Retail Value Inc. (RVI), an independent publicly-traded company operating of the portfolio of real estate assets, is trading at $6.55 at the time of the writing after plunging 75.88% in the premarket trading session. The stock has dipped as a result of short squeezing after the company announcement of a special dividend. On Thursday, RVI closed the day at $27.16 after declining 0.037% during regular trading hours. Let’s discuss some recent developments related to RVI stock.
Top 5 Tech Stocks to Buy in 2024
Don't let the chaos of rising interest rates, potential recession, tighter credit issues, higher oil prices, and incessant geopolitical issues chase you from the markets. Instead, just wait it out. With too much fear in the market, go bargain hunting with tech stocks. We have complied a report with the five of the best ways to profit within this industry.
"Top 5 AI Stocks to Buy in 2024."
Click here to sign up for our free report & newsletter, plus bonus offer "Elon Musk just Tiggered a BOOM in These Stocks"
Sponsored
Why dip in RVI?
On 8th October, RVI announced the release date of third quarter2021 earnings results. The company said that it intends to release its third-quarter earnings on November 13th, 2021, after the closure of the share market.
Sales of US continental properties
On 1st October, RVI closed on the sale of 5 US continental property portfolios for $264 million closing costs, prorations, and other closing adjustments. As a result of the transaction, the company was left with interests in three remaining properties in the continental US. The net proceeds received at the closing were about $242.4 million, excluding $4.4 million of escrows established at closing, which were to be released to the company in the event of completion of certain leasing activity within 180 days of the closing. The net proceeds were expected to be utilized for the cash dividend of the company’s Series A Preferred and Common Shares.
Q2 2021 financial results
On 3rd August, RVI reported the results for the second quarter of the fiscal year 2021. The quarter ended on 30th June 2021. The company generated total revenue of $41.91 million during the quarter against $39.29 million for the same period of 2020. The net operating income generated by the company during the period was $26.72 million against $21.61 million for the same period of 2020. The net loss bore by the company during the period was $69.58 million against $1.98 million for the same period of 2020.
Executive commentary
Commenting on the results, Christa Vesy, EVP and Chief Financial Officer of RVI said that the company had done well during the quarter, especially during the times when impacts of COVID were still evident. Christa said that looking forward; the company intends to display remarkably better performance.
What’s the future for RVI?
Despite recent setbacks, RVI stock has performed tremendously during the last 12 months, as evident from a surge of 127% during the period. Analysts believe that a careful investment could yield the investor numerous dividends from RVI.
