Retail Value Inc. Declares Special Common Distribution

Rhea-AI Summary

Retail Value Inc. (RVIC) announced a special cash distribution of $1.16 per share, payable on July 27, 2022, to shareholders of record as of July 12, 2022. This distribution is primarily funded by collections of accounts receivable and $19.5 million reserved for non-materialized claims. Approximately 1% - 2% of the total distributions may be taxable. The ex-dividend date is expected to be July 28, 2022, as determined by FINRA.

Positive

• Special cash distribution of $1.16 per share indicates financial stability.
• Distribution funded by accounts receivable collections and reserves, showcasing effective cash management.

Negative

• Company is winding up its business operations, indicating potential future challenges.
• Heavy reliance on previous reserves and collections raises concerns about ongoing financial stability.

BEACHWOOD, Ohio--(BUSINESS WIRE)-- Retail Value Inc. (“RVI” or the “Company”) today announced that the Company’s Board of Directors declared a special cash distribution on the Company’s common shares of $1.16 per common share payable on July 27, 2022, to shareholders of record at the close of business on July 12, 2022. The distribution was funded primarily with collections of accounts receivable and approximately $19.5 million previously held in reserve for potential claims by purchasers under property sale agreements which did not materialize prior to the expiration of their general survival periods. Based upon current year taxable income projections to date, approximately 1% - 2% of the total 2022 special distributions is expected to be considered a taxable dividend.

The Company expects that the ex-dividend date applicable to the special cash dividend will be July 28, 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 has 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.

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 the amount of costs and expenses relating to the wind-up of the Company’s business; the Company’s ability to collect amounts owed to it by third parties; and the cost and outcome of any legal proceedings that may arise with respect to the Company. 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/20220629005903/en/

Christa Vesy, EVP and Chief Financial Officer

216-755-5500

Source: Retail Value Inc.

FAQ

What is the special cash distribution declared by Retail Value Inc. (RVIC)?

Retail Value Inc. declared a special cash distribution of $1.16 per share, payable on July 27, 2022.

When is the ex-dividend date for RVIC's special cash distribution?

The ex-dividend date for the special cash distribution is expected to be July 28, 2022.

How is the special cash distribution for RVIC funded?

The distribution is primarily funded by collections of accounts receivable and about $19.5 million previously held in reserve for potential claims.

Will the special cash distribution from RVIC be taxable?

Approximately 1% - 2% of the total 2022 special distributions is expected to be considered a taxable dividend.