Maryland
(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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81 Main Street, White Plains, NY
(Address of Principal Executive Offices)
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10601
(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, 2011 (Audited) and three months ended March 31, 2012 (Unaudited)
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·
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Notes to Statement of Revenues and Certain Expenses for the year ended December 31, 2011 (Audited) and three months ended March 31, 2012 (Unaudited)
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·
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Pro Forma Consolidated Statement of Operations for the three months ended March 31, 2012 (Unaudited)
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·
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Pro Forma Consolidated Statement of Operations for the year ended December 31, 2011 (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 Auditors
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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: July 13, 2012
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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 Auditors
|
|
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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|
Gateway Shopping Center
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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, 2011 (Audited) and three months ended March 31, 2012 (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, 2011 (Audited) and three months ended March 31, 2012 (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, 2012 (Unaudited)
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F-6
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Pro Forma Consolidated Statement of Operations for the year ended December 31, 2011 (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,
2011
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Three Months
Ended
March 31,
2012
(Unaudited)
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|||||||
Revenues
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||||||||
Rental income (note 4)
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$ | 2,781 | $ | 666 | ||||
Total revenues
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2,781 | 666 | ||||||
Certain Expenses
|
||||||||
Utilities
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30 | 8 | ||||||
Repairs, maintenance, and supplies
|
110 | 27 | ||||||
Cleaning
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24 | 9 | ||||||
Real estate taxes
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201 | 49 | ||||||
Insurance
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21 | 5 | ||||||
Ground Rents (note 5)
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90 | 23 | ||||||
Bad debt
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10 | 7 | ||||||
Total expenses
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486 | 128 | ||||||
Excess of revenues over certain expenses
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$ | 2,295 | $ | 538 |
Year ending December 31
|
Amounts
|
|||
2012
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$ | 2,276,316 | ||
2013
|
2,244,081 | |||
2014
|
2,175,140 | |||
2015
|
2,055,972 | |||
2016
|
1,963,840 | |||
Thereafter
|
11,358,569 | |||
$ | 22,073,918 |
2012
|
2013
|
2014
|
2015
|
2016
|
Thereafter
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Total
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||||||||||||||||||||||
Operating lease obligations:
|
||||||||||||||||||||||||||||
Gateway Shopping Center
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$ | 90,000 | $ | 90,000 | $ | 90,000 | $ | 90,000 | $ | 90,000 | $ | 1,125,000 | $ | 1,575,000 |
Company
Historical(1)
|
Gateway
Shopping
Center (5)
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Pro forma
adjustments
|
Company
Pro Forma
|
|||||||||||||
Revenue
|
||||||||||||||||
Base rents
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$ | 13,341 | $ | 304 | 18 | (2) | $ | 13,663 | ||||||||
Recoveries from tenants
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3,104 | 34 | - | 3,138 | ||||||||||||
Mortgage interest
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202 | - | - | 202 | ||||||||||||
Total revenues
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16,647 | 338 | 18 | 17,003 | ||||||||||||
Operating expenses | ||||||||||||||||
Property operating
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2,969 | 47 | - | 3,016 | ||||||||||||
Property taxes
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1,599 | 24 | - | 1,623 | ||||||||||||
Depreciation and amortization
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6,650 | 24 | - | 6,674 | ||||||||||||
General & Administrative Expenses
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2,420 | - | - | 2,420 | ||||||||||||
Acquisition transaction costs
|
122 | - | - | 122 | ||||||||||||
Total operating expenses
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13,760 | 95 | - | 13,855 | ||||||||||||
Operating income
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2,887 | 243 | 18 | 3,148 | ||||||||||||
Non-operating income (expenses) | ||||||||||||||||
Interest expense
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(2,294 | ) | - | - | (2,294 | ) | ||||||||||
Equity in earnings from unconsolidated joint ventures
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524 | - | - | 524 | ||||||||||||
Interest income
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10 | - | (3 | )(6) | 7 | |||||||||||
Net income attributable to Retail Opportunity Investments Corp.
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$ | 1,127 | $ | 243 | $ | 15 | $ | 1,385 | ||||||||
Pro forma weighted average shares outstanding | ||||||||||||||||
Basic:
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49,604 | 49,604 | ||||||||||||||
Diluted:
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49,690 | 49,690 | ||||||||||||||
Pro forma income per share | ||||||||||||||||
Basic and diluted:
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$ |
0.02
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$ |
0.03
|
||||||||||||
Pro forma dividends per share:
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$ |
0.12
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$ |
0.12
|
Company
Historical(1)
|
Gateway
Shopping
Center
|
Pro Forma
Adjustments
|
Company
Pro Forma
|
|||||||||||||
Revenue
|
||||||||||||||||
Base rents
|
$ | 39,581 | $ | 2,389 | $ | 75 | (2) | $ | 42,045 | |||||||
Recoveries from tenants
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10,248 | 392 | - | 10,640 | ||||||||||||
Mortgage interest
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1,909 | - | - | 1,909 | ||||||||||||
Total revenues
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51,738 | 2,781 | 75 | 54,594 | ||||||||||||
Operating expenses | ||||||||||||||||
Property operating
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8,404 | 285 | - | 8,689 | ||||||||||||
Property taxes
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5,023 | 201 | - | 5,224 | ||||||||||||
Depreciation and amortization
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21,264 | - | 605 | (3) | 21,869 | |||||||||||
General & Administrative Expenses
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9,801 | - | - | 9,801 | ||||||||||||
Acquisition transaction costs
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2,291 | - | 52 | (4) | 2,343 | |||||||||||
Total operating expenses
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46,783 | 486 | 657 | 47,926 | ||||||||||||
Operating income (loss)
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4,955 | 2,295 | (582 | ) | 6,668 | |||||||||||
Non-operating income (expenses) | ||||||||||||||||
Interest expense
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(6,225 | ) | - | - | (6,225 | ) | ||||||||||
Gain on bargain purchase
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9,449 | - | - | 9,449 | ||||||||||||
Equity in earnings from unconsolidated joint ventures
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1,458 | - | - | 1,458 | ||||||||||||
Interest income
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19 | - | (15 | )(6) | 4 | |||||||||||
Net income (loss) attributable to Retail Opportunity Investments Corp.
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$ | 9,656 | $ | 2,295 | $ | (597 | ) | $ | 11,354 | |||||||
Pro forma weighted average shares outstanding | ||||||||||||||||
Basic:
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42,477 | 42,477 | ||||||||||||||
Diluted:
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42,526 | 42,526 | ||||||||||||||
Pro forma income per share | ||||||||||||||||
Basic and diluted:
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$ | 0.23 | $ | 0.26 | ||||||||||||
Pro forma dividends per share:
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$ | 0.39 | $ | 0.39 |
1.
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Derived from the Company’s audited and unaudited financial statements for the year ended December 31, 2011 and the three months ended March 31, 2012.
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2.
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Reflects the pro forma adjustment of $18 and $75 for the three months ended March 31, 2012 and the year ended December 31, 2011, respectively, to record operating rents on a straight-line basis beginning on the first day of the period presented.
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3.
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Reflects the estimated depreciation for the Property based on estimated values allocated to building at the beginning period presented. Depreciation expense is computed on a straight-line basis over the estimated useful life of the assets as follows:
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Estimated
Useful Life
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Year Ended
December 31, 2011
Depreciation Expense
|
||||
Building
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39 years
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$ | 605 |
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 operating results for the period January 1, 2012 to February 15, 2012.
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6.
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Reflects the pro forma adjustment to interest income to assume the acquisition has been made on the first day of the period presented.
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