Retail Value Inc. (RVI) stock plummeted 8.95% in the pre-market trading session at the price of $5.70 despite no fundamental reason. RVI is a publicly-traded firm that focuses on achieving value in its business from operations and sales of its assets.
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RVI Scheduled Third Quarter 2021 Financial Results
On 8th October 2021, RVI has scheduled to publish its third-quarter financial results on Wednesday, 3rd November 2021. The live audio of the webcast will be available on the company’s official website. Management will also present business and corporate updates.
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RVI Published Sale of Continental U.S. Property Portfolio
On 1st October 2021, RVI published a portfolio of five continental U.S. properties worth $264 million. About $242.4 million had received in net proceeds at closing, excluding $4.4 million of escrows. Net proceeds from the transaction will use for cash dividends on the RVI’s Series A Preferred Shares.
RVI Stock Announced Cash Dividend
On 1st October 2021, RVI also announced a cash dividend of $190,000 per preferred share on its Series A Preferred Shares. It will be payable to shareholders of record on 6th October 2021. The company also published a cash dividend of $22.04 per common share on its Common Shares. It will be payable to shareholders of record on 28th October 2021.
Management Comments
Chief Executive Officer of RVI, David R. Lukes, remarked that they are delighted to achieve this portfolio sale. It has raised the total gross proceeds to $1.8 billion from property sales in July 2018. The successful execution of their business strategy sets the company in a position to repay the preferred investment amount currently owed to SITE Centers.
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RVI Stock Second Quarter 2021 Operating Results
On 3rd August 2021, RVI published its operating results for the second quarter ended 30th June 2021 and provided corporate updates.
Net loss attributable to common shareholders was $69.6 million or $3.30 per diluted share for the second quarter ended 30th June 2021. For the same quarter of 2020, net loss attributable to common shareholders was $1.9 million, or $0.10 per share. Operating funds from operations were $20.2 million, or $0.96 per diluted share for the second quarter of 2021. For the second quarter ended 30th June 2020, operating funds from operations were $12.2 million, or $0.61 per share.