0001407623-23-000100 | 10-Q | XBRL Viewer | Retail Opportunity Investments Corp

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		28 Months Ended
	Sep. 30, 2013	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Lease liability		$ 16,545		$ 16,545
Lease liability [Extensible Enumeration]		Other liabilities		Other liabilities
Right-of-use asset		$ 14,900		$ 14,900
Right-of-use asset [Extensible Enumeration]		Other assets		Other assets
Operating lease, weighted average remaining lease term		35 years 3 months 18 days		35 years 3 months 18 days
Operating lease, weighted average discount rate (percent)		5.20%		5.20%
Rent expense		$ 421	$ 406	$ 1,300	$ 1,300
Tax protection agreements, period (in years)	12 years					10 years

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

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The mortgage notes payable collateralized by respective properties and assignment of leases at September 30, 2023 and December 31, 2022, respectively, were as follows (in thousands, except interest rates):


Property	Maturity Date	Interest Rate		September 30, 2023		December 31, 2022


Fullerton Crossroads	April 2024	4.728	%	$	26,000	$	26,000
Diamond Hills Plaza	October 2025	3.550	%	34,219		34,731
				$	60,219	$	60,731
Unamortized mortgage premiums				126		288
Net unamortized deferred financing costs				(74)		(102)
Total mortgage notes payable				$	60,271	$	60,917

Schedule of Long-term Debt Instruments

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


	September 30, 2023		December 31, 2022
Term loan	$	200,000	$	300,000
Net unamortized deferred financing costs	(316)		(747)
Term loan	$	199,684	$	299,253

The carrying value of the Company’s unsecured Senior Notes Due 2028 is as follows (in thousands):


	September 30, 2023		December 31, 2022
Principal amount	$	350,000	$	—
Unamortized debt discount	(1,704)		—
Net unamortized deferred financing costs	(3,374)		—
Senior Notes Due 2028	$	344,922	$	—

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


	September 30, 2023		December 31, 2022
Principal amount	$	250,000	$	250,000
Net unamortized deferred financing costs	(741)		(874)
Senior Notes Due 2027	$	249,259	$	249,126

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


	September 30, 2023		December 31, 2022
Principal amount	$	200,000	$	200,000
Net unamortized deferred financing costs	(231)		(289)
Senior Notes Due 2026	$	199,769	$	199,711

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


	September 30, 2023		December 31, 2022
Principal amount	$	250,000	$	250,000
Unamortized debt discount	(503)		(802)
Net unamortized deferred financing costs	(266)		(432)
Senior Notes Due 2024	$	249,231	$	248,766

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


	September 30, 2023		December 31, 2022
Principal amount	$	250,000	$	250,000
Unamortized debt discount	(114)		(502)
Net unamortized deferred financing costs	(55)		(252)
Senior Notes Due 2023	$	249,831	$	249,246

- 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

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, 2021		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			0
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	$ 0	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 (loss)	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
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]
Redemption of OP Units	5,071
Net income attributable to Retail Opportunity Investments Corp.	41,670
Net income attributable to non-controlling interests	2,896
Balance (in shares) at Sep. 30, 2022		124,541,618
Balance at Sep. 30, 2022	1,391,077	$ 12	1,609,588	(307,394)	27	88,844
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			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 (loss)	1,167				1,090	77
Balance (in shares) at Jun. 30, 2022		124,341,618
Balance at Jun. 30, 2022	1,388,224	$ 12	1,604,495	(307,039)	(5)	90,761
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock based compensation expense	3,221		3,221			0
Equity Redemption of OP Units (in shares)		200,000
Redemption of OP Units			3,176			(3,176)
Adjustment to non-controlling interests ownership in Operating Partnership			(1,260)			1,260
Registration expenditures	(44)		(44)
Cash dividends	(19,947)			(18,680)		(1,267)	(197)	(197)	0
Net income attributable to Retail Opportunity Investments Corp.	18,522			18,522
Net income attributable to non-controlling interests	1,264					1,264
Other comprehensive income (loss)	34				32	2
Balance (in shares) at Sep. 30, 2022		124,541,618
Balance at Sep. 30, 2022	$ 1,391,077	$ 12	1,609,588	(307,394)	27	88,844
Balance (in shares) at Dec. 31, 2022	124,538,811	124,538,811
Balance at Dec. 31, 2022	$ 1,384,598	$ 12	1,612,126	(315,984)	14	88,430
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under the Equity Incentive Plan (in shares)		697,691
Shares issued under the Equity Incentive Plan	32		32
Shares withheld for employee taxes (in shares)		(211,615)
Shares withheld for employee taxes	(3,181)		(3,181)
Stock based compensation expense	2,927		2,840			87
Adjustment to non-controlling interests ownership in Operating Partnership	0		343			(343)
Registration expenditures	(10)		(10)
Cash dividends	(20,020)			(18,753)		(1,267)	(143)	(91)	(52)
Net income attributable to Retail Opportunity Investments Corp.	8,142			8,142
Net income attributable to non-controlling interests	554					554
Other comprehensive income (loss)	(5)				(5)	0
Balance (in shares) at Mar. 31, 2023		125,024,887
Balance at Mar. 31, 2023	$ 1,372,894	$ 12	1,612,150	(326,686)	9	87,409
Balance (in shares) at Dec. 31, 2022	124,538,811	124,538,811
Balance at Dec. 31, 2022	$ 1,384,598	$ 12	1,612,126	(315,984)	14	88,430
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity Redemption of OP Units (in shares)	1,010,000	1,010,000
Redemption of OP Units	$ 13,389
Net income attributable to Retail Opportunity Investments Corp.	26,499
Net income attributable to non-controlling interests	$ 1,644
Balance (in shares) at Sep. 30, 2023	126,001,795	126,001,795
Balance at Sep. 30, 2023	$ 1,359,905	$ 13	1,628,663	(346,260)	1,270	76,219
Balance (in shares) at Mar. 31, 2023		125,024,887
Balance at Mar. 31, 2023	1,372,894	$ 12	1,612,150	(326,686)	9	87,409
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under the Equity Incentive Plan (in shares)		1,000
Shares issued under the Equity Incentive Plan	0		0
Shares withheld for employee taxes (in shares)		(8,667)
Shares withheld for employee taxes	(110)		(110)
Cancellation of restricted stock (in shares)		(23,425)
Stock based compensation expense	3,430		2,761			669
Equity Redemption of OP Units (in shares)		1,010,000
Redemption of OP Units	0	$ 1	13,388			(13,389)
Adjustment to non-controlling interests ownership in Operating Partnership	0		(2,486)			2,486
Registration expenditures	(36)		(36)
Cash dividends	(20,015)			(18,899)		(1,116)	(156)	(99)	(57)
Net income attributable to Retail Opportunity Investments Corp.	9,929			9,929
Net income attributable to non-controlling interests	589					589
Other comprehensive income (loss)	1,406				1,328	78
Balance (in shares) at Jun. 30, 2023		126,003,795
Balance at Jun. 30, 2023	1,367,931	$ 13	1,625,667	(335,755)	1,337	76,669
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under the Equity Incentive Plan (in shares)		2,000
Shares issued under the Equity Incentive Plan	0		0
Cancellation of restricted stock (in shares)		(4,000)
Stock based compensation expense	3,225		2,696			529
Adjustment to non-controlling interests ownership in Operating Partnership			303			(303)
Registration expenditures	(3)		(3)
Cash dividends	(20,014)			(18,899)		(1,115)	$ (92)	$ (34)	$ (58)
Net income attributable to Retail Opportunity Investments Corp.	8,428			8,428
Net income attributable to non-controlling interests	501					501
Other comprehensive income (loss)	$ (71)				(67)	(4)
Balance (in shares) at Sep. 30, 2023	126,001,795	126,001,795
Balance at Sep. 30, 2023	$ 1,359,905	$ 13	$ 1,628,663	$ (346,260)	$ 1,270	$ 76,219

Subsequent Events (Details) - $ / shares		3 Months Ended						9 Months Ended
Subsequent Events (Details) - $ / shares	Oct. 24, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Dividend declared (usd per share)		$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.13	$ 0.13	$ 0.45	$ 0.41
Subsequent Event
Subsequent Event [Line Items]
Dividend declared (usd per share)	$ 0.15

Stock Compensation for ROIC - Narrative (Details) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($)	Apr. 25, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| $	$ 3.2	$ 3.2	$ 9.6	$ 8.8
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					10,954,694
Equity Incentive Plan \| Equity Incentive Plan as Full-Value Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)					5,002,143
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			505,953
Granted (in dollars per share) \| $ / shares			$ 14.56
Restricted Stock \| Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fungible unit to full value award conversion ratio					2.19
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in dollars per share) \| $ / shares			$ 14.97
LTIP Units \| Vesting on January 1, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			245,972
Stock options \| Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fungible unit to full value award conversion ratio					1.0

Consolidated Statements of Equity (Parentheticals) - $ / shares	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends per share/unit (in dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.13	$ 0.13	$ 0.45	$ 0.41

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Rental revenue	$ 78,273	$ 77,420	$ 236,902	$ 229,675
Other income	3,472	618	6,179	3,061
Total revenues	81,745	78,038	243,081	232,736
Operating expenses
Property operating	13,210	12,705	40,993	37,468
Property taxes	8,909	8,876	26,677	25,812
Depreciation and amortization	27,050	24,332	77,280	72,444
General and administrative expenses	5,492	5,203	16,588	16,145
Other expense	157	111	811	778
Total operating expenses	54,818	51,227	162,349	152,647
Gain on sale of real estate	0	7,653	0	7,653
Operating income	26,927	34,464	80,732	87,742
Non-operating expenses
Interest expense and other finance expenses	(17,998)	(14,678)	(52,589)	(43,176)
Net income	8,929	19,786	28,143	44,566
Net income attributable to non-controlling interests	(501)	(1,264)	(1,644)	(2,896)
Net Income Attributable to Retail Opportunity Investments Corp.	$ 8,428	$ 18,522	$ 26,499	$ 41,670
Earnings per share/unit - basic (in dollars per share)	$ 0.07	$ 0.15	$ 0.21	$ 0.34
Earnings per share/unit - diluted (in dollars per share)	0.07	0.15	0.21	0.33
Dividends per share/unit (in dollars per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.41
Comprehensive income:
Net income	$ 8,929	$ 19,786	$ 28,143	$ 44,566
Other comprehensive (loss) income:
Unrealized swap derivative gain arising during the period	283	61	1,951	1,104
Reclassification adjustment for amortization of interest expense included in net income	(354)	(27)	(621)	2,300
Other comprehensive (loss) income:	(71)	34	1,330	3,404
Comprehensive income	8,858	19,820	29,473	47,970
Comprehensive income attributable to non-controlling interests	(497)	(1,266)	(1,718)	(3,119)
Comprehensive income attributable to Retail Opportunity Investments Corp.	8,361	18,554	27,755	44,851
Retail Opportunity Investments Partnership L.P.
Revenues
Rental revenue	78,273	77,420	236,902	229,675
Other income	3,472	618	6,179	3,061
Total revenues	81,745	78,038	243,081	232,736
Operating expenses
Property operating	13,210	12,705	40,993	37,468
Property taxes	8,909	8,876	26,677	25,812
Depreciation and amortization	27,050	24,332	77,280	72,444
General and administrative expenses	5,492	5,203	16,588	16,145
Other expense	157	111	811	778
Total operating expenses	54,818	51,227	162,349	152,647
Gain on sale of real estate	0	7,653	0	7,653
Operating income	26,927	34,464	80,732	87,742
Non-operating expenses
Interest expense and other finance expenses	(17,998)	(14,678)	(52,589)	(43,176)
Net income	$ 8,929	$ 19,786	$ 28,143	$ 44,566
Earnings per share/unit - basic (in dollars per share)	$ 0.07	$ 0.15	$ 0.21	$ 0.34
Earnings per share/unit - diluted (in dollars per share)	0.07	0.15	0.21	0.33
Dividends per share/unit (in dollars per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.41
Comprehensive income:
Net income	$ 8,929	$ 19,786	$ 28,143	$ 44,566
Other comprehensive (loss) income:
Unrealized swap derivative gain arising during the period	283	61	1,951	1,104
Reclassification adjustment for amortization of interest expense included in net income	(354)	(27)	(621)	2,300
Other comprehensive (loss) income:	(71)	34	1,330	3,404
Comprehensive income	$ 8,858	$ 19,820	$ 29,473	$ 47,970

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

Total