Delaware
(State or other jurisdiction
of incorporation)
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001-33749
(Commission File Number)
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26-0500600
(I.R.S. Employer
Identification No.)
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3 Manhattanville Road, Purchase, NY
(Address of Principal Executive Offices)
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10577
(Zip Code)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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·
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Independent Auditors’ Report
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·
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Statement of Revenues and Certain Expenses for the Year Ended December 31, 2010 (Audited) and three months ended March 31, 2011 (Unaudited)
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·
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Notes to Statement of Revenues and Certain Expenses for the Year Ended December 31, 2010 (Audited) and three months ended March 31, 2011(Unaudited)
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·
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Pro Forma Consolidated Statement of Operations for the Three Months Ended March 31, 2011 (Unaudited)
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·
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Pro Forma Consolidated Statement of Operations for the Year Ended December 31, 2010 (Unaudited)
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·
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Notes to Pro Forma Consolidated Financial Statements (Unaudited)
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Exhibit No.
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Description
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23.1
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Consent of Independent Auditor.
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99.1
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Financial statements and pro forma financial information referenced above under paragraphs (a) and (b) of this Item 9.01
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RETAIL OPPORTUNITY INVESTMENTS CORP.
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Dated: June 1, 2011
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By: /s/ John B. Roche
John B. Roche
Chief Financial Officer
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Exhibit No.
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Description
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23.1
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Consent of Independent Auditor
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99.1
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Financial Statement of Property Acquired and Pro Forma Financial Information.
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Page
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Pinole Vista
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Independent Auditors’ Report
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F-1
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Statement of Revenues and Certain Expenses for the Year Ended December 31, 2010 (Audited) and three months ended March 31, 2011 (Unaudited)
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F-2
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Notes to Statement of Revenues and Certain Expenses for the Year Ended December 31, 2010 (Audited) and three months ended March 31, 2011 (Unaudited)
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F-3
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Pro Forma Consolidated Financial Statements of Retail Opportunity Investments Corp.
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Pro Forma Consolidated Statement of Operations for the Three Months Ended March 31, 2011 (Unaudited)
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F-6
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Pro Forma Consolidated Statement of Operations for the Year Ended December 31, 2010 (Unaudited) |
F-7
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Notes to Pro Forma Consolidated Financial Statements (Unaudited)
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F-8
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Year Ended
December 31,
2010
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Three Months
Ended
March 31,
2011
(Unaudited)
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|||||||
Revenues
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||||||||
Rental income (note 4)
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$ | 1,698 | $ | 394 | ||||
Other income
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1 | — | ||||||
Total revenues
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1,699 | 394 | ||||||
Certain Expenses
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||||||||
Utilities
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44 | 12 | ||||||
Cleaning services
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18 | 15 | ||||||
Repairs, maintenance, and supplies
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139 | 46 | ||||||
Real estate taxes
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203 | 51 | ||||||
Insurance
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19 | 7 | ||||||
General & administrative
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— | 1 | ||||||
Total expenses
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423 | 132 | ||||||
Excess of revenues over certain expenses
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$ | 1,276 | $ | 262 |
Year ending December 31
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Amounts
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|||
2011
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$ | 1,412,671 | ||
2012
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1,106,121 | |||
2013
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974,626 | |||
2014
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842,820 | |||
2015
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863,869 | |||
Thereafter
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289,187 | |||
$ | 5,489,294 |
Company
Historical(1)
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Pinole
Vista (6)
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Company
Pro Forma
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||||||||||
Revenue
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||||||||||||
Base rents
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$ | 7,181 | $ | 26 | $ | 7,207 | ||||||
Recoveries from tenants
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1,905 | 6 | 1,911 | |||||||||
Mortgage interest
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955 | 955 | ||||||||||
Total revenues
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10,041 | 32 | 10,073 | |||||||||
Operating expenses
Property operating
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1,096 | 5 | 1,101 | |||||||||
Property taxes
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1,052 | 3 | 1,055 | |||||||||
Depreciation and amortization
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4,252 | 24 | 4,276 | |||||||||
General & Administrative Expenses
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2,389 | 2,389 | ||||||||||
Acquisition transaction costs
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175 | 175 | ||||||||||
Total operating expenses
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8,964 | 32 | 8,996 | |||||||||
Operating income
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1,077 | — | 1,077 | |||||||||
Non-operating income (expenses) | ||||||||||||
Interest expense
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(916 | ) | (916 | ) | ||||||||
Gain on bargain purchase
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5,762 | 5,762 | ||||||||||
Equity in earnings from unconsolidated joint ventures
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243 | 243 | ||||||||||
Interest income
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14 | 14 | ||||||||||
Net income attributable to Retail Opportunity Investments Corp.
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$ | 6,180 | $ | — | $ | 6,180 | ||||||
Pro forma weighted average shares outstanding – basic and diluted
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41,847 | 41,847 | ||||||||||
Pro forma income per share | ||||||||||||
Basic and diluted:
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$ | 0.15 | $ | 0.15 | ||||||||
Pro forma dividends per common share: | $ | 0.08 | $ | 0.08 |
Company
Historical(1)
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Pinole
Vista
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Pro Forma
Adjustments
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Company
Pro Forma
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|||||||||||||
Revenue
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||||||||||||||||
Base rents
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$ | 12,381 | $ | 1,262 | $ | 572 | (2) | $ | 14,215 | |||||||
Recoveries from tenants
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2,879 | 437 | 3,316 | |||||||||||||
Mortgage interest
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1,069 | 1,069 | ||||||||||||||
Total revenues
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16,329 | 1,699 | 572 | 18,600 | ||||||||||||
Operating expenses | ||||||||||||||||
Property operating
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2,848 | 220 | 3,068 | |||||||||||||
Property taxes
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1,697 | 203 | 1,900 | |||||||||||||
Depreciation and amortization
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6,081 | 433 | (3) | 6,514 | ||||||||||||
General & Administrative Expenses
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8,381 | 8,381 | ||||||||||||||
Acquisition transaction costs
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2,636 | 40 | (4) | 2,676 | ||||||||||||
Total operating expenses
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21,643 | 423 | 473 | 22,539 | ||||||||||||
Operating (loss) income
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(5,314 | ) | 1,276 | 99 | (3,939 | ) | ||||||||||
Non-operating income (expenses) | ||||||||||||||||
Interest expense
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(324 | ) | (324 | ) | ||||||||||||
Gain on bargain purchase
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2,217 | 2,217 | ||||||||||||||
Equity in earnings from unconsolidated joint ventures
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38 | 38 | ||||||||||||||
Interest income
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1,109 | (100 | )(5) | 1,009 | ||||||||||||
Other income
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1,873 | 1,875 | ||||||||||||||
Net (loss) income attributable to Retail Opportunity Investments Corp.
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$ | (401 | ) | $ | 1,276 | $ | (1 | ) | $ | 876 | ||||||
Pro forma weighted average shares outstanding – basic and diluted
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41,582 | 41,582 | ||||||||||||||
Pro forma (loss) income per share | ||||||||||||||||
Basic and diluted:
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$ | (0.01 | ) | $ | 0.02 | |||||||||||
Pro forma dividends per common share:
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$ | 0.18 | $ | 0.18 |
1.
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Derived from the Company’s audited and unaudited financial statements for the year ended December 31, 2010 and the three months ended March 31 2011.
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2.
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Reflects the pro forma adjustment of $572 for the year ended December 31, 2010, to record operating rents on a straight-line basis beginning January 1, 2010.
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3.
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Reflects the estimated depreciation for the Property based on estimated values allocated to building at the beginning period presented. Depreciation expense is computed on a straight-line basis over the estimated useful life of the assets as follows:
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Estimated
Useful Life
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Year Ended
December 31, 2010
Depreciation Expense
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||||
Building
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39 years
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$ | 433 |
4.
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Reflects the pro forma adjustment for estimated costs related to the acquisition of the Property.
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5.
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Reflects the pro forma adjustment to interest income to assume the acquisition has been made on January 1, 2010.
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6.
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Reflects the operating results for the period January 1, 2011 to January 5, 2011.
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