BEACHWOOD, OHIO– Shopping center REIT DDR Corp. is moving forward with its previously-announced plan to spin off a portfolio of 50 assets into a separately publicly-traded REIT that will be called Retail Value Inc.
When the spin off was first announced last December, DDR said that the portfolio, which consists of 38 continental US assets and all of its Puerto Rico portfolio, had a combined gross book value of approximately $3 billion as of September 30, 2017. The spin-off is meant to be a significant repositioning for DDR, allowing it to concentrate its core holdings into a smaller pool that has higher growth potential, it said.
In the latest news about the transaction, DDR’s Board of Directors just gave final approval to spin off the portfolio and set the dates for NYSE trading. DDR shareholders will receive one common share of REVI for every ten common shares of DDR held at the close of business on the record date of June 26, 2018. “When-issued” public trading for RVI common shares is expected to begin on June 25, 2018, under the ticker symbol “RVI WI,” and will continue through the distribution date. The distribution date for the RVI common shares is expected to be on July 1, 2018 and “regular way” trading of RVI common shares will begin on July 2, 2018.