Real Estate Investments

3 Months Ended

Mar. 31, 2017

Business Combinations [Abstract]

Real Estate Investments

Real Estate Investments

The following real estate investment transactions have occurred during the three months ended March 31, 2017.

Property Asset Acquisitions

On January 25, 2017, the Company acquired the property known as PCC Natural Markets Plaza located in Edmonds, Washington, within the Seattle metropolitan area, for an adjusted purchase price of approximately $8.7 million. PCC Natural Markets Plaza is approximately 34,000 square feet and is anchored by PCC Natural Markets. The property was acquired with available cash from operations.

On March 17, 2017, the Company acquired the property known as The Terraces located in Rancho Palos Verdes, California, within the Los Angeles metropolitan area, for an adjusted purchase price of approximately $54.2 million. The Terraces is approximately 173,000 square feet and is anchored by Trader Joe’s, Marshall’s and LA Fitness. The property was acquired with borrowings under the Company’s credit facility.

On March 24, 2017, the Company acquired the property known as Santa Rosa Southside Shopping Center located in Santa Rosa, California, within the San Francisco metropolitan area, for an adjusted purchase price of approximately $28.9 million. Santa Rosa Southside Shopping Center is approximately 86,000 square feet and is anchored by REI and Cost Plus World Market. The property was acquired with borrowings under the Company’s credit facility and the issuance of 168,497 OP Units with a fair value of approximately $3.6 million.

Any reference to the number of properties and square footage are unaudited and outside the scope of the Company’s independent registered public accounting firm’s review of its financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.

The financial information set forth below summarizes the Company’s purchase price allocation for the properties acquired during the three months ended March 31, 2017 (in thousands).

	March 31, 2017
ASSETS
Land	$	18,467
Building and improvements	73,367
Acquired lease intangible assets	476
Deferred charges	540
Assets acquired	$	92,850
LIABILITIES
Acquired lease intangible liabilities	$	1,118
Liabilities assumed	$	1,118

The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the three months ended March 31, 2017, for the properties acquired during the three months ended March 31, 2017 (in thousands).

	Three Months Ended March 31, 2017
Statement of operations:
Revenues	$	329
Net income attributable to Retail Opportunity Investments Corp.	$	74