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Note 2 - Real Estate Investments
 3 Months Ended
Jun. 30, 2013
Table Text Block [Abstract]  
Real Estate Investment Financial Statements, Disclosure [Table Text Block]
2.  
Real Estate Investments

The following real estate investment transactions have occurred during the six months ended June 30, 2013.

Property Acquisitions

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 and Tuesday Morning. 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 a Rite Aid. 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 Marketplace, 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 Lucky Supermarket.  The property was acquired using borrowings under the Company’s credit facility.

The financial information set forth below summarizes the Company's preliminary purchase price allocation for the properties acquired during the six months ended June 30, 2013.

   
June 30,
2013
 
ASSETS
     
Land                                                                                                                 
  $ 46,679,765  
Building and improvements                                                                                                                 
    128,454,743  
Acquired lease intangible asset                                                                                                                 
    7,642,268  
Deferred charges                                                                                                                 
    3,520,239  
Assets acquired                                                                                                                 
  $ 186,297,015  
LIABILITIES
       
Acquired lease intangible liability                                                                                                                 
    3,670,775  
Mortgage notes assumed                                                                                                                 
    9,670,900  
Liabilities assumed                                                                                                                 
  $ 13,341,675  

The Company assessed the fair value of the lease intangibles based on estimated cash flow projections that utilize appropriate discount rates and available market information. Such inputs are Level 3 in the fair value hierarchy.  See Note 8, “Fair Value of Financial Instruments,” for a discussion of the framework for measuring fair value.

Pro Forma Financial Information

The pro forma financial information set forth below is based upon the Company's historical consolidated statements of operations for the three and six months ended June 30, 2013 and 2012, adjusted to give effect of these transactions as if they had been completed 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 transactions occurred at the beginning of each year, nor does it purport to represent the results of future operations.

   
For the Three Months Ended
   
For the Six Months Ended
 
   
June 30,
2013
   
June 30,
2012
   
June 30,
2013
   
June 30,
2012
 
Statement of operations:
                       
Revenues
  $ 26,331,595     $ 25,180,449     $ 51,065,929     $ 47,497,162  
Property operating and other expenses
    15,229,803       9,599,694       29,333,089       21,847,747  
Depreciation and amortization
    9,210,852       9,434,100       18,249,685       17,741,075  
Net income attributable to Retail Opportunity Investments Corp.
  $ 1,890,940     $ 6,146,655     $ 3,483,155     $ 7,908,340  

The following table summarizes the operating results included in the Company's historical consolidated statement of operations for the three and six months ended June 30, 2013, for the properties acquired during the six months ended June 30, 2013.

   
For the Three
Months Ended
   
For the Six
Months Ended
 
   
June 30,
2013
   
June 30,
2013
 
Statement of operations:
           
Revenues
  $ 2,008,856     $ 2,563,517  
Property operating and other expenses
    970,464       1,235,863  
Depreciation and amortization
    991,266       1,260,183  
Net income attributable to Retail Opportunity Investments Corp.
  $ 47,126     $ 67,471  

Mortgage Notes Receivable

The Company holds a $10.0 million second mortgage loan to the joint venture that owns the Crossroads Shopping Center.  The Company owns a 49% equity interest in the joint venture.  The interest rate on the loan is 8% per annum and the loan matures on September 1, 2015, which is coterminous with the existing first mortgage. Additionally, during the six months ended June 30, 2013, the Company funded a $294,000 partner loan to the joint venture.

Unconsolidated Joint Ventures

At June 30, 2013 and December 31, 2012, investment in and advances to unconsolidated joint venture consisted of a 49% ownership of Crossroads Shopping Center of $15.6 million and $15.3 million, respectively.

The Company has no material contractual capital contribution commitments to its joint venture.

The Company has evaluated its investment in the joint venture and has concluded that the joint venture is not a VIE.  The Company accounts for its investment in its unconsolidated joint ventures under the equity method of accounting since it exercises significant influence over, but does not control the unconsolidated joint venture.  The other members in the unconsolidated joint venture have substantial participation rights in the financial decisions and operations of the unconsolidated joint venture.