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Note 2 - Real Estate Investments
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Mar. 31, 2015
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments and Joint Ventures Disclosure [Text Block] |
The following real estate investment transactions have occurred during the three months ended March 31, 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.
The financial information set forth below summarizes the Company’s purchase price allocation for the properties acquired during the three months ended March 31, 2015 (in thousands).
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 set forth below is based upon the Company’s historical consolidated statements of operations for the three months ended March 31, 2015 and 2014, adjusted to give effect to these transactions as if they had been completed at the beginning of 2014 (in thousands).
The pro forma financial information 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.
The following table summarizes the operating results included in the Company’s historical consolidated statement of operations for the three months ended March 31, 2015, for the properties acquired during the three months ended March 31, 2015 (in thousands).
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