Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 20, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'Retail Opportunity Investments Corp | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 72,699,074 | ' |
Entity Public Float | ' | ' | $983,100,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001407623 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Land | $458,252,028 | $283,445,257 |
Building and improvements | 914,181,620 | 588,248,338 |
1,372,433,648 | 871,693,595 | |
Less: accumulated depreciation | 57,499,980 | 32,364,772 |
1,314,933,668 | 839,328,823 | |
Mortgage note receivable | ' | 10,000,000 |
Investment in and advances to unconsolidated joint venture | ' | 15,295,223 |
Real Estate Investments, net | 1,314,933,668 | 864,624,046 |
Cash and cash equivalents | 7,919,697 | 4,692,230 |
Restricted cash | 1,298,666 | 1,700,692 |
Tenant and other receivables | 20,389,068 | 12,455,190 |
Deposits | 775,000 | 2,000,000 |
Acquired lease intangible asset, net of accumulated amortization | 55,887,471 | 41,230,616 |
Prepaid expenses | 1,371,296 | 1,245,778 |
Deferred charges, net of accumulated amortization | 33,121,980 | 21,623,474 |
Other | 3,392,997 | 1,339,501 |
Total assets | 1,439,089,843 | 950,911,527 |
Liabilities: | ' | ' |
Term loan | 200,000,000 | 200,000,000 |
Credit facility | 56,950,000 | 119,000,000 |
Senior Notes Due 2023 | 245,845,320 | ' |
Mortgage notes payable | 118,903,258 | 72,689,842 |
Acquired lease intangibles liability, net of accumulated amortization | 85,283,882 | 57,371,803 |
Accounts payable and accrued expenses | 13,349,068 | 6,468,580 |
Tenants' security deposits | 3,422,910 | 2,336,680 |
Other liabilities | 9,925,339 | 26,502,551 |
Total liabilities | 733,679,777 | 484,369,456 |
Commitments and contingencies | ' | ' |
Equity: | ' | ' |
Preferred stock, $.0001 par value 50,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $.0001 par value 500,000,000 shares authorized; and 72,445,767 and 52,596,754 shares issued and outstanding at December 31, 2013 and 2012, respectively | 7,238 | 5,260 |
Additional paid-in-capital | 732,701,858 | 523,540,268 |
Dividends in excess of earnings | -47,616,570 | -38,851,234 |
Accumulated other comprehensive loss | -8,969,137 | -18,154,612 |
Total Retail Opportunity Investments Corp. stockholders' equity | 676,123,389 | 466,539,682 |
Noncontrolling interests | 29,286,677 | 2,389 |
Total equity | 705,410,066 | 466,542,071 |
Total liabilities and equity | 1,439,089,843 | 950,911,527 |
Retail Opportunity Investments Partnership L.P. [Member] | ' | ' |
ASSETS | ' | ' |
Land | 458,252,028 | 283,445,257 |
Building and improvements | 914,181,620 | 588,248,338 |
1,372,433,648 | 871,693,595 | |
Less: accumulated depreciation | 57,499,980 | 32,364,772 |
1,314,933,668 | 839,328,823 | |
Mortgage note receivable | ' | 10,000,000 |
Investment in and advances to unconsolidated joint venture | ' | 15,295,223 |
Real Estate Investments, net | 1,314,933,668 | 864,624,046 |
Cash and cash equivalents | 7,919,697 | 4,692,230 |
Restricted cash | 1,298,666 | 1,700,692 |
Tenant and other receivables | 20,389,068 | 12,455,190 |
Deposits | 775,000 | 2,000,000 |
Acquired lease intangible asset, net of accumulated amortization | 55,887,471 | 41,230,616 |
Prepaid expenses | 1,371,296 | 1,245,778 |
Deferred charges, net of accumulated amortization | 33,121,980 | 21,623,474 |
Other | 3,392,997 | 1,339,501 |
Total assets | 1,439,089,843 | 950,911,527 |
Liabilities: | ' | ' |
Term loan | 200,000,000 | 200,000,000 |
Credit facility | 56,950,000 | 119,000,000 |
Senior Notes Due 2023 | 245,845,320 | ' |
Mortgage notes payable | 118,903,258 | 72,689,842 |
Acquired lease intangibles liability, net of accumulated amortization | 85,283,882 | 57,371,803 |
Accounts payable and accrued expenses | 13,349,068 | 6,468,580 |
Tenants' security deposits | 3,422,910 | 2,336,680 |
Other liabilities | 9,925,339 | 26,502,551 |
Total liabilities | 733,679,777 | 484,369,456 |
Equity: | ' | ' |
ROIC capital (consists of general and limited partnership interests held by ROIC) | 685,092,526 | 484,694,294 |
Limited partners’ capital (consists of limited partnership interests held by third parties) | 29,286,677 | ' |
Accumulated other comprehensive loss | -8,969,137 | -18,154,612 |
Total partners’ capital | 705,410,066 | 466,539,682 |
Noncontrolling interests | ' | 2,389 |
Total equity | 705,410,066 | 466,542,071 |
Total liabilities and equity | $1,439,089,843 | $950,911,527 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 72,445,767 | 52,596,754 |
Common stock, shares outstanding | 72,445,767 | 52,596,754 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations And Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues | ' | ' | ' |
Base rents | $86,194,511 | $59,218,635 | $39,581,142 |
Recoveries from tenants | 22,497,745 | 13,483,825 | 9,789,903 |
Mortgage interest | 623,793 | 1,106,089 | 1,908,655 |
Other income | 1,915,982 | 1,287,138 | 457,812 |
Total revenues | 111,232,031 | 75,095,687 | 51,737,512 |
Operating expenses | ' | ' | ' |
Property operating | 19,749,972 | 12,779,758 | 8,403,771 |
Property taxes | 11,246,967 | 7,281,213 | 5,022,544 |
Depreciation and amortization | 40,397,895 | 29,074,709 | 21,264,172 |
General and administrative expenses | 10,058,669 | 12,734,254 | 9,390,091 |
Acquisition transaction costs | 1,688,521 | 1,347,611 | 2,290,838 |
Other expenses | 314,833 | 324,354 | 411,142 |
Total operating expenses | 83,456,857 | 63,541,899 | 46,782,558 |
Operating income | 27,775,174 | 11,553,788 | 4,954,954 |
Interest expense and other finance expenses | -15,854,978 | -11,379,857 | -6,225,084 |
Gain on consolidation of joint venture | 20,381,849 | 2,144,696 | ' |
Gain on bargain purchase | ' | 3,864,145 | 9,449,059 |
Equity in earnings from unconsolidated joint ventures | 2,389,937 | 1,697,980 | 1,458,249 |
Interest income | ' | 11,861 | 19,143 |
Income from continuing operations | 34,691,982 | 7,892,613 | 9,656,321 |
Loss from discontinued operations | -713,529 | ' | ' |
Net income | 33,978,453 | 7,892,613 | 9,656,321 |
Net income attributable to non-controlling interest | -164,892 | ' | ' |
Net income attributable to Retail Opportunity Investments Corp. | 33,813,561 | 7,892,613 | 9,656,321 |
Net income per share - basic: | ' | ' | ' |
Income from continuing operations (in Dollars per share) | $0.51 | $0.15 | $0.23 |
Loss from discontinued operations (in Dollars per share) | ($0.01) | ' | ' |
Net earnings per share (in Dollars per share) | $0.50 | $0.15 | $0.23 |
Net income per share - diluted: | ' | ' | ' |
Income from continuing operations (in Dollars per share) | $0.49 | $0.15 | $0.23 |
Loss from discontinued operations (in Dollars per share) | ($0.01) | ' | ' |
Net earnings per share (in Dollars per share) | $0.48 | $0.15 | $0.23 |
Dividends per common share (in Dollars per share) | $0.60 | $0.53 | $0.39 |
Unrealized gain (loss) on swap derivative | ' | ' | ' |
Unrealized swap derivative gain (loss) arising during the period | 4,564,248 | -7,859,264 | -14,657,235 |
Reclassification adjustment for amortization of interest expense included in net income | 4,621,227 | 3,799,482 | 1,080,323 |
Total other comprehensive gain (loss) | 9,185,475 | -4,059,782 | -13,576,912 |
Comprehensive income (loss) | 43,163,928 | 3,832,831 | -3,920,591 |
Comprehensive income attributable to non-controlling interests | -164,892 | ' | ' |
Comprehensive income (loss) attributable to Retail Opportunity Investments Corp | 42,999,036 | 3,832,831 | -3,920,591 |
Retail Opportunity Investments Partnership L.P. [Member] | ' | ' | ' |
Revenues | ' | ' | ' |
Base rents | 86,194,511 | 59,218,635 | 39,581,142 |
Recoveries from tenants | 22,497,745 | 13,483,825 | 9,789,903 |
Mortgage interest | 623,793 | 1,106,089 | 1,908,655 |
Other income | 1,915,982 | 1,287,138 | 457,812 |
Total revenues | 111,232,031 | 75,095,687 | 51,737,512 |
Operating expenses | ' | ' | ' |
Property operating | 19,749,972 | 12,779,758 | 8,403,771 |
Property taxes | 11,246,967 | 7,281,213 | 5,022,544 |
Depreciation and amortization | 40,397,895 | 29,074,709 | 21,264,172 |
General and administrative expenses | 10,058,669 | 12,734,254 | 9,390,091 |
Acquisition transaction costs | 1,688,521 | 1,347,611 | 2,290,838 |
Other expenses | 314,833 | 324,354 | 411,142 |
Total operating expenses | 83,456,857 | 63,541,899 | 46,782,558 |
Operating income | 27,775,174 | 11,553,788 | 4,954,954 |
Interest expense and other finance expenses | -15,854,978 | -11,379,857 | -6,225,084 |
Gain on consolidation of joint venture | 20,381,849 | 2,144,696 | ' |
Gain on bargain purchase | ' | 3,864,145 | 9,449,059 |
Equity in earnings from unconsolidated joint ventures | 2,389,937 | 1,697,980 | 1,458,249 |
Interest income | ' | 11,861 | 19,143 |
Income from continuing operations | 34,691,982 | 7,892,613 | 9,656,321 |
Loss from discontinued operations | -713,529 | ' | ' |
Net income | 33,978,453 | 7,892,613 | 9,656,321 |
Net income attributable to Retail Opportunity Investments Corp. | 33,978,453 | 7,892,613 | 9,656,321 |
Net income per share - basic: | ' | ' | ' |
Income from continuing operations (in Dollars per share) | $0.51 | $0.15 | $0.23 |
Loss from discontinued operations (in Dollars per share) | ($0.01) | ' | ' |
Net earnings per share (in Dollars per share) | $0.50 | $0.15 | $0.23 |
Net income per share - diluted: | ' | ' | ' |
Income from continuing operations (in Dollars per share) | $0.49 | $0.15 | $0.23 |
Loss from discontinued operations (in Dollars per share) | ($0.01) | ' | ' |
Net earnings per share (in Dollars per share) | $0.48 | $0.15 | $0.23 |
Dividends per common share (in Dollars per share) | $0.60 | $0.53 | $0.39 |
Unrealized gain (loss) on swap derivative | ' | ' | ' |
Unrealized swap derivative gain (loss) arising during the period | 4,564,248 | -7,859,264 | -14,657,235 |
Reclassification adjustment for amortization of interest expense included in net income | 4,621,227 | 3,799,482 | 1,080,323 |
Total other comprehensive gain (loss) | 9,185,475 | -4,059,782 | -13,576,912 |
Comprehensive income (loss) | $43,163,928 | $3,832,831 | ($3,920,591) |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (Unaudited) (USD $) | Cash Redemption for Non-controlling Interests [Member] | Cash Redemption for Non-controlling Interests [Member] | Purchase of Non-controlling Interests [Member] | Purchase of Non-controlling Interests [Member] | Warrants Exercised [Member] | Warrants Exercised [Member] | Warrants Exercised [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Total |
Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | ||||||||||
Balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | $4,164 | $403,915,775 | ($12,880,840) | ($517,918) | $2,389 | $390,523,570 |
Balance (in Shares) at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | 41,638,100 | ' | ' | ' | ' | ' |
Shares issued under the 2009 Plan | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | 15 |
Shares issued under the 2009 Plan (in Shares) | ' | ' | ' | ' | ' | ' | ' | 151,135 | ' | ' | ' | ' | ' |
Repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | -2 | -235,544 | ' | ' | ' | -235,546 |
Repurchase of common stock (in Shares) | ' | ' | ' | ' | ' | ' | ' | -20,297 | ' | ' | ' | ' | ' |
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,185,922 | ' | ' | ' | 2,185,922 |
Proceeds from the sale of stock | ' | ' | ' | ' | ' | ' | ' | 761 | 82,599,749 | ' | ' | ' | 82,600,510 |
Proceeds from the sale of stock (in Shares) | ' | ' | ' | ' | ' | ' | ' | 7,606,800 | ' | ' | ' | ' | ' |
Registration expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -4,271,468 | ' | ' | ' | -4,271,468 |
Proceeds from the exercise of warrants | ' | ' | ' | ' | ' | ' | ' | 761 | 82,599,749 | ' | ' | ' | 82,600,510 |
Cash dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | -16,349,970 | ' | ' | -16,349,970 |
Dividends payable to officers | ' | ' | ' | ' | ' | ' | ' | ' | ' | -43,388 | ' | ' | -43,388 |
Net income attributable to Retail Opportunity Investments Corp. | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,656,321 | ' | ' | 9,656,321 |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,576,912 | ' | -13,576,912 |
Balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | 4,938 | 484,194,434 | -19,617,877 | -14,094,830 | 2,389 | 450,489,054 |
Balance (in Shares) at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | 49,375,738 | ' | ' | ' | ' | ' |
Shares issued under the 2009 Plan | ' | ' | ' | ' | ' | ' | ' | 22 | ' | ' | ' | ' | 22 |
Shares issued under the 2009 Plan (in Shares) | ' | ' | ' | ' | ' | ' | ' | 224,067 | ' | ' | ' | ' | ' |
Repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | -6 | -708,170 | ' | ' | ' | -708,176 |
Repurchase of common stock (in Shares) | ' | ' | ' | ' | ' | ' | ' | -55,496 | ' | ' | ' | ' | ' |
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 3,393,439 | ' | ' | ' | 3,393,439 |
Proceeds from the sale of stock | ' | ' | ' | ' | ' | 12,000 | 12,000 | 306 | 37,811,352 | ' | ' | ' | 37,811,658 |
Proceeds from the sale of stock (in Shares) | ' | ' | ' | ' | ' | ' | ' | 3,051,445 | ' | ' | ' | ' | ' |
Registration expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -1,162,787 | ' | ' | ' | -1,162,787 |
Proceeds from the exercise of warrants | ' | ' | ' | ' | ' | 12,000 | 12,000 | 306 | 37,811,352 | ' | ' | ' | 37,811,658 |
Proceeds from the exercise of warrants (in Shares) | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | -27,057,495 | ' | ' | -27,057,495 |
Dividends payable to officers | ' | ' | ' | ' | ' | ' | ' | ' | ' | -68,475 | ' | ' | -68,475 |
Net income attributable to Retail Opportunity Investments Corp. | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,892,613 | ' | ' | 7,892,613 |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,059,782 | ' | -4,059,782 |
Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | 5,260 | 523,540,268 | -38,851,234 | -18,154,612 | 2,389 | 466,542,071 |
Balance (in Shares) at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | 52,596,754 | ' | ' | ' | ' | 52,596,754 |
Shares issued under the 2009 Plan | ' | ' | ' | ' | ' | ' | ' | 31 | -31 | ' | ' | ' | ' |
Shares issued under the 2009 Plan (in Shares) | ' | ' | ' | ' | ' | ' | ' | 313,364 | ' | ' | ' | ' | ' |
Repurchase of common stock | ' | ' | ' | ' | ' | ' | ' | -3 | -406,539 | ' | ' | ' | -406,542 |
Repurchase of common stock (in Shares) | ' | ' | ' | ' | ' | ' | ' | -30,333 | ' | ' | ' | ' | ' |
Retirement of options | ' | ' | ' | ' | ' | ' | ' | ' | -274,830 | ' | ' | ' | -274,830 |
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 2,856,391 | ' | ' | ' | 2,856,391 |
Proceeds from the sale of stock | ' | ' | ' | ' | 1,882 | 226,527,896 | 226,529,778 | ' | ' | ' | ' | ' | ' |
Registration expenditures | ' | ' | ' | ' | ' | ' | ' | ' | -69,245 | ' | ' | ' | -69,245 |
Proceeds from the exercise of warrants | ' | ' | ' | ' | 1,882 | 226,527,896 | 226,529,778 | ' | ' | ' | ' | ' | ' |
Proceeds from the exercise of warrants (in Shares) | ' | ' | ' | ' | 18,877,482 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of Sponsor warrants | ' | ' | ' | ' | ' | ' | ' | 68 | -68 | ' | ' | ' | ' |
Exercise of Sponsor warrants (in Shares) | ' | ' | ' | ' | ' | ' | ' | 688,500 | ' | ' | ' | ' | ' |
Buyback of warrants | ' | ' | ' | ' | ' | ' | ' | ' | -32,785,921 | ' | ' | ' | -32,785,921 |
Issuance of OP Units to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,372,731 | 45,372,731 |
Distributions to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -747,230 | -747,230 |
Decrease in non-controlling interests | -2,189,779 | -2,189,779 | -2,389 | -2,389 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustment to non-controlling interests ownership in Operating Partnership | ' | ' | ' | ' | ' | ' | ' | ' | 13,313,937 | ' | ' | -13,313,937 | ' |
Cash dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | -42,468,897 | ' | ' | -42,468,897 |
Dividends payable to officers | ' | ' | ' | ' | ' | ' | ' | ' | ' | -110,000 | ' | ' | -110,000 |
Net income attributable to Retail Opportunity Investments Corp. | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,813,561 | ' | ' | 33,813,561 |
Net income attributable to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 164,892 | 164,892 |
Other comprehensive loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,185,475 | ' | 9,185,475 |
Balance at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | $7,238 | $732,701,858 | ($47,616,570) | ($8,969,137) | $29,286,677 | $705,410,066 |
Balance (in Shares) at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | 72,445,767 | ' | ' | ' | ' | 72,445,767 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Unaudited) (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Dividends per share | $0.60 | $0.53 | $0.39 |
Retained Earnings [Member] | ' | ' | ' |
Dividends per share | $0.60 | $0.53 | $0.39 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income | $33,978,453 | $7,892,613 | $9,656,321 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 40,397,895 | 29,074,709 | 21,264,172 |
Amortization of deferred financing costs and mortgage premiums, net | -144,313 | 494,843 | 156,575 |
Gain on consolidation of joint venture | -20,381,849 | -2,144,696 | ' |
Gain on bargain purchase | ' | -3,864,145 | -9,449,059 |
Straight-line rent adjustment | -3,733,913 | -3,040,510 | -2,733,939 |
Amortization of above and below market rent | -4,444,117 | -3,659,011 | -3,165,657 |
Amortization relating to stock based compensation | 2,856,391 | 3,393,439 | 2,185,922 |
Provisions for tenant credit losses | 1,621,940 | 1,160,568 | 1,146,224 |
Equity earned in earnings from unconsolidated joint ventures | -2,389,937 | -1,697,980 | -1,458,249 |
Loss on sale of discontinued operations | 713,529 | ' | ' |
Settlement of interest rate swap agreements | -8,750,000 | ' | ' |
Distribution of cumulative earnings from unconsolidated joint ventures | ' | 686,017 | 1,513,090 |
Other | 792,244 | ' | ' |
Change in operating assets and liabilities | ' | ' | ' |
Restricted cash | 74,083 | -225,245 | -159,452 |
Tenant and other receivables | -4,820,044 | -3,679,442 | -3,252,211 |
Prepaid expenses | -104,814 | -573,099 | 125,976 |
Accounts payable and accrued expenses | 2,942,797 | -1,912,490 | 1,729,609 |
Other asset and liabilities, net | -855,880 | 2,814,995 | -273,125 |
Net cash provided by operating activities | 37,752,465 | 24,720,566 | 17,286,197 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Investments in real estate | -289,399,034 | -255,851,952 | -206,999,678 |
Acquisition of entities | -43,378,106 | ' | ' |
Proceeds from sale of real estate | 5,607,612 | ' | 159,973 |
Investments in mortgage notes receivables | -294,000 | ' | -10,000,000 |
Investments in unconsolidated joint ventures | ' | -735,000 | -19,663,218 |
Return of capital from unconsolidated joint ventures | ' | 8,661,211 | 18,095,218 |
Improvements to properties | -19,066,525 | -11,404,098 | -8,014,148 |
Deposits on real estate acquisitions | 1,225,000 | -2,000,000 | -500,000 |
Construction escrows and other | 327,943 | -244,639 | 1,766,905 |
Net cash used in investing activities | -344,977,110 | -261,574,478 | -225,154,948 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Principal repayment on mortgages | -14,902,386 | -7,874,618 | -12,276,948 |
Proceeds from the draw on term loan/credit facility | 342,950,000 | 209,000,000 | 140,110,258 |
Payments on credit facility | -405,000,000 | ' | -30,110,258 |
Proceeds from issuance of Notes Due 2023 | 245,825,000 | ' | ' |
Payment of contingent consideration | -1,864,370 | ' | ' |
Proceeds from exercise of warrants | 226,529,778 | 12,000 | ' |
Payments to acquire warrants | -32,785,921 | ' | ' |
Proceeds from the sale of stock | 39,300,000 | 37,811,658 | 82,600,510 |
Purchase of Non-controlling interest | -2,389 | ' | ' |
Redemption of Operating Partnership Units | -2,189,779 | ' | ' |
Distributions to Operating Partnership | -747,230 | ' | ' |
Deferred financing and other costs | -4,097,377 | -2,792,050 | -2,481,663 |
Registration expenditures | -69,245 | -1,162,787 | -3,806,469 |
Dividends paid to common shareholders | -42,512,597 | -27,057,495 | -16,349,970 |
Repurchase of common stock | -406,542 | -708,176 | -235,546 |
Common shares issued under the 2009 Plan | ' | 22 | 15 |
Retirement of options | -274,830 | ' | ' |
Net cash provided by financing activities | 310,452,112 | 207,228,554 | 157,449,929 |
Net increase (decrease) in cash and cash equivalents | 3,227,467 | -29,625,358 | -50,418,822 |
Cash and cash equivalents at beginning of period | 4,692,230 | 34,317,588 | 84,736,410 |
Cash and cash equivalents at end of period | 7,919,697 | 4,692,230 | 34,317,588 |
Supplemental disclosure of cash activities: | ' | ' | ' |
Cash paid for federal and state income taxes | 241,603 | 310,406 | 85,075 |
Interest paid | 14,579,450 | 10,910,587 | 5,961,651 |
Other non-cash investing and financing activities: | ' | ' | ' |
Issuance of OP Units in connection with acquisitions of entities | 45,372,731 | ' | ' |
Assumed mortgage at fair value | 62,749,675 | 19,668,352 | 29,912,371 |
Intangible lease liabilities | 35,383,751 | 16,280,503 | 30,684,243 |
Transfer of equity investment in property to real estate investment | 15,990,769 | 4,008,350 | ' |
Interest rate swap asset | 1,948,243 | ' | ' |
Accrued interest rate swap liabilities | 6,733,812 | 4,156,096 | 13,338,502 |
Accrued real estate improvement costs | 591,671 | 837,312 | 252,189 |
Retail Opportunity Investments Partnership L.P. [Member] | ' | ' | ' |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income | 33,978,453 | 7,892,613 | 9,656,321 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 40,397,895 | 29,074,709 | 21,264,172 |
Amortization of deferred financing costs and mortgage premiums, net | -144,313 | 494,843 | 156,575 |
Gain on consolidation of joint venture | -20,381,849 | -2,144,696 | ' |
Gain on bargain purchase | ' | -3,864,145 | -9,449,059 |
Straight-line rent adjustment | -3,733,913 | -3,040,510 | -2,733,939 |
Amortization of above and below market rent | -4,444,117 | -3,659,011 | -3,165,657 |
Amortization relating to stock based compensation | 2,856,391 | 3,393,439 | 2,185,922 |
Provisions for tenant credit losses | 1,621,940 | 1,160,568 | 1,146,224 |
Equity earned in earnings from unconsolidated joint ventures | -2,389,937 | -1,697,980 | -1,458,249 |
Loss on sale of discontinued operations | 713,529 | ' | ' |
Settlement of interest rate swap agreements | -8,750,000 | ' | ' |
Distribution of cumulative earnings from unconsolidated joint ventures | ' | 686,017 | 1,513,090 |
Other | 792,244 | ' | ' |
Change in operating assets and liabilities | ' | ' | ' |
Restricted cash | 74,083 | -225,245 | -159,452 |
Tenant and other receivables | -4,820,044 | -3,679,442 | -3,252,211 |
Prepaid expenses | -104,814 | -573,099 | 125,976 |
Accounts payable and accrued expenses | 2,942,797 | -1,912,490 | 1,729,609 |
Other asset and liabilities, net | -855,880 | 2,814,995 | -273,125 |
Net cash provided by operating activities | 37,752,465 | 24,720,566 | 17,286,197 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Investments in real estate | -289,399,034 | -255,851,952 | -206,999,678 |
Acquisition of entities | -43,378,106 | ' | ' |
Proceeds from sale of real estate | 5,607,612 | ' | 159,973 |
Investments in mortgage notes receivables | -294,000 | ' | -10,000,000 |
Investments in unconsolidated joint ventures | ' | -735,000 | -19,663,218 |
Return of capital from unconsolidated joint ventures | ' | 8,661,211 | 18,095,218 |
Improvements to properties | -19,066,525 | -11,404,098 | -8,014,148 |
Deposits on real estate acquisitions | 1,225,000 | -2,000,000 | -500,000 |
Construction escrows and other | 327,943 | -244,639 | 1,766,905 |
Net cash used in investing activities | -344,977,110 | -261,574,478 | -225,154,948 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Principal repayment on mortgages | -14,902,386 | -7,874,618 | -12,276,948 |
Proceeds from the draw on term loan/credit facility | 342,950,000 | 209,000,000 | 140,110,258 |
Payments on credit facility | -405,000,000 | ' | -30,110,258 |
Proceeds from issuance of Notes Due 2023 | 245,825,000 | ' | ' |
Payment of contingent consideration | -1,864,370 | ' | ' |
Purchase of Non-controlling interest | -2,389 | ' | ' |
Redemption of Operating Partnership Units | -2,189,779 | ' | ' |
Distributions to Operating Partnership | -747,230 | ' | ' |
Deferred financing and other costs | -4,097,377 | -2,792,050 | -2,481,663 |
Distributions to ROIC | -76,049,135 | -28,928,458 | -20,391,985 |
Contributions from ROIC | 226,529,778 | 37,823,680 | 82,600,525 |
Net cash provided by financing activities | 310,452,112 | 207,228,554 | 157,449,929 |
Net increase (decrease) in cash and cash equivalents | 3,227,467 | -29,625,358 | -50,418,822 |
Cash and cash equivalents at beginning of period | 4,692,230 | 34,317,588 | 84,736,410 |
Cash and cash equivalents at end of period | 7,919,697 | 4,692,230 | 34,317,588 |
Other non-cash investing and financing activities: | ' | ' | ' |
Issuance of OP Units in connection with acquisitions of entities | 45,372,731 | ' | ' |
Assumed mortgage at fair value | 62,749,675 | 19,668,352 | 29,912,371 |
Intangible lease liabilities | 35,383,751 | 16,280,503 | 30,684,243 |
Transfer of equity investment in property to real estate investment | 15,990,769 | 4,008,350 | ' |
Interest rate swap asset | 1,948,243 | ' | ' |
Accrued interest rate swap liabilities | 6,733,812 | 4,156,096 | 13,338,502 |
Accrued real estate improvement costs | $591,671 | $837,312 | $252,189 |
Consolidated_Statements_of_Par
Consolidated Statements of Partners' Capital (USD $) | Cash Redemption for Non-controlling Interests [Member] | Cash Redemption for Non-controlling Interests [Member] | Cash Redemption for Non-controlling Interests [Member] | Cash Redemption for Non-controlling Interests [Member] | Purchase of Non-controlling Interests [Member] | Purchase of Non-controlling Interests [Member] | Purchase of Non-controlling Interests [Member] | Purchase of Non-controlling Interests [Member] | Limited Partnerbs Capital [Member] | ROIC Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Retail Opportunity Investments Partnership L.P. [Member] | Total |
Limited Partnerbs Capital [Member] | Noncontrolling Interest [Member] | Retail Opportunity Investments Partnership L.P. [Member] | Noncontrolling Interest [Member] | Noncontrolling Interest [Member] | Retail Opportunity Investments Partnership L.P. [Member] | Retail Opportunity Investments Partnership L.P. [Member] | Retail Opportunity Investments Partnership L.P. [Member] | Retail Opportunity Investments Partnership L.P. [Member] | Retail Opportunity Investments Partnership L.P. [Member] | |||||||
Retail Opportunity Investments Partnership L.P. [Member] | Retail Opportunity Investments Partnership L.P. [Member] | |||||||||||||||
Balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $391,039,099 | ($517,918) | ($517,918) | $2,389 | $2,389 | $390,523,570 | $390,523,570 |
Balance (in Shares) at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,638,100 | ' | ' | ' | ' | ' | ' |
Distributions to ROIC | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,900,372 | ' | ' | ' | ' | -20,391,985 | ' |
Distributions to ROIC (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -20,297 | ' | ' | ' | ' | ' | ' |
Contributions from ROIC | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,600,525 | ' | ' | ' | ' | 82,600,525 | ' |
Contributions from ROIC (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,757,935 | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,185,922 | ' | ' | ' | ' | 2,185,922 | 2,185,922 |
Net income attributable to Retail Opportunity Investments Partnership, LP | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,656,321 | ' | ' | ' | ' | 9,656,321 | 9,656,321 |
Other comprehensive gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,576,912 | -13,576,912 | ' | ' | -13,576,912 | -13,576,912 |
Balance at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 464,581,495 | -14,094,830 | -14,094,830 | 2,389 | 2,389 | 450,489,054 | 450,489,054 |
Balance (in Shares) at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,375,738 | ' | ' | ' | ' | ' | ' |
Distributions to ROIC | ' | ' | ' | ' | ' | ' | ' | ' | ' | -28,996,933 | ' | ' | ' | ' | -28,928,458 | ' |
Distributions to ROIC (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -55,496 | ' | ' | ' | ' | ' | ' |
Contributions from ROIC | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,823,680 | ' | ' | ' | ' | 37,823,680 | ' |
Contributions from ROIC (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,276,512 | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,393,439 | ' | ' | ' | ' | 3,393,439 | 3,393,439 |
Net income attributable to Retail Opportunity Investments Partnership, LP | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,892,613 | ' | ' | ' | ' | 7,892,613 | 7,892,613 |
Other comprehensive gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -4,059,782 | -4,059,782 | ' | ' | -4,059,782 | -4,059,782 |
Balance at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 484,694,294 | -18,154,612 | -18,154,612 | 2,389 | 2,389 | 466,542,071 | 466,542,071 |
Balance (in Shares) at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,596,754 | ' | ' | ' | ' | ' | ' |
Distributions to ROIC | ' | ' | ' | ' | ' | ' | ' | ' | ' | -76,115,435 | ' | ' | ' | ' | -76,049,135 | ' |
Distributions to ROIC (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | -30,333 | ' | ' | ' | ' | ' | ' |
Contributions from ROIC | ' | ' | ' | ' | ' | ' | ' | ' | ' | 226,529,778 | ' | ' | ' | ' | 226,529,778 | ' |
Contributions from ROIC (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,879,346 | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,856,391 | ' | ' | ' | ' | 2,856,391 | 2,856,391 |
Limited Partner OP Units issued in connection with property acquisition | ' | ' | ' | ' | ' | ' | ' | ' | 45,372,731 | ' | ' | ' | ' | ' | 45,372,731 | ' |
Limited Partner OP Units issued in connection with property acquisition (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 3,290,263 | ' | ' | ' | ' | ' | ' | ' |
Decrease in non-controlling interests | -2,189,779 | -2,189,779 | -2,189,779 | -2,189,779 | -2,389 | -2,389 | -2,389 | -2,389 | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in non-controlling interests (in Shares) | -158,221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Limited Partner distributions | ' | ' | ' | ' | ' | ' | ' | ' | -747,230 | ' | ' | ' | ' | 747,230 | -747,230 | 747,230 |
Adjustment to non-controlling interests | ' | ' | ' | ' | ' | ' | ' | ' | -13,313,937 | 13,313,937 | ' | ' | ' | -13,313,937 | ' | ' |
Net income attributable to Retail Opportunity Investments Partnership, LP | ' | ' | ' | ' | ' | ' | ' | ' | 164,892 | 33,813,561 | ' | ' | ' | ' | 33,978,453 | 33,813,561 |
Other comprehensive gain (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,185,475 | 9,185,475 | ' | ' | 9,185,475 | 9,185,475 |
Balance at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | $29,286,677 | $685,092,526 | ($8,969,137) | ($8,969,137) | ' | $29,286,677 | $705,410,066 | $705,410,066 |
Balance (in Shares) at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 3,132,042 | 72,445,767 | ' | ' | ' | ' | ' | ' |
Note_1_Organization_Basis_of_P
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | ' | ||||||||||||
1. Organization, Basis of Presentation and Summary of Significant Accounting Policies | |||||||||||||
Business | |||||||||||||
Retail Opportunity Investments Corp., a Maryland corporation (“ROIC”), is a fully integrated and self-managed real estate investment trust (“REIT”). ROIC specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers on the west coast of the United States anchored by supermarkets and drugstores. | |||||||||||||
ROIC is organized in a traditional umbrella partnership real estate investment trust (“UpREIT”) format pursuant to which Retail Opportunity Investments GP, LLC, its wholly-owned subsidiary, serves as the general partner of, and ROIC conducts substantially all of its business through, its operating partnership subsidiary, Retail Opportunity Investments Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), together with its subsidiaries. Unless otherwise indicated or unless the context requires otherwise, all references to the “Company”, “we,” “us,” “our,” or “our company” refer to ROIC together with its consolidated subsidiaries, including the Operating Partnership. | |||||||||||||
With the approval of its stockholders, ROIC reincorporated as a Maryland corporation on June 2, 2011. ROIC began operations as a Delaware corporation, known as NRDC Acquisition Corp., which was incorporated on July 10, 2007, for the purpose of acquiring assets or operating businesses through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination with one or more assets or control of one or more operating businesses. On October 20, 2009, ROIC’s stockholders and warrantholders approved each of the proposals presented at the special meetings of stockholders and warrantholders, respectively, in connection with the transactions contemplated by the Framework Agreement (the “Framework Agreement”) ROIC entered into on August 7, 2009 with NRDC Capital Management, LLC, which, among other things, sets forth the steps to be taken by ROIC to continue its business as a corporation that has elected to qualify as a REIT for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2010. | |||||||||||||
ROIC’s only material asset is its ownership of direct or indirect partnership interests in the Operating Partnership and membership interest in Retail Opportunity Investments GP, LLC, which is the sole general partner of the Operating Partnership. As a result, ROIC does not conduct business itself, other than acting as the parent company and issuing equity from time to time. The Operating Partnership holds substantially all the assets of the Company and directly or indirectly holds the ownership interests in the Company’s real estate ventures. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from warrant exercises and equity issuances by ROIC, which are contributed to the Operating Partnership, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness (directly and through subsidiaries) or through the issuance of operating partnership units (“OP Units”) of the Operating Partnership. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update to improve the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”), requiring companies to present information about reclassifications out of AOCI in one place and by component. This guidance is effective for interim and annual periods beginning on or after December 15, 2012. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | |||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements are prepared on the accrual basis in accordance with GAAP. The consolidated financial statements include the accounts and those of its subsidiaries, which are wholly-owned or controlled by the Company. Entities which the Company does not control through its voting interest and entities which are variable interest entities (“VIEs”), but where it is not the primary beneficiary, are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated. | |||||||||||||
The Company follows the FASB guidance for determining whether an entity is a VIE and requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. | |||||||||||||
A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the consolidated balance sheet and modifies the presentation of net income by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the purchase price allocations, depreciable lives, revenue recognition and the collectability of tenant receivables, other receivables, notes receivables, the valuation of performance-based restricted stock, stock options and derivatives. Actual results could differ from these estimates. | |||||||||||||
Federal Income Taxes | |||||||||||||
Commencing with the Company’s taxable year ended December 31, 2010, the Company 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. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiary (“TRS”) is fully subject to U.S. federal, state and local income taxes. For all periods from inception through September 26, 2013 the Operating Partnership has been an entity disregarded from its sole owner, ROIC, for U.S. federal income tax purposes and as such has not been subject to federal income taxes. Effective September 27, 2013, the Operating Partnership issued 3,290,263 OP Units in connection with the acquisitions of Crossroads Shopping Center and Five Points Plaza, which are described under Note 2 below. Accordingly, the Operating Partnership ceased being a disregarded entity and instead is being treated as a partnership for federal income tax purposes. | |||||||||||||
The Company follows the FASB guidance that defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The FASB also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. The statute of limitations for tax years 2010 through and including 2012 are still open for examination by the Internal Revenue Service (“IRS”) and state taxing authorities. During the year ended December 31, 2011, the IRS conducted an examination of the Company’s 2009 federal tax return. During the year ended December 31, 2012 the Company reached a settlement with the IRS in which the Company paid to the IRS approximately $122,000. | |||||||||||||
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. | |||||||||||||
Real Estate Investments | |||||||||||||
All costs related to the improvement or replacement of real estate properties are capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. The Company expenses transaction costs associated with business combinations in the period incurred. During the years ended December 31, 2013 and 2012, capitalized costs related to the improvements or replacement of real estate properties were approximately $19.2 million and $12.2 million, respectively. | |||||||||||||
Upon the acquisition of real estate properties, the fair value of the real estate purchased is allocated to the acquired tangible assets (consisting of land, buildings and improvements), and acquired intangible assets and liabilities (consisting of above-market and below-market leases and acquired in-place leases). Acquired lease intangible assets include above-market leases and acquired in-place leases, and acquired leases intangible liabilities represent below-market leases, in the accompanying consolidated balance sheet. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management’s determination of the relative fair values of these assets. In valuing an acquired property’s intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. Leasing commissions, legal and other related costs (“lease origination costs”) are classified as deferred charges in the accompanying consolidated balance sheet. | |||||||||||||
The value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates, over (ii) the estimated fair value of the property as if vacant. Above-market and below-market lease values are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of acquisition. Such valuations include a consideration of the non-cancellable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The value of the above-market and below-market leases associated with the original lease term is amortized to rental income, over the terms of the respective leases. The value of below-market rental lease renewal options is deferred until such time as the renewal option is exercised and subsequently amortized over the corresponding renewal period. The value of in-place leases are amortized to expense, and the above-market and below-market lease values are amortized to rental income, over the remaining non-cancellable terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recognized in operations at that time. The Company may record a bargain purchase gain if it determines that the purchase price for the acquired assets was less than the fair value. The Company will record a liability in situations where any part of the cash consideration is deferred. The amounts payable in the future are discounted to their present value. The liability is subsequently re-measured to fair value with changes in fair value recognized in the consolidated statements of operations. If, up to one year from the acquisition date, information regarding fair value of assets acquired and liabilities assumed is received and estimates are refined, appropriate property adjustments are made to the purchase price allocation on a retrospective basis. | |||||||||||||
In conjunction with the Company’s pursuit and acquisition of real estate investments, the Company expensed acquisition transaction costs during the years ended December 31, 2013, 2012 and 2011 of approximately $1.7 million, $1.3 million and $2.3 million, respectively. | |||||||||||||
Regarding certain of the Company’s 2013 property acquisitions (see Note 2), the fair value asset and liability allocations are preliminary and may be adjusted as final information becomes available. | |||||||||||||
Asset Impairment | |||||||||||||
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to aggregate future net cash flows (undiscounted and without interest) expected to be generated by the asset. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying 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, 2013. | |||||||||||||
In June 2013, the Company sold the Nimbus Village Shopping Center, a non-grocery anchored, non-core shopping center located in Rancho Cordova, California. The sales price of this property of approximately $6.3 million, less costs to sell, resulted in proceeds to the Company of approximately $5.6 million. Accordingly, the Company recorded a loss on sale of property of approximately $714,000 for the year ended December 31, 2013, which has been included in discontinued operations. | |||||||||||||
The Company reviews its investments in unconsolidated joint ventures for impairment periodically and the Company would record an impairment charge when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than temporary. The ultimate realization of the Company’s investment in an unconsolidated joint venture is dependent on a number of factors, including the performance of each investment and market conditions. As of December 31, 2013, the Company has no unconsolidated joint ventures. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has not experienced any losses related to these balances. | |||||||||||||
Restricted Cash | |||||||||||||
The terms of several of the Company’s mortgage loans payable require the Company to deposit certain replacement and other reserves with its lenders. Such “restricted cash” is generally available only for property-level requirements for which the reserves have been established and is not available to fund other property-level or Company-level obligations. | |||||||||||||
Revenue Recognition | |||||||||||||
Management has determined that all of the Company’s leases with its various tenants are operating leases. Rental income is generally recognized based on the terms of leases entered into with tenants. In those instances in which the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Minimum rental income from leases with scheduled rent increases is recognized on a straight-line basis over the lease term. Percentage rent is recognized when a specific tenant’s sales breakpoint is achieved. Property operating expense recoveries from tenants of common area maintenance, real estate taxes and other recoverable costs are recognized in the period the related expenses are incurred. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms. | |||||||||||||
Termination fees (included in rental revenue) are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration date. The Company recognizes termination fees in accordance with Securities and Exchange Commission Staff Accounting Bulletin 104, “Revenue Recognition,” when the following conditions are met: (a) the termination agreement is executed; (b) the termination fee is determinable; (c) all landlord services pursuant to the terminated lease have been rendered; and (d) collectivity of the termination fee is assured. Interest income is recognized as it is earned. Gains or losses on disposition of properties are recorded when the criteria for recognizing such gains or losses under generally accepted accounting principles have been met. | |||||||||||||
The Company must make estimates as to the collectability of its accounts receivable related to base rent, straight-line rent, expense reimbursements and other revenues. Management analyzes accounts receivable and the allowance for bad debts by considering tenant creditworthiness, current economic trends, and changes in tenants’ payment patterns when evaluating the adequacy of the allowance for doubtful accounts receivable. The Company also provides an allowance for future credit losses of the deferred straight-line rents receivable. The provision for doubtful accounts at both December 31, 2013 and December 31, 2012 was approximately $3.2 million. | |||||||||||||
Depreciation and Amortization | |||||||||||||
The Company uses the straight-line method for depreciation and amortization. Buildings are depreciated over the estimated useful lives which the Company estimates to be 39-40 years. Property improvements are depreciated over the estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over the estimated useful lives that range from 3 to 10 years. Tenant improvements are amortized over the shorter of the life of the related leases or their useful life. | |||||||||||||
Deferred Charges | |||||||||||||
Deferred charges consist principally of leasing commissions and acquired lease origination costs (which are amortized ratably over the life of the tenant leases) and financing fees (which are amortized over the term of the related debt obligation). Deferred charges in the accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of approximately $14.9 million and $9.1 million, as of December 31, 2013 and 2012, respectively. | |||||||||||||
The unamortized balances of deferred charges that will be charged to future operations as of December 31, 2013 are as follows: | |||||||||||||
Lease Origination Costs | Financing Costs | Total | |||||||||||
2014 | $ | 5,522,474 | $ | 1,914,356 | $ | 7,436,830 | |||||||
2015 | 4,451,946 | 1,661,142 | 6,113,088 | ||||||||||
2016 | 3,421,780 | 1,584,311 | 5,006,091 | ||||||||||
2017 | 2,568,246 | 1,215,727 | 3,783,973 | ||||||||||
2018 | 1,842,947 | 258,222 | 2,101,169 | ||||||||||
Thereafter | 7,359,800 | 1,321,029 | 8,680,829 | ||||||||||
Total future amortization of deferred charges | $ | 25,167,193 | $ | 7,954,787 | $ | 33,121,980 | |||||||
Internal Capitalized Leasing Costs | |||||||||||||
The Company capitalizes a portion of payroll-related costs related to its leasing personnel associated with new leases and lease renewals. These costs are amortized over the life of the respective leases. During the years ended December 31, 2013, 2012 and 2011, the Company capitalized approximately $742,000, $695,000 and $563,000, respectively. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and tenant receivables. The Company places its cash and cash equivalents in excess of insured amounts with high quality financial institutions. The Company performs ongoing credit evaluations of its tenants and requires tenants to provide security deposits. | |||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings (loss) per share (“EPS”) excludes the impact of dilutive shares and is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock and then shared in the earnings of the Company. | |||||||||||||
During the years ended December 31, 2013 and 2012, the effect of approximately 41,400,000 warrants to purchase the Company’s common stock (the “Public Warrants”) issued in connection with the Company’s initial public offering (the “IPO”), and the 8,000,000 warrants (the “Private Placement Warrants”) purchased by NRDC Capital Management, LLC simultaneously with the consummation of the IPO, for the time these were outstanding during these periods, were included in the calculation of diluted EPS since the weighted average share price was greater than the exercise price during these periods. During the year ended December 31, 2011, the effect of the 41,400,000 Public Warrants and the 8,000,000 Private Placement Warrants were not included in the calculation of diluted EPS since the weighted average share price was less than the exercise price during this period. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, basic EPS was determined by dividing net income allocable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. Net income during the applicable period is also allocated to the time-based unvested restricted stock as these grants are entitled to receive dividends and are therefore considered a participating security. Time-based unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders other than the holders of time-based unvested restricted stock. The performance-based restricted stock grants awarded under the 2009 Plan described in Note 9 are excluded from the basic EPS calculation, as these units are not participating securities. | |||||||||||||
The following table sets forth the reconciliation between basic and diluted EPS for ROIC: | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,691,982 | $ | 7,892,613 | $ | 9,656,321 | |||||||
Less income from continuing operations attributable to noncontrolling interests | -164,892 | — | — | ||||||||||
Less earnings allocated to unvested shares | (78,361 | ) | -213,361 | — | |||||||||
Income from continuing operations available for common shareholders, basic | 34,448,729 | 7,679,252 | 9,656,321 | ||||||||||
Loss from discontinued operations available to common shareholders, basic | -713,529 | — | — | ||||||||||
Net income available to common stockholders, basic | $ | 33,735,200 | $ | 7,679,252 | $ | 9,656,321 | |||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,691,982 | $ | 7,892,613 | $ | 9,656,321 | |||||||
Less earnings allocated to unvested shares | (78,361 | ) | -213,361 | — | |||||||||
Income from continuing operations available for common shareholders, diluted | 34,613,621 | 7,679,252 | 9,656,321 | ||||||||||
Loss from discontinued operations available to common shareholders, diluted | -713,529 | — | — | ||||||||||
Net income available to common stockholders, diluted | $ | 33,900,092 | $ | 7,679,252 | $ | 9,656,321 | |||||||
Denominator: | |||||||||||||
Denominator for basic EPS – weighted average common shares | 67,419,497 | 51,059,408 | 42,477,007 | ||||||||||
Warrants | 2,568,822 | 1,165,663 | — | ||||||||||
OP Units | 838,508 | — | — | ||||||||||
Restricted stock awards - performance-based | 113,066 | 95,466 | 35,878 | ||||||||||
Stock Options | 64,487 | 50,631 | 13,403 | ||||||||||
Denominator for diluted EPS – weighted average common equivalent shares | 71,004,380 | 52,371,168 | 42,526,288 | ||||||||||
Earnings Per Unit | |||||||||||||
The following table sets forth the reconciliation between basic and diluted earnings per unit for the Operating Partnership: | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,691,982 | $ | 7,892,613 | $ | 9,656,321 | |||||||
Less earnings allocated to unvested units | (78,361 | ) | -213,361 | — | |||||||||
Income from continuing operations available for unitholders, basic and diluted | 34,613,621 | 7,679,252 | 9,656,321 | ||||||||||
Loss from discontinued operations available to unitholders, basic and diluted | -713,529 | — | — | ||||||||||
Net income available to unitholders, basic and diluted | $ | 33,900,092 | $ | 7,679,252 | $ | 9,656,321 | |||||||
Denominator: | |||||||||||||
Denominator for basic EPS – weighted average common units | 68,258,005 | 51,059,408 | 42,477,007 | ||||||||||
Warrants | 2,568,822 | 1,165,663 | — | ||||||||||
Restricted stock awards - performance-based | 113,066 | 95,466 | 35,878 | ||||||||||
Stock Options | 64,487 | 50,631 | 13,403 | ||||||||||
Denominator for diluted EPS – weighted average common equivalent units | 71,004,380 | 52,371,168 | 42,526,288 | ||||||||||
Stock-Based Compensation | |||||||||||||
The Company has a stock-based employee compensation plan, which is more fully described in Note 9. | |||||||||||||
The Company accounts for its stock-based compensation plans based on the FASB guidance which requires that compensation expense be recognized based on the fair value of the stock awards less estimated forfeitures. Restricted stock grants vest based upon the completion of a service period (“time-based grants”) and/or the Company meeting certain established financial performance criteria (“performance-based grants”). Time-based grants are valued according to the market price for the Company’s common stock at the date of grant. For performance-based grants, a Monte Carlo valuation model is used, taking into account the underlying contingency risks associated with the performance criteria. It is the Company’s policy to grant options with an exercise price equal to the quoted closing market price of stock on the grant date. Awards of stock options and time-based grants stock are expensed as compensation over the vesting period. Awards of performance-based grants are expensed as compensation under an accelerated method and are recognized in income regardless of the results of the performance criteria. | |||||||||||||
Derivatives | |||||||||||||
The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. When the Company terminates a derivative for which cash flow hedging was being applied, the balance which was recorded in Other Comprehensive Income is amortized to interest expense over the remaining contractual term of the swap. The Company includes cash payments made to terminate interest rate swaps as an operating activity on the statement of cash flows, given the nature of the underlying cash flows that the derivative was hedging. | |||||||||||||
Segment Reporting | |||||||||||||
The Company’s primary business is the ownership, management, and redevelopment of retail real estate properties. The Company reviews operating and financing information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, defined as operating revenues (base rent and recoveries from tenants), less property and related expenses (property operating expenses and property taxes). No individual property constitutes more than 10% of the Company’s revenues or property operating income, and the Company has no operations outside of the United States of America. Therefore, the Company has aggregated the properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in major metropolitan areas, and have similar tenant mixes. | |||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications have been made to the prior period consolidated financial statements and notes to conform to the current year presentation. | |||||||||||||
Note_2_Real_Estate_Investments
Note 2 - Real Estate Investments | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | ||||||||
2. Real Estate Investments | |||||||||
The following real estate investment transactions occurred during the years ended December 31, 2013 and 2012. | |||||||||
Property Acquisitions in 2013 | |||||||||
On February 1, 2013, the Company acquired the property known as Diamond Bar Town Center located in Diamond Bar, California, within the Los Angeles metropolitan area, for a purchase price of approximately $27.4 million. Diamond Bar Town Center is approximately 100,000 square feet and is anchored by a national grocer. The property was acquired with borrowings under the Company’s credit facility. | |||||||||
On February 6, 2013, the Company acquired the property known as Bernardo Heights Plaza in Rancho Bernardo, California, within the San Diego metropolitan area, for a purchase price of approximately $12.4 million. Bernardo Heights Plaza is approximately 38,000 square feet and is anchored by Sprouts Farmers Market. The property was acquired with cash of approximately $3.6 million and the assumption of an existing mortgage with a principal amount of approximately $8.9 million, and a fair value of approximately $9.7 million. | |||||||||
On April 15, 2013, the Company acquired the property known as Canyon Crossing Shopping Center located in Puyallup, Washington, within the Seattle metropolitan area, for a purchase price of approximately $35.0 million. Canyon Crossing Shopping Center is approximately 121,000 square feet and is anchored by Safeway Supermarket. The property was acquired using borrowings under the Company’s credit facility. | |||||||||
On April 22, 2013, the Company acquired the property known as Diamond Hills Plaza located in Diamond Bar, California, within the Los Angeles metropolitan area, for a purchase price of approximately $48.0 million. Diamond Hills Plaza is approximately 140,000 square feet and is anchored by an H Mart Supermarket and Rite Aid Pharmacy. The property was acquired using borrowings under the Company’s credit facility. | |||||||||
On June 27, 2013, the Company acquired the property known as Hawthorne Crossings located in San Diego, California, for a purchase price of approximately $41.5 million. Hawthorne Crossings is approximately 141,000 square feet and is anchored by Mitsuwa Supermarket, Ross Dress For Less and Staples. The property was acquired using borrowings under the Company’s credit facility. | |||||||||
On June 27, 2013, the Company acquired the property known as Granada Shopping Center located in Livermore, California, for a purchase price of approximately $17.5 million. Granada Shopping Center is approximately 69,000 square feet and is anchored by SaveMart (Lucky) Supermarket. The property was acquired using borrowings under the Company’s credit facility. | |||||||||
On August 23, 2013, the Company acquired the property known as Robinwood Shopping Center located in West Linn, Oregon, for a purchase price of approximately $14.2 million. Robinwood Shopping Center is approximately 71,000 square feet and is anchored by Walmart Neighborhood Market. The property was acquired using borrowings under the Company’s credit facility. | |||||||||
On September 18, 2013, the Company acquired a parcel of land adjacent to one of its properties located in Pomona, California, for a purchase price of approximately $700,000. The parcel of land was acquired using available cash on hand. | |||||||||
On October 15, 2013, the Company acquired the property known as Peninsula Marketplace located in Huntington Beach, California, for a purchase price of approximately $35.9 million. Peninsula Marketplace is approximately 95,000 square feet and is anchored by Kroger (Ralphs) Supermarket. The property was acquired using borrowings under the Company’s credit facility. | |||||||||
On November 26, 2013, the Company acquired the property known as Country Club Village located in San Ramon, California, for a purchase price of approximately $30.9 million. Country Club Village is approximately 111,000 square feet and is anchored by Walmart Neighborhood Market and CVS Pharmacy. The property was acquired using borrowings under the Company’s credit facility. | |||||||||
On December 13, 2013, the Company acquired the property known as Plaza de la Canada located in La Canada Flintridge, California, for a purchase price of approximately $34.8 million. Plaza de la Canada is approximately 100,000 square feet and is anchored by Gelson’s Supermarket, TJ Maxx and Rite Aid Pharmacy. The property was acquired using borrowings under the Company’s credit facility. | |||||||||
Property Acquisitions in 2012 | |||||||||
During the year ended December 31, 2012, the Company acquired 14 properties throughout the west coast with a total of approximately 1.1 million square feet for a net purchase price of approximately $266.4 million. | |||||||||
Acquisitions of Property-Owning Entities | |||||||||
On September 27, 2013, the Company acquired the remaining 51% of the partnership interests in the Terranomics Crossroads Associates, LP from its joint venture partner. The purchase of the remaining interest was funded through the issuance of 2,639,632 OP Units with a fair value of approximately $36.4 million and the assumption of a $49.6 million mortgage loan on the property. Prior to the acquisition date, the Company accounted for its 49% interest in the Terranomics Crossroad Associates, LP as an equity method investment. The acquisition-date fair value of the previous equity interest was $36.0 million and is included in the measurement of the consideration transferred. The Company recognized a gain of $20.4 million as a result of remeasuring its prior equity interest in the venture held before the acquisition. The gain is included in the line item Gain on consolidation of joint venture in the consolidated income statement. The primary asset of Terranomics Crossroads Associates is Crossroads Shopping Center located in Bellevue, Washington, within the Seattle metropolitan area. Crossroads Shopping Center is approximately 464,000 square feet and is anchored by Kroger (QFC) Supermarket, Sports Authority and Bed Bath and Beyond. | |||||||||
On September 27, 2013, the Company acquired 100% of the membership interests in SARM Five Points Plaza, LLC for an adjusted purchase price of approximately $52.6 million. The primary asset of SARM Five Points Plaza, LLC is Five Points Plaza located in Huntington Beach, California. Five Points Plaza is approximately 161,000 square feet and is anchored by Trader Joes, Old Navy and Pier 1. The purchase of the membership interests was funded through approximately $43.6 million in cash using borrowings under the Company’s credit facility (of which approximately $17.2 million was used by the seller to pay off the existing financing) and the issuance of 650,631 OP Units with a fair value of approximately $9.0 million. | |||||||||
Any reference to the square footage is unaudited and outside the scope of our 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. | |||||||||
The financial information set forth below summarizes the Company’s preliminary purchase price allocation for the properties acquired during the year ended December 31, 2013 and the final purchase price allocation for the properties acquired during the year ended December 31, 2012. | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
ASSETS | |||||||||
Land | $ | 176,877,353 | $ | 116,253,370 | |||||
Building and improvements | 310,432,135 | 162,343,788 | |||||||
Cash and cash equivalents | 552,213 | — | |||||||
Acquired lease intangible asset | 28,412,933 | 19,273,018 | |||||||
Deferred charges | 12,072,103 | 6,286,558 | |||||||
Tenant receivables and other assets | 1,132,232 | — | |||||||
Assets acquired | $ | 529,478,969 | $ | 304,156,734 | |||||
LIABILITIES | |||||||||
Acquired lease intangible liability | 35,383,751 | 16,280,503 | |||||||
Mortgage notes assumed | 62,749,675 | 21,507,622 | |||||||
Accrued expenses and other liabilities | 4,282,450 | — | |||||||
Liabilities assumed | $ | 102,415,876 | $ | 37,788,125 | |||||
Pro Forma Financial Information | |||||||||
The pro forma financial information set forth below is based upon the Company’s historical consolidated statements of operations for the year ended December 31, 2013 and 2012, adjusted to give effect of these transactions at the beginning of 2012. | |||||||||
The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transaction occurred at the beginning of each year, nor does it purport to represent the results of future operations. | |||||||||
Year Ended December 31, | |||||||||
Statement of operations: | 2013 | 2012 | |||||||
Revenues | $ | 137,931,636 | $ | 129,962,355 | |||||
Property operating and other expenses | 50,673,578 | 62,286,188 | |||||||
Depreciation and amortization | 51,347,742 | 49,408,916 | |||||||
Net income attributable to Retail Opportunity Investments Corp. | $ | 35,910,316 | $ | 18,267,251 | |||||
The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2013 for the properties acquired during the year ended December 31, 2013. | |||||||||
Year Ended | |||||||||
31-Dec-13 | |||||||||
Statement of operations: | |||||||||
Revenues | $ | 15,813,152 | |||||||
Property operating and other expenses | 6,010,175 | ||||||||
Depreciation and amortization | 7,655,138 | ||||||||
Net income attributable to Retail Opportunity Investments Corp. | $ | 2,147,839 | |||||||
The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2012 for the properties acquired during the year ended December 31, 2012. | |||||||||
Year Ended | |||||||||
31-Dec-12 | |||||||||
Statement of operations: | |||||||||
Revenues | $ | 10,478,568 | |||||||
Property operating and other expenses | 4,234,857 | ||||||||
Depreciation and amortization | 3,801,350 | ||||||||
Net income attributable to Retail Opportunity Investments Corp. | $ | 2,442,361 | |||||||
Mortgage Notes Receivable | |||||||||
The Company held a $10.0 million second mortgage loan and funded a $294,000 partner loan to the joint venture that owned the Crossroads Shopping Center at December 31, 2012. On September 27, 2013, the Company acquired the remaining interest in Crossroads Shopping Center. Accordingly, both loans were extinguished upon consolidation of the joint venture during the year ended December 31, 2013. | |||||||||
Unconsolidated Joint Ventures | |||||||||
At December 31, 2012, investment in and advances to unconsolidated joint venture consisted of a 49% ownership in Terranomics Crossroads Associates, LP of $15.3 million. On September 27, 2013, the Company acquired the remaining interests in Terranomics Crossroads Associates, LP from its joint venture partner. The purchase of its remaining interest was funded through the issuance of 2,639,632 OP units with a fair value of approximately $36.4 million and the assumption of a $49.6 million mortgage loan on the property. Upon the acquisition of the remaining interest in the property, the Company reclassified approximately $16.0 million from “Investment in and advances to unconsolidated joint ventures” to “Real estate investments” in the accompanying consolidated balance sheet. The acquisition-date fair value of the previous equity interest was $36.0 million and is included in the measurement of the consideration transferred. The Company recognized a gain of $20.4 million as a result of remeasuring its prior equity interest in the venture held before the acquisition. The gain is included in the line item Gain on consolidation of joint venture in the consolidated income statement. | |||||||||
As of December 31, 2013, the Company has no remaining unconsolidated joint ventures. | |||||||||
Note_3_Acquired_Lease_Intangib
Note 3 - Acquired Lease Intangibles | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Disclosure Text Block [Abstract] | ' | ||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||
3. Acquired Lease Intangibles | |||||||||
Intangible assets and liabilities as of December 31, 2013 and 2012 consisted of the following: | |||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Assets: | |||||||||
In-place leases | $ | 71,846,161 | $ | 50,456,414 | |||||
Accumulated amortization | -27,413,310 | -17,704,422 | |||||||
Above-market leases | 18,191,431 | 12,722,015 | |||||||
Accumulated amortization | -6,736,811 | -4,243,391 | |||||||
Acquired lease intangible assets, net | $ | 55,887,471 | $ | 41,230,616 | |||||
Liabilities: | |||||||||
Below-market leases | 104,092,901 | 69,365,631 | |||||||
Accumulated amortization | -18,809,019 | -11,993,828 | |||||||
Acquired lease intangible liabilities, net | $ | 85,283,882 | $ | 57,371,803 | |||||
For the years ended December 31, 2013, 2012 and 2011, the net amortization of acquired lease intangible assets and acquired lease intangible liabilities for above and below market leases was $4.4 million, $3.7 million and $3.2 million, respectively, which amounts are included in base rents in the accompanying consolidated statements of operations. During the year ended December 31, 2011, the Company wrote off $1.1 million representing the fair value allocated to the below-market rental renewal options of a tenant that did not exercise its renewal option. The amount written off resulted in an increase in base rents in the accompanying consolidated statements of operations and is included in the $3.2 million stated above. The Company did not have any such write-offs during the years ended December 31, 2013 and 2012. For the years ended December 31, 2013, 2012 and 2011, the net amortization of in-place leases was $10.3 million, $8.1 million and $7.4 million, respectively, which amounts are included in depreciation and amortization in the accompanying consolidated statements of operations. | |||||||||
The scheduled future amortization of acquired lease intangible assets as of December 31, 2013 is as follows: | |||||||||
Year ending December 31: | |||||||||
2014 | $ | 13,923,367 | |||||||
2015 | 9,903,206 | ||||||||
2016 | 7,173,924 | ||||||||
2017 | 5,284,556 | ||||||||
2018 | 3,698,591 | ||||||||
Thereafter | 15,903,827 | ||||||||
Total future amortization of acquired lease intangible assets | $ | 55,887,471 | |||||||
The scheduled future amortization of acquired lease intangible liabilities as of December 31, 2013 is as follows: | |||||||||
Year ending December 31: | |||||||||
2014 | $ | 9,071,454 | |||||||
2015 | 7,796,575 | ||||||||
2016 | 5,907,950 | ||||||||
2017 | 4,991,033 | ||||||||
2018 | 4,345,390 | ||||||||
Thereafter | 53,171,480 | ||||||||
Total future amortization of acquired lease intangible liabilities | $ | 85,283,882 | |||||||
Note_4_Tenant_Leases
Note 4 - Tenant Leases | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Leases of Lessee Disclosure [Text Block] | ' | ||||
4. Tenant Leases | |||||
Space in the shopping centers and other retail properties is leased to various tenants under operating leases that usually grant tenants renewal options and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volume. | |||||
Minimum future rentals to be received under non-cancellable leases for shopping centers as of December 31, 2013 are summarized as follows: | |||||
Year ending December 31: | |||||
2014 | $ | 92,456,291 | |||
2015 | 85,007,593 | ||||
2016 | 74,169,424 | ||||
2017 | 62,190,030 | ||||
2018 | 48,915,041 | ||||
Thereafter | 249,554,390 | ||||
$ | 612,292,769 | ||||
Note_5_Discontinued_Operations
Note 5 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | ' |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | ' |
5. Discontinued Operations | |
On June 5, 2013, the Company sold the Nimbus Village Shopping Center, a non-grocery anchored, non-core shopping center located in Rancho Cordova, California. The sales price of this property of approximately $6.3 million, less costs to sell, resulted in proceeds to the Company of approximately $5.6 million. Accordingly, the Company recorded a loss on sale of property of approximately $714,000 for the year ended December 31, 2013, which has been included in discontinued operations. The carrying value of the property as of December 31, 2012 was approximately $6.3 million. | |
Note_6_Mortgage_Notes_Payable_
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||
6. Mortgage Notes Payable, Credit Facilities and Senior Notes | |||||||||||||||||
ROIC does not hold any indebtedness. All debt is held directly or indirectly by the Operating Partnership, however, ROIC has guaranteed the Operating Partnership’s revolving credit facility, term loan, carve-out guarantees on property-level debt, and the Notes due in 2023. | |||||||||||||||||
Mortgage Notes Payable | |||||||||||||||||
The mortgage notes payable collateralized by respective properties and assignment of leases at December 31, 2013 and December 31, 2012, respectively, were as follows: | |||||||||||||||||
Property | Maturity Date | Interest Rate | 31-Dec-13 | December 31, 2012 | |||||||||||||
Gateway Village I | Feb-14 | 5.58 | % | $ | — | $ | 6,718,119 | ||||||||||
Gateway Village II | May-14 | 5.73 | % | — | 6,872,265 | ||||||||||||
Euclid Plaza | Nov-14 | 5.23 | % | 8,158,676 | 8,329,824 | ||||||||||||
Country Club Gate | Jan-15 | 5.04 | % | 12,236,374 | 12,477,997 | ||||||||||||
Renaissance Towne Centre | Jun-15 | 5.13 | % | 16,489,812 | 16,760,383 | ||||||||||||
Crossroads Shopping Center | Sep-15 | 6.5 | % | 49,413,976 | — | ||||||||||||
Gateway Village III | Jul-16 | 6.1 | % | 7,368,521 | 7,460,907 | ||||||||||||
Bernardo Heights | Jul-17 | 5.7 | % | 8,748,605 | — | ||||||||||||
Santa Teresa Village | Feb-18 | 6.2 | % | 11,033,511 | 11,223,888 | ||||||||||||
$ | 113,449,475 | $ | 69,843,383 | ||||||||||||||
Mortgage Premium | 5,453,783 | 2,846,459 | |||||||||||||||
Total mortgage notes payable | $ | 118,903,258 | $ | 72,689,842 | |||||||||||||
The combined aggregate principal maturities of mortgage notes payable during the next five years and thereafter as of December 31, 2013 are as follows: | |||||||||||||||||
Principal | Scheduled | Mortgage | Total | ||||||||||||||
Repayments | Amortization | Premium | |||||||||||||||
2014 | $ | 8,009,623 | $ | 1,993,021 | $ | 2,738,619 | $ | 12,741,263 | |||||||||
2015 | 76,012,485 | 1,254,519 | 1,793,672 | 79,060,676 | |||||||||||||
2016 | 7,120,171 | 462,667 | 516,406 | 8,099,244 | |||||||||||||
2017 | 8,099,320 | 361,092 | 381,009 | 8,841,421 | |||||||||||||
2018 | 10,094,220 | 42,357 | 24,077 | 10,160,654 | |||||||||||||
$ | 109,335,819 | $ | 4,113,656 | $ | 5,453,783 | $ | 118,903,258 | ||||||||||
In February 2013, the Operating Partnership assumed an existing mortgage loan with an outstanding principal balance of approximately $8.9 million as part of the acquisition of Bernardo Heights Plaza. Additionally, in September 2013, the Operating Partnership assumed an existing mortgage loan with an outstanding principal balance of approximately $49.6 million in connection with the acquisition of the remaining interests in Crossroads Shopping Center. | |||||||||||||||||
On September 3, 2013 and November 1, 2013, the Company repaid the outstanding principal balances on the Gateway Village I and Gateway Village II mortgage notes payable, totaling $13.4 million, respectively, without penalty, in accordance with the prepayment provisions of the notes. | |||||||||||||||||
Credit Facilities | |||||||||||||||||
The Operating Partnership has a revolving credit facility with several banks. Previously, the credit facility provided for borrowings of up to $200.0 million. Effective September 26, 2013, the Company entered into a third amendment to the amended and restated credit agreement pursuant to which the borrowing capacity was increased to $350.0 million. Additionally, the credit facility contains an accordion feature, which was amended to allow the Operating Partnership to increase the facility amount up to an aggregate of $700.0 million, subject to lender consents and other conditions. The maturity date of the credit facility has been extended to August 29, 2017, subject to a further one-year extension option, which may be exercised by the Operating Partnership upon satisfaction of certain conditions. | |||||||||||||||||
The Operating Partnership has a term loan agreement with several banks. The term loan provides for a loan of $200.0 million and contains an accordion feature, which allows the Operating Partnership to increase the facility amount up to an aggregate of $300.0 million subject to commitments and other conditions. The maturity date of the term loan is August 29, 2017. | |||||||||||||||||
The Company obtained investment grade credit ratings from Moody’s Investors Service (Baa2) and Standard & Poor’s Ratings Services (BBB-) during the second quarter of 2013. Prior to receiving such investment grade ratings, borrowings under the credit facility and term loan agreements (collectively, the “loan agreements”) accrued interest on the outstanding principal amount at a rate equal to an applicable rate based on the consolidated leverage ratio of the Company and its subsidiaries, plus, as applicable, (i) a LIBOR rate determined by reference to the cost of funds for dollar deposits for the relevant period (the “Eurodollar Rate”), or (ii) a base rate determined by reference to the highest of (a) the federal funds rate plus 0.50%, (b) the rate of interest announced by KeyBank National Association as its “prime rate,” and (c) the Eurodollar Rate plus 1.00% (the “Base Rate”). Since receiving the investment grade credit ratings from the two rating agencies, borrowings under the loan agreements accrue interest on the outstanding principal amount at a rate equal to an applicable rate based on the credit rating level of ROIC, plus, as applicable, (i) the Eurodollar Rate, or (ii) the Base Rate. In addition, prior to receipt of such credit ratings, the Operating Partnership was obligated to pay an unused fee of (a) 0.35% of the undrawn balance if the total outstanding principal amount was less than 50% of the aggregate commitments or (b) 0.25% if the total outstanding principal amount was greater than or equal to 50% of the aggregate commitments, and a fronting fee at a rate of 0.125% per year with respect to each letter of credit issued under the loan agreements. Subsequent to June 26, 2013, the Operating Partnership is obligated to pay a facility fee at a rate based on the credit rating level of the Company, currently 0.20%, and a fronting fee at a rate of 0.125% per year with respect to each letter of credit issued under the loan agreements. The loan agreements contain customary representations, financial and other covenants. The Operating Partnership’s ability to borrow under the loan agreements is subject to its compliance with financial covenants and other restrictions on an ongoing basis. The Operating Partnership was in compliance with such covenants at December 31, 2013. | |||||||||||||||||
As of December 31, 2013, $200.0 million and $56.9 million were outstanding under the term loan and credit facility, respectively. The average interest rates on the term loan and the credit facility during the year ended December 31, 2013 were 1.6% and 1.5%, respectively. The Company had $293.1 million available to borrow under the credit facility at December 31, 2013. The Company had no available borrowings under the term loan at December 31, 2013. | |||||||||||||||||
Senior Notes Due 2023 | |||||||||||||||||
The carrying value of the Company’s Senior Notes due 2023 is as follows: | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Principal amount | $ | 250,000,000 | $ | — | |||||||||||||
Unamortized debt discount | -4,154,680 | — | |||||||||||||||
Senior Notes due 2023: | $ | 245,845,320 | $ | — | |||||||||||||
On December 9, 2013, the Operating Partnership completed a registered underwritten public offering of $250.0 million aggregate principal amount of 5.000% Senior Notes due 2023 (the “Notes”), fully and unconditionally guaranteed by ROIC. The Notes pay interest semi-annually on June 15 and December 15, commencing on June 15, 2014, and mature on December 15, 2023, unless redeemed earlier by the Operating Partnership. The 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 guaranteed the Operating Partnership’s obligations under the 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. The guarantee is a senior unsecured obligation of ROIC and will rank equally in right of payment with all other senior unsecured indebtedness of ROIC. ROIC’s guarantee of the Notes is effectively subordinated in right of payment to all liabilities, whether secured or unsecured, and any preferred equity of its subsidiaries (including the Operating Partnership and any entity ROIC accounts for under the equity method of accounting). The interest expense recognized on the Notes during the year ended December 31, 2013 includes approximately $800,000 and $20,000 for the contractual coupon interest and the accretion of the debt discount, respectively. | |||||||||||||||||
In connection with the Notes offering, the Company incurred approximately $2.6 million of deferred financing costs which are being amortized over the term of the Notes. | |||||||||||||||||
Note_7_Preferred_Stock_of_ROIC
Note 7 - Preferred Stock of ROIC | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Preferred Stock [Text Block] | ' |
7. Preferred Stock of ROIC | |
The Company is authorized to issue 50,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the board of directors. As of December 31, 2013 and 2012, there were no shares of preferred stock outstanding. | |
Note_8_Common_Stock_and_Warran
Note 8 - Common Stock and Warrants of ROIC | 12 Months Ended | ||
Dec. 31, 2013 | |||
Stockholders' Equity Note [Abstract] | ' | ||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||
8. Common Stock and Warrants of ROIC | |||
During the year ended December 31, 2011, the Company entered into an ATM Equity OfferingSM Sales Agreement (“sales agreement”) with Merrill Lynch, Pierce, Fenner & Smith Incorporated to sell shares of the Company’s common stock, par value $0.0001 per share, having aggregate sales proceeds of $50.0 million from time to time, through an “at the market” equity offering program under which Merrill Lynch, Pierce, Fenner & Smith Incorporated acts as sales agent and/or principal (“agent”). During the year ended December 31, 2013, ROIC did not sell any shares under the sales agreement. Through December 31, 2013, ROIC has sold a total of 3,183,245 shares under the sales agreement, which resulted in gross proceeds of approximately $39.3 million and commissions of approximately $687,600 paid to the agent. | |||
Simultaneously with the consummation of the IPO, NRDC Capital Management, LLC purchased 8,000,000 Private Placement Warrants at a purchase price of $1.00 per warrant. The Private Placement Warrants were identical to the Public Warrants except that the Private Placement Warrants were exercisable on a cashless basis as long as they were still held by NRDC Capital Management, LLC or its members, members of its members’ immediate family or their controlled affiliates. The purchase price of the Private Placement Warrants approximated the fair value of such warrants at the purchase date. | |||
During the year ended December 31, 2013, the Sponsor exercised the outstanding 8,000,000 Private Placement Warrants on a cashless basis pursuant to which ROIC issued 688,500 shares to the Sponsor. | |||
ROIC has the right to redeem all of the outstanding warrants it issued in the IPO, at a price of $0.01 per warrant upon 30 days’ notice while the warrants are exercisable, only in the event that the last sale price of the common stock is at least a specified price. The terms of the warrants are as follows: | |||
· | The exercise price of the warrants is $12.00. | ||
· | The expiration date of the warrants is October 23, 2014. | ||
· | The price at which ROIC’s common stock must trade before ROIC is able to redeem the warrants it issued in the IPO is $18.75. | ||
· | To provide that a warrantholder’s ability to exercise warrants is limited to ensure that such holder’s “Beneficial Ownership” or “Constructive Ownership,” each as defined in ROIC’s charter, does not exceed the restrictions contained in the charter limiting the ownership of shares of ROIC’s common stock. | ||
ROIC had reserved 53,400,000 shares for the exercise of the Public Warrants and the Private Placement Warrants, and issuance of shares under ROIC’s 2009 Equity Incentive Plan (the “2009 Plan”). During the year ended December 31, 2013, the third-party warrant holders exercised a total of 18,877,482 Public Warrants, resulting in a total of $226.5 million of proceeds. During the year ended December 31, 2012, the third-party warrant holders exercised 1,000 Public Warrants. | |||
On July 31, 2013, the Company’s board of directors authorized a stock repurchase program to repurchase up to a maximum of $50.0 million of the Company’s common stock. | |||
Warrant Repurchase | |||
In May 2010, ROIC’s board of directors authorized a warrant repurchase program to repurchase up to a maximum of $40.0 million of ROIC’s warrants. During the year ended December 31, 2013, ROIC repurchased 744,850 warrants under the program in open market transactions for approximately $1.4 million. During the year ended December 31, 2013, ROIC repurchased an additional 15,834,000 warrants in privately negotiated transactions for approximately $31.3 million. | |||
As of December 31, 2013, 5,942,668 of the 41,400,000 original Public Warrants remain outstanding and no Private Placement Warrants are outstanding. | |||
Note_9_Stock_Compensation_and_
Note 9 - Stock Compensation and Other Benefit Plans for ROIC | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||
9. Stock Compensation and Other Benefit Plans for ROIC | |||||||||||||
The Company follows the FASB guidance related to stock compensation which establishes financial accounting and reporting standards for stock-based employee compensation plans, including all arrangements by which employees receive shares of stock or other equity instruments of the employer, or the employer incurs liabilities to employees in amounts based on the price of the employer’s stock. The guidance also defines a fair value-based method of accounting for an employee stock option or similar equity instrument. | |||||||||||||
During 2009, the Company adopted the 2009 Plan. The 2009 Plan provides for grants of restricted common stock and stock option awards up to an aggregate of 7.5% of the issued and outstanding shares of the Company’s common stock at the time of the award, subject to a ceiling of 4,000,000 shares. | |||||||||||||
Restricted Stock | |||||||||||||
During the year ended December 31, 2013, the Company awarded 224,500 shares of restricted common stock under the 2009 Plan, of which 86,250 shares are performance-based grants and the remainder of the shares are time based grants. The performance-based grants vest in three equal annual tranches, based on pre-defined market-specific performance criteria with vesting dates on January 1, 2014, 2015 and 2016. | |||||||||||||
A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2013, and changes during the year ended December 31, 2013 are presented below: | |||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Non-vested at December 31, 2012 | 391,264 | $ | 10.48 | ||||||||||
Granted | 224,500 | 11.82 | |||||||||||
Vested | (175,114 | ) | 10.74 | ||||||||||
Forfeited | — | — | |||||||||||
Non-vested at December 31, 2013 | 440,650 | $ | 11.4 | ||||||||||
As of December 31, 2013, there remained a total of $2.8 million of unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded under the 2009 Plan. Restricted stock compensation is expected to be expensed over a remaining weighted average period of 1.8 years (irrespective of achievement of the performance conditions). | |||||||||||||
Stock Options | |||||||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company awarded a total of 8,000, 49,500 and 102,000 options, respectively, to purchase shares under the 2009 Plan. The Company used the Black Scholes method for purposes of estimating the fair value in determining compensation expense for the options that were granted during the year ended December 31, 2013. The assumption for expected volatility has a significant effect on the grant fair value. Volatility is determined based on the historical volatilities of REITs similar to the Company. The Company used the simplified method to determine the expected life which is calculated as an average of the vesting period and the contractual term. The fair value for the options awarded by the Company during the year ended December 31, 2013, was estimated at the date of the grant using the following weighted-average assumptions. | |||||||||||||
Year Ended | |||||||||||||
31-Dec-13 | |||||||||||||
Average volatility | 19 | % | |||||||||||
Expected dividends | $ | 0.15 | |||||||||||
Expected life (in years) | 6 | ||||||||||||
Risk-free interest rate | 1.02 | % | |||||||||||
A summary of options activity as of December 31, 2013, and changes during the year ended December 31, 2013 are presented below: | |||||||||||||
Shares | Weighted Average | Aggregate Intrinsic | |||||||||||
Exercise Price | Value as of | ||||||||||||
31-Dec-13 | |||||||||||||
Outstanding at December 31, 2012 | 384,000 | $ | 10.68 | ||||||||||
Granted | 8,000 | 12.76 | |||||||||||
Exercised | — | — | |||||||||||
Forfeited | (110,000 | ) | 10.63 | ||||||||||
Expired | — | — | |||||||||||
Outstanding at December 31, 2013 | 282,000 | $ | 10.76 | $ | 1,116,590 | ||||||||
Exercisable at December 31, 2013 | 220,336 | $ | 10.48 | $ | 934,688 | ||||||||
As of December 31, 2013, there remained a total of $66,000 of unrecognized stock compensation related to outstanding non-vested stock options awarded under the 2009 Plan. | |||||||||||||
Stock Based Compensation Expense | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the amounts charged to expense for all stock based compensation totaled approximately $2.9 million, $3.4 million and $2.2 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 $20,000, $17,000 and $12,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Note_10_Capital_of_the_Operati
Note 10 - Capital of the Operating Partnership | 12 Months Ended |
Dec. 31, 2013 | |
Partners' Capital Notes [Abstract] | ' |
Partners' Capital Notes Disclosure [Text Block] | ' |
10. Capital of the Operating Partnership | |
As of December 31, 2013, the Operating Partnership had 75,577,809 OP Units outstanding. The Company owned 95.8% of the Operating Partnership at December 31, 2013. As of December 31, 2013, the Company had outstanding 72,445,767 shares of ROIC common stock and 3,132,042 Operating Partnership units (excluding Operating Partnership units owned by ROIC). A share of ROIC’s common stock and the Operating Partnership units have essentially the same economic characteristics as they share equally in the total net income or loss and distributions of the Operating Partnership. | |
During the year ended December 31, 2013, in connection with the acquisition of the remaining interests in Crossroads Shopping Center from its joint venture partner, the Company issued a total of 2,639,632 OP Units to limited partners. Additionally, during the year ended December 31, 2013, in connection with the acquisition of the membership interests in SARM Five Points Plaza, LLC, the Company issued a total of 650,631 OP Units to limited partners. Subject to certain exceptions, holders may redeem their OP Units, at the option of ROIC, for cash or 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. | |
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 in either cash or common stock, at the option 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 requirement to settle in unregistered shares, and determined that the OP Units meet the requirements to qualify for presentation as permanent equity. | |
On October 17, 2013, the Company received notices of redemption for 158,221 OP Units. The Company elected to redeem the OP Units in cash, and accordingly, a total of $2.2 million was paid on October 31, 2013 to the holders of the respective OP Units. In accordance with the Second Amended and Restated Agreement of Limited Partnership of the Operating Partnership, the redemption value was calculated based on the average closing price of the Company’s common stock on the NASDAQ Stock Market for the ten consecutive trading days immediately preceding the date of receipt of the notices of redemption. | |
The redemption value of the OP Units owned by the limited partners, not including ROIC, had such units been redeemed at December 31, 2013, was approximately $46.5 million based on the average closing price on the NASDAQ Stock Market of ROIC common stock for the ten consecutive trading days immediately preceding December 31, 2013, which amounted to $14.85 per share. | |
Note_11_Fair_Value_of_Financia
Note 11 - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Disclosures [Text Block] | ' |
11. 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 revolving credit facility and term loan are deemed to be at fair value since the outstanding debt is directly tied to monthly LIBOR contracts. The fair value, based on inputs not quoted on active markets, but corroborated by market data, or Level 2, of the outstanding Notes at December 31, 2013 is approximately $252.2 million. Mortgage notes receivables were recorded at the actual purchase price. Mortgage notes payable were recorded at their fair value at the time they were assumed and are estimated to have a fair value of approximately $119.5 million with an interest rate range of 2.8% to 3.8% and the weighted average interest rate of 3.1% as of December 31, 2013. These fair value measurements fall within level 3 of the fair value hierarchy. | |
Note_12_Derivative_and_Hedging
Note 12 - Derivative and Hedging Activities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||
12. Derivative and Hedging Activities | |||||||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | |||||||||||||||||
The following is a summary of the terms of the Company’s interest rate swaps as of December 31, 2013: | |||||||||||||||||
Swap Counterparty | Notional Amount | Effective Date | Maturity Date | Cash Settlement Date | |||||||||||||
Wells Fargo Bank, N.A. | $ | 25,000,000 | 4/15/11 | 4/15/21 | 9/22/14 | ||||||||||||
Wells Fargo Bank, N.A. | $ | 25,000,000 | 4/2/12 | 4/2/19 | 9/22/14 | ||||||||||||
Royal Bank of Canada | $ | 25,000,000 | 4/1/13 | 4/3/23 | 10/31/14 | ||||||||||||
The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in AOCI and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings. | |||||||||||||||||
The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and uses observable market-based inputs, including interest rate curves, and implied volatilities. The fair value of the interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. | |||||||||||||||||
The Company incorporates credit valuation adjustments to appropriately reflect both its own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of its derivative contract for the effect of non-performance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. | |||||||||||||||||
Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2013 the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative position and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy. | |||||||||||||||||
The table below presents the Company’s liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall. | |||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs (Level 3) | |||||||||||||||
Identical Assets | Inputs (Level 2) | ||||||||||||||||
and Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Assets | |||||||||||||||||
Derivative financial instruments | $ | — | $ | 1,948,243 | $ | — | $ | 1,948,243 | |||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | — | $ | (2,528,703 | ) | $ | — | $ | (2,528,703 | ) | |||||||
December 31, 2012: | |||||||||||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | — | $ | (18,012,516 | ) | $ | — | $ | (18,012,516 | ) | |||||||
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest expense is recognized on the hedged debt. During the next twelve months, the Company estimates that $3.5 million will be reclassified as an increase to interest expense. | |||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the balance sheet as of December 31, 2013 and 2012, respectively: | |||||||||||||||||
Derivatives designed as hedging instruments | Balance sheet location | December 31, 2013 | December 31, 2012 | ||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Interest rate products | Other assets | $ | 1,948,243 | $ | — | ||||||||||||
Interest rate products | Other liabilities | $ | (2,528,703 | ) | $ | (18,012,516 | ) | ||||||||||
Derivatives in Cash Flow Hedging Relationships | |||||||||||||||||
The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the year ended December 31, 2013, 2012, and 2011 respectively. Amounts reclassified from other comprehensive income due to ineffectiveness are recognized as interest expense. | |||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||
Amount of gain (loss) recognized in OCI on derivative | $ | 4,564,248 | $ | (7,859,264 | ) | $ | (14,657,235 | ) | |||||||||
Amount of loss reclassified from accumulated OCI into interest | $ | 4,621,227 | $ | 3,799,482 | $ | 1,080,323 | |||||||||||
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | $ | 3,172 | $ | (7,534 | ) | $ | (12,296 | ) | |||||||||
Note_13_Commitments_and_Contin
Note 13 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
13. 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 for certain properties. For financial reporting purposes, rent expense is recognized on a straight-line basis over the term of the lease. Accordingly, rent expense recognized in excess of rent paid is reflected as a liability in the accompanying consolidated balance sheets. Rent expense, for both ground leases and corporate office space, was approximately $1.1 million, $780,000, and $420,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||
The following table represents the Company’s future minimum annual lease payments under operating leases as of December 31, 2013: | |||||
Operating | |||||
Leases | |||||
2014 | $ | 821,365 | |||
2015 | 825,279 | ||||
2016 | 893,333 | ||||
2017 | 961,508 | ||||
2018 | 965,786 | ||||
Thereafter | 29,048,612 | ||||
Total minimum lease payments | $ | 33,515,883 | |||
Additionally, in connection with the acquisition of the remaining 51% of the partnership interests in the Terranomics Crossroads Associates, LP and the acquisition of 100% of the equity interest in SARM Five Points Plaza LLC (both more fully discussed in Note 2), the Company entered into Tax Protection Agreements with certain limited partners of our Operating Partnership. The Tax Protection Agreements require the Company, subject to certain exceptions, for a period of 12 years, to indemnify the Crossroads Sellers and Five Points Sellers receiving OP Units against certain tax liabilities incurred by them, as calculated pursuant to the applicable Tax Protection Agreement, if such liabilities result from a transaction involving a taxable disposition of Crossroads or Five Points Plaza, as applicable, or if the Operating Partnership fails to maintain and allocate to such holders for taxation purposes minimum levels of Operating Partnership liabilities as specified in the Tax Protection Agreement. The Company has no present intention to sell or otherwise dispose of the properties or interests therein in taxable transactions during the restriction period. If the Company were to trigger the tax protection provisions under these agreements, the Company would be required to pay damages in the amount of the taxes owed by these limited partners (plus additional damages in the amount of the taxes incurred as a result of such payment). | |||||
Note_14_Related_Party_Transact
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
14. Related Party Transactions | |
The Company had entered into a Transitional Shared Facilities and Services Agreement with NRDC Real Estate Advisors, LLC, an entity wholly-owned by four of the Company’s current and former directors. Pursuant to the Transitional Shared Facilities and Services Agreement, NRDC Real Estate Advisors, LLC provided the Company with access to, among other things, their information technology and office space. On October 31, 2011 this agreement expired. For the year ended December 31, 2011, the Company incurred $75,000 of expenses relating to this agreement which is included in general and administrative expenses in the accompanying consolidated statements of operations. The Company did not incur any expenses relating to this agreement during the years ended December 31, 2013 or 2012. | |
In May 2010, the Company had entered into a Shared Facilities and Service Agreement effective January 1, 2010 with an officer of the Company. Pursuant to the Shared Facilities and Service Agreement, the Company was provided the use of office space and other resources for a monthly fee of $1,938. The agreement was terminated on October 31, 2011 due to the relocation of office space. For the year ended December 31, 2011, the Company incurred approximately $19,400 of expenses relating to this agreement which is included in general and administrative expenses in the accompanying consolidated statements of operations. The Company did not incur any expenses relating to this agreement during the years ended December 31, 2013 or 2012, since the agreement was terminated on October 31, 2011. | |
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, 2013, 2012 and 2011, the Company incurred approximately $25,000, $9,500 and $4,700, respectively, of expenses relating to the agreements which were included in general and administrative expenses in the accompanying consolidated statements of operations. | |
Note_15_Corporate_office_reloc
Note 15 - Corporate office relocation | 12 Months Ended |
Dec. 31, 2013 | |
Corporate Office Relocation [Abstract] | ' |
Corporate Office Relocation [Text Block] | ' |
15. Corporate office relocation | |
On August 2, 2012, the Company announced the relocation of its corporate headquarters from White Plains, New York to San Diego, California. The Company also announced that as a consequence of the relocation John B. Roche, the Company’s former Chief Financial Officer, elected not to remain with the Company which was effective December 1, 2012. Consequently, the Company and Mr. Roche agreed to set the date of Mr. Roche’s departure for December 1, 2012. Under his employment agreement, Mr. Roche was entitled to receive a lump sum payment, within 30 days of his departure, equal to (i) $2,048,000, which is equal to (x) two times his annual salary and (y) two times the average of his annual bonuses awarded for the last two years immediately preceding the year of his departure, (ii) $18,000, which represents Mr. Roche’s automobile allowance for one year and (iii) any of Mr. Roche’s annual salary, annual bonus and other benefits which was both earned and accrued prior to the date of termination. In addition to the foregoing, all outstanding unvested equity-based incentives and awards granted to Mr. Roche were vested and became free from restrictions and are exercisable in accordance with the terms of the equity-based incentive and award agreements. In connection with the corporate office relocation the Company incurred approximately $2.8 million in moving costs inclusive of the costs incurred for John Roche as described above. These costs are included in general and administrative expenses in the accompanying consolidated statements of operations. | |
Effective December 1, 2012, the Company appointed Michael B. Haines as the Company’s Chief Financial Officer. | |
Note_16_Quarterly_Results_of_O
Note 16 - Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
16. Quarterly Results of Operations (Unaudited) | |||||||||||||||||
The unaudited quarterly results of operations for the years ended December 31, 2013 and 2012 for ROIC are as follows: | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Total revenues | $ | 24,384,449 | $ | 26,063,466 | $ | 27,147,631 | $ | 33,636,485 | |||||||||
Net income | $ | 2,289,886 | $ | 2,471,012 | $ | 25,262,291 | $ | 3,955,264 | |||||||||
Net income attributable to ROIC | $ | 2,289,886 | $ | 2,471,012 | $ | 25,262,291 | $ | 3,790,372 | |||||||||
Basic income per share | $ | 0.04 | $ | 0.04 | $ | 0.35 | $ | 0.05 | |||||||||
Diluted income per share | $ | 0.04 | $ | 0.03 | $ | 0.34 | $ | 0.05 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Total revenues | $ | 16,647,684 | $ | 18,118,372 | $ | 18,889,274 | $ | 21,440,357 | |||||||||
Net income (loss) attributable to ROIC | $ | 1,127,404 | $ | 4,424,752 | $ | 2,618,768 | $ | -278,310 | |||||||||
Basic and diluted income (loss) per share | $ | 0.02 | $ | 0.09 | $ | 0.05 | $ | -0.01 | |||||||||
The unaudited quarterly results of operations for the years ended December 31, 2013 and 2012 for the Operating Partnership are as follows (in thousands, except per share data): | |||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Total revenues | $ | 24,384,449 | $ | 26,063,466 | $ | 27,147,631 | $ | 33,636,485 | |||||||||
Net income attributable to the Operating Partnership | $ | 2,289,886 | $ | 2,471,012 | $ | 25,262,291 | $ | 3,955,264 | |||||||||
Basic income per unit | $ | 0.04 | $ | 0.04 | $ | 0.35 | $ | 0.05 | |||||||||
Diluted income per unit | $ | 0.04 | $ | 0.03 | $ | 0.34 | $ | 0.05 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Total revenues | $ | 16,647,684 | $ | 18,118,372 | $ | 18,889,274 | $ | 21,440,357 | |||||||||
Net income (loss) attributable to the Operating Partnership | $ | 1,127,404 | $ | 4,424,752 | $ | 2,618,768 | $ | -278,310 | |||||||||
Basic and diluted income (loss) per unit | $ | 0.02 | $ | 0.09 | $ | 0.05 | $ | -0.01 | |||||||||
Note_17_Subsequent_Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
17. Subsequent Events | |
On February 18, 2014, the Company acquired the property known as Tigard Marketplace located in Portland, Oregon, for a purchase price of approximately $25.1 million. Tigard Marketplace is approximately 137,000 square feet and is anchored by H Mart Supermarkets and Bi-Mart Pharmacy. The property was acquired with borrowings under the Company’s credit facility. | |
The purchase price allocation has not been finalized and is expected to be completed during the first quarter of 2014. | |
On February 21, 2014, the Company’s board of directors declared a cash dividend on its common stock of $0.16 per share, payable on March 28, 2014 to holders of record on March 14, 2014. | |
Subsequent to December 31, 2013, the Company received notice of warrant exercises for 189,726 warrants, totaling approximately $2.3 million in proceeds. | |
Schedule_III_Real_Estate_and_A
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||||||||||
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||
Initial Cost to Company | Cost Capitalized | Amount at Which Carried | ||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition | at Close of Period | |||||||||||||||||||||||||||||||||||||
Building & | Building & | Building & | Accumulated | Date of | ||||||||||||||||||||||||||||||||||
Description and Location | Encumbrances | Land | Improvements | Land | Improvements | Land | Improvements | Total | Depreciation (1) | Acquisition (a) | ||||||||||||||||||||||||||||
Paramount Plaza, CA | $ | — | $ | 6,346,871 | $ | 10,274,425 | $ | — | $ | 158,307 | $ | 6,346,871 | $ | 10,432,732 | 16,779,603 | $ | 1,341,346 | 12/22/09 | ||||||||||||||||||||
Santa Ana Downtown Plaza, CA | — | 7,895,272 | 9,890,440 | — | 1,105,604 | 7,895,272 | 10,996,044 | 18,891,316 | 1,359,454 | 1/26/10 | ||||||||||||||||||||||||||||
Meridian Valley Plaza, WA | — | 1,880,637 | 4,794,789 | — | 565,181 | 1,880,637 | 5,359,970 | 7,240,607 | 972,289 | 2/1/10 | ||||||||||||||||||||||||||||
Grand Mart Plaza, CA | — | 4,530,336 | 7,206,258 | 701,089 | 595,568 | 5,231,425 | 7,801,826 | 13,033,251 | 1,270,966 | 2/2/10 | ||||||||||||||||||||||||||||
The Market at Lake Stevens, WA | — | 3,086,933 | 12,397,178 | — | 48,012 | 3,086,933 | 12,445,190 | 15,532,123 | 1,462,628 | 3/16/10 | ||||||||||||||||||||||||||||
Norwood Shopping Center, CA | — | 3,031,309 | 11,534,239 | — | 259,052 | 3,031,309 | 11,793,291 | 14,824,600 | 1,369,119 | 4/5/10 | ||||||||||||||||||||||||||||
Pleasant Hill Marketplace, CA | — | 6,359,471 | 6,927,347 | — | 740,989 | 6,359,471 | 7,668,336 | 14,027,807 | 964,290 | 4/8/10 | ||||||||||||||||||||||||||||
Vancouver Market Center, WA | — | 4,080,212 | 6,912,155 | — | 169,200 | 4,080,212 | 7,081,355 | 11,161,567 | 822,379 | 6/17/10 | ||||||||||||||||||||||||||||
Happy Valley Town Center, OR | — | 11,678,257 | 27,011,054 | — | 1,429,817 | 11,678,257 | 28,440,871 | 40,119,128 | 3,396,860 | 7/14/10 | ||||||||||||||||||||||||||||
Oregon City Point, OR | — | 1,792,230 | 9,179,205 | — | 173,951 | 1,792,230 | 9,353,156 | 11,145,386 | 1,002,425 | 7/14/10 | ||||||||||||||||||||||||||||
Cascade Summit, OR | — | 8,852,543 | 7,731,944 | — | 247,847 | 8,852,543 | 7,979,791 | 16,832,334 | 1,136,648 | 8/20/10 | ||||||||||||||||||||||||||||
Heritage Market Center, WA | — | 6,594,766 | 17,399,233 | — | 460,541 | 6,594,766 | 17,859,774 | 24,454,540 | 1,731,278 | 9/23/10 | ||||||||||||||||||||||||||||
Claremont Center, CA | — | 5,975,391 | 1,018,505 | 183,362 | 4,222,592 | 6,158,753 | 5,241,097 | 11,399,850 | 725,015 | 9/23/10 | ||||||||||||||||||||||||||||
Shops At Sycamore Creek, CA | — | 3,747,011 | 11,583,858 | — | 868,448 | 3,747,011 | 12,452,306 | 16,199,317 | 1,625,662 | 9/30/10 | ||||||||||||||||||||||||||||
Gateway Village, CA (2) | 7,368,521 | 5,916,530 | 27,298,339 | — | 233,949 | 5,916,530 | 27,532,288 | 33,448,818 | 2,674,979 | 12/16/10 | ||||||||||||||||||||||||||||
Division Crossing, OR | — | 3,705,536 | 8,327,097 | — | 3,268,554 | 3,705,536 | 11,595,651 | 15,301,187 | 869,744 | 12/22/10 | ||||||||||||||||||||||||||||
Hasley Crossing, OR (2) | — | — | 7,773,472 | — | 425,329 | — | 8,198,801 | 8,198,801 | 1,061,952 | 12/22/10 | ||||||||||||||||||||||||||||
Marketplace Del Rio,CA | — | 13,420,202 | 22,251,180 | — | 448,504 | 13,420,202 | 22,699,684 | 36,119,886 | 2,492,378 | 1/3/11 | ||||||||||||||||||||||||||||
Pinole Vista, CA | — | 9,233,728 | 17,553,082 | — | 2,053,380 | 9,233,728 | 19,606,462 | 28,840,190 | 2,045,069 | 1/6/11 | ||||||||||||||||||||||||||||
Desert Spring Marketplace, CA | — | 8,517,225 | 18,761,350 | (159,973 | ) | 1,668,923 | 8,357,252 | 20,430,273 | 28,787,525 | 2,204,250 | 2/17/11 | |||||||||||||||||||||||||||
Mills Shopping Center, CA | — | 4,083,583 | 16,833,059 | — | 4,206,597 | 4,083,583 | 21,039,656 | 25,123,239 | 2,698,596 | 2/17/11 | ||||||||||||||||||||||||||||
Morada Ranch, CA | — | 2,503,605 | 19,546,783 | — | 334,702 | 2,503,605 | 19,881,485 | 22,385,090 | 1,662,200 | 5/20/11 | ||||||||||||||||||||||||||||
Renaissance, CA | 16,489,812 | 8,640,261 | 13,848,388 | — | 586,485 | 8,640,261 | 14,434,873 | 23,075,134 | 1,181,784 | 8/3/11 | ||||||||||||||||||||||||||||
Country Club Gate, CA | 12,236,374 | 6,487,457 | 17,340,757 | — | 701,565 | 6,487,457 | 18,042,322 | 24,529,779 | 1,592,125 | 7/8/11 | ||||||||||||||||||||||||||||
Canyon Park, WA | — | 9,352,244 | 11,291,210 | — | 1,410,556 | 9,352,244 | 12,701,766 | 22,054,010 | 1,220,437 | 7/29/11 | ||||||||||||||||||||||||||||
Hawks Prairie, WA | — | 5,334,044 | 20,693,920 | — | 343,425 | 5,334,044 | 21,037,345 | 26,371,389 | 1,763,167 | 9/8/11 | ||||||||||||||||||||||||||||
Kress Building, WA | — | 5,692,748 | 20,866,133 | — | 2,620,097 | 5,692,748 | 23,486,230 | 29,178,978 | 1,738,025 | 9/30/11 | ||||||||||||||||||||||||||||
Round Hill Square, CA | — | 6,358,426 | 17,734,397 | — | 462,991 | 6,358,426 | 18,197,388 | 24,555,814 | 1,457,492 | 8/23/11 | ||||||||||||||||||||||||||||
Hillsboro, OR (2) | — | — | 18,054,929 | — | 211,234 | — | 18,266,163 | 18,266,163 | 1,284,493 | 11/23/11 | ||||||||||||||||||||||||||||
Gateway Shopping Center, WA | — | 6,241,688 | 23,461,824 | — | 43,940 | 6,241,688 | 23,505,764 | 29,747,452 | 1,290,665 | 2/16/12 | ||||||||||||||||||||||||||||
Euclid Plaza, CA | 8,158,676 | 7,407,116 | 7,752,767 | — | 2,333,262 | 7,407,116 | 10,086,029 | 17,493,145 | 629,378 | 3/28/12 | ||||||||||||||||||||||||||||
Green Valley, CA | — | 1,684,718 | 8,999,134 | — | 261,136 | 1,684,718 | 9,260,270 | 10,944,988 | 558,340 | 4/2/12 | ||||||||||||||||||||||||||||
Aurora Square, WA | — | 3,002,147 | 1,692,681 | — | — | 3,002,147 | 1,692,681 | 4,694,828 | 195,852 | 5/3/12 | ||||||||||||||||||||||||||||
Marlin Cove, CA | — | 8,814,850 | 6,797,289 | — | 765,272 | 8,814,850 | 7,562,561 | 16,377,411 | 472,549 | 5/4/12 | ||||||||||||||||||||||||||||
Seabridge, CA | — | 5,098,187 | 17,164,319 | — | 485,111 | 5,098,187 | 17,649,430 | 22,747,617 | 936,288 | 5/31/12 | ||||||||||||||||||||||||||||
Novato, CA | — | 5,329,472 | 4,411,801 | — | 293,642 | 5,329,472 | 4,705,443 | 10,034,915 | 213,691 | 7/24/12 | ||||||||||||||||||||||||||||
Glendora, CA | — | 5,847,407 | 8,758,338 | — | 50,852 | 5,847,407 | 8,809,190 | 14,656,597 | 478,581 | 8/1/12 | ||||||||||||||||||||||||||||
Wilsonville, WA | — | 4,180,768 | 15,394,342 | — | 125,267 | 4,180,768 | 15,519,609 | 19,700,377 | 675,645 | 8/1/12 | ||||||||||||||||||||||||||||
Bay Plaza, CA | — | 5,454,140 | 14,857,031 | — | 1,048,849 | 5,454,140 | 15,905,880 | 21,360,020 | 655,299 | 10/5/12 | ||||||||||||||||||||||||||||
Santa Theresa, CA | 11,033,511 | 14,964,975 | 17,162,039 | — | 1,791,745 | 14,964,975 | 18,953,784 | 33,918,759 | 739,983 | 11/8/12 | ||||||||||||||||||||||||||||
Cypress West, CA | — | 15,479,535 | 11,819,089 | — | 185,461 | 15,479,535 | 12,004,550 | 27,484,085 | 464,885 | 12/7/12 | ||||||||||||||||||||||||||||
Redondo Beach, CA | — | 16,241,947 | 13,624,837 | — | 52,061 | 16,241,947 | 13,676,898 | 29,918,845 | 484,754 | 12/28/12 | ||||||||||||||||||||||||||||
Harbor Place, CA | — | 16,506,423 | 10,527,092 | — | 99,584 | 16,506,423 | 10,626,676 | 27,133,099 | 361,547 | 12/28/12 | ||||||||||||||||||||||||||||
Diamond Bar Town Center, CA | — | 9,540,204 | 16,794,637 | — | 161,217 | 9,540,204 | 16,955,854 | 26,496,058 | 550,775 | 2/1/13 | ||||||||||||||||||||||||||||
Bernardo Heights, CA | 8,748,605 | 3,191,950 | 8,939,685 | — | 383 | 3,191,950 | 8,940,068 | 12,132,018 | 252,475 | 2/6/13 | ||||||||||||||||||||||||||||
Canyon Crossing, WA | — | 7,940,521 | 24,659,249 | — | 987,435 | 7,940,521 | 25,646,684 | 33,587,205 | 626,492 | 4/15/13 | ||||||||||||||||||||||||||||
Diamond Hills, CA | — | 15,457,603 | 29,352,602 | — | 266,724 | 15,457,603 | 29,619,326 | 45,076,929 | 697,665 | 4/22/13 | ||||||||||||||||||||||||||||
Granada Shopping Center, CA | — | 3,673,036 | 13,459,155 | — | 37,991 | 3,673,036 | 13,497,146 | 17,170,182 | 283,299 | 6/27/13 | ||||||||||||||||||||||||||||
Hawthorne Crossings, CA | — | 10,382,740 | 29,277,254 | — | 4,963 | 10,382,740 | 29,282,217 | 39,664,957 | 469,446 | 6/27/13 | ||||||||||||||||||||||||||||
Robinwood, CA | — | 3,996,984 | 11,317,359 | — | — | 3,996,984 | 11,317,359 | 15,314,343 | 147,803 | 8/23/13 | ||||||||||||||||||||||||||||
Five Points Plaza, CA | — | 18,417,251 | 37,051,590 | — | 80,372 | 18,417,251 | 37,131,962 | 55,549,213 | 267,916 | 9/27/13 | ||||||||||||||||||||||||||||
Crossroads Shopping Center, CA | 49,413,976 | 68,484,079 | 68,533,041 | — | 187,202 | 68,484,079 | 68,720,243 | 137,204,322 | 662,454 | 9/27/13 | ||||||||||||||||||||||||||||
Peninsula Marketplace, CA | — | 14,730,088 | 19,213,763 | — | — | 14,730,088 | 19,213,763 | 33,943,851 | 131,489 | 10/15/13 | ||||||||||||||||||||||||||||
Country Club Village, CA | — | 10,011,865 | 26,578,916 | — | 435,858 | 10,011,865 | 27,014,774 | 37,026,639 | 85,556 | 11/26/13 | ||||||||||||||||||||||||||||
Plaza de la Canada, CA (2) | — | 10,351,028 | 24,819,026 | — | 8,307 | 10,351,028 | 24,827,333 | 35,178,361 | 40,103 | 12/13/13 | ||||||||||||||||||||||||||||
$ | 113,449,475 | $ | 457,527,550 | $ | 874,453,586 | $ | 724,478 | $ | 39,728,034 | $ | 458,252,028 | $ | 914,181,620 | $ | 1,372,433,648 | $ | 57,499,980 | |||||||||||||||||||||
(a) RECONCILIATION OF REAL ESTATE – OWNED SUBJECT TO OPERATING LEASES | ||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
Balance at beginning of period: | $ | 871,693,595 | $ | 580,832,410 | $ | 272,732,844 | ||||||||||||||||||||||||||||||||
Property improvements during the year | 19,513,924 | 12,264,027 | 8,106,363 | |||||||||||||||||||||||||||||||||||
Properties acquired during the year | 487,309,488 | 278,597,158 | 299,993,203 | |||||||||||||||||||||||||||||||||||
Properties sold during the year | -6,083,359 | — | — | |||||||||||||||||||||||||||||||||||
Balance at end of period: | $ | 1,372,433,648 | $ | 871,693,595 | $ | 580,832,410 | ||||||||||||||||||||||||||||||||
(b) RECONCILIATION OF ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
Balance at beginning of period: | $ | 32,364,772 | $ | 14,451,032 | $ | 3,078,160 | ||||||||||||||||||||||||||||||||
Depreciation expenses | 25,653,359 | 17,913,740 | 11,793,750 | |||||||||||||||||||||||||||||||||||
Properties sold during the year | -433,342 | — | — | |||||||||||||||||||||||||||||||||||
Property assets fully depreciated and written off | -84,809 | — | (420,878 | ) | ||||||||||||||||||||||||||||||||||
Balance at end of period: | $ | 57,499,980 | $ | 32,364,772 | $ | 14,451,032 | ||||||||||||||||||||||||||||||||
(1) | Depreciation and investments in building and improvements reflected in the consolidated statement 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 is subject to a ground lease. | |||||||||||||||||||||||||||||||||||||
-3 | The aggregate cost for Federal Income Tax Purposes for real estate was approximately $1.3 billion at December 31, 2013. | |||||||||||||||||||||||||||||||||||||
Schedule_IV_Mortgage_Loans_on_
Schedule IV - Mortgage Loans on Real Estate | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||||||
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block] | ' | ||||||||||||
SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE | |||||||||||||
December 31, 2013 | |||||||||||||
The Company has no remaining mortgage loans on real estate as of December 31, 2013. | |||||||||||||
(a) RECONCILIATION OF MORTGAGE LOANS ON REAL ESTATE | |||||||||||||
For the Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at beginning of period: | $ | 10,000,000 | $ | 10,000,000 | $ | 57,778,044 | |||||||
Mortgage loans acquired during the current period | — | — | 10,000,000 | ||||||||||
Mortgage loans converted to fee interest through deed-in-lieu of foreclosure | — | — | (49,978,044 | ) | |||||||||
Mortgage loans converted to joint venture | — | — | (7,800,000 | ) | |||||||||
Mortgage loans eliminated upon consolidation of joint venture | (10,000,000 | ) | — | — | |||||||||
Balance at end of period: | $ | — | $ | 10,000,000 | $ | 10,000,000 | |||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update to improve the reporting of reclassifications out of accumulated other comprehensive income (“AOCI”), requiring companies to present information about reclassifications out of AOCI in one place and by component. This guidance is effective for interim and annual periods beginning on or after December 15, 2012. Adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. | |||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements are prepared on the accrual basis in accordance with GAAP. The consolidated financial statements include the accounts and those of its subsidiaries, which are wholly-owned or controlled by the Company. Entities which the Company does not control through its voting interest and entities which are variable interest entities (“VIEs”), but where it is not the primary beneficiary, are accounted for under the equity method. All significant intercompany balances and transactions have been eliminated. | |||||||||||||
The Company follows the FASB guidance for determining whether an entity is a VIE and requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. | |||||||||||||
A non-controlling interest in a consolidated subsidiary is defined as the portion of the equity (net assets) in a subsidiary not attributable, directly or indirectly, to a parent. Non-controlling interests are required to be presented as a separate component of equity in the consolidated balance sheet and modifies the presentation of net income by requiring earnings and other comprehensive income to be attributed to controlling and non-controlling interests. | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. The most significant assumptions and estimates relate to the purchase price allocations, depreciable lives, revenue recognition and the collectability of tenant receivables, other receivables, notes receivables, the valuation of performance-based restricted stock, stock options and derivatives. Actual results could differ from these estimates. | |||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||
Federal Income Taxes | |||||||||||||
Commencing with the Company’s taxable year ended December 31, 2010, the Company 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. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiary (“TRS”) is fully subject to U.S. federal, state and local income taxes. For all periods from inception through September 26, 2013 the Operating Partnership has been an entity disregarded from its sole owner, ROIC, for U.S. federal income tax purposes and as such has not been subject to federal income taxes. Effective September 27, 2013, the Operating Partnership issued 3,290,263 OP Units in connection with the acquisitions of Crossroads Shopping Center and Five Points Plaza, which are described under Note 2 below. Accordingly, the Operating Partnership ceased being a disregarded entity and instead is being treated as a partnership for federal income tax purposes. | |||||||||||||
The Company follows the FASB guidance that defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The FASB also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. The statute of limitations for tax years 2010 through and including 2012 are still open for examination by the Internal Revenue Service (“IRS”) and state taxing authorities. During the year ended December 31, 2011, the IRS conducted an examination of the Company’s 2009 federal tax return. During the year ended December 31, 2012 the Company reached a settlement with the IRS in which the Company paid to the IRS approximately $122,000. | |||||||||||||
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. | |||||||||||||
Real Estate, Policy [Policy Text Block] | ' | ||||||||||||
Real Estate Investments | |||||||||||||
All costs related to the improvement or replacement of real estate properties are capitalized. Additions, renovations and improvements that enhance and/or extend the useful life of a property are also capitalized. Expenditures for ordinary maintenance, repairs and improvements that do not materially prolong the normal useful life of an asset are charged to operations as incurred. The Company expenses transaction costs associated with business combinations in the period incurred. During the years ended December 31, 2013 and 2012, capitalized costs related to the improvements or replacement of real estate properties were approximately $19.2 million and $12.2 million, respectively. | |||||||||||||
Upon the acquisition of real estate properties, the fair value of the real estate purchased is allocated to the acquired tangible assets (consisting of land, buildings and improvements), and acquired intangible assets and liabilities (consisting of above-market and below-market leases and acquired in-place leases). Acquired lease intangible assets include above-market leases and acquired in-place leases, and acquired leases intangible liabilities represent below-market leases, in the accompanying consolidated balance sheet. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management’s determination of the relative fair values of these assets. In valuing an acquired property’s intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs. Leasing commissions, legal and other related costs (“lease origination costs”) are classified as deferred charges in the accompanying consolidated balance sheet. | |||||||||||||
The value of in-place leases is measured by the excess of (i) the purchase price paid for a property after adjusting existing in-place leases to market rental rates, over (ii) the estimated fair value of the property as if vacant. Above-market and below-market lease values are recorded based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be received and management’s estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of acquisition. Such valuations include a consideration of the non-cancellable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below-market rental renewal options are determined based on the Company’s experience and the relevant facts and circumstances that existed at the time of the acquisitions. The value of the above-market and below-market leases associated with the original lease term is amortized to rental income, over the terms of the respective leases. The value of below-market rental lease renewal options is deferred until such time as the renewal option is exercised and subsequently amortized over the corresponding renewal period. The value of in-place leases are amortized to expense, and the above-market and below-market lease values are amortized to rental income, over the remaining non-cancellable terms of the respective leases. If a lease were to be terminated prior to its stated expiration, all unamortized amounts relating to that lease would be recognized in operations at that time. The Company may record a bargain purchase gain if it determines that the purchase price for the acquired assets was less than the fair value. The Company will record a liability in situations where any part of the cash consideration is deferred. The amounts payable in the future are discounted to their present value. The liability is subsequently re-measured to fair value with changes in fair value recognized in the consolidated statements of operations. If, up to one year from the acquisition date, information regarding fair value of assets acquired and liabilities assumed is received and estimates are refined, appropriate property adjustments are made to the purchase price allocation on a retrospective basis. | |||||||||||||
In conjunction with the Company’s pursuit and acquisition of real estate investments, the Company expensed acquisition transaction costs during the years ended December 31, 2013, 2012 and 2011 of approximately $1.7 million, $1.3 million and $2.3 million, respectively. | |||||||||||||
Regarding certain of the Company’s 2013 property acquisitions (see Note 2), the fair value asset and liability allocations are preliminary and may be adjusted as final information becomes available. | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||||||
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, 2013. | |||||||||||||
In June 2013, the Company sold the Nimbus Village Shopping Center, a non-grocery anchored, non-core shopping center located in Rancho Cordova, California. The sales price of this property of approximately $6.3 million, less costs to sell, resulted in proceeds to the Company of approximately $5.6 million. Accordingly, the Company recorded a loss on sale of property of approximately $714,000 for the year ended December 31, 2013, which has been included in discontinued operations. | |||||||||||||
The Company reviews its investments in unconsolidated joint ventures for impairment periodically and the Company would record an impairment charge when events or circumstances change indicating that a decline in the fair values below the carrying values has occurred and such decline is other-than temporary. The ultimate realization of the Company’s investment in an unconsolidated joint venture is dependent on a number of factors, including the performance of each investment and market conditions. As of December 31, 2013, the Company has no unconsolidated joint ventures. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
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. | |||||||||||||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Restricted Cash | |||||||||||||
The terms of several of the Company’s mortgage loans payable require the Company to deposit certain replacement and other reserves with its lenders. Such “restricted cash” is generally available only for property-level requirements for which the reserves have been established and is not available to fund other property-level or Company-level obligations. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Management has determined that all of the Company’s leases with its various tenants are operating leases. Rental income is generally recognized based on the terms of leases entered into with tenants. In those instances in which the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed and possession or control of the space is turned over to the tenant. When the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition and lease incentive amortization when possession or control of the space is turned over to the tenant for tenant work to begin. Minimum rental income from leases with scheduled rent increases is recognized on a straight-line basis over the lease term. Percentage rent is recognized when a specific tenant’s sales breakpoint is achieved. Property operating expense recoveries from tenants of common area maintenance, real estate taxes and other recoverable costs are recognized in the period the related expenses are incurred. Lease incentives are amortized as a reduction of rental revenue over the respective tenant lease terms. | |||||||||||||
Termination fees (included in rental revenue) are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration date. The Company recognizes termination fees in accordance with Securities and Exchange Commission Staff Accounting Bulletin 104, “Revenue Recognition,” when the following conditions are met: (a) the termination agreement is executed; (b) the termination fee is determinable; (c) all landlord services pursuant to the terminated lease have been rendered; and (d) collectivity of the termination fee is assured. Interest income is recognized as it is earned. Gains or losses on disposition of properties are recorded when the criteria for recognizing such gains or losses under generally accepted accounting principles have been met. | |||||||||||||
The Company must make estimates as to the collectability of its accounts receivable related to base rent, straight-line rent, expense reimbursements and other revenues. Management analyzes accounts receivable and the allowance for bad debts by considering tenant creditworthiness, current economic trends, and changes in tenants’ payment patterns when evaluating the adequacy of the allowance for doubtful accounts receivable. The Company also provides an allowance for future credit losses of the deferred straight-line rents receivable. The provision for doubtful accounts at both December 31, 2013 and December 31, 2012 was approximately $3.2 million. | |||||||||||||
Depreciation, Depletion, and Amortization [Policy Text Block] | ' | ||||||||||||
Depreciation and Amortization | |||||||||||||
The Company uses the straight-line method for depreciation and amortization. Buildings are depreciated over the estimated useful lives which the Company estimates to be 39-40 years. Property improvements are depreciated over the estimated useful lives that range from 10 to 20 years. Furniture and fixtures are depreciated over the estimated useful lives that range from 3 to 10 years. Tenant improvements are amortized over the shorter of the life of the related leases or their useful life. | |||||||||||||
Deferred Charges, Policy [Policy Text Block] | ' | ||||||||||||
Deferred Charges | |||||||||||||
Deferred charges consist principally of leasing commissions and acquired lease origination costs (which are amortized ratably over the life of the tenant leases) and financing fees (which are amortized over the term of the related debt obligation). Deferred charges in the accompanying consolidated balance sheets are shown at cost, net of accumulated amortization of approximately $14.9 million and $9.1 million, as of December 31, 2013 and 2012, respectively. | |||||||||||||
The unamortized balances of deferred charges that will be charged to future operations as of December 31, 2013 are as follows: | |||||||||||||
Lease Origination Costs | Financing Costs | Total | |||||||||||
2014 | $ | 5,522,474 | $ | 1,914,356 | $ | 7,436,830 | |||||||
2015 | 4,451,946 | 1,661,142 | 6,113,088 | ||||||||||
2016 | 3,421,780 | 1,584,311 | 5,006,091 | ||||||||||
2017 | 2,568,246 | 1,215,727 | 3,783,973 | ||||||||||
2018 | 1,842,947 | 258,222 | 2,101,169 | ||||||||||
Thereafter | 7,359,800 | 1,321,029 | 8,680,829 | ||||||||||
Total future amortization of deferred charges | $ | 25,167,193 | $ | 7,954,787 | $ | 33,121,980 | |||||||
Capitalized Leasing Costs, Policy [Policy Text Block] | ' | ||||||||||||
Internal Capitalized Leasing Costs | |||||||||||||
The Company capitalizes a portion of payroll-related costs related to its leasing personnel associated with new leases and lease renewals. These costs are amortized over the life of the respective leases. During the years ended December 31, 2013, 2012 and 2011, the Company capitalized approximately $742,000, $695,000 and $563,000, respectively. | |||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||||||
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, Policy [Policy Text Block] | ' | ||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings (loss) per share (“EPS”) excludes the impact of dilutive shares and is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue shares of common stock were exercised or converted into shares of common stock and then shared in the earnings of the Company. | |||||||||||||
During the years ended December 31, 2013 and 2012, the effect of approximately 41,400,000 warrants to purchase the Company’s common stock (the “Public Warrants”) issued in connection with the Company’s initial public offering (the “IPO”), and the 8,000,000 warrants (the “Private Placement Warrants”) purchased by NRDC Capital Management, LLC simultaneously with the consummation of the IPO, for the time these were outstanding during these periods, were included in the calculation of diluted EPS since the weighted average share price was greater than the exercise price during these periods. During the year ended December 31, 2011, the effect of the 41,400,000 Public Warrants and the 8,000,000 Private Placement Warrants were not included in the calculation of diluted EPS since the weighted average share price was less than the exercise price during this period. | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, basic EPS was determined by dividing net income allocable to common stockholders for the applicable period by the weighted average number of shares of common stock outstanding during such period. Net income during the applicable period is also allocated to the time-based unvested restricted stock as these grants are entitled to receive dividends and are therefore considered a participating security. Time-based unvested restricted stock is not allocated net losses and/or any excess of dividends declared over net income; such amounts are allocated entirely to the common stockholders other than the holders of time-based unvested restricted stock. The performance-based restricted stock grants awarded under the 2009 Plan described in Note 9 are excluded from the basic EPS calculation, as these units are not participating securities. | |||||||||||||
The following table sets forth the reconciliation between basic and diluted EPS for ROIC: | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,691,982 | $ | 7,892,613 | $ | 9,656,321 | |||||||
Less income from continuing operations attributable to noncontrolling interests | -164,892 | — | — | ||||||||||
Less earnings allocated to unvested shares | (78,361 | ) | -213,361 | — | |||||||||
Income from continuing operations available for common shareholders, basic | 34,448,729 | 7,679,252 | 9,656,321 | ||||||||||
Loss from discontinued operations available to common shareholders, basic | -713,529 | — | — | ||||||||||
Net income available to common stockholders, basic | $ | 33,735,200 | $ | 7,679,252 | $ | 9,656,321 | |||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,691,982 | $ | 7,892,613 | $ | 9,656,321 | |||||||
Less earnings allocated to unvested shares | (78,361 | ) | -213,361 | — | |||||||||
Income from continuing operations available for common shareholders, diluted | 34,613,621 | 7,679,252 | 9,656,321 | ||||||||||
Loss from discontinued operations available to common shareholders, diluted | -713,529 | — | — | ||||||||||
Net income available to common stockholders, diluted | $ | 33,900,092 | $ | 7,679,252 | $ | 9,656,321 | |||||||
Denominator: | |||||||||||||
Denominator for basic EPS – weighted average common shares | 67,419,497 | 51,059,408 | 42,477,007 | ||||||||||
Warrants | 2,568,822 | 1,165,663 | — | ||||||||||
OP Units | 838,508 | — | — | ||||||||||
Restricted stock awards - performance-based | 113,066 | 95,466 | 35,878 | ||||||||||
Stock Options | 64,487 | 50,631 | 13,403 | ||||||||||
Denominator for diluted EPS – weighted average common equivalent shares | 71,004,380 | 52,371,168 | 42,526,288 | ||||||||||
Earnings Per Unit | |||||||||||||
The following table sets forth the reconciliation between basic and diluted earnings per unit for the Operating Partnership: | |||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,691,982 | $ | 7,892,613 | $ | 9,656,321 | |||||||
Less earnings allocated to unvested units | (78,361 | ) | -213,361 | — | |||||||||
Income from continuing operations available for unitholders, basic and diluted | 34,613,621 | 7,679,252 | 9,656,321 | ||||||||||
Loss from discontinued operations available to unitholders, basic and diluted | -713,529 | — | — | ||||||||||
Net income available to unitholders, basic and diluted | $ | 33,900,092 | $ | 7,679,252 | $ | 9,656,321 | |||||||
Denominator: | |||||||||||||
Denominator for basic EPS – weighted average common units | 68,258,005 | 51,059,408 | 42,477,007 | ||||||||||
Warrants | 2,568,822 | 1,165,663 | — | ||||||||||
Restricted stock awards - performance-based | 113,066 | 95,466 | 35,878 | ||||||||||
Stock Options | 64,487 | 50,631 | 13,403 | ||||||||||
Denominator for diluted EPS – weighted average common equivalent units | 71,004,380 | 52,371,168 | 42,526,288 | ||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company has a stock-based employee compensation plan, which is more fully described in Note 9. | |||||||||||||
The Company accounts for its stock-based compensation plans based on the FASB guidance which requires that compensation expense be recognized based on the fair value of the stock awards less estimated forfeitures. Restricted stock grants vest based upon the completion of a service period (“time-based grants”) and/or the Company meeting certain established financial performance criteria (“performance-based grants”). Time-based grants are valued according to the market price for the Company’s common stock at the date of grant. For performance-based grants, a Monte Carlo valuation model is used, taking into account the underlying contingency risks associated with the performance criteria. It is the Company’s policy to grant options with an exercise price equal to the quoted closing market price of stock on the grant date. Awards of stock options and time-based grants stock are expensed as compensation over the vesting period. Awards of performance-based grants are expensed as compensation under an accelerated method and are recognized in income regardless of the results of the performance criteria. | |||||||||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||||||
Derivatives | |||||||||||||
The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. When the Company terminates a derivative for which cash flow hedging was being applied, the balance which was recorded in Other Comprehensive Income is amortized to interest expense over the remaining contractual term of the swap. The Company includes cash payments made to terminate interest rate swaps as an operating activity on the statement of cash flows, given the nature of the underlying cash flows that the derivative was hedging. | |||||||||||||
Segment Reporting, Policy [Policy Text Block] | ' | ||||||||||||
Segment Reporting | |||||||||||||
The Company’s primary business is the ownership, management, and redevelopment of retail real estate properties. The Company reviews operating and financing information for each property on an individual basis and therefore, each property represents an individual operating segment. The Company evaluates financial performance using property operating income, defined as operating revenues (base rent and recoveries from tenants), less property and related expenses (property operating expenses and property taxes). No individual property constitutes more than 10% of the Company’s revenues or property operating income, and the Company has no operations outside of the United States of America. Therefore, 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. | |||||||||||||
Reclassification, Policy [Policy Text Block] | ' | ||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications have been made to the prior period consolidated financial statements and notes to conform to the current year presentation. |
Note_1_Organization_Basis_of_P1
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) [Line Items] | ' | ||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | ' | ||||||||||||
Lease Origination Costs | Financing Costs | Total | |||||||||||
2014 | $ | 5,522,474 | $ | 1,914,356 | $ | 7,436,830 | |||||||
2015 | 4,451,946 | 1,661,142 | 6,113,088 | ||||||||||
2016 | 3,421,780 | 1,584,311 | 5,006,091 | ||||||||||
2017 | 2,568,246 | 1,215,727 | 3,783,973 | ||||||||||
2018 | 1,842,947 | 258,222 | 2,101,169 | ||||||||||
Thereafter | 7,359,800 | 1,321,029 | 8,680,829 | ||||||||||
Total future amortization of deferred charges | $ | 25,167,193 | $ | 7,954,787 | $ | 33,121,980 | |||||||
ROIC [Member] | ' | ||||||||||||
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) [Line Items] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,691,982 | $ | 7,892,613 | $ | 9,656,321 | |||||||
Less income from continuing operations attributable to noncontrolling interests | -164,892 | — | — | ||||||||||
Less earnings allocated to unvested shares | (78,361 | ) | -213,361 | — | |||||||||
Income from continuing operations available for common shareholders, basic | 34,448,729 | 7,679,252 | 9,656,321 | ||||||||||
Loss from discontinued operations available to common shareholders, basic | -713,529 | — | — | ||||||||||
Net income available to common stockholders, basic | $ | 33,735,200 | $ | 7,679,252 | $ | 9,656,321 | |||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,691,982 | $ | 7,892,613 | $ | 9,656,321 | |||||||
Less earnings allocated to unvested shares | (78,361 | ) | -213,361 | — | |||||||||
Income from continuing operations available for common shareholders, diluted | 34,613,621 | 7,679,252 | 9,656,321 | ||||||||||
Loss from discontinued operations available to common shareholders, diluted | -713,529 | — | — | ||||||||||
Net income available to common stockholders, diluted | $ | 33,900,092 | $ | 7,679,252 | $ | 9,656,321 | |||||||
Denominator: | |||||||||||||
Denominator for basic EPS – weighted average common shares | 67,419,497 | 51,059,408 | 42,477,007 | ||||||||||
Warrants | 2,568,822 | 1,165,663 | — | ||||||||||
OP Units | 838,508 | — | — | ||||||||||
Restricted stock awards - performance-based | 113,066 | 95,466 | 35,878 | ||||||||||
Stock Options | 64,487 | 50,631 | 13,403 | ||||||||||
Denominator for diluted EPS – weighted average common equivalent shares | 71,004,380 | 52,371,168 | 42,526,288 | ||||||||||
For the year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Numerator: | |||||||||||||
Income from continuing operations | $ | 34,691,982 | $ | 7,892,613 | $ | 9,656,321 | |||||||
Less earnings allocated to unvested units | (78,361 | ) | -213,361 | — | |||||||||
Income from continuing operations available for unitholders, basic and diluted | 34,613,621 | 7,679,252 | 9,656,321 | ||||||||||
Loss from discontinued operations available to unitholders, basic and diluted | -713,529 | — | — | ||||||||||
Net income available to unitholders, basic and diluted | $ | 33,900,092 | $ | 7,679,252 | $ | 9,656,321 | |||||||
Denominator: | |||||||||||||
Denominator for basic EPS – weighted average common units | 68,258,005 | 51,059,408 | 42,477,007 | ||||||||||
Warrants | 2,568,822 | 1,165,663 | — | ||||||||||
Restricted stock awards - performance-based | 113,066 | 95,466 | 35,878 | ||||||||||
Stock Options | 64,487 | 50,631 | 13,403 | ||||||||||
Denominator for diluted EPS – weighted average common equivalent units | 71,004,380 | 52,371,168 | 42,526,288 | ||||||||||
Note_2_Real_Estate_Investments1
Note 2 - Real Estate Investments (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | ||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
ASSETS | |||||||||
Land | $ | 176,877,353 | $ | 116,253,370 | |||||
Building and improvements | 310,432,135 | 162,343,788 | |||||||
Cash and cash equivalents | 552,213 | — | |||||||
Acquired lease intangible asset | 28,412,933 | 19,273,018 | |||||||
Deferred charges | 12,072,103 | 6,286,558 | |||||||
Tenant receivables and other assets | 1,132,232 | — | |||||||
Assets acquired | $ | 529,478,969 | $ | 304,156,734 | |||||
LIABILITIES | |||||||||
Acquired lease intangible liability | 35,383,751 | 16,280,503 | |||||||
Mortgage notes assumed | 62,749,675 | 21,507,622 | |||||||
Accrued expenses and other liabilities | 4,282,450 | — | |||||||
Liabilities assumed | $ | 102,415,876 | $ | 37,788,125 | |||||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | ||||||||
Year Ended December 31, | |||||||||
Statement of operations: | 2013 | 2012 | |||||||
Revenues | $ | 137,931,636 | $ | 129,962,355 | |||||
Property operating and other expenses | 50,673,578 | 62,286,188 | |||||||
Depreciation and amortization | 51,347,742 | 49,408,916 | |||||||
Net income attributable to Retail Opportunity Investments Corp. | $ | 35,910,316 | $ | 18,267,251 | |||||
Condensed Income Statement [Table Text Block] | ' | ||||||||
Year Ended | |||||||||
31-Dec-13 | |||||||||
Statement of operations: | |||||||||
Revenues | $ | 15,813,152 | |||||||
Property operating and other expenses | 6,010,175 | ||||||||
Depreciation and amortization | 7,655,138 | ||||||||
Net income attributable to Retail Opportunity Investments Corp. | $ | 2,147,839 | |||||||
Year Ended | |||||||||
31-Dec-12 | |||||||||
Statement of operations: | |||||||||
Revenues | $ | 10,478,568 | |||||||
Property operating and other expenses | 4,234,857 | ||||||||
Depreciation and amortization | 3,801,350 | ||||||||
Net income attributable to Retail Opportunity Investments Corp. | $ | 2,442,361 | |||||||
Note_3_Acquired_Lease_Intangib1
Note 3 - Acquired Lease Intangibles (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Note 3 - Acquired Lease Intangibles (Tables) [Line Items] | ' | ||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||
December 31, | December 31, | ||||||||
2013 | 2012 | ||||||||
Assets: | |||||||||
In-place leases | $ | 71,846,161 | $ | 50,456,414 | |||||
Accumulated amortization | -27,413,310 | -17,704,422 | |||||||
Above-market leases | 18,191,431 | 12,722,015 | |||||||
Accumulated amortization | -6,736,811 | -4,243,391 | |||||||
Acquired lease intangible assets, net | $ | 55,887,471 | $ | 41,230,616 | |||||
Liabilities: | |||||||||
Below-market leases | 104,092,901 | 69,365,631 | |||||||
Accumulated amortization | -18,809,019 | -11,993,828 | |||||||
Acquired lease intangible liabilities, net | $ | 85,283,882 | $ | 57,371,803 | |||||
Acquired Lease Intangible Assets [Member] | ' | ||||||||
Note 3 - Acquired Lease Intangibles (Tables) [Line Items] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||
Year ending December 31: | |||||||||
2014 | $ | 13,923,367 | |||||||
2015 | 9,903,206 | ||||||||
2016 | 7,173,924 | ||||||||
2017 | 5,284,556 | ||||||||
2018 | 3,698,591 | ||||||||
Thereafter | 15,903,827 | ||||||||
Total future amortization of acquired lease intangible assets | $ | 55,887,471 | |||||||
Acquired Lease Intangible Liabilities [Member] | ' | ||||||||
Note 3 - Acquired Lease Intangibles (Tables) [Line Items] | ' | ||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||
Year ending December 31: | |||||||||
2014 | $ | 9,071,454 | |||||||
2015 | 7,796,575 | ||||||||
2016 | 5,907,950 | ||||||||
2017 | 4,991,033 | ||||||||
2018 | 4,345,390 | ||||||||
Thereafter | 53,171,480 | ||||||||
Total future amortization of acquired lease intangible liabilities | $ | 85,283,882 | |||||||
Note_4_Tenant_Leases_Tables
Note 4 - Tenant Leases (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Leases [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
Year ending December 31: | |||||
2014 | $ | 92,456,291 | |||
2015 | 85,007,593 | ||||
2016 | 74,169,424 | ||||
2017 | 62,190,030 | ||||
2018 | 48,915,041 | ||||
Thereafter | 249,554,390 | ||||
$ | 612,292,769 | ||||
Note_6_Mortgage_Notes_Payable_1
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||
Property | Maturity Date | Interest Rate | 31-Dec-13 | December 31, 2012 | |||||||||||||
Gateway Village I | Feb-14 | 5.58 | % | $ | — | $ | 6,718,119 | ||||||||||
Gateway Village II | May-14 | 5.73 | % | — | 6,872,265 | ||||||||||||
Euclid Plaza | Nov-14 | 5.23 | % | 8,158,676 | 8,329,824 | ||||||||||||
Country Club Gate | Jan-15 | 5.04 | % | 12,236,374 | 12,477,997 | ||||||||||||
Renaissance Towne Centre | Jun-15 | 5.13 | % | 16,489,812 | 16,760,383 | ||||||||||||
Crossroads Shopping Center | Sep-15 | 6.5 | % | 49,413,976 | — | ||||||||||||
Gateway Village III | Jul-16 | 6.1 | % | 7,368,521 | 7,460,907 | ||||||||||||
Bernardo Heights | Jul-17 | 5.7 | % | 8,748,605 | — | ||||||||||||
Santa Teresa Village | Feb-18 | 6.2 | % | 11,033,511 | 11,223,888 | ||||||||||||
$ | 113,449,475 | $ | 69,843,383 | ||||||||||||||
Mortgage Premium | 5,453,783 | 2,846,459 | |||||||||||||||
Total mortgage notes payable | $ | 118,903,258 | $ | 72,689,842 | |||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||||||
Principal | Scheduled | Mortgage | Total | ||||||||||||||
Repayments | Amortization | Premium | |||||||||||||||
2014 | $ | 8,009,623 | $ | 1,993,021 | $ | 2,738,619 | $ | 12,741,263 | |||||||||
2015 | 76,012,485 | 1,254,519 | 1,793,672 | 79,060,676 | |||||||||||||
2016 | 7,120,171 | 462,667 | 516,406 | 8,099,244 | |||||||||||||
2017 | 8,099,320 | 361,092 | 381,009 | 8,841,421 | |||||||||||||
2018 | 10,094,220 | 42,357 | 24,077 | 10,160,654 | |||||||||||||
$ | 109,335,819 | $ | 4,113,656 | $ | 5,453,783 | $ | 118,903,258 | ||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | ' | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Principal amount | $ | 250,000,000 | $ | — | |||||||||||||
Unamortized debt discount | -4,154,680 | — | |||||||||||||||
Senior Notes due 2023: | $ | 245,845,320 | $ | — | |||||||||||||
Note_9_Stock_Compensation_and_1
Note 9 - Stock Compensation and Other Benefit Plans for ROIC (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date Fair | |||||||||||||
Value | |||||||||||||
Non-vested at December 31, 2012 | 391,264 | $ | 10.48 | ||||||||||
Granted | 224,500 | 11.82 | |||||||||||
Vested | (175,114 | ) | 10.74 | ||||||||||
Forfeited | — | — | |||||||||||
Non-vested at December 31, 2013 | 440,650 | $ | 11.4 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
Year Ended | |||||||||||||
31-Dec-13 | |||||||||||||
Average volatility | 19 | % | |||||||||||
Expected dividends | $ | 0.15 | |||||||||||
Expected life (in years) | 6 | ||||||||||||
Risk-free interest rate | 1.02 | % | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
Shares | Weighted Average | Aggregate Intrinsic | |||||||||||
Exercise Price | Value as of | ||||||||||||
31-Dec-13 | |||||||||||||
Outstanding at December 31, 2012 | 384,000 | $ | 10.68 | ||||||||||
Granted | 8,000 | 12.76 | |||||||||||
Exercised | — | — | |||||||||||
Forfeited | (110,000 | ) | 10.63 | ||||||||||
Expired | — | — | |||||||||||
Outstanding at December 31, 2013 | 282,000 | $ | 10.76 | $ | 1,116,590 | ||||||||
Exercisable at December 31, 2013 | 220,336 | $ | 10.48 | $ | 934,688 | ||||||||
Note_12_Derivative_and_Hedging1
Note 12 - Derivative and Hedging Activities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | ' | ||||||||||||||||
Swap Counterparty | Notional Amount | Effective Date | Maturity Date | Cash Settlement Date | |||||||||||||
Wells Fargo Bank, N.A. | $ | 25,000,000 | 4/15/11 | 4/15/21 | 9/22/14 | ||||||||||||
Wells Fargo Bank, N.A. | $ | 25,000,000 | 4/2/12 | 4/2/19 | 9/22/14 | ||||||||||||
Royal Bank of Canada | $ | 25,000,000 | 4/1/13 | 4/3/23 | 10/31/14 | ||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | ' | ||||||||||||||||
Quoted Prices | Significant | Significant | Total | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs (Level 3) | |||||||||||||||
Identical Assets | Inputs (Level 2) | ||||||||||||||||
and Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
December 31, 2013: | |||||||||||||||||
Assets | |||||||||||||||||
Derivative financial instruments | $ | — | $ | 1,948,243 | $ | — | $ | 1,948,243 | |||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | — | $ | (2,528,703 | ) | $ | — | $ | (2,528,703 | ) | |||||||
December 31, 2012: | |||||||||||||||||
Liabilities | |||||||||||||||||
Derivative financial instruments | $ | — | $ | (18,012,516 | ) | $ | — | $ | (18,012,516 | ) | |||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ||||||||||||||||
Derivatives designed as hedging instruments | Balance sheet location | December 31, 2013 | December 31, 2012 | ||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Interest rate products | Other assets | $ | 1,948,243 | $ | — | ||||||||||||
Interest rate products | Other liabilities | $ | (2,528,703 | ) | $ | (18,012,516 | ) | ||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] | ' | ||||||||||||||||
Year Ended | Year Ended | Year Ended | |||||||||||||||
December 31, 2013 | December 31, 2012 | December 31, 2011 | |||||||||||||||
Amount of gain (loss) recognized in OCI on derivative | $ | 4,564,248 | $ | (7,859,264 | ) | $ | (14,657,235 | ) | |||||||||
Amount of loss reclassified from accumulated OCI into interest | $ | 4,621,227 | $ | 3,799,482 | $ | 1,080,323 | |||||||||||
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | $ | 3,172 | $ | (7,534 | ) | $ | (12,296 | ) |
Note_13_Commitments_and_Contin1
Note 13 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||
Operating | |||||
Leases | |||||
2014 | $ | 821,365 | |||
2015 | 825,279 | ||||
2016 | 893,333 | ||||
2017 | 961,508 | ||||
2018 | 965,786 | ||||
Thereafter | 29,048,612 | ||||
Total minimum lease payments | $ | 33,515,883 | |||
Note_16_Quarterly_Results_of_O1
Note 16 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Total revenues | $ | 24,384,449 | $ | 26,063,466 | $ | 27,147,631 | $ | 33,636,485 | |||||||||
Net income | $ | 2,289,886 | $ | 2,471,012 | $ | 25,262,291 | $ | 3,955,264 | |||||||||
Net income attributable to ROIC | $ | 2,289,886 | $ | 2,471,012 | $ | 25,262,291 | $ | 3,790,372 | |||||||||
Basic income per share | $ | 0.04 | $ | 0.04 | $ | 0.35 | $ | 0.05 | |||||||||
Diluted income per share | $ | 0.04 | $ | 0.03 | $ | 0.34 | $ | 0.05 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Total revenues | $ | 16,647,684 | $ | 18,118,372 | $ | 18,889,274 | $ | 21,440,357 | |||||||||
Net income (loss) attributable to ROIC | $ | 1,127,404 | $ | 4,424,752 | $ | 2,618,768 | $ | -278,310 | |||||||||
Basic and diluted income (loss) per share | $ | 0.02 | $ | 0.09 | $ | 0.05 | $ | -0.01 | |||||||||
Year Ended December 31, 2013 | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Total revenues | $ | 24,384,449 | $ | 26,063,466 | $ | 27,147,631 | $ | 33,636,485 | |||||||||
Net income attributable to the Operating Partnership | $ | 2,289,886 | $ | 2,471,012 | $ | 25,262,291 | $ | 3,955,264 | |||||||||
Basic income per unit | $ | 0.04 | $ | 0.04 | $ | 0.35 | $ | 0.05 | |||||||||
Diluted income per unit | $ | 0.04 | $ | 0.03 | $ | 0.34 | $ | 0.05 | |||||||||
Year Ended December 31, 2012 | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Total revenues | $ | 16,647,684 | $ | 18,118,372 | $ | 18,889,274 | $ | 21,440,357 | |||||||||
Net income (loss) attributable to the Operating Partnership | $ | 1,127,404 | $ | 4,424,752 | $ | 2,618,768 | $ | -278,310 | |||||||||
Basic and diluted income (loss) per unit | $ | 0.02 | $ | 0.09 | $ | 0.05 | $ | -0.01 |
Note_1_Organization_Basis_of_P2
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | |
Original Number Outstanding [Member] | Original Number Outstanding [Member] | Original Number Outstanding [Member] | Original Number Outstanding [Member] | Public Warrants [Member] | Public Warrants [Member] | Private Placement Warrants [Member] | Private Placement Warrants [Member] | Building [Member] | Building [Member] | Building Improvements [Member] | Building Improvements [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | OP Units [Member] | Nimbus Winery Shopping Center [Member] | Nimbus Winery Shopping Center [Member] | ||||
Public Warrants [Member] | Public Warrants [Member] | Private Placement Warrants [Member] | Private Placement Warrants [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Taxable Income, Percentage | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,290,263 | ' | ' |
Tax Adjustments, Settlements, and Unusual Provisions | ' | $122,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Improvements | 19,513,924 | 12,264,027 | 8,106,363 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Years from Aquisition Date | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Costs, Period Cost | 1,688,521 | 1,347,611 | 2,290,838 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SalesPriceOfPropertySold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,300,000 | ' |
Proceeds from Sale of Real Estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,600,000 | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | -713,529 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -714,000 |
Allowance for Doubtful Accounts Receivable | 3,200,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '39 years | '40 years | '10 years | '20 years | '3 years | '10 years | ' | ' | ' |
Deferred Costs, Leasing, Accumulated Amortization | 14,900,000 | 9,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Costs, Leasing, Gross | $742,000 | $695,000 | $563,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding (in Shares) | ' | ' | ' | 41,400,000 | 41,400,000 | ' | ' | ' | 5,942,668 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Unissued (in Shares) | ' | ' | ' | ' | ' | 8,000,000 | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | ' | ' | ' | ' | ' | ' | ' | 41,400,000 | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_1_Organization_Basis_of_P3
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges [Line Items] | ' | ' |
2014 | $7,436,830 | ' |
2015 | 6,113,088 | ' |
2016 | 5,006,091 | ' |
2017 | 3,783,973 | ' |
2018 | 2,101,169 | ' |
Thereafter | 8,680,829 | ' |
Total future amortization of deferred charges | 33,121,980 | 21,623,474 |
Deferred Lease Origination Costs [Member] | ' | ' |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges [Line Items] | ' | ' |
2014 | 5,522,474 | ' |
2015 | 4,451,946 | ' |
2016 | 3,421,780 | ' |
2017 | 2,568,246 | ' |
2018 | 1,842,947 | ' |
Thereafter | 7,359,800 | ' |
Total future amortization of deferred charges | 25,167,193 | ' |
Deferred Financing Costs [Member] | ' | ' |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Unamortized Balances of Deferred Charges [Line Items] | ' | ' |
2014 | 1,914,356 | ' |
2015 | 1,661,142 | ' |
2016 | 1,584,311 | ' |
2017 | 1,215,727 | ' |
2018 | 258,222 | ' |
Thereafter | 1,321,029 | ' |
Total future amortization of deferred charges | $7,954,787 | ' |
Note_1_Organization_Basis_of_P4
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS [Line Items] | ' | ' | ' |
Income from continuing operations | $34,691,982 | $7,892,613 | $9,656,321 |
Less income from continuing operations attributable to noncontrolling interests | -164,892 | ' | ' |
Less earnings allocated to unvested shares | -78,361 | -213,361 | ' |
Net income available to common stockholders, diluted | 33,900,092 | 7,679,252 | 9,656,321 |
Denominator for basic EPS b weighted average common (in Shares) | 67,419,497 | 51,059,408 | 42,477,007 |
Denominator for diluted EPS b weighted average common equivalent shares (in Shares) | 71,004,380 | 52,371,168 | 42,526,288 |
Net income available to common stockholders, basic | 33,735,200 | 7,679,252 | 9,656,321 |
Loss from discontinued operations available to | -713,529 | ' | ' |
OP Units [Member] | ' | ' | ' |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS [Line Items] | ' | ' | ' |
OP Units (in Shares) | 838,508 | ' | ' |
Performance Shares [Member] | Retail Opportunity Investments Partnership L.P. [Member] | ' | ' | ' |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS [Line Items] | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in Shares) | 113,066 | 95,466 | 35,878 |
Performance Shares [Member] | ' | ' | ' |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS [Line Items] | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in Shares) | 113,066 | 95,466 | 35,878 |
Employee Stock Option [Member] | Retail Opportunity Investments Partnership L.P. [Member] | ' | ' | ' |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS [Line Items] | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in Shares) | 64,487 | 50,631 | 13,403 |
Employee Stock Option [Member] | ' | ' | ' |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS [Line Items] | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements (in Shares) | 64,487 | 50,631 | 13,403 |
Warrant [Member] | Retail Opportunity Investments Partnership L.P. [Member] | ' | ' | ' |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS [Line Items] | ' | ' | ' |
Warrants (in Shares) | 2,568,822 | 1,165,663 | ' |
Warrant [Member] | ' | ' | ' |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS [Line Items] | ' | ' | ' |
Warrants (in Shares) | 2,568,822 | 1,165,663 | ' |
Retail Opportunity Investments Partnership L.P. [Member] | Continuing Operations [Member] | ' | ' | ' |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS [Line Items] | ' | ' | ' |
Net income available to common stockholders, diluted | 34,613,621 | 7,679,252 | 9,656,321 |
Retail Opportunity Investments Partnership L.P. [Member] | ' | ' | ' |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS [Line Items] | ' | ' | ' |
Income from continuing operations | 34,691,982 | 7,892,613 | 9,656,321 |
Less earnings allocated to unvested shares | -78,361 | -213,361 | ' |
Net income available to common stockholders, diluted | 33,900,092 | 7,679,252 | 9,656,321 |
Denominator for basic EPS b weighted average common (in Shares) | 68,258,005 | 51,059,408 | 42,477,007 |
Denominator for diluted EPS b weighted average common equivalent shares (in Shares) | 71,004,380 | 52,371,168 | 42,526,288 |
Loss from discontinued operations available to | -713,529 | ' | ' |
Continuing Operations [Member] | ' | ' | ' |
Note 1 - Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details) - Reconciliation Between Basic and Diluted EPS [Line Items] | ' | ' | ' |
Net income available to common stockholders, diluted | 34,613,621 | 7,679,252 | 9,656,321 |
Net income available to common stockholders, basic | $34,448,729 | $7,679,252 | $9,656,321 |
Note_2_Real_Estate_Investments2
Note 2 - Real Estate Investments (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||
Sep. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 27, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Feb. 01, 2013 | Feb. 06, 2013 | Apr. 15, 2013 | Apr. 22, 2013 | Jun. 27, 2013 | Jun. 27, 2013 | Aug. 23, 2013 | Oct. 15, 2013 | Nov. 26, 2013 | Dec. 13, 2013 | Sep. 26, 2013 | Sep. 27, 2013 | Dec. 31, 2012 | Sep. 26, 2013 | Sep. 27, 2013 | Dec. 31, 2013 | Sep. 27, 2013 | |
sqft | OP Units [Member] | Joint Venture Which Owns the Crossroads Shopping Center [Member] | Joint Venture Which Owns the Crossroads Shopping Center [Member] | Diamond Bar Town Center [Member] | Bernardo Heights Plaza [Member] | Canyon Crossing Shopping Center [Member] | Diamond Hills Plaza [Member] | Hawthorne Crossing [Member] | Granada Shopping Center [Member] | Robinwood Shopping Center [Member] | Peninsula Marketplace [Member] | Country Club Village [Member] | Plaza de la Canada [Member] | Terranomics Crossroads Associates, LP [Member] | Terranomics Crossroads Associates, LP [Member] | Terranomics Crossroads Associates, LP [Member] | Crossroads Shopping Center [Member] | SARM Five Points LLC [Member] | SARM Five Points LLC [Member] | SARM Five Points Plaza LLC [Member] | |||||
Terranomics Crossroads Associates, LP [Member] | Second Mortgage [Member] | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | sqft | ||||||||||||
Note 2 - Real Estate Investments (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | ' | $266,400,000 | ' | ' | ' | ' | ' | $27,400,000 | $12,400,000 | $35,000,000 | $48,000,000 | $41,500,000 | $17,500,000 | $14,200,000 | $35,900,000 | $30,900,000 | $34,800,000 | ' | ' | ' | ' | ' | ' | ' |
Area of Real Estate Property (in Square Feet) | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | 100,000 | 38,000 | 121,000 | 140,000 | 141,000 | 69,000 | 71,000 | 95,000 | 111,000 | 100,000 | ' | ' | ' | 464,000 | 161,000 | ' | ' |
Payments to Acquire Businesses, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,600,000 | ' | ' |
Business Combination, Consideration Transferred, Liabilities Incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,600,000 | ' | ' | ' | ' | ' |
Business Combination, Mortgage Assumed | ' | 62,749,675 | 19,668,352 | 29,912,371 | ' | ' | ' | ' | ' | 9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Land | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
NumberofRealEstatePropertiesAcquired | ' | ' | 14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ' | ' | 100.00% | ' | ' |
Limited Partners' Capital Account, Units Issued (in Shares) | ' | 2,639,632 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,639,632 | ' | ' | 650,631 | 650,631 | ' |
Stock Issued During Period, Value, Acquisitions | ' | ' | ' | ' | ' | 36,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | 49.00% | ' | ' | 100.00% | ' |
Equity Method Investments Fair Value Disclosure Prior To Acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,000,000 | ' | ' | ' | ' | ' | ' |
' | 20,381,849 | 2,144,696 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,400,000 | ' | ' | ' | ' | ' | ' | |
Business Acquisition Adjusted Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,600,000 |
Repayment Of Other Debt By Seller | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,200,000 | ' | ' |
Mortgage Loans on Real Estate | ' | ' | 10,000,000 | 10,000,000 | 57,778,044 | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Mortgage Notes Receivable | ' | 294,000 | ' | 10,000,000 | ' | ' | ' | 294,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,300,000 | ' | ' | ' | ' |
Transfer Of Equity Investment In Property To Real Estate Investment | ' | $15,990,769 | $4,008,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,000,000 | ' | ' | ' | ' | ' |
Note_2_Real_Estate_Investments3
Note 2 - Real Estate Investments (Details) - Purchase Price Allocation of Properties Acquired (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
ASSETS | ' | ' | ' |
Land | $176,877,353 | $116,253,370 | ' |
Building and improvements | 310,432,135 | 162,343,788 | ' |
Cash and cash equivalents | 552,213 | ' | ' |
Acquired lease intangible asset | 28,412,933 | 19,273,018 | ' |
Deferred charges | 12,072,103 | 6,286,558 | ' |
Tenant receivables and other assets | 1,132,232 | ' | ' |
Assets acquired | 529,478,969 | 304,156,734 | ' |
LIABILITIES | ' | ' | ' |
Acquired lease intangible liability | 35,383,751 | 16,280,503 | 30,684,243 |
Mortgage notes assumed | 62,749,675 | 21,507,622 | ' |
Accrued expenses and other liabilities | 4,282,450 | ' | ' |
Liabilities assumed | $102,415,876 | $37,788,125 | ' |
Note_2_Real_Estate_Investments4
Note 2 - Real Estate Investments (Details) - Pro Forma Financial Information - Results of Operations Had the Acquisitions Occured at the Beginning of the Year (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pro Forma Financial Information - Results of Operations Had the Acquisitions Occured at the Beginning of the Year [Abstract] | ' | ' |
Revenues | $137,931,636 | $129,962,355 |
Property operating and other expenses | 50,673,578 | 62,286,188 |
Depreciation and amortization | 51,347,742 | 49,408,916 |
Net income attributable to Retail Opportunity Investments Corp. | $35,910,316 | $18,267,251 |
Note_2_Real_Estate_Investments5
Note 2 - Real Estate Investments (Details) - Operating Results Included in the Company's Historical Consolidated Statement of Operations For Properties Acquired During the Reported Periods (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Revenues | $111,232,031 | $75,095,687 | $51,737,512 |
Property operating and other expenses | 19,749,972 | 12,779,758 | 8,403,771 |
Depreciation and amortization | 40,397,895 | 29,074,709 | 21,264,172 |
Net income attributable to Retail Opportunity Investments Corp. | 33,813,561 | 7,892,613 | 9,656,321 |
Attributable to Acquired Properties During the Reporting Periods [Member] | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' |
Revenues | 15,813,152 | 10,478,568 | ' |
Property operating and other expenses | 6,010,175 | 4,234,857 | ' |
Depreciation and amortization | 7,655,138 | 3,801,350 | ' |
Net income attributable to Retail Opportunity Investments Corp. | $2,147,839 | $2,442,361 | ' |
Note_3_Acquired_Lease_Intangib2
Note 3 - Acquired Lease Intangibles (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 3 - Acquired Lease Intangibles (Details) [Line Items] | ' | ' | ' |
Amortization of above and below Market Leases | $4.40 | $3.70 | $3.20 |
Amortization of Acquired-in-Place Leases | 10.3 | 8.1 | 7.4 |
Below Market Rental Renewal Options [Member] | ' | ' | ' |
Note 3 - Acquired Lease Intangibles (Details) [Line Items] | ' | ' | ' |
FairValueAllocatedTo Below Fair Value Allocated To Below Market Rental Renewal Option Not Exercised And Written Off Market Rental Renewal Option Not Exercised And Written Off | ' | ' | $1.10 |
Note_3_Acquired_Lease_Intangib3
Note 3 - Acquired Lease Intangibles (Details) - Intangible Assets and Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired lease intangible assets, net | $55,887,471 | $41,230,616 |
Below-market leases | 104,092,901 | 69,365,631 |
Accumulated amortization | -18,809,019 | -11,993,828 |
Acquired lease intangible liabilities, net | 85,283,882 | 57,371,803 |
Leases, Acquired-in-Place [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired lease intangible assets, net | 71,846,161 | 50,456,414 |
Accumulated amortization | -27,413,310 | -17,704,422 |
Above Market Leases [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired lease intangible assets, net | 18,191,431 | 12,722,015 |
Accumulated amortization | ($6,736,811) | ($4,243,391) |
Note_3_Acquired_Lease_Intangib4
Note 3 - Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Assets (USD $) | Dec. 31, 2013 |
Note 3 - Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Assets [Line Items] | ' |
2014 | $7,436,830 |
2015 | 6,113,088 |
2016 | 5,006,091 |
2017 | 3,783,973 |
2018 | 2,101,169 |
Thereafter | 8,680,829 |
Acquired Lease Intangible Assets [Member] | ' |
Note 3 - Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Assets [Line Items] | ' |
2014 | 13,923,367 |
2015 | 9,903,206 |
2016 | 7,173,924 |
2017 | 5,284,556 |
2018 | 3,698,591 |
Thereafter | 15,903,827 |
Total future amortization of acquired lease intangible assets | $55,887,471 |
Note_3_Acquired_Lease_Intangib5
Note 3 - Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Liabilities (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Note 3 - Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Liabilities [Line Items] | ' | ' |
Total future amortization of acquired lease intangible liabilities | $85,283,882 | $57,371,803 |
Acquired Lease Intangible Liabilities [Member] | ' | ' |
Note 3 - Acquired Lease Intangibles (Details) - Future Amortization of Acquired Lease Intangible Liabilities [Line Items] | ' | ' |
2014 | 9,071,454 | ' |
2015 | 7,796,575 | ' |
2016 | 5,907,950 | ' |
2017 | 4,991,033 | ' |
2018 | 4,345,390 | ' |
Thereafter | 53,171,480 | ' |
Total future amortization of acquired lease intangible liabilities | $85,283,882 | ' |
Note_4_Tenant_Leases_Details_M
Note 4 - Tenant Leases (Details) - Minimum Future Rentals to be Received under Non-cancellable Leases (USD $) | Dec. 31, 2013 |
Minimum Future Rentals to be Received under Non-cancellable Leases [Abstract] | ' |
2014 | $92,456,291 |
2015 | 85,007,593 |
2016 | 74,169,424 |
2017 | 62,190,030 |
2018 | 48,915,041 |
Thereafter | 249,554,390 |
$612,292,769 |
Note_5_Discontinued_Operations1
Note 5 - Discontinued Operations (Details) (USD $) | 0 Months Ended | 12 Months Ended | |
Jun. 05, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 5 - Discontinued Operations (Details) [Line Items] | ' | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | ($713,529) | ' |
Nimbus Winery Shopping Center [Member] | ' | ' | ' |
Note 5 - Discontinued Operations (Details) [Line Items] | ' | ' | ' |
SalesPriceOfPropertySold | 6,300,000 | ' | ' |
Proceeds from Sale of Real Estate | 5,600,000 | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | ' | -714,000 | ' |
Real Estate Held-for-sale | ' | ' | $6,300,000 |
Note_6_Mortgage_Notes_Payable_2
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) (USD $) | 1 Months Ended | 4 Months Ended | 12 Months Ended | 6 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 6 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 25, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 25, 2013 | Jun. 25, 2013 | Dec. 31, 2013 | Feb. 06, 2013 | Feb. 06, 2013 | Sep. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2013 | Dec. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 25, 2013 | |
Accordion Feature [Member] | Accordion Feature [Member] | If Oustanding Principal Is Less Than Fifty Percent Of The Aggregate Commitments [Member] | If Outstanding Principal Is Greater Than Or Equal To Fifty Percent Of Aggregate Commitments [Member] | Contractual Coupon Interest [Member] | Bernardo Heights Plaza [Member] | Bernardo Heights Plaza [Member] | Crossroads Shopping Center [Member] | Federal Funds Rate [Member] | Eurodollar [Member] | Gateway Village I and Gateway Village II Mortgage Notes Payable [Member] | Senior Notes [Member] | Senior Notes [Member] | Term Loan [Member] | Loan Agreements [Member] | Loan Agreements [Member] | |||||||
Term Loan [Member] | Loan Agreements [Member] | Loan Agreements [Member] | Senior Notes [Member] | Mortgages [Member] | Mortgages [Member] | Loan Agreements [Member] | Loan Agreements [Member] | |||||||||||||||
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred, Liabilities Incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,900,000 | $8,900,000 | $49,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of Secured Debt | ' | ' | 14,902,386 | 7,874,618 | 12,276,948 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,400,000 | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 350,000,000 | 350,000,000 | 350,000,000 | ' | ' | 200,000,000 | 300,000,000 | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' |
Line of Credit Facility, Expiration Date | ' | 29-Aug-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29-Aug-17 | ' | ' |
Line of Credit Facility, Extension Option, Term | '1 year | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 1.00% | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit, Fronting Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.13% | 0.13% |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' |
Line of Credit Facility, Amount Outstanding | 56,950,000 | 56,950,000 | 56,950,000 | 119,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 293,100,000 | 293,100,000 | 293,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 250,000,000 | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Dec-23 | ' | ' | ' | ' |
Interest Expense, Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Debt Discount (Premium) | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,600,000 | ' | ' | ' | ' |
Note_6_Mortgage_Notes_Payable_3
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Mortgage Notes Payable (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Mortgage Notes Payable [Line Items] | ' | ' |
Balance | $113,449,475 | $69,843,383 |
Mortgage Premium | 5,453,783 | 2,846,459 |
Total mortgage notes payable | 118,903,258 | 72,689,842 |
Gateway Village I [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Mortgage Notes Payable [Line Items] | ' | ' |
Maturity Date | 28-Feb-14 | ' |
Interest Rate | 5.58% | ' |
Balance | ' | 6,718,119 |
Gateway Village II [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Mortgage Notes Payable [Line Items] | ' | ' |
Maturity Date | 31-May-14 | ' |
Interest Rate | 5.73% | ' |
Balance | ' | 6,872,265 |
Euclid Plaza [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Mortgage Notes Payable [Line Items] | ' | ' |
Maturity Date | 30-Nov-14 | ' |
Interest Rate | 5.23% | ' |
Balance | 8,158,676 | 8,329,824 |
Country Club Gate [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Mortgage Notes Payable [Line Items] | ' | ' |
Maturity Date | 31-Jan-15 | ' |
Interest Rate | 5.04% | ' |
Balance | 12,236,374 | 12,477,997 |
Renaissance Towne Center [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Mortgage Notes Payable [Line Items] | ' | ' |
Maturity Date | 30-Jun-15 | ' |
Interest Rate | 5.13% | ' |
Balance | 16,489,812 | 16,760,383 |
Crossroads Shopping Center [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Mortgage Notes Payable [Line Items] | ' | ' |
Maturity Date | 30-Sep-15 | ' |
Interest Rate | 6.50% | ' |
Balance | 49,413,976 | ' |
Gateway Village III [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Mortgage Notes Payable [Line Items] | ' | ' |
Maturity Date | 31-Jul-16 | ' |
Interest Rate | 6.10% | ' |
Balance | 7,368,521 | 7,460,907 |
Bernardo Heights Plaza [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Mortgage Notes Payable [Line Items] | ' | ' |
Maturity Date | 31-Jul-17 | ' |
Interest Rate | 5.70% | ' |
Balance | 8,748,605 | ' |
Santa Teresa Village [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Mortgage Notes Payable [Line Items] | ' | ' |
Maturity Date | 28-Feb-18 | ' |
Interest Rate | 6.20% | ' |
Balance | $11,033,511 | $11,223,888 |
Note_6_Mortgage_Notes_Payable_4
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Combined Aggregate Principal Maturities of Mortgage Notes Payable (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Combined Aggregate Principal Maturities of Mortgage Notes Payable [Line Items] | ' | ' |
Principal Repayments | $109,335,819 | ' |
Scheduled Amortization | 4,113,656 | ' |
Mortgage Premium | 5,453,783 | ' |
Total | 118,903,258 | 72,689,842 |
Next Twelve Months [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Combined Aggregate Principal Maturities of Mortgage Notes Payable [Line Items] | ' | ' |
Principal Repayments | 8,009,623 | ' |
Scheduled Amortization | 1,993,021 | ' |
Mortgage Premium | 2,738,619 | ' |
Total | 12,741,263 | ' |
Year Two [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Combined Aggregate Principal Maturities of Mortgage Notes Payable [Line Items] | ' | ' |
Principal Repayments | 76,012,485 | ' |
Scheduled Amortization | 1,254,519 | ' |
Mortgage Premium | 1,793,672 | ' |
Total | 79,060,676 | ' |
Year Three [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Combined Aggregate Principal Maturities of Mortgage Notes Payable [Line Items] | ' | ' |
Principal Repayments | 7,120,171 | ' |
Scheduled Amortization | 462,667 | ' |
Mortgage Premium | 516,406 | ' |
Total | 8,099,244 | ' |
Year Four [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Combined Aggregate Principal Maturities of Mortgage Notes Payable [Line Items] | ' | ' |
Principal Repayments | 8,099,320 | ' |
Scheduled Amortization | 361,092 | ' |
Mortgage Premium | 381,009 | ' |
Total | 8,841,421 | ' |
Year Five [Member] | ' | ' |
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Combined Aggregate Principal Maturities of Mortgage Notes Payable [Line Items] | ' | ' |
Principal Repayments | 10,094,220 | ' |
Scheduled Amortization | 42,357 | ' |
Mortgage Premium | 24,077 | ' |
Total | $10,160,654 | ' |
Note_6_Mortgage_Notes_Payable_5
Note 6 - Mortgage Notes Payable, Credit Facilities and Senior Notes (Details) - Carrying Value of the Companybs Senior Notes due 2023 (USD $) | Dec. 31, 2013 | Dec. 09, 2013 |
Debt Instrument [Line Items] | ' | ' |
Senior Notes due 2023: | $245,845,320 | ' |
Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal amount | 250,000,000 | 250,000,000 |
Unamortized debt discount | -4,154,680 | ' |
Senior Notes due 2023: | $245,845,320 | ' |
Note_7_Preferred_Stock_of_ROIC1
Note 7 - Preferred Stock of ROIC (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Text Block Supplement [Abstract] | ' | ' |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Note_8_Common_Stock_and_Warran1
Note 8 - Common Stock and Warrants of ROIC (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||||
Jul. 31, 2013 | Jun. 30, 2011 | 31-May-10 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 23, 2011 | |
Note 8 - Common Stock and Warrants of ROIC (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | ' | ' | ' | $0.00 | $0.00 | ' | $0.00 |
Proceeds from Issuance of Common Stock (in Dollars) | ' | $50,000,000 | ' | $39,300,000 | $37,811,658 | $82,600,510 | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 3,183,245 | ' | ' | ' |
Payments of Stock Issuance Costs (in Dollars) | ' | ' | ' | 69,245 | 1,162,787 | 3,806,469 | ' |
Number of Days Notice | ' | ' | ' | ' | ' | ' | '30 days |
Proceeds from Warrant Exercises (in Dollars) | ' | ' | ' | 226,529,778 | 12,000 | ' | ' |
Stock Repurchase Program, Authorized Amount (in Dollars) | 50,000,000 | ' | ' | ' | ' | ' | ' |
Warrant Repurchase Program, Authorized Amount (in Dollars) | ' | ' | 40,000,000 | ' | ' | ' | ' |
Payments for Repurchase of Warrants (in Dollars) | ' | ' | ' | 32,785,921 | ' | ' | ' |
Open Market Transactions [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 8 - Common Stock and Warrants of ROIC (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warrants Repurchased During Period, Shares | ' | ' | ' | 744,850 | ' | ' | ' |
Payments for Repurchase of Warrants (in Dollars) | ' | ' | ' | 1,400,000 | ' | ' | ' |
Privately Negotiated Transactions [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 8 - Common Stock and Warrants of ROIC (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warrants Repurchased During Period, Shares | ' | ' | ' | 15,834,000 | ' | ' | ' |
Payments for Repurchase of Warrants (in Dollars) | ' | ' | ' | 31,300,000 | ' | ' | ' |
Minimum Price Company's Common Stock Must Trade Before Warrants Issued in The IPO Can Be Redeemed [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 8 - Common Stock and Warrants of ROIC (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Share Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | $18.75 |
Original Number Outstanding [Member] | Public Warrants [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 8 - Common Stock and Warrants of ROIC (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding | ' | ' | ' | 41,400,000 | 41,400,000 | ' | ' |
Private Placement Warrants [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 8 - Common Stock and Warrants of ROIC (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Warrants Purchased By Sponsor During IPO | ' | ' | ' | ' | ' | ' | 8,000,000 |
Warrants, Sales Price Per Warrant (in Dollars per share) | ' | ' | ' | ' | ' | ' | $1 |
Sponsor Warrants Exercised | ' | ' | ' | 8,000,000 | ' | ' | ' |
Warrants, Repurchase Price Per Warrant (in Dollars per share) | ' | ' | ' | ' | ' | ' | $0.01 |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | ' | ' | ' | ' | ' | ' | 12 |
Class of Warrant or Right, Outstanding | ' | ' | ' | 0 | ' | ' | ' |
Sponsor [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 8 - Common Stock and Warrants of ROIC (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 688,500 | ' | ' | ' |
Public and Private Placement Warrants [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 8 - Common Stock and Warrants of ROIC (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | ' | 53,400,000 |
Public Warrants [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 8 - Common Stock and Warrants of ROIC (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | 18,877,482 | 1,000 | ' | ' |
Proceeds from Warrant Exercises (in Dollars) | ' | ' | ' | 226,500,000 | ' | ' | ' |
Class of Warrant or Right, Outstanding | ' | ' | ' | 5,942,668 | ' | ' | ' |
Commissions Paid to Agent [Member] | ' | ' | ' | ' | ' | ' | ' |
Note 8 - Common Stock and Warrants of ROIC (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Payments of Stock Issuance Costs (in Dollars) | ' | ' | ' | $687,600 | ' | ' | ' |
Note_9_Stock_Compensation_and_2
Note 9 - Stock Compensation and Other Benefit Plans for ROIC (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 9 - Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 7.50% | ' | ' |
Share Based Compensation, Arrangement by Share Based Payment Award, Maximum Number of Shares (in Shares) | 4,000,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 8,000 | 49,500 | 102,000 |
Allocated Share-based Compensation Expense | $2,900,000 | $3,400,000 | $2,200,000 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 20,000 | 17,000 | 12,000 |
Restricted Stock [Member] | ' | ' | ' |
Note 9 - Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 224,500 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 2,800,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 292 days | ' | ' |
Performance Shares [Member] | ' | ' | ' |
Note 9 - Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 86,250 | ' | ' |
Employee Stock Option [Member] | ' | ' | ' |
Note 9 - Stock Compensation and Other Benefit Plans for ROIC (Details) [Line Items] | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $66,000 | ' | ' |
Note_9_Stock_Compensation_and_3
Note 9 - Stock Compensation and Other Benefit Plans for ROIC (Details) - Status of Non-Vested Restricted Stock Awards (Restricted Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Stock [Member] | ' |
Note 9 - Stock Compensation and Other Benefit Plans for ROIC (Details) - Status of Non-Vested Restricted Stock Awards [Line Items] | ' |
Non-vested at December 31, 2012 | 391,264 |
Non-vested at December 31, 2012 (in Dollars per share) | $10.48 |
Non-vested at December 31, 2013 | 440,650 |
Non-vested at December 31, 2013 (in Dollars per share) | $11.40 |
Granted | 224,500 |
Granted (in Dollars per share) | $11.82 |
Vested | -175,114 |
Vested (in Dollars per share) | $10.74 |
Note_9_Stock_Compensation_and_4
Note 9 - Stock Compensation and Other Benefit Plans for ROIC (Details) - Weighted Average Assumptions (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Weighted Average Assumptions [Abstract] | ' |
Average volatility | 19.00% |
Expected dividends (in Dollars per share) | $0.15 |
Expected life (in years) | '6 years |
Risk-free interest rate | 1.02% |
Note_9_Stock_Compensation_and_5
Note 9 - Stock Compensation and Other Benefit Plans for ROIC (Details) - Summary of Options Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summary of Options Activity [Abstract] | ' | ' | ' |
Outstanding at December 31, 2012 | 384,000 | ' | ' |
Outstanding at December 31, 2012 (in Dollars per share) | $10.68 | ' | ' |
Outstanding at December 31, 2013 | 282,000 | 384,000 | ' |
Outstanding at December 31, 2013 (in Dollars per share) | $10.76 | $10.68 | ' |
Outstanding at December 31, 2013 (in Dollars) | $1,116,590 | ' | ' |
Exercisable at December 31, 2013 | 220,336 | ' | ' |
Exercisable at December 31, 2013 (in Dollars per share) | $10.48 | ' | ' |
Exercisable at December 31, 2013 (in Dollars) | $934,688 | ' | ' |
Granted | 8,000 | 49,500 | 102,000 |
Granted (in Dollars per share) | $12.76 | ' | ' |
Forfeited | -110,000 | ' | ' |
Forfeited (in Dollars per share) | $10.63 | ' | ' |
Note_10_Capital_of_the_Operati1
Note 10 - Capital of the Operating Partnership (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 27, 2013 | |
OP Units [Member] | SARM Five Points LLC [Member] | SARM Five Points LLC [Member] | ||||
Note 10 - Capital of the Operating Partnership (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Limited Partners' Capital Account, Units Outstanding | 75,577,809 | 75,577,809 | ' | ' | ' | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | ' | 95.80% | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 72,445,767 | 72,445,767 | 52,596,754 | ' | ' | ' |
Partners' Capital Account, Units | ' | ' | ' | 3,132,042 | ' | ' |
Limited Partners' Capital Account, Units Issued | 2,639,632 | 2,639,632 | ' | ' | 650,631 | 650,631 |
Limited Partners' Capital Account, Description of Units | ' | 'one-for-one | ' | ' | ' | ' |
undefined | 158,221 | ' | ' | ' | ' | ' |
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests (in Dollars) | $2,200,000 | ' | ' | ' | ' | ' |
Non Controlling Interest Redemption Value (in Dollars) | ' | ' | ' | $46,500,000 | ' | ' |
Non Controlling Interests Redemption Value Price Per Share (in Dollars per share) | ' | ' | ' | $14.85 | ' | ' |
Note_11_Fair_Value_of_Financia1
Note 11 - Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Note 11 - Fair Value of Financial Instruments (Details) [Line Items] | ' |
Mortgage Loans on Real Estate, Minimum Interest Rate in Range | 2.80% |
Mortgage Loans on Real Estate, Maximum Interest Rate in Range | 3.80% |
Mortgage Loans on Real Estate, Interest Rate | 3.10% |
Senior Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ' |
Note 11 - Fair Value of Financial Instruments (Details) [Line Items] | ' |
Long-term Debt, Fair Value (in Dollars) | 252.2 |
Mortgages [Member] | Fair Value, Inputs, Level 3 [Member] | ' |
Note 11 - Fair Value of Financial Instruments (Details) [Line Items] | ' |
Notes Payable, Fair Value Disclosure (in Dollars) | 119.5 |
Note_12_Derivative_and_Hedging2
Note 12 - Derivative and Hedging Activities (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $3.50 |
Note_12_Derivative_and_Hedging3
Note 12 - Derivative and Hedging Activities (Details) - Summary of Terms of Companybs Interest Rate Swaps (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Wells Fargo Bank 1, N.A.[Member] | ' |
Note 12 - Derivative and Hedging Activities (Details) - Summary of Terms of Companybs Interest Rate Swaps [Line Items] | ' |
Notional Amount (in Dollars) | $25,000,000 |
Effective Date | 15-Apr-11 |
Maturity Date | 15-Apr-21 |
Cash Settlement Date | 22-Sep-14 |
Wells Fargo Bank 2, N.A. [Member] | ' |
Note 12 - Derivative and Hedging Activities (Details) - Summary of Terms of Companybs Interest Rate Swaps [Line Items] | ' |
Notional Amount (in Dollars) | 25,000,000 |
Effective Date | 2-Apr-12 |
Maturity Date | 2-Apr-19 |
Cash Settlement Date | 22-Sep-14 |
Royal Bank of Canada [Member] | ' |
Note 12 - Derivative and Hedging Activities (Details) - Summary of Terms of Companybs Interest Rate Swaps [Line Items] | ' |
Notional Amount (in Dollars) | $25,000,000 |
Effective Date | 1-Apr-13 |
Maturity Date | 3-Apr-23 |
Cash Settlement Date | 31-Oct-14 |
Note_12_Derivative_and_Hedging4
Note 12 - Derivative and Hedging Activities (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Derivative financial instruments | $1,948,243 | ' |
Liabilities | ' | ' |
Derivative financial instruments | -2,528,703 | -18,012,516 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets | ' | ' |
Derivative financial instruments | 1,948,243 | ' |
Liabilities | ' | ' |
Derivative financial instruments | ($2,528,703) | ($18,012,516) |
Note_12_Derivative_and_Hedging5
Note 12 - Derivative and Hedging Activities (Details) - Fair Value of Derivative Financial Instruments (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value of Derivative Financial Instruments [Abstract] | ' | ' |
Interest rate products | $1,948,243 | ' |
Interest rate products | ($2,528,703) | ($18,012,516) |
Note_12_Derivative_and_Hedging6
Note 12 - Derivative and Hedging Activities (Details) - Location of Gain or Loss on Interest Rate Derivatives Designated as Cash Flow Hedges (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Location of Gain or Loss on Interest Rate Derivatives Designated as Cash Flow Hedges [Abstract] | ' | ' | ' |
Amount of gain (loss) recognized in OCI on derivative | $4,564,248 | ($7,859,264) | ($14,657,235) |
Amount of loss reclassified from accumulated OCI into interest | 4,621,227 | 3,799,482 | 1,080,323 |
Amount of gain (loss) recognized in income on derivative (ineffective portion and amount excluded from effectiveness testing) | $3,172 | ($7,534) | ($12,296) |
Note_13_Commitments_and_Contin2
Note 13 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 13 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Operating Leases, Rent Expense, Net | $1,100,000 | $780,000 | $420,000 |
Terranomics Crossroads Associates, LP [Member] | ' | ' | ' |
Note 13 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 51.00% | ' | ' |
Terranomics Crossroads Associates LP and SARM Five Points LLC [Member] | ' | ' | ' |
Note 13 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Tax Protection Agreements, Period | '12 years | ' | ' |
SARM Five Points LLC [Member] | ' | ' | ' |
Note 13 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' |
Equity Method Investment, Ownership Percentage | 100.00% | ' | ' |
Note_13_Commitments_and_Contin3
Note 13 - Commitments and Contingencies (Details) - Future Minimum Annual Lease Payments Under Operating Leases (USD $) | Dec. 31, 2013 |
Future Minimum Annual Lease Payments Under Operating Leases [Abstract] | ' |
2014 | $821,365 |
2015 | 825,279 |
2016 | 893,333 |
2017 | 961,508 |
2018 | 965,786 |
Thereafter | 29,048,612 |
Total minimum lease payments | $33,515,883 |
Note_14_Related_Party_Transact1
Note 14 - Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Transitional Shared Facilities And Services Agreement [Member] | ' | ' | ' |
Note 14 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | ' | ' | $75,000 |
Shared Facilities And Service Agreement [Member] | ' | ' | ' |
Note 14 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 0 | 0 | 19,400 |
Related Party Transaction, Monthly Fee | 1,938 | ' | ' |
Related Party Lease Agreements [Member] | ' | ' | ' |
Note 14 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 25,000 | 9,500 | 4,700 |
Transitional Shared Facilities And Services Agreement [Member] | ' | ' | ' |
Note 14 - Related Party Transactions (Details) [Line Items] | ' | ' | ' |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $0 | $0 | ' |
Note_15_Corporate_office_reloc1
Note 15 - Corporate office relocation (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Employment Agreement Automobile Allowance For One Year [Member] | Chief Financial Officer [Member] | Corporate Office Relocation [Member] | ||||
Chief Financial Officer [Member] | ||||||
Note 15 - Corporate office relocation (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Period After Departure For Lump Sum Payment | ' | ' | ' | ' | '30 days | ' |
Contractual Obligation | ' | ' | ' | $18,000 | $2,048,000 | ' |
General and Administrative Expense | $10,058,669 | $12,734,254 | $9,390,091 | ' | ' | $2,800,000 |
Note_16_Quarterly_Results_of_O2
Note 16 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 16 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations [Line Items] | ' | ' | ' |
Total revenues | $111,232,031 | $75,095,687 | $51,737,512 |
Net income | 33,978,453 | 7,892,613 | 9,656,321 |
Net income | 33,813,561 | 7,892,613 | 9,656,321 |
Basic income per share (in Dollars per share) | $0.50 | $0.15 | $0.23 |
Diluted income per share (in Dollars per share) | $0.48 | $0.15 | $0.23 |
First Quarter [Member] | Retail Opportunity Investments Partnership L.P. [Member] | ' | ' | ' |
Note 16 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations [Line Items] | ' | ' | ' |
Total revenues | 24,384,449 | 16,647,684 | ' |
Net income | 2,289,886 | 1,127,404 | ' |
Basic and diluted income per share (in Dollars per share) | ' | $0.02 | ' |
Basic income per share (in Dollars per share) | $0.04 | ' | ' |
Diluted income per share (in Dollars per share) | $0.04 | ' | ' |
First Quarter [Member] | ' | ' | ' |
Note 16 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations [Line Items] | ' | ' | ' |
Total revenues | 24,384,449 | 16,647,684 | ' |
Net income | 2,289,886 | ' | ' |
Net income | 2,289,886 | 1,127,404 | ' |
Basic and diluted income per share (in Dollars per share) | ' | $0.02 | ' |
Basic income per share (in Dollars per share) | $0.04 | ' | ' |
Diluted income per share (in Dollars per share) | $0.04 | ' | ' |
Second Quarter [Member] | Retail Opportunity Investments Partnership L.P. [Member] | ' | ' | ' |
Note 16 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations [Line Items] | ' | ' | ' |
Total revenues | 26,063,466 | 18,118,372 | ' |
Net income | 2,471,012 | 4,424,752 | ' |
Basic and diluted income per share (in Dollars per share) | ' | $0.09 | ' |
Basic income per share (in Dollars per share) | $0.04 | ' | ' |
Diluted income per share (in Dollars per share) | $0.03 | ' | ' |
Second Quarter [Member] | ' | ' | ' |
Note 16 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations [Line Items] | ' | ' | ' |
Total revenues | 26,063,466 | 18,118,372 | ' |
Net income | 2,471,012 | ' | ' |
Net income | 2,471,012 | 4,424,752 | ' |
Basic and diluted income per share (in Dollars per share) | ' | $0.09 | ' |
Basic income per share (in Dollars per share) | $0.04 | ' | ' |
Diluted income per share (in Dollars per share) | $0.03 | ' | ' |
Third Quarter [Member] | Retail Opportunity Investments Partnership L.P. [Member] | ' | ' | ' |
Note 16 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations [Line Items] | ' | ' | ' |
Total revenues | 27,147,631 | 18,889,274 | ' |
Net income | 25,262,291 | 2,618,768 | ' |
Basic and diluted income per share (in Dollars per share) | ' | $0.05 | ' |
Basic income per share (in Dollars per share) | $0.35 | ' | ' |
Diluted income per share (in Dollars per share) | $0.34 | ' | ' |
Third Quarter [Member] | ' | ' | ' |
Note 16 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations [Line Items] | ' | ' | ' |
Total revenues | 27,147,631 | 18,889,274 | ' |
Net income | 25,262,291 | ' | ' |
Net income | 25,262,291 | 2,618,768 | ' |
Basic and diluted income per share (in Dollars per share) | ' | $0.05 | ' |
Basic income per share (in Dollars per share) | $0.35 | ' | ' |
Diluted income per share (in Dollars per share) | $0.34 | ' | ' |
Fourth Quarter [Member] | Retail Opportunity Investments Partnership L.P. [Member] | ' | ' | ' |
Note 16 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations [Line Items] | ' | ' | ' |
Total revenues | 33,636,485 | 21,440,357 | ' |
Net income | 3,955,264 | -278,310 | ' |
Basic and diluted income per share (in Dollars per share) | ' | ($0.01) | ' |
Basic income per share (in Dollars per share) | $0.05 | ' | ' |
Diluted income per share (in Dollars per share) | $0.05 | ' | ' |
Fourth Quarter [Member] | ' | ' | ' |
Note 16 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations [Line Items] | ' | ' | ' |
Total revenues | 33,636,485 | 21,440,357 | ' |
Net income | 3,955,264 | ' | ' |
Net income | 3,790,372 | -278,310 | ' |
Basic and diluted income per share (in Dollars per share) | ' | ($0.01) | ' |
Basic income per share (in Dollars per share) | $0.05 | ' | ' |
Diluted income per share (in Dollars per share) | $0.05 | ' | ' |
Retail Opportunity Investments Partnership L.P. [Member] | ' | ' | ' |
Note 16 - Quarterly Results of Operations (Unaudited) (Details) - Quarterly Results of Operations [Line Items] | ' | ' | ' |
Total revenues | 111,232,031 | 75,095,687 | 51,737,512 |
Net income | 33,978,453 | 7,892,613 | 9,656,321 |
Net income | $33,978,453 | $7,892,613 | $9,656,321 |
Basic income per share (in Dollars per share) | $0.50 | $0.15 | $0.23 |
Diluted income per share (in Dollars per share) | $0.48 | $0.15 | $0.23 |
Note_17_Subsequent_Events_Deta
Note 17 - Subsequent Events (Details) (USD $) | 12 Months Ended | 1 Months Ended | 2 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Feb. 21, 2014 | |
sqft | Subsequent Event [Member] | Subsequent Event [Member] | ||
Tigard Marketplace Property [Member] | ||||
sqft | ||||
Note 17 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' |
Business Combination, Consideration Transferred | ' | $266,400,000 | $25,100,000 | ' |
Area of Real Estate Property (in Square Feet) | ' | 1,100,000 | 137,000 | ' |
Common Stock, Dividends, Per Share, Declared (in Dollars per share) | ' | ' | ' | $0.16 |
Class Of Warrant Or Right Number Of Warrants Exercised (in Shares) | ' | ' | ' | 189,726 |
Proceeds from Warrant Exercises | $226,529,778 | $12,000 | ' | $2,300,000 |
Schedule_III_Real_Estate_and_A1
Schedule III - Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended |
In Billions, unless otherwise specified | Dec. 31, 2013 |
Schedule III - Real Estate and Accumulated Depreciation (Details) [Line Items] | ' |
SEC Schedule III, Real Estate, Federal Income Tax Basis (in Dollars) | 1.3 |
Building [Member] | Minimum [Member] | ' |
Schedule III - Real Estate and Accumulated Depreciation (Details) [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '39 years |
Building [Member] | Maximum [Member] | ' |
Schedule III - Real Estate and Accumulated Depreciation (Details) [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Building Improvements [Member] | Minimum [Member] | ' |
Schedule III - Real Estate and Accumulated Depreciation (Details) [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '10 years |
Building Improvements [Member] | Maximum [Member] | ' |
Schedule III - Real Estate and Accumulated Depreciation (Details) [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Schedule_III_Real_Estate_and_A2
Schedule III - Real Estate and Accumulated Depreciation (Details) - Real Estate and Accumulated Depreciation (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paramount Plaza, CA [Member] | Santa Ana Downtown Plaza,CA [Member] | Meridian Valley Plaza, WA [Member] | Grand Mart Plaza, CA [Member] | The Market At Lake Stevens, WA [Member] | Norwood Shopping Center, CA [Member] | Pleasant Hill Marketplace, CA [Member] | Vancouver Market Center, WA [Member] | Happy Valley Town Center, OR [Member] | Oregon City Point, OR [Member] | Cascade Summit, OR [Member] | Heritage Market Center, WA [Member] | Claremont Center, CA [Member] | Shops At Sycamore Creek, CA [Member] | Gateway Village, CA [Member] | Division Crossing, OR [Member] | Halsey Crossing, OR [Member] | Marketplace Del Rio, CA [Member] | Pinole Vista, CA [Member] | Desert Spring Marketplace, CA [Member] | Mills Shopping Center, CA [Member] | Morada Ranch, CA [Member] | Renaissance, CA [Member] | Country Club Gate, CA [Member] | Canyon Park, WA [Member] | Hawks Prairie, WA [Member] | Kress Building, WA [Member] | Round Hill Square, CA [Member] | Hillsboro, OR [Member] | Gateway Shopping Center, WA [Member] | Euclid Plaza, CA [Member] | Green Valley, CA [Member] | Aurora Square, WA [Member] | Marlin Cove, CA [Member] | Seabridge, CA [Member] | Novato, CA [Member] | Glendora, CA [Member] | Wilsonville, WA [Member] | Bay Plaza, CA [Member] | Santa Theresa, CA [Member] | Cypress West, CA [Member] | Redondo Beach, CA [Member] | Harbor Place, CA [Member] | Diamond Bar Town Center, CA [Member] | Bernardo Heights, CA [Member] | Canyon Crossing, WA [Member] | Diamond Hills, CA [Member] | Granada Shopping Center, CA [Member] | Hawthorne Crossings, CA [Member] | Robinwood, CA [Member] | Five Points Plaza, CA [Member] | Crossroads Shopping Center, CA [Member] | Peninsula Marketplace, CA [Member] | Country Club Village, CA [Member] | Plaza de la Canada, CA [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | $113,449,475 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,368,521 | [1] | ' | ' | [1] | ' | ' | ' | ' | ' | $16,489,812 | $12,236,374 | ' | ' | ' | ' | ' | [1] | ' | $8,158,676 | ' | ' | ' | ' | ' | ' | ' | ' | $11,033,511 | ' | ' | ' | ' | $8,748,605 | ' | ' | ' | ' | ' | ' | $49,413,976 | ' | ' | ' | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company, land | 457,527,550 | ' | ' | ' | 6,346,871 | 7,895,272 | 1,880,637 | 4,530,336 | 3,086,933 | 3,031,309 | 6,359,471 | 4,080,212 | 11,678,257 | 1,792,230 | 8,852,543 | 6,594,766 | 5,975,391 | 3,747,011 | 5,916,530 | [1] | 3,705,536 | ' | [1] | 13,420,202 | 9,233,728 | 8,517,225 | 4,083,583 | 2,503,605 | 8,640,261 | 6,487,457 | 9,352,244 | 5,334,044 | 5,692,748 | 6,358,426 | ' | [1] | 6,241,688 | 7,407,116 | 1,684,718 | 3,002,147 | 8,814,850 | 5,098,187 | 5,329,472 | 5,847,407 | 4,180,768 | 5,454,140 | 14,964,975 | 15,479,535 | 16,241,947 | 16,506,423 | 9,540,204 | 3,191,950 | 7,940,521 | 15,457,603 | 3,673,036 | 10,382,740 | 3,996,984 | 18,417,251 | 68,484,079 | 14,730,088 | 10,011,865 | 10,351,028 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial Cost to Company, building and improvements | 874,453,586 | ' | ' | ' | 10,274,425 | 9,890,440 | 4,794,789 | 7,206,258 | 12,397,178 | 11,534,239 | 6,927,347 | 6,912,155 | 27,011,054 | 9,179,205 | 7,731,944 | 17,399,233 | 1,018,505 | 11,583,858 | 27,298,339 | [1] | 8,327,097 | 7,773,472 | [1] | 22,251,180 | 17,553,082 | 18,761,350 | 16,833,059 | 19,546,783 | 13,848,388 | 17,340,757 | 11,291,210 | 20,693,920 | 20,866,133 | 17,734,397 | 18,054,929 | [1] | 23,461,824 | 7,752,767 | 8,999,134 | 1,692,681 | 6,797,289 | 17,164,319 | 4,411,801 | 8,758,338 | 15,394,342 | 14,857,031 | 17,162,039 | 11,819,089 | 13,624,837 | 10,527,092 | 16,794,637 | 8,939,685 | 24,659,249 | 29,352,602 | 13,459,155 | 29,277,254 | 11,317,359 | 37,051,590 | 68,533,041 | 19,213,763 | 26,578,916 | 24,819,026 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Capitalized Subsequent to Acquisition, land | 724,478 | ' | ' | ' | ' | ' | ' | 701,089 | ' | ' | ' | ' | ' | ' | ' | ' | 183,362 | ' | ' | [1] | ' | ' | [1] | ' | ' | -159,973 | ' | ' | ' | ' | ' | ' | ' | ' | ' | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost Capitalized Subsequent to Acquisition, building and improvements | 39,728,034 | ' | ' | ' | 158,307 | 1,105,604 | 565,181 | 595,568 | 48,012 | 259,052 | 740,989 | 169,200 | 1,429,817 | 173,951 | 247,847 | 460,541 | 4,222,592 | 868,448 | 233,949 | [1] | 3,268,554 | 425,329 | [1] | 448,504 | 2,053,380 | 1,668,923 | 4,206,597 | 334,702 | 586,485 | 701,565 | 1,410,556 | 343,425 | 2,620,097 | 462,991 | 211,234 | [1] | 43,940 | 2,333,262 | 261,136 | ' | 765,272 | 485,111 | 293,642 | 50,852 | 125,267 | 1,048,849 | 1,791,745 | 185,461 | 52,061 | 99,584 | 161,217 | 383 | 987,435 | 266,724 | 37,991 | 4,963 | ' | 80,372 | 187,202 | ' | 435,858 | 8,307 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount at Which Carried at Close of Period, land | 458,252,028 | ' | ' | ' | 6,346,871 | 7,895,272 | 1,880,637 | 5,231,425 | 3,086,933 | 3,031,309 | 6,359,471 | 4,080,212 | 11,678,257 | 1,792,230 | 8,852,543 | 6,594,766 | 6,158,753 | 3,747,011 | 5,916,530 | [1] | 3,705,536 | ' | [1] | 13,420,202 | 9,233,728 | 8,357,252 | 4,083,583 | 2,503,605 | 8,640,261 | 6,487,457 | 9,352,244 | 5,334,044 | 5,692,748 | 6,358,426 | ' | [1] | 6,241,688 | 7,407,116 | 1,684,718 | 3,002,147 | 8,814,850 | 5,098,187 | 5,329,472 | 5,847,407 | 4,180,768 | 5,454,140 | 14,964,975 | 15,479,535 | 16,241,947 | 16,506,423 | 9,540,204 | 3,191,950 | 7,940,521 | 15,457,603 | 3,673,036 | 10,382,740 | 3,996,984 | 18,417,251 | 68,484,079 | 14,730,088 | 10,011,865 | 10,351,028 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount at Which Carried at Close of Period, building and improvements | 914,181,620 | ' | ' | ' | 10,432,732 | 10,996,044 | 5,359,970 | 7,801,826 | 12,445,190 | 11,793,291 | 7,668,336 | 7,081,355 | 28,440,871 | 9,353,156 | 7,979,791 | 17,859,774 | 5,241,097 | 12,452,306 | 27,532,288 | [1] | 11,595,651 | 8,198,801 | [1] | 22,699,684 | 19,606,462 | 20,430,273 | 21,039,656 | 19,881,485 | 14,434,873 | 18,042,322 | 12,701,766 | 21,037,345 | 23,486,230 | 18,197,388 | 18,266,163 | [1] | 23,505,764 | 10,086,029 | 9,260,270 | 1,692,681 | 7,562,561 | 17,649,430 | 4,705,443 | 8,809,190 | 15,519,609 | 15,905,880 | 18,953,784 | 12,004,550 | 13,676,898 | 10,626,676 | 16,955,854 | 8,940,068 | 25,646,684 | 29,619,326 | 13,497,146 | 29,282,217 | 11,317,359 | 37,131,962 | 68,720,243 | 19,213,763 | 27,014,774 | 24,827,333 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,372,433,648 | 871,693,595 | 580,832,410 | 272,732,844 | 16,779,603 | 18,891,316 | 7,240,607 | 13,033,251 | 15,532,123 | 14,824,600 | 14,027,807 | 11,161,567 | 40,119,128 | 11,145,386 | 16,832,334 | 24,454,540 | 11,399,850 | 16,199,317 | 33,448,818 | [1] | 15,301,187 | 8,198,801 | [1] | 36,119,886 | 28,840,190 | 28,787,525 | 25,123,239 | 22,385,090 | 23,075,134 | 24,529,779 | 22,054,010 | 26,371,389 | 29,178,978 | 24,555,814 | 18,266,163 | [1] | 29,747,452 | 17,493,145 | 10,944,988 | 4,694,828 | 16,377,411 | 22,747,617 | 10,034,915 | 14,656,597 | 19,700,377 | 21,360,020 | 33,918,759 | 27,484,085 | 29,918,845 | 27,133,099 | 26,496,058 | 12,132,018 | 33,587,205 | 45,076,929 | 17,170,182 | 39,664,957 | 15,314,343 | 55,549,213 | 137,204,322 | 33,943,851 | 37,026,639 | 35,178,361 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Depreciation | $57,499,980 | [2] | ' | ' | ' | $1,341,346 | [2] | $1,359,454 | [2] | $972,289 | [2] | $1,270,966 | [2] | $1,462,628 | [2] | $1,369,119 | [2] | $964,290 | [2] | $822,379 | [2] | $3,396,860 | [2] | $1,002,425 | [2] | $1,136,648 | [2] | $1,731,278 | [2] | $725,015 | [2] | $1,625,662 | [2] | $2,674,979 | [1],[2] | $869,744 | [2] | $1,061,952 | [1],[2] | $2,492,378 | [2] | $2,045,069 | [2] | $2,204,250 | [2] | $2,698,596 | [2] | $1,662,200 | [2] | $1,181,784 | [2] | $1,592,125 | [2] | $1,220,437 | [2] | $1,763,167 | [2] | $1,738,025 | [2] | $1,457,492 | [2] | $1,284,493 | [1],[2] | $1,290,665 | [2] | $629,378 | [2] | $558,340 | [2] | $195,852 | [2] | $472,549 | [2] | $936,288 | [2] | $213,691 | [2] | $478,581 | [2] | $675,645 | [2] | $655,299 | [2] | $739,983 | [2] | $464,885 | [2] | $484,754 | [2] | $361,547 | [2] | $550,775 | [2] | $252,475 | [2] | $626,492 | [2] | $697,665 | [2] | $283,299 | [2] | $469,446 | [2] | $147,803 | [2] | $267,916 | [2] | $662,454 | [2] | $131,489 | [2] | $85,556 | [2] | $40,103 | [1],[2] |
Date of Acquisition | ' | ' | ' | ' | 22-Dec-09 | 26-Jan-10 | 1-Feb-10 | 2-Feb-10 | 16-Mar-10 | 5-Apr-10 | 8-Apr-10 | 17-Jun-10 | 14-Jul-10 | 14-Jul-10 | 20-Aug-10 | 23-Sep-10 | 23-Sep-10 | 30-Sep-10 | 16-Dec-10 | [1] | 22-Dec-10 | 22-Dec-10 | [1] | 3-Jan-11 | 6-Jan-11 | 17-Feb-11 | 17-Feb-11 | 20-May-11 | 3-Aug-11 | 8-Jul-11 | 29-Jul-11 | 8-Sep-11 | 30-Sep-11 | 23-Aug-11 | 23-Nov-11 | [1] | 16-Feb-12 | 28-Mar-12 | 2-Apr-12 | 3-May-12 | 4-May-12 | 31-May-12 | 24-Jul-12 | 1-Aug-12 | 1-Aug-12 | 5-Oct-12 | 8-Nov-12 | 7-Dec-12 | 28-Dec-12 | 28-Dec-12 | 1-Feb-13 | 6-Feb-13 | 15-Apr-13 | 22-Apr-13 | 27-Jun-13 | 27-Jun-13 | 23-Aug-13 | 27-Sep-13 | 27-Sep-13 | 15-Oct-13 | 26-Nov-13 | 13-Dec-13 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Property is subject to a ground lease. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Depreciation and investments in building and improvements reflected in the consolidated statement of operations is calculated over the estimated useful life of the assets as follows: Building: 39-40 yearsProperty Improvements: 10-20 years |
Schedule_III_Real_Estate_and_A3
Schedule III - Real Estate and Accumulated Depreciation (Details) - Reconciliation of Real Estate b Owned Subject to Operating Leases (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of Real Estate b Owned Subject to Operating Leases [Abstract] | ' | ' | ' |
Balance at beginning of period: | $871,693,595 | $580,832,410 | $272,732,844 |
Property improvements during the year | 19,513,924 | 12,264,027 | 8,106,363 |
Properties acquired during the year | 487,309,488 | 278,597,158 | 299,993,203 |
Properties sold during the year | -6,083,359 | ' | ' |
Balance at end of period: | $1,372,433,648 | $871,693,595 | $580,832,410 |
Schedule_III_Real_Estate_and_A4
Schedule III - Real Estate and Accumulated Depreciation (Details) - Reconciliation of Accumulated Depreciation (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of Accumulated Depreciation [Abstract] | ' | ' | ' |
Balance at beginning of period: | $32,364,772 | $14,451,032 | $3,078,160 |
Depreciation expenses | 25,653,359 | 17,913,740 | 11,793,750 |
Properties sold during the year | -433,342 | ' | ' |
Property assets fully depreciated and written off | -84,809 | ' | -420,878 |
Balance at end of period: | $57,499,980 | $32,364,772 | $14,451,032 |
Schedule_IV_Mortgage_Loans_on_1
Schedule IV - Mortgage Loans on Real Estate (Details) - Reconciliation of Mortgage Loans on Real Estate (USD $) | 12 Months Ended | 12 Months Ended | ||
Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Converted to Joint Venture [Member] | Eliminations from Consolidation of Joint Ventures [Member] | |||
Schedule IV - Mortgage Loans on Real Estate (Details) - Reconciliation of Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' |
Balance at beginning of period: | $57,778,044 | $10,000,000 | ' | ' |
Mortgage loans acquired during the current period | 10,000,000 | ' | ' | ' |
Mortgage loans converted to fee interest through deed-in-lieu of foreclosure | -49,978,044 | ' | ' | ' |
Mortgage loans joint venture | ' | ' | -7,800,000 | -10,000,000 |
Balance at end of period: | $10,000,000 | $10,000,000 | ' | ' |