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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended June 30, 2023
 
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____

Commission file number 001-33749

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


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

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

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

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: 126,003,795 shares of common stock, par value $0.0001 per share, of Retail Opportunity Investments Corp. outstanding as of July 20, 2023.
 



EXPLANATORY PARAGRAPH
 
This report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2023 of Retail Opportunity Investments Corp., a Maryland corporation (“ROIC”), and Retail Opportunity Investments Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), of which ROIC is the parent company and general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “the Company,” “we,” “us,” “our,” or “our company” refer to ROIC together with its consolidated subsidiaries, including the Operating Partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “the Operating Partnership” refer to Retail Opportunity Investments Partnership, LP together with its consolidated subsidiaries.
 
ROIC operates as a real estate investment trust and as of June 30, 2023, ROIC owned an approximate 94.4% partnership interest in the Operating Partnership. Retail Opportunity Investments GP, LLC, ROIC’s wholly-owned subsidiary, is the sole general partner of the Operating Partnership, and as the parent company, ROIC has the full and complete authority over the Operating Partnership’s day-to-day management and control.
 
The Company believes that combining the quarterly reports on Form 10-Q of ROIC and the Operating Partnership into a single report will result in the following benefits:
 
facilitate a better understanding by the investors of ROIC and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;

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

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

Management operates ROIC and the Operating Partnership as one enterprise. The management of ROIC and the Operating Partnership are the same.
 
There are a few differences between ROIC and the Operating Partnership, which are reflected in the disclosures in this report. The Company believes it is important to understand the differences between ROIC and the Operating Partnership in the context of how these entities operate as an interrelated consolidated company. ROIC is a real estate investment trust, whose only material asset is its ownership of direct or indirect partnership interests in the Operating Partnership and membership interest in Retail Opportunity Investments GP, LLC, which is the sole general partner of the Operating Partnership. As a result, ROIC does not conduct business itself, other than acting as the parent company of the Operating Partnership and issuing equity from time to time. The Operating Partnership holds substantially all the assets of the Company and directly or indirectly holds the ownership interests in the Company’s real estate ventures. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by ROIC, which are contributed to the Operating Partnership, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness (directly and through subsidiaries) or through the issuance of operating partnership units (“OP Units”).
 
Non-controlling interests is the primary area of difference between the Consolidated Financial Statements for ROIC and the Operating Partnership. The OP Units in the Operating Partnership that are not owned by ROIC are accounted for as partners’ capital in the Operating Partnership’s financial statements and as non-controlling interests in ROIC’s financial statements. Accordingly, this report presents the Consolidated Financial Statements for ROIC and the Operating Partnership separately, as required, as well as Earnings Per Share / Earnings Per Unit and Capital of the Operating Partnership.
 
This report also includes separate Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources, Item 4. Controls and Procedures sections and separate Chief Executive Officer and Chief Financial Officer certifications for each of ROIC and the Operating Partnership as reflected in Exhibits 31 and 32.




TABLE OF CONTENTS
 
 




PART I. FINANCIAL INFORMATION 
Item 1. Financial Statements

RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Balance Sheets
(In thousands, except share data)
 June 30, 2023
 (unaudited)
December 31, 2022
ASSETS  
Real Estate Investments:  
Land$958,397 $958,236 
Building and improvements2,467,962 2,452,857 
 3,426,359 3,411,093 
Less:  accumulated depreciation615,501 578,593 
2,810,858 2,832,500 
Mortgage note receivable4,741 4,786 
Real Estate Investments, net2,815,599 2,837,286 
Cash and cash equivalents5,296 5,598 
Restricted cash2,069 1,861 
Tenant and other receivables, net57,336 57,546 
Deposits 500 
Acquired lease intangible assets, net48,564 52,428 
Prepaid expenses2,251 5,957 
Deferred charges, net30,011 26,683 
Other assets17,433 16,420 
Total assets$2,978,559 $3,004,279 
LIABILITIES AND EQUITY  
Liabilities:  
Term loan$299,435 $299,253 
Credit facility63,000 88,000 
Senior Notes947,673 946,849 
Mortgage notes payable60,486 60,917 
Acquired lease intangible liabilities, net145,685 152,117 
Accounts payable and accrued expenses43,733 22,885 
Tenants’ security deposits7,894 7,701 
Other liabilities42,722 41,959 
Total liabilities1,610,628 1,619,681 
Commitments and contingencies
Equity:  
Preferred stock, $0.0001 par value 50,000,000 shares authorized; none issued and outstanding
  
Common stock, $0.0001 par value, 500,000,000 shares authorized; 126,003,795 and 124,538,811 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively
13 12 
Additional paid-in capital1,625,667 1,612,126 
Accumulated dividends in excess of earnings(335,755)(315,984)
Accumulated other comprehensive income1,337 14 
Total Retail Opportunity Investments Corp. stockholders’ equity1,291,262 1,296,168 
Non-controlling interests76,669 88,430 
Total equity1,367,931 1,384,598 
Total liabilities and equity$2,978,559 $3,004,279 
See accompanying notes to consolidated financial statements.
- 1 -


RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
(In thousands, except share data)
 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Revenues  
Rental revenue$79,630 $77,218 $158,629 $152,255 
Other income2,410 1,007 2,707 2,443 
Total revenues82,040 78,225 161,336 154,698 
Operating expenses
Property operating13,581 12,672 27,783 24,763 
Property taxes8,924 8,416 17,768 16,936 
Depreciation and amortization25,126 24,350 50,230 48,112 
General and administrative expenses5,776 5,702 11,096 10,942 
Other expense482 488 654 667 
Total operating expenses53,889 51,628 107,531 101,420 
Operating income28,151 26,597 53,805 53,278 
Non-operating expenses  
Interest expense and other finance expenses(17,633)(14,283)(34,591)(28,498)
Net income10,518 12,314 19,214 24,780 
Net income attributable to non-controlling interests(589)(807)(1,143)(1,632)
Net Income Attributable to Retail Opportunity Investments Corp.$9,929 $11,507 $18,071 $23,148 
Earnings per share – basic and diluted$0.08 $0.09 $0.14 $0.19 
Dividends per common share$0.15 $0.13 $0.30 $0.26 
Comprehensive income:
Net income$10,518 $12,314 $19,214 $24,780 
Other comprehensive income:
Unrealized swap derivative gain arising during the period1,657 235 1,668 1,043 
Reclassification adjustment for amortization of interest expense included in net income(251)932 (267)2,327 
Other comprehensive income:1,406 1,167 1,401 3,370 
Comprehensive income11,924 13,481 20,615 28,150 
Comprehensive income attributable to non-controlling interests(667)(884)(1,221)(1,853)
Comprehensive income attributable to Retail Opportunity Investments Corp.$11,257 $12,597 $19,394 $26,297 

See accompanying notes to consolidated financial statements.
- 2 -



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

 Common StockAdditional
paid-in capital
Accumulated dividends in excess of earningsAccumulated
other
comprehensive income (loss)
Non-
controlling
interests
Equity
 SharesAmount
Balance at December 31, 2022124,538,811 $12 $1,612,126 $(315,984)$14 $88,430 $1,384,598 
Shares issued under the Equity Incentive Plan697,691 — 32 — — — 32 
Shares withheld for employee taxes(211,615)— (3,181)— — — (3,181)
Stock based compensation expense— — 2,840 — — 87 2,927 
Adjustment to non-controlling interests ownership in Operating Partnership— — 343 — — (343) 
Registration expenditures— — (10)— — — (10)
Cash dividends ($0.15 per share)
— — — (18,753)— (1,267)(20,020)
Dividends payable to officers— — — (91)— (52)(143)
Net income attributable to Retail Opportunity Investments Corp.— — — 8,142 — — 8,142 
Net income attributable to non-controlling interests— — — — — 554 554 
Other comprehensive loss— — — — (5) (5)
Balance at March 31, 2023125,024,887 $12 $1,612,150 $(326,686)$9 $87,409 $1,372,894 
Shares issued under the Equity Incentive Plan1,000 —  — — —  
Shares withheld for employee taxes(8,667)— (110)— — — (110)
Cancellation of restricted stock(23,425)— — — — — — 
Stock based compensation expense— — 2,761 — — 669 3,430 
Redemption of OP Units1,010,000 1 13,388 — — (13,389) 
Adjustment to non-controlling interests ownership in Operating Partnership— — (2,486)— — 2,486  
Registration expenditures— — (36)— — — (36)
Cash dividends ($0.15 per share)
— — — (18,899)— (1,116)(20,015)
Dividends payable to officers— — — (99)— (57)(156)
Net income attributable to Retail Opportunity Investments Corp.— — — 9,929 — — 9,929 
Net income attributable to non-controlling interests— — — — — 589 589 
Other comprehensive income— — — — 1,328 78 1,406 
Balance at June 30, 2023126,003,795 $13 $1,625,667 $(335,755)$1,337 $76,669 $1,367,931 
- 3 -



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

Common StockAdditional
paid-in capital
Accumulated dividends in excess of earningsAccumulated
other
comprehensive (loss) income
Non-
controlling
interests
Equity
SharesAmount
Balance at December 31, 2021122,685,266 $12 $1,577,837 $(297,801)$(3,154)$89,459 $1,366,353 
Shares issued under the Equity Incentive Plan406,106 — 302 — — — 302 
Shares withheld for employee taxes(122,658)— (2,405)— — — (2,405)
Cancellation of restricted stock(10,649)— — — — — — 
Stock based compensation expense— — 2,572 — —  2,572 
Redemption of OP Units50,000 — 978 — — (978)— 
Adjustment to non-controlling interests ownership in Operating Partnership— — (2,668)— — 2,668  
Proceeds from the issuance of common stock724,279  14,211 — — — 14,211 
Registration expenditures— — (172)— — — (172)
Cash dividends ($0.13 per share)
— — — (16,009)— (1,130)(17,139)
Dividends payable to officers— — — (110)—  (110)
Net income attributable to Retail Opportunity Investments Corp.— — — 11,641 — — 11,641 
Net income attributable to non-controlling interests— — — — — 825 825 
Other comprehensive income— — — — 2,059 144 2,203 
Balance at March 31, 2022123,732,344 $12 $1,590,655 $(302,279)$(1,095)$90,988 $1,378,281 
Cancellation of restricted stock(1,500)— — — — — — 
Stock based compensation expense— — 3,028 — —  3,028 
Redemption of OP Units46,840 — 917 — — (917)— 
Adjustment to non-controlling interests ownership in Operating Partnership— — (932)— — 932  
Proceeds from the issuance of common stock563,934 — 10,988 — — — 10,988 
Registration expenditures— — (161)— — — (161)
Cash dividends ($0.13 per share)
— — — (16,164)— (1,126)(17,290)
Dividends payable to officers— — — (103)—  (103)
Net income attributable to Retail Opportunity Investments Corp.— — — 11,507 — — 11,507 
Net income attributable to non-controlling interests— — — — — 807 807 
Other comprehensive income— — — — 1,090 77 1,167 
Balance at June 30, 2022124,341,618 $12 $1,604,495 $(307,039)$(5)$90,761 $1,388,224 

See accompanying notes to consolidated financial statements.
- 4 -


RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
 Six Months Ended June 30,
 20232022
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$19,214 $24,780 
Adjustments to reconcile net income to cash provided by operating activities:  
Depreciation and amortization50,230 48,112 
Amortization of deferred financing costs and mortgage discounts and premiums, net1,836 1,213 
Straight-line rent adjustment(1,326)(1,366)
Amortization of above and below market rent(5,473)(6,311)
Amortization relating to stock based compensation6,357 5,600 
Provisions for tenant credit losses2,009 849 
Other noncash interest income(15)(28)
Change in operating assets and liabilities:  
Tenant and other receivables(618)3,486 
Prepaid expenses3,707 3,387 
Accounts payable and accrued expenses(3,124)(4,574)
Other assets and liabilities, net375 2,332 
Net cash provided by operating activities73,172 77,480 
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in real estate (60,205)
Improvements to properties(19,132)(29,074)
Deposits on real estate acquisitions, net500  
Proceeds on repayment of mortgage note receivable45 44 
Net cash used in investing activities(18,587)(89,235)
CASH FLOWS FROM FINANCING ACTIVITIES  
Principal repayments on mortgages(342)(23,801)
Proceeds from draws on credit facility48,000 94,000 
Payments on credit facility(73,000)(48,000)
Distributions to OP Unitholders(1,267)(2,970)
Deferred financing and other costs(5,716) 
Proceeds from the sale of common stock 25,199 
Registration expenditures(46)(512)
Dividends paid to common stockholders(19,049)(38,059)
Common shares issued under the Equity Incentive Plan32 302 
Shares withheld for employee taxes(3,291)(2,405)
Net cash (used in) provided by financing activities(54,679)3,754 
Net decrease in cash, cash equivalents and restricted cash(94)(8,001)
Cash, cash equivalents and restricted cash at beginning of period7,459 15,363 
Cash, cash equivalents and restricted cash at end of period$7,365 $7,362 
Other non-cash investing and financing activities:
Increase in intangible lease liabilities$ $12,959 
Increase in interest rate swap asset$1,417 $63 
Decrease in interest rate swap liability$ $(3,336)
Accrued real estate improvement costs$7,426 $8,117 
Equity redemption of OP Units$13,389 $1,895 
Dividends and distributions payable$20,868 $17,830 

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:
Six Months Ended June 30,
20232022
Cash and cash equivalents$5,296 $5,632 
Restricted cash2,069 1,730 
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows$7,365 $7,362 
See accompanying notes to consolidated financial statements.
- 5 -



RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP
Consolidated Balance Sheets
(In thousands)
 June 30, 2023
 (unaudited)
December 31, 2022
ASSETS  
Real Estate Investments:  
Land$958,397 $958,236 
Building and improvements2,467,962 2,452,857 
 3,426,359 3,411,093 
Less:  accumulated depreciation615,501 578,593 
2,810,858 2,832,500 
Mortgage note receivable4,741 4,786 
Real Estate Investments, net2,815,599 2,837,286 
Cash and cash equivalents5,296 5,598 
Restricted cash2,069 1,861 
Tenant and other receivables, net57,336 57,546 
Deposits 500 
Acquired lease intangible assets, net48,564 52,428 
Prepaid expenses2,251 5,957 
Deferred charges, net30,011 26,683 
Other assets17,433 16,420 
Total assets$2,978,559 $3,004,279 
LIABILITIES AND CAPITAL  
Liabilities:  
Term loan$299,435 $299,253 
Credit facility63,000 88,000 
Senior Notes947,673 946,849 
Mortgage notes payable60,486 60,917 
Acquired lease intangible liabilities, net145,685 152,117 
Accounts payable and accrued expenses43,733 22,885 
Tenants’ security deposits7,894 7,701 
Other liabilities42,722 41,959 
Total liabilities1,610,628 1,619,681 
Commitments and contingencies
Capital:  
Partners’ capital, unlimited partnership units authorized:  
ROIC capital1,289,925 1,296,154 
Limited partners’ capital76,590 88,429 
Accumulated other comprehensive income1,416 15 
Total capital1,367,931 1,384,598 
Total liabilities and capital$2,978,559 $3,004,279 
 

See accompanying notes to consolidated financial statements.

- 6 -


RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
(In thousands, except unit data)
 Three Months Ended June 30,Six Months Ended June 30,
 2023202220232022
Revenues  
Rental revenue$79,630 $77,218 $158,629 $152,255 
Other income2,410 1,007 2,707 2,443 
Total revenues82,040 78,225 161,336 154,698 
Operating expenses  
Property operating13,581 12,672 27,783 24,763 
Property taxes8,924 8,416 17,768 16,936 
Depreciation and amortization25,126 24,350 50,230 48,112 
General and administrative expenses5,776 5,702 11,096 10,942 
Other expense482 488 654 667 
Total operating expenses53,889 51,628 107,531 101,420 
Operating income28,151 26,597 53,805 53,278 
Non-operating expenses  
Interest expense and other finance expenses(17,633)(14,283)(34,591)(28,498)
Net Income Attributable to Retail Opportunity Investments Partnership, LP$10,518 $12,314 $19,214 $24,780 
Earnings per unit - basic and diluted$0.08 $0.09 $0.14 $0.19 
Distributions per unit$0.15 $0.13 $0.30 $0.26 
Comprehensive income:  
Net income attributable to Retail Opportunity Investments Partnership, LP$10,518 $12,314 $19,214 $24,780 
Other comprehensive income:  
Unrealized swap derivative gain arising during the period1,657 235 1,668 1,043 
Reclassification adjustment for amortization of interest expense included in net income(251)932 (267)2,327 
Other comprehensive income:1,406 1,167 1,401 3,370 
Comprehensive income attributable to Retail Opportunity Investments Partnership, LP$11,924 $13,481 $20,615 $28,150 


See accompanying notes to consolidated financial statements.
 
- 7 -


RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP
Consolidated Statements of Partners’ Capital
(Unaudited)
(In thousands, except unit data) 

 
Limited Partner’s Capital (1)
ROIC Capital (2)
Accumulated
other
comprehensive income (loss)
 
 UnitsAmountUnitsAmountCapital
Balance at December 31, 20228,447,117 $88,429 124,538,811 $1,296,154 $15 $1,384,598 
OP Units issued under the Equity Incentive Plan — 697,691 32 — 32 
OP Units withheld for employee taxes— — (211,615)(3,181)— (3,181)
Stock based compensation expense— 87 — 2,840 — 2,927 
Adjustment to non-controlling interests ownership in Operating Partnership— (343)— 343 —  
Registration expenditures— — — (10)— (10)
Cash distributions ($0.15 per unit)
— (1,267)— (18,753)— (20,020)
Distributions payable to officers— (52)— (91)— (143)
Net income attributable to Retail Opportunity Investments Partnership, LP— 554 — 8,142 — 8,696 
Other comprehensive loss— — — — (5)(5)
Balance at March 31, 20238,447,117 $87,408 125,024,887 $1,285,476 $10 $1,372,894 
OP Units issued under the Equity Incentive Plan — 1,000  —  
OP Units withheld for employee taxes— — (8,667)(110)— (110)
Cancellation of OP Units— — (23,425)— — — 
Stock based compensation expense— 669 — 2,761 — 3,430 
Equity redemption of OP Units(1,010,000)(13,389)1,010,000 13,389 —  
Adjustment to non-controlling interests ownership in Operating Partnership— 2,486 — (2,486)—  
Registration expenditures— — — (36)— (36)
Cash distributions ($0.15 per unit)
— (1,116)— (18,899)— (20,015)
Distributions payable to officers— (57)— (99)— (156)
Net income attributable to Retail Opportunity Investments Partnership, LP— 589 — 9,929 — 10,518 
Other comprehensive income— — — — 1,406 1,406 
Balance at June 30, 20237,437,117 $76,590 126,003,795 $1,289,925 $1,416 $1,367,931 
- 8 -



RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP
Consolidated Statements of Partners’ Capital (continued)
(Unaudited)
(In thousands, except unit data) 

Limited Partner’s Capital (1)
ROIC Capital (2)
Accumulated
other
comprehensive (loss) income
 
UnitsAmountUnitsAmountCapital
Balance at December 31, 20218,542,097 $89,680 122,685,266 $1,280,048 $(3,375)$1,366,353 
OP Units issued under the Equity Incentive Plan201,860 — 406,106 302 — 302 
OP Units withheld for employee taxes— — (122,658)(2,405)— (2,405)
Cancellation of OP Units— — (10,649)— — — 
Stock based compensation expense—  — 2,572 — 2,572 
Equity redemption of OP Units(50,000)(978)50,000 978 — — 
Adjustment to non-controlling interests ownership in Operating Partnership— 2,668 — (2,668)—  
Issuance of OP Units in connection with sale of common stock— — 724,279 14,211 — 14,211 
Registration expenditures— — — (172)— (172)
Cash distributions ($0.13 per unit)
— (1,130)— (16,009)— (17,139)
Distributions payable to officers—  — (110)— (110)
Net income attributable to Retail Opportunity Investments Partnership, LP— 825 — 11,641 — 12,466 
Other comprehensive income— — — — 2,203 2,203 
Balance at March 31, 20228,693,957 $91,065 123,732,344 $1,288,388 $(1,172)$1,378,281 
Cancellation of OP Units— — (1,500)— — — 
Stock based compensation expense—  — 3,028 — 3,028 
Equity redemption of OP Units(46,840)(917)46,840 917 —  
Adjustment to non-controlling interests ownership in Operating Partnership— 932 — (932)—  
Issuance of OP Units in connection with sale of common stock— — 563,934 10,988 — 10,988 
Registration expenditures— — — (161)— (161)
Cash distributions ($0.13 per unit)
— (1,126)— (16,164)— (17,290)
Distributions payable to officers—  — (103)— (103)
Net income attributable to Retail Opportunity Investments Partnership, LP— 807 — 11,507 — 12,314 
Other comprehensive income— — — — 1,167 1,167 
Balance at June 30, 20228,647,117 $90,761 124,341,618 $1,297,468 $(5)$1,388,224 
 _________________________________
1.Consists of limited partnership interests held by third parties.
2.Consists of general and limited partnership interests held by ROIC.




See accompanying notes to consolidated financial statements.
- 9 -


RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
 Six Months Ended June 30,
 20232022
CASH FLOWS FROM OPERATING ACTIVITIES  
Net income$19,214 $24,780 
Adjustments to reconcile net income to cash provided by operating activities:  
Depreciation and amortization50,230 48,112 
Amortization of deferred financing costs and mortgage discounts and premiums, net1,836 1,213 
Straight-line rent adjustment(1,326)(1,366)
Amortization of above and below market rent(5,473)(6,311)
Amortization relating to stock based compensation6,357 5,600 
Provisions for tenant credit losses2,009 849