Retail Value Inc. Declares 2019 Year-End Common Stock Dividend of $2.05
November 08 2019 - 3:05PM
Business Wire
Retail Value Inc. (NYSE: RVI) declared a common stock dividend
of $2.05 per share (approximately $39.1 million in the aggregate)
on account of annual taxable income generated in Puerto Rico. The
dividend is payable on January 8, 2020 to shareholders of record at
the close of business on November 26, 2019 and will be subject to a
10% withholding tax.
Similar to the dividend declared in December 2018, the Company
has elected to pay the 2019 year-end dividend in a combination of
cash and common shares with the cash component not to exceed 20% of
the aggregate dividend. The Company expects to apply a significant
portion of excess cash to repaying the outstanding mortgage loan
when that loan becomes freely pre-payable in April 2020.
In accordance with Internal Revenue Service guidance,
shareholders may make an election to receive their dividend in all
cash or all common shares. Shareholders who do not make an election
will be deemed to have elected to receive their dividend in all
cash. However, to the extent more than 20% cash is elected by all
shareholders in the aggregate, then the cash portion will be
prorated. The value of the shares distributed in the dividend will
be based upon the volume weighted average trading prices of the
Company's common stock on December 27, December 30 and December 31,
2019. Fractional shares of common stock will not be issued;
stockholders who would otherwise be entitled to receive fractional
shares will receive a cash payment in lieu of fractional shares.
Election forms are expected to commence mailing on December 5,
2019, and must be received by the Company's transfer agent,
Computershare Shareholder Services, by 5:00 p.m. ET on December 26,
2019.
If you have any questions regarding the election form or the
election deadline, please call Georgeson LLC, our Information Agent
for the election, toll free at 866-856-6388. If your shares are
held through a bank, broker or nominee, and you have questions
regarding the dividend election, please contact such bank, broker
or nominee, who will also be responsible for distributing the
election form to you and submitting the completed election form on
your behalf.
About RVI
RVI is an independent publicly traded company trading under the
ticker symbol “RVI” on the New York Stock Exchange. RVI holds
assets in the continental U.S. and Puerto Rico 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.
Safe Harbor
RVI considers portions of the information in this press release
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, with respect to the
Company's expectation for future periods. 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 our results to differ materially
from those indicated by such forward-looking statements, including,
among other factors, the ability to execute our strategy as an
independent, publicly traded company. Other risks and uncertainties
that could cause our results to differ materially from those
indicated by such forward-looking statements include our ability to
sell assets on commercially reasonable terms; our ability to
complete dispositions of assets under contract; the success of our
asset sale strategy; property damage, expenses related thereto and
other business and economic consequences (including the potential
loss of rental revenues) resulting from extreme weather conditions
in locations where we own properties, and the ability to estimate
accurately the amounts thereof; sufficiency and timing of any
insurance recovery payments related to damages from extreme weather
conditions; local conditions such as supply of space or a reduction
in demand for real estate in the area; competition from other
available space; dependence on rental income from real property;
the loss of, significant downsizing of or bankruptcy of a major
tenant and the impact of any such event on rental income from other
tenants at our properties; our ability to secure equity or debt
financing on commercially acceptable terms or at all; our ability
to enter into definitive agreements with regard to our financing
arrangements or our failure to satisfy conditions to the completion
of these arrangements; unforeseen changes to the Puerto Rican
economy and government; the ability to secure and maintain
management services provided to us, including pursuant to our
external management agreement with one or more subsidiaries of SITE
Centers; and our ability to maintain our REIT status. For
additional factors that could cause the results of the Company to
differ materially from those indicated in the forward-looking
statements, please refer to “Risk Factors” included in the
company’s most recent reports on Form 10-K and Form 10-Q. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that
arise after the date hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20191108005481/en/
Matthew Ostrower, EVP and Chief Financial Officer
216-755-5500
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