Retail Value Inc. Declares 2020 Year-End Common Stock Dividend of $1.16 Per Share
November 13 2020 - 4:05PM
Business Wire
Retail Value Inc. (NYSE: RVI) declared a common stock dividend
of $1.16 per share (approximately $23.0 million in the aggregate)
on account of estimated annual taxable income generated in Puerto
Rico. The dividend is payable on January 12, 2021 to shareholders
of record at the close of business on December 2, 2020 and will be
subject to a 10% withholding tax.
In accordance with recent guidance from the Internal Revenue
Service, specifically Revenue Procedure 2020-19, certain real
estate investment trusts are permitted to distribute up to 90% of
distributions declared prior to December 31, 2020 in stock in order
to conserve capital and enhance their liquidity. As a result, the
Company has elected to pay the 2020 year-end dividend in a
combination of cash and common shares with the cash component not
to exceed 10% of the aggregate dividend.
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 10% 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 31, 2020 and January 4 and
January 5, 2021. 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
9, 2020, and must be received by the Company's transfer agent,
Computershare Shareholder Services, by 5:00 p.m. ET on December 30,
2020.
If you have any questions regarding the election form or the
election deadline, please call Georgeson, our Information Agent for
the election, toll free at 866-695-6074. 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.
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 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 reports on Form 10-K and Form 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20201113005042/en/
Christa Vesy, EVP and Chief Financial Officer 216-755-5500
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