BALANCE SHEET SUMMARY
At December 31, 2010, ROIC had total assets of $464.2 million, including $84.7 million in cash and $379.5 million in real estate investments and other assets. At December 31, 2010, ROIC had $42.4 million of debt outstanding.
In December 2010, ROIC entered into a $175.0 million senior unsecured revolving credit facility. The credit facility has an initial maturity date of December 1, 2012. ROIC has the option to extend the maturity date for an additional year. ROIC also has the ability to increase the credit facility amount up to $250.0 million, subject to commitments and other conditions. ROIC intends to utilize borrowings under the credit facility primarily to fund future acquisitions.
INVESTMENT SUMMARYDuring the fourth quarter of 2010, ROIC completed $144.1 million in shopping center investments. ROIC acquired an equity interest in four grocery-anchored shopping centers totaling $94.1 million, including two shopping centers in Oregon, one shopping center in California and one shopping center in Washington. Additionally, ROIC acquired a mortgage loan portfolio with an aggregate principal balance of $57.8 million for $50.0 million. The loans were cross-collateralized and secured by three shopping centers and an office building. Subsequent to the fourth quarter of 2010, ROIC acquired the three shopping centers securing the loan portfolio through a conveyance-in-lieu of foreclosure agreement (see information below). The fourth quarter transactions were funded with $92.6 million in cash and the assumption of two existing mortgages totaling $51.5 million. 2 Division Crossing In December 2010, ROIC acquired Division Crossing for approximately $11.0 million, funded in cash. The shopping center is approximately 98,000 square feet and is anchored by Safeway. The property is located in Portland, Oregon. Halsey Crossing In December 2010, ROIC acquired Halsey Crossing for approximately $7.0 million, funded in cash. The shopping center is approximately 99,000 square feet and is anchored by Safeway. The property is located in Gresham, Oregon, within the Portland metropolitan area.
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