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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2011	Feb. 27, 2012	Jun. 30, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	Retail Opportunity Investments Corp
Document Type	10-K
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		49,661,936
Entity Public Float			$ 395,738,732
Amendment Flag	false
Entity Central Index Key	0001407623
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($)	Dec. 31, 2011	Dec. 31, 2010
Real Estate Investments:
Land	$ 167,191,883	$ 85,473,305
Building and improvements	413,640,527	187,259,539
	580,832,410	272,732,844
Less: accumulated depreciation	14,451,032	3,078,160
	566,381,378	269,654,684
Mortgage notes receivable	10,000,000	57,778,044
Investment in and advances to unconsolidated joint ventures	26,242,514	16,779,355
Real Estate Investments, net	602,623,892	344,212,083
Cash and cash equivalents	34,317,588	84,736,410
Restricted cash	1,230,808	2,838,261
Tenant and other receivables	6,895,806	2,055,881
Deposits	500,000	1,500,000
Acquired lease intangible asset, net of accumulated amortization	32,024,153	17,672,608
Prepaid expenses	672,679	798,655
Deferred charges, net of accumulated amortization	15,342,132	9,576,904
Other	825,569	801,700
Total assets	694,432,627	464,192,502
Liabilities:
Credit facilities	110,000,000
Mortgage notes payable	59,905,964	42,417,100
Acquired lease intangibles liability, net of accumulated amortization	46,700,620	20,996,167
Accounts payable and accrued expenses	7,475,283	4,889,350
Tenants' security deposits	1,552,630	859,537
Other liabilities	18,309,076	4,506,778
Total liabilities	243,943,573	73,668,932
Equity:
Common stock, $.0001 par value 500,000,000 shares authorized; and 49,375,738 and 41,638,100 shares issued and outstanding at December 31, 2011 and 2010	4,938	4,164
Additional paid-in-capital	484,194,434	403,915,775
Accumulated deficit	(19,617,877)	(12,880,840)
Accumulated other comprehensive loss	(14,094,830)	(517,918)
Total Retail Opportunity Investments Corp. stockholders' equity	450,486,665	390,521,181
Noncontrolling interests	2,389	2,389
Total equity	450,489,054	390,523,570
Total liabilities and equity	$ 694,432,627	$ 464,192,502

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2011	Dec. 31, 2010
Preferred stock par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	49,375,738	41,638,100
Common stock, shares outstanding	49,375,738	41,638,100

Consolidated Statement Of Operations - USD ($)	12 Months Ended
Consolidated Statement Of Operations - USD ($)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Revenues
Base rents	$ 39,581,142	$ 12,381,427	$ 45,736
Recoveries from tenants	10,247,715	2,878,582
Mortgage interest	1,908,655	1,068,960
Total revenues	51,737,512	16,328,969	45,736
Operating expenses
Property operating	8,403,771	2,847,701	9,149
Property taxes	5,022,544	1,697,200
Depreciation and amortization	21,264,172	6,080,571	28,864
General & administrative expenses	9,801,233	8,381,358	11,145,476
Acquisition transaction costs	2,290,838	2,635,675	201,781
Total operating expenses	46,782,558	21,642,505	11,385,270
Operating income (loss)	4,954,954	(5,313,536)	(11,339,534)
Non-operating income (expenses)
Interest expense and other finance expenses	(6,225,084)	(324,126)
Gain on bargain purchase	9,449,059	2,216,824
Equity in earnings from unconsolidated joint ventures	1,458,249	38,013
Interest income	19,143	1,108,507	1,705,421
Other income		1,873,398
(Loss) income before provision for income taxes	9,656,321	(400,921)	(9,634,113)
Benefit (Provision) for income taxes			268,343
Net income (loss) attributable to Retail Opportunity Investments Corp.	$ 9,656,321	$ (400,921)	$ (9,365,770)
Basic income (loss) per share (in Dollars per share)	$ 0.23	$ (0.01)	$ (0.19)
Diluted income (loss) per share (in Dollars per share)	$ 0.23	$ (0.01)	$ (0.19)

Consolidated Statements Of Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]	Total
Balance at Dec. 31, 2008	$ 5,175	$ 274,697,319	$ 4,372,077			$ 279,074,571
Balance (in Shares) at Dec. 31, 2008	51,750,000
Reduction of deferred underwriting fee		10,267,778				10,267,778
Shares of 5,325 exercised during conversion	$ (1)	(52,172)				(52,173)
Shares of 5,325 exercised during conversion (in Shares)	(5,325)
Shares of 12,414,674 unexercised previously subject to possible conversion		117,590,055				117,590,055
Cancellation of shares issued to Founders on July 13, 2007	$ (1,023)	1,023
Cancellation of shares issued to Founders on July 13, 2007 (in Shares)	(10,225,000)
Issuance of common shares to directors	$ 5	512,495				512,495
Issuance of common shares to directors (in Shares)	50,000
Compensation expense related to restricted stock grants		138,400				138,400
Comprehensive loss
Compensation expense related to options granted		29,414				29,414
Net loss			(9,365,770)			(9,365,770)
Balance at Dec. 31, 2009	$ 4,156	403,184,312	(4,993,693)			398,194,775
Balance (in Shares) at Dec. 31, 2009	41,569,675
Shares issued under the 2009 Plan	$ 9					9
Shares issued under the 2009 Plan (in Shares)	73,667
Repurchase of common stock	$ (1)	(50,904)				(50,905)
Repurchase of common stock (in Shares)	(5,242)
Compensation expense related to restricted stock grants		769,675				769,675
Registration expenditures		(147,761)				(147,761)
Cash dividends			(7,486,226)			(7,486,226)
Contributions					$ 2,389	2,389
Comprehensive loss
Net income (loss) attributable to Retail Opportunity Investments Corp.			(400,921)			(400,921)
Unrealized loss on swap derivatives				$ (517,918)		(517,918)
Total other comprehensive loss						(918,839)
Compensation expense related to options granted		160,453				160,453
Net loss						(400,921)
Balance at Dec. 31, 2010	$ 4,164	403,915,775	(12,880,840)	(517,918)	2,389	390,523,570
Balance (in Shares) at Dec. 31, 2010	41,638,100
Shares issued under the 2009 Plan	$ 15					15
Shares issued under the 2009 Plan (in Shares)	151,135
Repurchase of common stock	$ (2)	(235,544)				(235,546)
Repurchase of common stock (in Shares)	(20,297)
Compensation expense related to restricted stock grants		1,957,718				1,957,718
Proceeds from the sale of stock	$ 761	82,599,749				82,600,510
Proceeds from the sale of stock (in Shares)	7,606,800
Registration expenditures		(4,271,468)				(4,271,468)
Cash dividends			(16,349,970)			(16,349,970)
Dividends payable to officers			(43,388)			(43,388)
Comprehensive loss
Net income (loss) attributable to Retail Opportunity Investments Corp.			9,656,321			9,656,321
Unrealized loss on swap derivatives				(13,576,912)		(13,576,912)
Total other comprehensive loss						(3,920,591)
Compensation expense related to options granted		228,204				228,204
Net loss						9,656,321
Balance at Dec. 31, 2011	$ 4,938	$ 484,194,434	$ (19,617,877)	$ (14,094,830)	$ 2,389	$ 450,489,054
Balance (in Shares) at Dec. 31, 2011	49,375,738

Consolidated Statements Of Equity (Parentheticals) - Common Stock [Member]	12 Months Ended
	Dec. 31, 2009 shares
Shares exercised during conversion	5,325
Shares of 12,414,674 unexercised previously subject to possible conversion	12,414,674

Consolidated Statements Of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements Of Cash Flows - USD ($)	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 9,656,321	$ (400,921)	$ (9,365,770)
Adjustments to reconcile net income (loss) to cash provided by(used in) operating activities:
Depreciation and amortization	21,264,172	6,080,571	28,864
Amortization of deferred financing costs and mortgage premium	156,575	(220,293)
Gain on bargain purchases	(9,449,059)	(2,216,824)
Straight-line rent adjustment	(2,733,939)	(1,147,139)
Amortization of above and below-market rent	(3,165,657)	(922,941)	(2,827)
Amortization relating to stock based compensation	2,185,922	930,128	680,314
Provisions for tenant credit losses	1,146,224	542,312
Equity earned in earnings from unconsolidated joint ventures	(1,458,249)	(548,026)
Net income earned in acquisition			(29,641)
Distribution of cumulative earnings from unconsolidated joint ventures	1,513,090	390,000
Change in operating assets and liabilities
Mortgage escrows	(159,452)	(267,443)
Tenant and other receivables	(3,252,211)	(1,451,054)
Prepaid expenses	125,976	(651,021)	(100,380)
Interest on investments held in trust			(352,407)
Income taxes receivable		1,236,375	(870,222)
Deferred tax asset			675,753
Due to related party		(5,556)	5,556
Deferred interest payable			(960,648)
Accounts payable and accrued expenses	1,729,609	(135,389)	4,161,902
Other asset and liabilities, net	(273,125)	1,092,491	(3,777)
Net cash provided by (used) in operating activities	17,286,197	2,305,270	(6,133,283)
CASH FLOWS FROM INVESTING ACTIVITIES
Withdrawal of funds from investments placed in trust			411,646,984
Investments in real estate	(206,999,678)	(210,720,303)	(18,002,923)
Investments in mortgage notes receivables	(10,000,000)	(66,948,044)
Investments in unconsolidated joint ventures	(19,663,218)	(16,741,343)
Proceeds received from unconsolidated joint ventures	18,095,218
Proceeds from the repayment of mortgage notes		9,170,000
Proceeds from the sale of land	159,973
Improvements to properties	(8,014,148)	(1,465,438)
Deposits on real estate acquisitions	(500,000)	(1,500,000)
Construction escrows and other	1,766,905	(2,570,818)
Net cash (used in) provided by investing activities	(225,154,948)	(290,775,946)	393,644,061
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for shares redeemed during conversion			(52,173)
Payments of offering costs			(4,222,000)
Principal repayments on mortgages	(12,276,948)	(131,393)
Net proceeds from the draw on revolving credit lines	140,110,258
Pay down on revolving credit lines	(30,110,258)
Proceeds from the sale of stock	82,600,510
Increase in deferred financing and other costs	(2,481,663)	(2,367,615)
Registrations expenditures	(3,806,469)
Dividends paid to common stockholders	(16,349,970)	(7,486,226)
Contributions from consolidated joint venture minority interests, net		2,389
Common shares issued under the 2009 Plan	15	9
Repurchase shares of common stock	(235,546)	(50,905)
Net cash provided (used in) financing activities	157,449,929	(10,033,741)	(4,274,173)
Net (decrease) increase in cash and cash equivalents	(50,418,822)	(298,504,417)	383,236,605
Cash and cash equivalents at beginning of period	84,736,410	383,240,827	4,222
Cash and cash equivalents at end of period	$ 34,317,588	$ 84,736,410	$ 383,240,827

Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Basis of Presentation and Significant Accounting Policies [Text Block]

1.	Organization, Basis of Presentation and Summary of Significant Accounting Policies

Business

Retail Opportunity Investments Corp. (the "Company") is a fully integrated and self-managed real estate investment trust ("REIT"). The Company specializes in the acquisition ownership and management of necessity-based community and neighborhood shopping centers in the eastern and western regions of the United States anchored by national and regional supermarkets and drugstores. The Company refers to the properties interests as its target assets.

With the approval of its stockholders, the Company reincorporated as a Maryland corporation on June 2, 2011. The Company began operations as a Delaware corporation, known as NRDC Acquisition Corp., which was incorporated in Delaware on July 10, 2007, for the purpose of acquiring through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination with one or more assets or control of one or more operating businesses. On October 20, 2009, the Company's stockholders and warrantholders approved each of the proposals presented at the special meetings of stockholders and warrantholders, respectively, in connection with the transactions contemplated by the Framework Agreement (the "Framework Agreement") it entered into on August 7, 2009 with NRDC Capital Management, LLC, which, among other things, set forth the steps to be taken by it to continue its business as a corporation that has elected to qualify as a REIT for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2010. The Company 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 the Company conducts substantially all of its business through, its wholly-owned operating partnership subsidiary, Retail Opportunity Investments Partnership, LP, a Delaware limited partnership (the "operating partnership"), and its subsidiaries. The Company has elected to be taxed as a REIT, for U.S. federal income tax purposes commencing with the year ended December 31, 2010.

Recent Accounting Pronouncements

In December 2010, the Financial Accounting Standards Board ("FASB") issued guidance on the disclosure of supplementary pro forma information for business combinations. Effective for periods beginning after December 15, 2010, the guidance specifies that if a public entity enters into business combinations that are material on an individual or aggregate basis and presents comparative financial statements, the entity must present pro forma revenue and earnings of the combined entity as though the business combination(s) that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. The adoption of the guidance did not have a material impact on the Company’s consolidated financial statements at December 31, 2011.

In July 2010, the FASB issued updated guidance on disclosures about the credit quality of financing receivables and the allowance for credit losses which will require a greater level of information disclosed about the credit quality of loans and allowance for loan losses, as well as additional information related to credit quality indicators, past due information, and information related to loans modified in trouble debt restructuring. The guidance related to disclosures of financing receivables as of the end of a reporting period is required to be adopted for interim and annual reporting periods ending on or after December 15, 2010. The financing receivables disclosures related to the activity that occurs during a reporting period are required to be adopted for interim and annual reporting periods beginning on or after December 15, 2010. The troubled debt restructuring disclosure is effective for interim and annual periods ending after June 15, 2011. Adoption of the remaining guidance for the annual reporting period ending December 31, 2010 resulted in additional disclosures in the Company’s consolidated financial statements.

In January 2010, the FASB issued updated guidance on fair value measurements and disclosures, which requires disclosure of details of significant asset or liability transfers in and out of Level 1 and Level 2 measurements within the fair value hierarchy and inclusion of gross purchases, sales, issuances, and settlements in the rollforward of assets and liabilities valued using Level 3 inputs within the fair value hierarchy. The guidance also clarifies and expands existing disclosure requirements related to the disaggregation of fair value disclosures and inputs used in arriving at fair values for assets and liabilities using Level 2 and Level 3 inputs within the fair value hierarchy. These disclosure requirements were effective for interim and annual reporting periods beginning after December 15, 2009. Adoption of this guidance on January 1, 2010, excluding the Level 3 rollforward, resulted in additional disclosures in our consolidated financial statements. The gross presentation of the Level 3 rollforward is required for interim and annual reporting periods beginning after December 15, 2010. The adoption of the guidance did not have a material effect on the Company’s consolidated financial statements at December 31, 2011.

In June 2011, the FASB issued updated guidance on disclosures relating to the reporting of other comprehensive income. The updated guidance eliminates the option to present components of other comprehensive income as part of the statement of equity. The updated guidance is effective for fiscal years, and interim periods within those years beginning after December 15, 2011. While the Company is currently evaluating the effect of the adoption of this guidance, it currently believes that its adoption will not have a material impact on the Company’s consolidated financial statements.

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"). The consolidated financial statements include the accounts 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.

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 modifies the presentation of net income by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests.

The Company assesses the accounting treatment for each joint venture. This assessment includes a review of each joint venture or limited liability company agreement to determine which party has what rights and whether those rights are protective or participating. For all VIEs, the Company reviews such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance. In situations where the Company or its partner approves, among other things, the annual budget, receives a detailed monthly reporting package from the Company, meets on a quarterly basis to review the results of the joint venture, reviews and approves the joint venture's tax return before filing, and approves all leases that cover more than a nominal amount of space relative to the total rentable space at each property, the Company does not consolidate the joint venture as it considers these to be substantive participation rights that result in shared power of the activities that most significantly impact the performance of the joint venture. The Company's joint venture agreements also contain certain protective rights such as the requirement of partner approval to sell, finance or refinance the property and the payment of capital expenditures and operating expenditures outside of the approved budget or operating plan.

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 purchase price allocations, depreciable lives, revenue recognition and the collectability of tenant receivables, other receivables, notes receivables, the valuation of options and warrants and derivatives. Actual results could differ from these estimates.

Federal Income Taxes

Commencing with the Company's taxable year ended December 31, 2010, 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 REIT taxable income 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. In addition, taxable income from non-REIT activities managed through the Company's taxable REIT subsidiary ("TRS") is fully subject to U.S. federal, state and local income taxes.

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, 2011, the tax years 2007 through and including 2010 remain open to examination by the Internal Revenue Service ("IRS") and state taxing authorities. During the twelve months ended December 31, 2011, the IRS requested an examination of the Company's 2009 federal tax return. The examination is ongoing as of the date of this report.

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. The Company expenses transaction costs associated with business combinations in the period incurred. During the years ended December 31, 2011 and 2010, capitalized costs related to the improvements or replacement of real estate properties were approximately $8.3 million and $1.5 million, respectively.

Upon the acquisition of real estate properties, the fair value of the real estate purchased is allocated to the 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). Acquired lease intangible assets include above-market leases and acquired in-place leases in the accompanying consolidated balance sheet. 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 its 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 sheet.

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 associated with the original lease term is amortized to rental income, over the terms of the respective leases. The value of below-market rental lease renewal options is deferred until such time as the renewal option is exercised and subsequently amortized over the corresponding renewal period. The value of in-place leases are amortized to expense, and the above-market and below-market lease values are amortized to rental income, 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 may record a bargain purchase gain if it determines that the purchase price for the acquired assets was less than the fair value. The Company will record a liability in situations where any part of the cash consideration is deferred. The amounts payable in the future are discounted to their present value. The liability is subsequently re-measured to fair value with changes in fair value recognized in the consolidated statements of operations. If, up to one year from the acquisition date, information regarding fair value of assets acquired and liabilities assumed is received and estimates are refined, appropriate property adjustments are made to the purchase price allocation on a retrospective basis.

In conjunction with the Company's pursuit and acquisition of real estate investments, the Company expensed acquisition transaction costs for the years ended December 31, 2011, 2010 and 2009 of approximately $2.3 million, $2.6 million and $202,000, respectively.

Regarding the Company's 2011 property acquisitions (see Note 2), the fair values of in-place leases and other intangibles have been allocated to intangible assets and liability accounts. Such allocations are preliminary and may be adjusted as final information becomes available.

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 amounts of the assets exceed the fair value. Management does not believe that the value of any of the Company’s real estate investments was impaired at December 31, 2011.

The Company reviews its investments in its unconsolidated joint ventures for impairment periodically and the Company would record an impairment charge when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than temporary. The ultimate realization of the Company's investment in its unconsolidated joint ventures is dependent on a number of factors, including the performance of each investment and market conditions. Management does not believe that the carrying value of any of the Company’s unconsolidated joint ventures was impaired at December 31, 2011.

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 never experienced any losses related to these balances.

Restricted Cash

The terms of several of the Company's mortgage loans payable 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. Restricted cash at December 31, 2010, also included $2.0 million held by a bank in an interest bearing account to secure a contingent letter of credit obligation. The letter of credit expired undrawn and the $2.0 million was returned to the Company in May 2011.

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. Property operating expense recoveries from tenants of common area maintenance, real estate taxes and other recoverable costs are recognized in the period the related expenses are incurred. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms.

During the twelve months ended December 31, 2011, the Company wrote off a tenant's unamortized lease incentive balance and straight line rent receivable balance of approximately $574,000 and $138,000, respectively, as a result of the tenant terminating its lease prior to the expiration date. The amounts were recorded as a reduction to base rents in the accompanying consolidated statements of operations.

Termination fees (included in rental revenue) 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 in accordance with Securities and Exchange Commission Staff Accounting Bulletin 104, "Revenue Recognition," 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) collectivity of the termination fee is assured. 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 under generally accepted accounting principles 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 and the allowance for bad debts by considering tenant creditworthiness, current economic trends, 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 provision for doubtful accounts at December 31, 2011 and 2010 was approximately $2.1 million and $542,300, respectively.

Depreciation and Amortization

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

Deferred charges consist principally of leasing commissions and acquired lease origination costs (which are amortized ratably over the life of the tenant leases) and financing fees (which are amortized over the term of the related debt obligation). Deferred charges in the accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of approximately $4.7 million and $861,000, as of December 31, 2011 and 2010, respectively.

The unamortized balances of deferred charges will be charged to future operations as follows:

	Lease origination costs		Financing costs		Total
2012	$	2,400,624	$	1,256,584	$	3,657,208
2013		2,084,750		1,259,517		3,344,267
2014		1,731,147		1,016,002		2,747,149
2015		1,350,221		176,180		1,526,401
2016		873,170		—		873,170
Thereafter		3,193,937		—		3,193,937
	$	11,633,849	$	3,708,283	$	15,342,132

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

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 (Loss) Per Share

Basic earnings (loss) per share ("EPS") excludes the impact of dilutive shares and is computed by dividing net income (loss) 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.

As of December 31, 2011, the effect of the 41,400,000 warrants to purchase the Company's common stock (the "Public Warrants") issued in connection with the Company's initial public offering (the "Public Offering"), the 8,000,000 warrants (the "Private Placement Warrants") purchased by NRDC Capital Management, LLC (the “Sponsor”) simultaneously with the consummation of the Public Offering were not included in the calculation of diluted EPS since they are not deemed exercisable. Similarly, during the years ended December 31, 2010 and 2009, the Public Warrants, the Private Placement Warrants, the restricted stock and options granted in 2009 were not included in the calculation of diluted EPS since the effect would be anti-dilutive since the Company reported a net loss during these periods.

For the years ended December 31, 2011, 2010 and 2009, basic earnings per share 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, including the effect of the 7,606,800 shares sold during the twelve months ended December 31, 2011 as described in Note 7. 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. For 2011, the Company had 312,098 weighted average unvested restricted shares outstanding. The restricted stock grants awarded under the performance-based program described in Note 8 are excluded from the basic earnings per share calculation, as these units are not participating securities.

The following table sets forth the reconciliation between basic and diluted EPS:

	For the year ended December 31,
	2011		2010		2009
Denominator:
Denominator for basic EPS – weighted average common shares		42,477,007		41,582,401		49,734,703
Restricted stock awards-Performance-based		35,878		—		—
Stock Options		13,403		—		—
Denominator for diluted EPS – weighted average common equivalent shares.		42,526,288		41,582,401		49,734,703

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 plans based on the FASB guidance which requires that compensation expense be recognized based on the fair value of the stock awards less estimated forfeitures. Restricted stock grants vest based upon the completion of a service period ("time-based grants") and/or the Company meeting certain established financial performance criteria ("performance-based grants"). Time-based grants are valued according to the market price for the Company's common stock at the date of grant. For performance-based grants, the Company generally engages an independent appraisal company to determine the value of the shares at the date of grant, taking into account the underlying contingency risks associated with the performance criteria. 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. Awards of stock options and time-based grants stock are expensed as compensation over the vesting period. Awards of performance-based grants are expensed as compensation under an accelerated method and are recognized in income (loss) regardless of the results of the performance criteria.

Derivatives

The Company records all derivatives on the balance sheet 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 risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge.

Segment Reporting

The Company operates in one industry segment, ownership of commercial real estate properties. The Company does not distinguish in property operations for purposes of measuring performance. Accordingly, the Company believes it has a single reportable segment for disclosure purposes.

Cash Flows

Supplemental Consolidated Statements of Cash Flow Information	For the Year Ended December 31,
	2011		2010		2009
Supplemental disclosure of cash activities:
Cash paid for Federal and New York state income taxes	$	85,075		—		—
Interest paid		5,961,651		379,074		—
Other non-cash investing and financing activities:
Intangible lease liabilities		30,684,243		22,404,932		—
Accrued interest rate swap liabilities		13,338,502		517,918		—
Accrued real estate improvement costs		252,189		260,364		—
Accrued financing costs and other		—		152,028		—

Note 2 - Real Estate Investments

12 Months Ended

Dec. 31, 2011

Real Estate Investment Financial Statements, Disclosure [Table Text Block]

2.	Real Estate Investments

The following real estate investment transactions have occurred during the twelve months ended December 31, 2011.

Property Acquisitions

On January 3, 2011, the Company acquired a shopping center located in Oceanside, California (the "Market Place Del Rio Property"), for a purchase price of $35.7 million. The Market Place Del Rio Property is anchored by Stater Brothers Market and Walgreens. The property was acquired with cash.

On January 6, 2011, the Company acquired a shopping center located in Pinole, California (the "Pinole Vista Property"), for a purchase price of $20.8 million. The Pinole Vista Property is anchored by Save-mart (Lucky) Supermarket, Kmart and Dollar Tree. The property was acquired with cash.

On February 17, 2011, the Company obtained ownership of three neighborhood shopping Centers (collectively, the "Premier Properties"), which secured three of four loans ("CA Loans") purchased during the year ended December 31, 2010 for $50.0 million. The Company obtained ownership of the Premier Properties pursuant to a Conveyance in Lieu of Foreclosure Agreement, dated as of January 28, 2011. The consideration for the title to the Premier Properties included additional payments of approximately $2.3 million. The fourth loan was secured by a second mortgage on an office building in Washington. The Company attributed no value to the second mortgage when it was acquired since the outstanding principal balance of the senior mortgage of the property, which was held by a third party, exceeded the value of the property. As such, in connection with the deed-in-lieu transaction, the Company agreed to extinguish the fourth loan and remove its lien on the property. In determining the purchase price allocation as described in Note 1 the Company recorded a bargain purchase gain of approximately $5.7 million since it determined that the purchase price for the acquired assets was less than the fair value.

The three Premier Properties are as follows:

·	Desert Springs Marketplace, a shopping center located in Palm Desert, California. Desert Springs Marketplace is a grocery-anchored neighborhood shopping center anchored by Kroger (Ralph’s) Supermarket.

·	Mills Shopping Center, a shopping center located in Rancho Cordova, California. Mills Shopping Center is a neighborhood shopping center anchored by Raleys Supermarket.

·	Nimbus Village, a shopping center located in Rancho Cordova, California. Nimbus Village is a neighborhood shopping center.

On May 20, 2011, the Company acquired a shopping center located in Stockton, California (the "Morada Ranch Property"), for a purchase price of $23.8 million. The Morada Ranch Property is anchored by Raley's Supermarket. The property was acquired with cash.

On July 8, 2011, the Company acquired the property known as Country Club Gate Shopping Center located in Pacific Grove, California for a purchase price of $22.8 million. Country Club Gate Shopping Center is anchored by a Save Mart Supermarket and Rite Aid. The property was acquired with cash of $10.0 million and the assumption of an existing mortgage of $12.8 million.

On July 29, 2011, the Company acquired the property known as Canyon Park Shopping Center located in Bothell, Washington for a purchase price of $18.4 million. Canyon Park Shopping Center is anchored by an Albertson’s Supermarket and Rite Aid. The property was acquired with cash.

On August 3, 2011, the Company acquired the property known as Renaissance Towne Center located in La Jolla, California for a purchase price of $23.8 million. Renaissance is anchored by CVS Pharmacy. The property was acquired with cash of $6.7 million and the assumption of an existing mortgage of $17.1 million.

On September 8, 2011, the Company acquired the property known as Hawks Prairie located in Lacey, Washington for a purchase price of $22.5 million. Hawks Prairie is anchored by Safeway Supermarket and Big Lots. The property was acquired with cash.

On September 30, 2011, the Company acquired the property known as The Kress Building located in Seattle, Washington for a purchase price of $28.8 million. The Kress Building is anchored by IGA Supermarket and J.C. Penney. The property was acquired with cash.

On August 23, 2011, the Company acquired a mortgage note from a special servicer for an aggregate purchase price of $22.0 million in cash. The note was secured by a shopping center located in Zephyr Cove, Nevada (“Round Hill Square”). At the time of closing on the note, the borrower was in default, having failed to meet debt service payments since April 2010. On September 12, 2011, the Company entered into a conveyance in lieu of foreclosure agreement (the “Conveyance Agreement”) with the borrower to acquire Round Hill Square. Pursuant to the Conveyance Agreement, the Company, as the holder of the note, agreed not to bring any action against the borrower or the guarantors, subject to certain exceptions, and the borrowers agreed to transfer Round Hill Square to the Company. The conveyance was completed on September 23, 2011. In determining the purchase price allocation as described in Note 1 the Company recorded a bargain purchase gain of approximately $3.8 million since it determined that the purchase price for the acquired assets was less than the fair value. Round Hill Square is a neighborhood shopping center anchored by Safeway Supermarket.

On November 22, 2011, the Company acquired the property known as the Hillsboro Market Center located in Hillsboro, Oregon for a purchase price of approximately $17.5 million. The Hillsboro Market Center is anchored by Albertson’s Supermarket, Dollar Tree and Marshalls. The property was acquired with cash.

The financial information set forth below summarizes the Company’s purchase price allocation for the properties acquired during the twelve months ended December 31, 2011.

	December 31, 2011
ASSETS
Land	$	81,695,190
Building and improvements		218,940,910
Acquired lease intangible asset		23,558,124
Deferred charges		5,906,930
Assets acquired	$	330,101,154
Acquired lease intangible liability	$	30,684,243
Mortgage notes assumed		30,851,283
Liabilities assumed	$	61,535,526

Included above are the purchase price allocations for the Premier Properties previously secured by CA Loans purchased during the year ended December 31, 2010 for $50.0 million.

Pro Forma Financial Information

The pro forma financial information set forth below is based upon the Company's historical consolidated statements of operations for the year ended December 31, 2011 and 2010, adjusted to give effect of these transactions at the beginning of each year.

The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transaction occurred at the beginning of each year, nor does it purport to represent the results of future operations.

	For the Year Ended December 31,
	2011		2010
Statement of operations:
Revenues	$	62,774,530	$	62,494,025
Property operating and other expenses		16,649,757		16,681,232
Depreciation and amortization		28,450,791		28,570,743
Net income attributable to Retail Opportunity Investments Corp.	$	17,673,982	$	17,242,050

The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2011, for the properties acquired during the twelve months ended December 31, 2011.

Statement of operations:	Year Ended December 31, 2011
Revenues	$	18,754,179
Property operating and other expenses		4,997,068
Depreciation and amortization		9,295,157
Net income attributable to Retail Opportunity Investments Corp.	$	4,461,954

Mortgage Notes Receivable

During the year ended December 31, 2011, the Company made a $10.0 million second mortgage loan to the joint venture that owns the Crossroads Shopping Center as per the joint venture agreement. The Company owns a 49% equity interest in the joint venture. The interest due on the loan is 8% per annum and matures on September 1, 2015, which is coterminous with the existing first mortgage.

Unconsolidated Joint Ventures

At December 31, 2011, and 2010, investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses).

	December 31, 2011		December 31, 2010
Wilsonville OTS LLC (95%)	$	4,584,496	$	4,484,325
Crossroads Shopping Center (49%)		13,780,018		12,295,030
Mortgage note receivable secured by Riverside Plaza (50%)		7,878,000		—
Total	$	26,242,514	$	16,779,355

The Company has no contractual capital contribution commitments to its Joint Ventures.

The Company completed one transaction related to unconsolidated joint ventures during the year ended December 31, 2011. On March 22, 2011, through a 50/50 joint venture with Winthrop Realty Trust, the Company acquired two maturity defaulted first mortgage loans that were secured by two grocery-anchored shopping centers for a purchase price of approximately $36.2 million. The purchase price represents the aggregate outstanding principal balance due under the loans. Both loans provided for default interest rate of 4.0% over the regular interest rate of 4.92%. The Company's $18.0 million investment was funded by available cash. In May 2011, the borrower paid the joint venture the principal balance and unpaid interest in the amount of $37.6 million in full satisfaction of the notes. The Company received $18.8 million of the proceeds.

The Company has evaluated its investments in the joint ventures and has concluded that the joint ventures are not VIEs. The Company accounts for its investment in its unconsolidated joint ventures under the equity method of accounting since it exercises significant influence over, but does not control the unconsolidated joint ventures. The other members in the unconsolidated joint ventures have substantial participation rights in the financial decisions and operations of the unconsolidated joint ventures.

Note 3 - Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2011

Intangible Assets Disclosure [Text Block]

3.	Acquired Lease Intangibles

For the years ended December 31, 2011, 2010 and 2009, the net amortization of acquired lease intangible assets and acquired lease intangible liabilities was $3.2 million, $923,000 and $2,827 respectively, which amounts are included in base rents in the accompanying consolidated statements of operations. During the year ended December 31, 2011, the Company wrote off $1.1 million representing the fair value allocated to the below-market rental renewal options of a tenant that did not exercise its renewal option. The amount written off resulted in an increase in base rents in the accompanying consolidated statements of operations and is included in the $3.2 million stated above.

The scheduled amortization of acquired lease intangible assets as of December 31, 2011 is as follows:

Year ending December 31:
2012	$	8,274,171
2013		6,097,825
2014		4,658,331
2015		3,527,746
2016		2,480,072
Thereafter		6,986,008
	$	32,024,153

The scheduled amortization of acquired lease intangible liabilities as of December 31, 2011 is as follows:

Year ending December 31:
2012	$	4,756,166
2013		4,771,343
2014		3,742,243
2015		3,271,826
2016		2,615,770
Thereafter		27,543,272
	$	46,700,620

Note 4 - Tenant Leases

12 Months Ended

Dec. 31, 2011

Leases of Lessor Disclosure [Text Block]

4.	Tenant Leases

Space in the shopping centers and other retail properties 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.

Minimum future rentals to be received under non-cancellable leases for shopping centers as of December 31, 2011 are summarized as follows:

2012	$	45,898,239
2013		40,931,988
2014		35,486,440
2015		30,357,498
2016		24,606,265
Thereafter		142,075,196
	$	319,355,626

- Definition

The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 13
-Paragraph 23
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6452767&loc=d3e37045-112695

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952072&loc=d3e45377-112738

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 10
-Section 55
-Paragraph 47
-URI http://asc.fasb.org/extlink&oid=6584217&loc=d3e38847-112698

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6952072&loc=d3e45424-112738

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41460-112716

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6454179&loc=d3e41551-112718

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6952072&loc=d3e45437-112738

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 20
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6453916&loc=d3e41457-112716

+ Details

Note 5 - Mortgage Notes Payable and Credit Facilities

12 Months Ended

Dec. 31, 2011

Debt Disclosure [Text Block]

5.	Mortgage Notes Payable and Credit Facilities

Mortgage Notes Payable

The mortgage notes payable collateralized by respective properties and assignment of leases at December 31, 2011 and December 31, 2010, respectively, were as follows:

Property	Maturity Date	Interest Rate			December 31, 2011		December 31, 2010
Heritage Market Center	December 2011		7.11	%	$	—	$	11,538,777
Cascade Summit Town Square	July 2012		7.25	%		6,894,650		7,124,718
Gateway Village I	February 2014		5.58	%		6,868,492		7,011,658
Gateway Village II	May 2014		5.73	%		7,019,258		7,159,072
Country Club Gate	January 2015		5.04	%		12,705,857		—
Renaissance Towne Center	June 2015		5.13	%		17,014,883		—
Gateway Village III	July 2016		6.10	%		7,546,509		7,580,000
						58,049,649		40,414,225
Mortgage Premium						1,856,315		2,002,875
Total mortgage notes payable					$	59,905,964	$	42,417,100

The combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows:

	Principal Repayments		Scheduled Amortization		Mortgage Premium		Total
2012	$	6,773,573	$	938,983	$	711,135	$	8,423,691
2013		—		831,788		579,079		1,410,867
2014		13,266,116		657,214		400,919		14,324,249
2015		28,161,488		207,815		118,152		28,487,455
2016		7,172,076		40,596		47,030		7,259,702
Thereafter		—		—		—		—
	$	55,373,253	$	2,676,396	$	1,856,315	$	59,905,964

On July 8, 2011, the Company assumed an existing mortgage loan with an outstanding principal balance of approximately $12.8 million as part of the acquisition of the Country Club Gate Shopping Center. The fair market value was determined to be $13.5 million. The Country Club Gate loan bears interest at a rate of 5.04% per annum and has a maturity date of January 2015.

On August 8, 2011, the Company assumed an existing mortgage loan with an outstanding principal balance of approximately $17.1 million as part of the acquisition of Renaissance Towne Center. The fair market value was determined to be $ 17.3 million. The Renaissance Towne Center loan bears interest at a rate of 5.13% per annum and has a maturity date of June 2015.

On September 10, 2011, the Company paid off $11.5 million of mortgage debt that was secured by the Heritage Market Center.

Credit Facilities

On September 20, 2011, the Company simultaneously extended its existing unsecured credit agreement (“credit facility”) and entered into a term loan agreement (“term loan”) (collectively, the “agreements”) with KeyBank National Association, as administrative agent and issuer, Bank of America, N.A., as Syndication Agent, PNC Bank, National Association and U.S. Bank, National Association, as co-documentation agents, and the other lenders party thereto.

The credit facility provides for borrowings of up to $175.0 million with a letter of credit sub-limit of up to 20% of the then-current aggregate commitments. The credit facility agreement allows the Company the ability to increase the size of the facility by an additional $125.0 million subject to certain conditions set forth in the credit facility agreement, including the consent of the lenders for the additional commitments. The term loan agreement provides for borrowings of up to $110.0 million and allows the Company the ability to increase aggregate commitments by an additional $65.0 million subject to certain conditions set forth in the term loan agreement, including the consent of the lenders for the additional commitments.

The initial maturity date of the credit facility is September 20, 2014, subject to a one-year extension option, which may be exercised by the Company upon satisfaction of certain conditions. The maturity date of the term loan is September 20, 2015.

Borrowings under the agreements bear interest on the outstanding principal amount at a rate equal to, prior to such time as the Company has obtained an investment grade rating from at least two rating agencies, an applicable rate based on the consolidated leverage ratio of the Company and its subsidiaries, plus, as applicable, (i) a LIBOR rate determined by reference to the cost of funds for 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 “Base Rate”). From, and after the time the Company obtains an investment grade rating from at least two rating agencies, borrowings under the agreements will bear 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) the Base Rate. The Company is obligated to pay (i) prior to such time as the Company has obtained an investment grade rating from at least two rating agencies, an unused fee of (a) 0.35% if the total outstanding principal amount is less than 50% of the aggregate commitments or (b) 0.25% if the total outstanding principal amount is greater than or equal to 50% of the aggregate commitments, (ii) from and after such time as the Company has obtained an investment grade rating from at least two rating agencies, a facility fee at a facility fee rate based on the credit rating level of the Company, and (iii) a fronting fee at a rate of 0.125% per year with respect to each letter of credit issued under the agreements. The agreements contain certain representations, financial and other covenants typical for these types of facilities. The Company's ability to borrow under the agreements is subject to its compliance with the covenants and other restrictions on an ongoing basis. The Company was in compliance with such covenants at December 31, 2011.

As of December 31, 2011, $110.0 million was outstanding under the term loan and although there were borrowings under the credit facility during the year the Company did not have any borrowings outstanding on the credit facility at December 31, 2011. The average interest rate on borrowings under both loans during the year ended December 31, 2011 was 2.1%. The Company had $175.0 million available to borrow under the credit facility at December 31, 2011.

- 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 + Details

Note 6 - Preferred Stock

12 Months Ended

Dec. 31, 2011

Preferred Stock [Text Block]

6.	Preferred Stock

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, 2011 and 2010, there were no shares of preferred stock outstanding.

Note 7 - Common Stock and Warrants

12 Months Ended

Dec. 31, 2011

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

7.	Common Stock and Warrants

On December 7, 2011, the Company sold 7,475,000 shares of its common stock in an underwritten follow-on common stock offering at a price of $10.85 per share, for net proceeds of approximately $77.2 million after the underwriting discount and offering expenses of approximately $3.9 million. The Company used the proceeds of the offering to repay existing draws on its credit facility. The Company intends to use the remaining proceeds from the offering for working capital and general corporate purposes, including the acquisition of properties.

On June 23, 2011, the Company entered into an ATM Equity OfferingSM Sales Agreement ("sales agreement") with Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell shares of the Company's common stock par value $0.0001 per share, having aggregate sales proceeds of $50,000,000, from time to time, through an "at the market" equity offering program under which Merrill Lynch, Pierce, Fenner & Smith Incorporated (“agent”) acts as sales agent and/or principal agent. During the year ended December 31, 2011, the Company sold 131,800 shares under the sales agreement, which resulted in gross proceeds of approximately $1.5 million and commissions of approximately $29,900 paid to the agent.

Simultaneously with the consummation of the Public Offering, the Sponsor purchased 8,000,000 Private Placement Warrants at a purchase price of $1.00 per warrant. The Private Placement Warrants were identical to the Public Warrants except that the Private Placement Warrants are exercisable on a cashless basis as long as they are still held by the Sponsor or its permitted transferees. In addition, the Private Placement and Public Warrants have different prices at which the Company's common stock must trade before the Company is able to redeem such warrants. The purchase price of the Private Placement Warrants approximated the fair value of such warrants at the purchase date.

The Company has the right to redeem all of the warrants it issued in the Public Offering and the Private Placement Warrants, at a price of $0.01 per warrant upon 30 days' notice while the warrants are exercisable, only in the event that the last sale price of the common stock is at least a specified price. The terms of the warrants are as follows:

·	The exercise price of the warrants is $12.00.

·	The expiration date of the warrants is October 23, 2014.

·	The price at which the Company's common stock must trade before the Company is able to redeem the warrants it issued in the Public Offering is $18.75.

·	The price at which the Company's common stock must trade before the Company is able to redeem the Private Placement Warrants is (x) $22.00, as long as they are held by the Sponsor or its members, members of its members' immediate families or their controlled affiliates, or (y) $18.75.

To provide that a warrantholder's ability to exercise warrants is limited to ensure that such holder's "Beneficial Ownership" or "Constructive Ownership," each as defined in the Company's Charter, does not exceed the restrictions contained in the Charter limiting the ownership of shares of the Company's common stock.

The Company has reserved 53,400,000 shares for the exercise of the Public Warrants and the Private Placement Warrants, and issuance of shares under the Company's 2009 Equity Incentive Plan (the "2009 Plan").

Warrant Repurchase

In May 2010, the Company's board of directors authorized a warrant repurchase program to repurchase up to a maximum of $40.0 million of the Company's warrants. To date, the Company has not repurchased warrants under such program.

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

Note 8 - Stock Compensation and Other Benefit Plans

12 Months Ended

Dec. 31, 2011

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

8.	Stock Compensation and Other Benefit Plans

The Company 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.

During 2009, the Company adopted the 2009 Plan. The 2009 Plan provides for grants of restricted common stock and stock option awards up to an aggregate of 7.5% of the issued and outstanding shares of the Company's common stock at the time of the award, subject to a ceiling of 4,000,000 shares.

Restricted Stock

During the year ended December 31, 2011, the Company awarded 276,000 shares of restricted common stock under the 2009 Plan of which 111,250 are performance-based grants and the remainder of the shares are time-based grants. The performance-based grants vest in three equal annual tranches, depending on the Company achieving an 8% total return to shareholders, or exceeding the top one-third of a certain peer group of companies over a three-year period from December 30, 2010, through December 31, 2013. An independent appraisal Company determined the value of the performance-based grants to be $9.62 per share, compared to a market price at the date of grant of $10.88. The time-based grants are expensed as compensation over the vesting period. The performance-based grants are expensed as compensation under an accelerated method and are recognized in income (loss) regardless of the results of the performance criteria. On December 31, 2011, 37,085 shares vested since the Company met the established financial performance criteria.

As of December 31, 2011, there remained a total of $2.3 million of unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded under the 2009 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 grants). For the years ended December 31, 2011, 2010 and 2009, amounts charged to expenses totaled approximately $2.0 million, $769,700 and $138,400, respectively.

A summary of the status of the Company's non-vested restricted stock awards as of December 31, 2011, and changes during the year ended December 31, 2011 are presented below:

	Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2010		161,333		$	10.27
Granted		276,000			10.31
Vested		(151,135	)		10.27
Forfeited		—			—
Non-vested at December 31, 2011		286,198		$	10.30

Stock Options

During the year ended December 31, 2011, the Company awarded a total of 102,000 options to purchase shares under the 2009 Plan. The Company has used the Monte Carlo method for purposes of estimating the fair value in determining compensation expense for the options that were granted during the twelve months ended December 31, 2011. The assumption for expected volatility has a significant effect on the grant fair value. Volatility is determined based on the historical volatilities of REITs similar to the Company. The Company used the simplified method to determine the expected life which is calculated as an average of the vesting period and the contractual term. The fair value for the options awarded by the Company during the twelve months ended December 31, 2011, was estimated at the date of the grant using the following weighted-average assumptions. There were no options awarded during the year ended December 31, 2010.

	Twelve Months Ended December 31, 2011
Average volatility		26.0	%
Expected dividends	$	0.12
Expected life (in years)	6.0 to 6.5
Risk-free interest rate (range)	2.59% to 2.73%

A summary of options activity as of December 31, 2011, and changes during the year ended December 31, 2011 are presented below:

	Shares		Weighted Average Exercise Price
Outstanding at December 31, 2010		235,000	$	10.25
Granted		102,000		10.88
Exercised		—		—
Expired		—		—
Outstanding at December 31, 2011		337,000	$	10.44
Exercisable at December 31, 2011		157,933	$	10.53

For the years ended December 31, 2011, 2010 and 2009, the amounts charged to expenses totaled approximately $228,000, $160,500 and $29,414, respectively. The total unearned compensation at December 31, 2011, was approximately $328,000. The options vest over an average period of 1.5 years.

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 contributions on behalf of eligible employees. The Company made contributions to the 401K Plan of approximately $12,000 for the year ended December 31, 2011.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Note 9 - Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2011

Fair Value Disclosures [Text Block]

9.	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, revolving credit facilities and term loan are reasonable estimates of their fair values because of the short-term nature of these instruments. Mortgage notes receivables were recorded at the actual purchase price. Mortgage notes payable were recorded at their fair value at the time they were assumed and are estimated to have a fair value of approximately $61.6 million as of December 31, 2011.

Disclosure about fair value of financial instruments is based on pertinent information available to us as of December 31, 2011. Although the Company is not aware of any factors that would significantly affect the reasonable fair value amount, such amount have not been comprehensively re-valued for purposes of these financial statements since that date and current estimates of fair value may differ significantly from the amounts presented herein.

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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+ Details

Note 10 - Derivative and Hedging Activities

12 Months Ended

Dec. 31, 2011

Derivative Instruments and Hedging Activities Disclosure [Text Block]

10.	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.

During the year ended December 31, 2010, the Company entered into a $25.0 million forward starting interest rate swap with Wells Fargo Bank, N.A. The forward starting swap is being used to hedge variable cash flows associated with the Company's variable-rate debt. The swap was effective on April 15, 2011 and has a maturity date of April 15, 2021. The effective portion of changes in the fair value of the derivative that is designated as a cash flow hedge is being recorded in accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Ineffectiveness, if any, related to the Company's changes in estimates about the debt issuance related to the forward starting swap would be recognized directly in earnings. During the year ended December 31, 2011, the Company realized $12,000 of ineffectiveness as a result of the hedging relationship.

During the year ended December 31, 2010, the Company entered into a $50.0 million forward starting interest rate swap with PNC Bank. The forward starting swap is being used to hedge the variable cash flows associated with the Company's variable-rate debt. The swap was effective on July 1, 2011 and has a maturity date of July 1, 2018. The effective portion of changes in the fair value of the derivative that is designated as a cash flow hedge is being recorded in accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Ineffectiveness, if any, related to the Company's changes in estimates about the debt issuance related to the forward starting swap would be recognized directly in earnings. During the year ended December 31, 2011, the Company realized no ineffectiveness as a result of the hedging relationship.

On May 25, 2011, the Company entered into a $50.0 million forward starting interest rate swap with Bank of Montreal. The forward starting swap is being used to hedge the anticipated variable cash flows associated with the Company's variable-rate debt that is planned to be issued between April 2, 2012 and March 1, 2015. The swap has a maturity date of April 1, 2019. The effective portion of changes in the fair value of the derivative that is designated as a cash flow hedge is being recorded in accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Ineffectiveness, if any, related to the Company's changes in estimates about the debt issuance related to the forward starting swap would be recognized directly in earnings. During the year ended December 31, 2011, the Company realized no ineffectiveness as a result of the hedging relationship.

On October 13, 2011, the Company entered into a $25.0 million forward starting interest rate swap with Wells Fargo Bank, N.A. The forward starting swap is being used to hedge the anticipated variable cash flows associated with the Company's variable-rate debt that is planned to be issued between April 2, 2012 and April 2, 2019. The swap has a maturity date of April 2, 2019. The effective portion of changes in the fair value of the derivative that is designated as a cash flow hedge is being recorded in accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. Ineffectiveness, if any, related to the Company's changes in estimates about the debt issuance related to the forward starting swap would be recognized directly in earnings. During the year ended December 31, 2011, the Company realized no ineffectiveness as a result of the hedging relationship.

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 the 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 incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty's 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 has 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 itself and its counterparties. However, as of December 31, 2011 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 as of December 31, 2011, aggregated by the level in the fair value hierarchy within which those measurements fall.

Assets and Liabilities Measured at Fair Value on a Recurring Basis at December 31, 2011

	Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Balance at December 31, 2011
Assets
Derivative financial instruments	$	—	$	—		$	—	$	—
Liabilities
Derivative financial instruments	$	—	$	(13,856,420	)	$	—	$	(13,856,420	)

Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest expense is recognized on the hedged debt. During the next twelve months, the Company estimates that $3.3 million will be reclassified as an increase to interest expense.

As of December 31, 2011, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:

Interest Rate Derivative		Number of instruments				Notional
Interest rate swap			4			$	150,000,000

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, 2011 and 2010, respectively:

Derivatives designed as hedging instruments		Balance sheet location		December 31, 2011 Fair Value (liability)				December 31, 2010 Fair Value (liability)
Interest rate products		Other liabilities		$	(13,856,420	)		$	(517,918	)

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 year ended December 31, 2011 and 2010, respectively. The Company had no derivatives outstanding as of December 31, 2009. Amounts reclassified from other comprehensive income and ineffectiveness are recognized as interest expense and amounts related to ineffectiveness.

	Year Ended December 31, 2011			Year Ended December 31, 2010
Amount of gain (loss) recognized in OCI on derivative	$	(14,657,235	)	$	(517,918	)
Amount of gain (loss) reclassified from accumulated OCI into interest	$	1,080,323		$	—
Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	$	(12,296	)	$	—

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 45
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Note 11 - Income Taxes

12 Months Ended

Dec. 31, 2011

Income Tax Disclosure [Text Block]

11.	Income Taxes

There is no provision for income taxes for the year ended December 31, 2011 and 2010 because the Company has elected to qualify as a REIT for U.S. federal income tax purposes. The components of the provision for income taxes for the year ended December 31, 2009 are as follows:

	Year ended December 31, 2009
Current:
Federal	$	(944,096	)
State		—
Deferred:
Federal		675,753
State		—
Total provision (benefit) for income taxes	$	(268,343	)

The components of the deferred tax asset are as follows:

	Year ended December 31, 2009
Assets deferred for income tax purposes	$	1,120,109
Valuation allowance		(1,120,109	)
Deferred Tax asset	$	—

The Company’s effective tax rate differs from the effective tax rate of 2.7% for the year ended December 31, 2009 principally due to the following:

	For the year ended December 31, 2009


Federal statutory rate		34.0	%
Permanent differences		-19.8	%
State taxes		-1.0	%
Valuation allowance		-10.5	%

Effective tax rate		2.7.	%

During the year ended December 31, 2010, the Company filed amended federal and state tax returns for prior years resulting in a total refund of $3.1 million of which approximately $1.8 million was included in other income in the accompanying consolidated statements of operations.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

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-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Note 12 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2011

Commitments and Contingencies Disclosure [Text Block]

12.	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’s headquarters are located at 81 Main Street, White Plains, New York, which it leased from a third party. The terms of the lease will expire in February 2014. Future minimum rents payable under the terms of the lease, amount to $63,800, $63,800, and $10,640, during the years 2012 through 2014, respectively.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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-Number 14
-Paragraph 3
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+ Details

Note 13 - Related Party Transactions

12 Months Ended

Dec. 31, 2011

13.	Related Party Transactions

The Company had entered into a Transitional Shared Facilities and Services Agreement with NRDC Real Estate Advisors, LLC, an entity wholly owned by four of the Company's current and former directors. Pursuant to the Transitional Shared Facilities and Services Agreement, NRDC Real Estate Advisors, LLC provided the Company with access to, among other things, their information technology and office space. On October 31, 2011 this agreement expired. For the years ended December 31, 2011, 2010 and 2009 the Company incurred $75,000, $90,000 and $62,661, respectively, of expenses relating to this agreement which is included in general and administrative expenses in the accompanying consolidated statements of operations.

In May 2010, the Company had entered into a Shared Facilities and Service Agreement effective January 1, 2010 with an officer of the Company. Pursuant to the Shared Facilities and Service Agreement, the Company had provided the use of office space and other resources for a monthly fee of $1,938. The agreement was terminated on October 31, 2011 due to the relocation of office space. For the years ended December 31, 2011 and 2010, the Company incurred $19,380 and $23,256 of expenses relating to this agreement which is included in general and administrative expenses in the accompanying consolidated statements of operations. For the years ended December 31, 2009, the Company did not incur expenses relating to this agreement.

In August 2011, the Company entered into two lease agreements effective July 1, 2011, with an officer of the Company. Pursuant to the lease agreements, the Company is provided the use of storage space for a monthly fee of $790. For the year ended December 31, 2011, the Company incurred $4,740 of expenses relating to these agreements which is included in general and administrative expenses in the accompanying consolidated statements of operations.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

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-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
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+ Details

Note 14 - Quarterly Results of Operations (Unaudited)

12 Months Ended

Dec. 31, 2011

Quarterly Financial Information [Text Block]

14.	Quarterly Results of Operations (Unaudited)

The unaudited quarterly results of operations for the years ended December 31, 2011 and 2010 are as follows (in thousands, except per share data):

	Year Ended December 31, 2011 Quarter Ended								Year Ended December 31, 2010 Quarter Ended
	Mar 31		Jun 30		Sept 30		Dec 31		Mar 31			Jun 30			Sept 30			Dec 31
Revenues	$	10,041	$	11,494	$	13,555	$	16,647	$	1,369		$	2,912		$	4,842		$	6,971
Interest Income	$	-	$	-	$	-	$	-	$	414		$	288		$	234		$	173
Net income (loss) attributable to Retail Opportunity Investments Corp	$	6,180	$	698	$	2,544	$	234	$	(1,641	)	$	(1,090	)	$	(103	)	$	2,433
Basic and diluted (loss) income per share	$	0.15	$	0.02	$	.06	$	.01	$	(0.04	)	$	(0.03	)	$	(0.00	)	$	0.06

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References + Details

Note 15- Subsequent Events

12 Months Ended

Dec. 31, 2011

Subsequent Events [Text Block]

15.	Subsequent Events

In determining subsequent events, the Company reviewed all activity from January 1, 2012 to the date the financial statements are issued and discloses the following items:

On January 6, 2012, the Company deposited $500,000 into an interest-bearing account with a title company for a total deposit of $1.0 million in accordance with a purchase sale agreement entered into on December 8, 2011. The deposit is for the potential acquisition of the property known as Euclid Plaza located in National City, California. The deposit was funded with cash.

On February 16, 2012, the Company acquired a shopping center in Marysville, Washington (the “Gateway Shopping Center”) for a purchase price of $29.4 million. The Gateway Shopping Center is anchored by WinCo Foods (NAP) and Rite Aid.

On February 22, 2012, the Company's board of directors declared a cash dividend on its common stock of $0.12 per share, payable on March 15, 2012 to holders of record on February 29, 2012.