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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Retail Value Inc | NYSE:RVI | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.00 | 0 | 01:00:00 |
Retail Value Inc. (NYSE: RVI) today announced operating results for the quarter ended March 31, 2021.
Results for the Quarter and Recent Activity
Key Quarterly Operating Results The following metrics are as of March 31, 2021:
Continental U.S.
Puerto Rico
Shopping Center Count
11
11
Gross Leasable Area (thousands)
4,533
3,918
Base Rent PSF
$13.17
$19.60
Leased Rate
86.7%
88.3%
Commenced Rate
86.1%
87.6%
NOI-Quarter (millions)
$11.9
$13.4
Impact of the COVID-19 Pandemic The impact to the portfolio as of April 23, 2021 is as follows:
Continental U.S.
Puerto Rico
% of Tenants open and operating (average base rent)
100%
99%
% of Second quarter 2020 rent paid
87%
80%
% of Third quarter 2020 rent paid
92%
90%
% of Fourth quarter 2020 rent paid
96%
92%
% of First quarter 2021 rent paid
98%
94%
Property Net Operating Income (NOI) Projection The Company has updated its projection of 2021 NOI. The Company projects, based on the assumptions below, 2021 property level net operating income (NOI) to be as follows:
Portfolio
NOI Projection
Continental U.S.
$35 – $40 million
Puerto Rico
$48 – $54 million
These Projections:
Because these projections are based on assumptions that are subject to change, including, without limitation, the Company’s actual tenant collections, they should not be viewed as guidance.
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.
Non-GAAP Measures Funds from Operations (“FFO”) is a supplemental non-GAAP financial measure used as a standard in the real estate industry and is a widely accepted measure of real estate investment trust (“REIT”) performance. Management believes that both FFO and Operating FFO provide additional indicators of the financial performance of a REIT. The Company also believes that FFO and Operating FFO more appropriately measure the core operations of the Company and provide benchmarks to its peer group.
FFO is generally defined and calculated by the Company as net income (loss) (computed in accordance with generally accepted accounting principles in the United States (“GAAP”)) adjusted to exclude (i) gains and losses from disposition of real estate property and related investments, which are presented net of taxes, if any, (ii) impairment charges on real estate property and related investments and (iii) certain non-cash items. These non-cash items principally include real property depreciation and amortization of intangibles. The Company’s calculation of FFO is consistent with the definition of FFO provided by NAREIT. The Company calculates Operating FFO by excluding certain non-operating charges and income. Operating FFO is useful to investors as the Company removes non-comparable charges and income to analyze the results of its operations and assess performance of the core operating real estate portfolio. Other real estate companies may calculate FFO and Operating FFO in a different manner.
The Company also uses net operating income (“NOI”), a non-GAAP financial measure, as a supplemental performance measure. NOI is calculated as property revenues less property-related expenses. The Company believes NOI provides useful information to investors regarding the Company’s financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level and, when compared across periods, reflects the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and disposition activity on an unleveraged basis.
FFO, Operating FFO and NOI do not represent cash generated from operating activities in accordance with GAAP, are not necessarily indicative of cash available to fund cash needs and should not be considered as alternatives to net income computed in accordance with GAAP as indicators of the Company’s operating performance or as alternatives to cash flow as a measure of liquidity. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in this release herein. Reconciliation of 2021 projected NOI to the most directly comparable GAAP financial measure is not provided because the Company is unable to provide such reconciliation without unreasonable effort.
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 Company’s actual property NOI for 2021, which could differ materially from the NOI projections included in this press release; the impact of the COVID-19 pandemic on the Company’s ability to manage its properties and finance its operations and on tenants’ ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay ongoing and deferred rents; our ability to sell assets on commercially reasonable terms; our ability to complete dispositions of assets under contract; property damage, expenses related thereto and other business and economic consequences (including the potential loss of rental revenues) resulting from extreme weather conditions and natural disasters 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 and natural disasters; local conditions such as an increase in the supply of, or a reduction in demand for, retail real estate in the area; the impact of e-commerce; 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; impairment charges; our ability to enter into definitive agreements with regard to our financing arrangements and our ability to satisfy conditions to the completion or extension of these arrangements; changes with respect 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 the Company’s most recent report on Forms 10-K and 10-Q. The impacts of the COVID-19 pandemic may also exacerbate the risks described therein, any of which could have a material effect on the Company. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.
Retail Value Inc. Income Statement
in thousands, except per share
1Q21
1Q21
Total
Total
Continental U.S.
Puerto Rico
1Q21
1Q20
Revenues:
Rental income (1)
$18,153
$23,269
$41,422
$50,330
Other property revenues
17
20
37
39
18,170
23,289
41,459
50,369
Expenses:
Operating and maintenance (2)
3,085
8,787
11,872
13,614
Real estate taxes
3,134
1,132
4,266
5,719
6,219
9,919
16,138
19,333
Net operating income (3)
11,951
13,370
25,321
31,036
Other income (expense):
Asset management fees
(1,770)
(2,324)
Interest expense, net
(3,991)
(7,292)
Depreciation and amortization
(13,358)
(16,470)
General and administrative
(865)
(1,077)
Impairment charges
(2,010)
(15,910)
Debt extinguishment costs, net
(130)
(3,965)
Other income, net
0
334
Gain on disposition of real estate, net (4)
121
2,674
Income (loss) before other items
3,318
(12,994)
Tax expense
(109)
(73)
Net income (loss)
$3,209
($13,067)
Weighted average shares – Basic & Diluted – EPS
20,916
19,749
Earnings (loss) per common share – Basic & Diluted
$0.15
($0.66)
(1)
Revenue items:
Minimum rents
11,567
13,329
24,896
31,391
Ground lease minimum rents
839
1,804
2,643
3,206
Recoveries
4,461
5,834
10,295
12,896
Uncollectible revenue
992
(754)
238
(858)
Percentage and overage rent
18
1,439
1,457
1,017
Ancillary and other rental income
191
1,617
1,808
2,178
Lease termination fees
85
0
85
500
(2)
Operating expenses:
Property management fees
(701)
(1,564)
(2,265)
(2,552)
(3)
NOI from assets sold
23
(50)
(27)
1,680
(4)
SITE Centers disposition fees
0
(1,556)
Retail Value Inc. Reconciliation: Net Loss to FFO and Operating FFO and Other Financial Information
in thousands, except per share
1Q21
1Q20
Net income (loss) attributable to Common Shareholders
$3,209
($13,067)
Depreciation and amortization of real estate
13,341
16,453
Impairment of real estate
2,010
15,910
Gain on disposition of real estate, net
(121)
(2,674)
FFO attributable to Common Shareholders
$18,439
$16,622
Debt extinguishment, transaction, other, net
130
3,631
Total non-operating items, net
130
3,631
Operating FFO attributable to Common Shareholders
$18,569
$20,253
Weighted average shares and units – Basic & Diluted – FFO & OFFO
20,916
19,749
FFO per share – Basic & Diluted
$0.88
$0.84
Operating FFO per share – Basic & Diluted
$0.89
$1.03
Common stock dividends declared, per share
N/A
N/A
Certain non-cash items:
Straight-line rent
(565)
(1,108)
Straight-line fixed CAM
70
101
Loan cost amortization
(781)
(1,020)
Non-real estate depreciation expense
(17)
(17)
Capital expenditures:
Maintenance capital expenditures
328
18
Tenant allowances and landlord work
608
591
Leasing commissions - SITE Centers
778
1,231
Leasing commissions - external
133
87
Hurricane restorations
1,848
3,474
Retail Value Inc. Balance Sheet
$ in thousands
At Period End
1Q21
4Q20
Assets:
Land
$397,024
$397,699
Buildings
1,030,973
1,031,886
Fixtures and tenant improvements
131,780
134,335
1,559,777
1,563,920
Depreciation
(602,879)
(593,691)
956,898
970,229
Construction in progress and land
1,887
1,515
Real estate, net
958,785
971,744
Cash
72,741
56,849
Restricted cash (1)
63,557
115,939
Receivables and straight-line (2)
22,053
25,302
Intangible assets, net (3)
8,529
9,452
Other assets, net (4)
14,659
16,590
Total Assets
1,140,324
1,195,876
Liabilities and Equity:
Secured debt (5)
294,069
344,485
Dividends payable
0
23,002
Other liabilities (6)
34,239
38,603
Total Liabilities
328,308
406,090
Redeemable preferred equity
190,000
190,000
Common shares
2,108
1,983
Paid-in capital
740,130
721,234
Distributions in excess of net income
(120,219)
(123,428)
Common shares in treasury at cost
(3)
(3)
Total Equity
622,016
599,786
Total Liabilities and Equity
$1,140,324
$1,195,876
(1)
Asset sale proceeds
0
51,168
Hurricane related escrows
37,169
38,469
Other lender required escrows
26,388
26,302
(2)
SL rents (including fixed CAM), net
13,189
13,683
(3)
Operating lease right of use asset
1,456
1,509
(4)
Note receivable
3,000
3,000
(5)
Unamortized loan costs
(8,965)
(9,718)
(6)
Operating lease liabilities
2,540
2,602
Below-market leases, net
13,529
13,829
www.retailvalueinc.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20210504006208/en/
Christa Vesy, EVP and Chief Financial Officer 216-755-5500
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