Real Estate Investments

9 Months Ended

Sep. 30, 2024

The following real estate investment transactions have occurred during the nine months ended September 30, 2024.

The Company evaluated the following acquisition and determined that substantially all of the fair value related to the acquisition was concentrated in a single identifiable asset. The Company allocated the total consideration for the acquisition to the individual assets and liabilities acquired on a relative fair value basis. All transaction costs incurred in the acquisition were capitalized.

Property Asset Acquisition

On April 4, 2024 the Company acquired the property known as Bressi Ranch Village Center for an adjusted purchase price of approximately $71.0 million. The property is approximately 116,000 square feet and is anchored by two supermarkets, Trader Joe’s and Stater Brothers Supermarket. The shopping center is part of a master-planned community, located in Carlsbad, California, within the San Diego metropolitan area. The property was acquired with cash on hand and borrowings under the credit facility.

The financial information set forth below summarizes the Company’s purchase price allocation for the property asset acquired during the nine months ended September 30, 2024 (in thousands):


	September 30, 2024
Assets
Land	$	21,255
Building and improvements	46,010
Acquired lease intangible asset	4,883
Deferred charges	1,755
Assets acquired	$	73,903

Liabilities

Acquired lease intangible liability	$	2,952
Liabilities assumed	$	2,952

The following table summarizes the operating results included in the Company’s consolidated statement of operations for the three and nine months ended September 30, 2024, for the property asset acquired during the nine months ended September 30, 2024 (in thousands):


	Three Months Ended		Nine Months Ended
	September 30, 2024		September 30, 2024
Statement of operations:
Revenues	$	1,658	$	3,230
Net income attributable to Retail Opportunity Investments Corp.	$	312	$	503

Property Asset Dispositions

On July 17, 2024, the Company sold the property known as Marketplace Del Rio, a shopping center located in Oceanside, California. The sales price of $56.6 million, less costs to sell, resulted in net proceeds of approximately $54.9 million. The Company recorded a gain on sale of real estate of approximately $22.2 million during the three and nine months ended September 30, 2024 related to this property disposition. As of September 30, 2024, the proceeds are being held by a qualified intermediary in anticipation of the acquisition of replacement properties in a tax free exchange under Section 1031 of the Code.

On August 27, 2024, the Company sold the property known as PCC Community Markets Plaza, a single tenant property located in Edmonds, Washington. The sales price of approximately $12.2 million, less costs to sell, resulted in net proceeds of approximately $11.5 million. The Company recorded a gain on sale of real estate of approximately $4.4 million during the three and nine months ended September 30, 2024 related to this property disposition.