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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2012	Nov. 02, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	Retail Opportunity Investments Corp
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		52,923,514
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	Sep. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets (September 30, 2012 unaudited) - USD ($)	Sep. 30, 2012	Dec. 31, 2011
Real Estate Investments:
Land	$ 214,378,236	$ 167,191,883
Building and improvements	512,099,087	413,640,527
	726,477,323	580,832,410
Less: accumulated depreciation	26,986,503	14,451,032
	699,490,820	566,381,378
Mortgage note receivable	10,000,000	10,000,000
Investment in and advances to unconsolidated joint ventures	15,078,373	26,242,514
Real Estate Investments, net	724,569,193	602,623,892
Cash and cash equivalents	23,488,823	34,317,588
Restricted cash	1,911,564	1,230,808
Tenant and other receivables	10,939,801	6,895,806
Deposits	2,600,000	500,000
Acquired lease intangible asset, net of accumulated amortization	35,987,042	32,024,153
Prepaid expenses	585,696	672,679
Deferred charges, net of accumulated amortization	19,377,748	15,342,132
Other	968,057	825,569
Total assets	820,427,924	694,432,627
Liabilities:
Term loan	200,000,000	110,000,000
Mortgage notes payable	60,410,880	59,905,964
Acquired lease intangibles liability, net of accumulated amortization	52,334,566	46,700,620
Accounts payable and accrued expenses	8,037,939	7,475,283
Tenants' security deposits	1,863,914	1,552,630
Other liabilities	25,676,100	18,309,076
Total liabilities	348,323,399	243,943,573
Equity:
Preferred stock, $.0001 par value 50,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $.0001 par value 500,000,000 shares authorized; and 52,518,066 and 49,375,738 shares issued and outstanding at September 30, 2012 and December 31, 2011	5,253	4,938
Additional paid-in-capital	522,531,679	484,194,434
Accumulated deficit	(31,186,583)	(19,617,877)
Accumulated other comprehensive loss	(19,248,213)	(14,094,830)
Total Retail Opportunity Investments Corp. stockholders' equity	472,102,136	450,486,665
Noncontrolling interests	2,389	2,389
Total equity	472,104,525	450,489,054
Total liabilities and equity	$ 820,427,924	$ 694,432,627

Consolidated Balance Sheets (September 30, 2012 unaudited) (Parentheticals) - $ / shares	Sep. 30, 2012	Dec. 31, 2011
Preferred stock par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in Shares)	50,000,000	50,000,000
Preferred stock, shares issued (in Shares)	0	0
Preferred stock, shares outstanding (in Shares)	0	0
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in Shares)	500,000,000	500,000,000
Common stock, shares issued (in Shares)	52,518,066	49,375,738
Common stock, shares outstanding (in Shares)	52,518,066	49,375,738

Consolidated Statements Of Operations And Comprehensive Income (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues
Base rents	$ 15,196,646	$ 10,469,729	$ 42,734,688	$ 26,440,798
Recoveries from tenants	3,502,633	2,655,549	10,018,997	6,945,309
Mortgage interest	189,995	430,086	901,645	1,704,094
Total revenues	18,889,274	13,555,364	53,655,330	35,090,201
Operating expenses
Property operating	3,072,670	2,195,280	9,324,140	5,283,526
Property taxes	1,781,639	1,259,174	5,115,361	3,561,641
Depreciation and amortization	7,070,557	5,890,170	20,737,917	14,661,366
General & Administrative Expenses	3,699,852	2,427,693	8,716,378	7,253,816
Acquisition transaction costs	194,191	1,346,851	947,404	1,775,534
Total operating expenses	15,818,909	13,119,168	44,841,200	32,535,883
Operating income	3,070,365	436,196	8,814,130	2,554,318
Non-operating income (expenses)
Interest expense and other finance expenses	(3,094,023)	(1,739,279)	(8,144,879)	(3,732,625)
Gain on consolidation of JV	2,144,696		2,144,696
Gain on bargain purchase		3,687,205	3,864,145	9,449,059
Equity in earnings from unconsolidated joint ventures	497,311	159,989	1,481,132	1,137,502
Interest Income	419	772	11,280	14,489
Net Income Attributable to Retail Opportunity Investments Corp.	$ 2,618,768	$ 2,544,883	$ 8,170,504	$ 9,422,743
Basic and diluted per share: (in Dollars per share)	$ 0.05	$ 0.06	$ 0.16	$ 0.22
Dividends per common share (in Dollars per share)	$ 0.14	$ 0.10	$ 0.39	$ 0.27
Other comprehensive loss
Unrealized loss on swap derivative	$ (1,638,969)	$ (10,269,493)	$ (5,153,383)	$ (12,322,595)
Total other comprehensive loss	(1,638,969)	(10,269,493)	(5,153,383)	(12,322,595)
Total Comprehensive (loss) income	$ 979,799	$ (7,724,610)	$ 3,017,121	$ (2,899,852)

Consolidated Statements of Equity (unaudited) - 9 months ended Sep. 30, 2012 - 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, 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					49,375,738
Compensation expense related to options granted		188,486				$ 188,486
Compensation expense related to restricted stock grants		2,110,485				2,110,485
Shares issued under the 2009 Plan	$ 19					19
Shares issued under the 2009 Plan (in Shares)	186,750
Proceeds from the sale of stock	$ 298	36,860,055				$ 36,860,353
Proceeds from the sale of stock (in Shares)	2,977,445					2,977,445
Forfeited Shares (in Shares)	(21,867)
Forfeited Shares	$ (2)					$ (2)
Registration expenditures		(821,781)				(821,781)
Dividends ($.39 per share)			(19,739,210)			(19,739,210)
Comprehensive income (loss)
Net Income Attributable to Retail Opportunity Investments Corp.			8,170,504			8,170,504
Other Comprehensive Loss				(5,153,383)		(5,153,383)
Balance at Sep. 30, 2012	$ 5,253	$ 522,531,679	$ (31,186,583)	$ (19,248,213)	$ 2,389	$ 472,104,525
Balance (in Shares) at Sep. 30, 2012	52,518,066					52,518,066

Consolidated Statements of Equity (unaudited) (Parentheticals)	9 Months Ended
	Sep. 30, 2012 $ / shares
Retained Earnings [Member]
Dividends per share (in Dollars per share)	$ 0.39
Dividends per share (in Dollars per share)	$ 0.39

Consolidated Statements Of Cash Flows (unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 8,170,504	$ 9,422,743
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	20,737,917	14,661,366
Amortization of deferred financing costs	346,685	54,379
Gain on consolidation of JV	(2,144,696)
Gain on bargain purchase	(3,864,145)	(9,449,059)
Straight-line rent adjustment	(2,504,416)	(1,916,217)
Amortization of above and below market rent	(2,569,807)	(1,442,362)
Amortization relating to stock based compensation	2,298,971	1,634,595
Provisions for tenant credit losses	759,857	1,074,506
Equity earned in earnings from unconsolidated joint ventures	(1,481,132)	(1,137,502)
Distribution of cumulative earnings from unconsolidated joint ventures	686,017	778,014
Change in operating assets and liabilities
Mortgage escrows	(473,465)	(531,561)
Tenant receivables	(2,299,437)	(2,141,458)
Prepaid expenses	86,983	347,455
Accounts payable and accrued expenses	253,885	1,869,199
Other asset and liabilities, net	1,192,822	599,130
Net cash provided by operating activities	19,196,544	13,823,228
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in real estate	(125,743,992)	(190,142,575)
Investments in mortgage notes receivables		(10,000,000)
Investments in unconsolidated joint ventures	(735,000)	(19,467,218)
Proceeds from sale of unconsolidated joint ventures		18,596,294
Return of capital from unconsolidated joint ventures	8,661,211
Proceeds from the sale of land		159,973
Improvements to properties and deferred charges	(5,478,170)	(5,111,468)
Deposits on real estate acquisitions	(2,600,000)	(1,000,000)
Construction escrows and other	(207,290)	1,685,660
Net cash used in investing activities	(126,103,241)	(205,279,334)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal repayment on mortgages	(7,608,484)	(11,950,416)
Proceeds from the draw on term loan/ revolving credit facility	90,000,000	140,110,258
Proceeds from the sale of stock	36,860,055	928,010
Deferred financing and other costs	(2,612,648)	(2,686,107)
Registration expenditures	(821,781)	(120,194)
Dividends paid to common shareholders	(19,739,210)	(11,301,421)
Net cash provided by financing activities	96,077,932	114,980,130
Net decrease in cash and cash equivalents	(10,828,765)	(76,475,976)
Cash and cash equivalents at beginning of period	34,317,588	84,736,410
Cash and cash equivalents at end of period	$ 23,488,823	$ 8,260,434

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

9 Months Ended

Sep. 30, 2012

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 western and eastern regions of the United States anchored by national and regional supermarkets and drugstores. The Company refers to the properties it targets for investments 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 on July 10, 2007, for the purpose of acquiring assets or operating business 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") the Company entered into on August 7, 2009 with NRDC Capital Management, LLC, which, among other things, set forth the steps to be taken by the Company 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 May 2011, the Financial Accounting Standards Board ("FASB") issued guidance on fair value measurements and disclosure requirements. The guidance provides a consistent definition of fair value to ensure fair value measurement and disclosure requirements are similar between accounting principles generally accepted in the United States (“GAAP”) and International Financial Reporting Standards. This guidance is effective for interim and annual periods beginning on or after December 15, 2011. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In June 2011 and December 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 and also requires presentation of reclassification adjustments from other comprehensive income to net income on the face of the financial statements. This guidance is effective for fiscal years and interim periods beginning after December 15, 2011, with the exception of the requirement to present reclassification adjustments from other comprehensive income to net income on the face of the financial statements, which has been deferred pending further deliberation by the FASB. The adoption of this guidance did 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 GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Results of operations for the nine month period ended September 30, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012. It is suggested that these financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2011.

The consolidated financial statements include the accounts of the Company and those of its subsidiaries, which are wholly-owned or controlled by the Company. Entities which the Company does not control through its voting interest and entities which are variable interest entities ("VIEs"), but where it is not the primary beneficiary, are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated.

The Company follows the FASB guidance for determining whether an entity is a VIE and requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE.

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 September 30, 2012, the tax years 2007 through and including 2011 remain open to examination by the Internal Revenue Service ("IRS") and state taxing authorities. During the year ended December 31, 2011, the IRS conducted an examination of the Company's 2009 federal tax return. During the nine months ended September 30, 2012 the Company reached a settlement with the IRS in which the Company paid to the IRS approximately $122,000.

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 nine months ended September 30, 2012 and 2011, capitalized costs related to the improvements or replacement of real estate properties were approximately $5.8 million and $5.1 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 during the three months ended September 30, 2012 and 2011 of approximately $194,000 and $1.3 million, respectively and approximately $947,000 and $1.8 million during the nine months ended September 30, 2012 and 2011, respectively.

Regarding the Company's 2012 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 September 30, 2012.

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 the Company's unconsolidated joint venture was impaired at September 30, 2012.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has not experienced any losses related to these balances.

Restricted Cash

The terms of 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.

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.

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 September 30, 2012 and December 31, 2011 was approximately $2.8 million and $2.1 million, 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 $7.9 million and $4.7 million, as of September 30, 2012 and December 31, 2011, respectively.

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.

During the three and nine months ended September 30, 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 "IPO"), the 8,000,000 warrants (the "Private Placement Warrants") purchased by NRDC Capital Management, LLC (the "Sponsor") simultaneously with the consummation of the IPO were not included in the calculation of diluted EPS since the weighted average share price was less than the exercise price during these periods. During the three and nine months ended September 30, 2012, the effect of the 41,400,000 Public Warrants and the 8,000,000 Private Placement Warrants were included in the calculation of diluted EPS since the weighted average share price was greater than the exercise price during this period.

For the three and nine months ended September 30, 2012 and 2011, basic EPS was determined by dividing net income allocable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. Net income during the applicable period is also allocated to the time-based unvested restricted stock as these grants are entitled to receive dividends and are therefore considered a participating security. Time-based unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders other than the holders of time-based unvested restricted stock. For the three and nine months ended September 30, 2012, the Company had 512,198 and 425,495 weighted average unvested restricted shares outstanding, respectively. The performance based restricted stock grants awarded under the 2009 Plan described in Note 6 are excluded from the basic EPS calculation, as these units are not participating securities.

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

	For the Three Months Ended					For the Nine Months Ended
	September 30, 2012			September 30, 2011		September 30, 2012			September 30, 2011
Numerator:
Net Income attributable to Retail Opportunity Investments Corp.	$	2,618,768		$	2,544,883	$	8,170,504		$	9,422,743
Less, earnings allocated to unvested shares		(70,280	)		—		(165,949	)		—
Net income available for common shareholders, basic and diluted	$	2,548,488		$	2,544,883	$	8,004,555		$	9,422,743

Denominator:
Denominator for basic EPS – weighted average common shares		51,440,751			41,974,492		50,483,251			41,928,795
Warrants		1,823,756			—		609,877			—
Restricted stock awards-Performance-based		126,697			58,793		125,071			57,223
Stock Options		54,634			18,614		47,512			10,513
Denominator for diluted EPS – weighted average common equivalent shares		53,445,838			42,051,899		51,265,711			41,996,531

Stock-Based Compensation

The Company has a stock-based employee compensation plan, which is more fully described in Note 6.

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. The Company reassesses its conclusion that it has one reportable operating segment at least annually.

Cash Flows

Supplemental Consolidated Statements of Cash Flow Information

	September 30, 2012		September 30, 2011
Supplemental disclosure of cash activities:
Cash paid for Federal and New York state income taxes	$	243 ,291	$	85,075
Interest paid		7,524,799		3,180,732
Other non-cash investing and financing activities:
Purchase accounting allocations:
Intangible lease liabilities		9,660,574		—
Transfer of equity investment in property to real estate investment		4,008,350		—
Assumed Mortgage Debt		8,428,062		—
Accrued interest rate swap liabilities		5,252,199		12,442,412
Accrued improvements to properties and deferred charges		308,771		18,155

Note 2 - Real Estate Investments

9 Months Ended

Sep. 30, 2012

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

2. Real Estate Investments

The following real estate investment transactions have occurred during the nine months ended September 30, 2012.

Property Acquisitions

On February 16, 2012, the Company acquired a shopping center in Marysville, Washington, within the Settle metropolitan area ("Gateway Shopping Center") for a purchase price of approximately $29.5 million. The Gateway Shopping Center is anchored by WinCo Foods (NAP) and Rite Aid. The property was acquired with cash.

On March 29, 2012, the Company acquired a shopping center in San Diego, California ("Euclid Plaza") for a purchase price of approximately $15.9 million. Euclid Plaza is anchored by a Vallarta Supermarkets and Walgreens. The property was acquired with cash of approximately $7.5 million and the assumption of an existing mortgage of approximately $8.4 million.

On April 2, 2012, the Company acquired a mortgage note from a bank for an aggregate purchase price of $8.3 million in cash. The note was secured by a shopping center located in Cameron Park, California, within the Sacramento metropolitan area (“Green Valley Station”). At the time of closing on the note, the borrower was in default since April 2009, having failed to repay the loan upon maturity of the note. On June 8, 2012, the Company entered into a deed in lieu of foreclosure agreement (the “Green Valley Station Agreement”) with the borrower to acquire Green Valley Station. Pursuant to the Green Valley Station 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 Green Valley Station to the Company. The conveyance was completed on June 18, 2012. Green Valley Station is a neighborhood shopping center that is anchored by CVS Pharmacy. The Company recorded a bargain purchase gain of approximately $3.2 million based on its determination of the fair value of the property at the time of the purchase.

On May 3, 2012, the Company acquired a shopping center in Shoreline, Washington, within the Seattle metropolitan area ("Aurora Square") for a purchase price of approximately $4.2 million. Aurora Square is anchored by a Central Supermarket. The property was acquired with cash.

On May 4, 2012, the Company acquired a shopping center in Foster City, California, within the San Francisco Bay Area ("Marlin Cove") for a purchase price of approximately $17.4 million. Marlin Cove is anchored by a 99 Ranch Supermarket. The property was acquired with cash.

On May 25, 2012, the Company acquired a mortgage note from a special servicer for an aggregate purchase price of $18.8 million in cash. The note was secured by a shopping center located in Oxnard, California, within the Los Angeles metropolitan area (“Seabridge Marketplace”). At the time of closing on the note, the borrower was in default, having failed to meet debt service payments since February, 2012. On May 29, 2012, the Company entered into a real estate purchase, sale, and conveyance in lieu of foreclosure agreement (the “Seabridge Marketplace Agreement”) with the borrower to acquire Seabridge Marketplace. Pursuant to the Seabridge Marketplace 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 Seabridge Marketplace to the Company. The conveyance was completed on May 31, 2012. Seabridge Marketplace is a shopping center that is anchored by Von’s Supermarket. The Company recorded a bargain purchase gain of approximately $622,000 based on its determination of the fair value of the property at the time of the purchase.

On July 24, 2012, the Company acquired a shopping center in Novato, California, within the San Francisco metropolitan area (“Village at Novato”) for a purchase price of $10.5 million. The Village at Novato is anchored by a Trader Joe’s supermarket. Included in the acquisition is an adjacent vacant parcel entitled for 55,000 square of additional retail space. The property was acquired with cash.

On August 1, 2012, the Company acquired a shopping center in Glendora, California, within the Los Angeles metropolitan area (“Glendora Shopping Center”) for a purchase price of $14.9 million. Glendora Shopping Center is anchored by an Albertson’s supermarket. The property was acquired with cash.

On August 1, 2012, the Company acquired its joint venture partner's interest in Wilsonville Old Town Square for approximately $1.6 million and paid off an existing $13.3 million construction loan securing the property. The property is a newly developed shopping center that is anchored by a Kroger (Fred Meyer) supermarket. The property is located in Wilsonville, Oregon, within the Portland metropolitan area. The purchase of its remaining interest and the loan repayment were funded with cash. The Company recorded a gain of approximately $2.1 million when determining the fair value of the property at the time of the purchase of the remaining interest in the property.

The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy. See "Note 7 - Fair Value of Financial Instruments" for a discussion of the framework for measuring fair value.

The financial information set forth below summarizes the Company's preliminary purchase price allocation for the properties acquired during the nine months ended September 30, 2012 and 2011.

	September 30, 2012		September 30, 2011
ASSETS
Land	$	47,186,352	$	81,695,190
Building and improvements		92,671,620		200,885,981
Acquired lease intangible asset		11,489,527		21,425,280
Deferred charges		3,327,565		5,272,186
Assets acquired	$	154,675,064	$	309,278,637
Acquired lease intangible liability	$	9,660,574	$	27,361,727
Mortgage notes assumed		8,428,061		—
Liabilities assumed	$	18,088,635	$	27,361,727

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 three and nine months ended September 30, 2012 and 2011, adjusted to give effect of these transactions as if they had been completed 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 Three Months Ended				For the Nine Months Ended
	September 30, 2012		September 30, 2011		September 30, 2012		September 30, 2011
Statement of operations:
Revenues	$	19,053,501	$	18,710,452	$	58,015,049	$	57,915,997
Property operating and other expenses		4,931,148		4,940,089		15,761,671		15,612,252
Depreciation and amortization		8,348,780		8,339,844		22,699,536		22,880,956
Net income attributable to Retail Opportunity Investments Corp.	$	5,773,573	$	5,430,519	$	19,553,842	$	19,422,789

The following table summarizes the operating results included in the Company's historical consolidated statement of operations for the nine months ended September 30, 2012 and 2011, for the properties acquired during the nine months ended September 30, 2012 and 2011.

Statement of operations:	Nine Months Ended September 30, 2012		Nine Months Ended September 30, 2011
Revenues	$	5,404,625	$	11,247,888
Property operating and other expenses		1,261,275		3,199,339
Depreciation and amortization		1,947,971		5,480,135
Net income attributable to Retail Opportunity Investments Corp.	$	2,195,379	$	2,568,414

Mortgage Notes Receivable

The Company holds a $10.0 million second mortgage loan to the joint venture that owns the Crossroads Shopping Center. The Company owns a 49% equity interest in the joint venture. The interest rate 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 September 30, 2012 and December 31, 2011, investments in and advances to unconsolidated joint ventures consisted of the following (with the Company's ownership percentage in parentheses).

	September 30, 2012		December 31, 2011
Wilsonville OTS LLC (100% on 8/1/2012 ,95% at 12/31/2011)	$	—	$	4,584,496
Crossroads Shopping Center (49%)		15,078,373		13,780,018
Mortgage note receivable secured by Riverside Plaza (50%)		—		7,878,000
Total	$	15,078,373	$	26,242,514

On August 1, 2012, the Company acquired the remaining interest in Wilsonville Old Town Square from its joint venture partner for approximately $1.6 million and paid off an existing $13.3 million construction loan securing the property. Upon the acquisition of the remaining interest in the property the Company reclassified approximately $4.0 million from "Investment in and advances to unconsolidated joint ventures" to "Real estate investments" in the accompanying consolidated balance sheet. The Company recorded a gain of approximately $2.1 million based on its determination of the fair value of the property at the time of the purchase of the remaining interest in the property. The purchase of its remaining interest and the loan repayment were funded with cash.

On September 20, 2012, the Company was repaid $7.8 million, representing its full B-note participation in a first mortgage secured by Riverside Plaza Shopping Center. The Company previously acquired its interest from John Hancock Life Insurance Company through a 50/50 joint venture with Winthrop Realty Trust.

The Company has no contractual capital contribution commitments to its joint ventures.

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 - Mortgage Notes Payable and Credit Facilities

9 Months Ended

Sep. 30, 2012

Debt Disclosure [Text Block]

3. Mortgage Notes Payable and Credit Facilities

Mortgage Notes Payable

The mortgage notes payable collateralized by respective properties and assignment of leases at September 30, 2012 and December 31, 2011, respectively, were as follows:

Property	Maturity Date	Interest Rate			September 30, 2012		December 31, 2011
Cascade Summit Town Square	July 2012		7.25	%	$	-	$	6,894,650
Gateway Village I	February 2014		5.58	%		6,757,034		6,868,492
Gateway Village II	May 2014		5.73	%		6,910,365		7,019,258
Euclid Plaza	November 2014		5.23	%		8,355,015		-
Country Club Gate	January 2015		5.04	%		12,536,931		12,705,857
Renaissance Towne Center	June 2015		5.13	%		16,826,446		17,014,883
Gateway Village III	July 2016		6.10	%		7,483,435		7,546,509
					$	58,869,226		58,049,649
Mortgage Premium						1,541,654		1,856,315
Total mortgage notes payable					$	60,410,880	$	59,905,964

On March 29, 2012, the Company assumed an existing mortgage loan with an outstanding principal balance of approximately $8.4 million as part of the acquisition of Euclid Plaza. The Euclid Plaza loan bears interest at a rate of 5.23% per annum and has a maturity date of November 2014. The fair market value of the mortgage note was $8.8 million at the time it was assumed.

On April 10, 2012, the Company paid off $6.9 million of mortgage debt that was secured by the Cascade Summit Town Square shopping center.

Credit Facilities

On August 29, 2012, the Company entered into an amended and restated credit facility with KeyBank National Association, as Administrative Agent, Swing Line Lender and L/C 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, under which the lenders agreed to provide a $200.0 million senior unsecured revolving credit facility, with a letter of credit sub-limit of up to 20% of the then-current aggregate commitments. The credit facility also provides that the Company may from time to time request increased aggregate commitments of $100.0 million under certain conditions set forth in the credit facility, including the consent of the lenders for the additional commitments. The initial maturity date of the credit facility is August 29, 2016, subject to a one-year extension option, which may be exercised by the Company upon satisfaction of certain conditions, including payment of an extension fee to the credit facility administrative agent in an amount equal to 0.25% multiplied by the aggregate commitments to be shared pro rata among the lenders thereto.

On August 29, 2012, the Company entered into an amended and restated term loan agreement with KeyBank National Association, as Administrative Agent, 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, under which the lenders agreed to provide a $200.0 million senior unsecured term loan facility. The term loan also provides that the Company may from time to time request increased aggregate commitments of $100.0 million under certain conditions set forth in the term loan, including the consent of the lenders for the additional commitments. The maturity date of the term loan is August 29, 2017.

Borrowings under the amended and restated credit facility and the amended and restated term loan agreement (collectively, the “loan 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 loan 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. With respect to the amended and restated credit facility, 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 loan agreements contain certain representations, financial and other covenants typical for these types of facilities. The Company's ability to borrow under the loan 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 September 30, 2012.

As of September 30, 2012, $200.0 million was outstanding under the term loan and nothing outstanding under the credit facility. The average interest rate on the term loan during the nine months ended September, 2012 was 1.8%. The Company had $200.0 million available to borrow under the credit facility at September 30, 2012. The Company had no available borrowings under the term loan.

In connection with the amended and restated credit facility and amended and restated term loan the Company incurred approximately $2.3 million of deferred financing costs which are being amortized over the term of the revised credit facility and term loan.

- 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 4 - Preferred Stock	9 Months Ended
Note 4 - Preferred Stock	Sep. 30, 2012
Preferred Stock [Text Block]	4. 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 September 30, 2012 and 2011, there were no shares of preferred stock outstanding.

Note 5 - Common Stock and Warrants

9 Months Ended

Sep. 30, 2012

Stockholders' Equity Note Disclosure [Text Block]

5. Common Stock and Warrants

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 $50.0 million from time to time, through an "at the market" equity offering program under which Merrill Lynch, Pierce, Fenner & Smith Incorporated acts as sales (“agent”) and/or principal agent. During the three and nine months ended September 30, 2012, the Company sold 1,883,813 and 2,977,445 shares, respectively under the sales agreement, which resulted in gross proceeds of approximately $23.5 million and $36.9 million, respectively and commissions of approximately $376,000 and $643,000, respectively paid to the agent. At September 30, 2012, the Company had sold since the inception of the plan a total of 3,109,245 shares under the sales agreement, which resulted in gross proceeds of approximately $38.4 million and commissions of approximately $673,000 paid to the agent.

Simultaneously with the consummation of the IPO, 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 members, members of its members’ immediate family or their controlled affiliates. 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 IPO 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 IPO 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, for as long as they are held by the Sponsor or its members, members of its members' immediate families or their controlled affiliates, otherwise (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

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 505
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Section B
-Paragraph 7, 11A
-Chapter 1
-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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
-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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
-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 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 20: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 21: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 22: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
-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 23: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Note 6 - Stock Compensation and Other Benefit Plans

9 Months Ended

Sep. 30, 2012

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

6. 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 nine months ended September 30, 2012, the Company awarded 303,000 shares of restricted common stock under the 2009 Plan of which 116,250 shares 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 7% total return to shareholders, or exceeding the top one-third of a certain peer group of companies over a three-year period from January 1, 2012, through January 1, 2015. An independent appraisal company determined the value of the performance-based grants to be $8.72 per share, compared to a market price of the Company’s common stock at the date of grant of $12.04.

As of September 30, 2012, there remained a total of $3.3 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 1.1 years (irrespective of achievement of the performance conditions). For the three months ended September 30, 2012 and 2011, amounts charged to compensation expense totaled approximately $900,000 and $494,000, respectively. For the nine months ended September 30, 2012 and 2011, amounts charged to compensation expense totaled approximately $2.1 million and $1.5 million, respectively.

A summary of the status of the Company's non-vested restricted stock awards as of September 30, 2012, and changes during the nine months ended September 30, 2012 are presented below:

	Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2011		286,198		$	10.30
Granted		303,000			9.18
Vested		(13,667	)		10.44
Forfeited		(21,867	)		10.76
Non-vested at September 30, 2012		553,664		$	10.55

A summary of the status of the Company's non-vested restricted stock awards as of September 30, 2011, and changes during the nine months ended September 30, 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		—		—
Forfeited		—		—
Non-vested at September 30, 2011		437,333	$	10.30

Stock Options

During the nine months ended September 30, 2012, the Company awarded a total of 9,500 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 nine months ended September 30, 2012. 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 nine months ended September 30, 2012, was estimated at the date of the grant using the following weighted-average assumptions.

	Nine Months Ended September 30, 2012
Average volatility		30.0	%
Expected dividends	$	0.15
Expected life (in years)		6.0
Risk-free interest rate		1.30	%

A summary of options activity as of September 30, 2012, and changes during the nine months ended September 30, 2012 are presented below:

	Shares			Weighted Average Exercise Price
Outstanding at December 31, 2011		337,000		$	10.44
Granted		9,500			12.02
Exercised		—			—
Forfeited		(2,500	)		10.88
Expired		—			—
Outstanding at September 30, 2012		344,000		$	10.48
Exercisable at September 30, 2012		158,900		$	10.38

A summary of options activity as of September 30, 2011, and changes during the nine months ended September 30, 2011 are presented below:

	Shares		Weighted Average Exercise Price
Outstanding at December 31, 2010		235,000	$	10.25
Granted		102,000		10.88
Exercised		—		—
Forfeited		—		—
Expired		—		—
Outstanding at September 30, 2011		337,000	$	10.46
Exercisable at September 30, 2011		73,667	$	10.26

For the three months ended September 30, 2012 and 2011, the amounts charged to expenses totaled approximately $72,000 and $57,000, respectively. For the nine months ended September 30, 2012 and 2011, the amounts charged to compensation expense totaled approximately $188,000 and $171,000, respectively. The total unearned compensation at September 30, 2012, was approximately $154,000. The options vest over an average period of one year.

Profit Sharing and Savings Plan

During 2011, the Company established a profit sharing and savings plan (the "401K Plan"), which permits eligible employees to defer a portion of their compensation in accordance with the Code. Under the 401K Plan, the Company made matching contributions on behalf of eligible employees. The Company made contributions to the 401K Plan of approximately $3,000 and $5,000 for the three months ended September 30, 2012 and 2011, respectively, and $15,000 and $9,000 for the nine months ended September 30, 2012 and 2011, respectively.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-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 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-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.

+ Details

Note 7 - Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Text Block]

7. 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 $63.3 million with an interest rate range of 3.8% to 5.2% and the weighted average interest rate of 4.5% as of September 30, 2012. These fair value measurements fall within level 3 of the fair value hierarchy.

Disclosure about fair value of financial instruments is based on pertinent information available to the Company as of September 30, 2012. 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 Accounting Standards Codification
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-Section 50
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-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 15B
-Subparagraph a, b
-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 8: http://www.xbrl.org/2003/role/presentationRef
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-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.

+ Details

Note 8 - Derivative and Hedging Activities

9 Months Ended

Sep. 30, 2012

Derivative Instruments and Hedging Activities Disclosure [Text Block]

8. 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 nine months ended September 30, 2012, the Company realized approximately $10,000 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, N.A. 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 nine months ended September 30, 2012, the Company realized no ineffectiveness as a result of the hedging relationship.

During the year ended December 31, 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 issued by 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 nine months ended September 30, 2012, the Company realized approximately $1,000 of ineffectiveness as a result of the hedging relationship.

During the year ended December 31, 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 nine months ended September 30, 2012, the Company realized no ineffectiveness as a result of the hedging relationship.

On May 31, 2012, the Company entered into a $25.0 million forward starting interest rate swap with Royal Bank of Canada. 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 1, 2013 and April 3, 2023. The swap has a maturity date of April 3, 2023. 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 nine months ended September 30, 2012, 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 September 30, 2012 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 September 30, 2012, 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 September 30, 2012

	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 September 30, 2012
Assets
Derivative financial instruments	$	—	$	—		$	—	$	—
Liabilities
Derivative financial instruments	$	—	$	(19,108,620	)	$	—	$	(19,108,620	)

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 $4.5 million will be reclassified as an increase to interest expense.

As of September 30, 2012, 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			5			$	175,000,000

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 September 30, 2012 and December 31, 2011, respectively:

Derivatives designed as hedging instruments		Balance sheet location		September 30, 2012 Fair Value (liability)				December 31, 2011 Fair Value (liability)
Interest rate products		Other liabilities		$	(19,108,620	)		$	(13,856,420	)

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 three and nine months ended September 30, 2012 and 2011, respectively. Amounts reclassified from other comprehensive income and ineffectiveness are recognized as interest expense and amounts related to ineffectiveness.

	Three Months Ended						Nine Months Ended
	September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
Amount of gain (loss) recognized in OCI on derivative$	$	(2,823,453	)	$	(10,635,041	)	$	(7,873,977	)	$	(12,688,192	)
Amount of gain (loss) reclassified from accumulated OCI into interest	$	(1,184,484	)	$	(365,549	)	$	(2,720,594	)	$	(365,549	)
Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	$	( 22,807	)	$	109,606		$	(10,511	)	$	—

- 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
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-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-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 22: http://www.xbrl.org/2003/role/presentationRef
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-Number 133
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-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.

+ Details

Note 9 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Text Block]

9. 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 in White Plains, New York, which it leases 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 approximately $15,950, $63,800, and $10,640, during the years 2012, 2013 and 2014, respectively. Upon the relocation of the Company’s corporate headquarters to San Diego, the Company will expense these costs as incurred through the end of the lease term.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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-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.

+ Details

Note 10 - Related Party Transactions

9 Months Ended

Sep. 30, 2012

10. 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 three and nine months ended September 30, 2011 the Company incurred $22,500 and $67,500, respectively, of expenses relating to this agreement which is included in general and administrative expenses in the accompanying consolidated statements of operations. The Company did not incur any expenses relating to this agreement during the three and nine months ended September 30, 2012. 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 was 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 three and nine months ended September 30, 2011 the Company incurred approximately $5,800 and $17,400, respectively, of expenses relating to this agreement which is included in general and administrative expenses in the accompanying consolidated statements of operations. The Company did not incur any expenses relating to this agreement during the three and nine months ended September 30, 2012, since the agreement was terminated on October 31, 2011.

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 three and nine months ended September 30, 2012, the Company incurred approximately $2,400 and $7,200, respectively, of expenses relating to the agreements which were included in general and administrative expenses in the accompanying consolidated statements of operations. For the three and nine months ended September 30, 2011, the Company incurred approximately $2,400 of expenses relating to the agreements which were included in general and administrative expenses in the accompanying consolidated statements of operations.

- Definition

The entire disclosure for related party transactions. 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

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-Name Regulation S-X (SX)
-Number 210
-Section 04
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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-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.

+ Details

Note 11 - Corporate Office Relocation

9 Months Ended

Sep. 30, 2012

Corporate Office Relocation [Text Block]

11. Corporate Office Relocation

As previously reported on August 2, 2012, the Company announced the relocation of its corporate headquarters from White Plains, New York to San Diego, California. The Company also announced that John B. Roche, the Company’s Chief Financial Officer, has elected not to remain with the Company once the physical transition to the West coast has been completed which is expected to occur by year end 2012. Since that time, the Company has made significant progress on its search for a chief financial officer to replace Mr. Roche and expects it will be in a position to announce Mr. Roche's replacement before year end 2012. Consequently, the Company and Mr. Roche have agreed to set the date of Mr. Roche's departure for December 31, 2012. Under his employment agreement, Mr. Roche is entitled to receive a lump sum payment, within 30 days of his departure, equal to (i) $2,048,000, which is equal to (x) two times his annual salary and (y) two times the average of his annual bonuses awarded for the last two years immediately preceding the year of his departure, (ii) $18,000, which represents Mr. Roche's automobile allowance for one year and (iii) any of Mr. Roche's annual salary, annual bonus and other benefits which is both earned and accrued prior to the date of termination. In addition to the foregoing, all outstanding unvested equity-based incentives and awards granted to Mr. Roche will vest and become free from restrictions and be exercisable in accordance with the terms of the equity-based incentive and award agreements. The amounts payable to Mr. Roche were included in the Company's previous estimate of relocation costs, which in the aggregate remain between $3.0 million and $3.3 million. For the period ended September 30, 2012, the Company has expensed $1.0 million of the aggregate relocation costs associated with Mr. Roche’s employment agreement which is included in general and administrative expenses in the accompanying consolidated statements of operations. The Company anticipates expensing the balance of the relocation costs in the fourth quarter of 2012 as incurred.

Note 12 - Subsequent Events

9 Months Ended

Sep. 30, 2012

Subsequent Events [Text Block]

12. Subsequent Events

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

On October 5, 2012, the Company acquired a shopping center property known as Bay Plaza Shopping Center located in San Diego, California for a purchase price of $21.6 million. Bay Plaza Shopping Center is approximately 73,000 square feet and is anchored by Seafood City grocery. The property was acquired with cash.

On October 17, 2012, the Company deposited a total of $500,000 into an interest-bearing account with a title company in accordance with a purchase sale agreement entered into on October 15, 2012. The deposit is for the potential acquisition of the property known as Manhattan Village Shopping Center. The deposit was funded with cash.

On October 26, 2012, the Company deposited a total of $1,000,000 into an interest-bearing account with a title company in accordance with a purchase sale agreement entered into on October 25, 2012. The deposit is for the potential acquisition of the property known as Bernardo Heights Plaza. The deposit was funded with cash.

On October 31, 2012, the Company's board of directors declared a cash dividend on its common stock of $0.14 per share, payable on November 30, 2012 to holders of record on November 14, 2012.

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

9 Months Ended

Sep. 30, 2012

Schedule of Earnings Per Share Reconciliation [Table Text Block]

	For the Three Months Ended					For the Nine Months Ended
	September 30, 2012			September 30, 2011		September 30, 2012			September 30, 2011
Numerator:
Net Income attributable to Retail Opportunity Investments Corp.	$	2,618,768		$	2,544,883	$	8,170,504		$	9,422,743
Less, earnings allocated to unvested shares		(70,280	)		—		(165,949	)		—
Net income available for common shareholders, basic and diluted	$	2,548,488		$	2,544,883	$	8,004,555		$	9,422,743

Denominator:
Denominator for basic EPS – weighted average common shares		51,440,751			41,974,492		50,483,251			41,928,795
Warrants		1,823,756			—		609,877			—
Restricted stock awards-Performance-based		126,697			58,793		125,071			57,223
Stock Options		54,634			18,614		47,512			10,513
Denominator for diluted EPS – weighted average common equivalent shares		53,445,838			42,051,899		51,265,711			41,996,531

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	September 30, 2012		September 30, 2011
Supplemental disclosure of cash activities:
Cash paid for Federal and New York state income taxes	$	243 ,291	$	85,075
Interest paid		7,524,799		3,180,732
Other non-cash investing and financing activities:
Purchase accounting allocations:
Intangible lease liabilities		9,660,574		—
Transfer of equity investment in property to real estate investment		4,008,350		—
Assumed Mortgage Debt		8,428,062		—
Accrued interest rate swap liabilities		5,252,199		12,442,412
Accrued improvements to properties and deferred charges		308,771		18,155

Note 2 - Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Purchase Price Allocation [Table Text Block]

	September 30, 2012		September 30, 2011
ASSETS
Land	$	47,186,352	$	81,695,190
Building and improvements		92,671,620		200,885,981
Acquired lease intangible asset		11,489,527		21,425,280
Deferred charges		3,327,565		5,272,186
Assets acquired	$	154,675,064	$	309,278,637
Acquired lease intangible liability	$	9,660,574	$	27,361,727
Mortgage notes assumed		8,428,061		—
Liabilities assumed	$	18,088,635	$	27,361,727

Business Acquisition, Pro Forma Information [Table Text Block]

	For the Three Months Ended				For the Nine Months Ended
	September 30, 2012		September 30, 2011		September 30, 2012		September 30, 2011
Statement of operations:
Revenues	$	19,053,501	$	18,710,452	$	58,015,049	$	57,915,997
Property operating and other expenses		4,931,148		4,940,089		15,761,671		15,612,252
Depreciation and amortization		8,348,780		8,339,844		22,699,536		22,880,956
Net income attributable to Retail Opportunity Investments Corp.	$	5,773,573	$	5,430,519	$	19,553,842	$	19,422,789

Schedule of Condensed Income Statement [Table Text Block]

Statement of operations:	Nine Months Ended September 30, 2012		Nine Months Ended September 30, 2011
Revenues	$	5,404,625	$	11,247,888
Property operating and other expenses		1,261,275		3,199,339
Depreciation and amortization		1,947,971		5,480,135
Net income attributable to Retail Opportunity Investments Corp.	$	2,195,379	$	2,568,414

Schedule of Equity Method Investments [Table Text Block]

	September 30, 2012		December 31, 2011
Wilsonville OTS LLC (100% on 8/1/2012 ,95% at 12/31/2011)	$	—	$	4,584,496
Crossroads Shopping Center (49%)		15,078,373		13,780,018
Mortgage note receivable secured by Riverside Plaza (50%)		—		7,878,000
Total	$	15,078,373	$	26,242,514

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details

Note 3 - Mortgage Notes Payable and Credit Facilities (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Long-term Debt Instruments [Table Text Block]

Property	Maturity Date	Interest Rate			September 30, 2012		December 31, 2011
Cascade Summit Town Square	July 2012		7.25	%	$	-	$	6,894,650
Gateway Village I	February 2014		5.58	%		6,757,034		6,868,492
Gateway Village II	May 2014		5.73	%		6,910,365		7,019,258
Euclid Plaza	November 2014		5.23	%		8,355,015		-
Country Club Gate	January 2015		5.04	%		12,536,931		12,705,857
Renaissance Towne Center	June 2015		5.13	%		16,826,446		17,014,883
Gateway Village III	July 2016		6.10	%		7,483,435		7,546,509
					$	58,869,226		58,049,649
Mortgage Premium						1,541,654		1,856,315
Total mortgage notes payable					$	60,410,880	$	59,905,964

- Definition

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

+ References

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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5

+ Details

Note 6 - Stock Compensation and Other Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

	Shares			Weighted Average Grant Date Fair Value
Non-vested at December 31, 2011		286,198		$	10.30
Granted		303,000			9.18
Vested		(13,667	)		10.44
Forfeited		(21,867	)		10.76
Non-vested at September 30, 2012		553,664		$	10.55

	Shares		Weighted Average Grant Date Fair Value
Non-vested at December 31, 2010		161,333	$	10.27
Granted		276,000		10.31
Vested		—		—
Forfeited		—		—
Non-vested at September 30, 2011		437,333	$	10.30

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Nine Months Ended September 30, 2012
Average volatility		30.0	%
Expected dividends	$	0.15
Expected life (in years)		6.0
Risk-free interest rate		1.30	%

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	Shares			Weighted Average Exercise Price
Outstanding at December 31, 2011		337,000		$	10.44
Granted		9,500			12.02
Exercised		—			—
Forfeited		(2,500	)		10.88
Expired		—			—
Outstanding at September 30, 2012		344,000		$	10.48
Exercisable at September 30, 2012		158,900		$	10.38

	Shares		Weighted Average Exercise Price
Outstanding at December 31, 2010		235,000	$	10.25
Granted		102,000		10.88
Exercised		—		—
Forfeited		—		—
Expired		—		—
Outstanding at September 30, 2011		337,000	$	10.46
Exercisable at September 30, 2011		73,667	$	10.26

Note 8 - Derivative and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2012

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	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 September 30, 2012
Assets
Derivative financial instruments	$	—	$	—		$	—	$	—
Liabilities
Derivative financial instruments	$	—	$	(19,108,620	)	$	—	$	(19,108,620	)

Schedule of Interest Rate Derivatives [Table Text Block]

Interest Rate Derivative		Number of instruments				Notional
Interest rate swap			5			$	175,000,000

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

Derivatives designed as hedging instruments		Balance sheet location		September 30, 2012 Fair Value (liability)				December 31, 2011 Fair Value (liability)
Interest rate products		Other liabilities		$	(19,108,620	)		$	(13,856,420	)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30, 2012			September 30, 2011			September 30, 2012			September 30, 2011
Amount of gain (loss) recognized in OCI on derivative$	$	(2,823,453	)	$	(10,635,041	)	$	(7,873,977	)	$	(12,688,192	)
Amount of gain (loss) reclassified from accumulated OCI into interest	$	(1,184,484	)	$	(365,549	)	$	(2,720,594	)	$	(365,549	)
Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	$	( 22,807	)	$	109,606		$	(10,511	)	$	—

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References + Details

Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Detail)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2012 USD ($) shares	Sep. 30, 2011 USD ($) shares	Jun. 30, 2012	Sep. 30, 2012 USD ($) shares	Sep. 30, 2011 USD ($) shares	Dec. 31, 2011 USD ($) shares	Dec. 31, 2010 shares
Restricted Stock [Member] \| Three Months Ended [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares)	512,198			512,198
Restricted Stock [Member] \| Nine Months Ended [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares)	425,495			425,495
Building [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life			39 years
Building [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life			40 years
Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life			10 years
Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life			20 years
Furniture and Fixtures [Member] \| Minimum [Member]
Property, Plant and Equipment, Useful Life			3 years
Furniture and Fixtures [Member] \| Maximum [Member]
Property, Plant and Equipment, Useful Life			10 years
Public Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)		41,400,000			41,400,000
Private Placement Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)		8,000,000			8,000,000
Public Warrants [Member]
Incremental Common Shares Attributable to Call Options and Warrants (in Shares)	41,400,000			41,400,000
Private Placement Warrants [Member]
Incremental Common Shares Attributable to Call Options and Warrants (in Shares)	8,000,000			8,000,000
Taxable Income, Percentage	90.00%			90.00%
Tax Adjustments, Settlements, and Unusual Provisions \| $				$ 122,000
Real Estate, Improvements \| $				5,800,000	$ 5,100,000
Acquisition Costs, Period Cost \| $	$ 194,191	$ 1,346,851		947,404	$ 1,775,534
Allowance for Doubtful Accounts Receivable \| $	2,800,000			2,800,000		$ 2,100,000
Deferred Costs, Leasing, Accumulated Amortization \| $	$ 7,900,000			$ 7,900,000		$ 4,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in Shares)	553,664	437,333		553,664	437,333	286,198	161,333
Number of Operating Segments				1
Number of Reportable Segments				1

Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Detail) - Reconciliation Between Basic and Diluted EPS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Performance Shares [Member]
Denominator:
Share Based Payment Awards	126,697	58,793	125,071	57,223
Stock Options [Member]
Denominator:
Share Based Payment Awards	54,634	18,614	47,512	10,513
Warrant [Member]
Denominator:
Warrants	1,823,756		609,877
Net Income attributable to Retail Opportunity Investments Corp. (in Dollars)	$ 2,618,768	$ 2,544,883	$ 8,170,504	$ 9,422,743
Less, earnings allocated to unvested shares (in Dollars)	(70,280)		(165,949)
Net income available for common shareholders, basic and diluted (in Dollars)	$ 2,548,488	$ 2,544,883	$ 8,004,555	$ 9,422,743
Denominator for basic EPS – weighted average common shares	51,440,751	41,974,492	50,483,251	41,928,795
Denominator for diluted EPS – weighted average common equivalent shares	53,445,838	42,051,899	51,265,711	41,996,531

Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Detail) - Supplemental Consolidated Statements of Cash Flow Information - USD ($)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Supplemental disclosure of cash activities:
Cash paid for Federal and New York state income taxes	$ 243,291	$ 85,075
Interest paid	7,524,799	3,180,732
Purchase accounting allocations:
Intangible lease liabilities	9,660,574
Transfer of equity investment in property to real estate investment	4,008,350
Assumed Mortgage Debt	8,428,062
Accrued interest rate swap liabilities	5,252,199	12,442,412
Accrued improvements to properties and deferred charges	$ 308,771	$ 18,155

Note 2 - Real Estate Investments (Detail)	1 Months Ended	3 Months Ended	9 Months Ended
Note 2 - Real Estate Investments (Detail)	Sep. 20, 2012 USD ($)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Aug. 01, 2012 USD ($)	Jul. 24, 2012 USD ($) ft²	May 25, 2012 USD ($)	May 04, 2012 USD ($)	May 03, 2012 USD ($)	Apr. 02, 2012 USD ($)	Mar. 29, 2012 USD ($)	Feb. 16, 2012 USD ($)
Joint Venture Which Owns the Crossroads Shopping Center [Member]
Equity Method Investment, Ownership Percentage			49.00%
Second Mortgage [Member] \| Joint Venture Which Owns the Crossroads Shopping Center [Member]
Notes Receivable, Related Parties			$ 10,000,000
Note Receivable, Related Party, Interest Rate			8.00%
Gateway Shopping Center [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price												$ 29,500,000
Euclid Plaza [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price											$ 15,900,000
Business Acquisition, Cost of Acquired Entity, Cash Paid											7,500,000
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred											$ 8,400,000
Green Valley Station [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price										$ 8,300,000
Business Combination, Bargain Purchase, Gain Recognized, Amount			$ 3,200,000
Aurora Square [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price									$ 4,200,000
Marlin Cove [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price								$ 17,400,000
Seabridge Marketplace [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price							$ 18,800,000
Business Combination, Bargain Purchase, Gain Recognized, Amount			622,000
Village at Novato [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price						$ 10,500,000
Adjacent Parcel - Village at Novato [Member]
Area of Real Estate Property (in Square feet) \| ft²						55,000
Glendora Shopping Center [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price					$ 14,900,000
Remaining Interest in Wilsonville Old Town Square [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price					1,600,000
Business Acquisition, Cost of Acquired Entity, Liabilities Incurred					$ 13,300,000
Business Combination, Bargain Purchase, Gain Recognized, Amount			2,100,000
Mortgage Note Receivable Secured by Riverside Plaza [Member] \| Participating Mortgages [Member]
Proceeds from Collection of Notes Receivable	$ 7,800,000
Business Combination, Bargain Purchase, Gain Recognized, Amount		$ 3,687,205	3,864,145	$ 9,449,059
undefined			4,008,350
Proceeds from Collection of Notes Receivable			$ 8,661,211

Note 2 - Real Estate Investments (Detail) - Purchase Price Allocation of Properties Acquired: - USD ($)	Sep. 30, 2012	Sep. 30, 2011
Land [Member]
ASSETS
Property	$ 47,186,352	$ 81,695,190
Building and Building Improvements [Member]
ASSETS
Property	92,671,620	200,885,981
Acquired lease intangible asset	11,489,527	21,425,280
Deferred charges	3,327,565	5,272,186
Assets acquired	154,675,064	309,278,637
Acquired lease intangible liability	9,660,574	27,361,727
Mortgage notes assumed	8,428,061
Liabilities assumed	$ 18,088,635	$ 27,361,727

Note 2 - Real Estate Investments (Detail) - Pro Forma Financial Information - Results of Operations Had the Acquisitions Occured at the Beginning of the Year - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Statement of operations:
Revenues	$ 19,053,501	$ 18,710,452	$ 58,015,049	$ 57,915,997
Property operating and other expenses	4,931,148	4,940,089	15,761,671	15,612,252
Depreciation and amortization	8,348,780	8,339,844	22,699,536	22,880,956
Net income attributable to Retail Opportunity Investments Corp.	$ 5,773,573	$ 5,430,519	$ 19,553,842	$ 19,422,789

Note 2 - Real Estate Investments (Detail) - Operating Results Included in the Company's Historical Consolidated Statement of Operations For Properties Acquired During the Reported Periods - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Attributable to Acquired Properties During the Reporting Periods [Member]
Revenues			$ 5,404,625	$ 11,247,888
Property operating and other expenses			1,261,275	3,199,339
Depreciation and amortization			1,947,971	5,480,135
Net income attributable to Retail Opportunity Investments Corp.			2,195,379	2,568,414
Revenues	$ 18,889,274	$ 13,555,364	53,655,330	35,090,201
Property operating and other expenses	3,072,670	2,195,280	9,324,140	5,283,526
Depreciation and amortization	7,070,557	5,890,170	20,737,917	14,661,366
Net income attributable to Retail Opportunity Investments Corp.	$ 2,618,768	$ 2,544,883	$ 8,170,504	$ 9,422,743

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph d
-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 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
-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 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
-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 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
-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 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
-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 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

+ Details

Note 2 - Real Estate Investments (Detail) - Investments in and Advances to Unconsolidated Joint Ventures - USD ($)	Sep. 30, 2012	Dec. 31, 2011
Wilsonville OTS LLC [Member]
Advances to unconsolidated joint ventures		$ 4,584,496
Crossroads Shopping Center [Member]
Advances to unconsolidated joint ventures	$ 15,078,373	13,780,018
Mortgage Note Receivable Secured by Riverside Plaza [Member]
Advances to unconsolidated joint ventures		7,878,000
Advances to unconsolidated joint ventures	$ 15,078,373	$ 26,242,514

Note 2 - Real Estate Investments (Detail) - Investments in and Advances to Unconsolidated Joint Ventures (Parentheticals)	Sep. 30, 2012	Dec. 31, 2011
Wilsonville OTS LLC [Member]
Ownership percentage	100.00%	95.00%
Crossroads Shopping Center [Member]
Ownership percentage	49.00%	49.00%
Mortgage Note Receivable Secured by Riverside Plaza [Member]
Ownership percentage	50.00%	50.00%

Note 3 - Mortgage Notes Payable and Credit Facilities (Detail) - USD ($)	1 Months Ended		9 Months Ended
	Apr. 30, 2012	Mar. 29, 2012	Sep. 30, 2012	Sep. 30, 2011	Aug. 29, 2012
Euclid Plaza [Member] \| Mortgages [Member]
Business Acquisition, Purchase Price Allocation, Liabilities Assumed (in Dollars)		$ 8,400,000
Debt Instrument, Interest Rate, Stated Percentage		5.23%
Debt Instrument, Maturity Date		Nov. 30, 2014
Loans Payable, Fair Value Disclosure (in Dollars)		$ 8,800,000
Cascade Summit Town Square [Member] \| Mortgages [Member]
Repayments of Secured Debt (in Dollars)	$ 6,900,000
A [Member]
Debt Instrument, Basis Spread on Variable Rate					0.50%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.35%
Line of Credit, Percent Outstanding			50.00%
C [Member]
Debt Instrument, Basis Spread on Variable Rate					1.00%
B [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.25%
Line of Credit, Percent Outstanding			50.00%
Line of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)					$ 200,000,000
Line of Credit Facility, Potential Increase (in Dollars)					100,000,000
Unsecure Debt [Member]
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)					200,000,000
Line of Credit Facility, Potential Increase (in Dollars)					$ 100,000,000
Line of Credit Facility, Amount Outstanding (in Dollars)			$ 200,000,000
Revised Credit Facility and Term Loan [Member]
Deferred Finance Costs, Net (in Dollars)			2,300,000
Business Acquisition, Purchase Price Allocation, Liabilities Assumed (in Dollars)			18,088,635	$ 27,361,727
Repayments of Secured Debt (in Dollars)			$ 7,608,484	$ 11,950,416
Letter of Credit Sub-Limit					20.00%
Line of Credit Facility, Extension Option, Term					1 year
Line of Credit Facility, Extension Fee, Percentage					0.25%
Number of Rating Agencies					2
Line of Credit, Fronting Fee			0.125%
Line of Credit Facility, Interest Rate at Period End			1.80%
Line of Credit Facility, Remaining Borrowing Capacity (in Dollars)			$ 200,000,000

Note 3 - Mortgage Notes Payable and Credit Facilities (Detail) - Mortgage Notes Payable, Reported By Collateralized Property: - USD ($)	9 Months Ended
	Sep. 30, 2012	Dec. 31, 2011
Cascade Summit Town Square [Member]
Maturity Date	Jul. 31, 2012
Interest Rate	7.25%
Mortgage Notes Payable		$ 6,894,650
Gateway Village I [Member]
Maturity Date	Feb. 28, 2014
Interest Rate	5.58%
Mortgage Notes Payable	$ 6,757,034	6,868,492
Gateway Village II [Member]
Maturity Date	May 31, 2014
Interest Rate	5.73%
Mortgage Notes Payable	$ 6,910,365	7,019,258
Euclid Plaza [Member]
Maturity Date	Nov. 30, 2014
Interest Rate	5.23%
Mortgage Notes Payable	$ 8,355,015
Country Club Gate [Member]
Maturity Date	Jan. 31, 2015
Interest Rate	5.04%
Mortgage Notes Payable	$ 12,536,931	12,705,857
Renaissance Towne Center [Member]
Maturity Date	Jun. 30, 2015
Interest Rate	5.13%
Mortgage Notes Payable	$ 16,826,446	17,014,883
Gateway Village III [Member]
Maturity Date	Jul. 31, 2016
Interest Rate	6.10%
Mortgage Notes Payable	$ 7,483,435	7,546,509
Mortgage Notes Payable	58,869,226	58,049,649
Mortgage Premium	1,541,654	1,856,315
Total mortgage notes payable	$ 60,410,880	$ 59,905,964

Note 4 - Preferred Stock (Detail) - shares	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2011
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Outstanding	0	0	0

Note 5 - Common Stock and Warrants (Detail)	1 Months Ended	3 Months Ended	9 Months Ended		15 Months Ended
Note 5 - Common Stock and Warrants (Detail)	Jun. 30, 2011 USD ($)	Sep. 30, 2012 USD ($) $ / shares shares	Sep. 30, 2012 USD ($) $ / shares shares	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($) $ / shares shares	Dec. 31, 2011 $ / shares	Jun. 23, 2011 $ / shares $ / item shares
Commissions Paid to Agent [Member]
Payments of Stock Issuance Costs \| $		$ 376,000	$ 643,000		$ 673,000
X [Member]
Share Price (in Dollars per share)							$ 22.00
Y [Member]
Share Price (in Dollars per share)							18.75
Common Stock, Par or Stated Value Per Share (in Dollars per share)		$ 0.0001	$ 0.0001		$ 0.0001	$ 0.0001	$ 0.0001
Proceeds from Issuance of Common Stock \| $	$ 50,000,000	$ 23,500,000	$ 36,860,055	$ 928,010	$ 38,400,000
Stock Issued During Period, Shares, New Issues (in Shares) \| shares		1,883,813	2,977,445		3,109,245
Payments of Stock Issuance Costs \| $			$ 821,781	$ 120,194
Warrants Purchased By Sponsor During IPO (in Shares) \| shares							8,000,000
Warrants, Sales Price Per Warrant (in Dollars per share)							$ 1.00
Warrants, Repurchase Price Per Warrant (in Dollars per share)							$ 0.01
Number of Days Notice							30 days
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) \| $ / item							12.00
Share Price (in Dollars per share)							$ 18.75
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) \| shares							53,400,000
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in Shares) \| shares							40,000,000

Note 6 - Stock Compensation and Other Benefit Plans (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Jun. 23, 2011
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)			116,250
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights			three
Share Price (in Dollars per share)	$ 8.72		$ 8.72
Restricted Stock [Member]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 3,300,000		$ 3,300,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition			1 year 36 days
Allocated Share-based Compensation Expense	900,000	$ 494,000	$ 2,100,000	$ 1,500,000
Stock Options [Member]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	154,000		$ 154,000
Allocated Share-based Compensation Expense	$ 72,000	57,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			1 year
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum			7.50%
Share Based Compensation, Arrangement by Share Based Payment Award, Maximum Number of Shares (in Shares)	4,000,000		4,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)			303,000	276,000
Share Price (in Dollars per share)					$ 18.75
Market Price (in Dollars per share)	$ 12.04		$ 12.04
Allocated Share-based Compensation Expense			$ 188,000	$ 171,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)			9,500	102,000
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 3,000	$ 5,000	$ 15,000	$ 9,000

Note 6 - Stock Compensation and Other Benefit Plans (Detail) - Status of Non-Vested Restricted Stock Awards - $ / shares	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011	Dec. 31, 2010
Non-vested, Shares	553,664	437,333	286,198	161,333
Non-vested, Weighted Average Grant Date Fair Value (in Dollars per share)	$ 10.55	$ 10.30	$ 10.30	$ 10.27
Granted, Shares	303,000	276,000
Granted, Weighted Average Grant Date Fair Value (in Dollars per share)	$ 9.18	$ 10.31
Vested, Shares	(13,667)
Vested, Weighted Average Grant Date Fair Value (in Dollars per share)	$ 10.44
Forfeited, Shares	(21,867)
Forfeited, Weighted Average Grant Date Fair Value (in Dollars per share)	$ 10.76

- Definition

The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units.

+ References + Details

Note 6 - Stock Compensation and Other Benefit Plans (Detail) - Weighted Average Assumptions	9 Months Ended
	Sep. 30, 2012
Average volatility	30.00%
Expected dividends	0.15%
Expected life (in years)	6 years
Risk-free interest rate	1.30%

Note 6 - Stock Compensation and Other Benefit Plans (Detail) - Options Activity - $ / shares	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011	Dec. 31, 2010
Outstanding, Shares	344,000	337,000	337,000	235,000
Outstanding, Weighted Average Exercise Price (in Dollars per share)	$ 10.48	$ 10.46	$ 10.44	$ 10.25
Granted, Shares	9,500	102,000
Granted, Weighted Average Exercise Price (in Dollars per share)	$ 12.02	$ 10.88
Exercised, Shares		0
Exercised, Weighted Average Exercise Price (in Dollars per share)		$ 0
Forfeited, Shares	(2,500)
Forfeited, Weighted Average Exercise Price (in Dollars per share)	$ 10.88
Expired, Shares		0
Expired. Weighted Average Exercise Price (in Dollars per share)		$ 0
Exercisable, Shares	158,900	73,667
Exercisable, Weighted Average Exercise Price (in Dollars per share)	$ 10.38	$ 10.26

Note 7 - Fair Value of Financial Instruments (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2012 USD ($)
Fair Value, Inputs, Level 3 [Member] \| Mortgages [Member]
Notes Payable, Fair Value Disclosure (in Dollars)	$ 63.3
Mortgage Loans on Real Estate, Minimum Interest Rate in Range	3.80%
Mortgage Loans on Real Estate, Maximum Interest Rate in Range	5.20%
Mortgage Loans on Real Estate, Interest Rate	4.50%

Note 8 - Derivative and Hedging Activities (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2012	May 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Number 1 [Member]
Notional Amount of Interest Rate Cash Flow Hedge Derivatives				$ 25,000,000
Number 4 [Member]
Notional Amount of Interest Rate Cash Flow Hedge Derivatives			$ 25,000,000
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	$ 10,000
Number 2 [Member]
Notional Amount of Interest Rate Cash Flow Hedge Derivatives				$ 50,000,000
Number 3 [Member]
Notional Amount of Interest Rate Cash Flow Hedge Derivatives			$ 50,000,000
Notional Amount of Interest Rate Cash Flow Hedge Derivatives	175,000,000	$ 25,000,000
Gain (Loss) on Interest Rate Cash Flow Hedge Ineffectiveness	1,000
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 4,500,000

Note 8 - Derivative and Hedging Activities (Detail) - Assets and Liabilities Measured at Fair Value on a Recurring Basis - USD ($)	Sep. 30, 2012	Dec. 31, 2011
Fair Value, Inputs, Level 1 [Member]
Assets
Derivative financial instruments	$ 0
Liabilities
Derivative financial instruments	0
Fair Value, Inputs, Level 2 [Member]
Assets
Derivative financial instruments	0
Liabilities
Derivative financial instruments	(19,108,620)
Fair Value, Inputs, Level 3 [Member]
Assets
Derivative financial instruments	0
Liabilities
Derivative financial instruments	0
Derivative financial instruments	0
Derivative financial instruments	$ (19,108,620)	$ (13,856,420)

Note 8 - Derivative and Hedging Activities (Detail) - Interest Rate Derivatives	Sep. 30, 2012 USD ($)	May 31, 2012 USD ($)
Interest rate swap	5
Interest rate swap (in Dollars)	$ 175,000,000	$ 25,000,000

Note 8 - Derivative and Hedging Activities (Detail) - Fair Value of Derivative Financial Instruments - USD ($)	Sep. 30, 2012	Dec. 31, 2011
Interest rate products	$ (19,108,620)	$ (13,856,420)

Note 8 - Derivative and Hedging Activities (Detail) - Location of Gain or Loss on Interest Rate Derivatives Designated as Cash Flow Hedges - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Amount of gain (loss) recognized in OCI on derivative$	$ (2,823,453)	$ (10,635,041)	$ (7,873,977)	$ (12,688,192)
Amount of gain (loss) reclassified from accumulated OCI into interest	(1,184,484)	(365,549)	(2,720,594)	$ (365,549)
Amount of gain or (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing)	$ (22,807)	$ 109,606	$ (10,511)

- Definition

The amount of net gains and losses recognized in income during the period on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges, on derivative instruments designated and qualifying as hedging instruments in cash flow hedges, and on derivative instruments not designated as hedging instruments.

+ References + Details

Note 9 - Commitments and Contingencies (Detail)	Sep. 30, 2012 USD ($)
Operating Leases, Future Minimum Payments, Remainder of Fiscal Year	$ 15,950
Operating Leases, Future Minimum Payments, Due in Two Years	63,800
Operating Leases, Future Minimum Payments, Due in Three Years	$ 10,640

Note 10 - Related Party Transactions (Detail)	1 Months Ended	3 Months Ended		9 Months Ended
Note 10 - Related Party Transactions (Detail)	Aug. 31, 2011 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	Sep. 30, 2012 USD ($)	Sep. 30, 2011 USD ($)	May 31, 2010 USD ($)
Transitional Shared Facilities and Services Agreement with NRDC Real Estate Advisors, LLC [Member]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party			$ 22,500		$ 67,500
Shared Facilities and Service Agreement [Member]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party			5,800		17,400
						$ 1,938
Use of Storage Space [Member]
	$ 790
Related Party Lease Agreements [Member]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party		$ 2,400	$ 2,400	$ 7,200	$ 2,400
Number of Lease Agreements Entered, Related Party	2

Note 11 - Corporate Office Relocation (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Mr. Roche - CFO [Member]
Description of Departure Compensation			Consequently, the Company and Mr. Roche have agreed to set the date of Mr. Roche's departure for December 31, 2012.Under his employment agreement, Mr. Roche is entitled to receive a lump sum payment, within 30 days of his departure, equal to (i) $2,048,000, which is equal to (x) two times his annual salary and (y) two times the average of his annual bonuses awarded for the last two years immediately preceding the year of his departure, (ii) $18,000, which represents Mr. Roche's automobile allowance for one year and (iii) any of Mr. Roche's annual salary, annual bonus and other benefits which is both earned and accrued prior to the date of termination
Minimum [Member]
Estimated Relocation Costs			$ 3,000,000
Maximum [Member]
Estimated Relocation Costs			3,300,000
Relocation Costs [Member]
General and Administrative Expense			1,000,000
General and Administrative Expense	$ 3,699,852	$ 2,427,693	$ 8,716,378	$ 7,253,816

Note 12 - Subsequent Events (Detail)	1 Months Ended
Note 12 - Subsequent Events (Detail)	Oct. 31, 2012 USD ($) $ / shares	Oct. 05, 2012 USD ($) ft²
Bay Plaza Shopping Center [Member]
Business Acquisition, Cost of Acquired Entity, Purchase Price		$ 21,600,000
Area of Real Estate Property (in Square feet) \| ft²		73,000
Manhattan Village Shopping Center [Member]
Escrow Deposits Related to Property Sales	$ 500,000
Bernardo Heights Plaza [Member]
Escrow Deposits Related to Property Sales	$ 1,000,000
Common Stock, Dividends, Per Share, Declared (in Dollars per share) \| $ / shares	$ 0.14