Retail Value Inc. Announces Sale of Willowbrook Plaza, Special Common Share Distribution and Preferred Stock Repurchase
December 15 2021 - 4:45PM
Business Wire
On December 15, 2021, Retail Value Inc. (NYSE: RVI) closed on
the sale of Willowbrook Plaza (Houston, Texas) for $37.1 million in
cash prior to closing costs, prorations and other closing
adjustments. Subsequent to the transaction, RVI owns an interest in
one property located in the continental U.S.
Net proceeds from the transaction of approximately $35.7
million, along with proceeds from the previously announced sale of
Green Ridge Square and cash on hand, are expected to be utilized
for a special cash distribution on the Company’s common shares.
Common Share Distribution
The Company declared a special cash distribution on its Common
Shares of $3.27 per common share payable on January 18, 2022 to
shareholders of record at the close of business on December 29,
2021. The special cash distribution is expected to be return of
capital which would reduce the shareholder’s tax basis in its
shares. The final classification of the distribution will be
reported on the Form 1099-DIV related to the 2021 tax year.
The New York Stock Exchange has advised the Company that the
ex-dividend date applicable to the distribution is expected to be
January 19, 2022. However, investors are encouraged to refer to the
New York Stock Exchange (www.nyse.com/ex-date-dividends) to confirm
the ex-dividend date.
Preferred Stock Repurchase
In addition, the Company repurchased all of the outstanding
shares of the Company’s Series A preferred stock from SITE Centers
Corp. for an aggregate purchase price of $1.00. As a result, no
further dividends are required to be paid on the Series A preferred
stock.
About RVI
RVI is an independent publicly traded company trading under the
ticker symbol “RVI” on the New York Stock Exchange. RVI holds one
asset 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/20211215006039/en/
Christa Vesy, EVP and Chief Financial Officer 216-755-5500
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