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Retail Opportunity Investments Corp. Reports Fourth Quarter 2010 Results

CONFERENCE CALL

ROIC will conduct a conference call and audio webcast to discuss its quarterly results on February 23, 2011 at 12:00 p.m. Eastern Time. Those interested in participating in the conference call should dial (877) 312-8783 (domestic), or (408) 940-3874 (international) at least ten minutes prior to the scheduled start of the call. When prompted, provide the Conference ID: 38475245. A live webcast will also be available in listen-only mode at http://www.roicreit.com/ . The conference call will be recorded and available for replay beginning at 3:00 p.m. Eastern Time on February 23, 2011 and will be available until 11:59 p.m. Eastern Time on March 2, 2011. To access the conference call recording, dial (800) 642-1687 (domestic), or (706) 645-9291 (international) and use the Conference ID: 38475245. The conference call will also be archived on http://www.roicreit.com/ for approximately 90 days.

ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.

Retail Opportunity Investments Corporation (Nasdaq:ROIC) is a fully integrated real estate company that is organized and operates in order to qualify as a REIT for U.S federal income tax purposes commencing in the year ended December 31, 2010. The Company is focused on acquiring, owning, leasing, repositioning and managing a diverse portfolio of necessity-based retail properties, including, primarily, well located community and neighborhood shopping centers, anchored by national or regional supermarkets and drugstores. The Company targets properties strategically situated in densely populated, middle and upper income markets in western and eastern regions of the United States. The Company presently has ownership and interests in 25 shopping centers encompassing approximately 2.8 million square feet. Additional company information is available at www.roicreit.com

The Retail Opportunity Investments Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6855

When used herein, the words "believes," "anticipates," "projects," "should," "estimates," "expects," and similar expressions are intended to identify forward-looking statements with the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and in Section 21F of the Securities and Exchange Act of 1934, as amended. Certain statements contained herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ROIC to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors. Additional information regarding these and other factors is described in ROIC's filings with the SEC, including its most recent Annual Report on Form 10-K.

RETAIL OPPORTUNITY INVESTMENTS CORP.
CONSOLIDATED BALANCE SHEETS
     
  December 31, 2010 December 31, 2009
ASSETS    
Real Estate Investments:    
Land $ 85,473,305 $ 6,346,871
Building and improvements 187,259,539 10,218,422
  272,732,844 16,565,293
Less: accumulated depreciation 3,078,160 20,388
  269,654,684 16,544,905
Mortgage notes receivable 57,778,044
Investment in and advances to unconsolidated joint ventures 16,779,355
Real Estate Investments, net 344,212,083 16,544,905
Cash and cash equivalents 84,736,410 383,240,287
Restricted cash 2,838,261
Tenant and other receivables 2,055,881
Deposits 1,500,000
Acquired lease intangible asset, net of accumulated amortization 17,672,608 1,820,151
Income taxes receivable 1,236,375
Prepaid expenses 798,655 147,634
Deferred charges, net of accumulated amortization 9,576,904 870,769
Other 801,700 12,852
Total assets $ 464,192,502 $ 403,873,513
     
LIABILITIES AND EQUITY    
Liabilities:    
Mortgage notes payable $ 42,417,100 $ —
Acquired lease intangibles liability, net of accumulated amortization 20,996,167 1,121,187
Accounts payable and accrued expenses 4,889,350 4,434,586
Due to related party 5,556
Tenants' security deposits 859,537 22,946
Other liabilities 4,506,778 94,463
Total liabilities 73,668,932 5,678,738
  Commitments and Contingencies      
Equity:    
Preferred stock, $.0001 par value 50,000,000 shares authorized; none issued and outstanding
Common stock, $.0001 par value 500,000,000 shares authorized; 41,638,100 and 41,569,675 shares issued and outstanding at December 31,2010 and 2009  4,164 4,156
Additional paid-in-capital 403,915,775 403,184,312
Accumulated deficit (12,880,840) (4,993,693)
Accumulated other comprehensive loss (517,918)
Total Retail Opportunity Investments Corp. shareholders' equity 390,521,181 398,194,775
Noncontrolling interests 2,389
Total equity 390,523,570 398,194,775
Total liabilities and equity $ 464,192,502 $ 403,873,513
 
RETAIL OPPORTUNITY INVESTMENTS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
     
  For the Three Months Ended For the Year Ended
  December 31, 2010 December 31, 2009 December 31, 2010 December 31, 2009
Revenues        
Base rents $ 5,299,741 $ 45,736 $ 12,381,427 $ 45,736
Recoveries from tenants 1,238,562 2,878,582
Mortgage receivable 432,606 1,068,960
Total revenues 6,970,909 45,736 16,328,969 45,736
         
Operating expenses        
Property operating 1,487,923 9,149 2,847,702 9,149
Property taxes 751,701 1,697,200
Depreciation and amortization 3,160,285 28,864 6,080,571 28,864
General & Administrative 2,034,257 5,931,987 8,381,358 11,145,476
Acquisition transaction costs 1,157,089 201,781 2,635,675 201,781
Total operating expenses 8,591,255 6,171,781 21,642,506 11,385,270
         
Operating income(loss) (1,620,346) (6,126,045) (5,313,537) (11,339,534)
Non-operating income (expenses)        
Interest Expense and other finance expense (247,289) (324,126)
Gain on bargain purchase 2,216,824 2,216,824
Equity in net income from unconsolidated joint venture 38,013 38,013
Interest Income 172,360 1,484,339 1,108,507 1,705,421
Benefit(Provision) for Income Taxes (1,429,076) 268,343
Other income 1,873,398 1,873,398
Net Income (Loss) Attributable to Retail Opportunity Investments Corp. $ 2,432,960 $ (6,070,782) $ (400,921) $ (9,365,770)
  Weighted average shares outstanding Basic and diluted: 41,620,164 43,672,133 41,582,401 49,734,703
  Basic Income(loss) per share: $ 0.06 $ (0.14) $ (0.01) $ (0.19)
  Diluted Income( loss) per share $ 0.06 $ (0.14) $ (0.01) $ (0.19)
  Dividends per common share $ 0.06 $ — $ 0.18 $ —
 
CALCULATION OF FUNDS FROM OPERATIONS
(unaudited)
     
  For the Three Months Ended December 31, 2010 For the Twelve Months Ended December 31, 2010
     
Net Income( Loss) for period  $ 2,432,960  $ (400,921)
     
Plus: Real property depreciation 1,069,772 2,347,536
Amortization of tenant improvements and allowances 500,471 710,573
Amortization of deferred leasing costs 1,613,855 3,046,274
Funds from operations  $ 5,617,058  $ 5,703.463
Plus: Acquisition transaction costs     1,157,089    2,635,675
Modified funds from operations   $ 6,774,147  $ 8,339,138
     
Net Cash Provided by (Used in):    
Operating Activities  $ 2,301,893  $ 2,305,270
Investing Activities  $ (93,287,337)  $ (290,775,946)
Financing Activities  $ (5,001,518)  $ (10,033,740)

ROIC computes FFO in accordance with the "White Paper" on FFO published by NAREIT, which defines FFO as net income attributable to common shareholders (determined in accordance with GAAP) excluding gains or losses from debt restructuring and sales of property, plus real estate related depreciation and amortization, and after adjustments for partnerships and unconsolidated joint ventures. FFO as defined by ROIC may not be comparable to similarly titled items reported by other real estate investment trusts due to possible differences in the application of the NAREIT definition used by such REITs.  In addition, ROIC calculates modified FFO, by adding acquisition transaction costs associated with business combinations which have been expensed in accordance with GAAP to FFO as defined above. For the three months and year ended December 31, 2010 ROIC expensed $1.2 million and $2.6 million, respectively relating to real estate acquisitions. The table above provides a reconciliation of net income applicable to stockholders in accordance with GAAP to FFO and modified FFO for the three months and year ended December 31, 2010. FFO for the three months and year ended December 31, 2009 is not provided, since there was minimal operating activity during these periods.

CONTACT: Liz Coughlin, Investor Relations
         914-272-8074
         lcoughlin@roireit.net

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