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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 December 31, 2020.
Results for the Quarter and Recent Activity
Significant Full-Year Activity
Key Quarterly Operating Results The following metrics are as of December 31, 2020:
Continental U.S.
Puerto Rico
Shopping Center Count
11
11
Gross Leasable Area (thousands)
4,533
3,984
Base Rent PSF
$13.35
$19.95
Leased Rate
88.9%
87.7%
Commenced Rate
88.1%
86.5%
NOI-Quarter (millions)
$10.9
$12.0
Impact of the COVID-19 Pandemic The impact to the portfolio as of March 4, 2021 is as follows:
Continental U.S.
Puerto Rico
% of Tenants open and operating (average base rent)
100%
96%
% of Second quarter 2020 rent paid
85%
78%
% of Third quarter 2020 rent paid
91%
90%
% of Fourth quarter 2020 rent paid
95%
90%
% of January 2021 rent paid
99%
91%
Property Net Operating Income (NOI) Projection
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.
$38 – $43 million
Puerto Rico
$46 – $53 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 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 Form 10-K. 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
4Q20
4Q20
Total
Total
Continental U.S.
Puerto Rico
4Q20
12M20
Revenues:
Rental income (1)
$17,318
$22,814
$40,132
$169,725
Other property revenues
14
(15)
(1)
83
17,332
22,799
40,131
169,808
Expenses:
Operating and maintenance (2)
3,363
9,613
12,976
50,762
Real estate taxes
3,079
1,153
4,232
20,752
6,442
10,766
17,208
71,514
Net operating income (3)
10,890
12,033
22,923
98,294
Other income (expense):
Asset management fees
(2,003)
(8,653)
Interest expense, net
(4,615)
(22,742)
Depreciation and amortization
(12,575)
(57,053)
General and administrative
(751)
(3,612)
Impairment charges
(10,910)
(115,525)
Debt extinguishment costs, net
(1,505)
(5,922)
Other expense, net
(190)
251
Gain on disposition of real estate, net (4)
844
22,800
Loss before other items
(8,782)
(92,162)
Tax expense
(714)
(1,392)
Net loss
($9,496)
($93,554)
Weighted average shares – Basic & Diluted – EPS
19,829
19,806
Earnings per common share – Basic & Diluted
($0.48)
($4.72)
Revenue items:
(1)
Minimum rents
11,987
14,122
26,109
117,206
Ground lease minimum rents
861
1,946
2,807
12,255
Recoveries
4,554
6,491
11,045
47,156
Uncollectible revenue
(353)
(2,387)
(2,740)
(16,558)
Percentage and overage rent
44
796
840
2,319
Ancillary and other rental income
140
1,846
1,986
6,743
Lease termination fees
85
0
85
604
(2)
Operating expenses:
Property management fees
(850)
(1,583)
(2,433)
(9,959)
(3)
NOI from assets sold
429
10,069
(4)
SITE Centers disposition fees
(521)
(3,142)
Retail Value Inc.
Reconciliation: Net Loss to FFO and Operating FFO
and Other Financial Information
in thousands, except per share
4Q20
12M20
Net loss attributable to Common Shareholders
($9,496)
($93,554)
Depreciation and amortization of real estate
12,559
56,986
Impairment of real estate
10,910
115,525
Gain on disposition of real estate, net
(844)
(22,800)
FFO attributable to Common Shareholders
$13,129
$56,157
Debt extinguishment, transaction, other, net
1,695
5,671
Total non-operating items, net
1,695
5,671
Operating FFO attributable to Common Shareholders
$14,824
$61,828
Weighted average shares and units – Basic & Diluted – FFO & OFFO
19,829
19,806
FFO per share – Basic & Diluted
$0.66
$2.84
Operating FFO per share – Basic & Diluted
$0.75
$3.12
Common stock dividends declared, per share
$1.16
$1.16
Certain non-cash items:
Straight-line rent
(443)
(919)
Straight-line fixed CAM
99
408
Loan cost amortization
(786)
(3,602)
Non-real estate depreciation expense
(16)
(67)
Capital expenditures:
Maintenance capital expenditures
551
1,685
Tenant allowances and landlord work
1,954
5,183
Leasing commissions - SITE Centers
762
2,755
Leasing commissions - external
53
278
Hurricane restorations
1,456
11,343
Retail Value Inc.
Balance Sheet
$ in thousands
At Period End
4Q20
4Q19
Assets:
Land
$397,699
$522,393
Buildings
1,031,886
1,380,984
Fixtures and tenant improvements
134,335
152,426
1,563,920
2,055,803
Depreciation
(593,691)
(670,509)
970,229
1,385,294
Construction in progress and land
1,515
2,017
Real estate, net
971,744
1,387,311
Cash
56,849
71,047
Restricted cash (1)
115,939
112,246
Receivables and straight-line (2)
25,302
25,195
Intangible assets, net (3)
9,452
19,573
Other assets, net
16,590
11,315
Total Assets
1,195,876
1,626,687
Liabilities and Equity:
Secured debt (4)
344,485
655,833
Payable to SITE
35
105
Dividends payable
23,002
39,057
Other liabilities (5)
38,568
53,789
Total Liabilities
406,090
748,784
Redeemable preferred equity
190,000
190,000
Common shares
1,983
1,905
Paid-in capital
721,234
692,871
Distributions in excess of net income
(123,428)
(6,857)
Common shares in treasury at cost
(3)
(16)
Total Equity
599,786
687,903
Total Liabilities and Equity
$1,195,876
$1,626,687
(1)
Asset sale proceeds
51,168
17,388
Hurricane related escrows
38,469
57,224
Other lender required escrows
26,302
37,634
(2)
SL rents (including fixed CAM), net
13,683
16,164
(3)
Operating lease right of use asset
1,509
1,714
(4)
Unamortized loan costs
(9,718)
(18,498)
(5)
Operating lease liabilities
2,602
2,835
Below-market leases, net
13,829
20,042
View source version on businesswire.com: https://www.businesswire.com/news/home/20210310005050/en/
Christa Vesy, EVP and Chief Financial Officer 216-755-5500
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