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Consolidated Statements of Cash Flow - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income $ 12,314 $ 17,685 $ 24,780 $ 25,659
Adjustments to reconcile net income to cash provided by operating activities:        
Depreciation and amortization 24,350 23,507 48,112 46,547
Amortization of deferred financing costs and mortgage premiums, net     1,213 1,185
Straight-line rent adjustment     (1,366) (312)
Amortization of above and below market rent     (6,311) (4,446)
Amortization relating to stock based compensation     5,600 5,296
Provisions for tenant credit losses     849 1,475
Other noncash interest (income) expense     (28) 73
Gain on sale of real estate 0 (9,460) 0 (9,460)
Change in operating assets and liabilities:        
Tenant and other receivables     3,486 568
Prepaid expenses     3,387 3,081
Accounts payable and accrued expenses     (4,574) (939)
Other assets and liabilities, net     2,332 (1,987)
Net cash provided by operating activities     77,480 66,740
CASH FLOWS FROM INVESTING ACTIVITIES        
Investments in real estate     (60,205) 0
Proceeds from sale of real estate     0 25,349
Improvements to properties     (29,074) (21,812)
Deposits on real estate acquisitions, net     0 (500)
Proceeds on repayment of mortgage note receivable     44 42
Net cash (used in) provided by investing activities     (89,235) 3,079
CASH FLOWS FROM FINANCING ACTIVITIES        
Principal repayments on mortgages     (23,801) (301)
Proceeds from draws on credit facility     94,000 20,000
Payments on credit facility     (48,000) (68,000)
Distributions to OP Unitholders     (2,970) (978)
Proceeds from the sale of common stock     25,199 34,844
Registration expenditures     (512) (386)
Dividends paid to common stockholders     (38,059) (13,146)
Common shares issued under the Equity Incentive Plan     302 428
Shares withheld for employee taxes     (2,405) (1,905)
Net cash provided by (used in) financing activities     3,754 (29,444)
Net (decrease) increase in cash, cash equivalents and restricted cash     (8,001) 40,375
Cash, cash equivalents and restricted cash at beginning of period     15,363 6,636
Cash, cash equivalents and restricted cash at end of period 7,362 47,011 7,362 47,011
Other non-cash investing and financing activities increase (decrease):        
Intangible lease liabilities     12,959 0
Interest rate swap asset     63 0
Interest rate swap liabilities     (3,336) (2,843)
Accrued real estate improvement costs 8,117 5,537 8,117 5,537
Equity redemption of OP Units 0 0 1,895 6,858
Dividends and distributions payable 17,830 14,590 17,830 14,590
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 5,632 45,033 5,632 45,033
Restricted cash 1,730 1,978 1,730 1,978
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows 7,362 47,011 7,362 47,011
Retail Opportunity Investments Partnership L.P.        
CASH FLOWS FROM OPERATING ACTIVITIES        
Net income 12,314 17,685 24,780 25,659
Adjustments to reconcile net income to cash provided by operating activities:        
Depreciation and amortization 24,350 23,507 48,112 46,547
Amortization of deferred financing costs and mortgage premiums, net     1,213 1,185
Straight-line rent adjustment     (1,366) (312)
Amortization of above and below market rent     (6,311) (4,446)
Amortization relating to stock based compensation     5,600 5,296
Provisions for tenant credit losses     849 1,475
Other noncash interest (income) expense     (28) 73
Gain on sale of real estate 0 (9,460) 0 (9,460)
Change in operating assets and liabilities:        
Tenant and other receivables     3,486 568
Prepaid expenses     3,387 3,081
Accounts payable and accrued expenses     (4,574) (939)
Other assets and liabilities, net     2,332 (1,987)
Net cash provided by operating activities     77,480 66,740
CASH FLOWS FROM INVESTING ACTIVITIES        
Investments in real estate     (60,205) 0
Proceeds from sale of real estate     0 25,349
Improvements to properties     (29,074) (21,812)
Deposits on real estate acquisitions, net     0 (500)
Proceeds on repayment of mortgage note receivable     44 42
Net cash (used in) provided by investing activities     (89,235) 3,079
CASH FLOWS FROM FINANCING ACTIVITIES        
Principal repayments on mortgages     (23,801) (301)
Proceeds from draws on credit facility     94,000 20,000
Payments on credit facility     (48,000) (68,000)
Distributions to OP Unitholders     (41,029) (14,124)
Proceeds from the sale of common stock     25,199 34,844
Registration expenditures     (512) (386)
Common shares issued under the Equity Incentive Plan     302 428
Shares withheld for employee taxes     (2,405) (1,905)
Net cash provided by (used in) financing activities     3,754 (29,444)
Net (decrease) increase in cash, cash equivalents and restricted cash     (8,001) 40,375
Cash, cash equivalents and restricted cash at beginning of period     15,363 6,636
Cash, cash equivalents and restricted cash at end of period 7,362 47,011 7,362 47,011
Other non-cash investing and financing activities increase (decrease):        
Intangible lease liabilities     12,959 0
Interest rate swap asset     63 0
Interest rate swap liabilities     (3,336) (2,843)
Accrued real estate improvement costs 8,117 5,537 8,117 5,537
Equity redemption of OP Units 0 0 1,895 6,858
Dividends and distributions payable 17,830 14,590 17,830 14,590
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 5,632 45,033 5,632 45,033
Restricted cash 1,730 1,978 1,730 1,978
Total cash, cash equivalents and restricted cash shown in Statements of Cash Flows $ 7,362 $ 47,011 $ 7,362 $ 47,011