XML 41 R7.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 17,624 $ 16,298
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 52,567 42,986
Amortization of deferred financing costs and mortgage premiums, net 119 (311)
Straight-line rent adjustment (3,847) (2,516)
Amortization of above and below market rent (7,346) (5,262)
Amortization relating to stock based compensation 3,490 2,689
Provisions for tenant credit losses 1,574 1,463
Other noncash interest expense 1,604 1,308
Gain on sale of real estate   (4,869)
Settlement of interest rate swap agreements   (3,230)
Restricted cash 205 (287)
Tenant and other receivables (1,337) (4,482)
Prepaid expenses 1,857 804
Accounts payable and accrued expenses 10,369 3,761
Other asset and liabilities, net (2,284) 4,090
Net cash provided by operating activities 74,595 52,442
CASH FLOWS FROM INVESTING ACTIVITIES    
Investments in real estate (235,786) (322,684)
Proceeds from sale of real estate   27,622
Increase in restricted cash   (12,048)
Improvements to properties (19,278) (15,666)
Deposits on real estate acquisitions 3,500 (4,225)
Construction escrows and other 23 207
Net cash used in investing activities (251,541) (326,794)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal repayment on mortgages (65,156) (9,528)
Proceeds from mortgage loan 35,500  
Proceeds from term loan 300,000  
Proceeds from the draw on term loan/credit facility 306,000 318,300
Payments on credit facility (446,275) (251,950)
Proceeds from exercise of warrants   56,002
Distributions to OP Unitholders (1,950) (1,503)
Deferred financing and other costs (1,766) (66)
Proceeds from the issuance of common stock 101,293 214,907
Registration expenditures (4,286) (9,462)
Dividends paid (48,918) (38,685)
Repurchase of common stock (1,316) (587)
Net cash provided by financing activities 173,126 277,428
Net (decrease) increase in cash and cash equivalents (3,820) 3,076
Cash and cash equivalents at beginning of period 10,773 7,920
Cash and cash equivalents at end of period 6,953 10,996
Other non-cash investing and financing activities – increase (decrease):    
Intangible lease liabilities 15,609 35,426
Interest rate swap asset   (1,169)
Interest rate swap liabilities   (2,529)
Proceeds receivable from exercise of warrants   (173)
Accrued real estate improvement costs 503 3,434
OP Unit redemption 2,731  
Retail Opportunity Investments Partnership L.P. [Member]    
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income 17,624 16,298
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation and amortization 52,567 42,986
Amortization of deferred financing costs and mortgage premiums, net 119 (311)
Straight-line rent adjustment (3,847) (2,516)
Amortization of above and below market rent (7,346) (5,262)
Amortization relating to stock based compensation 3,490 2,689
Provisions for tenant credit losses 1,574 1,463
Other noncash interest expense 1,604 1,308
Gain on sale of real estate   (4,869)
Settlement of interest rate swap agreements   (3,230)
Restricted cash 205 (287)
Tenant and other receivables (1,337) (4,482)
Prepaid expenses 1,857 804
Accounts payable and accrued expenses 10,369 3,761
Other asset and liabilities, net (2,284) 4,090
Net cash provided by operating activities 74,595 52,442
CASH FLOWS FROM INVESTING ACTIVITIES    
Investments in real estate (235,786) (322,684)
Proceeds from sale of real estate   27,622
Increase in restricted cash   (12,048)
Improvements to properties (19,278) (15,666)
Deposits on real estate acquisitions 3,500 (4,225)
Construction escrows and other 23 207
Net cash used in investing activities (251,541) (326,794)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal repayment on mortgages (65,156) (9,528)
Proceeds from mortgage loan 35,500  
Proceeds from term loan 300,000  
Proceeds from the draw on term loan/credit facility 306,000 318,300
Payments on credit facility (446,275) (251,950)
Proceeds from exercise of warrants   56,002
Deferred financing and other costs (1,766) (66)
Proceeds from the issuance of common stock 101,293 214,907
Registration expenditures (4,286) (9,462)
Dividends paid (50,868) (40,188)
Repurchase of common stock (1,316) (587)
Net cash provided by financing activities 173,126 277,428
Net (decrease) increase in cash and cash equivalents (3,820) 3,076
Cash and cash equivalents at beginning of period 10,773 7,920
Cash and cash equivalents at end of period 6,953 10,996
Other non-cash investing and financing activities – increase (decrease):    
Intangible lease liabilities 15,609 35,426
Interest rate swap asset   (1,169)
Interest rate swap liabilities   (2,529)
Proceeds receivable from exercise of warrants   (173)
Accrued real estate improvement costs $ 503 $ 3,434