Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2014	Oct. 29, 2014
Document Information [Line Items]
Entity Registrant Name	Retail Opportunity Investments Corp
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		92,971,980
Amendment Flag	false
Entity Central Index Key	0001407623
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Document Period End Date	Sep. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3
Retail Opportunity Investments Partnership L.P. [Member]
Document Information [Line Items]
Entity Registrant Name	Retail Opportunity Investments Partnership L.P.
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001577230
Entity Filer Category	Non-accelerated Filer

Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Sep. 30, 2014	Dec. 31, 2013
ASSETS
Land	$ 521,240,027	$ 458,252,028
Building and improvements	1,163,078,255	914,181,620
	1,684,318,282	1,372,433,648
Less: accumulated depreciation	77,876,016	57,499,980
Real Estate Investments, net	1,606,442,266	1,314,933,668
Cash and cash equivalents	10,996,030	7,919,697
Restricted cash	13,426,980	1,298,666
Tenant and other receivables	25,487,717	20,389,068
Deposits	5,000,000	775,000
Acquired lease intangible asset, net of accumulated amortization	69,787,166	55,887,471
Prepaid expenses	544,177	1,371,296
Deferred charges, net of accumulated amortization	36,501,115	33,121,980
Other	2,398,653	3,392,997
Total assets	1,770,584,104	1,439,089,843
Liabilities:
Term loan	200,000,000	200,000,000
Credit facility	123,300,000	56,950,000
Senior Notes Due 2023	246,090,639	245,845,320
Mortgage notes payable	107,306,179	118,903,258
Acquired lease intangibles liability, net of accumulated amortization	112,237,902	85,283,882
Accounts payable and accrued expenses	18,858,394	11,923,998
Tenants' security deposits	3,709,286	3,422,910
Other liabilities	14,481,506	11,350,409
Total liabilities	825,983,906	733,679,777
Commitments and contingencies
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 91,746,195 and 72,445,767 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	9,168	7,238
Additional paid-in-capital	993,075,023	732,701,858
Dividends in excess of earnings	(70,639,196)	(47,616,570)
Accumulated other comprehensive loss	(9,119,648)	(8,969,137)
Total Retail Opportunity Investments Corp. stockholders' equity	913,325,347	676,123,389
Non-controlling interests	31,274,851	29,286,677
Total equity	944,600,198	705,410,066
Total liabilities and equity	1,770,584,104	1,439,089,843
Retail Opportunity Investments Partnership L.P. [Member]
ASSETS
Land	521,240,027	458,252,028
Building and improvements	1,163,078,255	914,181,620
	1,684,318,282	1,372,433,648
Less: accumulated depreciation	77,876,016	57,499,980
Real Estate Investments, net	1,606,442,266	1,314,933,668
Cash and cash equivalents	10,996,030	7,919,697
Restricted cash	13,426,980	1,298,666
Tenant and other receivables	25,487,717	20,389,068
Deposits	5,000,000	775,000
Acquired lease intangible asset, net of accumulated amortization	69,787,166	55,887,471
Prepaid expenses	544,177	1,371,296
Deferred charges, net of accumulated amortization	36,501,115	33,121,980
Other	2,398,653	3,392,997
Total assets	1,770,584,104	1,439,089,843
Liabilities:
Term loan	200,000,000	200,000,000
Credit facility	123,300,000	56,950,000
Senior Notes Due 2023	246,090,639	245,845,320
Mortgage notes payable	107,306,179	118,903,258
Acquired lease intangibles liability, net of accumulated amortization	112,237,902	85,283,882
Accounts payable and accrued expenses	18,858,394	11,923,998
Tenants' security deposits	3,709,286	3,422,910
Other liabilities	14,481,506	11,350,409
Total liabilities	825,983,906	733,679,777
Equity:
ROIC capital (consists of general and limited partnership interests held by ROIC)	922,444,995	685,092,526
Limited partners’ capital (consists of limited partnership interests held by third parties)	31,274,851	29,286,677
Accumulated other comprehensive loss	(9,119,648)	(8,969,137)
Total equity	944,600,198	705,410,066
Total liabilities and equity	$ 1,770,584,104	$ 1,439,089,843

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Preferred stock par value (in Dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	91,746,195	72,445,767
Common stock, shares outstanding	91,746,195	72,445,767

Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $)

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Revenues

Base rents

$ 31,558,036

$ 20,686,688

$ 87,229,748

$ 60,197,590

Recoveries from tenants

8,143,692

5,330,339

24,137,499

15,549,716

Mortgage interest

211,537

623,793

Other income

1,154,143

919,067

2,753,594

1,224,447

Total revenues

40,855,871

27,147,631

114,120,841

77,595,546

Operating expenses

Property operating

5,864,658

4,963,809

18,061,824

13,204,316

Property taxes

4,159,996

2,795,468

11,565,532

7,893,452

Depreciation and amortization

15,364,808

9,755,321

42,986,148

27,813,157

General and administrative expenses

2,987,568

2,483,377

8,324,297

7,978,103

Acquisition transaction costs

124,850

641,224

653,681

1,569,592

Other expense (income)

58,629

42,935

405,539

197,891

Total operating expenses

28,560,509

20,682,134

81,997,021

58,656,511

Operating income

12,295,362

6,465,497

32,123,820

18,939,035

Interest expense and other finance expenses

(6,864,693)

(3,703,556)

(20,694,672)

(10,974,103)

Gain on consolidation of joint venture

20,381,849

Equity in earnings from unconsolidated joint ventures

2,118,501

2,389,937

Gain on sale of real estate

1,550,027

4,868,553

Income from continuing operations

6,980,696

25,262,291

16,297,701

30,736,718

Loss from discontinued operations

(713,529)

Net income

6,980,696

25,262,291

16,297,701

30,023,189

Net income attributable to non-controlling interests

(231,849)

(583,419)

Net Income Attributable to Retail Opportunity Investments Corp.

6,748,847

25,262,291

15,714,282

30,023,189

Net earnings per share - basic:

Income from continuing operations (in Dollars per share)

$ 0.07

$ 0.35

$ 0.19

$ 0.47

Loss from discontinued operations (in Dollars per share)

$ (0.01)

Net earnings per share or unit (in Dollars per share)

$ 0.07

$ 0.35

$ 0.19

$ 0.46

Net income per share - diluted:

Income from continuing operations (in Dollars per share)

$ 0.07

$ 0.34

$ 0.19

$ 0.45

Loss from discontinued operations (in Dollars per share)

$ (0.01)

Net earnings per share or unit (in Dollars per share)

$ 0.07

$ 0.34

$ 0.19

$ 0.44

Distributions per common share or unit (in Dollars per share)

$ 0.16

$ 0.15

$ 0.48

$ 0.45

Comprehensive income:

Net income

6,980,696

25,262,291

16,297,701

30,023,189

Unrealized gain (loss) on swap derivative

Unrealized swap derivative gain (loss) arising during the period

134,842

(1,419,472)

(2,791,565)

4,642,590

Reclassification adjustment for amortization of interest expense included in net income

869,554

1,187,866

2,641,054

3,558,368

Other comprehensive income (loss)

1,004,396

(231,606)

(150,511)

8,200,958

Comprehensive income

7,985,092

25,030,685

16,147,190

38,224,147

Comprehensive income attributable to non-controlling interests

(231,849)

(583,419)

Comprehensive income attributable to Retail Opportunity Investments Corp.

7,753,243

25,030,685

15,563,771

38,224,147

Retail Opportunity Investments Partnership L.P. [Member]

Revenues

Base rents

31,558,036

20,686,688

87,229,748

60,197,590

Recoveries from tenants

8,143,692

5,330,339

24,137,499

15,549,716

Mortgage interest

211,537

623,793

Other income

1,154,143

919,067

2,753,594

1,224,447

Total revenues

40,855,871

27,147,631

114,120,841

77,595,546

Operating expenses

Property operating

5,864,658

4,963,809

18,061,824

13,204,316

Property taxes

4,159,996

2,795,468

11,565,532

7,893,452

Depreciation and amortization

15,364,808

9,755,321

42,986,148

27,813,157

General and administrative expenses

2,987,568

2,483,377

8,324,297

7,978,103

Acquisition transaction costs

124,850

641,224

653,681

1,569,592

Other expense (income)

58,629

42,935

405,539

197,891

Total operating expenses

28,560,509

20,682,134

81,997,021

58,656,511

Operating income

12,295,362

6,465,497

32,123,820

18,939,035

Interest expense and other finance expenses

(6,864,693)

(3,703,556)

(20,694,672)

(10,974,103)

Gain on consolidation of joint venture

20,381,849

Equity in earnings from unconsolidated joint ventures

2,118,501

2,389,937

Gain on sale of real estate

1,550,027

4,868,553

Income from continuing operations

6,980,696

25,262,291

16,297,701

30,736,718

Loss from discontinued operations

(713,529)

Net income

6,980,696

25,262,291

16,297,701

30,023,189

Net earnings per share - basic:

Income from continuing operations (in Dollars per share)

$ 0.07

$ 0.35

$ 0.19

$ 0.47

Loss from discontinued operations (in Dollars per share)

$ (0.01)

Net earnings per share or unit (in Dollars per share)

$ 0.07

^[1]

$ 0.35

^[1]

$ 0.19

^[1]

$ 0.45

^[1]

Net income per share - diluted:

Income from continuing operations (in Dollars per share)

$ 0.07

$ 0.34

$ 0.19

$ 0.45

Loss from discontinued operations (in Dollars per share)

$ (0.01)

Net earnings per share or unit (in Dollars per share)

$ 0.07

$ 0.34

$ 0.19

$ 0.44

Distributions per common share or unit (in Dollars per share)

$ 0.16

$ 0.15

$ 0.48

$ 0.45

Comprehensive income:

Net income

6,980,696

25,262,291

16,297,701

30,023,189

Unrealized gain (loss) on swap derivative

Unrealized swap derivative gain (loss) arising during the period

134,842

(1,419,472)

(2,791,565)

4,642,590

Reclassification adjustment for amortization of interest expense included in net income

869,554

1,187,866

2,641,054

3,558,368

Other comprehensive income (loss)

1,004,396

(231,606)

(150,511)

8,200,958

Comprehensive income

$ 7,985,092

$ 25,030,685

$ 16,147,190

$ 38,224,147

[1]	Earnings per share may not add due to rounding.

Consolidated Statement of Equity (Unaudited) (USD $)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member] Officer [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Noncontrolling Interest [Member]	Officer [Member]	Total
Balance at December 31, 2013 at Dec. 31, 2013	$ 7,238	$ 732,701,858		$ (47,616,570)	$ (8,969,137)	$ 29,286,677		$ 705,410,066
Balance at December 31, 2013 (in Shares) at Dec. 31, 2013	72,445,767							72,445,767
Shares issued under the 2009 Plan	32	(32)
Shares issued under the 2009 Plan (in Shares)	318,671
Repurchase of common stock	(4)	(587,391)						(587,395)
Repurchase of common stock (in Shares)	(39,841)							0
Cancellation of restricted stock units (in Shares)	(5,833)
Stock based compensation expense		2,689,335						2,689,335
Proceeds from the exercise of warrants	464	55,828,707						55,829,171
Proceeds from the exercise of warrants (in Shares)	4,652,431
Adjustment to non-controlling interests ownership in Operating Partnership		(2,908,135)				2,908,135
Proceeds from the issuance of common stock	1,438	214,904,813						214,906,251
Proceeds from the issuance of common stock (in Shares)	14,375,000
Registration expenditures		(9,554,132)						(9,554,132)
Dividends			(103,398)	(38,633,510)		(1,503,380)	(103,398)	(40,136,890)
Net income attributable to Retail Opportunity Investments Corp.				15,714,282				15,714,282
Net income attributable to non-controlling interests						583,419		583,419
Other comprehensive loss					(150,511)			(150,511)
Balance at September 30, 2014 at Sep. 30, 2014	$ 9,168	$ 993,075,023		$ (70,639,196)	$ (9,119,648)	$ 31,274,851		$ 944,600,198
Balance at September 30, 2014 (in Shares) at Sep. 30, 2014	91,746,195							91,746,195

Consolidated Statements of Cash Flow (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 16,297,701	$ 30,023,189
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	42,986,148	27,813,157
Amortization of deferred financing costs and mortgage premiums, net	(310,987)	101,572
Gain on consolidation of joint venture		(20,381,849)
Straight-line rent adjustment	(2,516,314)	(2,336,767)
Amortization of above and below market rent	(5,262,008)	(3,044,768)
Amortization relating to stock based compensation	2,689,335	2,109,040
Provisions for tenant credit losses	1,463,372	961,051
Equity earned in earnings from unconsolidated joint ventures		(2,389,937)
Other noncash interest expense	1,308,141
Gain on sale of real estate	(4,868,553)
Loss on sale of discontinued operations		713,529
Settlement of interest rate swap agreements	(3,230,000)
Other		490,924
Change in operating assets and liabilities
Restricted cash	(286,910)	(353,354)
Tenant and other receivables	(4,481,872)	(1,832,325)
Prepaid expenses	803,937	742,972
Accounts payable and accrued expenses	3,761,269	2,725,392
Other asset and liabilities, net	4,089,426	(1,998,197)
Net cash provided by operating activities	52,442,685	33,343,629
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in real estate	(322,683,558)	(180,090,191)
Acquisition of entities		(43,378,106)
Proceeds from sale of real estate	27,622,089	5,607,612
Increase in restricted cash	(12,048,472)
Investments in mortgage notes receivables		(294,000)
Improvements to properties	(15,665,962)	(14,629,136)
Deposits on real estate acquisitions	(4,225,000)	(7,150,000)
Construction escrows and other	207,069	76,494
Net cash used in investing activities	(326,793,834)	(239,857,327)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal repayment on mortgages	(9,527,560)	(7,663,760)
Proceeds from the draw on term loan/credit facility	318,300,000	251,750,000
Payments on credit facility	(251,950,000)	(196,000,000)
Payment of contingent consideration		(1,864,370)
Proceeds from exercise of warrants	56,001,971	222,783,378
Payments to acquire warrants		(23,318,841)
Distributions	(1,503,380)
Purchase of non-controlling interest		(2,389)
Deferred financing and other costs	(64,758)	(1,817,567)
Proceeds from the issuance of common stock or OP units	214,906,251
Registration expenditures	(9,462,378)	(69,245)
Dividends paid to common stockholders	(38,685,269)	(31,585,598)
Repurchases of common stock or OP units	(587,395)	(280,974)
Retirement of options		(274,830)
Net cash provided by financing activities	277,427,482	211,655,804
Net increase (decrease) in cash and cash equivalents	3,076,333	5,142,106
Cash and cash equivalents at beginning of period	7,919,697	4,692,230
Cash and cash equivalents at end of period	10,996,030	9,834,336
Other non-cash investing and financing activities – increase (decrease):
Issuance of OP Units in connection with acquisitions of entities		45,372,731
Assumed mortgage at fair value		62,749,675
Intangible lease liabilities	35,425,924	6,444,176
Transfer of equity investment in property to real estate investment		15,990,769
Interest rate swap asset	(1,169,114)	1,391,684
Accrued interest rate swap liabilities	(2,528,703)	(6,665,724)
Proceeds receivable from exercise of warrants	(172,800)
Accrued real estate improvement costs	3,434,217	(116,054)
Retail Opportunity Investments Partnership L.P. [Member]
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	16,297,701	30,023,189
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	42,986,148	27,813,157
Amortization of deferred financing costs and mortgage premiums, net	(310,987)	101,572
Gain on consolidation of joint venture		(20,381,849)
Straight-line rent adjustment	(2,516,314)	(2,336,767)
Amortization of above and below market rent	(5,262,008)	(3,044,768)
Amortization relating to stock based compensation	2,689,335	2,109,040
Provisions for tenant credit losses	1,463,372	961,051
Equity earned in earnings from unconsolidated joint ventures		(2,389,937)
Other noncash interest expense	1,308,141
Gain on sale of real estate	(4,868,553)
Loss on sale of discontinued operations		713,529
Settlement of interest rate swap agreements	(3,230,000)
Other		490,924
Change in operating assets and liabilities
Restricted cash	(286,910)	(353,354)
Tenant and other receivables	(4,481,872)	(1,832,325)
Prepaid expenses	803,937	742,972
Accounts payable and accrued expenses	3,761,269	2,725,392
Other asset and liabilities, net	4,089,426	(1,998,197)
Net cash provided by operating activities	52,442,685	33,343,629
CASH FLOWS FROM INVESTING ACTIVITIES
Investments in real estate	(322,683,558)	(180,090,191)
Acquisition of entities		(43,378,106)
Proceeds from sale of real estate	27,622,089	5,607,612
Increase in restricted cash	(12,048,472)
Investments in mortgage notes receivables		(294,000)
Improvements to properties	(15,665,962)	(14,629,136)
Deposits on real estate acquisitions	(4,225,000)	(7,150,000)
Construction escrows and other	207,069	76,494
Net cash used in investing activities	(326,793,834)	(239,857,327)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal repayment on mortgages	(9,527,560)	(7,663,760)
Proceeds from the draw on term loan/credit facility	318,300,000	251,750,000
Payments on credit facility	(251,950,000)	(196,000,000)
Payment of contingent consideration		(1,864,370)
Proceeds from exercise of warrants	56,001,971	222,783,378
Distributions	(40,188,649)	(31,585,598)
Deferred financing and other costs	(64,758)	(1,817,567)
Proceeds from the issuance of common stock or OP units	214,906,251
Distributions to ROIC	(9,462,378)	(23,390,475)
Repurchases of common stock or OP units	(587,395)	(280,974)
Retirement of options		(274,830)
Net cash provided by financing activities	277,427,482	211,655,804
Net increase (decrease) in cash and cash equivalents	3,076,333	5,142,106
Cash and cash equivalents at beginning of period	7,919,697	4,692,230
Cash and cash equivalents at end of period	10,996,030	9,834,336
Other non-cash investing and financing activities – increase (decrease):
Issuance of OP Units in connection with acquisitions of entities		45,372,731
Assumed mortgage at fair value		62,749,675
Intangible lease liabilities	35,425,924	6,444,176
Transfer of equity investment in property to real estate investment		15,990,769
Interest rate swap asset	(1,169,114)	1,391,684
Accrued interest rate swap liabilities	(2,528,703)	(6,665,724)
Proceeds receivable from exercise of warrants	(172,800)
Accrued real estate improvement costs	$ 3,434,217	$ (116,054)

Consolidated Statements of Partners' Capital (Unaudited) (USD $)

Limited Partner’s Capital [Member]

Retail Opportunity Investments Partnership L.P. [Member]

ROIC Capital [Member]

Officer [Member]

Retail Opportunity Investments Partnership L.P. [Member]

ROIC Capital [Member]

Retail Opportunity Investments Partnership L.P. [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Retail Opportunity Investments Partnership L.P. [Member]

Accumulated Other Comprehensive Income (Loss) [Member]

Capital [Member]

Officer [Member]

Retail Opportunity Investments Partnership L.P. [Member]

Capital [Member]

Retail Opportunity Investments Partnership L.P. [Member]

Officer [Member]

Retail Opportunity Investments Partnership L.P. [Member]

Total

Balance at December 31, 2013 at Dec. 31, 2013

$ 29,286,677

^[1]

$ 685,092,526

^[2]

$ (8,969,137)

$ 705,410,066

Balance at December 31, 2013 (in Shares) at Dec. 31, 2013

3,132,042

^[1]

72,445,767

^[2]

OP units issued under the 2009 Plan (in Shares)

^[2]

318,671

Repurchase of OP Units

(587,395)

^[2]

(587,395)

Repurchase of OP Units (in Shares)

(39,841)

^[2]

Cancellation of OP Units (in Shares)

^[2]

(5,833)

Stock based compensation expense

2,689,335

^[2]

2,689,335

Issuance of OP Units upon exercise of warrants

55,829,171

^[2]

55,829,171

Issuance of OP Units upon exercise of warrants (in Shares)

^[2]

4,652,431

Adjustment to non-controlling interests ownership in Operating Partnership

2,908,135

^[1]

(2,908,135)

^[2]

Issuance of OP Units in connection with common stock offering

214,906,251

^[2]

214,906,251

Issuance of OP Units in connection with common stock offering (in Shares)

^[2]

14,375,000

Registration expenditures

(9,554,132)

^[2]

(9,554,132)

(9,462,378)

Cash distributions ($0.48 per unit)

(1,503,380)

^[1]

(38,633,510)

^[2]

(40,136,890)

Dividends payable to officers

(103,398)

^[2]

(103,398)

(40,136,890)

Net income attributable to Retail Opportunity Investments Partnership, LP

583,419

^[1]

15,714,282

^[2]

16,297,701

Other comprehensive loss

(150,511)

Balance at September 30, 2014 at Sep. 30, 2014

$ 31,274,851

^[1]

$ 922,444,995

^[2]

$ (9,119,648)

$ 944,600,198

Balance at September 30, 2014 (in Shares) at Sep. 30, 2014

3,132,042

^[1]

91,746,195

^[2]

[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general and limited partnership interests held by ROIC.

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

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

Organization, Basis of Presentation and Summary of Significant Accounting Policies

Business

Retail Opportunity Investments Corp., a Maryland corporation (“ROIC”), is a fully integrated and self-managed real estate investment trust (“REIT”). ROIC specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers on the west coast of the United States anchored by supermarkets and drugstores.

ROIC 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 ROIC conducts substantially all of its business through, its operating partnership subsidiary, Retail Opportunity Investments Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), together with its subsidiaries. Unless otherwise indicated or unless the context requires otherwise, all references to the “Company”, “we,” “us,” “our,” or “our company” refer to ROIC together with its consolidated subsidiaries, including the Operating Partnership.

With the approval of its stockholders, ROIC reincorporated as a Maryland corporation on June 2, 2011. ROIC 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 businesses through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination. On October 20, 2009, ROIC’s stockholders and warrantholders approved 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”) ROIC entered into on August 7, 2009 with NRDC Capital Management, LLC (“NRDC”), which, among other things, set forth the steps to be taken by ROIC 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.

ROIC’s only material asset is its ownership of direct or indirect partnership interests in the Operating Partnership and membership interest in Retail Opportunity Investments GP, LLC, which is the sole general partner of the Operating Partnership. As a result, ROIC does not conduct business itself, other than acting as the parent company and issuing equity from time to time. The Operating Partnership holds substantially all the assets of the Company and directly or indirectly holds the ownership interests in the Company’s real estate ventures. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from warrant exercises and equity issuances by ROIC, which are contributed to the Operating Partnership, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness (directly and through subsidiaries) or through the issuance of operating partnership units (“OP Units”).

Recent Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) that raises the threshold for a disposal to qualify as a discontinued operation and requires new disclosures of both discontinued operations and certain other disposals that do not meet the definition of a discontinued operation. This guidance is effective for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted. The Company elected to early adopt the provisions of this guidance. The adoption will result in most individual property disposals not qualifying for discontinued operations presentation, and accordingly, the results of those disposals will remain in “Income from continuing operations.”

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers.” The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and International Financial Reporting Standards. The pronouncement is effective for reporting periods beginning after December 15, 2016. The Company is in the process of evaluating the impact this pronouncement will have on the Company’s consolidated financial statements.

Principles of Consolidation

The accompanying consolidated financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States (“GAAP”) 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, the consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and the results of operations and cash flows for the periods presented. Results of operations for the three and nine month periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. 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, 2013.

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. As of September 30, 2014, the Company does not have any VIEs.

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

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 performance-based restricted stock, stock options, warrants, and derivatives. Actual results could differ from these estimates.

Federal Income Taxes

Commencing with ROIC’s taxable year ended December 31, 2010, ROIC 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 its REIT taxable income (determined without regard to the dividends paid deduction and by excluding net capital gains) 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, ROIC 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. For all periods from inception through September 26, 2013 the Operating Partnership had been an entity disregarded from its sole owner, ROIC, for U.S. federal income tax purposes and, as such, had not been subject to federal income taxes. Effective September 27, 2013, the Operating Partnership issued 3,290,263 OP Units in connection with the acquisitions of two shopping centers, Crossroads Shopping Center and Five Points Plaza. Accordingly, the Operating Partnership ceased being a disregarded entity and instead began being treated as a partnership for federal income tax purposes.

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, 2014, the statute of limitations for the tax years 2011 through and including 2013 remain open for examination by the Internal Revenue Service (“IRS”) and state taxing authorities.

ROIC intends to make regular quarterly distributions to holders of its common stock in an amount not less than its net taxable income, if and to the extent authorized by its board of directors. If ROIC’s cash available for distribution is less than its net taxable income, it could be required to sell assets or borrow funds to make cash distributions or it may make a portion of the required distribution in the form of a taxable stock distribution or distribution of debt securities.

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, 2014 and 2013, capitalized costs related to the improvement or replacement of real estate properties were approximately $19.1 million and $14.4 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, and acquired lease intangible liabilities represent below-market leases, in the accompanying consolidated balance sheets. 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 management’s 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 sheets.

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 is amortized to rental income, over the terms of the respective leases including option periods, if applicable. 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, 2014 and 2013 of approximately $125,000 and $641,000, respectively, and approximately $654,000 and $1.6 million during the nine months ended September 30, 2014 and 2013, respectively.

Regarding the Company's 2014 property acquisitions (see Note 2), the fair value of in-place leases and other intangibles have been allocated to intangible asset and liability accounts.

Sales of real estate are recognized only when sufficient down payments have been obtained, possession and other attributes of ownership have been transferred to the buyer and the Company has no significant continuing involvement. The application of these criteria can be complex and requires the Company to make assumptions. Management has determined that all of these criteria were met for all real estate sold during the periods presented.

In June 2014, the Company sold the Phillips Village Shopping Center, a non-core shopping center located in Pomona, California with an occupancy rate of approximately 10.4% as of May 31, 2014. The sales price of this property of approximately $16.0 million, less costs to sell, resulted in net proceeds to the Company of approximately $15.6 million. The Company recorded a gain on sale of property of approximately $3.3 million for the nine months ended September 30, 2014.

In August 2014, the Company sold the Oregon City Point Shopping Center, a non-core shopping center located in Oregon City, Oregon. The sales price of this property of approximately $12.4 million, less costs to sell, resulted in net proceeds of approximately $12.0 million. The Company recorded a gain on sale of property of approximately $1.6 million for the three and nine months ended September 30, 2014. The proceeds of approximately $12.0 million are classified in Restricted Cash in the consolidated balance sheet as of September 30, 2014, as the proceeds are being held with an exchange accommodator under Section 1031 of the Code, and are expected to be used to purchase an asset during the fourth quarter of 2014.

Any reference to the number of properties and square footage are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of its financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.

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 amount 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, 2014.

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

Restricted cash represents the cash proceeds of property sales that are being held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Code. Additionally, 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 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.

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) collectability 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 GAAP 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 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, 2014 and December 31, 2013 was approximately $2.9 million and $3.2 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 $16.9 million and $14.9 million, as of September 30, 2014 and December 31, 2013, respectively.

Internal Capitalized Leasing Costs

The Company capitalizes a portion of payroll-related costs related to its leasing personnel associated with new leases and lease renewals. These costs are amortized over the life of the respective leases. During the three months ended September 30, 2014 and 2013, the Company capitalized approximately $256,000 and $185,000, respectively. During the nine months ended September 30, 2014 and 2013, the Company capitalized approximately $692,000 and $501,000, respectively.

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 Per Share

Basic earnings per share (“EPS”) excludes the impact of dilutive shares and is computed by dividing net income 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, 2014 and 2013, the effect of the 41,400,000 warrants to purchase ROIC’s common stock (the “Public Warrants”) issued in connection with ROIC’s initial public offering (the “IPO”) and the 8,000,000 warrants (the “Private Placement Warrants”) purchased by NRDC simultaneously with the consummation of the IPO, for the period of time these warrants were outstanding during such period, were included in the calculation of diluted EPS as the weighted average share price of ROIC’s common stock was greater than the exercise price of such warrants during these periods. See Note 6 to the accompanying consolidated financial statements.

For the three and nine months ended September 30, 2014 and 2013, 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. The performance-based restricted stock awards outstanding under the 2009 Plan described in Note 7 are excluded from the basic EPS calculation, as these units are not participating securities until they vest.

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Numerator:
Income from continuing operations	$	6,980,696		$	25,262,291		$	16,297,701		$	30,736,718
Less income from continuing operations attributable to non-controlling interest		(231,849	)		—			(583,419	)		—
Less earnings allocated to unvested shares		(39,558	)		(20,736	)		(119,930	)		(57,623	)
Income from continuing operations available for common shareholders, basic		6,709,289			25,241,555			15,594,352			30,679,095
Loss from discontinued operations available to common shareholders, basic		—			—			—			(713,529	)
Net income available for common stockholders, basic	$	6,709,289		$	25,241,555		$	15,594,352		$	29,965,566

Numerator:
Income from continuing operations	$	6,980,696		$	25,262,291		$	16,297,701		$	30,736,718
Less earnings allocated to unvested shares		(39,558	)		(20,736	)		(119,930	)		(57,623	)
Income from continuing operations available for common shareholders, diluted		6,941,138			25,241,555			16,177,771			30,679,095
Loss from discontinued operations available to common shareholders, diluted		—			—			—			(713,529	)
Net income available for common stockholders, diluted	$	6,941,138		$	25,241,555		$	16,177,771		$	29,965,566

Denominator:
Denominator for basic EPS – weighted average common equivalent shares		91,055,414			72,025,017			80,336,440			65,810,620
Warrants		413,197			1,318,662			786,462			2,827,612
OP Units		3,132,042			143,055			3,132,042			48,209
Restricted stock awards – performance-based		151,907			134,402			138,780			123,661
Stock options		87,657			59,094			83,468			61,263
Denominator for diluted EPS – weighted average common equivalent shares		94,840,217			73,680,230			84,477,192			68,871,365

Earnings Per Unit

The following table sets forth the reconciliation between basic and diluted earnings per unit for the Operating Partnership:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
Numerator:
Income from continuing operations	$	6,980,696		$	25,262,291		$	16,297,701		$	30,736,718
Less earnings allocated to unvested shares		(39,558	)		(20,736	)		(119,930	)		(57,623	)
Income from continuing operations available for unitholders, basic and diluted		6,941,138			25,241,555			16,177,771			30,679,095
Loss from discontinued operations available to unitholders, basic and diluted		—			—			—			(713,529	)
Net income available to unitholders, basic and diluted	$	6,941,138		$	25,241,555		$	16,177,771		$	29,965,566

Denominator:
Denominator for basic earnings per unit – weighted average equivalent units		94,187,456			72,168,072			83,468,482			65,858,829
Warrants		413,197			1,318,662			786,462			2,827,612
Restricted stock awards – performance-based		151,907			134,402			138,780			123,661
Stock options		87,657			59,094			83,468			61,263
Denominator for diluted earnings per unit – weighted average equivalent units		94,840,217			73,680,230			84,477,192			68,871,365

Stock-Based Compensation

The Company has a stock-based employee compensation plan, which is more fully described in Note 7.

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, a Monte Carlo valuation model is used, 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 of stock are expensed as compensation on a straight-line basis over the vesting period. Awards of performance-based grants are expensed as compensation under an accelerated method and are recognized in income regardless of the results of the performance criteria.

Derivatives

The Company records all derivatives on the balance sheets 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. When the Company terminates a derivative for which cash flow hedging was being applied, the balance which was recorded in Other Comprehensive Income is amortized to interest expense over the remaining contractual term of the swap. The Company includes cash payments made to terminate interest rate swaps as an operating activity on the statement of cash flows, given the nature of the underlying cash flows that the derivative was hedging.

Segment Reporting

The Company’s primary business is the ownership, management, and redevelopment of retail real estate properties. The Company reviews operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, defined as operating revenues (base rent and recoveries from tenants), less property and related expenses (property operating expenses and property taxes). The Company has aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes.

Reclassifications

Certain reclassifications have been made to the prior period consolidated financial statements and notes to conform to the current year presentation.

- Definition

The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.

+ References+ Details

Note 2 - Real Estate Investments

9 Months Ended

Sep. 30, 2014

Disclosure Text Block [Abstract]

Real Estate Owned [Text Block]

Real Estate Investments

The following real estate investment transactions have occurred during the nine months ended September 30, 2014.

Property Acquisitions

On February 18, 2014, the Company acquired the property known as Tigard Marketplace located in Tigard, Oregon, within the Portland metropolitan area, for a purchase price of approximately $25.1 million. Tigard Marketplace is approximately 137,000 square feet and is anchored by H-Mart Supermarket. The property was acquired with borrowings under the Company’s credit facility.

On February 28, 2014, the Company acquired the property known as Creekside Plaza located in Poway, California, within the San Diego metropolitan area, for a purchase price of approximately $44.0 million. Creekside Plaza is approximately 129,000 square feet and is anchored by Stater Brothers Supermarket. The property was acquired with borrowings under the Company’s credit facility.

On April 30, 2014, the Company acquired the property known as North Park Plaza located in San Jose, California, within the San Francisco Bay Area metropolitan area, for a purchase price of approximately $27.8 million. North Park Plaza is approximately 77,000 square feet and is anchored by SF Supermarket. The property was acquired with borrowings under the Company’s credit facility and available cash.

On May 22, 2014, the Company acquired the property known as Aurora Square II located in Shoreline, Washington, within the Seattle metropolitan area, for a purchase price of approximately $15.8 million. Aurora Square II is approximately 66,000 square feet and is contiguous to an existing ROIC grocery-anchored shopping center, Aurora Square. Aurora Square II, together with Aurora Square, aggregate 104,000 square feet and is anchored by Marshall’s (Aurora Square II) and Central Supermarket (Aurora Square). The property was acquired with borrowings under the Company’s credit facility and available cash.

On June 13, 2014, the Company acquired the property known as Fallbrook Shopping Center located in West Hills, California, within the Los Angeles metropolitan area, for a purchase price of approximately $210.0 million. Fallbrook Shopping Center is approximately 1.1 million square feet of gross leasable area, or GLA, of which approximately 756,000 square feet is owned by the Company. Key tenants include Trader Joe’s, Sprouts Market, Home Depot, Kohl’s, TJ Maxx, Ross Dress For Less, AMC Theaters and 24 Hour Fitness. Fallbrook Shopping Center also features Target, Walmart and Kroger (Ralph’s) Supermarket, which occupy substantially all of the GLA not owned by the Company. The property was acquired with borrowings under the Company’s credit facility and available cash.

The financial information set forth below summarizes the Company's purchase price allocation for the properties acquired during the nine months ended September 30, 2014.

	September 30, 2014
ASSETS
Land	$	70,079,973
Building and improvements		252,807,828
Acquired lease intangible asset		26,440,590
Deferred charges		8,781,091
Assets acquired	$	358,109,482
LIABILITIES
Acquired lease intangible liability	$	35,425,924
Liabilities assumed	$	35,425,924

With respect to these acquisitions, the fair value of in-place leases and other intangibles have been allocated to intangible asset and liability accounts.

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, 2014 and 2013, adjusted to give effect of these transactions as if they had been completed at the beginning of 2013.

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 transactions occurred at the beginning of each year, nor does it purport to represent the results of future operations.

	Three Months Ended September 30,					Nine Months Ended September 30,
	2014		2013			2014		2013
Statement of operations:
Revenues	$	40,855,871	$	35,417,290		$	123,014,031	$	121,487,259
Property operating and other expenses (income)		18,742,216		(5,508,477	)		57,775,935		36,055,525
Depreciation and amortization		15,364,808		13,811,900			47,426,667		46,901,014
Net income attributable to Retail Opportunity Investments Corp.	$	6,748,847	$	27,113,867		$	17,811,429	$	38,530,720

The following table summarizes the operating results included in the Company's historical consolidated statement of operations for the three and nine months ended September 30, 2014, for the properties acquired during the nine months ended September 30, 2014.

	Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014
Statement of operations:
Revenues	$	6,092,947	$	9,484,159
Property operating and other expenses		1,450,961		2,680,796
Depreciation and amortization		3,080,763		4,611,789
Net income attributable to Retail Opportunity Investments Corp.	$	1,561,223	$	2,191,574

Property Dispositions

On June 5, 2014, the Company sold Phillips Village Shopping Center, a non-core shopping center located in Pomona, California with an occupancy rate of approximately 10.4% as of May 31, 2014. The sales price of this property of approximately $16.0 million, less costs to sell, resulted in net proceeds to the Company of approximately $15.6 million. The Company recorded a gain on sale of approximately $3.3 million for the nine months ended September 30, 2014.

On August 25, 2014, the Company sold the Oregon City Point Shopping Center, a non-core shopping center located in Oregon City, Oregon. The sales price of this property of approximately $12.4 million, less costs to sell, resulted in net proceeds of approximately $12.0 million. The Company recorded a gain on sale of property of approximately $1.6 million for the three and nine months ended September 30, 2014. The proceeds of approximately $12.0 million are classified in Restricted Cash in the consolidated balance sheet as of September 30, 2014, as the proceeds are being held with an exchange accommodator under Section 1031 of the Code, and are expected to be used to purchase an asset during the fourth quarter of 2014.

- Definition

The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.

+ References

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

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 11

-Article 9

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.10(4))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 28

-Article 12

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph c

-Subparagraph Schedule III

-Article 5

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 40

-Section 40

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 35

-Paragraph 43

-URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 40

-Section 40

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 10

-Subparagraph 4

-Article 9

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 35

-Paragraph 17

-URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224

+ Details

Note 3 - Tenant Leases

9 Months Ended

Sep. 30, 2014

Leases [Abstract]

Leases of Lessor Disclosure [Text Block]

Tenant Leases

Space in the Company’s shopping centers is leased to various tenants under operating leases that usually grant tenants renewal options and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volume.

Future minimum rents to be received under non-cancellable leases as of September 30, 2014 are summarized as follows:

	Minimum Rents
2014	$	28,571,373
2015		111,316,135
2016		100,895,999
2017		87,729,703
2018		71,263,426
Thereafter		336,212,237
Total minimum lease payments	$	735,988,873

- Definition

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

+ References+ Details

Note 4 - Mortgage Notes Payable, Credit Facilities and Senior Notes

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Mortgage Notes Payable, Credit Facilities and Senior Notes

ROIC does not hold any indebtedness. All debt is held directly or indirectly by the Operating Partnership; however, ROIC has guaranteed the Operating Partnership’s revolving credit facility, term loan, carve-out guarantees on property-level debt, and the Senior Notes Due 2023.

Mortgage Notes Payable

The mortgage notes payable collateralized by respective properties and assignment of leases at September 30, 2014 and December 31, 2013, respectively, were as follows:

Property	Maturity Date	Interest Rate			September 30, 2014		December 31, 2013
Euclid Plaza	November 2014		5.23	%		—		8,158,676
Country Club Gate	January 2015		5.04	%		12,047,308		12,236,374
Renaissance Towne Centre	June 2015		5.13	%		16,278,030		16,489,812
Crossroads Shopping Center	September 2015		6.50	%		48,794,645		49,413,976
Gateway Village III	July 2016		6.10	%		7,295,694		7,368,521
Bernardo Heights	July 2017		5.70	%		8,624,269		8,748,605
Santa Teresa Village	February 2018		6.20	%		10,881,970		11,033,511
					$	103,921,916	$	113,449,475
Mortgage Premium						3,384,263		5,453,783
Total mortgage notes payable					$	107,306,179	$	118,903,258

On September 11, 2014, the Company repaid the outstanding balance of approximately $8.0 million on the Euclid Plaza mortgage note payable, without penalty, in accordance with the prepayment provisions of the note.

Credit Facilities

The Operating Partnership has a revolving credit facility with several banks which provides for borrowings of up to $350.0 million. Additionally, the credit facility contains an accordion feature, which allows the Operating Partnership to increase the facility amount up to an aggregate of $700.0 million, subject to lender consents and other conditions. The maturity date of the credit facility is August 29, 2017, subject to a further one-year extension option, which may be exercised by the Operating Partnership upon satisfaction of certain conditions.

The Operating Partnership has a term loan agreement with several banks. The term loan provides for a loan of $200.0 million and contains an accordion feature, which allows the Operating Partnership to increase the facility amount up to an aggregate of $300.0 million subject to commitments and other conditions. The maturity date of the term loan is August 29, 2017.

The Company obtained investment grade credit ratings from Moody’s Investors Service (Baa2) and Standard & Poor’s Ratings Services (BBB-) during the second quarter of 2013. Since receiving the investment grade credit ratings from the two rating agencies, borrowings under the credit facility and term loan accrue 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) 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 at its “prime rate,” and (c) the Eurodollar Rate plus 1.00% (the “Base Rate”). Additionally, the Operating Partnership is obligated to pay a facility fee at a rate based on the credit rating level of the Company, currently 0.20%, and a fronting fee at a rate of 0.125% per year with respect to each letter of credit issued under the loan agreements. The loan agreements contain customary representations, financial and other covenants. The Operating Partnership’s ability to borrow under the loan agreements is subject to its compliance with financial covenants and other restrictions on an ongoing basis. The Operating Partnership was in compliance with such covenants at September 30, 2014.

As of September 30, 2014, $200.0 million and $123.3 million were outstanding under the term loan and credit facility, respectively. The average interest rates on the term loan and the credit facility during both the three and nine months ended September 30, 2014 were 1.5% and 1.3%, respectively. The Company had $226.7 million available to borrow under the credit facility at September 30, 2014. The Company had no available borrowings under the term loan at September 30, 2014.

Senior Notes Due 2023

The carrying value of the Company’s Senior Notes Due 2023 is as follows:

	September 30, 2014			December 31, 2013
Principal amount	$	250,000,000		$	250,000,000
Unamortized debt discount		(3,909,361	)		(4,154,680	)
Senior Notes Due 2023:	$	246,090,639		$	245,845,320

On December 9, 2013, the Operating Partnership completed a registered underwritten public offering of $250.0 million aggregate principal amount of 5.000% Senior Notes due 2023 (the “Senior Notes Due 2023”), fully and unconditionally guaranteed by ROIC. The Senior Notes Due 2023 pay interest semi-annually on June 15 and December 15, commencing on June 15, 2014, and mature on December 15, 2023, unless redeemed earlier by the Operating Partnership. The Senior Notes Due 2023 are the Operating Partnership’s senior unsecured obligations that rank equally in right of payment with the Operating Partnership’s other unsecured indebtedness, and effectively junior to (i) all of the indebtedness and other liabilities, whether secured or unsecured, and any preferred equity of the Operating Partnership’s subsidiaries, and (ii) all of the Operating Partnership’s indebtedness that is secured by its assets, to the extent of the value of the collateral securing such indebtedness outstanding. ROIC fully and unconditionally guaranteed the Operating Partnership’s obligations under the Senior Not

Consolidated Statement of Equity (Unaudited) (Parentheticals) (USD $)	9 Months Ended
	Sep. 30, 2014
Dividends per share/unit	$ 0.48
Retained Earnings [Member]
Dividends per share/unit	$ 0.48