0001407623-22-000049 | 10-K | XBRL Viewer | Retail Opportunity Investments Corp

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Investments:
Land	$ 915,861	$ 881,872
Building and improvements	2,350,294	2,274,680
Total real estate investments	3,266,155	3,156,552
Less: accumulated depreciation	510,836	460,165
Net real estate before mortgage notes	2,755,319	2,696,387
Mortgage note receivable	4,875	4,959
Real Estate Investments, net	2,760,194	2,701,346
Cash and cash equivalents	13,218	4,822
Restricted cash	2,145	1,814
Tenant and other receivables, net	55,787	58,756
Acquired lease intangible assets, net	50,139	50,110
Prepaid expenses	5,337	4,811
Deferred charges, net	25,017	25,655
Other assets	17,007	17,296
Total assets	2,928,844	2,864,610
Liabilities:
Term loan	298,889	298,524
Credit facility	0	48,000
Senior Notes	945,231	943,655
Mortgage notes payable	85,354	86,509
Acquired lease intangible liabilities, net	136,608	125,796
Accounts payable and accrued expenses	48,598	17,687
Tenants’ security deposits	7,231	6,854
Other liabilities	40,580	46,426
Total liabilities	1,562,491	1,573,451
Commitments and contingencies
Equity/Capital:
Preferred stock, $0.0001 par value 50,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized; 122,685,266 and 118,085,155 shares issued and outstanding at December 31, 2021 and 2020, respectively	12	12
Additional paid-in capital	1,577,837	1,497,662
Dividends in excess of earnings	(297,801)	(289,309)
ROIC capital	1,280,048	1,208,365
Limited partners’ capital	89,680	92,279
Accumulated other comprehensive loss	(3,375)	(9,485)
Total Retail Opportunity Investments Corp. stockholders' equity	1,276,894	1,199,553
Non-controlling interests	89,459	91,606
Total equity/capital	1,366,353	1,291,159
Total liabilities and equity/capital	$ 2,928,844	$ 2,864,610

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Rental revenue	$ 280,924	$ 280,388	$ 291,263
Other income	3,176	3,726	3,777
Total revenues	284,100	284,114	295,040
Operating expenses
Property operating	44,439	41,050	43,662
Property taxes	33,663	33,288	32,388
Depreciation and amortization	92,929	97,731	97,559
General and administrative expenses	19,654	16,755	17,831
Other expense	860	843	1,405
Total operating expenses	191,545	189,667	192,845
Gain on sale of real estate	22,340	0	13,175
Operating income	114,895	94,447	115,370
Non-operating expenses
Interest expense and other finance expenses	(57,535)	(59,726)	(61,687)
Net income	57,360	34,721	53,683
Net income attributable to non-controlling interests	(3,852)	(2,707)	(4,839)
Net Income Attributable to Retail Opportunity Investments Corp.	$ 53,508	$ 32,014	$ 48,844
Earnings per share/unit - basic (in dollars per share)	$ 0.44	$ 0.27	$ 0.42
Earnings per share/unit - diluted (in dollars per share)	0.44	0.27	0.42
Dividends per share (in dollars per share)	$ 0.5100	$ 0.2000	$ 0.7880
Comprehensive income:
Net income	$ 57,360	$ 34,721	$ 53,683
Other comprehensive income (loss):
Unrealized swap derivative gain (loss) arising during the period	216	(9,925)	(7,348)
Reclassification adjustment for amortization of interest expense included in net income	5,894	4,572	(345)
Other comprehensive income (loss)	6,110	(5,353)	(7,693)
Comprehensive income	63,470	29,368	45,990
Comprehensive income attributable to non-controlling interests	(4,304)	(2,034)	(4,839)
Comprehensive income attributable to Retail Opportunity Investments Corp.	$ 59,166	$ 27,334	$ 41,151

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 earnings Officer	Accumulated other comprehensive income (loss)	Non- controlling interests	Non- controlling interests Officer
Balance at Dec. 31, 2018	$ 1,308,428		$ 11	$ 1,441,080	$ (256,438)		$ 3,561	$ 120,214
Balance (in shares) at Dec. 31, 2018			113,992,837
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under the Equity Incentive Plan (in shares)			631,022
Shares issued under the Equity Incentive Plan	1,942			1,942
Shares withheld for employee taxes (in shares)			(125,072)
Shares withheld for employee taxes	(1,986)			(1,986)
Cancellation of restricted stock (in shares)			(6,997)
Stock based compensation expense	8,567			7,352				1,215
Redemption of OP Units (in shares)			143,190
Redemption of OP Units	2,632			2,632				(2,632)
Cash redemption for non-controlling interests	(5,043)							(5,043)
Adjustment to non-controlling interests ownership in Operating Partnership	0			(2,983)				2,983
Proceeds from the issuance of common stock (in shares)			1,861,036
Proceeds from the issuance of common stock	34,162		$ 1	34,161
Registration expenditures	(732)			(732)
Cash dividends	(99,470)	$ (30)			(90,549)	$ 145		(8,921)	$ (175)
Net income attributable to Retail Opportunity Investments Corp.	48,844				48,844
Net income attributable to non-controlling interests	4,839							4,839
Other comprehensive income (loss)	(7,693)						(7,693)
Balance (in shares) at Dec. 31, 2019			116,496,016
Balance at Dec. 31, 2019	1,291,828		$ 12	1,481,466	(297,998)		(4,132)	112,480
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under the Equity Incentive Plan (in shares)			428,170
Shares issued under the Equity Incentive Plan	0			0
Shares withheld for employee taxes (in shares)			(128,614)
Shares withheld for employee taxes	(2,272)			(2,272)
Cancellation of restricted stock (in shares)			(4,899)
Stock based compensation expense	8,914			8,098				816
Redemption of OP Units (in shares)			1,968,350
Redemption of OP Units	20,098			20,098				(20,098)
Cash redemption for non-controlling interests	(1,999)							(1,999)
Adjustment to non-controlling interests ownership in Operating Partnership	0			(570)				570
Repurchase of common stock (in shares)			(673,868)
Repurchase of common stock	(8,846)			(8,846)
Registration expenditures	(312)			(312)
Cash dividends	(25,460)	(62)			(23,273)	(52)		(2,187)	(10)
Net income attributable to Retail Opportunity Investments Corp.	32,014				32,014
Net income attributable to non-controlling interests	2,707							2,707
Other comprehensive income (loss)	$ (5,353)						(4,680)	(673)
Balance (in shares) at Dec. 31, 2020	118,085,155		118,085,155
Balance at Dec. 31, 2020	$ 1,291,159		$ 12	1,497,662	(289,309)		(8,812)	91,606
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under the Equity Incentive Plan (in shares)			535,819
Shares issued under the Equity Incentive Plan	428			428
Shares withheld for employee taxes (in shares)			(142,247)
Shares withheld for employee taxes	(1,905)			(1,905)
Cancellation of restricted stock (in shares)			(5,482)
Stock based compensation expense	$ 11,030			9,735				1,295
Redemption of OP Units (in shares)	423,986		423,986
Redemption of OP Units	$ 6,858			6,858				(6,858)
Adjustment to non-controlling interests ownership in Operating Partnership	0			(3,625)				3,625
Proceeds from the issuance of common stock (in shares)			3,788,035
Proceeds from the issuance of common stock	$ 69,602		$ 0	69,602
Repurchase of common stock (in shares)	0
Registration expenditures	$ (918)			(918)
Cash dividends	(66,112)	$ (401)			(61,717)	$ (283)		(4,395)	$ (118)
Net income attributable to Retail Opportunity Investments Corp.	53,508				53,508
Net income attributable to non-controlling interests	3,852							3,852
Other comprehensive income (loss)	$ 6,110						5,658	452
Balance (in shares) at Dec. 31, 2021	122,685,266		122,685,266
Balance at Dec. 31, 2021	$ 1,366,353		$ 12	$ 1,577,837	$ (297,801)		$ (3,154)	$ 89,459

Consolidated Statement of Partners' Capital - USD ($)
$ in Thousands

Total

Officer

Limited Partner’s Capital

Officer

^[1]

ROIC Capital

Officer

^[2]

Accumulated other comprehensive income (loss)

Total (in shares)

11,477,041

^[1]

113,992,837

^[2]

Balance (in shares) at Dec. 31, 2018

11,477,041

^[1]

113,992,837

^[2]

Balance at Dec. 31, 2018

$ 1,308,428

$ 120,214

^[1]

$ 1,184,653

^[2]

$ 3,561

OP Units issued under the Equity Incentive Plan (in shares)

^[2]

631,022

OP Units issued under the Equity Incentive Plan

1,942

$ 1,942

^[2]

OP Units withheld for employee taxes (in shares)

^[2]

(125,072)

OP Units withheld for employee taxes

(1,986)

$ (1,986)

^[2]

Cancellation of OP Units (in shares)

^[2]

(6,997)

Stock based compensation expense

8,567

$ 1,215

^[1]

$ 7,352

^[2]

Equity Redemption of OP Units (in shares)

143,190

^[1]

143,190

^[2]

Equity Redemption of OP Units

$ (2,632)

^[1]

$ 2,632

^[2]

Cash redemption of OP Units (in shares)

^[1]

(282,761)

Cash redemption of OP Units

(5,043)

$ (5,043)

^[1]

Adjustment to non-controlling interests ownership in Operating Partnership

2,983

^[1]

$ (2,983)

^[2]

Issuance of OP Units in connection with common stock offering (in shares)

^[2]

1,861,036

Issuance of OP Units in connection with common stock offering

34,162

$ 34,162

^[2]

Registration expenditures

(732)

^[2]

Cash distributions

(99,470)

$ (30)

(8,921)

^[1]

$ (175)

(90,549)

^[2]

$ 145

Net income

53,683

$ 4,839

^[1]

$ 48,844

^[2]

Other comprehensive income (loss)

(7,693)

Balance (in shares) at Dec. 31, 2019

11,051,090

^[1]

116,496,016

^[2]

Balance at Dec. 31, 2019

1,291,828

$ 112,480

^[1]

$ 1,183,480

^[2]

(4,132)

Total (in shares)

11,051,090

^[1]

116,496,016

^[2]

OP Units issued under the Equity Incentive Plan (in shares)

^[2]

428,170

OP Units issued under the Equity Incentive Plan

$ 0

^[2]

OP Units withheld for employee taxes (in shares)

^[2]

(128,614)

OP Units withheld for employee taxes

(2,272)

$ (2,272)

^[2]

Cancellation of OP Units (in shares)

^[2]

(4,899)

Stock based compensation expense

8,914

$ 816

^[1]

$ 8,098

^[2]

Equity Redemption of OP Units (in shares)

1,968,350

^[1]

1,968,350

^[2]

Equity Redemption of OP Units

$ (20,098)

^[1]

$ 20,098

^[2]

Cash redemption of OP Units (in shares)

^[1]

(116,657)

Cash redemption of OP Units

(1,999)

$ (1,999)

^[1]

Adjustment to non-controlling interests ownership in Operating Partnership

570

^[1]

$ (570)

^[2]

Repurchase of OP Units (in shares)

^[2]

(673,868)

Repurchase of OP Units

(8,846)

$ (8,846)

^[2]

Registration expenditures

(312)

^[2]

Cash distributions

(25,460)

(62)

(2,187)

^[1]

(10)

(23,273)

^[2]

(52)

Net income

34,721

$ 2,707

^[1]

$ 32,014

^[2]

Other comprehensive income (loss)

(5,353)

Balance (in shares) at Dec. 31, 2020

8,966,083

^[1]

118,085,155

^[2]

Balance at Dec. 31, 2020

1,291,159

$ 92,279

^[1]

$ 1,208,365

^[2]

(9,485)

Total (in shares)

8,966,083

^[1]

118,085,155

^[2]

OP Units issued under the Equity Incentive Plan (in shares)

^[2]

535,819

OP Units issued under the Equity Incentive Plan

428

$ 428

^[2]

OP Units withheld for employee taxes (in shares)

^[2]

(142,247)

OP Units withheld for employee taxes

(1,905)

$ (1,905)

^[2]

Cancellation of OP Units (in shares)

^[2]

(5,482)

Stock based compensation expense

$ 11,030

$ 1,295

^[1]

$ 9,735

^[2]

Equity Redemption of OP Units (in shares)

423,986

^[1]

423,986

^[2]

Equity Redemption of OP Units

$ (6,858)

^[1]

$ 6,858

^[2]

Adjustment to non-controlling interests ownership in Operating Partnership

$ 0

3,625

^[1]

$ (3,625)

^[2]

Issuance of OP Units in connection with common stock offering (in shares)

^[2]

3,788,035

Issuance of OP Units in connection with common stock offering

69,602

$ 69,602

^[2]

Registration expenditures

(918)

^[2]

Cash distributions

(66,112)

$ (401)

(4,395)

^[1]

$ (118)

(61,717)

^[2]

$ (283)

Net income

57,360

$ 3,852

^[1]

$ 53,508

^[2]

Other comprehensive income (loss)

$ 6,110

6,110

Balance (in shares) at Dec. 31, 2021

131,227,363

8,542,097

^[1]

122,685,266

^[2]

Balance at Dec. 31, 2021

$ 1,366,353

$ 89,680

^[1]

$ 1,280,048

^[2]

$ (3,375)

Total (in shares)

131,227,363

8,542,097

^[1]

122,685,266

^[2]

[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general and limited partnership interests held by ROIC.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 57,360	$ 34,721	$ 53,683
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	92,929	97,731	97,559
Amortization of deferred financing costs and mortgage premiums, net	2,383	2,219	2,076
Straight-line rent adjustment	(959)	(1,079)	(3,083)
Amortization of above and below market rent	(8,795)	(17,654)	(15,618)
Amortization relating to stock based compensation	11,030	8,914	8,567
Provisions for tenant credit losses	2,779	11,035	1,969
Other noncash interest expense	45	293	524
Gain on sale of real estate	(22,340)	0	(13,175)
Change in operating assets and liabilities:
Tenant and other receivables	(1,039)	(23,120)	543
Prepaid expenses	(597)	(1,641)	962
Accounts payable and accrued expenses	5,072	(1,096)	303
Other assets and liabilities, net	(1,536)	(3,663)	(2,271)
Net cash provided by operating activities	136,332	106,660	132,039
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in real estate	(125,490)	0	(11,601)
Proceeds from sale of real estate	68,003	0	58,930
Improvements to properties	(46,242)	(36,515)	(35,177)
Proceeds on repayment of mortgage note receivable	84	8,041	250
Net cash (used in) provided by investing activities	(103,645)	(28,474)	12,402
CASH FLOWS FROM FINANCING ACTIVITIES
Principal repayments on mortgages	(716)	(577)	(551)
Proceeds from draws on credit facility	30,000	160,000	101,000
Payments on credit facility	(78,000)	(196,000)	(173,000)
Redemption of OP Units	0	(1,999)	(5,043)
Distributions to OP Unitholders	(42,629)	(25,585)	(99,674)
Deferred financing and other costs	0	(1,162)	(2,804)
Proceeds from issuance of common stock	69,602	0	34,162
Repurchase of common stock/OP units	0	(8,846)	0
Registration expenditures	(740)	(567)	(478)
Dividends paid to common shareholders	(39,772)	(23,398)	(90,753)
Common shares issued under the Equity Incentive Plan	428	0	1,942
Shares withheld for employee taxes	(1,905)	(2,272)	(1,986)
Net cash used in financing activities	(23,960)	(77,008)	(146,432)
Net increase (decrease) in cash, cash equivalents and restricted cash	8,727	1,178	(1,991)
Cash, cash equivalents and restricted cash at beginning of period	6,636	5,458	7,449
Cash, cash equivalents and restricted cash at end of period	15,363	6,636	5,458
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	13,218	4,822	3,800
Restricted cash	2,145	1,814	1,658
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows	$ 15,363	$ 6,636	$ 5,458

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
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)	122,685,266	118,085,155
Common stock, shares outstanding (in shares)	122,685,266	118,085,155

Consolidated Statements of Equity (Parentheticals) - $ / shares						12 Months Ended
	Dec. 23, 2021	Dec. 17, 2021	Sep. 17, 2021	Jun. 18, 2021	Mar. 26, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends per share (in dollars per share)	$ 0.0700	$ 0.1100	$ 0.1100	$ 0.1100	$ 0.1100	$ 0.5100	$ 0.2000	$ 0.7880

Consolidated Statement of Partners' Capital (Parentheticals) - $ / shares						12 Months Ended
	Dec. 23, 2021	Dec. 17, 2021	Sep. 17, 2021	Jun. 18, 2021	Mar. 26, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash distributions per unit (usd per share)	$ 0.0700	$ 0.1100	$ 0.1100	$ 0.1100	$ 0.1100	$ 0.5100	$ 0.2000	$ 0.7880

Organization, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

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.

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.

Impact of COVID-19

The current pandemic of the coronavirus (“COVID-19”) has had a significant impact on the global economy, the U.S. economy, the economies of the local markets throughout the west coast in which the Company’s properties are located, and the broader financial markets. Nearly every industry has been impacted directly or indirectly, and the U.S. retail market had come under severe pressure due to numerous factors, including preventative measures taken by local, state and federal authorities to alleviate the public health crisis. These preventative measures have affected the operations of the Company’s tenant base to varying degrees depending on the category and location of the tenant. For example, following the COVID-19 outbreak, grocery stores, pharmacies and retail stores were generally permitted to remain open and operational (with capacity limitations in the case of certain retail stores), restaurants in certain states such as California, Washington, and Oregon were generally limited to take-out and delivery services and outdoor-dining only or subject to capacity limitations when indoor dining was permitted, and bars, movie theaters, gyms and salons in certain states and counties were generally forced to close indoor operations for periods of time. Even as efforts to contain the pandemic, including vaccinations, have made progress, there is substantial uncertainty about the nature and degree of the continued effects of COVID-19 over time, including whether customers will re-engage with tenants to the extent they have in the past.

Recent Accounting Pronouncements

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04 “Reference Rate Reform (Topic 848).” ASU No. 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the quarter ended March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Principles of Consolidation

The accompanying consolidated financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States (“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. The Company has concluded that the Operating Partnership is a VIE, and 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 modify 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 recoverability of assets to be held and used, purchase price allocations, depreciable lives, revenue recognition and the collectability of tenant receivables, other receivables, notes receivables, the valuation of performance-based restricted stock, LTIP Units (as defined below), 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. 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, 2021, the statute of limitations for the tax years 2017 through and including 2020 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. The Company intends to continue to operate its business in a manner that will allow it to qualify as a REIT, including maintaining compliance with taxable income distribution requirements.

The following table sets forth the dividends declared per share of ROIC’s common stock and the tax status for U.S. federal income tax purposes of such dividends declared during the year ended December 31, 2021.


Record Date	Payable Date	Total Distribution per Share	Ordinary Income per Share	Section 199A Dividends (1)	Total Capital Gain per Share	Section 1250 Recapture per Share (2)
3/26/2021	4/9/2021	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
6/18/2021	7/9/2021	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
9/17/2021	10/8/2021	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
12/17/2021	1/7/2022	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
12/23/2021	1/14/2022	$0.0700	$0.06040	$0.06040	$0.00960	$0.00278

______________________

(1)Represents dividends eligible for the 20% qualified business income deduction under Section 199A, and is included in “Ordinary Income per Share”

(2)Represents additional characterization of, and is included in “Total Capital Gain per Share”

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, 2021 and 2020, capitalized costs related to the improvement or replacement of real estate properties were approximately $48.6 million and $38.7 million, respectively.

The Company evaluates each acquisition of real estate to determine if the acquired property meets the definition of a business and needs to be accounted for as a business combination. 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 assets (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 (for 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 base rental income, over the terms of the respective leases including option periods, if applicable. The value of in-place leases is 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.

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 did not expense any acquisition transaction costs during the years ended December 31, 2021, 2020 or 2019.

Sales of real estate are recognized only when it is determined that the Company will collect substantially all of the consideration to which it is entitled, possession and other attributes of ownership have been transferred to the buyer and the Company has no controlling financial interest. The application of these criteria can be complex and requires the Company to make assumptions. Management has determined that all of these criteria were met for all real estate sold during the periods presented.

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. For example, as a result of the COVID-19 pandemic, certain of the Company’s tenants may be unable to operate their businesses, maintain profitability and make timely rental payments to the Company under their leases which could impact the Company’s cash flows. The worsening of estimated future cash flows could result in the recognition of an impairment charge on certain of the Company’s long-lived assets. Management does not believe that the value of any of the Company’s real estate investments was impaired at December 31, 2021 or December 31, 2020.

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. Each lease agreement is evaluated to identify the lease and nonlease components at lease inception. The Company combines lease and non-lease components into a 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. As a result of this assessment, rental revenues and tenant recoveries from the lease of real estate assets are accounted for as a single component. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms.

Termination fees (included in Other income in the consolidated statements of operations and comprehensive 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 substantially all of the termination fee is probable. 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 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, including the impact of the COVID-19 pandemic on tenants’ businesses, 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 allowance for doubtful accounts at December 31, 2021 and December 31, 2020 was approximately $18.4 million and $18.6 million, respectively.

Certain tenants continue to experience economic difficulties during this pandemic and may continue to seek rent relief, which may be provided in the form of rent deferrals. Tenant requests for such agreements have significantly decreased during the year ended December 31, 2021 compared to the requests received in 2020 since the onset of the COVID-19 pandemic. Under ASC 842, “Leases,” subsequent changes to lease payments that are not stipulated in the original lease contract are generally accounted for as lease modifications. Due to the number of lease contracts that would require analysis to determine, on a lease by lease basis, whether such a concession is required to be accounted for as a lease modification, the FASB staff provided clarity as to an acceptable approach to accounting for lease concessions related to the effects of the COVID-19 pandemic. The FASB staff provided guidance that it would be acceptable for entities to make an election to account for lease concessions related to the effects of the COVID-19 pandemic consistent with how those concessions would be accounted for under ASC 842 as though enforceable rights and obligations for those concessions existed in the existing lease contract, as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee, thereby not requiring entities to apply lease modification guidance to those contracts. The Company has elected to not account for such COVID-19 concessions as lease modifications. Since the onset of the COVID-19 pandemic, the Company has entered into lease concessions that deferred approximately $11.1 million of contractual amounts billed. As of December 31, 2021, approximately $5.6 million of such deferral amounts have been rebilled in accordance with the underlying agreements, of which approximately $4.8 million, or approximately 85.4% has been collected. The Company has evaluated and continues to evaluate rent relief requests on a case-by-case basis. Not all tenant requests have resulted or will ultimately result in concession agreements, nor is the Company foregoing its contractual rights under its lease agreements.

Depreciation and Amortization

The Company uses the straight-line method for depreciation and amortization. Buildings are depreciated over estimated useful lives which the Company estimates to be 39-40 years. Property improvements are depreciated over estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over 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 and comprehensive income.

The unamortized balances of deferred leasing costs included in deferred charges in the Consolidated Balance Sheets as of December 31, 2021 that will be charged to future operations are as follows (in thousands):


	Lease Origination Costs
2022	$	4,764
2023	3,900
2024	3,086
2025	2,589
2026	2,013
Thereafter	6,784
	$	23,136

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, 2021, 2020 and 2019, 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 awards and LTIP Units outstanding under the 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,
	2021		2020		2019
Numerator:
Net income	$	57,360	$	34,721	$	53,683
Less income attributable to non-controlling interests	(3,852)		(2,707)		(4,839)
Less earnings allocated to unvested shares	(355)		(127)		(453)
Net income available for common stockholders, basic	$	53,153	$	31,887	$	48,391
Numerator:
Net income	$	57,360	$	34,721	$	53,683
Less earnings allocated to unvested shares	(355)		(127)		(453)
Net income available for common stockholders, diluted	$	57,005	$	34,594	$	53,230
Denominator:
Denominator for basic EPS – weighted average common equivalent shares	119,544,749		116,731,930		114,177,528

OP units	8,650,485		9,785,334		11,334,408
Performance-based restricted stock awards and LTIP Units	250,585		106,434		206,100
Stock options	8,079		3,299		23,450
Denominator for diluted EPS – weighted average common equivalent shares	128,453,898		126,626,997		125,741,486

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,
	2021		2020		2019
Numerator:
Net income	$	57,360	$	34,721	$	53,683
Less earnings allocated to unvested shares	(355)		(127)		(453)
Net income available to unitholders, basic and diluted	$	57,005	$	34,594	$	53,230
Denominator:
Denominator for basic earnings per unit – weighted average common equivalent units	128,195,234		126,517,264		125,511,936

Performance-based restricted stock awards and LTIP Units	250,585		106,434		206,100
Stock options	8,079		3,299		23,450
Denominator for diluted earnings per unit – weighted average common equivalent units	128,453,898		126,626,997		125,741,486

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 forfeitures. Restricted stock grants vest based upon the completion of a service period (“time-based restricted stock grants”) and/or the Company meeting certain pre-established operational performance goals and market-indexed financial performance criteria (“performance-based restricted stock grants”). Time-based restricted stock grants are valued according to the market price for the Company’s common stock at the date of grant. For performance-based restricted stock grants subject to market-indexed performance criteria, a Monte Carlo valuation model is used, taking into account the underlying contingency risks associated with the performance criteria. All other performance-based restricted stock grants are valued according to the market price of the Company’s common stock at the date

of grant. 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.

The Company has made certain separate awards in the form of units of limited partnership interests in its Operating Partnership called LTIP Units (“LTIP Units”). The LTIP Units are subject to such conditions and restrictions as the compensation committee may determine, including continued employment or service, achievement of pre-established operational performance goals and market-indexed performance criteria. For the LTIP Units subject to market-indexed performance criteria (the “marked-indexed LTIP Units”), a Monte Carlo valuation model is used, taking into account the underlying contingency risks associated with the performance criteria. All other LTIP Units (the “operational LTIP Units”) are valued according to the market price of the Company’s common stock at the date of grant.

Awards of stock options, time-based restricted stock grants, performance-based restricted stock subject to operational performance goals, and operational LTIP Units are expensed as compensation on a straight-line basis over the requisite service period. Awards of performance-based restricted stock subject to market-indexed performance criteria and market-indexed LTIP Units 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 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

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 (rental revenue and other income), 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.

Consolidated Statements of Cash Flows - Supplemental Disclosures

The following tables provides supplemental disclosures related to the consolidated statements of cash flows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Supplemental disclosure of cash activities:
Cash paid on gross receipts and income for federal and state purposes	$	292	$	324	$	275
Interest paid	$	55,104	$	57,276	$	60,319
Other non-cash investing and financing activities increase (decrease):


Intangible lease liabilities	$	22,185	$	—	$	1,475
Interest rate swap asset	$	—	$	—	$	(4,931)
Interest rate swap liabilities	$	(6,064)	$	5,646	$	3,285
Accrued real estate improvement costs	$	7,122	$	5,346	$	3,222
Equity redemption of OP Units	$	6,858	$	20,098	$	2,632
Disposition of real estate through issuance of mortgage note	$	—	$	—	$	13,250
Dividends and distributions payable	$	24,219	$	336	$	399

Reclassifications

Certain reclassifications have been made to the prior period consolidated financial statements and notes to conform to the current year presentation. Specifically, the Company reclassified the unamortized deferred financing costs related to its unsecured revolving credit facility from Credit facility to Deferred charges, net in the accompanying consolidated balance sheets.

Real Estate Investments

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Real Estate Investments

The following real estate investment transactions occurred during the year ended December 31, 2021.

The Company evaluated the following acquisitions and determined that substantially all of the fair value related to each of the acquisitions were concentrated in single identifiable assets. The Company allocated the total consideration for the acquisitions to the individual assets and liabilities acquired on a relative fair value basis. All transaction costs incurred in the acquisitions were capitalized.

Property Asset Acquisitions in 2021

On September 1, 2021, the Company acquired the property known as Canyon Creek Plaza, a shopping center located in San Jose, California for an adjusted purchase price of approximately $28.1 million. Canyon Creek Plaza is approximately 65,000 square feet and is anchored by New Seasons Market. The property was acquired with cash on hand.

On October 12, 2021, the Company acquired the property known as Palomar Village, located in Temecula, California, within the greater San Diego metropolitan area, for an adjusted purchase price of approximately $32.6 million. Palomar Village is approximately 125,000 square feet and is anchored by Albertsons Supermarket and CVS Pharmacy. The property was acquired with cash on hand.

On November 10, 2021, the Company acquired the property known as South Point Plaza, a shopping center located in Everett, Washington, within the greater Seattle metropolitan area, for an adjusted purchase price of approximately $37.6 million. South Point Plaza is approximately 190,000 square feet and is anchored by Grocery Outlet, Rite Aid Pharmacy, Hobby Lobby and Pep Boys. The property was acquired with cash on hand.

On December 6, 2021, the Company acquired the property known as Olympia West Center, a shopping center located in Olympia, Washington, within the greater Seattle metropolitan market, for an adjusted purchase price of approximately $24.9 million. Olympia West Center is approximately 69,000 square feet and is anchored by Trader Joe’s and Petco. The property was acquired with cash on hand.

Additionally, during the year ended December 31, 2021, the Company acquired a single tenant parcel contiguous to one of its existing shopping centers located in Pinole, California, within the San Francisco metropolitan area, for a purchase price of approximately $2.3 million.

The financial information set forth below summarizes the Company’s purchase price allocation for property assets acquired during the year ended December 31, 2021 (in thousands):


	December 31, 2021
Assets
Land	$	46,958
Building and improvements	89,147
Acquired lease intangible asset	7,697
Deferred charges	3,873
Assets acquired	$	147,675

Liabilities

Acquired lease intangible liability	22,185
Liabilities assumed	$	22,185

The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2021, for property assets acquired during the year ended December 31, 2021 (in thousands):


	Year Ended
	December 31, 2021
Statement of operations:
Revenues	$	2,211
Net income attributable to Retail Opportunity Investments Corp.	$	587

Property Dispositions in 2021

On April 21, 2021, the Company sold Euclid Shopping Center, a shopping center located in San Diego, California. The sales price of $25.8 million, less costs to sell, resulted in net proceeds of approximately $25.3 million. The Company recorded a gain on sale of real estate of approximately $9.5 million during the year ended December 31, 2021 related to this property disposition.

On August 12, 2021, the Company sold Green Valley Station, a shopping center located in Sacramento, California. The sales price of approximately $15.1 million, less costs to sell, resulted in net proceeds of approximately $14.4 million. The Company recorded a gain on sale of real estate of approximately $5.5 million during the year ended December 31, 2021 related to this property disposition.

On September 28, 2021, the Company sold Mills Shopping Center, a shopping center located in Sacramento, California. The sales price of approximately $28.8 million, less costs to sell, resulted in net proceeds of approximately $28.4 million. The Company recorded a gain on sale of real estate of approximately $7.4 million during the year ended December 31, 2021 related to this property disposition.

The Company did not have any real estate investment transactions during the year ended December 31, 2020.

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.

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangibles

Intangible assets and liabilities as of December 31, 2021 and December 31, 2020 consisted of the following (in thousands):


	December 31,
	2021		2020
Assets:
In-place leases	$	67,644	$	69,178
Accumulated amortization	(27,764)		(30,061)
Above-market leases	21,632		21,851
Accumulated amortization	(11,373)		(10,858)
Acquired lease intangible assets, net	$	50,139	$	50,110
Liabilities:
Below-market leases	$	188,607	$	178,009
Accumulated amortization	(51,999)		(52,213)
Acquired lease intangible liabilities, net	$	136,608	$	125,796

For the years ended December 31, 2021, 2020 and 2019, the net amortization of acquired lease intangible assets and acquired lease intangible liabilities for above and below market leases was $8.8 million, $17.7 million and $15.6 million, respectively, which amounts are included in Rental revenue in the accompanying consolidated statements of operations and comprehensive income. For the years ended December 31, 2021, 2020 and 2019, the amortization of in-place leases was $4.8 million, $7.7 million and $8.1 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, 2021 is as follows (in thousands):


Year Ending December 31:
2022	$	6,370
2023	5,690
2024	5,019
2025	4,384
2026	3,502
Thereafter	25,174
Total future amortization of acquired lease intangible assets	$	50,139

The scheduled future amortization of acquired lease intangible liabilities as of December 31, 2021 is as follows (in thousands):


Year Ending December 31:
2022	$	10,624
2023	9,767
2024	9,557
2025	9,199
2026	8,887
Thereafter	88,574
Total future amortization of acquired lease intangible liabilities	$	136,608

Tenant Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

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, 2021 are summarized as follows (in thousands):


Year Ending December 31:
2022	$	204,564
2023	180,874
2024	149,456
2025	121,954
2026	94,297
Thereafter	332,281
Total minimum lease payments	$	1,083,426

Mortgage Notes Payable, Credit Facilities and Senior Notes

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

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, and the Senior Notes. Costs incurred in obtaining long-term financing are amortized ratably over the related debt agreement. The amortization of deferred financing costs is included in Interest expense and other finance expenses in the consolidated statements of operations and comprehensive income.

Mortgage Notes Payable

The mortgage notes payable collateralized by respective properties and assignment of leases at December 31, 2021 and December 31, 2020, respectively, were as follows (in thousands, except interest rates):


	Maturity Date	Interest Rate		December 31,
Property				2021		2020
Casitas Plaza Shopping Center	June 2022	5.320	%	$	6,660	$	6,835
Riverstone Marketplace	July 2022	4.960	%	16,811		17,245
Fullerton Crossroads	April 2024	4.728	%	26,000		26,000
Diamond Hills Plaza	October 2025	3.550	%	35,393		35,500
				84,864		85,580
Mortgage premiums				632		1,113
Net unamortized deferred financing costs				(142)		(184)
Total mortgage notes payable				$	85,354	$	86,509

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
2022	$	23,129	$	1,004	$	344	$	24,477
2023	—		686		216		902
2024	26,000		708		72		26,780
2025	32,787		550		—		33,337


Thereafter	—		—		—		—
Total	$	81,916	$	2,948	$	632	$	85,496

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,
	2021		2020
Term loan	$	300,000	$	300,000
Net unamortized deferred financing costs	(1,111)		(1,476)
Term loan	$	298,889	$	298,524

The Company has an unsecured term loan agreement with several banks under which the lenders agreed to provide a $300.0 million unsecured term loan facility. Effective December 20, 2019, the Company entered into the First Amendment to First Amended and Restated Term Loan Agreement (as amended, the “Term Loan Agreement”) pursuant to which the maturity date of the term loan was extended from September 8, 2022 to January 20, 2025, 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 KeyBank National Association as its “prime rate,” and (c) the Eurodollar Rate plus 1.00%.

The Operating Partnership has an unsecured revolving credit facility with several banks. Effective December 20, 2019, the Company entered into the First Amendment to Second Amended and Restated Credit Agreement (as amended, the “Credit Facility Agreement”) pursuant to which the borrowing capacity under the credit facility is $600.0 million and the maturity date of the credit facility was extended from September 8, 2021 to February 20, 2024, 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 Agreement 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 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) 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 0.90%. 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 Agreement. The Company has investment grade credit ratings from Moody’s Investors Service (Baa2) and S&P Global Ratings (BBB-) and the Company’s investment grade rating from Fitch Ratings was upgraded to BBB from BBB- in January 2022.

As of December 31, 2021, there were no borrowings outstanding under the credit facility, compared to $48.0 million outstanding as of December 31, 2020. The net unamortized deferred financing costs, which are included in Deferred charges, net in the accompanying consolidated balance sheets, were approximately $1.9 million as of December 31, 2021 compared to approximately $2.8 million as of December 31, 2020.

The weighted average interest rates on the term loan and the credit facility during the year ended December 31, 2021 were 1.1% and 1.0%, respectively. As discussed in Note 11 of the accompanying financial statements, the Company uses interest rate swaps to manage its interest rate risk and accordingly, the swapped interest rate on the term loan is 3.0%. The Company had no available borrowings under the term loan at December 31, 2021. The Company had $600.0 million available to borrow under the credit facility at December 31, 2021.

Senior Notes Due 2027

The carrying value of the Company’s unsecured Senior Notes Due 2027 is as follows (in thousands):


	December 31,
	2021		2020
Principal amount	$	250,000	$	250,000
Net unamortized deferred financing costs	(1,050)		(1,226)
Senior Notes Due 2027	$	248,950	$	248,774

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.

Senior Notes Due 2026

The carrying value of the Company’s unsecured Senior Notes Due 2026 is as follows (in thousands):


	December 31,
	2021		2020
Principal amount	$	200,000	$	200,000
Net unamortized deferred financing costs	(366)		(443)
Senior Notes Due 2026	$	199,634	$	199,557

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.

Senior Notes Due 2024

The carrying value of the Company’s unsecured Senior Notes Due 2024 is as follows (in thousands):


	December 31,
	2021		2020
Principal amount	$	250,000	$	250,000
Unamortized debt discount	(1,188)		(1,557)
Net unamortized deferred financing costs	(652)		(873)
Senior Notes Due 2024	$	248,160	$	247,570

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,
	2021		2020
Principal amount	$	250,000	$	250,000
Unamortized debt discount	(998)		(1,468)
Net unamortized deferred financing costs	(515)		(778)
Senior Notes Due 2023	$	248,487	$	247,754

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
2022	$	—
2023	250,000
2024	250,000
2025	—
2026	200,000
Thereafter	250,000
Total	$	950,000

Deferred Financing Costs

The unamortized balances of deferred financing costs associated with the Company’s term loan, 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, and the unamortized balances of deferred financing costs associated with the Company’s unsecured revolving credit facility, included in Deferred charges, net in the consolidated balance sheets as of December 31, 2021 that will be charged to future operations during the next five years and thereafter are as follows (in thousands):


	Financing Costs
2022	$	2,022
2023	2,008
2024	983
2025	300
2026	234
Thereafter	170
	$	5,717

The Operating Partnership’s debt agreements contain customary representations, financial and other covenants, and its ability to borrow under these agreements is subject to its compliance with financial covenants and other restrictions on an ongoing basis. As a result of the COVID-19 pandemic’s impact on the Company’s business, in 2020 the Operating Partnership entered into temporary waiver amendments for one of the covenants contained in its debt agreements. The amendments adjusted the criteria for properties eligible to be included in the unencumbered asset pool used for purposes of calculating the consolidated unencumbered leverage ratio. The temporary waiver period expired April 1, 2021. The Company was in compliance with such covenants at December 31, 2021.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Preferred Stock of ROIC	12 Months Ended
Preferred Stock of ROIC	Dec. 31, 2021
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, 2021 and December 31, 2020, there were no shares of preferred stock outstanding.

Common Stock of ROIC	12 Months Ended
Common Stock of ROIC	Dec. 31, 2021
Equity [Abstract]
Common Stock of ROIC	Common Stock of ROIC ATM On February 20, 2020, the ROIC entered into an “at the market” sales agreement (the “Sales Agreement”) with each of (i) KeyBanc Capital Markets Inc., BTIG, LLC, BMO Capital Markets Corp., BofA Securities, Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC, Raymond James & Associates, Inc., Regions Securities LLC, Robert W. Baird & Co. Incorporated and Wells Fargo Securities, LLC (collectively, the “Agents”) and (ii) the Forward Purchasers (as defined below), pursuant to which ROIC may sell, from time to time, shares (any such shares, the “Primary Shares”) of ROIC’s common stock, par value $0.0001 per share (“Common Stock”), to or through the Agents and instruct certain of the Agents, acting as forward sellers (the “Forward Sellers”), to offer and sell borrowed shares (any such shares, “Forward Hedge Shares,” and collectively with the Primary Shares, the “Shares”) with the Shares to be sold under the Sales Agreement having an aggregate offering price of up to $500.0 million. Additionally, ROIC simultaneously terminated the sales agreements with Capital One Securities, Inc., Jefferies LLC, KeyBanc Capital Markets Inc., Raymond James & Associates, Inc. and Robert W. Baird & Co. Incorporated, dated as of May 1, 2018 and as amended on April 29, 2019, which ROIC entered into in connection with its prior “at the market” offering. The Sales Agreement contemplates that, in addition to the issuance and sale of Primary Shares to or through the Agents as principal or its sales agents, ROIC may enter into separate forward sale agreements with any of KeyBanc Capital Markets Inc., BMO Capital Markets Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC, Raymond James & Associates, Inc. and Wells Fargo Securities, LLC or their respective affiliates (in such capacity, the “Forward Purchasers”). If ROIC enters into a forward sale agreement with any Forward Purchaser, ROIC expects that such Forward Purchaser or its affiliate will borrow from third parties and, through the relevant Forward Seller, sell a number of Forward Hedge Shares equal to the number of shares of Common Stock underlying the particular forward sale agreement, in accordance with the mutually accepted instructions related to such forward sale agreement. ROIC will not initially receive any proceeds from any sale of Forward Hedge Shares through a Forward Seller. ROIC expects to fully physically settle each particular forward sale agreement with the relevant Forward Purchaser on one or more dates specified by ROIC on or prior to the maturity date of that particular forward sale agreement by issuing shares of Common Stock (the “Confirmation Shares”), in which case ROIC expects to receive aggregate net cash proceeds at settlement equal to the number of shares of Common Stock underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, ROIC may also elect to cash settle or net share settle a particular forward sale agreement, in which case ROIC may not receive any proceeds from the issuance of shares of Common Stock, and ROIC will instead receive or pay cash (in the case of cash settlement) or receive or deliver shares of Common Stock (in the case of net share settlement). During the three months ended December 31, 2021, ROIC sold a total of 1,261,650 shares under the Sales Agreements, which resulted in gross proceeds of approximately $23.5 million and commissions of approximately $235,000 paid to the Agents. During the year ended December 31, 2021, ROIC sold a total of 3,788,035 shares under the Sales Agreements, which resulted in gross proceeds of approximately $69.6 million and commissions of approximately $696,000 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. During the year ended December 31, 2021, the Company did not repurchase any shares of common stock under this program.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Stock Compensation and Other Benefit Plans for ROIC

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

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 2018, the Company adopted 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 and LTIP Units, 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.

The Company has made certain awards in the form of a separate series of units of limited partnership interests in its Operating Partnership called LTIP Units, which can be granted either as free-standing awards or in tandem with other awards under the Equity Incentive Plan. The LTIP Units are subject to such conditions and restrictions as the compensation committee may determine, including continued employment or service, achievement of pre-established operational performance goals and market-indexed performance criteria. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units, in accordance with the Partnership Agreement) are ultimately redeemable for cash or for unregistered shares of ROIC common stock, at the option of ROIC, on a one-for-one basis.

Restricted Stock

During the year ended December 31, 2021, ROIC awarded 638,728 shares of restricted common stock under the Equity Incentive Plan, of which 201,726 shares are performance-based grants and the remainder of the shares are time-based grants. The performance-based grants vest based on both pre-defined operational and market-indexed performance criteria with a vesting date on January 1, 2024.

A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2021, and changes during the year ended December 31, 2021 are presented below:


	Shares	Weighted Average Grant Date Fair Value
Non-vested as of December 31, 2020	1,048,770	$	16.39
Granted	638,728	$	16.38
Vested	(407,912)	$	17.68
Forfeited	(126,115)	$	8.68
Non-vested as of December 31, 2021	1,153,471	$	16.77

As of December 31, 2021, there remained a total of approximately $10.9 million of unrecognized restricted stock compensation expense related to outstanding non-vested restricted stock grants awarded under the 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, 2021, 2020 and 2019 was approximately $5.5 million, $6.6 million and $5.8 million, respectively.

LTIP Units

As of December 31, 2021, there remained 187,279 LTIP Units outstanding under the Equity Incentive Plan, issued at a weighted average grant date fair value of $16.27. As of December 31, 2021, compensation expense related to outstanding non-vested LTIP Units awarded under the Equity Incentive Plan was fully recognized.

Stock Based Compensation Expense

For the years ended December 31, 2021, 2020 and 2019, the amounts charged to expense for all stock based compensation arrangements totaled approximately $11.0 million, $8.9 million and $8.6 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 $95,000, $89,000 and $87,000 for the years ended December 31, 2021, 2020 and 2019, respectively.

Capital of the Operating Partnership	12 Months Ended
Capital of the Operating Partnership	Dec. 31, 2021
Partners' Capital Notes [Abstract]
Capital of the Operating Partnership	Capital of the Operating Partnership As of December 31, 2021, the Operating Partnership had 131,227,363 OP Units outstanding. ROIC owned an approximate 93.5% interest in the Operating Partnership at December 31, 2021, or 122,685,266 OP Units. The remaining 8,542,097 OP Units are owned by other limited partners. A share of ROIC’s common stock and an OP unit 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, 2021, 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, 2021, ROIC received notices of redemption for a total of 423,986 OP Units. ROIC elected to redeem the 423,986 OP Units for shares of ROIC common stock on a one-for-one basis, and accordingly, 423,986 shares of ROIC common stock were issued. The redemption value of outstanding OP Units owned by the limited partners as of December 31, 2021, not including ROIC, had such units been redeemed at December 31, 2021, was approximately $162.0 million, calculated based on the average closing price of ROIC’s common stock on the NASDAQ Stock Market for the ten consecutive trading days immediately preceding December 31, 2021, which amounted to $18.96 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 Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2021
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, 2021 was approximately $251.8 million and $199.2 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, 2021 was approximately $261.3 million and $265.2 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 $85.6 million with a weighted average interest rate of 3.5% as of December 31, 2021. These fair value measurements fall within Level 3 of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative and Hedging Activities

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities

The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily 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, 2021 (in thousands):

Swap Counterparty

Notional Amount

Effective Date

Maturity Date

Bank of Montreal

100,000

12/29/2017

8/31/2022

U.S. Bank

100,000

12/29/2017

8/31/2022

Regions Bank

50,000

1/31/2019

8/31/2022

Royal Bank of Canada

50,000

1/31/2019

8/31/2022

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, 2021, 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, 2021:


Liabilities
Derivative financial instruments	$	—	$	(3,447)	$	—	$	(3,447)

December 31, 2020:


Liabilities
Derivative financial instruments	$	—	$	(9,511)	$	—	$	(9,511)

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 approximately $3.4 million will be reclassified as a non-cash increase to interest expense related to the Company’s four outstanding swap arrangements and its 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, 2021 and December 31, 2020, respectively (in thousands):


Derivatives designed as hedging instruments	Balance sheet location	December 31, 2021 Fair Value		December 31, 2020 Fair Value

Interest rate products	Other liabilities	$	(3,447)	$	(9,511)

Derivatives 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, 2021, 2020, and 2019, respectively (in thousands):


	Year Ended December 31,
	2021		2020		2019
Amount of gain (loss) recognized in OCI on derivatives	$	216	$	(9,925)	$	(7,348)
Amount of loss (gain) reclassified from AOCI into interest	$	5,894	$	4,572	$	(345)

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

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 in which the Company is the lessee for the land beneath all or a portion of the buildings for certain properties. As of December 31, 2021, the Company’s lease liability, net of approximately $17.2 million, which is included in Other liabilities in the accompanying balance sheets, and related right-to-use asset, net of approximately $15.7 million, which is included in Other assets in the accompanying balance sheets, represents all operating leases in which the Company is a lessee. As of December 31, 2021, the Company’s weighted average remaining lease term is approximately 36.4 years and the weighted average discount rate used to calculate the Company’s lease liability is approximately 5.2%. Rent

expense under the Company’s ground leases was approximately $1.6 million, $1.7 million, and $1.6 million for the years ended December 31, 2021, 2020, and 2019, respectively.

The following table represents a reconciliation of the Company’s undiscounted future minimum annual lease payments under operating leases to the lease liability as of December 31, 2021 (in thousands):


	Operating Leases
2022	$	1,320
2023	1,345
2024	1,351
2025	1,356
2026	1,376
Thereafter	30,276
Total undiscounted future minimum lease payments	37,024
Future minimum lease payments, discount	(19,859)
Lease liability	$	17,165

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	12 Months Ended
Related Party Transactions	Dec. 31, 2021
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, 2021, 2020, and 2019, the Company incurred approximately $85,000, $84,000 and $84,000, respectively, of expenses relating to the agreements which were included in General and administrative expenses in the accompanying consolidated statements of operations and comprehensive income.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn February 15, 2022, the Company’s board of directors declared a cash dividend on its common stock of $0.13 per share, payable on April 8, 2022 to holders of record on March 18, 2022.

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2021

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, 2021

(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 & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total (a)		Accumulated Depreciation (b) (1)		Date of Acquisition

Paramount Plaza, CA	$	—	$	6,347	$	10,274	$	798	$	1,830	$	7,145	$	12,104	$	19,249	$	4,753	12/22/2009
Santa Ana Downtown Plaza, CA	—		7,895		9,890		—		4,013		7,895		13,903		21,798		4,812		1/26/2010
Meridian Valley Plaza, WA	—		1,881		4,795		—		1,930		1,881		6,725		8,606		2,813		2/1/2010
The Market at Lake Stevens, WA	—		3,087		12,397		—		379		3,087		12,776		15,863		4,575		3/16/2010
Pleasant Hill Marketplace, CA	—		6,359		6,927		—		857		6,359		7,784		14,143		2,733		4/8/2010
Happy Valley Town Center, OR	—		11,678		27,011		—		4,808		11,678		31,819		43,497		10,615		7/14/2010
Cascade Summit Town Square, OR	—		8,853		7,732		—		2,138		8,853		9,870		18,723		2,679		8/20/2010
Heritage Market Center, WA	—		6,595		17,399		—		1,063		6,595		18,462		25,057		5,957		9/23/2010
Claremont Promenade, CA	—		5,975		1,019		183		4,170		6,158		5,189		11,347		3,250		9/23/2010
Sycamore Creek, CA	—		3,747		11,584		—		473		3,747		12,057		15,804		4,710		9/30/2010
Gateway Village, CA	—		5,917		27,298		—		1,302		5,917		28,600		34,517		9,202		12/16/2010
Division Crossing, OR	—		3,706		8,327		8		5,487		3,714		13,814		17,528		5,660		12/22/2010
Halsey Crossing, OR (2)	—		—		7,773		—		7,436		—		15,209		15,209		4,826		12/22/2010
Marketplace Del Rio,CA	—		13,420		22,251		9		5,216		13,429		27,467		40,896		8,917		1/3/2011
Pinole Vista Shopping Center, CA	—		14,288		36,565		—		8,563		14,288		45,128		59,416		10,637		1/6/2011 / 8/27/2018 / 8/31/2021
Desert Springs Marketplace, CA	—		8,517		18,761		443		5,960		8,960		24,721		33,681		7,642		2/17/2011
Renaissance Towne Centre, CA	—		8,640		13,848		—		2,536		8,640		16,384		25,024		4,927		8/3/2011
Country Club Gate Center, CA	—		6,487		17,341		—		539		6,487		17,880		24,367		5,319		7/8/2011
Canyon Park Shopping Center, WA	—		9,352		15,916		—		8,255		9,352		24,171		33,523		7,991		7/29/2011
Hawks Prairie Shopping Center, WA	—		5,334		20,694		—		2,110		5,334		22,804		28,138		7,051		9/8/2011
The Kress Building, WA	—		5,693		20,866		—		5,122		5,693		25,988		31,681		8,885		9/30/2011
Hillsboro Market Center, OR (2)	—		—		17,553		—		4,630		—		22,183		22,183		7,019		11/23/2011
Gateway Shopping Center, WA (2)	—		6,242		23,462		—		713		6,242		24,175		30,417		6,693		2/16/2012
Aurora Square, WA	—		10,325		13,336		—		6,999		10,325		20,335		30,660		4,048		5/3/2012 / 5/22/2014
Marlin Cove Shopping Center, CA	—		8,815		6,797		—		2,016		8,815		8,813		17,628		3,230		5/4/2012
Seabridge Marketplace, CA	—		5,098		17,164		—		3,523		5,098		20,687		25,785		5,444		5/31/2012
The Village at Novato, CA	—		5,329		4,412		—		2,678		5,329		7,090		12,419		1,437		7/24/2012
Glendora Shopping Center, CA	—		5,847		8,758		—		273		5,847		9,031		14,878		2,896		8/1/2012
Wilsonville Old Town Square, OR	—		4,181		15,394		—		2,165		4,181		17,559		21,740		4,631		8/1/2012
Bay Plaza, CA	—		5,454		14,857		75		1,136		5,529		15,993		21,522		4,377		10/5/2012
Santa Teresa Village, CA	—		14,965		17,162		—		12,345		14,965		29,507		44,472		7,149		11/8/2012
Cypress Center West, CA	—		15,480		11,819		125		2,045		15,605		13,864		29,469		4,231		12/7/2012


		Initial Cost to Company		Cost Capitalized Subsequent to Acquisition		Amount at Which Carried at Close of Period
Description and Location	Encumbrances	Land	Building & Improvements	Land	Building & Improvements	Land	Building & Improvements	Total (a)	Accumulated Depreciation (b) (1)	Date of Acquisition

Redondo Beach Plaza, CA	—	16,242	13,625	95	528	16,337	14,153	30,490	4,024	12/28/2012
Harbor Place Center, CA	—	16,506	10,527	—	3,659	16,506	14,186	30,692	3,050	12/28/2012
Diamond Bar Town Center, CA	—	9,540	16,795	—	3,578	9,540	20,373	29,913	6,977	2/1/2013
Bernardo Heights Plaza, CA	—	3,192	8,940	—	782	3,192	9,722	12,914	2,919	2/6/2013
Canyon Crossing, WA	—	7,941	24,659	—	2,512	7,941	27,171	35,112	8,394	4/15/2013
Diamond Hills Plaza, CA	35,393	15,458	29,353	—	2,312	15,458	31,665	47,123	7,541	4/22/2013
Granada Shopping Center, CA	—	3,673	13,459	—	3,593	3,673	17,052	20,725	3,066	6/27/2013
Hawthorne Crossings, CA	—	10,383	29,277	—	231	10,383	29,508	39,891	7,237	6/27/2013
Robinwood Shopping Center, OR	—	3,997	11,317	18	687	4,015	12,004	16,019	3,087	8/23/2013
5 Points Plaza, CA	—	17,920	36,965	—	4,584	17,920	41,549	59,469	10,289	9/27/2013
Crossroads Shopping Center, WA	—	68,366	67,756	—	29,568	68,366	97,324	165,690	24,139	9/27/2013
Peninsula Marketplace, CA	—	14,730	19,214	—	1,265	14,730	20,479	35,209	4,798	11/1/2013
Country Club Village, CA	—	9,986	26,579	—	824	9,986	27,403	37,389	6,578	11/26/2013
Plaza de la Canada, CA (2)	—	10,351	24,819	—	1,397	10,351	26,216	36,567	6,335	12/13/2013
Tigard Marketplace, OR	—	13,587	9,603	—	751	13,587	10,354	23,941	3,332	2/18/2014
Creekside Plaza, CA	—	14,807	29,476	—	6,721	14,807	36,197	51,004	7,983	2/28/2014
North Park Plaza, CA	—	13,593	17,733	—	3,221	13,593	20,954	34,547	4,431	4/30/2014
Fallbrook Shopping Center, CA (2)	—	21,232	186,197	83	8,137	21,315	194,334	215,649	42,875	6/13/2014
Moorpark Town Center, CA	—	7,063	19,694	—	94	7,063	19,788	26,851	4,328	12/4/2014
Mission Foothill Marketplace Pads, CA	—	3,996	11,051	—	576	3,996	11,627	15,623	2,102	12/4/2014
Wilsonville Town Center, OR	—	10,334	27,101	—	808	10,334	27,909	38,243	6,434	12/11/2014
Park Oaks Shopping Center, CA	—	8,527	38,064	—	385	8,527	38,449	46,976	7,949	1/6/2015
Ontario Plaza, CA	—	9,825	26,635	—	1,460	9,825	28,095	37,920	6,571	1/6/2015
Winston Manor, CA	—	10,018	9,762	—	1,798	10,018	11,560	21,578	2,595	1/7/2015
Jackson Square, CA	—	6,886	24,558	—	768	6,886	25,326	32,212	4,946	7/1/2015
Tigard Promenade, OR	—	9,844	10,843	—	249	9,844	11,092	20,936	2,200	7/28/2015
Sunnyside Village Square, OR	—	4,428	13,324	—	2,531	4,428	15,855	20,283	3,540	7/28/2015
Gateway Centre, CA	—	16,275	28,308	—	4,077	16,275	32,385	48,660	6,148	9/1/2015
Johnson Creek Center, OR	—	9,009	22,534	—	1,024	9,009	23,558	32,567	4,647	11/9/2015
Iron Horse Plaza, CA	—	8,187	39,654	11	2,817	8,198	42,471	50,669	7,612	12/4/2015
Bellevue Marketplace, WA	—	10,488	39,119	—	10,375	10,488	49,494	59,982	9,002	12/10/2015
Four Corner Square, WA	—	9,926	31,415	35	537	9,961	31,952	41,913	6,197	12/21/2015
Warner Plaza, CA	—	16,104	60,188	—	10,472	16,104	70,660	86,764	13,020	12/31/2015
Magnolia Shopping Center, CA	—	12,501	27,040	38	2,043	12,539	29,083	41,622	5,569	3/10/2016
Casitas Plaza Shopping Center, CA	6,660	10,734	22,040	—	1,751	10,734	23,791	34,525	4,175	3/10/2016
Bouquet Center, CA	—	10,040	48,362	12	903	10,052	49,265	59,317	7,960	4/28/2016
North Ranch Shopping Center, CA	—	31,522	95,916	—	2,279	31,522	98,195	129,717	15,171	6/1/2016


			Initial Cost to Company				Cost Capitalized Subsequent to Acquisition				Amount at Which Carried at Close of Period
Description and Location	Encumbrances		Land		Building & Improvements		Land		Building & Improvements		Land		Building & Improvements		Total (a)		Accumulated Depreciation (b) (1)		Date of Acquisition

Monterey Center, CA (2)	—		1,073		10,609		—		662		1,073		11,271		12,344		1,821		7/14/2016
Rose City Center, OR (2)	—		3,637		10,301		—		(105)		3,637		10,196		13,833		1,549		9/15/2016
The Knolls, CA	—		9,726		18,299		—		84		9,726		18,383		28,109		2,954		10/3/2016
Bridle Trails Shopping Center, WA	—		11,534		20,700		—		9,625		11,534		30,325		41,859		4,943		10/17/2016
Torrey Hills Corporate Center, CA	—		5,579		3,915		—		2,584		5,579		6,499		12,078		2,593		12/6/2016
PCC Community Markets Plaza, WA	—		1,856		6,914		—		7		1,856		6,921		8,777		1,108		1/25/2017
The Terraces, CA	—		18,378		37,103		—		1,633		18,378		38,736		57,114		5,695		3/17/2017
Santa Rosa Southside Shopping Center, CA	—		5,595		24,453		—		11,234		5,595		35,687		41,282		3,857		3/24/2017
Division Center, OR	—		6,912		26,098		—		2,832		6,912		28,930		35,842		4,341		4/5/2017
Highland Hill Shopping Center, WA	—		10,511		37,825		66		502		10,577		38,327		48,904		5,408		5/9/2017
Monta Loma Plaza, CA	—		18,226		11,113		—		113		18,226		11,226		29,452		1,472		9/19/2017
Fullerton Crossroads, CA	26,000		28,512		45,419		—		729		28,512		46,148		74,660		6,087		10/11/2017
Riverstone Marketplace, WA	16,811		5,113		27,594		—		655		5,113		28,249		33,362		3,610		10/11/2017
North Lynnwood Shopping Center, WA	—		4,955		10,335		21		5,128		4,976		15,463		20,439		1,684		10/19/2017
The Village at Nellie Gail Ranch, CA	—		22,730		22,578		—		1,815		22,730		24,393		47,123		3,188		11/30/2017
Stadium Center, WA	—		1,699		17,229		45		116		1,744		17,345		19,089		1,799		2/23/2018
King City Plaza, OR	—		5,161		10,072		—		122		5,161		10,194		15,355		1,122		5/18/2018
Summerwalk Village, WA	—		4,312		7,567		—		2,846		4,312		10,413		14,725		601		12/13/2019
Canyon Creek Plaza, CA	—		13,066		13,455		—		(9)		13,066		13,446		26,512		200		9/1/2021
Palomar Village, CA	—		9,642		26,925		—		35		9,642		26,960		36,602		255		10/12/2021
South Point Plaza, WA	—		17,890		28,006		—		1		17,890		28,007		45,897		177		11/10/2021
Olympia West Center, WA	—		4,971		19,884		—		—		4,971		19,884		24,855		42		12/6/2021
	$	84,864	$	913,796	$	2,077,678	$	2,065	$	272,616	$	915,861	$	2,350,294	$	3,266,155	$	510,836

a.RECONCILIATION OF REAL ESTATE – OWNED SUBJECT TO OPERATING LEASES (in thousands)


	Year Ended December 31,
	2021		2020		2019
Balance at beginning of period:	$	3,156,552	$	3,131,841	$	3,160,472
Property improvements during the year	48,570		38,913		37,985
Properties acquired during the year	136,105		—		11,601
Properties sold during the year	(61,491)		—		(69,056)
Assets written off during the year	(13,581)		(14,202)		(9,161)
Balance at end of period:	$	3,266,155	$	3,156,552	$	3,131,841

b.RECONCILIATION OF ACCUMULATED DEPRECIATION (in thousands)


	Year Ended December 31,
	2021		2020		2019
Balance at beginning of period:	$	460,165	$	390,916	$	329,207
Depreciation expenses	82,957		83,774		82,419
Properties sold during the year	(18,476)		—		(10,775)
Property assets fully depreciated and written off	(13,810)		(14,525)		(9,935)
Balance at end of period:	$	510,836	$	460,165	$	390,916

(1)Depreciation and investments in building and improvements reflected in the consolidated statements 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 $3.0 billion at December 31, 2021.

Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2021

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE

December 31, 2021

(in thousands)

a.RECONCILIATION OF MORTGAGE LOANS ON REAL ESTATE (in thousands)


	Year Ended December 31,
	2021		2020		2019
Balance at beginning of period:	$	4,959	$	13,000	$	—
Mortgage loans acquired during the current period	—		—		13,250
Repayments on mortgage note receivable	(84)		(8,041)		(250)
Balance at end of period:	$	4,875	$	4,959	$	13,000

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Principles of Consolidation

Use of Estimates

Federal Income Taxes


Record Date	Payable Date	Total Distribution per Share	Ordinary Income per Share	Section 199A Dividends (1)	Total Capital Gain per Share	Section 1250 Recapture per Share (2)
3/26/2021	4/9/2021	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
6/18/2021	7/9/2021	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
9/17/2021	10/8/2021	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
12/17/2021	1/7/2022	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
12/23/2021	1/14/2022	$0.0700	$0.06040	$0.06040	$0.00960	$0.00278

______________________

(1)Represents dividends eligible for the 20% qualified business income deduction under Section 199A, and is included in “Ordinary Income per Share”

(2)Represents additional characterization of, and is included in “Total Capital Gain per Share”

Real Estate Investments

Asset Impairment

Cash and Cash Equivalents

Restricted Cash

Revenue Recognition

Depreciation and Amortization

Deferred Charges

Deferred Leasing and Financing Costs

Concentration Credit Risk

Concentration of Credit Risk

Earnings Per Share

Stock-Based Compensation

The Company has a stock-based employee compensation plan, which is more fully described in Note 8.

of grant. 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.

Derivatives

Segment Reporting

Reclassifications

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Dividends Declared


Record Date	Payable Date	Total Distribution per Share	Ordinary Income per Share	Section 199A Dividends (1)	Total Capital Gain per Share	Section 1250 Recapture per Share (2)
3/26/2021	4/9/2021	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
6/18/2021	7/9/2021	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
9/17/2021	10/8/2021	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
12/17/2021	1/7/2022	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
12/23/2021	1/14/2022	$0.0700	$0.06040	$0.06040	$0.00960	$0.00278

______________________

(1)Represents dividends eligible for the 20% qualified business income deduction under Section 199A, and is included in “Ordinary Income per Share”

(2)Represents additional characterization of, and is included in “Total Capital Gain per Share”

Schedule of Unamortized Balances of Deferred Leasing Costs


	Lease Origination Costs
2022	$	4,764
2023	3,900
2024	3,086
2025	2,589
2026	2,013
Thereafter	6,784
	$	23,136

Schedule of Basic and Diluted Earnings Per Share/Unit

The following table sets forth the reconciliation between basic and diluted EPS for ROIC (in thousands, except share data):


	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income	$	57,360	$	34,721	$	53,683
Less income attributable to non-controlling interests	(3,852)		(2,707)		(4,839)
Less earnings allocated to unvested shares	(355)		(127)		(453)
Net income available for common stockholders, basic	$	53,153	$	31,887	$	48,391
Numerator:
Net income	$	57,360	$	34,721	$	53,683
Less earnings allocated to unvested shares	(355)		(127)		(453)
Net income available for common stockholders, diluted	$	57,005	$	34,594	$	53,230
Denominator:
Denominator for basic EPS – weighted average common equivalent shares	119,544,749		116,731,930		114,177,528

OP units	8,650,485		9,785,334		11,334,408
Performance-based restricted stock awards and LTIP Units	250,585		106,434		206,100
Stock options	8,079		3,299		23,450
Denominator for diluted EPS – weighted average common equivalent shares	128,453,898		126,626,997		125,741,486

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,
	2021		2020		2019
Numerator:
Net income	$	57,360	$	34,721	$	53,683
Less earnings allocated to unvested shares	(355)		(127)		(453)
Net income available to unitholders, basic and diluted	$	57,005	$	34,594	$	53,230
Denominator:
Denominator for basic earnings per unit – weighted average common equivalent units	128,195,234		126,517,264		125,511,936

Performance-based restricted stock awards and LTIP Units	250,585		106,434		206,100
Stock options	8,079		3,299		23,450
Denominator for diluted earnings per unit – weighted average common equivalent units	128,453,898		126,626,997		125,741,486

Schedule of Supplemental Cash Flow Disclosures

The following tables provides supplemental disclosures related to the consolidated statements of cash flows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Supplemental disclosure of cash activities:
Cash paid on gross receipts and income for federal and state purposes	$	292	$	324	$	275
Interest paid	$	55,104	$	57,276	$	60,319
Other non-cash investing and financing activities increase (decrease):


Intangible lease liabilities	$	22,185	$	—	$	1,475
Interest rate swap asset	$	—	$	—	$	(4,931)
Interest rate swap liabilities	$	(6,064)	$	5,646	$	3,285
Accrued real estate improvement costs	$	7,122	$	5,346	$	3,222
Equity redemption of OP Units	$	6,858	$	20,098	$	2,632
Disposition of real estate through issuance of mortgage note	$	—	$	—	$	13,250
Dividends and distributions payable	$	24,219	$	336	$	399

Real Estate Investments (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Summary of Purchase Price Allocation for Property Assets Acquired

The financial information set forth below summarizes the Company’s purchase price allocation for property assets acquired during the year ended December 31, 2021 (in thousands):


	December 31, 2021
Assets
Land	$	46,958
Building and improvements	89,147
Acquired lease intangible asset	7,697
Deferred charges	3,873
Assets acquired	$	147,675

Liabilities

Acquired lease intangible liability	22,185
Liabilities assumed	$	22,185

Schedule of Operating Results Included in Historical Consolidated Statement of Operations for Property Assets Acquired


	Year Ended
	December 31, 2021
Statement of operations:
Revenues	$	2,211
Net income attributable to Retail Opportunity Investments Corp.	$	587

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

Intangible assets and liabilities as of December 31, 2021 and December 31, 2020 consisted of the following (in thousands):


	December 31,
	2021		2020
Assets:
In-place leases	$	67,644	$	69,178
Accumulated amortization	(27,764)		(30,061)
Above-market leases	21,632		21,851
Accumulated amortization	(11,373)		(10,858)
Acquired lease intangible assets, net	$	50,139	$	50,110
Liabilities:
Below-market leases	$	188,607	$	178,009
Accumulated amortization	(51,999)		(52,213)
Acquired lease intangible liabilities, net	$	136,608	$	125,796

Schedule of Future Amortization of Acquired Lease Intangible Assets

The scheduled future amortization of acquired lease intangible assets as of December 31, 2021 is as follows (in thousands):


Year Ending December 31:
2022	$	6,370
2023	5,690
2024	5,019
2025	4,384
2026	3,502
Thereafter	25,174
Total future amortization of acquired lease intangible assets	$	50,139

Schedule of Future Amortization of Acquired Lease Intangible Liabilities

The scheduled future amortization of acquired lease intangible liabilities as of December 31, 2021 is as follows (in thousands):


Year Ending December 31:
2022	$	10,624
2023	9,767
2024	9,557
2025	9,199
2026	8,887
Thereafter	88,574
Total future amortization of acquired lease intangible liabilities	$	136,608

Tenant Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Future Minimum Base Rentals on Non-Cancellable Operating Leases

Future minimum rents to be received under non-cancellable leases as of December 31, 2021 are summarized as follows (in thousands):


Year Ending December 31:
2022	$	204,564
2023	180,874
2024	149,456
2025	121,954
2026	94,297
Thereafter	332,281
Total minimum lease payments	$	1,083,426

Mortgage Notes Payable, Credit Facilities and Senior Notes (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt


	Maturity Date	Interest Rate		December 31,
Property				2021		2020
Casitas Plaza Shopping Center	June 2022	5.320	%	$	6,660	$	6,835
Riverstone Marketplace	July 2022	4.960	%	16,811		17,245
Fullerton Crossroads	April 2024	4.728	%	26,000		26,000
Diamond Hills Plaza	October 2025	3.550	%	35,393		35,500
				84,864		85,580
Mortgage premiums				632		1,113
Net unamortized deferred financing costs				(142)		(184)
Total mortgage notes payable				$	85,354	$	86,509

Schedule of Maturities of Notes Payable

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
2022	$	23,129	$	1,004	$	344	$	24,477
2023	—		686		216		902
2024	26,000		708		72		26,780
2025	32,787		550		—		33,337


Thereafter	—		—		—		—
Total	$	81,916	$	2,948	$	632	$	85,496

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
2022	$	—
2023	250,000
2024	250,000
2025	—
2026	200,000
Thereafter	250,000
Total	$	950,000

Schedule of Carrying Value of Debt

The carrying values of the Company’s unsecured term loan (the “term loan”) were as follows (in thousands):


	December 31,
	2021		2020
Term loan	$	300,000	$	300,000
Net unamortized deferred financing costs	(1,111)		(1,476)
Term loan	$	298,889	$	298,524

The carrying value of the Company’s unsecured Senior Notes Due 2027 is as follows (in thousands):


	December 31,
	2021		2020
Principal amount	$	250,000	$	250,000
Net unamortized deferred financing costs	(1,050)		(1,226)
Senior Notes Due 2027	$	248,950	$	248,774

The carrying value of the Company’s unsecured Senior Notes Due 2026 is as follows (in thousands):


	December 31,
	2021		2020
Principal amount	$	200,000	$	200,000
Net unamortized deferred financing costs	(366)		(443)
Senior Notes Due 2026	$	199,634	$	199,557

The carrying value of the Company’s unsecured Senior Notes Due 2024 is as follows (in thousands):


	December 31,
	2021		2020
Principal amount	$	250,000	$	250,000
Unamortized debt discount	(1,188)		(1,557)
Net unamortized deferred financing costs	(652)		(873)
Senior Notes Due 2024	$	248,160	$	247,570

The carrying value of the Company’s unsecured Senior Notes Due 2023 is as follows (in thousands):


	December 31,
	2021		2020
Principal amount	$	250,000	$	250,000
Unamortized debt discount	(998)		(1,468)
Net unamortized deferred financing costs	(515)		(778)
Senior Notes Due 2023	$	248,487	$	247,754

Schedule of Unamortized Deferred Financing Costs


	Financing Costs
2022	$	2,022
2023	2,008
2024	983
2025	300
2026	234
Thereafter	170
	$	5,717

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Stock Compensation and Other Benefit Plans for ROIC (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Non-vested Restricted Stock Awards

A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2021, and changes during the year ended December 31, 2021 are presented below:


	Shares	Weighted Average Grant Date Fair Value
Non-vested as of December 31, 2020	1,048,770	$	16.39
Granted	638,728	$	16.38
Vested	(407,912)	$	17.68
Forfeited	(126,115)	$	8.68
Non-vested as of December 31, 2021	1,153,471	$	16.77

Derivative and Hedging Activities (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 (in thousands):

Swap Counterparty

Notional Amount

Effective Date

Maturity Date

Bank of Montreal

100,000

12/29/2017

8/31/2022

U.S. Bank

100,000

12/29/2017

8/31/2022

Regions Bank

50,000

1/31/2019

8/31/2022

Royal Bank of Canada

50,000

1/31/2019

8/31/2022

Schedule of Derivatives at Fair Value


	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
December 31, 2021:


Liabilities
Derivative financial instruments	$	—	$	(3,447)	$	—	$	(3,447)

December 31, 2020:


Liabilities
Derivative financial instruments	$	—	$	(9,511)	$	—	$	(9,511)

Schedule of Derivatives Fair Value and Classification


Derivatives designed as hedging instruments	Balance sheet location	December 31, 2021 Fair Value		December 31, 2020 Fair Value

Interest rate products	Other liabilities	$	(3,447)	$	(9,511)

Schedule of Derivatives Recognized Gain (Loss)


	Year Ended December 31,
	2021		2020		2019
Amount of gain (loss) recognized in OCI on derivatives	$	216	$	(9,925)	$	(7,348)
Amount of loss (gain) reclassified from AOCI into interest	$	5,894	$	4,572	$	(345)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Reconciliation of Undiscounted Future Minimum Annual Lease Payments


	Operating Leases
2022	$	1,320
2023	1,345
2024	1,351
2025	1,356
2026	1,376
Thereafter	30,276
Total undiscounted future minimum lease payments	37,024
Future minimum lease payments, discount	(19,859)
Lease liability	$	17,165

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
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	$ 48,600,000	$ 38,700,000
Acquisition transaction costs	0	0	$ 0
Allowance for doubtful accounts receivable	18,400,000	$ 18,600,000
Lease concession, deferral amount	11,100,000
Lease concession, deferral amount rebilled	5,600,000
Lease concession deferral amount rebilled and collected	$ 4,800,000
Lease concession deferral amount rebilled percent collected	85.40%
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

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Dividends Declared (Details) - $ / shares						12 Months Ended
	Dec. 23, 2021	Dec. 17, 2021	Sep. 17, 2021	Jun. 18, 2021	Mar. 26, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends Declared per Share of Common Stock
Dividends per share (in dollars per share)	$ 0.0700	$ 0.1100	$ 0.1100	$ 0.1100	$ 0.1100	$ 0.5100	$ 0.2000	$ 0.7880
Ordinary Income per Share (in dollars per share)	0.06040	0.09492	0.09492	0.09492	0.09492
Section 199A Dividends (in dollars per share)	0.06040	0.09492	0.09492	0.09492	0.09492
Total Capital Gain per Share (in dollars per share)	0.00960	0.01508	0.01508	0.01508	0.01508
Section 1250 Recapture per Share (in dollars per share)	$ 0.00278	$ 0.00436	$ 0.00436	$ 0.00436	$ 0.00436

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Unamortized Balances of Deferred Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges [Line Items]
Deferred charges, net	$ 25,017	$ 25,655
Lease Origination Costs
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges [Line Items]
2022	4,764
2023	3,900
2024	3,086
2025	2,589
2026	2,013
Thereafter	6,784
Deferred charges, net	$ 23,136

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Basic and Diluted EPS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income	$ 57,360	$ 34,721	$ 53,683
Less income attributable to non-controlling interests	(3,852)	(2,707)	(4,839)
Less earnings allocated to unvested shares, basic	(355)	(127)	(453)
Net income available to common stockholders, basic	53,153	31,887	48,391
Less earnings allocated to unvested shares, diluted	(355)	(127)	(453)
Net income available to common stockholders, diluted	57,005	34,594	53,230
Net income available to unitholders, basic and diluted	$ 57,005	$ 34,594	$ 53,230
Denominator:
Denominator for basic EPS – weighted average common equivalent shares (in shares)	128,195,234	126,517,264	125,511,936
Denominator for diluted EPS – weighted average common equivalent shares (in shares)	128,453,898	126,626,997	125,741,486
OP Units
Denominator:
OP Units (in shares)	8,650,485	9,785,334	11,334,408
Performance-based restricted stock awards and LTIP Units
Denominator:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	250,585	106,434	206,100
Stock options
Denominator:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	8,079	3,299	23,450

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental disclosure of cash activities:
Cash paid on gross receipts and income for federal and state purposes	$ 292	$ 324	$ 275
Interest paid	55,104	57,276	60,319
Other non-cash investing and financing activities increase (decrease):
Intangible lease liabilities	22,185	0	1,475
Interest rate swap asset	0	0	(4,931)
Interest rate swap liabilities	(6,064)	5,646	3,285
Accrued real estate improvement costs	7,122	5,346	3,222
Equity Redemption of OP Units	6,858	20,098	2,632
Disposition of real estate through issuance of mortgage note	0	0	13,250
Dividends and distributions payable	$ 24,219	$ 336	$ 399

Real Estate Investments - Narrative (Details) ft² in Thousands, $ in Thousands								12 Months Ended
	Dec. 06, 2021 USD ($) ft²	Nov. 10, 2021 USD ($) ft²	Oct. 12, 2021 USD ($) ft²	Sep. 28, 2021 USD ($)	Sep. 01, 2021 USD ($) ft²	Aug. 12, 2021 USD ($)	Apr. 21, 2021 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Real Estate [Line Items]
Proceeds from sale of real estate								$ 68,003	$ 0	$ 58,930
Gain on sale of real estate								22,340	$ 0	$ 13,175
Canyon Creek Plaza \| San Jose, CA
Real Estate [Line Items]
Adjusted purchase price					$ 28,100
Area of property (sq ft) \| ft²					65
Palomar Village \| Temecula, CA
Real Estate [Line Items]
Adjusted purchase price			$ 32,600
Area of property (sq ft) \| ft²			125
South Point Plaza \| Everett, WA
Real Estate [Line Items]
Adjusted purchase price		$ 37,600
Area of property (sq ft) \| ft²		190
Olympia West Center \| Olympia, WA
Real Estate [Line Items]
Adjusted purchase price	$ 24,900
Area of property (sq ft) \| ft²	69
Single tenant parcel \| Pinole, CA
Real Estate [Line Items]
Adjusted purchase price								2,300
Euclid Shopping Center \| San Diego, CA
Real Estate [Line Items]
Sales price of property sold							$ 25,800
Proceeds from sale of real estate							$ 25,300
Gain on sale of real estate								9,500
Green Valley Station \| Sacramento, CA
Real Estate [Line Items]
Sales price of property sold						$ 15,100
Proceeds from sale of real estate						$ 14,400
Gain on sale of real estate								5,500
Mills Shopping Center \| Sacramento, CA
Real Estate [Line Items]
Sales price of property sold				$ 28,800
Proceeds from sale of real estate				$ 28,400
Gain on sale of real estate								$ 7,400

Real Estate Investments - Purchase Price Allocation of Properties Acquired (Details) - Acquisitions in 2021 $ in Thousands	Dec. 31, 2021 USD ($)
Assets
Land	$ 46,958
Building and improvements	89,147
Acquired lease intangible asset	7,697
Deferred charges	3,873
Assets acquired	147,675
Liabilities
Acquired lease intangible liability	22,185
Liabilities assumed	$ 22,185

Real Estate Investments - Operating Results Included For Property Assets Acquired (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Statement of operations:
Revenues	$ 2,211
Net income attributable to Retail Opportunity Investments Corp.	$ 587

Acquired Lease Intangibles - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of above and below market rent	$ 8,795	$ 17,654	$ 15,618
Amortization of acquired in place leases	$ 4,800	$ 7,700	$ 8,100

Acquired Lease Intangibles - Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Acquired lease intangible assets	$ 50,139	$ 50,110
Acquired lease intangible assets, net	50,139	50,110
Liabilities:
Below-market leases	188,607	178,009
Accumulated amortization	(51,999)	(52,213)
Acquired lease intangible liabilities, net	136,608	125,796
In-place leases
Assets:
Acquired lease intangible assets	67,644	69,178
Accumulated amortization	(27,764)	(30,061)
Above-market leases
Assets:
Acquired lease intangible assets	21,632	21,851
Accumulated amortization	$ (11,373)	$ (10,858)

Acquired Lease Intangibles - Future Amortization of Acquired Lease Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Future amortization of acquired lease intangible assets
Acquired lease intangible assets, net	$ 50,139	$ 50,110
Acquired Lease Intangible Assets
Future amortization of acquired lease intangible assets
2022	6,370
2023	5,690
2024	5,019
2025	4,384
2026	3,502
Thereafter	25,174
Acquired lease intangible assets, net	$ 50,139

Acquired Lease Intangibles - Future Amortization of Acquired Lease Intangible Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Future amortization of acquired lease intangible liabilities
Acquired lease intangible liabilities, net	$ 136,608	$ 125,796
Acquired Lease Intangible Liabilities
Future amortization of acquired lease intangible liabilities
2022	10,624
2023	9,767
2024	9,557
2025	9,199
2026	8,887
Thereafter	88,574
Acquired lease intangible liabilities, net	$ 136,608

Tenant Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Future minimum rents to be received under non-cancellable leases
2022	$ 204,564
2023	180,874
2024	149,456
2025	121,954
2026	94,297
Thereafter	332,281
Total minimum lease payments	$ 1,083,426

Mortgage Notes Payable, Credit Facilities and Senior Notes - Narrative (Details)		12 Months Ended
	Dec. 20, 2019 USD ($) credit_facility_extension	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Nov. 10, 2017 USD ($)	Jul. 26, 2016 USD ($)	Dec. 03, 2014 USD ($)	Dec. 09, 2013 USD ($)
Debt Instrument [Line Items]
Credit facility		$ 0	$ 48,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 600,000,000
Number of extension options \| credit_facility_extension	2
Extension term	6 months
Commitment fee (in percentage)		0.20%
Fronting fee (in percentage)		0.125%
Unamortized deferred financing costs		$ 1,900,000	2,800,000
Line of credit facility, interest rate during period (in percentage)		1.00%
Remaining borrowing capacity		$ 600,000,000
Federal Funds Effective Swap Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percentage)		0.50%
Eurodollar \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate (in percentage)		0.90%
Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 950,000,000
Term Loan Agreement
Debt Instrument [Line Items]
Principal amount	$ 300,000,000	300,000,000	300,000,000
Additional borrowing capacity	$ 200,000,000
Unamortized deferred financing costs		$ 1,111,000	1,476,000
Interest rate during period (in percentage)		1.10%
Swapped interest rate		3.00%
Remaining borrowing capacity		$ 0
Term Loan Agreement \| Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (in percentage)		0.50%
Term Loan Agreement \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate (in percentage)		1.00%
Senior Notes Due 2027 \| Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 250,000,000	250,000,000	$ 250,000,000
Unamortized deferred financing costs		1,050,000	1,226,000
Interest rate (in percentage)				4.19%
Senior Notes Due 2026 \| Senior Notes
Debt Instrument [Line Items]
Principal amount		200,000,000	200,000,000		$ 200,000,000
Unamortized deferred financing costs		366,000	443,000
Interest rate (in percentage)					3.95%
Senior Notes Due 2024 \| Senior Notes
Debt Instrument [Line Items]
Principal amount		250,000,000	250,000,000			$ 250,000,000
Unamortized deferred financing costs		652,000	873,000
Interest rate (in percentage)						4.00%
Senior Notes Due 2023 \| Senior Notes
Debt Instrument [Line Items]
Principal amount		250,000,000	250,000,000				$ 250,000,000
Unamortized deferred financing costs		515,000	$ 778,000
Interest rate (in percentage)							5.00%
Credit Facility including accordion feature \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,200,000,000

Mortgage Notes Payable, Credit Facilities and Senior Notes - Mortgage Notes Payable (Details) - Mortgage Notes Payable - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 84,864	$ 85,580
Mortgage premiums	632	1,113
Net unamortized deferred financing costs	(142)	(184)
Total mortgage notes payable	$ 85,354	86,509
Casitas Plaza Shopping Center
Debt Instrument [Line Items]
Interest Rate (in percentage)	5.32%
Long-term debt	$ 6,660	6,835
Riverstone Marketplace
Debt Instrument [Line Items]
Interest Rate (in percentage)	4.96%
Long-term debt	$ 16,811	17,245
Fullerton Crossroads
Debt Instrument [Line Items]
Interest Rate (in percentage)	4.728%
Long-term debt	$ 26,000	26,000
Diamond Hills Plaza
Debt Instrument [Line Items]
Interest Rate (in percentage)	3.55%
Long-term debt	$ 35,393	$ 35,500

Mortgage Notes Payable, Credit Facilities and Senior Notes - Combined Aggregate Principal Maturities of Mortgage Notes Payable (Details) - Mortgage Notes Payable - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Principal Repayments
2022	$ 23,129
2023	0
2024	26,000
2025	32,787
Thereafter	0
Total	81,916
Scheduled Amortization
2022	1,004
2023	686
2024	708
2025	550
Thereafter	0
Total	2,948
Mortgage Premium
2022	344
2023	216
2024	72
2025	0
Thereafter	0
Total	632	$ 1,113
Total
2022	24,477
2023	902
2024	26,780
2025	33,337
Thereafter	0
Total mortgage notes payable	$ 85,496

Mortgage Notes Payable, Credit Facilities and Senior Notes - Carrying Value of the Company’s Unsecured Debt (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 20, 2019	Nov. 10, 2017	Jul. 26, 2016	Dec. 03, 2014	Dec. 09, 2013
Debt Instrument [Line Items]
Senior Notes	$ 945,231,000	$ 943,655,000
Term Loan Agreement
Debt Instrument [Line Items]
Principal amount	300,000,000	300,000,000	$ 300,000,000
Net unamortized deferred financing costs	(1,111,000)	(1,476,000)
Total	298,889,000	298,524,000
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	(1,050,000)	(1,226,000)
Senior Notes	248,950,000	248,774,000
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	(366,000)	(443,000)
Senior Notes	199,634,000	199,557,000
Senior Notes \| Senior Notes Due 2024
Debt Instrument [Line Items]
Principal amount	250,000,000	250,000,000				$ 250,000,000
Unamortized debt discount	(1,188,000)	(1,557,000)
Net unamortized deferred financing costs	(652,000)	(873,000)
Senior Notes	248,160,000	247,570,000
Senior Notes \| Senior Notes Due 2023
Debt Instrument [Line Items]
Principal amount	250,000,000	250,000,000					$ 250,000,000
Unamortized debt discount	(998,000)	(1,468,000)
Net unamortized deferred financing costs	(515,000)	(778,000)
Senior Notes	$ 248,487,000	$ 247,754,000

Mortgage Notes Payable, Credit Facilities and Senior Notes - Principal Repayments of Unsecured Senior Notes (Details) - Senior Notes	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
2022	$ 0
2023	250,000,000
2024	250,000,000
2025	0
2026	200,000,000
Thereafter	250,000,000
Total	$ 950,000,000

Mortgage Notes Payable, Credit Facilities and Senior Notes - Amortization of Financing Costs (Details) - Total Debt $ in Thousands	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
2022	$ 2,022
2023	2,008
2024	983
2025	300
2026	234
Thereafter	170
Deferred charges, net	$ 5,717

Preferred Stock of ROIC (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
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 (Details) - USD ($)	3 Months Ended	12 Months Ended
Common Stock of ROIC (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 20, 2020	Jul. 31, 2013
Class of Stock [Line Items]
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001	$ 0.0001
Proceeds from issuance of common stock		$ 69,602,000	$ 0	$ 34,162,000
Stock issuance costs		$ 740,000	$ 567,000	$ 478,000
Stock repurchase program, authorized amount						$ 50,000,000
Repurchase of common stock (in shares)		0
Sales Agreement
Class of Stock [Line Items]
Common stock, par value (in usd per share)					$ 0.0001
Common shares that may be sold under a sales agreement aggregate offering price, maximum					$ 500,000,000
Common stock issued (in shares)	1,261,650	3,788,035
Proceeds from issuance of common stock	$ 23,500,000	$ 69,600,000
Stock issuance costs	$ 235,000	$ 696,000

Stock Compensation and Other Benefit Plans for ROIC - Narrative (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($)	Apr. 25, 2018 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| $	$ 11,000	$ 8,900	$ 8,600
Employer discretionary contribution amount \| $	$ 95	89	87
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized				22,500,000
Fungible Unit to full value award conversion ratio				6.25
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	638,728
Granted (in dollars per share) \| $ / shares	$ 16.38
Compensation cost not yet recognized \| $	$ 10,900
Compensation cost not yet recognized, period for recognition (in years)	1 year 8 months 12 days
Vested in period, fair value \| $	$ 5,500	$ 6,600	$ 5,800
Unvested	1,153,471	1,048,770
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 16.77	$ 16.39
Performance-based restricted stock \| Vesting on January 1, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	201,726
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 16.27
LTIP Units \| Vesting on January 1, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested	187,279

Stock Compensation and Other Benefit Plans for ROIC - Non-vested Restricted Stock Awards (Details) - Restricted Stock	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Shares
Beginning balance ( in shares) \| shares	1,048,770
Granted (in shares) \| shares	638,728
Vested (in shares) \| shares	(407,912)
Forfeited (in shares) \| shares	(126,115)
Ending balance (in shares) \| shares	1,153,471
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 16.39
Granted (in dollars per share) \| $ / shares	16.38
Vested (in dollars per share) \| $ / shares	17.68
Forfeited (in dollars per share) \| $ / shares	8.68
Ending balance (in dollars per share) \| $ / shares	$ 16.77

Capital of the Operating Partnership (Details) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Capital of Operating Partnership [Line Items]

Partnership units ( in shares)

131,227,363

Shares outstanding (in shares)

122,685,266

118,085,155

Notices of redemptions received (in shares)

423,986

Equity Redemption of OP Units (in shares)

423,986

Common Stock

Capital of Operating Partnership [Line Items]

Shares outstanding (in shares)

122,685,266

118,085,155

116,496,016

113,992,837

Equity Redemption of OP Units (in shares)

423,986

1,968,350

143,190

OP Units

Capital of Operating Partnership [Line Items]

Non-controlling interest redemption value

$ 162.0

Non-controlling interest redemption value (in usd per share)

$ 18.96

Limited Partner’s Capital

Capital of Operating Partnership [Line Items]

Partnership units ( in shares)

^[1]

8,542,097

8,966,083

11,051,090

11,477,041

Equity Redemption of OP Units (in shares)

^[1]

423,986

1,968,350

143,190

Retail Opportunity Investments Partnership L.P.

Capital of Operating Partnership [Line Items]

ROIC ownership percentage in ROIP LP

93.50%

[1]	Consists of limited partnership interests held by third parties.

Fair Value of Financial Instruments (Details) $ in Millions	12 Months Ended
Fair Value of Financial Instruments (Details) $ in Millions	Dec. 31, 2021 USD ($)
Weighted Average
Fair Value [Line Items]
Interest rate (in percentage)	3.50%
Significant Unobservable Inputs (Level 3)
Fair Value [Line Items]
Notes payable, fair value	$ 85.6
Senior Notes \| Significant Unobservable Inputs (Level 3) \| Senior Notes Due 2027
Fair Value [Line Items]
Long-term debt, fair value	251.8
Senior Notes \| Significant Unobservable Inputs (Level 3) \| Senior Notes Due 2026
Fair Value [Line Items]
Long-term debt, fair value	199.2
Senior Notes \| Significant Other Observable Inputs (Level 2) \| Senior Notes Due 2024
Fair Value [Line Items]
Long-term debt, fair value	261.3
Senior Notes \| Significant Other Observable Inputs (Level 2) \| Senior Notes Due 2023
Fair Value [Line Items]
Long-term debt, fair value	$ 265.2

Derivative and Hedging Activities - Notional Amounts (Details) - Interest rate swap - Designated as hedging instrument $ in Thousands	Dec. 31, 2021 USD ($)
Bank of Montreal
Derivative [Line Items]
Notional amount	$ 100,000
U.S. Bank
Derivative [Line Items]
Notional amount	100,000
Regions Bank
Derivative [Line Items]
Notional amount	50,000
Royal Bank of Canada
Derivative [Line Items]
Notional amount	$ 50,000

Derivative and Hedging Activities - Measured at Fair Value on Recurring Basis (Details) - Recurring - Interest rate swap - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative liability	$ (3,447)	$ (9,511)
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Derivative [Line Items]
Derivative liability	0	0
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Derivative liability	(3,447)	(9,511)
Significant Unobservable Inputs (Level 3)
Derivative [Line Items]
Derivative liability	$ 0	$ 0

Derivative and Hedging Activities - Fair Value and Classification (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
In the next 12 months will be reclassified as an increase to interest expense	$ 3,400
Interest rate swap \| Designated as hedging instrument \| Other liabilities
Derivative [Line Items]
Derivative liability	$ (3,447)	$ (9,511)

Derivative and Hedging Activities - Gain or Loss Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in OCI on derivatives	$ 216	$ (9,925)	$ (7,348)
Amount of loss (gain) reclassified from AOCI into interest	$ 5,894	$ 4,572	$ (345)

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended			28 Months Ended
	Sep. 30, 2013	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Lease liability		$ 17,165
Lease liability [Extensible Enumeration]		Other liabilities
Right-of-use asset		$ 15,700
Right-of-use asset [Extensible Enumeration]		Other assets
Operating lease, weighted average remaining lease term		36 years 4 months 24 days
Operating lease, weighted average discount rate		5.20%
Rent expense		$ 1,600	$ 1,700	$ 1,600
Tax protection agreements, period (in years)	12 years				10 years

Commitments and Contingencies - Future Minimum Annual Lease Payments Under Operating Leases (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Undiscounted Future Minimum Annual Lease Payments
2022	$ 1,320
2023	1,345
2024	1,351
2025	1,356
2026	1,376
Thereafter	30,276
Total undiscounted future minimum lease payments	37,024
Future minimum lease payments, discount	(19,859)
Lease liability	$ 17,165

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Officer \| Lease agreements
Related Party Transaction [Line Items]
SG&A expense, related party	$ 85	$ 84	$ 84

Subsequent Events (Details) - $ / shares							12 Months Ended
Subsequent Events (Details) - $ / shares	Feb. 15, 2022	Dec. 23, 2021	Dec. 17, 2021	Sep. 17, 2021	Jun. 18, 2021	Mar. 26, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Dividends per share (in dollars per share)		$ 0.0700	$ 0.1100	$ 0.1100	$ 0.1100	$ 0.1100	$ 0.5100	$ 0.2000	$ 0.7880
Subsequent Event
Subsequent Event [Line Items]
Dividends per share (in dollars per share)	$ 0.13

Schedule III - Real Estate and Accumulated Depreciation - Summary (Details) $ in Billions	12 Months Ended
	Dec. 31, 2021 USD ($)
Schedule III - Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost for Federal Income Tax Purposes for real estate	$ 3.0
Building \| Minimum
Schedule III - Real Estate and Accumulated Depreciation [Line Items]
PPE useful life (in years)	39 years
Building \| Maximum
Schedule III - Real Estate and Accumulated Depreciation [Line Items]
PPE useful life (in years)	40 years
Building Improvements \| Minimum
Schedule III - Real Estate and Accumulated Depreciation [Line Items]
PPE useful life (in years)	10 years
Building Improvements \| Maximum
Schedule III - Real Estate and Accumulated Depreciation [Line Items]
PPE useful life (in years)	20 years

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate - Owned Subject to Operating Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance	$ 3,156,552	$ 3,131,841	$ 3,160,472
Property improvements during the year	48,570	38,913	37,985
Properties acquired during the year	136,105	0	11,601
Properties sold during the year	(61,491)	0	(69,056)
Assets written off during the year	(13,581)	(14,202)	(9,161)
Balance	$ 3,266,155	$ 3,156,552	$ 3,131,841

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance	$ 460,165	$ 390,916	$ 329,207
Depreciation expenses	82,957	83,774	82,419
Properties sold during the year	(18,476)	0	(10,775)
Property assets fully depreciated and written off	(13,810)	(14,525)	(9,935)
Balance	$ 510,836	$ 460,165	$ 390,916

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of period	$ 4,959	$ 13,000	$ 0
Mortgage loans acquired during the current period	0	0	13,250
Repayments on mortgage note receivable	(84)	(8,041)	(250)
Balance at end of period	$ 4,875	$ 4,959	$ 13,000