{"id":8648,"date":"2023-05-17T22:11:13","date_gmt":"2023-05-18T03:11:13","guid":{"rendered":"https:\/\/1reason.com\/re\/retail-opportunity-investments-corp-reports-2023-first-quarter-results\/8648\/"},"modified":"2023-05-18T17:11:13","modified_gmt":"2023-05-18T22:11:13","slug":"retail-opportunity-investments-corp-reports-2023-first-quarter-results","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/retail-opportunity-investments-corp-reports-2023-first-quarter-results\/8648\/","title":{"rendered":"Retail Opportunity Investments Corp. Reports\u00a02023 First Quarter Results"},"content":{"rendered":"<div>  <\/p>\n<p align=\"center\"><strong>HIGHLIGHTS<\/strong><\/p>\n<ul type=\"disc\">\n<li><strong><em>$8.1 million<\/em><\/strong><strong><em> of net income attributable to common stockholders (<\/em><\/strong><strong><em>$0.06<\/em><\/strong><strong><em> per diluted share)<\/em><\/strong><\/li>\n<li><strong><em>$33.8 million<\/em><\/strong><strong><em> in Funds From Operations (FFO)<\/em><\/strong><sup><strong><em>(1)<\/em><\/strong><\/sup><strong><em> (<\/em><\/strong><strong><em>$0.25<\/em><\/strong><strong><em> per diluted share)<\/em><\/strong><\/li>\n<li><strong><em>FFO per diluted share guidance for 2023 reaffirmed ($1.05 &#8211; $1.11 per diluted share)<\/em><\/strong><\/li>\n<li><strong><em>98.3%<\/em><\/strong><strong><em> portfolio lease rate at 3\/31\/23 (all-time record high)<\/em><\/strong><\/li>\n<li><strong><em>559,157<\/em><\/strong><strong><em> square feet of leases executed (most active quarter on record)<\/em><\/strong><\/li>\n<li><strong><em>11.3%<\/em><\/strong><strong><em> increase in same-space cash base rents on new leases (<\/em><\/strong><strong><em>6.2%<\/em><\/strong><strong><em> on renewals)<\/em><\/strong><\/li>\n<li><strong><em>0.7% decrease in same-center cash net operating income (1Q\u201823 vs. 1Q\u201822)<\/em><\/strong><\/li>\n<li><strong><em>$15.4 million property disposition currently under contract<\/em><\/strong><\/li>\n<li><strong><em>Unsecured credit facility maturity extended by three years (from 1Q\u201824 to 1Q\u201827)<\/em><\/strong><\/li>\n<li><strong><em>$150.0 million<\/em><\/strong><strong><em> of interest rate swap agreements entered into (<\/em><\/strong><strong><em>5.4%<\/em><\/strong><strong><em> fixed interest rate)<\/em><\/strong><\/li>\n<li><strong><em>84.2%<\/em><\/strong><strong><em> of total principal debt outstanding effectively fixed-rate at 3\/31\/23<\/em><\/strong><\/li>\n<li><strong><em>6.7x<\/em><\/strong><strong><em> net principal debt-to-annualized EBITDA ratio for 1Q\u201823<\/em><\/strong><\/li>\n<li><strong><em>Awarded 2023 Green Lease Leader by U.S. Department of Energy<\/em><\/strong><\/li>\n<li><strong><em>$0.15<\/em><\/strong><strong><em> per share cash dividend declared<\/em><\/strong><\/li>\n<\/ul>\n<p><strong><em> _____________________________________<br \/><\/em><\/strong><sup><em>(1)<\/em><\/sup><em> A reconciliation of GAAP net income to FFO is provided at the end of this press release.<\/em><\/p>\n<p align=\"justify\">Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments Corp. stated, \u201cCapitalizing on the ongoing strong demand for space, we posted our most active quarter to date, setting a new record in terms of square footage leased during the quarter and in terms of achieving a new record high portfolio lease rate. We also posted our 45th consecutive quarter of achieving releasing rent growth. While working to enhance the value of our portfolio through our leasing initiatives, we are also working to enhance our financial flexibility. During the first quarter, we extended our credit facility maturity by another three years and lowered our floating-rate debt down to 15.8% of our total debt.\u201d Tanz added, \u201cLooking ahead, we are on track thus far to achieve our previously stated objectives for 2023.\u201d<\/p>\n<p align=\"center\"><strong>FINANCIAL RESULTS SUMMARY<\/strong><\/p>\n<p align=\"justify\">For the three months ended March 31, 2023, GAAP net income attributable to common stockholders was $8.1 million, or $0.06 per diluted share, as compared to GAAP net income attributable to common stockholders of $11.6 million, or $0.09 per diluted share, for the three months ended March 31, 2022. FFO for the first quarter of 2023 was $33.8 million, or $0.25 per diluted share, as compared to $36.2 million, or $0.28 per diluted share for the first quarter of 2022. ROIC reports FFO as a supplemental performance measure in accordance with the definition set forth by the National Association of Real Estate Investment Trusts. A reconciliation of GAAP net income to FFO is provided at the end of this press release.<\/p>\n<p align=\"justify\">For the first quarter of 2023, same-center net operating income (NOI) was $50.6 million, as compared to $51.0 million in same-center NOI for the first quarter of 2022, representing a 0.7% decrease. Included in same-center NOI for the first quarter of 2023 was $0.8 million in snow removal expense primarily related to storms in the Seattle metropolitan area during the first quarter of 2023. ROIC reports same-center comparative NOI on a cash basis. A reconciliation of GAAP operating income to same-center comparative NOI is provided at the end of this press release.<\/p>\n<p align=\"center\"><strong>BALANCE SHEET SUMMARY<\/strong><\/p>\n<p align=\"justify\">During the first quarter of 2023, ROIC amended its $600.0 million unsecured credit facility, extending the maturity date by three years (from February 2024 to March 2027). Additionally, borrowings outstanding on the credit facility now bear interest based on the Secured Overnight Financing Rate (\u201cSOFR\u201d) with an adjusted pricing grid, along with a Sustainability Metric feature, and related pricing grid. Existing provisions to extend the maturity date for two consecutive six-month periods (through March 2028) and the accordion feature, which allows ROIC to increase the credit facility to $1.2 billion, were maintained. ROIC also amended its $300.0 million unsecured term loan to be based on SOFR. The term loan\u2019s accordion feature provision, which allows ROIC to increase the term loan to $500.0 million, was maintained. Additionally, during the first quarter of 2023, ROIC entered into interest rate swap agreements fixing the interest rate at 5.4% through August 2024 on $150.0 million of its $300.0 million unsecured term loan.<\/p>\n<p align=\"justify\">At March 31, 2023, ROIC had total real estate assets (before accumulated depreciation) of approximately $3.4 billion and approximately $1.4 billion of principal debt outstanding, of which approximately $1.3 billion was unsecured debt, including $67.0 million outstanding on its $600.0 million unsecured credit facility. For the first quarter of 2023, ROIC\u2019s net principal debt-to-annualized EBITDA ratio was 6.7 times, and 84.2% of its total principal debt outstanding was effectively fixed-rate at March 31, 2023.<\/p>\n<p align=\"center\"><strong>DISPOSITION SUMMARY<\/strong><\/p>\n<p align=\"justify\">ROIC currently has an agreement to sell one property for approximately $15.4 million located in the Portland metropolitan area, subject to the completion of customary closing conditions.<\/p>\n<p align=\"center\"><strong>P<\/strong><strong>ROPERTY OPERATIONS SUMMARY<\/strong><\/p>\n<p align=\"justify\">At March31, 2023, ROIC\u2019s portfolio was 98.3% leased. During the first quarter of 2023, ROIC executed 107 leases, totaling 559,157 square feet, including 34 new leases, totaling 47,353 square feet, achieving an 11.3% increase in same-space comparative base rent, and 73 renewed leases, totaling 511,804 square feet, achieving a 6.2% increase in base rent. ROIC reports same-space comparative base rent on a cash basis.<\/p>\n<p align=\"center\"><strong>MANAGEMENT TEAM UPDATE<\/strong><\/p>\n<p align=\"justify\">ROIC\u2019s Chief Accounting Officer, Laurie Sneve will be retiring, effective May 10, 2023. ROIC\u2019s Corporate Controller, Lauren Silveira will be assuming the position of Chief Accounting Officer. Tanz commented, \u201cLaurie Sneve has been instrumental in the growth and success of ROIC over the past decade and I am truly grateful for her invaluable contributions and leadership. All of us at ROIC wish her the very best in retirement. With Laurie retiring, we are pleased to announce the promotion of Lauren Silveira. Lauren has been an integral part of the ROIC team since 2013, and I look forward to working with Lauren in her new executive role.\u201d<\/p>\n<p align=\"center\"><strong>ENVIRONMENTAL ACCOLADE<\/strong><\/p>\n<p align=\"justify\">ROIC has been selected as a 2023 Green Lease Leader by the U.S. Department of Energy\u2019s Better Buildings Alliance and the Institute for Market Transformation. For the third consecutive year, ROIC was awarded \u201cGold\u201d level designation in recognition of its continued success in collaborating with tenants on energy efficiency, decarbonization, air quality and other critical environmental issues.<\/p>\n<p align=\"center\"><strong>DIVIDEND SUMMARY<\/strong><\/p>\n<p align=\"justify\">On April 7, 2023, ROIC distributed a $0.15 per share cash dividend. On April25, 2023, the Board declared a cash dividend of $0.15 per share, payable on July7, 2023 to stockholders of record on June16, 2023.<\/p>\n<p align=\"center\"><strong>CONFERENCE CALL<\/strong><\/p>\n<p align=\"justify\">ROIC will conduct a conference call to discuss its results on Wednesday, April26, 2023 at 9:00 a.m. Eastern Time \/ 6:00 a.m. Pacific Time.<\/p>\n<p align=\"justify\">To participate in the conference call, click on the following link (ten minutes prior to the call) to register:<\/p>\n<p align=\"justify\"><u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=bzwuQcICwLwr1CfjkgwftP3a33iKm6wjOVTfOpZbvRSFA9vej9NMIoi1LHcbzNNgId4qjWOXj_Q8G1y7jxFuuOJ91WlOyfCJ5MLW6f13P36Z5WfceFN0c1FVLPHLcRL48swh3nOyVIJ45tVvvJBlUNzF57czMPRny3I5pVI1krYzwMtMLxlwKm69reQSThAKtOfjXzs2Dy_nd4s5YcNz-lqZdioEPiBLe8YsJbbWhNQ=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">https:\/\/register.vevent.com\/register\/BI0388292547c64c5497e66425e9c95b64<\/a><\/u><\/p>\n<p align=\"justify\">Once registered, participants will have the option of: 1) dialing in from their phone (using a PIN); or 2) clicking the \u201cCall Me\u201d option to receive an automated call directly to their phone.<\/p>\n<p align=\"justify\">The conference call will also be available live (in a listen-only mode) at: <u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=bzwuQcICwLwr1CfjkgwftACjs7wm-3Ef75vIfrrQk4-zHA0uWqhyikcIawQqR24GO5M5vb3Hjev2G29LGVAcqTs8KDP8e59o1KBcUf3rWUokVChRsYfs47gyFUvqNh7dxSB2NIa-qgwySeakcdA-xQ==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">https:\/\/edge.media-server.com\/mmc\/p\/unsd2hu2<\/a><\/u><\/p>\n<p align=\"justify\">The conference call will be recorded and available for replay following the conclusion of the live broadcast and will be accessible up to one year on ROIC\u2019s website, specifically on its Investor Relations Events &amp; Presentations page: <u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=bzwuQcICwLwr1CfjkgwftC3wgxtYMUiY54akD5eMGWF5kd7eJ0K3-PWJ-OxLCc1qSUxO4SKzNpfkDAdZukr41w1CvXXR7J-uFboNRzVCN2StY00LuAxDc24zGtckE1SHoYyJ-zAACvwf2Id3frnZf2YSBx0VqI3pL4wPjzWSHhI=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"\">https:\/\/investor.roicreit.com\/events-presentations<\/a><\/u><\/p>\n<p align=\"center\"><strong>ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP. <\/strong><\/p>\n<p align=\"justify\">Retail Opportunity Investments Corp. (NASDAQ: ROIC), is a fully-integrated, self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely-populated, metropolitan markets across the West Coast. As of March31, 2023, ROIC owned 93 shopping centers encompassing approximately 10.6 million square feet. ROIC is the largest publicly-traded, grocery-anchored shopping center REIT focused exclusively on the West Coast. ROIC is a member of the S&amp;P SmallCap 600 Index and has investment-grade corporate debt ratings from Moody&#8217;s Investor Services, S&amp;P Global Ratings and Fitch Ratings, Inc. Additional information is available at: <u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=0dRHiWronqPHUdM06rJP4p1xeqJJzqSumUoYG0M5GfC6xiwE0FtSekGEkZwpxcMyePls6oarthuErkVYtT5LdA==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.roireit.net\">www.roireit.net<\/a><\/u>.<\/p>\n<p align=\"justify\"><em>When used herein, the words &#8220;believes,&#8221; &#8220;anticipates,&#8221; &#8220;projects,&#8221; &#8220;should,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; \u201cguidance\u201d 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 \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995.<\/em> <em>Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of ROIC to differ materially from future results expressed or implied by such forward-looking statements.<\/em><em>Information regarding such risks and factors is described in ROIC&#8217;s filings with the SEC, including its most recent Annual Report on Form 10-K, which is available at: <\/em><em><u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=0dRHiWronqPHUdM06rJP4vmj9Pnvwi-wriNY3tka9C5gmCTdHx1FBWNzGgGdSuyWQ36d3LFDLAi8jyTxFugMnQ==\" rel=\"nofollow noopener\" target=\"_blank\" title=\"www.roireit.net\">www.roireit.net<\/a><\/u><\/em><em>.<\/em><\/p>\n<p align=\"center\"><strong>RETAIL OPPORTUNITY INVESTMENTS CORP.<\/strong><br \/><strong>Consolidated Balance Sheets<\/strong><br \/>(In thousands, except share data)<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>March 31, 2023<\/strong><br \/><strong> (unaudited)<\/strong><\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>December 31, 2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>ASSETS<\/strong><\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Real Estate Investments:<\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:64%;width:64%;min-width:64%;vertical-align: bottom\">Land<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">958,300<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:15%;width:15%;min-width:15%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">958,236<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Building and improvements<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,455,644<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,452,857<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,413,944<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,411,093<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Less:accumulated depreciation<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">593,277<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">578,593<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,820,667<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,832,500<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Mortgage note receivable<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,764<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,786<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Real Estate Investments, net<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,825,431<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,837,286<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Cash and cash equivalents<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,536<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,598<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Restricted cash<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2,132<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,861<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Tenant and other receivables, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">59,298<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">57,546<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Deposits<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">500<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Acquired lease intangible assets, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">50,410<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">52,428<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Prepaid expenses<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">4,219<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,957<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Deferred charges, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">31,576<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,683<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other assets<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,411<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">16,420<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Total assets<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,001,513<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,004,279<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>LIABILITIES AND EQUITY<\/strong><\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Liabilities:<\/strong><\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Term loan<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">299,344<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">299,253<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Credit facility<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">67,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">88,000<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Senior Notes<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">947,260<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">946,849<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Mortgage notes payable<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">60,699<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">60,917<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Acquired lease intangible liabilities, net<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">148,769<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">152,117<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Accounts payable and accrued expenses<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">54,628<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">22,885<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Tenants\u2019 security deposits<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,832<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7,701<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other liabilities<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">43,087<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">41,959<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Total liabilities<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,628,619<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,619,681<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Commitments and contingencies<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Equity:<\/strong><\/td>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Preferred stock, $0.0001 par value 50,000,000 shares authorized; none issued and outstanding<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">\u2014<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Common stock, $0.0001 par value, 500,000,000 shares authorized; 125,024,887 and 124,538,811 shares issued and outstanding at March31, 2023 and December31, 2022, respectively<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Additional paid-in capital<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,612,150<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,612,126<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Accumulated dividends in excess of earnings<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(326,686<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(315,984<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Accumulated other comprehensive income<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">9<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total Retail Opportunity Investments Corp. stockholders\u2019 equity<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,285,485<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,296,168<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Non-controlling interests<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">87,409<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">88,430<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Total equity<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,372,894<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,384,598<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Total liabilities and equity<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,001,513<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">3,004,279<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>RETAIL OPPORTUNITY INVESTMENTS CORP.<\/strong><br \/><strong>Consolidated Statements of Operations<\/strong><br \/>(Unaudited)<br \/>(In thousands, except per share data)<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended March 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:70%;width:70%;min-width:70%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2022<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Revenues<\/strong><\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Rental revenue<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">78,999<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">75,037<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other income<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">297<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,436<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Total revenues<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">79,296<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">76,473<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Operating expenses<\/strong><\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Property operating<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14,202<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,091<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Property taxes<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,844<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,520<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">25,104<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,762<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">General and administrative expenses<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,320<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,240<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Other expense<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">172<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">179<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Total operating expenses<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">53,642<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">49,792<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Operating income<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">25,654<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,681<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Non-operating expenses<\/strong><\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;text-align: right;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Interest expense and other finance expenses<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(16,958<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(14,215<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,696<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,466<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income attributable to non-controlling interests<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(554<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(825<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Net Income Attributable to Retail Opportunity Investments Corp.<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,142<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,641<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Earnings per share \u2013 basic and diluted<\/strong><\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.06<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.09<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\"><strong>Dividends per common share<\/strong><\/td>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.15<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.13<\/td>\n<td style=\"border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>CALCULATION OF FUNDS FROM OPERATIONS<\/strong><br \/>(Unaudited)<br \/>(In thousands)<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"5\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended March 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:72%;width:72%;min-width:72%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;vertical-align: bottom;text-align: center;vertical-align: middle\"><strong>2023<\/strong><\/td>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;vertical-align: bottom;text-align: center;vertical-align: middle\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom;text-align: center;vertical-align: middle\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;vertical-align: bottom;text-align: center;vertical-align: middle\"><strong>2022<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Net income attributable to ROIC<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,142<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">11,641<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Plus:Depreciation and amortization<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">25,104<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,762<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Funds from operations \u2013 basic<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">33,246<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">35,403<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Net income attributable to non-controlling interests<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">554<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">825<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Funds from operations \u2013 diluted<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">33,800<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">36,228<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>SAME-CENTER CASH NET OPERATING INCOME ANALYSIS<\/strong><br \/>(Unaudited)<br \/>(In thousands, except number of shopping centers and percentages)<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"14\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended March 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2023<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>2022<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>$ Change<\/strong><\/td>\n<td style=\"border-top: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>% Change<\/strong><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Number of shopping centers included in same-center analysis<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">87<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">87<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Same-center leased rate<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">98.2<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">97.4<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">0.8<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Revenues:<\/td>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"max-width:1%;width:1%;min-width:1%;vertical-align: bottom\" \/>\n<td style=\"max-width:46%;width:46%;min-width:46%;vertical-align: bottom\">Base rents<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">53,897<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">52,621<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,276<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;vertical-align: bottom\" \/>\n<td style=\"max-width:10%;width:10%;min-width:10%;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.4<\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">Percentage rent<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">365<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">199<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">166<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">83.4<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">Recoveries from tenants<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">19,396<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">18,114<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,282<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">7.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">Other property income<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">117<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,046<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(929<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"text-align: right;vertical-align: middle;vertical-align: bottom\">(88.8<\/td>\n<td style=\"vertical-align: bottom;text-align: left;vertical-align: middle\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">Bad debt<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(910<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(584<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(326<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">55.8<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Total Revenues<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">72,865<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">71,396<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,469<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">2.1<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Operating Expenses<\/td>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: solid black 1pt;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">Property operating expenses<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">13,786<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">12,082<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,704<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">14.1<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\">Property taxes<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,461<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8,347<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">114<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1.4<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Total Operating Expenses<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">22,247<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">20,429<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">1,818<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">8.9<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Same-Center Cash Net Operating Income<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">50,618<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">50,967<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(349<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;text-align: right;vertical-align: middle;vertical-align: bottom\">(0.7<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;vertical-align: bottom;text-align: left;vertical-align: middle\">)%<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"2\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p align=\"center\"><strong>SAME-CENTER CASH NET OPERATING INCOME RECONCILIATION<\/strong><br \/>(Unaudited)<br \/>(In thousands)<\/p>\n<table align=\"center\" style=\"border-collapse: collapse;width:100%;border-collapse:collapse\">\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"7\" style=\"text-align: center;vertical-align: middle;vertical-align: bottom\"><strong>Three Months Ended March 31,<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"max-width:70%;width:70%;min-width:70%;vertical-align: bottom\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom;text-align: center;vertical-align: middle\"><strong>2023<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;vertical-align: bottom;text-align: center;vertical-align: middle\" \/>\n<td style=\"max-width:2%;width:2%;min-width:2%;border-top: solid black 1pt;vertical-align: bottom;text-align: center;vertical-align: middle\" \/>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-right: 0;vertical-align: bottom;text-align: center;vertical-align: middle\" \/>\n<td style=\"max-width:12%;width:12%;min-width:12%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;vertical-align: bottom;text-align: center;vertical-align: middle\"><strong>2022<\/strong><\/td>\n<td style=\"max-width:1%;width:1%;min-width:1%;border-top: solid black 1pt;border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">GAAP operating income<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">25,654<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">26,681<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Depreciation and amortization<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">25,104<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">23,762<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">General and administrative expenses<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,320<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5,240<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Other expense<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">172<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">179<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Straight-line rent<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(347<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(451<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Amortization of above- and below-market rent<\/td>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,864<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(3,057<\/td>\n<td style=\"padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Property revenues and other expenses <sup>(1)<\/sup><\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">5<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(96<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total Company cash NOI<\/td>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">53,044<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">52,258<\/td>\n<td style=\"border-top: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: middle;text-align: left;padding-left: 15.0px;vertical-align: bottom\">Non same-center cash NOI<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(2,426<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">(1,291<\/td>\n<td style=\"border-bottom: solid black 1pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\">)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Same-center cash NOI<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">50,618<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">$<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;padding-right: 0;text-align: right;vertical-align: middle;vertical-align: bottom\">50,967<\/td>\n<td style=\"border-top: solid black 1pt;border-bottom: double black 3pt;padding-left: 0;text-align: left;vertical-align: middle;vertical-align: bottom\" \/><\/tr>\n<tr>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/>\n<td style=\"vertical-align: bottom\" \/>\n<td colspan=\"3\" style=\"border-top: double black 3pt;vertical-align: bottom\" \/><\/tr>\n<\/table>\n<p><strong>____________________<br \/><\/strong>(1)Includes anchor lease termination fees, net of contractual amounts, if any, expense and recovery adjustments related to prior periods and other miscellaneous adjustments.<\/p>\n<p align=\"center\"><strong>NON-GAAP DISCLOSURES<\/strong><\/p>\n<p align=\"justify\">Funds from operations (\u201cFFO\u201d), is a widely recognized non-GAAP financial measure for REITs that the Company believes when considered with financial statements presented in accordance with GAAP, provides additional and useful means to assess its financial performance. FFO is frequently used by securities analysts, investors and other interested parties to evaluate the performance of REITs, most of which present FFO along with net income as calculated in accordance with GAAP. The Company computes FFO in accordance with the \u201cWhite Paper\u201d on FFO published by the National Association of Real Estate Investment Trusts (\u201cNAREIT\u201d), which defines FFO as net income attributable to common stockholders (determined in accordance with GAAP) excluding gains or losses from debt restructuring, sales of depreciable property and impairments, plus real estate related depreciation and amortization, and after adjustments for partnerships and unconsolidated joint ventures.<\/p>\n<p align=\"justify\">The Company uses cash net operating income (\u201cNOI\u201d) internally to evaluate and compare the operating performance of the Company\u2019s properties. The Company believes cash NOI provides useful information to investors regarding the Company\u2019s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the Company\u2019s properties as this measure is not affected by the non-cash revenue and expense recognition items, the cost of the Company\u2019s funding, the impact of depreciation and amortization expenses, gains or losses from the acquisition and sale of operating real estate assets, general and administrative expenses or other gains and losses that relate to the Company\u2019s ownership of properties. The Company believes the exclusion of these items from operating income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the Company\u2019s properties as well as trends in occupancy rates, rental rates and operating costs. Cash NOI is a measure of the operating performance of the Company\u2019s properties but does not measure the Company\u2019s performance as a whole and is therefore not a substitute for net income or operating income as computed in accordance with GAAP. The Company defines cash NOI as operating revenues (base rent and recoveries from tenants), less property and related expenses (property operating expenses and property taxes), adjusted for non-cash revenue and operating expense items such as straight-line rent and amortization of lease intangibles, debt-related expenses and other adjustments. Cash NOI also excludes general and administrative expenses, depreciation and amortization, acquisition transaction costs, other expense, interest expense, gains and losses from property acquisitions and dispositions, extraordinary items, tenant improvements and leasing commissions. Other REITs may use different methodologies for calculating cash NOI, and accordingly, the Company\u2019s cash NOI may not be comparable to other REITs.<\/p>\n<p align=\"justify\"><strong>Contact:<\/strong><br \/>Nicolette O\u2019Leary<br \/><em>Director of Investor Relations<\/em><br \/>858-677-0900<br \/><u><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=IJ8D-RgGBr1AeRQZICCexhibDK_MMBGsbQmPNJGMgawuiMx6vZ1KQuEup_IzSA03m2a89H9NcqYvTIgU9RKqCPa-fw_nzL6oo0pfmySSr3M=\" rel=\"nofollow noopener\" target=\"_blank\" title=\"noleary@roireit.net\">noleary@roireit.net<\/a><\/u><\/p>\n<p><img src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" class=\"lazyload\" data-src=\"https:\/\/ml.globenewswire.com\/media\/YzY5ZmNkODEtMTRlZC00ZjVkLTg2NmUtZGYwMTBlYTM0YjYyLTEwMzc5MTE=\/tiny\/Retail-Opportunity-Investments.png\"><\/div>\n","protected":false},"excerpt":{"rendered":"<div>\n<p align=\"left\">SAN DIEGO, April 25, 2023 (GLOBE NEWSWIRE) &#8212; Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced today financial and operating results for the three months ended March 31, 2023.<\/p>\n<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/8648"}],"collection":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/comments?post=8648"}],"version-history":[{"count":1,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/8648\/revisions"}],"predecessor-version":[{"id":8664,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/posts\/8648\/revisions\/8664"}],"wp:attachment":[{"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/media?parent=8648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/categories?post=8648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/1reason.com\/re\/wp-json\/wp\/v2\/tags?post=8648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}