RETAIL OPPORTUNITY INVESTMENTS CORP. (NASDAQ:ROIC) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02.
On May 10, 2017, the board of directors of Retail Opportunity Investments Corp. (the “Company”) approved the acquisition by the Company and Retail Opportunity Investments Partnership, LP (the “Operating Partnership”), the operating partnership subsidiary of the Company, of Riverstone Marketplace located in Vancouver, Washington, within the Portland metropolitan area, and Fullerton Crossroads located in Fullerton (Orange County), California (the “Transaction”). The closing of the Transaction is subject to the satisfaction of certain conditions and there can be no assurance that the Transaction will be completed. The total consideration for Riverstone Marketplace and Fullerton Crossroads will be approximately $96.5 million, which will be paid through a combination of the issuance of approximately 2.4 million units of limited partnership interest in the Operating Partnership (the “OP Units”) based on a value of $21.25 per OP Unit and the assumption of loans on the properties. The OP Units will be exchangeable for cash, or at the election of the Company, into shares of common stock of the Company on a one-for-one basis, subject to the terms of the Operating Partnership’s partnership agreement. In addition, the Company may, subject to certain conditions, acquire a third property to be identified by the Company. In connection therewith, the Company expects that the OP Units issued in the Transaction will be exchanged for shares of common stock of the Company on a one-for-for one basis, and the Company may potentially issue up to approximately 330,000 additional shares of common stock to certain sellers of Riverstone Marketplace and Fullerton Crossroads, although the actual amount of additional shares of common stock, if any, will not be known until such transaction is completed. The OP Units and/or shares of common stock will be issued in a private placement in reliance on Section 4(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
About RETAIL OPPORTUNITY INVESTMENTS CORP. (NASDAQ:ROIC)
Retail Opportunity Investments Corp. is an integrated, self-managed real estate investment trust (REIT). The Company’s primary business is the ownership, management and redevelopment of retail real estate properties. The Company specializes in the acquisition, ownership and management of necessity-based community and neighborhood shopping centers on the west coast of the United States, anchored by supermarkets and drugstores. Its portfolio consists of approximately 70 retail properties totaling over 8.6 million square feet of gross leasable area (GLA). It focuses on leasing to retailers that provide necessity-based, non-discretionary goods and services, catering to the basic and daily needs of the surrounding community. Its properties include Paramount Plaza, Santa Ana Downtown Plaza, Claremont Promenade, Sycamore Creek, Desert Springs Marketplace, Glendora Shopping Center, Cypress Center West, Harbor Place Center, Diamond Hills Plaza and Five Points Plaza, Peninsula Marketplace. RETAIL OPPORTUNITY INVESTMENTS CORP. (NASDAQ:ROIC) Recent Trading Information
RETAIL OPPORTUNITY INVESTMENTS CORP. (NASDAQ:ROIC) closed its last trading session down -0.61 at 19.26 with 739,457 shares trading hands.