Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 15, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | RETAIL OPPORTUNITY INVESTMENTS CORP | ||
Trading Symbol | roic | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 113,996,474 | ||
Entity Public Float | $ 2.1 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,407,623 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Retail Opportunity Investments Partnership L.P. | |||
Document Information [Line Items] | |||
Entity Registrant Name | Retail Opportunity Investments Partnerships L.P. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,577,230 | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Real Estate Investments: | ||
Land | $ 894,240 | $ 878,797 |
Building and improvements | 2,266,232 | 2,230,600 |
Total real estate investments | 3,160,472 | 3,109,397 |
Less: accumulated depreciation | 329,207 | 260,115 |
Real Estate Investments, net | 2,831,265 | 2,849,282 |
Cash and cash equivalents | 6,076 | 11,553 |
Restricted cash | 1,373 | 5,412 |
Tenant and other receivables, net | 46,832 | 43,257 |
Deposits | 0 | 500 |
Acquired lease intangible assets, net | 72,109 | 82,778 |
Prepaid expenses | 4,194 | 2,853 |
Deferred charges, net | 33,857 | 37,167 |
Other | 7,365 | 6,396 |
Total assets | 3,003,071 | 3,039,198 |
Liabilities: | ||
Term loan | 299,076 | 298,816 |
Credit facility | 153,689 | 140,329 |
Senior Notes | 941,449 | 940,086 |
Mortgage notes payable | 88,511 | 107,915 |
Acquired lease intangible liabilities, net | 166,146 | 178,984 |
Accounts payable and accrued expenses | 15,488 | 18,638 |
Tenants’ security deposits | 7,065 | 6,771 |
Other liabilities | 23,219 | 18,018 |
Total liabilities | 1,694,643 | 1,709,557 |
Commitments and contingencies | ||
Equity/Capital: | ||
Preferred stock, $.0001 par value 50,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value, 500,000,000 shares authorized; 113,992,837 and 112,347,451 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively | 11 | 11 |
Additional paid-in-capital | 1,441,080 | 1,412,590 |
Dividends in excess of earnings | (256,438) | (210,490) |
Accumulated other comprehensive income | 3,561 | 1,856 |
Total Retail Opportunity Investments Corp. stockholders' equity | 1,188,214 | 1,203,967 |
Non-controlling interests | 120,214 | 125,674 |
Total equity/capital | 1,308,428 | 1,329,641 |
Total liabilities and equity/capital | 3,003,071 | 3,039,198 |
Retail Opportunity Investments Partnership L.P. | ||
Real Estate Investments: | ||
Land | 894,240 | 878,797 |
Building and improvements | 2,266,232 | 2,230,600 |
Total real estate investments | 3,160,472 | 3,109,397 |
Less: accumulated depreciation | 329,207 | 260,115 |
Real Estate Investments, net | 2,831,265 | 2,849,282 |
Cash and cash equivalents | 6,076 | 11,553 |
Restricted cash | 1,373 | 5,412 |
Tenant and other receivables, net | 46,832 | 43,257 |
Deposits | 0 | 500 |
Acquired lease intangible assets, net | 72,109 | 82,778 |
Prepaid expenses | 4,194 | 2,853 |
Deferred charges, net | 33,857 | 37,167 |
Other | 7,365 | 6,396 |
Total assets | 3,003,071 | 3,039,198 |
Liabilities: | ||
Term loan | 299,076 | 298,816 |
Credit facility | 153,689 | 140,329 |
Senior Notes | 941,449 | 940,086 |
Mortgage notes payable | 88,511 | 107,915 |
Acquired lease intangible liabilities, net | 166,146 | 178,984 |
Accounts payable and accrued expenses | 15,488 | 18,638 |
Tenants’ security deposits | 7,065 | 6,771 |
Other liabilities | 23,219 | 18,018 |
Total liabilities | 1,694,643 | 1,709,557 |
Commitments and contingencies | ||
Equity/Capital: | ||
ROIC capital | 1,184,653 | 1,202,111 |
Limited partners’ capital | 120,214 | 125,674 |
Accumulated other comprehensive income | 3,561 | 1,856 |
Total equity/capital | 1,308,428 | 1,329,641 |
Total liabilities and equity/capital | $ 3,003,071 | $ 3,039,198 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
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) | 113,992,837 | 112,347,451 |
Common stock, shares outstanding (in shares) | 113,992,837 | 112,347,451 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||
Base rents | $ 223,797 | $ 210,564 | $ 183,330 |
Recoveries from tenants | 65,804 | 58,818 | 51,454 |
Other income | 6,197 | 3,878 | 2,405 |
Total revenues | 295,798 | 273,260 | 237,189 |
Operating expenses | |||
Property operating | 43,851 | 39,151 | 32,201 |
Property taxes | 32,349 | 29,663 | 25,058 |
Depreciation and amortization | 100,838 | 96,256 | 88,359 |
General and administrative expenses | 14,918 | 14,103 | 13,120 |
Acquisition transaction costs | 0 | 4 | 824 |
Other expense | 478 | 418 | 456 |
Total operating expenses | 192,434 | 179,595 | 160,018 |
Gain on sale of real estate | 5,890 | 0 | 0 |
Operating income | 109,254 | 93,665 | 77,171 |
Non-operating expenses | |||
Interest expense and other finance expenses | (62,113) | (50,977) | (40,741) |
Net income | 47,141 | 42,688 | 36,430 |
Net income attributable to non-controlling interests | (4,405) | (4,211) | (3,676) |
Net Income Attributable to Retail Opportunity Investments Corp. | $ 42,736 | $ 38,477 | $ 32,754 |
Earnings per share/unit - basic and diluted (in usd per share) | $ 0.38 | $ 0.35 | $ 0.31 |
Dividends per share (in dollars per share) | $ 0.78 | $ 0.75 | $ 0.72 |
Comprehensive income: | |||
Net income | $ 47,141 | $ 42,688 | $ 36,430 |
Unrealized swap derivative gain arising during the period | 1,648 | 3,665 | 541 |
Reclassification adjustment for amortization of interest expense included in net income | 57 | 1,920 | 2,473 |
Other comprehensive income | 1,705 | 5,585 | 3,014 |
Comprehensive income | 48,846 | 48,273 | 39,444 |
Comprehensive income attributable to non-controlling interests | (4,405) | (4,211) | (3,676) |
Comprehensive income attributable to Retail Opportunity Investments Corp. | 44,441 | 44,062 | 35,768 |
Retail Opportunity Investments Partnership L.P. | |||
Revenues | |||
Base rents | 223,797 | 210,564 | 183,330 |
Recoveries from tenants | 65,804 | 58,818 | 51,454 |
Other income | 6,197 | 3,878 | 2,405 |
Total revenues | 295,798 | 273,260 | 237,189 |
Operating expenses | |||
Property operating | 43,851 | 39,151 | 32,201 |
Property taxes | 32,349 | 29,663 | 25,058 |
Depreciation and amortization | 100,838 | 96,256 | 88,359 |
General and administrative expenses | 14,918 | 14,103 | 13,120 |
Acquisition transaction costs | 0 | 4 | 824 |
Other expense | 478 | 418 | 456 |
Total operating expenses | 192,434 | 179,595 | 160,018 |
Gain on sale of real estate | 5,890 | 0 | 0 |
Operating income | 109,254 | 93,665 | 77,171 |
Non-operating expenses | |||
Interest expense and other finance expenses | (62,113) | (50,977) | (40,741) |
Net income | $ 47,141 | $ 42,688 | $ 36,430 |
Earnings per share/unit - basic and diluted (in usd per share) | $ 0.38 | $ 0.35 | $ 0.31 |
Dividends per share (in dollars per share) | $ 0.78 | $ 0.75 | $ 0.72 |
Comprehensive income: | |||
Net income | $ 47,141 | $ 42,688 | $ 36,430 |
Unrealized swap derivative gain arising during the period | 1,648 | 3,665 | 541 |
Reclassification adjustment for amortization of interest expense included in net income | 57 | 1,920 | 2,473 |
Other comprehensive income | 1,705 | 5,585 | 3,014 |
Comprehensive income | $ 48,846 | $ 48,273 | $ 39,444 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Officer | Common Stock | Additional paid-in capital | Accumulated dividends in excess of earnings | Accumulated dividends in excess of earningsOfficer | Accumulated other comprehensive (loss) income | Non- controlling interests |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total (in shares) | 99,531,034 | |||||||
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 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Shares issued under the 2009 Equity Incentive Plan (in shares) | 341,306 | |||||||
Shares withheld for employee taxes (in shares) | (76,262) | |||||||
Shares withheld for employee taxes | (1,368) | (1,368) | ||||||
Cancellation of restricted stock (in shares) | (7,332) | |||||||
Stock based compensation expense | 4,916 | 4,916 | ||||||
Issuance of OP Units to non-controlling interests | 48,175 | 48,175 | ||||||
Redemption of OP Units (in shares) | 755,762 | |||||||
Redemption of OP Units | 15,990 | 15,990 | (15,990) | |||||
Cash redemption for non-controlling interests | (7,182) | (7,182) | ||||||
Adjustment to non-controlling interests ownership in Operating Partnership | (5,627) | 5,627 | ||||||
Proceeds from the issuance of common stock (in shares) | 8,757,254 | |||||||
Proceeds from the issuance of common stock | 184,881 | $ 1 | 184,880 | |||||
Registration expenditures | (7,276) | (7,276) | ||||||
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 (in shares) | 99,531,034 | |||||||
Total | 1,308,855 | $ 11 | 1,357,910 | (165,951) | (3,729) | 120,614 | ||
Proceeds from repayment of promissory note receivable secured by equity | 6,710 | 6,710 | ||||||
Balance (in shares) at Dec. 31, 2016 | 109,301,762 | |||||||
Balance at Dec. 31, 2016 | 1,315,565 | $ 11 | 1,357,910 | (165,951) | (3,729) | 127,324 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total (in shares) | 109,301,762 | |||||||
Shares issued under the 2009 Equity Incentive Plan (in shares) | 353,261 | |||||||
Shares issued under the 2009 Equity Incentive Plan | 44 | 44 | ||||||
Shares withheld for employee taxes (in shares) | (74,331) | |||||||
Shares withheld for employee taxes | (1,571) | (1,571) | ||||||
Cancellation of restricted stock (in shares) | (1,999) | |||||||
Stock based compensation expense | 6,190 | 6,190 | ||||||
Issuance of OP Units to non-controlling interests | 49,599 | 49,599 | ||||||
Redemption of OP Units | 50,155 | |||||||
Equity redemption and exchange of OP Units (in shares) | 2,555,933 | |||||||
Equity redemption and exchange of OP Units | 50,155 | (50,155) | ||||||
Cash redemption for non-controlling interests | (150) | (150) | ||||||
Adjustment to non-controlling interests ownership in Operating Partnership | (3,574) | 3,574 | ||||||
Proceeds from the issuance of common stock (in shares) | 212,825 | |||||||
Proceeds from the issuance of common stock | 4,481 | $ 0 | 4,481 | |||||
Registration expenditures | (1,045) | (1,045) | ||||||
Cash dividends | (91,510) | (235) | (82,781) | (235) | (8,729) | |||
Net income attributable to Retail Opportunity Investments Corp. | 38,477 | 38,477 | ||||||
Net income attributable to non-controlling interests | 4,211 | 4,211 | ||||||
Other comprehensive income | $ 5,585 | 5,585 | ||||||
Total (in shares) | 112,347,451 | 109,301,762 | ||||||
Balance (in shares) at Dec. 31, 2017 | 112,347,451 | 112,347,451 | ||||||
Balance at Dec. 31, 2017 | $ 1,329,641 | $ 11 | 1,412,590 | (210,490) | 1,856 | 125,674 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total (in shares) | 112,347,451 | 112,347,451 | ||||||
Shares issued under the 2009 Equity Incentive Plan (in shares) | 397,861 | |||||||
Shares issued under the 2009 Equity Incentive Plan | $ 269 | 269 | ||||||
Shares withheld for employee taxes (in shares) | (70,168) | |||||||
Shares withheld for employee taxes | (1,400) | (1,400) | ||||||
Cancellation of restricted stock (in shares) | (8,997) | |||||||
Stock based compensation expense | 7,392 | 7,392 | ||||||
Redemption of OP Units | 0 | |||||||
Cash redemption for non-controlling interests | (3,713) | (3,713) | ||||||
Adjustment to non-controlling interests ownership in Operating Partnership | (2,904) | 2,904 | ||||||
Proceeds from the issuance of common stock (in shares) | 1,326,690 | |||||||
Proceeds from the issuance of common stock | 25,703 | 25,703 | ||||||
Registration expenditures | (570) | (570) | ||||||
Cash dividends | (97,473) | $ (267) | (88,417) | $ (267) | (9,056) | |||
Net income attributable to Retail Opportunity Investments Corp. | 42,736 | 42,736 | ||||||
Net income attributable to non-controlling interests | 4,405 | 4,405 | ||||||
Other comprehensive income | $ 1,705 | 1,705 | ||||||
Total (in shares) | 112,347,451 | 112,347,451 | ||||||
Balance (in shares) at Dec. 31, 2018 | 113,992,837 | 113,992,837 | ||||||
Balance at Dec. 31, 2018 | $ 1,308,428 | $ 11 | $ 1,441,080 | $ (256,438) | $ 3,561 | $ 120,214 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Total (in shares) | 113,992,837 | 113,992,837 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per share (in dollars per share) | $ 0.78 | $ 0.75 | $ 0.72 |
Consolidated Statement of Partn
Consolidated Statement of Partners' Capital - USD ($) $ in Thousands | Total | 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) income | |||
Total (in shares) | 12,195,603 | [1] | 99,531,034 | [2] | |||||||
Balance (in shares) at Dec. 31, 2015 | 12,195,603 | [1] | 99,531,034 | [2] | |||||||
Balance at Dec. 31, 2015 | $ 1,131,342 | $ 94,671 | [1] | $ 1,043,414 | [2] | $ (6,743) | |||||
OP Units issued under the 2009 Equity Incentive Plan (in shares) | [2] | 341,306 | |||||||||
OP Units withheld for employee taxes (in shares) | [2] | (76,262) | |||||||||
OP Units withheld for employee taxes | $ (1,368) | (1,368) | $ (1,368) | [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 (in shares) | [1] | 2,434,833 | |||||||||
Issuance of OP Units in connection with acquisition | 48,175 | $ 48,175 | [1] | ||||||||
Equity redemption of OP Units (in shares) | (755,762) | [1] | 755,762 | [2] | |||||||
Equity redemption of OP Units | 15,990 | $ (15,990) | [1] | $ 15,990 | [2] | ||||||
Cash redemption of OP Units (in shares) | [1] | (2,206,613) | |||||||||
Cash redemption of OP Units | (7,182) | (7,182) | $ (7,182) | [1] | |||||||
Adjustment to non-controlling interests ownership in Operating Partnership | 5,627 | [1] | $ (5,627) | [2] | |||||||
Issuance of OP Units in connection with common stock offering (in shares) | [2] | 8,757,254 | |||||||||
Issuance of OP Units in connection with common stock offering | 184,881 | 184,881 | $ 184,881 | [2] | |||||||
Registration expenditures | (7,276) | (7,276) | (7,276) | [2] | |||||||
Cash distributions | (83,900) | $ (177) | (8,363) | [1] | (75,537) | [2] | $ (177) | ||||
Net income | 36,430 | 36,430 | $ 3,676 | [1] | $ 32,754 | [2] | |||||
Other comprehensive income | 3,014 | 3,014 | 3,014 | ||||||||
Total (in shares) | 12,195,603 | [1] | 99,531,034 | [2] | |||||||
Total | 1,308,855 | $ 120,614 | [1] | $ 1,191,970 | [2] | (3,729) | |||||
Proceeds from repayment of promissory note receivable secured by capital | 6,710 | 6,710 | $ 6,710 | [1] | |||||||
Balance (in shares) at Dec. 31, 2016 | 11,668,061 | [1] | 109,301,762 | [2] | |||||||
Balance at Dec. 31, 2016 | 1,315,565 | $ 127,324 | [1] | $ 1,191,970 | [2] | (3,729) | |||||
Total (in shares) | 11,668,061 | [1] | 109,301,762 | [2] | |||||||
OP Units issued under the 2009 Equity Incentive Plan (in shares) | [2] | 353,261 | |||||||||
OP units issued under the 2009 Equity Incentive Plan | 44 | 44 | $ 44 | [2] | |||||||
OP Units withheld for employee taxes (in shares) | [2] | (74,331) | |||||||||
OP Units withheld for employee taxes | (1,571) | (1,571) | $ (1,571) | [2] | |||||||
Cancellation of OP Units (in shares) | [2] | (1,999) | |||||||||
Stock based compensation expense | 6,190 | 6,190 | $ 6,190 | [2] | |||||||
Issuance of OP Units in connection with acquisition (in shares) | [1] | 2,573,927 | |||||||||
Issuance of OP Units in connection with acquisition | 49,599 | $ 49,599 | [1] | ||||||||
Equity redemption of OP Units (in shares) | (2,555,933) | [1] | 2,555,933 | [2] | |||||||
Equity redemption of OP Units | 50,155 | $ (50,155) | [1] | $ 50,155 | [2] | ||||||
Cash redemption of OP Units (in shares) | [1] | (7,064) | |||||||||
Cash redemption of OP Units | (150) | (150) | $ (150) | [1] | |||||||
Adjustment to non-controlling interests ownership in Operating Partnership | 3,574 | [1] | $ (3,574) | [2] | |||||||
Issuance of OP Units in connection with common stock offering (in shares) | [2] | 212,825 | |||||||||
Issuance of OP Units in connection with common stock offering | 4,481 | 4,481 | $ 4,481 | [2] | |||||||
Registration expenditures | (1,045) | (1,045) | (1,045) | [2] | |||||||
Cash distributions | (91,510) | (235) | (8,729) | [1] | (82,781) | [2] | (235) | ||||
Net income | 42,688 | 42,688 | $ 4,211 | [1] | $ 38,477 | [2] | |||||
Other comprehensive income | 5,585 | 5,585 | 5,585 | ||||||||
Total (in shares) | 11,668,061 | [1] | 109,301,762 | [2] | |||||||
Balance (in shares) at Dec. 31, 2017 | 11,678,991 | 112,347,451 | |||||||||
Balance at Dec. 31, 2017 | 1,329,641 | $ 125,674 | $ 1,202,111 | 1,856 | |||||||
Total (in shares) | 11,678,991 | 112,347,451 | |||||||||
OP Units issued under the 2009 Equity Incentive Plan (in shares) | [2] | 397,861 | |||||||||
OP units issued under the 2009 Equity Incentive Plan | 269 | 269 | $ 269 | [2] | |||||||
OP Units withheld for employee taxes (in shares) | [2] | (70,168) | |||||||||
OP Units withheld for employee taxes | (1,400) | (1,400) | $ (1,400) | [2] | |||||||
Cancellation of OP Units (in shares) | [2] | (8,997) | |||||||||
Stock based compensation expense | 7,392 | 7,392 | $ 7,392 | [2] | |||||||
Equity redemption of OP Units | $ 0 | ||||||||||
Cash redemption of OP Units (in shares) | (201,950) | (201,950) | [1] | ||||||||
Cash redemption of OP Units | $ (3,713) | (3,713) | $ (3,713) | [1] | |||||||
Adjustment to non-controlling interests ownership in Operating Partnership | 2,904 | [1] | $ (2,904) | [2] | |||||||
Issuance of OP Units in connection with common stock offering (in shares) | [2] | 1,326,690 | |||||||||
Issuance of OP Units in connection with common stock offering | 25,703 | 25,703 | $ 25,703 | [2] | |||||||
Registration expenditures | (570) | (570) | (570) | [2] | |||||||
Cash distributions | (97,473) | $ (267) | (9,056) | [1] | (88,417) | [2] | $ (267) | ||||
Net income | 47,141 | 47,141 | $ 4,405 | [1] | $ 42,736 | [2] | |||||
Other comprehensive income | $ 1,705 | 1,705 | 1,705 | ||||||||
Total (in shares) | 125,469,878 | 11,678,991 | 112,347,451 | ||||||||
Balance (in shares) at Dec. 31, 2018 | 125,469,878 | 11,477,041 | 113,992,837 | ||||||||
Balance at Dec. 31, 2018 | $ 1,308,428 | $ 120,214 | $ 1,184,653 | $ 3,561 | |||||||
Total (in shares) | 125,469,878 | 11,477,041 | 113,992,837 | ||||||||
[1] | Consists of limited partnership interests held by third parties. | ||||||||||
[2] | Consists of general and limited partnership interests held by ROIC. |
Consolidated Statement of Par_2
Consolidated Statement of Partners' Capital (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash distributions per unit (usd per share) | $ 0.78 | $ 0.75 | $ 0.72 |
Retail Opportunity Investments Partnership L.P. | |||
Cash distributions per unit (usd per share) | $ 0.78 | $ 0.75 | $ 0.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 47,141 | $ 42,688 | $ 36,430 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 100,838 | 96,256 | 88,359 |
Amortization of deferred financing costs and mortgage premiums, net | 1,899 | 2,026 | 2,088 |
Straight-line rent adjustment | (5,380) | (6,176) | (4,560) |
Amortization of above and below market rent | (13,965) | (17,078) | (13,847) |
Amortization relating to stock based compensation | 7,392 | 6,190 | 4,916 |
Provisions for tenant credit losses | 1,729 | 1,191 | 1,805 |
Other noncash interest expense | 1,674 | 2,139 | 2,139 |
Gain on sale of real estate | (5,890) | 0 | 0 |
Change in operating assets and liabilities: | |||
Tenant and other receivables | (57) | (2,452) | (4,412) |
Prepaid expenses | (1,344) | 464 | (1,363) |
Accounts payable and accrued expenses | (1,622) | 456 | 4,417 |
Other assets and liabilities, net | (1,497) | 3,234 | (1,357) |
Net cash provided by operating activities | 130,918 | 128,938 | 114,615 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Investments in real estate | (44,195) | (263,366) | (284,867) |
Proceeds from sale of real estate | 26,880 | 0 | 0 |
Improvements to properties | (39,240) | (54,097) | (40,758) |
Deposits on real estate acquisitions, net | 500 | (500) | 500 |
Net cash used in investing activities | (56,055) | (317,963) | (325,125) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Principal repayments on mortgages | (19,612) | (8,848) | (7,816) |
Proceeds from draws on credit facility | 177,000 | 327,500 | 332,500 |
Payments on credit facility | (164,500) | (282,000) | (370,000) |
Proceeds from issuance of Senior Notes | 0 | 250,000 | 200,000 |
Proceeds on repayment of promissory note receivable | 0 | 0 | 6,710 |
Redemption of OP Units | (3,713) | (150) | (38,820) |
Distributions to OP Unitholders | (9,056) | (8,729) | (8,363) |
Deferred financing and other costs | 0 | (3,845) | (266) |
Proceeds from the issuance of common stock | 25,703 | 4,481 | 184,881 |
Registration expenditures | (570) | (1,225) | (7,097) |
Dividends paid to common shareholders | (88,500) | (82,917) | (75,672) |
Common shares issued under the 2009 Equity Incentive Plan | 269 | 44 | 0 |
Shares withheld for employee taxes | (1,400) | (1,571) | (1,368) |
Net cash (used in) provided by financing activities | (84,379) | 192,740 | 214,689 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (9,516) | 3,715 | 4,179 |
Cash, cash equivalents and restricted cash at beginning of period | 16,965 | 13,250 | 9,071 |
Cash, cash equivalents and restricted cash at end of period | 7,449 | 16,965 | 13,250 |
Reconciliation of Cash and Cash Equivalents [Abstract] | |||
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows | 16,965 | 13,250 | 9,071 |
Retail Opportunity Investments Partnership L.P. | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | 47,141 | 42,688 | 36,430 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 100,838 | 96,256 | 88,359 |
Amortization of deferred financing costs and mortgage premiums, net | 1,899 | 2,026 | 2,088 |
Straight-line rent adjustment | (5,380) | (6,176) | (4,560) |
Amortization of above and below market rent | (13,965) | (17,078) | (13,847) |
Amortization relating to stock based compensation | 7,392 | 6,190 | 4,916 |
Provisions for tenant credit losses | 1,729 | 1,191 | 1,805 |
Other noncash interest expense | 1,674 | 2,139 | 2,139 |
Gain on sale of real estate | (5,890) | 0 | 0 |
Change in operating assets and liabilities: | |||
Tenant and other receivables | (57) | (2,452) | (4,412) |
Prepaid expenses | (1,344) | 464 | (1,363) |
Accounts payable and accrued expenses | (1,622) | 456 | 4,417 |
Other assets and liabilities, net | (1,497) | 3,234 | (1,357) |
Net cash provided by operating activities | 130,918 | 128,938 | 114,615 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Investments in real estate | (44,195) | (263,366) | (284,867) |
Proceeds from sale of real estate | 26,880 | 0 | 0 |
Improvements to properties | (39,240) | (54,097) | (40,758) |
Deposits on real estate acquisitions, net | 500 | (500) | 500 |
Net cash used in investing activities | (56,055) | (317,963) | (325,125) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Principal repayments on mortgages | (19,612) | (8,848) | (7,816) |
Proceeds from draws on credit facility | 177,000 | 327,500 | 332,500 |
Payments on credit facility | (164,500) | (282,000) | (370,000) |
Proceeds from issuance of Senior Notes | 0 | 250,000 | 200,000 |
Proceeds on repayment of promissory note receivable | 0 | 0 | 6,710 |
Redemption of OP Units | (3,713) | (150) | (38,820) |
Distributions to OP Unitholders | (97,556) | (91,646) | (84,035) |
Deferred financing and other costs | 0 | (3,845) | (266) |
Proceeds from the issuance of common stock | 25,703 | 4,481 | 184,881 |
Registration expenditures | (570) | (1,225) | (7,097) |
Common shares issued under the 2009 Equity Incentive Plan | 269 | 44 | |
Shares withheld for employee taxes | (1,400) | (1,571) | (1,368) |
Net cash (used in) provided by financing activities | (84,379) | 192,740 | 214,689 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (9,516) | 3,715 | 4,179 |
Cash, cash equivalents and restricted cash at beginning of period | 16,965 | 13,250 | 9,071 |
Cash, cash equivalents and restricted cash at end of period | 7,449 | 16,965 | 13,250 |
Reconciliation of Cash and Cash Equivalents [Abstract] | |||
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows | $ 16,965 | $ 13,250 | $ 9,071 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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, set 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 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 November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-18, Restricted Cash. ASU No. 2016-18 requires companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Additionally, ASU No. 2016-18 requires a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the balance sheet includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. ASU No. 2016-18 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, and will be applied retrospectively to all periods presented. The Company adopted ASU No. 2016-18 effective January 1, 2018. The adoption of ASU No. 2016-18 impacted the presentation of cash flows with inclusion of restricted cash flows for each of the presented periods. In January 2017, the FASB issued 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 No. 2017-1 effective October 1, 2016. For the period from October 1, 2016 through December 31, 2018, for the Company’s acquisitions 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 No. 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.” ASU No. 2016-2 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. In addition, this 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. As a lessor, under current accounting standards, the Company recognizes rental revenue from its operating leases on a straight-line basis over the respective lease terms. The Company commences recognition of rental revenue at the date the property is ready for its intended use and the tenant takes possession of or controls the physical use of the property. Under current accounting standards, tenant recoveries related to payments of real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses are considered lease components. The Company recognizes these tenant recoveries as revenue when services are rendered in an amount equal to the related operating expenses incurred that are recoverable under the terms of the applicable lease. Under ASU No. 2016-2, each lease agreement will be evaluated to identify the lease components and nonlease components at lease inception. The total consideration in the lease agreement will be allocated to the lease and nonlease components based on their relative standalone selling prices. Lessors will continue to recognize the lease revenue component using an approach that is substantially equivalent to existing guidance for operating leases (straight-line basis). In July 2018, the FASB issued an amendment to ASU No. 2016-2 that allows lessors to elect, as a practical expedient, not to allocate the total consideration to lease and nonlease components based on their relative standalone selling prices. This practical expedient allows lessors to elect a combined single lease component presentation if (i) the timing and pattern of the revenue recognition of the combined single lease component is the same, and (ii) the related lease component and, the combined single lease component would be classified as an operating lease. 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 and expects to elect certain practical expedients permitted under the transition guidance. The Company currently estimates total assets and liabilities will increase approximately $18.0 million upon adoption. Further upon adoption, payroll-related 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. These costs amounted to approximately $1.3 million during the year ended December 31, 2018 . 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 adopted the provisions of ASU No. 2014-9 effective January 1, 2018 using the modified retrospective approach. The Company evaluated the revenue recognition for all contracts within this scope under existing accounting standards and under ASU No. 2014-9 and confirmed that there were no differences in the amounts recognized or the pattern of recognition. Therefore, the adoption of ASU No. 2014-9 did not result in an adjustment to the Company’s retained earnings on January 1, 2018. 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 had been an entity disregarded from its sole owner, ROIC, for U.S. federal income tax purposes and as such had not been subject to U.S. 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 U.S. 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, 2018 , the statute of limitations for tax years 2015 through and including 2017 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. During the years ended December 31, 2018 and 2017 , capitalized costs related to the improvements or replacement of real estate properties were approximately $40.3 million and $54.5 million , respectively. 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. 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, 2017 and 2016 of approximately $4,000 and $824,000 , respectively. The Company did not expense any acquisition transaction costs during the year ended December 31, 2018 . 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 No. 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 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, 2018 or December 31, 2017 . 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 the Company’s mortgage loans payable may 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 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, 2018 and December 31, 2017 was approximately $6.9 million and $6.4 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 Sheets as of December 31, 2018 that will be charged to future operations are as follows (in thousands): Lease Origination Costs 2019 $ 7,041 2020 5,802 2021 4,867 2022 4,029 2023 3,098 Thereafter 9,020 $ 33,857 Internal Capitalized Leasing Costs Through December 31, 2018, the Company capitalized 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, 2018 , 2017 and 2016 , the Company capitalized approximately $1.3 million , $1.2 million and $1.2 million , respectively, of such payroll-related costs. Beginning January 1, 2019, in accordance with the adoption of ASU No. 2016-2, the Company will begin expensing these costs as incurred. 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. For the years ended December 31, 2018 , 2017 and 2016 , 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 Equity Incentive 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, 2018 2017 2016 Numerator: Net income $ 47,141 $ 42,688 $ 36,430 Less income attributable to non-controlling interests (4,405 ) (4,211 ) (3,676 ) Less earnings allocated to unvested shares (401 ) (319 ) (270 ) Net income available for common stockholders, basic $ 42,335 $ 38,158 $ 32,484 Numerator: Net income $ 47,141 $ 42,688 $ 36,430 Less earnings allocated to unvested shares (401 ) (319 ) (270 ) Net income available for common stockholders, diluted $ 46,740 $ 42,369 $ 36,160 Denominator: Denominator for basic EPS – weighted average common equivalent shares 112,645,490 109,400,123 104,072,222 OP units 11,626,312 12,060,835 11,747,509 Restricted stock awards – performance-based 183,683 153,807 86,996 Stock options 103,408 129,066 133,213 Denominator for diluted EPS – weighted average common equivalent shares 124,558,893 121,743,831 116,039,940 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, 2018 2017 2016 Numerator: Net income $ 47,141 $ 42,688 $ 36,430 Less earnings allocated to unvested shares (401 ) (319 ) (270 ) Net income available to unitholders, basic and diluted $ 46,740 $ 42,369 $ 36,160 Denominator: Denominator for basic earnings per unit – weighted average common equivalent units 124,271,802 121,460,958 115,819,731 Restricted stock awards – performance-based 183,683 153,807 86,996 Stock options 103,408 129,066 133,213 Denominator for diluted earnings per unit – weighted average common equivalent units 124,558,893 121,743,831 116,039,940 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 plan 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. Awards of performance-based grants are expensed as compensation under the accelerated attribution method and are recognized in income regardless of the results of the performance criteria. Derivatives The Company records all derivatives on the balance sheets 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 th |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Real Estate Investments | Real Estate Investments The following real estate investment transactions occurred during the years ended December 31, 2018 and 2017 . Property Asset Acquisitions in 2018 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 February 23, 2018, the Company acquired the property known as Stadium Center located in Tacoma, Washington, within the Seattle metropolitan area, for an adjusted purchase price of approximately $19.3 million . Stadium Center is approximately 49,000 square feet and is anchored by Thriftway Supermarket. The property was acquired with borrowings under the credit facility and restricted cash that was previously held by a qualified intermediary for the acquisition of a replacement property in a tax-free exchange under Section 1031 of the Code. On May 18, 2018, the Company acquired the property known as King City Plaza located in King City, Oregon, within the Portland metropolitan area, for an adjusted purchase price of approximately $15.7 million . King City Plaza is approximately 63,000 square feet and is anchored by Grocery Outlet Supermarket. The property was acquired with borrowings under the credit facility. Property Asset Acquisitions in 2017 During the year ended December 31, 2017 , the Company acquired ten properties throughout the west coast with a total of approximately 1.1 million square feet for a net adjusted purchase price of approximately $313.0 million . 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. 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, 2018 and 2017 (in thousands). December 31, 2018 December 31, 2017 Assets Land $ 7,666 $ 123,203 Building and improvements 35,629 251,277 Acquired lease intangible asset 1,763 24,766 Deferred charges 818 9,196 Assets acquired $ 45,876 $ 408,442 Liabilities Mortgage notes assumed $ — $ 46,801 Acquired lease intangible liability 1,680 48,684 Liabilities assumed $ 1,680 $ 95,485 The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2018 for the properties acquired during the year ended December 31, 2018 (in thousands). Year Ended December 31, 2018 Statement of operations: Revenues $ 2,343 Net income attributable to Retail Opportunity Investments Corp. $ 753 The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2017 for the properties acquired during the year ended December 31, 2017 (in thousands). Year Ended December 31, 2017 Statement of operations: Revenues $ 13,500 Net income attributable to Retail Opportunity Investments Corp. $ 2,948 Property Dispositions On September 27, 2018, the Company sold Round Hill Square, a non-core shopping center located in Zephyr Cove, Nevada. The sales price of $28.0 million , less costs to sell, resulted in net proceeds of approximately $26.9 million . The Company recorded a gain on sale of real estate of approximately $5.9 million during the year ended December 31, 2018 related to this property disposition. |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Lease Intangibles | Acquired Lease Intangibles Intangible assets and liabilities as of December 31, 2018 and 2017 consisted of the following (in thousands): December 31, 2018 December 31, 2017 Assets: In-place leases $ 92,354 $ 99,924 Accumulated amortization (36,835 ) (36,971 ) Above-market leases 30,093 33,176 Accumulated amortization (13,503 ) (13,351 ) Acquired lease intangible assets, net $ 72,109 $ 82,778 Liabilities: Below-market leases $ 217,212 $ 222,929 Accumulated amortization (51,066 ) (43,945 ) Acquired lease intangible liabilities, net $ 166,146 $ 178,984 For the years ended December 31, 2018 , 2017 and 2016 , the net amortization of acquired lease intangible assets and acquired lease intangible liabilities for above and below market leases was $14.0 million , $17.1 million and $13.8 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, 2018 , 2017 and 2016 , the net amortization of in-place leases was $11.4 million , $14.4 million and $15.6 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, 2018 is as follows (in thousands): Year Ending December 31: 2019 $ 10,573 2020 8,566 2021 6,898 2022 5,705 2023 5,092 Thereafter 35,275 Total future amortization of acquired lease intangible assets $ 72,109 The scheduled future amortization of acquired lease intangible liabilities as of December 31, 2018 is as follows (in thousands): Year Ending December 31: 2019 $ 14,675 2020 13,347 2021 12,075 2022 11,005 2023 9,999 Thereafter 105,045 Total future amortization of acquired lease intangible liabilities $ 166,146 |
Tenant Leases
Tenant Leases | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 are summarized as follows (in thousands): Year Ending December 31: 2019 $ 198,998 2020 181,234 2021 160,082 2022 134,368 2023 105,657 Thereafter 429,172 Total minimum lease payments $ 1,209,511 |
Mortgage Notes Payable, Credit
Mortgage Notes Payable, Credit Facilities and Senior Notes | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable, Credit Facilities and Senior Notes | Mortgage Notes Payable, Credit Facilities 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 2027, the Senior Notes Due 2026, the Senior Notes Due 2024 and the Senior Notes Due 2023. Mortgage Notes Payable On February 1, 2018, the Company repaid in full the Santa Teresa Village mortgage note related to Santa Teresa Village for a total of approximately $10.1 million , without penalty, in accordance with the prepayment provisions of the note. On September 28, 2018, the Company repaid in full the Magnolia Shopping Center mortgage note related to Magnolia Shopping Center for a total of approximately $ 8.8 million , without penalty, in accordance with the repayment provisions of the note. The mortgage notes payable collateralized by respective properties and assignment of leases at December 31, 2018 and December 31, 2017 , respectively, were as follows (in thousands, except interest rates): Property Maturity Date Interest Rate December 31, 2018 December 31, 2017 Santa Teresa Village February 2018 6.200 % $ — $ 10,138 Magnolia Shopping Center October 2018 5.500 % — 8,951 Casitas Plaza Shopping Center June 2022 5.320 % 7,158 7,307 Riverstone Marketplace July 2022 4.960 % 18,050 18,424 Fullerton Crossroads April 2024 4.728 % 26,000 26,000 Diamond Hills Plaza October 2025 3.550 % 35,500 35,500 $ 86,708 $ 106,320 Mortgage premiums 2,074 1,921 Net unamortized deferred financing costs (271 ) (326 ) Total mortgage notes payable $ 88,511 $ 107,915 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 2019 $ — $ 551 $ 481 $ 1,032 2020 — 577 481 1,058 2021 — 717 481 1,198 2022 23,129 1,003 344 24,476 2023 — 686 216 902 Thereafter 58,787 1,258 71 60,116 Total $ 81,916 $ 4,792 $ 2,074 $ 88,782 Term Loan and Credit Facility The carrying values of the Company’s unsecured term loan (the “term loan”) were as follows (in thousands): December 31, 2018 December 31, 2017 Term loan $ 300,000 $ 300,000 Net unamortized deferred financing costs (924 ) (1,184 ) Term loan $ 299,076 $ 298,816 On September 29, 2015, the Company entered into an unsecured term loan agreement under which the lenders agreed to provide a $300.0 million unsecured term loan facility. Effective September 8, 2017, the Company entered into a First Amended and Restated Term Loan Agreement (the “Term Loan Agreement”) pursuant to which the maturity date of the term loan was extended from January 31, 2019 to September 8, 2022 , without further options for extension. 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. 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, 2018 December 31, 2017 Credit facility $ 156,000 $ 143,500 Net unamortized deferred financing costs (2,311 ) (3,171 ) Credit facility $ 153,689 $ 140,329 The Operating Partnership has an unsecured revolving credit facility with several banks. Effective September 8, 2017, the Company entered into a Second Amended and Restated Credit Agreement (the “Credit Facility Agreement”) pursuant to which the borrowing capacity under the credit facility was increased from $500.0 million to $600.0 million . The maturity date of the credit facility was extended from January 31, 2019 to September 8, 2021 , with two six-month extension options, which may be exercised by the Operating Partnership upon satisfaction of certain conditions including the payment of extension fees. Additionally, the credit facility contains an accordion feature, which allows the Operating Partnership to increase the borrowing capacity under the credit facility up to an aggregate of $1.2 billion , subject to lender consents and other 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, 2018 . As of December 31, 2018 , $300.0 million and $156.0 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, 2018 were 3.1% and 3.0% , respectively. The Company had no available borrowings under the term loan at December 31, 2018 . The Company had $444.0 million available to borrow under the credit facility at December 31, 2018 . Senior Notes Due 2027 The carrying value of the Company’s unsecured Senior Notes Due 2027 is as follows (in thousands): December 31, 2018 December 31, 2017 Principal amount $ 250,000 $ 250,000 Net unamortized deferred financing costs (1,123 ) (1,249 ) Senior Notes Due 2027 $ 248,877 $ 248,751 On November 10, 2017, the Operating Partnership entered into a Note Purchase Agreement which provided for the issuance of $250.0 million principal amount of 4.19% Senior Notes Due 2027 (the “Senior Notes Due 2027”) in a private placement effective December 15, 2017. The Senior Notes Due 2027 pay interest on June 15 and December 15 of each year, commencing on June 15, 2018, and mature on December 15, 2027, 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. Senior Notes Due 2026 The carrying value of the Company’s unsecured Senior Notes Due 2026 is as follows (in thousands): December 31, 2018 December 31, 2017 Principal amount $ 200,000 $ 200,000 Net unamortized deferred financing costs (219 ) (248 ) Senior Notes Due 2026 $ 199,781 $ 199,752 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. Senior Notes Due 2024 The carrying value of the Company’s unsecured Senior Notes Due 2024 is as follows (in thousands): December 31, 2018 December 31, 2017 Principal amount $ 250,000 $ 250,000 Unamortized debt discount (2,252 ) (2,578 ) Net unamortized deferred financing costs (1,314 ) (1,535 ) Senior Notes Due 2024 $ 246,434 $ 245,887 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). Senior Notes Due 2023 The carrying value of the Company’s unsecured Senior Notes Due 2023 is as follows (in thousands): December 31, 2018 December 31, 2017 Principal amount $ 250,000 $ 250,000 Unamortized debt discount (2,339 ) (2,737 ) Net unamortized deferred financing costs (1,304 ) (1,567 ) Senior Notes Due 2023 $ 246,357 $ 245,696 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 combined aggregate principal maturities of the Company’s unsecured senior notes payable during the next five years and thereafter are as follows (in thousands): Principal Repayments 2019 $ — 2020 — 2021 — 2022 — 2023 250,000 Thereafter 700,000 Total $ 950,000 Deferred Financing Costs The unamortized balances of deferred financing costs associated with the Company’s term loan, unsecured revolving credit facility, Senior Notes Due 2027, 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 Sheets as of December 31, 2018 that will be charged to future operations during the next five years and thereafter are as follows (in thousands): Financing Costs 2019 $ 1,791 2020 1,791 2021 1,522 2022 848 2023 663 Thereafter 851 $ 7,466 |
Preferred Stock of ROIC
Preferred Stock of ROIC | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 , there were no shares of preferred stock outstanding. |
Common Stock of ROIC
Common Stock of ROIC | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Common Stock of ROIC | Common Stock of ROIC Equity Issuance In connection with the acquisitions of two properties during the year ended December 31, 2017 , a portion of the consideration for the properties was funded through the issuance of 2,405,430 OP Units. On December 12, 2017, the Company issued 2,584,254 shares of common stock, at a price per share of $21.25 , in exchange for the 2,405,430 OP Units previously issued and the rights to approximately $3.8 million of cash to be used to acquire a third property to be identified by the Company. The proceeds of approximately $3.8 million were classified in Restricted Cash in the consolidated balance sheet as of December 31, 2017 , as the proceeds were being held with an exchange accommodator under Section 1031 of the Code, and were used to purchase replacement assets during the year ended December 31, 2018 . The shares of common stock of the Company were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 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 revolving credit facility. ATM On May 1, 2018, ROIC entered into five separate Sales Agreements (the “Sales Agreements”) with each of Capital One Securities, Inc., Jefferies LLC, KeyBanc Capital Markets Inc., Raymond James & Associates, Inc., and Robert W. Baird & Co. Incorporated (each individually, an “Agent” and collectively, the “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 $250.0 million through the Agents either as agents or principals. In addition, on April 30, 2018, the Company terminated sales agreements with Jefferies, KeyBanc and Raymond James, dated as of September 19, 2014 and with Baird, dated as of May 23, 2016 (the “Prior Sales Agreements”), which the Company entered into in connection with its prior “at the market” offering. During the year ended December 31, 2018 , ROIC sold a total of 1,251,376 shares under the Sales Agreements, which resulted in gross proceeds of approximately $24.2 million and commissions of approximately $242,000 paid to the Agents. During the year ended December 31, 2018 , ROIC sold a total of 75,314 shares of common stock under the Prior Sales Agreements, which resulted in gross proceeds of approximately $1.5 million and commissions of approximately $19,000 paid to the Agents. During the year ended December 31, 2017 , ROIC sold a total of 34,001 shares under the Prior Sales Agreements, which resulted in gross proceeds of approximately $681,000 and commissions of approximately $9,000 paid to the Agents. 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, 2018 , 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, 2018 | |
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 ROIC 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. In 2009, the Company adopted the 2009 Equity Incentive Plan. The 2009 Equity Incentive Plan provided for grants of restricted common stock and stock option awards up to an aggregate of 7.5% of the issued and outstanding shares of ROIC’s common stock at the time of the award, subject to a ceiling of 4,000,000 shares. The Company’s Annual Meeting of Stockholders was held on April 25, 2018 at which time the stockholders of the Company approved the Company’s Amended and Restated 2009 Equity Incentive Plan (the “Equity Incentive Plan”). The types of awards that may be granted under the Equity Incentive Plan include stock options, restricted shares, share appreciation rights, phantom shares, dividend equivalent rights and other equity-based awards. The Equity Incentive Plan has a fungible unit system that counts the number of shares of the Company’s common stock used in the issuance of full-value awards, such as restricted shares, differently than the number of shares of common stock used in the issuance of stock options. A total of 22,500,000 Fungible Units (as defined in the Equity Incentive Plan) are reserved for grant under the Equity Incentive Plan and the Fungible Unit-to-full-value award conversion ratio is 6.25 to 1.0. The Equity Incentive Plan will expire on April 25, 2028. Any available shares that had not been granted under the 2009 Equity Incentive Plan were rolled over and made available for issuance under the Equity Incentive Plan. Restricted Stock During the year ended December 31, 2018 , ROIC awarded 514,972 shares of restricted common stock under the 2009 Equity Incentive Plan, of which 180,200 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, 2021. A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2018 , and changes during the year ended December 31, 2018 are presented below: Shares Weighted Average Non-vested as of December 31, 2017 781,467 $ 18.14 Granted 514,972 $ 15.85 Vested (274,608 ) $ 18.46 Forfeited (18,996 ) $ 17.75 Non-vested as of December 31, 2018 1,002,835 $ 16.88 As of December 31, 2018 , there remained a total of approximately $7.5 million of unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded under the 2009 Equity Incentive 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, 2018 , 2017 and 2016 was $5.5 million , $6.3 million and $5.6 million , respectively. Stock Based Compensation Expense For the years ended December 31, 2018 , 2017 and 2016 , the amounts charged to expense for all stock based compensation totaled approximately $7.4 million , $6.2 million and $4.9 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 $86,000 , $70,000 and $76,000 for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Capital of the Operating Partne
Capital of the Operating Partnership | 12 Months Ended |
Dec. 31, 2018 | |
Partners' Capital Notes [Abstract] | |
Capital of the Operating Partnership | Capital of the Operating Partnership As of December 31, 2018 , the Operating Partnership had 125,469,878 OP Units outstanding. ROIC owned an approximate 90.8% interest in the Operating Partnership at December 31, 2018 , or 113,992,837 OP Units. The remaining 11,477,041 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, 2018 , 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, 2018 , ROIC received notices of redemption for a total of 201,950 OP Units. ROIC elected to redeem the 201,950 OP Units in cash, and accordingly, a total of of ROIC common stock on a one-for-one basis, and accordingly, a total of approximately $3.7 million was paid during the year ended December 31, 2018 to the holders of the respective OP Units. The redemption value of the OP Units owned by the limited partners as of December 31, 2018 , not including ROIC, had such units been redeemed at December 31, 2018 , was approximately $187.9 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, 2018 , which amounted to $16.37 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, 2018 | |
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 2027 and Senior Notes Due 2026 at December 31, 2018 was approximately $223.7 million and $178.4 million , respectively, calculated using significant inputs which are not observable in the market, or Level 3. The fair value of the outstanding Senior Notes Due 2024 and Senior Notes Due 2023 at December 31, 2018 was approximately $236.9 million and $249.3 million , respectively, based on inputs not quoted on active markets, but corroborated by market data, or Level 2. Assumed mortgage notes payable were recorded at their fair value at the time they were assumed. The Company’s outstanding mortgage notes payable were estimated to have a fair value of approximately $86.3 million with an interest rate range of 4.2% to 4.4% and a weighted average interest rate of 4.3% as of December 31, 2018 . 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, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivative and Hedging Activities The Company’s objectives in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company uses 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 current interest rate swaps as of December 31, 2018 (in thousands): Swap Counterparty Notional Amount Effective Date Maturity Date Interest Rate Swap Agreements: Bank of Montreal $ 50,000 1/29/2016 1/31/2019 Regions Bank $ 50,000 2/29/2016 1/31/2019 Bank of Montreal $ 100,000 12/29/2017 8/31/2022 U.S. Bank $ 100,000 12/29/2017 8/31/2022 Forward Starting Interest Rate Swap Agreements: Regions Bank $ 50,000 1/31/2019 8/31/2022 Royal Bank of Canada $ 50,000 1/31/2019 8/31/2022 The 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 counterparties 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, 2018 , 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, 2018: Assets Derivative financial instruments $ — $ 4,931 $ — $ 4,931 Liabilities Derivative financial instruments $ — $ (580 ) $ — $ (580 ) December 31, 2017 Assets Derivative financial instruments $ — $ 4,321 $ — $ 4,321 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 $1.2 million will be reclassified as an increase to interest expense related to the Company’s four 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, 2018 and 2017 , respectively (in thousands): Derivatives designed as hedging instruments Balance sheet location December 31, 2018 Fair Value December 31, 2017 Fair Value Interest rate products Other assets $ 4,931 $ 4,321 Interest rate products Other liabilities $ (580 ) $ — 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, 2018 , 2017 , and 2016 , respectively (in thousands). Amounts reclassified from other comprehensive income (“OCI”) due to ineffectiveness are recognized as interest expense. Year Ended December 31, 2018 2017 2016 Amount of gain recognized in OCI on derivatives $ 1,648 $ 3,665 $ 541 Amount of loss reclassified from AOCI into interest $ 57 $ 1,920 $ 2,473 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
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 $2.0 million , $1.5 million , and $831,000 for the years ended December 31, 2018 , 2017 , and 2016 , respectively. The following table represents the Company’s future minimum annual lease payments under operating leases as of December 31, 2018 (in thousands): Operating Leases 2019 $ 1,280 2020 1,287 2021 1,283 2022 1,304 2023 1,330 Thereafter 33,939 Total minimum lease payments $ 40,423 Tax Protection Agreements In connection with certain acquisitions from September 2013 through March 2017, 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, to indemnify the respective sellers receiving OP Units against certain tax liabilities incurred by them, as calculated pursuant to the respective Tax Protection Agreements, for a period of 12 years (with respect to Tax Protection Agreements entered into in September 2013), or 10 years (with respect to Tax Protection Agreements entered into from December 2014 through March 2017) from the date of the 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, 2018 | |
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, 2018 , 2017 , and 2016 , the Company incurred approximately $74,000 , $52,000 and $46,000 , 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, 2018 | |
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, 2018 and 2017 for ROIC are as follows (in thousands, except share data): Year Ended December 31, 2018 March 31 June 30 September 30 December 31 Total revenues $ 74,395 $ 72,341 $ 73,904 $ 75,158 Net income $ 11,824 $ 8,102 $ 15,647 $ 11,568 Net income attributable to ROIC $ 10,702 $ 7,339 $ 14,194 $ 10,501 Basic and diluted income per share $ 0.09 $ 0.06 $ 0.12 $ 0.09 Year Ended December 31, 2017 March 31 June 30 September 30 December 31 Total revenues $ 65,900 $ 66,640 $ 67,966 $ 72,754 Net income $ 11,251 $ 9,197 $ 10,127 $ 12,113 Net income attributable to ROIC $ 10,170 $ 8,309 $ 9,149 $ 10,849 Basic and diluted income per share $ 0.09 $ 0.08 $ 0.08 $ 0.10 The unaudited quarterly results of operations for the years ended December 31, 2018 and 2017 for the Operating Partnership are as follows (in thousands, except unit data): Year Ended December 31, 2018 March 31 June 30 September 30 December 31 Total revenues $ 74,395 $ 72,341 $ 73,904 $ 75,158 Net income attributable to the Operating Partnership $ 11,824 $ 8,102 $ 15,647 $ 11,568 Basic and diluted income per unit $ 0.09 $ 0.06 $ 0.12 $ 0.09 Year Ended December 31, 2017 March 31 June 30 September 30 December 31 Total revenues $ 65,900 $ 66,640 $ 67,966 $ 72,754 Net income attributable to the Operating Partnership $ 11,251 $ 9,197 $ 10,127 $ 12,113 Basic and diluted income per unit $ 0.09 $ 0.08 $ 0.08 $ 0.10 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 15, 2019, the Company sold Vancouver Market Center, a non-core shopping center located in Vancouver, Washington for a sales price of $17.0 million . On February 19, 2019 , the Company’s board of directors declared a cash dividend on its common stock of $0.1970 per share, payable on March 28, 2019 to holders of record on March 14, 2019 . |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in 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, 2018 (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 $ 447 $ 2,227 $ 6,794 $ 12,501 $ 19,295 $ 3,571 12/22/2009 Santa Ana Downtown Plaza, CA — 7,895 9,890 — 3,856 7,895 13,746 21,641 3,281 1/26/2010 Meridian Valley Plaza, WA — 1,881 4,795 — 1,724 1,881 6,519 8,400 1,696 2/1/2010 The Market at Lake Stevens, WA — 3,087 12,397 — 408 3,087 12,805 15,892 3,394 3/16/2010 Norwood Shopping Center, CA — 3,031 11,534 122 1,253 3,153 12,787 15,940 3,419 4/5/2010 Pleasant Hill Marketplace, CA — 6,359 6,927 — 1,590 6,359 8,517 14,876 2,396 4/8/2010 Vancouver Market Center, WA — 4,080 6,912 — 3,981 4,080 10,893 14,973 2,356 6/17/2010 Happy Valley Town Center, OR — 11,678 27,011 — 2,564 11,678 29,575 41,253 7,539 7/14/2010 Cascade Summit Town Square, OR — 8,853 7,732 — 421 8,853 8,153 17,006 2,595 8/20/2010 Heritage Market Center, WA — 6,595 17,399 — 771 6,595 18,170 24,765 4,442 9/23/2010 Claremont Promenade, CA — 5,975 1,019 183 4,402 6,158 5,421 11,579 2,383 9/23/2010 Sycamore Creek, CA — 3,747 11,584 — 582 3,747 12,166 15,913 3,572 9/30/2010 Gateway Village, CA — 5,917 27,298 — 989 5,917 28,287 34,204 6,624 12/16/2010 Division Crossing, OR — 3,706 8,327 — 5,700 3,706 14,027 17,733 3,980 12/22/2010 Halsey Crossing, OR (2) — — 7,773 — 7,690 — 15,463 15,463 2,914 12/22/2010 Marketplace Del Rio,CA — 13,420 22,251 9 2,462 13,429 24,713 38,142 6,357 1/3/2011 Pinole Vista Shopping Center, CA — 12,894 35,689 — 4,247 12,894 39,936 52,830 6,424 1/6/2011 / 8/27/2018 Desert Springs Marketplace, CA — 8,517 18,761 443 6,568 8,960 25,329 34,289 5,693 2/17/2011 Mills Shopping Center, CA — 4,084 16,833 — 11,693 4,084 28,526 32,610 8,137 2/17/2011 Morada Ranch, CA — 2,504 19,547 — 791 2,504 20,338 22,842 4,717 5/20/2011 Renaissance Towne Centre, CA — 8,640 13,848 — 1,667 8,640 15,515 24,155 2,987 8/3/2011 Country Club Gate Center, CA — 6,487 17,341 — 1,208 6,487 18,549 25,036 4,403 7/8/2011 Canyon Park Shopping Center, WA — 9,352 15,916 — 8,757 9,352 24,673 34,025 5,284 7/29/2011 Hawks Prairie Shopping Center, WA — 5,334 20,694 — 2,224 5,334 22,918 28,252 4,657 9/8/2011 The Kress Building, WA — 5,693 20,866 — 4,825 5,693 25,691 31,384 6,179 9/30/2011 Hillsboro Market Center, OR (2) — — 17,553 — 3,493 — 21,046 21,046 4,295 11/23/2011 Gateway Shopping Center, WA (2) — 6,242 23,462 — 8 6,242 23,470 29,712 4,582 2/16/2012 Euclid Plaza, CA — 7,407 7,753 — 2,905 7,407 10,658 18,065 2,954 3/28/2012 Green Valley Station, CA — 1,685 8,999 — 591 1,685 9,590 11,275 2,292 4/2/2012 Aurora Square, WA — 10,325 13,336 — 1,906 10,325 15,242 25,567 2,220 5/3/2012 / 5/22/2014 Marlin Cove Shopping Center, CA — 8,815 6,797 — 2,084 8,815 8,881 17,696 2,212 5/4/2012 Seabridge Marketplace, CA — 5,098 17,164 — 3,482 5,098 20,646 25,744 3,798 5/31/2012 The Village at Novato, CA — 5,329 4,412 — 1,550 5,329 5,962 11,291 1,044 7/24/2012 Glendora Shopping Center, CA — 5,847 8,758 — 211 5,847 8,969 14,816 2,062 8/1/2012 Wilsonville Old Town Square, OR — 4,181 15,394 — 509 4,181 15,903 20,084 3,122 8/1/2012 Bay Plaza, CA — 5,454 14,857 — 1,096 5,454 15,953 21,407 3,161 10/5/2012 Santa Teresa Village, CA — 14,965 17,162 — 5,539 14,965 22,701 37,666 4,819 11/8/2012 Cypress Center West, CA — 15,480 11,819 121 2,065 15,601 13,884 29,485 3,129 12/7/2012 Redondo Beach Plaza, CA — 16,242 13,625 55 217 16,297 13,842 30,139 2,659 12/28/2012 Harbor Place Center, CA — 16,506 10,527 — 289 16,506 10,816 27,322 1,932 12/28/2012 Diamond Bar Town Center, CA — 9,540 16,795 — 3,542 9,540 20,337 29,877 4,662 2/1/2013 Bernardo Heights Plaza, CA — 3,192 8,940 — 727 3,192 9,667 12,859 1,869 2/6/2013 Canyon Crossing, WA — 7,941 24,659 — 2,946 7,941 27,605 35,546 5,808 4/15/2013 Diamond Hills Plaza, CA 35,500 15,458 29,353 — 357 15,458 29,710 45,168 5,310 4/22/2013 Granada Shopping Center, CA — 3,673 13,459 — 491 3,673 13,950 17,623 2,536 6/27/2013 Hawthorne Crossings, CA — 10,383 29,277 — 127 10,383 29,404 39,787 4,805 6/27/2013 Robinwood Shopping Center, OR — 3,997 11,317 18 1,064 4,015 12,381 16,396 2,278 8/23/2013 5 Points Plaza, CA — 17,920 36,965 — 4,082 17,920 41,047 58,967 6,358 9/27/2013 Crossroads Shopping Center, WA — 68,366 67,756 — 17,984 68,366 85,740 154,106 14,039 9/27/2013 Peninsula Marketplace, CA — 14,730 19,214 — 1,958 14,730 21,172 35,902 3,572 11/1/2013 Country Club Village, CA — 9,986 26,579 — 2,017 9,986 28,596 38,582 5,188 11/26/2013 Plaza de la Canada, CA (2) — 10,351 24,819 — 519 10,351 25,338 35,689 3,777 12/13/2013 Tigard Marketplace, OR — 13,587 9,603 — 565 13,587 10,168 23,755 2,128 2/18/2014 Creekside Plaza, CA — 14,807 29,476 — 1,351 14,807 30,827 45,634 4,980 2/28/2014 North Park Plaza, CA — 13,593 17,733 — 832 13,593 18,565 32,158 2,473 4/30/2014 Fallbrook Shopping Center, CA (2) — 21,232 186,197 83 9,286 21,315 195,483 216,798 26,910 6/13/2014 Moorpark Town Center, CA — 7,063 19,694 — 1,562 7,063 21,256 28,319 3,569 12/4/2014 Mission Foothill Marketplace, CA — 11,415 17,783 — 107 11,415 17,890 29,305 1,334 12/4/2014 Wilsonville Town Center, OR — 10,334 27,101 — 622 10,334 27,723 38,057 3,666 12/11/2014 Park Oaks Shopping Center, CA — 8,527 38,064 — 629 8,527 38,693 47,220 4,803 1/6/2016 Ontario Plaza, CA — 9,825 26,635 — 1,499 9,825 28,134 37,959 3,707 1/6/2015 Winston Manor, CA — 10,018 9,762 — 1,854 10,018 11,616 21,634 1,626 1/7/2015 Jackson Square, CA — 6,886 24,558 — 921 6,886 25,479 32,365 2,796 7/1/2015 Tigard Promenade, OR — 9,844 10,843 — 101 9,844 10,944 20,788 1,173 7/28/2015 Sunnyside Village Square, OR — 4,428 13,324 — 3,412 4,428 16,736 21,164 1,996 7/28/2015 Gateway Centre, CA — 16,275 28,308 — 3,720 16,275 32,028 48,303 3,169 9/1/2015 Johnson Creek Center, OR — 9,009 22,534 — 1,243 9,009 23,777 32,786 2,510 11/9/2015 Iron Horse Plaza, CA — 8,187 39,654 — 1,571 8,187 41,225 49,412 3,400 12/4/2015 Bellevue Marketplace, WA — 10,488 39,119 — 8,385 10,488 47,504 57,992 3,972 12/10/2015 Four Corner Square, WA — 9,926 31,415 — 350 9,926 31,765 41,691 3,123 12/21/2015 Warner Plaza, CA — 16,104 60,188 — 8,834 16,104 69,022 85,126 6,067 12/31/2015 Magnolia Shopping Center, CA — 12,501 27,040 — 1,866 12,501 28,906 41,407 2,545 3/10/2016 Casitas Plaza Shopping Center, CA 7,158 10,734 22,040 — 961 10,734 23,001 33,735 1,825 3/10/2016 Bouquet Center, CA — 10,040 48,362 — 479 10,040 48,841 58,881 3,891 4/28/2016 North Ranch Shopping Center, CA — 31,522 95,916 — 1,061 31,522 96,977 128,499 6,884 6/1/2016 Monterey Center, CA (2) — 1,073 10,609 — (36 ) 1,073 10,573 11,646 753 7/14/2016 Rose City Center, OR (2) — 3,637 10,301 — (78 ) 3,637 10,223 13,860 690 9/15/2016 The Knolls, CA — 9,726 18,299 — 20 9,726 18,319 28,045 1,265 10/3/2016 Bridle Trails Shopping Center, WA — 11,534 20,700 — 3,633 11,534 24,333 35,867 1,551 10/17/2016 Torrey Hills Corporate Center, CA — 5,579 3,915 — 2,435 5,579 6,350 11,929 662 12/6/2016 PCC Community Markets Plaza, WA — 1,856 6,914 — 7 1,856 6,921 8,777 432 1/25/2017 The Terraces, CA — 18,378 37,103 — 505 18,378 37,608 55,986 2,046 3/17/2017 Santa Rosa Southside Shopping Center, CA — 5,595 24,453 — 1,477 5,595 25,930 31,525 1,308 3/24/2017 Division Center, OR — 6,917 26,098 — 1,421 6,917 27,519 34,436 1,433 4/5/2017 Highland Hill Shopping Center, WA — 10,511 37,825 23 397 10,534 38,222 48,756 2,018 5/9/2017 Monta Loma Plaza, CA — 18,226 11,113 — 57 18,226 11,170 29,396 426 9/19/2017 Fullerton Crossroads, CA 26,000 28,512 45,419 — 234 28,512 45,653 74,165 1,776 10/11/2017 Riverstone Marketplace, WA 18,050 5,113 27,594 — 117 5,113 27,711 32,824 1,046 10/11/2017 North Lynnwood Shopping Center, WA — 4,955 10,335 — 117 4,955 10,452 15,407 401 10/19/2017 The Village at Nellie Gail Ranch, CA — 22,730 22,578 — 953 22,730 23,531 46,261 764 11/30/2017 Stadium Center, WA — 1,699 17,229 — 79 1,699 17,308 19,007 391 2/23/2018 King City Plaza, OR — 5,161 10,072 — 49 5,161 10,121 15,282 215 5/18/2018 $ 86,708 $ 892,736 $ 2,059,275 $ 1,504 $ 206,957 $ 894,240 $ 2,266,232 $ 3,160,472 $ 329,207 (a) RECONCILIATION OF REAL ESTATE – OWNED SUBJECT TO OPERATING LEASES (in thousands) Year Ended December 31, 2018 2017 2016 Balance at beginning of period: $ 3,109,397 $ 2,687,018 $ 2,296,617 Property improvements during the year 40,300 54,481 41,359 Properties acquired during the year 43,387 374,004 354,035 Properties sold during the year (24,427 ) — — Assets written off during the year (8,185 ) (6,106 ) (4,993 ) Balance at end of period: $ 3,160,472 $ 3,109,397 $ 2,687,018 (b) RECONCILIATION OF ACCUMULATED DEPRECIATION (in thousands) Year Ended December 31, 2018 2017 2016 Balance at beginning of period: $ 260,115 $ 193,021 $ 134,311 Depreciation expenses 81,107 72,725 63,872 Properties sold during the year (3,551 ) — — Property assets fully depreciated and written off (8,464 ) (5,631 ) (5,162 ) Balance at end of period: $ 329,207 $ 260,115 $ 193,021 (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, or a portion thereof, is subject to a ground lease. (3) The aggregate cost for Federal Income Tax Purposes for real estate was approximately $2.9 billion at December 31, 2018 . |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | Recent Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-18, Restricted Cash. ASU No. 2016-18 requires companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Additionally, ASU No. 2016-18 requires a disclosure of a reconciliation between the statement of financial position and the statement of cash flows when the balance sheet includes more than one line item for cash, cash equivalents, restricted cash, and restricted cash equivalents. ASU No. 2016-18 is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, and will be applied retrospectively to all periods presented. The Company adopted ASU No. 2016-18 effective January 1, 2018. The adoption of ASU No. 2016-18 impacted the presentation of cash flows with inclusion of restricted cash flows for each of the presented periods. In January 2017, the FASB issued 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 No. 2017-1 effective October 1, 2016. For the period from October 1, 2016 through December 31, 2018, for the Company’s acquisitions 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 No. 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.” ASU No. 2016-2 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. In addition, this 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. As a lessor, under current accounting standards, the Company recognizes rental revenue from its operating leases on a straight-line basis over the respective lease terms. The Company commences recognition of rental revenue at the date the property is ready for its intended use and the tenant takes possession of or controls the physical use of the property. Under current accounting standards, tenant recoveries related to payments of real estate taxes, insurance, utilities, repairs and maintenance, common area expenses, and other operating expenses are considered lease components. The Company recognizes these tenant recoveries as revenue when services are rendered in an amount equal to the related operating expenses incurred that are recoverable under the terms of the applicable lease. Under ASU No. 2016-2, each lease agreement will be evaluated to identify the lease components and nonlease components at lease inception. The total consideration in the lease agreement will be allocated to the lease and nonlease components based on their relative standalone selling prices. Lessors will continue to recognize the lease revenue component using an approach that is substantially equivalent to existing guidance for operating leases (straight-line basis). In July 2018, the FASB issued an amendment to ASU No. 2016-2 that allows lessors to elect, as a practical expedient, not to allocate the total consideration to lease and nonlease components based on their relative standalone selling prices. This practical expedient allows lessors to elect a combined single lease component presentation if (i) the timing and pattern of the revenue recognition of the combined single lease component is the same, and (ii) the related lease component and, the combined single lease component would be classified as an operating lease. 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 and expects to elect certain practical expedients permitted under the transition guidance. The Company currently estimates total assets and liabilities will increase approximately $18.0 million upon adoption. Further upon adoption, payroll-related 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. These costs amounted to approximately $1.3 million during the year ended December 31, 2018 . 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 adopted the provisions of ASU No. 2014-9 effective January 1, 2018 using the modified retrospective approach. The Company evaluated the revenue recognition for all contracts within this scope under existing accounting standards and under ASU No. 2014-9 and confirmed that there were no differences in the amounts recognized or the pattern of recognition. Therefore, the adoption of ASU No. 2014-9 did not result in an adjustment to the Company’s retained earnings on January 1, 2018. |
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 had been an entity disregarded from its sole owner, ROIC, for U.S. federal income tax purposes and as such had not been subject to U.S. 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 U.S. 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, 2018 , the statute of limitations for tax years 2015 through and including 2017 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. During the years ended December 31, 2018 and 2017 , capitalized costs related to the improvements or replacement of real estate properties were approximately $40.3 million and $54.5 million , respectively. 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. 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, 2017 and 2016 of approximately $4,000 and $824,000 , respectively. The Company did not expense any acquisition transaction costs during the year ended December 31, 2018 . 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 No. 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 the Company’s mortgage loans payable may 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 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 Through December 31, 2018, the Company capitalized 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. For the years ended December 31, 2018 , 2017 and 2016 , 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 Equity Incentive 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 plan 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. Awards of performance-based grants are expensed as compensation under the accelerated attribution method and are recognized in income regardless of the results of the performance criteria. |
Derivatives | Derivatives The Company records all derivatives on the balance sheets 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 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 derivative as long as the hedged forecasted transactions continue to be probable of occurring. The Company includes cash payments made to terminate interest rate derivatives 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 financial 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. |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 Sheets as of December 31, 2018 that will be charged to future operations are as follows (in thousands): Lease Origination Costs 2019 $ 7,041 2020 5,802 2021 4,867 2022 4,029 2023 3,098 Thereafter 9,020 $ 33,857 |
Schedule of Cash Flow, Supplemental Disclosures | The following tables provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands): Year Ended December 31, 2018 2017 2016 Supplemental disclosure of cash activities: Cash paid on gross receipts and income for federal and state purposes $ 291 $ 253 $ 206 Interest paid $ 60,494 $ 46,271 $ 34,275 Other non-cash investing and financing activities: Issuance of OP Units in connection with acquisitions $ — $ 49,599 $ 46,140 Fair value of assumed mortgages upon acquisition $ — $ 46,801 $ 17,618 Intangible lease liabilities $ 1,680 $ 48,684 $ 32,615 Interest rate swap asset $ 610 $ 3,446 $ 875 Interest rate swap liabilities $ 580 $ — $ — Accrued real estate improvement costs $ (1,367 ) $ 383 $ 601 Redemption / exchange of OP Units $ — $ 50,155 $ 15,990 |
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, 2018 2017 2016 Numerator: Net income $ 47,141 $ 42,688 $ 36,430 Less income attributable to non-controlling interests (4,405 ) (4,211 ) (3,676 ) Less earnings allocated to unvested shares (401 ) (319 ) (270 ) Net income available for common stockholders, basic $ 42,335 $ 38,158 $ 32,484 Numerator: Net income $ 47,141 $ 42,688 $ 36,430 Less earnings allocated to unvested shares (401 ) (319 ) (270 ) Net income available for common stockholders, diluted $ 46,740 $ 42,369 $ 36,160 Denominator: Denominator for basic EPS – weighted average common equivalent shares 112,645,490 109,400,123 104,072,222 OP units 11,626,312 12,060,835 11,747,509 Restricted stock awards – performance-based 183,683 153,807 86,996 Stock options 103,408 129,066 133,213 Denominator for diluted EPS – weighted average common equivalent shares 124,558,893 121,743,831 116,039,940 |
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, 2018 2017 2016 Numerator: Net income $ 47,141 $ 42,688 $ 36,430 Less earnings allocated to unvested shares (401 ) (319 ) (270 ) Net income available to unitholders, basic and diluted $ 46,740 $ 42,369 $ 36,160 Denominator: Denominator for basic earnings per unit – weighted average common equivalent units 124,271,802 121,460,958 115,819,731 Restricted stock awards – performance-based 183,683 153,807 86,996 Stock options 103,408 129,066 133,213 Denominator for diluted earnings per unit – weighted average common equivalent units 124,558,893 121,743,831 116,039,940 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 (in thousands). December 31, 2018 December 31, 2017 Assets Land $ 7,666 $ 123,203 Building and improvements 35,629 251,277 Acquired lease intangible asset 1,763 24,766 Deferred charges 818 9,196 Assets acquired $ 45,876 $ 408,442 Liabilities Mortgage notes assumed $ — $ 46,801 Acquired lease intangible liability 1,680 48,684 Liabilities assumed $ 1,680 $ 95,485 |
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, 2018 for the properties acquired during the year ended December 31, 2018 (in thousands). Year Ended December 31, 2018 Statement of operations: Revenues $ 2,343 Net income attributable to Retail Opportunity Investments Corp. $ 753 The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2017 for the properties acquired during the year ended December 31, 2017 (in thousands). Year Ended December 31, 2017 Statement of operations: Revenues $ 13,500 Net income attributable to Retail Opportunity Investments Corp. $ 2,948 |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Acquired Lease Intangibles (Tables) [Line Items] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Intangible assets and liabilities as of December 31, 2018 and 2017 consisted of the following (in thousands): December 31, 2018 December 31, 2017 Assets: In-place leases $ 92,354 $ 99,924 Accumulated amortization (36,835 ) (36,971 ) Above-market leases 30,093 33,176 Accumulated amortization (13,503 ) (13,351 ) Acquired lease intangible assets, net $ 72,109 $ 82,778 Liabilities: Below-market leases $ 217,212 $ 222,929 Accumulated amortization (51,066 ) (43,945 ) Acquired lease intangible liabilities, net $ 166,146 $ 178,984 |
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, 2018 is as follows (in thousands): Year Ending December 31: 2019 $ 10,573 2020 8,566 2021 6,898 2022 5,705 2023 5,092 Thereafter 35,275 Total future amortization of acquired lease intangible assets $ 72,109 |
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, 2018 is as follows (in thousands): Year Ending December 31: 2019 $ 14,675 2020 13,347 2021 12,075 2022 11,005 2023 9,999 Thereafter 105,045 Total future amortization of acquired lease intangible liabilities $ 166,146 |
Tenant Leases (Tables)
Tenant Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 are summarized as follows (in thousands): Year Ending December 31: 2019 $ 198,998 2020 181,234 2021 160,082 2022 134,368 2023 105,657 Thereafter 429,172 Total minimum lease payments $ 1,209,511 |
Mortgage Notes Payable, Credi_2
Mortgage Notes Payable, Credit Facilities and Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The mortgage notes payable collateralized by respective properties and assignment of leases at December 31, 2018 and December 31, 2017 , respectively, were as follows (in thousands, except interest rates): Property Maturity Date Interest Rate December 31, 2018 December 31, 2017 Santa Teresa Village February 2018 6.200 % $ — $ 10,138 Magnolia Shopping Center October 2018 5.500 % — 8,951 Casitas Plaza Shopping Center June 2022 5.320 % 7,158 7,307 Riverstone Marketplace July 2022 4.960 % 18,050 18,424 Fullerton Crossroads April 2024 4.728 % 26,000 26,000 Diamond Hills Plaza October 2025 3.550 % 35,500 35,500 $ 86,708 $ 106,320 Mortgage premiums 2,074 1,921 Net unamortized deferred financing costs (271 ) (326 ) Total mortgage notes payable $ 88,511 $ 107,915 |
Schedule of Maturities of Long-term Debt | The combined aggregate principal maturities of the Company’s unsecured senior notes payable during the next five years and thereafter are as follows (in thousands): Principal Repayments 2019 $ — 2020 — 2021 — 2022 — 2023 250,000 Thereafter 700,000 Total $ 950,000 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 2019 $ — $ 551 $ 481 $ 1,032 2020 — 577 481 1,058 2021 — 717 481 1,198 2022 23,129 1,003 344 24,476 2023 — 686 216 902 Thereafter 58,787 1,258 71 60,116 Total $ 81,916 $ 4,792 $ 2,074 $ 88,782 |
Schedule of Long-term Debt Instruments | The carrying value of the Company’s unsecured Senior Notes Due 2023 is as follows (in thousands): December 31, 2018 December 31, 2017 Principal amount $ 250,000 $ 250,000 Unamortized debt discount (2,339 ) (2,737 ) Net unamortized deferred financing costs (1,304 ) (1,567 ) Senior Notes Due 2023 $ 246,357 $ 245,696 The carrying values of the Company’s unsecured term loan (the “term loan”) were as follows (in thousands): December 31, 2018 December 31, 2017 Term loan $ 300,000 $ 300,000 Net unamortized deferred financing costs (924 ) (1,184 ) Term loan $ 299,076 $ 298,816 The carrying values of the Company’s unsecured revolving credit facility were as follows (in thousands): December 31, 2018 December 31, 2017 Credit facility $ 156,000 $ 143,500 Net unamortized deferred financing costs (2,311 ) (3,171 ) Credit facility $ 153,689 $ 140,329 The carrying value of the Company’s unsecured Senior Notes Due 2024 is as follows (in thousands): December 31, 2018 December 31, 2017 Principal amount $ 250,000 $ 250,000 Unamortized debt discount (2,252 ) (2,578 ) Net unamortized deferred financing costs (1,314 ) (1,535 ) Senior Notes Due 2024 $ 246,434 $ 245,887 The carrying value of the Company’s unsecured Senior Notes Due 2026 is as follows (in thousands): December 31, 2018 December 31, 2017 Principal amount $ 200,000 $ 200,000 Net unamortized deferred financing costs (219 ) (248 ) Senior Notes Due 2026 $ 199,781 $ 199,752 The carrying value of the Company’s unsecured Senior Notes Due 2027 is as follows (in thousands): December 31, 2018 December 31, 2017 Principal amount $ 250,000 $ 250,000 Net unamortized deferred financing costs (1,123 ) (1,249 ) Senior Notes Due 2027 $ 248,877 $ 248,751 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | The unamortized balances of deferred financing costs associated with the Company’s term loan, unsecured revolving credit facility, Senior Notes Due 2027, 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 Sheets as of December 31, 2018 that will be charged to future operations during the next five years and thereafter are as follows (in thousands): Financing Costs 2019 $ 1,791 2020 1,791 2021 1,522 2022 848 2023 663 Thereafter 851 $ 7,466 |
Stock Compensation and Other _2
Stock Compensation and Other Benefit Plans for ROIC (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity | Shares Weighted Average Non-vested as of December 31, 2017 781,467 $ 18.14 Granted 514,972 $ 15.85 Vested (274,608 ) $ 18.46 Forfeited (18,996 ) $ 17.75 Non-vested as of December 31, 2018 1,002,835 $ 16.88 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The following is a summary of the terms of the Company’s current interest rate swaps as of December 31, 2018 (in thousands): Swap Counterparty Notional Amount Effective Date Maturity Date Interest Rate Swap Agreements: Bank of Montreal $ 50,000 1/29/2016 1/31/2019 Regions Bank $ 50,000 2/29/2016 1/31/2019 Bank of Montreal $ 100,000 12/29/2017 8/31/2022 U.S. Bank $ 100,000 12/29/2017 8/31/2022 Forward Starting Interest Rate Swap Agreements: Regions Bank $ 50,000 1/31/2019 8/31/2022 Royal Bank of Canada $ 50,000 1/31/2019 8/31/2022 |
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, 2018: Assets Derivative financial instruments $ — $ 4,931 $ — $ 4,931 Liabilities Derivative financial instruments $ — $ (580 ) $ — $ (580 ) December 31, 2017 Assets Derivative financial instruments $ — $ 4,321 $ — $ 4,321 |
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, 2018 and 2017 , respectively (in thousands): Derivatives designed as hedging instruments Balance sheet location December 31, 2018 Fair Value December 31, 2017 Fair Value Interest rate products Other assets $ 4,931 $ 4,321 Interest rate products Other liabilities $ (580 ) $ — |
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, 2018 , 2017 , and 2016 , respectively (in thousands). Amounts reclassified from other comprehensive income (“OCI”) due to ineffectiveness are recognized as interest expense. Year Ended December 31, 2018 2017 2016 Amount of gain recognized in OCI on derivatives $ 1,648 $ 3,665 $ 541 Amount of loss reclassified from AOCI into interest $ 57 $ 1,920 $ 2,473 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 (in thousands): Operating Leases 2019 $ 1,280 2020 1,287 2021 1,283 2022 1,304 2023 1,330 Thereafter 33,939 Total minimum lease payments $ 40,423 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 for ROIC are as follows (in thousands, except share data): Year Ended December 31, 2018 March 31 June 30 September 30 December 31 Total revenues $ 74,395 $ 72,341 $ 73,904 $ 75,158 Net income $ 11,824 $ 8,102 $ 15,647 $ 11,568 Net income attributable to ROIC $ 10,702 $ 7,339 $ 14,194 $ 10,501 Basic and diluted income per share $ 0.09 $ 0.06 $ 0.12 $ 0.09 Year Ended December 31, 2017 March 31 June 30 September 30 December 31 Total revenues $ 65,900 $ 66,640 $ 67,966 $ 72,754 Net income $ 11,251 $ 9,197 $ 10,127 $ 12,113 Net income attributable to ROIC $ 10,170 $ 8,309 $ 9,149 $ 10,849 Basic and diluted income per share $ 0.09 $ 0.08 $ 0.08 $ 0.10 |
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, 2018 and 2017 for the Operating Partnership are as follows (in thousands, except unit data): Year Ended December 31, 2018 March 31 June 30 September 30 December 31 Total revenues $ 74,395 $ 72,341 $ 73,904 $ 75,158 Net income attributable to the Operating Partnership $ 11,824 $ 8,102 $ 15,647 $ 11,568 Basic and diluted income per unit $ 0.09 $ 0.06 $ 0.12 $ 0.09 Year Ended December 31, 2017 March 31 June 30 September 30 December 31 Total revenues $ 65,900 $ 66,640 $ 67,966 $ 72,754 Net income attributable to the Operating Partnership $ 11,251 $ 9,197 $ 10,127 $ 12,113 Basic and diluted income per unit $ 0.09 $ 0.08 $ 0.08 $ 0.10 |
Organization, Basis of Presen_4
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | |
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Taxable income minimum distribution portion not subject to federal taxation (in percentage) | 90.00% | |||
Real estate improvements | $ 40,300 | $ 54,500 | ||
Acquisition transaction costs | 0 | 4 | $ 824 | |
Allowance for doubtful accounts receivable | 6,900 | 6,400 | ||
Payroll related costs capitalized | $ 1,300 | $ 1,200 | $ 1,200 | |
Number of segments | segment | 1 | |||
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 | |||
Accounting Standards Update 2016-02 | Scenario, Forecast | ||||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Operating lease, liability | $ 18,000 | |||
Operating lease, right-of-use asset | $ 18,000 |
Organization, Basis of Presen_5
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges [Line Items] | ||
Deferred charges, net | $ 33,857 | $ 37,167 |
Lease Origination Costs | ||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges [Line Items] | ||
2,019 | 7,041 | |
2,020 | 5,802 | |
2,021 | 4,867 | |
2,022 | 4,029 | |
2,023 | 3,098 | |
Thereafter | 9,020 | |
Deferred charges, net | $ 33,857 |
Organization, Basis of Presen_6
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net income | $ 11,568 | $ 15,647 | $ 8,102 | $ 11,824 | $ 12,113 | $ 10,127 | $ 9,197 | $ 11,251 | $ 47,141 | $ 42,688 | $ 36,430 |
Less income attributable to non-controlling interests | (4,405) | (4,211) | (3,676) | ||||||||
Less earnings allocated to unvested shares, basic | (401) | (319) | (270) | ||||||||
Net income available to common stockholders, basic | 42,335 | 38,158 | 32,484 | ||||||||
Less earnings allocated to unvested shares, diluted | (401) | (319) | (270) | ||||||||
Net income available to common stockholders, diluted | $ 46,740 | $ 42,369 | $ 36,160 | ||||||||
Denominator: | |||||||||||
Denominator for basic EPS – weighted average common equivalent shares (in shares) | 112,645,490 | 109,400,123 | 104,072,222 | ||||||||
Denominator for diluted EPS – weighted average common equivalent shares (in shares) | 124,558,893 | 121,743,831 | 116,039,940 | ||||||||
Retail Opportunity Investments Partnership L.P. | |||||||||||
Numerator: | |||||||||||
Net income | $ 11,568 | $ 15,647 | $ 8,102 | $ 11,824 | $ 12,113 | $ 10,127 | $ 9,197 | $ 11,251 | $ 47,141 | $ 42,688 | $ 36,430 |
Less earnings allocated to unvested shares, basic | (401) | (319) | (270) | ||||||||
Net income available to unitholders, basic and diluted | $ 46,740 | $ 42,369 | $ 36,160 | ||||||||
Denominator: | |||||||||||
Denominator for basic EPS – weighted average common equivalent shares (in shares) | 124,271,802 | 121,460,958 | 115,819,731 | ||||||||
Denominator for diluted EPS – weighted average common equivalent shares (in shares) | 124,558,893 | 121,743,831 | 116,039,940 | ||||||||
OP Units | |||||||||||
Denominator: | |||||||||||
OP Units (in shares) | 11,626,312 | 12,060,835 | 11,747,509 | ||||||||
Restricted stock awards – performance-based | |||||||||||
Denominator: | |||||||||||
Restricted stock awards - performance based and stock options (in shares) | 183,683 | 153,807 | 86,996 | ||||||||
Restricted stock awards – performance-based | Retail Opportunity Investments Partnership L.P. | |||||||||||
Denominator: | |||||||||||
Restricted stock awards - performance based and stock options (in shares) | 183,683 | 153,807 | 86,996 | ||||||||
Stock options | |||||||||||
Denominator: | |||||||||||
Restricted stock awards - performance based and stock options (in shares) | 103,408 | 129,066 | 133,213 | ||||||||
Stock options | Retail Opportunity Investments Partnership L.P. | |||||||||||
Denominator: | |||||||||||
Restricted stock awards - performance based and stock options (in shares) | 103,408 | 129,066 | 133,213 |
Organization, Basis of Presen_7
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Supplemental Cash Flow Disclosure) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other non-cash investing and financing activities [Abstract] | |||
Cash paid on gross receipts and income for federal and state purposes | $ 291 | $ 253 | $ 206 |
Interest paid | 60,494 | 46,271 | 34,275 |
Issuance of OP Units in connection with acquisitions | 0 | 49,599 | 46,140 |
Fair value of assumed mortgages upon acquisition | 0 | 46,801 | 17,618 |
Intangible lease liabilities | 1,680 | 48,684 | 32,615 |
Interest rate swap asset | 610 | 3,446 | 875 |
Interest rate swap liabilities | 580 | 0 | 0 |
Accrued real estate improvement costs | (1,367) | 383 | 601 |
Redemption / exchange of OP Units | $ 0 | $ 50,155 | $ 15,990 |
Real Estate Investments (Acquis
Real Estate Investments (Acquisitions) (Details) ft² in Thousands, $ in Thousands | May 18, 2018USD ($)ft² | Feb. 23, 2018USD ($)ft² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)ft²property | Dec. 31, 2016USD ($) | Sep. 27, 2018USD ($) |
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||
Document Period End Date | Dec. 31, 2018 | |||||
Number of properties acquired | property | 10 | |||||
Proceeds from sale of real estate | $ 26,880 | $ 0 | $ 0 | |||
Gain on sale of real estate | 5,890 | 0 | $ 0 | |||
West Coast | ||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||
Adjusted purchase price | $ 313,000 | |||||
Area of real estate property (in Square Feet) | ft² | 1,100 | |||||
Stadium Center | Tacoma, Washington | ||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||
Adjusted purchase price | $ 19,300 | |||||
Area of real estate property (in Square Feet) | ft² | 49 | |||||
King City Plaza | King City, Oregon | ||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||
Adjusted purchase price | $ 15,700 | |||||
Area of real estate property (in Square Feet) | ft² | 63 | |||||
Round Hill Square | Zephyr Cove, Nevada | ||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ||||||
Sales Price of Property Sold | $ 28,000 | |||||
Proceeds from sale of real estate | 26,900 | |||||
Gain on sale of real estate | $ 5,900 |
Real Estate Investments (Detail
Real Estate Investments (Details) - Purchase Price Allocation of Properties Acquired - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations [Abstract] | ||
Document Period End Date | Dec. 31, 2018 | |
Assets | ||
Land | $ 7,666 | $ 123,203 |
Building and improvements | 35,629 | 251,277 |
Acquired lease intangible asset | 1,763 | 24,766 |
Deferred charges | 818 | 9,196 |
Assets acquired | 45,876 | 408,442 |
Liabilities | ||
Mortgage notes assumed | 0 | 46,801 |
Acquired lease intangible liability | 1,680 | 48,684 |
Liabilities assumed | $ 1,680 | $ 95,485 |
Real Estate Investments (Deta_2
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 | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations [Abstract] | ||
Revenues | $ 2,343 | $ 13,500 |
Net income attributable to Retail Opportunity Investments Corp. | $ 753 | $ 2,948 |
Acquired Lease Intangibles (Nar
Acquired Lease Intangibles (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of above and below Market Leases | $ 13,965 | $ 17,078 | $ 13,847 |
Amortization of acquired in place leases | $ 11,400 | $ 14,400 | $ 15,600 |
Acquired Lease Intangibles (Det
Acquired Lease Intangibles (Details) - Intangible Assets and Liabilities - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Acquired lease intangible assets | $ 72,109 | $ 82,778 |
Acquired lease intangible assets, net | 72,109 | 82,778 |
Liabilities: | ||
Below-market leases | 217,212 | 222,929 |
Accumulated amortization | (51,066) | (43,945) |
Acquired lease intangible liabilities, net | 166,146 | 178,984 |
In-place leases | ||
Assets: | ||
Acquired lease intangible assets | 92,354 | 99,924 |
Accumulated amortization | (36,835) | (36,971) |
Above-market leases | ||
Assets: | ||
Acquired lease intangible assets | 30,093 | 33,176 |
Accumulated amortization | $ (13,503) | $ (13,351) |
Acquired Lease Intangibles (D_2
Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Assets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Assets [Line Items] | ||
Acquired lease intangible assets, net | $ 72,109 | $ 82,778 |
Acquired Lease Intangible Assets | ||
Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Assets [Line Items] | ||
2,019 | 10,573 | |
2,020 | 8,566 | |
2,021 | 6,898 | |
2,022 | 5,705 | |
2,023 | 5,092 | |
Thereafter | 35,275 | |
Acquired lease intangible assets, net | $ 72,109 |
Acquired Lease Intangibles (D_3
Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Liabilities - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Liabilities [Line Items] | ||
Acquired lease intangible liabilities, net | $ 166,146 | $ 178,984 |
Acquired Lease Intangible Liabilities | ||
Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Liabilities [Line Items] | ||
2,019 | 14,675 | |
2,020 | 13,347 | |
2,021 | 12,075 | |
2,022 | 11,005 | |
2,023 | 9,999 | |
Thereafter | 105,045 | |
Acquired lease intangible liabilities, net | $ 166,146 |
Tenant Leases (Details) - Minim
Tenant Leases (Details) - Minimum Future Rentals to be Received under Non-cancellable Leases $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2,019 | $ 198,998 |
2,020 | 181,234 |
2,021 | 160,082 |
2,022 | 134,368 |
2,023 | 105,657 |
Thereafter | 429,172 |
Total minimum lease payments | $ 1,209,511 |
Mortgage Notes Payable, Credi_3
Mortgage Notes Payable, Credit Facilities and Senior Notes (Narrative) (Details) - USD ($) | Sep. 28, 2018 | Feb. 01, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 10, 2017 | Sep. 08, 2017 | Jun. 30, 2017 | Jul. 26, 2016 | Sep. 29, 2015 | Dec. 03, 2014 | Dec. 09, 2013 |
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Principal repayments on mortgages | $ 19,612,000 | $ 8,848,000 | $ 7,816,000 | |||||||||
Revolving Credit Facility | ||||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 600,000,000 | $ 500,000,000 | ||||||||||
Line of credit facility, commitment fee (in percentage) | 0.20% | |||||||||||
Line of credit, fronting fee (in percentage) | 0.125% | |||||||||||
Credit facility | $ 156,000,000 | 143,500,000 | ||||||||||
Line of credit facility, interest rate during period (in percentage) | 3.00% | |||||||||||
Remaining borrowing capacity | $ 444,000,000 | |||||||||||
Revolving Credit Facility | Accordion Feature | ||||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,200,000,000 | |||||||||||
Federal Funds Effective Swap Rate | Revolving Credit Facility | ||||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Basis Spread on variable rate (in percentage) | 0.50% | |||||||||||
Eurodollar | Revolving Credit Facility | ||||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Basis Spread on variable rate (in percentage) | 1.00% | |||||||||||
Senior Notes | ||||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Debt, face amount | $ 950,000,000 | |||||||||||
Term Loan Agreement | ||||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Debt, face amount | $ 300,000,000 | 300,000,000 | $ 300,000,000 | |||||||||
Additional borrowing capacity | $ 200,000,000 | |||||||||||
Interest rate during period (in percentage) | 3.10% | |||||||||||
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 2027 | Senior Notes | ||||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Debt, face amount | $ 250,000,000 | 250,000,000 | $ 250,000,000 | |||||||||
Interest Rate (in percentage) | 4.19% | |||||||||||
Senior Notes Due 2026 | Senior Notes | ||||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Debt, face amount | 200,000,000 | 200,000,000 | $ 200,000,000 | |||||||||
Interest Rate (in percentage) | 3.95% | |||||||||||
Senior Notes Due 2024 | Senior Notes | ||||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Debt, face amount | 250,000,000 | 250,000,000 | $ 250,000,000 | |||||||||
Interest Rate (in percentage) | 4.00% | |||||||||||
Senior Notes Due 2023 | Senior Notes | ||||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Debt, face amount | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | |||||||||
Interest Rate (in percentage) | 5.00% | |||||||||||
Santa Teresa Village | ||||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Principal repayments on mortgages | $ 10,100,000 | |||||||||||
Magnolia Shopping Center | ||||||||||||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||||||||||||
Principal repayments on mortgages | $ 8,800,000 |
Mortgage Notes Payable, Credi_4
Mortgage Notes Payable, Credit Facilities and Senior Notes - Mortgage Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Total mortgage notes payable | $ 88,511 | $ 107,915 |
Notes Payable, Other Payables [Member] | ||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Long-term debt | 86,708 | 106,320 |
Mortgage premiums | 2,074 | 1,921 |
Net unamortized deferred financing costs | (271) | (326) |
Total mortgage notes payable | $ 88,511 | 107,915 |
Notes Payable, Other Payables [Member] | Santa Teresa Village | ||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Interest Rate (in percentage) | 6.20% | |
Long-term debt | $ 0 | 10,138 |
Notes Payable, Other Payables [Member] | Magnolia Shopping Center | ||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Interest Rate (in percentage) | 5.50% | |
Long-term debt | $ 0 | 8,951 |
Notes Payable, Other Payables [Member] | Casitas Plaza Shopping Center | ||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Interest Rate (in percentage) | 5.32% | |
Long-term debt | $ 7,158 | 7,307 |
Notes Payable, Other Payables [Member] | Riverstone Marketplace | ||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Interest Rate (in percentage) | 4.96% | |
Long-term debt | $ 18,050 | 18,424 |
Notes Payable, Other Payables [Member] | Fullerton Crossroads | ||
Mortgage Notes Payable, Credit Facilities and Senior Notes [Line Items] | ||
Interest Rate (in percentage) | 4.728% | |
Long-term debt | $ 26,000 | 26,000 |
Notes Payable, Other Payables [Member] | 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, Credi_5
Mortgage Notes Payable, Credit Facilities and Senior Notes - Combined Aggregate Principal Maturities of Mortgage Notes Payable (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Total | ||
Total mortgage notes payable | $ 88,511 | $ 107,915 |
Mortgage Notes Payable | ||
Principal Repayments | ||
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 23,129 | |
2,023 | 0 | |
Thereafter | 58,787 | |
Long-term Debt | 81,916 | |
Scheduled Amortization | ||
2,019 | 551 | |
2,020 | 577 | |
2,021 | 717 | |
2,022 | 1,003 | |
2,023 | 686 | |
Thereafter | 1,258 | |
Total | 4,792 | |
Mortgage Premium | ||
2,019 | 481 | |
2,020 | 481 | |
2,021 | 481 | |
2,022 | 344 | |
2,023 | 216 | |
Thereafter | 71 | |
Total | 2,074 | |
Total | ||
2,019 | 1,032 | |
2,020 | 1,058 | |
2,021 | 1,198 | |
2,022 | 24,476 | |
2,023 | 902 | |
Thereafter | 60,116 | |
Total mortgage notes payable | $ 88,782 |
Mortgage Notes Payable, Credi_6
Mortgage Notes Payable, Credit Facilities and Senior Notes - Carrying Value of the Company’s Unsecured Debt (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Nov. 10, 2017 | Jul. 26, 2016 | Sep. 29, 2015 | Dec. 03, 2014 | Dec. 09, 2013 | |
Debt Instrument [Line Items] | |||||||
Document Period End Date | Dec. 31, 2018 | ||||||
Credit facility | $ 153,689,000 | $ 140,329,000 | |||||
Senior Notes | 941,449,000 | 940,086,000 | |||||
Term Loan Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 300,000,000 | 300,000,000 | $ 300,000,000 | ||||
Net unamortized deferred financing costs | (924,000) | (1,184,000) | |||||
Long-term Debt | 299,076,000 | 298,816,000 | |||||
Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 950,000,000 | ||||||
Senior Notes | Senior Notes Due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 250,000,000 | 250,000,000 | $ 250,000,000 | ||||
Net unamortized deferred financing costs | (1,123,000) | (1,249,000) | |||||
Senior Notes | 248,877,000 | 248,751,000 | |||||
Senior Notes | Senior Notes Due 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 200,000,000 | 200,000,000 | $ 200,000,000 | ||||
Net unamortized deferred financing costs | (219,000) | (248,000) | |||||
Senior Notes | 199,781,000 | 199,752,000 | |||||
Senior Notes | Senior Notes Due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 250,000,000 | 250,000,000 | $ 250,000,000 | ||||
Unamortized debt discount | (2,252,000) | (2,578,000) | |||||
Net unamortized deferred financing costs | (1,314,000) | (1,535,000) | |||||
Senior Notes | 246,434,000 | 245,887,000 | |||||
Senior Notes | Senior Notes Due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount | 250,000,000 | 250,000,000 | $ 250,000,000 | ||||
Unamortized debt discount | (2,339,000) | (2,737,000) | |||||
Net unamortized deferred financing costs | (1,304,000) | (1,567,000) | |||||
Senior Notes | 246,357,000 | 245,696,000 | |||||
Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Credit facility | 156,000,000 | 143,500,000 | |||||
Net unamortized deferred financing costs | (2,311,000) | (3,171,000) | |||||
Credit facility | $ 153,689,000 | $ 140,329,000 |
Mortgage Notes Payable, Credi_7
Mortgage Notes Payable, Credit Facilities and Senior Notes Mortgage Notes Payable, Credit Facility and Senior Notes - Principal Repayments of Unsecured Senior Notes (Details) - Senior Notes | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2,019 | $ 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
2,023 | 250,000,000 |
Thereafter | 700,000,000 |
Principal amount | $ 950,000,000 |
Mortgage Notes Payable, Credi_8
Mortgage Notes Payable, Credit Facilities and Senior Notes - Amortization of Financing Costs (Details) - Total Debt [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |
2,019 | $ 1,791 |
2,020 | 1,791 |
2,021 | 1,522 |
2,022 | 848 |
2,023 | 663 |
Thereafter | 851 |
Deferred charges, net | $ 7,466 |
Preferred Stock of ROIC (Detail
Preferred Stock of ROIC (Details) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Stock of ROIC (Narrative
Common Stock of ROIC (Narrative) (Details) | May 01, 2018USD ($)agreement$ / shares | Dec. 12, 2017$ / sharesshares | Jul. 12, 2016USD ($)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Oct. 11, 2017shares | Jul. 31, 2013USD ($) |
Common Stock and Warrants of ROIC (Details) [Line Items] | ||||||||
Common stock issued (in shares) | shares | 6,555,000 | |||||||
Proceeds from the issuance of common stock | $ 133,000,000 | $ 25,703,000 | $ 4,481,000 | $ 184,881,000 | ||||
Common stock, par value (in usd per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
Stock issuance costs | $ 570,000 | $ 1,225,000 | $ 7,097,000 | |||||
Stock repurchase program, authorized amount | $ 50,000,000 | |||||||
Sales Agreement | ||||||||
Common Stock and Warrants of ROIC (Details) [Line Items] | ||||||||
Common stock issued (in shares) | shares | 1,251,376 | |||||||
Proceeds from the issuance of common stock | $ 24,200,000 | |||||||
Number of sales agreements | agreement | 5 | |||||||
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 | $ 250,000,000 | |||||||
Stock issuance costs | $ 242,000 | |||||||
Prior Sales Agreements [Member] | ||||||||
Common Stock and Warrants of ROIC (Details) [Line Items] | ||||||||
Common stock issued (in shares) | shares | 75,314 | 34,001 | ||||||
Proceeds from the issuance of common stock | $ 1,500,000 | $ 681,000 | ||||||
Stock issuance costs | $ 19,000 | 9,000 | ||||||
Fullerton Crossroads and Riverstone Marketplace | ||||||||
Common Stock and Warrants of ROIC (Details) [Line Items] | ||||||||
LP capital account, units issued (in shares) | shares | 2,405,430 | |||||||
Common stock issued (in shares) | shares | 2,584,254 | |||||||
Share price (usd per share) | $ / shares | $ 21.25 | |||||||
Restricted cash | $ 3,800,000 |
Stock Compensation and Other _3
Stock Compensation and Other Benefit Plans for ROIC (Narrative) (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2009shares | Apr. 25, 2018shares | |
Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | |||||
Compensation expense | $ | $ 7,400 | $ 6,200 | $ 4,900 | ||
Employer discretionary contribution amount | $ | $ 86 | 70 | 76 | ||
2009 Equity Incentive Plan [Member] | |||||
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) | shares | 4,000,000 | ||||
Equity Incentive Plan [Member] | |||||
Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 22,500,000 | ||||
Fungible Unit to full value award conversion ratio | 6.25 | ||||
Restricted Stock | |||||
Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | |||||
Grants in period (in shares) | shares | 514,972 | ||||
Restricted Stock | 2009 Equity Incentive Plan [Member] | |||||
Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | |||||
Compensation cost not yet recognized | $ | $ 7,500 | ||||
Compensation cost not yet recognized, period for recognition (in years) | 1 year 255 days | ||||
Vested in period, fair value | $ | $ 5,500 | $ 6,300 | $ 5,600 | ||
Restricted stock awards – performance-based | Vesting on January 1, 2021 | |||||
Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | |||||
Grants in period (in shares) | shares | 180,200 |
Stock Compensation and Other _4
Stock Compensation and Other Benefit Plans for ROIC (Details) - Status of Non-vested Restricted Stock Awards - Restricted Stock | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Shares | |
Beginning balance ( in shares) | shares | 781,467 |
Granted (in shares) | shares | 514,972 |
Vested (in shares) | shares | (274,608) |
Forfeited (in shares) | shares | (18,996) |
Ending balance (in shares) | shares | 1,002,835 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in usd per share) | $ / shares | $ 18.14 |
Granted (in usd per share) | $ / shares | 15.85 |
Vested (in usd per share) | $ / shares | 18.46 |
Forfeited (in usd per share) | $ / shares | 17.75 |
Ending balance (in usd per share) | $ / shares | $ 16.88 |
Capital of the Operating Part_2
Capital of the Operating Partnership (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||||
Capital of the Operating Partnership [Line Items] | |||||||
Ownership interest (in percentage) | 90.80% | ||||||
Total units outstanding ( in shares) | 125,469,878 | ||||||
Shares outstanding (in shares) | 113,992,837 | 112,347,451 | |||||
Cash redemption of OP Units (in shares) | 201,950 | ||||||
Equity redemption of OP Units, cash (in shares) | 201,950 | ||||||
Equity Redemption of OP Units Cash Dollars | $ 3.7 | ||||||
OP Units | |||||||
Capital of the Operating Partnership [Line Items] | |||||||
Non-controlling interest redemption value | $ 187.9 | ||||||
Non-controlling interest redemption value (in usd per share) | $ 16.37 | ||||||
Common Stock | |||||||
Capital of the Operating Partnership [Line Items] | |||||||
Shares outstanding (in shares) | 113,992,837 | 112,347,451 | 109,301,762 | 99,531,034 | |||
Limited Partner’s Capital | Retail Opportunity Investments Partnership L.P. | |||||||
Capital of the Operating Partnership [Line Items] | |||||||
Total units outstanding ( in shares) | 11,477,041 | 11,678,991 | 11,668,061 | [1] | 12,195,603 | [1] | |
Cash redemption of OP Units (in shares) | [1] | 201,950 | 7,064 | 2,206,613 | |||
[1] | Consists of limited partnership interests held by third parties. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Schedule) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Minimum | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Interest rate (in percentage) | 4.20% |
Maximum | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Interest rate (in percentage) | 4.40% |
Weighted Average | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Interest rate (in percentage) | 4.30% |
Significant Unobservable Inputs (Level 3) | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Notes payable, fair value | $ 86.3 |
Senior Notes | Significant Unobservable Inputs (Level 3) | Senior Notes Due 2027 | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Long-term debt, fair value | 223.7 |
Senior Notes | Significant Unobservable Inputs (Level 3) | Senior Notes Due 2026 | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Long-term debt, fair value | 178.4 |
Senior Notes | Significant Other Observable Inputs (Level 2) | Senior Notes Due 2024 | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Long-term debt, fair value | 236.9 |
Senior Notes | Significant Other Observable Inputs (Level 2) | Senior Notes Due 2023 | |
Fair Value of Financial Instruments (Details) [Line Items] | |
Long-term debt, fair value | $ 249.3 |
Derivative and Hedging Activi_3
Derivative and Hedging Activities (Assets and liabilities measured at fair value) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
In the next 12 months will be reclassified as an increase to interest expense | $ 1,200 | |
Interest Rate Swap [Member] | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative asset | 4,931 | $ 4,321 |
Derivative liability | (580) | |
Interest Rate Swap [Member] | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | |
Interest Rate Swap [Member] | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative asset | 4,931 | 4,321 |
Derivative liability | (580) | |
Interest Rate Swap [Member] | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | |
Interest Rate Swap [Member] | Other assets | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative asset | 4,931 | 4,321 |
Interest Rate Swap [Member] | Other liabilities | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative liability | (580) | $ 0 |
Interest Rate Swap Maturing 1/31/2019 | Bank of Montreal | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, notional amount | 50,000 | |
Interest Rate Swap Maturing 1/31/2019 | Regions Bank | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, notional amount | 50,000 | |
Interest Rate Swap Maturing 8/31/2022 | Bank of Montreal | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, notional amount | 100,000 | |
Interest Rate Swap Maturing 8/31/2022 | U.S. Bank | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, notional amount | 100,000 | |
Forward Starting Interest Rate Swap Maturing August Thirty First Twenty Twenty Two [Member] | Regions Bank | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, notional amount | 50,000 | |
Forward Starting Interest Rate Swap Maturing August Thirty First Twenty Twenty Two [Member] | Royal Bank of Canada [Member] | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 50,000 |
Derivative and Hedging Activi_4
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Amount of gain recognized in OCI on derivatives | $ 1,648 | $ 3,665 | $ 541 |
Amount of loss reclassified from AOCI into interest | $ 57 | $ 1,920 | $ 2,473 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 28 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Commitments and Contingencies (Details) [Line Items] | |||||
Rent expense | $ 2,000 | $ 1,500 | $ 831 | ||
Tax protection agreements, period (in years) | 10 years | ||||
Terranomics Crossroads Associates LP Member and SARM Five Points LLC [Member] | |||||
Commitments and Contingencies (Details) [Line Items] | |||||
Tax protection agreements, period (in years) | 12 years |
Commitments and Contingencies_3
Commitments and Contingencies (Details) - Future Minimum Annual Lease Payments Under Operating Leases $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 1,280 |
2,020 | 1,287 |
2,021 | 1,283 |
2,022 | 1,304 |
2,023 | 1,330 |
Thereafter | 33,939 |
Total minimum lease payments | $ 40,423 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Lease Agreements | General and Administrative Expense | |||
Related Party Transactions (Details) [Line Items] | |||
SG&A expense with related party | $ 74 | $ 52 | $ 46 |
Quarterly Results of Operatio_3
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 75,158 | $ 73,904 | $ 72,341 | $ 74,395 | $ 72,754 | $ 67,966 | $ 66,640 | $ 65,900 | $ 295,798 | $ 273,260 | $ 237,189 |
Net income | 11,568 | 15,647 | 8,102 | 11,824 | 12,113 | 10,127 | 9,197 | 11,251 | 47,141 | 42,688 | 36,430 |
Net income attributable to ROIC | $ 10,501 | $ 14,194 | $ 7,339 | $ 10,702 | $ 10,849 | $ 9,149 | $ 8,309 | $ 10,170 | $ 42,736 | $ 38,477 | $ 32,754 |
Earnings per share - basic and diluted (in usd per share) | $ 0.09 | $ 0.12 | $ 0.06 | $ 0.09 | $ 0.10 | $ 0.08 | $ 0.08 | $ 0.09 | $ 0.38 | $ 0.35 | $ 0.31 |
Quarterly Results of Operatio_4
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, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations for the Operating Partnership [Line Items] | |||||||||||
Total revenues | $ 75,158 | $ 73,904 | $ 72,341 | $ 74,395 | $ 72,754 | $ 67,966 | $ 66,640 | $ 65,900 | $ 295,798 | $ 273,260 | $ 237,189 |
Net income attributable to the Operating Partnership | $ 11,568 | $ 15,647 | $ 8,102 | $ 11,824 | $ 12,113 | $ 10,127 | $ 9,197 | $ 11,251 | $ 47,141 | $ 42,688 | $ 36,430 |
Earnings per unit - basic and diluted (in usd per share) | $ 0.09 | $ 0.12 | $ 0.06 | $ 0.09 | $ 0.10 | $ 0.08 | $ 0.08 | $ 0.09 | $ 0.38 | $ 0.35 | $ 0.31 |
Retail Opportunity Investments Partnership L.P. | |||||||||||
Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations for the Operating Partnership [Line Items] | |||||||||||
Total revenues | $ 75,158 | $ 73,904 | $ 72,341 | $ 74,395 | $ 72,754 | $ 67,966 | $ 66,640 | $ 65,900 | $ 295,798 | $ 273,260 | $ 237,189 |
Net income attributable to the Operating Partnership | $ 11,568 | $ 15,647 | $ 8,102 | $ 11,824 | $ 12,113 | $ 10,127 | $ 9,197 | $ 11,251 | $ 47,141 | $ 42,688 | $ 36,430 |
Earnings per unit - basic and diluted (in usd per share) | $ 0.09 | $ 0.12 | $ 0.06 | $ 0.09 | $ 0.10 | $ 0.08 | $ 0.08 | $ 0.09 | $ 0.38 | $ 0.35 | $ 0.31 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 19, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 15, 2019 |
Subsequent Events (Details) [Line Items] | |||||
Dividends per share (in dollars per share) | $ 0.78 | $ 0.75 | $ 0.72 | ||
Subsequent Event | |||||
Subsequent Events (Details) [Line Items] | |||||
Dividends per share (in dollars per share) | $ 0.1970 | ||||
Vancouver Market Center | Vancouver, Washington [Member] | Subsequent Event | |||||
Subsequent Events (Details) [Line Items] | |||||
Sales Price of Property Sold | $ 17 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Summary (Details) $ in Billions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Schedule III - Real Estate and Accumulated Depreciation [Line Items] | |
SEC Schedule III, Real Estate, Federal Income Tax Basis (in Dollars) | $ 2.9 |
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 an_3
Schedule III - Real Estate and Accumulated Depreciation (Details) - Real Estate and Accumulated Depreciation - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 86,708 | |||
Initial Cost to Company, Land | 892,736 | |||
Initial Cost to Company, Buildings & Improvements | 2,059,275 | |||
Cost Capitalized Subsequent to Acquisition, Land | 1,504 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 206,957 | |||
Amount at Which Carried at Close of Period. Land | 894,240 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 2,266,232 | |||
Total real estate investments | 3,160,472 | $ 3,109,397 | $ 2,687,018 | $ 2,296,617 |
Accumulated Depreciation | 329,207 | |||
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 | 447 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,227 | |||
Amount at Which Carried at Close of Period. Land | 6,794 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 12,501 | |||
Total real estate investments | 19,295 | |||
Accumulated Depreciation | $ 3,571 | |||
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 | 3,856 | |||
Amount at Which Carried at Close of Period. Land | 7,895 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,746 | |||
Total real estate investments | 21,641 | |||
Accumulated Depreciation | $ 3,281 | |||
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 | 1,724 | |||
Amount at Which Carried at Close of Period. Land | 1,881 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 6,519 | |||
Total real estate investments | 8,400 | |||
Accumulated Depreciation | $ 1,696 | |||
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 | 408 | |||
Amount at Which Carried at Close of Period. Land | 3,087 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 12,805 | |||
Total real estate investments | 15,892 | |||
Accumulated Depreciation | $ 3,394 | |||
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 | 1,253 | |||
Amount at Which Carried at Close of Period. Land | 3,153 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 12,787 | |||
Total real estate investments | 15,940 | |||
Accumulated Depreciation | $ 3,419 | |||
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 | 1,590 | |||
Amount at Which Carried at Close of Period. Land | 6,359 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 8,517 | |||
Total real estate investments | 14,876 | |||
Accumulated Depreciation | $ 2,396 | |||
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 | 3,981 | |||
Amount at Which Carried at Close of Period. Land | 4,080 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,893 | |||
Total real estate investments | 14,973 | |||
Accumulated Depreciation | $ 2,356 | |||
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 | 2,564 | |||
Amount at Which Carried at Close of Period. Land | 11,678 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 29,575 | |||
Total real estate investments | 41,253 | |||
Accumulated Depreciation | $ 7,539 | |||
Date of Acquisition | Jul. 14, 2010 | |||
Cascade Summit Town Square, 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 | 421 | |||
Amount at Which Carried at Close of Period. Land | 8,853 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 8,153 | |||
Total real estate investments | 17,006 | |||
Accumulated Depreciation | $ 2,595 | |||
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 | 771 | |||
Amount at Which Carried at Close of Period. Land | 6,595 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,170 | |||
Total real estate investments | 24,765 | |||
Accumulated Depreciation | $ 4,442 | |||
Date of Acquisition | Sep. 23, 2010 | |||
Claremont Promenade, 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 | 4,402 | |||
Amount at Which Carried at Close of Period. Land | 6,158 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 5,421 | |||
Total real estate investments | 11,579 | |||
Accumulated Depreciation | $ 2,383 | |||
Date of Acquisition | Sep. 23, 2010 | |||
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 | 582 | |||
Amount at Which Carried at Close of Period. Land | 3,747 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 12,166 | |||
Total real estate investments | 15,913 | |||
Accumulated Depreciation | $ 3,572 | |||
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 | 989 | |||
Amount at Which Carried at Close of Period. Land | 5,917 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 28,287 | |||
Total real estate investments | 34,204 | |||
Accumulated Depreciation | $ 6,624 | |||
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 | 5,700 | |||
Amount at Which Carried at Close of Period. Land | 3,706 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 14,027 | |||
Total real estate investments | 17,733 | |||
Accumulated Depreciation | $ 3,980 | |||
Date of Acquisition | Dec. 22, 2010 | |||
Halsey Crossing, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Buildings & Improvements | $ 7,773 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 7,690 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 15,463 | |||
Total real estate investments | 15,463 | |||
Accumulated Depreciation | $ 2,914 | |||
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 | 2,462 | |||
Amount at Which Carried at Close of Period. Land | 13,429 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 24,713 | |||
Total real estate investments | 38,142 | |||
Accumulated Depreciation | $ 6,357 | |||
Date of Acquisition | Jan. 3, 2011 | |||
Pinole Vista Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 12,894 | |||
Initial Cost to Company, Buildings & Improvements | 35,689 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,247 | |||
Amount at Which Carried at Close of Period. Land | 12,894 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 39,936 | |||
Total real estate investments | 52,830 | |||
Accumulated Depreciation | 6,424 | |||
Desert Springs 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 | 6,568 | |||
Amount at Which Carried at Close of Period. Land | 8,960 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 25,329 | |||
Total real estate investments | 34,289 | |||
Accumulated Depreciation | $ 5,693 | |||
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 | 11,693 | |||
Amount at Which Carried at Close of Period. Land | 4,084 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 28,526 | |||
Total real estate investments | 32,610 | |||
Accumulated Depreciation | $ 8,137 | |||
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 | 791 | |||
Amount at Which Carried at Close of Period. Land | 2,504 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 20,338 | |||
Total real estate investments | 22,842 | |||
Accumulated Depreciation | $ 4,717 | |||
Date of Acquisition | May 20, 2011 | |||
Renaissance Towne Centre, 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 | 1,667 | |||
Amount at Which Carried at Close of Period. Land | 8,640 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 15,515 | |||
Total real estate investments | 24,155 | |||
Accumulated Depreciation | $ 2,987 | |||
Date of Acquisition | Aug. 3, 2011 | |||
Country Club Gate Center, 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 | 1,208 | |||
Amount at Which Carried at Close of Period. Land | 6,487 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,549 | |||
Total real estate investments | 25,036 | |||
Accumulated Depreciation | $ 4,403 | |||
Date of Acquisition | Jul. 8, 2011 | |||
Canyon Park Shopping Center, 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 | 8,757 | |||
Amount at Which Carried at Close of Period. Land | 9,352 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 24,673 | |||
Total real estate investments | 34,025 | |||
Accumulated Depreciation | $ 5,284 | |||
Date of Acquisition | Jul. 29, 2011 | |||
Hawks Prairie Shopping Center, 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 | 2,224 | |||
Amount at Which Carried at Close of Period. Land | 5,334 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 22,918 | |||
Total real estate investments | 28,252 | |||
Accumulated Depreciation | $ 4,657 | |||
Date of Acquisition | Sep. 8, 2011 | |||
The 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 | 4,825 | |||
Amount at Which Carried at Close of Period. Land | 5,693 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 25,691 | |||
Total real estate investments | 31,384 | |||
Accumulated Depreciation | $ 6,179 | |||
Date of Acquisition | Sep. 30, 2011 | |||
Hillsboro Market Center, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Buildings & Improvements | $ 17,553 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,493 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 21,046 | |||
Total real estate investments | 21,046 | |||
Accumulated Depreciation | $ 4,295 | |||
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 | 8 | |||
Amount at Which Carried at Close of Period. Land | 6,242 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 23,470 | |||
Total real estate investments | 29,712 | |||
Accumulated Depreciation | $ 4,582 | |||
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 | 2,905 | |||
Amount at Which Carried at Close of Period. Land | 7,407 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,658 | |||
Total real estate investments | 18,065 | |||
Accumulated Depreciation | $ 2,954 | |||
Date of Acquisition | Mar. 28, 2012 | |||
Green Valley Station, 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 | 591 | |||
Amount at Which Carried at Close of Period. Land | 1,685 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 9,590 | |||
Total real estate investments | 11,275 | |||
Accumulated Depreciation | $ 2,292 | |||
Date of Acquisition | Apr. 2, 2012 | |||
Aurora Square, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 10,325 | |||
Initial Cost to Company, Buildings & Improvements | 13,336 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,906 | |||
Amount at Which Carried at Close of Period. Land | 10,325 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 15,242 | |||
Total real estate investments | 25,567 | |||
Accumulated Depreciation | 2,220 | |||
Marlin Cove Shopping Center, 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 | 2,084 | |||
Amount at Which Carried at Close of Period. Land | 8,815 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 8,881 | |||
Total real estate investments | 17,696 | |||
Accumulated Depreciation | $ 2,212 | |||
Date of Acquisition | May 4, 2012 | |||
Seabridge Marketplace, 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 | 3,482 | |||
Amount at Which Carried at Close of Period. Land | 5,098 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 20,646 | |||
Total real estate investments | 25,744 | |||
Accumulated Depreciation | $ 3,798 | |||
Date of Acquisition | May 31, 2012 | |||
The Village at 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 | 1,550 | |||
Amount at Which Carried at Close of Period. Land | 5,329 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 5,962 | |||
Total real estate investments | 11,291 | |||
Accumulated Depreciation | $ 1,044 | |||
Date of Acquisition | Jul. 24, 2012 | |||
Glendora Shopping Center, 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 | 211 | |||
Amount at Which Carried at Close of Period. Land | 5,847 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 8,969 | |||
Total real estate investments | 14,816 | |||
Accumulated Depreciation | $ 2,062 | |||
Date of Acquisition | Aug. 1, 2012 | |||
Wilsonville Old Town Square, OR | ||||
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 | 509 | |||
Amount at Which Carried at Close of Period. Land | 4,181 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 15,903 | |||
Total real estate investments | 20,084 | |||
Accumulated Depreciation | $ 3,122 | |||
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 | 1,096 | |||
Amount at Which Carried at Close of Period. Land | 5,454 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 15,953 | |||
Total real estate investments | 21,407 | |||
Accumulated Depreciation | $ 3,161 | |||
Date of Acquisition | Oct. 5, 2012 | |||
Santa Teresa Village, CA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 14,965 | |||
Initial Cost to Company, Buildings & Improvements | 17,162 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 5,539 | |||
Amount at Which Carried at Close of Period. Land | 14,965 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 22,701 | |||
Total real estate investments | 37,666 | |||
Accumulated Depreciation | $ 4,819 | |||
Date of Acquisition | Nov. 8, 2012 | |||
Cypress Center 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 | 121 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,065 | |||
Amount at Which Carried at Close of Period. Land | 15,601 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,884 | |||
Total real estate investments | 29,485 | |||
Accumulated Depreciation | $ 3,129 | |||
Date of Acquisition | Dec. 7, 2012 | |||
Redondo Beach Plaza, 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 | 55 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 217 | |||
Amount at Which Carried at Close of Period. Land | 16,297 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,842 | |||
Total real estate investments | 30,139 | |||
Accumulated Depreciation | $ 2,659 | |||
Date of Acquisition | Dec. 28, 2012 | |||
Harbor Place Center, 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 | 289 | |||
Amount at Which Carried at Close of Period. Land | 16,506 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,816 | |||
Total real estate investments | 27,322 | |||
Accumulated Depreciation | $ 1,932 | |||
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 | 3,542 | |||
Amount at Which Carried at Close of Period. Land | 9,540 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 20,337 | |||
Total real estate investments | 29,877 | |||
Accumulated Depreciation | $ 4,662 | |||
Date of Acquisition | Feb. 1, 2013 | |||
Bernardo Heights Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 3,192 | |||
Initial Cost to Company, Buildings & Improvements | 8,940 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 727 | |||
Amount at Which Carried at Close of Period. Land | 3,192 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 9,667 | |||
Total real estate investments | 12,859 | |||
Accumulated Depreciation | $ 1,869 | |||
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 | 2,946 | |||
Amount at Which Carried at Close of Period. Land | 7,941 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,605 | |||
Total real estate investments | 35,546 | |||
Accumulated Depreciation | $ 5,808 | |||
Date of Acquisition | Apr. 15, 2013 | |||
Diamond Hills Plaza, 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 | 357 | |||
Amount at Which Carried at Close of Period. Land | 15,458 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 29,710 | |||
Total real estate investments | 45,168 | |||
Accumulated Depreciation | $ 5,310 | |||
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 | 491 | |||
Amount at Which Carried at Close of Period. Land | 3,673 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,950 | |||
Total real estate investments | 17,623 | |||
Accumulated Depreciation | $ 2,536 | |||
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 | 127 | |||
Amount at Which Carried at Close of Period. Land | 10,383 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 29,404 | |||
Total real estate investments | 39,787 | |||
Accumulated Depreciation | $ 4,805 | |||
Date of Acquisition | Jun. 27, 2013 | |||
Robinwood Shopping Center, OR | ||||
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, Land | 18 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,064 | |||
Amount at Which Carried at Close of Period. Land | 4,015 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 12,381 | |||
Total real estate investments | 16,396 | |||
Accumulated Depreciation | $ 2,278 | |||
Date of Acquisition | Aug. 23, 2013 | |||
5 Points Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 17,920 | |||
Initial Cost to Company, Buildings & Improvements | 36,965 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,082 | |||
Amount at Which Carried at Close of Period. Land | 17,920 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 41,047 | |||
Total real estate investments | 58,967 | |||
Accumulated Depreciation | $ 6,358 | |||
Date of Acquisition | Sep. 27, 2013 | |||
Crossroads Shopping Center, WA | ||||
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 | 17,984 | |||
Amount at Which Carried at Close of Period. Land | 68,366 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 85,740 | |||
Total real estate investments | 154,106 | |||
Accumulated Depreciation | $ 14,039 | |||
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 | 1,958 | |||
Amount at Which Carried at Close of Period. Land | 14,730 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 21,172 | |||
Total real estate investments | 35,902 | |||
Accumulated Depreciation | $ 3,572 | |||
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 | 2,017 | |||
Amount at Which Carried at Close of Period. Land | 9,986 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 28,596 | |||
Total real estate investments | 38,582 | |||
Accumulated Depreciation | $ 5,188 | |||
Date of Acquisition | Nov. 26, 2013 | |||
Plaza de la Canada, CA | ||||
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 | 519 | |||
Amount at Which Carried at Close of Period. Land | 10,351 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 25,338 | |||
Total real estate investments | 35,689 | |||
Accumulated Depreciation | $ 3,777 | |||
Date of Acquisition | Dec. 13, 2013 | |||
Tigard Marketplace, OR | ||||
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 | 565 | |||
Amount at Which Carried at Close of Period. Land | 13,587 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,168 | |||
Total real estate investments | 23,755 | |||
Accumulated Depreciation | $ 2,128 | |||
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 | 1,351 | |||
Amount at Which Carried at Close of Period. Land | 14,807 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 30,827 | |||
Total real estate investments | 45,634 | |||
Accumulated Depreciation | $ 4,980 | |||
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 | 832 | |||
Amount at Which Carried at Close of Period. Land | 13,593 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,565 | |||
Total real estate investments | 32,158 | |||
Accumulated Depreciation | $ 2,473 | |||
Date of Acquisition | Apr. 30, 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 | 9,286 | |||
Amount at Which Carried at Close of Period. Land | 21,315 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 195,483 | |||
Total real estate investments | 216,798 | |||
Accumulated Depreciation | $ 26,910 | |||
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 | 1,562 | |||
Amount at Which Carried at Close of Period. Land | 7,063 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 21,256 | |||
Total real estate investments | 28,319 | |||
Accumulated Depreciation | $ 3,569 | |||
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 | 107 | |||
Amount at Which Carried at Close of Period. Land | 11,415 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 17,890 | |||
Total real estate investments | 29,305 | |||
Accumulated Depreciation | $ 1,334 | |||
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 | 622 | |||
Amount at Which Carried at Close of Period. Land | 10,334 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,723 | |||
Total real estate investments | 38,057 | |||
Accumulated Depreciation | $ 3,666 | |||
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 | 629 | |||
Amount at Which Carried at Close of Period. Land | 8,527 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 38,693 | |||
Total real estate investments | 47,220 | |||
Accumulated Depreciation | $ 4,803 | |||
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 | 1,499 | |||
Amount at Which Carried at Close of Period. Land | 9,825 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 28,134 | |||
Total real estate investments | 37,959 | |||
Accumulated Depreciation | $ 3,707 | |||
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 | 1,854 | |||
Amount at Which Carried at Close of Period. Land | 10,018 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 11,616 | |||
Total real estate investments | 21,634 | |||
Accumulated Depreciation | $ 1,626 | |||
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 | 921 | |||
Amount at Which Carried at Close of Period. Land | 6,886 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 25,479 | |||
Total real estate investments | 32,365 | |||
Accumulated Depreciation | $ 2,796 | |||
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 | 101 | |||
Amount at Which Carried at Close of Period. Land | 9,844 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,944 | |||
Total real estate investments | 20,788 | |||
Accumulated Depreciation | $ 1,173 | |||
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 | 3,412 | |||
Amount at Which Carried at Close of Period. Land | 4,428 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 16,736 | |||
Total real estate investments | 21,164 | |||
Accumulated Depreciation | $ 1,996 | |||
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 | 3,720 | |||
Amount at Which Carried at Close of Period. Land | 16,275 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 32,028 | |||
Total real estate investments | 48,303 | |||
Accumulated Depreciation | $ 3,169 | |||
Date of Acquisition | Sep. 1, 2015 | |||
Johnson Creek Center, 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 | 1,243 | |||
Amount at Which Carried at Close of Period. Land | 9,009 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 23,777 | |||
Total real estate investments | 32,786 | |||
Accumulated Depreciation | $ 2,510 | |||
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 | 1,571 | |||
Amount at Which Carried at Close of Period. Land | 8,187 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 41,225 | |||
Total real estate investments | 49,412 | |||
Accumulated Depreciation | $ 3,400 | |||
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 | 8,385 | |||
Amount at Which Carried at Close of Period. Land | 10,488 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 47,504 | |||
Total real estate investments | 57,992 | |||
Accumulated Depreciation | $ 3,972 | |||
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 | 350 | |||
Amount at Which Carried at Close of Period. Land | 9,926 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 31,765 | |||
Total real estate investments | 41,691 | |||
Accumulated Depreciation | $ 3,123 | |||
Date of Acquisition | Dec. 21, 2015 | |||
Warner Plaza, 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 | 8,834 | |||
Amount at Which Carried at Close of Period. Land | 16,104 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 69,022 | |||
Total real estate investments | 85,126 | |||
Accumulated Depreciation | $ 6,067 | |||
Date of Acquisition | Dec. 31, 2015 | |||
Magnolia Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 0 | |||
Initial Cost to Company, Land | 12,501 | |||
Initial Cost to Company, Buildings & Improvements | 27,040 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,866 | |||
Amount at Which Carried at Close of Period. Land | 12,501 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 28,906 | |||
Total real estate investments | 41,407 | |||
Accumulated Depreciation | $ 2,545 | |||
Date of Acquisition | Mar. 10, 2016 | |||
Casitas Plaza Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 7,158 | |||
Initial Cost to Company, Land | 10,734 | |||
Initial Cost to Company, Buildings & Improvements | 22,040 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 961 | |||
Amount at Which Carried at Close of Period. Land | 10,734 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 23,001 | |||
Total real estate investments | 33,735 | |||
Accumulated Depreciation | $ 1,825 | |||
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 | 479 | |||
Amount at Which Carried at Close of Period. Land | 10,040 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 48,841 | |||
Total real estate investments | 58,881 | |||
Accumulated Depreciation | $ 3,891 | |||
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 | 1,061 | |||
Amount at Which Carried at Close of Period. Land | 31,522 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 96,977 | |||
Total real estate investments | 128,499 | |||
Accumulated Depreciation | $ 6,884 | |||
Date of Acquisition | Jun. 1, 2016 | |||
Monterey Center, CA | ||||
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 | (36) | |||
Amount at Which Carried at Close of Period. Land | 1,073 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,573 | |||
Total real estate investments | 11,646 | |||
Accumulated Depreciation | $ 753 | |||
Date of Acquisition | Jul. 14, 2016 | |||
Rose City Center, CA | ||||
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 | (78) | |||
Amount at Which Carried at Close of Period. Land | 3,637 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,223 | |||
Total real estate investments | 13,860 | |||
Accumulated Depreciation | $ 690 | |||
Date of Acquisition | Sep. 15, 2016 | |||
The Knolls, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 9,726 | |||
Initial Cost to Company, Buildings & Improvements | 18,299 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 20 | |||
Amount at Which Carried at Close of Period. Land | 9,726 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,319 | |||
Total real estate investments | 28,045 | |||
Accumulated Depreciation | $ 1,265 | |||
Date of Acquisition | Oct. 3, 2016 | |||
Bridle Trails Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 11,534 | |||
Initial Cost to Company, Buildings & Improvements | 20,700 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,633 | |||
Amount at Which Carried at Close of Period. Land | 11,534 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 24,333 | |||
Total real estate investments | 35,867 | |||
Accumulated Depreciation | $ 1,551 | |||
Date of Acquisition | Oct. 17, 2016 | |||
Torrey Hills Corporate Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 5,579 | |||
Initial Cost to Company, Buildings & Improvements | 3,915 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,435 | |||
Amount at Which Carried at Close of Period. Land | 5,579 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 6,350 | |||
Total real estate investments | 11,929 | |||
Accumulated Depreciation | $ 662 | |||
Date of Acquisition | Dec. 6, 2016 | |||
PCC Community Markets Plaza, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 1,856 | |||
Initial Cost to Company, Buildings & Improvements | 6,914 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 7 | |||
Amount at Which Carried at Close of Period. Land | 1,856 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 6,921 | |||
Total real estate investments | 8,777 | |||
Accumulated Depreciation | $ 432 | |||
Date of Acquisition | Jan. 25, 2017 | |||
The Terraces, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 18,378 | |||
Initial Cost to Company, Buildings & Improvements | 37,103 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 505 | |||
Amount at Which Carried at Close of Period. Land | 18,378 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 37,608 | |||
Total real estate investments | 55,986 | |||
Accumulated Depreciation | $ 2,046 | |||
Date of Acquisition | Mar. 17, 2017 | |||
Santa Rosa Southside Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 5,595 | |||
Initial Cost to Company, Buildings & Improvements | 24,453 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,477 | |||
Amount at Which Carried at Close of Period. Land | 5,595 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 25,930 | |||
Total real estate investments | 31,525 | |||
Accumulated Depreciation | $ 1,308 | |||
Date of Acquisition | Mar. 24, 2017 | |||
Division Center, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 6,917 | |||
Initial Cost to Company, Buildings & Improvements | 26,098 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,421 | |||
Amount at Which Carried at Close of Period. Land | 6,917 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,519 | |||
Total real estate investments | 34,436 | |||
Accumulated Depreciation | $ 1,433 | |||
Date of Acquisition | Apr. 5, 2017 | |||
Highland Hill Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 10,511 | |||
Initial Cost to Company, Buildings & Improvements | 37,825 | |||
Cost Capitalized Subsequent to Acquisition, Land | 23 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 397 | |||
Amount at Which Carried at Close of Period. Land | 10,534 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 38,222 | |||
Total real estate investments | 48,756 | |||
Accumulated Depreciation | $ 2,018 | |||
Date of Acquisition | May 9, 2017 | |||
Monta Loma Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 18,226 | |||
Initial Cost to Company, Buildings & Improvements | 11,113 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 57 | |||
Amount at Which Carried at Close of Period. Land | 18,226 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 11,170 | |||
Total real estate investments | 29,396 | |||
Accumulated Depreciation | $ 426 | |||
Date of Acquisition | Sep. 19, 2017 | |||
Fullerton Crossroads, CA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 26,000 | |||
Initial Cost to Company, Land | 28,512 | |||
Initial Cost to Company, Buildings & Improvements | 45,419 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 234 | |||
Amount at Which Carried at Close of Period. Land | 28,512 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 45,653 | |||
Total real estate investments | 74,165 | |||
Accumulated Depreciation | $ 1,776 | |||
Date of Acquisition | Oct. 11, 2017 | |||
Riverstone Marketplace, CA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 18,050 | |||
Initial Cost to Company, Land | 5,113 | |||
Initial Cost to Company, Buildings & Improvements | 27,594 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 117 | |||
Amount at Which Carried at Close of Period. Land | 5,113 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,711 | |||
Total real estate investments | 32,824 | |||
Accumulated Depreciation | $ 1,046 | |||
Date of Acquisition | Oct. 11, 2017 | |||
North Lynnwood Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 4,955 | |||
Initial Cost to Company, Buildings & Improvements | 10,335 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 117 | |||
Amount at Which Carried at Close of Period. Land | 4,955 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,452 | |||
Total real estate investments | 15,407 | |||
Accumulated Depreciation | $ 401 | |||
Date of Acquisition | Oct. 19, 2017 | |||
The Village at Nellie Gail Ranch, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 22,730 | |||
Initial Cost to Company, Buildings & Improvements | 22,578 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 953 | |||
Amount at Which Carried at Close of Period. Land | 22,730 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 23,531 | |||
Total real estate investments | 46,261 | |||
Accumulated Depreciation | $ 764 | |||
Date of Acquisition | Nov. 30, 2017 | |||
Stadium Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 1,699 | |||
Initial Cost to Company, Buildings & Improvements | 17,229 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 79 | |||
Amount at Which Carried at Close of Period. Land | 1,699 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 17,308 | |||
Total real estate investments | 19,007 | |||
Accumulated Depreciation | $ 391 | |||
Date of Acquisition | Feb. 23, 2018 | |||
King City Plaza, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | $ 5,161 | |||
Initial Cost to Company, Buildings & Improvements | 10,072 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 49 | |||
Amount at Which Carried at Close of Period. Land | 5,161 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,121 | |||
Total real estate investments | 15,282 | |||
Accumulated Depreciation | $ 215 | |||
Date of Acquisition | May 18, 2018 | |||
Initial [Member] | Pinole Vista Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Date of Acquisition | Jan. 6, 2011 | |||
Initial [Member] | Aurora Square, WA | ||||
Real Estate Properties [Line Items] | ||||
Date of Acquisition | May 3, 2012 | |||
Subsequent Acquisition [Member] | Pinole Vista Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Date of Acquisition | Aug. 27, 2018 | |||
Subsequent Acquisition [Member] | Aurora Square, WA | ||||
Real Estate Properties [Line Items] | ||||
Date of Acquisition | May 22, 2014 |
Schedule III - Real Estate an_4
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance | $ 3,109,397 | $ 2,687,018 | $ 2,296,617 |
Property improvements during the year | 40,300 | 54,481 | 41,359 |
Properties acquired during the year | 43,387 | 374,004 | 354,035 |
Properties sold during the year | 24,427 | 0 | 0 |
Assets written off during the year | (8,185) | (6,106) | (4,993) |
Balance | $ 3,160,472 | $ 3,109,397 | $ 2,687,018 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation (Details) - Reconciliation of Accumulated Depreciation - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance | $ 260,115 | $ 193,021 | $ 134,311 |
Depreciation expenses | 81,107 | 72,725 | 63,872 |
Properties sold during the year | 3,551 | 0 | 0 |
Property assets fully depreciated and written off | (8,464) | (5,631) | (5,162) |
Balance | $ 329,207 | $ 260,115 | $ 193,021 |