DDR Announces Completion of Spin-Off of Retail Value Inc. (7/02/18)
EACHWOOD, Ohio--(BUSINESS WIRE)--DDR Corp. (NYSE:DDR) today announced that it has completed the previously announced spin-off of Retail Value Inc. (“RVI”), which is now an independent, publicly traded company that will begin regular-way trading today on the New York Stock Exchange (“NYSE”) under the ticker symbol “RVI.” RVI has a portfolio of 48 assets that includes 36 continental U.S. assets and all 12 of DDR’s previously owned Puerto Rico assets.
DDR shareholders received one RVI common share for every ten common shares of DDR held at the close of business on the record date of June 26, 2018. Fractional shares of RVI were not distributed, and instead DDR common shareholders will receive cash in lieu of any fractional shares that they would otherwise have been entitled to receive in the distribution.
“I am extremely excited by the completion of the spin-off of RVI, which should allow our shareholders to benefit from value realization through operations and dispositions at RVI and redevelopment, same store NOI growth, and opportunistic investing at New DDR,” said David R. Lukes, president and chief executive officer of DDR. “This transaction represents a decisive, strategic transformation that aims to generate both short and long-term benefits for all our stakeholders.”
DDR is an owner and manager of open-air shopping centers that provide a compelling shopping experience and merchandise mix for retail partners and consumers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company, and is publicly traded on the New York Stock Exchange under the ticker symbol DDR. Additional information about the Company is available at www.ddr.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here. https://www.businesswire.com/news/home/20180702005161/en/DDR-Announces-Completion-Spin-Off-Retail