Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | Retail Opportunity Investments Partnership, LP | ||
Trading Symbol | roic | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity Public Float | $ 0 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,577,230 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate Investments: | ||
Land | $ 766,199 | $ 669,307 |
Building and improvements | 1,920,819 | 1,627,310 |
Total real estate investments | 2,687,018 | 2,296,617 |
Less: accumulated depreciation | 193,021 | 134,311 |
Real Estate Investments, net | 2,493,997 | 2,162,306 |
Cash and cash equivalents | 13,125 | 8,844 |
Restricted cash | 125 | 227 |
Tenant and other receivables, net | 35,820 | 28,652 |
Deposits | 0 | 500 |
Acquired lease intangible assets, net | 79,205 | 66,942 |
Prepaid expenses | 3,317 | 1,953 |
Deferred charges, net | 34,753 | 30,129 |
Other | 2,627 | 1,895 |
Total assets | 2,662,969 | 2,301,448 |
Liabilities: | ||
Term loan | 299,191 | 298,802 |
Credit facility | 95,654 | 132,028 |
Mortgage notes payable | 71,303 | 62,156 |
Acquired lease intangible liabilities, net | 154,958 | 124,861 |
Accounts payable and accrued expenses | 18,294 | 13,205 |
Tenants’ security deposits | 5,950 | 5,085 |
Other liabilities | 11,922 | 11,036 |
Commitments and contingencies | ||
Non-controlling interests – redeemable OP Units | 0 | 33,674 |
Equity: | ||
Total liabilities | 1,347,404 | 1,136,432 |
Preferred stock, $.0001 par value 50,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $.0001 par value 500,000,000 shares authorized; and 109,301,762 and 99,531,034 shares issued and outstanding at December 31, 2016 and 2015, respectively | 11 | 10 |
Additional paid-in-capital | 1,357,910 | 1,166,395 |
Dividends in excess of earnings | (165,951) | (122,991) |
Accumulated other comprehensive loss | (3,729) | (6,743) |
Total Retail Opportunity Investments Corp. stockholders' equity | 1,188,241 | 1,036,671 |
Non-controlling interests | 127,324 | 94,671 |
Total equity | 1,315,565 | 1,131,342 |
Total liabilities and equity | 2,662,969 | 2,301,448 |
Retail Opportunity Investments Partnership L.P. | ||
Real Estate Investments: | ||
Land | 766,199 | 669,307 |
Building and improvements | 1,920,819 | 1,627,310 |
Total real estate investments | 2,687,018 | 2,296,617 |
Less: accumulated depreciation | 193,021 | 134,311 |
Real Estate Investments, net | 2,493,997 | 2,162,306 |
Cash and cash equivalents | 13,125 | 8,844 |
Restricted cash | 125 | 227 |
Tenant and other receivables, net | 35,820 | 28,652 |
Deposits | 0 | 500 |
Acquired lease intangible assets, net | 79,205 | 66,942 |
Prepaid expenses | 3,317 | 1,953 |
Deferred charges, net | 34,753 | 30,129 |
Other | 2,627 | 1,895 |
Total assets | 2,662,969 | 2,301,448 |
Liabilities: | ||
Term loan | 299,191 | 298,802 |
Credit facility | 95,654 | 132,028 |
Mortgage notes payable | 71,303 | 62,156 |
Acquired lease intangible liabilities, net | 154,958 | 124,861 |
Accounts payable and accrued expenses | 18,294 | 13,205 |
Tenants’ security deposits | 5,950 | 5,085 |
Other liabilities | 11,922 | 11,036 |
Commitments and contingencies | ||
Non-controlling interests – redeemable OP Units | 0 | 33,674 |
Equity: | ||
Total liabilities | 1,347,404 | 1,136,432 |
ROIC capital (consists of general and limited partnership interests held by ROIC) | 1,191,970 | 1,043,414 |
Limited partners’ capital (consists of limited partnership interests held by third parties) | 127,324 | 94,671 |
Accumulated other comprehensive loss | (3,729) | (6,743) |
Total equity | 1,315,565 | 1,131,342 |
Total liabilities and equity | 2,662,969 | 2,301,448 |
Senior Notes Due 2026 | ||
Liabilities: | ||
Senior Notes | 199,727 | 0 |
Senior Notes Due 2026 | Retail Opportunity Investments Partnership L.P. | ||
Liabilities: | ||
Senior Notes | 199,727 | 0 |
Senior Notes Due 2024 | ||
Liabilities: | ||
Senior Notes | 245,354 | 244,833 |
Senior Notes Due 2024 | Retail Opportunity Investments Partnership L.P. | ||
Liabilities: | ||
Senior Notes | 245,354 | 244,833 |
Senior Notes Due 2023 | ||
Liabilities: | ||
Senior Notes | 245,051 | 244,426 |
Senior Notes Due 2023 | Retail Opportunity Investments Partnership L.P. | ||
Liabilities: | ||
Senior Notes | $ 245,051 | $ 244,426 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Preferred stock par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 109,301,762 | 99,531,034 |
Common stock, shares outstanding (in shares) | 109,301,762 | 99,531,034 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | |||
Base rents | $ 183,330 | $ 148,622 | $ 119,842 |
Recoveries from tenants | 51,454 | 40,562 | 32,945 |
Other income | 2,405 | 3,515 | 3,077 |
Total revenues | 237,189 | 192,699 | 155,864 |
Operating expenses | |||
Property operating | 32,201 | 28,475 | 25,036 |
Property taxes | 25,058 | 19,690 | 15,953 |
Depreciation and amortization | 88,359 | 70,957 | 58,435 |
General and administrative expenses | 13,120 | 12,650 | 11,200 |
Acquisition transaction costs | 824 | 965 | 961 |
Other expense | 456 | 627 | 505 |
Total operating expenses | 160,018 | 133,364 | 112,090 |
Operating income | 77,171 | 59,335 | 43,774 |
Non-operating income (expenses) | |||
Interest expense and other finance expenses | (40,741) | (34,243) | (27,593) |
Gain on sale of real estate | 0 | 0 | 4,869 |
Net income | 36,430 | 25,092 | 21,050 |
Net income attributable to non-controlling interests | (3,676) | (1,228) | (749) |
Net Income Attributable to Retail Opportunity Investments Corp. | $ 32,754 | $ 23,864 | $ 20,301 |
Earnings per share/unit - basic and diluted (in usd per share) | $ 0.31 | $ 0.25 | $ 0.24 |
Dividends per common share or unit (in usd per share) | $ 0.72 | $ 0.68 | $ 0.64 |
Comprehensive income: | |||
Net income | $ 36,430 | $ 25,092 | $ 21,050 |
Unrealized swap derivative gain (loss) arising during the period | 541 | 0 | (3,132) |
Reclassification adjustment for amortization of interest expense included in net income | 2,473 | 2,139 | 3,219 |
Other comprehensive income | 3,014 | 2,139 | 87 |
Comprehensive income | 39,444 | 27,231 | 21,137 |
Comprehensive income attributable to non-controlling interests | (3,676) | (1,228) | (749) |
Comprehensive income attributable to Retail Opportunity Investments Corp | 35,768 | 26,003 | 20,388 |
Retail Opportunity Investments Partnership L.P. | |||
Revenues | |||
Base rents | 183,330 | 148,622 | 119,842 |
Recoveries from tenants | 51,454 | 40,562 | 32,945 |
Other income | 2,405 | 3,515 | 3,077 |
Total revenues | 237,189 | 192,699 | 155,864 |
Operating expenses | |||
Property operating | 32,201 | 28,475 | 25,036 |
Property taxes | 25,058 | 19,690 | 15,953 |
Depreciation and amortization | 88,359 | 70,957 | 58,435 |
General and administrative expenses | 13,120 | 12,650 | 11,200 |
Acquisition transaction costs | 824 | 965 | 961 |
Other expense | 456 | 627 | 505 |
Total operating expenses | 160,018 | 133,364 | 112,090 |
Operating income | 77,171 | 59,335 | 43,774 |
Non-operating income (expenses) | |||
Interest expense and other finance expenses | (40,741) | (34,243) | (27,593) |
Gain on sale of real estate | 0 | 0 | 4,869 |
Net income | $ 36,430 | $ 25,092 | $ 21,050 |
Earnings per share/unit - basic and diluted (in usd per share) | $ 0.31 | $ 0.25 | $ 0.24 |
Dividends per common share or unit (in usd per share) | $ 0.72 | $ 0.68 | $ 0.64 |
Comprehensive income: | |||
Net income | $ 36,430 | $ 25,092 | $ 21,050 |
Unrealized swap derivative gain (loss) arising during the period | 541 | 0 | (3,132) |
Reclassification adjustment for amortization of interest expense included in net income | 2,473 | 2,139 | 3,219 |
Other comprehensive income | 3,014 | 2,139 | 87 |
Comprehensive income attributable to Retail Opportunity Investments Corp | $ 39,444 | $ 27,231 | $ 21,137 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Officer | Common Stock | Additional paid-in capital | Retained earnings (Accumulated deficit) | Retained earnings (Accumulated deficit)Officer | Accumulated other comprehensive loss | Non- controlling interests |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total (in shares) | 72,445,767 | |||||||
Balance at Dec. 31, 2013 | $ 705,410 | $ 7 | $ 732,702 | $ (47,617) | $ (8,969) | $ 29,287 | ||
Balance (in shares) at Dec. 31, 2013 | 72,445,767 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares issued under the 2009 Plan (in shares) | 340,621 | |||||||
Repurchase of common stock | (631) | (631) | ||||||
Repurchase of common stock (in shares) | (42,438) | |||||||
Cancellation of restricted stock (in shares) | (5,833) | |||||||
Stock based compensation expense | 3,662 | 3,662 | ||||||
Redemption of OP Units | 0 | |||||||
Proceeds from the exercise of warrants | 70,539 | $ 1 | 70,538 | |||||
Proceeds from the exercise of warrants (in shares) | 5,878,216 | |||||||
Issuance of OP Units to non-controlling interests | 16,343 | 16,343 | ||||||
Cash redemption for non-controlling interests | Cash redemption for non-controlling interests | (3,280) | (3,280) | ||||||
Adjustment to non-controlling interests ownership in Operating Partnership | 2,020 | (2,020) | ||||||
Proceeds from the issuance of common stock | 214,906 | $ 1 | 214,905 | |||||
Proceeds from the issuance of common stock (in shares) | 14,375,000 | |||||||
Registration expenditures | (9,635) | (9,635) | ||||||
Cash dividends | (55,531) | $ (138) | (53,522) | $ (138) | (2,009) | |||
Net income attributable to Retail Opportunity Investments Corp. | 20,301 | 20,301 | ||||||
Net income attributable to non-controlling interests | 749 | 749 | ||||||
Other comprehensive income | 87 | 87 | ||||||
Total (in shares) | 72,445,767 | |||||||
Balance at Dec. 31, 2014 | 962,782 | $ 9 | 1,013,561 | (80,976) | (8,882) | 39,070 | ||
Balance (in shares) at Dec. 31, 2014 | 92,991,333 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total (in shares) | 92,991,333 | |||||||
Shares issued under the 2009 Plan (in shares) | 381,577 | |||||||
Repurchase of common stock | (1,317) | (1,317) | ||||||
Repurchase of common stock (in shares) | (78,570) | |||||||
Cancellation of restricted stock (in shares) | (2,832) | |||||||
Stock based compensation expense | 4,684 | 4,684 | ||||||
Redemption of OP Units | 3,184 | 3,184 | (3,184) | |||||
Redemption of OP Units (in shares) | 174,959 | |||||||
Issuance of OP Units to non-controlling interests | 116,640 | 116,640 | ||||||
Adjustment to non-controlling interests ownership in Operating Partnership | 49,609 | (49,609) | ||||||
Proceeds from the issuance of common stock | 101,293 | $ 1 | 101,292 | |||||
Proceeds from the issuance of common stock (in shares) | 6,064,567 | |||||||
Registration expenditures | (4,618) | (4,618) | ||||||
Cash dividends | (68,482) | (161) | (65,718) | (161) | (2,764) | |||
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 | $ 1,138,052 | $ 10 | 1,166,395 | (122,991) | (6,743) | 101,381 | ||
Total (in shares) | 99,531,034 | 92,991,333 | ||||||
Less: Promissory note secured by equity | $ (6,710) | (6,710) | ||||||
Balance at Dec. 31, 2015 | $ 1,131,342 | $ 10 | 1,166,395 | (122,991) | (6,743) | 94,671 | ||
Balance (in shares) at Dec. 31, 2015 | 99,531,034 | 99,531,034 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total (in shares) | 99,531,034 | 99,531,034 | ||||||
Shares issued under the 2009 Plan (in shares) | 341,306 | |||||||
Repurchase of common stock | $ (1,368) | (1,368) | ||||||
Repurchase of common stock (in shares) | 0 | (76,262) | ||||||
Cancellation of restricted stock (in shares) | (7,332) | |||||||
Stock based compensation expense | $ 4,916 | 4,916 | ||||||
Redemption of OP Units | $ 15,990 | 15,990 | (15,990) | |||||
Redemption of OP Units (in shares) | 755,762 | 755,762 | ||||||
Issuance of OP Units to non-controlling interests | $ 48,175 | 48,175 | ||||||
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 | 184,881 | $ 1 | 184,880 | |||||
Proceeds from the issuance of common stock (in shares) | 8,757,254 | |||||||
Registration expenditures | (7,276) | (7,276) | 0 | |||||
Cash dividends | (83,900) | $ (177) | (75,537) | $ (177) | (8,363) | |||
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 | $ 1,308,855 | $ 11 | 1,357,910 | (165,951) | (3,729) | 120,614 | ||
Total (in shares) | 99,531,034 | 99,531,034 | ||||||
Less: Promissory note secured by equity | $ (6,710) | (6,710) | ||||||
Balance at Dec. 31, 2016 | $ 1,315,565 | $ 11 | $ 1,357,910 | $ (165,951) | $ (3,729) | $ 127,324 | ||
Balance (in shares) at Dec. 31, 2016 | 109,301,762 | 109,301,762 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total (in shares) | 109,301,762 | 109,301,762 |
Consolidated Statements of Equ6
Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per share (in dollars per share) | $ 0.72 | $ 0.68 | $ 0.64 |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital - USD ($) $ in Thousands | Total | Officer | Accumulated other comprehensive loss | Retail Opportunity Investments Partnership L.P. | Retail Opportunity Investments Partnership L.P.Officer | Retail Opportunity Investments Partnership L.P.Limited Partner’s Capital | Retail Opportunity Investments Partnership L.P.ROIC Capital | Retail Opportunity Investments Partnership L.P.ROIC CapitalOfficer | [2] | Retail Opportunity Investments Partnership L.P.Accumulated other comprehensive loss | |||
Total (in Shares) | 3,132,042 | [1] | 72,445,767 | [2] | |||||||||
Balance at Dec. 31, 2013 | $ 705,410 | $ 29,287 | $ 685,092 | [2] | $ (8,969) | ||||||||
Balance (in Shares) at Dec. 31, 2013 | 3,132,042 | [1] | 72,445,767 | [2] | |||||||||
OP Units issued under the 2009 Plan (in shares) | [2] | 340,621 | |||||||||||
Repurchase of OP Units | $ (631) | (631) | $ (631) | [2] | |||||||||
Repurchase of OP Units (in shares) | [2] | (42,438) | |||||||||||
Cancellation of OP Units (in shares) | [2] | (5,833) | |||||||||||
Stock based compensation expense | 3,662 | 3,662 | $ 3,662 | [2] | |||||||||
Issuance of OP Units upon exercise of warrants | 70,539 | 70,539 | $ 70,539 | [2] | |||||||||
Issuance of OP Units upon exercise of warrants (in shares) | [2] | 5,878,216 | |||||||||||
Issuance of OP Units in connection with acquisition | 16,343 | $ 16,343 | [1] | ||||||||||
Issuance of OP Units in connection with acquisition (in Shares) | [1] | 989,272 | |||||||||||
Adjustment to non-controlling interests | $ (2,020) | [1] | $ 2,020 | [2] | |||||||||
Issuance of OP Units in connection with common stock offering | 214,906 | 214,906 | 214,906 | [2] | |||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (9,635) | (9,635) | $ 9,635 | [2] | |||||||||
Issuance of OP Units in connection with common stock offering (in shares) | [2] | 14,375,000 | |||||||||||
Equity redemption of OP Units | 0 | 0 | |||||||||||
Cash redemption of OP Units | 3,280 | $ 3,280 | [1] | ||||||||||
Cash redemption of OP Units (in Shares) | [1] | (200,000) | |||||||||||
Cash distributions | (55,531) | $ (2,009) | [1] | $ (53,522) | [2] | ||||||||
Dividends payable to officers | (55,531) | $ (138) | $ (138) | $ (138) | |||||||||
Net income | 21,050 | 21,050 | $ 749 | [1] | $ 20,301 | [2] | |||||||
Other comprehensive income | 87 | $ 87 | 87 | 87 | |||||||||
Total (in Shares) | 3,132,042 | [1] | 72,445,767 | [2] | |||||||||
Balance at Dec. 31, 2014 | 962,782 | $ 39,070 | [1] | $ 932,594 | [2] | (8,882) | |||||||
Balance (in Shares) at Dec. 31, 2014 | 3,921,314 | [1] | 92,991,333 | [2] | |||||||||
Total (in Shares) | 3,921,314 | [1] | 92,991,333 | [2] | |||||||||
OP Units issued under the 2009 Plan (in shares) | [2] | 381,577 | |||||||||||
Repurchase of OP Units | (1,317) | (1,317) | $ (1,317) | [2] | |||||||||
Repurchase of OP Units (in shares) | [2] | (78,570) | |||||||||||
Cancellation of OP Units (in shares) | [2] | (2,832) | |||||||||||
Stock based compensation expense | 4,684 | 4,684 | $ 4,684 | [2] | |||||||||
Issuance of OP Units in connection with acquisition | 116,640 | $ 116,640 | [1] | ||||||||||
Issuance of OP Units in connection with acquisition (in Shares) | [1] | 8,449,248 | |||||||||||
Adjustment to non-controlling interests | $ (49,609) | [1] | 49,609 | [2] | |||||||||
Issuance of OP Units in connection with common stock offering | 101,293 | 101,293 | 101,293 | [2] | |||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | (4,618) | (4,618) | $ 4,618 | [2] | |||||||||
Issuance of OP Units in connection with common stock offering (in shares) | [2] | 6,064,567 | |||||||||||
Equity redemption of OP Units | 3,184 | 3,184 | |||||||||||
Cash redemption of OP Units | $ (3,184) | [1] | $ 3,184 | [2] | |||||||||
Cash redemption of OP Units (in Shares) | (174,959) | [1] | (174,959) | [2] | |||||||||
Cash distributions | (68,482) | $ (2,764) | [1] | $ (65,718) | [2] | ||||||||
Dividends payable to officers | (68,482) | (161) | (161) | (161) | |||||||||
Net income | 25,092 | 25,092 | 1,228 | [1] | 23,864 | [2] | |||||||
Other comprehensive income | 2,139 | 2,139 | 2,139 | 2,139 | |||||||||
Total | 1,138,052 | $ 101,381 | [1] | $ 1,043,414 | [2] | (6,743) | |||||||
Total (in Shares) | 3,921,314 | [1] | 92,991,333 | [2] | |||||||||
Less: Promissory note secured by capital | (6,710) | (6,710) | $ (6,710) | [1] | |||||||||
Balance at Dec. 31, 2015 | 1,131,342 | $ 94,671 | [1] | $ 1,043,414 | [2] | (6,743) | |||||||
Balance (in Shares) at Dec. 31, 2015 | 12,195,603 | [1] | 99,531,034 | [2] | |||||||||
Total (in Shares) | 12,195,603 | [1] | 99,531,034 | [2] | |||||||||
OP Units issued under the 2009 Plan (in shares) | [2] | 341,306 | |||||||||||
Repurchase of OP Units | $ (1,368) | (1,368) | $ (1,368) | [2] | |||||||||
Repurchase of OP Units (in shares) | 0 | (76,262) | [2] | ||||||||||
Cancellation of OP Units (in shares) | [2] | (7,332) | |||||||||||
Stock based compensation expense | $ 4,916 | 4,916 | $ 4,916 | [2] | |||||||||
Issuance of OP Units in connection with acquisition | 48,175 | $ 48,175 | [1] | ||||||||||
Issuance of OP Units in connection with acquisition (in Shares) | [1] | 2,434,833 | |||||||||||
Adjustment to non-controlling interests | $ 5,627 | [1] | (5,627) | [2] | |||||||||
Issuance of OP Units in connection with common stock offering | 184,881 | 184,881 | 184,881 | [2] | |||||||||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ (7,276) | (7,276) | $ (7,276) | [2] | |||||||||
Issuance of OP Units in connection with common stock offering (in shares) | [2] | 8,757,254 | |||||||||||
Equity redemption of OP Units (in shares) | 755,762 | (755,762) | [1] | 755,762 | [2] | ||||||||
Equity redemption of OP Units | $ 15,990 | 15,990 | $ (15,990) | [1] | $ 15,990 | [2] | |||||||
Cash redemption of OP Units | $ 7,182 | 7,182 | $ 7,182 | [1] | |||||||||
Cash redemption of OP Units (in Shares) | (1,133,550) | (2,206,613) | [1] | ||||||||||
Cash distributions | (83,900) | $ (8,363) | [1] | (75,537) | [2] | ||||||||
Dividends payable to officers | $ (83,900) | $ (177) | $ (177) | $ (177) | |||||||||
Net income | 36,430 | 36,430 | 3,676 | [1] | 32,754 | [2] | |||||||
Other comprehensive income | 3,014 | $ 3,014 | 3,014 | 3,014 | |||||||||
Total | 1,308,855 | $ 120,614 | [1] | $ 1,191,970 | [2] | (3,729) | |||||||
Total (in Shares) | 12,195,603 | [1] | 99,531,034 | [2] | |||||||||
Less: Promissory note secured by capital | $ (6,710) | 6,710 | $ 6,710 | [1] | |||||||||
Balance at Dec. 31, 2016 | $ 1,315,565 | $ 127,324 | [1] | $ 1,191,970 | [2] | $ (3,729) | |||||||
Balance (in Shares) at Dec. 31, 2016 | 11,668,061 | [1] | 109,301,762 | [2] | |||||||||
Total (in Shares) | 11,668,061 | [1] | 109,301,762 | [2] | |||||||||
[1] | Consists of limited partnership interests held by third parties. | ||||||||||||
[2] | Consists of general and limited partnership interests held by ROIC. |
Consolidated Statement of Part8
Consolidated Statement of Partners' Capital (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Retail Opportunity Investments Partnership L.P. | |||
Cash distributions per unit (usd per share) | $ 0.72 | $ 0.68 | $ 0.64 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 36,430 | $ 25,092 | $ 21,050 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 88,359 | 70,957 | 58,435 |
Amortization of deferred financing costs and mortgage premiums, net | 2,088 | 662 | (432) |
Straight-line rent adjustment | (4,560) | (5,013) | (3,795) |
Amortization of above and below market rent | (13,847) | (9,890) | (6,945) |
Amortization relating to stock based compensation | 4,916 | 4,684 | 3,662 |
Provisions for tenant credit losses | 1,805 | 1,984 | 2,316 |
Other noncash interest expense | 2,139 | 2,139 | 1,848 |
Gain on sale of real estate | 0 | 0 | (4,869) |
Settlement of interest rate swap agreements | 0 | 0 | (3,230) |
Change in operating assets and liabilities: | |||
Restricted cash | 66 | 264 | 190 |
Tenant and other receivables | (4,412) | (2,599) | (1,605) |
Prepaid expenses | (1,363) | 501 | (1,106) |
Accounts payable and accrued expenses | 4,417 | 512 | (1,164) |
Other assets and liabilities, net | (1,356) | (2,376) | 852 |
Net cash provided by operating activities | 114,682 | 86,917 | 65,207 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Investments in real estate | (284,867) | (313,623) | (398,205) |
Proceeds from sale of real estate | 0 | 0 | 27,622 |
Improvements to properties | (40,758) | (27,515) | (26,142) |
Deposits on real estate acquisitions, net | 500 | 4,000 | (3,725) |
Construction escrows and other | 35 | 23 | 594 |
Net cash used in investing activities | (325,090) | (337,115) | (399,856) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Principal repayments on mortgages | (7,816) | (84,308) | (21,982) |
Proceeds from new mortgage loan | 0 | 35,500 | 0 |
Proceeds from term loan | 0 | 300,000 | 0 |
Payments on term loan | 0 | 0 | (200,000) |
Proceeds from draws on credit facility | 332,500 | 430,000 | 549,300 |
Payments on credit facility | (370,000) | (451,000) | (449,750) |
Proceeds from the issuance of OP Units upon exercise of warrants | 0 | 0 | 70,723 |
Issuance of promissory note receivable | 0 | (6,710) | 0 |
Proceeds on repayment of promissory note receivable | 6,710 | 0 | 0 |
Redemption of OP Units | (38,820) | 0 | (3,280) |
Distributions to OP Unitholders | (8,363) | (2,764) | (2,009) |
Deferred financing and other costs | (266) | (1,849) | (3,188) |
Proceeds from the issuance of OP Units in connection with issuance of common stock | 184,881 | 101,293 | 214,906 |
Registration expenditures | (7,097) | (4,739) | (9,513) |
Dividends paid to common shareholders | (75,672) | (65,837) | (53,574) |
Repurchase of common stock | (1,368) | (1,317) | (631) |
Net cash provided by financing activities | 214,689 | 248,269 | 337,502 |
Net increase (decrease) in cash and cash equivalents | 4,281 | (1,929) | 2,853 |
Cash and cash equivalents at beginning of period | 8,844 | 10,773 | 7,920 |
Cash and cash equivalents at end of period | 13,125 | 8,844 | 10,773 |
Supplemental disclosure of cash activities: | |||
Cash paid on gross receipts and income for federal and state purposes | 206 | 241 | 331 |
Interest paid | 34,275 | 31,996 | 26,006 |
Other non-cash investing and financing activities – increase (decrease): | |||
Issuance of OP Units in connection with acquisitions | 46,140 | 150,315 | 16,343 |
Assumed mortgages in connection with acquisitions | 17,618 | 19,024 | 0 |
Intangible lease liabilities | 32,615 | 37,480 | 44,264 |
Interest rate swap asset | 875 | 0 | (1,948) |
Interest rate swap liabilities | 0 | 0 | (2,529) |
Accrued real estate improvement costs | 601 | 590 | 1,372 |
Equity redemption of OP Units | 15,990 | 3,184 | 0 |
Retail Opportunity Investments Partnership L.P. | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | 36,430 | 25,092 | 21,050 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 88,359 | 70,957 | 58,435 |
Amortization of deferred financing costs and mortgage premiums, net | 2,088 | 662 | (432) |
Straight-line rent adjustment | (4,560) | (5,013) | (3,795) |
Amortization of above and below market rent | (13,847) | (9,890) | (6,945) |
Amortization relating to stock based compensation | 4,916 | 4,684 | 3,662 |
Provisions for tenant credit losses | 1,805 | 1,984 | 2,316 |
Other noncash interest expense | 2,139 | 2,139 | 1,848 |
Gain on sale of real estate | 0 | 0 | (4,869) |
Settlement of interest rate swap agreements | 0 | 0 | (3,230) |
Change in operating assets and liabilities: | |||
Restricted cash | 66 | 264 | 190 |
Tenant and other receivables | (4,412) | (2,599) | (1,605) |
Prepaid expenses | (1,363) | 501 | (1,106) |
Accounts payable and accrued expenses | 4,417 | 512 | (1,164) |
Other assets and liabilities, net | (1,356) | (2,376) | 852 |
Net cash provided by operating activities | 114,682 | 86,917 | 65,207 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Investments in real estate | (284,867) | (313,623) | (398,205) |
Proceeds from sale of real estate | 0 | 0 | 27,622 |
Improvements to properties | (40,758) | (27,515) | (26,142) |
Deposits on real estate acquisitions, net | 500 | 4,000 | (3,725) |
Construction escrows and other | 35 | 23 | 594 |
Net cash used in investing activities | (325,090) | (337,115) | (399,856) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Principal repayments on mortgages | (7,816) | (84,308) | (21,982) |
Proceeds from new mortgage loan | 0 | 35,500 | 0 |
Proceeds from term loan | 0 | 300,000 | 0 |
Payments on term loan | 0 | 0 | (200,000) |
Proceeds from draws on credit facility | 332,500 | 430,000 | 549,300 |
Payments on credit facility | (370,000) | (451,000) | (449,750) |
Proceeds from the issuance of OP Units upon exercise of warrants | 0 | 0 | 70,723 |
Issuance of promissory note receivable | 0 | (6,710) | 0 |
Proceeds on repayment of promissory note receivable | 6,710 | 0 | 0 |
Redemption of OP Units | (38,820) | 0 | (3,280) |
Distributions to OP Unitholders | (84,035) | (68,601) | (55,583) |
Deferred financing and other costs | (266) | (1,849) | (3,188) |
Proceeds from the issuance of OP Units in connection with issuance of common stock | 184,881 | 101,293 | 214,906 |
Registration expenditures | (7,097) | (4,739) | (9,513) |
Repurchase of common stock | (1,368) | (1,317) | (631) |
Net cash provided by financing activities | 214,689 | 248,269 | 337,502 |
Net increase (decrease) in cash and cash equivalents | 4,281 | (1,929) | 2,853 |
Cash and cash equivalents at beginning of period | 8,844 | 10,773 | 7,920 |
Cash and cash equivalents at end of period | 13,125 | 8,844 | 10,773 |
Supplemental disclosure of cash activities: | |||
Cash paid on gross receipts and income for federal and state purposes | 206 | 241 | 331 |
Interest paid | 34,275 | 31,996 | 26,006 |
Other non-cash investing and financing activities – increase (decrease): | |||
Issuance of OP Units in connection with acquisitions | 46,140 | 150,315 | 16,343 |
Assumed mortgages in connection with acquisitions | 17,618 | 19,024 | 0 |
Intangible lease liabilities | 32,615 | 37,480 | 44,264 |
Interest rate swap asset | 875 | 0 | (1,948) |
Interest rate swap liabilities | 0 | 0 | (2,529) |
Accrued real estate improvement costs | 601 | 590 | 1,372 |
Equity redemption of OP Units | 15,990 | 3,184 | 0 |
Senior Notes Due 2026 | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of senior notes | 200,000 | 0 | 0 |
Senior Notes Due 2024 | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of senior notes | 0 | 0 | 246,500 |
Senior Notes | Senior Notes Due 2026 | Retail Opportunity Investments Partnership L.P. | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of senior notes | 200,000 | 0 | 0 |
Senior Notes | Senior Notes Due 2024 | Retail Opportunity Investments Partnership L.P. | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of senior notes | $ 0 | $ 0 | $ 246,500 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization, Basis of Presentation and Summary of Significant Accounting Policies | Organization, Basis of Presentation and Summary of Significant Accounting Policies Business Retail Opportunity Investments Corp., a Maryland corporation (“ROIC”), is a fully integrated and self-managed real estate investment trust (“REIT”). ROIC specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers on the west coast of the United States anchored by supermarkets and drugstores. ROIC is organized in a traditional umbrella partnership real estate investment trust (“UpREIT”) format pursuant to which Retail Opportunity Investments GP, LLC, its wholly-owned subsidiary, serves as the general partner of, and ROIC conducts substantially all of its business through, its operating partnership subsidiary, Retail Opportunity Investments Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), together with its subsidiaries. Unless otherwise indicated or unless the context requires otherwise, all references to the “Company”, “we,” “us,” “our,” or “our company” refer to ROIC together with its consolidated subsidiaries, including the Operating Partnership. With the approval of its stockholders, ROIC reincorporated as a Maryland corporation on June 2, 2011. ROIC began operations as a Delaware corporation, known as NRDC Acquisition Corp., which was incorporated on July 10, 2007, for the purpose of acquiring assets or operating businesses through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination with one or more assets or control of one or more operating businesses. On October 20, 2009, ROIC’s stockholders and warrantholders approved each of the proposals presented at the special meetings of stockholders and warrantholders, respectively, in connection with the transactions contemplated by the Framework Agreement (the “Framework Agreement”) ROIC entered into on August 7, 2009 with NRDC Capital Management, LLC, which, among other things, sets forth the steps to be taken by ROIC to continue its business as a corporation that has elected to qualify as a REIT for U.S. federal income tax purposes. ROIC’s only material asset is its ownership of direct or indirect partnership interests in the Operating Partnership and membership interest in Retail Opportunity Investments GP, LLC, which is the sole general partner of the Operating Partnership. As a result, ROIC does not conduct business itself, other than acting as the parent company and issuing equity from time to time. The Operating Partnership holds substantially all the assets of the Company and directly or indirectly holds the ownership interests in the Company’s real estate ventures. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from warrants exercised and equity issuances by ROIC, which are contributed to the Operating Partnership, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness (directly and through subsidiaries) or through the issuance of operating partnership units (“OP Units”) of the Operating Partnership. Recent Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-1, “Business Combinations: Clarifying the Definition of a Business.” The pronouncement changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The pronouncement requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company adopted the provisions of ASU 2017-1 effective October 1, 2016. For the period from October 1, 2016 through December 31, 2016, the Company acquired three properties for which it was concluded substantially all of the fair value of the assets acquired with each property acquisition was concentrated in a single identifiable asset and did not meet the definition of a business under ASU 2017-1. Acquisition transaction costs associated with these property acquisitions were capitalized to real estate investments. In February 2016, the FASB issued ASU No. 2016-2, “Leases.” The pronouncement requires lessees to put most leases on their balance sheets but recognize expenses on their income statements. The guidance also eliminates real estate-specific provisions for all entities. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company plans to adopt the provisions of ASU No. 2016-2 effective January 1, 2019 using the modified retrospective approach. The ASU is expected to result in the recognition of a right-to-use asset and related liability to account for future obligations under ground lease agreements for which the Company is the lessee. As of December 31, 2016 , the remaining contractual payments under ground lease agreements aggregated approximately $43.0 million . In addition, the new ASU will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. The Company continues to evaluate the impact this pronouncement will have on the Company’s consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments.” The pronouncement simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments. The pronouncement requires any adjustments to provisional amounts to be applied prospectively. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of ASU No. 2015-16 effective January 1, 2016 and the adoption did not have a material impact on the consolidated financial statements of the Company. In April 2015, the FASB issued ASU No. 2015-3, “Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” The pronouncement requires reporting entities to present debt issuance costs related to a note as a direct deduction from the face amount of that note presented in the balance sheet. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of ASU No. 2015-3 effective January 1, 2016 and retrospectively applied the guidance to its debt obligations for all periods presented, which resulted in the presentation of debt issuance costs associated with its term loan, unsecured revolving credit facility, Senior Notes Due 2024, Senior Notes Due 2023, and mortgage notes payable as a direct reduction from the carrying amount of the related debt instrument. These amounts were previously included in deferred charges, net on the Company’s consolidated balance sheets. See Note 5. In February 2015, the FASB issued ASU No. 2015-2, “Amendments to the Consolidation Analysis.” The pronouncement focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity’s voting rights; or (3) the exposure to a majority of the legal entity’s economic benefits. ASU 2015-2 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-2 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of ASU No. 2015-2 effective January 1, 2016, and there were no changes to the Company’s consolidation conclusions as a result of the adoption of this guidance. In May 2014, the FASB issued ASU No. 2014-9, “Revenue from Contracts with Customers.” The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and International Financial Reporting Standards. The pronouncement is effective for reporting periods beginning after December 15, 2017. The Company plans to adopt the provisions of ASU No. 2014-9 effective January 1, 2018 using the modified retrospective approach. Leases are specifically excluded from this ASU and will be governed by the applicable lease codification; however, this update may have implications on certain variable payment terms included in lease agreements. The Company continues to evaluate the impact this pronouncement will have on the Company’s consolidated financial statements. Principles of Consolidation The accompanying consolidated financial statements are prepared on the accrual basis in accordance with GAAP. In the opinion of management, the consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and the results of operations and cash flows for the periods presented. The consolidated financial statements include the accounts of the Company and those of its subsidiaries, which are wholly-owned or controlled by the Company. Entities which the Company does not control through its voting interest and entities which are variable interest entities (“VIEs”), but where it is not the primary beneficiary, are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated. The Company follows the FASB guidance for determining whether an entity is a VIE and requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Effective January 1, 2016, the Company adopted the provisions of ASU No 2015-2, and as a result, concluded that the Operating Partnership is a VIE. The Company has concluded that because they have both the power and the rights to control the Operating Partnership, they are the primary beneficiary and are required to continue to consolidate the Operating Partnership. A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the consolidated balance sheet and modifies the presentation of net income by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the purchase price allocations, depreciable lives, revenue recognition and the collectability of tenant receivables, other receivables, notes receivables, the valuation of performance-based restricted stock, and derivatives. Actual results could differ from these estimates. Federal Income Taxes The Company has elected to qualify as a REIT under Sections 856-860 of the Internal Revenue Code (the “Code”). Under those sections, a REIT that, among other things, distributes at least 90% of its REIT taxable income (determined without regard to the dividends paid deduction and excluding net capital gains) and meets certain other qualifications prescribed by the Code will not be taxed on that portion of its taxable income that is distributed. Although it may qualify as a REIT for U.S. federal income tax purposes, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiary (“TRS”), if any, is fully subject to U.S. federal, state and local income taxes. For all periods from inception through September 26, 2013 the Operating Partnership has been an entity disregarded from its sole owner, ROIC, for U.S. federal income tax purposes and as such has not been subject to federal income taxes. Effective September 27, 2013, the Operating Partnership issued OP Units in connection with the acquisitions of two shopping centers. Accordingly, the Operating Partnership ceased being a disregarded entity and instead is being treated as a partnership for federal income tax purposes. The Company follows the FASB guidance that defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The FASB also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2016 , the statute of limitations for tax years 2013 through and including 2015 remain open for examination by the Internal Revenue Service (“IRS”) and state taxing authorities. ROIC intends to make regular quarterly distributions to holders of its common stock. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay U.S. federal income tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. ROIC intends to pay regular quarterly dividends to stockholders in an amount not less than its net taxable income, if and to the extent authorized by its board of directors. Before ROIC pays any dividend, whether for U.S. federal income tax purposes or otherwise, it must first meet both its operating requirements and its debt service on debt. If ROIC’s cash available for distribution is less than its net taxable income, it could be required to sell assets or borrow funds to make cash distributions or it may make a portion of the required distribution in the form of a taxable stock distribution or distribution of debt securities. Real Estate Investments All costs related to the improvement or replacement of real estate properties are capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. The Company expenses transaction costs associated with business combinations and unsuccessful property asset acquisitions in the period incurred and capitalizes transaction costs associated with successful property asset acquisitions. During the years ended December 31, 2016 and 2015 , capitalized costs related to the improvements or replacement of real estate properties were approximately $41.4 million and $28.1 million , respectively. The Company evaluates each acquisition of real estate to determine if the acquired property meets the definition of a business and needs to be accounted for as a business combination. Under ASU 2017-1, the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If this threshold is met, the acquired property does not meet the definition of a business and is accounted for as an asset acquisition. The Company expects that acquisitions of real estate properties will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets). The Company recognizes the acquisition of real estate properties, including acquired tangible (consisting of land, buildings and improvements), and acquired intangible assets and liabilities (consisting of above-market and below-market leases and acquired in-place leases) at their fair value (for acquisitions meeting the definition of a business) and relative fair value (acquisitions not meeting the definition of a business). The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions the Company utilizes to determine fair value in a business combination. Acquired lease intangible assets include above-market leases and acquired in-place leases, and acquired lease intangible liabilities represent below-market leases, in the accompanying consolidated balance sheets. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management’s determination of the relative fair values of these assets. In valuing an acquired property’s intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, and estimates of lost rental revenue during the expected lease-up periods based on management’s evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. Leasing commissions, legal and other related costs (“lease origination costs”) are classified as deferred charges in the accompanying consolidated balance sheets. The value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates, over (ii) the estimated fair value of the property as if vacant. Above-market and below-market lease values are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of acquisition. Such valuations include a consideration of the non-cancellable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The value of the above-market and below-market leases is amortized to rental income, over the terms of the respective leases including option periods, if applicable. The value of in-place leases are amortized to expense over the remaining non-cancellable terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recognized in operations at that time. In conjunction with the Company’s pursuit and acquisition of real estate investments, the Company expensed acquisition transaction costs during the years ended December 31, 2016 , 2015 and 2014 of approximately $824,000 , $1.0 million and $1.0 million , respectively. Asset Impairment The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to aggregate future net cash flows (undiscounted and without interest) expected to be generated by the asset. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed the fair value. Management does not believe that the value of any of the Company’s real estate investments was impaired at December 31, 2016 . Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has not experienced any losses related to these balances. Restricted Cash The terms of several of the Company’s mortgage loans payable require the Company to deposit certain replacement and other reserves with its lenders. Such “restricted cash” is generally available only for property-level requirements for which the reserves have been established and is not available to fund other property-level or Company-level obligations. Revenue Recognition Management has determined that all of the Company’s leases with its various tenants are operating leases. Rental income is generally recognized based on the terms of leases entered into with tenants. In those instances in which the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Minimum rental income from leases with scheduled rent increases is recognized on a straight-line basis over the lease term. Percentage rent is recognized when a specific tenant’s sales breakpoint is achieved. Property operating expense recoveries from tenants of common area maintenance, real estate taxes and other recoverable costs are recognized in the period the related expenses are incurred. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms. Termination fees (included in other income) are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration date. The Company recognizes termination fees in accordance with Securities and Exchange Commission Staff Accounting Bulletin 104, “Revenue Recognition,” when the following conditions are met: (a) the termination agreement is executed; (b) the termination fee is determinable; (c) all landlord services pursuant to the terminated lease have been rendered; and (d) collectability of the termination fee is assured. Interest income is recognized as it is earned. Gains or losses on disposition of properties are recorded when the criteria for recognizing such gains or losses under GAAP have been met. The Company must make estimates as to the collectability of its accounts receivable related to base rent, straight-line rent, expense reimbursements and other revenues. Management analyzes accounts receivable by considering tenant creditworthiness, current economic trends, and changes in tenants’ payment patterns when evaluating the adequacy of the allowance for doubtful accounts receivable. The Company also provides an allowance for future credit losses of the deferred straight-line rents receivable. The provision for doubtful accounts at December 31, 2016 and December 31, 2015 was approximately $5.2 million and $4.5 million , respectively. Depreciation and Amortization The Company uses the straight-line method for depreciation and amortization. Buildings are depreciated over the estimated useful lives which the Company estimates to be 39 - 40 years. Property improvements are depreciated over the estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over the estimated useful lives that range from 3 to 10 years. Tenant improvements are amortized over the shorter of the life of the related leases or their useful life. Deferred Leasing and Financing Costs Costs incurred in obtaining tenant leases (principally leasing commissions and acquired lease origination costs) are amortized ratably over the life of the tenant leases. Costs incurred in obtaining long-term financing are amortized ratably over the related debt agreement. The amortization of deferred leasing and financing costs is included in Depreciation and amortization and Interest expense and other finance expenses, respectively, in the Consolidated Statements of Operations. The unamortized balances of deferred leasing costs included in deferred charges in the Consolidated Balance Sheet as of December 31, 2016 that will be charged to future operations are as follows (in thousands): Lease Origination Costs 2017 $ 7,645 2018 6,139 2019 4,773 2020 3,953 2021 3,113 Thereafter 9,130 $ 34,753 The unamortized balances of deferred financing costs associated with the Company’s term loan, unsecured revolving credit facility, Senior Notes Due 2026, Senior Notes Due 2024, Senior Notes Due 2023, and mortgage notes payable included as a direct reduction from the carrying amount of the related debt instrument in the Consolidated Balance Sheet as of December 31, 2016 that will be charged to future operations are as follows (in thousands): Financing Costs 2017 $ 2,116 2018 2,081 2019 683 2020 556 2021 555 Thereafter 1,438 $ 7,429 Internal Capitalized Leasing Costs The Company capitalizes a portion of payroll-related costs related to its leasing personnel associated with new leases and lease renewals. These costs are amortized over the life of the respective leases. During the years ended December 31, 2016 , 2015 and 2014 , the Company capitalized approximately $1.2 million , $1.1 million and $947,000 , respectively, of such payroll-related costs. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and tenant receivables. The Company places its cash and cash equivalents in excess of insured amounts with high quality financial institutions. The Company performs ongoing credit evaluations of its tenants and requires tenants to provide security deposits. Earnings Per Share Basic earnings per share (“EPS”) excludes the impact of dilutive shares and is computed by dividing net income by the weighted average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock and then shared in the earnings of the Company. During the year ended December 31, 2014 , the effect of approximately 41,400,000 warrants to purchase the Company’s common stock (the “Public Warrants”) issued in connection with the Company’s initial public offering (the “IPO”), and the 8,000,000 warrants (the “Private Placement Warrants”) purchased by NRDC Capital Management, LLC simultaneously with the consummation of the IPO, for the time these were outstanding during these periods, were included in the calculation of diluted EPS since the weighted average share price was greater than the exercise price during these periods. No warrants were outstanding during the years ended December 31, 2016 and 2015 . For the years ended December 31, 2016 , 2015 and 2014 , basic EPS was determined by dividing net income allocable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. Net income during the applicable period is also allocated to the time-based unvested restricted stock as these grants are entitled to receive dividends and are therefore considered a participating security. Time-based unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders other than the holders of time-based unvested restricted stock. The performance-based restricted stock grants awarded under the 2009 Plan described in Note 8 are excluded from the basic EPS calculation, as these units are not participating securities until they vest. The following table sets forth the reconciliation between basic and diluted EPS for ROIC (in thousands, except share data): Year Ended December 31, 2016 2015 2014 Numerator: Net income $ 36,430 $ 25,092 $ 21,050 Less income attributable to non-controlling interests (3,676 ) (1,228 ) (749 ) Less earnings allocated to unvested shares (270 ) (229 ) (160 ) Net income available for common stockholders, basic $ 32,484 $ 23,635 $ 20,141 Numerator: Net income $ 36,430 $ 25,092 $ 21,050 Less earnings allocated to unvested shares (270 ) (229 ) (160 ) Net income available for common stockholders, diluted $ 36,160 $ 24,863 $ 20,890 Denominator: Denominator for basic EPS – weighted average common equivalent shares 104,072,222 95,651,780 83,411,230 Warrants — — 631,086 OP units 11,747,509 4,086,724 3,162,658 Restricted stock awards – performance-based 86,996 174,198 162,327 Stock options 133,213 105,079 86,108 Denominator for diluted EPS – weighted average common equivalent shares 116,039,940 100,017,781 87,453,409 Earnings Per Unit The following table sets forth the reconciliation between basic and diluted earnings per unit for the Operating Partnership (in thousands, except unit data): Year Ended December 31, 2016 2015 2014 Numerator: Net income $ 36,430 $ 25,092 $ 21,050 Less earnings allocated to unvested shares (270 ) (229 ) (160 ) Net income available to unitholders, basic and diluted $ 36,160 $ 24,863 $ 20,890 Denominator: Denominator for basic earnings per unit – weighted average common equivalent units 115,819,731 99,738,504 86,573,888 Warrants — — 631,086 Restricted stock awards – performance-based 86,996 174,198 162,327 Stock options 133,213 105,079 86,108 Denominator for diluted earnings per unit – weighted average common equivalent units 116,039,940 100,017,781 87,453,409 Stock-Based Compensation The Company has a stock-based employee compensation plan, which is more fully described in Note 8. The Company accounts for its stock-based compensation plans based on the FASB guidance which requires that compensation expense be recognized based on the fair value of the stock awards less estimated forfeitures. Restricted stock grants vest based upon the completion of a service period (“time-based grants”) and/or the Company meeting certain established market-specific financial performance criteria (“performance-based grants”). Time-based grants are valued according to the market price for the Company’s common stock at the date of grant. For performance-based grants, a Monte Carlo valuation model is used, taking into account the underlying contingency risks associated with the performance criteria. It is the Company’s policy to grant options with an exercise price equal to the quoted closing market price of stoc |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Real Estate Investments | Real Estate Investments The following real estate investment transactions occurred during the years ended December 31, 2016 and 2015 . Property Acquisitions in 2016 Business Combinations Prior to the adoption of ASU 2017-1 on October 1, 2016, the Company accounted for its real estate property acquisitions as business combinations. In each of the following acquisitions, the Company allocated the total consideration for each acquisition to the individual assets and liabilities acquired based on its fair value. All transaction costs incurred in these acquisitions were expensed. On March 10, 2016, the Company acquired a two -property portfolio for an adjusted purchase price of approximately $64.3 million . The first property known as Magnolia Shopping Center, located in Santa Barbara, California, is approximately 116,000 square feet and is anchored by Kroger (Ralph’s) Supermarket. The second property, known as Casitas Plaza Shopping Center, located in Carpinteria, California, within Santa Barbara County, is approximately 97,000 square feet and is anchored by Albertson’s Supermarket and CVS Pharmacy. The acquisitions were funded through the issuance of 2,434,833 OP Units with a fair value of approximately $46.1 million , the assumption of $9.3 million and $7.6 million in mortgage loans on Magnolia Shopping Center and Casitas Plaza Shopping Center, respectively, and available cash from operations. On April 28, 2016, the Company acquired the property known as Bouquet Center located in Santa Clarita, California, within the Los Angeles metropolitan area, for a purchase price of approximately $59.0 million . Bouquet Center is approximately 149,000 square feet and is anchored by Safeway (Vons) Supermarket, CVS Pharmacy and Ross Dress For Less. The property was acquired with borrowings under the Company’s unsecured revolving credit facility, proceeds from the ATM program and available cash from operations. On June 1, 2016, the Company acquired the property known as North Ranch Shopping Center located in Westlake Village, California, within the Los Angeles metropolitan area, for a purchase price of approximately $122.8 million . North Ranch Shopping Center is approximately 147,000 square feet and is anchored by Kroger (Ralph’s) Supermarket, Trader Joe’s, Rite Aid Pharmacy and Petco. The property was acquired with borrowings under the Company’s unsecured revolving credit facility, proceeds from the ATM program and available cash from operations. On July 14, 2016, the Company acquired the property known as Monterey Center, located in downtown Monterey, California, for a purchase price of approximately $12.1 million . Monterey Center is approximately 26,000 square feet and is anchored by Trader Joe’s and Pharmaca Pharmacy. The property was acquired with available cash from operations. On September 15, 2016, the Company acquired the property known as Rose City Center located in Portland, Oregon, for a purchase price of approximately $12.8 million . Rose City Center is approximately 61,000 square feet and is anchored by Safeway Supermarket. The property was acquired with borrowings under the Company’s unsecured revolving credit facility and available cash from operations. Asset Acquisitions Subsequent to the adoption of ASU 2017-1, the Company evaluated its real estate property acquisitions under the new framework for determining whether a real estate property acquisition meets the definition of a business. The Company evaluated each of the following acquisitions and determined that substantially all of the fair value related to each acquisition was concentrated in a single identifiable asset. In each of these acquisitions, the Company allocated the total consideration for each acquisition to the individual assets and liabilities acquired on a relative fair value basis. All transaction costs incurred in these acquisitions were capitalized. On October 3, 2016, the Company acquired the property known as Trader Joe’s at the Knolls, located in Long Beach, California, within the Los Angeles metropolitan area, for a purchase price of approximately $29.1 million . Trader Joe’s at the Knolls is approximately 52,000 square feet and is anchored by Trader Joe’s. The property was acquired with borrowings under the Company’s unsecured revolving credit facility. On October 17, 2016, the Company acquired the property known as Bridle Trails Shopping Center, located in Kirkland, Washington, within the Seattle metropolitan area, for a purchase price of approximately $32.8 million . Bridle Trails Shopping Center is approximately 104,000 square feet and is anchored by Unified (Red Apple) Supermarket and Bartell Drugs. The property was acquired with borrowings under the Company’s unsecured revolving credit facility. On December 6, 2016, the Company acquired the property known as Torrey Hills Corporate Center, located in San Diego, California, for a purchase price of approximately $9.9 million . Torrey Hills Corporate Center is a 24,000 square foot office building and will be the Company’s new corporate headquarters in 2017. The property was acquired with borrowings under the Company’s unsecured revolving credit facility. Property Acquisitions in 2015 Business Combinations During the year ended December 31, 2015 , the Company acquired 12 properties throughout the west coast with a total of approximately 1.3 million square feet for a net adjusted purchase price of approximately $483.0 million Any reference to square footage or occupancy is unaudited and outside the scope of our independent registered public accounting firm’s audit of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. The financial information set forth below summarizes the Company’s purchase price allocation for the properties acquired during the years ended December 31, 2016 and 2015 (in thousands). December 31, 2016 December 31, 2015 Assets Land $ 92,518 $ 123,176 Building and improvements 262,571 362,147 Acquired lease intangible asset 19,321 26,507 Deferred charges 6,830 8,612 Assets acquired $ 381,240 $ 520,442 Liabilities Mortgage notes assumed $ 17,618 $ — Acquired lease intangible liability 32,615 37,480 Liabilities assumed $ 50,233 $ 37,480 Pro Forma Financial Information The pro forma financial information is based upon the Company’s historical consolidated statements of operations for the years ended December 31, 2016 and 2015 , adjusted to give effect to the above completed business combination transactions as if they occurred on January 1, 2015. The pro forma financial information set forth below is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred as if they occurred on January 1 of each year, nor does it purport to represent the results of future operations. The below pro forma financial information does not include asset acquisitions that occurred during the three months ended December 31, 2016 (in thousands). Year Ended December 31, 2016 2015 Statement of operations: Revenues $ 245,116 $ 235,199 Net income attributable to Retail Opportunity Investments Corp. $ 33,169 $ 26,763 The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2016 for the properties acquired during the year ended December 31, 2016 (in thousands). Year Ended December 31, 2016 Statement of operations: Revenues $ 15,230 Net income attributable to Retail Opportunity Investments Corp. $ 2,513 The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2015 for the properties acquired during the year ended December 31, 2015 (in thousands). Year Ended December 31, 2015 Statement of operations: Revenues $ 12,706 Net income attributable to Retail Opportunity Investments Corp. $ 2,849 Property Dispositions On June 5, 2014, the Company sold Phillips Village Shopping Center, a non-core shopping center located in Pomona, California with an occupancy rate of approximately 10.4% as of May 31, 2014. The sales price of this property of approximately $16.0 million , less costs to sell, resulted in net proceeds to the Company of approximately $15.6 million . Accordingly, the Company recorded a gain on sale of approximately $3.3 million for the year ended December 31, 2014 related to this property. On August 25, 2014, the Company sold the Oregon City Point Shopping Center, a non-core shopping center located in Oregon City, Oregon. The sales price of this property of approximately $12.4 million , less costs to sell, resulted in net proceeds of approximately $12.0 million . Accordingly, the Company recorded a gain on sale of approximately $1.6 million for year ended December 31, 2014 related to this property. The Company did not have any property dispositions during the years ended December 31, 2016 and 2015. |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Lease Intangibles | Acquired Lease Intangibles Intangible assets and liabilities as of December 31, 2016 and 2015 consisted of the following (in thousands): December 31, 2016 December 31, 2015 Assets: In-place leases $ 93,952 $ 79,996 Accumulated amortization (33,034 ) (28,535 ) Above-market leases 30,251 25,575 Accumulated amortization (11,964 ) (10,094 ) Acquired lease intangible assets, net $ 79,205 $ 66,942 Liabilities: Below-market leases $ 190,321 $ 155,169 Accumulated amortization (35,363 ) (30,308 ) Acquired lease intangible liabilities, net $ 154,958 $ 124,861 For the years ended December 31, 2016 , 2015 and 2014 , the net amortization of acquired lease intangible assets and acquired lease intangible liabilities for above and below market leases was $13.8 million , $9.9 million and $6.9 million , respectively, which amounts are included in base rents in the accompanying consolidated statements of operations and comprehensive income. For the years ended December 31, 2016 , 2015 and 2014 , the net amortization of in-place leases was $15.6 million , $13.2 million and $12.5 million , respectively, which amounts are included in depreciation and amortization in the accompanying consolidated statements of operations and comprehensive income. The scheduled future amortization of acquired lease intangible assets as of December 31, 2016 is as follows (in thousands): Year Ending December 31: 2017 $ 15,068 2018 11,406 2019 7,557 2020 6,083 2021 4,988 Thereafter 34,103 Total future amortization of acquired lease intangible assets $ 79,205 The scheduled future amortization of acquired lease intangible liabilities as of December 31, 2016 is as follows (in thousands): Year Ending December 31: 2017 $ 14,269 2018 13,375 2019 12,714 2020 11,546 2021 10,416 Thereafter 92,638 Total future amortization of acquired lease intangible liabilities $ 154,958 |
Tenant Leases
Tenant Leases | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Tenant Leases | Tenant Leases Space in the Company’s shopping centers is leased to various tenants under operating leases that usually grant tenants renewal options and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volume. Future minimum rents to be received under non-cancellable leases as of December 31, 2016 are summarized as follows (in thousands): Year Ending December 31: 2017 $ 166,181 2018 146,496 2019 125,052 2020 105,841 2021 85,752 Thereafter 376,228 Total minimum lease payments $ 1,005,550 |
Mortgage Notes Payable, Credit
Mortgage Notes Payable, Credit Facilities and Senior Notes | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Credit Facilities and Senior Notes | Mortgage Notes Payable, Credit Facility and Senior Notes ROIC does not hold any indebtedness. All debt is held directly or indirectly by the Operating Partnership; however, ROIC has guaranteed the Operating Partnership’s term loan, unsecured revolving credit facility, carve-out guarantees on property-level debt, the Senior Notes Due 2026, the Senior Notes Due 2024 and the Senior Notes Due 2023. In April 2015, the FASB issued ASU No. 2015-3, which requires reporting entities to present debt issuance costs related to a note as a direct deduction from the face amount of that note presented in the balance sheet. Effective January 1, 2016, the Company adopted the provisions of ASU 2015-3 and retrospectively applied the guidance to its debt obligations for all periods presented. The unamortized deferred financing costs were previously included in deferred charges, net on the Company’s consolidated Balance Sheets. Mortgage Notes Payable On March 10, 2016, in connection with the acquisitions of Magnolia Shopping Center and Casitas Plaza Shopping Center, the Company assumed two existing mortgage loans with outstanding principal balances of approximately $9.3 million and $7.6 million , respectively. On April 1, 2016, the Company repaid in full the Gateway Village III mortgage note related to Gateway Shopping Center for a total of approximately $7.1 million , without penalty, in accordance with the prepayment provisions of the note. The mortgage notes payable collateralized by respective properties and assignment of leases at December 31, 2016 and December 31, 2015 , respectively, were as follows (in thousands, except interest rates): Property Maturity Date Interest Rate December 31, 2016 December 31, 2015 Gateway Village III July 2016 6.10 % $ — $ 7,166 Bernardo Heights Plaza July 2017 5.70 % 8,216 8,404 Santa Teresa Village February 2018 6.20 % 10,383 10,613 Magnolia Shopping Center October 2018 5.50 % 9,135 — Casitas Plaza Shopping Center June 2022 5.32 % 7,449 — Diamond Hills Plaza October 2025 3.55 % 35,500 35,500 $ 70,683 $ 61,683 Mortgage premiums 1,037 922 Net unamortized deferred financing costs (417 ) (449 ) Total mortgage notes payable $ 71,303 $ 62,156 The combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands): Principal Repayments Scheduled Amortization Mortgage Premium Total 2017 $ 8,099 $ 689 $ 592 $ 9,380 2018 18,900 336 204 19,440 2019 — 157 70 227 2020 — 166 70 236 2021 — 282 70 352 Thereafter 39,372 2,682 31 42,085 Total $ 66,371 $ 4,312 $ 1,037 $ 71,720 Term Loan and Credit Facility The carrying values of the Company’s term loan (the “term loan”) were as follows (in thousands): December 31, 2016 December 31, 2015 Term loan $ 300,000 $ 300,000 Net unamortized deferred financing costs (809 ) (1,198 ) Term loan: $ 299,191 $ 298,802 On September 29, 2015, the Company entered into a term loan agreement (the “Term Loan Agreement”) with KeyBank National Association, as Administrative Agent, and U.S. Bank National Association, as Syndication Agent and the other lenders party thereto, under which the lenders agreed to provide a $300.0 million unsecured term loan facility. The Term Loan Agreement also provides that the Company may from time to time request increased aggregate commitments of $200.0 million under certain conditions set forth in the Term Loan Agreement, including the consent of the lenders for the additional commitments. The initial maturity date of the term loan is January 31, 2019 , subject to two one-year extension options, which may be exercised upon satisfaction of certain conditions including the payment of extension fees. Borrowings under the Term Loan Agreement accrue interest on the outstanding principal amount at a rate equal to an applicable rate based on the credit rating level of the Company, plus, as applicable, (i) a LIBOR rate determined by reference to the cost of funds for U.S. dollar deposits for the relevant period (the “Eurodollar Rate”), or (ii) a base rate determined by reference to the highest of (a) the federal funds rate plus 0.50% , (b) the rate of interest announced by the Administrative Agent as its “prime rate,” and (c) the Eurodollar Rate plus 1.10% . The carrying values of the Company’s unsecured revolving credit facility were as follows (in thousands): December 31, 2016 December 31, 2015 Credit facility $ 98,000 $ 135,500 Net unamortized deferred financing costs (2,346 ) (3,472 ) Credit facility: $ 95,654 $ 132,028 The Operating Partnership has an unsecured revolving credit facility with several banks which provides for borrowings of up to $500.0 million . Additionally, the credit facility contains an accordion feature, which allows the Operating Partnership to increase the facility amount up to an aggregate of $1.0 billion , subject to lender consents and other conditions. The maturity date of the credit facility is January 31, 2019 , subject to a further one-year extension option, which may be exercised by the Operating Partnership upon satisfaction of certain conditions. Borrowings under the credit facility accrue interest on the outstanding principal amount at a rate equal to an applicable rate based on the credit rating level of the Company, plus, as applicable, (i) the Eurodollar Rate, or (ii) a base rate determined by reference to the highest of (a) the federal funds rate plus 0.50% , (b) the rate of interest announced by KeyBank, National Association as its “prime rate,” and (c) the Eurodollar Rate plus 1.00% . Additionally, the Operating Partnership is obligated to pay a facility fee at a rate based on the credit rating level of the Company, currently 0.20% , and a fronting fee at a rate of 0.125% per year with respect to each letter of credit issued under the credit facility. The Company has investment grade credit ratings from Moody’s Investors Service (Baa2) and Standard & Poor’s Ratings Services (BBB-). Both the term loan and credit facility contain customary representations, financial and other covenants. The Operating Partnership’s ability to borrow under the term loan and credit facility are subject to its compliance with financial covenants and other restrictions on an ongoing basis. The Operating Partnership was in compliance with such covenants at December 31, 2016 . As of December 31, 2016 , $300.0 million and $98.0 million were outstanding under the term loan and credit facility, respectively. The average interest rates on the term loan and the credit facility during the year ended December 31, 2016 were 1.6% and 1.5% , respectively. The Company had no available borrowings under the term loan at December 31, 2016 . The Company had $402.0 million available to borrow under the credit facility at December 31, 2016 . Senior Notes Due 2026 The carrying value of the Company’s Senior Notes Due 2026 is as follows (in thousands): December 31, 2016 December 31, 2015 Principal amount $ 200,000 $ — Net unamortized deferred financing costs (273 ) — Senior Notes Due 2026: $ 199,727 $ — On July 26, 2016, the Operating Partnership entered into a Note Purchase Agreement, as amended, which provided for the issuance of $200.0 million principal amount of 3.95% Senior Notes Due 2026 (the “Senior Notes Due 2026”) in a private placement effective September 22, 2016. The Senior Notes Due 2026 pay interest on March 22 and September 22 of each year, commencing on March 22, 2017, and mature on September 22, 2026, unless prepaid earlier by the Operating Partnership. The Operating Partnership’s performance of the obligations under the Note Purchase Agreement, including the payment of any outstanding indebtedness thereunder, are guaranteed, jointly and severally, by ROIC. The net proceeds were used to reduce borrowings under the credit facility. The interest expense recognized on the Senior Notes Due 2026 during the year ended December 31, 2016 included approximately $2.2 million for the contractual coupon interest. In connection with the issuance of the Senior Notes Due 2026, the Company incurred approximately $280,000 of deferred financing costs which are being amortized over the term of the Senior Notes Due 2026. Senior Notes Due 2024 The carrying value of the Company’s Senior Notes Due 2024 is as follows (in thousands): December 31, 2016 December 31, 2015 Principal amount $ 250,000 $ 250,000 Unamortized debt discount (2,891 ) (3,191 ) Net unamortized deferred financing costs (1,755 ) (1,976 ) Senior Notes Due 2024: $ 245,354 $ 244,833 On December 3, 2014, the Operating Partnership completed a registered underwritten public offering of $250.0 million aggregate principal amount of 4.000% Senior Notes due 2024 (the “Senior Notes Due 2024”), fully and unconditionally guaranteed by ROIC. The Senior Notes Due 2024 pay interest semi-annually on June 15 and December 15, commencing on June 15, 2015, and mature on December 15, 2024 , unless redeemed earlier by the Operating Partnership. The Senior Notes Due 2024 are the Operating Partnership’s senior unsecured obligations that rank equally in right of payment with the Operating Partnership’s other unsecured indebtedness, and effectively junior to (i) all of the indebtedness and other liabilities, whether secured or unsecured, and any preferred equity of the Operating Partnership’s subsidiaries, and (ii) all of the Operating Partnership’s indebtedness that is secured by its assets, to the extent of the value of the collateral securing such indebtedness outstanding. ROIC fully and unconditionally guaranteed the Operating Partnership’s obligations under the Senior Notes Due 2024 on a senior unsecured basis, including the due and punctual payment of principal of, and premium, if any, and interest on, the notes, whether at stated maturity, upon acceleration, notice of redemption or otherwise. The guarantee is a senior unsecured obligation of ROIC and ranks equally in right of payment with all other senior unsecured indebtedness of ROIC. ROIC’s guarantee of the Senior Notes Due 2024 is effectively subordinated in right of payment to all liabilities, whether secured or unsecured, and any preferred equity of its subsidiaries (including the Operating Partnership and any entity ROIC accounts for under the equity method of accounting). The interest expense recognized on the Senior Notes Due 2024 during the year ended December 31, 2016 includes $10.0 million and approximately $300,000 for the contractual coupon interest and the accretion of the debt discount, respectively. The interest expense recognized on the Senior Notes Due 2024 during the year ended December 31, 2015 includes $10.0 million and approximately $288,000 for the contractual coupon interest and the accretion of the debt discount, respectively. In connection with the Senior Notes Due 2024 offering, the Company incurred approximately $2.2 million of deferred financing costs which are being amortized over the term of the Senior Notes Due 2024. Senior Notes Due 2023 The carrying value of the Company’s Senior Notes Due 2023 is as follows (in thousands): December 31, 2016 December 31, 2015 Principal amount $ 250,000 $ 250,000 Unamortized debt discount (3,119 ) (3,482 ) Net unamortized deferred financing costs (1,830 ) (2,092 ) Senior Notes Due 2023: $ 245,051 $ 244,426 On December 9, 2013, the Operating Partnership completed a registered underwritten public offering of $250.0 million aggregate principal amount of 5.000% Senior Notes due 2023 (the “Senior Notes Due 2023”), fully and unconditionally guaranteed by ROIC. The Senior Notes Due 2023 pay interest semi-annually on June 15 and December 15, commencing on June 15, 2014, and mature on December 15, 2023 , unless redeemed earlier by the Operating Partnership. The Senior Notes Due 2023 are the Operating Partnership’s senior unsecured obligations that rank equally in right of payment with the Operating Partnership’s other unsecured indebtedness, and effectively junior to (i) all of the indebtedness and other liabilities, whether secured or unsecured, and any preferred equity of the Operating Partnership’s subsidiaries, and (ii) all of the Operating Partnership’s indebtedness that is secured by its assets, to the extent of the value of the collateral securing such indebtedness outstanding. ROIC fully and unconditionally guaranteed the Operating Partnership’s obligations under the Senior Notes Due 2023 on a senior unsecured basis, including the due and punctual payment of principal of, and premium, if any, and interest on, the notes, whether at stated maturity, upon acceleration, notice of redemption or otherwise. The guarantee is a senior unsecured obligation of ROIC and will rank equally in right of payment with all other senior unsecured indebtedness of ROIC. ROIC’s guarantee of the Senior Notes Due 2023 is effectively subordinated in right of payment to all liabilities, whether secured or unsecured, and any preferred equity of its subsidiaries (including the Operating Partnership and any entity ROIC accounts for under the equity method of accounting). The interest expense recognized on the Senior Notes Due 2023 during the year ended December 31, 2016 includes approximately $12.5 million and approximately $363,000 for the contractual coupon interest and the accretion of the debt discount, respectively. The interest expense recognized on the Senior Notes Due 2023 during the year ended December 31, 2015 includes approximately $12.5 million and approximately $344,000 for the contractual coupon interest and the accretion of the debt discount, respectively. In connection with the Senior Notes Due 2023 offering, the Company incurred approximately $2.6 million of deferred financing costs which are being amortized over the term of the Senior Notes Due 2023. |
Preferred Stock of ROIC
Preferred Stock of ROIC | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Preferred Stock of ROIC | Preferred Stock of ROIC The Company is authorized to issue 50,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the board of directors. As of December 31, 2016 and 2015 , there were no shares of preferred stock outstanding. |
Common Stock and Warrants of RO
Common Stock and Warrants of ROIC | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Common Stock and Warrants of ROIC | Common Stock and Warrants of ROIC Equity Issuance On July 12, 2016, ROIC issued 6,555,000 shares of common stock in a registered public offering, including shares issued upon the exercise in full of the underwriters’ option to purchase additional shares, resulting in net proceeds of approximately $133.0 million , after deducting the underwriters’ discounts and commissions and offering expenses. The net proceeds were used to reduce borrowings under the Operating Partnership’s $500.0 million unsecured revolving credit facility. On August 10, 2015, ROIC issued 5,520,000 shares of common stock in a registered public offering, including shares issued upon the exercise in full of the underwriters’ option to purchase additional shares, resulting in net proceeds of approximately $87.4 million , after deducting the underwriters’ discounts and commissions and offering expenses. The net proceeds were used to reduce borrowings under the Operating Partnership’s $500.0 million unsecured revolving credit facility. ATM On September 19, 2014, ROIC entered into four separate Sales Agreements (the “Original Sales Agreements”) with each of Jefferies LLC, KeyBanc Capital Markets Inc., MLV & Co. LLC and Raymond James & Associates, Inc. (each individually, an “Original Agent” and collectively, the “Original Agents”) pursuant to which ROIC may sell, from time to time, shares of ROIC’s common stock, par value $0.0001 per share, having an aggregate offering price of up to $100.0 million through the Original Agents either as agents or principals. On May 23, 2016, ROIC entered into two additional sales agreements (the “Additional Sales Agreements”, and together with the Original Sales Agreements, the “Sales Agreements”) with each of Canaccord Genuity Inc. and Robert W. Baird & Co. Incorporated (the “Additional Agents”, and together with the Original Agents, the “Agents”) pursuant to which the Company may sell shares of ROIC’s common stock through the Additional Agents either as agents or principals. In addition, on May 19, 2016, the Company terminated the Original Sales Agreement with MLV & Co. LLC. During the year ended December 31, 2016 , ROIC sold a total of 2,202,254 shares of common stock under the Sales Agreements, which resulted in gross proceeds of approximately $45.6 million and commissions of approximately $584,000 paid to the Agents. During the year ended December 31, 2015 , ROIC sold a total of 544,567 shares under the Sales Agreements, which resulted in gross proceeds of approximately $9.9 million and commissions of approximately $149,000 paid to the Agents. Warrants Simultaneously with the consummation of the IPO, NRDC Capital Management, LLC purchased 8,000,000 Private Placement Warrants at a purchase price of $1.00 per warrant. The Private Placement Warrants were identical to the Public Warrants except that the Private Placement Warrants were exercisable on a cashless basis as long as they were still held by NRDC Capital Management, LLC or its members, members of its members’ immediate family or their controlled affiliates. The purchase price of the Private Placement Warrants approximated the fair value of such warrants at the purchase date. On February 4, 2013, NRDC exercised the outstanding 8,000,000 Private Placement Warrants on a cashless basis pursuant to which ROIC issued 688,500 shares to NRDC. ROIC had the right to redeem all of the outstanding warrants it issued in the IPO, at a price of $0.01 per warrant upon 30 days’ notice while the warrants were exercisable, only in the event that the last sale price of the common stock is at least a specified price. The terms of the warrants were as follows: • The exercise price of the warrants was $12.00 . • The price at which ROIC’s common stock must trade before ROIC was able to redeem the warrants it issued in the IPO was $18.75 . • To provide that a warrantholder’s ability to exercise warrants was limited to ensure that such holder’s “Beneficial Ownership” or “Constructive Ownership,” each as defined in ROIC’s charter, did not exceed the restrictions contained in the charter limiting the ownership of shares of ROIC’s common stock. ROIC had reserved 53,400,000 shares for the exercise of the Public Warrants and the Private Placement Warrants, and issuance of shares under ROIC’s 2009 Equity Incentive Plan (the “2009 Plan”). During the year ended December 31, 2014, the third-party warrant holders exercised a total of 5,878,216 Public Warrants, resulting in approximately $70.5 million of proceeds. On October 23, 2014, ROIC’s remaining outstanding warrants expired and 64,452 warrants expired unexercised. Stock Repurchase Program On July 31, 2013, ROIC’s board of directors authorized a stock repurchase program to repurchase up to a maximum of $50.0 million of the Company’s common stock. Through the year ended December 31, 2016 , the Company has not repurchased any shares of common stock under this program. |
Stock Compensation and Other Be
Stock Compensation and Other Benefit Plans for ROIC | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation and Other Benefit Plans for ROIC | Stock Compensation and Other Benefit Plans for ROIC The Company follows the FASB guidance related to stock compensation which establishes financial accounting and reporting standards for stock-based employee compensation plans, including all arrangements by which employees receive shares of stock or other equity instruments of the employer, or the employer incurs liabilities to employees in amounts based on the price of the employer’s stock. The guidance also defines a fair value-based method of accounting for an employee stock option or similar equity instrument. During 2009, the Company adopted the 2009 Plan. The 2009 Plan provides for grants of restricted common stock and stock option awards up to an aggregate of 7.5% of the issued and outstanding shares of the Company’s common stock at the time of the award, subject to a ceiling of 4,000,000 shares. Restricted Stock During the year ended December 31, 2016 , ROIC awarded 350,614 shares of restricted common stock under the 2009 Plan, of which 121,150 shares are performance-based grants and the remainder of the shares are time based grants. The performance-based grants vest based on pre-defined market-specific performance criteria with a vesting date on January 1, 2019. A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2016 , and changes during the year ended December 31, 2016 are presented below: Shares Weighted Average Non-vested at December 31, 2015 627,471 $ 14.39 Granted 350,614 $ 17.33 Vested (310,295 ) $ 13.99 Forfeited (7,332 ) $ 17.62 Non-vested at December 31, 2016 660,458 $ 16.10 As of December 31, 2016 , there remained a total of $5.0 million of unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded under the 2009 Plan. Restricted stock compensation is expected to be expensed over a remaining weighted average period of 1.7 years (irrespective of achievement of the performance conditions). The total fair value of restricted stock that vested during the years ended December 31, 2016 , 2015 and 2014 was $5.6 million , $4.6 million and $2.9 million , respectively. Stock Based Compensation Expense For the years ended December 31, 2016 , 2015 and 2014 , the amounts charged to expense for all stock based compensation totaled approximately $4.9 million , $4.7 million and $3.7 million , respectively. Profit Sharing and Savings Plan During 2011, the Company established a profit sharing and savings plan (the “401K Plan”), which permits eligible employees to defer a portion of their compensation in accordance with the Code. Under the 401K Plan, the Company made matching contributions on behalf of eligible employees. The Company made contributions to the 401K Plan of approximately $76,000 , $31,000 and $25,000 for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Capital of the Operating Partne
Capital of the Operating Partnership | 12 Months Ended |
Dec. 31, 2016 | |
Partners' Capital Notes [Abstract] | |
Capital of the Operating Partnership | Capital of the Operating Partnership As of December 31, 2016 , the Operating Partnership had 120,969,823 OP Units outstanding. ROIC owned an approximate 90.3% interest in the Operating Partnership at December 31, 2016 , or 109,301,762 OP Units. The remaining 11,668,061 OP Units are owned by other limited partners. A share of ROIC’s common stock and the OP Units have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. As of December 31, 2016 , subject to certain exceptions, holders are able to redeem their OP Units, at the option of ROIC, for cash or for unregistered shares of ROIC common stock on a one-for-one basis. If cash is paid in the redemption, the redemption price is equal to the average closing price on the NASDAQ Stock Market for shares of ROIC’s common stock over the ten consecutive trading days immediately preceding the date a redemption notice is received by ROIC. During the year ended December 31, 2015, in connection with the acquisition of Bellevue Marketplace, the property formerly known as Sternco Shopping Center, the Operating Partnership issued 1,946,483 OP Units whereby the Operating Partnership was required to deliver cash in exchange for the OP Units upon redemption if such OP Units were redeemed on or before January 31, 2016 (“Redeemable OP Units”). These Redeemable OP Units were previously classified as mezzanine equity as of December 31, 2015 because, as of such date, ROIC could be required to deliver cash upon the redemption of such OP Units. During the year ended December 31, 2016 , the Company received notices of redemption for 1,828,825 Redeemable OP Units. The Company redeemed the OP Units in cash at a price of $17.30 , in accordance with the Third Amendment to the Second Amended and Restated Agreement of Limited Partnership, as amended, of the Operating Partnership, and accordingly, a total of approximately $31.6 million was paid to the holders of the respective Redeemable OP Units. The remaining 117,658 Redeemable OP Units are treated as permanent equity as ROIC now has the option, in its sole discretion, to settle the redemption of the OP Units in cash or unregistered shares of ROIC common stock. During the year ended December 31, 2016 , ROIC received notices of redemption for a total of 1,133,550 OP Units (excluding Redeemable OP Units, described above). ROIC elected to redeem 755,762 OP Units for shares of ROIC common stock on a one-for-one basis, and accordingly, 755,762 shares of ROIC common stock were issued. ROIC elected to redeem the remaining 377,788 OP Units in cash. The redemption value of the OP Units owned by the limited partners as of December 31, 2016 , not including ROIC, had such units been redeemed at December 31, 2016 , was approximately $242.2 million , calculated based on the average closing price on the NASDAQ Stock Market of ROIC common stock for the ten consecutive trading days immediately preceding December 31, 2016 , which amounted to $20.76 per share. Retail Opportunity Investments GP, LLC, ROIC’s wholly-owned subsidiary, is the sole general partner of the Operating Partnership, and as the parent company, ROIC has the full and complete authority over the Operating Partnership’s day-to-day management and control. As the sole general partner of the Operating Partnership, ROIC effectively controls the ability to issue common stock of ROIC upon redemption of any OP Units. The redemption provisions that permit ROIC to settle the redemption of OP Units in either cash or common stock, in the sole discretion of ROIC, are further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Company evaluated this guidance, including the ability, in its sole discretion, to settle in unregistered shares of common stock, and determined that the OP Units meet the requirements to qualify for presentation as permanent equity. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows the FASB guidance that defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The guidance applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances. The guidance emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following disclosures of estimated fair value were determined by management, using available market information and appropriate valuation methodologies as discussed in Note 1. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts realizable upon disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. The carrying values of cash and cash equivalents, restricted cash, tenant and other receivables, deposits, prepaid expenses, other assets, accounts payable and accrued expenses are reasonable estimates of their fair values because of the short-term nature of these instruments. The carrying values of the term loan and revolving credit facility are deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. The fair value of the outstanding Senior Notes Due 2026 at December 31, 2016 is approximately $191.2 million , calculated using significant inputs which are not observable in the market. The fair value, based on inputs not quoted on active markets, but corroborated by market data, or Level 2, of the outstanding Senior Notes Due 2024 at December 31, 2016 is approximately $238.8 million . The fair value, based on inputs not quoted on active markets, but corroborated by market data, or Level 2, of the outstanding Senior Notes Due 2023 at December 31, 2016 is approximately $255.3 million . Assumed mortgage notes payable were recorded at their fair value at the time they were assumed and are estimated to have a fair value of approximately $35.9 million with an interest rate range of 3.6% to 4.7% and a weighted average interest rate of 3.9% as of December 31, 2016 . Mortgage notes payable originated by the Company are estimated to have a fair value of approximately $32.6 million with an interest rate of 4.7% as of December 31, 2016 . These fair value measurements fall within level 3 of the fair value hierarchy. |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivative and Hedging Activities The Company’s objectives in using interest rate derivatives historically were to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company used interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The following is a summary of the terms of the Company’s interest rate swaps as of December 31, 2016 (in thousands): 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 The effective portion of changes in the fair value of derivatives that are designated as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves, and implied volatilities. The fair value of interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporated credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contract for the effect of non-performance risk, the Company considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company and its counterparties. However, as of December 31, 2016 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative position and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy. The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands). 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, 2016: Assets Derivative financial instruments $ — $ 875 $ — $ 875 Amounts paid, or received, to cash settle interest rate derivatives prior to their maturity date are recorded in AOCI at the cash settlement amount, and will be reclassified to interest expense as interest expense is recognized on the hedged debt. During the next twelve months, the Company estimates that $2.0 million will be reclassified as an increase to interest expense related to the Company’s two outstanding swap arrangements and it’s previously cash-settled swap arrangements. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of December 31, 2016 and 2015 , respectively (in thousands): Derivatives designed as hedging instruments Balance sheet location December 31, 2016 Fair Value December 31, 2015 Fair Value Interest rate products Other assets $ 875 $ — Derivatives in Cash Flow Hedging Relationships The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2016 , 2015 , and 2014 , respectively (in thousands). Amounts reclassified from other comprehensive income (“OCI”) due to ineffectiveness are recognized as interest expense. Year Ended December 31, 2016 2015 2014 Amount of gain (loss) recognized in OCI on derivatives $ 541 $ — $ (3,132 ) Amount of loss reclassified from accumulated OCI into interest $ 2,473 $ 2,139 $ 3,219 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies In the normal course of business, from time to time, the Company is involved in legal actions relating to the ownership and operations of its properties. In management’s opinion, the liabilities, if any, that ultimately may result from such legal actions are not expected to have a material adverse effect on the consolidated financial position, results of operations or liquidity of the Company. The Company has signed several ground leases for certain properties. For financial reporting purposes, rent expense is recognized on a straight-line basis over the term of the lease. Accordingly, rent expense recognized in excess of rent paid is reflected as a liability in the accompanying consolidated balance sheets. Rent expense, for both ground leases and corporate office storage space, was approximately $831,000 , $1.2 million , and $1.2 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. The following table represents the Company’s future minimum annual lease payments under operating leases as of December 31, 2016 (in thousands): Operating Leases 2017 $ 1,222 2018 1,260 2019 1,265 2020 1,273 2021 1,282 Thereafter 36,651 Total minimum lease payments $ 42,953 Tax Protection Agreements In connection with the acquisition of the remaining 51% of the partnership interests in the Terranomics Crossroads Associates, LP and the acquisition of 100% of the equity interest in SARM Five Points Plaza LLC in September 2013, the Company entered into Tax Protection Agreements with certain limited partners of the Operating Partnership. The Tax Protection Agreements require the Company, subject to certain exceptions, for a period of 12 years, to indemnify the respective sellers receiving OP Units against certain tax liabilities incurred by them, as calculated pursuant to the respective Tax Protection Agreements. If the Company were to trigger the tax protection provisions under these agreements, the Company would be required to pay damages in the amount of the taxes owed by these limited partners (plus additional damages in the amount of the taxes incurred as a result of such payment). In connection with the acquisition of Wilsonville Town Center in December 2014, Iron Horse Plaza, Bellevue Marketplace and Warner Plaza in December 2015, and Magnolia Shopping Center and Casitas Plaza Shopping Center in March 2016 (more fully discussed in Footnote 2), the Company entered into Tax Protection Agreements with certain limited partners of the Operating Partnership. The Tax Protection Agreements require the Company, subject to certain exceptions, for a period of 10 years, to indemnify the respective sellers receiving OP Units against certain tax liabilities incurred by them, as calculated pursuant to the respective Tax Protection Agreements. If the Company were to trigger the tax protection provisions under these agreements, the Company would be required to pay damages in the amount of the taxes owed by these limited partners (plus additional damages in the amount of the taxes incurred as a result of such payment). |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company has entered into several lease agreements with an officer of the Company, whereby pursuant to the lease agreements, the Company is provided the use of storage space. For the years ended December 31, 2016 , 2015 , and 2014 , the Company incurred approximately $46,000 , $42,000 and $37,000 , respectively, of expenses relating to the agreements which were included in general and administrative expenses in the accompanying consolidated statements of operations and other comprehensive income. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) The unaudited quarterly results of operations for the years ended December 31, 2016 and 2015 for ROIC are as follows (in thousands, except share data): 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, 2015 March 31 June 30 September 30 December 31 Total revenues $ 45,122 $ 46,215 $ 50,077 $ 51,285 Net income $ 4,376 $ 5,411 $ 7,837 $ 7,468 Net income attributable to ROIC $ 4,200 $ 5,201 $ 7,542 $ 6,921 Basic and diluted income per share $ 0.04 $ 0.05 $ 0.08 $ 0.07 The unaudited quarterly results of operations for the years ended December 31, 2016 and 2015 for the Operating Partnership are as follows (in thousands, except unit data): 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 Year Ended December 31, 2015 March 31 June 30 September 30 December 31 Total revenues $ 45,122 $ 46,215 $ 50,077 $ 51,285 Net income attributable to the Operating Partnership $ 4,376 $ 5,411 $ 7,837 $ 7,468 Basic and diluted income per unit $ 0.04 $ 0.05 $ 0.08 $ 0.07 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events During the month ended January 31, 2017, the Company received notices of redemption for a total of 105,000 OP Units. ROIC elected to redeem the OP Units for shares of ROIC common stock on a 1 -for-one basis, and accordingly, 105,000 shares of ROIC common stock were issued. On January 25, 2017, the Company acquired the property known as PCC Natural Markets Plaza in Edmonds, Washington within the Seattle metropolitan area, for a purchase price of approximately $8.6 million . PCC Natural Markets Plaza is approximately 34,000 square feet and is anchored by PCC Natural Markets. The property was acquired with available cash from operations. On February 22, 2017, the Company’s board of directors declared a cash dividend on its common stock of $0.1875 per share, payable on March 30, 2017 to holders of record on March 16, 2017. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2016 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition Amount at Which Carried at Close of Period Description and Location Encumbrances Land Building & Land Building & Land Building & (a) Accumulated Depreciation (b) (1) Date of Acquisition Paramount Plaza, CA $ — $ 6,347 $ 10,274 $ 268 $ 1,396 $ 6,615 $ 11,670 $ 18,285 $ 2,497 12/22/2009 Santa Ana Downtown Plaza, CA — 7,895 9,890 — 2,019 7,895 11,909 19,804 2,392 1/26/2010 Meridian Valley Plaza, WA — 1,881 4,795 — 1,416 1,881 6,211 8,092 1,081 2/1/2010 The Market at Lake Stevens, WA — 3,087 12,397 — 361 3,087 12,758 15,845 2,592 3/16/2010 Norwood Shopping Center, CA — 3,031 11,534 122 1,560 3,153 13,094 16,247 2,574 4/5/2010 Pleasant Hill Marketplace, CA — 6,359 6,927 — 638 6,359 7,565 13,924 1,676 4/8/2010 Vancouver Market Center, WA — 4,080 6,912 — 1,852 4,080 8,764 12,844 1,486 6/17/2010 Happy Valley Town Center, OR — 11,678 27,011 — 1,906 11,678 28,917 40,595 5,850 7/14/2010 Cascade Summit, OR — 8,853 7,732 — 311 8,853 8,043 16,896 1,953 8/20/2010 Heritage Market Center, WA — 6,595 17,399 — 349 6,595 17,748 24,343 3,345 9/23/2010 Claremont Center, CA — 5,975 1,019 183 4,604 6,158 5,623 11,781 2,025 9/23/2010 Shops At Sycamore Creek, CA — 3,747 11,584 — 630 3,747 12,214 15,961 2,732 9/30/2010 Gateway Village, CA — 5,917 27,298 — 654 5,917 27,952 33,869 4,885 12/16/2010 Division Crossing, OR — 3,706 8,327 — 5,780 3,706 14,107 17,813 2,662 12/22/2010 Halsey Crossing, OR (2) — — 7,773 — 3,069 — 10,842 10,842 1,681 12/22/2010 Marketplace Del Rio,CA — 13,420 22,251 9 2,027 13,429 24,278 37,707 4,658 1/3/2011 Pinole Vista, CA — 12,894 30,670 — 1,770 12,894 32,440 45,334 4,301 1/6/2011 Desert Spring Marketplace, CA — 8,517 18,761 443 5,047 8,960 23,808 32,768 4,004 2/17/2011 Mills Shopping Center, CA — 4,084 16,833 — 10,297 4,084 27,130 31,214 4,945 2/17/2011 Morada Ranch, CA — 2,504 19,547 — 512 2,504 20,059 22,563 3,709 5/20/2011 Renaissance, CA — 8,640 13,848 — 685 8,640 14,533 23,173 2,385 8/3/2011 Country Club Gate, CA — 6,487 17,341 — 1,065 6,487 18,406 24,893 3,135 7/8/2011 Canyon Park, WA — 9,352 15,916 — 8,784 9,352 24,700 34,052 3,160 7/29/2011 Hawks Prairie, WA — 5,334 20,694 — 1,613 5,334 22,307 27,641 3,311 9/8/2011 Kress Building, WA — 5,693 20,866 — 4,679 5,693 25,545 31,238 4,311 9/30/2011 Round Hill Square, CA — 6,358 17,734 — 903 6,358 18,637 24,995 3,226 8/23/2011 Hillsboro, OR (2) — — 17,553 — 778 — 18,331 18,331 3,097 11/23/2011 Gateway Shopping Center, WA (2) — 6,242 23,462 — (11 ) 6,242 23,451 29,693 3,341 2/16/2012 Euclid Plaza, CA — 7,407 7,753 — 2,938 7,407 10,691 18,098 2,034 3/28/2012 Green Valley, CA — 1,685 8,999 — 703 1,685 9,702 11,387 1,646 4/2/2012 Aurora Square, WA — 3,002 1,693 — (34 ) 3,002 1,659 4,661 385 5/3/2012 Marlin Cove, CA — 8,815 6,797 — 1,663 8,815 8,460 17,275 1,525 5/4/2012 Seabridge, CA — 5,098 17,164 — 1,290 5,098 18,454 23,552 2,995 5/31/2012 Novato, CA — 5,329 4,412 — 1,102 5,329 5,514 10,843 708 7/24/2012 Glendora, CA — 5,847 8,758 — 131 5,847 8,889 14,736 1,445 8/1/2012 Wilsonville, WA — 4,181 15,394 — 408 4,181 15,802 19,983 2,159 8/1/2012 Bay Plaza, CA — 5,454 14,857 — 1,230 5,454 16,087 21,541 2,288 10/5/2012 Santa Theresa, CA 10,383 14,965 17,162 — 4,267 14,965 21,429 36,394 2,882 11/8/2012 Cypress West, CA — 15,480 11,819 20 1,993 15,500 13,812 29,312 2,064 12/7/2012 Redondo Beach, CA — 16,242 13,625 20 11 16,262 13,636 29,898 1,762 12/28/2012 Harbor Place, CA — 16,506 10,527 — 342 16,506 10,869 27,375 1,314 12/28/2012 Diamond Bar Town Center, CA — 9,540 16,795 — 3,546 9,540 20,341 29,881 2,870 2/1/2013 Bernardo Heights, CA 8,217 3,192 8,940 — 726 3,192 9,666 12,858 1,198 2/6/2013 Canyon Crossing, WA — 7,941 24,659 — 2,756 7,941 27,415 35,356 3,575 4/15/2013 Diamond Hills, CA 35,500 15,458 29,353 — 384 15,458 29,737 45,195 3,676 4/22/2013 Granada Shopping Center, CA — 3,673 13,459 — 392 3,673 13,851 17,524 1,637 6/27/2013 Hawthorne Crossings, CA — 10,383 29,277 — 558 10,383 29,835 40,218 3,374 6/27/2013 Robinwood, CA — 3,997 11,317 — 687 3,997 12,004 16,001 1,360 8/23/2013 Five Points Plaza, CA — 18,420 36,965 — 3,571 18,420 40,536 58,956 3,805 9/27/2013 Crossroads Shopping Center, CA — 68,366 67,756 — 7,886 68,366 75,642 144,008 8,525 9/27/2013 Peninsula Marketplace, CA — 14,730 19,214 — 1,884 14,730 21,098 35,828 2,008 11/1/2013 Country Club Village, CA — 9,986 26,579 — 1,896 9,986 28,475 38,461 3,113 11/26/2013 Plaza de la Canada, CA (2) — 10,351 24,819 — 320 10,351 25,139 35,490 2,297 12/13/2013 Tigard Marketplace, CA — 13,587 9,603 — 524 13,587 10,127 23,714 1,235 2/18/2014 Creekside Plaza, CA — 14,807 29,476 — 154 14,807 29,630 44,437 2,961 2/28/2014 North Park Plaza, CA — 13,593 17,733 — 507 13,593 18,240 31,833 1,376 4/30/2014 Aurora Square II, WA — 6,862 9,798 — 73 6,862 9,871 16,733 936 5/22/2014 Fallbrook Shopping Center (2) — 21,232 186,197 83 6,080 21,315 192,277 213,592 14,890 6/13/2014 Moorpark Town Center, CA — 7,063 19,694 — 1,565 7,063 21,259 28,322 1,709 12/4/2014 Mission Foothill Marketplace, CA — 11,415 17,783 — 248 11,415 18,031 29,446 1,292 12/4/2014 Wilsonville Town Center, OR — 10,334 27,101 — 211 10,334 27,312 37,646 1,852 12/11/2014 Park Oaks Shopping Center, CA — 8,527 38,064 — 505 8,527 38,569 47,096 2,387 1/6/2016 Ontario Plaza, CA — 9,825 26,635 — 1,025 9,825 27,660 37,485 1,792 1/6/2015 Winston Manor, CA — 10,018 9,762 — 1,664 10,018 11,426 21,444 799 1/7/2015 Jackson Square, CA — 6,886 24,558 — 251 6,886 24,809 31,695 1,206 7/1/2015 Tigard Promenade, OR — 9,844 10,843 — 3 9,844 10,846 20,690 474 7/28/2015 Sunnyside Village Square, OR — 4,428 13,324 — 634 4,428 13,958 18,386 673 7/28/2015 Gateway Centre, CA — 16,275 28,308 — 487 16,275 28,795 45,070 1,179 9/1/2015 Johnson Creek, OR — 9,009 22,534 — 994 9,009 23,528 32,537 901 11/9/2015 Iron Horse Plaza, CA — 8,187 39,654 — 329 8,187 39,983 48,170 1,200 12/4/2015 Bellevue Marketplace, WA — 10,488 39,119 — 97 10,488 39,216 49,704 1,306 12/10/2015 Four Corner Square, WA — 9,926 31,415 — 177 9,926 31,592 41,518 1,084 12/21/2015 Warner Plaza Shopping Center, CA — 16,104 60,188 — 4,443 16,104 64,631 80,735 1,741 12/31/2015 Magnolia Shopping Center, CA 9,135 12,501 27,040 — 836 12,501 27,876 40,377 712 3/10/2016 Casitas Plaza Shopping Center, CA 7,448 9,905 18,731 — 182 9,905 18,913 28,818 510 3/10/2016 Bouquet Center, CA — 10,040 48,362 — 165 10,040 48,527 58,567 964 4/28/2016 North Ranch Shopping Center, CA — 31,522 95,916 — 23 31,522 95,939 127,461 1,579 6/1/2016 Monterey Center, CA (2) — 1,073 10,609 — 5 1,073 10,614 11,687 162 7/14/2016 Rose City Center, OR (2) — 3,637 10,301 — — 3,637 10,301 13,938 117 9/15/2016 Trader Joe’s at the Knolls, CA — 9,722 18,299 8 34 9,730 18,333 28,063 140 10/3/2016 Bridle Trails Shopping Center, WA — 11,529 20,700 4 169 11,533 20,869 32,402 168 10/17/2016 Torrey Hills Corporate Center, CA — 1,976 7,902 — — 1,976 7,902 9,878 17 12/6/2016 $ 70,683 $ 765,039 $ 1,794,090 $ 1,160 $ 126,729 $ 766,199 $ 1,920,819 $ 2,687,018 $ 193,021 (a) RECONCILIATION OF REAL ESTATE – OWNED SUBJECT TO OPERATING LEASES (in thousands) Year Ended December 31, 2016 2015 2014 Balance at beginning of period: $ 2,296,617 $ 1,785,898 $ 1,372,434 Property improvements during the year 41,359 28,104 27,515 Properties acquired during the year 354,035 485,853 416,298 Properties sold during the year — — (23,676 ) Assets written off during the year (4,993 ) (3,238 ) (6,673 ) Balance at end of period: $ 2,687,018 $ 2,296,617 $ 1,785,898 (b) RECONCILIATION OF ACCUMULATED DEPRECIATION (in thousands) Year Ended December 31, 2016 2015 2014 Balance at beginning of period: $ 134,311 $ 88,173 $ 57,500 Depreciation expenses 63,872 49,619 38,890 Properties sold during the year — — (2,081 ) Property assets fully depreciated and written off (5,162 ) (3,481 ) (6,136 ) Balance at end of period: $ 193,021 $ 134,311 $ 88,173 (1) Depreciation and investments in building and improvements reflected in the consolidated statement of operations is calculated over the estimated useful life of the assets as follows: Building: 39 - 40 years Property Improvements: 10 - 20 years (2) Property is subject to a ground lease. (3) The aggregate cost for Federal Income Tax Purposes for real estate was approximately $2.5 billion at December 31, 2016 . |
Organization, Basis of Presen26
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-1, “Business Combinations: Clarifying the Definition of a Business.” The pronouncement changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. The pronouncement requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company adopted the provisions of ASU 2017-1 effective October 1, 2016. For the period from October 1, 2016 through December 31, 2016, the Company acquired three properties for which it was concluded substantially all of the fair value of the assets acquired with each property acquisition was concentrated in a single identifiable asset and did not meet the definition of a business under ASU 2017-1. Acquisition transaction costs associated with these property acquisitions were capitalized to real estate investments. In February 2016, the FASB issued ASU No. 2016-2, “Leases.” The pronouncement requires lessees to put most leases on their balance sheets but recognize expenses on their income statements. The guidance also eliminates real estate-specific provisions for all entities. For lessors, the guidance modifies the classification criteria and the accounting for sales-type and direct financing leases. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The Company plans to adopt the provisions of ASU No. 2016-2 effective January 1, 2019 using the modified retrospective approach. The ASU is expected to result in the recognition of a right-to-use asset and related liability to account for future obligations under ground lease agreements for which the Company is the lessee. As of December 31, 2016 , the remaining contractual payments under ground lease agreements aggregated approximately $43.0 million . In addition, the new ASU will require that lessees and lessors capitalize, as initial direct costs, only those costs that are incurred due to the execution of a lease. Allocated payroll costs and other costs that are incurred regardless of whether the lease is obtained will no longer be capitalized as initial direct costs and instead will be expensed as incurred. The Company continues to evaluate the impact this pronouncement will have on the Company’s consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments.” The pronouncement simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by eliminating the requirement to retrospectively account for those adjustments. The pronouncement requires any adjustments to provisional amounts to be applied prospectively. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of ASU No. 2015-16 effective January 1, 2016 and the adoption did not have a material impact on the consolidated financial statements of the Company. In April 2015, the FASB issued ASU No. 2015-3, “Interest – Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs.” The pronouncement requires reporting entities to present debt issuance costs related to a note as a direct deduction from the face amount of that note presented in the balance sheet. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of ASU No. 2015-3 effective January 1, 2016 and retrospectively applied the guidance to its debt obligations for all periods presented, which resulted in the presentation of debt issuance costs associated with its term loan, unsecured revolving credit facility, Senior Notes Due 2024, Senior Notes Due 2023, and mortgage notes payable as a direct reduction from the carrying amount of the related debt instrument. These amounts were previously included in deferred charges, net on the Company’s consolidated balance sheets. See Note 5. In February 2015, the FASB issued ASU No. 2015-2, “Amendments to the Consolidation Analysis.” The pronouncement focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity’s voting rights; or (3) the exposure to a majority of the legal entity’s economic benefits. ASU 2015-2 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. ASU 2015-2 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. The Company adopted the provisions of ASU No. 2015-2 effective January 1, 2016, and there were no changes to the Company’s consolidation conclusions as a result of the adoption of this guidance. In May 2014, the FASB issued ASU No. 2014-9, “Revenue from Contracts with Customers.” The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and International Financial Reporting Standards. The pronouncement is effective for reporting periods beginning after December 15, 2017. The Company plans to adopt the provisions of ASU No. 2014-9 effective January 1, 2018 using the modified retrospective approach. Leases are specifically excluded from this ASU and will be governed by the applicable lease codification; however, this update may have implications on certain variable payment terms included in lease agreements. The Company continues to evaluate the impact this pronouncement will have on the Company’s consolidated financial statements. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements are prepared on the accrual basis in accordance with GAAP. In the opinion of management, the consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and the results of operations and cash flows for the periods presented. The consolidated financial statements include the accounts of the Company and those of its subsidiaries, which are wholly-owned or controlled by the Company. Entities which the Company does not control through its voting interest and entities which are variable interest entities (“VIEs”), but where it is not the primary beneficiary, are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated. The Company follows the FASB guidance for determining whether an entity is a VIE and requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. Effective January 1, 2016, the Company adopted the provisions of ASU No 2015-2, and as a result, concluded that the Operating Partnership is a VIE. The Company has concluded that because they have both the power and the rights to control the Operating Partnership, they are the primary beneficiary and are required to continue to consolidate the Operating Partnership. A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the consolidated balance sheet and modifies the presentation of net income by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the purchase price allocations, depreciable lives, revenue recognition and the collectability of tenant receivables, other receivables, notes receivables, the valuation of performance-based restricted stock, and derivatives. Actual results could differ from these estimates. |
Federal Income Taxes | Federal Income Taxes The Company has elected to qualify as a REIT under Sections 856-860 of the Internal Revenue Code (the “Code”). Under those sections, a REIT that, among other things, distributes at least 90% of its REIT taxable income (determined without regard to the dividends paid deduction and excluding net capital gains) and meets certain other qualifications prescribed by the Code will not be taxed on that portion of its taxable income that is distributed. Although it may qualify as a REIT for U.S. federal income tax purposes, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiary (“TRS”), if any, is fully subject to U.S. federal, state and local income taxes. For all periods from inception through September 26, 2013 the Operating Partnership has been an entity disregarded from its sole owner, ROIC, for U.S. federal income tax purposes and as such has not been subject to federal income taxes. Effective September 27, 2013, the Operating Partnership issued OP Units in connection with the acquisitions of two shopping centers. Accordingly, the Operating Partnership ceased being a disregarded entity and instead is being treated as a partnership for federal income tax purposes. The Company follows the FASB guidance that defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The FASB also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2016 , the statute of limitations for tax years 2013 through and including 2015 remain open for examination by the Internal Revenue Service (“IRS”) and state taxing authorities. ROIC intends to make regular quarterly distributions to holders of its common stock. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay U.S. federal income tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. ROIC intends to pay regular quarterly dividends to stockholders in an amount not less than its net taxable income, if and to the extent authorized by its board of directors. Before ROIC pays any dividend, whether for U.S. federal income tax purposes or otherwise, it must first meet both its operating requirements and its debt service on debt. If ROIC’s cash available for distribution is less than its net taxable income, it could be required to sell assets or borrow funds to make cash distributions or it may make a portion of the required distribution in the form of a taxable stock distribution or distribution of debt securities. |
Real Estate Investments | Real Estate Investments All costs related to the improvement or replacement of real estate properties are capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. The Company expenses transaction costs associated with business combinations and unsuccessful property asset acquisitions in the period incurred and capitalizes transaction costs associated with successful property asset acquisitions. During the years ended December 31, 2016 and 2015 , capitalized costs related to the improvements or replacement of real estate properties were approximately $41.4 million and $28.1 million , respectively. The Company evaluates each acquisition of real estate to determine if the acquired property meets the definition of a business and needs to be accounted for as a business combination. Under ASU 2017-1, the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If this threshold is met, the acquired property does not meet the definition of a business and is accounted for as an asset acquisition. The Company expects that acquisitions of real estate properties will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets). The Company recognizes the acquisition of real estate properties, including acquired tangible (consisting of land, buildings and improvements), and acquired intangible assets and liabilities (consisting of above-market and below-market leases and acquired in-place leases) at their fair value (for acquisitions meeting the definition of a business) and relative fair value (acquisitions not meeting the definition of a business). The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions the Company utilizes to determine fair value in a business combination. Acquired lease intangible assets include above-market leases and acquired in-place leases, and acquired lease intangible liabilities represent below-market leases, in the accompanying consolidated balance sheets. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management’s determination of the relative fair values of these assets. In valuing an acquired property’s intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, and estimates of lost rental revenue during the expected lease-up periods based on management’s evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. Leasing commissions, legal and other related costs (“lease origination costs”) are classified as deferred charges in the accompanying consolidated balance sheets. The value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates, over (ii) the estimated fair value of the property as if vacant. Above-market and below-market lease values are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of acquisition. Such valuations include a consideration of the non-cancellable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The value of the above-market and below-market leases is amortized to rental income, over the terms of the respective leases including option periods, if applicable. The value of in-place leases are amortized to expense over the remaining non-cancellable terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recognized in operations at that time. |
Asset Impairment | Asset Impairment The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to aggregate future net cash flows (undiscounted and without interest) expected to be generated by the asset. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed the fair value. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the federally insured limit by the Federal Deposit Insurance Corporation. |
Restricted Cash | Restricted Cash The terms of several of the Company’s mortgage loans payable require the Company to deposit certain replacement and other reserves with its lenders. Such “restricted cash” is generally available only for property-level requirements for which the reserves have been established and is not available to fund other property-level or Company-level obligations. |
Revenue Recognition | Revenue Recognition Management has determined that all of the Company’s leases with its various tenants are operating leases. Rental income is generally recognized based on the terms of leases entered into with tenants. In those instances in which the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Minimum rental income from leases with scheduled rent increases is recognized on a straight-line basis over the lease term. Percentage rent is recognized when a specific tenant’s sales breakpoint is achieved. Property operating expense recoveries from tenants of common area maintenance, real estate taxes and other recoverable costs are recognized in the period the related expenses are incurred. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms. Termination fees (included in other income) are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration date. The Company recognizes termination fees in accordance with Securities and Exchange Commission Staff Accounting Bulletin 104, “Revenue Recognition,” when the following conditions are met: (a) the termination agreement is executed; (b) the termination fee is determinable; (c) all landlord services pursuant to the terminated lease have been rendered; and (d) collectability of the termination fee is assured. Interest income is recognized as it is earned. Gains or losses on disposition of properties are recorded when the criteria for recognizing such gains or losses under GAAP have been met. The Company must make estimates as to the collectability of its accounts receivable related to base rent, straight-line rent, expense reimbursements and other revenues. Management analyzes accounts receivable by considering tenant creditworthiness, current economic trends, and changes in tenants’ payment patterns when evaluating the adequacy of the allowance for doubtful accounts receivable. The Company also provides an allowance for future credit losses of the deferred straight-line rents receivable. |
Depreciation and Amortization | Depreciation and Amortization The Company uses the straight-line method for depreciation and amortization. Buildings are depreciated over the estimated useful lives which the Company estimates to be 39 - 40 years. Property improvements are depreciated over the estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over the estimated useful lives that range from 3 to 10 years. Tenant improvements are amortized over the shorter of the life of the related leases or their useful life. |
Deferred Charges | Deferred Leasing and Financing Costs Costs incurred in obtaining tenant leases (principally leasing commissions and acquired lease origination costs) are amortized ratably over the life of the tenant leases. Costs incurred in obtaining long-term financing are amortized ratably over the related debt agreement. The amortization of deferred leasing and financing costs is included in Depreciation and amortization and Interest expense and other finance expenses, respectively, in the Consolidated Statements of Operations. |
Internal Capitalized Leasing Costs | Internal Capitalized Leasing Costs The Company capitalizes a portion of payroll-related costs related to its leasing personnel associated with new leases and lease renewals. These costs are amortized over the life of the respective leases. |
Concentration Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and tenant receivables. The Company places its cash and cash equivalents in excess of insured amounts with high quality financial institutions. The Company performs ongoing credit evaluations of its tenants and requires tenants to provide security deposits. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) excludes the impact of dilutive shares and is computed by dividing net income by the weighted average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock and then shared in the earnings of the Company. During the year ended December 31, 2014 , the effect of approximately 41,400,000 warrants to purchase the Company’s common stock (the “Public Warrants”) issued in connection with the Company’s initial public offering (the “IPO”), and the 8,000,000 warrants (the “Private Placement Warrants”) purchased by NRDC Capital Management, LLC simultaneously with the consummation of the IPO, for the time these were outstanding during these periods, were included in the calculation of diluted EPS since the weighted average share price was greater than the exercise price during these periods. No warrants were outstanding during the years ended December 31, 2016 and 2015 . For the years ended December 31, 2016 , 2015 and 2014 , basic EPS was determined by dividing net income allocable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. Net income during the applicable period is also allocated to the time-based unvested restricted stock as these grants are entitled to receive dividends and are therefore considered a participating security. Time-based unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders other than the holders of time-based unvested restricted stock. The performance-based restricted stock grants awarded under the 2009 Plan described in Note 8 are excluded from the basic EPS calculation, as these units are not participating securities until they vest. |
Share-based Compensation | Stock-Based Compensation The Company has a stock-based employee compensation plan, which is more fully described in Note 8. The Company accounts for its stock-based compensation plans based on the FASB guidance which requires that compensation expense be recognized based on the fair value of the stock awards less estimated forfeitures. Restricted stock grants vest based upon the completion of a service period (“time-based grants”) and/or the Company meeting certain established market-specific financial performance criteria (“performance-based grants”). Time-based grants are valued according to the market price for the Company’s common stock at the date of grant. For performance-based grants, a Monte Carlo valuation model is used, taking into account the underlying contingency risks associated with the performance criteria. It is the Company’s policy to grant options with an exercise price equal to the quoted closing market price of stock on the grant date. Awards of stock options and time-based grants of stock are expensed as compensation on a straight-line basis over the vesting period. Depending on the terms of the agreement, certain awards of performance-based grants are expensed as compensation under an accelerated attribution method while certain are expensed as compensation on a straight-line basis over the vesting period. All awards of performance-based grants are recognized in income regardless of the results of the performance criteria. |
Non-Controlling Interests – Redeemable OP Units / Redeemable Limited Partners | Non-Controlling Interests – Redeemable OP Units / Redeemable Limited Partners OP Units are classified as either mezzanine equity or permanent equity. If ROIC could be required to deliver cash in exchange for the OP Units upon redemption, such OP Units are referred to as Redeemable OP Units and presented in the mezzanine section of the balance sheet. If ROIC could, in its sole discretion, deliver cash or shares of ROIC common stock in exchange for the OP Units upon redemption, such OP Units are classified as permanent equity and presented in the equity section of the balance sheet. As of December 31, 2016 , all outstanding OP Units are classified as permanent equity. See Note 9 for further discussion. |
Derivatives | Derivatives The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. When the Company terminates a derivative for which cash flow hedging was being applied, the balance which was recorded in Other Comprehensive Income is amortized to interest expense over the remaining contractual term of the swap. The Company includes cash payments made to terminate interest rate swaps as an operating activity on the statement of cash flows, given the nature of the underlying cash flows that the derivative was hedging. |
Segment Reporting | Segment Reporting The Company’s primary business is the ownership, management, and redevelopment of retail real estate properties. The Company reviews operating and financing information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, defined as operating revenues (base rent and recoveries from tenants), less property and related expenses (property operating expenses and property taxes). The Company has aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. |
Reclassification | Reclassifications Certain reclassifications have been made to the prior period consolidated financial statements and notes to conform to the current year presentation. |
Organization, Basis of Presen27
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) [Line Items] | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | The unamortized balances of deferred leasing costs included in deferred charges in the Consolidated Balance Sheet as of December 31, 2016 that will be charged to future operations are as follows (in thousands): Lease Origination Costs 2017 $ 7,645 2018 6,139 2019 4,773 2020 3,953 2021 3,113 Thereafter 9,130 $ 34,753 The unamortized balances of deferred financing costs associated with the Company’s term loan, unsecured revolving credit facility, Senior Notes Due 2026, Senior Notes Due 2024, Senior Notes Due 2023, and mortgage notes payable included as a direct reduction from the carrying amount of the related debt instrument in the Consolidated Balance Sheet as of December 31, 2016 that will be charged to future operations are as follows (in thousands): Financing Costs 2017 $ 2,116 2018 2,081 2019 683 2020 556 2021 555 Thereafter 1,438 $ 7,429 |
ROIC | |
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the reconciliation between basic and diluted EPS for ROIC (in thousands, except share data): Year Ended December 31, 2016 2015 2014 Numerator: Net income $ 36,430 $ 25,092 $ 21,050 Less income attributable to non-controlling interests (3,676 ) (1,228 ) (749 ) Less earnings allocated to unvested shares (270 ) (229 ) (160 ) Net income available for common stockholders, basic $ 32,484 $ 23,635 $ 20,141 Numerator: Net income $ 36,430 $ 25,092 $ 21,050 Less earnings allocated to unvested shares (270 ) (229 ) (160 ) Net income available for common stockholders, diluted $ 36,160 $ 24,863 $ 20,890 Denominator: Denominator for basic EPS – weighted average common equivalent shares 104,072,222 95,651,780 83,411,230 Warrants — — 631,086 OP units 11,747,509 4,086,724 3,162,658 Restricted stock awards – performance-based 86,996 174,198 162,327 Stock options 133,213 105,079 86,108 Denominator for diluted EPS – weighted average common equivalent shares 116,039,940 100,017,781 87,453,409 |
Retail Opportunity Investments Partnership L.P. | |
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the reconciliation between basic and diluted earnings per unit for the Operating Partnership (in thousands, except unit data): Year Ended December 31, 2016 2015 2014 Numerator: Net income $ 36,430 $ 25,092 $ 21,050 Less earnings allocated to unvested shares (270 ) (229 ) (160 ) Net income available to unitholders, basic and diluted $ 36,160 $ 24,863 $ 20,890 Denominator: Denominator for basic earnings per unit – weighted average common equivalent units 115,819,731 99,738,504 86,573,888 Warrants — — 631,086 Restricted stock awards – performance-based 86,996 174,198 162,327 Stock options 133,213 105,079 86,108 Denominator for diluted earnings per unit – weighted average common equivalent units 116,039,940 100,017,781 87,453,409 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of purchase price allocation | The financial information set forth below summarizes the Company’s purchase price allocation for the properties acquired during the years ended December 31, 2016 and 2015 (in thousands). December 31, 2016 December 31, 2015 Assets Land $ 92,518 $ 123,176 Building and improvements 262,571 362,147 Acquired lease intangible asset 19,321 26,507 Deferred charges 6,830 8,612 Assets acquired $ 381,240 $ 520,442 Liabilities Mortgage notes assumed $ 17,618 $ — Acquired lease intangible liability 32,615 37,480 Liabilities assumed $ 50,233 $ 37,480 |
Business Acquisition, Pro Forma Information | The pro forma financial information set forth below is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred as if they occurred on January 1 of each year, nor does it purport to represent the results of future operations. The below pro forma financial information does not include asset acquisitions that occurred during the three months ended December 31, 2016 (in thousands). Year Ended December 31, 2016 2015 Statement of operations: Revenues $ 245,116 $ 235,199 Net income attributable to Retail Opportunity Investments Corp. $ 33,169 $ 26,763 |
Condensed Income Statement | The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2015 for the properties acquired during the year ended December 31, 2015 (in thousands). Year Ended December 31, 2015 Statement of operations: Revenues $ 12,706 Net income attributable to Retail Opportunity Investments Corp. $ 2,849 The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2016 for the properties acquired during the year ended December 31, 2016 (in thousands). Year Ended December 31, 2016 Statement of operations: Revenues $ 15,230 Net income attributable to Retail Opportunity Investments Corp. $ 2,513 |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Acquired Lease Intangibles (Tables) [Line Items] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Intangible assets and liabilities as of December 31, 2016 and 2015 consisted of the following (in thousands): December 31, 2016 December 31, 2015 Assets: In-place leases $ 93,952 $ 79,996 Accumulated amortization (33,034 ) (28,535 ) Above-market leases 30,251 25,575 Accumulated amortization (11,964 ) (10,094 ) Acquired lease intangible assets, net $ 79,205 $ 66,942 Liabilities: Below-market leases $ 190,321 $ 155,169 Accumulated amortization (35,363 ) (30,308 ) Acquired lease intangible liabilities, net $ 154,958 $ 124,861 |
Acquired Lease Intangible Assets | |
Acquired Lease Intangibles (Tables) [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The scheduled future amortization of acquired lease intangible assets as of December 31, 2016 is as follows (in thousands): Year Ending December 31: 2017 $ 15,068 2018 11,406 2019 7,557 2020 6,083 2021 4,988 Thereafter 34,103 Total future amortization of acquired lease intangible assets $ 79,205 |
Acquired Lease Intangible Liabilities | |
Acquired Lease Intangibles (Tables) [Line Items] | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The scheduled future amortization of acquired lease intangible liabilities as of December 31, 2016 is as follows (in thousands): Year Ending December 31: 2017 $ 14,269 2018 13,375 2019 12,714 2020 11,546 2021 10,416 Thereafter 92,638 Total future amortization of acquired lease intangible liabilities $ 154,958 |
Tenant Leases (Tables)
Tenant Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Base Rentals on NonCancellable Operating Leases | Future minimum rents to be received under non-cancellable leases as of December 31, 2016 are summarized as follows (in thousands): Year Ending December 31: 2017 $ 166,181 2018 146,496 2019 125,052 2020 105,841 2021 85,752 Thereafter 376,228 Total minimum lease payments $ 1,005,550 |
Mortgage Notes Payable, Credi31
Mortgage Notes Payable, Credit Facilities and Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The mortgage notes payable collateralized by respective properties and assignment of leases at December 31, 2016 and December 31, 2015 , respectively, were as follows (in thousands, except interest rates): Property Maturity Date Interest Rate December 31, 2016 December 31, 2015 Gateway Village III July 2016 6.10 % $ — $ 7,166 Bernardo Heights Plaza July 2017 5.70 % 8,216 8,404 Santa Teresa Village February 2018 6.20 % 10,383 10,613 Magnolia Shopping Center October 2018 5.50 % 9,135 — Casitas Plaza Shopping Center June 2022 5.32 % 7,449 — Diamond Hills Plaza October 2025 3.55 % 35,500 35,500 $ 70,683 $ 61,683 Mortgage premiums 1,037 922 Net unamortized deferred financing costs (417 ) (449 ) Total mortgage notes payable $ 71,303 $ 62,156 |
Schedule of Maturities of Long-term Debt | The combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands): Principal Repayments Scheduled Amortization Mortgage Premium Total 2017 $ 8,099 $ 689 $ 592 $ 9,380 2018 18,900 336 204 19,440 2019 — 157 70 227 2020 — 166 70 236 2021 — 282 70 352 Thereafter 39,372 2,682 31 42,085 Total $ 66,371 $ 4,312 $ 1,037 $ 71,720 |
Schedule of Long-term Debt Instruments | The carrying value of the Company’s Senior Notes Due 2024 is as follows (in thousands): December 31, 2016 December 31, 2015 Principal amount $ 250,000 $ 250,000 Unamortized debt discount (2,891 ) (3,191 ) Net unamortized deferred financing costs (1,755 ) (1,976 ) Senior Notes Due 2024: $ 245,354 $ 244,833 The carrying value of the Company’s Senior Notes Due 2023 is as follows (in thousands): December 31, 2016 December 31, 2015 Principal amount $ 250,000 $ 250,000 Unamortized debt discount (3,119 ) (3,482 ) Net unamortized deferred financing costs (1,830 ) (2,092 ) Senior Notes Due 2023: $ 245,051 $ 244,426 The carrying value of the Company’s Senior Notes Due 2026 is as follows (in thousands): December 31, 2016 December 31, 2015 Principal amount $ 200,000 $ — Net unamortized deferred financing costs (273 ) — Senior Notes Due 2026: $ 199,727 $ — The carrying values of the Company’s unsecured revolving credit facility were as follows (in thousands): December 31, 2016 December 31, 2015 Credit facility $ 98,000 $ 135,500 Net unamortized deferred financing costs (2,346 ) (3,472 ) Credit facility: $ 95,654 $ 132,028 The carrying values of the Company’s term loan (the “term loan”) were as follows (in thousands): December 31, 2016 December 31, 2015 Term loan $ 300,000 $ 300,000 Net unamortized deferred financing costs (809 ) (1,198 ) Term loan: $ 299,191 $ 298,802 |
Stock Compensation and Other 32
Stock Compensation and Other Benefit Plans for ROIC (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity | Shares Weighted Average Non-vested at December 31, 2015 627,471 $ 14.39 Granted 350,614 $ 17.33 Vested (310,295 ) $ 13.99 Forfeited (7,332 ) $ 17.62 Non-vested at December 31, 2016 660,458 $ 16.10 |
Derivative and Hedging Activi33
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The following is a summary of the terms of the Company’s interest rate swaps as of December 31, 2016 (in thousands): 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 |
Schedule of Derivative Liabilities at Fair Value | The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands). 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, 2016: Assets Derivative financial instruments $ — $ 875 $ — $ 875 |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of December 31, 2016 and 2015 , respectively (in thousands): Derivatives designed as hedging instruments Balance sheet location December 31, 2016 Fair Value December 31, 2015 Fair Value Interest rate products Other assets $ 875 $ — |
Derivative Instruments, Gain (Loss) | The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the years ended December 31, 2016 , 2015 , and 2014 , respectively (in thousands). Amounts reclassified from other comprehensive income (“OCI”) due to ineffectiveness are recognized as interest expense. Year Ended December 31, 2016 2015 2014 Amount of gain (loss) recognized in OCI on derivatives $ 541 $ — $ (3,132 ) Amount of loss reclassified from accumulated OCI into interest $ 2,473 $ 2,139 $ 3,219 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table represents the Company’s future minimum annual lease payments under operating leases as of December 31, 2016 (in thousands): Operating Leases 2017 $ 1,222 2018 1,260 2019 1,265 2020 1,273 2021 1,282 Thereafter 36,651 Total minimum lease payments $ 42,953 |
Quarterly Results of Operatio35
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Results of Operations (Unaudited) (Tables) [Line Items] | |
Schedule of Quarterly Financial Information | The unaudited quarterly results of operations for the years ended December 31, 2016 and 2015 for ROIC are as follows (in thousands, except share data): 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, 2015 March 31 June 30 September 30 December 31 Total revenues $ 45,122 $ 46,215 $ 50,077 $ 51,285 Net income $ 4,376 $ 5,411 $ 7,837 $ 7,468 Net income attributable to ROIC $ 4,200 $ 5,201 $ 7,542 $ 6,921 Basic and diluted income per share $ 0.04 $ 0.05 $ 0.08 $ 0.07 |
Retail Opportunity Investments Partnership L.P. | |
Quarterly Results of Operations (Unaudited) (Tables) [Line Items] | |
Schedule of Quarterly Financial Information | The unaudited quarterly results of operations for the years ended December 31, 2016 and 2015 for the Operating Partnership are as follows (in thousands, except unit data): 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 Year Ended December 31, 2015 March 31 June 30 September 30 December 31 Total revenues $ 45,122 $ 46,215 $ 50,077 $ 51,285 Net income attributable to the Operating Partnership $ 4,376 $ 5,411 $ 7,837 $ 7,468 Basic and diluted income per unit $ 0.04 $ 0.05 $ 0.08 $ 0.07 |
Organization, Basis of Presen36
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)segmentshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Remaining contractual payments under ground lease agreements | $ 42,953 | ||
Taxable income minimum distribution portion not subject to federal taxation (in percentage) | 90.00% | ||
Real estate improvements | $ 41,400 | $ 28,100 | |
Acquisition transaction costs | 824 | 965 | $ 961 |
Allowance for doubtful accounts receivable | 5,200 | 4,500 | |
Payroll related costs capitalized | $ 1,200 | $ 1,100 | $ 947 |
Warrants outstanding (in shares) | shares | 0 | 0 | |
Number of segments | segment | 1 | ||
Public Warrants | |||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Warrants outstanding (in shares) | shares | 41,400,000 | ||
Private Placement Warrants | |||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Warrants outstanding (in shares) | shares | 8,000,000 | ||
Minimum | Building | |||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | |||
PPE useful life (in years) | 39 years | ||
Minimum | Building Improvements | |||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | |||
PPE useful life (in years) | 10 years | ||
Minimum | Furniture and Fixtures | |||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | |||
PPE useful life (in years) | 3 years | ||
Maximum | Building | |||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | |||
PPE useful life (in years) | 40 years | ||
Maximum | Building Improvements | |||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | |||
PPE useful life (in years) | 20 years | ||
Maximum | Furniture and Fixtures | |||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | |||
PPE useful life (in years) | 10 years |
Organization, Basis of Presen37
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges [Line Items] | ||
Deferred Costs | $ 34,753 | $ 30,129 |
Lease Origination Costs | ||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges [Line Items] | ||
2,017 | 7,645 | |
2,018 | 6,139 | |
2,019 | 4,773 | |
2,020 | 3,953 | |
2,021 | 3,113 | |
Thereafter | 9,130 | |
Deferred Costs | 34,753 | |
Financing Costs | ||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges [Line Items] | ||
2,017 | 2,116 | |
2,018 | 2,081 | |
2,019 | 683 | |
2,020 | 556 | |
2,021 | 555 | |
Thereafter | 1,438 | |
Deferred Costs | $ 7,429 |
Organization, Basis of Presen38
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net income | $ 10,652 | $ 8,215 | $ 8,638 | $ 8,925 | $ 7,468 | $ 7,837 | $ 5,411 | $ 4,376 | $ 36,430 | $ 25,092 | $ 21,050 |
Less income attributable to non-controlling interests | (3,676) | (1,228) | (749) | ||||||||
Less earnings allocated to unvested shares, basic | (270) | (229) | (160) | ||||||||
Less earnings allocated to unvested shares, diluted | (270) | (229) | (160) | ||||||||
Net income available to common stockholders, basic | 32,484 | 23,635 | 20,141 | ||||||||
Net income available to common stockholders, diluted | $ 36,160 | $ 24,863 | $ 20,890 | ||||||||
Denominator: | |||||||||||
Denominator for basic EPS – weighted average common equivalent shares (in shares) | 104,072,222 | 95,651,780 | 83,411,230 | ||||||||
OP Units (in shares) | 11,747,509 | 4,086,724 | 3,162,658 | ||||||||
Denominator for diluted EPS – weighted average common equivalent shares (in shares) | 116,039,940 | 100,017,781 | 87,453,409 | ||||||||
Warrant | |||||||||||
Denominator: | |||||||||||
Warrants (in shares) | 0 | 0 | 631,086 | ||||||||
Retail Opportunity Investments Partnership L.P. | |||||||||||
Numerator: | |||||||||||
Net income | $ 10,652 | $ 8,215 | $ 8,638 | $ 8,925 | $ 7,468 | $ 7,837 | $ 5,411 | $ 4,376 | $ 36,430 | $ 25,092 | $ 21,050 |
Less earnings allocated to unvested shares, basic | (270) | (229) | (160) | ||||||||
Net income available to unitholders, basic and diluted | $ 36,160 | $ 24,863 | $ 20,890 | ||||||||
Denominator: | |||||||||||
Denominator for basic EPS – weighted average common equivalent shares (in shares) | 115,819,731 | 99,738,504 | 86,573,888 | ||||||||
Denominator for diluted EPS – weighted average common equivalent shares (in shares) | 116,039,940 | 100,017,781 | 87,453,409 | ||||||||
Retail Opportunity Investments Partnership L.P. | Warrant | |||||||||||
Denominator: | |||||||||||
Warrants (in shares) | 0 | 0 | 631,086 | ||||||||
Restricted stock awards – performance-based | |||||||||||
Denominator: | |||||||||||
Restricted units and stock options (in shares) | 86,996 | 174,198 | 162,327 | ||||||||
Restricted stock awards – performance-based | Retail Opportunity Investments Partnership L.P. | |||||||||||
Denominator: | |||||||||||
Restricted units and stock options (in shares) | 86,996 | 174,198 | 162,327 | ||||||||
Stock options | |||||||||||
Denominator: | |||||||||||
Restricted units and stock options (in shares) | 133,213 | 105,079 | 86,108 | ||||||||
Stock options | Retail Opportunity Investments Partnership L.P. | |||||||||||
Denominator: | |||||||||||
Restricted units and stock options (in shares) | 133,213 | 105,079 | 86,108 |
Real Estate Investments (Detail
Real Estate Investments (Details) ft² in Thousands, $ in Thousands | Dec. 06, 2016USD ($)ft² | Oct. 15, 2016USD ($)ft² | Oct. 03, 2016USD ($)ft² | Sep. 15, 2016USD ($)ft² | Jul. 14, 2016USD ($)ft² | Jun. 01, 2016USD ($)ft² | Apr. 28, 2016USD ($)ft² | Mar. 10, 2016USD ($)ft²propertyshares | Aug. 25, 2014USD ($) | Jun. 05, 2014USD ($) | May 31, 2014 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)ft²property | Dec. 31, 2014USD ($) |
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Number of business acquired | property | 12 | |||||||||||||
Consideration transferred | $ 483,000 | |||||||||||||
Area of real estate property (in Square Feet) | ft² | 1,300 | |||||||||||||
Proceeds from sale of real estate | $ 0 | $ 0 | $ 27,622 | |||||||||||
Gain on sale of real estate | $ 0 | $ 0 | 4,869 | |||||||||||
Magnolia Shopping Center and Casitas Plaza Shopping Center | ||||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Number of business acquired | property | 2 | |||||||||||||
Consideration transferred | $ 64,300 | |||||||||||||
LP capital account, units issued (in shares) | shares | 2,434,833 | |||||||||||||
Issuance of OP Units in connection with acquisition | $ 46,100 | |||||||||||||
Magnolia Shopping Center | ||||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Area of real estate property (in Square Feet) | ft² | 116 | |||||||||||||
Liabilities incurred | $ 9,300 | |||||||||||||
Casitas Plaza Shopping Center | ||||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Area of real estate property (in Square Feet) | ft² | 97 | |||||||||||||
Liabilities incurred | $ 7,600 | |||||||||||||
Phillips Village Shopping Center | ||||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Shopping center occupancy (in percentage) | 10.40% | |||||||||||||
Sales price of property sold | $ 16,000 | |||||||||||||
Proceeds from sale of real estate | $ 15,600 | |||||||||||||
Gain on sale of real estate | 3,300 | |||||||||||||
Oregon City Point Shopping Center | ||||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Sales price of property sold | $ 12,400 | |||||||||||||
Proceeds from sale of real estate | $ 12,000 | |||||||||||||
Gain on sale of real estate | $ 1,600 | |||||||||||||
Santa Clarita, California | Bouquet Center, CA | ||||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Consideration transferred | $ 59,000 | |||||||||||||
Area of real estate property (in Square Feet) | ft² | 149 | |||||||||||||
Westlake Village, California | North Ranch Shopping Center, CA | ||||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Consideration transferred | $ 122,800 | |||||||||||||
Area of real estate property (in Square Feet) | ft² | 147 | |||||||||||||
Monterey, California | Monterey Center | ||||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Consideration transferred | $ 12,100 | |||||||||||||
Area of real estate property (in Square Feet) | ft² | 26 | |||||||||||||
Portland, Oregon | Rose City Center | ||||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Consideration transferred | $ 12,800 | |||||||||||||
Area of real estate property (in Square Feet) | ft² | 61 | |||||||||||||
Long Beach, California | Trader Joe’s at the Knolls, CA | ||||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Area of real estate property (in Square Feet) | ft² | 52 | |||||||||||||
Consideration transferred | $ 29,100 | |||||||||||||
Kirkland, Washington | Bridle Trails Shopping Center, WA | ||||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Area of real estate property (in Square Feet) | ft² | 104 | |||||||||||||
Consideration transferred | $ 32,800 | |||||||||||||
San Diego | Torrey Hills Corporate Center, CA | ||||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||||||||||
Area of real estate property (in Square Feet) | ft² | 24 | |||||||||||||
Consideration transferred | $ 9,900 |
Real Estate Investments (Deta40
Real Estate Investments (Details) - Purchase Price Allocation of Properties Acquired - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Land | $ 92,518 | |
Building and improvements | 262,571 | |
Acquired lease intangible asset | 19,321 | |
Deferred charges | 6,830 | |
Assets acquired | 381,240 | |
Liabilities | ||
Mortgage notes assumed | 17,618 | |
Acquired lease intangible liability | 32,615 | |
Liabilities assumed | $ 50,233 | |
Assets | ||
Land | $ 123,176 | |
Building and improvements | 362,147 | |
Acquired lease intangible asset | 26,507 | |
Deferred charges | 8,612 | |
Assets acquired | 520,442 | |
Liabilities | ||
Mortgage notes assumed | 0 | |
Acquired lease intangible liability | 37,480 | |
Liabilities assumed | $ 37,480 |
Real Estate Investments (Deta41
Real Estate Investments (Details) - Pro Forma Financial Information - Results of Operations Had the Acquisitions Occurred at the Beginning of the Year - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | ||
Revenues | $ 245,116 | $ 235,199 |
Net income attributable to Retail Opportunity Investments Corp. | $ 33,169 | $ 26,763 |
Real Estate Investments (Deta42
Real Estate Investments (Details) - Operating Results Included in the Company's Historical Consolidated Statement of Operations for Properties Acquired During the Reported Periods - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | $ 63,070 | $ 59,354 | $ 58,671 | $ 56,094 | $ 51,285 | $ 50,077 | $ 46,215 | $ 45,122 | $ 237,189 | $ 192,699 | $ 155,864 |
Net income attributable to Retail Opportunity Investments Corp. | $ 9,621 | $ 7,402 | $ 7,704 | $ 8,027 | $ 6,921 | $ 7,542 | $ 5,201 | $ 4,200 | 32,754 | 23,864 | $ 20,301 |
Attributable to Acquired Properties During the Reporting Periods | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Revenues | 15,230 | 12,706 | |||||||||
Net income attributable to Retail Opportunity Investments Corp. | $ 2,513 | $ 2,849 |
Acquired Lease Intangibles (Det
Acquired Lease Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of above and below Market Leases | $ 13,847 | $ 9,890 | $ 6,945 |
Amortization of acquired in place leases | $ 15,600 | $ 13,200 | $ 12,500 |
Acquired Lease Intangibles (D44
Acquired Lease Intangibles (Details) - Intangible Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Assets acquired in place | $ 79,205 | $ 66,942 |
Finite-Lived Intangible Assets, Net | 79,205 | 66,942 |
Liabilities: | ||
Below-market leases | 190,321 | 155,169 |
Accumulated amortization | (35,363) | (30,308) |
Acquired lease intangible liabilities, net | 154,958 | 124,861 |
In-place leases | ||
Assets: | ||
Assets acquired in place | 93,952 | 79,996 |
Accumulated amortization | (33,034) | (28,535) |
Above-market leases | ||
Assets: | ||
Assets acquired in place | 30,251 | 25,575 |
Accumulated amortization | $ (11,964) | $ (10,094) |
Acquired Lease Intangibles (D45
Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Assets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Assets [Line Items] | ||
Total future amortization of acquired lease intangible assets | $ 79,205 | $ 66,942 |
Acquired Lease Intangible Assets | ||
Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Assets [Line Items] | ||
2,017 | 15,068 | |
2,018 | 11,406 | |
2,019 | 7,557 | |
2,020 | 6,083 | |
2,021 | 4,988 | |
Thereafter | 34,103 | |
Total future amortization of acquired lease intangible assets | $ 79,205 |
Acquired Lease Intangibles (D46
Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Liabilities - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Liabilities [Line Items] | ||
Acquired lease intangible liabilities, net | $ 154,958 | $ 124,861 |
Acquired Lease Intangible Liabilities | ||
Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Liabilities [Line Items] | ||
2,017 | 14,269 | |
2,018 | 13,375 | |
2,019 | 12,714 | |
2,020 | 11,546 | |
2,021 | 10,416 | |
Thereafter | 92,638 | |
Acquired lease intangible liabilities, net | $ 154,958 |
Tenant Leases (Details) - Minim
Tenant Leases (Details) - Minimum Future Rentals to be Received under Non-cancellable Leases $ in Thousands | Dec. 31, 2016USD ($) |
Leases [Abstract] | |
2,017 | $ 166,181 |
2,018 | 146,496 |
2,019 | 125,052 |
2,020 | 105,841 |
2,021 | 85,752 |
Thereafter | 376,228 |
Total minimum lease payments | $ 1,005,550 |
Mortgage Notes Payable, Credi48
Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) | Apr. 01, 2016USD ($) | Mar. 10, 2016USD ($)loan | Dec. 03, 2014USD ($) | Dec. 09, 2013USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2016USD ($) | Jul. 26, 2016USD ($) | Sep. 29, 2015USD ($) | Aug. 10, 2015USD ($) |
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Number of loans assumed | loan | 2 | ||||||||||
Principal repayments on mortgages | $ 7,816,000 | $ 84,308,000 | $ 21,982,000 | ||||||||
Revolving Credit Facility | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | $ 500,000,000 | |||||||||
Line of credit facility, expiration date | Jan. 31, 2019 | ||||||||||
Credit facility | $ 98,000,000 | 135,500,000 | |||||||||
Line of credit facility, interest rate during period (in percentage) | 1.50% | ||||||||||
Remaining borrowing capacity | $ 402,000,000 | ||||||||||
Revolving Credit Facility | Accordion Feature | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | ||||||||||
Loan Agreements | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Line of credit facility, commitment fee (in percentage) | 0.20% | ||||||||||
Line of credit, fronting fee (in percentage) | 0.125% | ||||||||||
Eurodollar | Loan Agreements | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Basis Spread on variable rate (in percentage) | 1.00% | ||||||||||
Federal Funds Rate | Loan Agreements | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Basis Spread on variable rate (in percentage) | 0.50% | ||||||||||
Term Loan Agreement | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Debt, face amount | $ 300,000,000 | ||||||||||
Additional borrowing capacity | $ 200,000,000 | ||||||||||
Debt Instrument, Maturity Date | Jan. 31, 2019 | ||||||||||
Interest rate during period (in percentage) | 1.60% | ||||||||||
Term Loan Agreement | Federal Funds Effective Swap Rate | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Basis Spread on variable rate (in percentage) | 0.50% | ||||||||||
Term Loan Agreement | Eurodollar | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Basis Spread on variable rate (in percentage) | 1.10% | ||||||||||
Senior Notes Due 2026 | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Debt, face amount | $ 200,000,000 | 0 | $ 200,000,000 | ||||||||
Interest Rate (in percentage) | 3.95% | ||||||||||
Interest expense, debt | 2,200,000 | ||||||||||
Deferred finance costs | $ 300,000 | ||||||||||
Senior Notes Due 2024 | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Debt, face amount | $ 250,000,000 | ||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2024 | ||||||||||
Interest Rate (in percentage) | 4.00% | ||||||||||
Interest expense, debt | 10,000,000 | 10,000,000 | |||||||||
Deferred finance costs | $ 2,200,000 | ||||||||||
Amortization of debt discount | 300,000 | 288,000 | |||||||||
Senior Notes Due 2023 | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Debt, face amount | $ 250,000,000 | ||||||||||
Debt Instrument, Maturity Date | Dec. 15, 2023 | ||||||||||
Interest Rate (in percentage) | 5.00% | ||||||||||
Interest expense, debt | 12,500,000 | 12,500,000 | |||||||||
Deferred finance costs | $ 2,600,000 | ||||||||||
Amortization of debt discount | $ 363,000 | $ 344,000 | |||||||||
Magnolia Shopping Center | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Liabilities incurred | $ 9,300,000 | ||||||||||
Interest Rate (in percentage) | 5.50% | ||||||||||
Casitas Plaza Shopping Center | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Liabilities incurred | $ 7,600,000 | ||||||||||
Interest Rate (in percentage) | 5.32% | ||||||||||
Gateway Shopping Center WA | |||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | |||||||||||
Principal repayments on mortgages | $ 7,100,000 |
Mortgage Notes Payable, Credi49
Mortgage Notes Payable, Credit Facilities and Senior Notes - Mortgage Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Long-term debt | $ 70,683 | $ 61,683 |
Mortgage premiums | 1,037 | 922 |
Net unamortized deferred financing costs | (417) | (449) |
Total mortgage notes payable | $ 71,303 | 62,156 |
Gateway Village III | ||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Interest Rate (in percentage) | 6.10% | |
Long-term debt | $ 0 | 7,166 |
Bernardo Heights Plaza | ||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Interest Rate (in percentage) | 5.70% | |
Long-term debt | $ 8,216 | 8,404 |
Santa Teresa Village | ||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Interest Rate (in percentage) | 6.20% | |
Long-term debt | $ 10,383 | 10,613 |
Magnolia Shopping Center | ||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Interest Rate (in percentage) | 5.50% | |
Long-term debt | $ 9,135 | 0 |
Casitas Plaza Shopping Center | ||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Interest Rate (in percentage) | 5.32% | |
Long-term debt | $ 7,449 | 0 |
Diamond Hills Plaza | ||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Interest Rate (in percentage) | 3.55% | |
Long-term debt | $ 35,500 | $ 35,500 |
Mortgage Notes Payable, Credi50
Mortgage Notes Payable, Credit Facilities and Senior Notes - Combined Aggregate Principal Maturities of Mortgage Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Principal Repayments | ||
Long-term Debt | $ 299,191 | $ 298,802 |
Mortgage Premium | ||
Total | 1,037 | 922 |
Total | ||
Total mortgage notes payable | 71,303 | $ 62,156 |
Mortgage Notes Payable | ||
Principal Repayments | ||
2,017 | 8,099 | |
2,018 | 18,900 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 39,372 | |
Long-term Debt | 66,371 | |
Scheduled Amortization | ||
2,017 | 689 | |
2,018 | 336 | |
2,019 | 157 | |
2,020 | 166 | |
2,021 | 282 | |
Thereafter | 2,682 | |
Total | 4,312 | |
Mortgage Premium | ||
2,017 | 592 | |
2,018 | 204 | |
2,019 | 70 | |
2,020 | 70 | |
2,021 | 70 | |
Thereafter | 31 | |
Total | 1,037 | |
Total | ||
2,017 | 9,380 | |
2,018 | 19,440 | |
2,019 | 227 | |
2,020 | 236 | |
2,021 | 352 | |
Thereafter | 42,085 | |
Total mortgage notes payable | $ 71,720 |
Mortgage Notes Payable, Credi51
Mortgage Notes Payable, Credit Facilities and Senior Notes - Carrying Value of the Company’s Senior Notes (Details) - USD ($) | Dec. 31, 2016 | Jul. 26, 2016 | Dec. 31, 2015 | Sep. 29, 2015 | Dec. 03, 2014 | Dec. 09, 2013 |
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 70,683,000 | $ 61,683,000 | ||||
Net unamortized deferred financing costs | (417,000) | (449,000) | ||||
Long-term Debt | 299,191,000 | 298,802,000 | ||||
Credit facility | 95,654,000 | 132,028,000 | ||||
Term Loan Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 300,000,000 | 300,000,000 | ||||
Principal amount | $ 300,000,000 | |||||
Net unamortized deferred financing costs | (809,000) | (1,198,000) | ||||
Long-term Debt | 299,191,000 | 298,802,000 | ||||
Senior Notes Due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 200,000,000 | $ 200,000,000 | 0 | |||
Net unamortized deferred financing costs | (273,000) | 0 | ||||
Senior Notes | 199,727,000 | 0 | ||||
Senior Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 250,000,000 | 250,000,000 | ||||
Principal amount | $ 250,000,000 | |||||
Unamortized debt discount | (2,891,000) | (3,191,000) | ||||
Net unamortized deferred financing costs | (1,755,000) | (1,976,000) | ||||
Senior Notes | 245,354,000 | 244,833,000 | ||||
Senior Notes Due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 250,000,000 | 250,000,000 | ||||
Principal amount | $ 250,000,000 | |||||
Unamortized debt discount | (3,119,000) | (3,482,000) | ||||
Net unamortized deferred financing costs | (1,830,000) | (2,092,000) | ||||
Senior Notes | 245,051,000 | 244,426,000 | ||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility | 98,000,000 | 135,500,000 | ||||
Net unamortized deferred financing costs | (2,346,000) | (3,472,000) | ||||
Credit facility | $ 95,654,000 | $ 132,028,000 |
Preferred Stock of ROIC (Detail
Preferred Stock of ROIC (Details) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Equity [Abstract] | ||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Stock and Warrants of 53
Common Stock and Warrants of ROIC (Details) | Jul. 12, 2016USD ($)shares | Aug. 10, 2015USD ($)shares | Oct. 23, 2014shares | Sep. 19, 2014USD ($)agreement$ / shares | Feb. 04, 2013$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Jul. 31, 2013USD ($) |
Common Stock and Warrants of ROIC (Details) [Line Items] | |||||||||
Issuance of OP Units in connection with common stock offering (in shares) | shares | 6,555,000 | 5,520,000 | |||||||
Proceeds from the issuance of OP Units in connection with issuance of common stock | $ | $ 133,000,000 | $ 87,400,000 | $ 184,881,000 | $ 101,293,000 | $ 214,906,000 | ||||
Common stock, par value (in usd per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Stock issuance costs | $ | $ 7,097,000 | $ 4,739,000 | 9,513,000 | ||||||
Share price (in usd per share) | $ / shares | $ 18.75 | ||||||||
Proceeds from the issuance of OP Units upon exercise of warrants | $ | $ 0 | $ 0 | $ 70,723,000 | ||||||
Stock repurchase program, authorized amount | $ | $ 50,000,000 | ||||||||
Stock Repurchased During Period, Shares | shares | 0 | ||||||||
Sales Agreement | |||||||||
Common Stock and Warrants of ROIC (Details) [Line Items] | |||||||||
Issuance of OP Units in connection with common stock offering (in shares) | shares | 2,202,254 | 544,567 | |||||||
Proceeds from the issuance of OP Units in connection with issuance of common stock | $ | $ 45,600,000 | $ 9,900,000 | |||||||
Number of sales agreements | agreement | 4 | ||||||||
Common stock, par value (in usd per share) | $ / shares | $ 0.0001 | ||||||||
Common shares that may be sold under a sales agreement aggregate offering price, maximum | $ | $ 100,000,000 | ||||||||
Stock issuance costs | $ | 584,000 | $ 149,000 | |||||||
Revolving Credit Facility | |||||||||
Common Stock and Warrants of ROIC (Details) [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ | $ 500,000,000 | $ 500,000,000 | |||||||
Private Placement Warrants | |||||||||
Common Stock and Warrants of ROIC (Details) [Line Items] | |||||||||
Warrants purchased by sponsor during IPO (in shares) | shares | 8,000,000 | ||||||||
Warrants, sales price per warrant (in usd per share) | $ / shares | $ 1 | ||||||||
Sponsor warrants exercised (in shares) | shares | 8,000,000 | ||||||||
NRDC | |||||||||
Common Stock and Warrants of ROIC (Details) [Line Items] | |||||||||
Issuance of OP Units in connection with common stock offering (in shares) | shares | 688,500 | ||||||||
Public Warrants | |||||||||
Common Stock and Warrants of ROIC (Details) [Line Items] | |||||||||
Warrants, repurchase price per warrant (in usd per share) | $ / shares | $ 0.01 | ||||||||
Number of days notice (in days) | 30 days | ||||||||
Exercise price of warrants (in usd per share) | $ / shares | $ 12 | ||||||||
Number of warrants exercised (in shares) | shares | 5,878,216 | ||||||||
Proceeds from the issuance of OP Units upon exercise of warrants | $ | $ 70,500,000 | ||||||||
Warrants cancelled during period (in shares) | shares | 64,452 | ||||||||
Public and Private Placement Warrants | |||||||||
Common Stock and Warrants of ROIC (Details) [Line Items] | |||||||||
Capital shares reserved for future issuance (in shares) | shares | 53,400,000 |
Stock Compensation and Other 54
Stock Compensation and Other Benefit Plans for ROIC (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | |||
Compensation expense | $ 4,900 | $ 4,700 | $ 3,700 |
Employer discretionary contribution amount | $ 76 | 31 | 25 |
The 2009 Plan | |||
Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | |||
Percentage of outstanding stock maximum (in percentage) | 7.50% | ||
Maximum number of shares (in shares) | 4,000,000 | ||
Restricted Stock | |||
Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | |||
Grants in period (in shares) | 350,614 | ||
Restricted Stock | The 2009 Plan | |||
Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | |||
Grants in period (in shares) | 350,614 | ||
Compensation cost not yet recognized | $ 5,000 | ||
Compensation cost not yet recognized, period for recognition (in years) | 1 year 255 days | ||
Vested in period, fair value | $ 5,600 | $ 4,600 | $ 2,900 |
Restricted stock awards – performance-based | Vesting on January 1, 2019 [Member] | The 2009 Plan | |||
Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | |||
Grants in period (in shares) | 121,150 |
Stock Compensation and Other 55
Stock Compensation and Other Benefit Plans for ROIC (Details) - Status of Non-vested Restricted Stock Awards - Restricted Stock | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Shares | |
Beginning balance ( in shares) | shares | 627,471 |
Granted (in shares) | shares | 350,614 |
Vested (in shares) | shares | (310,295) |
Forfeited (in shares) | shares | (7,332) |
Ending balance (in shares) | shares | 660,458 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in usd per share) | $ / shares | $ 14.39 |
Granted (in usd per share) | $ / shares | 17.33 |
Vested (in usd per share) | $ / shares | 13.99 |
Forfeited (in usd per share) | $ / shares | 17.62 |
Ending balance (in usd per share) | $ / shares | $ 16.10 |
Capital of the Operating Part56
Capital of the Operating Partnership (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Capital of the Operating Partnership [Line Items] | ||||||
Units outstanding (in shares) | 120,969,823 | |||||
Ownership interest (in percentage) | 90.30% | |||||
Shares outstanding (in shares) | 109,301,762 | 99,531,034 | ||||
Cash redemption of OP Units (in shares) | 1,133,550 | |||||
ROIC common stock (in shares) | 755,762 | |||||
Equity redemption of OP Units, cash (in shares) | 377,788 | |||||
OP Units | ||||||
Capital of the Operating Partnership [Line Items] | ||||||
Non-controlling interest redemption value (in usd per share) | $ 20.76 | |||||
Non-controlling interest redemption value | $ 242,200,000 | |||||
Common Stock | ||||||
Capital of the Operating Partnership [Line Items] | ||||||
Shares outstanding (in shares) | 109,301,762 | 99,531,034 | 92,991,333 | 72,445,767 | ||
ROIC common stock (in shares) | 755,762 | 174,959 | ||||
Bellevue Marketplace | OP Units Classified as Mezzanine Equity | ||||||
Capital of the Operating Partnership [Line Items] | ||||||
Temporary Equity, Shares Issued | 1,946,483 | |||||
Redeemable OP unit redemption (in shares) | $ 1,828,825 | |||||
Non-controlling interest redemption value (in usd per share) | $ 17.30 | |||||
Payments for redemption of redeemable OP units (usd per share) | $ 31,600,000 | |||||
Temporary equity transferred to permanent equity (in shares) | 117,658 | |||||
Retail Opportunity Investments Partnership L.P. | Limited Partner’s Capital | ||||||
Capital of the Operating Partnership [Line Items] | ||||||
Remaining units outstanding ( in shares) | [1] | 11,668,061 | 12,195,603 | 3,921,314 | 3,132,042 | |
Cash redemption of OP Units (in shares) | [1] | 2,206,613 | 174,959 | 200,000 | ||
ROIC common stock (in shares) | [1] | (755,762) | ||||
[1] | Consists of limited partnership interests held by third parties. |
Fair Value of Financial Instr57
Fair Value of Financial Instruments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Minimum | Assumed Mortgage Notes Payable | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Interest rate (in percentage) | 3.60% |
Maximum | Assumed Mortgage Notes Payable | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Interest rate (in percentage) | 4.70% |
Weighted Average | Assumed Mortgage Notes Payable | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Interest rate (in percentage) | 3.90% |
Significant Other Observable Inputs (Level 2) | Senior Notes Due 2024 | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Long-term debt, fair value | $ 238.8 |
Significant Other Observable Inputs (Level 2) | Senior Notes Due 2023 | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Long-term debt, fair value | 255.3 |
Significant Unobservable Inputs (Level 3) | Assumed Mortgage Notes Payable | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Notes payable, fair value | 35.9 |
Significant Unobservable Inputs (Level 3) | Originated Mortgage Notes Payable | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Notes payable, fair value | $ 32.6 |
Interest rate (in percentage) | 4.70% |
Significant Unobservable Inputs (Level 3) | Senior Notes Due 2026 | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Long-term debt, fair value | $ 191.2 |
Derivative and Hedging Activi58
Derivative and Hedging Activities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
In the next 12 months will be reclassified as an increase to interest expense | $ 2,000 | |
Interest Rate Swap | Bank of Montreal | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, notional amount | 50,000 | |
Interest Rate Swap | Regions Bank | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, notional amount | 50,000 | |
Interest Rate Swap | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative asset | 875 | |
Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative asset | 0 | |
Interest Rate Swap | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative asset | 875 | |
Interest Rate Swap | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative asset | 0 | |
Interest Rate Swap | Other assets | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative asset | $ 875 | $ 0 |
Derivative and Hedging Activi59
Derivative and Hedging Activities (Details) - Location of Gain or Loss on Interest Rate Derivatives Designated as Cash Flow Hedges - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Amount of gain (loss) recognized in OCI on derivatives | $ 541 | $ 0 | $ (3,132) |
Amount of loss reclassified from accumulated OCI into interest | $ 2,473 | $ 2,139 | $ 3,219 |
Commitments and Contingencies60
Commitments and Contingencies (Details) - USD ($) $ in Millions | 12 Months Ended | 25 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Commitments and Contingencies (Details) [Line Items] | ||||
Rent expense | $ 0.8 | $ 1.2 | $ 1.2 | |
Tax protection agreements, period (in years) | 10 years | |||
Terranomics Crossroads Associates, LP | ||||
Commitments and Contingencies (Details) [Line Items] | ||||
Ownership percentage (in percentage) | 51.00% | |||
Tax protection agreements, period (in years) | 12 years | |||
SARM Five Points LLC | ||||
Commitments and Contingencies (Details) [Line Items] | ||||
Ownership percentage (in percentage) | 100.00% |
Commitments and Contingencies61
Commitments and Contingencies (Details) - Future Minimum Annual Lease Payments Under Operating Leases $ in Thousands | Dec. 31, 2016USD ($) |
Future Minimum Annual Lease Payments Under Operating Leases [Abstract] | |
2,017 | $ 1,222 |
2,018 | 1,260 |
2,019 | 1,265 |
2,020 | 1,273 |
2,021 | 1,282 |
Thereafter | 36,651 |
Total minimum lease payments | $ 42,953 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Lease Agreements | General and Administrative Expense | |||
Related Party Transactions (Details) [Line Items] | |||
SG&A expense with related party | $ 46 | $ 42 | $ 37 |
Quarterly Results of Operatio63
Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations for ROIC - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 63,070 | $ 59,354 | $ 58,671 | $ 56,094 | $ 51,285 | $ 50,077 | $ 46,215 | $ 45,122 | $ 237,189 | $ 192,699 | $ 155,864 |
Net income | 10,652 | 8,215 | 8,638 | 8,925 | 7,468 | 7,837 | 5,411 | 4,376 | 36,430 | 25,092 | 21,050 |
Net income attributable to ROIC | $ 9,621 | $ 7,402 | $ 7,704 | $ 8,027 | $ 6,921 | $ 7,542 | $ 5,201 | $ 4,200 | $ 32,754 | $ 23,864 | $ 20,301 |
Earnings per share/unit - basic and diluted (in usd per share) | $ 0.09 | $ 0.07 | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.08 | $ 0.05 | $ 0.04 | $ 0.31 | $ 0.25 | $ 0.24 |
Quarterly Results of Operatio64
Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations for the Operating Partnership - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations for the Operating Partnership [Line Items] | |||||||||||
Total revenues | $ 63,070 | $ 59,354 | $ 58,671 | $ 56,094 | $ 51,285 | $ 50,077 | $ 46,215 | $ 45,122 | $ 237,189 | $ 192,699 | $ 155,864 |
Net income attributable to the Operating Partnership | $ 10,652 | $ 8,215 | $ 8,638 | $ 8,925 | $ 7,468 | $ 7,837 | $ 5,411 | $ 4,376 | $ 36,430 | $ 25,092 | $ 21,050 |
Earnings per share/unit - basic and diluted (in usd per share) | $ 0.09 | $ 0.07 | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.08 | $ 0.05 | $ 0.04 | $ 0.31 | $ 0.25 | $ 0.24 |
Retail Opportunity Investments Partnership L.P. | |||||||||||
Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations for the Operating Partnership [Line Items] | |||||||||||
Total revenues | $ 63,070 | $ 59,354 | $ 58,671 | $ 56,094 | $ 51,285 | $ 50,077 | $ 46,215 | $ 45,122 | $ 237,189 | $ 192,699 | $ 155,864 |
Net income attributable to the Operating Partnership | $ 10,652 | $ 8,215 | $ 8,638 | $ 8,925 | $ 7,468 | $ 7,837 | $ 5,411 | $ 4,376 | $ 36,430 | $ 25,092 | $ 21,050 |
Earnings per share/unit - basic and diluted (in usd per share) | $ 0.09 | $ 0.07 | $ 0.08 | $ 0.08 | $ 0.07 | $ 0.08 | $ 0.05 | $ 0.04 | $ 0.31 | $ 0.25 | $ 0.24 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, ft² in Thousands, $ in Millions | Feb. 22, 2017$ / shares | Jan. 31, 2017shares | Jan. 25, 2017USD ($)ft² | Jul. 12, 2016shares | Aug. 10, 2015shares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015ft²$ / shares | Dec. 31, 2014$ / shares |
Subsequent Events (Details) [Line Items] | ||||||||
Equity redemption of OP Units (in shares) | 755,762 | |||||||
Issuance of OP Units in connection with common stock (in shares) | 6,555,000 | 5,520,000 | ||||||
Area of real estate property (in Square Feet) | ft² | 1,300 | |||||||
Dividends per share (in dollars per share) | $ / shares | $ 0.72 | $ 0.68 | $ 0.64 | |||||
Subsequent Event | ||||||||
Subsequent Events (Details) [Line Items] | ||||||||
Equity redemption of OP Units (in shares) | 105,000 | |||||||
roic_RedeemableNoncontrollingInterestEquityRedemptionBasis | 1 | |||||||
Issuance of OP Units in connection with common stock (in shares) | 105,000 | |||||||
Dividends per share (in dollars per share) | $ / shares | $ 0.1875 | |||||||
Edmonds, Washington | PCC Edmonds | Subsequent Event | ||||||||
Subsequent Events (Details) [Line Items] | ||||||||
Consideration transferred | $ | $ 8.6 | |||||||
Area of real estate property (in Square Feet) | ft² | 34 |
Schedule III - Real Estate an66
Schedule III - Real Estate and Accumulated Depreciation - Summary (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Schedule III - Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule III, Real Estate, Federal Income Tax Basis (in Dollars) | $ 2.5 |
Minimum | Building | |
Schedule III - Real Estate and Accumulated Depreciation [Line Items] | |
PPE useful life (in years) | 39 years |
Minimum | Building Improvements | |
Schedule III - Real Estate and Accumulated Depreciation [Line Items] | |
PPE useful life (in years) | 10 years |
Maximum | Building | |
Schedule III - Real Estate and Accumulated Depreciation [Line Items] | |
PPE useful life (in years) | 40 years |
Maximum | Building Improvements | |
Schedule III - Real Estate and Accumulated Depreciation [Line Items] | |
PPE useful life (in years) | 20 years |
Schedule III - Real Estate an67
Schedule III - Real Estate and Accumulated Depreciation (Details) - Real Estate and Accumulated Depreciation - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 70,683 | |||
Initial Cost to Company, Land | 765,039 | |||
Initial Cost to Company, Buildings & Improvements | 1,794,090 | |||
Cost Capitalized Subsequent to Acquisition, Land | 1,160 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 126,729 | |||
Amount at Which Carried at Close of Period. Land | 766,199 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 1,920,819 | |||
Total real estate investments | 2,687,018 | $ 2,296,617 | $ 1,785,898 | $ 1,372,434 |
Accumulated Depreciation | 193,021 | |||
Paramount Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 6,347 | |||
Initial Cost to Company, Buildings & Improvements | 10,274 | |||
Cost Capitalized Subsequent to Acquisition, Land | 268 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,396 | |||
Amount at Which Carried at Close of Period. Land | 6,615 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 11,670 | |||
Total real estate investments | 18,285 | |||
Accumulated Depreciation | $ 2,497 | |||
Date of Acquisition | Dec. 22, 2009 | |||
Santa Ana Downtown Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 7,895 | |||
Initial Cost to Company, Buildings & Improvements | 9,890 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,019 | |||
Amount at Which Carried at Close of Period. Land | 7,895 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 11,909 | |||
Total real estate investments | 19,804 | |||
Accumulated Depreciation | $ 2,392 | |||
Date of Acquisition | Jan. 26, 2010 | |||
Meridian Valley Plaza, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 1,881 | |||
Initial Cost to Company, Buildings & Improvements | 4,795 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,416 | |||
Amount at Which Carried at Close of Period. Land | 1,881 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 6,211 | |||
Total real estate investments | 8,092 | |||
Accumulated Depreciation | $ 1,081 | |||
Date of Acquisition | Feb. 1, 2010 | |||
The Market at Lake Stevens, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 3,087 | |||
Initial Cost to Company, Buildings & Improvements | 12,397 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 361 | |||
Amount at Which Carried at Close of Period. Land | 3,087 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 12,758 | |||
Total real estate investments | 15,845 | |||
Accumulated Depreciation | $ 2,592 | |||
Date of Acquisition | Mar. 16, 2010 | |||
Norwood Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 3,031 | |||
Initial Cost to Company, Buildings & Improvements | 11,534 | |||
Cost Capitalized Subsequent to Acquisition, Land | 122 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,560 | |||
Amount at Which Carried at Close of Period. Land | 3,153 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,094 | |||
Total real estate investments | 16,247 | |||
Accumulated Depreciation | $ 2,574 | |||
Date of Acquisition | Apr. 5, 2010 | |||
Pleasant Hill Marketplace, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 6,359 | |||
Initial Cost to Company, Buildings & Improvements | 6,927 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 638 | |||
Amount at Which Carried at Close of Period. Land | 6,359 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 7,565 | |||
Total real estate investments | 13,924 | |||
Accumulated Depreciation | $ 1,676 | |||
Date of Acquisition | Apr. 8, 2010 | |||
Vancouver Market Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 4,080 | |||
Initial Cost to Company, Buildings & Improvements | 6,912 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,852 | |||
Amount at Which Carried at Close of Period. Land | 4,080 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 8,764 | |||
Total real estate investments | 12,844 | |||
Accumulated Depreciation | $ 1,486 | |||
Date of Acquisition | Jun. 17, 2010 | |||
Happy Valley Town Center, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 11,678 | |||
Initial Cost to Company, Buildings & Improvements | 27,011 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,906 | |||
Amount at Which Carried at Close of Period. Land | 11,678 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 28,917 | |||
Total real estate investments | 40,595 | |||
Accumulated Depreciation | $ 5,850 | |||
Date of Acquisition | Jul. 14, 2010 | |||
Cascade Summit, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 8,853 | |||
Initial Cost to Company, Buildings & Improvements | 7,732 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 311 | |||
Amount at Which Carried at Close of Period. Land | 8,853 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 8,043 | |||
Total real estate investments | 16,896 | |||
Accumulated Depreciation | $ 1,953 | |||
Date of Acquisition | Aug. 20, 2010 | |||
Heritage Market Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 6,595 | |||
Initial Cost to Company, Buildings & Improvements | 17,399 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 349 | |||
Amount at Which Carried at Close of Period. Land | 6,595 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 17,748 | |||
Total real estate investments | 24,343 | |||
Accumulated Depreciation | $ 3,345 | |||
Date of Acquisition | Sep. 23, 2010 | |||
Claremont Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 5,975 | |||
Initial Cost to Company, Buildings & Improvements | 1,019 | |||
Cost Capitalized Subsequent to Acquisition, Land | 183 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,604 | |||
Amount at Which Carried at Close of Period. Land | 6,158 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 5,623 | |||
Total real estate investments | 11,781 | |||
Accumulated Depreciation | $ 2,025 | |||
Date of Acquisition | Sep. 23, 2010 | |||
Shops At Sycamore Creek, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 3,747 | |||
Initial Cost to Company, Buildings & Improvements | 11,584 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 630 | |||
Amount at Which Carried at Close of Period. Land | 3,747 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 12,214 | |||
Total real estate investments | 15,961 | |||
Accumulated Depreciation | $ 2,732 | |||
Date of Acquisition | Sep. 30, 2010 | |||
Gateway Village, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 5,917 | |||
Initial Cost to Company, Buildings & Improvements | 27,298 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 654 | |||
Amount at Which Carried at Close of Period. Land | 5,917 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,952 | |||
Total real estate investments | 33,869 | |||
Accumulated Depreciation | $ 4,885 | |||
Date of Acquisition | Dec. 16, 2010 | |||
Division Crossing, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 3,706 | |||
Initial Cost to Company, Buildings & Improvements | 8,327 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 5,780 | |||
Amount at Which Carried at Close of Period. Land | 3,706 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 14,107 | |||
Total real estate investments | 17,813 | |||
Accumulated Depreciation | $ 2,662 | |||
Date of Acquisition | Dec. 22, 2010 | |||
Halsey Crossing, OR (2) | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Buildings & Improvements | $ 7,773 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,069 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,842 | |||
Total real estate investments | 10,842 | |||
Accumulated Depreciation | $ 1,681 | |||
Date of Acquisition | Dec. 22, 2010 | |||
Marketplace Del Rio,CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 13,420 | |||
Initial Cost to Company, Buildings & Improvements | 22,251 | |||
Cost Capitalized Subsequent to Acquisition, Land | 9 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,027 | |||
Amount at Which Carried at Close of Period. Land | 13,429 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 24,278 | |||
Total real estate investments | 37,707 | |||
Accumulated Depreciation | $ 4,658 | |||
Date of Acquisition | Jan. 3, 2011 | |||
Pinole Vista, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 12,894 | |||
Initial Cost to Company, Buildings & Improvements | 30,670 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,770 | |||
Amount at Which Carried at Close of Period. Land | 12,894 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 32,440 | |||
Total real estate investments | 45,334 | |||
Accumulated Depreciation | $ 4,301 | |||
Date of Acquisition | Jan. 6, 2011 | |||
Desert Spring Marketplace, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 8,517 | |||
Initial Cost to Company, Buildings & Improvements | 18,761 | |||
Cost Capitalized Subsequent to Acquisition, Land | 443 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 5,047 | |||
Amount at Which Carried at Close of Period. Land | 8,960 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 23,808 | |||
Total real estate investments | 32,768 | |||
Accumulated Depreciation | $ 4,004 | |||
Date of Acquisition | Feb. 17, 2011 | |||
Mills Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 4,084 | |||
Initial Cost to Company, Buildings & Improvements | 16,833 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 10,297 | |||
Amount at Which Carried at Close of Period. Land | 4,084 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,130 | |||
Total real estate investments | 31,214 | |||
Accumulated Depreciation | $ 4,945 | |||
Date of Acquisition | Feb. 17, 2011 | |||
Morada Ranch, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 2,504 | |||
Initial Cost to Company, Buildings & Improvements | 19,547 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 512 | |||
Amount at Which Carried at Close of Period. Land | 2,504 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 20,059 | |||
Total real estate investments | 22,563 | |||
Accumulated Depreciation | $ 3,709 | |||
Date of Acquisition | May 20, 2011 | |||
Renaissance, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 8,640 | |||
Initial Cost to Company, Buildings & Improvements | 13,848 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 685 | |||
Amount at Which Carried at Close of Period. Land | 8,640 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 14,533 | |||
Total real estate investments | 23,173 | |||
Accumulated Depreciation | $ 2,385 | |||
Date of Acquisition | Aug. 3, 2011 | |||
Country Club Gate, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 6,487 | |||
Initial Cost to Company, Buildings & Improvements | 17,341 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,065 | |||
Amount at Which Carried at Close of Period. Land | 6,487 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,406 | |||
Total real estate investments | 24,893 | |||
Accumulated Depreciation | $ 3,135 | |||
Date of Acquisition | Jul. 8, 2011 | |||
Canyon Park, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 9,352 | |||
Initial Cost to Company, Buildings & Improvements | 15,916 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 8,784 | |||
Amount at Which Carried at Close of Period. Land | 9,352 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 24,700 | |||
Total real estate investments | 34,052 | |||
Accumulated Depreciation | $ 3,160 | |||
Date of Acquisition | Jul. 29, 2011 | |||
Hawks Prairie, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 5,334 | |||
Initial Cost to Company, Buildings & Improvements | 20,694 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,613 | |||
Amount at Which Carried at Close of Period. Land | 5,334 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 22,307 | |||
Total real estate investments | 27,641 | |||
Accumulated Depreciation | $ 3,311 | |||
Date of Acquisition | Sep. 8, 2011 | |||
Kress Building, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 5,693 | |||
Initial Cost to Company, Buildings & Improvements | 20,866 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,679 | |||
Amount at Which Carried at Close of Period. Land | 5,693 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 25,545 | |||
Total real estate investments | 31,238 | |||
Accumulated Depreciation | $ 4,311 | |||
Date of Acquisition | Sep. 30, 2011 | |||
Round Hill Square, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 6,358 | |||
Initial Cost to Company, Buildings & Improvements | 17,734 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 903 | |||
Amount at Which Carried at Close of Period. Land | 6,358 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,637 | |||
Total real estate investments | 24,995 | |||
Accumulated Depreciation | $ 3,226 | |||
Date of Acquisition | Aug. 23, 2011 | |||
Hillsboro, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Buildings & Improvements | $ 17,553 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 778 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,331 | |||
Total real estate investments | 18,331 | |||
Accumulated Depreciation | $ 3,097 | |||
Date of Acquisition | Nov. 23, 2011 | |||
Gateway Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 6,242 | |||
Initial Cost to Company, Buildings & Improvements | 23,462 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | (11) | |||
Amount at Which Carried at Close of Period. Land | 6,242 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 23,451 | |||
Total real estate investments | 29,693 | |||
Accumulated Depreciation | $ 3,341 | |||
Date of Acquisition | Feb. 16, 2012 | |||
Euclid Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 7,407 | |||
Initial Cost to Company, Buildings & Improvements | 7,753 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,938 | |||
Amount at Which Carried at Close of Period. Land | 7,407 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,691 | |||
Total real estate investments | 18,098 | |||
Accumulated Depreciation | $ 2,034 | |||
Date of Acquisition | Mar. 28, 2012 | |||
Green Valley, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 1,685 | |||
Initial Cost to Company, Buildings & Improvements | 8,999 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 703 | |||
Amount at Which Carried at Close of Period. Land | 1,685 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 9,702 | |||
Total real estate investments | 11,387 | |||
Accumulated Depreciation | $ 1,646 | |||
Date of Acquisition | Apr. 2, 2012 | |||
Aurora Square, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 3,002 | |||
Initial Cost to Company, Buildings & Improvements | 1,693 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | (34) | |||
Amount at Which Carried at Close of Period. Land | 3,002 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 1,659 | |||
Total real estate investments | 4,661 | |||
Accumulated Depreciation | $ 385 | |||
Date of Acquisition | May 3, 2012 | |||
Marlin Cove, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 8,815 | |||
Initial Cost to Company, Buildings & Improvements | 6,797 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,663 | |||
Amount at Which Carried at Close of Period. Land | 8,815 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 8,460 | |||
Total real estate investments | 17,275 | |||
Accumulated Depreciation | $ 1,525 | |||
Date of Acquisition | May 4, 2012 | |||
Seabridge, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 5,098 | |||
Initial Cost to Company, Buildings & Improvements | 17,164 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,290 | |||
Amount at Which Carried at Close of Period. Land | 5,098 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,454 | |||
Total real estate investments | 23,552 | |||
Accumulated Depreciation | $ 2,995 | |||
Date of Acquisition | May 31, 2012 | |||
Novato, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 5,329 | |||
Initial Cost to Company, Buildings & Improvements | 4,412 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,102 | |||
Amount at Which Carried at Close of Period. Land | 5,329 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 5,514 | |||
Total real estate investments | 10,843 | |||
Accumulated Depreciation | $ 708 | |||
Date of Acquisition | Jul. 24, 2012 | |||
Glendora, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 5,847 | |||
Initial Cost to Company, Buildings & Improvements | 8,758 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 131 | |||
Amount at Which Carried at Close of Period. Land | 5,847 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 8,889 | |||
Total real estate investments | 14,736 | |||
Accumulated Depreciation | $ 1,445 | |||
Date of Acquisition | Aug. 1, 2012 | |||
Wilsonville, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 4,181 | |||
Initial Cost to Company, Buildings & Improvements | 15,394 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 408 | |||
Amount at Which Carried at Close of Period. Land | 4,181 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 15,802 | |||
Total real estate investments | 19,983 | |||
Accumulated Depreciation | $ 2,159 | |||
Date of Acquisition | Aug. 1, 2012 | |||
Bay Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 5,454 | |||
Initial Cost to Company, Buildings & Improvements | 14,857 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,230 | |||
Amount at Which Carried at Close of Period. Land | 5,454 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 16,087 | |||
Total real estate investments | 21,541 | |||
Accumulated Depreciation | $ 2,288 | |||
Date of Acquisition | Oct. 5, 2012 | |||
Santa Theresa, CA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 10,383 | |||
Initial Cost to Company, Land | 14,965 | |||
Initial Cost to Company, Buildings & Improvements | 17,162 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,267 | |||
Amount at Which Carried at Close of Period. Land | 14,965 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 21,429 | |||
Total real estate investments | 36,394 | |||
Accumulated Depreciation | $ 2,882 | |||
Date of Acquisition | Nov. 8, 2012 | |||
Cypress West, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 15,480 | |||
Initial Cost to Company, Buildings & Improvements | 11,819 | |||
Cost Capitalized Subsequent to Acquisition, Land | 20 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,993 | |||
Amount at Which Carried at Close of Period. Land | 15,500 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,812 | |||
Total real estate investments | 29,312 | |||
Accumulated Depreciation | $ 2,064 | |||
Date of Acquisition | Dec. 7, 2012 | |||
Redondo Beach, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 16,242 | |||
Initial Cost to Company, Buildings & Improvements | 13,625 | |||
Cost Capitalized Subsequent to Acquisition, Land | 20 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 11 | |||
Amount at Which Carried at Close of Period. Land | 16,262 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,636 | |||
Total real estate investments | 29,898 | |||
Accumulated Depreciation | $ 1,762 | |||
Date of Acquisition | Dec. 28, 2012 | |||
Harbor Place, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 16,506 | |||
Initial Cost to Company, Buildings & Improvements | 10,527 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 342 | |||
Amount at Which Carried at Close of Period. Land | 16,506 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,869 | |||
Total real estate investments | 27,375 | |||
Accumulated Depreciation | $ 1,314 | |||
Date of Acquisition | Dec. 28, 2012 | |||
Diamond Bar Town Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 9,540 | |||
Initial Cost to Company, Buildings & Improvements | 16,795 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,546 | |||
Amount at Which Carried at Close of Period. Land | 9,540 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 20,341 | |||
Total real estate investments | 29,881 | |||
Accumulated Depreciation | $ 2,870 | |||
Date of Acquisition | Feb. 1, 2013 | |||
Bernardo Heights, CA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 8,217 | |||
Initial Cost to Company, Land | 3,192 | |||
Initial Cost to Company, Buildings & Improvements | 8,940 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 726 | |||
Amount at Which Carried at Close of Period. Land | 3,192 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 9,666 | |||
Total real estate investments | 12,858 | |||
Accumulated Depreciation | $ 1,198 | |||
Date of Acquisition | Feb. 6, 2013 | |||
Canyon Crossing, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 7,941 | |||
Initial Cost to Company, Buildings & Improvements | 24,659 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,756 | |||
Amount at Which Carried at Close of Period. Land | 7,941 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,415 | |||
Total real estate investments | 35,356 | |||
Accumulated Depreciation | $ 3,575 | |||
Date of Acquisition | Apr. 15, 2013 | |||
Diamond Hills, CA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 35,500 | |||
Initial Cost to Company, Land | 15,458 | |||
Initial Cost to Company, Buildings & Improvements | 29,353 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 384 | |||
Amount at Which Carried at Close of Period. Land | 15,458 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 29,737 | |||
Total real estate investments | 45,195 | |||
Accumulated Depreciation | $ 3,676 | |||
Date of Acquisition | Apr. 22, 2013 | |||
Granada Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 3,673 | |||
Initial Cost to Company, Buildings & Improvements | 13,459 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 392 | |||
Amount at Which Carried at Close of Period. Land | 3,673 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,851 | |||
Total real estate investments | 17,524 | |||
Accumulated Depreciation | $ 1,637 | |||
Date of Acquisition | Jun. 27, 2013 | |||
Hawthorne Crossings, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 10,383 | |||
Initial Cost to Company, Buildings & Improvements | 29,277 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 558 | |||
Amount at Which Carried at Close of Period. Land | 10,383 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 29,835 | |||
Total real estate investments | 40,218 | |||
Accumulated Depreciation | $ 3,374 | |||
Date of Acquisition | Jun. 27, 2013 | |||
Robinwood, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 3,997 | |||
Initial Cost to Company, Buildings & Improvements | 11,317 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 687 | |||
Amount at Which Carried at Close of Period. Land | 3,997 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 12,004 | |||
Total real estate investments | 16,001 | |||
Accumulated Depreciation | $ 1,360 | |||
Date of Acquisition | Aug. 23, 2013 | |||
Five Points Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 18,420 | |||
Initial Cost to Company, Buildings & Improvements | 36,965 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,571 | |||
Amount at Which Carried at Close of Period. Land | 18,420 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 40,536 | |||
Total real estate investments | 58,956 | |||
Accumulated Depreciation | $ 3,805 | |||
Date of Acquisition | Sep. 27, 2013 | |||
Crossroads Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 68,366 | |||
Initial Cost to Company, Buildings & Improvements | 67,756 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 7,886 | |||
Amount at Which Carried at Close of Period. Land | 68,366 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 75,642 | |||
Total real estate investments | 144,008 | |||
Accumulated Depreciation | $ 8,525 | |||
Date of Acquisition | Sep. 27, 2013 | |||
Peninsula Marketplace, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 14,730 | |||
Initial Cost to Company, Buildings & Improvements | 19,214 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,884 | |||
Amount at Which Carried at Close of Period. Land | 14,730 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 21,098 | |||
Total real estate investments | 35,828 | |||
Accumulated Depreciation | $ 2,008 | |||
Date of Acquisition | Nov. 1, 2013 | |||
Country Club Village, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 9,986 | |||
Initial Cost to Company, Buildings & Improvements | 26,579 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,896 | |||
Amount at Which Carried at Close of Period. Land | 9,986 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 28,475 | |||
Total real estate investments | 38,461 | |||
Accumulated Depreciation | $ 3,113 | |||
Date of Acquisition | Nov. 26, 2013 | |||
Plaza de la Canada, CA (2) | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 10,351 | |||
Initial Cost to Company, Buildings & Improvements | 24,819 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 320 | |||
Amount at Which Carried at Close of Period. Land | 10,351 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 25,139 | |||
Total real estate investments | 35,490 | |||
Accumulated Depreciation | $ 2,297 | |||
Date of Acquisition | Dec. 13, 2013 | |||
Tigard Marketplace, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 13,587 | |||
Initial Cost to Company, Buildings & Improvements | 9,603 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 524 | |||
Amount at Which Carried at Close of Period. Land | 13,587 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,127 | |||
Total real estate investments | 23,714 | |||
Accumulated Depreciation | $ 1,235 | |||
Date of Acquisition | Feb. 18, 2014 | |||
Creekside Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 14,807 | |||
Initial Cost to Company, Buildings & Improvements | 29,476 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 154 | |||
Amount at Which Carried at Close of Period. Land | 14,807 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 29,630 | |||
Total real estate investments | 44,437 | |||
Accumulated Depreciation | $ 2,961 | |||
Date of Acquisition | Feb. 28, 2014 | |||
North Park Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 13,593 | |||
Initial Cost to Company, Buildings & Improvements | 17,733 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 507 | |||
Amount at Which Carried at Close of Period. Land | 13,593 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,240 | |||
Total real estate investments | 31,833 | |||
Accumulated Depreciation | $ 1,376 | |||
Date of Acquisition | Apr. 30, 2014 | |||
Aurora Square II, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 6,862 | |||
Initial Cost to Company, Buildings & Improvements | 9,798 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 73 | |||
Amount at Which Carried at Close of Period. Land | 6,862 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 9,871 | |||
Total real estate investments | 16,733 | |||
Accumulated Depreciation | $ 936 | |||
Date of Acquisition | May 22, 2014 | |||
Fallbrook Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 21,232 | |||
Initial Cost to Company, Buildings & Improvements | 186,197 | |||
Cost Capitalized Subsequent to Acquisition, Land | 83 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 6,080 | |||
Amount at Which Carried at Close of Period. Land | 21,315 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 192,277 | |||
Total real estate investments | 213,592 | |||
Accumulated Depreciation | $ 14,890 | |||
Date of Acquisition | Jun. 13, 2014 | |||
Moorpark Town Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 7,063 | |||
Initial Cost to Company, Buildings & Improvements | 19,694 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,565 | |||
Amount at Which Carried at Close of Period. Land | 7,063 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 21,259 | |||
Total real estate investments | 28,322 | |||
Accumulated Depreciation | $ 1,709 | |||
Date of Acquisition | Dec. 4, 2014 | |||
Mission Foothill Marketplace, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 11,415 | |||
Initial Cost to Company, Buildings & Improvements | 17,783 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 248 | |||
Amount at Which Carried at Close of Period. Land | 11,415 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,031 | |||
Total real estate investments | 29,446 | |||
Accumulated Depreciation | $ 1,292 | |||
Date of Acquisition | Dec. 4, 2014 | |||
Wilsonville Town Center, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 10,334 | |||
Initial Cost to Company, Buildings & Improvements | 27,101 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 211 | |||
Amount at Which Carried at Close of Period. Land | 10,334 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,312 | |||
Total real estate investments | 37,646 | |||
Accumulated Depreciation | $ 1,852 | |||
Date of Acquisition | Dec. 11, 2014 | |||
Park Oaks Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 8,527 | |||
Initial Cost to Company, Buildings & Improvements | 38,064 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 505 | |||
Amount at Which Carried at Close of Period. Land | 8,527 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 38,569 | |||
Total real estate investments | 47,096 | |||
Accumulated Depreciation | $ 2,387 | |||
Date of Acquisition | Jan. 6, 2016 | |||
Ontario Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 9,825 | |||
Initial Cost to Company, Buildings & Improvements | 26,635 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,025 | |||
Amount at Which Carried at Close of Period. Land | 9,825 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,660 | |||
Total real estate investments | 37,485 | |||
Accumulated Depreciation | $ 1,792 | |||
Date of Acquisition | Jan. 6, 2015 | |||
Winston Manor, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 10,018 | |||
Initial Cost to Company, Buildings & Improvements | 9,762 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,664 | |||
Amount at Which Carried at Close of Period. Land | 10,018 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 11,426 | |||
Total real estate investments | 21,444 | |||
Accumulated Depreciation | $ 799 | |||
Date of Acquisition | Jan. 7, 2015 | |||
Jackson Square, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 6,886 | |||
Initial Cost to Company, Buildings & Improvements | 24,558 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 251 | |||
Amount at Which Carried at Close of Period. Land | 6,886 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 24,809 | |||
Total real estate investments | 31,695 | |||
Accumulated Depreciation | $ 1,206 | |||
Date of Acquisition | Jul. 1, 2015 | |||
Tigard Promenade, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 9,844 | |||
Initial Cost to Company, Buildings & Improvements | 10,843 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3 | |||
Amount at Which Carried at Close of Period. Land | 9,844 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,846 | |||
Total real estate investments | 20,690 | |||
Accumulated Depreciation | $ 474 | |||
Date of Acquisition | Jul. 28, 2015 | |||
Sunnyside Village Square, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 4,428 | |||
Initial Cost to Company, Buildings & Improvements | 13,324 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 634 | |||
Amount at Which Carried at Close of Period. Land | 4,428 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,958 | |||
Total real estate investments | 18,386 | |||
Accumulated Depreciation | $ 673 | |||
Date of Acquisition | Jul. 28, 2015 | |||
Gateway Centre, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 16,275 | |||
Initial Cost to Company, Buildings & Improvements | 28,308 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 487 | |||
Amount at Which Carried at Close of Period. Land | 16,275 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 28,795 | |||
Total real estate investments | 45,070 | |||
Accumulated Depreciation | $ 1,179 | |||
Date of Acquisition | Sep. 1, 2015 | |||
Johnson Creek, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 9,009 | |||
Initial Cost to Company, Buildings & Improvements | 22,534 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 994 | |||
Amount at Which Carried at Close of Period. Land | 9,009 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 23,528 | |||
Total real estate investments | 32,537 | |||
Accumulated Depreciation | $ 901 | |||
Date of Acquisition | Nov. 9, 2015 | |||
Iron Horse Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 8,187 | |||
Initial Cost to Company, Buildings & Improvements | 39,654 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 329 | |||
Amount at Which Carried at Close of Period. Land | 8,187 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 39,983 | |||
Total real estate investments | 48,170 | |||
Accumulated Depreciation | $ 1,200 | |||
Date of Acquisition | Dec. 4, 2015 | |||
Bellevue Marketplace, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 10,488 | |||
Initial Cost to Company, Buildings & Improvements | 39,119 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 97 | |||
Amount at Which Carried at Close of Period. Land | 10,488 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 39,216 | |||
Total real estate investments | 49,704 | |||
Accumulated Depreciation | $ 1,306 | |||
Date of Acquisition | Dec. 10, 2015 | |||
Four Corner Square, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 9,926 | |||
Initial Cost to Company, Buildings & Improvements | 31,415 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 177 | |||
Amount at Which Carried at Close of Period. Land | 9,926 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 31,592 | |||
Total real estate investments | 41,518 | |||
Accumulated Depreciation | $ 1,084 | |||
Date of Acquisition | Dec. 21, 2015 | |||
Warner Plaza Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 16,104 | |||
Initial Cost to Company, Buildings & Improvements | 60,188 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,443 | |||
Amount at Which Carried at Close of Period. Land | 16,104 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 64,631 | |||
Total real estate investments | 80,735 | |||
Accumulated Depreciation | $ 1,741 | |||
Date of Acquisition | Dec. 31, 2015 | |||
Magnolia Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 9,135 | |||
Initial Cost to Company, Land | 12,501 | |||
Initial Cost to Company, Buildings & Improvements | 27,040 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 836 | |||
Amount at Which Carried at Close of Period. Land | 12,501 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,876 | |||
Total real estate investments | 40,377 | |||
Accumulated Depreciation | $ 712 | |||
Date of Acquisition | Mar. 10, 2016 | |||
Casitas Plaza Shopping Center | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 7,448 | |||
Initial Cost to Company, Land | 9,905 | |||
Initial Cost to Company, Buildings & Improvements | 18,731 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 182 | |||
Amount at Which Carried at Close of Period. Land | 9,905 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,913 | |||
Total real estate investments | 28,818 | |||
Accumulated Depreciation | $ 510 | |||
Date of Acquisition | Mar. 10, 2016 | |||
Bouquet Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 10,040 | |||
Initial Cost to Company, Buildings & Improvements | 48,362 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 165 | |||
Amount at Which Carried at Close of Period. Land | 10,040 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 48,527 | |||
Total real estate investments | 58,567 | |||
Accumulated Depreciation | $ 964 | |||
Date of Acquisition | Apr. 28, 2016 | |||
North Ranch Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 31,522 | |||
Initial Cost to Company, Buildings & Improvements | 95,916 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 23 | |||
Amount at Which Carried at Close of Period. Land | 31,522 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 95,939 | |||
Total real estate investments | 127,461 | |||
Accumulated Depreciation | $ 1,579 | |||
Date of Acquisition | Jun. 1, 2016 | |||
Monterey Center | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 1,073 | |||
Initial Cost to Company, Buildings & Improvements | 10,609 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 5 | |||
Amount at Which Carried at Close of Period. Land | 1,073 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,614 | |||
Total real estate investments | 11,687 | |||
Accumulated Depreciation | $ 162 | |||
Date of Acquisition | Jul. 14, 2016 | |||
Rose City Center | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 3,637 | |||
Initial Cost to Company, Buildings & Improvements | 10,301 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 0 | |||
Amount at Which Carried at Close of Period. Land | 3,637 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,301 | |||
Total real estate investments | 13,938 | |||
Accumulated Depreciation | $ 117 | |||
Date of Acquisition | Sep. 15, 2016 | |||
Trader Joe’s at the Knolls, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 9,722 | |||
Initial Cost to Company, Buildings & Improvements | 18,299 | |||
Cost Capitalized Subsequent to Acquisition, Land | 8 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 34 | |||
Amount at Which Carried at Close of Period. Land | 9,730 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,333 | |||
Total real estate investments | 28,063 | |||
Accumulated Depreciation | $ 140 | |||
Date of Acquisition | Oct. 3, 2016 | |||
Bridle Trails Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 11,529 | |||
Initial Cost to Company, Buildings & Improvements | 20,700 | |||
Cost Capitalized Subsequent to Acquisition, Land | 4 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 169 | |||
Amount at Which Carried at Close of Period. Land | 11,533 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 20,869 | |||
Total real estate investments | 32,402 | |||
Accumulated Depreciation | $ 168 | |||
Date of Acquisition | Oct. 17, 2016 | |||
Torrey Hills Corporate Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 1,976 | |||
Initial Cost to Company, Buildings & Improvements | 7,902 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 0 | |||
Amount at Which Carried at Close of Period. Land | 1,976 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 7,902 | |||
Total real estate investments | 9,878 | |||
Accumulated Depreciation | $ 17 | |||
Date of Acquisition | Dec. 6, 2016 |
Schedule III - Real Estate an68
Schedule III - Real Estate and Accumulated Depreciation (Details) - Reconciliation of Real Estate - Owned Subject to Operating Leases - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance | $ 2,296,617 | $ 1,785,898 | $ 1,372,434 |
Property improvements during the year | 41,359 | 28,104 | 27,515 |
Properties acquired during the year | 354,035 | 485,853 | 416,298 |
Properties sold during the year | 0 | 0 | (23,676) |
Assets written off during the year | (4,993) | (3,238) | (6,673) |
Balance | $ 2,687,018 | $ 2,296,617 | $ 1,785,898 |
Schedule III - Real Estate an69
Schedule III - Real Estate and Accumulated Depreciation (Details) - Reconciliation of Accumulated Depreciation - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance | $ 134,311 | $ 88,173 | $ 57,500 |
Depreciation expenses | 63,872 | 49,619 | 38,890 |
Properties sold during the year | 0 | 0 | (2,081) |
Property assets fully depreciated and written off | (5,162) | (3,481) | (6,136) |
Balance | $ 193,021 | $ 134,311 | $ 88,173 |