Note 2 - Real Estate Investments

6 Months Ended

Jun. 30, 2015

Real Estate Investments Disclosure [Abstract]

Real Estate Investments Disclosure [Text Block]

2. Real Estate Investments

The following real estate investment transactions have occurred during the six months ended June 30, 2015.

Property Acquisitions

On January 6, 2015, the Company acquired the property known as Ontario Plaza located in Ontario, California, for a purchase price of approximately $31.0 million. Ontario Plaza is approximately 150,000 square feet and is anchored by El Super Supermarket and Rite Aid Pharmacy. The property was acquired with borrowings under the Company’s credit facility.

On January 6, 2015, the Company acquired the property known as Park Oaks Shopping Center located in Thousand Oaks, California, for a purchase price of approximately $47.7 million. Park Oaks Shopping Center is approximately 110,000 square feet and is anchored by Safeway (Vons) Supermarket. The property was acquired with borrowings under the Company’s credit facility.

On January 7, 2015, the Company acquired the property known as Winston Manor Shopping Center located in South San Francisco, California, for a purchase price of approximately $20.5 million. Winston Manor Shopping Center is approximately 50,000 square feet and is anchored by Grocery Outlet Supermarket. The property was acquired with borrowings under the Company’s credit facility.

On May 6, 2015, the Company acquired key anchor spaces at two of its existing shopping centers for a purchase price of approximately $23.1 million including a 59,000 square foot space at its Pinole Vista Shopping Center, located in Pinole, California, and an anchor space leasehold interest at its Canyon Park Shopping Center, located in Bothell, Washington. These anchor spaces were acquired with borrowings under the Company’s credit facility.

The financial information set forth below summarizes the Company’s purchase price allocation for the properties acquired during the six months ended June 30, 2015 (in thousands).

	June 30, 2015
ASSETS
Land	$	32,030
Building and improvements		92,203
Acquired lease intangible assets		7,026
Deferred charges		2,553
Assets acquired	$	133,812
LIABILITIES
Acquired lease intangible liabilities	$	11,442
Liabilities assumed	$	11,442

With respect to these acquisitions, the fair value of in-place leases and other intangibles have been allocated to intangible asset and liability accounts. All allocations are preliminary and may be adjusted as final information becomes available.

Pro Forma Financial Information

The pro forma financial information is based upon the Company’s historical consolidated statements of operations for the three and six months ended June 30, 2015 and 2014, adjusted to give effect to these transactions as if they had been completed at the beginning of 2014.

The pro forma financial information set forth below is presented for informational purposes only and may not be indicative of what actual results of operations would have been had the transactions occurred at the beginning of each year, nor does it purport to represent the results of future operations (in thousands).

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Statements of operations:
Revenues	$	46,215	$	40,942	$	91,515	$	89,705
Property operating and other expenses		24,140		18,396		47,493		43,233
Depreciation and amortization		16,874		15,716		34,590		33,488
Net income attributable to Retail Opportunity Investments Corp.	$	5,201	$	6,830	$	9,432	$	12,984

The following table summarizes the operating results included in the Company’s historical consolidated statements of operations for the three and six months ended June 30, 2015, for the properties acquired during the six months ended June 30, 2015 (in thousands).

	Three Months Ended June 30, 2015		Six Months Ended June 30, 2015
Statements of operations:
Revenues	$	2,051	$	4,021
Property operating and other expenses		463		1,102
Depreciation and amortization		1,033		1,961
Net income attributable to Retail Opportunity Investments Corp.	$	555	$	958