Retail Value (RVI) Reports Q1 EPS of $0.15 on Revenues of $41.46M

Retail Value (NYSE: RVI) reported Q1 EPS of $0.15, versus ($0.66) reported last year. Revenue for the quarter came in at $41.46 million, versus $50.37 million reported last year.

Results for the Quarter and Recent Activity

• First quarter net income attributable to common shareholders was $3.2 million, or $0.15 per diluted share, as compared to net loss of $13.1 million, or $0.66 per share, in the year-ago period. The period-over-period increase in net income is primarily attributable to reduced impairment charges, interest expense and debt extinguishment costs partly offset by reduced rental income stemming from the impact of the COVID-19 pandemic and asset sales.
• First quarter operating funds from operations attributable to common shareholders (“Operating FFO” or “OFFO”) was $18.6 million, or $0.89 per diluted share, compared to $20.3 million, or $1.03 per diluted share, in the year-ago period. The period-over-period decrease in OFFO is primarily attributable to the impact of the COVID‑19 pandemic and asset sales partly offset by lower interest expense.
• The Continental U.S. leased rate was 86.7% at March 31, 2021 as compared to 88.9% at December 31, 2020. The decrease in the leased rate primarily related to the expiration and termination of two dark anchor tenant leases in the first quarter of 2021.
• The Puerto Rico leased rate was 88.3% at March 31, 2021 as compared to 89.2% at December 31, 2020 primarily due to the legal resolution and termination of dark non-paying tenants.
• Exercised its first extension option under its mortgage loan agreement in which the loan’s maturity was extended to March 9, 2022. In addition, extended the revolving credit facility maturity date to February 9, 2022.
• In April 2021, sold four properties (Marketplace of Brown Deer, Noble Town Center, Plaza Vega Baja and Uptown Solon) for a gross sales price of $38.9 million. In April 2021, net proceeds from the sale of Marketplace of Brown Deer along with unrestricted cash on hand aggregating $23.6 million were used to repay the mortgage loan. The majority of the net proceeds from the other three asset sales are expected to repay $24.9 million of the mortgage loan in May 2021.

For earnings history and earnings-related data on Retail Value (RVI) click here.

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