Retail Opportunity Investments (ROIC) 10-Q 23 Apr 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 17, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-33749
Entity Registrant Name	RETAIL OPPORTUNITY INVESTMENTS CORP
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	26-0500600
Entity Address, Address Line One	11250 El Camino Real
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	677-0900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	ROIC
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding (in shares)		116,355,537
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001407623
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Retail Opportunity Investments Partnership L.P.
Document Information [Line Items]
Entity Registrant Name	RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2969738
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001577230

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate Investments:
Land	$ 881,615	$ 879,540
Building and improvements	2,255,917	2,252,301
Total real estate investments	3,137,532	3,131,841
Less:  accumulated depreciation	404,583	390,916
Real estate investments, net before mortgage notes receivable	2,732,949	2,740,925
Mortgage note receivable	13,000	13,000
Real Estate Investments, net	2,745,949	2,753,925
Cash and cash equivalents	63,077	3,800
Restricted cash	1,851	1,658
Tenant and other receivables, net	47,344	45,821
Acquired lease intangible assets, net	57,978	59,701
Prepaid expenses	3,067	3,169
Deferred charges, net	26,786	27,652
Other assets	17,839	18,031
Total assets	2,963,891	2,913,757
Liabilities:
Term loan	298,412	298,330
Credit facility	150,436	80,743
Senior Notes	943,206	942,850
Mortgage notes payable	87,271	87,523
Acquired lease intangible liabilities, net	139,999	144,757
Accounts payable and accrued expenses	28,277	17,562
Tenants’ security deposits	7,184	7,177
Other liabilities	49,759	42,987
Total liabilities	1,704,544	1,621,929
Commitments and contingencies
Equity/Capital:
Preferred stock, $0.0001 par value 50,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.0001 par value, 500,000,000 shares authorized; 116,120,704 and 116,496,016 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively	12	12
Additional paid-in capital	1,472,546	1,481,466
Dividends in excess of earnings	(309,325)	(297,998)
Accumulated other comprehensive loss	(12,849)	(4,132)
Total Retail Opportunity Investments Corp. stockholders’ equity	1,150,384	1,179,348
Non-controlling interests	108,963	112,480
Total equity/capital	1,259,347	1,291,828
Total liabilities and equity/capital	2,963,891	2,913,757
Retail Opportunity Investments Partnership L.P.
Real Estate Investments:
Land	881,615	879,540
Building and improvements	2,255,917	2,252,301
Total real estate investments	3,137,532	3,131,841
Less:  accumulated depreciation	404,583	390,916
Real estate investments, net before mortgage notes receivable	2,732,949	2,740,925
Mortgage note receivable	13,000	13,000
Real Estate Investments, net	2,745,949	2,753,925
Cash and cash equivalents	63,077	3,800
Restricted cash	1,851	1,658
Tenant and other receivables, net	47,344	45,821
Acquired lease intangible assets, net	57,978	59,701
Prepaid expenses	3,067	3,169
Deferred charges, net	26,786	27,652
Other assets	17,839	18,031
Total assets	2,963,891	2,913,757
Liabilities:
Term loan	298,412	298,330
Credit facility	150,436	80,743
Senior Notes	943,206	942,850
Mortgage notes payable	87,271	87,523
Acquired lease intangible liabilities, net	139,999	144,757
Accounts payable and accrued expenses	28,277	17,562
Tenants’ security deposits	7,184	7,177
Other liabilities	49,759	42,987
Total liabilities	1,704,544	1,621,929
Commitments and contingencies
Equity/Capital:
ROIC capital	1,163,233	1,183,480
Limited partners’ capital	108,963	112,480
Accumulated other comprehensive loss	(12,849)	(4,132)
Total equity/capital	1,259,347	1,291,828
Total liabilities and equity/capital	$ 2,963,891	$ 2,913,757

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
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)	116,120,704	116,496,016
Common stock, shares outstanding (in shares)	116,120,704	116,496,016

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Rental revenue	$ 74,197	$ 75,367
Other income	675	686
Total revenues	74,872	76,053
Operating expenses
Property operating	10,604	11,061
Property taxes	7,989	8,238
Depreciation and amortization	24,278	24,761
General and administrative expenses	3,944	4,276
Other expense	64	93
Total operating expenses	46,879	48,429
Gain on sale of real estate	0	2,638
Operating income	27,993	30,262
Non-operating expenses
Interest expense and other finance expenses	(14,857)	(15,679)
Net income	13,136	14,583
Net income attributable to non-controlling interests	(1,134)	(1,333)
Net Income Attributable to Retail Opportunity Investments Corp.	$ 12,002	$ 13,250
Earnings per share/unit - Basic and diluted (in dollars per share)	$ 0.10	$ 0.12
Dividends per share/unit (in dollars per share)	$ 0.2000	$ 0.1970
Comprehensive income:
Net income	$ 13,136	$ 14,583
Other comprehensive loss:
Unrealized swap derivative loss arising during the period	(9,055)	(2,608)
Reclassification adjustment for amortization of interest expense included in net income	338	(202)
Other comprehensive loss	(8,717)	(2,810)
Comprehensive income	4,419	11,773
Comprehensive income attributable to non-controlling interests	(1,134)	(1,333)
Comprehensive income attributable to Retail Opportunity Investments Corp.	3,285	10,440
Retail Opportunity Investments Partnership L.P.
Revenues
Rental revenue	74,197	75,367
Other income	675	686
Total revenues	74,872	76,053
Operating expenses
Property operating	10,604	11,061
Property taxes	7,989	8,238
Depreciation and amortization	24,278	24,761
General and administrative expenses	3,944	4,276
Other expense	64	93
Total operating expenses	46,879	48,429
Gain on sale of real estate	0	2,638
Operating income	27,993	30,262
Non-operating expenses
Interest expense and other finance expenses	(14,857)	(15,679)
Net income	$ 13,136	$ 14,583
Earnings per share/unit - Basic and diluted (in dollars per share)	$ 0.10	$ 0.12
Dividends per share/unit (in dollars per share)	$ 0.2000	$ 0.1970
Comprehensive income:
Net income	$ 13,136	$ 14,583
Other comprehensive loss:
Unrealized swap derivative loss arising during the period	(9,055)	(2,608)
Reclassification adjustment for amortization of interest expense included in net income	338	(202)
Other comprehensive loss	(8,717)	(2,810)
Comprehensive income	$ 4,419	$ 11,773

Consolidated Statement of Equit

Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated dividends in excess of earnings	Accumulated other comprehensive income (loss)	Non- controlling interests	Officer	OfficerAccumulated dividends in excess of earnings	OfficerNon- controlling interests
Balance (in shares) at Dec. 31, 2018		113,992,837
Balance at Dec. 31, 2018	$ 1,308,428	$ 11	$ 1,441,080	$ (256,438)	$ 3,561	$ 120,214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under the Equity Incentive Plan (in shares)		445,022
Shares issued under the Equity Incentive Plan	0		0
Shares withheld for employee taxes (in shares)		(125,072)
Shares withheld for employee taxes	(1,986)		(1,986)
Cancellation of restricted stock (in shares)		(999)
Stock based compensation expense	1,651		1,651
Cash redemption for non-controlling interests	(1,246)					(1,246)
Adjustment to non-controlling interests ownership in Operating Partnership			56			(56)
Registration expenditures	(47)		(47)
Cash dividends	(24,766)			(22,519)		(2,247)	$ 142	$ 142
Net income attributable to Retail Opportunity Investments Corp.	13,250			13,250
Net income attributable to non-controlling interests	1,333					1,333
Other comprehensive loss	(2,810)				(2,810)
Balance (in shares) at Mar. 31, 2019		114,311,788
Balance at Mar. 31, 2019	$ 1,293,949	$ 11	1,440,754	(265,565)	751	117,998
Balance (in shares) at Dec. 31, 2019	116,496,016	116,496,016
Balance at Dec. 31, 2019	$ 1,291,828	$ 12	1,481,466	(297,998)	(4,132)	112,480
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under the Equity Incentive Plan (in shares)		428,170
Shares issued under the Equity Incentive Plan	0		0
Shares withheld for employee taxes (in shares)		(128,614)
Shares withheld for employee taxes	(2,272)		(2,272)
Cancellation of restricted stock (in shares)		(1,000)
Stock based compensation expense	1,856		1,636			220
Cash redemption for non-controlling interests	$ (1,999)					(1,999)
Adjustment to non-controlling interests ownership in Operating Partnership			652			(652)
Repurchase of common stock (in shares)	(673,868)	(673,868)
Repurchase of common stock	$ (8,846)		(8,846)
Registration expenditures	(90)		(90)
Cash dividends	(25,460)			(23,273)		(2,187)	$ (89)	$ (56)	$ (33)
Net income attributable to Retail Opportunity Investments Corp.	12,002			12,002
Net income attributable to non-controlling interests	1,134					1,134
Other comprehensive loss	$ (8,717)				(8,717)
Balance (in shares) at Mar. 31, 2020	116,120,704	116,120,704
Balance at Mar. 31, 2020	$ 1,259,347	$ 12	$ 1,472,546	$ (309,325)	$ (12,849)	$ 108,963

Consolidated Statement of Equ_2

Consolidated Statement of Equity (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Dividends per share/unit (in dollars per share)	$ 0.2000	$ 0.1970

Consolidated Statement of Partn

Consolidated Statement of Partners' Capital - USD ($) $ in Thousands		Total	Retail Opportunity Investments Partnership L.P.	Retail Opportunity Investments Partnership L.P.Officer	Retail Opportunity Investments Partnership L.P.Limited Partner’s Capital		Retail Opportunity Investments Partnership L.P.Limited Partner’s CapitalOfficer	[1]	Retail Opportunity Investments Partnership L.P.ROIC Capital		Retail Opportunity Investments Partnership L.P.ROIC CapitalOfficer	[2]	Retail Opportunity Investments Partnership L.P.Accumulated other comprehensive income (loss)
Balance (in shares) at Dec. 31, 2018					11,477,041	[1]			113,992,837	[2]
Balance at Dec. 31, 2018			$ 1,308,428		$ 120,214	[1]			$ 1,184,653	[2]			$ 3,561
Increase (Decrease) in Partners' Capital [Roll Forward]
OP units issued under the Equity Incentive Plan (in shares)	[2]								445,022
OP Units issued under the Equity Incentive Plan		$ 0	0						$ 0	[2]
OP Units withheld for employee taxes (in shares)	[2]								(125,072)
OP Units withheld for employee taxes		(1,986)	(1,986)						$ (1,986)	[2]
Cancellation of OP Units (in shares)	[2]								(999)
Stock based compensation expense		1,651	1,651						$ 1,651	[2]
Cash redemption of OP Units (in units)	[1]				(70,000)
Cash redemption for non-controlling interests		(1,246)	(1,246)		$ (1,246)	[1]
Adjustment to non-controlling interests ownership in Operating Partnership					(56)	[1]			56	[2]
Registration expenditures		(47)	(47)						(47)	[2]
Cash distributions			(24,766)	$ 142	(2,247)	[1]			(22,519)	[2]	$ 142
Net income attributable to Retail Opportunity Investments Partnership, LP		14,583	14,583		$ 1,333	[1]			$ 13,250	[2]
Other comprehensive loss		(2,810)	(2,810)										(2,810)
Balance (in shares) at Mar. 31, 2019					11,407,041	[1]			114,311,788	[2]
Balance at Mar. 31, 2019			1,293,949		$ 117,998	[1]			$ 1,175,200	[2]			751
Balance (in shares) at Dec. 31, 2019					11,051,090	[1]			116,496,016	[2]
Balance at Dec. 31, 2019			1,291,828		$ 112,480	[1]			$ 1,183,480	[2]			(4,132)
Increase (Decrease) in Partners' Capital [Roll Forward]
OP units issued under the Equity Incentive Plan (in shares)	[2]								428,170
OP Units issued under the Equity Incentive Plan		0	0						$ 0	[2]
OP Units withheld for employee taxes (in shares)	[2]								(128,614)
OP Units withheld for employee taxes		(2,272)	(2,272)						$ (2,272)	[2]
Cancellation of OP Units (in shares)	[2]								(1,000)
Stock based compensation expense		1,856	1,856		$ 220	[1]			$ 1,636	[2]
Cash redemption of OP Units (in units)	[1]				(116,657)
Cash redemption for non-controlling interests		$ (1,999)	(1,999)		$ (1,999)	[1]
Adjustment to non-controlling interests ownership in Operating Partnership					(652)	[1]			$ 652	[2]
Repurchase of OP units (in shares)		(673,868)							(673,868)	[2]
Repurchase of OP Units		$ (8,846)							$ (8,846)	[2]
Registration expenditures		(90)	(90)						(90)	[2]
Cash distributions			(25,460)	$ (89)	(2,187)	[1]	$ (33)		(23,273)	[2]	$ (56)
Net income attributable to Retail Opportunity Investments Partnership, LP		13,136	13,136		$ 1,134	[1]			$ 12,002	[2]
Other comprehensive loss		$ (8,717)	(8,717)										(8,717)
Balance (in shares) at Mar. 31, 2020		127,055,137			10,934,433	[1]			116,120,704	[2]
Balance at Mar. 31, 2020			$ 1,259,347		$ 108,963	[1]			$ 1,163,233	[2]			$ (12,849)
[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general and limited partnership interests held by ROIC.

Consolidated Statement of Par_2

Consolidated Statement of Partners' Capital (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Retail Opportunity Investments Partnership L.P.
Cash distributions per unit (in dollars per share)	$ 0.2000	$ 0.1970

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 13,136	$ 14,583
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	24,278	24,761
Amortization of deferred financing costs and mortgage premiums, net	526	515
Straight-line rent adjustment	89	(1,180)
Amortization of above and below market rent	(5,478)	(6,478)
Amortization relating to stock based compensation	1,856	1,651
Provisions for tenant credit losses	715	867
Other noncash interest expense	73	301
Gain on sale of real estate	0	(2,638)
Change in operating assets and liabilities:
Tenant and other receivables	(2,399)	(1,198)
Prepaid expenses	103	1,231
Accounts payable and accrued expenses	10,455	11,334
Other assets and liabilities, net	(2,647)	(3,559)
Net cash provided by operating activities	40,707	40,190
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of real estate	0	16,046
Improvements to properties	(11,555)	(10,120)
Net cash (used in) provided by investing activities	(11,555)	5,926
CASH FLOWS FROM FINANCING ACTIVITIES
Principal repayments on mortgages	(142)	(138)
Proceeds from draws on credit facility	80,000	22,000
Payments on credit facility	(10,500)	(36,000)
Redemption of OP Units	(1,999)	(1,246)
Distributions to OP Unitholders	(2,187)	(2,247)
Deferred financing and other costs	(5)	0
Repurchase of common stock	(8,846)	0
Registration expenditures	(333)	(32)
Dividends paid to common shareholders	(23,398)	(22,722)
Shares withheld for employee taxes	(2,272)	(1,986)
Net cash provided by (used in) financing activities	30,318	(42,371)
Net increase in cash, cash equivalents and restricted cash	59,470	3,745
Cash, cash equivalents and restricted cash at beginning of period	5,458	7,449
Cash, cash equivalents and restricted cash at end of period	64,928	11,194
Other non-cash investing and financing activities increase (decrease):
Interest rate swap asset	0	(2,238)
Interest rate swap liabilities	8,791	873
Accrued real estate improvement costs	3,881	3,500
Reconciliation of cash, cash equivalents and restricted cash [Abstract]
Cash and cash equivalents	63,077	9,649
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows	64,928	11,194
Retail Opportunity Investments Partnership L.P.
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	13,136	14,583
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	24,278	24,761
Amortization of deferred financing costs and mortgage premiums, net	526	515
Straight-line rent adjustment	89	(1,180)
Amortization of above and below market rent	(5,478)	(6,478)
Amortization relating to stock based compensation	1,856	1,651
Provisions for tenant credit losses	715	867
Other noncash interest expense	73	301
Gain on sale of real estate	0	(2,638)
Change in operating assets and liabilities:
Tenant and other receivables	(2,399)	(1,198)
Prepaid expenses	103	1,231
Accounts payable and accrued expenses	10,455	11,334
Other assets and liabilities, net	(2,647)	(3,559)
Net cash provided by operating activities	40,707	40,190
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of real estate	0	16,046
Improvements to properties	(11,555)	(10,120)
Net cash (used in) provided by investing activities	(11,555)	5,926
CASH FLOWS FROM FINANCING ACTIVITIES
Principal repayments on mortgages	(142)	(138)
Proceeds from draws on credit facility	80,000	22,000
Payments on credit facility	(10,500)	(36,000)
Redemption of OP Units	(1,999)	(1,246)
Distributions to OP Unitholders	(25,585)	(24,969)
Deferred financing and other costs	(5)	0
Registration expenditures	(333)	(32)
Shares withheld for employee taxes	(2,272)	(1,986)
Net cash provided by (used in) financing activities	30,318	(42,371)
Net increase in cash, cash equivalents and restricted cash	59,470	3,745
Cash, cash equivalents and restricted cash at beginning of period	5,458	7,449
Cash, cash equivalents and restricted cash at end of period	64,928	11,194
Other non-cash investing and financing activities increase (decrease):
Interest rate swap asset	0	(2,238)
Interest rate swap liabilities	8,791	873
Accrued real estate improvement costs	3,881	3,500
Reconciliation of cash, cash equivalents and restricted cash [Abstract]
Cash and cash equivalents	63,077	9,649
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows	$ 64,928	$ 11,194

Organization, Basis of Presenta

Organization, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Summary of Significant Accounting Policies	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. 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 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”) of the Operating Partnership. Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standard Update (“ASU”) No. 2016-13 “Financial Instruments - Credit Topics.” ASU No. 2016-13 requires companies to adopt a new approach to estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. ASU No. 2016-13 was effective for reporting periods beginning on January 1, 2020. The Company adopted the provisions of ASU No. 2016-13 effective January 1, 2020, noting the pronouncement did not have a material impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04 “Reference Rate Reform (Topic 848).” ASU No. 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU No. 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the three months ended March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. 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 month periods ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. 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, 2019. 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. The Company has concluded that the Operating Partnership is a VIE, and because they have both the power and the rights to control the Operating Partnership, they are the primary beneficiary and are required to continue to consolidate the Operating Partnership. 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 recoverability of assets to be held and used, purchase price allocations, depreciable lives, revenue recognition and the collectability of tenant receivables, other receivables, notes receivables, the valuation of performance-based restricted stock, LTIP Units, and derivatives. Actual results could differ from these estimates. Federal Income Taxes 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 its REIT taxable income (determined without regard to the dividends paid deduction and 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, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. 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 U.S. federal income taxes. Effective September 27, 2013, the Operating Partnership issued OP Units in connection with the acquisitions of two shopping centers. Accordingly, the Operating Partnership ceased being a disregarded entity and instead is being treated as a partnership for U.S. 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 March 31, 2020, the statute of limitations for the tax years 2016 through and including 2018 remain open for examination by the Internal Revenue Service (“IRS”) and state taxing authorities. ROIC intends to make distributions to holders of its common stock. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay U.S. federal income tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. ROIC intends to pay dividends to stockholders in an amount not less than its net taxable income, if and to the extent authorized by its board of directors. Before ROIC pays any dividend, whether for U.S. federal income tax purposes or otherwise, it must first meet both its operating requirements and its debt service on debt. 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. Given the uncertainty of the COVID-19 pandemic’s near and potential long-term impact on the Company’s business, and in order to preserve its liquidity position, the Company has temporarily suspended quarterly dividend distributions. Going forward, the Company’s board of directors will continue to evaluate the Company’s dividend policy. The Company intends to continue to operate its business in a manner that will allow it to qualify as a REIT for U.S. federal income tax requirements. 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. During the three months ended March 31, 2020 and 2019, capitalized costs related to the improvement or replacement of real estate properties were approximately $12.5 million and $11.8 million, respectively. The Company evaluates each acquisition of real estate to determine if the acquired property meets the definition of a business and needs to be accounted for as a business combination. Under ASU No. 2017-1, the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If this threshold is met, the acquired property does not meet the definition of a business and is accounted for as an asset acquisition. The Company expects that acquisitions of real estate properties will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets). The Company recognizes the acquisition of real estate properties, including 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) at their fair value (for acquisitions meeting the definition of a business) and relative fair value (for acquisitions not meeting the definition of a business). The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions the Company utilizes to determine fair value in a business combination. 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 base rental income, over the terms of the respective leases including option periods, if applicable. The value of in-place leases is amortized to expense 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 expenses transaction costs associated with business combinations and unsuccessful property asset acquisitions in the period incurred and capitalizes transaction costs associated with successful property asset acquisitions. In conjunction with the Company’s pursuit and acquisition of real estate investments, the Company did not expense any acquisition transaction costs during the three months ended March 31, 2020 or 2019. Sales of real estate are recognized only when it is determined that the Company will collect substantially all of the consideration to which it is entitled, possession and other attributes of ownership have been transferred to the buyer and the Company has no controlling financial interest. 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. 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 March 31, 2020 or December 31, 2019. 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 the Company’s mortgage loans payable may 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. Each lease agreement is evaluated to identify the lease and nonlease components at lease inception. The Company combines lease and non-lease components into a single lease component presentation if (i) the timing and pattern of the revenue recognition of the combined single lease component is the same, and (ii) the related lease component and, the combined single lease component would be classified as an operating lease. As a result of this assessment, rental revenues and tenant recoveries from the lease of real estate assets are accounted for as a single component. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms. Termination fees (included in Other income in the consolidated statements of operations and comprehensive income) 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 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 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, including the impact of the outbreak of the novel strain of coronavirus (COVID-19) on tenants’ businesses, 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 March 31, 2020 and December 31, 2019 was approximately $8.9 million and $8.2 million, respectively. Depreciation and Amortization The Company uses the straight-line method for depreciation and amortization. Buildings are depreciated over estimated useful lives which the Company estimates to be 39-40 years. Property improvements are depreciated over estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over 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 Leasing Costs Costs incurred in obtaining tenant leases (principally leasing commissions and acquired lease origination costs) are amortized ratably over the life of the tenant leases. The amortization of deferred leasing costs is included in Depreciation and amortization in the consolidated statements of operations and comprehensive income. 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. For the three months ended March 31, 2020 and 2019, 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 and LTIP Units outstanding under the Equity Incentive Plan described in Note 6 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 (in thousands, except share data): Three Months Ended March 31, 2020 2019 Numerator: Net income $ 13,136 $ 14,583 Less income attributable to non-controlling interests (1,134) (1,333) Less earnings allocated to unvested shares (127) (114) Net income available for common stockholders, basic $ 11,875 $ 13,136 Numerator: Net income $ 13,136 $ 14,583 Less earnings allocated to unvested shares (127) (114) Net income available for common stockholders, diluted $ 13,009 $ 14,469 Denominator: Denominator for basic EPS – weighted average common equivalent shares 115,970,461 113,680,670 OP units 10,977,000 11,445,930 Performance-based restricted stock awards and LTIP Units 218,881 219,762 Stock options 14,991 94,408 Denominator for diluted EPS – weighted average common equivalent shares 127,181,333 125,440,770 Earnings Per Unit The following table sets forth the reconciliation between basic and diluted earnings per unit for the Operating Partnership (in thousands, except unit data): Three Months Ended March 31, 2020 2019 Numerator: Net income $ 13,136 $ 14,583 Less earnings allocated to unvested shares (127) (114) Net income available to unitholders, basic and diluted $ 13,009 $ 14,469 Denominator: Denominator for basic earnings per unit – weighted average common equivalent units 126,947,461 125,126,600 Performance-based restricted stock awards and LTIP Units 218,881 219,762 Stock options 14,991 94,408 Denominator for diluted earnings per unit – weighted average common equivalent units 127,181,333 125,440,770 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 plan based on the FASB guidance which requires that compensation expense be recognized based on the fair value of the stock awards less forfeitures. Restricted stock grants vest based upon the completion of a service period (“time-based restricted stock grants”) and/or the Company meeting certain pre-established operational performance goals and market-indexed financial performance criteria (“performance-based restricted stock 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 restricted stock grants subject to market-indexed performance criteria, a Monte Carlo valuation model is used, taking into account the underlying contingency risks associated with the performance criteria. All other performance-based restricted stock grants are valued according to the market price of the Company’s common stock at the date of grant. 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. The Company has made certain separate awards in the form of units of limited partnership interests in its Operating Partnership called LTIP Units. The LTIP Units are subject to such conditions and restrictions as the compensation committee may determine, including continued employment or service, achievement of pre-established operational performance goals and market-indexed performance criteria. For the LTIP Units subject to market-indexed performance criteria (the “marked-indexed LTIP Units”), a Monte Carlo valuation model is used, taking into account the underlying contingency risks associated with the performance criteria. All other LTIP Units (the “operational LTIP Units”) are valued according to the market price of the Company’s common stock at the date of grant. Awards of stock options, time-based restricted stock grants, performance-based restricted stock subject to operational performance goals and operational LTIP Units are expensed as compensation on a straight-line basis over the requisite service period. Awards of performance-based restricted stock subject to marked-indexed performance criteria and market-indexed LTIP Units are expensed as compensation under the accelerated attribution 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 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 derivative as long as the hedged forecasted transactions continue to be probable of occurring. The Company includes cash payments made to terminate interest rate derivatives 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.

Tenant Leases

Tenant Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Tenant Leases	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 March 31, 2020 are summarized as follows (in thousands): Minimum Rents Remaining 2020 $ 152,007 2021 187,880 2022 163,347 2023 134,403 2024 103,236 Thereafter 421,115 Total minimum lease payments $ 1,161,988

Mortgage Notes Payable, Credit

Mortgage Notes Payable, Credit Facilities and Senior Notes	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Mortgage Notes Payable, Credit Facilities and Senior Notes	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 term loan, unsecured revolving credit facility, carve-out guarantees on property-level debt, and the Senior Notes. Costs incurred in obtaining long-term financing are amortized ratably over the related debt agreement. The amortization of deferred financing costs is included in Interest expense and other finance expenses in the consolidated statements of operations and comprehensive income. Mortgage Notes Payable The mortgage notes payable collateralized by respective properties and assignment of leases at March 31, 2020 and December 31, 2019, respectively, were as follows (in thousands): Property Maturity Date Interest Rate March 31, 2020 December 31, 2019 Casitas Plaza Shopping Center June 2022 5.320 % $ 6,960 $ 7,001 Riverstone Marketplace July 2022 4.960 % 17,555 17,656 Fullerton Crossroads April 2024 4.728 % 26,000 26,000 Diamond Hills Plaza October 2025 3.550 % 35,500 35,500 $ 86,015 $ 86,157 Mortgage premiums 1,473 1,594 Net unamortized deferred financing costs (217) (228) Total mortgage notes payable $ 87,271 $ 87,523 Term Loan and Credit Facility The carrying values of the Company’s term loan (the “term loan”) were as follows (in thousands): March 31, 2020 December 31, 2019 Term loan $ 300,000 $ 300,000 Net unamortized deferred financing costs (1,588) (1,670) Term loan $ 298,412 $ 298,330 The Company has an unsecured term loan agreement with several banks under which the lenders agreed to provide a $300.0 million unsecured term loan facility. Effective December 20, 2019, the Company entered into the First Amendment to First Amended and Restated Term Loan Agreement (as amended, the “Term Loan Agreement”) pursuant to which the maturity date of the term loan was extended from September 8, 2022 to January 20, 2025, without further options for extension. The Term Loan Agreement also provides that the Company may from time to time request increased aggregate commitments of $200.0 million under certain conditions set forth in the Term Loan Agreement, including the consent of the lenders for the additional commitments. Borrowings under the Term Loan Agreement 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 U.S. 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 carrying values of the Company’s unsecured revolving credit facility were as follows (in thousands): March 31, 2020 December 31, 2019 Credit facility $ 153,500 $ 84,000 Net unamortized deferred financing costs (3,064) (3,257) Credit facility $ 150,436 $ 80,743 The Operating Partnership has an unsecured revolving credit facility with several banks. Effective December 20, 2019, the Company entered into the First Amendment to Second Amended and Restated Credit Agreement (as amended, the “Credit Facility Agreement”) pursuant to which the borrowing capacity under the credit facility is $600.0 million and the maturity date of the credit facility was extended from September 8, 2021 to February 20, 2024, with two six KeyBank National Association as its “prime rate,” and (c) the Eurodollar Rate plus 0.90%. 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 Credit Facility Agreement. The Company has investment grade credit ratings from Moody’s Investors Service (Baa2) and Standard & Poor’s Ratings Services (BBB-). Both the Term Loan Agreement and Credit Facility Agreement contain customary representations, financial and other covenants. The Operating Partnership’s ability to borrow under the term loan and credit facility 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 March 31, 2020. As of March 31, 2020, $300.0 million and $153.5 million were outstanding under the term loan and credit facility, respectively. The weighted average interest rate on the term loan during the three months ended March 31, 2020 was 2.7%. As discussed in Note 8 of the accompanying financial statements, the Company uses interest rate swaps to manage its interest rate risk and accordingly, the swapped interest rate on the term loan is 3.0%. The weighted average interest rate on the credit facility during the three months ended March 31, 2020 was 2.5%. The Company had no available borrowings under the term loan at March 31, 2020. The Company had $446.5 million available to borrow under the credit facility at March 31, 2020. Senior Notes Due 2027 The carrying value of the Company’s unsecured Senior Notes Due 2027 is as follows (in thousands): March 31, 2020 December 31, 2019 Principal amount $ 250,000 $ 250,000 Net unamortized deferred financing costs (967) (998) Senior Notes Due 2027 $ 249,033 $ 249,002 On November 10, 2017, the Operating Partnership entered into a Note Purchase Agreement which provided for the issuance of $250.0 million principal amount of 4.19% Senior Notes Due 2027 (the “Senior Notes Due 2027”) in a private placement effective December 15, 2017. The Senior Notes Due 2027 pay interest on June 15 and December 15 of each year, commencing on June 15, 2018, and mature on December 15, 2027, unless prepaid earlier by the Operating Partnership. The Operating Partnership’s performance of the obligations under the Note Purchase Agreement, including the payment of any outstanding indebtedness thereunder, are guaranteed, jointly and severally, by ROIC. The net proceeds were used to reduce borrowings under the credit facility. Senior Notes Due 2026 The carrying value of the Company’s unsecured Senior Notes Due 2026 is as follows (in thousands): March 31, 2020 December 31, 2019 Principal amount $ 200,000 $ 200,000 Net unamortized deferred financing costs (184) (191) Senior Notes Due 2026 $ 199,816 $ 199,809 On July 26, 2016, the Operating Partnership entered into a Note Purchase Agreement, as amended, which provided for the issuance of $200.0 million principal amount of 3.95% Senior Notes Due 2026 (the “Senior Notes Due 2026”) in a private placement effective September 22, 2016. The Senior Notes Due 2026 pay interest on March 22 and September 22 of each year, commencing on March 22, 2017, and mature on September 22, 2026, unless prepaid earlier by the Operating Partnership. The Operating Partnership’s performance of the obligations under the Note Purchase Agreement, including the payment of any outstanding indebtedness thereunder, are guaranteed, jointly and severally, by ROIC. Senior Notes Due 2024 The carrying value of the Company’s unsecured Senior Notes Due 2024 is as follows (in thousands): March 31, 2020 December 31, 2019 Principal amount $ 250,000 $ 250,000 Unamortized debt discount (1,825) (1,912) Net unamortized deferred financing costs (1,038) (1,094) Senior Notes Due 2024 $ 247,137 $ 246,994 On December 3, 2014, the Operating Partnership completed a registered underwritten public offering of $250.0 million aggregate principal amount of 4.000% Senior Notes due 2024 (the “Senior Notes Due 2024”), fully and unconditionally guaranteed by ROIC. The Senior Notes Due 2024 pay interest semi-annually on June 15 and December 15, commencing on June 15, 2015, and mature on December 15, 2024, unless redeemed earlier by the Operating Partnership. The Senior Notes Due 2024 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 Notes Due 2024 on a senior unsecured basis, including the due and punctual payment of principal of, and premium, if any, and interest on, the notes, whether at stated maturity, upon acceleration, notice of redemption or otherwise. The guarantee is a senior unsecured obligation of ROIC and ranks equally in right of payment with all other senior unsecured indebtedness of ROIC. ROIC’s guarantee of the Senior Notes Due 2024 is effectively subordinated in right of payment to all liabilities, whether secured or unsecured, and any preferred equity of its subsidiaries (including the Operating Partnership and any entity ROIC accounts for under the equity method of accounting). Senior Notes Due 2023 The carrying value of the Company’s unsecured Senior Notes Due 2023 is as follows (in thousands): March 31, 2020 December 31, 2019 Principal amount $ 250,000 $ 250,000 Unamortized debt discount (1,805) (1,915) Net unamortized deferred financing costs (975) (1,040) Senior Notes Due 2023 $ 247,220 $ 247,045

Preferred Stock of ROIC

Preferred Stock of ROIC	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Preferred Stock of ROIC	Preferred Stock of ROICROIC 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 March 31, 2020 and December 31, 2019, there were no shares of preferred stock outstanding.

Common Stock of ROIC

Common Stock of ROIC	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Common Stock of ROIC	Common Stock of ROIC ATM On February 20, 2020, the ROIC entered into an “at the market” sales agreement (the “Sales Agreement”) with each of (i) KeyBanc Capital Markets Inc., BTIG, LLC, BMO Capital Markets Corp., BofA Securities, Inc., Capital One Securities, Inc., Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC, Raymond James & Associates, Inc., Regions Securities LLC, Robert W. Baird & Co. Incorporated and Wells Fargo Securities, LLC (collectively, the “Agents”) and (ii) the Forward Purchasers (as defined below), pursuant to which ROIC may sell, from time to time, shares (any such shares, the “Primary Shares”) of ROIC’s common stock, par value $0.0001 per share (“Common Stock”), to or through the Agents and instruct certain of the Agents, acting as forward sellers (the “Forward Sellers”), to offer and sell borrowed shares (any such shares, “Forward Hedge Shares,” and collectively with the Primary Shares, the “Shares”) with the Shares to be sold under the Sales Agreement having an aggregate offering price of up to $500.0 million. Additionally, ROIC simultaneously terminated the sales agreements with Capital One Securities, Inc., Jefferies LLC, KeyBanc Capital Markets Inc., Raymond James & Associates, Inc. and Robert W. Baird & Co. Incorporated, dated as of May 1, 2018 and as amended on April 29, 2019, which ROIC entered into in connection with its prior “at the market” offering. The Sales Agreement contemplates that, in addition to the issuance and sale of Primary Shares to or through the Agents as principal or its sales agents, ROIC may enter into separate forward sale agreements with any of KeyBanc Capital Markets Inc., BMO Capital Markets Corp., BofA Securities, Inc., Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC, Raymond James & Associates, Inc. and Wells Fargo Securities, LLC or their respective affiliates (in such capacity, the “Forward Purchasers”). If ROIC enters into a forward sale agreement with any Forward Purchaser, ROIC expects that such Forward Purchaser or its affiliate will borrow from third parties and, through the relevant Forward Seller, sell a number of Forward Hedge Shares equal to the number of shares of Common Stock underlying the particular forward sale agreement, in accordance with the mutually accepted instructions related to such forward sale agreement. ROIC will not initially receive any proceeds from any sale of Forward Hedge Shares through a Forward Seller. ROIC expects to fully physically settle each particular forward sale agreement with the relevant Forward Purchaser on one or more dates specified by ROIC on or prior to the maturity date of that particular forward sale agreement by issuing shares of Common Stock (the “Confirmation Shares”), in which case ROIC expects to receive aggregate net cash proceeds at settlement equal to the number of shares of Common Stock underlying the particular forward sale agreement multiplied by the relevant forward sale price. However, ROIC may also elect to cash settle or net share settle a particular forward sale agreement, in which case ROIC may not receive any proceeds from the issuance of shares of Common Stock, and ROIC will instead receive or pay cash (in the case of cash settlement) or receive or deliver shares of Common Stock (in the case of net share settlement). During the three months ended March 31, 2020, ROIC did not sell any shares under the Sales Agreement. Stock Repurchase Program On July 31, 2013, the Company’s board of directors authorized a stock repurchase program to repurchase up to a maximum of $50.0 million of the Company’s common stock. During the three months ended March 31, 2020, the Company repurchased 673,868 shares of common stock under this program with a principal amount of approximately $8.8 million.

Stock Compensation for ROIC

Stock Compensation for ROIC	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation for ROIC	Stock Compensation for ROIC ROIC 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. In 2018, the Company adopted the Company’s Amended and Restated 2009 Equity Incentive Plan (the “Equity Incentive Plan”). The types of awards that may be granted under the Equity Incentive Plan include stock options, restricted shares, share appreciation rights, phantom shares, dividend equivalent rights and other equity-based awards. The Equity Incentive Plan has a fungible unit system that counts the number of shares of the Company’s common stock used in the issuance of full-value awards, such as restricted shares and LTIP Units, differently than the number of shares of common stock used in the issuance of stock options. A total of 22,500,000 Fungible Units (as defined in the Equity Incentive Plan) are reserved for grant under the Equity Incentive Plan and the Fungible Unit-to-full-value award conversion ratio is 6.25 to 1.0. The Equity Incentive Plan will expire on April 25, 2028. The Company has made certain awards in the form of a separate series of units of limited partnership interests in its Operating Partnership called LTIP Units, which can be granted either as free-standing awards or in tandem with other awards under the Equity Incentive Plan. The LTIP Units are subject to such conditions and restrictions as the compensation committee may determine, including continued employment or service, achievement of pre-established operational performance goals and market-indexed performance criteria. Upon the occurrence of specified events and subject to the satisfaction of applicable vesting conditions, LTIP Units (after conversion into OP Units, in accordance with the Partnership Agreement) are ultimately redeemable for cash or for unregistered shares of ROIC common stock, at the option of ROIC, on a one-for-one basis. Restricted Stock During the three months ended March 31, 2020, ROIC awarded 566,350 shares of restricted common stock under the Equity Incentive Plan, of which 192,238 shares are performance-based grants and the remainder of the shares are time-based grants. The performance-based grants vest based on both pre-defined operational and market-indexed performance criteria with a vesting date on January 1, 2023. A summary of the status of ROIC’s non-vested restricted stock awards as of March 31, 2020, and changes during the three months ended March 31, 2020 are presented below: Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2019 954,797 $ 16.55 Granted 566,350 $ 16.78 Vested (372,061) $ 18.59 Forfeited (96,417) $ 14.20 Non-vested at March 31, 2020 1,052,669 $ 16.16 LTIP Units As of March 31, 2020, there remained 187,279 LTIP Units outstanding under the Equity Incentive Plan, issued at a weighted average grant date fair value of $16.27.

Capital of the Operating Partne

Capital of the Operating Partnership	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Capital of the Operating Partnership	Capital of the Operating Partnership As of March 31, 2020, the Operating Partnership had 127,055,137 OP Units outstanding. ROIC owned an approximate 91.3% partnership interest in the Operating Partnership at March 31, 2020, or 116,120,704 OP Units. The remaining 10,934,433 OP Units are owned by other limited partners. A share of ROIC’s common stock and an OP unit have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. As of March 31, 2020, subject to certain exceptions, holders are able to redeem their OP Units, at the option of ROIC, for cash or for unregistered shares of ROIC common stock on a one-for-one basis. If cash is paid in the redemption, the redemption price is equal to the average closing price on the NASDAQ Stock Market for shares of ROIC’s common stock over the ten consecutive trading days immediately preceding the date a redemption notice is received by ROIC. During the three months ended March 31, 2020, ROIC received notices of redemption for a total of 116,657 OP Units. ROIC elected to redeem 116,657 OP Units in cash, and accordingly, a total of approximately $2.0 million was paid during the three months ended March 31, 2020 to the holder of the respective OP Units. In accordance with the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, the redemption value was calculated based on the average closing price of ROIC’s common stock on the NASDAQ Stock Market for the ten consecutive trading days immediately preceding the date of receipt of the notice of redemption. The redemption value of outstanding OP Units owned by the limited partners as of March 31, 2020, not including ROIC, had such units been redeemed at March 31, 2020, was approximately $90.2 million, calculated based on the average closing price of ROIC’s common stock on the NASDAQ Stock Market for the ten consecutive trading days immediately preceding March 31, 2020, which amounted to $8.25 per share. Retail Opportunity Investments GP, LLC, ROIC’s wholly-owned subsidiary, is the sole general partner of the Operating Partnership, and as the parent company, ROIC has the full and complete authority over the Operating Partnership’s day-to-day management and control. As the sole general partner of the Operating Partnership, ROIC effectively controls the ability to issue common stock of ROIC upon redemption of any OP Units. The redemption provisions that permit ROIC to settle the redemption of OP Units in either cash or common stock, in the sole discretion of ROIC, are further evaluated in accordance with applicable accounting guidance to determine whether temporary or permanent equity classification on the balance sheet is appropriate. The Company evaluated this guidance, including the ability, in its sole discretion, to settle in unregistered shares of common stock, and determined that the OP Units meet the requirements to qualify for presentation as permanent equity.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	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 are reasonable estimates of their fair values because of the short-term nature of these instruments. The carrying values of the term loan and credit facility are deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. The fair value of the outstanding Senior Notes Due 2027 and Senior Notes Due 2026 at March 31, 2020 was approximately $219.7 million and $176.5 million, respectively, calculated using significant inputs which are not observable in the market. The fair value of the outstanding Senior Notes Due 2024 and Senior Notes Due 2023 at March 31, 2020 was approximately $253.7 million and $241.7 million, respectively, based on inputs not quoted on active markets, but corroborated by market data, or Level 2. Assumed mortgage notes payable were recorded at their fair value at the time they were assumed. The Company’s outstanding mortgage notes payable were estimated to have a fair value of approximately $84.2 million with a weighted average interest rate of 4.6% as of March 31, 2020. These fair value measurements fall within level 3 of the fair value hierarchy. 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. The following is a summary of the terms of the Company’s interest rate swaps as of March 31, 2020 (in thousands): Swap Counterparty Notional Amount Effective Date Maturity Date Bank of Montreal $ 100,000 12/29/2017 8/31/2022 U.S. Bank $ 100,000 12/29/2017 8/31/2022 Regions Bank $ 50,000 1/31/2019 8/31/2022 Royal Bank of Canada $ 50,000 1/31/2019 8/31/2022 The changes in the fair value of derivatives that are designated as cash flow hedges are recorded in accumulated other comprehensive income (“AOCI”) and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. 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 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 incorporated credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparties’ 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 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 the Company and its counterparties. However, as of March 31, 2020, 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, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands). Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2020: Liabilities Derivative financial instruments $ — $ (12,656) $ — $ (12,656) December 31, 2019: Liabilities Derivative financial instruments $ — $ (3,865) $ — $ (3,865) Amounts paid, or received, to cash settle interest rate derivatives prior to their maturity date are recorded in AOCI at the cash settlement amount, and will be reclassified to interest expense as interest expense is recognized on the hedged debt. During the next twelve months, the Company estimates that $5.4 million will be reclassified as a non-cash increase to interest expense. 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 March 31, 2020 and December 31, 2019, respectively (in thousands): Derivatives designed as hedging instruments Balance sheet location March 31, 2020 Fair Value December 31, 2019 Fair Value Interest rate products Other liabilities $ (12,656) $ (3,865) 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 months ended March 31, 2020 and 2019, respectively (in thousands). Three Months Ended March 31, 2020 2019 Amount of loss recognized in OCI on derivatives $ (9,055) $ (2,608) Amount of loss (gain) reclassified from AOCI into interest $ 338 $ (202)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 has signed several ground leases in which the Company is the lessee for the land beneath all or a portion of the buildings for certain properties. As of March 31, 2020, the Company’s weighted average remaining lease term is approximately 37.5 years and the weighted average discount rate used to calculate the Company’s lease liability is approximately 5.2%. Rent expense under the Company’s ground leases was approximately $428,000 and $412,000 for the three months ended March 31, 2020 and 2019, respectively. The following table represents a reconciliation of the Company’s undiscounted future minimum lease payments under operating leases to the lease liability as of March 31, 2020 (in thousands): Operating Leases Remaining 2020 $ 966 2021 1,282 2022 1,304 2023 1,330 2024 1,335 Thereafter 32,604 Total undiscounted future minimum lease payments 38,821 Future minimum lease payments, discount (21,236) Lease liability $ 17,585 Tax Protection Agreements In connection with certain acquisitions from September 2013 through March 2017, the Company entered into Tax Protection Agreements with certain limited partners of the Operating Partnership. The Tax Protection Agreements require the Company, subject to certain exceptions, to indemnify the respective sellers receiving OP Units against certain tax liabilities incurred by them, as calculated pursuant to the respective Tax Protection Agreements, for a period of 12 years (with respect to Tax Protection Agreements entered into in September 2013) or 10 years (with respect to Tax Protection Agreements entered into from December 2014 through March 2017) from the date of the Tax Protection Agreements. If the Company were to trigger the tax protection provisions under these agreements, the Company would be required to pay damages in the amount of the taxes owed by these limited partners (plus additional damages in the amount of the taxes incurred as a result of such payment).

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsThe Company has entered into several lease agreements with an officer of the Company, whereby pursuant to the lease agreements, the Company is provided the use of storage space. For both the three months ended March 31, 2020 and 2019, the Company incurred approximately $21,000 of expenses relating to the agreements. These expenses were included in General and administrative expenses in the accompanying consolidated statements of operations and comprehensive income.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn April 16, 2020, the Company borrowed $80.0 million under its revolving credit facility. These funds were borrowed to increase the Company’s liquidity position.

Organization, Basis of Presen_2

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standard Update (“ASU”) No. 2016-13 “Financial Instruments - Credit Topics.” ASU No. 2016-13 requires companies to adopt a new approach to estimating credit losses on certain types of financial instruments, such as trade and other receivables and loans. The standard requires entities to estimate a lifetime expected credit loss for most financial instruments, including trade receivables. ASU No. 2016-13 was effective for reporting periods beginning on January 1, 2020. The Company adopted the provisions of ASU No. 2016-13 effective January 1, 2020, noting the pronouncement did not have a material impact on the Company’s consolidated financial statements.
Principles of Consolidation	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 month periods ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. 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, 2019. 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. The Company has concluded that the Operating Partnership is a VIE, and because they have both the power and the rights to control the Operating Partnership, they are the primary beneficiary and are required to continue to consolidate the Operating Partnership. 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	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 recoverability of assets to be held and used, purchase price allocations, depreciable lives, revenue recognition and the collectability of tenant receivables, other receivables, notes receivables, the valuation of performance-based restricted stock, LTIP Units, and derivatives. Actual results could differ from these estimates.
Federal Income Taxes	Federal Income Taxes 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 its REIT taxable income (determined without regard to the dividends paid deduction and 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, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. 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 U.S. federal income taxes. Effective September 27, 2013, the Operating Partnership issued OP Units in connection with the acquisitions of two shopping centers. Accordingly, the Operating Partnership ceased being a disregarded entity and instead is being treated as a partnership for U.S. 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 March 31, 2020, the statute of limitations for the tax years 2016 through and including 2018 remain open for examination by the Internal Revenue Service (“IRS”) and state taxing authorities. ROIC intends to make distributions to holders of its common stock. U.S. federal income tax law generally requires that a REIT distribute annually at least 90% of its REIT taxable income, without regard to the deduction for dividends paid and excluding net capital gains, and that it pay U.S. federal income tax at regular corporate rates to the extent that it annually distributes less than 100% of its net taxable income. ROIC intends to pay dividends to stockholders in an amount not less than its net taxable income, if and to the extent authorized by its board of directors. Before ROIC pays any dividend, whether for U.S. federal income tax purposes or otherwise, it must first meet both its operating requirements and its debt service on debt. 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. Given the uncertainty of the COVID-19 pandemic’s near and potential long-term impact on the Company’s business, and in order to preserve its liquidity position, the Company has temporarily suspended quarterly dividend distributions. Going forward, the Company’s board of directors will continue to evaluate the Company’s dividend policy. The
Real Estate Investments	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. During the three months ended March 31, 2020 and 2019, capitalized costs related to the improvement or replacement of real estate properties were approximately $12.5 million and $11.8 million, respectively. The Company evaluates each acquisition of real estate to determine if the acquired property meets the definition of a business and needs to be accounted for as a business combination. Under ASU No. 2017-1, the Company first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. If this threshold is met, the acquired property does not meet the definition of a business and is accounted for as an asset acquisition. The Company expects that acquisitions of real estate properties will not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets (i.e. land, buildings, and related intangible assets). The Company recognizes the acquisition of real estate properties, including 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) at their fair value (for acquisitions meeting the definition of a business) and relative fair value (for acquisitions not meeting the definition of a business). The relative fair values used to allocate the cost of an asset acquisition are determined using the same methodologies and assumptions the Company utilizes to determine fair value in a business combination. 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 base rental income, over the terms of the respective leases including option periods, if applicable. The value of in-place leases is amortized to expense 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.
Real Estate Investments	Sales of real estate are recognized only when it is determined that the Company will collect substantially all of the consideration to which it is entitled, possession and other attributes of ownership have been transferred to the buyer and the Company has no controlling financial interest. The application of these criteria can be complex and requires the Company to make assumptions.
Asset Impairment	Asset Impairment
Cash and Cash Equivalents	Cash and Cash Equivalents
Restricted Cash	Restricted Cash The terms of the Company’s mortgage loans payable may 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	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. Each lease agreement is evaluated to identify the lease and nonlease components at lease inception. The Company combines lease and non-lease components into a single lease component presentation if (i) the timing and pattern of the revenue recognition of the combined single lease component is the same, and (ii) the related lease component and, the combined single lease component would be classified as an operating lease. As a result of this assessment, rental revenues and tenant recoveries from the lease of real estate assets are accounted for as a single component. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms. Termination fees (included in Other income in the consolidated statements of operations and comprehensive income) 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 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 have been met.
Depreciation and Amortization	Depreciation and Amortization The Company uses the straight-line method for depreciation and amortization. Buildings are depreciated over estimated useful lives which the Company estimates to be 39-40 years. Property improvements are depreciated over estimated useful lives that
Deferred Leasing	Costs incurred in obtaining tenant leases (principally leasing commissions and acquired lease origination costs) are amortized ratably over the life of the tenant leases. The amortization of deferred leasing costs is included in Depreciation and amortization in the consolidated statements of operations and comprehensive income.
Concentration Credit Risk	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	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. For the three months ended March 31, 2020 and 2019, 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 and LTIP Units outstanding under the Equity Incentive Plan described in Note 6 are excluded from the basic EPS calculation, as these units are not participating securities until they vest.
Share-Based Compensation	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 plan based on the FASB guidance which requires that compensation expense be recognized based on the fair value of the stock awards less forfeitures. Restricted stock grants vest based upon the completion of a service period (“time-based restricted stock grants”) and/or the Company meeting certain pre-established operational performance goals and market-indexed financial performance criteria (“performance-based restricted stock 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 restricted stock grants subject to market-indexed performance criteria, a Monte Carlo valuation model is used, taking into account the underlying contingency risks associated with the performance criteria. All other performance-based restricted stock grants are valued according to the market price of the Company’s common stock at the date of grant. 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. The Company has made certain separate awards in the form of units of limited partnership interests in its Operating Partnership called LTIP Units. The LTIP Units are subject to such conditions and restrictions as the compensation committee may determine, including continued employment or service, achievement of pre-established operational performance goals and market-indexed performance criteria. For the LTIP Units subject to market-indexed performance criteria (the “marked-indexed LTIP Units”), a Monte Carlo valuation model is used, taking into account the underlying contingency risks associated with the performance criteria. All other LTIP Units (the “operational LTIP Units”) are valued according to the market price of the Company’s common stock at the date of grant.
Derivatives	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
Segment Reporting	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.

Organization, Basis of Presen_3

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the reconciliation between basic and diluted EPS for ROIC (in thousands, except share data): Three Months Ended March 31, 2020 2019 Numerator: Net income $ 13,136 $ 14,583 Less income attributable to non-controlling interests (1,134) (1,333) Less earnings allocated to unvested shares (127) (114) Net income available for common stockholders, basic $ 11,875 $ 13,136 Numerator: Net income $ 13,136 $ 14,583 Less earnings allocated to unvested shares (127) (114) Net income available for common stockholders, diluted $ 13,009 $ 14,469 Denominator: Denominator for basic EPS – weighted average common equivalent shares 115,970,461 113,680,670 OP units 10,977,000 11,445,930 Performance-based restricted stock awards and LTIP Units 218,881 219,762 Stock options 14,991 94,408 Denominator for diluted EPS – weighted average common equivalent shares 127,181,333 125,440,770 Earnings Per Unit The following table sets forth the reconciliation between basic and diluted earnings per unit for the Operating Partnership (in thousands, except unit data): Three Months Ended March 31, 2020 2019 Numerator: Net income $ 13,136 $ 14,583 Less earnings allocated to unvested shares (127) (114) Net income available to unitholders, basic and diluted $ 13,009 $ 14,469 Denominator: Denominator for basic earnings per unit – weighted average common equivalent units 126,947,461 125,126,600 Performance-based restricted stock awards and LTIP Units 218,881 219,762 Stock options 14,991 94,408 Denominator for diluted earnings per unit – weighted average common equivalent units 127,181,333 125,440,770

Tenant Leases (Tables)

Tenant Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Future minimum rents to be received under non-cancellable leases	Future minimum rents to be received under non-cancellable leases as of March 31, 2020 are summarized as follows (in thousands): Minimum Rents Remaining 2020 $ 152,007 2021 187,880 2022 163,347 2023 134,403 2024 103,236 Thereafter 421,115 Total minimum lease payments $ 1,161,988

Mortgage Notes Payable, Credi_2

Mortgage Notes Payable, Credit Facilities and Senior Notes (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The mortgage notes payable collateralized by respective properties and assignment of leases at March 31, 2020 and December 31, 2019, respectively, were as follows (in thousands): Property Maturity Date Interest Rate March 31, 2020 December 31, 2019 Casitas Plaza Shopping Center June 2022 5.320 % $ 6,960 $ 7,001 Riverstone Marketplace July 2022 4.960 % 17,555 17,656 Fullerton Crossroads April 2024 4.728 % 26,000 26,000 Diamond Hills Plaza October 2025 3.550 % 35,500 35,500 $ 86,015 $ 86,157 Mortgage premiums 1,473 1,594 Net unamortized deferred financing costs (217) (228) Total mortgage notes payable $ 87,271 $ 87,523
Schedule of Long-term Debt Instruments	The carrying values of the Company’s term loan (the “term loan”) were as follows (in thousands): March 31, 2020 December 31, 2019 Term loan $ 300,000 $ 300,000 Net unamortized deferred financing costs (1,588) (1,670) Term loan $ 298,412 $ 298,330
Schedule of Long-term Debt Instruments	The carrying values of the Company’s unsecured revolving credit facility were as follows (in thousands): March 31, 2020 December 31, 2019 Credit facility $ 153,500 $ 84,000 Net unamortized deferred financing costs (3,064) (3,257) Credit facility $ 150,436 $ 80,743
Schedule of Long-term Debt Instruments	The carrying value of the Company’s unsecured Senior Notes Due 2027 is as follows (in thousands): March 31, 2020 December 31, 2019 Principal amount $ 250,000 $ 250,000 Net unamortized deferred financing costs (967) (998) Senior Notes Due 2027 $ 249,033 $ 249,002
Schedule of Long-term Debt Instruments	The carrying value of the Company’s unsecured Senior Notes Due 2026 is as follows (in thousands): March 31, 2020 December 31, 2019 Principal amount $ 200,000 $ 200,000 Net unamortized deferred financing costs (184) (191) Senior Notes Due 2026 $ 199,816 $ 199,809
Schedule of Long-term Debt Instruments	The carrying value of the Company’s unsecured Senior Notes Due 2024 is as follows (in thousands): March 31, 2020 December 31, 2019 Principal amount $ 250,000 $ 250,000 Unamortized debt discount (1,825) (1,912) Net unamortized deferred financing costs (1,038) (1,094) Senior Notes Due 2024 $ 247,137 $ 246,994
Schedule of Long-term Debt Instruments	The carrying value of the Company’s unsecured Senior Notes Due 2023 is as follows (in thousands): March 31, 2020 December 31, 2019 Principal amount $ 250,000 $ 250,000 Unamortized debt discount (1,805) (1,915) Net unamortized deferred financing costs (975) (1,040) Senior Notes Due 2023 $ 247,220 $ 247,045

Stock Compensation for ROIC (Ta

Stock Compensation for ROIC (Tables)	3 Months Ended
	Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Nonvested Restricted Stock Units Activity	A summary of the status of ROIC’s non-vested restricted stock awards as of March 31, 2020, and changes during the three months ended March 31, 2020 are presented below: Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2019 954,797 $ 16.55 Granted 566,350 $ 16.78 Vested (372,061) $ 18.59 Forfeited (96,417) $ 14.20 Non-vested at March 31, 2020 1,052,669 $ 16.16

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of summary of the terms of the Company’s interest rate swaps	The following is a summary of the terms of the Company’s interest rate swaps as of March 31, 2020 (in thousands): Swap Counterparty Notional Amount Effective Date Maturity Date Bank of Montreal $ 100,000 12/29/2017 8/31/2022 U.S. Bank $ 100,000 12/29/2017 8/31/2022 Regions Bank $ 50,000 1/31/2019 8/31/2022 Royal Bank of Canada $ 50,000 1/31/2019 8/31/2022
Company’s assets and liabilities measured at fair value on a recurring basis	The table below presents the Company’s assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands). Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total March 31, 2020: Liabilities Derivative financial instruments $ — $ (12,656) $ — $ (12,656) December 31, 2019: Liabilities Derivative financial instruments $ — $ (3,865) $ — $ (3,865)
Schedule of Company’s derivative financial instruments as well as their classification on the balance sheet	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 March 31, 2020 and December 31, 2019, respectively (in thousands): Derivatives designed as hedging instruments Balance sheet location March 31, 2020 Fair Value December 31, 2019 Fair Value Interest rate products Other liabilities $ (12,656) $ (3,865)
Details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges	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 months ended March 31, 2020 and 2019, respectively (in thousands). Three Months Ended March 31, 2020 2019 Amount of loss recognized in OCI on derivatives $ (9,055) $ (2,608) Amount of loss (gain) reclassified from AOCI into interest $ 338 $ (202)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The following table represents a reconciliation of the Company’s undiscounted future minimum lease payments under operating leases to the lease liability as of March 31, 2020 (in thousands): Operating Leases Remaining 2020 $ 966 2021 1,282 2022 1,304 2023 1,330 2024 1,335 Thereafter 32,604 Total undiscounted future minimum lease payments 38,821 Future minimum lease payments, discount (21,236) Lease liability $ 17,585

Organization, Basis of Presen_4

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details Textual)	3 Months Ended
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
Taxable income minimum distribution portion not subject to federal taxation (in percentage)	90.00%
Real estate improvements	$ 12,500,000	$ 11,800,000
Acquisition costs	0	$ 0
Allowance for doubtful accounts receivable	$ 8,900,000		$ 8,200,000
Number of segments | segment	1
Minimum | Building
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
PPE useful life (in years)	39 years
Minimum | Building Improvements
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
PPE useful life (in years)	10 years
Minimum | Furniture and Fixtures
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
PPE useful life (in years)	3 years
Maximum | Building
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
PPE useful life (in years)	40 years
Maximum | Building Improvements
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
PPE useful life (in years)	20 years
Maximum | Furniture and Fixtures
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items]
PPE useful life (in years)	10 years

Organization, Basis of Presen_5

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Reconciliation Between Basic and Diluted EPS) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income	$ 13,136	$ 14,583
Less income attributable to non-controlling interests	(1,134)	(1,333)
Less earnings allocated to unvested shares	(127)	(114)
Net income available for common stockholders, basic	11,875	13,136
Less earnings allocated to unvested shares	(127)	(114)
Net income available for common stockholders, diluted	$ 13,009	$ 14,469
Denominator:
Denominator for basic EPS – weighted average common equivalent shares (in shares)	115,970,461	113,680,670
Denominator for diluted EPS – weighted average common equivalent shares (in shares)	127,181,333	125,440,770
Retail Opportunity Investments Partnership L.P.
Numerator:
Net income	$ 13,136	$ 14,583
Less earnings allocated to unvested shares	(127)	(114)
Net income available to unitholders, basic and diluted	$ 13,009	$ 14,469
Denominator:
Denominator for basic EPS – weighted average common equivalent shares (in shares)	126,947,461	125,126,600
Denominator for diluted EPS – weighted average common equivalent shares (in shares)	127,181,333	125,440,770
OP units
Denominator:
OP units (in shares)	10,977,000	11,445,930
Performance-based restricted stock awards and LTIP Units
Denominator:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	218,881	219,762
Performance-based restricted stock awards and LTIP Units | Retail Opportunity Investments Partnership L.P.
Denominator:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	218,881	219,762
Stock options
Denominator:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	14,991	94,408
Stock options | Retail Opportunity Investments Partnership L.P.
Denominator:
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares)	14,991	94,408

Tenant Leases Minimum Future Re

Tenant Leases Minimum Future Rentals to be Received under Non-cancellable Leases (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
Remaining 2020	$ 152,007
2021	187,880
2022	163,347
2023	134,403
2024	103,236
Thereafter	421,115
Total minimum lease payments	$ 1,161,988

Mortgage Notes Payable, Credi_3

Mortgage Notes Payable, Credit Facilities and Senior Notes (Details Textual)	Dec. 20, 2019USD ($)credit_facility_extension	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 10, 2017USD ($)	Jul. 26, 2016USD ($)	Dec. 03, 2014USD ($)	Dec. 09, 2013USD ($)
Term Loan Agreement
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000	$ 300,000,000	$ 300,000,000
Additional borrowing capacity	200,000,000
Long term debt		$ 300,000,000
Interest rate during period (percentage)		2.70%
Debt Instrument, Swapped Interest Rate		3.00%
Remaining borrowing capacity		$ 0
Senior Notes Due 2027 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount		250,000,000	250,000,000	$ 250,000,000
Interest rate (percentage)				4.19%
Senior Notes Due 2026 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount		200,000,000	200,000,000		$ 200,000,000
Interest rate (percentage)					3.95%
Senior Notes Due 2024 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount		250,000,000	250,000,000			$ 250,000,000
Interest rate (percentage)						4.00%
Senior Notes Due 2023 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount		$ 250,000,000	250,000,000				$ 250,000,000
Interest rate (percentage)							5.00%
Federal Funds Effective Swap Rate | Term Loan Agreement
Debt Instrument [Line Items]
Variable rate (percentage)		0.50%
Eurodollar | Term Loan Agreement
Debt Instrument [Line Items]
Variable rate (percentage)		1.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 600,000,000
Credit facility, number of extension options | credit_facility_extension	2
Debt instrument, extension, term	6 months
Commitment fee (percentage)		0.20%
Fronting fee (percentage)		0.125%
Long-term, line of credit		$ 153,500,000	$ 84,000,000
Line of credit facility, interest rate during the period (percentage)		2.50%
Remaining borrowing capacity		$ 446,500,000
Revolving Credit Facility | Federal Funds Effective Swap Rate
Debt Instrument [Line Items]
Variable rate (percentage)		0.50%
Revolving Credit Facility | Eurodollar
Debt Instrument [Line Items]
Variable rate (percentage)		0.90%
Revolving Credit Facility | Accordion Feature
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,200,000,000

Mortgage Notes Payable, Credi_4

Mortgage Notes Payable, Credit Facilities and Senior Notes (Mortgage Notes based on their respective Properties) (Details) - Notes Payable - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long term debt	$ 86,015	$ 86,157
Mortgage premiums	1,473	1,594
Net unamortized deferred financing costs	(217)	(228)
Total mortgage notes payable	$ 87,271	87,523
Casitas Plaza Shopping Center
Debt Instrument [Line Items]
Interest rate (percentage)	5.32%
Long term debt	$ 6,960	7,001
Riverstone Marketplace
Debt Instrument [Line Items]
Interest rate (percentage)	4.96%
Long term debt	$ 17,555	17,656
Fullerton Crossroads
Debt Instrument [Line Items]
Interest rate (percentage)	4.728%
Long term debt	$ 26,000	26,000
Diamond Hills Plaza
Debt Instrument [Line Items]
Interest rate (percentage)	3.55%
Long term debt	$ 35,500	$ 35,500

Mortgage Notes Payable, Credi_5

Mortgage Notes Payable, Credit Facilities and Senior Notes (Carrying Value of Debt) (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019	Dec. 20, 2019	Nov. 10, 2017	Jul. 26, 2016	Dec. 03, 2014	Dec. 09, 2013
Debt Instrument [Line Items]
Credit facility	$ 150,436,000	$ 80,743,000
Senior Notes	943,206,000	942,850,000
Term Loan Agreement
Debt Instrument [Line Items]
Principal amount	300,000,000	300,000,000	$ 300,000,000
Net unamortized deferred financing costs	(1,588,000)	(1,670,000)
Term loan	298,412,000	298,330,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	153,500,000	84,000,000
Net unamortized deferred financing costs	(3,064,000)	(3,257,000)
Credit facility	150,436,000	80,743,000
Senior Notes | Senior Notes Due 2027
Debt Instrument [Line Items]
Principal amount	250,000,000	250,000,000		$ 250,000,000
Net unamortized deferred financing costs	(967,000)	(998,000)
Senior Notes	249,033,000	249,002,000
Senior Notes | Senior Notes Due 2026
Debt Instrument [Line Items]
Principal amount	200,000,000	200,000,000			$ 200,000,000
Net unamortized deferred financing costs	(184,000)	(191,000)
Senior Notes	199,816,000	199,809,000
Senior Notes | Senior Notes Due 2024
Debt Instrument [Line Items]
Principal amount	250,000,000	250,000,000				$ 250,000,000
Unamortized debt discount	(1,825,000)	(1,912,000)
Net unamortized deferred financing costs	(1,038,000)	(1,094,000)
Senior Notes	247,137,000	246,994,000
Senior Notes | Senior Notes Due 2023
Debt Instrument [Line Items]
Principal amount	250,000,000	250,000,000					$ 250,000,000
Unamortized debt discount	(1,805,000)	(1,915,000)
Net unamortized deferred financing costs	(975,000)	(1,040,000)
Senior Notes	$ 247,220,000	$ 247,045,000

Preferred Stock of ROIC (Detail

Preferred Stock of ROIC (Details Textual) - shares	Mar. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Preferred stock, shares authorized (in shares)	50,000,000	50,000,000
Preferred stock, shares outstanding (in shares)	0	0

Common Stock of ROIC (Details T

Common Stock of ROIC (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2020	Feb. 20, 2020	Dec. 31, 2019	Jul. 31, 2013
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001
Stock repurchase program, authorized amount				$ 50,000,000
Repurchase of common stock (in shares)	673,868
Repurchase of common stock	$ 8,846,000
Sales Agreement
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.0001
Common shares that may be sold under a sales agreement, aggregate offering price, maximum		$ 500,000,000
Shares sold during the period (in shares)	0

Stock Compensation for ROIC (De

Stock Compensation for ROIC (Details Textual) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019USD ($)	Dec. 31, 2019$ / sharesshares	Apr. 25, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense | $	$ 1.9	$ 1.7
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	566,350
Granted (in dollars per share) | $ / shares	$ 16.78
Number of nonvested shares (in shares)	1,052,669		954,797
Nonvested weighted average grant date fair value (in dollars per share) | $ / shares	$ 16.16		$ 16.55
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested weighted average grant date fair value (in dollars per share) | $ / shares	$ 16.27
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)				22,500,000
Fungible unit to full value award conversion ratio				6.25
Vesting on January 1, 2023 | Performance-based restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	192,238
Vesting on January 1, 2022 | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of nonvested shares (in shares)	187,279

Stock Compensation for ROIC (St

Stock Compensation for ROIC (Status of Non-vested Restricted Stock Awards) (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2020$ / sharesshares
Shares
Beginning balance (in shares) | shares	954,797
Granted (in shares) | shares	566,350
Vested (in shares) | shares	(372,061)
Forfeited (in shares) | shares	(96,417)
Ending balance (in shares) | shares	1,052,669
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 16.55
Granted (in dollars per share) | $ / shares	16.78
Vested (in dollars per share) | $ / shares	18.59
Forfeited (in dollars per share) | $ / shares	14.20
Ending balance (in dollars per share) | $ / shares	$ 16.16

Capital of the Operating Part_2

Capital of the Operating Partnership (Details Textual) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
		Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Limited Partners' Capital Account [Line Items]
Partnership units (in shares)		127,055,137
Common stock, shares outstanding (in shares)		116,120,704	116,496,016
Minority interest increase (decrease) from redemptions number of units (in shares)		116,657
Equity redemption of OP Units, cash (in shares)		116,657
Equity redemption of OP Units cash dollars		$ 2
ROIC
Limited Partners' Capital Account [Line Items]
ROIC ownership percentage in ROIP LP		91.30%
Common Stock
Limited Partners' Capital Account [Line Items]
Common stock, shares outstanding (in shares)		116,120,704	116,496,016	114,311,788	113,992,837
OP Units
Limited Partners' Capital Account [Line Items]
Non-controlling interest redemption value		$ 90.2
Redemption value (usd per share)		$ 8.25
Limited Partner’s Capital | Retail Opportunity Investments Partnership L.P.
Limited Partners' Capital Account [Line Items]
Partnership units (in shares)	[1]	10,934,433	11,051,090	11,407,041	11,477,041
[1]	Consists of limited partnership interests held by third parties.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details Textual) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate cash flow hedge reclassified as non-cash increase to interest expense in the next 12 months	$ 5,400
Weighted Average
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Interest rate	4.60%
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of note payable	$ 84,200
Senior Notes | Significant Unobservable Inputs (Level 3) | Senior Notes Due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long term debt	219,700
Senior Notes | Significant Unobservable Inputs (Level 3) | Senior Notes Due 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long term debt	176,500
Senior Notes | Significant Other Observable Inputs (Level 2) | Senior Notes Due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long term debt	253,700
Senior Notes | Significant Other Observable Inputs (Level 2) | Senior Notes Due 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of long term debt	$ 241,700

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Interest Rate Swaps) (Details) - Derivatives designed as hedging instruments - Interest Rate Swap Maturing 8/31/2022 $ in Thousands	Mar. 31, 2020USD ($)
Bank of Montreal
Derivatives, Fair Value [Line Items]
Notional Amount	$ 100,000
U.S. Bank
Derivatives, Fair Value [Line Items]
Notional Amount	100,000
Regions Bank
Derivatives, Fair Value [Line Items]
Notional Amount	50,000
Royal Bank of Canada
Derivatives, Fair Value [Line Items]
Notional Amount	$ 50,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Interest Rate Swap - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative Liability	$ (12,656)	$ (3,865)
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Derivative [Line Items]
Derivative Liability	0	0
Significant Other Observable Inputs (Level 2)
Derivative [Line Items]
Derivative Liability	(12,656)	(3,865)
Significant Unobservable Inputs (Level 3)
Derivative [Line Items]
Derivative Liability	$ 0	$ 0

Fair Value of Financial Instr_6

Fair Value of Financial Instruments (Balance Sheet Classification) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Liabilities | Derivatives designed as hedging instruments | Interest Rate Swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Liability	$ (12,656)	$ (3,865)

Fair Value of Financial Instr_7

Fair Value of Financial Instruments (Location of Gain or Loss on Interest Rate Derivatives Designated as Cash Flow Hedges) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Amount of loss recognized in OCI on derivatives	$ (9,055)	$ (2,608)
Amount of loss (gain) reclassified from AOCI into interest	$ 338	$ (202)

Commitments and Contingencies_2

Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		28 Months Ended
	Sep. 30, 2013	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2017
Income Tax Contingency [Line Items]
Operating lease, weighted average remaining lease term		37 years 6 months
Operating lease, weighted average discount rate, percent		5.20%
Operating lease, rent expense		$ 428	$ 412
Tax protection agreements period (in years)				10 years
Terranomics Crossroads Associates LP Member and SARM Five Points LLC
Income Tax Contingency [Line Items]
Tax protection agreements period (in years)	12 years

Commitments and Contingencies_3

Commitments and Contingencies (Future Minimum Annual Lease Payments Under Operating Leases) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Future Minimum Annual Lease Payments
Remaining 2020	$ 966
2021	1,282
2022	1,304
2023	1,330
2024	1,335
Thereafter	32,604
Total undiscounted future minimum lease payments	38,821
Future minimum lease payments, discount	(21,236)
Lease liability	$ 17,585

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
General and Administrative Expense | Related Party Lease Agreements
Related Party Transaction [Line Items]
SG&A expense	$ 21	$ 21

Subsequent Events (Details Text

Subsequent Events (Details Textual) $ in Millions	Apr. 16, 2020USD ($)
Subsequent Event | Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from long-term lines of credit	$ 80