||||||||||||
Emerging growth company | ☐ | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
Retail Opportunity Investments Corp. | ☒ | ||||
Retail Opportunity Investments Partnership, LP | ☐ |
Retail Opportunity Investments Corp. | Yes | ☐ | No | ☒ | ||||||||||
Retail Opportunity Investments Partnership, LP | Yes | ☐ | No | ☒ |
Name of Registrant | Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||
Retail Opportunity Investments Corp. | Common Stock, par value $0.0001 per share | ROIC | NASDAQ | ||||||||
Retail Opportunity Investments Partnership, LP | None | None | None |
RETAIL OPPORTUNITY INVESTMENTS CORP. | |||||||||
TABLE OF CONTENTS | |||||||||
Page | |||||||||
Property | Year Completed/ Renovated | Year Acquired | Gross Leasable Sq. Feet | Number of Tenants | % Leased | Principal Tenants | |||||||||||||||||||||||||||||||||||
Southern California | |||||||||||||||||||||||||||||||||||||||||
Los Angeles metro area | |||||||||||||||||||||||||||||||||||||||||
Paramount Plaza | 1966/2010 | 2009 | 95,062 | 15 | 100.0 | % | Grocery Outlet Supermarket, 99¢ Only Stores, Rite Aid Pharmacy | ||||||||||||||||||||||||||||||||||
Claremont Promenade | 1982/2011 | 2010 | 92,297 | 25 | 96.3 | % | Super King Supermarket | ||||||||||||||||||||||||||||||||||
Gateway Village | 2003/2005 | 2010 | 96,959 | 30 | 100.0 | % | Sprouts Market | ||||||||||||||||||||||||||||||||||
Seabridge Marketplace | 2006 | 2012 | 98,348 | 22 | 97.9 | % | Safeway (Vons) Supermarket | ||||||||||||||||||||||||||||||||||
Glendora Shopping Center | 1992/2012 | 2012 | 106,535 | 21 | 97.5 | % | Albertsons Supermarket | ||||||||||||||||||||||||||||||||||
Redondo Beach Plaza | 1993/2004 | 2012 | 110,509 | 16 | 100.0 | % | Safeway (Vons) Supermarket, Petco | ||||||||||||||||||||||||||||||||||
Diamond Bar Town Center | 1981 | 2013 | 100,342 | 23 | 100.0 | % | Walmart Neighborhood Market, Crunch Fitness | ||||||||||||||||||||||||||||||||||
Diamond Hills Plaza | 1973/2008 | 2013 | 139,505 | 40 | 96.6 | % | H-Mart Supermarket | ||||||||||||||||||||||||||||||||||
Plaza de la Canada | 1968/2010 | 2013 | 100,425 | 12 | 97.3 | % | Gelson’s Supermarket, TJ Maxx, Rite Aid Pharmacy | ||||||||||||||||||||||||||||||||||
Fallbrook Shopping Center | 1966/1986/ 2003/2015 | 2014 | 755,299 | 46 | 99.0 | % | Sprouts Market, Trader Joe’s, Kroger (Ralph’s) Supermarket (1), TJ Maxx | ||||||||||||||||||||||||||||||||||
Moorpark Town Center | 1984/2014 | 2014 | 133,547 | 21 | 90.7 | % | Kroger (Ralph’s) Supermarket, CVS Pharmacy | ||||||||||||||||||||||||||||||||||
Ontario Plaza | 1997-1999 | 2015 | 150,149 | 25 | 97.2 | % | El Super Supermarket, Rite Aid Pharmacy | ||||||||||||||||||||||||||||||||||
Park Oaks Shopping Center | 1959/2005 | 2015 | 110,092 | 25 | 90.5 | % | Safeway (Vons) Supermarket, Dollar Tree | ||||||||||||||||||||||||||||||||||
Warner Plaza | 1973-1974/ 2016-2017 | 2015 | 110,918 | 65 | 93.1 | % | Sprouts Market, Kroger (Ralph’s) Supermarket (1), Rite Aid Pharmacy (1) | ||||||||||||||||||||||||||||||||||
Magnolia Shopping Center | 1962/1972/ 1987/2016 | 2016 | 116,360 | 21 | 86.1 | % | Kroger (Ralph’s) Supermarket | ||||||||||||||||||||||||||||||||||
Casitas Plaza Shopping Center | 1972/1982 | 2016 | 105,118 | 26 | 99.2 | % | Albertsons Supermarket, CVS Pharmacy | ||||||||||||||||||||||||||||||||||
Bouquet Center | 1985 | 2016 | 148,903 | 27 | 97.4 | % | Safeway (Vons) Supermarket, CVS Pharmacy, Ross Dress For Less | ||||||||||||||||||||||||||||||||||
North Ranch Shopping Center | 1977-1990 | 2016 | 146,444 | 32 | 86.2 | % | Kroger (Ralph’s) Supermarket, Trader Joe’s, Rite Aid Pharmacy, Petco | ||||||||||||||||||||||||||||||||||
The Knolls | 2000/2016 | 2016 | 52,021 | 7 | 100.0 | % | Trader Joe’s, Pet Food Express | ||||||||||||||||||||||||||||||||||
The Terraces | 1958/1970/ 1989 | 2017 | 172,922 | 28 | 93.8 | % | Trader Joe’s, Marshall’s, LA Fitness | ||||||||||||||||||||||||||||||||||
Orange County metro area | |||||||||||||||||||||||||||||||||||||||||
Santa Ana Downtown Plaza | 1987/2010 | 2010 | 105,536 | 30 | 98.9 | % | Kroger (Food 4 Less) Supermarket, Marshall’s | ||||||||||||||||||||||||||||||||||
Sycamore Creek | 2008 | 2010 | 74,198 | 17 | 98.2 | % | Safeway (Vons) Supermarket, CVS Pharmacy (1) | ||||||||||||||||||||||||||||||||||
Desert Springs Marketplace | 1993-94 / 2013 | 2011 | 113,718 | 18 | 90.6 | % | Kroger (Ralph’s) Supermarket, Rite Aid Pharmacy | ||||||||||||||||||||||||||||||||||
Cypress Center West | 1970/1978 / 2014 | 2012 | 106,800 | 33 | 100.0 | % | Kroger (Ralph’s) Supermarket, Rite Aid Pharmacy | ||||||||||||||||||||||||||||||||||
Harbor Place Center | 1994 | 2012 | 122,636 | 11 | 99.0 | % | AA Supermarket, Ross Dress For Less, AutoZone Mega Hub | ||||||||||||||||||||||||||||||||||
5 Points Plaza | 1961-62 / 2012 / 2015 | 2013 | 160,536 | 34 | 90.9 | % | Trader Joe’s | ||||||||||||||||||||||||||||||||||
Peninsula Marketplace | 2000 | 2013 | 95,416 | 14 | 99.0 | % | Kroger (Ralph’s) Supermarket, Planet Fitness | ||||||||||||||||||||||||||||||||||
Fullerton Crossroads | 1977/1997/ 2010-2011 | 2017 | 219,785 | 26 | 98.9 | % | Kroger (Ralph’s) Supermarket, Kohl’s, Jo-Ann Fabrics and Crafts | ||||||||||||||||||||||||||||||||||
The Village at Nellie Gail Ranch | 1897 / 2014-2015 | 2017 | 89,041 | 24 | 96.3 | % | Smart & Final Extra Supermarket | ||||||||||||||||||||||||||||||||||
San Diego metro area | |||||||||||||||||||||||||||||||||||||||||
Marketplace Del Rio | 1990/2004 | 2011 | 183,787 | 46 | 97.7 | % | Stater Brothers Supermarket, Walgreens | ||||||||||||||||||||||||||||||||||
Renaissance Towne Centre | 1991/2011 | 2011 | 53,272 | 29 | 94.6 | % | CVS Pharmacy | ||||||||||||||||||||||||||||||||||
Bay Plaza | 1986/2013 | 2012 | 73,324 | 29 | 98.0 | % | Seafood City Supermarket | ||||||||||||||||||||||||||||||||||
Bernardo Heights Plaza | 1983/2006 | 2013 | 37,729 | 5 | 100.0 | % | Sprouts Market |
Property | Year Completed/ Renovated | Year Acquired | Gross Leasable Sq. Feet | Number of Tenants | % Leased | Principal Tenants | |||||||||
Southern California | |||||||||||||||
Los Angeles metro area | |||||||||||||||
Paramount Plaza | 1966/2010 | 2009 | 95,062 | 14 | 98.0 | % | Grocery Outlet Supermarket, 99¢ Only Stores, Rite Aid Pharmacy | ||||||||
Claremont Promenade | 1982/2011 | 2010 | 92,297 | 25 | 97.2 | % | Super King Supermarket | ||||||||
Gateway Village | 2003/2005 | 2010 | 96,959 | 28 | 96.2 | % | Sprouts Market | ||||||||
Seabridge Marketplace | 2006 | 2012 | 95,830 | 21 | 99.5 | % | Safeway (Vons) Supermarket | ||||||||
Glendora Shopping Center | 1992/2012 | 2012 | 106,535 | 20 | 95.8 | % | Albertson’s Supermarket | ||||||||
Redondo Beach Plaza | 1993/2004 | 2012 | 110,509 | 16 | 100.0 | % | Safeway (Vons) Supermarket, Petco | ||||||||
Diamond Bar Town Center | 1981 | 2013 | 100,342 | 23 | 100.0 | % | Walmart Neighborhood Market, Crunch Fitness | ||||||||
Diamond Hills Plaza | 1973/2008 | 2013 | 139,505 | 36 | 97.1 | % | H-Mart Supermarket, Rite Aid Pharmacy | ||||||||
Plaza de la Canada | 1968/2010 | 2013 | 100,408 | 11 | 95.9 | % | Gelson’s Supermarket, TJ Maxx, Rite Aid Pharmacy | ||||||||
Fallbrook Shopping Center | 1966/1986/ 2003/2015 | 2014 | 755,299 | 48 | 99.6 | % | Sprouts Market, Trader Joe’s, Kroger (Ralph’s) Supermarket (2), TJ Maxx | ||||||||
Moorpark Town Center | 1984/2014 | 2014 | 133,547 | 26 | 98.3 | % | Kroger (Ralph’s) Supermarket, CVS Pharmacy | ||||||||
Ontario Plaza | 1997-1999 | 2015 | 150,149 | 26 | 99.1 | % | El Super Supermarket, Rite Aid Pharmacy | ||||||||
Park Oaks Shopping Center | 1959/2005 | 2015 | 110,092 | 29 | 96.2 | % | Safeway (Vons) Supermarket, Dollar Tree | ||||||||
Warner Plaza | 1973-1974/ 2016-2017 | 2015 | 110,918 | 66 | 96.1 | % | Sprouts Market, Kroger (Ralph’s) Supermarket (2), Rite Aid Pharmacy (2) | ||||||||
Magnolia Shopping Center | 1962/1972/ 1987/2016 | 2016 | 116,360 | 24 | 91.5 | % | Kroger (Ralph’s) Supermarket | ||||||||
Casitas Plaza Shopping Center | 1972/1982 | 2016 | 97,407 | 24 | 98.6 | % | Albertson’s Supermarket, CVS Pharmacy | ||||||||
Bouquet Center | 1985 | 2016 | 148,903 | 27 | 97.8 | % | Safeway (Vons) Supermarket, CVS Pharmacy, Ross Dress For Less | ||||||||
North Ranch Shopping Center | 1977-1990 | 2016 | 146,625 | 30 | 90.0 | % | Kroger (Ralph’s) Supermarket, Trader Joe’s, Rite Aid Pharmacy, Petco | ||||||||
The Knolls | 2000/2016 | 2016 | 52,021 | 7 | 100.0 | % | Trader Joe’s, Pet Food Express | ||||||||
The Terraces | 1958/1970/ 1989 | 2017 | 172,922 | 25 | 90.8 | % | Trader Joe’s, Marshall’s, LA Fitness | ||||||||
Orange County metro area | |||||||||||||||
Santa Ana Downtown Plaza | 1987/2010 | 2010 | 105,536 | 27 | 94.1 | % | Kroger (Food 4 Less) Supermarket, Marshall’s | ||||||||
Sycamore Creek | 2008 | 2010 | 74,198 | 18 | 100.0 | % | Safeway (Vons) Supermarket, CVS Pharmacy (2) | ||||||||
Desert Springs Marketplace | 1993-94 / 2013 | 2011 | 113,718 | 19 | 96.3 | % | Kroger (Ralph’s) Supermarket, Rite Aid Pharmacy | ||||||||
Cypress Center West | 1970/1978 / 2014 | 2012 | 107,246 | 30 | 96.5 | % | Kroger (Ralph’s) Supermarket, Rite Aid Pharmacy | ||||||||
Harbor Place Center | 1994 | 2012 | 119,821 | 10 | 100.0 | % | AA Supermarket, Ross Dress For Less | ||||||||
Five Points Plaza | 1961-62 / 2012 / 2015 | 2013 | 160,536 | 38 | 99.7 | % | Trader Joe’s, Pier 1 | ||||||||
Peninsula Marketplace | 2000 | 2013 | 95,416 | 15 | 100.0 | % | Kroger (Ralph’s) Supermarket, Planet Fitness | ||||||||
Mission Foothill Marketplace | 1996 | 2014 | 110,678 | 13 | 64.0 | % | Safeway (Vons) Supermarket (1), CVS Pharmacy |
Property | Year Completed/ Renovated | Year Acquired | Gross Leasable Sq. Feet | Number of Tenants | % Leased | Principal Tenants | |||||||||||||||||||||||||||||||||||
Hawthorne Crossings | 1993/1999 | 2013 | 141,288 | 19 | 99.3 | % | Mitsuwa Supermarket, Ross Dress For Less, Staples | ||||||||||||||||||||||||||||||||||
Creekside Plaza | 1993/2005 | 2014 | 133,914 | 26 | 94.4 | % | Stater Brothers Supermarket, AMC Theatres | ||||||||||||||||||||||||||||||||||
Palomar Village | 1989/2019 | 2021 | 125,130 | 28 | 99.0 | % | Albertsons Supermarket, CVS Pharmacy | ||||||||||||||||||||||||||||||||||
Northern California | |||||||||||||||||||||||||||||||||||||||||
San Francisco metro area | |||||||||||||||||||||||||||||||||||||||||
Pleasant Hill Marketplace | 1980 | 2010 | 69,715 | 3 | 100.0 | % | Total Wine and More, Buy Buy Baby, Basset Furniture | ||||||||||||||||||||||||||||||||||
Pinole Vista Shopping Center | 1981/2012 | 2011/2018/2021 | 140,962 | 28 | 98.6 | % | SaveMart (Lucky of CA) Supermarket, Planet Fitness | ||||||||||||||||||||||||||||||||||
Country Club Gate Center | 1974/2012 | 2011 | 109,331 | 32 | 92.4 | % | SaveMart (Lucky of CA) Supermarket, Rite Aid Pharmacy | ||||||||||||||||||||||||||||||||||
Marlin Cove Shopping Center | 1972/2001 | 2012 | 73,943 | 26 | 100.0 | % | 99 Ranch Market | ||||||||||||||||||||||||||||||||||
The Village at Novato | 2006 | 2012 | 20,081 | 4 | 100.0 | % | Trader Joe’s, Pharmaca Pharmacy | ||||||||||||||||||||||||||||||||||
Santa Teresa Village | 1974-79 / 2013 | 2012 | 131,713 | 39 | 98.6 | % | Grocery Outlet Supermarket, Dollar Tree, MedVet Silicon Valley | ||||||||||||||||||||||||||||||||||
Granada Shopping Center | 1962/1994 | 2013 | 71,525 | 16 | 100.0 | % | SaveMart (Lucky of CA) Supermarket | ||||||||||||||||||||||||||||||||||
Country Club Village | 1995 | 2013 | 111,093 | 23 | 97.7 | % | Walmart Neighborhood Market, CVS Pharmacy | ||||||||||||||||||||||||||||||||||
North Park Plaza | 1997 | 2014 | 76,697 | 18 | 100.0 | % | H-Mart Supermarket | ||||||||||||||||||||||||||||||||||
Winston Manor | 1977/1988/ 2011/2015 | 2015 | 49,852 | 14 | 91.0 | % | Grocery Outlet Supermarket | ||||||||||||||||||||||||||||||||||
Jackson Square | 1972/1997 | 2015 | 114,220 | 17 | 100.0 | % | Safeway Supermarket, CVS Pharmacy, 24 Hour Fitness | ||||||||||||||||||||||||||||||||||
Gateway Centre | 1996 | 2015 | 112,553 | 23 | 94.3 | % | SaveMart (Lucky of CA) Supermarket, Walgreens | ||||||||||||||||||||||||||||||||||
Iron Horse Plaza | 1998-1999 | 2015 | 61,915 | 11 | 100.0 | % | Lunardi’s Market | ||||||||||||||||||||||||||||||||||
Monterey Center | 2007 | 2016 | 25,626 | 9 | 93.7 | % | Trader Joe’s, Pharmaca Pharmacy | ||||||||||||||||||||||||||||||||||
Santa Rosa Southside Shopping Center | 1983-1984 | 2017 | 88,606 | 9 | 100.0 | % | REI, Cost Plus World Market, DSW | ||||||||||||||||||||||||||||||||||
Monta Loma Plaza | 1973/ 2009-2010 | 2017 | 49,694 | 11 | 100.0 | % | Safeway Supermarket | ||||||||||||||||||||||||||||||||||
Canyon Creek Plaza | 2000/2018 | 2021 | 64,662 | 24 | 98.5 | % | New Seasons Market | ||||||||||||||||||||||||||||||||||
Pacific Northwest | |||||||||||||||||||||||||||||||||||||||||
Seattle Metropolitan | |||||||||||||||||||||||||||||||||||||||||
Meridian Valley Plaza | 1978/2011 | 2010 | 51,597 | 16 | 100.0 | % | Kroger (QFC) Supermarket | ||||||||||||||||||||||||||||||||||
The Market at Lake Stevens | 2000 | 2010 | 74,130 | 9 | 100.0 | % | Albertsons (Haggen) Supermarket | ||||||||||||||||||||||||||||||||||
Canyon Park Shopping Center | 1980/2012 | 2011 | 123,592 | 24 | 100.0 | % | PCC Community Markets, Rite Aid Pharmacy, Petco | ||||||||||||||||||||||||||||||||||
Hawks Prairie Shopping Center | 1988/2012 | 2011 | 157,529 | 24 | 100.0 | % | Safeway Supermarket, Dollar Tree, Big Lots | ||||||||||||||||||||||||||||||||||
The Kress Building | 1924/2005 | 2011 | 74,616 | 6 | 73.5 | % | IGA Supermarket, TJMaxx | ||||||||||||||||||||||||||||||||||
Gateway Shopping Center | 2007 | 2012 | 104,298 | 19 | 96.1 | % | WinCo Foods (1), Rite Aid Pharmacy, Ross Dress For Less | ||||||||||||||||||||||||||||||||||
Aurora Square | 1980/1987 | 2012/2014 | 108,558 | 17 | 100.0 | % | Central Supermarket, Marshall’s | ||||||||||||||||||||||||||||||||||
Canyon Crossing | 2008-2009 | 2013 | 120,398 | 28 | 100.0 | % | Safeway Supermarket | ||||||||||||||||||||||||||||||||||
Crossroads Shopping Center | 1962/2004/ 2015 | 2010/2013 | 473,131 | 93 | 97.8 | % | Kroger (QFC) Supermarket, Bed Bath & Beyond, Dick’s Sporting Goods | ||||||||||||||||||||||||||||||||||
Bellevue Marketplace | 1971/1982/ 2017 | 2015 | 113,758 | 20 | 100.0 | % | Asian Family Market | ||||||||||||||||||||||||||||||||||
Four Corner Square | 1983/2015 | 2015 | 119,531 | 30 | 100.0 | % | Grocery Outlet Supermarket, Walgreens, Johnsons Home & Garden | ||||||||||||||||||||||||||||||||||
Bridle Trails Shopping Center | 1980/1984/ 1987 | 2016 | 110,257 | 31 | 100.0 | % | Grocery Outlet Supermarket, Rite Aid (Bartell) Pharmacy, Dollar Tree | ||||||||||||||||||||||||||||||||||
PCC Community Markets Plaza | 1981/2007 | 2017 | 34,459 | 1 | 100.0 | % | PCC Community Markets | ||||||||||||||||||||||||||||||||||
Highland Hill Shopping Center | 1956/1989/ 2006 | 2017 | 163,926 | 20 | 100.0 | % | National Supermarket, LA Fitness, Dollar Tree, Petco |
Fullerton Crossroads | 1977/1997/ 2010-2011 | 2017 | 219,785 | 25 | 99.4 | % | Kroger (Ralph’s) Supermarket, Kohl’s, Jo-Ann Fabrics and Crafts | ||||||||
The Village at Nellie Gail Ranch | 1897 / 2014-2015 | 2017 | 88,486 | 25 | 98.5 | % | Smart & Final Extra Supermarket | ||||||||
San Diego metro area | |||||||||||||||
Marketplace Del Rio | 1990/ 2004 | 2011 | 177,195 | 43 | 88.4 | % | Stater Brothers Supermarket, Walgreens | ||||||||
Renaissance Towne Centre | 1991/2011 | 2011 | 53,074 | 29 | 100.0 | % | CVS Pharmacy | ||||||||
Euclid Plaza | 1982/2012 | 2012 | 77,044 | 9 | 96.8 | % | Vallarta Supermarket, Walgreens | ||||||||
Bay Plaza | 1986/2013 | 2012 | 73,324 | 28 | 97.9 | % | Seafood City Supermarket | ||||||||
Bernardo Heights Plaza | 1983/2006 | 2013 | 37,729 | 4 | 96.3 | % | Sprouts Market | ||||||||
Hawthorne Crossings | 1993/1999 | 2013 | 141,288 | 18 | 100.0 | % | Mitsuwa Supermarket, Ross Dress For Less, Staples | ||||||||
Creekside Plaza | 1993/2005 | 2014 | 128,852 | 26 | 98.9 | % | Stater Brothers Supermarket, AMC Theatres | ||||||||
Torrey Hills Corporate Center | 1998 | 2016 | 23,595 | 4 | 100.0 | % | Retail Opportunity Investments Corp. | ||||||||
Northern California | |||||||||||||||
San Francisco metro area | |||||||||||||||
Pleasant Hill Marketplace | 1980 | 2010 | 69,715 | 3 | 100.0 | % | Total Wine and More, Buy Buy Baby, Basset Furniture | ||||||||
Pinole Vista Shopping Center | 1981/2012 | 2011 | 223,369 | 28 | 96.9 | % | SaveMart (Lucky) Supermarket, Planet Fitness, Kmart | ||||||||
Country Club Gate Center | 1974/2012 | 2011 | 109,331 | 28 | 94.9 | % | SaveMart (Lucky) Supermarket, Rite Aid Pharmacy | ||||||||
Marlin Cove Shopping Center | 1972/2001 | 2012 | 73,943 | 24 | 95.5 | % | 99 Ranch Market | ||||||||
The Village at Novato | 2006 | 2012 | 20,081 | 4 | 100.0 | % | Trader Joe’s, Pharmaca Pharmacy | ||||||||
Santa Teresa Village | 1974-79 / 2013 | 2012 | 124,306 | 36 | 93.2 | % | Raleys (Nob Hill) Supermarket, Dollar Tree | ||||||||
Granada Shopping Center | 1962/1994 | 2013 | 69,325 | 15 | 100.0 | % | SaveMart (Lucky) Supermarket | ||||||||
Country Club Village | 1995 | 2013 | 111,093 | 23 | 99.0 | % | Walmart Neighborhood Market, CVS Pharmacy | ||||||||
North Park Plaza | 1997 | 2014 | 76,697 | 15 | 100.0 | % | H-Mart Supermarket | ||||||||
Winston Manor | 1977/1988/ 2011/2015 | 2015 | 49,852 | 14 | 100.0 | % | Grocery Outlet Supermarket | ||||||||
Jackson Square | 1972/1997 | 2015 | 114,220 | 16 | 100.0 | % | Safeway Supermarket, CVS Pharmacy, 24 Hour Fitness | ||||||||
Gateway Centre | 1996 | 2015 | 112,553 | 25 | 98.6 | % | SaveMart (Lucky) Supermarket, Walgreens | ||||||||
Iron Horse Plaza | 1998-1999 | 2015 | 61,860 | 10 | 96.3 | % | Lunardi’s Market | ||||||||
Monterey Center | 2007 | 2016 | 25,798 | 9 | 100.0 | % | Trader Joe’s, Pharmaca Pharmacy | ||||||||
Santa Rosa Southside Shopping Center | 1983-1984 | 2017 | 88,535 | 11 | 100.0 | % | REI, Cost Plus World Market | ||||||||
Monta Loma Plaza | 1973/ 2009-2010 | 2017 | 48,078 | 11 | 100.0 | % | Safeway Supermarket | ||||||||
Sacramento metro area | |||||||||||||||
Norwood Shopping Center | 1993/1999 | 2010 | 85,693 | 18 | 100.0 | % | Viva Supermarket, Rite Aid Pharmacy, Citi Trends | ||||||||
Mills Shopping Center | 1959/1996 | 2011 | 235,314 | 29 | 86.4 | % | Viva Supermarket, Ross Dress For Less (dd’s Discounts), Dollar Tree | ||||||||
Morada Ranch | 2006 | 2011 | 101,842 | 18 | 95.1 | % | Raleys Supermarket | ||||||||
Round Hill Square Shopping Center | 1998 | 2011 | 115,984 | 22 | 94.1 | % | Safeway Supermarket, Dollar Tree, US Postal Service | ||||||||
Green Valley Station | 2006/2007 | 2012 | 52,245 | 14 | 74.4 | % | CVS Pharmacy | ||||||||
Pacific Northwest | |||||||||||||||
Seattle Metropolitan | |||||||||||||||
Meridian Valley Plaza | 1978/2011 | 2010 | 51,597 | 15 | 96.9 | % | Kroger (QFC) Supermarket | ||||||||
The Market at Lake Stevens | 2000 | 2010 | 74,130 | 9 | 100.0 | % | Albertson’s (Haggen) Supermarket | ||||||||
Canyon Park Shopping Center | 1980/2012 | 2011 | 123,592 | 23 | 98.4 | % | PCC Community Markets, Rite Aid Pharmacy, Petco | ||||||||
Hawks Prairie Shopping Center | 1988/2012 | 2011 | 157,529 | 24 | 100.0 | % | Safeway Supermarket, Dollar Tree, Big Lots | ||||||||
The Kress Building | 1924/2005 | 2011 | 74,616 | 8 | 100.0 | % | IGA Supermarket, TJMaxx | ||||||||
Gateway Shopping Center | 2007 | 2012 | 104,298 | 18 | 90.4 | % | WinCo Foods (2), Rite Aid Pharmacy, Ross Dress For Less |
Property | Property | Year Completed/ Renovated | Year Acquired | Gross Leasable Sq. Feet | Number of Tenants | % Leased | Principal Tenants | |||||||||||||||||||||||||||||||||||||||||||||||||
Aurora Square | 1980 | 2012 | 38,030 | 4 | 100.0 | % | Central Supermarket | |||||||||||||||||||||||||||||||||||||||||||||||||
Canyon Crossing | 2008-2009 | 2013 | 120,508 | 26 | 96.3 | % | Safeway Supermarket | |||||||||||||||||||||||||||||||||||||||||||||||||
Crossroads Shopping Center | 1962/2004/ 2015 | 2010/2013 | 463,541 | 95 | 100.0 | % | Kroger (QFC) Supermarket, Bed Bath & Beyond, Dick’s Sporting Goods | |||||||||||||||||||||||||||||||||||||||||||||||||
Aurora Square II | 1987 | 2014 | 70,720 | 11 | 97.5 | % | Marshall’s, Pier 1 Imports | |||||||||||||||||||||||||||||||||||||||||||||||||
Bellevue Marketplace | 1971/1982/ 2017 | 2015 | 113,758 | 20 | 100.0 | % | Asian Family Market | |||||||||||||||||||||||||||||||||||||||||||||||||
Four Corner Square | 1983/2015 | 2015 | 119,560 | 30 | 100.0 | % | Grocery Outlet Supermarket, Walgreens, Johnsons Home & Garden | |||||||||||||||||||||||||||||||||||||||||||||||||
Bridle Trails Shopping Center | 1980/1984/ 1987 | 2016 | 105,486 | 29 | 100.0 | % | Grocery Outlet Supermarket, Bartell Drugs, Dollar Tree | |||||||||||||||||||||||||||||||||||||||||||||||||
PCC Community Markets Plaza | 1981/2007 | 2017 | 34,459 | 1 | 100.0 | % | PCC Community Markets | |||||||||||||||||||||||||||||||||||||||||||||||||
Highland Hill Shopping Center | 1956/1989/ 2006 | 2017 | 163,926 | 19 | 95.9 | % | Safeway Supermarket, LA Fitness, Dollar Tree, Petco | |||||||||||||||||||||||||||||||||||||||||||||||||
North Lynnwood Shopping Center | 1963/1965/ 2003 | 2017 | 63,606 | 8 | 91.3 | % | Kroger (QFC) Supermarket | North Lynnwood Shopping Center | 1963/1965/ 2003 | 2017 | 63,606 | 10 | 95.8 | % | Grocery Outlet Supermarket, Dollar Tree | |||||||||||||||||||||||||||||||||||||||||
Stadium Center | Stadium Center | 1926/2016 | 2018 | 48,888 | 7 | 100.0 | % | Thriftway Supermarket | ||||||||||||||||||||||||||||||||||||||||||||||||
Summerwalk Village | Summerwalk Village | 2014-2015 | 2019 | 60,343 | 10 | 98.0 | % | Walmart Neighborhood Market | ||||||||||||||||||||||||||||||||||||||||||||||||
South Point Plaza | South Point Plaza | 1986/2008 | 2021 | 189,960 | 23 | 97.2 | % | Grocery Outlet, Rite Aid Pharmacy, Hobby Lobby, Pep Boys | ||||||||||||||||||||||||||||||||||||||||||||||||
Olympia West Center | Olympia West Center | 1980/1995 | 2021 | 69,212 | 7 | 100.0 | % | Trader Joe’s, Petco | ||||||||||||||||||||||||||||||||||||||||||||||||
Portland metro area | Portland metro area | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vancouver Market Center | 1996/2012 | 2010 | 118,385 | 18 | 97.0 | % | Skyzone | |||||||||||||||||||||||||||||||||||||||||||||||||
Happy Valley Town Center | 2007 | 2010 | 138,662 | 37 | 100.0 | % | New Seasons Supermarket | Happy Valley Town Center | 2007 | 2010 | 138,397 | 38 | 100.0 | % | New Seasons Supermarket | |||||||||||||||||||||||||||||||||||||||||
Wilsonville Old Town Square | 2011 | 2010/2012 | 49,937 | 19 | 100.0 | % | Kroger (Fred Meyer) Supermarket (2) | Wilsonville Old Town Square | 2011 | 2010/2012 | 49,937 | 19 | 100.0 | % | Kroger (Fred Meyer) Supermarket (1) | |||||||||||||||||||||||||||||||||||||||||
Cascade Summit Town Square | 2000 | 2010 | 94,934 | 29 | 97.3 | % | Safeway Supermarket | Cascade Summit Town Square | 2000 | 2010 | 94,934 | 26 | 100.0 | % | Safeway Supermarket | |||||||||||||||||||||||||||||||||||||||||
Heritage Market Center | 2000 | 2010 | 107,468 | 17 | 98.3 | % | Safeway Supermarket, Dollar Tree | Heritage Market Center | 2000 | 2010 | 108,054 | 21 | 100.0 | % | Safeway Supermarket, Dollar Tree | |||||||||||||||||||||||||||||||||||||||||
Division Crossing | 1992 | 2010 | 103,561 | 19 | 98.8 | % | Rite Aid Pharmacy, Ross Dress For Less, Ace Hardware | Division Crossing | 1992 | 2010 | 103,561 | 20 | 100.0 | % | Rite Aid Pharmacy, Ross Dress For Less, Ace Hardware | |||||||||||||||||||||||||||||||||||||||||
Halsey Crossing | 1992 | 2010 | 99,428 | 18 | 96.3 | % | 24 Hour Fitness, Dollar Tree | Halsey Crossing | 1992 | 2010 | 99,428 | 19 | 100.0 | % | 24 Hour Fitness, Dollar Tree | |||||||||||||||||||||||||||||||||||||||||
Hillsboro Market Center | 2001-2002 | 2011 | 156,021 | 22 | 100.0 | % | Albertson’s Supermarket, Dollar Tree, Ace Hardware | Hillsboro Market Center | 2001-2002 | 2011 | 156,021 | 23 | 100.0 | % | Albertsons Supermarket, Dollar Tree, Ace Hardware | |||||||||||||||||||||||||||||||||||||||||
Robinwood Shopping Center | 1980 / 2012 | 2013 | 70,831 | 16 | 100.0 | % | Walmart Neighborhood Market | Robinwood Shopping Center | 1980/2012 | 2013 | 70,831 | 16 | 100.0 | % | Walmart Neighborhood Market | |||||||||||||||||||||||||||||||||||||||||
Tigard Marketplace | 1988/2005 | 2014 | 136,889 | 18 | 99.3 | % | H-Mart Supermarket, Bi-Mart Pharmacy | Tigard Marketplace | 1988/2005 | 2014 | 136,889 | 19 | 100.0 | % | H-Mart Supermarket, Bi-Mart | |||||||||||||||||||||||||||||||||||||||||
Wilsonville Town Center | 1991/1996 | 2014 | 167,829 | 39 | 97.9 | % | Safeway Supermarket, Rite Aid Pharmacy, Dollar Tree | Wilsonville Town Center | 1991/1996 | 2014 | 167,829 | 39 | 99.2 | % | Safeway Supermarket, Rite Aid Pharmacy, Dollar Tree | |||||||||||||||||||||||||||||||||||||||||
Tigard Promenade | 1996 | 2015 | 88,043 | 16 | 100.0 | % | Safeway Supermarket | Tigard Promenade | 1996 | 2015 | 88,043 | 15 | 97.7 | % | Safeway Supermarket | |||||||||||||||||||||||||||||||||||||||||
Sunnyside Village Square | 1996-1997 | 2015 | 92,278 | 15 | 100.0 | % | Grocery Outlet Supermarket, 24 Hour Fitness, Ace Hardware | Sunnyside Village Square | 1996-1997 | 2015 | 92,278 | 14 | 100.0 | % | Grocery Outlet Supermarket, Snap Fitness, Ace Hardware | |||||||||||||||||||||||||||||||||||||||||
Johnson Creek Center | 2003/2009 | 2015 | 108,588 | 15 | 100.0 | % | Trader Joe’s, Walgreens, Sportsman’s Warehouse | Johnson Creek Center | 2003/2009 | 2015 | 108,588 | 15 | 100.0 | % | Trader Joe’s, Walgreens, Sportsman’s Warehouse | |||||||||||||||||||||||||||||||||||||||||
Rose City Center | 1993/2012 | 2016 | 60,680 | 3 | 100.0 | % | Safeway Supermarket | Rose City Center | 1993/2012 | 2016 | 60,680 | 3 | 100.0 | % | Safeway Supermarket | |||||||||||||||||||||||||||||||||||||||||
Division Center | 1986-1987/ 2013-2014 | 2017 | 121,904 | 24 | 100.0 | % | Grocery Outlet Supermarket, Rite Aid Pharmacy, Petco | Division Center | 1986-1987/ 2013-2014 | 2017 | 118,122 | 24 | 100.0 | % | Grocery Outlet Supermarket, Rite Aid Pharmacy, Petco | |||||||||||||||||||||||||||||||||||||||||
Riverstone Marketplace | 2002-2004 | 2017 | 95,774 | 23 | 98.5 | % | Kroger (QFC) Supermarket | Riverstone Marketplace | 2002-2004 | 2017 | 95,774 | 24 | 100.0 | % | Kroger (QFC) Supermarket | |||||||||||||||||||||||||||||||||||||||||
King City Plaza | King City Plaza | 1970/1980/ 1990 | 2018 | 62,676 | 17 | 83.5 | % | Grocery Outlet Supermarket | ||||||||||||||||||||||||||||||||||||||||||||||||
Total Properties | 10,499,613 | 1,968 | 97.1 | % | Total Properties | 10,163,884 | 1,970 | 97.5 | % |
Tenant | Number of Leases | % of Total Annual Base Rent (1) | |||
Albertson’s / Safeway Supermarkets | 21 | 6.0 | % | ||
Kroger Supermarkets | 12 | 3.4 | % | ||
Rite Aid Pharmacy | 14 | 1.6 | % | ||
JP Morgan Chase | 22 | 1.5 | % | ||
SaveMart Supermarkets | 4 | 1.4 | % | ||
Marshall’s / TJMaxx | 6 | 1.3 | % | ||
Sprouts Markets | 4 | 1.2 | % | ||
Ross Dress For Less / dd’s Discounts | 7 | 1.2 | % | ||
Trader Joe’s | 8 | 1.2 | % | ||
H-Mart Supermarkets | 3 | 1.2 | % | ||
101 | 20.0 | % |
Tenant | Number of Leases | % of Total Annual Base Rent (1) | ||||||||||||
Albertsons / Safeway Supermarkets | 19 | 5.5 | % | |||||||||||
Kroger Supermarkets | 11 | 3.4 | % | |||||||||||
Rite Aid Pharmacy | 14 | 1.5 | % | |||||||||||
JP Morgan Chase | 21 | 1.4 | % | |||||||||||
Trader Joe’s | 9 | 1.4 | % | |||||||||||
Grocery Outlet Supermarkets | 10 | 1.4 | % | |||||||||||
SaveMart Supermarkets | 4 | 1.3 | % | |||||||||||
Marshall’s / TJMaxx | 6 | 1.3 | % | |||||||||||
Sprouts Markets | 4 | 1.2 | % | |||||||||||
H-Mart Supermarkets | 3 | 1.1 | % | |||||||||||
101 | 19.5 | % |
Year of Expiration | Number of Leases Expiring (1) | Leased Square Footage | Annual Base Rent (2) | Annual Base Rent % | |||||||||
2018 | 265 | 705,867 | $ | 17,877 | 8.7 | % | |||||||
2019 | 281 | 1,038,569 | 22,904 | 11.1 | % | ||||||||
2020 | 292 | 1,192,524 | 23,922 | 11.6 | % | ||||||||
2021 | 285 | 1,125,504 | 23,400 | 11.3 | % | ||||||||
2022 | 288 | 1,199,667 | 25,997 | 12.6 | % | ||||||||
2023 | 165 | 1,206,825 | 22,353 | 10.9 | % | ||||||||
2024 | 76 | 502,815 | 9,554 | 4.6 | % | ||||||||
2025 | 67 | 553,038 | 10,506 | 5.1 | % | ||||||||
2026 | 72 | 579,343 | 10,862 | 5.2 | % | ||||||||
2027 | 67 | 408,179 | 8,995 | 4.4 | % | ||||||||
Thereafter | 106 | 1,658,256 | 29,738 | 14.5 | % | ||||||||
Total | 1,964 | 10,170,587 | $ | 206,108 | 100 | % |
Year of Expiration | Number of Leases Expiring (1) | Leased Square Footage | Annual Base Rent (2) | Percent of Total ABR | ||||||||||||||||||||||
2022 | 284 | 745,044 | $ | 19,325 | 8.8 | % | ||||||||||||||||||||
2023 | 321 | 1,377,246 | 32,767 | 14.7 | % | |||||||||||||||||||||
2024 | 293 | 1,146,014 | 28,411 | 12.8 | % | |||||||||||||||||||||
2025 | 274 | 1,339,770 | 28,780 | 13.0 | % | |||||||||||||||||||||
2026 | 286 | 1,353,992 | 29,409 | 13.2 | % | |||||||||||||||||||||
2027 | 167 | 760,831 | 16,101 | 7.3 | % | |||||||||||||||||||||
2028 | 77 | 802,114 | 17,476 | 7.9 | % | |||||||||||||||||||||
2029 | 63 | 595,474 | 12,177 | 5.4 | % | |||||||||||||||||||||
2030 | 46 | 342,936 | 7,898 | 3.5 | % | |||||||||||||||||||||
2031 | 64 | 461,674 | 10,624 | 4.8 | % | |||||||||||||||||||||
Thereafter | 95 | 979,959 | 18,919 | 8.6 | % | |||||||||||||||||||||
Total | 1,970 | 9,905,054 | $ | 221,887 | 100 | % |
Year of Expiration | Number of Leases Expiring (1) | Leased Square Footage | Annual Base Rent (2) | Annual Base Rent % | |||||||||
2018 | 7 | 240,284 | $ | 3,644 | 1.8 | % | |||||||
2019 | 15 | 474,450 | 7,485 | 3.6 | % | ||||||||
2020 | 17 | 553,496 | 6,451 | 3.1 | % | ||||||||
2021 | 14 | 494,281 | 5,246 | 2.5 | % | ||||||||
2022 | 18 | 551,606 | 6,930 | 3.4 | % | ||||||||
2023 | 25 | 803,885 | 11,576 | 5.6 | % | ||||||||
2024 | 6 | 270,824 | 3,487 | 1.7 | % | ||||||||
2025 | 10 | 341,785 | 4,919 | 2.4 | % | ||||||||
2026 | 11 | 389,933 | 5,235 | 2.5 | % | ||||||||
2027 | 9 | 231,234 | 3,694 | 1.8 | % | ||||||||
Thereafter | 33 | 1,326,833 | 20,609 | 10.0 | % | ||||||||
Total | 165 | 5,678,611 | $ | 79,276 | 38.4 | % |
Year of Expiration | Number of Leases Expiring (1) | Leased Square Footage | Annual Base Rent (2) | Percent of Total ABR | ||||||||||||||||||||||
2022 | 7 | 271,556 | $ | 3,673 | 1.7 | % | ||||||||||||||||||||
2023 | 25 | 723,122 | 12,025 | 5.4 | % | |||||||||||||||||||||
2024 | 15 | 505,124 | 8,415 | 3.8 | % | |||||||||||||||||||||
2025 | 22 | 730,180 | 9,919 | 4.5 | % | |||||||||||||||||||||
2026 | 23 | 737,297 | 9,595 | 4.3 | % | |||||||||||||||||||||
2027 | 11 | 324,499 | 3,486 | 1.6 | % | |||||||||||||||||||||
2028 | 17 | 626,813 | 11,087 | 5.0 | % | |||||||||||||||||||||
2029 | 12 | 433,505 | 6,988 | 3.1 | % | |||||||||||||||||||||
2030 | 6 | 226,514 | 3,431 | 1.5 | % | |||||||||||||||||||||
2031 | 9 | 276,035 | 4,926 | 2.2 | % | |||||||||||||||||||||
Thereafter | 18 | 688,289 | 10,030 | 4.6 | % | |||||||||||||||||||||
Total | 165 | 5,542,934 | $ | 83,575 | 37.7 | % |
Period | High | Low | Dividends Declared | |||||||||
2017 | ||||||||||||
First Quarter | $ | 22.37 | $ | 20.13 | $ | 0.1875 | ||||||
Second Quarter | $ | 22.06 | $ | 18.57 | $ | 0.1875 | ||||||
Third Quarter | $ | 20.78 | $ | 18.66 | $ | 0.1875 | ||||||
Fourth Quarter | $ | 20.09 | $ | 17.87 | $ | 0.1875 | ||||||
2016 | ||||||||||||
First Quarter | $ | 20.23 | $ | 16.90 | $ | 0.1800 | ||||||
Second Quarter | $ | 21.91 | $ | 18.80 | $ | 0.1800 | ||||||
Third Quarter | $ | 23.05 | $ | 21.03 | $ | 0.1800 | ||||||
Fourth Quarter | $ | 21.92 | $ | 18.45 | $ | 0.1800 |
Record Date | Payable Date | Total Dividend per Share | Ordinary Income per Share (1) | Return of Capital per Share | ||||
3/16/2017 | 3/30/2017 | $0.1875 | $0.15296 | $0.03454 | ||||
6/15/2017 | 6/29/2017 | $0.1875 | $0.15296 | $0.03454 | ||||
9/14/2017 | 9/28/2017 | $0.1875 | $0.15296 | $0.03454 | ||||
12/14/2017 | 12/28/2017 | $0.1875 | $0.15296 | $0.03454 |
Record Date | Payable Date | Total Dividend per Share | Ordinary Income per Share (1) | Return of Capital per Share | ||||
3/16/2016 | 3/30/2016 | $0.1800 | $0.13945 | $0.04055 | ||||
6/15/2016 | 6/29/2016 | $0.1800 | $0.13945 | $0.04055 | ||||
9/15/2016 | 9/29/2016 | $0.1800 | $0.13945 | $0.04055 | ||||
12/15/2016 | 12/29/2016 | $0.1800 | $0.13945 | $0.04055 |
Period | Distributions | |||
2017 | ||||
First Quarter | $ | 0.1875 | ||
Second Quarter | $ | 0.1875 | ||
Third Quarter | $ | 0.1875 | ||
Fourth Quarter | $ | 0.1875 | ||
2016 | ||||
First Quarter | $ | 0.1800 | ||
Second Quarter | $ | 0.1800 | ||
Third Quarter | $ | 0.1800 | ||
Fourth Quarter | $ | 0.1800 |
Period Ending | ||||||||||||||||||
Index | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | 12/31/2017 | ||||||||||||
Retail Opportunity Investments Corp. | 100.00 | 119.67 | 142.21 | 157.89 | 193.04 | 189.16 | ||||||||||||
S&P500 | 100.00 | 132.39 | 150.51 | 152.59 | 170.84 | 208.14 | ||||||||||||
FTSE NAREIT Equity REITs | 100.00 | 102.47 | 133.35 | 137.61 | 149.33 | 157.14 |
Period Ending | ||||||||||||||||||||||||||||||||||||||
Index | 12/31/2016 | 12/31/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | ||||||||||||||||||||||||||||||||
Retail Opportunity Investments Corp. | $ | 100.00 | $ | 97.99 | $ | 81.39 | $ | 94.70 | $ | 72.94 | $ | 109.87 | ||||||||||||||||||||||||||
S&P500 | $ | 100.00 | $ | 121.83 | $ | 116.49 | $ | 153.17 | $ | 181.35 | $ | 233.41 | ||||||||||||||||||||||||||
FTSE NAREIT Equity REITs | $ | 100.00 | $ | 108.67 | $ | 104.28 | $ | 134.17 | $ | 127.30 | $ | 179.87 |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column of this table) | |||||||
Equity compensation plans approved by stockholders | 278,500 | $ | 10.79 | 1,103,418 | ||||||
Equity compensation plans not approved by stockholders | — | — | — | |||||||
Total | 278,500 | $ | 10.79 | 1,103,418 |
Year Ended December 31, | |||||||||||||||||||
Retail Opportunity Investments Corp. | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Total revenues | $ | 273,260 | $ | 237,189 | $ | 192,699 | $ | 155,864 | $ | 111,232 | |||||||||
Operating expenses | 179,595 | 160,018 | 133,364 | 112,090 | 83,457 | ||||||||||||||
Operating income | 93,665 | 77,171 | 59,335 | 43,774 | 27,775 | ||||||||||||||
Gain on consolidation of joint venture | — | — | — | — | 20,382 | ||||||||||||||
Gain on sale of real estate | — | — | — | 4,869 | — | ||||||||||||||
Interest expense and other finance expenses | 50,977 | 40,741 | 34,243 | 27,593 | 15,855 | ||||||||||||||
Income from continuing operations | 42,688 | 36,430 | 25,092 | 21,050 | 34,692 | ||||||||||||||
Loss from discontinued operations | — | — | — | — | (714 | ) | |||||||||||||
Net income | 42,688 | 36,430 | 25,092 | 21,050 | 33,978 | ||||||||||||||
Net Income Attributable to Retail Opportunity Investments Corp. | 38,477 | 32,754 | 23,864 | 20,301 | 33,813 | ||||||||||||||
Weighted average shares outstanding – Basic: | 109,400,123 | 104,072,222 | 95,651,780 | 83,411,230 | 67,419,497 | ||||||||||||||
Weighted average shares outstanding – Diluted: | 121,743,831 | 116,039,940 | 100,017,781 | 87,453,409 | 71,004,380 | ||||||||||||||
Income per share – Basic: | |||||||||||||||||||
Income from continuing operations | $ | 0.35 | $ | 0.31 | $ | 0.25 | $ | 0.24 | $ | 0.51 | |||||||||
Net Income Attributable to Retail Opportunity Investments Corp. | $ | 0.35 | $ | 0.31 | $ | 0.25 | $ | 0.24 | $ | 0.50 | |||||||||
Income per share – Diluted: | |||||||||||||||||||
Income from continuing operations | $ | 0.35 | $ | 0.31 | $ | 0.25 | $ | 0.24 | $ | 0.49 | |||||||||
Net Income Attributable to Retail Opportunity Investments Corp. | $ | 0.35 | $ | 0.31 | $ | 0.25 | $ | 0.24 | $ | 0.48 | |||||||||
Dividends per common share | $ | 0.75 | $ | 0.72 | $ | 0.68 | $ | 0.64 | $ | 0.60 | |||||||||
Balance Sheet Data: | |||||||||||||||||||
Real Estate Investments, net | $ | 2,849,282 | $ | 2,493,997 | $ | 2,162,306 | $ | 1,697,725 | $ | 1,314,934 | |||||||||
Cash and cash equivalents | 11,553 | 13,125 | 8,844 | 10,773 | 7,920 | ||||||||||||||
Total assets | 3,039,198 | 2,662,969 | 2,301,448 | 1,861,028 | 1,446,995 | ||||||||||||||
Total liabilities | 1,709,557 | 1,347,404 | 1,136,432 | 898,246 | 741,585 | ||||||||||||||
Non-controlling interests – redeemable OP Units | — | — | 33,674 | — | — | ||||||||||||||
Total equity | 1,329,641 | 1,315,565 | 1,131,342 | 962,782 | 705,410 |
Year Ended December 31, | |||||||||||||||||||
Retail Opportunity Investments Partnership, LP | 2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||
Statement of Operations Data: | |||||||||||||||||||
Total revenues | $ | 273,260 | $ | 237,189 | $ | 192,699 | $ | 155,864 | $ | 111,232 | |||||||||
Operating expenses | 179,595 | 160,018 | 133,364 | 112,090 | 83,457 | ||||||||||||||
Operating income | 93,665 | 77,171 | 59,335 | 43,774 | 27,775 | ||||||||||||||
Gain on consolidation of joint venture | — | — | — | — | 20,382 | ||||||||||||||
Gain on sale of real estate | — | — | — | 4,869 | — | ||||||||||||||
Interest expense and other finance expenses | 50,977 | 40,741 | 34,243 | 27,593 | 15,855 | ||||||||||||||
Income from continuing operations | 42,688 | 36,430 | 25,092 | 21,050 | 34,692 | ||||||||||||||
Loss from discontinued operations | — | — | — | — | (714 | ) | |||||||||||||
Net income | 42,688 | 36,430 | 25,092 | 21,050 | 33,978 | ||||||||||||||
Net Income Attributable to Retail Opportunity Investments Partnership, LP | 42,688 | 36,430 | 25,092 | 21,050 | 33,978 | ||||||||||||||
Weighted average units outstanding – Basic: | 121,460,958 | 115,819,731 | 99,738,504 | 86,573,888 | 68,258,005 | ||||||||||||||
Weighted average units outstanding – Diluted: | 121,743,831 | 116,039,940 | 100,017,781 | 87,453,409 | 71,004,380 | ||||||||||||||
Income per unit – Basic: | |||||||||||||||||||
Income from continuing operations | $ | 0.35 | $ | 0.31 | $ | 0.25 | $ | 0.24 | $ | 0.51 | |||||||||
Net Income Attributable to Retail Opportunity Investments Partnership, LP | $ | 0.35 | $ | 0.31 | $ | 0.25 | $ | 0.24 | $ | 0.50 | |||||||||
Income per unit – Diluted: | |||||||||||||||||||
Income from continuing operations | $ | 0.35 | $ | 0.31 | $ | 0.25 | $ | 0.24 | $ | 0.49 | |||||||||
Net Income Attributable to Retail Opportunity Investments Partnership, LP | $ | 0.35 | $ | 0.31 | $ | 0.25 | $ | 0.24 | $ | 0.48 | |||||||||
Distributions per unit | $ | 0.75 | $ | 0.72 | $ | 0.68 | $ | 0.64 | $ | 0.60 | |||||||||
Balance Sheet Data: | |||||||||||||||||||
Real Estate Investments, net | $ | 2,849,282 | $ | 2,493,997 | $ | 2,162,306 | $ | 1,697,725 | $ | 1,314,934 | |||||||||
Cash and cash equivalents | 11,553 | 13,125 | 8,844 | 10,773 | 7,920 | ||||||||||||||
Total assets | 3,039,198 | 2,662,969 | 2,301,448 | 1,861,028 | 1,446,995 | ||||||||||||||
Total liabilities | 1,709,557 | 1,347,404 | 1,136,432 | 898,246 | 741,585 | ||||||||||||||
Redeemable limited partners | — | — | 33,674 | — | — | ||||||||||||||
Total capital | 1,329,641 | 1,315,565 | 1,131,342 | 962,782 | 705,410 |
Vacant Space Square Footage | |||||
Vacant space at December 31, | |||||
Square footage vacated | |||||
Vacant space in acquired properties | |||||
Vacant space in sold properties | (29,599) | ||||
Square footage leased | |||||
Vacant space at December 31, |
Year Ended December 31, | ||||||||
2017 | 2016 | |||||||
Operating income per GAAP | $ | 93,665 | $ | 77,171 | ||||
Plus: | Depreciation and amortization | 96,256 | 88,359 | |||||
General and administrative expenses | 14,103 | 13,120 | ||||||
Acquisition transaction costs | 4 | 824 | ||||||
Other expenses | 418 | 456 | ||||||
Property operating income | $ | 204,446 | $ | 179,930 |
Year Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Operating income per GAAP | $ | 114,895 | $ | 94,447 | ||||||||||
Plus: | Depreciation and amortization | 92,929 | 97,731 | |||||||||||
General and administrative expenses | 19,654 | 16,755 | ||||||||||||
Other expense | 860 | 843 | ||||||||||||
Less: | Gain on sale of real estate | (22,340) | — | |||||||||||
Property operating income | $ | 205,998 | $ | 209,776 |
Year Ended December 31, 2017 | Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||
Same-Center | Non Same-Center | Total | Same-Center | Non Same-Center | Total | |||||||||||||||||||||||||||
Operating income per GAAP | Operating income per GAAP | $ | 92,114 | $ | 1,551 | $ | 93,665 | Operating income per GAAP | $ | 110,599 | $ | 4,296 | $ | 114,895 | ||||||||||||||||||
Plus: | Depreciation and amortization | 76,147 | 20,109 | 96,256 | Plus: | Depreciation and amortization | 89,063 | 3,866 | 92,929 | |||||||||||||||||||||||
General and administrative expenses (1) | — | 14,103 | 14,103 | General and administrative expenses (1) | — | 19,654 | 19,654 | |||||||||||||||||||||||||
Acquisition transaction costs | — | 4 | 4 | |||||||||||||||||||||||||||||
Other expenses (1) | — | 418 | 418 | Other expense (1) | — | 860 | 860 | |||||||||||||||||||||||||
Less: | Less: | Gain on sale of real estate | — | (22,340) | (22,340) | |||||||||||||||||||||||||||
Property operating income | Property operating income | $ | 168,261 | $ | 36,185 | $ | 204,446 | Property operating income | $ | 199,662 | $ | 6,336 | $ | 205,998 |
Year Ended December 31, 2016 | ||||||||||||
Same-Center | Non Same-Center | Total | ||||||||||
Operating income (loss) per GAAP | $ | 85,378 | $ | (8,207 | ) | $ | 77,171 | |||||
Plus: | Depreciation and amortization | 79,909 | 8,450 | 88,359 | ||||||||
General and administrative expenses (1) | — | 13,120 | 13,120 | |||||||||
Acquisition transaction costs | 201 | 623 | 824 | |||||||||
Other expenses (1) | — | 456 | 456 | |||||||||
Property operating income | $ | 165,488 | $ | 14,442 | $ | 179,930 |
Year Ended December 31, 2020 | ||||||||||||||||||||
Same-Center | Non Same-Center | Total | ||||||||||||||||||
Operating income (loss) per GAAP | $ | 109,344 | $ | (14,897) | $ | 94,447 | ||||||||||||||
Plus: | Depreciation and amortization | 93,735 | 3,996 | 97,731 | ||||||||||||||||
General and administrative expenses (1) | — | 16,755 | 16,755 | |||||||||||||||||
Other expense (1) | — | 843 | 843 | |||||||||||||||||
Property operating income | $ | 203,079 | $ | 6,697 | $ | 209,776 |
Year Ended December 31, | ||||||||
2016 | 2015 | |||||||
Operating income per GAAP | $ | 77,171 | $ | 59,335 | ||||
Plus: | Depreciation and amortization | 88,359 | 70,957 | |||||
General and administrative expenses | 13,120 | 12,650 | ||||||
Acquisition transaction costs | 824 | 965 | ||||||
Other expenses | 456 | 627 | ||||||
Property operating income | $ | 179,930 | $ | 144,534 |
Year Ended December 31, 2016 | ||||||||||||
Same-Center | Non Same-Center | Total | ||||||||||
Operating income per GAAP | $ | 75,521 | $ | 1,650 | $ | 77,171 | ||||||
Plus: | Depreciation and amortization | 63,443 | 24,916 | 88,359 | ||||||||
General and administrative expenses (1) | — | 13,120 | 13,120 | |||||||||
Acquisition transaction costs | 51 | 773 | 824 | |||||||||
Other expenses (1) | — | 456 | 456 | |||||||||
Property operating income | $ | 139,015 | $ | 40,915 | $ | 179,930 |
Year Ended December 31, 2015 | ||||||||||||
Same-Center | Non Same-Center | Total | ||||||||||
Operating income per GAAP | $ | 69,507 | $ | (10,172 | ) | $ | 59,335 | |||||
Plus: | Depreciation and amortization | 64,722 | 6,235 | 70,957 | ||||||||
General and administrative expenses (1) | — | 12,650 | 12,650 | |||||||||
Acquisition transaction costs | 95 | 870 | 965 | |||||||||
Other expenses (1) | — | 627 | 627 | |||||||||
Property operating income | $ | 134,324 | $ | 10,210 | $ | 144,534 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Net income attributable to ROIC | $ | 53,508 | $ | 32,014 | |||||||||||||
Plus: Depreciation and amortization | 92,929 | 97,731 | |||||||||||||||
Less: Gain on sale of real estate | (22,340) | — | |||||||||||||||
Funds from operations – basic | 124,097 | 129,745 | |||||||||||||||
Net income attributable to non-controlling interests | 3,852 | 2,707 | |||||||||||||||
Funds from operations – diluted | $ | 127,949 | $ | 132,452 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Net income attributable to ROIC | $ | 38,477 | $ | 32,754 | $ | 23,864 | |||||
Plus: Depreciation and amortization | 96,256 | 88,359 | 70,957 | ||||||||
Funds from operations – basic | 134,733 | 121,113 | 94,821 | ||||||||
Net income attributable to non-controlling interests | 4,211 | 3,676 | 1,228 | ||||||||
Funds from operations – diluted | $ | 138,944 | $ | 124,789 | $ | 96,049 |
Year Ended December 31, | |||||||
2017 | 2016 | ||||||
GAAP operating income | $ | 93,665 | $ | 77,171 | |||
Depreciation and amortization | 96,256 | 88,359 | |||||
General and administrative expenses | 14,103 | 13,120 | |||||
Acquisition transaction costs | 4 | 824 | |||||
Other expense | 418 | 456 | |||||
Property revenues and other expenses (1) | (22,404 | ) | (17,636 | ) | |||
Total Company cash NOI | 182,042 | 162,294 | |||||
Non same-center cash NOI | (27,337 | ) | (12,171 | ) | |||
Same-center cash NOI | $ | 154,705 | $ | 150,123 |
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
GAAP operating income | $ | 114,895 | $ | 94,447 | |||||||
Depreciation and amortization | 92,929 | 97,731 | |||||||||
General and administrative expenses | 19,654 | 16,755 | |||||||||
Other expense | 860 | 843 | |||||||||
Gain on sale of real estate | (22,340) | — | |||||||||
Straight-line rent | (959) | (1,079) | |||||||||
Amortization of above- and below-market rent | (8,795) | (17,654) | |||||||||
Property revenues and other expenses (1) | (768) | (484) | |||||||||
Total Company cash NOI | 195,476 | 190,559 | |||||||||
Non same-center cash NOI | (6,089) | (6,736) | |||||||||
Same-center cash NOI | $ | 189,387 | $ | 183,823 |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
GAAP operating income | $ | 77,171 | $ | 59,335 | |||
Depreciation and amortization | 88,359 | 70,957 | |||||
General and administrative expenses | 13,120 | 12,650 | |||||
Acquisition transaction costs | 824 | 965 | |||||
Other expense | 456 | 627 | |||||
Property revenues and other expenses (1) | (18,775 | ) | (16,223 | ) | |||
Total Company cash NOI | 161,155 | 128,311 | |||||
Non same-center cash NOI | (35,497 | ) | (9,001 | ) | |||
Same-center cash NOI | $ | 125,658 | $ | 119,310 |
Buildings | 39-40 years | ||||
Property Improvements | 10-20 years | ||||
Furniture/Fixtures | 3-10 years | ||||
Tenant Improvements | Shorter of lease term or their useful life |
Senior Notes | Aggregate Principal Amount (in thousands) | Issue Date and Interest Accrual Date | Maturity Date | Contractual Interest Rate | First Interest Payment | Interest Payments Due | ||||||||||||||||||||||||||||||||
Senior Notes Due 2027 | $ | 250,000 | December 15, 2017 | December 15, 2027 | 4.19 | % | June 15, 2018 | June 15 and December 15 | ||||||||||||||||||||||||||||||
Senior Notes Due 2026 | $ | 200,000 | September 22, 2016 | September 22, 2026 | 3.95 | % | March 22, 2017 | March 22 and September 22 | ||||||||||||||||||||||||||||||
Senior Notes Due 2024 | $ | 250,000 | December 3, 2014 | December 15, 2024 | 4.00 | % | June 15, 2015 | June 15 and December 15 | ||||||||||||||||||||||||||||||
Senior Notes Due 2023 | $ | 250,000 | December 9, 2013 | December 15, 2023 | 5.00 | % | June 15, 2014 | June 15 and December 15 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Net Cash Provided by (Used in): | |||||||||||||||||
Operating activities | $ | 136,332 | $ | 106,660 | |||||||||||||
Investing activities | $ | (103,645) | $ | (28,474) | |||||||||||||
Financing activities | $ | (23,960) | $ | (77,008) |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Net Cash Provided by (Used in): | |||||||||||
Operating activities | $ | 128,295 | $ | 114,682 | $ | 86,917 | |||||
Investing activities | $ | (322,607 | ) | $ | (325,090 | ) | $ | (337,115 | ) | ||
Financing activities | $ | 192,740 | $ | 214,689 | $ | 248,269 |
Short-Term | Long-Term | Total | |||||||||||||||||||||||||||||||||||||||||||||
Material cash requirements: | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Notes Payable Principal (1) | $ | 24,133 | $ | 60,731 | $ | 84,864 | |||||||||||||||||||||||||||||||||||||||||
Mortgage Notes Payable Interest | 3,170 | 5,100 | 8,270 | ||||||||||||||||||||||||||||||||||||||||||||
Term loan (2) | — | 300,000 | 300,000 | ||||||||||||||||||||||||||||||||||||||||||||
Senior Notes Due 2027 (3) | 10,475 | 302,375 | 312,850 | ||||||||||||||||||||||||||||||||||||||||||||
Senior Notes Due 2026 (3) | 7,900 | 231,600 | 239,500 | ||||||||||||||||||||||||||||||||||||||||||||
Senior Notes Due 2024 (3) | 10,000 | 270,000 | 280,000 | ||||||||||||||||||||||||||||||||||||||||||||
Senior Notes Due 2023 (3) | 12,500 | 262,500 | 275,000 | ||||||||||||||||||||||||||||||||||||||||||||
Operating lease obligations | 1,320 | 35,704 | 37,024 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 69,498 | $ | 1,468,010 | $ | 1,537,508 |
2018 | 2019 | 2020 | 2021 | 2022 | Thereafter | Total | |||||||||||||||||||||
Contractual obligations: | |||||||||||||||||||||||||||
Mortgage Notes Payable Principal (1) | $ | 19,612 | $ | 550 | $ | 577 | $ | 717 | $ | 24,133 | $ | 60,731 | $ | 106,320 | |||||||||||||
Mortgage Notes Payable Interest | 4,335 | 3,796 | 3,774 | 3,737 | 3,170 | 5,100 | 23,912 | ||||||||||||||||||||
Term loan (2) | — | — | — | — | 300,000 | — | 300,000 | ||||||||||||||||||||
Credit facility (3) | — | — | — | 143,500 | — | — | 143,500 | ||||||||||||||||||||
Senior Notes Due 2027 (4) | 10,504 | 10,475 | 10,475 | 10,475 | 10,475 | 302,346 | 354,750 | ||||||||||||||||||||
Senior Notes Due 2026 (4) | 7,900 | 7,900 | 7,900 | 7,900 | 7,900 | 231,600 | 271,100 | ||||||||||||||||||||
Senior Notes Due 2024 (4) | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 270,000 | 320,000 | ||||||||||||||||||||
Senior Notes Due 2023 (4) | 12,500 | 12,500 | 12,500 | 12,500 | 12,500 | 262,500 | 325,000 | ||||||||||||||||||||
Operating lease obligations | 1,273 | 1,278 | 1,286 | 1,282 | 1,304 | 35,347 | 41,770 | ||||||||||||||||||||
Total | $ | 66,124 | $ | 46,499 | $ | 46,512 | $ | 190,111 | $ | 369,482 | $ | 1,167,624 | $ | 1,886,352 |
Swap Notional | Less 100 basis points | Less 50 basis points | December 31, 2021 Value | Increase 50 basis points | Increase 100 basis points | |||||||||||||||||||||||||||
$100,000 | $ | (1,557) | $ | (1,258) | $ | (961) | $ | (667) | $ | (373) | ||||||||||||||||||||||
$100,000 | $ | (1,557) | $ | (1,258) | $ | (961) | $ | (667) | $ | (373) | ||||||||||||||||||||||
$50,000 | $ | (1,062) | $ | (912) | $ | (763) | $ | (615) | $ | (468) | ||||||||||||||||||||||
$50,000 | $ | (1,063) | $ | (913) | $ | (764) | $ | (616) | $ | (469) |
Swap Notional | Less 100 basis points | Less 50 basis points | December 31, 2017 Value | Increase 50 basis points | Increase 100 basis points | |||||||||||||||
$50,000 | $ | (21 | ) | $ | 231 | $ | 480 | $ | 728 | $ | 974 | |||||||||
$50,000 | $ | 29 | $ | 281 | $ | 529 | $ | 777 | $ | 1,023 | ||||||||||
$100,000 | $ | (2,744 | ) | $ | (513 | ) | $ | 1,665 | $ | 3,784 | $ | 5,851 | ||||||||
$100,000 | $ | (2,744 | ) | $ | (513 | ) | $ | 1,665 | $ | 3,784 | $ | 5,851 |
Page | |||||
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42) | |||||
Consolidated Financial Statements of Retail Opportunity Investments Corp.: | |||||
Consolidated Financial Statements of Retail Opportunity Investments Partnership, LP: | |||||
Schedules | |||||
Impairment of real estate investments | ||||||||
Description of the Matter | At December 31, 2021, the Company’s real estate investments totaled $2.8 billion. As discussed in Note 1 of the consolidated financial statements, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the real estate investments are not expected to be recovered through future undiscounted cash flows. The Company did not identify any assets that were impaired at December 31, 2021. | |||||||
Auditing management’s assessment of impairment is challenging due to the high degree of subjective auditor judgment necessary in evaluating management’s identification of indicators of potential impairment and the related assessment of the severity of such indicators in determining whether a triggering event has occurred that requires the Company to evaluate the recoverability of the asset. The significant inputs used in the assessment included capitalization rates, current and estimated future cash flows associated with each property, which were based on market information including, where applicable, market rental rates, leasing trends, occupancy trends, expense ratios, and other quantitative and qualitative factors. |
How We Addressed the Matter in Our Audit | We obtained an understanding of management’s process to identify indicators of impairment, including the qualitative and quantitative analysis and related inputs and assumptions used in performing the analyses. We evaluated the design and tested the operating effectiveness of the controls that address the identification of indicators of impairment, in addition to controls around the quantitative assessment of impairment. For example, we tested controls over the Company’s process to estimate the fair value of its real estate assets and to assess the recoverability of each investment, including controls over management’s development and review of the significant inputs and assumptions described above used in the quantitative assessment. | |||||||
Our testing of the Company’s impairment assessment included, among other procedures, evaluating significant judgments applied in determining whether indicators of impairment were present at any given property by obtaining evidence to corroborate such judgments and searching for evidence contrary to such judgments. For example, we reviewed the bad debt reserves analysis and rent rolls for any tenants with large reserved balances or upcoming lease expirations, in addition to reviewing various industry market surveys that indicate potential tenants with deteriorating credit quality to determine if they occupied a substantial portion of any particular property. | ||||||||
Property asset acquisitions | ||||||||
Description of the Matter | In 2021, the Company acquired five assets, for a combined purchase price of approximately $125.5 million. As discussed in Note 1 and Note 2 to the consolidated financial statements, the Company accounted for these purchases as asset acquisitions in accordance with the authoritative accounting guidance on acquisitions and business combinations. The Company’s methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values. For acquired operating real estate properties, the purchase price is allocated to land and buildings, intangible assets such as in-place leases, and intangible liabilities acquired, if any. | |||||||
Auditing the Company’s accounting for its acquisitions was complex and highly judgmental due to the significant judgment required in determining estimated fair values of the acquired land and buildings, intangible assets such as in-place leases, and intangible liabilities. The significant judgment was primarily due to (1) the judgmental nature of inputs, including discount rate, capitalization rates, cost multipliers and various market assumptions such as market rental rates, and (2) the complexity of the models used to allocate the value to the components of properties acquired could have a material effect on the Company’s net income due to the differing depreciable and amortizable lives of each component and the classification of the related depreciation or amortization expense in the Company’s consolidated statements of operations. | ||||||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process for determining and reviewing the key inputs and assumptions used in estimating the fair value of acquired assets and liabilities and allocating fair value to the various components. For example, we tested controls over the valuation of acquired land, buildings and intangible assets, including the valuation models and underlying assumptions used to develop such estimates. | |||||||
Our testing of the Company’s accounting for its acquisitions included, among other procedures, reading the purchase agreement and testing the values allocated to the assets acquired and liabilities assumed by evaluating the valuation methods and significant assumptions used by management. For example, our real estate valuation specialists assisted us in evaluating the methodologies used by the Company and testing the consistency of the selected discount rates, capitalization rates, and various market assumptions such as market rental rates with external market data sources. Additionally, we evaluated the completeness and accuracy of the underlying data supporting the determination of various inputs. Also, with the assistance of our specialists, we evaluated the incorporation of the key assumptions in the aforementioned models and tested such models for clerical accuracy. |
Impairment of real estate investments | ||||||||
Description of the Matter | At December 31, 2021, the Company’s real estate investments totaled $2.8 billion. As discussed in Note 1 of the consolidated financial statements, the Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the real estate investments are not expected to be recovered through future undiscounted cash flows. The Company did not identify any assets that were impaired at December 31, 2021. | |||||||
Auditing management’s assessment of impairment is challenging due to the high degree of subjective auditor judgment necessary in evaluating management’s identification of indicators of potential impairment and the related assessment of the severity of such indicators in determining whether a triggering event has occurred that requires the Company to evaluate the recoverability of the asset. The significant inputs used in the assessment included capitalization rates, current and estimated future cash flows associated with each property, which were based on market information including, where applicable, market rental rates, leasing trends, occupancy trends, expense ratios, and other quantitative and qualitative factors. |
How We Addressed the Matter in Our Audit | We obtained an understanding of management’s process to identify indicators of impairment, including the qualitative and quantitative analysis and related inputs and assumptions used in performing the analyses. We evaluated the design and tested the operating effectiveness of the controls that address the identification of indicators of impairment, in addition to controls around the quantitative assessment of impairment. For example, we tested controls over the Company’s process to estimate the fair value of its real estate assets and to assess the recoverability of each investment, including controls over management’s development and review of the significant inputs and assumptions described above used in the quantitative assessment. | |||||||
Our testing of the Company’s impairment assessment included, among other procedures, evaluating significant judgments applied in determining whether indicators of impairment were present at any given property by obtaining evidence to corroborate such judgments and searching for evidence contrary to such judgments. For example, we reviewed the bad debt reserves analysis and rent rolls for any tenants with large reserved balances or upcoming lease expirations, in addition to reviewing various industry market surveys that indicate potential tenants with deteriorating credit quality to determine if they occupied a substantial portion of any particular property. | ||||||||
Property asset acquisitions | ||||||||
Description of the Matter | In 2021, the Company acquired five assets, for a combined purchase price of approximately $125.5 million. As discussed in Note 1 and Note 2 to the consolidated financial statements, the Company accounted for these purchases as asset acquisitions in accordance with the authoritative accounting guidance on acquisitions and business combinations. The Company’s methodology of allocating the cost of acquisitions to assets acquired and liabilities assumed is based on estimated fair values. For acquired operating real estate properties, the purchase price is allocated to land and buildings, intangible assets such as in-place leases, and intangible liabilities acquired, if any. | |||||||
Auditing the Company’s accounting for its acquisitions was complex and highly judgmental due to the significant judgment required in determining estimated fair values of the acquired land and buildings, intangible assets such as in-place leases, and intangible liabilities. The significant judgment was primarily due to (1) the judgmental nature of inputs, including discount rate, capitalization rates, cost multipliers and various market assumptions such as market rental rates, and (2) the complexity of the models used to allocate the value to the components of properties acquired could have a material effect on the Company’s net income due to the differing depreciable and amortizable lives of each component and the classification of the related depreciation or amortization expense in the Company’s consolidated statements of operations. | ||||||||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process for determining and reviewing the key inputs and assumptions used in estimating the fair value of acquired assets and liabilities and allocating fair value to the various components. For example, we tested controls over the valuation of acquired land, buildings and intangible assets, including the valuation models and underlying assumptions used to develop such estimates. | |||||||
Our testing of the Company’s accounting for its acquisitions included, among other procedures, reading the purchase agreement and testing the values allocated to the assets acquired and liabilities assumed by evaluating the valuation methods and significant assumptions used by management. For example, our real estate valuation specialists assisted us in evaluating the methodologies used by the Company and testing the consistency of the selected discount rates, capitalization rates, and various market assumptions such as market rental rates with external market data sources. Additionally, we evaluated the completeness and accuracy of the underlying data supporting the determination of various inputs. Also, with the assistance of our specialists, we evaluated the incorporation of the key assumptions in the aforementioned models and tested such models for clerical accuracy. |
December 31, | |||||||
2017 | 2016 | ||||||
ASSETS | |||||||
Real Estate Investments: | |||||||
Land | $ | 878,797 | $ | 766,199 | |||
Building and improvements | 2,230,600 | 1,920,819 | |||||
3,109,397 | 2,687,018 | ||||||
Less: accumulated depreciation | 260,115 | 193,021 | |||||
Real Estate Investments, net | 2,849,282 | 2,493,997 | |||||
Cash and cash equivalents | 11,553 | 13,125 | |||||
Restricted cash | 5,412 | 125 | |||||
Tenant and other receivables, net | 43,257 | 35,820 | |||||
Deposits | 500 | — | |||||
Acquired lease intangible assets, net | 82,778 | 79,205 | |||||
Prepaid expenses | 2,853 | 3,317 | |||||
Deferred charges, net | 37,167 | 34,753 | |||||
Other | 6,396 | 2,627 | |||||
Total assets | $ | 3,039,198 | $ | 2,662,969 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Term loan | $ | 298,816 | $ | 299,191 | |||
Credit facility | 140,329 | 95,654 | |||||
Senior Notes Due 2027 | 248,751 | — | |||||
Senior Notes Due 2026 | 199,752 | 199,727 | |||||
Senior Notes Due 2024 | 245,887 | 245,354 | |||||
Senior Notes Due 2023 | 245,696 | 245,051 | |||||
Mortgage notes payable | 107,915 | 71,303 | |||||
Acquired lease intangible liabilities, net | 178,984 | 154,958 | |||||
Accounts payable and accrued expenses | 18,638 | 18,294 | |||||
Tenants’ security deposits | 6,771 | 5,950 | |||||
Other liabilities | 18,018 | 11,922 | |||||
Total liabilities | 1,709,557 | 1,347,404 | |||||
Commitments and contingencies | |||||||
Equity: | |||||||
Preferred stock, $.0001 par value 50,000,000 shares authorized; none issued and outstanding | — | — | |||||
Common stock, $0.0001 par value, 500,000,000 shares authorized; 112,347,451 and 109,301,762 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 11 | 11 | |||||
Additional paid-in capital | 1,412,590 | 1,357,910 | |||||
Dividends in excess of earnings | (210,490 | ) | (165,951 | ) | |||
Accumulated other comprehensive loss | 1,856 | (3,729 | ) | ||||
Total Retail Opportunity Investments Corp. stockholders’ equity | 1,203,967 | 1,188,241 | |||||
Non-controlling interests | 125,674 | 127,324 | |||||
Total equity | 1,329,641 | 1,315,565 | |||||
Total liabilities and equity | $ | 3,039,198 | $ | 2,662,969 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Real Estate Investments: | |||||||||||
Land | $ | 915,861 | $ | 881,872 | |||||||
Building and improvements | 2,350,294 | 2,274,680 | |||||||||
3,266,155 | 3,156,552 | ||||||||||
Less: accumulated depreciation | 510,836 | 460,165 | |||||||||
2,755,319 | 2,696,387 | ||||||||||
Mortgage note receivable | 4,875 | 4,959 | |||||||||
Real Estate Investments, net | 2,760,194 | 2,701,346 | |||||||||
Cash and cash equivalents | 13,218 | 4,822 | |||||||||
Restricted cash | 2,145 | 1,814 | |||||||||
Tenant and other receivables, net | 55,787 | 58,756 | |||||||||
Acquired lease intangible assets, net | 50,139 | 50,110 | |||||||||
Prepaid expenses | 5,337 | 4,811 | |||||||||
Deferred charges, net | 25,017 | 25,655 | |||||||||
Other assets | 17,007 | 17,296 | |||||||||
Total assets | $ | 2,928,844 | $ | 2,864,610 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Term loan | $ | 298,889 | $ | 298,524 | |||||||
Credit facility | — | 48,000 | |||||||||
Senior Notes | 945,231 | 943,655 | |||||||||
Mortgage notes payable | 85,354 | 86,509 | |||||||||
Acquired lease intangible liabilities, net | 136,608 | 125,796 | |||||||||
Accounts payable and accrued expenses | 48,598 | 17,687 | |||||||||
Tenants’ security deposits | 7,231 | 6,854 | |||||||||
Other liabilities | 40,580 | 46,426 | |||||||||
Total liabilities | 1,562,491 | 1,573,451 | |||||||||
Commitments and contingencies | 0 | 0 | |||||||||
Equity: | |||||||||||
Preferred stock, $0.0001 par value 50,000,000 shares authorized; none issued and outstanding | — | — | |||||||||
Common stock, $0.0001 par value, 500,000,000 shares authorized; 122,685,266 and 118,085,155 shares issued and outstanding at December 31, 2021 and 2020, respectively | 12 | 12 | |||||||||
Additional paid-in capital | 1,577,837 | 1,497,662 | |||||||||
Dividends in excess of earnings | (297,801) | (289,309) | |||||||||
Accumulated other comprehensive loss | (3,154) | (8,812) | |||||||||
Total Retail Opportunity Investments Corp. stockholders’ equity | 1,276,894 | 1,199,553 | |||||||||
Non-controlling interests | 89,459 | 91,606 | |||||||||
Total equity | 1,366,353 | 1,291,159 | |||||||||
Total liabilities and equity | $ | 2,928,844 | $ | 2,864,610 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Revenues | |||||||||||
Base rents | $ | 210,564 | $ | 183,330 | $ | 148,622 | |||||
Recoveries from tenants | 58,818 | 51,454 | 40,562 | ||||||||
Other income | 3,878 | 2,405 | 3,515 | ||||||||
Total revenues | 273,260 | 237,189 | 192,699 | ||||||||
Operating expenses | |||||||||||
Property operating | 39,151 | 32,201 | 28,475 | ||||||||
Property taxes | 29,663 | 25,058 | 19,690 | ||||||||
Depreciation and amortization | 96,256 | 88,359 | 70,957 | ||||||||
General and administrative expenses | 14,103 | 13,120 | 12,650 | ||||||||
Acquisition transaction costs | 4 | 824 | 965 | ||||||||
Other expense | 418 | 456 | 627 | ||||||||
Total operating expenses | 179,595 | 160,018 | 133,364 | ||||||||
Operating income | 93,665 | 77,171 | 59,335 | ||||||||
Non-operating expenses | |||||||||||
Interest expense and other finance expenses | (50,977 | ) | (40,741 | ) | (34,243 | ) | |||||
Net income | 42,688 | 36,430 | 25,092 | ||||||||
Net income attributable to non-controlling interests | (4,211 | ) | (3,676 | ) | (1,228 | ) | |||||
Net Income Attributable to Retail Opportunity Investments Corp. | $ | 38,477 | $ | 32,754 | $ | 23,864 | |||||
Earnings per share – basic and diluted | $ | 0.35 | $ | 0.31 | $ | 0.25 | |||||
Dividends per common share | $ | 0.75 | $ | 0.72 | $ | 0.68 | |||||
Comprehensive income: | |||||||||||
Net income | $ | 42,688 | $ | 36,430 | $ | 25,092 | |||||
Other comprehensive income: | |||||||||||
Unrealized swap derivative gain arising during the period | 3,665 | 541 | — | ||||||||
Reclassification adjustment for amortization of interest expense included in net income | 1,920 | 2,473 | 2,139 | ||||||||
Other comprehensive income | 5,585 | 3,014 | 2,139 | ||||||||
Comprehensive income | 48,273 | 39,444 | 27,231 | ||||||||
Comprehensive income attributable to non-controlling interests | (4,211 | ) | (3,676 | ) | (1,228 | ) | |||||
Comprehensive income attributable to Retail Opportunity Investments Corp | $ | 44,062 | $ | 35,768 | $ | 26,003 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenues | |||||||||||||||||
Rental revenue | $ | 280,924 | $ | 280,388 | $ | 291,263 | |||||||||||
Other income | 3,176 | 3,726 | 3,777 | ||||||||||||||
Total revenues | 284,100 | 284,114 | 295,040 | ||||||||||||||
Operating expenses | |||||||||||||||||
Property operating | 44,439 | 41,050 | 43,662 | ||||||||||||||
Property taxes | 33,663 | 33,288 | 32,388 | ||||||||||||||
Depreciation and amortization | 92,929 | 97,731 | 97,559 | ||||||||||||||
General and administrative expenses | 19,654 | 16,755 | 17,831 | ||||||||||||||
Other expense | 860 | 843 | 1,405 | ||||||||||||||
Total operating expenses | 191,545 | 189,667 | 192,845 | ||||||||||||||
Gain on sale of real estate | 22,340 | — | 13,175 | ||||||||||||||
Operating income | 114,895 | 94,447 | 115,370 | ||||||||||||||
Non-operating expenses | |||||||||||||||||
Interest expense and other finance expenses | (57,535) | (59,726) | (61,687) | ||||||||||||||
Net income | 57,360 | 34,721 | 53,683 | ||||||||||||||
Net income attributable to non-controlling interests | (3,852) | (2,707) | (4,839) | ||||||||||||||
Net Income Attributable to Retail Opportunity Investments Corp. | $ | 53,508 | $ | 32,014 | $ | 48,844 | |||||||||||
Earnings per share – basic and diluted | $ | 0.44 | $ | 0.27 | $ | 0.42 | |||||||||||
Dividends per common share | $ | 0.5100 | $ | 0.2000 | $ | 0.7880 | |||||||||||
Comprehensive income: | |||||||||||||||||
Net income | $ | 57,360 | $ | 34,721 | $ | 53,683 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Unrealized swap derivative gain (loss) arising during the period | 216 | (9,925) | (7,348) | ||||||||||||||
Reclassification adjustment for amortization of interest expense included in net income | 5,894 | 4,572 | (345) | ||||||||||||||
Other comprehensive income (loss): | 6,110 | (5,353) | (7,693) | ||||||||||||||
Comprehensive income | 63,470 | 29,368 | 45,990 | ||||||||||||||
Comprehensive income attributable to non-controlling interests | (4,304) | (2,034) | (4,839) | ||||||||||||||
Comprehensive income attributable to Retail Opportunity Investments Corp. | $ | 59,166 | $ | 27,334 | $ | 41,151 |
Common Stock | Additional paid-in capital | Accumulated dividends in excess of earnings | Accumulated other comprehensive income (loss) | Non- controlling interests | Equity | ||||||||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 113,992,837 | $ | 11 | $ | 1,441,080 | $ | (256,438) | $ | 3,561 | $ | 120,214 | $ | 1,308,428 | ||||||||||||||||||||||||||||
Shares issued under the Equity Incentive Plan | 631,022 | — | 1,942 | — | — | — | 1,942 | ||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes | (125,072) | — | (1,986) | — | — | — | (1,986) | ||||||||||||||||||||||||||||||||||
Cancellation of restricted stock | (6,997) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 7,352 | — | — | 1,215 | 8,567 | ||||||||||||||||||||||||||||||||||
Redemption of OP Units | 143,190 | — | 2,632 | — | — | (2,632) | — | ||||||||||||||||||||||||||||||||||
Cash redemption for non-controlling interests | — | — | — | — | — | (5,043) | (5,043) | ||||||||||||||||||||||||||||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | — | — | (2,983) | — | — | 2,983 | — | ||||||||||||||||||||||||||||||||||
Proceeds from the issuance of common stock | 1,861,036 | 1 | 34,161 | — | — | — | 34,162 | ||||||||||||||||||||||||||||||||||
Registration expenditures | — | — | (732) | — | — | — | (732) | ||||||||||||||||||||||||||||||||||
Cash dividends ($0.7880 per share) | — | — | — | (90,549) | — | (8,921) | (99,470) | ||||||||||||||||||||||||||||||||||
Dividends payable to officers | — | — | — | 145 | — | (175) | (30) | ||||||||||||||||||||||||||||||||||
Net income attributable to Retail Opportunity Investments Corp. | — | — | — | 48,844 | — | — | 48,844 | ||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | — | — | — | — | — | 4,839 | 4,839 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (7,693) | — | (7,693) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 116,496,016 | $ | 12 | $ | 1,481,466 | $ | (297,998) | $ | (4,132) | $ | 112,480 | $ | 1,291,828 | ||||||||||||||||||||||||||||
Shares issued under the Equity Incentive Plan | 428,170 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes | (128,614) | — | (2,272) | — | — | — | (2,272) | ||||||||||||||||||||||||||||||||||
Cancellation of restricted stock | (4,899) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 8,098 | — | — | 816 | 8,914 | ||||||||||||||||||||||||||||||||||
Redemption of OP Units | 1,968,350 | — | 20,098 | — | — | (20,098) | — | ||||||||||||||||||||||||||||||||||
Cash redemption for non-controlling interests | — | — | — | — | — | (1,999) | (1,999) | ||||||||||||||||||||||||||||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | — | — | (570) | — | — | 570 | — | ||||||||||||||||||||||||||||||||||
Repurchase of common stock | (673,868) | — | (8,846) | — | — | — | (8,846) | ||||||||||||||||||||||||||||||||||
Registration expenditures | — | — | (312) | — | — | — | (312) | ||||||||||||||||||||||||||||||||||
Cash dividends ($0.2000 per share) | — | — | — | (23,273) | — | (2,187) | (25,460) | ||||||||||||||||||||||||||||||||||
Dividends payable to officers | — | — | — | (52) | — | (10) | (62) | ||||||||||||||||||||||||||||||||||
Net income attributable to Retail Opportunity Investments Corp. | — | — | — | 32,014 | — | — | 32,014 | ||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | — | — | — | — | — | 2,707 | 2,707 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (4,680) | (673) | (5,353) | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 118,085,155 | $ | 12 | $ | 1,497,662 | $ | (289,309) | $ | (8,812) | $ | 91,606 | $ | 1,291,159 | ||||||||||||||||||||||||||||
Shares issued under the Equity Incentive Plan | 535,819 | — | 428 | — | — | — | 428 | ||||||||||||||||||||||||||||||||||
Shares withheld for employee taxes | (142,247) | — | (1,905) | — | — | — | (1,905) | ||||||||||||||||||||||||||||||||||
Cancellation of restricted stock | (5,482) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock based compensation expense | — | — | 9,735 | — | — | 1,295 | 11,030 | ||||||||||||||||||||||||||||||||||
Redemption of OP Units | 423,986 | — | 6,858 | — | — | (6,858) | — | ||||||||||||||||||||||||||||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | — | — | (3,625) | — | — | 3,625 | — | ||||||||||||||||||||||||||||||||||
Proceeds from the issuance of common stock | 3,788,035 | — | 69,602 | — | — | — | 69,602 | ||||||||||||||||||||||||||||||||||
Registration expenditures | — | — | (918) | — | — | — | (918) | ||||||||||||||||||||||||||||||||||
Cash dividends ($0.5100 per share) | — | — | — | (61,717) | — | (4,395) | (66,112) | ||||||||||||||||||||||||||||||||||
Dividends payable to officers | — | — | — | (283) | — | (118) | (401) | ||||||||||||||||||||||||||||||||||
Net income attributable to Retail Opportunity Investments Corp. | — | — | — | 53,508 | — | — | 53,508 | ||||||||||||||||||||||||||||||||||
Net income attributable to non-controlling interests | — | — | — | — | — | 3,852 | 3,852 | ||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 5,658 | 452 | 6,110 | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 122,685,266 | $ | 12 | $ | 1,577,837 | $ | (297,801) | $ | (3,154) | $ | 89,459 | $ | 1,366,353 |
Common Stock | Additional paid-in capital | Retained earnings (Accumulated deficit) | Accumulated other comprehensive loss | Non- controlling interests | Equity | |||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||
Balance at December 31, 2014 | 92,991,333 | $ | 9 | $ | 1,013,561 | $ | (80,976 | ) | $ | (8,882 | ) | $ | 39,070 | $ | 962,782 | |||||||||||
Shares issued under the 2009 Plan | 381,577 | — | — | — | — | — | — | |||||||||||||||||||
Shares withheld for employee taxes | (78,570 | ) | — | (1,317 | ) | — | — | — | (1,317 | ) | ||||||||||||||||
Cancellation of restricted stock | (2,832 | ) | — | — | — | — | — | — | ||||||||||||||||||
Stock based compensation expense | — | — | 4,684 | — | — | — | 4,684 | |||||||||||||||||||
Issuance of OP Units to non-controlling interests | — | — | — | — | — | 116,640 | 116,640 | |||||||||||||||||||
Redemption of OP Units | 174,959 | — | 3,184 | — | — | (3,184 | ) | — | ||||||||||||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | — | — | 49,609 | — | — | (49,609 | ) | — | ||||||||||||||||||
Proceeds from the issuance of common stock | 6,064,567 | 1 | 101,292 | — | — | — | 101,293 | |||||||||||||||||||
Registration expenditures | — | — | (4,618 | ) | — | — | — | (4,618 | ) | |||||||||||||||||
Cash dividends ($0.68 per share) | — | — | — | (65,718 | ) | — | (2,764 | ) | (68,482 | ) | ||||||||||||||||
Dividends payable to officers | — | — | — | (161 | ) | — | — | (161 | ) | |||||||||||||||||
Net income attributable to Retail Opportunity Investments Corp. | — | — | — | 23,864 | — | — | 23,864 | |||||||||||||||||||
Net income attributable to non-controlling interests | — | — | — | — | — | 1,228 | 1,228 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | 2,139 | — | 2,139 | |||||||||||||||||||
Total | 99,531,034 | 10 | 1,166,395 | (122,991 | ) | (6,743 | ) | 101,381 | 1,138,052 | |||||||||||||||||
Less: Promissory note secured by equity | — | — | — | — | — | (6,710 | ) | (6,710 | ) | |||||||||||||||||
Balance at December 31, 2015 | 99,531,034 | 10 | 1,166,395 | (122,991 | ) | (6,743 | ) | 94,671 | 1,131,342 | |||||||||||||||||
Shares issued under the 2009 Plan | 341,306 | — | — | — | — | — | — | |||||||||||||||||||
Shares withheld for employee taxes | (76,262 | ) | — | (1,368 | ) | — | — | — | (1,368 | ) | ||||||||||||||||
Cancellation of restricted stock | (7,332 | ) | — | — | — | — | — | — | ||||||||||||||||||
Stock based compensation expense | — | — | 4,916 | — | — | — | 4,916 | |||||||||||||||||||
Issuance of OP Units to non-controlling interests | — | — | — | — | — | 48,175 | 48,175 | |||||||||||||||||||
Redemption of OP Units | 755,762 | — | 15,990 | — | — | (15,990 | ) | — | ||||||||||||||||||
Cash redemption for non-controlling interests | — | — | — | — | — | (7,182 | ) | (7,182 | ) | |||||||||||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | — | — | (5,627 | ) | — | — | 5,627 | — | ||||||||||||||||||
Proceeds from the issuance of common stock | 8,757,254 | 1 | 184,880 | — | — | — | 184,881 | |||||||||||||||||||
Registration expenditures | — | — | (7,276 | ) | — | — | — | (7,276 | ) | |||||||||||||||||
Cash dividends ($0.72 per share) | — | — | — | (75,537 | ) | — | (8,363 | ) | (83,900 | ) | ||||||||||||||||
Dividends payable to officers | — | — | — | (177 | ) | — | — | (177 | ) | |||||||||||||||||
Net income attributable to Retail Opportunity Investments Corp. | — | — | — | 32,754 | — | — | 32,754 | |||||||||||||||||||
Net income attributable to non-controlling interests | — | — | — | — | — | 3,676 | 3,676 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | 3,014 | — | 3,014 | |||||||||||||||||||
Total | 109,301,762 | 11 | 1,357,910 | (165,951 | ) | (3,729 | ) | 120,614 | 1,308,855 | |||||||||||||||||
Proceeds from repayment of promissory note receivable secured by equity | — | — | — | — | — | 6,710 | 6,710 | |||||||||||||||||||
Balance at December 31, 2016 | 109,301,762 | 11 | 1,357,910 | (165,951 | ) | (3,729 | ) | 127,324 | 1,315,565 | |||||||||||||||||
Shares issued under the 2009 Plan | 353,261 | — | 44 | — | — | — | 44 | |||||||||||||||||||
Shares withheld for employee taxes | (74,331 | ) | — | (1,571 | ) | — | — | — | (1,571 | ) | ||||||||||||||||
Cancellation of restricted stock | (1,999 | ) | — | — | — | — | — | — | ||||||||||||||||||
Stock based compensation expense | — | — | 6,190 | — | — | — | 6,190 | |||||||||||||||||||
Issuance of OP Units to non-controlling interests | — | — | — | — | — | 49,599 | 49,599 | |||||||||||||||||||
Redemption / Exchange of OP Units | 2,555,933 | — | 50,155 | — | — | (50,155 | ) | — | ||||||||||||||||||
Cash redemption for non-controlling interests | — | — | — | — | — | (150 | ) | (150 | ) | |||||||||||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | — | — | (3,574 | ) | — | — | 3,574 | — | ||||||||||||||||||
Proceeds from the issuance of common stock | 212,825 | — | 4,481 | — | — | — | 4,481 | |||||||||||||||||||
Registration expenditures | — | — | (1,045 | ) | — | — | — | (1,045 | ) | |||||||||||||||||
Cash dividends ($0.75 per share) | — | — | — | (82,781 | ) | — | (8,729 | ) | (91,510 | ) | ||||||||||||||||
Dividends payable to officers | — | — | — | (235 | ) | — | — | (235 | ) | |||||||||||||||||
Net income attributable to Retail Opportunity Investments Corp. | — | — | — | 38,477 | — | — | 38,477 | |||||||||||||||||||
Net income attributable to non-controlling interests | — | — | — | — | — | 4,211 | 4,211 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | 5,585 | — | 5,585 | |||||||||||||||||||
Balance at December 31, 2017 | 112,347,451 | $ | 11 | $ | 1,412,590 | $ | (210,490 | ) | $ | 1,856 | $ | 125,674 | $ | 1,329,641 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 57,360 | $ | 34,721 | $ | 53,683 | |||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 92,929 | 97,731 | 97,559 | ||||||||||||||
Amortization of deferred financing costs and mortgage premiums, net | 2,383 | 2,219 | 2,076 | ||||||||||||||
Straight-line rent adjustment | (959) | (1,079) | (3,083) | ||||||||||||||
Amortization of above and below market rent | (8,795) | (17,654) | (15,618) | ||||||||||||||
Amortization relating to stock based compensation | 11,030 | 8,914 | 8,567 | ||||||||||||||
Provisions for tenant credit losses | 2,779 | 11,035 | 1,969 | ||||||||||||||
Other noncash interest expense | 45 | 293 | 524 | ||||||||||||||
Gain on sale of real estate | (22,340) | — | (13,175) | ||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||
Tenant and other receivables | (1,039) | (23,120) | 543 | ||||||||||||||
Prepaid expenses | (597) | (1,641) | 962 | ||||||||||||||
Accounts payable and accrued expenses | 5,072 | (1,096) | 303 | ||||||||||||||
Other assets and liabilities, net | (1,536) | (3,663) | (2,271) | ||||||||||||||
Net cash provided by operating activities | 136,332 | 106,660 | 132,039 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
Investments in real estate | (125,490) | — | (11,601) | ||||||||||||||
Proceeds from sale of real estate | 68,003 | — | 58,930 | ||||||||||||||
Improvements to properties | (46,242) | (36,515) | (35,177) | ||||||||||||||
Proceeds on repayment of mortgage note receivable | 84 | 8,041 | 250 | ||||||||||||||
Net cash (used in) provided by investing activities | (103,645) | (28,474) | 12,402 | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
Principal repayments on mortgages | (716) | (577) | (551) | ||||||||||||||
Proceeds from draws on credit facility | 30,000 | 160,000 | 101,000 | ||||||||||||||
Payments on credit facility | (78,000) | (196,000) | (173,000) | ||||||||||||||
Redemption of OP Units | — | (1,999) | (5,043) | ||||||||||||||
Distributions to OP Unitholders | (2,857) | (2,187) | (8,921) | ||||||||||||||
Deferred financing and other costs | — | (1,162) | (2,804) | ||||||||||||||
Proceeds from the sale of common stock | 69,602 | — | 34,162 | ||||||||||||||
Repurchase of common stock | — | (8,846) | — | ||||||||||||||
Registration expenditures | (740) | (567) | (478) | ||||||||||||||
Dividends paid to common shareholders | (39,772) | (23,398) | (90,753) | ||||||||||||||
Common shares issued under the Equity Incentive Plan | 428 | — | 1,942 | ||||||||||||||
Shares withheld for employee taxes | (1,905) | (2,272) | (1,986) | ||||||||||||||
Net cash used in financing activities | (23,960) | (77,008) | (146,432) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 8,727 | 1,178 | (1,991) | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 6,636 | 5,458 | 7,449 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 15,363 | $ | 6,636 | $ | 5,458 | |||||||||||
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 42,688 | $ | 36,430 | $ | 25,092 | |||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 96,256 | 88,359 | 70,957 | ||||||||
Amortization of deferred financing costs and mortgage premiums, net | 2,026 | 2,088 | 662 | ||||||||
Straight-line rent adjustment | (6,176 | ) | (4,560 | ) | (5,013 | ) | |||||
Amortization of above and below market rent | (17,078 | ) | (13,847 | ) | (9,890 | ) | |||||
Amortization relating to stock based compensation | 6,190 | 4,916 | 4,684 | ||||||||
Provisions for tenant credit losses | 1,191 | 1,805 | 1,984 | ||||||||
Other noncash interest expense | 2,139 | 2,139 | 2,139 | ||||||||
Change in operating assets and liabilities: | |||||||||||
Restricted cash | (643 | ) | 66 | 264 | |||||||
Tenant and other receivables | (2,452 | ) | (4,412 | ) | (2,599 | ) | |||||
Prepaid expenses | 464 | (1,363 | ) | 501 | |||||||
Accounts payable and accrued expenses | 456 | 4,417 | 512 | ||||||||
Other assets and liabilities, net | 3,234 | (1,356 | ) | (2,376 | ) | ||||||
Net cash provided by operating activities | 128,295 | 114,682 | 86,917 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Investments in real estate | (263,366 | ) | (284,867 | ) | (313,623 | ) | |||||
Increase in restricted cash | (3,800 | ) | — | — | |||||||
Improvements to properties | (54,097 | ) | (40,758 | ) | (27,515 | ) | |||||
Deposits on real estate acquisitions, net | (500 | ) | 500 | 4,000 | |||||||
Construction escrows and other | (844 | ) | 35 | 23 | |||||||
Net cash used in investing activities | (322,607 | ) | (325,090 | ) | (337,115 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Principal repayments on mortgages | (8,848 | ) | (7,816 | ) | (84,308 | ) | |||||
Proceeds from new mortgage loan | — | — | 35,500 | ||||||||
Proceeds from term loan | — | — | 300,000 | ||||||||
Proceeds from draws on credit facility | 327,500 | 332,500 | 430,000 | ||||||||
Payments on credit facility | (282,000 | ) | (370,000 | ) | (451,000 | ) | |||||
Proceeds from issuance of Senior Notes Due 2027 | 250,000 | — | — | ||||||||
Proceeds from issuance of Senior Notes Due 2026 | — | 200,000 | — | ||||||||
Issuance of promissory note receivable | — | — | (6,710 | ) | |||||||
Proceeds on repayment of promissory note receivable | — | 6,710 | — | ||||||||
Redemption of OP Units | (150 | ) | (38,820 | ) | — | ||||||
Distributions to OP Unitholders | (8,729 | ) | (8,363 | ) | (2,764 | ) | |||||
Deferred financing and other costs | (3,845 | ) | (266 | ) | (1,849 | ) | |||||
Proceeds from the sale of common stock | 4,481 | 184,881 | 101,293 | ||||||||
Registration expenditures | (1,225 | ) | (7,097 | ) | (4,739 | ) | |||||
Dividends paid to common shareholders | (82,917 | ) | (75,672 | ) | (65,837 | ) | |||||
Common shares issued under the 2009 Plan | 44 | — | — | ||||||||
Shares withheld for employee taxes | (1,571 | ) | (1,368 | ) | (1,317 | ) | |||||
Net cash provided by financing activities | 192,740 | 214,689 | 248,269 | ||||||||
Net (decrease) increase in cash and cash equivalents | (1,572 | ) | 4,281 | (1,929 | ) | ||||||
Cash and cash equivalents at beginning of period | 13,125 | 8,844 | 10,773 | ||||||||
Cash and cash equivalents at end of period | $ | 11,553 | $ | 13,125 | $ | 8,844 | |||||
Supplemental disclosure of cash activities: | |||||||||||
Cash paid on gross receipts and income for federal and state purposes | $ | 253 | $ | 206 | $ | 241 | |||||
Interest paid | $ | 46,271 | $ | 34,275 | $ | 31,996 | |||||
Other non-cash investing and financing activities: | |||||||||||
Issuance of OP Units in connection with acquisitions | $ | 49,599 | $ | 46,140 | $ | 150,315 | |||||
Fair value of assumed mortgages upon acquisition | $ | 46,034 | $ | 17,618 | $ | 19,024 | |||||
Intangible lease liabilities | $ | 45,456 | $ | 32,615 | $ | 37,480 | |||||
Interest rate swap asset | $ | 3,446 | $ | 875 | $ | — | |||||
Accrued real estate improvement costs | $ | 383 | $ | 601 | $ | 590 | |||||
Redemption / Exchange of OP Units | $ | 50,155 | $ | 15,990 | $ | 3,184 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash and cash equivalents | $ | 13,218 | $ | 4,822 | $ | 3,800 | |||||||||||
Restricted cash | 2,145 | 1,814 | 1,658 | ||||||||||||||
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows | $ | 15,363 | $ | 6,636 | $ | 5,458 |
December 31, | ||||||||||||||||||
December 31, 2017 | December 31, 2016 | 2021 | 2020 | |||||||||||||||
ASSETS | ASSETS | |||||||||||||||||
Real Estate Investments: | Real Estate Investments: | |||||||||||||||||
Land | $ | 878,797 | $ | 766,199 | Land | $ | 915,861 | $ | 881,872 | |||||||||
Building and improvements | 2,230,600 | 1,920,819 | Building and improvements | 2,350,294 | 2,274,680 | |||||||||||||
3,109,397 | 2,687,018 | 3,266,155 | 3,156,552 | |||||||||||||||
Less: accumulated depreciation | 260,115 | 193,021 | Less: accumulated depreciation | 510,836 | 460,165 | |||||||||||||
2,755,319 | 2,696,387 | |||||||||||||||||
Mortgage note receivable | Mortgage note receivable | 4,875 | 4,959 | |||||||||||||||
Real Estate Investments, net | 2,849,282 | 2,493,997 | Real Estate Investments, net | 2,760,194 | 2,701,346 | |||||||||||||
Cash and cash equivalents | 11,553 | 13,125 | Cash and cash equivalents | 13,218 | 4,822 | |||||||||||||
Restricted cash | 5,412 | 125 | Restricted cash | 2,145 | 1,814 | |||||||||||||
Tenant and other receivables, net | 43,257 | 35,820 | Tenant and other receivables, net | 55,787 | 58,756 | |||||||||||||
Deposits | 500 | — | ||||||||||||||||
Acquired lease intangible assets, net | 82,778 | 79,205 | Acquired lease intangible assets, net | 50,139 | 50,110 | |||||||||||||
Prepaid expenses | 2,853 | 3,317 | Prepaid expenses | 5,337 | 4,811 | |||||||||||||
Deferred charges, net | 37,167 | 34,753 | Deferred charges, net | 25,017 | 25,655 | |||||||||||||
Other | 6,396 | 2,627 | ||||||||||||||||
Other assets | Other assets | 17,007 | 17,296 | |||||||||||||||
Total assets | $ | 3,039,198 | $ | 2,662,969 | Total assets | $ | 2,928,844 | $ | 2,864,610 | |||||||||
LIABILITIES AND CAPITAL | LIABILITIES AND CAPITAL | |||||||||||||||||
Liabilities: | Liabilities: | |||||||||||||||||
Term loan | $ | 298,816 | $ | 299,191 | Term loan | $ | 298,889 | $ | 298,524 | |||||||||
Credit facility | 140,329 | 95,654 | Credit facility | — | 48,000 | |||||||||||||
Senior Notes Due 2027 | 248,751 | — | ||||||||||||||||
Senior Notes Due 2026 | 199,752 | 199,727 | ||||||||||||||||
Senior Notes Due 2024 | 245,887 | 245,354 | ||||||||||||||||
Senior Notes Due 2023 | 245,696 | 245,051 | ||||||||||||||||
Senior Notes | Senior Notes | 945,231 | 943,655 | |||||||||||||||
Mortgage notes payable | 107,915 | 71,303 | Mortgage notes payable | 85,354 | 86,509 | |||||||||||||
Acquired lease intangible liabilities, net | 178,984 | 154,958 | Acquired lease intangible liabilities, net | 136,608 | 125,796 | |||||||||||||
Accounts payable and accrued expenses | 18,638 | 18,294 | Accounts payable and accrued expenses | 48,598 | 17,687 | |||||||||||||
Tenants’ security deposits | 6,771 | 5,950 | Tenants’ security deposits | 7,231 | 6,854 | |||||||||||||
Other liabilities | 18,018 | 11,922 | Other liabilities | 40,580 | 46,426 | |||||||||||||
Total liabilities | 1,709,557 | 1,347,404 | Total liabilities | 1,562,491 | 1,573,451 | |||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||
Capital: | Capital: | |||||||||||||||||
Partners’ capital, unlimited partnership units authorized: | Partners’ capital, unlimited partnership units authorized: | |||||||||||||||||
ROIC capital | 1,202,111 | 1,191,970 | ROIC capital | 1,280,048 | 1,208,365 | |||||||||||||
Limited partners’ capital | 125,674 | 127,324 | Limited partners’ capital | 89,680 | 92,279 | |||||||||||||
Accumulated other comprehensive loss | 1,856 | (3,729 | ) | Accumulated other comprehensive loss | (3,375) | (9,485) | ||||||||||||
Total capital | 1,329,641 | 1,315,565 | Total capital | 1,366,353 | 1,291,159 | |||||||||||||
Total liabilities and capital | $ | 3,039,198 | $ | 2,662,969 | Total liabilities and capital | $ | 2,928,844 | $ | 2,864,610 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Revenues | |||||||||||||||||
Rental revenue | $ | 280,924 | $ | 280,388 | $ | 291,263 | |||||||||||
Other income | 3,176 | 3,726 | 3,777 | ||||||||||||||
Total revenues | 284,100 | 284,114 | 295,040 | ||||||||||||||
Operating expenses | |||||||||||||||||
Property operating | 44,439 | 41,050 | 43,662 | ||||||||||||||
Property taxes | 33,663 | 33,288 | 32,388 | ||||||||||||||
Depreciation and amortization | 92,929 | 97,731 | 97,559 | ||||||||||||||
General and administrative expenses | 19,654 | 16,755 | 17,831 | ||||||||||||||
Other expense | 860 | 843 | 1,405 | ||||||||||||||
Total operating expenses | 191,545 | 189,667 | 192,845 | ||||||||||||||
Gain on sale of real estate | 22,340 | — | 13,175 | ||||||||||||||
Operating income | 114,895 | 94,447 | 115,370 | ||||||||||||||
Non-operating expenses | |||||||||||||||||
Interest expense and other finance expenses | (57,535) | (59,726) | (61,687) | ||||||||||||||
Net Income Attributable to Retail Opportunity Investments Partnership, LP | $ | 57,360 | $ | 34,721 | $ | 53,683 | |||||||||||
Earnings per unit - basic and diluted | $ | 0.44 | $ | 0.27 | $ | 0.42 | |||||||||||
Distributions per unit | $ | 0.5100 | $ | 0.2000 | $ | 0.7880 | |||||||||||
Comprehensive income: | |||||||||||||||||
Net income attributable to Retail Opportunity Investments Partnership, LP | $ | 57,360 | $ | 34,721 | $ | 53,683 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Unrealized swap derivative gain (loss) arising during the period | 216 | (9,925) | (7,348) | ||||||||||||||
Reclassification adjustment for amortization of interest expense included in net income | 5,894 | 4,572 | (345) | ||||||||||||||
Other comprehensive income (loss): | 6,110 | (5,353) | (7,693) | ||||||||||||||
Comprehensive income attributable to Retail Opportunity Investments Partnership, LP | $ | 63,470 | $ | 29,368 | $ | 45,990 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Revenues | |||||||||||
Base rents | $ | 210,564 | $ | 183,330 | $ | 148,622 | |||||
Recoveries from tenants | 58,818 | 51,454 | 40,562 | ||||||||
Other income | 3,878 | 2,405 | 3,515 | ||||||||
Total revenues | 273,260 | 237,189 | 192,699 | ||||||||
Operating expenses | |||||||||||
Property operating | 39,151 | 32,201 | 28,475 | ||||||||
Property taxes | 29,663 | 25,058 | 19,690 | ||||||||
Depreciation and amortization | 96,256 | 88,359 | 70,957 | ||||||||
General and administrative expenses | 14,103 | 13,120 | 12,650 | ||||||||
Acquisition transaction costs | 4 | 824 | 965 | ||||||||
Other expense | 418 | 456 | 627 | ||||||||
Total operating expenses | 179,595 | 160,018 | 133,364 | ||||||||
Operating income | 93,665 | 77,171 | 59,335 | ||||||||
Non-operating expenses | |||||||||||
Interest expense and other finance expenses | (50,977 | ) | (40,741 | ) | (34,243 | ) | |||||
Net Income Attributable to Retail Opportunity Investments Partnership, LP | $ | 42,688 | $ | 36,430 | $ | 25,092 | |||||
Earnings per unit - basic and diluted | $ | 0.35 | $ | 0.31 | $ | 0.25 | |||||
Distributions per unit | $ | 0.75 | $ | 0.72 | $ | 0.68 | |||||
Comprehensive income: | |||||||||||
Net income attributable to Retail Opportunity Investments Partnership, LP | $ | 42,688 | $ | 36,430 | $ | 25,092 | |||||
Other comprehensive income: | |||||||||||
Unrealized swap derivative gain arising during the period | 3,665 | 541 | — | ||||||||
Reclassification adjustment for amortization of interest expense included in net income | 1,920 | 2,473 | 2,139 | ||||||||
Other comprehensive income | 5,585 | 3,014 | 2,139 | ||||||||
Comprehensive income attributable to Retail Opportunity Investments Partnership, LP | $ | 48,273 | $ | 39,444 | $ | 27,231 |
Limited Partner’s Capital (1) | ROIC Capital (2) | Accumulated other comprehensive income (loss) | |||||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Capital | |||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 11,477,041 | $ | 120,214 | 113,992,837 | $ | 1,184,653 | $ | 3,561 | $ | 1,308,428 | |||||||||||||||||||||||||
OP Units issued under the Equity Incentive Plan | — | — | 631,022 | 1,942 | — | 1,942 | |||||||||||||||||||||||||||||
OP Units withheld for employee taxes | — | — | (125,072) | (1,986) | — | (1,986) | |||||||||||||||||||||||||||||
Cancellation of OP Units | — | — | (6,997) | — | — | — | |||||||||||||||||||||||||||||
Stock based compensation expense | — | 1,215 | — | 7,352 | — | 8,567 | |||||||||||||||||||||||||||||
Equity redemption of OP Units | (143,190) | (2,632) | 143,190 | 2,632 | — | — | |||||||||||||||||||||||||||||
Cash redemption of OP Units | (282,761) | (5,043) | — | — | (5,043) | ||||||||||||||||||||||||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | — | 2,983 | — | (2,983) | — | — | |||||||||||||||||||||||||||||
Issuance of OP Units in connection with sale of common stock | — | — | 1,861,036 | 34,162 | — | 34,162 | |||||||||||||||||||||||||||||
Registration expenditures | — | — | — | (732) | — | (732) | |||||||||||||||||||||||||||||
Cash distributions ($0.7880 per unit) | — | (8,921) | — | (90,549) | — | (99,470) | |||||||||||||||||||||||||||||
Distributions payable to officers | — | (175) | — | 145 | — | (30) | |||||||||||||||||||||||||||||
Net income attributable to Retail Opportunity Investments Partnership, LP | — | 4,839 | — | 48,844 | — | 53,683 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (7,693) | (7,693) | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | 11,051,090 | $ | 112,480 | 116,496,016 | $ | 1,183,480 | $ | (4,132) | $ | 1,291,828 | |||||||||||||||||||||||||
OP Units issued under the Equity Incentive Plan | — | — | 428,170 | — | — | — | |||||||||||||||||||||||||||||
OP Units withheld for employee taxes | — | — | (128,614) | (2,272) | — | (2,272) | |||||||||||||||||||||||||||||
Cancellation of OP Units | — | — | (4,899) | — | — | — | |||||||||||||||||||||||||||||
Stock based compensation expense | — | 816 | — | 8,098 | — | 8,914 | |||||||||||||||||||||||||||||
Equity redemption of OP Units | (1,968,350) | (20,098) | 1,968,350 | 20,098 | — | — | |||||||||||||||||||||||||||||
Cash redemption of OP Units | (116,657) | (1,999) | — | — | — | (1,999) | |||||||||||||||||||||||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | — | 570 | — | (570) | — | — | |||||||||||||||||||||||||||||
Repurchase of OP Units | — | — | (673,868) | (8,846) | — | (8,846) | |||||||||||||||||||||||||||||
Registration expenditures | — | — | — | (312) | — | (312) | |||||||||||||||||||||||||||||
Cash distributions ($0.2000 per unit) | — | (2,187) | — | (23,273) | — | (25,460) | |||||||||||||||||||||||||||||
Distributions payable to officers | — | (10) | — | (52) | — | (62) | |||||||||||||||||||||||||||||
Net income attributable to Retail Opportunity Investments Partnership, LP | — | 2,707 | — | 32,014 | — | 34,721 | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | (5,353) | (5,353) | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | 8,966,083 | $ | 92,279 | 118,085,155 | $ | 1,208,365 | $ | (9,485) | $ | 1,291,159 | |||||||||||||||||||||||||
OP Units issued under the Equity Incentive Plan | — | — | 535,819 | 428 | — | 428 | |||||||||||||||||||||||||||||
OP Units withheld for employee taxes | — | — | (142,247) | (1,905) | — | (1,905) | |||||||||||||||||||||||||||||
Cancellation of OP Units | — | — | (5,482) | — | — | — | |||||||||||||||||||||||||||||
Stock based compensation expense | — | 1,295 | — | 9,735 | — | 11,030 | |||||||||||||||||||||||||||||
Equity redemption of OP Units | (423,986) | (6,858) | 423,986 | 6,858 | — | — | |||||||||||||||||||||||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | — | 3,625 | — | (3,625) | — | — | |||||||||||||||||||||||||||||
Issuance of OP Units in connection with sale of common stock | — | — | 3,788,035 | 69,602 | — | 69,602 | |||||||||||||||||||||||||||||
Registration expenditures | — | — | — | (918) | — | (918) | |||||||||||||||||||||||||||||
Cash distributions ($0.5100 per unit) | — | (4,395) | — | (61,717) | — | (66,112) | |||||||||||||||||||||||||||||
Distributions payable to officers | — | (118) | — | (283) | — | (401) | |||||||||||||||||||||||||||||
Net income attributable to Retail Opportunity Investments Partnership, LP | — | 3,852 | — | 53,508 | — | 57,360 | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | 6,110 | 6,110 | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | 8,542,097 | $ | 89,680 | 122,685,266 | $ | 1,280,048 | $ | (3,375) | $ | 1,366,353 |
Limited Partner’s Capital (1) | ROIC Capital (2) | ||||||||||||||||||||
Units | Amount | Units | Amount | Accumulated other comprehensive loss | Capital | ||||||||||||||||
Balance at December 31, 2014 | 3,921,314 | $ | 39,070 | 92,991,333 | $ | 932,594 | $ | (8,882 | ) | $ | 962,782 | ||||||||||
OP Units issued under the 2009 Plan | — | — | 381,577 | — | — | — | |||||||||||||||
OP Units withheld for employee taxes | — | — | (78,570 | ) | (1,317 | ) | — | (1,317 | ) | ||||||||||||
Cancellation of OP Units | — | — | (2,832 | ) | — | — | — | ||||||||||||||
Stock based compensation expense | — | — | — | 4,684 | — | 4,684 | |||||||||||||||
Issuance of OP Units in connection with acquisition | 8,449,248 | 116,640 | — | — | — | 116,640 | |||||||||||||||
Equity redemption of OP Units | (174,959 | ) | (3,184 | ) | 174,959 | 3,184 | — | — | |||||||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | — | (49,609 | ) | — | 49,609 | — | — | ||||||||||||||
Issuance of OP Units in connection with sale of common stock | — | — | 6,064,567 | 101,293 | — | 101,293 | |||||||||||||||
Registration expenditures | — | — | — | (4,618 | ) | — | (4,618 | ) | |||||||||||||
Cash distributions ($0.68 per unit) | — | (2,764 | ) | — | (65,718 | ) | — | (68,482 | ) | ||||||||||||
Distributions payable to officers | — | — | — | (161 | ) | — | (161 | ) | |||||||||||||
Net income attributable to Retail Opportunity Investments Partnership, LP | — | 1,228 | — | 23,864 | — | 25,092 | |||||||||||||||
Other comprehensive income | — | — | — | — | 2,139 | 2,139 | |||||||||||||||
Total | 12,195,603 | 101,381 | 99,531,034 | 1,043,414 | (6,743 | ) | 1,138,052 | ||||||||||||||
Less: Promissory note secured by capital | — | (6,710 | ) | — | — | — | (6,710 | ) | |||||||||||||
Balance at December 31, 2015 | 12,195,603 | 94,671 | 99,531,034 | 1,043,414 | (6,743 | ) | 1,131,342 | ||||||||||||||
OP Units issued under the 2009 Plan | — | — | 341,306 | — | — | — | |||||||||||||||
OP Units withheld for employee taxes | — | — | (76,262 | ) | (1,368 | ) | — | (1,368 | ) | ||||||||||||
Cancellation of OP Units | — | — | (7,332 | ) | — | — | — | ||||||||||||||
Stock based compensation expense | — | — | — | 4,916 | — | 4,916 | |||||||||||||||
Issuance of OP Units in connection with acquisitions | 2,434,833 | 48,175 | — | — | 48,175 | ||||||||||||||||
Equity redemption of OP Units | (755,762 | ) | (15,990 | ) | 755,762 | 15,990 | — | — | |||||||||||||
Cash redemption of OP Units | (2,206,613 | ) | (7,182 | ) | — | — | (7,182 | ) | |||||||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | — | 5,627 | — | (5,627 | ) | — | — | ||||||||||||||
Issuance of OP Units in connection with sale of common stock | — | — | 8,757,254 | 184,881 | — | 184,881 | |||||||||||||||
Registration expenditures | — | — | — | (7,276 | ) | — | (7,276 | ) | |||||||||||||
Cash distributions ($0.72 per unit) | — | (8,363 | ) | — | (75,537 | ) | — | (83,900 | ) | ||||||||||||
Distributions payable to officers | — | — | — | (177 | ) | — | (177 | ) | |||||||||||||
Net income attributable to Retail Opportunity Investments Partnership, LP | — | 3,676 | — | 32,754 | — | 36,430 | |||||||||||||||
Other comprehensive income | — | — | — | — | 3,014 | 3,014 | |||||||||||||||
Total | 11,668,061 | 120,614 | 109,301,762 | 1,191,970 | (3,729 | ) | 1,308,855 | ||||||||||||||
Proceeds from repayment of promissory note receivable secured by capital | — | 6,710 | — | — | — | 6,710 | |||||||||||||||
Balance at December 31, 2016 | 11,668,061 | 127,324 | 109,301,762 | 1,191,970 | (3,729 | ) | 1,315,565 | ||||||||||||||
OP units issued under the 2009 Plan | — | — | 353,261 | 44 | — | 44 | |||||||||||||||
OP Units withheld for employee taxes | — | — | (74,331 | ) | (1,571 | ) | — | (1,571 | ) | ||||||||||||
Cancellation of OP Units | — | — | (1,999 | ) | — | — | — | ||||||||||||||
Stock based compensation expense | — | — | — | 6,190 | — | 6,190 | |||||||||||||||
Issuance of OP Units in connection with acquisitions | 2,573,927 | 49,599 | — | — | — | 49,599 | |||||||||||||||
Equity redemption of OP Units | (2,555,933 | ) | (50,155 | ) | 2,555,933 | 50,155 | — | — | |||||||||||||
Cash redemption of OP Units | (7,064 | ) | (150 | ) | — | — | — | (150 | ) | ||||||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | — | 3,574 | — | (3,574 | ) | — | — | ||||||||||||||
Issuance of OP Units in connection with sale of common stock | — | — | 212,825 | 4,481 | — | 4,481 | |||||||||||||||
Registration expenditures | — | — | — | (1,045 | ) | — | (1,045 | ) | |||||||||||||
Cash distributions ($0.75 per unit) | — | (8,729 | ) | — | (82,781 | ) | — | (91,510 | ) | ||||||||||||
Distributions payable to officers | — | — | — | (235 | ) | — | (235 | ) | |||||||||||||
Net income attributable to Retail Opportunity Investments Partnership, LP | — | 4,211 | — | 38,477 | — | 42,688 | |||||||||||||||
Other comprehensive income | — | — | — | — | 5,585 | 5,585 | |||||||||||||||
Balance at December 31, 2017 | 11,678,991 | $ | 125,674 | 112,347,451 | $ | 1,202,111 | $ | 1,856 | $ | 1,329,641 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | 42,688 | $ | 36,430 | $ | 25,092 | |||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation and amortization | 96,256 | 88,359 | 70,957 | ||||||||
Amortization of deferred financing costs and mortgage premiums, net | 2,026 | 2,088 | 662 | ||||||||
Straight-line rent adjustment | (6,176 | ) | (4,560 | ) | (5,013 | ) | |||||
Amortization of above and below market rent | (17,078 | ) | (13,847 | ) | (9,890 | ) | |||||
Amortization relating to stock based compensation | 6,190 | 4,916 | 4,684 | ||||||||
Provisions for tenant credit losses | 1,191 | 1,805 | 1,984 | ||||||||
Other noncash interest expense | 2,139 | 2,139 | 2,139 | ||||||||
Change in operating assets and liabilities: | |||||||||||
Restricted cash | (643 | ) | 66 | 264 | |||||||
Tenant and other receivables | (2,452 | ) | (4,412 | ) | (2,599 | ) | |||||
Prepaid expenses | 464 | (1,363 | ) | 501 | |||||||
Accounts payable and accrued expenses | 456 | 4,417 | 512 | ||||||||
Other assets and liabilities, net | 3,234 | (1,356 | ) | (2,376 | ) | ||||||
Net cash provided by operating activities | 128,295 | 114,682 | 86,917 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Investments in real estate | (263,366 | ) | (284,867 | ) | (313,623 | ) | |||||
Increase in restricted cash | (3,800 | ) | — | — | |||||||
Improvements to properties | (54,097 | ) | (40,758 | ) | (27,515 | ) | |||||
Deposits on real estate acquisitions, net | (500 | ) | 500 | 4,000 | |||||||
Construction escrows and other | (844 | ) | 35 | 23 | |||||||
Net cash used in investing activities | (322,607 | ) | (325,090 | ) | (337,115 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Principal repayments on mortgages | (8,848 | ) | (7,816 | ) | (84,308 | ) | |||||
Proceeds from new mortgage loan | — | — | 35,500 | ||||||||
Proceeds from term loan | — | — | 300,000 | ||||||||
Proceeds from draws on credit facility | 327,500 | 332,500 | 430,000 | ||||||||
Payments on credit facility | (282,000 | ) | (370,000 | ) | (451,000 | ) | |||||
Proceeds from issuance of Senior Notes Due 2027 | 250,000 | — | — | ||||||||
Proceeds from issuance of Senior Notes Due 2026 | — | 200,000 | — | ||||||||
Issuance of promissory note receivable | — | — | (6,710 | ) | |||||||
Proceeds on repayment of promissory note receivable | — | 6,710 | — | ||||||||
Redemption of OP Units | (150 | ) | (38,820 | ) | — | ||||||
Deferred financing and other costs | (3,845 | ) | (266 | ) | (1,849 | ) | |||||
Proceeds from the issuance of OP Units in connection with issuance of common stock | 4,481 | 184,881 | 101,293 | ||||||||
Registration expenditures | (1,225 | ) | (7,097 | ) | (4,739 | ) | |||||
Distributions to OP Unitholders | (91,646 | ) | (84,035 | ) | (68,601 | ) | |||||
Issuance of OP Units under the 2009 Plan | 44 | — | — | ||||||||
OP Units withheld for employee taxes | (1,571 | ) | (1,368 | ) | (1,317 | ) | |||||
Net cash provided by financing activities | 192,740 | 214,689 | 248,269 | ||||||||
Net (decrease) increase in cash and cash equivalents | (1,572 | ) | 4,281 | (1,929 | ) | ||||||
Cash and cash equivalents at beginning of period | 13,125 | 8,844 | 10,773 | ||||||||
Cash and cash equivalents at end of period | $ | 11,553 | $ | 13,125 | $ | 8,844 | |||||
Supplemental disclosure of cash activities: | |||||||||||
Cash paid on gross receipts and income for federal and state purposes | $ | 253 | $ | 206 | $ | 241 | |||||
Interest paid | $ | 46,271 | $ | 34,275 | $ | 31,996 | |||||
Other non-cash investing and financing activities: | |||||||||||
Issuance of OP Units in connection with acquisitions | $ | 49,599 | $ | 46,140 | $ | 150,315 | |||||
Fair value of assumed mortgages upon acquisition | $ | 46,034 | $ | 17,618 | $ | 19,024 | |||||
Intangible lease liabilities | $ | 45,456 | $ | 32,615 | $ | 37,480 | |||||
Interest rate swap asset | $ | 3,446 | $ | 875 | $ | — | |||||
Accrued real estate improvement costs | $ | 383 | $ | 601 | $ | 590 | |||||
Redemption / Exchange of OP Units | $ | 50,155 | $ | 15,990 | $ | 3,184 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||
Net income | $ | 57,360 | $ | 34,721 | $ | 53,683 | |||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||||||||
Depreciation and amortization | 92,929 | 97,731 | 97,559 | ||||||||||||||
Amortization of deferred financing costs and mortgage premiums, net | 2,383 | 2,219 | 2,076 | ||||||||||||||
Straight-line rent adjustment | (959) | (1,079) | (3,083) | ||||||||||||||
Amortization of above and below market rent | (8,795) | (17,654) | (15,618) | ||||||||||||||
Amortization relating to stock based compensation | 11,030 | 8,914 | 8,567 | ||||||||||||||
Provisions for tenant credit losses | 2,779 | 11,035 | 1,969 | ||||||||||||||
Other noncash interest expense | 45 | 293 | 524 | ||||||||||||||
Gain on sale of real estate | (22,340) | — | (13,175) | ||||||||||||||
Change in operating assets and liabilities: | |||||||||||||||||
Tenant and other receivables | (1,039) | (23,120) | 543 | ||||||||||||||
Prepaid expenses | (597) | (1,641) | 962 | ||||||||||||||
Accounts payable and accrued expenses | 5,072 | (1,096) | 303 | ||||||||||||||
Other assets and liabilities, net | (1,536) | (3,663) | (2,271) | ||||||||||||||
Net cash provided by operating activities | 136,332 | 106,660 | 132,039 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||
Investments in real estate | (125,490) | — | (11,601) | ||||||||||||||
Proceeds from sale of real estate | 68,003 | — | 58,930 | ||||||||||||||
Improvements to properties | (46,242) | (36,515) | (35,177) | ||||||||||||||
Proceeds on repayment of mortgage note receivable | 84 | 8,041 | 250 | ||||||||||||||
Net cash (used in) provided by investing activities | (103,645) | (28,474) | 12,402 | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||
Principal repayments on mortgages | (716) | (577) | (551) | ||||||||||||||
Proceeds from draws on credit facility | 30,000 | 160,000 | 101,000 | ||||||||||||||
Payments on credit facility | (78,000) | (196,000) | (173,000) | ||||||||||||||
Redemption of OP Units | — | (1,999) | (5,043) | ||||||||||||||
Deferred financing and other costs | — | (1,162) | (2,804) | ||||||||||||||
Proceeds from the issuance of OP Units in connection with issuance of common stock | 69,602 | — | 34,162 | ||||||||||||||
Repurchase of OP Units | — | (8,846) | — | ||||||||||||||
Registration expenditures | (740) | (567) | (478) | ||||||||||||||
Distributions to OP Unitholders | (42,629) | (25,585) | (99,674) | ||||||||||||||
Issuance of OP Units under the Equity Incentive Plan | 428 | — | 1,942 | ||||||||||||||
OP Units withheld for employee taxes | (1,905) | (2,272) | (1,986) | ||||||||||||||
Net cash used in financing activities | (23,960) | (77,008) | (146,432) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 8,727 | 1,178 | (1,991) | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 6,636 | 5,458 | 7,449 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 15,363 | $ | 6,636 | $ | 5,458 | |||||||||||
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Cash and cash equivalents | $ | 13,218 | $ | 4,822 | $ | 3,800 | |||||||||||
Restricted cash | 2,145 | 1,814 | 1,658 | ||||||||||||||
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows | $ | 15,363 | $ | 6,636 | $ | 5,458 |
Record Date | Payable Date | Total Distribution per Share | Ordinary Income per Share | Section 199A Dividends (1) | Total Capital Gain per Share | Section 1250 Recapture per Share (2) | ||||||||||||||||||||||||||||||||
3/26/2021 | 4/9/2021 | $0.1100 | $0.09492 | $0.09492 | $0.01508 | $0.00436 | ||||||||||||||||||||||||||||||||
6/18/2021 | 7/9/2021 | $0.1100 | $0.09492 | $0.09492 | $0.01508 | $0.00436 | ||||||||||||||||||||||||||||||||
9/17/2021 | 10/8/2021 | $0.1100 | $0.09492 | $0.09492 | $0.01508 | $0.00436 | ||||||||||||||||||||||||||||||||
12/17/2021 | 1/7/2022 | $0.1100 | $0.09492 | $0.09492 | $0.01508 | $0.00436 | ||||||||||||||||||||||||||||||||
12/23/2021 | 1/14/2022 | $0.0700 | $0.06040 | $0.06040 | $0.00960 | $0.00278 |
Lease Origination Costs | |||
2018 | $ | 7,937 | |
2019 | 6,537 | ||
2020 | 5,267 | ||
2021 | 4,353 | ||
2022 | 3,425 | ||
Thereafter | 9,648 | ||
$ | 37,167 |
Lease Origination Costs | |||||
2022 | $ | 4,764 | |||
2023 | 3,900 | ||||
2024 | 3,086 | ||||
2025 | 2,589 | ||||
2026 | 2,013 | ||||
Thereafter | 6,784 | ||||
$ | 23,136 |
Financing Costs | |||
2018 | $ | 1,805 | |
2019 | 1,793 | ||
2020 | 1,793 | ||
2021 | 1,525 | ||
2022 | 849 | ||
Thereafter | 1,515 | ||
$ | 9,280 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 57,360 | $ | 34,721 | $ | 53,683 | |||||||||||
Less income attributable to non-controlling interests | (3,852) | (2,707) | (4,839) | ||||||||||||||
Less earnings allocated to unvested shares | (355) | (127) | (453) | ||||||||||||||
Net income available for common stockholders, basic | $ | 53,153 | $ | 31,887 | $ | 48,391 | |||||||||||
Numerator: | |||||||||||||||||
Net income | $ | 57,360 | $ | 34,721 | $ | 53,683 | |||||||||||
Less earnings allocated to unvested shares | (355) | (127) | (453) | ||||||||||||||
Net income available for common stockholders, diluted | $ | 57,005 | $ | 34,594 | $ | 53,230 | |||||||||||
Denominator: | |||||||||||||||||
Denominator for basic EPS – weighted average common equivalent shares | 119,544,749 | 116,731,930 | 114,177,528 | ||||||||||||||
OP units | 8,650,485 | 9,785,334 | 11,334,408 | ||||||||||||||
Performance-based restricted stock awards and LTIP Units | 250,585 | 106,434 | 206,100 | ||||||||||||||
Stock options | 8,079 | 3,299 | 23,450 | ||||||||||||||
Denominator for diluted EPS – weighted average common equivalent shares | 128,453,898 | 126,626,997 | 125,741,486 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Numerator: | |||||||||||
Net income | $ | 42,688 | $ | 36,430 | $ | 25,092 | |||||
Less income attributable to non-controlling interests | (4,211 | ) | (3,676 | ) | (1,228 | ) | |||||
Less earnings allocated to unvested shares | (319 | ) | (270 | ) | (229 | ) | |||||
Net income available for common stockholders, basic | $ | 38,158 | $ | 32,484 | $ | 23,635 | |||||
Numerator: | |||||||||||
Net income | $ | 42,688 | $ | 36,430 | $ | 25,092 | |||||
Less earnings allocated to unvested shares | (319 | ) | (270 | ) | (229 | ) | |||||
Net income available for common stockholders, diluted | $ | 42,369 | $ | 36,160 | $ | 24,863 | |||||
Denominator: | |||||||||||
Denominator for basic EPS – weighted average common equivalent shares | 109,400,123 | 104,072,222 | 95,651,780 | ||||||||
OP units | 12,060,835 | 11,747,509 | 4,086,724 | ||||||||
Restricted stock awards – performance-based | 153,807 | 86,996 | 174,198 | ||||||||
Stock options | 129,066 | 133,213 | 105,079 | ||||||||
Denominator for diluted EPS – weighted average common equivalent shares | 121,743,831 | 116,039,940 | 100,017,781 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2017 | 2016 | 2015 | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Numerator: | Numerator: | |||||||||||||||||||||||||||
Net income | $ | 42,688 | $ | 36,430 | $ | 25,092 | Net income | $ | 57,360 | $ | 34,721 | $ | 53,683 | |||||||||||||||
Less earnings allocated to unvested shares | (319 | ) | (270 | ) | (229 | ) | Less earnings allocated to unvested shares | (355) | (127) | (453) | ||||||||||||||||||
Net income available to unitholders, basic and diluted | $ | 42,369 | $ | 36,160 | $ | 24,863 | Net income available to unitholders, basic and diluted | $ | 57,005 | $ | 34,594 | $ | 53,230 | |||||||||||||||
Denominator: | Denominator: | |||||||||||||||||||||||||||
Denominator for basic earnings per unit – weighted average common equivalent units | 121,460,958 | 115,819,731 | 99,738,504 | Denominator for basic earnings per unit – weighted average common equivalent units | 128,195,234 | 126,517,264 | 125,511,936 | |||||||||||||||||||||
Restricted stock awards – performance-based | 153,807 | 86,996 | 174,198 | |||||||||||||||||||||||||
Performance-based restricted stock awards and LTIP Units | Performance-based restricted stock awards and LTIP Units | 250,585 | 106,434 | 206,100 | ||||||||||||||||||||||||
Stock options | 129,066 | 133,213 | 105,079 | Stock options | 8,079 | 3,299 | 23,450 | |||||||||||||||||||||
Denominator for diluted earnings per unit – weighted average common equivalent units | 121,743,831 | 116,039,940 | 100,017,781 | Denominator for diluted earnings per unit – weighted average common equivalent units | 128,453,898 | 126,626,997 | 125,741,486 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Supplemental disclosure of cash activities: | |||||||||||||||||
Cash paid on gross receipts and income for federal and state purposes | $ | 292 | $ | 324 | $ | 275 | |||||||||||
Interest paid | $ | 55,104 | $ | 57,276 | $ | 60,319 | |||||||||||
Other non-cash investing and financing activities increase (decrease): | |||||||||||||||||
Intangible lease liabilities | $ | 22,185 | $ | — | $ | 1,475 | |||||||||||
Interest rate swap asset | $ | — | $ | — | $ | (4,931) | |||||||||||
Interest rate swap liabilities | $ | (6,064) | $ | 5,646 | $ | 3,285 | |||||||||||
Accrued real estate improvement costs | $ | 7,122 | $ | 5,346 | $ | 3,222 | |||||||||||
Equity redemption of OP Units | $ | 6,858 | $ | 20,098 | $ | 2,632 | |||||||||||
Disposition of real estate through issuance of mortgage note | $ | — | $ | — | $ | 13,250 | |||||||||||
Dividends and distributions payable | $ | 24,219 | $ | 336 | $ | 399 |
December 31, 2021 | |||||
Assets | |||||
Land | $ | 46,958 | |||
Building and improvements | 89,147 | ||||
Acquired lease intangible asset | 7,697 | ||||
Deferred charges | 3,873 | ||||
Assets acquired | $ | 147,675 | |||
Liabilities | |||||
Acquired lease intangible liability | 22,185 | ||||
Liabilities assumed | $ | 22,185 |
Year Ended | |||||||||||
December 31, 2021 | |||||||||||
Statement of operations: | |||||||||||
Revenues | $ | 2,211 | |||||||||
Net income attributable to Retail Opportunity Investments Corp. | $ | 587 |
December 31, 2017 | December 31, 2016 | ||||||
Assets | |||||||
Land | $ | 109,356 | $ | 96,113 | |||
Building and improvements | 265,040 | 258,584 | |||||
Acquired lease intangible asset | 22,024 | 19,667 | |||||
Deferred charges | 8,034 | 6,876 | |||||
Assets acquired | $ | 404,454 | $ | 381,240 | |||
Liabilities | |||||||
Mortgage notes assumed | $ | 46,034 | $ | 17,618 | |||
Acquired lease intangible liability | 45,456 | 32,615 | |||||
Liabilities assumed | $ | 91,490 | $ | 50,233 |
Year Ended December 31, 2016 | |||
Statement of operations: | |||
Revenues | $ | 245,116 | |
Net income attributable to Retail Opportunity Investments Corp. | $ | 33,169 |
Year Ended December 31, 2017 | |||
Statement of operations: | |||
Revenues | $ | 13,500 | |
Net income attributable to Retail Opportunity Investments Corp. | $ | 2,948 |
Year Ended December 31, 2016 | |||
Statement of operations: | |||
Revenues | $ | 15,230 | |
Net income attributable to Retail Opportunity Investments Corp. | $ | 2,513 |
December 31, | ||||||||||||||||||
December 31, 2017 | December 31, 2016 | 2021 | 2020 | |||||||||||||||
Assets: | Assets: | |||||||||||||||||
In-place leases | $ | 99,924 | $ | 93,952 | In-place leases | $ | 67,644 | $ | 69,178 | |||||||||
Accumulated amortization | (36,971 | ) | (33,034 | ) | Accumulated amortization | (27,764) | (30,061) | |||||||||||
Above-market leases | 33,176 | 30,251 | Above-market leases | 21,632 | 21,851 | |||||||||||||
Accumulated amortization | (13,351 | ) | (11,964 | ) | Accumulated amortization | (11,373) | (10,858) | |||||||||||
Acquired lease intangible assets, net | $ | 82,778 | $ | 79,205 | Acquired lease intangible assets, net | $ | 50,139 | $ | 50,110 | |||||||||
Liabilities: | Liabilities: | |||||||||||||||||
Below-market leases | $ | 222,929 | $ | 190,321 | Below-market leases | $ | 188,607 | $ | 178,009 | |||||||||
Accumulated amortization | (43,945 | ) | (35,363 | ) | Accumulated amortization | (51,999) | (52,213) | |||||||||||
Acquired lease intangible liabilities, net | $ | 178,984 | $ | 154,958 | Acquired lease intangible liabilities, net | $ | 136,608 | $ | 125,796 |
Year Ending December 31: | Year Ending December 31: | |||||||
2018 | $ | 14,085 | ||||||
2019 | 10,270 | |||||||
2020 | 8,312 | |||||||
2021 | 6,554 | |||||||
2022 | 5,523 | 2022 | $ | 6,370 | ||||
2023 | 2023 | 5,690 | ||||||
2024 | 2024 | 5,019 | ||||||
2025 | 2025 | 4,384 | ||||||
2026 | 2026 | 3,502 | ||||||
Thereafter | 38,034 | Thereafter | 25,174 | |||||
Total future amortization of acquired lease intangible assets | $ | 82,778 | Total future amortization of acquired lease intangible assets | $ | 50,139 |
Year Ending December 31: | |||||
2022 | $ | 10,624 | |||
2023 | 9,767 | ||||
2024 | 9,557 | ||||
2025 | 9,199 | ||||
2026 | 8,887 | ||||
Thereafter | 88,574 | ||||
Total future amortization of acquired lease intangible liabilities | $ | 136,608 |
Year Ending December 31: | |||
2018 | $ | 15,297 | |
2019 | 14,334 | ||
2020 | 13,275 | ||
2021 | 12,064 | ||
2022 | 11,045 | ||
Thereafter | 112,969 | ||
Total future amortization of acquired lease intangible liabilities | $ | 178,984 |
Year Ending December 31: | Year Ending December 31: | |||||||
2018 | $ | 193,314 | ||||||
2019 | 175,008 | |||||||
2020 | 153,451 | |||||||
2021 | 131,249 | |||||||
2022 | 105,293 | 2022 | $ | 204,564 | ||||
2023 | 2023 | 180,874 | ||||||
2024 | 2024 | 149,456 | ||||||
2025 | 2025 | 121,954 | ||||||
2026 | 2026 | 94,297 | ||||||
Thereafter | 448,171 | Thereafter | 332,281 | |||||
Total minimum lease payments | $ | 1,206,486 | Total minimum lease payments | $ | 1,083,426 |
Maturity Date | Interest Rate | December 31, | |||||||||||||||||||||||||||||||||||||
Property | Maturity Date | Interest Rate | December 31, 2017 | December 31, 2016 | Property | 2021 | 2020 | ||||||||||||||||||||||||||||||||
Bernardo Heights Plaza | July 2017 | 5.700 | % | $ | — | $ | 8,216 | ||||||||||||||||||||||||||||||||
Santa Teresa Village | February 2018 | 6.200 | % | 10,138 | 10,383 | ||||||||||||||||||||||||||||||||||
Magnolia Shopping Center | October 2018 | 5.500 | % | 8,951 | 9,135 | ||||||||||||||||||||||||||||||||||
Casitas Plaza Shopping Center | June 2022 | 5.320 | % | 7,307 | 7,449 | Casitas Plaza Shopping Center | June 2022 | 5.320 | % | $ | 6,660 | $ | 6,835 | ||||||||||||||||||||||||||
Riverstone Marketplace | July 2022 | 4.960 | % | 18,424 | — | Riverstone Marketplace | July 2022 | 4.960 | % | 16,811 | 17,245 | ||||||||||||||||||||||||||||
Fullerton Crossroads | April 2024 | 4.728 | % | 26,000 | — | Fullerton Crossroads | April 2024 | 4.728 | % | 26,000 | 26,000 | ||||||||||||||||||||||||||||
Diamond Hills Plaza | October 2025 | 3.550 | % | 35,500 | 35,500 | Diamond Hills Plaza | October 2025 | 3.550 | % | 35,393 | 35,500 | ||||||||||||||||||||||||||||
$ | 106,320 | $ | 70,683 | 84,864 | 85,580 | ||||||||||||||||||||||||||||||||||
Mortgage premiums | 1,921 | 1,037 | Mortgage premiums | 632 | 1,113 | ||||||||||||||||||||||||||||||||||
Net unamortized deferred financing costs | (326 | ) | (417 | ) | Net unamortized deferred financing costs | (142) | (184) | ||||||||||||||||||||||||||||||||
Total mortgage notes payable | $ | 107,915 | $ | 71,303 | Total mortgage notes payable | $ | 85,354 | $ | 86,509 |
Principal Repayments | Scheduled Amortization | Mortgage Premium | Total | ||||||||||||
2018 | $ | 18,900 | $ | 712 | $ | 493 | $ | 20,105 | |||||||
2019 | — | 550 | 360 | 910 | |||||||||||
2020 | — | 577 | 360 | 937 | |||||||||||
2021 | — | 717 | 360 | 1,077 | |||||||||||
2022 | 23,130 | 1,003 | 223 | 24,356 | |||||||||||
Thereafter | 58,787 | 1,944 | 125 | 60,856 | |||||||||||
Total | $ | 100,817 | $ | 5,503 | $ | 1,921 | $ | 108,241 |
Principal Repayments | Scheduled Amortization | Mortgage Premium | Total | ||||||||||||||||||||
2022 | $ | 23,129 | $ | 1,004 | $ | 344 | $ | 24,477 | |||||||||||||||
2023 | — | 686 | 216 | 902 | |||||||||||||||||||
2024 | 26,000 | 708 | 72 | 26,780 | |||||||||||||||||||
2025 | 32,787 | 550 | — | 33,337 | |||||||||||||||||||
Thereafter | — | — | — | — | |||||||||||||||||||
Total | $ | 81,916 | $ | 2,948 | $ | 632 | $ | 85,496 |
December 31, | ||||||||||||||||||
December 31, 2017 | December 31, 2016 | 2021 | 2020 | |||||||||||||||
Term loan | $ | 300,000 | $ | 300,000 | Term loan | $ | 300,000 | $ | 300,000 | |||||||||
Net unamortized deferred financing costs | (1,184 | ) | (809 | ) | Net unamortized deferred financing costs | (1,111) | (1,476) | |||||||||||
Term loan | $ | 298,816 | $ | 299,191 | Term loan | $ | 298,889 | $ | 298,524 |
December 31, 2017 | December 31, 2016 | ||||||
Credit facility | $ | 143,500 | $ | 98,000 | |||
Net unamortized deferred financing costs | (3,171 | ) | (2,346 | ) | |||
Credit facility | $ | 140,329 | $ | 95,654 |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Principal amount | $ | 250,000 | $ | 250,000 | |||||||
Net unamortized deferred financing costs | (1,050) | (1,226) | |||||||||
Senior Notes Due 2027 | $ | 248,950 | $ | 248,774 |
December 31, 2017 | December 31, 2016 | ||||||
Principal amount | $ | 250,000 | $ | — | |||
Net unamortized deferred financing costs | (1,249 | ) | — | ||||
Senior Notes Due 2027 | $ | 248,751 | $ | — |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
Principal amount | $ | 200,000 | $ | 200,000 | |||||||
Net unamortized deferred financing costs | (366) | (443) | |||||||||
Senior Notes Due 2026 | $ | 199,634 | $ | 199,557 |
December 31, 2017 | December 31, 2016 | ||||||
Principal amount | $ | 200,000 | $ | 200,000 | |||
Net unamortized deferred financing costs | (248 | ) | (273 | ) | |||
Senior Notes Due 2026 | $ | 199,752 | $ | 199,727 |
December 31, | ||||||||||||||||||
December 31, 2017 | December 31, 2016 | 2021 | 2020 | |||||||||||||||
Principal amount | $ | 250,000 | $ | 250,000 | Principal amount | $ | 250,000 | $ | 250,000 | |||||||||
Unamortized debt discount | (2,578 | ) | (2,891 | ) | Unamortized debt discount | (1,188) | (1,557) | |||||||||||
Net unamortized deferred financing costs | (1,535 | ) | (1,755 | ) | Net unamortized deferred financing costs | (652) | (873) | |||||||||||
Senior Notes Due 2024 | $ | 245,887 | $ | 245,354 | Senior Notes Due 2024 | $ | 248,160 | $ | 247,570 |
December 31, | ||||||||||||||||||
December 31, 2017 | December 31, 2016 | 2021 | 2020 | |||||||||||||||
Principal amount | $ | 250,000 | $ | 250,000 | Principal amount | $ | 250,000 | $ | 250,000 | |||||||||
Unamortized debt discount | (2,737 | ) | (3,119 | ) | Unamortized debt discount | (998) | (1,468) | |||||||||||
Net unamortized deferred financing costs | (1,567 | ) | (1,830 | ) | Net unamortized deferred financing costs | (515) | (778) | |||||||||||
Senior Notes Due 2023 | $ | 245,696 | $ | 245,051 | Senior Notes Due 2023 | $ | 248,487 | $ | 247,754 |
Principal Repayments | |||||
2022 | $ | — | |||
2023 | 250,000 | ||||
2024 | 250,000 | ||||
2025 | — | ||||
2026 | 200,000 | ||||
Thereafter | 250,000 | ||||
Total | $ | 950,000 |
Financing Costs | |||||
2022 | $ | 2,022 | |||
2023 | 2,008 | ||||
2024 | 983 | ||||
2025 | 300 | ||||
2026 | 234 | ||||
Thereafter | 170 | ||||
$ | 5,717 |
Shares | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested as of December 31, 2020 | 1,048,770 | $ | 16.39 | ||||||||
Granted | 638,728 | $ | 16.38 | ||||||||
Vested | (407,912) | $ | 17.68 | ||||||||
Forfeited | (126,115) | $ | 8.68 | ||||||||
Non-vested as of December 31, 2021 | 1,153,471 | $ | 16.77 |
Shares | Weighted Average Grant Date Fair Value | |||||
Non-vested at December 31, 2016 | 660,458 | $ | 16.10 | |||
Granted | 419,394 | $ | 19.58 | |||
Vested | (296,386 | ) | $ | 15.61 | ||
Forfeited | (1,999 | ) | $ | 19.66 | ||
Non-vested at December 31, 2017 | 781,467 | $ | 18.14 |
Swap Counterparty | Notional Amount | Effective Date | Maturity Date | |||||||||||||||||
Bank of Montreal | $ | 100,000 | 12/29/2017 | 8/31/2022 | ||||||||||||||||
U.S. Bank | $ | 100,000 | 12/29/2017 | 8/31/2022 | ||||||||||||||||
Regions Bank | $ | 50,000 | 1/31/2019 | 8/31/2022 | ||||||||||||||||
Royal Bank of Canada | $ | 50,000 | 1/31/2019 | 8/31/2022 |
Swap Counterparty | Notional Amount | Effective Date | Maturity Date | ||||
Bank of Montreal | $ | 50,000 | 1/29/2016 | 1/31/2019 | |||
Regions Bank | $ | 50,000 | 2/29/2016 | 1/31/2019 | |||
Bank of Montreal | $ | 100,000 | 12/29/2017 | 8/31/2022 | |||
U.S. Bank | $ | 100,000 | 12/29/2017 | 8/31/2022 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||||||||||
December 31, 2021: | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative financial instruments | $ | — | $ | (3,447) | $ | — | $ | (3,447) | |||||||||||||||
December 31, 2020: | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative financial instruments | $ | — | $ | (9,511) | $ | — | $ | (9,511) |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
December 31, 2017: | |||||||||||||||
Assets | |||||||||||||||
Derivative financial instruments | $ | — | $ | 4,321 | $ | — | $ | 4,321 | |||||||
December 31, 2016 | |||||||||||||||
Assets | |||||||||||||||
Derivative financial instruments | $ | — | $ | 875 | $ | — | $ | 875 |
Derivatives designed as hedging instruments | Balance sheet location | December 31, 2021 Fair Value | December 31, 2020 Fair Value | |||||||||||||||||
Interest rate products | Other liabilities | $ | (3,447) | $ | (9,511) |
Derivatives designed as hedging instruments | Balance sheet location | December 31, 2017 Fair Value | December 31, 2016 Fair Value | ||||||
Interest rate products | Other assets | $ | 4,321 | $ | 875 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Amount of gain recognized in OCI on derivatives | $ | 3,665 | $ | 541 | $ | — | |||||
Amount of loss reclassified from accumulated OCI into interest | $ | 1,920 | $ | 2,473 | $ | 2,139 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Amount of gain (loss) recognized in OCI on derivatives | $ | 216 | $ | (9,925) | $ | (7,348) | |||||||||||
Amount of loss (gain) reclassified from AOCI into interest | $ | 5,894 | $ | 4,572 | $ | (345) |
Operating Leases | |||
2018 | $ | 1,273 | |
2019 | 1,278 | ||
2020 | 1,286 | ||
2021 | 1,282 | ||
2022 | 1,304 | ||
Thereafter | 35,347 | ||
Total minimum lease payments | $ | 41,770 |
Operating Leases | |||||
2022 | $ | 1,320 | |||
2023 | 1,345 | ||||
2024 | 1,351 | ||||
2025 | 1,356 | ||||
2026 | 1,376 | ||||
Thereafter | 30,276 | ||||
Total undiscounted future minimum lease payments | 37,024 | ||||
Future minimum lease payments, discount | (19,859) | ||||
Lease liability | $ | 17,165 |
Year Ended December 31, 2017 | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
Total revenues | $ | 65,900 | $ | 66,640 | $ | 67,966 | $ | 72,754 | |||||||
Net income | $ | 11,251 | $ | 9,197 | $ | 10,127 | $ | 12,113 | |||||||
Net income attributable to ROIC | $ | 10,170 | $ | 8,309 | $ | 9,149 | $ | 10,849 | |||||||
Basic and diluted income per share | $ | 0.09 | $ | 0.08 | $ | 0.08 | $ | 0.10 |
Year Ended December 31, 2016 | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
Total revenues | $ | 56,094 | $ | 58,671 | $ | 59,354 | $ | 63,070 | |||||||
Net income | $ | 8,925 | $ | 8,638 | $ | 8,215 | $ | 10,652 | |||||||
Net income attributable to ROIC | $ | 8,027 | $ | 7,704 | $ | 7,402 | $ | 9,621 | |||||||
Basic and diluted income per share | $ | 0.08 | $ | 0.08 | $ | 0.07 | $ | 0.09 |
Year Ended December 31, 2017 | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
Total revenues | $ | 65,900 | $ | 66,640 | $ | 67,966 | $ | 72,754 | |||||||
Net income attributable to the Operating Partnership | $ | 11,251 | $ | 9,197 | $ | 10,127 | $ | 12,113 | |||||||
Basic and diluted income per unit | $ | 0.09 | $ | 0.08 | $ | 0.08 | $ | 0.10 |
Year Ended December 31, 2016 | |||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||
Total revenues | $ | 56,094 | $ | 58,671 | $ | 59,354 | $ | 63,070 | |||||||
Net income attributable to the Operating Partnership | $ | 8,925 | $ | 8,638 | $ | 8,215 | $ | 10,652 | |||||||
Basic and diluted income per unit | $ | 0.08 | $ | 0.08 | $ | 0.07 | $ | 0.09 |
Initial Cost to Company | Cost Capitalized Subsequent to Acquisition | Amount at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description and Location | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Land | Building & Improvements | Total (a) | Accumulated Depreciation (b) (1) | Date of Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramount Plaza, CA | $ | — | $ | 6,347 | $ | 10,274 | $ | 798 | $ | 1,830 | $ | 7,145 | $ | 12,104 | $ | 19,249 | $ | 4,753 | 12/22/2009 | |||||||||||||||||||||||||||||||||||||||||||
Santa Ana Downtown Plaza, CA | — | 7,895 | 9,890 | — | 4,013 | 7,895 | 13,903 | 21,798 | 4,812 | 1/26/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Meridian Valley Plaza, WA | — | 1,881 | 4,795 | — | 1,930 | 1,881 | 6,725 | 8,606 | 2,813 | 2/1/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The Market at Lake Stevens, WA | — | 3,087 | 12,397 | — | 379 | 3,087 | 12,776 | 15,863 | 4,575 | 3/16/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pleasant Hill Marketplace, CA | — | 6,359 | 6,927 | — | 857 | 6,359 | 7,784 | 14,143 | 2,733 | 4/8/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Happy Valley Town Center, OR | — | 11,678 | 27,011 | — | 4,808 | 11,678 | 31,819 | 43,497 | 10,615 | 7/14/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cascade Summit Town Square, OR | — | 8,853 | 7,732 | — | 2,138 | 8,853 | 9,870 | 18,723 | 2,679 | 8/20/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Heritage Market Center, WA | — | 6,595 | 17,399 | — | 1,063 | 6,595 | 18,462 | 25,057 | 5,957 | 9/23/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Claremont Promenade, CA | — | 5,975 | 1,019 | 183 | 4,170 | 6,158 | 5,189 | 11,347 | 3,250 | 9/23/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sycamore Creek, CA | — | 3,747 | 11,584 | — | 473 | 3,747 | 12,057 | 15,804 | 4,710 | 9/30/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Village, CA | — | 5,917 | 27,298 | — | 1,302 | 5,917 | 28,600 | 34,517 | 9,202 | 12/16/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Division Crossing, OR | — | 3,706 | 8,327 | 8 | 5,487 | 3,714 | 13,814 | 17,528 | 5,660 | 12/22/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Halsey Crossing, OR (2) | — | — | 7,773 | — | 7,436 | — | 15,209 | 15,209 | 4,826 | 12/22/2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketplace Del Rio,CA | — | 13,420 | 22,251 | 9 | 5,216 | 13,429 | 27,467 | 40,896 | 8,917 | 1/3/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Pinole Vista Shopping Center, CA | — | 14,288 | 36,565 | — | 8,563 | 14,288 | 45,128 | 59,416 | 10,637 | 1/6/2011 / 8/27/2018 / 8/31/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Desert Springs Marketplace, CA | — | 8,517 | 18,761 | 443 | 5,960 | 8,960 | 24,721 | 33,681 | 7,642 | 2/17/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Renaissance Towne Centre, CA | — | 8,640 | 13,848 | — | 2,536 | 8,640 | 16,384 | 25,024 | 4,927 | 8/3/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Country Club Gate Center, CA | — | 6,487 | 17,341 | — | 539 | 6,487 | 17,880 | 24,367 | 5,319 | 7/8/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Canyon Park Shopping Center, WA | — | 9,352 | 15,916 | — | 8,255 | 9,352 | 24,171 | 33,523 | 7,991 | 7/29/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hawks Prairie Shopping Center, WA | — | 5,334 | 20,694 | — | 2,110 | 5,334 | 22,804 | 28,138 | 7,051 | 9/8/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The Kress Building, WA | — | 5,693 | 20,866 | — | 5,122 | 5,693 | 25,988 | 31,681 | 8,885 | 9/30/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hillsboro Market Center, OR (2) | — | — | 17,553 | — | 4,630 | — | 22,183 | 22,183 | 7,019 | 11/23/2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Shopping Center, WA (2) | — | 6,242 | 23,462 | — | 713 | 6,242 | 24,175 | 30,417 | 6,693 | 2/16/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Aurora Square, WA | — | 10,325 | 13,336 | — | 6,999 | 10,325 | 20,335 | 30,660 | 4,048 | 5/3/2012 / 5/22/2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Marlin Cove Shopping Center, CA | — | 8,815 | 6,797 | — | 2,016 | 8,815 | 8,813 | 17,628 | 3,230 | 5/4/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Seabridge Marketplace, CA | — | 5,098 | 17,164 | — | 3,523 | 5,098 | 20,687 | 25,785 | 5,444 | 5/31/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The Village at Novato, CA | — | 5,329 | 4,412 | — | 2,678 | 5,329 | 7,090 | 12,419 | 1,437 | 7/24/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Glendora Shopping Center, CA | — | 5,847 | 8,758 | — | 273 | 5,847 | 9,031 | 14,878 | 2,896 | 8/1/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wilsonville Old Town Square, OR | — | 4,181 | 15,394 | — | 2,165 | 4,181 | 17,559 | 21,740 | 4,631 | 8/1/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bay Plaza, CA | — | 5,454 | 14,857 | 75 | 1,136 | 5,529 | 15,993 | 21,522 | 4,377 | 10/5/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Santa Teresa Village, CA | — | 14,965 | 17,162 | — | 12,345 | 14,965 | 29,507 | 44,472 | 7,149 | 11/8/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cypress Center West, CA | — | 15,480 | 11,819 | 125 | 2,045 | 15,605 | 13,864 | 29,469 | 4,231 | 12/7/2012 |
Initial Cost to Company | Cost Capitalized Subsequent to Acquisition | Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||
Description and Location | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Land | Building & Improvements | Total (a) | Accumulated Depreciation (b) (1) | Date of Acquisition | |||||||||||||||||||||||||||
Paramount Plaza, CA | $ | — | $ | 6,347 | $ | 10,274 | $ | 317 | $ | 2,157 | $ | 6,664 | $ | 12,431 | $ | 19,095 | $ | 3,004 | 12/22/2009 | ||||||||||||||||||
Santa Ana Downtown Plaza, CA | — | 7,895 | 9,890 | — | 3,746 | 7,895 | 13,636 | 21,531 | 2,747 | 1/26/2010 | |||||||||||||||||||||||||||
Meridian Valley Plaza, WA | — | 1,881 | 4,795 | — | 1,510 | 1,881 | 6,305 | 8,186 | 1,361 | 2/1/2010 | |||||||||||||||||||||||||||
The Market at Lake Stevens, WA | — | 3,087 | 12,397 | — | 420 | 3,087 | 12,817 | 15,904 | 3,000 | 3/16/2010 | |||||||||||||||||||||||||||
Norwood Shopping Center, CA | — | 3,031 | 11,534 | 122 | 1,782 | 3,153 | 13,316 | 16,469 | 3,065 | 4/5/2010 | |||||||||||||||||||||||||||
Pleasant Hill Marketplace, CA | — | 6,359 | 6,927 | — | 1,590 | 6,359 | 8,517 | 14,876 | 2,028 | 4/8/2010 | |||||||||||||||||||||||||||
Vancouver Market Center, WA | — | 4,080 | 6,912 | — | 3,097 | 4,080 | 10,009 | 14,089 | 1,889 | 6/17/2010 | |||||||||||||||||||||||||||
Happy Valley Town Center, OR | — | 11,678 | 27,011 | — | 2,046 | 11,678 | 29,057 | 40,735 | 6,753 | 7/14/2010 | |||||||||||||||||||||||||||
Cascade Summit, OR | — | 8,853 | 7,732 | — | 388 | 8,853 | 8,120 | 16,973 | 2,245 | 8/20/2010 | |||||||||||||||||||||||||||
Heritage Market Center, WA | — | 6,595 | 17,399 | — | 648 | 6,595 | 18,047 | 24,642 | 3,905 | 9/23/2010 | |||||||||||||||||||||||||||
Claremont Center, CA | — | 5,975 | 1,019 | 183 | 4,526 | 6,158 | 5,545 | 11,703 | 2,245 | 9/23/2010 | |||||||||||||||||||||||||||
Shops At Sycamore Creek, CA | — | 3,747 | 11,584 | — | 574 | 3,747 | 12,158 | 15,905 | 3,139 | 9/30/2010 | |||||||||||||||||||||||||||
Gateway Village, CA | — | 5,917 | 27,298 | — | 727 | 5,917 | 28,025 | 33,942 | 5,806 | 12/16/2010 | |||||||||||||||||||||||||||
Division Crossing, OR | — | 3,706 | 8,327 | — | 5,726 | 3,706 | 14,053 | 17,759 | 3,318 | 12/22/2010 | |||||||||||||||||||||||||||
Halsey Crossing, OR (2) | — | — | 7,773 | — | 7,459 | — | 15,232 | 15,232 | 2,184 | 12/22/2010 | |||||||||||||||||||||||||||
Marketplace Del Rio,CA | — | 13,420 | 22,251 | 9 | 1,991 | 13,429 | 24,242 | 37,671 | 5,429 | 1/3/2011 | |||||||||||||||||||||||||||
Pinole Vista, CA | — | 12,894 | 30,670 | — | 2,659 | 12,894 | 33,329 | 46,223 | 5,274 | 1/6/2011 | |||||||||||||||||||||||||||
Desert Spring Marketplace, CA | — | 8,517 | 18,761 | 443 | 5,953 | 8,960 | 24,714 | 33,674 | 4,820 | 2/17/2011 | |||||||||||||||||||||||||||
Mills Shopping Center, CA | — | 4,084 | 16,833 | — | 10,646 | 4,084 | 27,479 | 31,563 | 6,435 | 2/17/2011 | |||||||||||||||||||||||||||
Morada Ranch, CA | — | 2,504 | 19,547 | — | 506 | 2,504 | 20,053 | 22,557 | 4,204 | 5/20/2011 | |||||||||||||||||||||||||||
Renaissance, CA | — | 8,640 | 13,848 | — | 639 | 8,640 | 14,487 | 23,127 | 2,710 | 8/3/2011 | |||||||||||||||||||||||||||
Country Club Gate, CA | — | 6,487 | 17,341 | — | 1,194 | 6,487 | 18,535 | 25,022 | 3,828 | 7/8/2011 | |||||||||||||||||||||||||||
Canyon Park, WA | — | 9,352 | 15,916 | — | 8,947 | 9,352 | 24,863 | 34,215 | 4,395 | 7/29/2011 | |||||||||||||||||||||||||||
Hawks Prairie, WA | — | 5,334 | 20,694 | — | 2,142 | 5,334 | 22,836 | 28,170 | 3,970 | 9/8/2011 | |||||||||||||||||||||||||||
Kress Building, WA | — | 5,693 | 20,866 | — | 4,680 | 5,693 | 25,546 | 31,239 | 5,271 | 9/30/2011 | |||||||||||||||||||||||||||
Round Hill Square, CA | — | 6,358 | 17,734 | — | 796 | 6,358 | 18,530 | 24,888 | 3,799 | 8/23/2011 | |||||||||||||||||||||||||||
Hillsboro, OR (2) | — | — | 17,553 | — | 780 | — | 18,333 | 18,333 | 3,780 | 11/23/2011 | |||||||||||||||||||||||||||
Gateway Shopping Center, WA (2) | — | 6,242 | 23,462 | — | (4 | ) | 6,242 | 23,458 | 29,700 | 4,033 | 2/16/2012 | ||||||||||||||||||||||||||
Euclid Plaza, CA | — | 7,407 | 7,753 | — | 2,947 | 7,407 | 10,700 | 18,107 | 2,553 | 3/28/2012 | |||||||||||||||||||||||||||
Green Valley, CA | — | 1,685 | 8,999 | — | 631 | 1,685 | 9,630 | 11,315 | 1,963 | 4/2/2012 | |||||||||||||||||||||||||||
Aurora Square, WA | — | 3,002 | 1,693 | — | (22 | ) | 3,002 | 1,671 | 4,673 | 458 | 5/3/2012 |
Initial Cost to Company | Cost Capitalized Subsequent to Acquisition | Amount at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description and Location | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Land | Building & Improvements | Total (a) | Accumulated Depreciation (b) (1) | Date of Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Redondo Beach Plaza, CA | — | 16,242 | 13,625 | 95 | 528 | 16,337 | 14,153 | 30,490 | 4,024 | 12/28/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Harbor Place Center, CA | — | 16,506 | 10,527 | — | 3,659 | 16,506 | 14,186 | 30,692 | 3,050 | 12/28/2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diamond Bar Town Center, CA | — | 9,540 | 16,795 | — | 3,578 | 9,540 | 20,373 | 29,913 | 6,977 | 2/1/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bernardo Heights Plaza, CA | — | 3,192 | 8,940 | — | 782 | 3,192 | 9,722 | 12,914 | 2,919 | 2/6/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Canyon Crossing, WA | — | 7,941 | 24,659 | — | 2,512 | 7,941 | 27,171 | 35,112 | 8,394 | 4/15/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diamond Hills Plaza, CA | 35,393 | 15,458 | 29,353 | — | 2,312 | 15,458 | 31,665 | 47,123 | 7,541 | 4/22/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Granada Shopping Center, CA | — | 3,673 | 13,459 | — | 3,593 | 3,673 | 17,052 | 20,725 | 3,066 | 6/27/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hawthorne Crossings, CA | — | 10,383 | 29,277 | — | 231 | 10,383 | 29,508 | 39,891 | 7,237 | 6/27/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Robinwood Shopping Center, OR | — | 3,997 | 11,317 | 18 | 687 | 4,015 | 12,004 | 16,019 | 3,087 | 8/23/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
5 Points Plaza, CA | — | 17,920 | 36,965 | — | 4,584 | 17,920 | 41,549 | 59,469 | 10,289 | 9/27/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Crossroads Shopping Center, WA | — | 68,366 | 67,756 | — | 29,568 | 68,366 | 97,324 | 165,690 | 24,139 | 9/27/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Peninsula Marketplace, CA | — | 14,730 | 19,214 | — | 1,265 | 14,730 | 20,479 | 35,209 | 4,798 | 11/1/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Country Club Village, CA | — | 9,986 | 26,579 | — | 824 | 9,986 | 27,403 | 37,389 | 6,578 | 11/26/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Plaza de la Canada, CA (2) | — | 10,351 | 24,819 | — | 1,397 | 10,351 | 26,216 | 36,567 | 6,335 | 12/13/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tigard Marketplace, OR | — | 13,587 | 9,603 | — | 751 | 13,587 | 10,354 | 23,941 | 3,332 | 2/18/2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Creekside Plaza, CA | — | 14,807 | 29,476�� | — | 6,721 | 14,807 | 36,197 | 51,004 | 7,983 | 2/28/2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
North Park Plaza, CA | — | 13,593 | 17,733 | — | 3,221 | 13,593 | 20,954 | 34,547 | 4,431 | 4/30/2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fallbrook Shopping Center, CA (2) | — | 21,232 | 186,197 | 83 | 8,137 | 21,315 | 194,334 | 215,649 | 42,875 | 6/13/2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Moorpark Town Center, CA | — | 7,063 | 19,694 | — | 94 | 7,063 | 19,788 | 26,851 | 4,328 | 12/4/2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mission Foothill Marketplace Pads, CA | — | 3,996 | 11,051 | — | 576 | 3,996 | 11,627 | 15,623 | 2,102 | 12/4/2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Wilsonville Town Center, OR | — | 10,334 | 27,101 | — | 808 | 10,334 | 27,909 | 38,243 | 6,434 | 12/11/2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Park Oaks Shopping Center, CA | — | 8,527 | 38,064 | — | 385 | 8,527 | 38,449 | 46,976 | 7,949 | 1/6/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Ontario Plaza, CA | — | 9,825 | 26,635 | — | 1,460 | 9,825 | 28,095 | 37,920 | 6,571 | 1/6/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Winston Manor, CA | — | 10,018 | 9,762 | — | 1,798 | 10,018 | 11,560 | 21,578 | 2,595 | 1/7/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Jackson Square, CA | — | 6,886 | 24,558 | — | 768 | 6,886 | 25,326 | 32,212 | 4,946 | 7/1/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Tigard Promenade, OR | — | 9,844 | 10,843 | — | 249 | 9,844 | 11,092 | 20,936 | 2,200 | 7/28/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Sunnyside Village Square, OR | — | 4,428 | 13,324 | — | 2,531 | 4,428 | 15,855 | 20,283 | 3,540 | 7/28/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gateway Centre, CA | — | 16,275 | 28,308 | — | 4,077 | 16,275 | 32,385 | 48,660 | 6,148 | 9/1/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Johnson Creek Center, OR | — | 9,009 | 22,534 | — | 1,024 | 9,009 | 23,558 | 32,567 | 4,647 | 11/9/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Iron Horse Plaza, CA | — | 8,187 | 39,654 | 11 | 2,817 | 8,198 | 42,471 | 50,669 | 7,612 | 12/4/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bellevue Marketplace, WA | — | 10,488 | 39,119 | — | 10,375 | 10,488 | 49,494 | 59,982 | 9,002 | 12/10/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Four Corner Square, WA | — | 9,926 | 31,415 | 35 | 537 | 9,961 | 31,952 | 41,913 | 6,197 | 12/21/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Warner Plaza, CA | — | 16,104 | 60,188 | — | 10,472 | 16,104 | 70,660 | 86,764 | 13,020 | 12/31/2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Magnolia Shopping Center, CA | — | 12,501 | 27,040 | 38 | 2,043 | 12,539 | 29,083 | 41,622 | 5,569 | 3/10/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Casitas Plaza Shopping Center, CA | 6,660 | 10,734 | 22,040 | — | 1,751 | 10,734 | 23,791 | 34,525 | 4,175 | 3/10/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bouquet Center, CA | — | 10,040 | 48,362 | 12 | 903 | 10,052 | 49,265 | 59,317 | 7,960 | 4/28/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
North Ranch Shopping Center, CA | — | 31,522 | 95,916 | — | 2,279 | 31,522 | 98,195 | 129,717 | 15,171 | 6/1/2016 |
Marlin Cove, CA | — | 8,815 | 6,797 | — | 1,955 | 8,815 | 8,752 | 17,567 | 1,892 | 5/4/2012 | |||||||||||||||||||||||||||
Seabridge, CA | — | 5,098 | 17,164 | — | 2,831 | 5,098 | 19,995 | 25,093 | 3,373 | 5/31/2012 | |||||||||||||||||||||||||||
Novato, CA | — | 5,329 | 4,412 | — | 1,335 | 5,329 | 5,747 | 11,076 | 829 | 7/24/2012 | |||||||||||||||||||||||||||
Glendora, CA | — | 5,847 | 8,758 | — | 166 | 5,847 | 8,924 | 14,771 | 1,766 | 8/1/2012 | |||||||||||||||||||||||||||
Wilsonville, WA | — | 4,181 | 15,394 | — | 559 | 4,181 | 15,953 | 20,134 | 2,639 | 8/1/2012 | |||||||||||||||||||||||||||
Bay Plaza, CA | — | 5,454 | 14,857 | — | 1,326 | 5,454 | 16,183 | 21,637 | 2,840 | 10/5/2012 | |||||||||||||||||||||||||||
Santa Theresa, CA | 10,138 | 14,965 | 17,162 | — | 4,855 | 14,965 | 22,017 | 36,982 | 3,889 | 11/8/2012 | |||||||||||||||||||||||||||
Cypress West, CA | — | 15,480 | 11,819 | 80 | 2,023 | 15,560 | 13,842 | 29,402 | 2,615 | 12/7/2012 | |||||||||||||||||||||||||||
Redondo Beach, CA | — | 16,242 | 13,625 | 36 | 166 | 16,278 | 13,791 | 30,069 | 2,196 | 12/28/2012 | |||||||||||||||||||||||||||
Harbor Place, CA | — | 16,506 | 10,527 | — | 342 | 16,506 | 10,869 | 27,375 | 1,653 | 12/28/2012 | |||||||||||||||||||||||||||
Diamond Bar Town Center, CA | — | 9,540 | 16,795 | — | 3,501 | 9,540 | 20,296 | 29,836 | 3,736 | 2/1/2013 | |||||||||||||||||||||||||||
Bernardo Heights, CA | — | 3,192 | 8,940 | — | 701 | 3,192 | 9,641 | 12,833 | 1,521 | 2/6/2013 | |||||||||||||||||||||||||||
Canyon Crossing, WA | — | 7,941 | 24,659 | — | 2,874 | 7,941 | 27,533 | 35,474 | 4,670 | 4/15/2013 | |||||||||||||||||||||||||||
Diamond Hills, CA | 35,500 | 15,458 | 29,353 | — | 223 | 15,458 | 29,576 | 45,034 | 4,443 | 4/22/2013 | |||||||||||||||||||||||||||
Granada Shopping Center, CA | — | 3,673 | 13,459 | — | 389 | 3,673 | 13,848 | 17,521 | 2,067 | 6/27/2013 | |||||||||||||||||||||||||||
Hawthorne Crossings, CA | — | 10,383 | 29,277 | — | 413 | 10,383 | 29,690 | 40,073 | 4,183 | 6/27/2013 | |||||||||||||||||||||||||||
Robinwood, CA | — | 3,997 | 11,317 | 12 | 887 | 4,009 | 12,204 | 16,213 | 1,810 | 8/23/2013 | |||||||||||||||||||||||||||
Five Points Plaza, CA | — | 17,920 | 36,965 | — | 3,593 | 17,920 | 40,558 | 58,478 | 5,027 | 9/27/2013 | |||||||||||||||||||||||||||
Crossroads Shopping Center, CA | — | 68,366 | 67,756 | — | 17,965 | 68,366 | 85,721 | 154,087 | 11,165 | 9/27/2013 | |||||||||||||||||||||||||||
Peninsula Marketplace, CA | — | 14,730 | 19,214 | — | 1,900 | 14,730 | 21,114 | 35,844 | 2,795 | 11/1/2013 | |||||||||||||||||||||||||||
Country Club Village, CA | — | 9,986 | 26,579 | — | 1,778 | 9,986 | 28,357 | 38,343 | 4,140 | 11/26/2013 | |||||||||||||||||||||||||||
Plaza de la Canada, CA (2) | — | 10,351 | 24,819 | — | 400 | 10,351 | 25,219 | 35,570 | 3,028 | 12/13/2013 | |||||||||||||||||||||||||||
Tigard Marketplace, CA | — | 13,587 | 9,603 | — | 513 | 13,587 | 10,116 | 23,703 | 1,670 | 2/18/2014 | |||||||||||||||||||||||||||
Creekside Plaza, CA | — | 14,807 | 29,476 | — | 185 | 14,807 | 29,661 | 44,468 | 3,968 | 2/28/2014 | |||||||||||||||||||||||||||
North Park Plaza, CA | — | 13,593 | 17,733 | — | 543 | 13,593 | 18,276 | 31,869 | 1,927 | 4/30/2014 | |||||||||||||||||||||||||||
Aurora Square II, WA | — | 7,323 | 11,644 | — | 353 | 7,323 | 11,997 | 19,320 | 1,271 | 5/22/2014 | |||||||||||||||||||||||||||
Fallbrook Shopping Center (2) | — | 21,232 | 186,197 | 83 | 7,215 | 21,315 | 193,412 | 214,727 | 20,913 | 6/13/2014 | |||||||||||||||||||||||||||
Moorpark Town Center, CA | — | 7,063 | 19,694 | — | 1,568 | 7,063 | 21,262 | 28,325 | 2,670 | 12/4/2014 | |||||||||||||||||||||||||||
Mission Foothill Marketplace, CA | — | 11,415 | 17,783 | — | 118 | 11,415 | 17,901 | 29,316 | 1,343 | 12/4/2014 | |||||||||||||||||||||||||||
Wilsonville Town Center, OR | — | 10,334 | 27,101 | — | 456 | 10,334 | 27,557 | 37,891 | 2,749 | 12/11/2014 | |||||||||||||||||||||||||||
Park Oaks Shopping Center, CA | — | 8,527 | 38,064 | — | 624 | 8,527 | 38,688 | 47,215 | 3,598 | 1/6/2016 | |||||||||||||||||||||||||||
Ontario Plaza, CA | — | 9,825 | 26,635 | — | 1,415 | 9,825 | 28,050 | 37,875 | 2,759 | 1/6/2015 | |||||||||||||||||||||||||||
Winston Manor, CA | — | 10,018 | 9,762 | — | 1,729 | 10,018 | 11,491 | 21,509 | 1,182 | 1/7/2015 | |||||||||||||||||||||||||||
Jackson Square, CA | — | 6,886 | 24,558 | — | 933 | 6,886 | 25,491 | 32,377 | 1,933 | 7/1/2015 | |||||||||||||||||||||||||||
Tigard Promenade, OR | — | 9,844 | 10,843 | — | 108 | 9,844 | 10,951 | 20,795 | 826 | 7/28/2015 | |||||||||||||||||||||||||||
Sunnyside Village Square, OR | — | 4,428 | 13,324 | — | 3,313 | 4,428 | 16,637 | 21,065 | 1,143 | 7/28/2015 | |||||||||||||||||||||||||||
Gateway Centre, CA | — | 16,275 | 28,308 | — | 2,858 | 16,275 | 31,166 | 47,441 | 2,130 | 9/1/2015 | |||||||||||||||||||||||||||
Johnson Creek, OR | — | 9,009 | 22,534 | — | 1,345 | 9,009 | 23,879 | 32,888 | 1,761 | 11/9/2015 | |||||||||||||||||||||||||||
Iron Horse Plaza, CA | — | 8,187 | 39,654 | — | 459 | 8,187 | 40,113 | 48,300 | 2,289 | 12/4/2015 | |||||||||||||||||||||||||||
Bellevue Marketplace, WA | — | 10,488 | 39,119 | — | 6,812 | 10,488 | 45,931 | 56,419 | 2,464 | 12/10/2015 |
Initial Cost to Company | Cost Capitalized Subsequent to Acquisition | Amount at Which Carried at Close of Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description and Location | Encumbrances | Land | Building & Improvements | Land | Building & Improvements | Land | Building & Improvements | Total (a) | Accumulated Depreciation (b) (1) | Date of Acquisition | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Monterey Center, CA (2) | — | 1,073 | 10,609 | — | 662 | 1,073 | 11,271 | 12,344 | 1,821 | 7/14/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Rose City Center, OR (2) | — | 3,637 | 10,301 | — | (105) | 3,637 | 10,196 | 13,833 | 1,549 | 9/15/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The Knolls, CA | — | 9,726 | 18,299 | — | 84 | 9,726 | 18,383 | 28,109 | 2,954 | 10/3/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Bridle Trails Shopping Center, WA | — | 11,534 | 20,700 | — | 9,625 | 11,534 | 30,325 | 41,859 | 4,943 | 10/17/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Torrey Hills Corporate Center, CA | — | 5,579 | 3,915 | — | 2,584 | 5,579 | 6,499 | 12,078 | 2,593 | 12/6/2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
PCC Community Markets Plaza, WA | — | 1,856 | 6,914 | — | 7 | 1,856 | 6,921 | 8,777 | 1,108 | 1/25/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The Terraces, CA | — | 18,378 | 37,103 | — | 1,633 | 18,378 | 38,736 | 57,114 | 5,695 | 3/17/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Santa Rosa Southside Shopping Center, CA | — | 5,595 | 24,453 | — | 11,234 | 5,595 | 35,687 | 41,282 | 3,857 | 3/24/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Division Center, OR | — | 6,912 | 26,098 | — | 2,832 | 6,912 | 28,930 | 35,842 | 4,341 | 4/5/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Highland Hill Shopping Center, WA | — | 10,511 | 37,825 | 66 | 502 | 10,577 | 38,327 | 48,904 | 5,408 | 5/9/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Monta Loma Plaza, CA | — | 18,226 | 11,113 | — | 113 | 18,226 | 11,226 | 29,452 | 1,472 | 9/19/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Fullerton Crossroads, CA | 26,000 | 28,512 | 45,419 | — | 729 | 28,512 | 46,148 | 74,660 | 6,087 | 10/11/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Riverstone Marketplace, WA | 16,811 | 5,113 | 27,594 | — | 655 | 5,113 | 28,249 | 33,362 | 3,610 | 10/11/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
North Lynnwood Shopping Center, WA | — | 4,955 | 10,335 | 21 | 5,128 | 4,976 | 15,463 | 20,439 | 1,684 | 10/19/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The Village at Nellie Gail Ranch, CA | — | 22,730 | 22,578 | — | 1,815 | 22,730 | 24,393 | 47,123 | 3,188 | 11/30/2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stadium Center, WA | — | 1,699 | 17,229 | 45 | 116 | 1,744 | 17,345 | 19,089 | 1,799 | 2/23/2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
King City Plaza, OR | — | 5,161 | 10,072 | — | 122 | 5,161 | 10,194 | 15,355 | 1,122 | 5/18/2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Summerwalk Village, WA | — | 4,312 | 7,567 | — | 2,846 | 4,312 | 10,413 | 14,725 | 601 | 12/13/2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Canyon Creek Plaza, CA | — | 13,066 | 13,455 | — | (9) | 13,066 | 13,446 | 26,512 | 200 | 9/1/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Palomar Village, CA | — | 9,642 | 26,925 | — | 35 | 9,642 | 26,960 | 36,602 | 255 | 10/12/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
South Point Plaza, WA | — | 17,890 | 28,006 | — | 1 | 17,890 | 28,007 | 45,897 | 177 | 11/10/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Olympia West Center, WA | — | 4,971 | 19,884 | — | — | 4,971 | 19,884 | 24,855 | 42 | 12/6/2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 84,864 | $ | 913,796 | $ | 2,077,678 | $ | 2,065 | $ | 272,616 | $ | 915,861 | $ | 2,350,294 | $ | 3,266,155 | $ | 510,836 |
Four Corner Square, WA | — | 9,926 | 31,415 | — | 459 | 9,926 | 31,874 | 41,800 | 2,136 | 12/21/2015 | |||||||||||||||||||||||||||
Warner Plaza Shopping Center, CA | — | 16,104 | 60,188 | — | 7,429 | 16,104 | 67,617 | 83,721 | 3,770 | 12/31/2015 | |||||||||||||||||||||||||||
Magnolia Shopping Center, CA | 8,951 | 12,501 | 27,040 | — | 1,084 | 12,501 | 28,124 | 40,625 | 1,596 | 3/10/2016 | |||||||||||||||||||||||||||
Casitas Plaza Shopping Center, CA | 7,307 | 9,905 | 18,731 | — | 297 | 9,905 | 19,028 | 28,933 | 1,096 | 3/10/2016 | |||||||||||||||||||||||||||
Bouquet Center, CA | — | 10,040 | 48,362 | — | 529 | 10,040 | 48,891 | 58,931 | 2,408 | 4/28/2016 | |||||||||||||||||||||||||||
North Ranch Shopping Center, CA | — | 31,522 | 95,916 | — | (6 | ) | 31,522 | 95,910 | 127,432 | 4,235 | 6/1/2016 | ||||||||||||||||||||||||||
Monterey Center, CA (2) | — | 1,073 | 10,609 | — | 2 | 1,073 | 10,611 | 11,684 | 486 | 7/14/2016 | |||||||||||||||||||||||||||
Rose City Center, OR (2) | — | 3,637 | 10,301 | — | — | 3,637 | 10,301 | 13,938 | 467 | 9/15/2016 | |||||||||||||||||||||||||||
Trader Joe’s at the Knolls, CA | — | 9,726 | 18,299 | — | 20 | 9,726 | 18,319 | 28,045 | 702 | 10/3/2016 | |||||||||||||||||||||||||||
Bridle Trails Shopping Center, WA | — | 11,534 | 20,700 | — | 357 | 11,534 | 21,057 | 32,591 | 840 | 10/17/2016 | |||||||||||||||||||||||||||
Torrey Hills Corporate Center, CA | — | 5,579 | 3,915 | — | 1,393 | 5,579 | 5,308 | 10,887 | 138 | 12/6/2016 | |||||||||||||||||||||||||||
PCC Community Markets Plaza | — | 1,856 | 6,914 | — | 7 | 1,856 | 6,921 | $ | 8,777 | 207 | 1/25/2017 | ||||||||||||||||||||||||||
The Terraces | — | 18,378 | 37,103 | — | 355 | 18,378 | 37,458 | $ | 55,836 | 888 | 3/17/2017 | ||||||||||||||||||||||||||
Santa Rosa Southside Shopping Center | — | 5,593 | 24,453 | — | 1,279 | 5,593 | 25,732 | $ | 31,325 | 552 | 3/24/2017 | ||||||||||||||||||||||||||
Division Center | — | 6,917 | 26,098 | — | 242 | 6,917 | 26,340 | $ | 33,257 | 610 | 4/5/2017 | ||||||||||||||||||||||||||
Highland Hill Shopping Center | — | 10,511 | 37,825 | — | 293 | 10,511 | 38,118 | $ | 48,629 | 796 | 5/9/2017 | ||||||||||||||||||||||||||
Monta Loma Plaza | — | 18,223 | 11,113 | — | 3 | 18,223 | 11,116 | $ | 29,339 | 86 | 9/19/2017 | ||||||||||||||||||||||||||
Fullerton Crossroads | 26,000 | 28,164 | 44,870 | — | — | 28,164 | 44,870 | $ | 73,034 | 351 | 10/11/2017 | ||||||||||||||||||||||||||
Riverstone Marketplace | 18,424 | 5,113 | 27,594 | — | 5 | 5,113 | 27,599 | $ | 32,712 | 210 | 10/11/2017 | ||||||||||||||||||||||||||
North Lynnwood Shopping Center | — | 4,923 | 10,335 | — | 2 | 4,923 | 10,337 | $ | 15,260 | 57 | 10/19/2017 | ||||||||||||||||||||||||||
The Village at Nellie Gail Ranch | — | 9,222 | 36,889 | — | 97 | 9,222 | 36,986 | $ | 46,208 | — | 11/30/2017 | ||||||||||||||||||||||||||
$ | 106,320 | $ | 877,512 | $ | 2,055,143 | $ | 1,285 | $ | 175,457 | $ | 878,797 | $ | 2,230,600 | $ | 3,109,397 | $ | 260,115 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Balance at beginning of period: | $ | 2,687,018 | $ | 2,296,617 | $ | 1,785,898 | |||||
Property improvements during the year | 54,481 | 41,359 | 28,104 | ||||||||
Properties acquired during the year | 374,004 | 354,035 | 485,853 | ||||||||
Assets written off during the year | (6,106 | ) | (4,993 | ) | (3,238 | ) | |||||
Balance at end of period: | $ | 3,109,397 | $ | 2,687,018 | $ | 2,296,617 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Balance at beginning of period: | $ | 3,156,552 | $ | 3,131,841 | $ | 3,160,472 | |||||||||||
Property improvements during the year | 48,570 | 38,913 | 37,985 | ||||||||||||||
Properties acquired during the year | 136,105 | — | 11,601 | ||||||||||||||
Properties sold during the year | (61,491) | — | (69,056) | ||||||||||||||
Assets written off during the year | (13,581) | (14,202) | (9,161) | ||||||||||||||
Balance at end of period: | $ | 3,266,155 | $ | 3,156,552 | $ | 3,131,841 |
Year Ended December 31, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Balance at beginning of period: | $ | 193,021 | $ | 134,311 | $ | 88,173 | |||||
Depreciation expenses | 72,725 | 63,872 | 49,619 | ||||||||
Property assets fully depreciated and written off | (5,631 | ) | (5,162 | ) | (3,481 | ) | |||||
Balance at end of period: | $ | 260,115 | $ | 193,021 | $ | 134,311 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Balance at beginning of period: | $ | 460,165 | $ | 390,916 | $ | 329,207 | |||||||||||
Depreciation expenses | 82,957 | 83,774 | 82,419 | ||||||||||||||
Properties sold during the year | (18,476) | — | (10,775) | ||||||||||||||
Property assets fully depreciated and written off | (13,810) | (14,525) | (9,935) | ||||||||||||||
Balance at end of period: | $ | 510,836 | $ | 460,165 | $ | 390,916 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
Balance at beginning of period: | $ | 4,959 | $ | 13,000 | $ | — | |||||||||||
Mortgage loans acquired during the current period | — | — | 13,250 | ||||||||||||||
Repayments on mortgage note receivable | (84) | (8,041) | (250) | ||||||||||||||
Balance at end of period: | $ | 4,875 | $ | 4,959 | $ | 13,000 |
Amended and Restated Bylaws | ||||||||
(14) | ||||||||
4.7 | ||||||||
10.1 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 | ||||||||
(11) | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
101 SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101 CAL | Inline XBRL Taxonomy Extension Calculation | |||||||
101 DEF | Inline Taxonomy Extension Definition Linkbase Document | |||||||
101 LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101 PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | The cover page from this Annual Report on Form 10-K for the year ended December 31, 2021, formatted in Inline XBRL (and contained in Exhibit 101) |
RETAIL OPPORTUNITY INVESTMENTS CORP. Registrant | |||||
Date: February | By: /s/ Stuart A. Tanz | ||||
Stuart A. Tanz | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: February | /s/ Richard A. Baker | ||||
Richard A. Baker | |||||
Non-Executive Chairman of the Board |
Date: February | /s/ Stuart A. Tanz | ||||
Stuart A. Tanz | |||||
President, Chief Executive Officer and Director | |||||
(Principal Executive Officer) |
Date: February | /s/ Michael B. Haines | ||||
Michael B. Haines | |||||
Chief Financial Officer | |||||
(Principal Financial Officer and Principal Accounting Officer) |
Date: February | /s/ Laurie A. Sneve | ||||
Laurie A. Sneve | |||||
Chief Accounting Officer |
Date: February | /s/ Angela K. Ho | ||||
Angela K. Ho | |||||
Director |
Date: February 17, 2022 | /s/ Michael J. Indiveri | ||||
Michael J. Indiveri | |||||
Director |
Date: February | /s/ | ||||
Director |
Date: February | /s/ Lee S. Neibart | ||||
Lee S. Neibart | |||||
Director |
Date: February 17, 2022 | /s/ Charles J. Persico | ||||
Charles J. Persico | |||||
Director |
Date: February | /s/ | ||||
Director |
Date: February | /s/ Laura H. Pomerantz | ||||
Laura H. Pomerantz | |||||
Director |
Date: February | /s/ Eric S. Zorn | ||||
Eric S. Zorn | |||||
Director |
RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP, by Retail Opportunity Investments GP, LLC, its sole general partner Registrant | |||||
Date: February | By: /s/ Stuart A. Tanz | ||||
Stuart A. Tanz | |||||
President and Chief Executive Officer | |||||
(Principal Executive Officer) |
Date: February | /s/ Richard A. Baker | ||||
Richard A. Baker | |||||
Non-Executive Chairman of the Board |
Date: February | /s/ Stuart A. Tanz | ||||
Stuart A. Tanz | |||||
President, Chief Executive Officer and Director | |||||
(Principal Executive Officer) |
Date: February | /s/ Michael B. Haines | ||||
Michael B. Haines | |||||
Chief Financial Officer | |||||
(Principal Financial Officer and Principal Accounting Officer) |
Date: February | /s/ Laurie A. Sneve | ||||
Laurie A. Sneve | |||||
Chief Accounting Officer |
Date: February | /s/ Angela K. Ho | ||||
Angela K. Ho | |||||
Director |
Date: February 17, 2022 | /s/ Michael J. Indiveri | ||||
Michael J. Indiveri | |||||
Director |
Date: February | /s/ | ||||
Director |
Date: February | /s/ Lee S. Neibart | ||||
Lee S. Neibart | |||||
Director |
Date: February | /s/ Charles J. Persico | ||||
Charles J. Persico | |||||
Director |
Date: February | /s/ Adrienne B. Pitts | ||||
Adrienne B. Pitts | |||||
Director |
Date: February 17, 2022 | /s/ Laura H. Pomerantz | ||||
Laura H. Pomerantz | |||||
Director |
Date: February | /s/ Eric S. Zorn | ||||
Eric S. Zorn | |||||
Director |