Retail Value Inc. Announces Sale Closing & Special Common Distribution

Rhea-AI Summary

Retail Value Inc. has successfully sold its final asset, Crossroads Center in Gulfport, Mississippi, for $38.5 million prior to closing costs. The net proceeds of approximately $37.2 million will be used for a special cash distribution of $2.13 per common share, payable on May 10, 2022. Shareholders of record by April 25, 2022 will be eligible for this distribution. Following this sale, RVI has no remaining real estate holdings and is winding up its business operations.

Positive

• Completion of the sale of Crossroads Center for $38.5 million.
• Special cash distribution of $2.13 per common share confirmed for shareholders.

Negative

• RVI has sold all its real estate holdings, indicating a winding down of operations.
• Voluntary de-listing from the New York Stock Exchange on April 7, 2022.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220412006081/en/

Christa Vesy, EVP and Chief Financial Officer

216-755-5500

Source: Retail Value Inc.

FAQ

What is Retail Value Inc.'s recent transaction concerning RVIC?

Retail Value Inc. sold Crossroads Center in Gulfport, Mississippi, for $38.5 million.

When will the special cash distribution for RVIC shareholders be paid?

The special cash distribution will be paid on May 10, 2022.

What is the amount of the special cash distribution for RVIC?

The special cash distribution is $2.13 per common share.

What are the record dates for the RVIC special cash distribution?

Shareholders of record must be on or before April 25, 2022.

Has Retail Value Inc. completed the sale of all its real estate assets?

Yes, Retail Value Inc. has completed the sale of all its real estate holdings.