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Retail Value Inc. (RVIC) has announced the tax allocations for distributions on its common shares for 2022. Shareholders should refer to Form 1099-DIV, which outlines the distribution allocation necessary for their federal income tax returns. Importantly, the January 18, 2022 distribution is accounted for in 2021's taxes. The company has completed the sale of all its real estate holdings and is winding down operations. The announcement highlights the per-share amounts for ordinary dividends and total distributions, with a key figure being $3.544284 for total distributions. More details can be found on the company's website.
Terreno Realty Corporation (NYSE: TRNO) has appointed Gary N. Boston as an independent director, effective October 1, 2022. This move expands the Board of Directors to eight members. Boston previously served as Senior Portfolio Manager at APG Asset Management and was a Director at Retail Value Inc. (NYSE: RVI) until its dissolution in June 2022. Terreno Realty specializes in acquiring, owning, and operating industrial real estate across six major coastal U.S. markets, including Los Angeles and New York City.
Retail Value Inc. (NYSE:RVI) announced that its common shares will begin trading on the OTC Pink Market under the new ticker symbol 'RVIC' starting April 7, 2022. Previously, the shares traded on the New York Stock Exchange. RVI owns one property in the continental U.S., currently under contract for sale, and is managed by subsidiaries of SITE Centers Corp. The company aims to enhance value through operations and asset sales.
Retail Value Inc. (NYSE: RVI) announced the expiration of the due diligence period for selling Crossroads Center in Gulfport, Mississippi for $38.5 million. The sale remains contingent on customary conditions and is targeted for completion by the end of April 2022. Additionally, RVI plans to voluntarily de-list its common shares from the New York Stock Exchange, with expected de-listing occurring before market opens on April 7, 2022. The company has not arranged for listing on another exchange.
Retail Value Inc. (NYSE: RVI) reported a fourth-quarter 2021 net income of $27.7 million ($1.31 per diluted share), compared to a net loss of $9.5 million in Q4 2020. The increase in net income stemmed from higher real estate disposition gains and lower impairment charges. However, Operating FFO dropped to a loss of $0.1 million ($0.00 per diluted share) from $14.8 million in the previous year due to asset sales. For the year, RVI posted a net loss of $17.7 million ($0.84 per diluted share), an improvement over the $93.6 million loss in 2020. The company sold 21 shopping centers for $933.6 million in 2021.
On December 15, 2021, Retail Value Inc. (NYSE: RVI) sold Willowbrook Plaza in Houston, Texas for $37.1 million. The net proceeds of approximately $35.7 million will support a special cash distribution of $3.27 per common share, payable on January 18, 2022. The distribution is set to be a return of capital, impacting investors’ tax bases. Additionally, RVI repurchased all Series A preferred stock for $1.00, eliminating future dividend obligations.
On December 6, 2021, Retail Value Inc. (NYSE: RVI) completed the sale of Green Ridge Square in Grand Rapids, Michigan for $23.3 million in cash. The net proceeds at closing were approximately $22.3 million. Following this transaction, RVI retains ownership of two assets in the continental U.S. RVI aims to maximize value through the management and sales of its properties.
Retail Value Inc. (NYSE: RVI) announced the expiration of the due diligence period for the sale of Willowbrook Plaza in Houston, Texas, for
Retail Value Inc. (NYSE: RVI) reported a net income of $21.0 million, or $0.99 per diluted share, for Q3 2021, a significant recovery from a net loss of $69.0 million in Q3 2020. The improvement was largely due to reduced impairment charges, increased real estate disposition gains, and lower interest expenses. However, Operating Funds from Operations (OFFO) decreased slightly to $13.5 million, influenced by asset sales. The company also successfully sold its remaining interests in nine Puerto Rican assets for $550 million and further divested five U.S. properties for $264 million.
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