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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8905 Towne Centre Drive, Suite 108, San Diego, CA
(Address of Principal Executive Offices)
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92122
(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 six months ended June 30, 2012 (Unaudited)
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·
|
Notes to Statement of Revenues and Certain Expenses for the year ended December 31, 2011 (Audited) and six months ended June 30, 2012 (Unaudited)
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·
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Pro Forma Consolidated Statement of Operations for the six months ended June 30, 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
|
|
23.1
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Consent of Independent Auditors
|
|
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: January 2, 2013
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By: /s/ Michael B. Haines
Michael B. Haines
Chief Financial Officer
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Exhibit No.
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Description
|
|
23.1
|
Consent of Independent Auditors
|
|
99.1
|
Financial Statement of Property Acquired and Pro Forma Financial Information
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Page
|
|
Glendora Shopping Center
|
|
Independent Auditors’ Report
|
F-1
|
Statement of Revenues and Certain Expenses for the year ended December 31, 2011 (Audited) and six months ended June 30, 2012 (Unaudited)
|
F-2
|
Notes to Statement of Revenues and Certain Expenses for the year ended December 31, 2011 (Audited) and six months ended June 30, 2012 (Unaudited)
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F-3
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Pro Forma Consolidated Financial Statements of Retail Opportunity Investments Corp.
|
|
Pro Forma Consolidated Statement of Operations for the six months ended June 30, 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 |
Notes to Pro Forma Consolidated Financial Statements (Unaudited)
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F-8
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Year Ended
December 31,
2011
|
Six Months
Ended
June 30,
2012
(Unaudited)
|
|||||||
Revenues
|
||||||||
Rental income (note 4)
|
$ | 1,186 | $ | 644 | ||||
Total revenues
|
1,186 | 644 | ||||||
Certain Expenses
|
||||||||
Utilities
|
38 | 16 | ||||||
Repairs, maintenance and supplies
|
41 | 31 | ||||||
Cleaning
|
27 | 13 | ||||||
Real estate taxes
|
194 | 99 | ||||||
Insurance
|
41 | 20 | ||||||
Other
|
11 | - | ||||||
Total certain expenses
|
352 | 179 | ||||||
Excess of revenues over certain expenses
|
$ | 834 | $ | 465 |
Year ending December 31
|
Amounts
|
|||
2012
|
$ | 1,034,112 | ||
2013
|
1,018,733 | |||
2014
|
871,944 | |||
2015
|
720,847 | |||
2016
|
658,007 | |||
Thereafter
|
2,373,817 | |||
$ | 6,677,460 |
Company
Historical(1)
|
Glendora
Shopping
Center
|
Pro forma
Adjustments
|
Company
Pro Forma
|
|||||||||||||
Revenue
|
||||||||||||||||
Base rents
|
$ | 27,538 | $ | 483 | $ | 18 | (2) | $ | 28,039 | |||||||
Recoveries from tenants
|
6,516 | 159 | - | 6,675 | ||||||||||||
Mortgage interest and other
|
712 | 2 | - | 714 | ||||||||||||
Total revenues
|
34,766 | 644 | 18 | 35,428 | ||||||||||||
Operating expenses | ||||||||||||||||
Property operating
|
6,251 | 80 | - | 6,331 | ||||||||||||
Property taxes
|
3,334 | 99 | - | 3,433 | ||||||||||||
Depreciation and amortization
|
13,668 | - | 152 | (3) | 13,820 | |||||||||||
General & Administrative Expenses
|
5,017 | - | - | 5,017 | ||||||||||||
Acquisition transaction costs
|
753 | - | 55 | (4) | 808 | |||||||||||
Total operating expenses
|
29,023 | 179 | 207 | 29,409 | ||||||||||||
Operating income
|
5,743 | 465 | (189 | ) | 6,019 | |||||||||||
Non-operating income (expenses)
|
||||||||||||||||
Interest expense | (5,051 | ) | - | - | (5,051 | ) | ||||||||||
Gain on bargain purchase
|
3,864 | - | - | 3,864 | ||||||||||||
Equity in earnings from unconsolidated joint ventures
|
984 | - | - | 984 | ||||||||||||
Interest income
|
12 | - | (12 | )(5) | ||||||||||||
Net income (loss) attributable to Retail Opportunity Investments Corp.
|
$ | 5,552 | $ | 465 | $ | (201 | ) | $ | 5,816 | |||||||
Pro forma weighted average shares outstanding | ||||||||||||||||
Basic:
|
49,999 | 49,999 | ||||||||||||||
Diluted:
|
50,095 | 50,095 | ||||||||||||||
Pro forma income per share | ||||||||||||||||
Basic and diluted:
|
$ | 0.11 | $ | 0.12 | ||||||||||||
Pro forma dividends per share:
|
$ | 0.25 | $ | 0.25 |
Company
Historical(1)
|
Glendora
Shopping
Center
|
Pro Forma
Adjustments
|
Company
Pro Forma
|
|||||||||||||
Revenue
|
||||||||||||||||
Base rents
|
$ | 39,581 | $ | 922 | $ | 146(2) | $ | 40,649 | ||||||||
Recoveries from tenants
|
10,248 | 264 | — | 10,512 | ||||||||||||
Mortgage interest
|
1,909 | — | — | 1,909 | ||||||||||||
Total revenues
|
51,738 | 1,186 | 146 | 53,070 | ||||||||||||
Operating expenses | ||||||||||||||||
Property operating
|
8,404 | 158 | — | 8,562 | ||||||||||||
Property taxes
|
5,023 | 194 | — | 5,217 | ||||||||||||
Depreciation and amortization
|
21,264 | — | 305 | (3) | 21,569 | |||||||||||
General
|
9,801 | — | — | 9,801 | ||||||||||||
Acquisition transaction costs
|
2,291 | — | 55 | (4) | 2,346 | |||||||||||
Total operating expenses
|
46,783 | 352 | 360 | 47,495 | ||||||||||||
Operating income (loss)
|
4,955 | 834 | (214 | ) | 5,575 | |||||||||||
Non-operating income (expenses) | ||||||||||||||||
Interest expense
|
(6,225 | ) | — | — | (6,225 | ) | ||||||||||
Gain on bargain purchase
|
9,449 | — | — | 9,449 | ||||||||||||
Equity in earnings from unconsolidated joint ventures
|
1,458 | — | — | 1,458 | ||||||||||||
Interest income
|
19 | — | (19 | )(5) | — | |||||||||||
Net income (loss) attributable to Retail Opportunity Investments Corp.
|
$ | 9,656 | $ | 834 | $ | (233 | ) | $ | 10,257 | |||||||
Pro forma weighted average shares outstanding | ||||||||||||||||
Basic:
|
42,477 | 42,477 | ||||||||||||||
Diluted:
|
42,526 | 42,526 | ||||||||||||||
Pro forma income per share | ||||||||||||||||
Basic and diluted:
|
$ | 0.23 | $ | 0.24 | ||||||||||||
Pro forma dividends per share:
|
$ | 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 six months ended June 30, 2012.
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2.
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Reflects the pro forma adjustment of $146 and $18 for the year ended December 31, 2011 and six months ended June 30, 2012, respectively, to record operating rents on a straight-line basis beginning January 1, 2011.
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3.
|
Reflects the estimated depreciation for the Property based on estimated values allocated to building at the beginning of the period presented. Depreciation expense is computed on a straight-line basis over the estimated useful life of the assets as follows:
|
Estimated
Useful Life
|
For the Six Months
Ended June 30, 2012
Depreciation Expense
|
Year Ended
December 31, 2011
Depreciation Expense
|
|||||||
Building
|
39 years
|
$ | 152 | $ | 305 |
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.
|
Reflects the pro forma adjustment to interest income to assume the acquisition has been made on the first day of the period presented.
|