Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 08, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity Registrant Name | RETAIL OPPORTUNITY INVESTMENTS CORP. | ||
Entity File Number | 001-33749 | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 26-0500600 | ||
Entity Address, Address Line One | 11250 El Camino Real | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction | 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 Public Float | $ 1.7 | ||
Entity Common Stock, Shares Outstanding | 127,004,828 | ||
Entity Central Index Key | 0001407623 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Retail Opportunity Investments Partnership L.P. | |||
Document Information [Line Items] | |||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP | ||
Entity File Number | 333-189057-01 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 94-2969738 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction | false | ||
Entity Shell Company | false | ||
Entity Central Index Key | 0001577230 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Auditor [Line Items] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | San Diego, California |
Auditor Firm ID | 42 |
Retail Opportunity Investments Partnership L.P. | |
Auditor [Line Items] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | San Diego, California |
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real Estate Investments: | ||
Land | $ 967,251 | $ 958,236 |
Building and improvements | 2,500,647 | 2,452,857 |
Total real estate investments | 3,467,898 | 3,411,093 |
Less: accumulated depreciation | 654,543 | 578,593 |
Net real estate before mortgage notes | 2,813,355 | 2,832,500 |
Mortgage note receivable | 4,694 | 4,786 |
Real Estate Investments, net | 2,818,049 | 2,837,286 |
Cash and cash equivalents | 6,302 | 5,598 |
Restricted cash | 2,116 | 1,861 |
Tenant and other receivables, net | 61,193 | 57,546 |
Deposits | 0 | 500 |
Acquired lease intangible assets, net | 42,791 | 52,428 |
Prepaid expenses | 3,354 | 5,957 |
Deferred charges, net | 27,294 | 26,683 |
Other assets | 16,541 | 16,420 |
Total assets | 2,977,640 | 3,004,279 |
Liabilities: | ||
Term loan | 199,745 | 299,253 |
Credit facility | 75,000 | 88,000 |
Senior Notes | 1,043,593 | 946,849 |
Mortgage notes payable | 60,052 | 60,917 |
Acquired lease intangible liabilities, net | 137,820 | 152,117 |
Accounts payable and accrued expenses | 50,598 | 22,885 |
Tenants’ security deposits | 8,205 | 7,701 |
Other liabilities | 39,420 | 41,959 |
Total liabilities | 1,614,433 | 1,619,681 |
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; 126,904,085 and 124,538,811 shares issued and outstanding at December 31, 2023 and 2022, respectively | 13 | 12 |
Additional paid-in capital | 1,643,908 | 1,612,126 |
Accumulated dividends in excess of earnings | (357,160) | (315,984) |
Accumulated other comprehensive income | 559 | 14 |
Total Retail Opportunity Investments Corp. stockholders' equity | 1,287,320 | 1,296,168 |
Non-controlling interests | 75,887 | 88,430 |
Total equity/capital | 1,363,207 | 1,384,598 |
Total liabilities and equity/capital | 2,977,640 | 3,004,279 |
Retail Opportunity Investments Partnership L.P. | ||
Real Estate Investments: | ||
Land | 967,251 | 958,236 |
Building and improvements | 2,500,647 | 2,452,857 |
Total real estate investments | 3,467,898 | 3,411,093 |
Less: accumulated depreciation | 654,543 | 578,593 |
Net real estate before mortgage notes | 2,813,355 | 2,832,500 |
Mortgage note receivable | 4,694 | 4,786 |
Real Estate Investments, net | 2,818,049 | 2,837,286 |
Cash and cash equivalents | 6,302 | 5,598 |
Restricted cash | 2,116 | 1,861 |
Tenant and other receivables, net | 61,193 | 57,546 |
Deposits | 0 | 500 |
Acquired lease intangible assets, net | 42,791 | 52,428 |
Prepaid expenses | 3,354 | 5,957 |
Deferred charges, net | 27,294 | 26,683 |
Other assets | 16,541 | 16,420 |
Total assets | 2,977,640 | 3,004,279 |
Liabilities: | ||
Term loan | 199,745 | 299,253 |
Credit facility | 75,000 | 88,000 |
Senior Notes | 1,043,593 | 946,849 |
Mortgage notes payable | 60,052 | 60,917 |
Acquired lease intangible liabilities, net | 137,820 | 152,117 |
Accounts payable and accrued expenses | 50,598 | 22,885 |
Tenants’ security deposits | 8,205 | 7,701 |
Other liabilities | 39,420 | 41,959 |
Total liabilities | 1,614,433 | 1,619,681 |
Equity/Capital: | ||
ROIC capital | 1,286,761 | 1,296,154 |
Limited partners’ capital | 75,854 | 88,429 |
Accumulated other comprehensive income | 592 | 15 |
Total equity/capital | 1,363,207 | 1,384,598 |
Total liabilities and equity/capital | $ 2,977,640 | $ 3,004,279 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Rental revenue | $ 319,056 | $ 308,960 | $ 280,924 |
Other income | 8,676 | 3,969 | 3,176 |
Total revenues | 327,732 | 312,929 | 284,100 |
Operating expenses | |||
Property operating | 55,166 | 51,057 | 44,439 |
Property taxes | 35,433 | 34,651 | 33,663 |
Depreciation and amortization | 104,227 | 97,494 | 92,929 |
General and administrative expenses | 21,854 | 21,735 | 19,654 |
Other expense | 1,209 | 960 | 860 |
Total operating expenses | 217,889 | 205,897 | 191,545 |
Gain on sale of real estate | 0 | 7,653 | 22,340 |
Operating income | 109,843 | 114,685 | 114,895 |
Non-operating expenses | |||
Interest expense and other finance expenses | (73,189) | (59,225) | (57,535) |
Net income | 36,654 | 55,460 | 57,360 |
Net income attributable to non-controlling interests | (2,120) | (3,591) | (3,852) |
Net Income Attributable to Retail Opportunity Investments Corp. | $ 34,534 | $ 51,869 | $ 53,508 |
Earnings per share/unit - basic (in dollars per share) | $ 0.27 | $ 0.42 | $ 0.44 |
Earnings per share/unit - diluted (in dollars per share) | 0.27 | 0.42 | 0.44 |
Dividends per share (in dollars per share) | $ 0.60 | $ 0.56 | $ 0.51 |
Comprehensive income: | |||
Net income | $ 36,654 | $ 55,460 | $ 57,360 |
Other comprehensive income: | |||
Unrealized swap derivative gain arising during the period | 1,582 | 1,104 | 216 |
Reclassification adjustment for amortization to interest expense included in net income | (1,005) | 2,286 | 5,894 |
Other comprehensive income (loss) | 577 | 3,390 | 6,110 |
Comprehensive income | 37,231 | 58,850 | 63,470 |
Comprehensive income attributable to non-controlling interests | (2,152) | (3,813) | (4,304) |
Comprehensive income attributable to Retail Opportunity Investments Corp. | 35,079 | 55,037 | 59,166 |
Retail Opportunity Investments Partnership L.P. | |||
Revenues | |||
Rental revenue | 319,056 | 308,960 | 280,924 |
Other income | 8,676 | 3,969 | 3,176 |
Total revenues | 327,732 | 312,929 | 284,100 |
Operating expenses | |||
Property operating | 55,166 | 51,057 | 44,439 |
Property taxes | 35,433 | 34,651 | 33,663 |
Depreciation and amortization | 104,227 | 97,494 | 92,929 |
General and administrative expenses | 21,854 | 21,735 | 19,654 |
Other expense | 1,209 | 960 | 860 |
Total operating expenses | 217,889 | 205,897 | 191,545 |
Gain on sale of real estate | 0 | 7,653 | 22,340 |
Operating income | 109,843 | 114,685 | 114,895 |
Non-operating expenses | |||
Interest expense and other finance expenses | (73,189) | (59,225) | (57,535) |
Net income | $ 36,654 | $ 55,460 | $ 57,360 |
Earnings per share/unit - basic (in dollars per share) | $ 0.27 | $ 0.42 | $ 0.44 |
Earnings per share/unit - diluted (in dollars per share) | 0.27 | 0.42 | 0.44 |
Dividends per share (in dollars per share) | $ 0.60 | $ 0.56 | $ 0.51 |
Comprehensive income: | |||
Net income | $ 36,654 | $ 55,460 | $ 57,360 |
Other comprehensive income: | |||
Unrealized swap derivative gain arising during the period | 1,582 | 1,104 | 216 |
Reclassification adjustment for amortization to interest expense included in net income | (1,005) | 2,286 | 5,894 |
Other comprehensive income (loss) | 577 | 3,390 | 6,110 |
Comprehensive income | $ 37,231 | $ 58,850 | $ 63,470 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Officer | Common Stock | Additional paid-in capital | Accumulated dividends in excess of earnings | Accumulated dividends in excess of earnings Officer | Accumulated other comprehensive (loss) income | Non- controlling interests | Non- controlling interests Officer |
Balance at Dec. 31, 2020 | $ 1,291,159 | $ 12 | $ 1,497,662 | $ (289,309) | $ (8,812) | $ 91,606 | |||
Balance (in shares) at Dec. 31, 2020 | 118,085,155 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Shares issued under the Equity Incentive Plan (in shares) | 535,819 | ||||||||
Shares issued under the Equity Incentive Plan | 428 | 428 | |||||||
Shares withheld for employee taxes (in shares) | (142,247) | ||||||||
Shares withheld for employee taxes | (1,905) | (1,905) | |||||||
Cancellation of restricted stock (in shares) | (5,482) | ||||||||
Stock based compensation expense | 11,030 | 9,735 | 1,295 | ||||||
Redemption of OP Units (in shares) | 423,986 | ||||||||
Redemption of OP Units | 6,858 | 6,858 | (6,858) | ||||||
Adjustment to non-controlling interests ownership in Operating Partnership | (3,625) | 3,625 | |||||||
Proceeds from the issuance of common stock (in shares) | 3,788,035 | ||||||||
Proceeds from the issuance of common stock | 69,602 | $ 0 | 69,602 | ||||||
Registration expenditures | (918) | (918) | |||||||
Cash dividends | (66,112) | $ (401) | (61,717) | $ (283) | (4,395) | $ (118) | |||
Net income attributable to Retail Opportunity Investments Corp. | 53,508 | 53,508 | |||||||
Net income attributable to non-controlling interests | 3,852 | 3,852 | |||||||
Other comprehensive income (loss) | 6,110 | 5,658 | 452 | ||||||
Balance (in shares) at Dec. 31, 2021 | 122,685,266 | ||||||||
Balance at Dec. 31, 2021 | 1,366,353 | $ 12 | 1,577,837 | (297,801) | (3,154) | 89,459 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Shares issued under the Equity Incentive Plan (in shares) | 406,106 | ||||||||
Shares issued under the Equity Incentive Plan | 302 | 302 | |||||||
Shares withheld for employee taxes (in shares) | (123,466) | ||||||||
Shares withheld for employee taxes | (2,416) | (2,416) | |||||||
Cancellation of restricted stock (in shares) | (14,148) | ||||||||
Stock based compensation expense | 11,949 | 11,949 | 0 | ||||||
Redemption of OP Units (in shares) | 296,840 | ||||||||
Redemption of OP Units | 5,071 | 5,071 | (5,071) | ||||||
Adjustment to non-controlling interests ownership in Operating Partnership | 0 | (5,017) | 5,017 | ||||||
Proceeds from the issuance of common stock (in shares) | 1,288,213 | ||||||||
Proceeds from the issuance of common stock | 25,199 | $ 0 | 25,199 | ||||||
Registration expenditures | (799) | (799) | |||||||
Cash dividends | (74,321) | (519) | (69,533) | (519) | (4,788) | 0 | |||
Net income attributable to Retail Opportunity Investments Corp. | 51,869 | 51,869 | |||||||
Net income attributable to non-controlling interests | 3,591 | 3,591 | |||||||
Other comprehensive income (loss) | $ 3,390 | 3,168 | 222 | ||||||
Balance (in shares) at Dec. 31, 2022 | 124,538,811 | 124,538,811 | |||||||
Balance at Dec. 31, 2022 | $ 1,384,598 | $ 12 | 1,612,126 | (315,984) | 14 | 88,430 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Shares issued under the Equity Incentive Plan (in shares) | 700,691 | ||||||||
Shares issued under the Equity Incentive Plan | 32 | 32 | |||||||
Shares withheld for employee taxes (in shares) | (220,282) | ||||||||
Shares withheld for employee taxes | (3,291) | (3,291) | |||||||
Cancellation of restricted stock (in shares) | (29,425) | ||||||||
Stock based compensation expense | $ 12,712 | 10,899 | 1,813 | ||||||
Redemption of OP Units (in shares) | 1,010,000 | 1,010,000 | |||||||
Redemption of OP Units | $ 13,389 | $ 1 | 13,388 | (13,389) | |||||
Adjustment to non-controlling interests ownership in Operating Partnership | 0 | (1,680) | 1,680 | ||||||
Proceeds from the issuance of common stock (in shares) | 904,290 | ||||||||
Proceeds from the issuance of common stock | 12,828 | $ 0 | 12,828 | ||||||
Registration expenditures | (394) | (394) | |||||||
Cash dividends | (80,064) | $ (445) | (75,450) | $ (260) | (4,614) | $ (185) | |||
Net income attributable to Retail Opportunity Investments Corp. | 34,534 | 34,534 | |||||||
Net income attributable to non-controlling interests | 2,120 | 2,120 | |||||||
Other comprehensive income (loss) | $ 577 | 545 | 32 | ||||||
Balance (in shares) at Dec. 31, 2023 | 126,904,085 | 126,904,085 | |||||||
Balance at Dec. 31, 2023 | $ 1,363,207 | $ 13 | $ 1,643,908 | $ (357,160) | $ 559 | $ 75,887 |
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 Capital Officer | [1] | Retail Opportunity Investments Partnership L.P. ROIC Capital | Retail Opportunity Investments Partnership L.P. ROIC Capital Officer | [2] | Retail Opportunity Investments Partnership L.P. Accumulated other comprehensive (loss) income | |||
Total (in shares) | 8,966,083 | [1] | 118,085,155 | [2] | |||||||||
Balance (in shares) at Dec. 31, 2020 | 8,966,083 | [1] | 118,085,155 | [2] | |||||||||
Balance at Dec. 31, 2020 | $ 1,291,159 | $ 92,279 | [1] | $ 1,208,365 | [2] | $ (9,485) | |||||||
OP Units issued under the Equity Incentive Plan (in shares) | [2] | 535,819 | |||||||||||
OP Units issued under the Equity Incentive Plan | $ 428 | 428 | $ 428 | [2] | |||||||||
OP Units withheld for employee taxes (in shares) | [2] | (142,247) | |||||||||||
OP Units withheld for employee taxes | (1,905) | (1,905) | $ (1,905) | [2] | |||||||||
Cancellation of OP Units (in shares) | [2] | (5,482) | |||||||||||
Stock based compensation expense | 11,030 | 11,030 | $ 1,295 | [1] | $ 9,735 | [2] | |||||||
Equity Redemption of OP Units (in shares) | (423,986) | [1] | 423,986 | [2] | |||||||||
Equity Redemption of OP Units | $ (6,858) | [1] | $ 6,858 | [2] | |||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | 0 | 3,625 | [1] | $ (3,625) | [2] | ||||||||
Issuance of OP Units in connection with sale of common stock (in shares) | [2] | 3,788,035 | |||||||||||
Issuance of OP Units in connection with sale of common stock | 69,602 | 69,602 | $ 69,602 | [2] | |||||||||
Registration expenditures | (918) | (918) | (918) | [2] | |||||||||
Cash distributions | (66,112) | $ (401) | (4,395) | [1] | $ (118) | (61,717) | [2] | $ (283) | |||||
Net income | 57,360 | 57,360 | $ 3,852 | [1] | $ 53,508 | [2] | |||||||
Other comprehensive income (loss) | 6,110 | 6,110 | 6,110 | ||||||||||
Balance (in shares) at Dec. 31, 2021 | 8,542,097 | [1] | 122,685,266 | [2] | |||||||||
Balance at Dec. 31, 2021 | 1,366,353 | $ 89,680 | [1] | $ 1,280,048 | [2] | (3,375) | |||||||
Total (in shares) | 8,542,097 | [1] | 122,685,266 | [2] | |||||||||
OP Units issued under the Equity Incentive Plan (in shares) | 201,860 | 406,106 | [2] | ||||||||||
OP Units issued under the Equity Incentive Plan | 302 | 302 | $ 302 | [2] | |||||||||
OP Units withheld for employee taxes (in shares) | [2] | (123,466) | |||||||||||
OP Units withheld for employee taxes | (2,416) | (2,416) | $ (2,416) | [2] | |||||||||
Cancellation of OP Units (in shares) | [2] | (14,148) | |||||||||||
Stock based compensation expense | 11,949 | 11,949 | $ 0 | [1] | $ 11,949 | [2] | |||||||
Equity Redemption of OP Units (in shares) | (296,840) | [1] | 296,840 | [2] | |||||||||
Equity Redemption of OP Units | $ (5,071) | [1] | $ 5,071 | [2] | |||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | 0 | 0 | 5,017 | [1] | $ (5,017) | [2] | |||||||
Issuance of OP Units in connection with sale of common stock (in shares) | [2] | 1,288,213 | |||||||||||
Issuance of OP Units in connection with sale of common stock | 25,199 | 25,199 | $ 25,199 | [2] | |||||||||
Registration expenditures | (799) | (799) | (799) | [2] | |||||||||
Cash distributions | (74,321) | (519) | (4,788) | [1] | 0 | (69,533) | [2] | (519) | |||||
Net income | 55,460 | 55,460 | $ 3,591 | [1] | $ 51,869 | [2] | |||||||
Other comprehensive income (loss) | 3,390 | 3,390 | 3,390 | ||||||||||
Balance (in shares) at Dec. 31, 2022 | 8,447,117 | [1] | 124,538,811 | [2] | |||||||||
Balance at Dec. 31, 2022 | 1,384,598 | $ 88,429 | [1] | $ 1,296,154 | [2] | 15 | |||||||
Total (in shares) | 8,447,117 | [1] | 124,538,811 | [2] | |||||||||
OP Units issued under the Equity Incentive Plan (in shares) | [2] | 700,691 | |||||||||||
OP Units issued under the Equity Incentive Plan | 32 | 32 | $ 32 | [2] | |||||||||
OP Units withheld for employee taxes (in shares) | [2] | (220,282) | |||||||||||
OP Units withheld for employee taxes | (3,291) | (3,291) | $ (3,291) | [2] | |||||||||
Cancellation of OP Units (in shares) | [2] | (29,425) | |||||||||||
Stock based compensation expense | $ 12,712 | 12,712 | $ 1,813 | [1] | $ 10,899 | [2] | |||||||
Equity Redemption of OP Units (in shares) | 1,010,000 | (1,010,000) | [1] | 1,010,000 | [2] | ||||||||
Equity Redemption of OP Units | $ (13,389) | [1] | $ 13,389 | [2] | |||||||||
Adjustment to non-controlling interests ownership in Operating Partnership | $ 0 | 0 | 1,680 | [1] | $ (1,680) | [2] | |||||||
Issuance of OP Units in connection with sale of common stock (in shares) | [2] | 904,290 | |||||||||||
Issuance of OP Units in connection with sale of common stock | 12,828 | 12,828 | $ 12,828 | [2] | |||||||||
Registration expenditures | (394) | (394) | (394) | [2] | |||||||||
Cash distributions | (80,064) | $ (445) | (4,614) | [1] | $ (185) | (75,450) | [2] | $ (260) | |||||
Net income | 36,654 | 36,654 | $ 2,120 | [1] | $ 34,534 | [2] | |||||||
Other comprehensive income (loss) | $ 577 | 577 | 577 | ||||||||||
Balance (in shares) at Dec. 31, 2023 | 134,341,202 | 7,437,117 | [1] | 126,904,085 | [2] | ||||||||
Balance at Dec. 31, 2023 | $ 1,363,207 | $ 75,854 | [1] | $ 1,286,761 | [2] | $ 592 | |||||||
Total (in shares) | 134,341,202 | 7,437,117 | [1] | 126,904,085 | [2] | ||||||||
[1] Consists of limited partnership interests held by third parties. Consists of general and limited partnership interests held by ROIC. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 36,654 | $ 55,460 | $ 57,360 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 104,227 | 97,494 | 92,929 |
Amortization of deferred financing costs and mortgage discounts and premiums, net | 3,920 | 2,559 | 2,383 |
Straight-line rent adjustment | (1,855) | (2,715) | (959) |
Amortization of above-market and below-market rent | (11,172) | (11,947) | (8,795) |
Amortization relating to stock based compensation | 12,712 | 11,949 | 11,030 |
Provisions for tenant credit losses | 3,369 | 2,034 | 2,779 |
Other noncash interest (income) expense | (15) | (57) | 45 |
Gain on sale of real estate | 0 | (7,653) | (22,340) |
Change in operating assets and liabilities: | |||
Tenant and other receivables | (5,453) | (1,976) | (1,039) |
Prepaid expenses | 2,604 | (630) | (597) |
Accounts payable and accrued expenses | 5,566 | 1,242 | 5,072 |
Other assets and liabilities, net | (3,079) | 3,263 | (1,536) |
Net cash provided by operating activities | 147,478 | 149,023 | 136,332 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Investments in real estate | (21,758) | (120,639) | (125,490) |
Proceeds from sale of real estate | 0 | 34,435 | 68,003 |
Improvements to properties | (49,625) | (58,077) | (46,242) |
Deposits on real estate acquisitions | 500 | (500) | 0 |
Proceeds on repayment of mortgage note receivable | 92 | 89 | 84 |
Net cash used in investing activities | (70,791) | (144,692) | (103,645) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Principal repayments on mortgages | (686) | (24,133) | (716) |
Payments on term loan | (100,000) | 0 | 0 |
Proceeds from draws on credit facility | 168,000 | 168,000 | 30,000 |
Payments on credit facility | (181,000) | (80,000) | (78,000) |
Proceeds from issuance of Senior Notes | 348,289 | 0 | 0 |
Repayment of Senior Notes | (250,000) | 0 | 0 |
Distributions to OP Unitholders | (3,498) | (6,628) | (2,857) |
Deferred financing and other costs | (9,160) | 0 | 0 |
Proceeds from issuance of common stock | 12,828 | 25,199 | 69,602 |
Registration expenditures | (394) | (976) | (740) |
Dividends paid to common stockholders | (56,848) | (91,583) | (39,772) |
Common shares issued under the Equity Incentive Plan | 32 | 302 | 428 |
Shares withheld for employee taxes | (3,291) | (2,416) | (1,905) |
Net cash used in financing activities | (75,728) | (12,235) | (23,960) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 959 | (7,904) | 8,727 |
Cash, cash equivalents and restricted cash at beginning of period | 7,459 | 15,363 | 6,636 |
Cash, cash equivalents and restricted cash at end of period | 8,418 | 7,459 | 15,363 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 6,302 | 5,598 | 13,218 |
Restricted cash | 2,116 | 1,861 | 2,145 |
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows | 8,418 | 7,459 | 15,363 |
Retail Opportunity Investments Partnership L.P. | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | 36,654 | 55,460 | 57,360 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 104,227 | 97,494 | 92,929 |
Amortization of deferred financing costs and mortgage discounts and premiums, net | 3,920 | 2,559 | 2,383 |
Straight-line rent adjustment | (1,855) | (2,715) | (959) |
Amortization of above-market and below-market rent | (11,172) | (11,947) | (8,795) |
Amortization relating to stock based compensation | 12,712 | 11,949 | 11,030 |
Provisions for tenant credit losses | 3,369 | 2,034 | 2,779 |
Other noncash interest (income) expense | (15) | (57) | 45 |
Gain on sale of real estate | 0 | (7,653) | (22,340) |
Change in operating assets and liabilities: | |||
Tenant and other receivables | (5,453) | (1,976) | (1,039) |
Prepaid expenses | 2,604 | (630) | (597) |
Accounts payable and accrued expenses | 5,566 | 1,242 | 5,072 |
Other assets and liabilities, net | (3,079) | 3,263 | (1,536) |
Net cash provided by operating activities | 147,478 | 149,023 | 136,332 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Investments in real estate | (21,758) | (120,639) | (125,490) |
Proceeds from sale of real estate | 0 | 34,435 | 68,003 |
Improvements to properties | (49,625) | (58,077) | (46,242) |
Deposits on real estate acquisitions | 500 | (500) | 0 |
Proceeds on repayment of mortgage note receivable | 92 | 89 | 84 |
Net cash used in investing activities | (70,791) | (144,692) | (103,645) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Principal repayments on mortgages | (686) | (24,133) | (716) |
Payments on term loan | (100,000) | 0 | 0 |
Proceeds from draws on credit facility | 168,000 | 168,000 | 30,000 |
Payments on credit facility | (181,000) | (80,000) | (78,000) |
Proceeds from issuance of Senior Notes | 348,289 | 0 | 0 |
Repayment of Senior Notes | (250,000) | 0 | 0 |
Distributions to OP Unitholders | (60,346) | (98,211) | (42,629) |
Deferred financing and other costs | (9,160) | 0 | 0 |
Proceeds from issuance of common stock | 12,828 | 25,199 | 69,602 |
Registration expenditures | (394) | (976) | (740) |
Common shares issued under the Equity Incentive Plan | 32 | 302 | 428 |
Shares withheld for employee taxes | (3,291) | (2,416) | (1,905) |
Net cash used in financing activities | (75,728) | (12,235) | (23,960) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 959 | (7,904) | 8,727 |
Cash, cash equivalents and restricted cash at beginning of period | 7,459 | 15,363 | 6,636 |
Cash, cash equivalents and restricted cash at end of period | 8,418 | 7,459 | 15,363 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | 6,302 | 5,598 | 13,218 |
Restricted cash | 2,116 | 1,861 | 2,145 |
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows | $ 8,418 | $ 7,459 | $ 15,363 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock par value (in usd 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 usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 126,904,085 | 124,538,811 |
Common stock, shares outstanding (in shares) | 126,904,085 | 124,538,811 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parentheticals) - $ / shares | 12 Months Ended | ||||||
Dec. 15, 2023 | Sep. 15, 2023 | Jun. 16, 2023 | Mar. 17, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||||||
Dividends per share (in dollars per share) | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.60 | $ 0.56 | $ 0.51 |
Consolidated Statement of Par_2
Consolidated Statement of Partners' Capital (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash distributions per unit (usd per share) | $ 0.60 | $ 0.56 | $ 0.51 |
Retail Opportunity Investments Partnership L.P. | |||
Cash distributions per unit (usd per share) | $ 0.60 | $ 0.56 | $ 0.51 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [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. 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”). 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. 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 Financial Accounting Standards Board (“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 sheets 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, and the valuation of performance-based restricted stock, LTIP Units (as defined below), 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 December 31, 2023, the statute of limitations for the tax years 2019 through and including 2022 remain open for examination by the Internal Revenue Service (“IRS”) and state taxing authorities. ROIC intends to make regular quarterly distributions to holders of its common stock. 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 regular quarterly 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. The Company intends to continue to operate its business in a manner that will allow it to qualify as a REIT, including maintaining compliance with taxable income distribution requirements. The following table sets forth the dividends declared per share of ROIC’s common stock and the tax status for U.S. federal income tax purposes of such dividends declared during the year ended December 31, 2023. Record Date Payable Date Total Distribution per Share Ordinary Income per Share Section 199A Dividends (1) 3/17/2023 4/7/2023 $0.1500 $0.1500 $0.1500 6/16/2023 7/7/2023 $0.1500 $0.1500 $0.1500 9/15/2023 10/6/2023 $0.1500 $0.1500 $0.1500 12/15/2023 1/5/2024 $0.1500 $0.1500 $0.1500 ______________________ (1) Represents dividends eligible for the 20% qualified business income deduction under Section 199A, and is included in “Ordinary Income per Share” 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 years ended December 31, 2023 and 2022, capitalized costs related to the improvement or replacement of real estate properties were approximately $50.9 million and $55.1 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. 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 relative fair value (for acquisitions not meeting the definition of a business) and fair value (for acquisitions 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. Substantially all of the Company’s acquisitions are accounted for as asset acquisitions. 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 it were vacant. Above-market and below-market lease values are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of acquisition. Such valuations include a consideration of the non-cancellable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The value of the above-market and below-market leases associated with the original lease term and option periods, if applicable, is amortized to Rental revenue over the terms of the respective leases including option periods. The value of in-place leases is amortized to Depreciation 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 years ended December 31, 2023, 2022 or 2021. 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 December 31, 2023 or December 31, 2022. 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 and Collectability 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 substantially all of the termination fee is probable. The Company also enters into lease settlement agreements to resolve disputes with tenants who have defaulted. Lease settlement fee income is recognized in Other income during the period in which the settlement occurs. 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 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 allowance for doubtful accounts at December 31, 2023 and December 31, 2022 was approximately $17.4 million and $15.7 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 to 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 and Financing 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. Costs incurred in obtaining long-term financing are amortized ratably over the related debt agreement. The amortization of deferred leasing and financing costs is included in Depreciation and amortization and Interest expense and other finance expenses, respectively, in the consolidated statements of operations and comprehensive income. The unamortized balances of deferred leasing costs included in deferred charges in the Consolidated Balance Sheets as of December 31, 2023 that will be charged to future operations are as follows (in thousands): Lease Origination Costs 2024 $ 3,956 2025 3,413 2026 2,807 2027 2,355 2028 1,994 Thereafter 7,762 Total $ 22,287 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 years ended December 31, 2023, 2022 and 2021, 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 non-forfeitable 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 (as defined below) outstanding under the Equity Incentive Plan described in Note 8 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): Year Ended December 31, 2023 2022 2021 Numerator: Net income $ 36,654 $ 55,460 $ 57,360 Less income attributable to non-controlling interests (2,120) (3,591) (3,852) Less earnings allocated to participating securities (455) (378) (355) Net income available for common stockholders, basic $ 34,079 $ 51,491 $ 53,153 Numerator: Net income $ 36,654 $ 55,460 $ 57,360 Less earnings allocated to participating securities (455) (378) (355) Net income available for common stockholders, diluted $ 36,199 $ 55,082 $ 57,005 Denominator: Denominator for basic EPS – weighted average common equivalent shares 124,999,568 123,394,745 119,544,749 OP Units 7,717,199 8,566,343 8,650,485 Performance-based restricted stock awards and LTIP Units 148,163 323,027 250,585 Stock options — 820 8,079 Denominator for diluted EPS – weighted average common equivalent shares 132,864,930 132,284,935 128,453,898 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): Year Ended December 31, 2023 2022 2021 Numerator: Net income $ 36,654 $ 55,460 $ 57,360 Less earnings allocated to participating securities (455) (378) (355) Net income available to unitholders, basic and diluted $ 36,199 $ 55,082 $ 57,005 Denominator: Denominator for basic earnings per unit – weighted average common equivalent units 132,716,767 131,961,088 128,195,234 Performance-based restricted stock awards and LTIP Units 148,163 323,027 250,585 Stock options — 820 8,079 Denominator for diluted earnings per unit – weighted average common equivalent units 132,864,930 132,284,935 128,453,898 Stock-Based Compensation The Company has a stock-based employee compensation plan, which is more fully described in Note 8. The Company accounts for its stock-based compensation 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”). Accordingly, if such vesting criteria are not met, the Company accounts for forfeitures as they occur. Time-based restricted stock 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 (“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 market-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. Amounts paid, or received, to cash settle interest rate derivatives prior to their maturity date are recorded in Accumulated other comprehensive income (“AOCI”) at the cash settlement amount, and are reclassified to Interest expense as interest expense is recognized on the hedged debt. 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 (rental revenue and other income), 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. Consolidated Statements of Cash Flows - Supplemental Disclosures The following tables provides supplemental disclosures related to the consolidated statements of cash flows (in thousands): Year Ended December 31, 2023 2022 2021 Supplemental disclosure of cash activities: Cash paid on gross receipts and income for federal and state purposes $ 315 $ 386 $ 292 Interest paid $ 63,192 $ 56,642 $ 55,104 Other non-cash investing and financing activities: Increase in intangible lease liabilities $ — $ 30,981 $ 21,563 Increase in interest rate swap asset $ 592 $ — $ — Decrease in interest rate swap liability $ — $ (3,447) $ (6,064) Accrued real estate improvement costs $ 5,372 $ 3,670 $ 7,122 Equity redemption of OP Units $ 13,389 $ 5,071 $ 6,858 Dividends and distributions payable $ 21,011 $ 849 $ 24,219 |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Real Estate Investments | Real Estate Investments The following real estate investment transactions occurred during the years ended December 31, 2023 and December 31, 2022. The Company evaluated the following acquisitions and determined that substantially all of the fair value related to each of the acquisitions was concentrated in single identifiable assets. The Company allocated the total consideration for the acquisitions to the individual assets and liabilities acquired on a relative fair value basis. All transaction costs incurred in the acquisitions were capitalized. Property Asset Acquisitions in 2023 On December 1, 2023, the Company acquired the property known as Foothill Plaza, located in La Verne, California, within the Los Angeles metropolitan area, for an adjusted purchase price of approximately $21.9 million. Foothill Plaza is approximately 65,000 square feet and is anchored by Sprouts Market. The property was acquired with cash on hand. Property Asset Acquisitions in 2022 During the year ended December 31, 2022, the Company acquired five properties with a total of approximately 502,000 square feet for a total adjusted purchase price of approximately $120.6 million. The financial information set forth below summarizes the Company’s purchase price allocation for property assets acquired during the years ended December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 Assets Land $ 8,748 $ 51,150 Building and improvements 13,122 86,263 Acquired lease intangible asset — 8,745 Deferred charges — 5,462 Assets acquired $ 21,870 $ 151,620 Liabilities Acquired lease intangible liability — 30,981 Liabilities assumed $ — $ 30,981 The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2023, for the property asset acquired during the year ended December 31, 2023 (in thousands): Year Ended December 31, 2023 Statement of operations: Revenues $ 163 Net income attributable to Retail Opportunity Investments Corp. $ 93 The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2022, for property assets acquired during the year ended December 31, 2022 (in thousands): Year Ended December 31, 2022 Statement of operations: Revenues $ 6,450 Net income attributable to Retail Opportunity Investments Corp. $ 2,261 Property Dispositions in 2022 During the year ended December 31, 2022, the Company sold one property. The total sales price of approximately $36.2 million, less costs to sell, resulted in net proceeds of approximately $34.4 million. The Company recorded a gain on sale of real estate of approximately $7.7 million during the year ended December 31, 2022 related to this property disposition. The Company did not have any property dispositions during the year ended December 31, 2023. Any reference to square footage or occupancy is unaudited and outside the scope of the Company’s independent registered public accounting firm’s audit of the Company’s financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Lease Intangibles | Acquired Lease Intangibles Intangible assets and liabilities as of December 31, 2023 and December 31, 2022 consisted of the following (in thousands): December 31, 2023 2022 Assets: In-place leases $ 65,300 $ 70,133 Accumulated amortization (29,084) (27,405) Above-market leases 17,543 21,307 Accumulated amortization (10,968) (11,607) Acquired lease intangible assets, net $ 42,791 $ 52,428 Liabilities: Below-market leases $ 191,294 $ 205,421 Accumulated amortization (53,474) (53,304) Acquired lease intangible liabilities, net $ 137,820 $ 152,117 For the years ended December 31, 2023, 2022 and 2021, the net amortization of acquired lease intangible assets and acquired lease intangible liabilities for above- and below-market leases was $11.2 million, $11.9 million and $8.8 million, respectively, which amounts are included in Rental revenue in the accompanying consolidated statements of operations and comprehensive income. For the years ended December 31, 2023, 2022 and 2021, the amortization of in-place leases was $6.5 million, $5.9 million and $4.8 million, respectively, which amounts are included in Depreciation and amortization in the accompanying consolidated statements of operations and comprehensive income. The scheduled future amortization of acquired lease intangible assets as of December 31, 2023 is as follows (in thousands): Year Ending December 31: 2024 $ 5,550 2025 4,687 2026 3,802 2027 3,150 2028 2,864 Thereafter 22,738 Total future amortization of acquired lease intangible assets $ 42,791 The scheduled future amortization of acquired lease intangible liabilities as of December 31, 2023 is as follows (in thousands): Year Ending December 31: 2024 $ 11,474 2025 10,893 2026 10,031 2027 9,347 2028 8,969 Thereafter 87,106 Total future amortization of acquired lease intangible liabilities $ 137,820 |
Tenant Leases
Tenant Leases | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 are summarized as follows (in thousands): Year Ending December 31: 2024 $ 223,572 2025 200,817 2026 172,190 2027 142,175 2028 109,621 Thereafter 370,075 Total minimum lease payments $ 1,218,450 |
Mortgage Notes Payable, Credit
Mortgage Notes Payable, Credit Facilities and Senior Notes | 12 Months Ended |
Dec. 31, 2023 | |
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 unsecured 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 and debt discounts 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 December 31, 2023 and December 31, 2022, respectively, were as follows (in thousands, except interest rates): Maturity Date Interest Rate December 31, Property 2023 2022 Fullerton Crossroads April 2024 4.728 % 26,000 26,000 Diamond Hills Plaza October 2025 3.550 % 34,045 34,731 60,045 60,731 Unamortized mortgage premiums 72 288 Net unamortized deferred financing costs (65) (102) Total mortgage notes payable $ 60,052 $ 60,917 The combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands): Principal Repayments Scheduled Amortization Mortgage Premium Total 2024 $ 26,000 $ 708 $ 72 $ 26,780 2025 32,787 550 — 33,337 Thereafter — — — — Total $ 58,787 $ 1,258 $ 72 $ 60,117 Term Loan and Credit Facility The carrying values of the Operating Partnership’s unsecured term loan (the “term loan”) were as follows (in thousands): December 31, 2023 2022 Term loan $ 200,000 $ 300,000 Net unamortized deferred financing costs (255) (747) Term loan $ 199,745 $ 299,253 The Operating Partnership has an unsecured term loan (the “term loan”) with several banks. Effective March 2, 2023, the Operating Partnership entered into a Third Amendment to the First Amended and Restated Term Loan Agreement, dated as of September 8, 2017, as amended (the “Term Loan Agreement”). Under the Term Loan Agreement, the lenders agreed to provide $300.0 million of unsecured borrowings. The maturity date of the term loan is January 20, 2025, without further options for extension. The Term Loan Agreement also provides that the Operating Partnership may from time to time request increased aggregate commitments of $200.0 million if certain conditions are met, including the consent of the lenders to the additional commitments. Under the Term Loan Agreement, Secured Overnight Financing Rate (“SOFR”) based loans bear interest at Daily Simple SOFR or Term SOFR plus an index adjustment of 0.10% plus an applicable rate based on the credit rating of the Company (currently 1.0%). Base Rate Loans bear interest at a rate equal to an applicable rate based on the credit rating of the Company (currently 0.0%) plus the greater of (i) the Federal Funds Rate plus 0.50%, (ii) the rate publicly announced by KeyBank National Association as its “prime rate,” and (iii) one month Adjusted Term SOFR plus 1.0%. Capitalized terms used in this paragraph but not otherwise defined herein have the meanings set forth in the Term Loan Agreement. The Operating Partnership has an unsecured revolving credit facility (the “credit facility”) with several banks. Effective March 2, 2023, the Operating Partnership entered into a Third Amendment to the Second Amended and Restated Credit Agreement, dated as of September 8, 2017 (as amended, the “Credit Facility Agreement”). Under the Credit Facility Agreement, the Operating Partnership has borrowing capacity of up to $600.0 million. The maturity date under the Credit Facility Agreement is March 2, 2027, with two six-month extension options, which may be exercised by the Operating Partnership upon satisfaction of certain conditions including the payment of extension fees. Additionally, the Credit Facility Agreement contains an accordion feature, which allows the Operating Partnership to increase the borrowing capacity under the Credit Facility Agreement up to an aggregate of $1.2 billion, subject to lender consents and other conditions. Under the Credit Facility Agreement, SOFR based loans bear interest at Daily Simple SOFR or Term SOFR plus an index adjustment of 0.10% plus an applicable rate based on the credit rating of the Company (currently 0.85%). Base Rate Loans and Swing Line Loans bear interest at a rate equal to an applicable rate based on the credit rating of the Company (currently 0.0%) plus the greater of (i) the Federal Funds Rate plus 0.50%, (ii) the rate publicly announced by KeyBank National Association as its “prime rate,” and (iii) one month Adjusted Term SOFR plus 1.0%. Capitalized terms used in this paragraph but not otherwise defined herein have the meanings set forth in the Credit Facility Agreement. 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, of which the Operating Partnership had $150,000 outstanding as of December 31, 2023. The Company has investment grade credit ratings from Moody’s Investors Service (Baa2), S&P Global Ratings (BBB-) and Fitch Ratings (BBB). As of December 31, 2023, $75.0 million was outstanding under the credit facility, compared to $88.0 million outstanding as of December 31, 2022. The net unamortized deferred financing costs, which are included in Deferred charges, net in the accompanying consolidated balance sheets, were approximately $5.0 million as of December 31, 2023 compared to approximately $1.0 million as of December 31, 2022. The weighted average interest rate on the term loan during the year ended December 31, 2023 was 6.1%. As discussed in Note 11 of the accompanying consolidated financial statements, the Company uses interest rate swaps to help manage its interest rate risk. Effective March 31, 2023, $150.0 million of the Company’s term loan was swapped at a blended interest rate of 5.4%. The weighted average interest rate on the credit facility during the year ended December 31, 2023 was 5.9%. The Company had no amounts available to borrow under the term loan at December 31, 2023. The Company had approximately $525.0 million available to borrow under the credit facility at December 31, 2023. Senior Notes The Operating Partnership issued $350.0 million aggregate principal amount of unsecured senior notes in September 2023 (the “Senior Notes Due 2028”), $250.0 million aggregate principal amount of unsecured senior notes in December 2017 (the “Senior Notes Due 2027”), $200.0 million aggregate principal amount of unsecured senior notes in September 2016 (the “Senior Notes Due 2026”), and $250.0 million aggregate principal amount of unsecured senior notes in December 2014 (the “Senior Notes Due 2024” and collectively with the Senior Notes Due 2026, the Senior Notes Due 2027 and the Senior Notes Due 2028, the “Senior Notes”). The key terms of the Operating Partnership’s Senior Notes are as follows: Senior Notes Aggregate Principal Amount (in thousands) Issue Date and Interest Accrual Date Maturity Date Contractual Interest Rate First Interest Payment Interest Payments Due Senior Notes Due 2028 $ 350,000 September 21, 2023 October 15, 2028 6.75 % April 15, 2024 April 15 and October 15 Senior Notes Due 2027 $ 250,000 December 15, 2017 December 15, 2027 4.19 % June 15, 2018 June 15 and December 15 Senior Notes Due 2026 $ 200,000 September 22, 2016 September 22, 2026 3.95 % March 22, 2017 March 22 and September 22 Senior Notes Due 2024 $ 250,000 December 3, 2014 December 15, 2024 4.00 % June 15, 2015 June 15 and December 15 On September 21, 2023, the Operating Partnership completed a registered underwritten public offering of $350.0 million aggregate principal amount of 6.75% Senior Notes due 2028. Proceeds from the Senior Notes Due 2028 were used to pay down $100.0 million of borrowings under the term loan on September 21, 2023. The remaining proceeds from this offering, along with borrowings under the credit facility, were used for the repayment of the Operating Partnership’s $250.0 million Senior Notes Due 2023 on December 15, 2023. The Operating Partnership completed registered underwritten public offerings for the Senior Notes Due 2028 and the Senior Notes Due 2024 and completed private placements for the Senior Notes Due 2027 and the Senior Notes Due 2026. The Senior Notes 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 guarantees the Operating Partnership’s obligations under the Senior Notes 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. ROIC’s guarantees are senior unsecured obligations of ROIC and rank equally in right of payment with all other senior unsecured indebtedness of ROIC. ROIC’s guarantees of the Senior Notes are effectively subordinated in right of payment to all liabilities, whether secured or unsecured, and any preferred equity of ROIC’s subsidiaries (including the Operating Partnership and any entity ROIC accounts for under the equity method of accounting). The carrying value of the Operating Partnership’s Senior Notes are as follows (in thousands): December 31, 2023 2022 Principal amount $ 1,050,000 $ 950,000 Unamortized debt discount (2,033) (1,304) Net unamortized deferred financing costs (4,374) (1,847) Senior Notes $ 1,043,593 $ 946,849 The combined aggregate principal maturities of the Operating Partnership’s unsecured senior notes payable during the next five years and thereafter are as follows (in thousands): Principal Repayments 2024 $ 250,000 2025 — 2026 200,000 2027 250,000 2028 350,000 Thereafter — Total $ 1,050,000 Deferred Financing Costs and Debt Discounts The unamortized balances of deferred financing costs and discounts associated with the term loan, Senior Notes Due 2028, Senior Notes Due 2027, Senior Notes Due 2026, Senior Notes Due 2024, and mortgage notes payable, included as a direct reduction from the carrying amount of the related debt instrument in the consolidated balance sheets, and the unamortized balances of deferred financing costs associated with the credit facility, included in Deferred charges, net in the consolidated balance sheets as of December 31, 2023 that will be charged to future operations during the next five years and thereafter are as follows (in thousands): Financing Costs 2024 $ 3,703 2025 2,873 2026 2,836 2027 1,479 2028 843 Thereafter — Total $ 11,734 The Operating Partnership’s debt agreements contain customary representations, financial and other covenants, and its ability to borrow under these agreements is subject to its compliance with financial covenants and other restrictions on an ongoing basis. The Operating Partnership was in compliance with such covenants at December 31, 2023. |
Preferred Stock of ROIC
Preferred Stock of ROIC | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Preferred Stock of ROIC | Preferred Stock of ROIC ROIC is authorized to issue 50,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the board of directors. As of December 31, 2023 and December 31, 2022, there were no shares of preferred stock outstanding. |
Common Stock of ROIC
Common Stock of ROIC | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Common Stock of ROIC | Common Stock of ROIC ATM On February 20, 2020, ROIC entered into an “at the market” sales agreement, as amended on April 27, 2022 (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. 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). For both the three months and year ended December 31, 2023, ROIC sold a total of 904,290 shares under the Sales Agreement, which resulted in gross proceeds of approximately $12.8 million and commissions of approximately $128,000 paid to the Agents. Stock Repurchase Program On July 31, 2013, ROIC’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 year ended December 31, 2023, the Company did not repurchase any shares of common stock under this program. |
Stock Compensation and Other Be
Stock Compensation and Other Benefit Plans for ROIC | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Compensation and Other Benefit Plans for ROIC | Stock Compensation and Other Benefit Plans 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. On April 25, 2022, the Company adopted the Company’s Second Amended and Restated 2009 Equity Incentive Plan (the “Equity Incentive Plan”) that amended and restated the Amended and Restated 2009 Equity Incentive Plan (the “Prior 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 10,954,694 Fungible Units (as defined in the Equity Incentive Plan) are reserved for grant under the Equity Incentive Plan. The 10,954,694 Fungible Units represent a maximum of 5,002,143 shares of the Company’s common stock that could be granted pursuant to the Equity Incentive Plan as full-value awards, such as restricted shares, based on the 2.19 to 1.0 Fungible Unit-to-full-value award conversion ratio. A maximum of 10,954,694 shares of the Company’s common stock may be issued pursuant to the Equity Incentive Plan if all grants made under the Equity Incentive Plan are granted as stock options, based on a 1.0 to 1.0 Fungible Unit-to-stock option award conversion ratio. The Equity Incentive Plan will expire on April 25, 2032. The Company has made, under both the Equity Incentive Plan and the Prior Plan, certain awards in the form of a separate series of units of limited partnership interests in its Operating Partnership called LTIP Units. LTIP Units 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 at ROIC’s option, for shares of ROIC common stock on a one-for-one basis. Restricted Stock During the year ended December 31, 2023, ROIC awarded 505,953 shares of time-based restricted common stock under the Equity Incentive Plan. A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2023, and changes during the year ended December 31, 2023 are presented below: Shares Weighted Average Non-vested as of December 31, 2022 1,310,598 $ 17.85 Vested (649,161) $ 17.22 Granted 505,953 $ 14.56 Forfeited (29,425) $ 14.43 Non-vested as of December 31, 2023 1,137,965 $ 16.74 As of December 31, 2023, there remained a total of approximately $7.6 million of unrecognized restricted stock compensation expense related to outstanding non-vested restricted stock grants awarded under the Prior Plan. Restricted stock compensation is expected to be expensed over a remaining weighted average period of 1.5 years (irrespective of achievement of the performance conditions). The total fair value of restricted stock that vested during the years ended December 31, 2023, 2022 and 2021 was approximately $9.7 million, $7.9 million and $5.5 million, respectively. LTIP Units During the year ended December 31, 2023, ROIC awarded 245,972 LTIP Units under the Equity Incentive Plan. The LTIP Units vest based on both pre-defined operational and market-indexed performance criteria with a vesting date on January 1, 2026. The LTIP Units were issued at a weighted average grant date fair value of $14.97. Vested LTIP Units, after achieving parity with OP Units (as described in the Operating Partnership’s Second Amended and Restated Agreement of Limited Partnership, as amended (the “Partnership Agreement”)), are eligible to be converted into OP Units on a one-for-one basis upon the satisfaction of conditions set forth in the Partnership Agreement. Upon conversion of LTIP Units into OP Units, holders are able to redeem their OP Units for cash or, at ROIC’s option, for shares of ROIC common stock on a one-for-one basis. As of December 31, 2023, there remained a total of approximately $3.6 million of unrecognized compensation expense related to outstanding non-vested LTIPs awarded under the Equity Incentive Plan. LTIP Unit compensation is expected to be expensed over a remaining weighted average period of 2.0 years. Stock Based Compensation Expense For the years ended December 31, 2023, 2022 and 2021, the amounts charged to expense for all stock based compensation arrangements totaled approximately $12.7 million, $11.9 million and $11.0 million, respectively. Profit Sharing and Savings Plan During 2011, the Company established a profit sharing and savings plan (the “401K Plan”), which permits eligible employees to defer a portion of their compensation in accordance with the Code. Under the 401K Plan, the Company made matching contributions on behalf of eligible employees. The Company made contributions to the 401K Plan of approximately $103,000, $97,000 and $95,000 for the years ended December 31, 2023, 2022 and 2021, respectively. |
Capital of the Operating Partne
Capital of the Operating Partnership | 12 Months Ended |
Dec. 31, 2023 | |
Partners' Capital Notes [Abstract] | |
Capital of the Operating Partnership | Capital of the Operating Partnership As of December 31, 2023, the Operating Partnership had 134,341,202 OP Units outstanding. ROIC owned an approximate 94.4% partnership interest in the Operating Partnership at December 31, 2023, or 126,904,085 OP Units. The remaining 7,437,117 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 December 31, 2023, subject to certain exceptions, holders are able to redeem their OP Units for cash or, at ROIC’s option, for 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 year ended December 31, 2023, ROIC received notices of redemption for a total of 1,010,000 OP Units. ROIC elected to redeem the 1,010,000 OP Units for shares of ROIC common stock on a one-for-one basis, and accordingly, 1,010,000 shares of ROIC common stock were issued. The redemption value of outstanding OP Units owned by the limited partners as of December 31, 2023, not including ROIC, had such units been redeemed at December 31, 2023, was approximately $104.3 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 December 31, 2023, which amounted to $14.02 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 | 12 Months Ended |
Dec. 31, 2023 | |
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 SOFR contracts. The fair value of the outstanding Senior Notes Due 2028 and Senior Notes Due 2024 as of December 31, 2023 was approximately $368.0 million and $246.5 million, respectively, based on inputs not quoted on active markets, but corroborated by market data, or Level 2. The fair value of the outstanding Senior Notes Due 2027 and Senior Notes Due 2026 as of December 31, 2023 was approximately $230.1 million and $187.5 million, respectively, calculated using significant inputs which are not observable in the market, or Level 3. 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 $59.3 million with a weighted average interest rate of 7.5% as of December 31, 2023. These fair value measurements fall within Level 3 of the fair value hierarchy. |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | 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 current interest rate swaps as of December 31, 2023 (in thousands): Swap Counterparty Notional Amount Effective Date Maturity Date Wells Fargo $ 100,000 3/31/2023 8/31/2024 U.S. Bank $ 50,000 3/31/2023 8/31/2024 The changes in the fair value of derivatives that are designated as cash flow hedges are recorded in AOCI and are 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 December 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions 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 December 31, 2023: Assets Derivative financial instruments $ — $ 592 $ — $ 592 During the next twelve months, the Company estimates that approximately $592,000 will be reclassified as a non-cash decrease to interest expense related to the Company’s two outstanding swap arrangements. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of December 31, 2023 and December 31, 2022, respectively (in thousands): Derivatives designed as hedging instruments Balance sheet location December 31, 2023 Fair Value December 31, 2022 Fair Value Interest rate products Other assets $ 592 $ — 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 years ended December 31, 2023, 2022, and 2021, respectively (in thousands): Year Ended December 31, 2023 2022 2021 Amount of gain recognized in OCI on derivatives $ 1,582 $ 1,104 $ 216 Amount of (gain) loss reclassified from AOCI into interest $ (1,005) $ 2,286 $ 5,894 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023, the Company’s net lease liability of approximately $16.4 million, which is included in Other liabilities Other assets The following table represents a reconciliation of the Company’s undiscounted future minimum annual lease payments under operating leases to the lease liability as of December 31, 2023 (in thousands): Operating Leases 2024 $ 1,364 2025 1,369 2026 1,389 2027 1,417 2028 1,446 Thereafter 27,596 Total undiscounted future minimum lease payments 34,581 Future minimum lease payments, discount (18,159) Lease liability $ 16,422 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. In the unlikely event that 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 | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The 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 the years ended December 31, 2023, 2022, and 2021, the Company incurred approximately $96,000, $95,000 and $85,000, respectively, of expenses relating to the agreements which were included in General and administrative expenses in the accompanying consolidated statements of operations and comprehensive income. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn February 13, 2024, the Company’s board of directors declared a cash dividend on its common stock and a distribution on the Operating Partnership’s OP Units of $0.15 per share and per OP Unit, payable on April 5, 2024 to holders of record on March 15, 2024. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2023 (in thousands) Initial Cost to Company Cost Capitalized Subsequent to Acquisition Amount at Which Carried at Close of Period Description and Location Encumbrances Land Building & Land Building & Land Building & Accumulated Depreciation (b) (1) Date of Acquisition Paramount Plaza, CA $ — $ 6,347 $ 10,274 $ 930 $ 1,456 $ 7,277 $ 11,730 $ 19,007 $ 5,045 12/22/2009 Santa Ana Downtown Plaza, CA — 7,895 9,890 — 3,733 7,895 13,623 21,518 5,244 1/26/2010 Meridian Valley Plaza, WA — 1,881 4,795 — 1,633 1,881 6,428 8,309 3,073 2/1/2010 The Market at Lake Stevens, WA — 3,087 12,397 — (321) 3,087 12,076 15,163 4,480 3/16/2010 Pleasant Hill Marketplace, CA — 6,359 6,927 — 869 6,359 7,796 14,155 3,300 4/8/2010 Happy Valley Town Center, OR — 11,678 27,011 — 4,889 11,678 31,900 43,578 12,680 7/14/2010 Cascade Summit Town Square, OR — 8,853 7,732 — 3,486 8,853 11,218 20,071 3,692 8/20/2010 Heritage Market Center, WA — 6,595 17,399 — 2,181 6,595 19,580 26,175 7,356 9/23/2010 Claremont Promenade, CA — 5,975 1,019 183 4,439 6,158 5,458 11,616 3,162 9/23/2010 Sycamore Creek, CA — 3,747 11,584 — 552 3,747 12,136 15,883 5,217 9/30/2010 Gateway Village, CA — 5,917 27,298 — 1,270 5,917 28,568 34,485 10,974 12/16/2010 Division Crossing, OR — 3,706 8,327 8 5,950 3,714 14,277 17,991 7,043 12/22/2010 Halsey Crossing, OR (2) — — 7,773 — 7,985 — 15,758 15,758 6,300 12/22/2010 Marketplace Del Rio, CA — 13,420 22,251 9 8,115 13,429 30,366 43,795 10,527 1/3/2011 Pinole Vista Shopping Center, CA — 14,288 36,565 — 10,780 14,288 47,345 61,633 13,841 1/6/2011 Desert Springs Marketplace, CA — 8,517 18,761 443 8,343 8,960 27,104 36,064 9,490 2/17/2011 Renaissance Towne Centre, CA — 8,640 13,848 — 3,433 8,640 17,281 25,921 6,273 8/3/2011 Country Club Gate Center, CA — 6,487 17,341 — 1,200 6,487 18,541 25,028 6,424 7/8/2011 Canyon Park Shopping Center, WA — 9,352 15,916 — 8,531 9,352 24,447 33,799 10,264 7/29/2011 Hawks Prairie Shopping Center, WA — 5,334 20,694 — 4,277 5,334 24,971 30,305 8,876 9/8/2011 The Kress Building, WA — 5,693 20,866 — 3,336 5,693 24,202 29,895 8,552 9/30/2011 Hillsboro Market Center, OR (2) — — 17,553 — 4,589 — 22,142 22,142 8,983 11/23/2011 Gateway Shopping Center, WA (2) — 6,242 23,462 — 1,071 6,242 24,533 30,775 8,282 2/16/2012 Marlin Cove Shopping Center, CA — 8,815 6,797 — 1,633 8,815 8,430 17,245 3,551 5/4/2012 Seabridge Marketplace, CA — 5,098 17,164 — 4,289 5,098 21,453 26,551 6,699 5/31/2012 The Village at Novato, CA — 5,329 4,412 — 3,389 5,329 7,801 13,130 1,772 7/24/2012 Glendora Shopping Center, CA — 5,847 8,758 12 (80) 5,859 8,678 14,537 2,956 8/1/2012 Wilsonville Old Town Square, OR — 4,181 15,394 — 2,063 4,181 17,457 21,638 5,483 2010/2012 Bay Plaza, CA — 5,454 14,857 75 1,440 5,529 16,297 21,826 5,364 10/5/2012 Santa Teresa Village, CA — 14,965 17,162 — 14,850 14,965 32,012 46,977 9,665 11/8/2012 Cypress Center West, CA — 15,480 11,819 134 2,172 15,614 13,991 29,605 4,778 12/7/2012 Redondo Beach Plaza, CA — 16,242 13,625 150 129 16,392 13,754 30,146 4,229 12/28/2012 Harbor Place Center, CA — 16,506 10,527 — 13,147 16,506 23,674 40,180 4,540 12/28/2012 Initial Cost to Company Cost Capitalized Subsequent to Acquisition Amount at Which Carried at Close of Period Description and Location Encumbrances Land Building & Land Building & Land Building & Accumulated Depreciation (b) (1) Date of Acquisition Diamond Bar Town Center, CA — 9,540 16,795 3 4,534 9,543 21,329 30,872 8,683 2/1/2013 Bernardo Heights Plaza, CA — 3,192 8,940 — 873 3,192 9,813 13,005 3,396 2/6/2013 Canyon Crossing, WA — 7,941 24,659 — 2,288 7,941 26,947 34,888 10,038 4/15/2013 Diamond Hills Plaza, CA 34,045 15,458 29,353 — 4,309 15,458 33,662 49,120 9,684 4/22/2013 Granada Shopping Center, CA — 3,673 13,459 — 6,771 3,673 20,230 23,903 4,260 6/27/2013 Hawthorne Crossings, CA — 10,383 29,277 — 513 10,383 29,790 40,173 8,906 6/27/2013 Robinwood Shopping Center, OR — 3,997 11,317 18 780 4,015 12,097 16,112 3,744 8/23/2013 5 Points Plaza, CA — 17,920 36,965 — 7,433 17,920 44,398 62,318 12,785 9/27/2013 Crossroads Shopping Center, WA — 68,366 67,756 — 44,835 68,366 112,591 180,957 32,303 2010/2013 Peninsula Marketplace, CA — 14,730 19,214 — 1,470 14,730 20,684 35,414 6,044 11/1/2013 Country Club Village, CA — 9,986 26,579 — 1,285 9,986 27,864 37,850 8,314 11/26/2013 Plaza de la Canada, CA (2) — 10,351 24,819 — 1,424 10,351 26,243 36,594 7,714 12/13/2013 Tigard Marketplace, OR — 13,520 9,603 — 243 13,520 9,846 23,366 3,631 2/18/2014 Creekside Plaza, CA — 14,807 29,476 — 8,302 14,807 37,778 52,585 10,595 2/28/2014 North Park Plaza, CA — 13,593 17,733 — 3,796 13,593 21,529 35,122 6,017 4/30/2014 Fallbrook Shopping Center, CA (2) — 21,232 186,197 83 8,718 21,315 194,915 216,230 53,208 6/13/2014 Moorpark Town Center, CA — 7,063 19,694 — 770 7,063 20,464 27,527 5,455 12/4/2014 Mission Foothill Marketplace Pads, CA — 3,996 11,051 14 884 4,010 11,935 15,945 2,831 12/4/2014 Wilsonville Town Center, OR — 10,334 27,101 — 1,426 10,334 28,527 38,861 7,903 12/11/2014 Park Oaks Shopping Center, CA — 8,527 38,064 — 612 8,527 38,676 47,203 10,186 1/6/2015 Ontario Plaza, CA — 9,825 26,635 — 1,043 9,825 27,678 37,503 7,814 1/6/2015 Winston Manor, CA — 10,018 9,762 — 2,290 10,018 12,052 22,070 3,456 1/7/2015 Jackson Square, CA — 6,886 24,558 — 995 6,886 25,553 32,439 6,611 7/1/2015 Tigard Promenade, OR — 9,844 10,843 — 389 9,844 11,232 21,076 2,795 7/28/2015 Sunnyside Village Square, OR — 4,428 13,324 — 2,541 4,428 15,865 20,293 4,871 7/28/2015 Gateway Centre, CA — 16,275 28,308 — 3,949 16,275 32,257 48,532 7,799 9/1/2015 Johnson Creek Center, OR — 9,009 22,534 — 1,081 9,009 23,615 32,624 5,986 11/9/2015 Iron Horse Plaza, CA — 8,187 39,654 11 2,765 8,198 42,419 50,617 10,212 12/4/2015 Bellevue Marketplace, WA — 10,488 39,119 — 11,084 10,488 50,203 60,691 12,096 12/10/2015 Four Corner Square, WA — 9,926 31,415 38 (6) 9,964 31,409 41,373 7,634 12/21/2015 Warner Plaza, CA — 16,104 60,188 — 12,742 16,104 72,930 89,034 17,511 12/31/2015 Magnolia Shopping Center, CA — 12,501 27,040 250 2,073 12,751 29,113 41,864 6,987 3/10/2016 Casitas Plaza Shopping Center, CA — 10,734 22,040 — 1,703 10,734 23,743 34,477 5,440 3/10/2016 Bouquet Center, CA — 10,040 48,362 37 911 10,077 49,273 59,350 10,691 4/28/2016 North Ranch Shopping Center, CA — 31,522 95,916 — 4,750 31,522 100,666 132,188 20,950 6/1/2016 Monterey Center, CA (2) — 1,073 10,609 — 746 1,073 11,355 12,428 2,590 7/14/2016 Rose City Center, OR (2) — 3,637 10,301 — (105) 3,637 10,196 13,833 2,130 9/15/2016 Initial Cost to Company Cost Capitalized Subsequent to Acquisition Amount at Which Carried at Close of Period Description and Location Encumbrances Land Building & Land Building & Land Building & Accumulated Depreciation (b) (1) Date of Acquisition The Knolls, CA — 9,726 18,299 — 155 9,726 18,454 28,180 4,068 10/3/2016 Bridle Trails Shopping Center, WA — 11,534 20,700 — 9,721 11,534 30,421 41,955 7,571 10/17/2016 Torrey Hills Corporate Center, CA — 5,579 3,915 — 135 5,579 4,050 9,629 936 12/6/2016 PCC Community Markets Plaza, WA (2) — 1,856 6,914 — 7 1,856 6,921 8,777 1,559 1/25/2017 The Terraces, CA — 18,378 37,103 — 1,748 18,378 38,851 57,229 8,092 3/17/2017 Santa Rosa Southside Shopping Center, CA — 5,595 24,453 — 12,088 5,595 36,541 42,136 6,847 3/24/2017 Division Center, OR — 6,912 26,098 — 8,921 6,912 35,019 41,931 6,205 4/5/2017 Highland Hill Shopping Center, WA — 10,511 37,825 70 2,979 10,581 40,804 51,385 7,371 5/9/2017 Monta Loma Plaza, CA — 18,226 11,113 — 205 18,226 11,318 29,544 2,156 9/19/2017 Fullerton Crossroads, CA 26,000 28,512 45,419 — 1,532 28,512 46,951 75,463 8,933 10/11/2017 Riverstone Marketplace, WA — 5,113 27,594 — 598 5,113 28,192 33,305 5,104 10/11/2017 North Lynnwood Shopping Center, WA — 4,955 10,335 21 5,368 4,976 15,703 20,679 3,291 10/19/2017 The Village at Nellie Gail Ranch, CA — 22,730 22,578 — 2,131 22,730 24,709 47,439 4,969 11/30/2017 Stadium Center, WA — 1,699 17,229 74 91 1,773 17,320 19,093 2,737 2/23/2018 King City Plaza, OR — 5,161 10,072 — 1,385 5,161 11,457 16,618 1,812 5/18/2018 Summerwalk Village, WA — 4,312 7,567 — 3,157 4,312 10,724 15,036 1,349 12/13/2019 Canyon Creek Plaza, CA — 13,067 13,455 — 50 13,067 13,505 26,572 1,348 9/1/2021 Palomar Village, CA — 9,642 26,925 — 1,325 9,642 28,250 37,892 2,341 10/12/2021 South Point Plaza, WA — 18,465 25,491 3 1,093 18,468 26,584 45,052 2,385 11/10/2021 Olympia West Center, WA — 5,714 18,378 — (67) 5,714 18,311 24,025 1,311 12/6/2021 Powell Valley Junction, OR — 6,335 15,685 — 1,629 6,335 17,314 23,649 930 4/1/2022 Olympia Square North, WA — 6,005 15,999 — (6) 6,005 15,993 21,998 893 4/1/2022 Village Oaks Shopping Center, CA — 10,757 19,626 — 455 10,757 20,081 30,838 1,085 5/17/2022 Thomas Lake Shopping Center, WA — 16,383 18,685 — (258) 16,383 18,427 34,810 927 8/19/2022 Ballinger Village, WA — 11,699 16,268 35 1,453 11,734 17,721 29,455 910 8/19/2022 Foothill Plaza, CA — 8,748 13,122 — — 8,748 13,122 21,870 28 12/1/2023 Total $ 60,045 $ 964,650 $ 2,159,706 $ 2,601 $ 340,941 $ 967,251 $ 2,500,647 $ 3,467,898 $ 654,543 a. RECONCILIATION OF REAL ESTATE – OWNED SUBJECT TO OPERATING LEASES (in thousands) Year Ended December 31, 2023 2022 2021 Balance at beginning of period: $ 3,411,093 $ 3,266,155 $ 3,156,552 Property improvements during the year 50,850 55,086 48,570 Properties acquired during the year 21,870 134,706 136,105 Properties sold during the year — (30,995) (61,491) Assets written off during the year (15,915) (13,859) (13,581) Balance at end of period: $ 3,467,898 $ 3,411,093 $ 3,266,155 b. RECONCILIATION OF ACCUMULATED DEPRECIATION (in thousands) Year Ended December 31, 2023 2022 2021 Balance at beginning of period: $ 578,593 $ 510,836 $ 460,165 Depreciation expenses 92,040 86,354 82,957 Properties sold during the year — (4,112) (18,476) Property assets fully depreciated and written off (16,090) (14,485) (13,810) Balance at end of period: $ 654,543 $ 578,593 $ 510,836 (1) Depreciation and investments in building and improvements reflected in the consolidated statements of operations is calculated over the estimated useful life of the assets as follows: Building: 39-40 years Property Improvements: 10-20 years (2) Property, or a portion thereof, is subject to a ground lease. (3) The aggregate cost for Federal Income Tax Purposes for real estate was approximately $3.2 billion at December 31, 2023. |
Schedule IV - Mortgage Loans on
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
Schedule IV - Mortgage Loans on Real Estate | SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE December 31, 2023 (in thousands) a. RECONCILIATION OF MORTGAGE LOANS ON REAL ESTATE (in thousands) Year Ended December 31, 2023 2022 2021 Balance at beginning of period: $ 4,786 $ 4,875 $ 4,959 Repayments on mortgage note receivable (92) (89) (84) Balance at end of period: $ 4,694 $ 4,786 $ 4,875 |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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”). 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. 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 Financial Accounting Standards Board (“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 sheets 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, and the valuation of performance-based restricted stock, LTIP Units (as defined below), 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 December 31, 2023, the statute of limitations for the tax years 2019 through and including 2022 remain open for examination by the Internal Revenue Service (“IRS”) and state taxing authorities. ROIC intends to make regular quarterly distributions to holders of its common stock. 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 regular quarterly 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. The Company intends to continue to operate its business in a manner that will allow it to qualify as a REIT, including maintaining compliance with taxable income distribution requirements. The following table sets forth the dividends declared per share of ROIC’s common stock and the tax status for U.S. federal income tax purposes of such dividends declared during the year ended December 31, 2023. Record Date Payable Date Total Distribution per Share Ordinary Income per Share Section 199A Dividends (1) 3/17/2023 4/7/2023 $0.1500 $0.1500 $0.1500 6/16/2023 7/7/2023 $0.1500 $0.1500 $0.1500 9/15/2023 10/6/2023 $0.1500 $0.1500 $0.1500 12/15/2023 1/5/2024 $0.1500 $0.1500 $0.1500 ______________________ (1) Represents dividends eligible for the 20% qualified business income deduction under Section 199A, and is included in “Ordinary Income per Share” |
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 years ended December 31, 2023 and 2022, capitalized costs related to the improvement or replacement of real estate properties were approximately $50.9 million and $55.1 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. 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 relative fair value (for acquisitions not meeting the definition of a business) and fair value (for acquisitions 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. Substantially all of the Company’s acquisitions are accounted for as asset acquisitions. 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 it were vacant. Above-market and below-market lease values are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of acquisition. Such valuations include a consideration of the non-cancellable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The value of the above-market and below-market leases associated with the original lease term and option periods, if applicable, is amortized to Rental revenue over the terms of the respective leases including option periods. The value of in-place leases is amortized to Depreciation 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 years ended December 31, 2023, 2022 or 2021. 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 | 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 and Collectability 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 substantially all of the termination fee is probable. The Company also enters into lease settlement agreements to resolve disputes with tenants who have defaulted. Lease settlement fee income is recognized in Other income during the period in which the settlement occurs. 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 to 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 Charges | Deferred Leasing and Financing 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. Costs incurred in obtaining long-term financing are amortized ratably over the related debt agreement. The amortization of deferred leasing and financing costs is included in Depreciation and amortization and Interest expense and other finance expenses, respectively, 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 years ended December 31, 2023, 2022 and 2021, 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 non-forfeitable 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 (as defined below) outstanding under the Equity Incentive Plan described in Note 8 are excluded from the basic EPS calculation, as these units are not participating securities until they vest. |
Stock-Based Compensation | Stock-Based Compensation The Company has a stock-based employee compensation plan, which is more fully described in Note 8. The Company accounts for its stock-based compensation 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”). Accordingly, if such vesting criteria are not met, the Company accounts for forfeitures as they occur. Time-based restricted stock 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 (“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 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. Amounts paid, or received, to cash settle interest rate derivatives prior to their maturity date are recorded in Accumulated other comprehensive income (“AOCI”) at the cash settlement amount, and are reclassified to Interest expense as interest expense is recognized on the hedged debt. 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 | 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 (rental revenue and other income), 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) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Dividends Declared | The following table sets forth the dividends declared per share of ROIC’s common stock and the tax status for U.S. federal income tax purposes of such dividends declared during the year ended December 31, 2023. Record Date Payable Date Total Distribution per Share Ordinary Income per Share Section 199A Dividends (1) 3/17/2023 4/7/2023 $0.1500 $0.1500 $0.1500 6/16/2023 7/7/2023 $0.1500 $0.1500 $0.1500 9/15/2023 10/6/2023 $0.1500 $0.1500 $0.1500 12/15/2023 1/5/2024 $0.1500 $0.1500 $0.1500 ______________________ (1) Represents dividends eligible for the 20% qualified business income deduction under Section 199A, and is included in “Ordinary Income per Share” |
Schedule of Unamortized Balances of Deferred Leasing Costs | The unamortized balances of deferred leasing costs included in deferred charges in the Consolidated Balance Sheets as of December 31, 2023 that will be charged to future operations are as follows (in thousands): Lease Origination Costs 2024 $ 3,956 2025 3,413 2026 2,807 2027 2,355 2028 1,994 Thereafter 7,762 Total $ 22,287 |
Schedule of Basic and Diluted Earnings Per Share/Unit | The following table sets forth the reconciliation between basic and diluted EPS for ROIC (in thousands, except share data): Year Ended December 31, 2023 2022 2021 Numerator: Net income $ 36,654 $ 55,460 $ 57,360 Less income attributable to non-controlling interests (2,120) (3,591) (3,852) Less earnings allocated to participating securities (455) (378) (355) Net income available for common stockholders, basic $ 34,079 $ 51,491 $ 53,153 Numerator: Net income $ 36,654 $ 55,460 $ 57,360 Less earnings allocated to participating securities (455) (378) (355) Net income available for common stockholders, diluted $ 36,199 $ 55,082 $ 57,005 Denominator: Denominator for basic EPS – weighted average common equivalent shares 124,999,568 123,394,745 119,544,749 OP Units 7,717,199 8,566,343 8,650,485 Performance-based restricted stock awards and LTIP Units 148,163 323,027 250,585 Stock options — 820 8,079 Denominator for diluted EPS – weighted average common equivalent shares 132,864,930 132,284,935 128,453,898 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): Year Ended December 31, 2023 2022 2021 Numerator: Net income $ 36,654 $ 55,460 $ 57,360 Less earnings allocated to participating securities (455) (378) (355) Net income available to unitholders, basic and diluted $ 36,199 $ 55,082 $ 57,005 Denominator: Denominator for basic earnings per unit – weighted average common equivalent units 132,716,767 131,961,088 128,195,234 Performance-based restricted stock awards and LTIP Units 148,163 323,027 250,585 Stock options — 820 8,079 Denominator for diluted earnings per unit – weighted average common equivalent units 132,864,930 132,284,935 128,453,898 |
Schedule of Supplemental Cash Flow Disclosures | The following tables provides supplemental disclosures related to the consolidated statements of cash flows (in thousands): Year Ended December 31, 2023 2022 2021 Supplemental disclosure of cash activities: Cash paid on gross receipts and income for federal and state purposes $ 315 $ 386 $ 292 Interest paid $ 63,192 $ 56,642 $ 55,104 Other non-cash investing and financing activities: Increase in intangible lease liabilities $ — $ 30,981 $ 21,563 Increase in interest rate swap asset $ 592 $ — $ — Decrease in interest rate swap liability $ — $ (3,447) $ (6,064) Accrued real estate improvement costs $ 5,372 $ 3,670 $ 7,122 Equity redemption of OP Units $ 13,389 $ 5,071 $ 6,858 Dividends and distributions payable $ 21,011 $ 849 $ 24,219 |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Purchase Price Allocation for Property Assets Acquired | The financial information set forth below summarizes the Company’s purchase price allocation for property assets acquired during the years ended December 31, 2023 and December 31, 2022 (in thousands): December 31, 2023 December 31, 2022 Assets Land $ 8,748 $ 51,150 Building and improvements 13,122 86,263 Acquired lease intangible asset — 8,745 Deferred charges — 5,462 Assets acquired $ 21,870 $ 151,620 Liabilities Acquired lease intangible liability — 30,981 Liabilities assumed $ — $ 30,981 |
Schedule of Operating Results Included in Historical Consolidated Statement of Operations for Property Assets Acquired | The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2023, for the property asset acquired during the year ended December 31, 2023 (in thousands): Year Ended December 31, 2023 Statement of operations: Revenues $ 163 Net income attributable to Retail Opportunity Investments Corp. $ 93 The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2022, for property assets acquired during the year ended December 31, 2022 (in thousands): Year Ended December 31, 2022 Statement of operations: Revenues $ 6,450 Net income attributable to Retail Opportunity Investments Corp. $ 2,261 |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Liabilities | Intangible assets and liabilities as of December 31, 2023 and December 31, 2022 consisted of the following (in thousands): December 31, 2023 2022 Assets: In-place leases $ 65,300 $ 70,133 Accumulated amortization (29,084) (27,405) Above-market leases 17,543 21,307 Accumulated amortization (10,968) (11,607) Acquired lease intangible assets, net $ 42,791 $ 52,428 Liabilities: Below-market leases $ 191,294 $ 205,421 Accumulated amortization (53,474) (53,304) Acquired lease intangible liabilities, net $ 137,820 $ 152,117 |
Schedule of Future Amortization of Acquired Lease Intangible Assets | The scheduled future amortization of acquired lease intangible assets as of December 31, 2023 is as follows (in thousands): Year Ending December 31: 2024 $ 5,550 2025 4,687 2026 3,802 2027 3,150 2028 2,864 Thereafter 22,738 Total future amortization of acquired lease intangible assets $ 42,791 |
Schedule of Future Amortization of Acquired Lease Intangible Liabilities | The scheduled future amortization of acquired lease intangible liabilities as of December 31, 2023 is as follows (in thousands): Year Ending December 31: 2024 $ 11,474 2025 10,893 2026 10,031 2027 9,347 2028 8,969 Thereafter 87,106 Total future amortization of acquired lease intangible liabilities $ 137,820 |
Tenant Leases (Tables)
Tenant Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Future Minimum Base Rentals on Non-Cancellable Operating Leases | Future minimum rents to be received under non-cancellable leases as of December 31, 2023 are summarized as follows (in thousands): Year Ending December 31: 2024 $ 223,572 2025 200,817 2026 172,190 2027 142,175 2028 109,621 Thereafter 370,075 Total minimum lease payments $ 1,218,450 |
Mortgage Notes Payable, Credi_2
Mortgage Notes Payable, Credit Facilities and Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The mortgage notes payable collateralized by respective properties and assignment of leases at December 31, 2023 and December 31, 2022, respectively, were as follows (in thousands, except interest rates): Maturity Date Interest Rate December 31, Property 2023 2022 Fullerton Crossroads April 2024 4.728 % 26,000 26,000 Diamond Hills Plaza October 2025 3.550 % 34,045 34,731 60,045 60,731 Unamortized mortgage premiums 72 288 Net unamortized deferred financing costs (65) (102) Total mortgage notes payable $ 60,052 $ 60,917 The key terms of the Operating Partnership’s Senior Notes are as follows: Senior Notes Aggregate Principal Amount (in thousands) Issue Date and Interest Accrual Date Maturity Date Contractual Interest Rate First Interest Payment Interest Payments Due Senior Notes Due 2028 $ 350,000 September 21, 2023 October 15, 2028 6.75 % April 15, 2024 April 15 and October 15 Senior Notes Due 2027 $ 250,000 December 15, 2017 December 15, 2027 4.19 % June 15, 2018 June 15 and December 15 Senior Notes Due 2026 $ 200,000 September 22, 2016 September 22, 2026 3.95 % March 22, 2017 March 22 and September 22 Senior Notes Due 2024 $ 250,000 December 3, 2014 December 15, 2024 4.00 % June 15, 2015 June 15 and December 15 |
Schedule of Maturities of Notes Payable | The combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter are as follows (in thousands): Principal Repayments Scheduled Amortization Mortgage Premium Total 2024 $ 26,000 $ 708 $ 72 $ 26,780 2025 32,787 550 — 33,337 Thereafter — — — — Total $ 58,787 $ 1,258 $ 72 $ 60,117 The combined aggregate principal maturities of the Operating Partnership’s unsecured senior notes payable during the next five years and thereafter are as follows (in thousands): Principal Repayments 2024 $ 250,000 2025 — 2026 200,000 2027 250,000 2028 350,000 Thereafter — Total $ 1,050,000 |
Schedule of Carrying Value of Debt | The carrying values of the Operating Partnership’s unsecured term loan (the “term loan”) were as follows (in thousands): December 31, 2023 2022 Term loan $ 200,000 $ 300,000 Net unamortized deferred financing costs (255) (747) Term loan $ 199,745 $ 299,253 The carrying value of the Operating Partnership’s Senior Notes are as follows (in thousands): December 31, 2023 2022 Principal amount $ 1,050,000 $ 950,000 Unamortized debt discount (2,033) (1,304) Net unamortized deferred financing costs (4,374) (1,847) Senior Notes $ 1,043,593 $ 946,849 |
Schedule of Unamortized Deferred Financing Costs | The unamortized balances of deferred financing costs and discounts associated with the term loan, Senior Notes Due 2028, Senior Notes Due 2027, Senior Notes Due 2026, Senior Notes Due 2024, and mortgage notes payable, included as a direct reduction from the carrying amount of the related debt instrument in the consolidated balance sheets, and the unamortized balances of deferred financing costs associated with the credit facility, included in Deferred charges, net in the consolidated balance sheets as of December 31, 2023 that will be charged to future operations during the next five years and thereafter are as follows (in thousands): Financing Costs 2024 $ 3,703 2025 2,873 2026 2,836 2027 1,479 2028 843 Thereafter — Total $ 11,734 |
Stock Compensation and Other _2
Stock Compensation and Other Benefit Plans for ROIC (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Non-vested Restricted Stock Awards | A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2023, and changes during the year ended December 31, 2023 are presented below: Shares Weighted Average Non-vested as of December 31, 2022 1,310,598 $ 17.85 Vested (649,161) $ 17.22 Granted 505,953 $ 14.56 Forfeited (29,425) $ 14.43 Non-vested as of December 31, 2023 1,137,965 $ 16.74 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The following is a summary of the terms of the Company’s current interest rate swaps as of December 31, 2023 (in thousands): Swap Counterparty Notional Amount Effective Date Maturity Date Wells Fargo $ 100,000 3/31/2023 8/31/2024 U.S. Bank $ 50,000 3/31/2023 8/31/2024 |
Schedule of Derivatives at Fair Value | 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 December 31, 2023: Assets Derivative financial instruments $ — $ 592 $ — $ 592 |
Schedule of Derivatives Fair Value and Classification | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of December 31, 2023 and December 31, 2022, respectively (in thousands): Derivatives designed as hedging instruments Balance sheet location December 31, 2023 Fair Value December 31, 2022 Fair Value Interest rate products Other assets $ 592 $ — |
Schedule of Derivatives Recognized Gain (Loss) | 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 years ended December 31, 2023, 2022, and 2021, respectively (in thousands): Year Ended December 31, 2023 2022 2021 Amount of gain recognized in OCI on derivatives $ 1,582 $ 1,104 $ 216 Amount of (gain) loss reclassified from AOCI into interest $ (1,005) $ 2,286 $ 5,894 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Reconciliation of Undiscounted Future Minimum Annual Lease Payments | The following table represents a reconciliation of the Company’s undiscounted future minimum annual lease payments under operating leases to the lease liability as of December 31, 2023 (in thousands): Operating Leases 2024 $ 1,364 2025 1,369 2026 1,389 2027 1,417 2028 1,446 Thereafter 27,596 Total undiscounted future minimum lease payments 34,581 Future minimum lease payments, discount (18,159) Lease liability $ 16,422 |
Organization, Basis of Presen_4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
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% | ||
Real estate improvements | $ 50,900,000 | $ 55,100,000 | |
Acquisition transaction costs | 0 | 0 | $ 0 |
Allowance for doubtful accounts receivable | $ 17,400,000 | $ 15,700,000 | |
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 - Dividends Declared (Details) - $ / shares | 12 Months Ended | ||||||
Dec. 15, 2023 | Sep. 15, 2023 | Jun. 16, 2023 | Mar. 17, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends Declared per Share of Common Stock | |||||||
Dividends per share (in dollars per share) | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.60 | $ 0.56 | $ 0.51 |
Ordinary Income per Share (in dollars per share) | 0.1500 | 0.1500 | 0.1500 | 0.1500 | |||
Section 199A Dividends (in dollars per share) | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 |
Organization, Basis of Presen_6
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Unamortized Balances of Deferred Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges [Line Items] | ||
Deferred charges, net | $ 27,294 | $ 26,683 |
Lease Origination Costs | ||
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges [Line Items] | ||
2024 | 3,956 | |
2025 | 3,413 | |
2026 | 2,807 | |
2027 | 2,355 | |
2028 | 1,994 | |
Thereafter | 7,762 | |
Deferred charges, net | $ 22,287 |
Organization, Basis of Presen_7
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Basic and Diluted EPS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net income | $ 36,654 | $ 55,460 | $ 57,360 |
Less income attributable to non-controlling interests | (2,120) | (3,591) | (3,852) |
Less earnings allocated to unvested shares, basic | (455) | (378) | (355) |
Net income available to common stockholders, basic | 34,079 | 51,491 | 53,153 |
Less earnings allocated to unvested shares, diluted | (455) | (378) | (355) |
Net income available to common stockholders, diluted | $ 36,199 | $ 55,082 | $ 57,005 |
Denominator: | |||
Denominator for basic EPS – weighted average common equivalent shares (in shares) | 124,999,568 | 123,394,745 | 119,544,749 |
Denominator for diluted EPS – weighted average common equivalent shares (in shares) | 132,864,930 | 132,284,935 | 128,453,898 |
OP Units | |||
Denominator: | |||
OP Units (in shares) | 7,717,199 | 8,566,343 | 8,650,485 |
Performance-based restricted stock awards and LTIP Units | |||
Denominator: | |||
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) | 148,163 | 323,027 | 250,585 |
Stock options | |||
Denominator: | |||
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) | 0 | 820 | 8,079 |
Retail Opportunity Investments Partnership L.P. | |||
Numerator: | |||
Net income | $ 36,654 | $ 55,460 | $ 57,360 |
Less earnings allocated to unvested shares, basic | (455) | (378) | (355) |
Net income available to common stockholders, basic | 36,199 | 55,082 | 57,005 |
Net income available to common stockholders, diluted | $ 36,199 | $ 55,082 | $ 57,005 |
Denominator: | |||
Denominator for basic EPS – weighted average common equivalent shares (in shares) | 132,716,767 | 131,961,088 | 128,195,234 |
Denominator for diluted EPS – weighted average common equivalent shares (in shares) | 132,864,930 | 132,284,935 | 128,453,898 |
Retail Opportunity Investments Partnership L.P. | Performance-based restricted stock awards and LTIP Units | |||
Denominator: | |||
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) | 148,163 | 323,027 | 250,585 |
Retail Opportunity Investments Partnership L.P. | Stock options | |||
Denominator: | |||
Incremental common shares attributable to dilutive effect of share-based payment arrangements (in shares) | 0 | 820 | 8,079 |
Organization, Basis of Presen_8
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Supplemental Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental disclosure of cash activities: | |||
Cash paid on gross receipts and income for federal and state purposes | $ 315 | $ 386 | $ 292 |
Interest paid | 63,192 | 56,642 | 55,104 |
Other non-cash investing and financing activities: | |||
Increase in intangible lease liabilities | 0 | 30,981 | 21,563 |
Interest rate swap asset | 592 | 0 | 0 |
Interest rate swap liabilities | 0 | (3,447) | (6,064) |
Accrued real estate improvement costs | 5,372 | 3,670 | 7,122 |
Equity Redemption of OP Units | 13,389 | 5,071 | 6,858 |
Dividends and distributions payable | $ 21,011 | $ 849 | $ 24,219 |
Real Estate Investments - Narra
Real Estate Investments - Narrative (Details) ft² in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 01, 2023 USD ($) ft² | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) | |
Real Estate [Line Items] | ||||
Adjusted purchase price | $ 120,600 | |||
Area of property (sq ft) | ft² | 502 | |||
Sales price of property sold | $ 36,200 | |||
Proceeds from sale of real estate | $ 0 | 34,435 | $ 68,003 | |
Gain on sale of real estate | $ 0 | $ 7,653 | $ 22,340 | |
Foothill Plaza, CA | LaVerne, CA | ||||
Real Estate [Line Items] | ||||
Adjusted purchase price | $ 21,900 | |||
Area of property (sq ft) | ft² | 65 |
Real Estate Investments - Purch
Real Estate Investments - Purchase Price Allocation of Properties Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Acquisitions in 2022 | ||
Assets | ||
Land | $ 51,150 | |
Building and improvements | 86,263 | |
Acquired lease intangible asset | 8,745 | |
Deferred charges | 5,462 | |
Assets acquired | 151,620 | |
Liabilities | ||
Acquired lease intangible liability | 30,981 | |
Liabilities assumed | $ 30,981 | |
Acquisitions 2023 | ||
Assets | ||
Land | $ 8,748 | |
Building and improvements | 13,122 | |
Acquired lease intangible asset | 0 | |
Deferred charges | 0 | |
Assets acquired | 21,870 | |
Liabilities | ||
Acquired lease intangible liability | 0 | |
Liabilities assumed | $ 0 |
Real Estate Investments - Opera
Real Estate Investments - Operating Results Included For Property Assets Acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of operations: | ||
Revenues | $ 163 | $ 6,450 |
Net income attributable to Retail Opportunity Investments Corp. | $ 93 | $ 2,261 |
Acquired Lease Intangibles - Na
Acquired Lease Intangibles - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of above and below market rent | $ 11,172 | $ 11,947 | $ 8,795 |
Amortization of acquired in place leases | $ 6,500 | $ 5,900 | $ 4,800 |
Acquired Lease Intangibles - In
Acquired Lease Intangibles - Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Acquired lease intangible assets, net | $ 42,791 | $ 52,428 |
Liabilities: | ||
Below-market leases | 191,294 | 205,421 |
Accumulated amortization | (53,474) | (53,304) |
Acquired lease intangible liabilities, net | 137,820 | 152,117 |
In-place leases | ||
Assets: | ||
Acquired lease intangible assets | 65,300 | 70,133 |
Accumulated amortization | (29,084) | (27,405) |
Above-market leases | ||
Assets: | ||
Acquired lease intangible assets | 17,543 | 21,307 |
Accumulated amortization | $ (10,968) | $ (11,607) |
Acquired Lease Intangibles - Fu
Acquired Lease Intangibles - Future Amortization of Acquired Lease Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Future amortization of acquired lease intangible assets | ||
Acquired lease intangible assets, net | $ 42,791 | $ 52,428 |
Acquired Lease Intangible Assets | ||
Future amortization of acquired lease intangible assets | ||
2024 | 5,550 | |
2025 | 4,687 | |
2026 | 3,802 | |
2027 | 3,150 | |
2028 | 2,864 | |
Thereafter | 22,738 | |
Acquired lease intangible assets, net | $ 42,791 |
Acquired Lease Intangibles - _2
Acquired Lease Intangibles - Future Amortization of Acquired Lease Intangible Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Future amortization of acquired lease intangible liabilities | ||
Acquired lease intangible liabilities, net | $ 137,820 | $ 152,117 |
Acquired Lease Intangible Liabilities | ||
Future amortization of acquired lease intangible liabilities | ||
2024 | 11,474 | |
2025 | 10,893 | |
2026 | 10,031 | |
2027 | 9,347 | |
2028 | 8,969 | |
Thereafter | 87,106 | |
Acquired lease intangible liabilities, net | $ 137,820 |
Tenant Leases (Details)
Tenant Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Future minimum rents to be received under non-cancellable leases | |
2024 | $ 223,572 |
2025 | 200,817 |
2026 | 172,190 |
2027 | 142,175 |
2028 | 109,621 |
Thereafter | 370,075 |
Total minimum lease payments | $ 1,218,450 |
Mortgage Notes Payable, Credi_3
Mortgage Notes Payable, Credit Facilities and Senior Notes - Mortgage Notes Payable (Details) - Mortgage Notes Payable - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 60,045 | $ 60,731 |
Unamortized mortgage premiums | 72 | 288 |
Net unamortized deferred financing costs | (65) | (102) |
Total mortgage notes payable | $ 60,052 | 60,917 |
Fullerton Crossroads | ||
Debt Instrument [Line Items] | ||
Interest Rate (in percentage) | 4.728% | |
Long-term debt | $ 26,000 | 26,000 |
Diamond Hills Plaza | ||
Debt Instrument [Line Items] | ||
Interest Rate (in percentage) | 3.55% | |
Long-term debt | $ 34,045 | $ 34,731 |
Mortgage Notes Payable, Credi_4
Mortgage Notes Payable, Credit Facilities and Senior Notes - Combined Aggregate Principal Maturities of Mortgage Notes Payable (Details) - Mortgage Notes Payable - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Principal Repayments | ||
2024 | $ 26,000 | |
2025 | 32,787 | |
Thereafter | 0 | |
Total | 58,787 | |
Scheduled Amortization | ||
2024 | 708 | |
2025 | 550 | |
Thereafter | 0 | |
Total | 1,258 | |
Mortgage Premium | ||
2024 | 72 | |
2025 | 0 | |
Thereafter | 0 | |
Total | 72 | $ 288 |
Total | ||
2024 | 26,780 | |
2025 | 33,337 | |
Thereafter | 0 | |
Total mortgage notes payable | $ 60,117 |
Mortgage Notes Payable, Credi_5
Mortgage Notes Payable, Credit Facilities and Senior Notes - Carrying Value of the Company’s Unsecured Debt (Details) - USD ($) | Dec. 31, 2023 | Mar. 02, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Senior Notes | $ 1,043,593,000 | $ 946,849,000 | |
Term Loan Agreement | |||
Debt Instrument [Line Items] | |||
Principal amount | 200,000,000 | $ 300,000,000 | 300,000,000 |
Net unamortized deferred financing costs | (255,000) | (747,000) | |
Total | 199,745,000 | 299,253,000 | |
Senior Notes | |||
Debt Instrument [Line Items] | |||
Principal amount | 1,050,000,000 | 950,000,000 | |
Unamortized debt discount | (2,033,000) | (1,304,000) | |
Net unamortized deferred financing costs | (4,374,000) | (1,847,000) | |
Senior Notes | $ 1,043,593,000 | $ 946,849,000 |
Mortgage Notes Payable, Credi_6
Mortgage Notes Payable, Credit Facilities and Senior Notes - Narrative (Details) | 12 Months Ended | |||||||||
Sep. 21, 2023 USD ($) | Mar. 02, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 20, 2019 credit_facility_extension | Nov. 10, 2017 USD ($) | Jul. 26, 2016 USD ($) | Dec. 03, 2014 USD ($) | Dec. 09, 2013 USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Repayments of Unsecured Debt | $ 100,000,000 | $ 0 | $ 0 | |||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 600,000,000 | |||||||||
Number of extension options | credit_facility_extension | 2 | |||||||||
Extension term | 6 months | |||||||||
Commitment fee (in percentage) | 0.20% | |||||||||
Fronting fee (percentage) | 0.125% | |||||||||
Credit facility | $ 75,000,000 | 88,000,000 | ||||||||
Unamortized deferred financing costs | $ 5,000,000 | 1,000,000 | ||||||||
Line of credit facility, interest rate during period (in percentage) | 5.90% | |||||||||
Remaining borrowing capacity | $ 525,000,000 | |||||||||
Revolving Credit Facility | Federal Funds Effective Swap Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate (percentage) | 0.50% | |||||||||
Revolving Credit Facility | Adjusted Term SOFR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate (percentage) | 1% | |||||||||
Letter of Credit | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Letters of Credit Outstanding, Amount | 150,000 | |||||||||
Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | 1,050,000,000 | 950,000,000 | ||||||||
Unamortized deferred financing costs | 4,374,000 | 1,847,000 | ||||||||
Term Loan Agreement | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 300,000,000 | 200,000,000 | 300,000,000 | |||||||
Additional borrowing capacity | $ 200,000,000 | |||||||||
Variable rate (percentage) | 1% | |||||||||
Unamortized deferred financing costs | $ 255,000 | $ 747,000 | ||||||||
Interest rate during period (in percentage) | 6.10% | |||||||||
Swapped interest rate | 5.40% | |||||||||
Remaining borrowing capacity | $ 0 | |||||||||
Repayments of Unsecured Debt | $ 100,000,000 | |||||||||
Term Loan Agreement | Federal Funds Effective Swap Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate (percentage) | 0.50% | |||||||||
Term Loan Agreement | SOFR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate (percentage) | 0.10% | |||||||||
Term Loan Agreement | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate (percentage) | 0% | |||||||||
Term Loan Agreement | Adjusted Term SOFR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate (percentage) | 1% | |||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate (percentage) | 0.85% | |||||||||
Revolving Credit Facility | SOFR | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate (percentage) | 0.10% | |||||||||
Revolving Credit Facility | Base Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate (percentage) | 0% | |||||||||
Credit Facility including accordion feature | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 1,200,000,000 | |||||||||
Senior Notes Due 2028 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 350,000,000 | |||||||||
Interest rate (in percentage) | 6.75% | |||||||||
Senior Notes Due 2023 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 250,000,000 | |||||||||
Two Swaps | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Gross | $ 150,000,000 | |||||||||
Senior Notes Due 2027 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 250,000,000 | |||||||||
Interest rate (in percentage) | 4.19% | |||||||||
Senior Notes Due 2026 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 200,000,000 | |||||||||
Interest rate (in percentage) | 3.95% | |||||||||
Senior Notes Due 2024 | Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 250,000,000 | |||||||||
Interest rate (in percentage) | 4% |
Mortgage Notes Payable, Credi_7
Mortgage Notes Payable, Credit Facilities and Senior Notes - Senior Notes (Details) - Senior Notes - USD ($) | Dec. 31, 2023 | Sep. 21, 2023 | Dec. 31, 2022 | Nov. 10, 2017 | Jul. 26, 2016 | Dec. 03, 2014 |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,050,000,000 | $ 950,000,000 | ||||
Senior Notes Due 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 350,000,000 | |||||
Interest Rate (in percentage) | 6.75% | |||||
Senior Notes Due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 250,000,000 | |||||
Interest Rate (in percentage) | 4.19% | |||||
Senior Notes Due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 200,000,000 | |||||
Interest Rate (in percentage) | 3.95% | |||||
Senior Notes Due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 250,000,000 | |||||
Interest Rate (in percentage) | 4% |
Mortgage Notes Payable, Credi_8
Mortgage Notes Payable, Credit Facilities and Senior Notes - Principal Repayments of Unsecured Senior Notes (Details) - Senior Notes - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
2024 | $ 250,000,000 | |
2025 | 0 | |
2026 | 200,000,000 | |
2027 | 250,000,000 | |
2028 | 350,000,000 | |
Thereafter | 0 | |
Total | $ 1,050,000,000 | $ 950,000,000 |
Mortgage Notes Payable, Credi_9
Mortgage Notes Payable, Credit Facilities and Senior Notes - Amortization of Financing Costs (Details) - Total Debt $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
2024 | $ 3,703 |
2025 | 2,873 |
2026 | 2,836 |
2027 | 1,479 |
2028 | 843 |
Thereafter | 0 |
Deferred charges, net | $ 11,734 |
Preferred Stock of ROIC (Detail
Preferred Stock of ROIC (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
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)
Common Stock of ROIC (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 20, 2020 | Jul. 31, 2013 | |
Class of Stock [Line Items] | |||||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 | |||
Proceeds from issuance of common stock | $ 12,828,000 | $ 25,199,000 | $ 69,602,000 | ||
Stock issuance costs | $ 394,000 | $ 976,000 | $ 740,000 | ||
Stock repurchase program, authorized amount | $ 50,000,000 | ||||
Repurchase of common stock (in shares) | 0 | ||||
Sales Agreement | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in usd per share) | $ 0.0001 | ||||
Common shares that may be sold under a sales agreement aggregate offering price, maximum | $ 500,000,000 | ||||
Common stock issued (in shares) | 904,290 | ||||
Proceeds from issuance of common stock | $ 12,800,000 | ||||
Stock issuance costs | $ 128,000 |
Stock Compensation and Other _3
Stock Compensation and Other Benefit Plans for ROIC - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Apr. 25, 2022 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ | $ 12,700 | $ 11,900 | $ 11,000 | |
Employer discretionary contribution amount | $ | $ 103 | 97 | 95 | |
Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | shares | 10,954,694 | |||
Equity Incentive Plan | Equity Incentive Plan as Full-Value Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | shares | 5,002,143 | |||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | shares | 505,953 | |||
Granted (in dollars per share) | $ / shares | $ 14.56 | |||
Compensation cost not yet recognized | $ | $ 7,600 | |||
Compensation cost not yet recognized, period for recognition (in years) | 1 year 6 months | |||
Vested in period, fair value | $ | $ 9,700 | $ 7,900 | $ 5,500 | |
Weighted average grant date fair value (in dollars per share) | $ / shares | $ 16.74 | $ 17.85 | ||
Equity Awards Vested in Period | shares | 649,161 | |||
Vested (in dollars per share) | $ / shares | $ 17.22 | |||
Restricted Stock | Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fungible Unit To Full Value Award Conversion Ratio | 2.19 | |||
LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in dollars per share) | $ / shares | $ 14.97 | |||
Compensation cost not yet recognized | $ | $ 3,600 | |||
Compensation cost not yet recognized, period for recognition (in years) | 2 years | |||
LTIP Units | Vesting on January 1, 2026 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | shares | 245,972 | |||
Stock options | Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fungible Unit To Full Value Award Conversion Ratio | 1 |
Stock Compensation and Other _4
Stock Compensation and Other Benefit Plans for ROIC - Non-vested Restricted Stock Awards (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Shares | |
Beginning balance ( in shares) | shares | 1,310,598 |
Vested (in shares) | shares | (649,161) |
Granted (in shares) | shares | 505,953 |
Forfeited (in shares) | shares | (29,425) |
Ending balance (in shares) | shares | 1,137,965 |
Weighted Average Grant Date Fair Value | |
Beginning balance (in dollars per share) | $ / shares | $ 17.85 |
Vested (in dollars per share) | $ / shares | 17.22 |
Granted (in dollars per share) | $ / shares | 14.56 |
Forfeited (in dollars per share) | $ / shares | 14.43 |
Ending balance (in dollars per share) | $ / shares | $ 16.74 |
Capital of the Operating Part_2
Capital of the Operating Partnership (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Capital of Operating Partnership [Line Items] | |||||
Partnership units ( in shares) | 134,341,202 | ||||
Shares outstanding (in shares) | 126,904,085 | 124,538,811 | |||
Notices of redemptions received (in shares) | 1,010,000 | ||||
Equity Redemption of OP Units (in shares) | 1,010,000 | ||||
Common Stock | |||||
Capital of Operating Partnership [Line Items] | |||||
Shares outstanding (in shares) | 126,904,085 | 124,538,811 | 122,685,266 | 118,085,155 | |
Equity Redemption of OP Units (in shares) | 1,010,000 | 296,840 | 423,986 | ||
OP Units | |||||
Capital of Operating Partnership [Line Items] | |||||
Non-controlling interest redemption value | $ 104.3 | ||||
Non-controlling interest redemption value (in usd per share) | $ 14.02 | ||||
Retail Opportunity Investments Partnership L.P. | |||||
Capital of Operating Partnership [Line Items] | |||||
ROIC ownership percentage in ROIP LP | 94.40% | ||||
Retail Opportunity Investments Partnership L.P. | Limited Partner’s Capital | |||||
Capital of Operating Partnership [Line Items] | |||||
Partnership units ( in shares) | [1] | 7,437,117 | 8,447,117 | 8,542,097 | 8,966,083 |
Equity Redemption of OP Units (in shares) | [1] | (1,010,000) | (296,840) | (423,986) | |
[1] Consists of limited partnership interests held by third parties. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Weighted Average | |
Fair Value [Line Items] | |
Interest rate (in percentage) | 7.50% |
Significant Unobservable Inputs (Level 3) | |
Fair Value [Line Items] | |
Notes payable, fair value | $ 59.3 |
Senior Notes | Significant Unobservable Inputs (Level 3) | Senior Notes Due 2027 | |
Fair Value [Line Items] | |
Long-term debt, fair value | 230.1 |
Senior Notes | Significant Unobservable Inputs (Level 3) | Senior Notes Due 2026 | |
Fair Value [Line Items] | |
Long-term debt, fair value | 187.5 |
Senior Notes | Significant Other Observable Inputs (Level 2) | Senior Notes 2028 | |
Fair Value [Line Items] | |
Long-term debt, fair value | 368 |
Senior Notes | Significant Other Observable Inputs (Level 2) | Senior Notes Due 2024 | |
Fair Value [Line Items] | |
Long-term debt, fair value | $ 246.5 |
Derivative and Hedging Activi_3
Derivative and Hedging Activities - Notional Amounts (Details) - Interest rate swap - Designated as hedging instrument $ in Millions | Dec. 31, 2023 USD ($) |
Wells Fargo | |
Derivative [Line Items] | |
Notional amount | $ 100 |
U.S. Bank | |
Derivative [Line Items] | |
Notional amount | $ 50 |
Derivative and Hedging Activi_4
Derivative and Hedging Activities - Measured at Fair Value on Recurring Basis (Details) - Recurring - Interest rate swap $ in Thousands | Dec. 31, 2023 USD ($) |
Derivative [Line Items] | |
Derivative asset | $ 592 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | |
Derivative [Line Items] | |
Derivative asset | 0 |
Significant Other Observable Inputs (Level 2) | |
Derivative [Line Items] | |
Derivative asset | 592 |
Significant Unobservable Inputs (Level 3) | |
Derivative [Line Items] | |
Derivative asset | $ 0 |
Derivative and Hedging Activi_5
Derivative and Hedging Activities - Fair Value and Classification (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
In the next 12 months will be reclassified as a decrease to interest expense | $ 592,000 | |
Interest rate swap | Recurring | ||
Derivative [Line Items] | ||
Derivative asset | 592,000 | |
Interest rate swap | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | Recurring | ||
Derivative [Line Items] | ||
Derivative asset | 0 | |
Interest rate swap | Significant Other Observable Inputs (Level 2) | Recurring | ||
Derivative [Line Items] | ||
Derivative asset | 592,000 | |
Interest rate swap | Significant Unobservable Inputs (Level 3) | Recurring | ||
Derivative [Line Items] | ||
Derivative asset | 0 | |
Interest rate swap | Designated as hedging instrument | Other assets | ||
Derivative [Line Items] | ||
Derivative asset | $ 592,000 | $ 0 |
Derivative and Hedging Activi_6
Derivative and Hedging Activities - Gain or Loss Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Amount of gain recognized in OCI on derivatives | $ 1,582 | $ 1,104 | $ 216 |
Amount of (gain) loss reclassified from AOCI into interest | $ (1,005) | $ 2,286 | $ 5,894 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 28 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Lease liability | $ 16,422 | ||||
Lease liability [Extensible Enumeration] | Other liabilities | ||||
Right-of-use asset | $ 14,700 | ||||
Right-of-use asset [Extensible Enumeration] | Other assets | ||||
Operating lease, weighted average remaining lease term | 35 years 2 months 12 days | ||||
Operating lease, weighted average discount rate | 5.20% | ||||
Ground rent expense | $ 1,800 | $ 1,700 | $ 1,600 | ||
Tax protection agreements, period (in years) | 12 years | 10 years |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Annual Lease Payments Under Operating Leases (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Undiscounted Future Minimum Annual Lease Payments | |
2024 | $ 1,364 |
2025 | 1,369 |
2026 | 1,389 |
2027 | 1,417 |
2028 | 1,446 |
Thereafter | 27,596 |
Total undiscounted future minimum lease payments | 34,581 |
Future minimum lease payments, discount | (18,159) |
Lease liability | $ 16,422 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party | Lease agreements | Officer | General and Administrative Expense | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 96 | $ 95 | $ 85 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 12 Months Ended | |||||||
Feb. 13, 2024 | Dec. 15, 2023 | Sep. 15, 2023 | Jun. 16, 2023 | Mar. 17, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||||||||
Dividends per share (in dollars per share) | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.1500 | $ 0.60 | $ 0.56 | $ 0.51 | |
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends per share (in dollars per share) | $ 0.15 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Summary (Details) $ in Billions | Dec. 31, 2023 USD ($) |
Schedule III - Real Estate and Accumulated Depreciation [Line Items] | |
Aggregate cost for Federal Income Tax Purposes for real estate | $ 3.2 |
Building | Minimum | |
Schedule III - Real Estate and Accumulated Depreciation [Line Items] | |
PPE useful life (in years) | 39 years |
Building | Maximum | |
Schedule III - Real Estate and Accumulated Depreciation [Line Items] | |
PPE useful life (in years) | 40 years |
Building Improvements | Minimum | |
Schedule III - Real Estate and Accumulated Depreciation [Line Items] | |
PPE useful life (in years) | 10 years |
Building Improvements | Maximum | |
Schedule III - Real Estate and Accumulated Depreciation [Line Items] | |
PPE useful life (in years) | 20 years |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate Properties [Line Items] | ||||
Encumbrances | $ 60,045 | |||
Initial Cost to Company, Land | 964,650 | |||
Initial Cost to Company, Buildings & Improvements | 2,159,706 | |||
Cost Capitalized Subsequent to Acquisition, Land | 2,601 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 340,941 | |||
Amount at Which Carried at Close of Period. Land | 967,251 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 2,500,647 | |||
Total real estate investments | 3,467,898 | $ 3,411,093 | $ 3,266,155 | $ 3,156,552 |
Accumulated Depreciation | 654,543 | |||
Paramount Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 6,347 | |||
Initial Cost to Company, Buildings & Improvements | 10,274 | |||
Cost Capitalized Subsequent to Acquisition, Land | 930 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,456 | |||
Amount at Which Carried at Close of Period. Land | 7,277 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 11,730 | |||
Total real estate investments | 19,007 | |||
Accumulated Depreciation | 5,045 | |||
Santa Ana Downtown Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 7,895 | |||
Initial Cost to Company, Buildings & Improvements | 9,890 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,733 | |||
Amount at Which Carried at Close of Period. Land | 7,895 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,623 | |||
Total real estate investments | 21,518 | |||
Accumulated Depreciation | 5,244 | |||
Meridian Valley Plaza, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 1,881 | |||
Initial Cost to Company, Buildings & Improvements | 4,795 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,633 | |||
Amount at Which Carried at Close of Period. Land | 1,881 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 6,428 | |||
Total real estate investments | 8,309 | |||
Accumulated Depreciation | 3,073 | |||
The Market at Lake Stevens, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 3,087 | |||
Initial Cost to Company, Buildings & Improvements | 12,397 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | (321) | |||
Amount at Which Carried at Close of Period. Land | 3,087 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 12,076 | |||
Total real estate investments | 15,163 | |||
Accumulated Depreciation | 4,480 | |||
Pleasant Hill Marketplace, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 6,359 | |||
Initial Cost to Company, Buildings & Improvements | 6,927 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 869 | |||
Amount at Which Carried at Close of Period. Land | 6,359 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 7,796 | |||
Total real estate investments | 14,155 | |||
Accumulated Depreciation | 3,300 | |||
Happy Valley Town Center, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 11,678 | |||
Initial Cost to Company, Buildings & Improvements | 27,011 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,889 | |||
Amount at Which Carried at Close of Period. Land | 11,678 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 31,900 | |||
Total real estate investments | 43,578 | |||
Accumulated Depreciation | 12,680 | |||
Cascade Summit Town Square, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 8,853 | |||
Initial Cost to Company, Buildings & Improvements | 7,732 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,486 | |||
Amount at Which Carried at Close of Period. Land | 8,853 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 11,218 | |||
Total real estate investments | 20,071 | |||
Accumulated Depreciation | 3,692 | |||
Heritage Market Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 6,595 | |||
Initial Cost to Company, Buildings & Improvements | 17,399 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,181 | |||
Amount at Which Carried at Close of Period. Land | 6,595 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 19,580 | |||
Total real estate investments | 26,175 | |||
Accumulated Depreciation | 7,356 | |||
Claremont Promenade, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 5,975 | |||
Initial Cost to Company, Buildings & Improvements | 1,019 | |||
Cost Capitalized Subsequent to Acquisition, Land | 183 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,439 | |||
Amount at Which Carried at Close of Period. Land | 6,158 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 5,458 | |||
Total real estate investments | 11,616 | |||
Accumulated Depreciation | 3,162 | |||
Sycamore Creek, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 3,747 | |||
Initial Cost to Company, Buildings & Improvements | 11,584 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 552 | |||
Amount at Which Carried at Close of Period. Land | 3,747 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 12,136 | |||
Total real estate investments | 15,883 | |||
Accumulated Depreciation | 5,217 | |||
Gateway Village, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 5,917 | |||
Initial Cost to Company, Buildings & Improvements | 27,298 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,270 | |||
Amount at Which Carried at Close of Period. Land | 5,917 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 28,568 | |||
Total real estate investments | 34,485 | |||
Accumulated Depreciation | 10,974 | |||
Division Crossing, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 3,706 | |||
Initial Cost to Company, Buildings & Improvements | 8,327 | |||
Cost Capitalized Subsequent to Acquisition, Land | 8 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 5,950 | |||
Amount at Which Carried at Close of Period. Land | 3,714 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 14,277 | |||
Total real estate investments | 17,991 | |||
Accumulated Depreciation | 7,043 | |||
Halsey Crossing, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Buildings & Improvements | 7,773 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 7,985 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 15,758 | |||
Total real estate investments | 15,758 | |||
Accumulated Depreciation | 6,300 | |||
Marketplace Del Rio, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 13,420 | |||
Initial Cost to Company, Buildings & Improvements | 22,251 | |||
Cost Capitalized Subsequent to Acquisition, Land | 9 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 8,115 | |||
Amount at Which Carried at Close of Period. Land | 13,429 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 30,366 | |||
Total real estate investments | 43,795 | |||
Accumulated Depreciation | 10,527 | |||
Pinole Vista Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 14,288 | |||
Initial Cost to Company, Buildings & Improvements | 36,565 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 10,780 | |||
Amount at Which Carried at Close of Period. Land | 14,288 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 47,345 | |||
Total real estate investments | 61,633 | |||
Accumulated Depreciation | 13,841 | |||
Desert Springs Marketplace, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 8,517 | |||
Initial Cost to Company, Buildings & Improvements | 18,761 | |||
Cost Capitalized Subsequent to Acquisition, Land | 443 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 8,343 | |||
Amount at Which Carried at Close of Period. Land | 8,960 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,104 | |||
Total real estate investments | 36,064 | |||
Accumulated Depreciation | 9,490 | |||
Renaissance Towne Centre, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 8,640 | |||
Initial Cost to Company, Buildings & Improvements | 13,848 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,433 | |||
Amount at Which Carried at Close of Period. Land | 8,640 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 17,281 | |||
Total real estate investments | 25,921 | |||
Accumulated Depreciation | 6,273 | |||
Country Club Gate Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 6,487 | |||
Initial Cost to Company, Buildings & Improvements | 17,341 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,200 | |||
Amount at Which Carried at Close of Period. Land | 6,487 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,541 | |||
Total real estate investments | 25,028 | |||
Accumulated Depreciation | 6,424 | |||
Canyon Park Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 9,352 | |||
Initial Cost to Company, Buildings & Improvements | 15,916 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 8,531 | |||
Amount at Which Carried at Close of Period. Land | 9,352 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 24,447 | |||
Total real estate investments | 33,799 | |||
Accumulated Depreciation | 10,264 | |||
Hawks Prairie Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 5,334 | |||
Initial Cost to Company, Buildings & Improvements | 20,694 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,277 | |||
Amount at Which Carried at Close of Period. Land | 5,334 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 24,971 | |||
Total real estate investments | 30,305 | |||
Accumulated Depreciation | 8,876 | |||
The Kress Building, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 5,693 | |||
Initial Cost to Company, Buildings & Improvements | 20,866 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,336 | |||
Amount at Which Carried at Close of Period. Land | 5,693 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 24,202 | |||
Total real estate investments | 29,895 | |||
Accumulated Depreciation | 8,552 | |||
Hillsboro Market Center, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Buildings & Improvements | 17,553 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,589 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 22,142 | |||
Total real estate investments | 22,142 | |||
Accumulated Depreciation | 8,983 | |||
Gateway Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 6,242 | |||
Initial Cost to Company, Buildings & Improvements | 23,462 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,071 | |||
Amount at Which Carried at Close of Period. Land | 6,242 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 24,533 | |||
Total real estate investments | 30,775 | |||
Accumulated Depreciation | 8,282 | |||
Marlin Cove Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 8,815 | |||
Initial Cost to Company, Buildings & Improvements | 6,797 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,633 | |||
Amount at Which Carried at Close of Period. Land | 8,815 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 8,430 | |||
Total real estate investments | 17,245 | |||
Accumulated Depreciation | 3,551 | |||
Seabridge Marketplace, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 5,098 | |||
Initial Cost to Company, Buildings & Improvements | 17,164 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,289 | |||
Amount at Which Carried at Close of Period. Land | 5,098 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 21,453 | |||
Total real estate investments | 26,551 | |||
Accumulated Depreciation | 6,699 | |||
The Village at Novato, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 5,329 | |||
Initial Cost to Company, Buildings & Improvements | 4,412 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,389 | |||
Amount at Which Carried at Close of Period. Land | 5,329 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 7,801 | |||
Total real estate investments | 13,130 | |||
Accumulated Depreciation | 1,772 | |||
Glendora Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 5,847 | |||
Initial Cost to Company, Buildings & Improvements | 8,758 | |||
Cost Capitalized Subsequent to Acquisition, Land | 12 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | (80) | |||
Amount at Which Carried at Close of Period. Land | 5,859 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 8,678 | |||
Total real estate investments | 14,537 | |||
Accumulated Depreciation | 2,956 | |||
Wilsonville Old Town Square, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 4,181 | |||
Initial Cost to Company, Buildings & Improvements | 15,394 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,063 | |||
Amount at Which Carried at Close of Period. Land | 4,181 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 17,457 | |||
Total real estate investments | 21,638 | |||
Accumulated Depreciation | 5,483 | |||
Bay Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 5,454 | |||
Initial Cost to Company, Buildings & Improvements | 14,857 | |||
Cost Capitalized Subsequent to Acquisition, Land | 75 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,440 | |||
Amount at Which Carried at Close of Period. Land | 5,529 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 16,297 | |||
Total real estate investments | 21,826 | |||
Accumulated Depreciation | 5,364 | |||
Santa Teresa Village, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 14,965 | |||
Initial Cost to Company, Buildings & Improvements | 17,162 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 14,850 | |||
Amount at Which Carried at Close of Period. Land | 14,965 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 32,012 | |||
Total real estate investments | 46,977 | |||
Accumulated Depreciation | 9,665 | |||
Cypress Center West, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 15,480 | |||
Initial Cost to Company, Buildings & Improvements | 11,819 | |||
Cost Capitalized Subsequent to Acquisition, Land | 134 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,172 | |||
Amount at Which Carried at Close of Period. Land | 15,614 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,991 | |||
Total real estate investments | 29,605 | |||
Accumulated Depreciation | 4,778 | |||
Redondo Beach Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 16,242 | |||
Initial Cost to Company, Buildings & Improvements | 13,625 | |||
Cost Capitalized Subsequent to Acquisition, Land | 150 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 129 | |||
Amount at Which Carried at Close of Period. Land | 16,392 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,754 | |||
Total real estate investments | 30,146 | |||
Accumulated Depreciation | 4,229 | |||
Harbor Place Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 16,506 | |||
Initial Cost to Company, Buildings & Improvements | 10,527 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 13,147 | |||
Amount at Which Carried at Close of Period. Land | 16,506 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 23,674 | |||
Total real estate investments | 40,180 | |||
Accumulated Depreciation | 4,540 | |||
Diamond Bar Town Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 9,540 | |||
Initial Cost to Company, Buildings & Improvements | 16,795 | |||
Cost Capitalized Subsequent to Acquisition, Land | 3 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,534 | |||
Amount at Which Carried at Close of Period. Land | 9,543 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 21,329 | |||
Total real estate investments | 30,872 | |||
Accumulated Depreciation | 8,683 | |||
Bernardo Heights Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 3,192 | |||
Initial Cost to Company, Buildings & Improvements | 8,940 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 873 | |||
Amount at Which Carried at Close of Period. Land | 3,192 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 9,813 | |||
Total real estate investments | 13,005 | |||
Accumulated Depreciation | 3,396 | |||
Canyon Crossing, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 7,941 | |||
Initial Cost to Company, Buildings & Improvements | 24,659 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,288 | |||
Amount at Which Carried at Close of Period. Land | 7,941 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 26,947 | |||
Total real estate investments | 34,888 | |||
Accumulated Depreciation | 10,038 | |||
Diamond Hills Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 34,045 | |||
Initial Cost to Company, Land | 15,458 | |||
Initial Cost to Company, Buildings & Improvements | 29,353 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,309 | |||
Amount at Which Carried at Close of Period. Land | 15,458 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 33,662 | |||
Total real estate investments | 49,120 | |||
Accumulated Depreciation | 9,684 | |||
Granada Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 3,673 | |||
Initial Cost to Company, Buildings & Improvements | 13,459 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 6,771 | |||
Amount at Which Carried at Close of Period. Land | 3,673 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 20,230 | |||
Total real estate investments | 23,903 | |||
Accumulated Depreciation | 4,260 | |||
Hawthorne Crossings, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 10,383 | |||
Initial Cost to Company, Buildings & Improvements | 29,277 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 513 | |||
Amount at Which Carried at Close of Period. Land | 10,383 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 29,790 | |||
Total real estate investments | 40,173 | |||
Accumulated Depreciation | 8,906 | |||
Robinwood Shopping Center, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 3,997 | |||
Initial Cost to Company, Buildings & Improvements | 11,317 | |||
Cost Capitalized Subsequent to Acquisition, Land | 18 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 780 | |||
Amount at Which Carried at Close of Period. Land | 4,015 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 12,097 | |||
Total real estate investments | 16,112 | |||
Accumulated Depreciation | 3,744 | |||
5 Points Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 17,920 | |||
Initial Cost to Company, Buildings & Improvements | 36,965 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 7,433 | |||
Amount at Which Carried at Close of Period. Land | 17,920 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 44,398 | |||
Total real estate investments | 62,318 | |||
Accumulated Depreciation | 12,785 | |||
Crossroads Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 68,366 | |||
Initial Cost to Company, Buildings & Improvements | 67,756 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 44,835 | |||
Amount at Which Carried at Close of Period. Land | 68,366 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 112,591 | |||
Total real estate investments | 180,957 | |||
Accumulated Depreciation | 32,303 | |||
Peninsula Marketplace, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 14,730 | |||
Initial Cost to Company, Buildings & Improvements | 19,214 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,470 | |||
Amount at Which Carried at Close of Period. Land | 14,730 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 20,684 | |||
Total real estate investments | 35,414 | |||
Accumulated Depreciation | 6,044 | |||
Country Club Village, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 9,986 | |||
Initial Cost to Company, Buildings & Improvements | 26,579 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,285 | |||
Amount at Which Carried at Close of Period. Land | 9,986 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,864 | |||
Total real estate investments | 37,850 | |||
Accumulated Depreciation | 8,314 | |||
Plaza de la Canada, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 10,351 | |||
Initial Cost to Company, Buildings & Improvements | 24,819 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,424 | |||
Amount at Which Carried at Close of Period. Land | 10,351 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 26,243 | |||
Total real estate investments | 36,594 | |||
Accumulated Depreciation | 7,714 | |||
Tigard Marketplace, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 13,520 | |||
Initial Cost to Company, Buildings & Improvements | 9,603 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 243 | |||
Amount at Which Carried at Close of Period. Land | 13,520 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 9,846 | |||
Total real estate investments | 23,366 | |||
Accumulated Depreciation | 3,631 | |||
Creekside Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 14,807 | |||
Initial Cost to Company, Buildings & Improvements | 29,476 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 8,302 | |||
Amount at Which Carried at Close of Period. Land | 14,807 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 37,778 | |||
Total real estate investments | 52,585 | |||
Accumulated Depreciation | 10,595 | |||
North Park Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 13,593 | |||
Initial Cost to Company, Buildings & Improvements | 17,733 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,796 | |||
Amount at Which Carried at Close of Period. Land | 13,593 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 21,529 | |||
Total real estate investments | 35,122 | |||
Accumulated Depreciation | 6,017 | |||
Fallbrook Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 21,232 | |||
Initial Cost to Company, Buildings & Improvements | 186,197 | |||
Cost Capitalized Subsequent to Acquisition, Land | 83 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 8,718 | |||
Amount at Which Carried at Close of Period. Land | 21,315 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 194,915 | |||
Total real estate investments | 216,230 | |||
Accumulated Depreciation | 53,208 | |||
Moorpark Town Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 7,063 | |||
Initial Cost to Company, Buildings & Improvements | 19,694 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 770 | |||
Amount at Which Carried at Close of Period. Land | 7,063 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 20,464 | |||
Total real estate investments | 27,527 | |||
Accumulated Depreciation | 5,455 | |||
Mission Foothill Marketplace Pads, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 3,996 | |||
Initial Cost to Company, Buildings & Improvements | 11,051 | |||
Cost Capitalized Subsequent to Acquisition, Land | 14 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 884 | |||
Amount at Which Carried at Close of Period. Land | 4,010 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 11,935 | |||
Total real estate investments | 15,945 | |||
Accumulated Depreciation | 2,831 | |||
Wilsonville Town Center, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 10,334 | |||
Initial Cost to Company, Buildings & Improvements | 27,101 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,426 | |||
Amount at Which Carried at Close of Period. Land | 10,334 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 28,527 | |||
Total real estate investments | 38,861 | |||
Accumulated Depreciation | 7,903 | |||
Park Oaks Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 8,527 | |||
Initial Cost to Company, Buildings & Improvements | 38,064 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 612 | |||
Amount at Which Carried at Close of Period. Land | 8,527 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 38,676 | |||
Total real estate investments | 47,203 | |||
Accumulated Depreciation | 10,186 | |||
Ontario Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 9,825 | |||
Initial Cost to Company, Buildings & Improvements | 26,635 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,043 | |||
Amount at Which Carried at Close of Period. Land | 9,825 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 27,678 | |||
Total real estate investments | 37,503 | |||
Accumulated Depreciation | 7,814 | |||
Winston Manor, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 10,018 | |||
Initial Cost to Company, Buildings & Improvements | 9,762 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,290 | |||
Amount at Which Carried at Close of Period. Land | 10,018 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 12,052 | |||
Total real estate investments | 22,070 | |||
Accumulated Depreciation | 3,456 | |||
Jackson Square, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 6,886 | |||
Initial Cost to Company, Buildings & Improvements | 24,558 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 995 | |||
Amount at Which Carried at Close of Period. Land | 6,886 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 25,553 | |||
Total real estate investments | 32,439 | |||
Accumulated Depreciation | 6,611 | |||
Tigard Promenade, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 9,844 | |||
Initial Cost to Company, Buildings & Improvements | 10,843 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 389 | |||
Amount at Which Carried at Close of Period. Land | 9,844 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 11,232 | |||
Total real estate investments | 21,076 | |||
Accumulated Depreciation | 2,795 | |||
Sunnyside Village Square, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 4,428 | |||
Initial Cost to Company, Buildings & Improvements | 13,324 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,541 | |||
Amount at Which Carried at Close of Period. Land | 4,428 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 15,865 | |||
Total real estate investments | 20,293 | |||
Accumulated Depreciation | 4,871 | |||
Gateway Centre, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 16,275 | |||
Initial Cost to Company, Buildings & Improvements | 28,308 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,949 | |||
Amount at Which Carried at Close of Period. Land | 16,275 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 32,257 | |||
Total real estate investments | 48,532 | |||
Accumulated Depreciation | 7,799 | |||
Johnson Creek Center, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 9,009 | |||
Initial Cost to Company, Buildings & Improvements | 22,534 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,081 | |||
Amount at Which Carried at Close of Period. Land | 9,009 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 23,615 | |||
Total real estate investments | 32,624 | |||
Accumulated Depreciation | 5,986 | |||
Iron Horse Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 8,187 | |||
Initial Cost to Company, Buildings & Improvements | 39,654 | |||
Cost Capitalized Subsequent to Acquisition, Land | 11 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,765 | |||
Amount at Which Carried at Close of Period. Land | 8,198 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 42,419 | |||
Total real estate investments | 50,617 | |||
Accumulated Depreciation | 10,212 | |||
Bellevue Marketplace, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 10,488 | |||
Initial Cost to Company, Buildings & Improvements | 39,119 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 11,084 | |||
Amount at Which Carried at Close of Period. Land | 10,488 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 50,203 | |||
Total real estate investments | 60,691 | |||
Accumulated Depreciation | 12,096 | |||
Four Corner Square, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 9,926 | |||
Initial Cost to Company, Buildings & Improvements | 31,415 | |||
Cost Capitalized Subsequent to Acquisition, Land | 38 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | (6) | |||
Amount at Which Carried at Close of Period. Land | 9,964 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 31,409 | |||
Total real estate investments | 41,373 | |||
Accumulated Depreciation | 7,634 | |||
Warner Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 16,104 | |||
Initial Cost to Company, Buildings & Improvements | 60,188 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 12,742 | |||
Amount at Which Carried at Close of Period. Land | 16,104 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 72,930 | |||
Total real estate investments | 89,034 | |||
Accumulated Depreciation | 17,511 | |||
Magnolia Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 12,501 | |||
Initial Cost to Company, Buildings & Improvements | 27,040 | |||
Cost Capitalized Subsequent to Acquisition, Land | 250 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,073 | |||
Amount at Which Carried at Close of Period. Land | 12,751 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 29,113 | |||
Total real estate investments | 41,864 | |||
Accumulated Depreciation | 6,987 | |||
Casitas Plaza Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 10,734 | |||
Initial Cost to Company, Buildings & Improvements | 22,040 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,703 | |||
Amount at Which Carried at Close of Period. Land | 10,734 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 23,743 | |||
Total real estate investments | 34,477 | |||
Accumulated Depreciation | 5,440 | |||
Bouquet Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 10,040 | |||
Initial Cost to Company, Buildings & Improvements | 48,362 | |||
Cost Capitalized Subsequent to Acquisition, Land | 37 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 911 | |||
Amount at Which Carried at Close of Period. Land | 10,077 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 49,273 | |||
Total real estate investments | 59,350 | |||
Accumulated Depreciation | 10,691 | |||
North Ranch Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 31,522 | |||
Initial Cost to Company, Buildings & Improvements | 95,916 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 4,750 | |||
Amount at Which Carried at Close of Period. Land | 31,522 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 100,666 | |||
Total real estate investments | 132,188 | |||
Accumulated Depreciation | 20,950 | |||
Monterey Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 1,073 | |||
Initial Cost to Company, Buildings & Improvements | 10,609 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 746 | |||
Amount at Which Carried at Close of Period. Land | 1,073 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 11,355 | |||
Total real estate investments | 12,428 | |||
Accumulated Depreciation | 2,590 | |||
Rose City Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 3,637 | |||
Initial Cost to Company, Buildings & Improvements | 10,301 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | (105) | |||
Amount at Which Carried at Close of Period. Land | 3,637 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,196 | |||
Total real estate investments | 13,833 | |||
Accumulated Depreciation | 2,130 | |||
The Knolls, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 9,726 | |||
Initial Cost to Company, Buildings & Improvements | 18,299 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 155 | |||
Amount at Which Carried at Close of Period. Land | 9,726 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,454 | |||
Total real estate investments | 28,180 | |||
Accumulated Depreciation | 4,068 | |||
Bridle Trails Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 11,534 | |||
Initial Cost to Company, Buildings & Improvements | 20,700 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 9,721 | |||
Amount at Which Carried at Close of Period. Land | 11,534 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 30,421 | |||
Total real estate investments | 41,955 | |||
Accumulated Depreciation | 7,571 | |||
Torrey Hills Corporate Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 5,579 | |||
Initial Cost to Company, Buildings & Improvements | 3,915 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 135 | |||
Amount at Which Carried at Close of Period. Land | 5,579 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 4,050 | |||
Total real estate investments | 9,629 | |||
Accumulated Depreciation | 936 | |||
PCC Community Markets Plaza, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 1,856 | |||
Initial Cost to Company, Buildings & Improvements | 6,914 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 7 | |||
Amount at Which Carried at Close of Period. Land | 1,856 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 6,921 | |||
Total real estate investments | 8,777 | |||
Accumulated Depreciation | 1,559 | |||
The Terraces, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 18,378 | |||
Initial Cost to Company, Buildings & Improvements | 37,103 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,748 | |||
Amount at Which Carried at Close of Period. Land | 18,378 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 38,851 | |||
Total real estate investments | 57,229 | |||
Accumulated Depreciation | 8,092 | |||
Santa Rosa Southside Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 5,595 | |||
Initial Cost to Company, Buildings & Improvements | 24,453 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 12,088 | |||
Amount at Which Carried at Close of Period. Land | 5,595 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 36,541 | |||
Total real estate investments | 42,136 | |||
Accumulated Depreciation | 6,847 | |||
Division Center, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 6,912 | |||
Initial Cost to Company, Buildings & Improvements | 26,098 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 8,921 | |||
Amount at Which Carried at Close of Period. Land | 6,912 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 35,019 | |||
Total real estate investments | 41,931 | |||
Accumulated Depreciation | 6,205 | |||
Highland Hill Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 10,511 | |||
Initial Cost to Company, Buildings & Improvements | 37,825 | |||
Cost Capitalized Subsequent to Acquisition, Land | 70 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,979 | |||
Amount at Which Carried at Close of Period. Land | 10,581 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 40,804 | |||
Total real estate investments | 51,385 | |||
Accumulated Depreciation | 7,371 | |||
Monta Loma Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 18,226 | |||
Initial Cost to Company, Buildings & Improvements | 11,113 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 205 | |||
Amount at Which Carried at Close of Period. Land | 18,226 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 11,318 | |||
Total real estate investments | 29,544 | |||
Accumulated Depreciation | 2,156 | |||
Fullerton Crossroads, CA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 26,000 | |||
Initial Cost to Company, Land | 28,512 | |||
Initial Cost to Company, Buildings & Improvements | 45,419 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,532 | |||
Amount at Which Carried at Close of Period. Land | 28,512 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 46,951 | |||
Total real estate investments | 75,463 | |||
Accumulated Depreciation | 8,933 | |||
Riverstone Marketplace, WA | ||||
Real Estate Properties [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost to Company, Land | 5,113 | |||
Initial Cost to Company, Buildings & Improvements | 27,594 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 598 | |||
Amount at Which Carried at Close of Period. Land | 5,113 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 28,192 | |||
Total real estate investments | 33,305 | |||
Accumulated Depreciation | 5,104 | |||
North Lynnwood Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 4,955 | |||
Initial Cost to Company, Buildings & Improvements | 10,335 | |||
Cost Capitalized Subsequent to Acquisition, Land | 21 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 5,368 | |||
Amount at Which Carried at Close of Period. Land | 4,976 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 15,703 | |||
Total real estate investments | 20,679 | |||
Accumulated Depreciation | 3,291 | |||
The Village at Nellie Gail Ranch, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 22,730 | |||
Initial Cost to Company, Buildings & Improvements | 22,578 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 2,131 | |||
Amount at Which Carried at Close of Period. Land | 22,730 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 24,709 | |||
Total real estate investments | 47,439 | |||
Accumulated Depreciation | 4,969 | |||
Stadium Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 1,699 | |||
Initial Cost to Company, Buildings & Improvements | 17,229 | |||
Cost Capitalized Subsequent to Acquisition, Land | 74 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 91 | |||
Amount at Which Carried at Close of Period. Land | 1,773 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 17,320 | |||
Total real estate investments | 19,093 | |||
Accumulated Depreciation | 2,737 | |||
King City Plaza, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 5,161 | |||
Initial Cost to Company, Buildings & Improvements | 10,072 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,385 | |||
Amount at Which Carried at Close of Period. Land | 5,161 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 11,457 | |||
Total real estate investments | 16,618 | |||
Accumulated Depreciation | 1,812 | |||
Summerwalk Village, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 4,312 | |||
Initial Cost to Company, Buildings & Improvements | 7,567 | |||
Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 3,157 | |||
Amount at Which Carried at Close of Period. Land | 4,312 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 10,724 | |||
Total real estate investments | 15,036 | |||
Accumulated Depreciation | 1,349 | |||
Canyon Creek Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 13,067 | |||
Initial Cost to Company, Buildings & Improvements | 13,455 | |||
Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 50 | |||
Amount at Which Carried at Close of Period. Land | 13,067 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,505 | |||
Total real estate investments | 26,572 | |||
Accumulated Depreciation | 1,348 | |||
Palomar Village, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 9,642 | |||
Initial Cost to Company, Buildings & Improvements | 26,925 | |||
Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,325 | |||
Amount at Which Carried at Close of Period. Land | 9,642 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 28,250 | |||
Total real estate investments | 37,892 | |||
Accumulated Depreciation | 2,341 | |||
South Point Plaza, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 18,465 | |||
Initial Cost to Company, Buildings & Improvements | 25,491 | |||
Cost Capitalized Subsequent to Acquisition, Land | 3 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,093 | |||
Amount at Which Carried at Close of Period. Land | 18,468 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 26,584 | |||
Total real estate investments | 45,052 | |||
Accumulated Depreciation | 2,385 | |||
Olympia West Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 5,714 | |||
Initial Cost to Company, Buildings & Improvements | 18,378 | |||
Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | (67) | |||
Amount at Which Carried at Close of Period. Land | 5,714 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,311 | |||
Total real estate investments | 24,025 | |||
Accumulated Depreciation | 1,311 | |||
Powell Valley Junction, OR | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 6,335 | |||
Initial Cost to Company, Buildings & Improvements | 15,685 | |||
Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,629 | |||
Amount at Which Carried at Close of Period. Land | 6,335 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 17,314 | |||
Total real estate investments | 23,649 | |||
Accumulated Depreciation | 930 | |||
Olympia Square North, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 6,005 | |||
Initial Cost to Company, Buildings & Improvements | 15,999 | |||
Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | (6) | |||
Amount at Which Carried at Close of Period. Land | 6,005 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 15,993 | |||
Total real estate investments | 21,998 | |||
Accumulated Depreciation | 893 | |||
Village Oaks Shopping Center, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 10,757 | |||
Initial Cost to Company, Buildings & Improvements | 19,626 | |||
Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 455 | |||
Amount at Which Carried at Close of Period. Land | 10,757 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 20,081 | |||
Total real estate investments | 30,838 | |||
Accumulated Depreciation | 1,085 | |||
Thomas Lake Shopping Center, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 16,383 | |||
Initial Cost to Company, Buildings & Improvements | 18,685 | |||
Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | (258) | |||
Amount at Which Carried at Close of Period. Land | 16,383 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 18,427 | |||
Total real estate investments | 34,810 | |||
Accumulated Depreciation | 927 | |||
Ballinger Village, WA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 11,699 | |||
Initial Cost to Company, Buildings & Improvements | 16,268 | |||
Cost Capitalized Subsequent to Acquisition, Land | 35 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 1,453 | |||
Amount at Which Carried at Close of Period. Land | 11,734 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 17,721 | |||
Total real estate investments | 29,455 | |||
Accumulated Depreciation | 910 | |||
Foothill Plaza, CA | ||||
Real Estate Properties [Line Items] | ||||
Initial Cost to Company, Land | 8,748 | |||
Initial Cost to Company, Buildings & Improvements | 13,122 | |||
Cost Capitalized Subsequent to Acquisition, Land | 0 | |||
Cost Capitalized Subsequent to Acquisition, Buildings & Improvements | 0 | |||
Amount at Which Carried at Close of Period. Land | 8,748 | |||
Amount at Which Carried at Close of Period, Buildings & Improvements | 13,122 | |||
Total real estate investments | 21,870 | |||
Accumulated Depreciation | $ 28 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate - Owned Subject to Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance | $ 3,411,093 | $ 3,266,155 | $ 3,156,552 |
Property improvements during the year | 50,850 | 55,086 | 48,570 |
Properties acquired during the year | 21,870 | 134,706 | 136,105 |
Properties sold during the year | 0 | (30,995) | (61,491) |
Assets written off during the year | (15,915) | (13,859) | (13,581) |
Balance | $ 3,467,898 | $ 3,411,093 | $ 3,266,155 |
Schedule III - Real Estate an_5
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance | $ 578,593 | $ 510,836 | $ 460,165 |
Depreciation expenses | 92,040 | 86,354 | 82,957 |
Properties sold during the year | 0 | (4,112) | (18,476) |
Property assets fully depreciated and written off | (16,090) | (14,485) | (13,810) |
Balance | $ 654,543 | $ 578,593 | $ 510,836 |
Schedule IV - Mortgage Loans _2
Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of period | $ 4,786 | $ 4,875 | $ 4,959 |
Repayments on mortgage note receivable | (92) | (89) | (84) |
Balance at end of period | $ 4,694 | $ 4,786 | $ 4,875 |