Retail Value Inc. Announces Sale Contract and Plan to De-list from the NYSE

Rhea-AI Summary

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.

Positive

• Expected cash inflow of $38.5 million from the sale of Crossroads Center.
• The sale is expected to close by the end of April 2022.

Negative

• Voluntary de-listing of common shares from the NYSE could affect stock liquidity.
• No plans for re-listing or quotation on an alternative exchange.

BEACHWOOD, Ohio--(BUSINESS WIRE)-- 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.

Safe Harbor

The Company considers information in this press release that relates to expectations for future periods to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. For this purpose, any statements contained herein that are not historical fact may be deemed to be forward-looking statements. There are a number of important factors that could cause actual results to differ materially from those indicated by such forward-looking statements, including, among other factors, the Company and its subsidiary’s ability to satisfy the conditions to closing specified in the sale agreement and the purchaser’s ability to perform. The Company undertakes no obligation to revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220316005711/en/

Christa Vesy, EVP and Chief Financial Officer

216-755-5500

Source: Retail Value Inc.

FAQ

What is the sale price of Crossroads Center by Retail Value Inc.?

Retail Value Inc. is selling Crossroads Center for $38.5 million.

When is Retail Value Inc. expected to complete the sale of Crossroads Center?

The sale of Crossroads Center is expected to be completed by the end of April 2022.

What are the implications of Retail Value Inc. voluntarily de-listing its shares?

The voluntary de-listing from the NYSE could affect stock liquidity and trading options for shareholders.

When will Retail Value Inc. de-list its common shares from the NYSE?

Retail Value Inc. plans to de-list its common shares before the market opens on April 7, 2022.