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Retail Opportunity Investments Corp. Reports Fourth Quarter 2010 Results

CASH DIVIDEND

ROIC's Board of Directors has declared a cash dividend on its common stock of $0.08 per share, to record holders on March 15, 2011 and payable on March 31, 2011. The $0.08 per share dividend represents a 33.3% increase over ROIC's most recent cash dividend, paid on December 15, 2010.

2011 FFO & DIVIDEND GUIDANCE

ROIC's currently estimates that FFO for 2011 will be within the range of $0.50 to $0.60 per diluted share, and net income will be within the range of $0.15 to $0.20 per diluted share. The following table provides a reconciliation of GAAP net income to FFO.

  For the year ending December 31, 2011
  (In thousands, except per share amounts)
  Low End High End
Net income for period $ 6,250 $  8,500
Plus:    
 Depreciation and Amortization    14,500   16,500
Funds From Operations (FFO)    20,750    25,000
Plus: Acquisition transaction costs   2,000    2,750
Modified Funds From Operations (MFFO) $ 22,750 $ 27,750
     
Earnings per share (dilutive) $  0.15 $ 0.20
FFO per share (dilutive) $ 0.50 $ 0.60
MFFO per share (dilutive) $ 0.54 $ 0.66

ROIC intends to distribute cash dividends on its common stock during 2011 in an amount approximately equivalent to 70% to 80% of estimated FFO. ROIC's estimates are based on numerous critical assumptions, including, but not limited, completing approximately $350.0 million of shopping center investments during 2011. ROIC management will discuss its estimates and underlying assumptions on the company's February 23, 2011 conference call (see information below). ROIC's guidance is a forward-looking statement and is subject to risks and other factors described elsewhere in this press release.

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