Company Quick10K Filing
Retail Opportunity Investments
Price18.38 EPS0
Shares126 P/E43
MCap2,307 P/FCF21
Net Debt-9 EBIT101
TEV2,299 TEV/EBIT23
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-27
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-04-23
10-K 2019-12-31 Filed 2020-02-19
10-Q 2019-09-30 Filed 2019-10-29
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-20
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-04-26
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-28
10-Q 2016-03-31 Filed 2016-04-28
10-K 2015-12-31 Filed 2016-02-24
10-Q 2015-09-30 Filed 2015-10-29
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-04-30
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-10-30
10-Q 2014-06-30 Filed 2014-07-31
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-25
10-Q 2013-09-30 Filed 2013-10-31
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-03
10-Q 2012-03-31 Filed 2012-05-04
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-04
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-06
10-K 2009-12-31 Filed 2010-03-12
8-K 2020-10-26 Earnings, Exhibits
8-K 2020-07-29 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-06-17
8-K 2020-04-22
8-K 2020-04-22
8-K 2020-04-09
8-K 2020-02-20
8-K 2020-02-18
8-K 2019-12-20
8-K 2019-10-28
8-K 2019-07-24
8-K 2019-06-04
8-K 2019-04-29
8-K 2019-04-24
8-K 2019-04-24
8-K 2019-02-19
8-K 2018-10-23
8-K 2018-07-25
8-K 2018-05-01
8-K 2018-04-25
8-K 2018-04-25
8-K 2018-02-21
8-K 2017-11-30

ROIC 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 roic-93020xex31110xq.htm
EX-31.2 roic-93020xex31210xq.htm
EX-32.1 roic-93020xex32110xq.htm

Retail Opportunity Investments Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
3.12.51.91.20.60.02012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

roic-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2020
 
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____

Commission file number 001-33749

RETAIL OPPORTUNITY INVESTMENTS CORP.
RETAIL OPPORTUNITY INVESTMENTS PARTNERSHIP, LP
(Exact name of registrant as specified in its charter)
Maryland (Retail Opportunity Investments Corp.)26-0500600 (Retail Opportunity Investments Corp.)
Delaware (Retail Opportunity Investments Partnership, LP)94-2969738 (Retail Opportunity Investments Partnership, LP)
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
11250 El Camino Real
Suite 200
San Diego,California
92130
(Address of Principal Executive Offices)(Zip Code)


(858) 677-0900
(Registrant’s telephone number, including area code)
 
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Retail Opportunity Investments Corp.YesNo
Retail Opportunity Investments Partnership, LPYesNo

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Retail Opportunity Investments Corp.Yes No
Retail Opportunity Investments Partnership, LPYes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

Retail Opportunity Investments Corp.
Large accelerated filer Accelerated filerNon-accelerated filer Smaller reporting company
Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Retail Opportunity Investments Partnership, LP
Large accelerated filerAccelerated filerNon-accelerated filer Smaller reporting company
Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Retail Opportunity Investments Corp.Yes  No
Retail Opportunity Investments Partnership, LPYes No

Securities registered pursuant to Section 12(b) of the Act:
Name of RegistrantTitle of each classTrading SymbolName of each exchange on which registered
Retail Opportunity Investments Corp.Common Stock, par value $0.0001 per shareROICNASDAQ
Retail Opportunity Investments Partnership, LPNoneNoneNone

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: 118,005,155 shares of common stock, par value $0.0001 per share, of Retail Opportunity Investments Corp. outstanding as of October 23, 2020.
 



EXPLANATORY PARAGRAPH
 
This report combines the quarterly reports on Form 10-Q for the quarter ended September 30, 2020 of Retail Opportunity Investments Corp., a Maryland corporation (“ROIC”), and Retail Opportunity Investments Partnership, LP, a Delaware limited partnership (the “Operating Partnership”), of which ROIC is the parent company and general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “the Company,” “we,” “us,” “our,” or “our company” refer to ROIC together with its consolidated subsidiaries, including the Operating Partnership. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “the Operating Partnership” refer to Retail Opportunity Investments Partnership, LP together with its consolidated subsidiaries.
 
ROIC operates as a real estate investment trust and as of September 30, 2020, ROIC owned an approximate 92.8% partnership interest in the Operating Partnership. 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.
 
The Company believes that combining the quarterly reports on Form 10-Q of ROIC and the Operating Partnership into a single report will result in the following benefits:
 
facilitate a better understanding by the investors of ROIC and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;

remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both ROIC and the Operating Partnership; and

create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

Management operates ROIC and the Operating Partnership as one enterprise. The management of ROIC and the Operating Partnership are the same.
 
There are a few differences between ROIC and the Operating Partnership, which are reflected in the disclosures in this report. The Company believes it is important to understand the differences between ROIC and the Operating Partnership in the context of how these entities operate as an interrelated consolidated company. ROIC is a real estate investment trust, whose 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 of the Operating Partnership and issuing equity from time to time. The Operating Partnership holds substantially all the assets of the Company and directly or indirectly holds the ownership interests in the Company’s real estate ventures. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by ROIC, which are contributed to the Operating Partnership, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness (directly and through subsidiaries) or through the issuance of operating partnership units (“OP Units”).
 
Non-controlling interests is the primary area of difference between the Consolidated Financial Statements for ROIC and the Operating Partnership. The OP Units in the Operating Partnership that are not owned by ROIC are accounted for as partners’ capital in the Operating Partnership’s financial statements and as non-controlling interests in ROIC’s financial statements. Accordingly, this report presents the Consolidated Financial Statements for ROIC and the Operating Partnership separately, as required, as well as Earnings Per Share / Earnings Per Unit and Capital of the Operating Partnership.
 
This report also includes separate Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources, Item 4. Controls and Procedures sections and separate Chief Executive Officer and Chief Financial Officer certifications for each of ROIC and the Operating Partnership as reflected in Exhibits 31 and 32.




TABLE OF CONTENTS

 
 




PART I. FINANCIAL INFORMATION
 
Item 1. Financial Statements

RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Balance Sheets
(In thousands, except share data) 
 September 30, 2020
(unaudited)
December 31, 2019
ASSETS  
Real Estate Investments:  
Land$881,764 $879,540 
Building and improvements2,262,430 2,252,301 
 3,144,194 3,131,841 
Less:  accumulated depreciation440,541 390,916 
2,703,653 2,740,925 
Mortgage note receivable4,979 13,000 
Real Estate Investments, net2,708,632 2,753,925 
Cash and cash equivalents58,458 3,800 
Restricted cash1,990 1,658 
Tenant and other receivables, net56,122 45,821 
Acquired lease intangible assets, net53,320 59,701 
Prepaid expenses1,285 3,169 
Deferred charges, net24,026 27,652 
Other assets17,543 18,031 
Total assets$2,921,376 $2,913,757 
LIABILITIES AND EQUITY  
Liabilities:  
Term loan$298,433 $298,330 
Credit facility100,544 80,743 
Senior Notes943,267 942,850 
Mortgage notes payable86,766 87,523 
Acquired lease intangible liabilities, net133,590 144,757 
Accounts payable and accrued expenses28,755 17,562 
Tenants’ security deposits6,977 7,177 
Other liabilities45,370 42,987 
Total liabilities1,643,702 1,621,929 
Commitments and contingencies
Equity:  
Preferred stock, $0.0001 par value 50,000,000 shares authorized; none issued and outstanding
  
Common stock, $0.0001 par value, 500,000,000 shares authorized; 117,940,155 and 116,496,016 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively
12 12 
Additional paid-in capital1,493,989 1,481,466 
Dividends in excess of earnings(298,212)(297,998)
Accumulated other comprehensive loss(10,230)(4,132)
Total Retail Opportunity Investments Corp. stockholders’ equity1,185,559 1,179,348 
Non-controlling interests92,115 112,480 
Total equity1,277,674 1,291,828 
Total liabilities and equity$2,921,376 $2,913,757 
See accompanying notes to consolidated financial statements.
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RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
(In thousands, except share data)

 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Revenues  
Rental revenue$69,066 $71,793 $208,997 $218,981 
Other income706 645 2,199 2,440 
Total revenues69,772 72,438 211,196 221,421 
Operating expenses
Property operating10,313 10,995 30,203 32,766 
Property taxes8,510 8,113 25,265 24,183 
Depreciation and amortization24,649 24,163 73,041 73,367 
General and administrative expenses4,101 4,448 11,974 13,674 
Other expense165 47 525 1,364 
Total operating expenses47,738 47,766 141,008 145,354 
Gain on sale of real estate 10,357  13,175 
Operating income22,034 35,029 70,188 89,242 
Non-operating expenses  
Interest expense and other finance expenses(15,065)(15,401)(45,047)(46,685)
Net income6,969 19,628 25,141 42,557 
Net income attributable to non-controlling interests(503)(1,770)(2,026)(3,864)
Net Income Attributable to Retail Opportunity Investments Corp.$6,466 $17,858 $23,115 $38,693 
Earnings per share – basic and diluted$0.06 $0.16 $0.20 $0.34 
Dividends per common share$ $0.1970 $0.2000 $0.5910 
Comprehensive income:
Net income$6,969 $19,628 $25,141 $42,557 
Other comprehensive income (loss):
Unrealized swap derivative gain (loss) arising during the period62 (1,226)(9,954)(8,649)
Reclassification adjustment for amortization of interest expense included in net income1,498 (96)3,061 (561)
Other comprehensive income (loss):1,560 (1,322)(6,893)(9,210)
Comprehensive income8,529 18,306 18,248 33,347 
Comprehensive income attributable to non-controlling interests(645)(1,770)(1,231)(3,864)
Comprehensive income attributable to Retail Opportunity Investments Corp.$7,884 $16,536 $17,017 $29,483 
See accompanying notes to consolidated financial statements.
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RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statements of Equity
(Unaudited)
(In thousands, except share data)


 Common StockAdditional
paid-in capital
Accumulated dividends in excess of earningsAccumulated
other
comprehensive loss
Non-
controlling
interests
Equity
 SharesAmount
Balance at December 31, 2019116,496,016 $12 $1,481,466 $(297,998)$(4,132)$112,480 $1,291,828 
Shares issued under the Equity Incentive Plan428,170 —  — — —  
Shares withheld for employee taxes(128,614)— (2,272)— — — (2,272)
Cancellation of restricted stock(1,000)— — — — — — 
Stock based compensation expense— — 1,636 — — 220 1,856 
Cash redemption for non-controlling interests— — — — — (1,999)(1,999)
Adjustment to non-controlling interests ownership in Operating Partnership— — 652 — — (652)— 
Repurchase of common stock(673,868)— (8,846)— — — (8,846)
Registration expenditures— — (90)— — — (90)
Cash dividends ($0.2000 per share)
— — — (23,273)— (2,187)(25,460)
Dividends payable to officers— — — (56)— (33)(89)
Net income attributable to Retail Opportunity Investments Corp.— — — 12,002 — — 12,002 
Net income attributable to non-controlling interests— — — — — 1,134 1,134 
Other comprehensive loss— — — — (8,717)— (8,717)
Balance at March 31, 2020116,120,704 $12 $1,472,546 $(309,325)$(12,849)$108,963 $1,259,347 
Cancellation of restricted stock(2,499)— — — — — — 
Stock based compensation expense— — 2,081 — — 87 2,168 
Redemption of OP Units1,521,833 — 15,211 — — (15,211)— 
Adjustment to non-controlling interests ownership in Operating Partnership— — (1,064)— — 1,064 — 
Registration expenditures— — 6 — — — 6 
Net income attributable to Retail Opportunity Investments Corp.— — — 4,647 — — 4,647 
Net income attributable to non-controlling interests— — — — — 389 389 
Other comprehensive gain (loss)— — — — 1,201 (937)264 
Balance at June 30, 2020117,640,038 $12 $1,488,780 $(304,678)$(11,648)$94,355 $1,266,821 
Cancellation of restricted stock(1,400)— — — — — — 
Stock based compensation expense— — 2,086 — — 255 2,341 
Redemption of OP Units301,517 — 3,076 — — (3,076)— 
Adjustment to non-controlling interests ownership in Operating Partnership— — 64 — — (64)— 
Registration expenditures— — (17)— — — (17)
Net income attributable to Retail Opportunity Investments Corp.— — — 6,466 — — 6,466 
Net income attributable to non-controlling interests— — — — — 503 503 
Other comprehensive gain— — — — 1,418 142 1,560 
Balance at September 30, 2020117,940,155 $12 $1,493,989 $(298,212)$(10,230)$92,115 $1,277,674 
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RETAIL OPPORTUNITY INVESTMENTS CORP.
Consolidated Statements of Equity (continued)
(Unaudited)
(In thousands, except share data)

Common StockAdditional
paid-in capital
Accumulated dividends in excess of earningsAccumulated
other
comprehensive income (loss)
Non-
controlling
interests
Equity
SharesAmount
Balance at December 31, 2018113,992,837 $11 $1,441,080 $(256,438)$3,561 $120,214 $1,308,428 
Shares issued under the Equity Incentive Plan445,022 —  — — —  
Shares withheld for employee taxes(125,072)— (1,986)— — — (1,986)
Cancellation of restricted stock(999)— — — — — — 
Stock based compensation expense— — 1,651 — — — 1,651 
Cash redemption for non-controlling interests— — — — — (1,246)(1,246)
Adjustment to non-controlling interests ownership in Operating Partnership— — 56 — — (56)— 
Registration expenditures— — (47)— — — (47)
Cash dividends ($0.1970 per share)
— — — (22,519)— (2,247)(24,766)
Dividends payable to officers— — — 142 — — 142 
Net income attributable to Retail Opportunity Investments Corp.— — — 13,250 — — 13,250 
Net income attributable to non-controlling interests— — — — — 1,333 1,333 
Other comprehensive loss— — — — (2,810)— (2,810)
Balance at March 31, 2019114,311,788 $11 $1,440,754 $(265,565)$751 $117,998 $1,293,949 
Cancellation of restricted stock(3,999)— — — — — — 
Stock based compensation expense— — 1,852 — — 387 2,239 
Adjustment to non-controlling interests ownership in Operating Partnership— — 592 — — (592)— 
Registration expenditures— — (33)— — — (33)
Cash dividends ($0.1970 per share)
— — — (22,517)— (2,247)(24,764)
Dividends payable to officers— — — 9 —