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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 and year ended December 31, 2021.
Financial Results for the Quarter
Financial Results for the Year
Significant Fourth Quarter and Recent Transaction Activity
Significant Full-Year Activity
Key Fourth Quarter Operating Results
The operating metrics as of December 31, 2021, for the Company’s remaining property (Crossroads Center in Gulfport, Mississippi, which is subject to a ground lease) are as follows:
Gross Leasable Area - Owned (thousands)
555
Annualized Base Rent PSF
$13.47
Leased Rate
92.1%
Commenced Rate
91.2%
Impact of the COVID-19 Pandemic
About RVI
RVI is an independent publicly traded company trading under the ticker symbol “RVI” on the New York Stock Exchange. RVI owns one property 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.
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.
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 impact of the COVID-19 pandemic on our ability to manage our properties and finance our operations and on tenants’ ability to operate their businesses, generate sales and meet their financial obligations, including the obligation to pay rent; our ability to sell the remaining property on commercially reasonable terms; 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 affecting our remaining property, 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 remaining property; impairment charges; 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
4Q21
4Q20
12M21
12M20
Revenues:
Rental income (1)
$5,382
$17,124
$55,603
$81,781
Straight-line rent (1)
0
194
0
(1,089)
Other property revenues
17
14
55
45
5,399
17,332
55,658
80,737
Expenses:
Operating and maintenance
801
2,513
7,286
11,460
Property Management fees
674
850
2,750
3,899
Real estate taxes
404
3,079
8,966
15,957
1,879
6,442
19,002
31,316
Net operating income (1)
3,520
10,890
36,656
49,421
Other income (expense):
Asset management fees
(731)
(997)
(3,156)
(4,630)
Interest expense, net
0
(3,537)
(7,899)
(18,334)
Depreciation and amortization
(1,090)
(5,666)
(17,217)
(28,395)
General and administrative
(582)
(751)
(3,577)
(3,612)
Impairment charges
0
(10,910)
(1,573)
(54,370)
Debt extinguishment costs, net
0
(1,456)
(6,307)
(5,873)
Other income, net
0
0
0
0
Gain on disposition of real estate, net
27,714
1,754
29,596
23,710
Income (loss) before other items
28,831
(10,673)
26,523
(42,083)
Tax benefit (expense)
45
(674)
(148)
(858)
Income (loss) from continuing operations
28,876
(11,347)
26,375
(42,941)
(Loss) income from discontinued operations (2)
(1,212)
1,851
(44,074)
(50,613)
Net income (loss)
$27,664
($9,496)
($17,699)
($93,554)
Weighted average shares – Basic & Diluted – EPS
21,117
19,829
21,062
19,806
Basic and Diluted:
Income (loss) per common share – Continuing operations
$1.37
$(0.57)
$1.25
$(2.17)
(Loss) income per common share – Discontinued operations
(0.06)
0.09
(2.09)
(2.55)
Net income (loss) per common share
$1.31
$(0.48)
$(0.84)
$(4.72)
(1)
Activity for Crossroads Center:
Uncollectible revenue (included in rental income)
$8
($10)
$353
($613)
Straight-line rent
(16)
(16)
(73)
(34)
Net operating income
1,490
1,273
5,818
5,269
(2)
Puerto Rico segment classified as a "discontinued operation" for financial reporting purposes on a retrospective basis. See additional detail on page 6.
Retail Value Inc.
Other Financial Information
in thousands, except per share
4Q21
4Q20
12M21
12M20
Net income (loss) attributable to Common Shareholders
$27,664
($9,496)
($17,699)
($93,554)
Depreciation and amortization of real estate
1,090
12,559
33,675
56,986
Impairment of real estate
0
10,910
82,633
115,525
Gain on disposition of real estate, net
(28,855)
(844)
(54,542)
(22,800)
FFO attributable to Common Shareholders
($101)
$13,129
$44,067
$56,157
Debt extinguishment, transaction, other, net
0
1,695
8,061
5,671
Operating FFO attributable to Common Shareholders
($101)
$14,824
$52,128
$61,828
Weighted average shares and units – Basic & Diluted – FFO & OFFO
21,117
19,829
21,062
19,806
FFO per share – Basic & Diluted
$0.00
$0.66
$2.09
$2.84
Operating FFO per share – Basic & Diluted
$0.00
$0.75
$2.48
$3.12
Common stock dividends declared, per share
$25.31
$1.16
$25.31
$1.16
Certain non-cash items (including properties reported as discontinued operations):
Loan cost amortization
0
(786)
(1,923)
(3,602)
Capital expenditures (including properties reported as discontinued operations):
Maintenance capital expenditures
608
551
2,425
1,685
Tenant allowances and landlord work
595
1,954
4,150
5,183
Leasing commissions - SITE Centers
(14)
762
1,687
2,755
Leasing commissions - external
59
53
557
278
Hurricane restorations
(1)
1,456
2,420
11,343
Retail Value Inc.
Other Financial Information
in thousands, except per share
Continental U.S.
4Q21
4Q20
12M21
12M20
Revenues:
Minimum rents
$2,992
$11,987
$34,633
$58,881
Ground lease minimum rents
171
861
2,602
4,247
Percentage and overage rent
45
44
320
294
Recoveries
1,551
4,554
13,601
22,535
Uncollectible revenue
538
(353)
3,711
(6,631)
Ancillary and other rental income
85
140
589
781
Lease termination fees
0
85
147
585
Other property revenues
17
14
55
45
5,399
17,332
55,658
80,737
Expenses:
Operating and maintenance
801
2,513
7,286
11,460
Property management fees
674
850
2,750
3,899
Real estate taxes
404
3,079
8,966
15,957
1,879
6,442
19,002
31,316
Net operating income
3,520
10,890
36,656
49,421
Other income (expense):
Asset management fees
(731)
(997)
(3,156)
(4,630)
Interest expense, net
0
(3,537)
(7,899)
(18,334)
Depreciation and amortization
(1,090)
(5,666)
(17,217)
(28,395)
General and administrative (not allocated to segment)
N/A
N/A
N/A
N/A
Impairment charges
0
(10,910)
(1,573)
(54,370)
Debt extinguishment costs, net
0
(1,456)
(6,307)
(5,873)
Other expense, net
Gain on disposition of real estate, net (1)
27,714
1,754
29,596
23,710
Tax benefit (expense)
45
(674)
(148)
(858)
Net income (loss)
$29,458
($10,596)
$29,952
($39,329)
(1)
SITE Centers disposition fees for assets sold
3,244
21
3,587
2,642
Puerto Rico (Discontinued Operations)
4Q21
4Q20
12M21
12M20
Revenues:
Minimum rents
$170
$14,122
$34,390
$58,325
Ground lease minimum rents
0
1,946
4,472
8,008
Percentage and overage rent
(56)
796
1,984
2,025
Recoveries
120
6,491
15,037
24,621
Uncollectible revenue
83
(2,387)
1,400
(9,927)
Ancillary and other rental income
7
1,846
3,844
5,962
Lease termination fees
0
0
3,097
19
Other property revenues
(17)
(15)
0
38
307
22,799
64,224
89,071
Expenses:
Operating and maintenance
312
8,030
19,349
29,343
Property management fees
1,404
1,583
5,937
6,060
Real estate taxes
19
1,153
2,827
4,795
1,735
10,766
28,113
40,198
Net operating (loss) income
(1,428)
12,033
36,111
48,873
Other income (expense):
Asset management fees
(890)
(1,006)
(3,626)
(4,023)
Interest expense, net
0
(1,078)
(2,055)
(4,408)
Depreciation and amortization
0
(6,909)
(16,503)
(28,658)
General and administrative (not allocated to segment)
N/A
N/A
N/A
N/A
Impairment charges
0
0
(81,060)
(61,155)
Debt extinguishment costs, net
0
(49)
(1,951)
(49)
Other expense, net
0
(190)
197
251
Gain on disposition of real estate, net (1)
1,141
(910)
24,946
(910)
Tax expense
(35)
(40)
(133)
(534)
Net (loss) income
($1,212)
$1,851
($44,074)
($50,613)
(1)
SITE Centers disposition fees for assets sold
0
500
5,749
500
Retail Value Inc.
Balance Sheet
$ in thousands
At Period End
4Q21
4Q20
Assets:
Land
$0
$106,708
Buildings
51,261
421,401
Fixtures and tenant improvements
8,260
68,795
59,521
596,904
Depreciation
(36,195)
(253,565)
23,326
343,339
Construction in progress
0
321
Real estate, net
23,326
343,660
Cash
110,470
56,849
Restricted cash
1,993
115,939
Receivables and straight-line (1)
3,891
15,007
Intangible assets, net (2)
1,098
9,452
Other assets, net (3)
3,620
5,767
Assets related to discontinued operations
0
649,202
Total Assets
144,398
1,195,876
Liabilities and Equity:
Secured debt
0
258,795
Dividends payable
69,053
23,002
Other liabilities (4)
8,331
25,848
Liabilities related to discontinued operations
0
98,445
Total Liabilities
77,384
406,090
Redeemable preferred equity
0
190,000
Common shares
2,112
1,983
Paid-in capital
740,517
721,234
Distributions in excess of net income
(675,602)
(123,428)
Common shares in treasury at cost
(13)
(3)
Total Equity
67,014
599,786
Total Liabilities and Equity
$144,398
$1,195,876
All amounts include Discontinued Operation assets:
(1)
Tenant receivables, net - continental U.S.
693
N/A
Tenant receivables, net - Puerto Rico
841
N/A
SL rents (including fixed CAM), net - continental U.S.
287
N/A
Property insurance receivable
906
N/A
Other receivables
1,164
N/A
(2)
Operating lease right of use asset
1,098
N/A
(3)
Note receivable
3,000
N/A
(4)
Operating lease liabilities
2,126
N/A
Below-market leases, net
0
N/A
Prior year footnote amounts are not presented due to impact of discontinued operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220225005025/en/
Christa Vesy, EVP and Chief Financial Officer 216-755-5500
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