Beachwood’s DDR Corp. has completed its spinoff of Retail Value Inc. RVI is now an independent, publicly traded company that has begun trading on the NYSE under the ticker symbol “RVI.” RVI has a portfolio of 36 continental U.S. assets and all 12 of DDR’s previously owned Puerto Rico assets. DDR shareholders received one RVI common share for every 10 common shares of DDR held at the close of business June 26, 2018. Fractional shares of RVI were not distributed, and instead, DDR common shareholders will receive cash in lieu of any fractional shares that they would otherwise have been entitled to receive in the distribution. “I am extremely excited by the completion of the spinoff of RVI, which should allow our shareholders to benefit from value realization through operations and dispositions at RVI and redevelopment, same store NOI growth, and opportunistic investing at New DDR,” DDR CEO David R. Lukes said in a statement. “This transaction represents a decisive, strategic transformation that aims to generate both short and long-term benefits for all our stakeholders.”
