0001407623-22-000071 | 10-Q | XBRL Viewer | Retail Opportunity Investments Corp

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2022	Jul. 21, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-33749
Entity Registrant Name	RETAIL OPPORTUNITY INVESTMENTS CORP
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-0500600
Entity Address, Address Line One	11250 El Camino Real
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	677-0900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	ROIC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		124,541,618
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001407623
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Retail Opportunity Investments Partnership L.P.
Document Information [Line Items]
Entity Registrant Name	RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2969738
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001577230

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real Estate Investments:
Land	$ 934,687	$ 915,861
Building and improvements	2,419,177	2,350,294
Total real estate investments	3,353,864	3,266,155
Less: accumulated depreciation	546,043	510,836
Real estate investments, net before mortgage notes receivable	2,807,821	2,755,319
Mortgage note receivable	4,831	4,875
Real Estate Investments, net	2,812,652	2,760,194
Cash and cash equivalents	5,632	13,218
Restricted cash	1,730	2,145
Tenant and other receivables, net	52,619	55,787
Acquired lease intangible assets, net	52,296	50,139
Prepaid expenses	1,950	5,337
Deferred charges, net	25,358	25,017
Other assets	16,473	17,007
Total assets	2,968,710	2,928,844
Liabilities:
Term loan	299,071	298,889
Credit facility	46,000	0
Senior Notes	946,035	945,231
Mortgage notes payable	61,339	85,354
Acquired lease intangible liabilities, net	141,577	136,608
Accounts payable and accrued expenses	38,632	48,598
Tenants’ security deposits	7,561	7,231
Other liabilities	40,271	40,580
Total liabilities	1,580,486	1,562,491
Commitments and contingencies
Equity/Capital:
Preferred stock, $0.0001 par value 50,000,000 shares authorized; none issued and outstanding	0	0
#REF!	12	12
Additional paid-in capital	1,604,495	1,577,837
Dividends in excess of earnings	(307,039)	(297,801)
Accumulated other comprehensive loss	(5)	(3,154)
Total Retail Opportunity Investments Corp. stockholders’ equity	1,297,463	1,276,894
Non-controlling interests	90,761	89,459
Total equity/capital	1,388,224	1,366,353
Total liabilities and equity/capital	2,968,710	2,928,844
Retail Opportunity Investments Partnership L.P.
Real Estate Investments:
Land	934,687	915,861
Building and improvements	2,419,177	2,350,294
Total real estate investments	3,353,864	3,266,155
Less: accumulated depreciation	546,043	510,836
Real estate investments, net before mortgage notes receivable	2,807,821	2,755,319
Mortgage note receivable	4,831	4,875
Real Estate Investments, net	2,812,652	2,760,194
Cash and cash equivalents	5,632	13,218
Restricted cash	1,730	2,145
Tenant and other receivables, net	52,619	55,787
Acquired lease intangible assets, net	52,296	50,139
Prepaid expenses	1,950	5,337
Deferred charges, net	25,358	25,017
Other assets	16,473	17,007
Total assets	2,968,710	2,928,844
Liabilities:
Term loan	299,071	298,889
Credit facility	46,000	0
Senior Notes	946,035	945,231
Mortgage notes payable	61,339	85,354
Acquired lease intangible liabilities, net	141,577	136,608
Accounts payable and accrued expenses	38,632	48,598
Tenants’ security deposits	7,561	7,231
Other liabilities	40,271	40,580
Total liabilities	1,580,486	1,562,491
Commitments and contingencies
Equity/Capital:
ROIC capital	1,297,468	1,280,048
Limited partners’ capital	90,761	89,680
Accumulated other comprehensive loss	(5)	(3,375)
Total equity/capital	1,388,224	1,366,353
Total liabilities and equity/capital	$ 2,968,710	$ 2,928,844

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars 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 dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	124,341,618	122,685,266
Common stock, shares outstanding (in shares)	124,341,618	122,685,266

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues
Rental revenue	$ 77,218	$ 70,114	$ 152,255	$ 139,018
Other income	1,007	616	2,443	899
Total revenues	78,225	70,730	154,698	139,917
Operating expenses
Property operating	12,672	10,766	24,763	21,325
Property taxes	8,416	8,332	16,936	16,938
Depreciation and amortization	24,350	23,507	48,112	46,547
General and administrative expenses	5,702	5,232	10,942	9,607
Other expense	488	331	667	484
Total operating expenses	51,628	48,168	101,420	94,901
Gain on sale of real estate	0	9,460	0	9,460
Operating income	26,597	32,022	53,278	54,476
Non-operating expenses
Interest expense and other finance expenses	(14,283)	(14,337)	(28,498)	(28,817)
Net income	12,314	17,685	24,780	25,659
Net income attributable to non-controlling interests	(807)	(1,201)	(1,632)	(1,760)
Net Income Attributable to Retail Opportunity Investments Corp.	$ 11,507	$ 16,484	$ 23,148	$ 23,899
Earnings per share/unit - basic (in dollars per share)	$ 0.09	$ 0.14	$ 0.19	$ 0.20
Earnings per share/unit - diluted (in dollars per share)	0.09	0.14	0.19	0.20
Dividends per share/unit (in dollars per share)	$ 0.13	$ 0.11	$ 0.26	$ 0.22
Comprehensive income:
Net income	$ 12,314	$ 17,685	$ 24,780	$ 25,659
Other comprehensive income:
Unrealized swap derivative gain (loss) arising during the period	235	(113)	1,043	(37)
Reclassification adjustment for amortization of interest expense included in net income	932	1,456	2,327	2,953
Other comprehensive income:	1,167	1,343	3,370	2,916
Comprehensive income	13,481	19,028	28,150	28,575
Comprehensive income attributable to non-controlling interests	(884)	(1,319)	(1,853)	(1,997)
Comprehensive income attributable to Retail Opportunity Investments Corp.	12,597	17,709	26,297	26,578
Retail Opportunity Investments Partnership L.P.
Revenues
Rental revenue	77,218	70,114	152,255	139,018
Other income	1,007	616	2,443	899
Total revenues	78,225	70,730	154,698	139,917
Operating expenses
Property operating	12,672	10,766	24,763	21,325
Property taxes	8,416	8,332	16,936	16,938
Depreciation and amortization	24,350	23,507	48,112	46,547
General and administrative expenses	5,702	5,232	10,942	9,607
Other expense	488	331	667	484
Total operating expenses	51,628	48,168	101,420	94,901
Gain on sale of real estate	0	9,460	0	9,460
Operating income	26,597	32,022	53,278	54,476
Non-operating expenses
Interest expense and other finance expenses	(14,283)	(14,337)	(28,498)	(28,817)
Net income	$ 12,314	$ 17,685	$ 24,780	$ 25,659
Earnings per share/unit - basic (in dollars per share)	$ 0.09	$ 0.14	$ 0.19	$ 0.20
Earnings per share/unit - diluted (in dollars per share)	0.09	0.14	0.19	0.20
Dividends per share/unit (in dollars per share)	$ 0.13	$ 0.11	$ 0.26	$ 0.22
Comprehensive income:
Net income	$ 12,314	$ 17,685	$ 24,780	$ 25,659
Other comprehensive income:
Unrealized swap derivative gain (loss) arising during the period	235	(113)	1,043	(37)
Reclassification adjustment for amortization of interest expense included in net income	932	1,456	2,327	2,953
Other comprehensive income:	1,167	1,343	3,370	2,916
Comprehensive income	$ 13,481	$ 19,028	$ 28,150	$ 28,575

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated dividends in excess of earnings	Accumulated other comprehensive income (loss)	Non- controlling interests	Officer	Officer Accumulated dividends in excess of earnings	Officer Non- controlling interests
Balance (in shares) at Dec. 31, 2020		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)
Stock based compensation expense	2,063		1,809			254
Equity Redemption of OP Units (in shares)		98,986
Redemption of OP Units			1,439			(1,439)
Adjustment to non-controlling interests ownership in Operating Partnership	0		2			(2)
Registration expenditures	(15)		(15)
Cash dividends	(14,019)			(13,041)		(978)	$ (68)	$ (48)	$ (20)
Net income attributable to Retail Opportunity Investments Corp.	7,415			7,415
Net income attributable to non-controlling interests	559					559
Other comprehensive income	1,573				1,454	119
Balance (in shares) at Mar. 31, 2021		118,577,713
Balance at Mar. 31, 2021	1,287,190	$ 12	1,499,420	(294,983)	(7,358)	90,099
Balance (in shares) at Dec. 31, 2020		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]
Redemption of OP Units	6,858
Net income attributable to Retail Opportunity Investments Corp.	23,899
Net income attributable to non-controlling interests	1,760
Balance (in shares) at Jun. 30, 2021		120,806,366
Balance at Jun. 30, 2021	1,329,634	$ 12	1,539,263	(291,839)	(6,133)	88,331
Balance (in shares) at Mar. 31, 2021		118,577,713
Balance at Mar. 31, 2021	1,287,190	$ 12	1,499,420	(294,983)	(7,358)	90,099
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense	3,233		2,774			459
Equity Redemption of OP Units (in shares)		325,000
Redemption of OP Units	0		5,419			(5,419)
Adjustment to non-controlling interests ownership in Operating Partnership	0		(2,823)			2,823
Proceeds from the issuance of common stock, Shares		1,903,653
Proceeds from the issuance of common stock	34,844		34,844
Registration expenditures	(371)		(371)
Cash dividends	(14,210)			(13,270)		(940)	(80)	(70)	(10)
Net income attributable to Retail Opportunity Investments Corp.	16,484			16,484
Net income attributable to non-controlling interests	1,201					1,201
Other comprehensive income	1,343				1,225	118
Balance (in shares) at Jun. 30, 2021		120,806,366
Balance at Jun. 30, 2021	$ 1,329,634	$ 12	1,539,263	(291,839)	(6,133)	88,331
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under the Equity Incentive Plan (in shares)		406,106
Shares issued under the Equity Incentive Plan	302		302
Shares withheld for employee taxes (in shares)		(122,658)
Shares withheld for employee taxes	(2,405)		(2,405)
Cancellation of restricted stock (in shares)		(10,649)
Stock based compensation expense	2,572		2,572
Equity Redemption of OP Units (in shares)		50,000
Redemption of OP Units			978			(978)
Adjustment to non-controlling interests ownership in Operating Partnership	0		(2,668)			2,668
Proceeds from the issuance of common stock, Shares		724,279
Proceeds from the issuance of common stock	14,211		14,211
Registration expenditures	(172)		(172)
Cash dividends	(17,139)			(16,009)		(1,130)	(110)	(110)	0
Net income attributable to Retail Opportunity Investments Corp.	11,641			11,641
Net income attributable to non-controlling interests	825					825
Other comprehensive income	2,203				2,059	144
Balance (in shares) at Mar. 31, 2022		123,732,344
Balance at Mar. 31, 2022	$ 1,378,281	$ 12	1,590,655	(302,279)	(1,095)	90,988
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity Redemption of OP Units (in shares)	96,840	96,840
Redemption of OP Units	$ 1,895
Net income attributable to Retail Opportunity Investments Corp.	23,148
Net income attributable to non-controlling interests	$ 1,632
Balance (in shares) at Jun. 30, 2022	124,341,618	124,341,618
Balance at Jun. 30, 2022	$ 1,388,224	$ 12	1,604,495	(307,039)	(5)	90,761
Balance (in shares) at Mar. 31, 2022		123,732,344
Balance at Mar. 31, 2022	1,378,281	$ 12	1,590,655	(302,279)	(1,095)	90,988
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cancellation of restricted stock (in shares)		(1,500)
Stock based compensation expense	3,028		3,028			0
Equity Redemption of OP Units (in shares)		46,840
Redemption of OP Units	0		917			(917)
Adjustment to non-controlling interests ownership in Operating Partnership	0		(932)			932
Proceeds from the issuance of common stock, Shares		563,934
Proceeds from the issuance of common stock	10,988		10,988
Registration expenditures	(161)		(161)
Cash dividends	(17,290)			(16,164)		(1,126)	$ (103)	$ (103)	$ 0
Net income attributable to Retail Opportunity Investments Corp.	11,507			11,507
Net income attributable to non-controlling interests	807					807
Other comprehensive income	$ 1,167				1,090	77
Balance (in shares) at Jun. 30, 2022	124,341,618	124,341,618
Balance at Jun. 30, 2022	$ 1,388,224	$ 12	$ 1,604,495	$ (307,039)	$ (5)	$ 90,761

Consolidated Statements of Equity (Parentheticals) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends per share/unit (in dollars per share)	$ 0.13	$ 0.13	$ 0.11	$ 0.11	$ 0.26	$ 0.22

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

Total