Retail Value Inc. Reports First Quarter 2022 Operating Results

Rhea-AI Summary

Retail Value Inc. (RVIC) reported a net income of $1.5 million for Q1 2022, down from $3.2 million year-over-year. This decrease is attributed to a prior sale of real estate assets. The company sold its final real estate investment for $38.5 million, concluding its real property activities. RVIC declared a special cash dividend of $2.13 per share, totaling $45 million, payable on May 10, 2022. Additionally, in January 2022, the company paid a special dividend of $3.27 per share.

Positive

• Declared a special cash dividend of $2.13 per share, totaling $45 million.
• Completed the sale of all real estate holdings, marking a strategic exit from real estate investments.

Negative

• Net income decreased to $1.5 million from $3.2 million year-over-year.
• Revenue decline due to the previous sale of real estate assets, impacting overall financial performance.

BEACHWOOD, Ohio--(BUSINESS WIRE)-- Retail Value Inc. (“RVI” or the “Company”) today announced operating results for the quarter ended March 31, 2022. The Company concurrently filed its Quarterly Report on Form 10‑Q for the quarter ended March 31, 2022 with the Securities and Exchange Commission which is also available on RVI’s website at www.retailvalueinc.com under the Investors Tab.

Financial Results for the Quarter and Recent Transaction Activity

• First quarter 2022 net income attributable to common shareholders was $1.5 million, or $0.07 per diluted share, as compared to $3.2 million, or $0.15 per diluted share, in the year-ago period. The period-over-period decrease in net income is primarily the result of the sale of real estate assets in 2021.
• On April 12, 2022, the Company sold its last remaining real estate investment (Crossroads Center located in Gulfport, Mississippi) for $38.5 million, resulting in net proceeds of approximately $37.2 million. As a result of the transaction, RVI has completed the sale of all of its real estate holdings and no longer owns an interest in any real property.
• On April 12, 2022, the Company declared a special cash dividend of $2.13 per common share ($45.0 million in the aggregate) payable on May 10, 2022. The ex-dividend date as determined by the Financial Industry Regulatory Authority (FINRA) is May 11, 2022.
• In January 2022, the Company paid a special cash dividend of $3.27 per common share ($69.1 million in the aggregate).

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220502005570/en/

Christa Vesy, EVP and Chief Financial Officer

216-755-5500

Source: Retail Value Inc.

FAQ

What were Retail Value Inc.'s Q1 2022 financial results?

Retail Value Inc. reported a net income of $1.5 million, down from $3.2 million in Q1 2021.

When is the special cash dividend for RVIC shareholders payable?

The special cash dividend of $2.13 per share is payable on May 10, 2022.

What was the net income per diluted share for RVIC in Q1 2022?

The net income per diluted share for Q1 2022 was $0.07.

How much did Retail Value Inc. receive from the sale of its last real estate investment?

RVIC received approximately $37.2 million from the sale of its last real estate investment.