Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

The following table sets forth the dividends declared per share of ROIC’s common stock and the tax status for U.S. federal income tax purposes of such dividends declared during the year ended December 31, 2021.


Record Date	Payable Date	Total Distribution per Share	Ordinary Income per Share	Section 199A Dividends (1)	Total Capital Gain per Share	Section 1250 Recapture per Share (2)
3/26/2021	4/9/2021	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
6/18/2021	7/9/2021	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
9/17/2021	10/8/2021	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
12/17/2021	1/7/2022	$0.1100	$0.09492	$0.09492	$0.01508	$0.00436
12/23/2021	1/14/2022	$0.0700	$0.06040	$0.06040	$0.00960	$0.00278

______________________

(1)Represents dividends eligible for the 20% qualified business income deduction under Section 199A, and is included in “Ordinary Income per Share”

(2)Represents additional characterization of, and is included in “Total Capital Gain per Share”

Schedule of Unamortized Balances of Deferred Leasing Costs

The unamortized balances of deferred leasing costs included in deferred charges in the Consolidated Balance Sheets as of December 31, 2021 that will be charged to future operations are as follows (in thousands):


	Lease Origination Costs
2022	$	4,764
2023	3,900
2024	3,086
2025	2,589
2026	2,013
Thereafter	6,784
	$	23,136

Schedule of Basic and Diluted Earnings Per Share/Unit

The following table sets forth the reconciliation between basic and diluted EPS for ROIC (in thousands, except share data):


	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income	$	57,360	$	34,721	$	53,683
Less income attributable to non-controlling interests	(3,852)		(2,707)		(4,839)
Less earnings allocated to unvested shares	(355)		(127)		(453)
Net income available for common stockholders, basic	$	53,153	$	31,887	$	48,391
Numerator:
Net income	$	57,360	$	34,721	$	53,683
Less earnings allocated to unvested shares	(355)		(127)		(453)
Net income available for common stockholders, diluted	$	57,005	$	34,594	$	53,230
Denominator:
Denominator for basic EPS – weighted average common equivalent shares	119,544,749		116,731,930		114,177,528

OP units	8,650,485		9,785,334		11,334,408
Performance-based restricted stock awards and LTIP Units	250,585		106,434		206,100
Stock options	8,079		3,299		23,450
Denominator for diluted EPS – weighted average common equivalent shares	128,453,898		126,626,997		125,741,486

Earnings Per Unit

The following table sets forth the reconciliation between basic and diluted earnings per unit for the Operating Partnership (in thousands, except unit data):


	Year Ended December 31,
	2021		2020		2019
Numerator:
Net income	$	57,360	$	34,721	$	53,683
Less earnings allocated to unvested shares	(355)		(127)		(453)
Net income available to unitholders, basic and diluted	$	57,005	$	34,594	$	53,230
Denominator:
Denominator for basic earnings per unit – weighted average common equivalent units	128,195,234		126,517,264		125,511,936

Performance-based restricted stock awards and LTIP Units	250,585		106,434		206,100
Stock options	8,079		3,299		23,450
Denominator for diluted earnings per unit – weighted average common equivalent units	128,453,898		126,626,997		125,741,486

Schedule of Supplemental Cash Flow Disclosures

The following tables provides supplemental disclosures related to the consolidated statements of cash flows (in thousands):


	Year Ended December 31,
	2021		2020		2019
Supplemental disclosure of cash activities:
Cash paid on gross receipts and income for federal and state purposes	$	292	$	324	$	275
Interest paid	$	55,104	$	57,276	$	60,319
Other non-cash investing and financing activities increase (decrease):


Intangible lease liabilities	$	22,185	$	—	$	1,475
Interest rate swap asset	$	—	$	—	$	(4,931)
Interest rate swap liabilities	$	(6,064)	$	5,646	$	3,285
Accrued real estate improvement costs	$	7,122	$	5,346	$	3,222
Equity redemption of OP Units	$	6,858	$	20,098	$	2,632
Disposition of real estate through issuance of mortgage note	$	—	$	—	$	13,250
Dividends and distributions payable	$	24,219	$	336	$	399