| Delaware(State or other jurisdiction ofincorporation or organization)          | 26-0500600(I.R.S. EmployerIdentification No.) |
|--------------------------------------------------------------------------------|-----------------------------------------------|
|                                                                           |                                          |
| 3 Manhattanville RoadPurchase, New York(Address of principal executiveoffices) | 10577(Zip code)                               |

|   | Yes [ x ]      No [  ]  |
|--------|-----------------------------------------------------------------|

|   | Yes [  ]      No [  ]  |
|--------|----------------------------------------------------------------|

| Large accelerated filer  [  ]  | Accelerated filer [ x ]  | Non-accelerated filer [  ] (Do not check if a smaller reporting company) | Smaller reporting company [  ]  |
|-----------------------------------------------|------------------------------------|------------------------------------------------------------------------------------|-------------------------------------------|

|   | Yes  [  ]      No [ x ]  |
|--------|------------------------------------------------------------------|

----

|                          |     |                                                                                                           |   |   Page |   |
|-------------------------------|----------|----------------------------------------------------------------------------------------------------------------|--------|-------------|--------|
| Part I. Financial Information |     | 1                                                                                                              |   |
|                          | Item 1.  | Consolidated Balance Sheets as of March 31, 2011 (Unaudited) and December 31, 2010                             |   | 1           |   |
|                          |     | Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2011 and March 31, 2010 | 2      |        |
|                          |     | Consolidated Statements of Equity for the three months ended March 31, 2011 (Unaudited)                        | 3      |        |
|                          |     | Consolidated Statements of Cash flows (Unaudited) for the three months ended March 31, 2011 and March 31, 2010 | 4      |        |
|                          |     | Notes to Consolidated Financial Statements                                                                     | 5      |        |
|                          | Item 2.  | Management's Discussion and Analysis of Financial Condition and Results of Operations                          | 21     |        |
|                          | Item 3.  | Quantitative and Qualitative Disclosures about Market Risk                                                     |   | 30          |   |
|                          | Item 4.  | Controls and Procedures                                                                                        |   |  31    |   |
| Part II. Other Information    |     | 32                                                                                                             |   |
|                          | Item 1.  | Legal Proceedings                                                                                              |   | 32          |   |
|                          | Item 1A. | Risk Factors                                                                                                   |   | 32          |   |
|                          | Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds                                                    |   | 32          |   |
|                          | Item 3.  | Defaults Upon Senior Securities                                                                                |   | 32          |   |
|                          | Item 4.  | (Removed and Reserved)                                                                                         |   | 33          |   |
|                          | Item 5.  | Other Information                                                                                              |   | 33          |   |
|                          | Item 6.  | Exhibits                                                                                                       |   | 33          |   |
|                          |     |                                                                                                           |   |        |   |

----

PART I. FINANCIAL 

|                                                                                                   |   | March 31,2011(unaudited) |        |   | December 31,2010 |   |
|--------------------------------------------------------------------------------------------------------|--------|--------------------------|-------------|--------|------------------|--------|
| ASSETS                                                                                                 |   |                     |        |   |             |   |
| Real Estate Investments:                                                                               |   |                     |        |   |             |   |
| Land                                                                                                   |   | $                        | 122,782,459 |   |             | $      | 85,473,305 |   |
| Building and improvements                                                                              |   |                     | 266,767,696 |   |             |   | 187,259,539 |   |
|                                                                                                   |   |                     | 389,550,155 |   |             |   | 272,732,844 |   |
| Less: accumulated depreciation                                                                         |   |                     | 5,282,395   |   |             |   | 3,078,160 |   |
|                                                                                                   |   |                     | 384,267,760 |   |             |   | 269,654,684 |   |
| Mortgage notes receivable                                                                              |   |                     | 9,500,000   |   |             |   | 49,978,044 |   |
| Investment in and advances to unconsolidated joint ventures                                            |   |                     | 43,004,853  |   |             |   | 24,579,355 |   |
| Real Estate Investments, net                                                                           |   |                     | 436,772,613 |   |             |   | 344,212,083 |   |
| Cash and cash equivalents                                                                              |   |                     | 11,764,093  |   |             |   | 84,736,410 |   |
| Restricted cash                                                                                        |   |                     | 3,074,914   |   |             |   | 2,838,261 |   |
| Tenant and other receivables                                                                           |   |                     | 2,961,203   |   |             |   | 2,055,881 |   |
| Deposits                                                                                               |   |                     | 500,000     |   |             |   | 1,500,000 |   |
| Acquired lease intangible asset, net of accumulated amortization                                       |   |                     | 25,438,385  |   |             |   | 17,672,608 |   |
| Prepaid expenses                                                                                       |   |                     | 962,306     |   |             |   | 798,655 |   |
| Deferred charges, net of accumulated amortization                                                      |   |                     | 11,711,144  |   |             |   | 9,576,904 |   |
| Other                                                                                                  |   |                     | 78,940      |   |             |   | 801,700 |   |
| Total assets                                                                                           |   | $                        | 493,263,598 |   |             | $      | 464,192,502 |   |
|                                                                                                   |   |                     |        |   |             |   |   |   |
| LIABILITIES AND EQUITY                                                                                 |   |                     |        |   |             |   |   |   |
| Liabilities:                                                                                           |   |                     |        |   |             |   |   |   |
| Revolving credit facility                                                                              |   | $                        | 13,000,000  |   |             | $      | — |   |
| Mortgage notes payables                                                                                |   |                     | 41,998,314  |   |             |   | 42,417,100 |   |
| Acquired lease intangibles liability, net of accumulated amortization                                  |   |                     | 33,743,739  |   |             |   | 20,996,167 |   |
| Accounts payable and accrued expenses                                                                  |   |                     | 5,141,414   |   |             |   | 4,889,350 |   |
| Tenants' security deposits                                                                             |   |                     | 1,089,928   |   |             |   | 859,537 |   |
| Other liabilities                                                                                      |   |                     | 3,981,645   |   |             |   | 4,506,779 |   |
| Total liabilities                                                                                      |   |                     | 98,955,040  |   |             |   | 73,668,932 |   |
|  Commitments and Contingencies                                                                    |   |                     | —     |   |             |   | — |   |
|                                                                                                   |   |                     |        |   |             |   |   |   |
| Equity:                                                                                                |   |                     |        |   |             |   |   |   |
| Preferred stock, $.0001 par value 50,000,000 shares authorized;none issued and outstanding             |   |                     | —     |   |             |   | — |   |
| Common stock, $.0001 par value 500,000,000 shares authorized; 41,638,100 shares issued and outstanding |   |                     | 4,164       |   |             |   | 4,164 |   |
| Additional paid-in-capital                                                                             |   |                     | 404,439,065 |   |             |   | 403,915,775 |   |
| Accumulated deficit                                                                                    |   |                     | (10,066,786 | )      |             |   | (12,880,840 | ) |
| Accumulated other comprehensive loss                                                                   |   |                     | (70,274     | )      |             |   | (517,918 | ) |
| Total Retail Opportunity Investments Corp. shareholders' equity                                        |   |                     | 394,306,169 |   |             |   | 390,521,180 |   |
| Noncontrolling interests                                                                               |   |                     | 2,389       |   |             |   | 2,389 |   |
| Total equity                                                                                           |   |                     | 394,308,558 |   |             |   | 390,523,570 |   |
| Total liabilities and equity                                                                           |   | $                        | 493,263,598 |   |             | $      | 464,192,502 |   |

----

CONSOL

|                                                                                                                                                                                                                                                                                                                                                                                            |   | For the Three Months Ended |       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|------------|
|                                                                                                                                                                                                                                                                                                                                                                                            |   | March 31,2011              |       |   | March 31,2010 |   |
| Revenues                                                                                                                                                                                                                                                                                                                                                                                        |   |                       |       |   |   |   |
| Base rents                                                                                                   |   | $                          | 7,181,194  |   |   | $ | 1,108,683 |   |
| Recoveries from tenants                                                                                      |   |                       | 1,905,219  |   |   |   | 260,649 |   |
| Mortgage interest                                                                                            |   |                       | 954,508    |   |   |   | - |   |
| Total revenues                                                                                                              |   |                       | 10,040,921 |   |   |   | 1,369,332 |   |
|  Operating expenses                                                                                                                                                                                                                                                                                                                                                                        |   |                       |       |   |   |   |   |   |
| Property operating                                                                                           |   |                       | 1,095,524  |   |   |   | 206,965 |   |
| Property taxes                                                                                               |   |                       | 1,052,393  |   |   |   | 133,957 |   |
| Depreciation and amortization                                                                                |   |                       | 4,251,799  |   |   |   | 443,550 |   |
| General & Administrative Expenses                                                                                                                                                                                                                                                                                                                                                           |   |                       | 2,388,702  |   |   |   | 2,152,926 |   |
| Acquisition transaction costs                                                                                |   |                       | 175,115    |   |   |   | 486,470 |   |
| Total operating expenses                                                                                                    |   |                       | 8,963,533  |   |   |   | 3,423,868 |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |   |                       |       |   |   |   |   |   |
| Operating income (loss)                                                                                      |   |                       | 1,077,388  |   |   |   | (2,054,536 | ) |
| Non-operating income (expenses)                                                                              |   |                       |       |   |   |   |   |   |
| Interest expense and other finance expenses                                                                                                                                                                                                                                                                                                                                                     |   |                       | (915,902   | ) |   |   | - |   |
| Gain on bargain purchase                                                                                     |   |                       | 5,761,854  |   |   |   | - |   |
| Equity in earnings from unconsolidated joint ventures                                                                                                                                                                                                                                                                                                                                           |   |                       | 243,279    |   |   |   | - |   |
| Interest income                                                                                              |   |                       | 13,470     |   |   |   | 413,561 |   |
| Net income (loss) attributable to RetailOpportunity Investments Corp.                                                                                                                                                                                                                                                                                                                           |   | $                          | 6,180,089  |   |   | $ | (1,640,975 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                            |   |                       |       |   |   |   |   |   |
| Weighted average shares outstandingBasic and diluted:                                                        |   |                       | 41,846,694 |   |   |   | 41,569,675 |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |   |                       |       |   |   |   |   |   |
| Income (loss) per shareBasic and diluted per share:                                                          |   | $                          | 0.15       |   |   | $ | (0.04 | ) |
| Dividends per common share                                                                                   |   | $                          | 0.08       |   |   | $ | — |   |

----

CONSOLIDATE

|                              |   | Common Stock |       |   |   |   |   |                       |   |   |                                    |   |   |                                 |        |   |                     |
|-----------------------------------|--------|--------------|------------|--------|--------|--------|--------|----------------------------|--------|--------|-----------------------------------------|--------|--------|--------------------------------------|-------------|--------|--------------------------|
|                              |   | Shares       |       |   | Amount |   |   | Additional paid-in capital |   |   | Retained earnings (Accumulated deficit) |   |   | Accumulated other comprehensive loss |        |   | Noncontrolling interests |   |   | Equity |   |
| Balance at December 31, 2010 |   |         | 41,638,100 |   |   | $      | 4,164  |                       |   | $      | 403,915,775                             |   |   | $                                    | (12,880,840 | )      |                     | $ | (517,918 | ) |   | $ | 2,389 |   |   | $ | 390,523,570 |   |

| Compensation expense related to options granted                                                                                       |   |   | —    |   |   |   | — |   |   |   | 57,051      |   |   |   | —     |   |   |   | — |   |   |   | — |   |   |   | 57,051      |   |
|---------------------------------------------------------------------------------------------------------------------------------------|--------|--------|------------|--------|--------|--------|---------|--------|--------|--------|-------------|--------|--------|--------|-------------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|-------------|--------|
| Compensation expense related to restrictedstock grants                                                                                |   |   | —    |   |   |   | — |   |   |   | 466,239     |   |   |   | —     |   |   |   | — |   |   |   | — |   |   |   | 466,239     |   |
|                Cash dividends ($.08 per share)             |   |   | —    |   |   |   | — |   |   |   | —     |   |   |   | (3,357,135  | )      |   |   | — |   |   |   | — |   |   |   | (3,357,135  | )      |
|                Dividends payable to officers               |   |   | —    |   |   |   | — |   |   |   | —     |   |   |   | (8,900      | )      |   |   | — |   |   |   | — |   |   |   | (8,900      | )      |
|                Comprehensive income                        |   |   |       |   |   |   |    |   |   |   |        |   |   |   |        |   |   |   |    |   |   |   |    |   |   |   |        |   |
| Net Income Attributable to RetailOpportunity Investments Corp.                                                                        |   |   | —    |   |   |   | — |   |   |   | —     |   |   |   | 6,180,089   |   |   |   | — |   |   |   | — |   |   |   | 6,180,089   |   |
| Unrealized gain on swap derivative                                                                                                    |   |   | —    |   |   |   | — |   |   |   | —     |   |   |   | —     |   |   |   | 447,644 |   |   |   | — |   |   |   | 447,644     |   |
|                Total other comprehensive  income |   |   |       |   |   |   |    |   |   |   |        |   |   |   |        |   |   |   |    |   |   |   |    |   |   |   | 6,627,733   |   |
| Balance at March 31, 2011                                                                                                        |   |   | 41,638,100 |   |   | $      | 4,164   |   |   | $      | 404,439,065 |   |   | $      | (10,066,786 | )      |   | $      | (70,274 | )      |   | $      | 2,389   |   |   | $      | 394,308,558 |   |

----

CONSOLIDATED STATEMENTS 

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | For the Three Months Ended |        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|-------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | March 31,2011              |        |   | March 31,2010 |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                       |        |   |   |   |
| Net income (loss)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | $                          | 6,180,089   |   |   | $ | (1,640,975 | ) |
| Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                       |        |   |   |   |   |   |
| Depreciation and amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                       | 4,232,474   |   |   |   | 443,550 |   |
| Amortization of deferred financing costs                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                       | 46,102      |   |   |   | — |   |
| Gain on bargain purchase                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                       | (5,761,854  | ) |   |   | — |   |
| Straight-line rent adjustment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                       | (420,254    | ) |   |   | (69,123 | ) |
| Amortization of above and below market rent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                       | (514,539    | ) |   |   | (53,075 | ) |
| Amortization  relating to stock based compensation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                       | 523,290     |   |   |   | 229,146 |   |
| Provisions for tenant credit losses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                       | 328,351     |   |   |   | 53,351 |   |
| Equity earned in earnings from unconsolidated joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                       | (243,279    | ) |   |   | — |   |
| Change in operating assets and liabilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                       |        |   |   |   |   |   |
| Mortgage escrows                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                       | (225,177    | ) |   |   | — |   |
| Tenant receivables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                       | (813,419    | ) |   |   | (152,743 | ) |
| Prepaid expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                       | (163,651    | ) |   |   | (217,266 | ) |
| Accounts payable and accrued expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                       | (544,932    | ) |   |   | (2,144,526 | ) |
| Other asset and liabilities, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                       | 1,412,830   |   |   |   | 332,360 |   |
| Net cash provided by (used in) operating activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                       | 4,036,031   |   |   |   | (3,219,301 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                       |        |   |   |   |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                       |        |   |   |   |   |   |
| Investments in real estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                       | (57,856,393 | ) |   |   | (47,945,559 | ) |
| Investments in mortgage notes receivables                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                       | (9,500,000  | ) |   |   | — |   |
| Investments in unconsolidated joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                       | (18,182,218 | ) |   |   | — |   |
| Improvements to properties and deferred charges                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                       | (424,626    | ) |   |   | (105,862 | ) |
| Deposits on real estate acquisitions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                       | (500,000    | ) |   |   | (973,000 | ) |
| Disbursements relating to notes receivable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                       | —     |   |   |   | (982,262 | ) |
| Construction escrows and other                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                       | (11,477     | ) |   |   | — |   |
| Net cash (used in) investing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                       | (86,474,714 | ) |   |   | (50,006,683 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                       |        |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                       |        |   |   |   |   |   |
| Principal repayment on mortgages                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                       | (176,499    | ) |   |   | — |   |
| Proceeds from the draw on revolving credit facility                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                       | 13,000,000  |   |   |   | — |   |
| Dividends paid to common shareholders                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                       | (3,357,135  | ) |   |   | — |   |
|     Contributions from consolidated joint venture minority         interests, net                                                                     |   |                       | —     |   |   |   | 2,389 |   |
| Net cash provided by financing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                       | 9,466,366   |   |   |   | 2,389 |   |
| Net decrease in cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                       | (72,972,317 | ) |   |   | (53,223,595 | ) |
| Cash and cash equivalents at beginning of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                       | 84,736,410  |   |   |   | 383,240,827 |   |
| Cash and cash equivalents at end of period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | $                          | 11,764,093  |   |   | $ | 330,017,232 |   |

----

NOTES TO CONSOLIDATED FINANCIAL 

| 1. | Organization, Basis of Presentation and Summary of Significant Accounting Policies |
|----|------------------------------------------------------------------------------------|

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----

----

----

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|   |   |
|--------|--------|

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |           |       |   |           |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|------------|--------|----------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | March 31, 2011 |       |   | March 31, 2010 |   |
| Supplemental disclosure of cash activities:                                                                                                                                                                                                                                                                                                                                                                                                  |   |           |       |   |           |   |
| Cash paid for Federal and New York state income taxes                                                                                                                                                                                                                                                                                                                                                                                        |   | $              | 85,075     |   |           | $      | — |   |
| Interest paid                                                                                           |   |           | 674,167    |   |           |   | — |   |
| Supplemental disclosure of non-cash activities:                                                                                                                                                                                                                                                                                                                                                                                              |   |           |       |   |           |   |   |   |
| Purchase accounting allocations:                                                                                                                                                                                                                                                                                                                                                                                                             |   |           |       |   |           |   |   |   |
| Intangible lease liabilities                                                                            |   |           | 11,781,125 |   |           |   | 2,412,302 |   |
| Earnout obligation                                                                                      |   |           | (524,896   | )      |           |   | — |   |
| Other non-cash investing and financing activities:                                                                                                                                                                                                                                                                                                                                                                                           |   |           |       |   |           |   |   |   |
| Accrued payable to seller of real property                                                                                                                                                                                                                                                                                                                                                                                                   |   |           | 420,000    |   |           |   | — |   |
| Accrued interest rate swap liabilities                                                                  |   |           | 70,274     |   |           |   | — |   |
| Accrued real estate improvement costs                                                                   |   |           | 157,137    |   |           |   | 137,367 |   |

| 2. | Real Estate Investments |
|----|-------------------------|

|   | · | Desert Springs Marketplace, a shopping center located in Palm Desert, California. Desert Springs Marketplace is a grocery-anchored neighborhood shopping center of 105,157 square feet and was 99.1% leased at March 31, 2011. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Mills Shopping Center, a shopping center located in Rancho Cordova, California. Mills Shopping Center is a grocery-anchored neighborhood shopping center of 252,912 square feet and was 77.7% leased at March 31, 2011. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | Nimbus Winery Shopping Center, a shopping center located in Rancho Cordova, California.  Nimbus Winery Shopping Center is a grocery-anchored neighborhood shopping center of 74,998 square feet and was 73.5% leased at March 31, 2011. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                     |   | March 31, 2011 |       |   | December 31, 2010 |   |
|------------------------------------------------------------------------------------------|--------|----------------|------------|--------|-------------------|--------|
| Wilsonville OTS LLC (95%)                                                                |   | $              | 4,484,325  |   |              | $      | 4,484,325 |   |
| Crossroads Shopping Center (49%)                                                         |   |           | 12,527,443 |   |              |   | 12,295,030 |   |
| Mortgage note receivable secured by Riverside Plaza (50%)                                |   |           | 7,878,000  |   |              |   | 7,800,000 |   |
| Mortgage note receivable secured by Lakeside Plaza and Village at Eagle Glen (50%)  |   |           | 18,115,085 |   |              |   | — |   |
|      Total                                                      |   | $              | 43,004,853 |   |              | $      | 24,579,355 |   |

|   | · | Plaza at Lakeside, a shopping center located in Moreno Valley, California.  Plaza at Lakeside is a grocery-anchored shopping center of approximately 87,321 square feet; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Village at Eagle Glen, a shopping center located in Corona, California.  Village at Eagle Glen is a grocery-anchored shopping center of approximately 95,777 square feet. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                |   | March 31,2011(unaudited) |        |
|-------------------------------------|--------|--------------------------|-------------|
| ASSETS                              |   |                     |        |
| Land                                |   | $                        | 37,309,154  |   |
| Building and improvements           |   |                     | 78,469,798  |   |
| Acquired lease intangible asset     |   |                     | 9,589,321   |   |
| Deferred charges                    |   |                     | 2,737,580   |   |
| Assets acquired                     |   |                     | 128,105,853 |   |
| Acquired lease intangible liability |   |                     | 13,619,624  |   |
| Liabilities assumed                 |   | $                        | 13,619,624  |   |

----

|                                  |   | For the three months endedMarch 31, 2011(unaudited) |      |
|---------------------------------------|--------|-----------------------------------------------------|-----------|
| Statement of operations:              |   |                                                |      |
| Revenues                              |   | $                                                   | 3,118,956 |   |
| Property operating and other expenses |   |                                                | 753,162   |   |
| Management fees to the Company        |   |                                                | 112,341   |   |
| Acquisition transaction costs         |   |                                                | 170,841   |   |
| Depreciation and amortization         |   |                                                | 1,586,336 |   |
| Net income                            |   | $                                                   | 496,275   |   |

| 3. | Mortgage Notes Payables and Bank Lines of Credit |
|----|--------------------------------------------------|

| Property                     | Maturity Date            |   | Interest Rate |   | March 31, 2011 |   |   | December 31, 2010 |   |
|------------------------------|--------------------------|--------|---------------|--------|----------------|--------|--------|-------------------|--------|
| Cascade Summit Town Square   | July  2012     |   |          | 7.25   | %              |   | $      | 7,069,245         |   |   | $ | 7,124,718 |   |
| Heritage Market Center       | December  2011 |   |          | 7.11   | %              |   |   | 11,479,003        |   |   |   | 11,538,777 |   |
| Gateway Village I            | February  2014 |   |          | 5.58   | %              |   |   | 6,978,692         |   |   |   | 7,011,658 |   |
| Gateway Village II           | May 2014                 |   |          | 5.73   | %              |   |   | 7,130,787         |   |   |   | 7,159,072 |   |
| Gateway Village III          | July 2016                |   |          | 6.10   | %              |   |   | 7,580,000         |   |   |   | 7,580,000 |   |
|                         |                     |   |          |   |           |   |   | 40,237,727        |   |   |   | 40,414,225 |   |
| Mortgage Premium             |                     |   |          |   |           |   |   | 1,760,587         |   |   |   | 2,002,875 |   |
| Total mortgage notes payable |                     |   |          |   |           |   | $      | 41,998,314        |   |   | $ | 42,417,100 |   |

----

| 4. | Preferred Stock |
|----|-----------------|

| 5. | Common Stock and Warrants |
|----|---------------------------|

|   | · | The exercise price of the warrants is $12.00. |
|--------|--------|-----------------------------------------------|

|   | · | The expiration date of the warrants is October 23, 2014. |
|--------|--------|----------------------------------------------------------|

|   | · | The price at which the Company's common stock must trade before the Company is able to redeem the warrants it issued in the Public Offering is $18.75. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The price at which the Company's common stock must trade before the Company is able to redeem the Private Placement Warrants is (x) $22.00, as long as they are held by the Sponsor or its members, members of its members' immediate families or their controlled affiliates, or (y) $18.75. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | To provide that a warrantholder's ability to exercise warrants is limited to ensure that such holder's "Beneficial Ownership" or "Constructive Ownership," each as defined in the Company's certificate of incorporation, does not exceed the restrictions contained in the certificate of incorporation limiting the ownership of shares of the Company's common stock. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Stock Compensation and Other Benefit Plans |
|----|--------------------------------------------|

----

|                                    |   | Shares |    |   | Weighted Average Grant Date Fair Value |   |
|-----------------------------------------|--------|--------|---------|--------|----------------------------------------|--------|
| Non-vested at December 31, 2010         |   |   | 161,333 |   |                                   | $      | 10.27 |   |
| Granted                                 |   |   | 276,000 |   |                                   |   | 10.31 |   |
| Vested                                  |   |   | — |   |                                   |   | — |   |
| Forfeited                               |   |   | — |   |                                   |   | — |   |
| Non-vested at  March 31, 2011 |   |   | 437,333 |   |                                   | $      | 10.30 |   |

----

|                            |   | Three months ended March 31, 2011 |       |   |
|---------------------------------|--------|-----------------------------------|------------|--------|
| Average volatility              |   |                              |       |   | 26.0 | % |
| Expected dividends              |   | $                                 |       |   | 0.12 |   |
| Expected life (in years)        |   | 6.0 to 6.5                        |       |
| Risk-free interest rate (range) |   |                              |  2.59 | %      |  to |  2.73 | % |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Shares |    |   | Weighted Average Exercise Price |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|---------------------------------|--------|
| Outstanding at December 31, 2010                                                                                     |   |   | 235,000 |   |                            | $      | 10.25 |   |
| Granted                                                                                                                             |   |   | 102,000 |   |                            |   | 10.88 |   |
| Exercised                                                                                                                           |   |   | — |   |                            |   | — |   |
| Expired                                                                                                                             |   |   | — |   |                            |   | — |   |
| Outstanding at March 31, 2011                                                                                        |   |   | 337,000 |   |                            | $      | 10.46 |   |
| Exercisable at March 31, 2011                                                                                        |   |   | 73,667  |   |                            | $      | 10.26 |   |

| 7. | Fair Value of Financial Instruments |
|----|-------------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                                                 |   | Quoted Prices in Active Markets for Identical Assets and Liabilities(Level 1) |    |   | Significant Other Observable Inputs (Level 2) |   |     | Significant Unobservable Inputs (Level 3) |   |   | Balance at March 31, 2011 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------|---------|--------|-----------------------------------------------|--------|----------|-------------------------------------------|--------|--------|---------------------------|--------|
| Assets                                                                                                                                                                                                                                                                                                                                                               |   |                                                                          |    |   |                                          |   |     |                                      |   |   |                      |   |
| Derivative financial instruments                                                       |   | $                                                                             | — |   |                                          | $      | 217,250  |                                      |   | $      | —                   |   |   | $ | 217,250 |   |
| Liabilities                                                                                                                                                                                                                                                                                                                                                          |   |                                                                          |    |   |                                          |   |     |                                      |   |   |                      |   |   |   |   |   |
| Derivative financial instruments                                                       |   | $                                                                             | — |   |                                          | $      | (287,524 | )                                         |   | $      | —                   |   |   | $ | (287,524 | ) |

----

|                                                              |   | March 31, 2011 |      |   | December 31, 2010 |   |
|-------------------------------------------------------------------|--------|----------------|-----------|--------|-------------------|--------|
| Payroll and related costs                                         |   | $              | 577,554   |   |              | $      | 2,138,935 |   |
| Professional fees                                                 |   |           | 983,007   |   |              |   | 868,889 |   |
| Costs related to the acquisition of properties and mortgage notes |   |           | 458,147   |   |              |   | 606,654 |   |
| Debt financing costs                                              |   |           | 378,510   |   |              |   | 222,916 |   |
| Property operating                                                |   |           | 1,293,155 |   |              |   | 224,478 |   |
| Landlord costs                                                    |   |           | 788,346   |   |              |   | 289,862 |   |
| Other                                                             |   |           | 662,695   |   |              |   | 537,616 |   |
|                                                              |   | $              | 5,141,414 |   |              | $      | 4,889,350 |   |

| 9. | Derivative and Hedging Activities |
|----|-----------------------------------|

| Interest Rate Derivative                                                                                                                                                                                                                                                                                                                                                                               |   | Number of instruments |   |   | Notional |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|--------|--------|----------|--------|
| Interest rate swap                                                               |   |                  | 2      |   |     | $      | 75,000,000 |   |

----

| Derivatives designed as hedging instruments                                                                                                                                                                                                                                                                                                                                                                | Balance sheet location |   | March 31, 2011 Fair Value(liability) |    |   | December 31, 2010 Fair Value(liability) |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------|--------|-------------------------------------------|---------|--------|----------------------------------------------|--------|
| Interest rate products                                                               | Other liabilities      |   | $                                         | (70,274 | )      |                                         | $      | (517,918 | ) |

|                                                                                                                                                     |   | As of March 31, 2011 |     |   | As of March 31, 2010 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|----------|--------|---------------------------|--------|
| Amount of gains recognized in accumulated other comprehensive income as interest rate derivatives (effective portion)                                    |   | $                         | (447,544 | )      |                      | $      | — |   |
| Amount of loss reclassified from accumulated other comprehensive income into income as interest expense (effective portion)                              |   | $                         | —  |   |                      | $      | — |   |
| Amount of gain recognized in income on derivative as gain on derivative instruments (ineffective portion and amount excluded from effectiveness testing) |   | $                         | —  |   |                      | $      | — |   |

| 10. | Commitments and Contingencies |
|-----|-------------------------------|

| 11. | Related Party Transactions |
|-----|----------------------------|

| 12. | Subsequent Events |
|-----|-------------------|

----

----

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

|   | · | our ability to identify and acquire retail real estate and real estate-related debt investments that meet our investment standards in our target markets and the time period required for us to acquire our initial portfolio of its target assets; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the level of rental revenue and net interest income we achieve from our target assets; |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | the market value of our assets and the supply of, and demand for, retail real estate and real estate-related debt investments in which we invest; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the length of the current economic downturn; |
|--------|--------|----------------------------------------------|

|   | · | the conditions in the local markets in which we will operate, as well as changes in national economic and market conditions; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------|

|   | · | consumer spending and confidence trends; |
|--------|--------|------------------------------------------|

|   | · | our ability to enter into new leases or to renew leases with existing tenants at the properties we acquire at favorable rates; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | our ability to anticipate changes in consumer buying practices and the space needs of tenants; |
|--------|--------|------------------------------------------------------------------------------------------------|

|   | · | the competitive landscape impacting the properties we acquire and their tenants; |
|--------|--------|----------------------------------------------------------------------------------|

|   | · | our relationships with our tenants and their financial condition; |
|--------|--------|-------------------------------------------------------------------|

|   | · | our use of debt as part of our financing strategy and our ability to make payments or to comply with any covenants under any borrowings or other debt facilities we obtain; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the level of our operating expenses, including amounts we are required to pay to our management team and to engage third party property managers; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | changes in interest rates that could impact the market price of our common stock and the cost of our borrowings; and |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|

|   | · | legislative and regulatory changes (including changes to laws governing the taxation of real estate investment trusts ("REITs")). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

----

----

|   | · | Our ability to identify and acquire retail real estate and real estate-related debt investments that meet our investment standards and the time period required for us to acquire our initial portfolio of our target assets; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The level of rental revenue and net interest income we achieve from our target assets; |
|--------|--------|----------------------------------------------------------------------------------------|

|   | · | The market value of our assets and the supply of, and demand for, retail real estate and real estate-related debt investments in which we invest; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The length of the current economic downturn; |
|--------|--------|----------------------------------------------|

|   | · | The conditions in the local markets in which we will operate, as well as changes in national economic and market conditions; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------|

|   | · | Consumer spending and confidence trends; |
|--------|--------|------------------------------------------|

|   | · | Our ability to enter into new leases or to renew leases with existing tenants at the properties we acquire at favorable rates; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

|   | · | Our ability to anticipate changes in consumer buying practices and the space needs of tenants; |
|--------|--------|------------------------------------------------------------------------------------------------|

|   | · | The competitive landscape impacting the properties we acquire and their tenants; |
|--------|--------|----------------------------------------------------------------------------------|

|   | · | Our relationships with our tenants and their financial condition; |
|--------|--------|-------------------------------------------------------------------|

|   | · | Our use of debt as part of our financing strategy and our ability to make payments or to comply with any covenants under any borrowings or other debt facilities we obtain; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | The level of our operating expenses, including amounts we are required to pay to our management team and to engage third party property managers and loan servicers; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | Changes in interest rates that could impact the market price of our common stock and the cost of our borrowings. |
|--------|--------|------------------------------------------------------------------------------------------------------------------|

|   | · | legislative and regulatory changes (including changes to laws governing the taxation of real estate investment trusts ("REITs")). |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | should not be considered an alternative to net income as an indication of our performance. |
|--------|--------|--------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Three Months Ended March 31, 2011 |        |   | Three Months Ended March 31, 2010 |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------|-------------|--------|----------------------------------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | $                                      | 6,180,089   |   |                                   | $      | (1,640,975 | ) |
| Net income(Loss) for period                                                                                                                    |   |                                   |        |   |                                   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                   |        |   |                                   |   |   |   |
| Plus:  Real property depreciation                                                                                                    |   |                                   | 1,803,464   |   |                                   |   | 174,779 |   |
| Amortization of tenant improvements and allowances                                                                                             |   |                                   | 565,863     |   |                                   |   | 26,819 |   |
| Amortization of deferred leasing costs                                                                                                         |   |                                   | 2,321,823   |   |                                   |   | 241,952 |   |
| Funds from (used in) operations                                                                                                                |   | $                                      | 10,871,239  |   |                                   | $      | (1,197,425 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                   |        |   |                                   |   |   |   |
| Net Cash Provided by (Used in):                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                   |        |   |                                   |   |   |   |
| Operating Activities                                                                                                                           |   | $                                      | 4,036,031   |   |                                   | $      | (3,219,301 | ) |
| Investing Activities                                                                                                                           |   | $                                      | (86,474,714 | )      |                                   | $      | (50,006,683 | ) |
| Financing Activities                                                                                                                           |   | $                                      | 9,466,366   |   |                                   | $      | 2,389 |   |

----

----

| Buildings                                                                                 | 35-40 years                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|
| Property Improvements                                                                     | 10-20 years                                |
| Furniture/Fixtures                                                                        | 3-10 years                                 |
| Tenant Improvements                                                                       | Shorter of lease term or their useful life |

----

----

|                                              |   | 2011   |       |   | 2012   |   |      | 2013   |   |   | 2014      |   |   | 2015   |       |   | Thereafter |   |    | Total  |   |
|---------------------------------------------------|--------|--------|------------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|------------|--------|------------|--------|---------|--------|--------|
| Contractual obligations:                          |   |   |       |   |   |   |      |   |   |   |      |   |   |   |       |   |       |   |    |   |   |
| Long-term debt principal payments (1)             |   | $      | 11,926,487 |   |   | $      | 7,346,051 |   |   | $      | 438,264   |   |   | $      | 13,535,984 |   |       | $      | 202,169 |   |   | $ | 6,788,772 |   |   | $ | 40,237,727 |   |
| Earn-out obligations to the sellers of properties |   |   | —    |   |   |   | —   |   |   |   | 4,392,580 |   |   |   | —    |   |       |   | — |   |   |   | — |   |   |   | 4,392,580 |   |
| Operating lease obligations                       |   |   | 150,000    |   |   |   | 200,000   |   |   |   | 200,000   |   |   |   | 200,000    |   |       | $      | 200,000 |   |   |   | 10,800,000 |   |   |   | 11,750,000 |   |
| Total                                             |   | $      | 12,076,487 |   |   | $      | 7,546,051 |   |   | $      | 5,030,844 |   |   | $      | 13,735,984 |   |       | $      | 402,169 |   |   | $ | 17,588,772 |   |   | $ | 56,380,307 |   |

|   |   |
|--------|--------|

| (1) | Does not include Mortgage premium of $1.7 million. |
|-----|----------------------------------------------------|

----

----

Item 3. Quantitative and Qualitative Disclosures about Market Risk

| Swap Notional                                                                                                                      |   | Less 100 basis points |       |   | Less 50 basis points |   |       | March 31, 2011 Value |   |   | Increase 50 basis points |   |   | Increase 100 basis points |      |
|------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------|------------|--------|----------------------|--------|------------|----------------------|--------|--------|--------------------------|--------|--------|---------------------------|-----------|
| $25M                      |   | $                     | (2,592,817 | )      |                 | $      | (1,419,206 | )                    |   | $      | (302,543                 | )      |   | $                         | 758,057   |   |   | $ | 1,766,997 |   |
| $50M                      |   | $                     | (3,260,359 | )      |                 | $      | (1,518,690 | )                    |   | $      | 125,399                  |   |   | $                         | 1,683,698 |   |   | $ | 3,182,803 |   |

----

Item 4. Controls and Procedures

----

PART II. OTHER 

Item 1.  Legal Proceedings

Item 1A.  Risk Factors

Item 2.  Unregistered Sales of Equity Securities and Use of P

Item 3.  Defaults Upon Senior Securities

----

Item 4.  (Removed and Reserved

Item 5.  Other Information

Item 6.  Exhibits 

| 3.1 | Second Amended & Restated Certificate of Incorporation.(1) |
|-----|----------------------------------------------------------------|

| 3.2 | Second Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation.(2) |
|-----|-----------------------------------------------------------------------------------------------------|

| 3.3 | Third Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation.(2) |
|-----|----------------------------------------------------------------------------------------------------|

| 3.4 | Fourth Certificate of Amendment to the Second Amended and Restated Certificate of Incorporation.(2) |
|-----|-----------------------------------------------------------------------------------------------------|

| 3.5 | Amended and Restated Bylaws.(2) |
|-----|---------------------------------|

| 4.1 | Specimen Unit Certificate.(2) |
|-----|-------------------------------|

| 4.2 | Specimen Common Stock Certificate.(2) |
|-----|---------------------------------------|

| 4.3 | Specimen Warrant Certificate.(2) |
|-----|----------------------------------|

| 4.4 | Form of Warrant Agreement between Continental Stock Transfer & Trust Company NRDC Acquisition Corp.(3) |
|-----|------------------------------------------------------------------------------------------------------------|

| 4.5 | Supplement and Amendment to Warrant Agreement by and between NRDC Acquisition Corp. and Continental Stock Transfer & Trust Company, dated as of October 20, 2009.(2) |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.1 | Conveyance in Lieu of Foreclosure Agreement, dated as of January 28, 2011, by and among the Company, Lakha Properties-Sacramento, LLC, Lakha Properties-Sacramento II, LLC and Lakha Properties-Palm Desert, LLC, Lakha Investment Co., LLC and Amin S. Lakha. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002. |
|------|-------------------------------------------------------------------------------------------------|

| 31.2 | Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002. |
|------|-------------------------------------------------------------------------------------------------|

| 32.1 | Certification of Chief Executive and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

| (1) | Incorporated by reference to the Company's registration statement on Form S-1/A filed on September 27, 2007 (File No. 333-33749). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| (2) | Incorporated by reference to the Company's Current Report on Form 8-K filed on February 9, 2009. |
|-----|--------------------------------------------------------------------------------------------------|

| (3) | Incorporated by reference to the Company’s registration statement on Form S-1/A filed on September 7, 2007 (File No. 333-144871). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------|

----

|                         | RETAIL OPPORTUNITY INVESTMENTS CORP. Registrant                        |
|------------------------------|-----------------------------------------------------------------------------|
| Date:  May 6, 2011 | /s/ Stuart A. TanzStuart A. TanzPresident and Chief Executive Officer  |
| Date:  May 6, 2011 | /s/ John B. RocheJohn B. RocheChief Financial Officer                       |

----