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RVIC: effective April 5,2023: Liquidation Distribution [$0.17/per share]. Transfer books closed.
FINRA will delete the symbol:
https://otce.finra.org/otce/dailyList?viewType=Deletions
Retail Value Inc. to Make Liquidating Distribution (3/06/23)
BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (“RVI” or the “Company”) today announced that the Company’s Board of Directors authorized a liquidating distribution of $0.17 per share to the holders of the Company’s common shares, payable on April 5, 2023 to the holders of common shares as of 5:00 p.m. Eastern Time on April 4, 2023. The distribution was funded with cash on hand, collections of accounts receivable and approximately $0.8 million previously held in reserve for potential claims by a purchaser under a property sale agreement which did not materialize prior to the expiration of the general survival period.
Subject to uncertainties inherent in the winding-up of the Company, RVI may make one or more additional liquidating distributions. However, no assurances can be made as to the ultimate amounts to be distributed, if any, or the timing of any such distributions. Any such distributions would be made to the holders of common shares as of 5:00 p.m. Eastern Time on April 4, 2023, subject to certain exceptions.
In connection with the upcoming distribution, RVI will close its stock transfer books and discontinue recording transfers of common shares, effective as of 5:00 p.m. Eastern Time on April 4, 2023. As a result, after such time the common shares will no longer be assignable or transferable on the Company's books, other than transfers by will, intestate succession or operation of law.
The Company has notified the Financial Industry Regulatory Authority and the Depository Trust Company that its certificate of dissolution has been filed and that it intends to close its stock transfer books on April 4, 2023. RVI anticipates that the OTC Pink Market will no longer quote prices for its common shares shortly after such date and that the Depository Trust Company will cease to process broker-to-broker transfers of its common shares. If this and other conditions are fulfilled, RVI expects to avail itself of relief that permits liquidating REITs to cease reporting under the Securities and Exchange Act of 1934. Investors that may seek to trade in RVI’s common shares after such date do so at substantial risk to their investment.
About RVI
RVI has completed the sale of all of its real estate holdings and is in the process of winding up its business. RVI is managed by one or more subsidiaries of SITE Centers Corp. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20230306005616/en/Retail-Value-Inc.-to-Make-Liquidating-Distribution
Alluvial Fund LP beneficially owns 1,671,555 shares (12/31/22)
Controls 7.9 percent.
https://www.sec.gov/Archives/edgar/data/1735184/000195891123000002/schedule13g.txt
Retail Value Inc. Declares Special Common Distribution (9/27/22)
BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (“RVI” or the “Company”) today announced that the Company’s Board of Directors declared a special cash distribution on the Company’s common shares of $0.31 per common share payable on October 26, 2022, to shareholders of record at the close of business on October 11, 2022. The distribution was funded with collections of accounts and notes receivable and approximately $1.5 million previously held in reserve for potential claims by purchasers under property sale agreements which did not materialize prior to the expiration of their general survival periods as well as with cash on hand. Based upon current year taxable income projections to date, approximately 1% - 2% of the total 2022 special distributions is expected to be considered a taxable dividend.
The Company expects that the ex-dividend date applicable to the special cash dividend will be October 27, 2022. The ex-dividend date will be determined by the Financial Industry Regulatory Authority (FINRA), and investors are encouraged to refer to the “Daily List” published on FINRA’s website (https://otce.finra.org/otce/dailyList) to confirm the ex-dividend date.
About RVI
RVI is an independent publicly traded company whose common shares trade under the ticker symbol RVIC on the OTC Pink Market. The Company has completed the sale of all of its real estate holdings and is in the process of winding up its business. RVI is managed by one or more subsidiaries of SITE Centers Corp. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20220927006011/en/Retail-Value-Inc.-Declares-Special-Common-Distribution
Retail Value Inc. Declares Special Common Distribution (6/29/22)
BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (“RVI” or the “Company”) today announced that the Company’s Board of Directors declared a special cash distribution on the Company’s common shares of $1.16 per common share payable on July 27, 2022, to shareholders of record at the close of business on July 12, 2022. The distribution was funded primarily with collections of accounts receivable and approximately $19.5 million previously held in reserve for potential claims by purchasers under property sale agreements which did not materialize prior to the expiration of their general survival periods. Based upon current year taxable income projections to date, approximately 1% - 2% of the total 2022 special distributions is expected to be considered a taxable dividend.
The Company expects that the ex-dividend date applicable to the special cash dividend will be July 28, 2022. The ex-dividend date will be determined by the Financial Industry Regulatory Authority (FINRA), and investors are encouraged to refer to the “Daily List” published on FINRA’s website (https://otce.finra.org/otce/dailyList) to confirm the ex-dividend date.
About RVI
RVI is an independent publicly traded company whose common shares trade under the ticker symbol RVIC on the OTC Pink Market. The Company has completed the sale of all of its real estate holdings and is in the process of winding up its business. RVI is managed by one or more subsidiaries of SITE Centers Corp. Additional information about RVI is available at www.retailvalueinc.
https://www.businesswire.com/news/home/20220629005903/en/Retail-Value-Inc.-Declares-Special-Common-Distribution
Thank you! That's what I figured as well
It’s too late.
I stopped reinvesting proceeds at $6.20.
I am thinking that there isn't a lot of residual value left at current price of $3.15 considering all the assets have been sold and there is cost associated with liquidation. Am I not thinking it through?
Yes. That’s how it works.
$RVIC: So the stock will drop to $1.02/sh after .........
The dividend is paid out ????
The share price is currently at $3.15
THANKS
Retail Value Inc. Announces Sale Closing & Special Common Distribution (4/12/22)
BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (“RVI” or the “Company”) closed on the sale of Crossroads Center (Gulfport, Mississippi) for $38.5 million in cash prior to closing costs, prorations and other closing adjustments. Subsequent to the transaction, RVI has completed the sale of all of its real estate holdings and no longer owns an interest in any real estate property.
Net proceeds from the transaction of approximately $37.2 million, along with cash on hand, are expected to be utilized for a special cash distribution on the Company’s common shares.
Common Share Distribution
The Company’s Board of Directors declared a special cash distribution on the Company’s common shares of $2.13 per common share payable on May 10, 2022 to shareholders of record at the close of business on April 25, 2022.
The Company expects that the ex-dividend date applicable to the special cash dividend will be May 11, 2022. The ex-dividend date will be determined by the Financial Industry Regulatory Authority (FINRA), and investors are encouraged to refer to the “Daily List” published on FINRA’s website (https://otce.finra.org/otce/dailyList) to confirm the ex-dividend date.
About RVI
RVI is an independent publicly traded company whose common shares trade under the ticker symbol “RVIC” on the OTC Pink Market. The Company previously voluntarily de-listed its common shares from the New York Stock Exchange on April 7, 2022 in anticipation of the sale of its last real estate asset. The Company has now completed the sale of all of its real estate holdings and is in the process of winding up its business. RVI is managed by one or more subsidiaries of SITE Centers Corp. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20220412006081/en/Retail-Value-Inc.-Announces-Sale-Closing-Special-Common-Distribution
Retail Value Inc. Announces New Ticker Symbol for Trading in OTC Pink Market (4/06/22)
BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (“RVI” or the “Company”) today announced that it expects its common shares will begin trading in the OTC Pink Market under the ticker symbol “RVIC” at the commencement of trading on April 7, 2022. Prior to April 7, 2022, the Company’s common shares traded on the New York Stock Exchange under the ticker symbol “RVI”.
About RVI
RVI is an independent publicly traded company which owns one property located in the continental U.S. (which is currently under contract for sale) and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20220406005977/en/Retail-Value-Inc.-Announces-New-Ticker-Symbol-for-Trading-in-OTC-Pink-Market
Effective April 7,2022 RVI will change to RVIC, and will be delisted from the NYSE to the OTC:
https://otce.finra.org/otce/dailyList?viewType=Additions
Retail Value Inc. Announces Sale Contract and Plan to De-list from the NYSE (3/16/22)
Retail Value Inc. (NYSE: RVI) today announced that the general due diligence period expired under an agreement to sell Crossroads Center located in Gulfport, Mississippi to a third-party purchaser for $38.5 million in cash, subject to adjustment for certain closing pro-rations, allocations, credits and closing costs. Closing remains subject to customary conditions, including the receipt of tenant estoppels and the consent of the ground lessor to the assignment of the ground lease applicable to the shopping center, and is expected to occur by the end of April 2022.
In addition, in connection with the effectiveness of the Crossroads Centers purchaser’s obligations, the Company intends to provide notice to the New York Stock Exchange of its intention to voluntarily de-list its common shares. The Company expects that the de-listing of its common shares will occur prior to the commencement of trading on April 7, 2022. The Company has not arranged for listing and/or registration of its common shares on another national securities exchange or for quotation of its common shares in a quotation medium (as defined in Rule 15c2-11 under the Securities Exchange Act of 1934).
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds one asset in the continental U.S. which is referred to above and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20220316005711/en/Retail-Value-Inc.-Announces-Sale-Contract-and-Plan-to-De-list-from-the-NYSE
RVI was spun off for the purpose of liquidating the properties in a timely manner at reasonable market values. It has succeeded at this and has returned the value to shareholders over time.
EI
Is RVI trying to go out of business by selling off all of its assets?
What gives here?
GO4AWILDRIDE
Retail Value Inc. Announces Sale of Willowbrook Plaza, Special Common Share Distribution and Preferred Stock Repurchase (12/15/21)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On December 15, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of Willowbrook Plaza (Houston, Texas) for $37.1 million in cash prior to closing costs, prorations and other closing adjustments. Subsequent to the transaction, RVI owns an interest in one property located in the continental U.S.
Net proceeds from the transaction of approximately $35.7 million, along with proceeds from the previously announced sale of Green Ridge Square and cash on hand, are expected to be utilized for a special cash distribution on the Company’s common shares.
Common Share Distribution
The Company declared a special cash distribution on its Common Shares of $3.27 per common share payable on January 18, 2022 to shareholders of record at the close of business on December 29, 2021. The special cash distribution is expected to be return of capital which would reduce the shareholder’s tax basis in its shares. The final classification of the distribution will be reported on the Form 1099-DIV related to the 2021 tax year.
The New York Stock Exchange has advised the Company that the ex-dividend date applicable to the distribution is expected to be January 19, 2022. However, investors are encouraged to refer to the New York Stock Exchange (www.nyse.com/ex-date-dividends) to confirm the ex-dividend date.
Preferred Stock Repurchase
In addition, the Company repurchased all of the outstanding shares of the Company’s Series A preferred stock from SITE Centers Corp. for an aggregate purchase price of $1.00. As a result, no further dividends are required to be paid on the Series A preferred stock.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds one asset in the continental U.S. and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20211215006039/en/
Retail Value Inc. Announces Sale of Green Ridge Square (12/16/21)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On December 6, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of Green Ridge Square (Grand Rapids, Michigan) for $23.3 million in cash prior to closing costs, prorations and other closing adjustments. Net proceeds received at closing were approximately $22.3 million.
Subsequent to the transaction, RVI owns interests in two properties located in the continental U.S.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds two assets in the continental U.S. and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20211206005835/en/Retail-Value-Inc.-Announces-Sale-of-Green-Ridge-Square
Retail Value Inc. Announces Contract of Willowbrook Plaza (11/16/21)
BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (NYSE: RVI) today announced that the general due diligence period expired under an agreement to sell Willowbrook Plaza located in Houston, Texas to a third party purchaser for $37.1 million in cash, subject to adjustment for certain closing pro-rations, allocations, credits, closing costs and escrows. Closing remains subject to customary conditions and is expected to occur by the end of 2021.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds three assets in the continental U.S. and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20211116006397/en/
Retail Value Inc. Reports Third Quarter 2021 Operating Results (11/03/21)
BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (NYSE: RVI) today announced operating results for the quarter ended September 30, 2021.
Financial Results for the Quarter
- Third quarter 2021 net income attributable to common shareholders was $21.0 million, or $0.99 per diluted share, as compared to net loss of $69.0 million, or $3.48 per diluted share, in the year-ago period. The period-over-period increase in net income is primarily attributable to the reduction of impairment charges in 2021 compared to 2020, higher gain on disposition of real estate, lower interest expense and the impact of the COVID-19 pandemic.
- Third quarter 2021 operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $13.5 million, or $0.64 per diluted share, compared to $14.6 million, or $0.74 per diluted share, in the year-ago period. The period-over-period decrease in OFFO is primarily attributable to the impact of asset sales offset by the impact of the COVID-19 pandemic and lower interest expense. Third quarter results included $1.4 million of net revenue related to prior periods primarily from cash basis tenants.
- The continental U.S. leased rate was 89.5% at September 30, 2021 as compared to 89.6% at June 30, 2021.
Significant Third Quarter and Recent Transaction Activity
- Sold the Company’s remaining interests in nine assets in Puerto Rico for $550.0 million (Puerto Rico operating results reflected as “discontinued operations” on a retrospective basis).
- Repaid the outstanding balance on its mortgage loan of $214.5 million and all restricted cash balances were released to the Company by the loan’s servicer.
- In October 2021, sold five assets in the continental U.S. for $264.0 million.
- In October 2021, the Company paid a dividend on the Company’s Series A Preferred Shares (the “RVI Preferred Shares”) in the aggregate amount of $190.0 million.
- In October 2021, the Company paid a cash dividend of $22.04 per common share. The total dividend paid on account of the common shares was $465.4 million.
- In November 2021, the Company entered into a contract to sell Green Ridge Square in Grand Rapids, Michigan for $23.3 million in cash, subject to adjustment for certain closing pro-rations, allocations, credits, closing costs and escrows. Closing remains subject to customary conditions and is expected to occur by the end of 2021.
[tables deleted]
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds three assets in the continental U.S. and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20211103006070/en/Retail-Value-Inc.-Reports-Third-Quarter-2021-Operating-Results
Retail Value Inc. Announces Contract to Sell Green Ridge Square (11/02/21)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On November 2, 2021, Retail Value Inc. (NYSE: RVI) announced that the general due diligence period had expired under an agreement to sell Green Ridge Square located in Grand Rapids, Michigan to a third party purchaser for $23.3 million in cash, subject to adjustment for certain closing pro-rations, allocations, credits, closing costs and escrows. Closing remains subject to customary conditions and is expected to occur by the end of 2021.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds three assets in the continental U.S. and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20211102006154/en/Retail-Value-Inc.-Announces-Contract-to-Sell-Green-Ridge-Square
RETAIL VALUE INC (10/29/21)
$6.26 +1.14 (+22.27%)
RVI closed at $27.16 on 10/28/21 ($27.16 - $22.04 = $5.12)
Back to $12+ this is a monster good new the drop is positive cash back to the shareholders
Retail Value Inc. Announces Sale of Continental U.S. Property Portfolio and Declares Dividends on Series A Preferred Shares and Common Shares (10/01/21)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On October 1, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of the previously announced portfolio of five continental U.S. properties for $264 million prior to closing costs, prorations and other closing adjustments. Subsequent to the transaction, the Company owns interests in three remaining properties in the continental U.S.
Net proceeds received at closing were approximately $242.4 million, excluding $4.4 million of escrows established at closing, which may be released to the Company in the event certain leasing activity is completed within 180 days of closing. Net proceeds from the transaction, as well as cash on hand, are expected to be utilized for cash dividends on the Company’s Series A Preferred and Common Shares.
“We are excited to complete this portfolio sale bringing our total gross proceeds from property sales since Retail Value Inc.’s spin-off in July 2018 to $1.8 billion,” commented David R. Lukes, President and Chief Executive Officer. “The continued successful execution of the Company’s business plan puts RVI in a position to repay the amount currently owed to SITE Centers on its preferred investment and declare dividends to common shareholders.”
RVI Continental U.S. Portfolio Sale Properties
Maple Grove Crossing
Maple Grove, MN
Seabrook Commons
Seabrook, NH
Wrangleboro Consumer Square
Mays Landing, NJ
Great Northern Plazas
North Olmsted, OH
Peach Street Marketplace
Erie, PA
Preferred and Common Dividend Declarations
The Company declared a cash dividend on its Series A Preferred Shares of $190,000 per preferred share, or $190 million in aggregate, payable on October 6, 2021 to shareholders of record at the close of business on October 5, 2021. The dividend represents the amount currently owed to SITE Centers on its preferred investment and allows for distributions to common shareholders.
The Company also declared a cash dividend on its Common Shares of $22.04 per common share payable on October 28, 2021 to shareholders of record at the close of business on October 14, 2021.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds three assets in the continental U.S. and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20211001005710/en/Retail-Value-Inc.-Announces-Sale-of-Continental-U.S.-Property-Portfolio-and-Declares-Dividends-on-Series-A-Preferred-Shares-and-Common-Shares
Retail Value Inc. Announces Sale of Señorial Plaza (6/03/21)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On June 3, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of Señorial Plaza (Rio Piedras, PR) for $20.4 million prior to closing costs, prorations and other closing adjustments. Net proceeds were used to repay mortgage debt associated with RVI.
Subsequent to the transaction, RVI owns interests in 8 properties located in the continental U.S. and 9 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20210603005977/en/Retail-Value-Inc.-Announces-Sale-of-Se%C3%B1orial-Plaza
Retail Value Inc. Announces Sale of Uptown Solon (4/21/21)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On April 21, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of Uptown Solon (Solon, OH) for $10.1 million prior to closing costs, prorations and other closing adjustments. Ninety percent (90%) of net proceeds were used to repay mortgage debt associated with RVI with the remaining proceeds retained as cash.
Subsequent to the transaction, RVI owns interests in 8 properties located in the continental U.S. and 10 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20210421006016/en/Retail-Value-Inc.-Announces-Sale-of-Uptown-Solon
Sorry for the delay. It turns out that 4/21/21 was a busy day for me. ;o)
Selling the entire PR portfolio for $550M is a fantastic move here. Actually may have gotten cheaper thinking of the pro-forma numbers....
Item 1.01 Entry into a Material Definitive Agreement
On July 13, 2021, the general due diligence period expired under the Purchase and Sale Agreement, dated as of June 30, 2021 (the “Purchase Agreement”), by and among Retail Value Inc. (the “Company”) and RVT PR Mezz Borrower 1 LLC, a wholly-owned subsidiary of the Company (collectively, the “Sellers”), and Kildare Acquisitions US, LLC (the “Purchaser”). Pursuant to the Purchase Agreement, the Sellers have agreed to sell to the Purchaser all of their interests in the limited liability companies that own all of the Company’s remaining assets located in Puerto Rico (comprising approximately 3.5 million square feet of Company-owned gross leasable area) for $550 million in cash, subject to adjustment for certain closing pro-rations, allocations and adjustments. The sale does not include any cash or restricted cash held by or on behalf of the limited liability companies at closing and the Sellers will retain the right to pursue and collect amounts from tenants relating to pre-closing periods (including amounts relating to pre-closing periods which have been deferred and are to be repaid by tenants sometime after the closing date). Closing remains subject to customary conditions, including but not limited to delivery of estoppel letters from tenants, the accuracy of Sellers’ representations in all material respects and the absence of condemnation or casualty events exceeding $30 million in the aggregate. In connection with the expiry of the due diligence period, the Purchaser posted a deposit of $15 million with the escrow agent for the transaction, which deposit is nonrefundable (except in certain limited circumstances as set forth in the Purchase Agreement) and will be credited to Purchaser against the purchase price at closing. Closing of the transaction is expected to occur by the end of the third quarter of 2021. The Company anticipates utilizing a portion of the net proceeds from the transaction to repay the entire balance of the mortgage loan, as required under the mortgage agreement. At June 30, 2021, the outstanding principal amount of the mortgage loan was approximately $214.5 million.
Retail Value Inc. Announces Sale of Plaza Vega Baja (4/15/21)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On April 14, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of Plaza Vega Baja (Baja, PR) for $4.5 million prior to closing costs, prorations and other closing adjustments. Net proceeds were used to repay mortgage debt associated with RVI.
Subsequent to the transaction, RVI owns interests in 9 properties located in the continental U.S. and 10 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20210414005866/en/Retail-Value-Inc.-Announces-Sale-of-Plaza-Vega-Baja
Retail Value Inc. Announces Sale of Noble Town Center
April 13, 2021 04:25 PM Eastern Daylight Time (4/13/21)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On April 13, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of Noble Town Center (Jenkintown, PA) for $14.0 million prior to closing costs, prorations and other closing adjustments. Ninety percent (90%) of net proceeds were used to repay mortgage debt associated with RVI with the remaining proceeds retained as cash.
Subsequent to the transaction, RVI owns interests in 9 properties located in the continental U.S. and 11 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20210413006130/en/
Retail Value Inc. Announces Sale of Marketplace of Brown Deer (4/09/21)
On April 9, 2021, Retail Value Inc. (NYSE: RVI) closed on the sale of Marketplace of Brown Deer (Brown Deer, WI) for $10.3 million prior to closing costs, prorations and other closing adjustments. Net proceeds were used to repay mortgage debt associated with RVI.
Subsequent to the transaction, RVI owns interests in 10 properties located in the continental U.S. and 11 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20210409005456/en/
Retail Value Inc. Announces the Results of Dividend Election (1/11/21)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On January 11, 2021, Retail Value Inc. (NYSE:RVI) announced that its common stock dividend of $1.16 per share payable on January 12, 2021 will be paid with approximately $2.1 million in cash and approximately 1,255,000 common shares after giving effect to the Puerto Rico withholding tax of 10% which is applicable to the full $1.16 per share distribution.
Holders of approximately 1.9 million shares elected to receive the distribution in 100% RVI common shares and, after giving effect to the Puerto Rico withholding tax of 10% on the full $1.16 per share distribution, will receive $1.044 per share in RVI common shares.
Holders of approximately 17.9 million shares elected to receive the distribution in 100% cash and, after giving effect to the Puerto Rico withholding tax of 10% on the full $1.16 per share distribution, will receive $0.115663 per share in cash (11.1%) and $0.928337 per share in RVI common shares (88.9%).
The value of the distribution paid in common shares is based upon the volume weighted average trading price of the Company’s Common shares on December 31, 2020 and January 4 and January 5, 2021, or $14.8492 per share. All fractional shares will be paid in cash.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20210111005726/en/Retail-Value-Inc.-Announces-the-Results-of-Dividend-Election
RVI Announces Sale of Plaza Palma Real & Partial Loan Prepayment (12/22/20)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On December 22, 2020, Retail Value Inc. (NYSE:RVI) closed on the sale of Plaza Palma Real (Humacao, PR) for $50.0 million prior to closing costs, prorations and other closing adjustments. Net proceeds were used to repay mortgage debt associated with RVI.
Subsequent to the transaction, RVI owns interests in 11 properties located in the continental U.S. and 11 properties in Puerto Rico.
On December 7, 2020, unrelated to the sale of Plaza Palma Real, RVI made a $65.0 million voluntary prepayment of the mortgage debt with unrestricted cash on hand. Pursuant to the Company’s mortgage agreement loan agreement, there was no prepayment penalty associated with the repayment.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20201222005047/en/RVI-Announces-Sale-of-Plaza-Palma-Real-Partial-Loan-Prepayment
RVI Announces Sale of Longhorn Steakhouse Pad – Peachstreet Marketplace (12/21/20)
BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (NYSE:RVI) closed on the sale of the Longhorn Steakhouse Pad at Peachstreet Marketplace (Erie, PA) for $2.1 million prior to closing costs, prorations and other closing adjustments. Ninety percent (90%) of net proceeds were used to repay mortgage debt with the remaining proceeds retained as cash.
Subsequent to the transaction, RVI owns interests in 11 properties located in the continental U.S. and 12 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20201221005663/en/RVI-Announces-Sale-of-Longhorn-Steakhouse-Pad-%E2%80%93-Peachstreet-Marketplace
Retail Value Inc. Declares 2020 Year-End Common Stock Dividend of $1.16 Per Share (11/13/20)
BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (NYSE: RVI) declared a common stock dividend of $1.16 per share (approximately $23.0 million in the aggregate) on account of estimated annual taxable income generated in Puerto Rico. The dividend is payable on January 12, 2021 to shareholders of record at the close of business on December 2, 2020 and will be subject to a 10% withholding tax.
In accordance with recent guidance from the Internal Revenue Service, specifically Revenue Procedure 2020-19, certain real estate investment trusts are permitted to distribute up to 90% of distributions declared prior to December 31, 2020 in stock in order to conserve capital and enhance their liquidity. As a result, the Company has elected to pay the 2020 year-end dividend in a combination of cash and common shares with the cash component not to exceed 10% of the aggregate dividend.
In accordance with Internal Revenue Service guidance, shareholders may make an election to receive their dividend in all cash or all common shares. Shareholders who do not make an election will be deemed to have elected to receive their dividend in all cash. However, to the extent more than 10% cash is elected by all shareholders in the aggregate, then the cash portion will be prorated. The value of the shares distributed in the dividend will be based upon the volume weighted average trading prices of the Company's common stock on December 31, 2020 and January 4 and January 5, 2021. Fractional shares of common stock will not be issued; stockholders who would otherwise be entitled to receive fractional shares will receive a cash payment in lieu of fractional shares. Election forms are expected to commence mailing on December 9, 2020, and must be received by the Company's transfer agent, Computershare Shareholder Services, by 5:00 p.m. ET on December 30, 2020.
If you have any questions regarding the election form or the election deadline, please call Georgeson, our Information Agent for the election, toll free at 866-695-6074. If your shares are held through a bank, broker or nominee, and you have questions regarding the dividend election, please contact such bank, broker or nominee, who will also be responsible for distributing the election form to you and submitting the completed election form on your behalf.
https://www.businesswire.com/news/home/20201113005042/en/Retail-Declares-2020-Year-End-Common-Stock-Dividend
Retail Value (NYSE:RVI) rises 1.5% after Odeon Capital analyst Alex Arnold initiates coverage with a Buy rating, saying the stock has been "over-penalized by the COVID downdraft (7/30/20)
Sets $20 price target.
Sees significant upside "as ongoing disposition of remaining assets draws asset mispricing in clearer focus."
Expects future dispositions to cover the estimated $475M remaining mortgage and a $190M preferred to Site Centers.
Using a couple of different methods for valuing RVI's assets, Arnold believes fair value is in excess of $20 and "a real bull-case scenario may be in the $40s."
Arnold's Buy recommendation contrasts with Bearish Quant rating.
https://seekingalpha.com/news/3597896-retail-valueplus-1_5-odeon-makes-bull-case-for-valuation
RVI Announces Sale of Lowe’s - Newnan Crossing (7/27/20)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On July 27, 2020, Retail Value Inc. (NYSE:RVI) closed on the sale of the Lowe’s at Newnan Crossing (Newnan, GA) for $15.6 million. The shopping center parcel of Newnan Crossing was previously sold. Ninety percent (90%) of net proceeds were used to repay mortgage debt with the remaining proceeds retained as cash.
Subsequent to the transaction, RVI owns interests in 12 properties located in the continental U.S. and 12 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20200727005793/en/RVI-Announces-Sale-Lowe%E2%80%99s---Newnan-Crossing
RVI Announces Sale of Big Oaks Crossing (6/30/20)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On June 30, 2020, Retail Value Inc. (NYSE:RVI) closed on the sale of Big Oaks Crossing (Tupelo, MS) for $21.0 million. Ninety percent (90%) of net proceeds were used to repay mortgage debt associated with RVI with the remaining proceeds retained as cash.
Subsequent to the transaction, RVI owns interests in 13 properties located in the continental U.S. and 12 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20200630006055/en/RVI-Announces-Sale-Big-Oaks-Crossing
RVI Announces Sale of Tucson Spectrum (2/26/120)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On February 26, 2020, Retail Value Inc. (NYSE:RVI) closed on the sale of Tucson Spectrum (Tucson, AZ) for $84.0 million. Net proceeds equal to 105% of the property’s allocated loan amount were used to repay mortgage debt associated with RVI with the remaining proceeds retained as cash.
Subsequent to the transaction, RVI owns interests in 14 properties located in the continental U.S. and 12 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20200226005830/en/RVI-Announces-Sale-Tucson-Spectrum
RVI Announces Sale of Hamilton Commons (2/19/20)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On February 18, 2020, Retail Value Inc. (NYSE:RVI) closed on the sale of Hamilton Commons (Mays Landing, NJ) for $60.0 million. Net proceeds equal to 105% of the property’s allocated loan amount were used to repay mortgage debt associated with RVI with the remaining proceeds retained as cash.
Subsequent to the transaction, RVI owns interests in 15 properties located in the continental U.S. and 12 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20200219005995/en/RVI-Announces-Sale-Hamilton-Commons
RVI Announces Sale of Newnan Crossing – Shopping Center Parcel (1/15/20)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On January 15, 2020, Retail Value Inc. (NYSE:RVI) closed on the sale of the shopping center parcel of Newnan Crossing (Newnan, GA), which excludes the Lowe’s component, for $11.6 million. Net proceeds were used to repay mortgage debt associated with RVI.
Subsequent to the transaction, RVI owns interests in 16 properties located in the continental U.S. and 12 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20200115005769/en/
Retail Value Inc. Announces the Results of Dividend Election (1/07/20)
On January 7, 2020, Retail Value Inc. (NYSE:RVI) announced that its common stock dividend of $2.05 per share payable on January 8, 2020 will be paid with approximately $7.0 million in cash and approximately 764,000 common shares after giving effect to the Puerto Rico withholding tax of 10% which is applicable to the full $2.05 per share distribution.
Holders of approximately 1.4 million shares elected to receive the distribution in 100% RVI common shares and, after giving effect to the Puerto Rico withholding tax of 10% on the full $2.05 per share distribution, will receive $1.845 per share in RVI common shares.
Holders of approximately 17.6 million shares elected to receive the distribution in 100% cash and, after giving effect to the Puerto Rico withholding tax of 10% on the full $2.05 per share distribution, will receive $0.398576 per share in cash (21.6%) and $1.446424 per share in RVI common shares (78.4%).
The value of the distribution paid in common shares is based upon the volume weighted average trading price of the Company’s Common shares on December 27, December 30, and December 31, 2019, or $36.7839 per share. All fractional shares will be paid in cash.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20200107005972/en/
RVI Announces Sale of The Marketplace at Towne Centre (12/19/19)
On December 19, 2019, Retail Value Inc. (NYSE:RVI) closed on the sale of The Marketplace at Towne Centre (Mesquite, TX) for $19.2 million. Net proceeds were used to repay mortgage debt associated with RVI.
Subsequent to the transaction, RVI owns interests in 16 properties located in the continental U.S. and 12 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20191219005746/en/
Retail Value Inc. Declares 2019 Year-End Common Stock Dividend of $2.05 (11/08/19)
BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (NYSE: RVI) declared a common stock dividend of $2.05 per share (approximately $39.1 million in the aggregate) on account of annual taxable income generated in Puerto Rico. The dividend is payable on January 8, 2020 to shareholders of record at the close of business on November 26, 2019 and will be subject to a 10% withholding tax.
Similar to the dividend declared in December 2018, the Company has elected to pay the 2019 year-end dividend in a combination of cash and common shares with the cash component not to exceed 20% of the aggregate dividend. The Company expects to apply a significant portion of excess cash to repaying the outstanding mortgage loan when that loan becomes freely pre-payable in April 2020.
In accordance with Internal Revenue Service guidance, shareholders may make an election to receive their dividend in all cash or all common shares. Shareholders who do not make an election will be deemed to have elected to receive their dividend in all cash. However, to the extent more than 20% cash is elected by all shareholders in the aggregate, then the cash portion will be prorated. The value of the shares distributed in the dividend will be based upon the volume weighted average trading prices of the Company's common stock on December 27, December 30 and December 31, 2019. Fractional shares of common stock will not be issued; stockholders who would otherwise be entitled to receive fractional shares will receive a cash payment in lieu of fractional shares. Election forms are expected to commence mailing on December 5, 2019, and must be received by the Company's transfer agent, Computershare Shareholder Services, by 5:00 p.m. ET on December 26, 2019.
If you have any questions regarding the election form or the election deadline, please call Georgeson LLC, our Information Agent for the election, toll free at 866-856-6388. If your shares are held through a bank, broker or nominee, and you have questions regarding the dividend election, please contact such bank, broker or nominee, who will also be responsible for distributing the election form to you and submitting the completed election form on your behalf.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20191108005481/en/Retail-Declares-2019-Year-End-Common-Stock-Dividend
Retail Value Inc. Announces CFO Transition (11/07/19)
BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (NYSE: RVI) announced the resignation of Executive Vice President, Chief Financial Officer and Treasurer, Matthew Ostrower, effective on November 27, 2019, to pursue a new opportunity. Following his departure, Christa Vesy will serve as the Company’s Executive Vice President, Chief Financial Officer, Chief Accounting Officer and Treasurer. Ms. Vesy has served as Executive Vice President and Chief Accounting Officer of RVI since February 2018 and as Executive Vice President and Chief Accounting Officer of SITE Centers Corp., the parent of RVI’s external manager, since March 2012.
“I congratulate Matt on his new opportunity and thank him for his contributions to Retail Value Inc., where he was a key player in the spin-off of RVI from SITE Centers in 2018,” said David R. Lukes, Chief Executive Officer. “Christa has been intimately involved in RVI since the very beginning, and her appointment is an acknowledgement of the invaluable accounting, finance, and strategic leadership she has demonstrated through a period of significant strategic change. She is an ideal choice for the CFO role.”
Prior to joining SITE Centers, Ms. Vesy worked for The Lubrizol Corporation, where she served as manager of external financial reporting and then as controller for the lubricant additives business segment. Prior to joining Lubrizol, from 1993 to September 2004, Ms. Vesy held various positions with the Assurance and Business Advisory Services group of PricewaterhouseCoopers LLP, a registered public accounting firm, including Senior Manager from 1999 to September 2004. Ms. Vesy graduated with a Bachelor of Science in business administration from Miami University in Oxford, Ohio. Ms. Vesy is a certified public accountant (CPA) and member of the American Institute of Certified Public Accountants (AICPA) and the National Association of Real Estate Investment Trusts (NAREIT). She also serves on the Board of Trustees of the Rocky River Soccer Organization as Treasurer.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20191107006106/en/Retail-Announces-CFO-Transition
Retail Value Inc. Reports Third Quarter 2019 Operating Results (11/05/19)
BEACHWOOD, Ohio--(BUSINESS WIRE)--Retail Value Inc. (NYSE: RVI) today announced operating results for the quarter ended September 30, 2019.
Results for the Quarter
Third quarter net income attributable to common shareholders was $72.3 million, or $3.79 per diluted share as compared to net income of $6.0 million, or $0.32 per share, in the year ago-period. The year-over-year increase in net income is primarily attributable to the hurricane insurance settlement.
Third quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $23.1 million, or $1.21 per diluted share, compared to $25.2 million, or $1.37 per diluted share, in the year ago-period. The year-over-year decrease in OFFO is primarily attributable to the impact of asset sales.
Sold two shopping centers for an aggregate sales price of $54.6 million.
Settled insurance claim from damage incurred on the 12 Puerto Rico assets from Hurricane Maria; received an incremental $70.5 million related to the property insurance claims and $7.0 million related to the business interruption claim of which $5.7 million was recorded as income. Including these final payments, SITE Centers and RVI received total insurance payments amounting to $185.8 million. Management expects to use proceeds from the settlement to complete all necessary remaining hurricane-related repairs.
Payment of $17.0 million of the $34 million payable to SITE Centers Corp.
The Continental U.S. leased rate was 91.4% as compared to 92.2% at June 30, 2019 due to lease expirations and tenant bankruptcies.
The Puerto Rico leased rate was 83.8% as compared to 84.6% at June 30, 2019 due to lease terminations and tenant bankruptcies.
[Tables deleted]
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20191105005885/en/Retail-Reports-Quarter-2019-Operating-Results
RVI Announces Sale of West Allis Center (8/09/19)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On August 9, 2019, Retail Value Inc. (NYSE:RVI) closed on the sale of West Allis Center (West Allis, WI) for $18.1 million. Net proceeds were used to repay mortgage debt associated with RVI.
Subsequent to the transaction, RVI owns interests in 17 properties located in the continental U.S. and 12 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20190809005363/en/RVI-Announces-Sale-West-Allis-Center
RVI Announces Sale of Harbison Court (8/07/19)
BEACHWOOD, Ohio--(BUSINESS WIRE)--On August 7, 2019, Retail Value Inc. (NYSE:RVI) closed on the sale of Harbison Court (Columbia, SC) for $36.5 million. Net proceeds were used to repay mortgage debt associated with RVI.
Subsequent to the transaction, RVI owns interests in 18 properties located in the continental U.S. and 12 properties in Puerto Rico.
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI holds assets in the continental U.S. and Puerto Rico and is managed by one or more subsidiaries of SITE Centers Corp. (formerly known as DDR Corp.). RVI focuses on realizing value in its business through operations and sales of its assets. Additional information about RVI is available at www.retailvalueinc.com.
https://www.businesswire.com/news/home/20190807005808/en/RVI-Announces-Sale-Harbison-Court
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