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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2021
 
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____

Commission file number 001-33749

RETAIL OPPORTUNITY INVESTMENTS CORP.
RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP
(Exact name of registrant as specified in its charter)
Maryland (Retail Opportunity Investments Corp.)26-0500600 (Retail Opportunity Investments Corp.)
Delaware (Retail Opportunity Investments Partnership, LP)94-2969738 (Retail Opportunity Investments Partnership, LP)
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
11250 El Camino Real
Suite 200
San Diego,California
92130
(Address of Principal Executive Offices)(Zip Code)


(858) 677-0900
(Registrant’s telephone number, including area code)
 
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Retail Opportunity Investments Corp.YesNo
Retail Opportunity Investments Partnership, LPYesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Retail Opportunity Investments Corp.Yes No
Retail Opportunity Investments Partnership, LPYes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

Retail Opportunity Investments Corp.
Large accelerated filer Accelerated filerNon-accelerated filer Smaller reporting company
Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Retail Opportunity Investments Partnership, LP
Large accelerated filerAccelerated filerNon-accelerated filer Smaller reporting company
Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Retail Opportunity Investments Corp.Yes  No
Retail Opportunity Investments Partnership, LPYes No

Securities registered pursuant to Section 12(b) of the Act:
Name of RegistrantTitle of each classTrading SymbolName of each exchange on which registered
Retail Opportunity Investments Corp.Common Stock, par value $0.0001 per shareROICNASDAQ
Retail Opportunity Investments Partnership, LPNoneNoneNone

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: 121,423,616 shares of common stock, par value $0.0001 per share, of Retail Opportunity Investments Corp. outstanding as of October 22, 2021.
 



EXPLANATORY PARAGRAPH
 
This report combines the quarterly reports on Form 10-Q for the quarter ended September 30, 2021 of Retail Opportunity Investments Corp., a Maryland corporation (“ROIC”), and Retail Opportunity Investments Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), of which ROIC is the parent company and general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “the Company,” “we,” “us,” “our,” or “our company” refer to ROIC together with its consolidated subsidiaries, including the Operating Partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “the Operating Partnership” refer to Retail Opportunity Investments Partnership, LP together with its consolidated subsidiaries.
 
ROIC operates as a real estate investment trust and as of September 30, 2021, ROIC owned an approximate 93.4% partnership interest in the Operating Partnership. 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.
 
The Company believes that combining the quarterly reports on Form 10-Q of ROIC and the Operating Partnership into a single report will result in the following benefits:
 
facilitate a better understanding by the investors of ROIC and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;

remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both ROIC and the Operating Partnership; and

create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Management operates ROIC and the Operating Partnership as one enterprise. The management of ROIC and the Operating Partnership are the same.
 
There are a few differences between ROIC and the Operating Partnership, which are reflected in the disclosures in this report. The Company believes it is important to understand the differences between ROIC and the Operating Partnership in the context of how these entities operate as an interrelated consolidated company. ROIC is a real estate investment trust, whose 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 of the Operating Partnership 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”).
 
Non-controlling interests is the primary area of difference between the Consolidated Financial Statements for ROIC and the Operating Partnership. The OP Units in the Operating Partnership that are not owned by ROIC are accounted for as partners’ capital in the Operating Partnership’s financial statements and as non-controlling interests in ROIC’s financial statements. Accordingly, this report presents the Consolidated Financial Statements for ROIC and the Operating Partnership separately, as required, as well as Earnings Per Share / Earnings Per Unit and Capital of the Operating Partnership.
 
This report also includes separate Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources, Item 4. Controls and Procedures sections and separate Chief Executive Officer and Chief Financial Officer certifications for each of ROIC and the Operating Partnership as reflected in Exhibits 31 and 32.




TABLE OF CONTENTS
 
 




PART I. FINANCIAL INFORMATION 
Item 1. Financial Statements

RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Balance Sheets
(In thousands, except share data)
 September 30, 2021
 (unaudited)
December 31, 2020
ASSETS  
Real Estate Investments:  
Land$875,818 $881,872 
Building and improvements2,272,296 2,274,680 
 3,148,114 3,156,552 
Less:  accumulated depreciation490,638 460,165 
2,657,476 2,696,387 
Mortgage note receivable4,896 4,959 
Real Estate Investments, net2,662,372 2,701,346 
Cash and cash equivalents91,150 4,822 
Restricted cash2,319 1,814 
Tenant and other receivables, net56,545 58,756 
Deposits1,000  
Acquired lease intangible assets, net44,342 50,110 
Prepaid expenses1,328 4,811 
Deferred charges, net22,198 25,655 
Other assets16,982 17,296 
Total assets$2,898,236 $2,864,610 
LIABILITIES AND EQUITY  
Liabilities:  
Term loan$298,797 $298,524 
Credit facility 48,000 
Senior Notes944,833 943,655 
Mortgage notes payable85,727 86,509 
Acquired lease intangible liabilities, net117,166 125,796 
Accounts payable and accrued expenses51,215 17,687 
Tenants’ security deposits6,918 6,854 
Other liabilities40,700 46,426 
Total liabilities1,545,356 1,573,451 
Commitments and contingencies
Equity:  
Preferred stock, $0.0001 par value 50,000,000 shares authorized; none issued and outstanding
  
Common stock, $0.0001 par value, 500,000,000 shares authorized; 121,423,616 and 118,085,155 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
12 12 
Additional paid-in capital1,552,447 1,497,662 
Dividends in excess of earnings(284,144)(289,309)
Accumulated other comprehensive loss(4,877)(8,812)
Total Retail Opportunity Investments Corp. stockholders’ equity1,263,438 1,199,553 
Non-controlling interests89,442 91,606 
Total equity1,352,880 1,291,159 
Total liabilities and equity$2,898,236 $2,864,610 
See accompanying notes to consolidated financial statements.
- 1 -


RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
(In thousands, except share data)
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Revenues  
Rental revenue$69,907 $69,066 $208,925 $208,997 
Other income1,478 706 2,377 2,199 
Total revenues71,385 69,772 211,302 211,196 
Operating expenses
Property operating11,009 10,313 32,334 30,203 
Property taxes8,564 8,510 25,502 25,265 
Depreciation and amortization22,854 24,649 69,401 73,041 
General and administrative expenses4,746 4,101 14,353 11,974 
Other expense147 165 631 525 
Total operating expenses47,320 47,738 142,221 141,008 
Gain on sale of real estate12,880  22,340  
Operating income36,945 22,034 91,421 70,188 
Non-operating expenses  
Interest expense and other finance expenses(14,356)(15,065)(43,173)(45,047)
Net income22,589 6,969 48,248 25,141 
Net income attributable to non-controlling interests(1,494)(503)(3,254)(2,026)
Net Income Attributable to Retail Opportunity Investments Corp.$21,095 $6,466 $44,994 $23,115 
Earnings per share – basic and diluted$0.17 $0.06 $0.38 $0.20 
Dividends per common share$0.11 $ $0.33 $0.20 
Comprehensive income:
Net income$22,589 $6,969 $48,248 $25,141 
Other comprehensive income (loss):
Unrealized swap derivative (loss) gain arising during the period(122)62 (159)(9,954)
Reclassification adjustment for amortization of interest expense included in net income1,469 1,498 4,422 3,061 
Other comprehensive income (loss):1,347 1,560 4,263 (6,893)
Comprehensive income23,936 8,529 52,511 18,248 
Comprehensive income attributable to non-controlling interests(1,585)(645)(3,582)(1,231)
Comprehensive income attributable to Retail Opportunity Investments Corp.$22,351 $7,884 $48,929 $17,017 


See accompanying notes to consolidated financial statements.
- 2 -



RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statements of Equity
(Unaudited)
(In thousands, except share data)

 Common StockAdditional
paid-in capital
Accumulated dividends in excess of earningsAccumulated
other
comprehensive loss
Non-
controlling
interests
Equity
 SharesAmount
Balance at December 31, 2020118,085,155 $12 $1,497,662 $(289,309)$(8,812)$91,606 $1,291,159 
Shares issued under the Equity Incentive Plan535,819 — 428 — — — 428 
Shares withheld for employee taxes(142,247)— (1,905)— — — (1,905)
Stock based compensation expense— — 1,809 — — 254 2,063 
Redemption of OP Units98,986 — 1,439 — — (1,439) 
Adjustment to non-controlling interests ownership in Operating Partnership— — 2 — — (2) 
Registration expenditures— — (15)— — — (15)
Cash dividends ($0.11 per share)
— — — (13,041)— (978)(14,019)
Dividends payable to officers— — — (48)— (20)(68)
Net income attributable to Retail Opportunity Investments Corp.— — — 7,415 — — 7,415 
Net income attributable to non-controlling interests— — — — — 559 559 
Other comprehensive income— — — — 1,454 119 1,573 
Balance at March 31, 2021118,577,713 $12 $1,499,420 $(294,983)$(7,358)$90,099 $1,287,190 
Stock based compensation expense— — 2,774 — — 459 3,233 
Redemption of OP Units325,000 — 5,419 — — (5,419) 
Adjustment to non-controlling interests ownership in Operating Partnership— — (2,823)— — 2,823  
Proceeds from the issuance of common stock1,903,653 — 34,844 — — — 34,844 
Registration expenditures— — (371)— — — (371)
Cash dividends ($0.11 per share)
— — — (13,270)— (940)(14,210)
Dividends payable to officers— — — (70)— (10)(80)
Net income attributable to Retail Opportunity Investments Corp.— — — 16,484 — — 16,484 
Net income attributable to non-controlling interests— — — — — 1,201 1,201 
Other comprehensive income— — — — 1,225 118 1,343 
Balance at June 30, 2021120,806,366 $12 $1,539,263 $(291,839)$(6,133)$88,331 $1,329,634 
Cancellation of restricted stock(5,482)— — — — — — 
Stock based compensation expense— — 2,293 — — 274 2,567 
Adjustment to non-controlling interests ownership in Operating Partnership— — (211)— — 211 — 
Proceeds from the issuance of common stock622,732  11,217 — — — 11,217 
Registration expenditures— — (115)— — — (115)
Cash dividends ($0.11 per share)
— — — (13,356)— (939)(14,295)
Dividends payable to officers— — — (44)— (20)(64)
Net income attributable to Retail Opportunity Investments Corp.— — — 21,095 — — 21,095 
Net income attributable to non-controlling interests— — — — — 1,494 1,494 
Other comprehensive income— — — — 1,256 91 1,347 
Balance at September 30, 2021121,423,616 $12 $1,552,447 $(284,144)$(4,877)$89,442 $1,352,880 
- 3 -



RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statements of Equity (continued)
(Unaudited)
(In thousands, except share data)

Common StockAdditional
paid-in capital
Accumulated dividends in excess of earningsAccumulated
other
comprehensive loss
Non-
controlling
interests
Equity
SharesAmount
Balance at December 31, 2019116,496,016 $12 $1,481,466 $(297,998)$(4,132)$112,480 $1,291,828 
Shares issued under the Equity Incentive Plan428,170 —  — — —  
Shares withheld for employee taxes(128,614)— (2,272)— — — (2,272)
Cancellation of restricted stock(1,000)— — — — — — 
Stock based compensation expense— — 1,636 — — 220 1,856 
Cash redemption for non-controlling interests— — — — — (1,999)(1,999)
Adjustment to non-controlling interests ownership in Operating Partnership— — 652 — — (652) 
Repurchase of common stock(673,868)— (8,846)— — — (8,846)
Registration expenditures— — (90)— — — (90)
Cash dividends ($0.20 per share)
— — — (23,273)— (2,187)(25,460)
Dividends payable to officers— — — (56)— (33)(89)
Net income attributable to Retail Opportunity Investments Corp.— — — 12,002 — — 12,002 
Net income attributable to non-controlling interests— — — — — 1,134 1,134 
Other comprehensive loss— — — — (8,717)— (8,717)
Balance at March 31, 2020116,120,704 $12 $1,472,546 $(309,325)$(12,849)$108,963 $1,259,347 
Cancellation of restricted stock(2,499)— — — — — — 
Stock based compensation expense— — 2,081 — — 87 2,168 
Redemption of OP Units1,521,833 — 15,211 — — (15,211) 
Adjustment to non-controlling interests ownership in Operating Partnership— — (1,064)— — 1,064  
Registration expenditures— — 6 — — — 6 
Net income attributable to Retail Opportunity Investments Corp.— — — 4,647 — — 4,647 
Net income attributable to non-controlling interests— — — — — 389 389 
Other comprehensive income (loss)— — — — 1,201 (937)264 
Balance at June 30, 2020117,640,038 $12 $1,488,780 $(304,678)$(11,648)$94,355 $1,266,821 
Cancellation of restricted stock(1,400)— — — — — — 
Stock based compensation expense— — 2,086 — — 255 2,341 
Redemption of OP Units301,517 — 3,076 — — (3,076)— 
Adjustment to non-controlling interests ownership in Operating Partnership— — 64 — — (64)— 
Registration expenditures— — (17)— — — (17)
Net income attributable to Retail Opportunity Investments Corp.— — — 6,466 — — 6,466 
Net income attributable to non-controlling interests— — — — — 503 503 
Other comprehensive income— — — — 1,418 142 1,560 
Balance at September 30, 2020117,940,155 $12 $1,493,989 $(298,212)$(10,230)$92,115 $1,277,674 
See accompanying notes to consolidated financial statements.
- 4 -


RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statements of Cash Flow
(Unaudited)
(In thousands)
 Nine Months Ended September 30,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$48,248 $25,141 
Adjustments to reconcile net income to cash provided by operating activities:  
Depreciation and amortization69,401 73,041 
Amortization of deferred financing costs and mortgage premiums, net1,783 1,623 
Straight-line rent adjustment(438)(563)
Amortization of above and below market rent(6,571)(10,756)
Amortization relating to stock based compensation7,863 6,365 
Provisions for tenant credit losses2,023 8,808 
Other noncash interest expense59 220 
Gain on sale of real estate(22,340) 
Change in operating assets and liabilities:  
Tenant and other receivables(1,498)(18,718)
Prepaid expenses3,412 1,885 
Accounts payable and accrued expenses16,194 11,807 
Other assets and liabilities, net(2,972)(5,927)
Net cash provided by operating activities115,164 92,926 
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in real estate(30,304) 
Proceeds from sale of real estate68,003  
Improvements to properties(32,390)(24,839)
Deposits on real estate acquisitions, net(1,000) 
Proceeds on repayment of mortgage note receivable63 8,020 
Net cash provided by (used in) investing activities4,372 (16,819)
CASH FLOWS FROM FINANCING ACTIVITIES  
Principal repayments on mortgages(453)(429)
Proceeds from draws on credit facility20,000 160,000 
Payments on credit facility(68,000)(140,500)
Redemption of OP Units (1,999)
Distributions to OP Unitholders(1,918)(2,187)
Deferred financing and other costs (1,130)
Proceeds from the sale of common stock46,061  
Repurchase of common stock (8,846)
Registration expenditures(500)(356)
Dividends paid to common shareholders(26,416)(23,398)
Common shares issued under the Equity Incentive Plan428  
Shares withheld for employee taxes(1,905)(2,272)
Net cash used in financing activities(32,703)(21,117)
Net increase in cash, cash equivalents and restricted cash86,833 54,990 
Cash, cash equivalents and restricted cash at beginning of period6,636 5,458 
Cash, cash equivalents and restricted cash at end of period$93,469 $60,448 
Other non-cash investing and financing activities increase (decrease):
Interest rate swap liabilities$(4,204)$7,112 
Accrued real estate improvement costs$8,206 $3,478 
Equity redemption of OP Units$6,858 $18,287 
Dividends and distributions payable$14,739 $363 
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statement of cash flows:
Nine Months Ended September 30,
20212020
Cash and cash equivalents$91,150 $58,458 
Restricted cash2,319 1,990 
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows$93,469 $60,448 
See accompanying notes to consolidated financial statements.
- 5 -



RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP
Consolidated Balance Sheets
(In thousands)
 September 30, 2021
 (unaudited)
December 31, 2020
ASSETS  
Real Estate Investments:  
Land$875,818 $881,872 
Building and improvements2,272,296 2,274,680 
 3,148,114 3,156,552 
Less:  accumulated depreciation490,638 460,165 
2,657,476 2,696,387 
Mortgage note receivable