Note 2 - Real Estate Investments

9 Months Ended

Sep. 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 nine months ended September 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.

On July 1, 2015, the Company acquired the property known as Jackson Square located in Hayward, California, within the San Francisco metropolitan area, for a purchase price of approximately $32.5 million. Jackson Square is approximately 114,000 square feet and is anchored by Safeway Supermarket, CVS Pharmacy and 24 Hour Fitness. The property was acquired with borrowings under the Company’s credit facility.

On July 28, 2015, the Company acquired the property known as Sunnyside Village Square located in Happy Valley, Oregon, within the Portland metropolitan area, for a purchase price of approximately $17.5 million. Sunnyside Village Square is approximately 89,000 square feet and is anchored by Haggen Supermarket. The property was acquired with borrowings under the Company’s credit facility.

On July 28, 2015, the Company acquired the property known as Tigard Promenade located in Tigard, Oregon, within the Portland metropolitan area, for a purchase price of approximately $21.0 million. Tigard Promenade is approximately 88,000 square feet and is anchored by Safeway Supermarket. The property was acquired with borrowings under the Company’s credit facility.

On September 1, 2015, the Company acquired the property known as Gateway Centre located in San Ramon, California, within the San Francisco metropolitan area, for a purchase price of approximately $42.5 million. Gateway Centre is approximately 110,000 square feet and is anchored by SaveMart (Lucky) Supermarket and Walgreens. The property was 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 nine months ended September 30, 2015 (in thousands).

	September 30, 2015
ASSETS
Land	$	61,688
Building and improvements		174,928
Acquired lease intangible assets		10,764
Deferred charges		4,015
Assets acquired	$	251,395
LIABILITIES
Acquired lease intangible liabilities	$	15,609
Liabilities assumed	$	15,609

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 nine months ended September 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 September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Statements of operations:
Revenues	$	50,702	$	47,016	$	146,595	$	140,044
Property operating and other expenses		24,773		21,204		74,196		65,725
Depreciation and amortization		18,178		17,478		54,105		51,967
Net income attributable to Retail Opportunity Investments Corp.	$	7,751	$	8,334	$	18,294	$	22,352

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

	Three Months Ended September 30, 2015		Nine Months Ended September 30, 2015
Statements of operations:
Revenues	$	3,547	$	7,567
Property operating and other expenses		1,060		2,162
Depreciation and amortization		1,613		3,574
Net income attributable to Retail Opportunity Investments Corp.	$	874	$	1,831