Retail Opportunity Investments Investor Presentation — December 2021

securities analysts, investors andother interested parties toevaluate theperformance ofREITs, most ofwhich present FFO along with netincome as

calculated inaccordance with GAAP .TheCompany computes FFO inaccordance with the“White Paper” onFFO published bytheNational Association of

Real Estate Investment Trusts (“NAREIT”), which defines FFO asnetincome attributable tocommon stockholders (determined inaccordance with GAAP)

excluding gains orlosses from debt restructuring, sales ofdepreciable property andimpairments, plus realestate related depreciation andamortization, and

after adjustments forpartnerships andunconsolidated joint ventures .

The Company uses cash netoperating income (“NOI”) internally toevaluate andcompare theoperating performance oftheCompany’s properties .The

Company believes cash NOI provides useful information toinvestors regarding theCompany’s financial condition andresults ofoperations because it

reflects only those income andexpense items thatareincurred attheproperty level, andwhen compared across periods, canbeused todetermine trends in

earnings oftheCompany’s properties asthismeasure isnotaffected bythenon-cash revenue andexpense recognition items, thecost oftheCompany’s

funding, theimpact ofdepreciation andamortization expenses, gains orlosses from theacquisition andsale ofoperating realestate assets, general and

administrative expenses orother gains andlosses thatrelate totheCompany’s ownership ofproperties .TheCompany believes theexclusion ofthese items

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