Real Estate Investments

The following real estate investment transactions occurred during the years ended December 31, 2018 and 2017.

Property Asset Acquisitions in 2018

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

On February 23, 2018, the Company acquired the property known as Stadium Center located in Tacoma, Washington, within the Seattle metropolitan area, for an adjusted purchase price of approximately $19.3 million. Stadium Center is approximately 49,000 square feet and is anchored by Thriftway Supermarket. The property was acquired with borrowings under the credit facility and restricted cash that was previously held by a qualified intermediary for the acquisition of a replacement property in a tax-free exchange under Section 1031 of the Code.

On May 18, 2018, the Company acquired the property known as King City Plaza located in King City, Oregon, within the Portland metropolitan area, for an adjusted purchase price of approximately $15.7 million. King City Plaza is approximately 63,000 square feet and is anchored by Grocery Outlet Supermarket. The property was acquired with borrowings under the credit facility.

Property Asset Acquisitions in 2017

During the year ended December 31, 2017, the Company acquired ten properties throughout the west coast with a total of approximately 1.1 million square feet for a net adjusted purchase price of approximately $313.0 million. The Company evaluated each of the following acquisitions and determined that substantially all of the fair value related to each acquisition was concentrated in a single identifiable asset. In each of these acquisitions, the Company allocated the total consideration for each acquisition to the individual assets and liabilities acquired on a relative fair value basis.

Any reference to square footage or occupancy is unaudited and outside the scope of our independent registered public accounting firm’s audit of the Company’s 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 years ended December 31, 2018 and 2017 (in thousands).



	December 31, 2018		December 31, 2017
Assets
Land	$	7,666	$	123,203
Building and improvements	35,629		251,277
Acquired lease intangible asset	1,763		24,766
Deferred charges	818		9,196
Assets acquired	$	45,876	$	408,442
Liabilities
Mortgage notes assumed	$	—	$	46,801
Acquired lease intangible liability	1,680		48,684
Liabilities assumed	$	1,680	$	95,485

The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the year ended December 31, 2018 for the properties acquired during the year ended December 31, 2018 (in thousands).



	Year Ended December 31, 2018
Statement of operations:
Revenues	$	2,343
Net income attributable to Retail Opportunity Investments Corp.	$	753

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



	Year Ended December 31, 2017
Statement of operations:
Revenues	$	13,500
Net income attributable to Retail Opportunity Investments Corp.	$	2,948

Property Dispositions

On September 27, 2018, the Company sold Round Hill Square, a non-core shopping center located in Zephyr Cove, Nevada. The sales price of $28.0 million, less costs to sell, resulted in net proceeds of approximately $26.9 million. The Company recorded a gain on sale of real estate of approximately $5.9 million during the year ended December 31, 2018 related to this property disposition.