Retail Value Inc. Announces Sale of Continental U.S. Property Portfolio and Declares Dividends on Series A Preferred Shares and Common Shares
01 Ottobre 2021 - 10:59PM
Business Wire
On October 1, 2021, Retail Value Inc. (NYSE: RVI) closed on the
sale of the previously announced portfolio of five continental U.S.
properties for $264 million prior to closing costs, prorations and
other closing adjustments. Subsequent to the transaction, the
Company owns interests in three remaining properties in the
continental U.S.
Net proceeds received at closing were approximately $242.4
million, excluding $4.4 million of escrows established at closing,
which may be released to the Company in the event certain leasing
activity is completed within 180 days of closing. Net proceeds from
the transaction, as well as cash on hand, are expected to be
utilized for cash dividends on the Company’s Series A Preferred and
Common Shares.
“We are excited to complete this portfolio sale bringing our
total gross proceeds from property sales since Retail Value Inc.’s
spin-off in July 2018 to $1.8 billion,” commented David R. Lukes,
President and Chief Executive Officer. “The continued successful
execution of the Company’s business plan puts RVI in a position to
repay the amount currently owed to SITE Centers on its preferred
investment and declare dividends to common shareholders.”
RVI Continental U.S. Portfolio Sale Properties
Property Name
City & State
Owned GLA
(000's)
Maple Grove Crossing
Maple Grove, MN
262
Seabrook Commons
Seabrook, NH
175
Wrangleboro Consumer Square
Mays Landing, NJ
840
Great Northern Plazas
North Olmsted, OH
630
Peach Street Marketplace
Erie, PA
716
Preferred and Common Dividend Declarations
The Company declared a cash dividend on its Series A Preferred
Shares of $190,000 per preferred share, or $190 million in
aggregate, payable on October 6, 2021 to shareholders of record at
the close of business on October 5, 2021. The dividend represents
the amount currently owed to SITE Centers on its preferred
investment and allows for distributions to common shareholders.
The Company also declared a cash dividend on its Common Shares
of $22.04 per common share payable on October 28, 2021 to
shareholders of record at the close of business on October 14,
2021.
About RVI
RVI is an independent publicly traded company trading under the
ticker symbol “RVI” on the New York Stock Exchange. RVI holds three
assets in the continental U.S. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211001005710/en/
Retail Value Inc. Christa Vesy, EVP and Chief Financial
Officer 216-755-5500
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