Retail Value Inc. Announces Sale of Uptown Solon

Rhea-AI Summary

On April 21, 2021, Retail Value Inc. (RVI) completed the sale of Uptown Solon in Solon, OH, for $10.1 million. Ninety percent of the net proceeds were allocated to repaying mortgage debt, with the remainder retained as cash. Following this transaction, RVI now holds interests in 8 properties in the continental U.S. and 10 properties in Puerto Rico. This strategic sale is part of RVI's focus on maximizing value through asset operations and sales.

Positive

• Sale of Uptown Solon for $10.1 million boosts liquidity.
• 90% of proceeds used to repay mortgage debt, strengthening balance sheet.
• Retained cash enhances financial stability.

Negative

• None.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210421006016/en/

FAQ

What was the sale price of Uptown Solon for Retail Value Inc. (RVI)?

Retail Value Inc. sold Uptown Solon for $10.1 million.

What percentage of the sale proceeds were used to pay off debt by RVI?

Ninety percent (90%) of the net proceeds were used to repay mortgage debt.

How many properties does Retail Value Inc. own after the sale?

After the sale, RVI owns interests in 8 properties in the continental U.S. and 10 in Puerto Rico.

What is the focus of Retail Value Inc. regarding its assets?

RVI focuses on realizing value through operations and sales of its assets.