Retail Value (RVIC) 10-Q 28 Oct 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 27, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	RETAIL VALUE INC.
Entity Central Index Key	0001735184
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		21,117,150
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	true
Entity File Number	1-38517
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	82-4182996
Entity Address, Address Line One	3300 Enterprise Parkway
Entity Address, City or Town	Beachwood
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44122
City Area Code	216
Local Phone Number	755-5500
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED STATEMENT OF NET A

CONSOLIDATED STATEMENT OF NET ASSETS (Liquidation Basis) (unaudited) $ in Thousands	Sep. 30, 2022 USD ($)
Assets
Cash and cash equivalents	$ 15,983
Accounts receivable, net	183
Total assets	16,166
Liabilities
Liability for estimated wind-up expenses	3,177
Accounts payable and other liabilities	808
Dividend payable	6,546
Total liabilities	10,531
Commitments and contingencies (Note 1)
Net assets in liquidation	$ 5,635

CONSOLIDATED BALANCE SHEETS (Go

CONSOLIDATED BALANCE SHEETS (Going-Concern Basis) (unaudited) $ in Thousands	Dec. 31, 2021 USD ($)
Assets
Buildings	$ 51,261
Fixtures and tenant improvements	8,260
Total real estate rental property	59,521
Less: Accumulated depreciation	(36,195)
Total real estate assets, net	23,326
Cash and cash equivalents	110,470
Restricted cash	1,993
Accounts receivable	3,891
Other assets, net	4,718
Total assets	144,398
Liabilities and Equity
Accounts payable and other liabilities	8,331
Dividends payable	69,053
Total liabilities	77,384
Commitments and contingencies (Note 1)
Retail Value Inc. shareholders' equity
Common shares, with par value, $0.10 stated value; 200,000,000 shares authorized; 21,117,748 shares issued at December 31, 2021	2,112
Additional paid-in capital	740,517
Accumulated distributions in excess of net loss	(675,602)
Less: Common shares in treasury at cost: 598 shares at December 31, 2021	(13)
Total equity	67,014
Total liabilities and equity	$ 144,398

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Going-Concern Basis) (unaudited) (parenthetical)	Dec. 31, 2021 $ / shares shares
Statement Of Financial Position [Abstract]
Common shares, par value | $ / shares	$ 0.10
Common shares, shares authorized	200,000,000
Common shares, shares issued	21,117,748
Treasury common shares	598

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (Liquidation Basis) (unaudited) - USD ($) $ in Thousands	3 Months Ended	5 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Changes In Net Assets In Liquidation Basis [Abstract]
Net assets in liquidation, beginning of period	$ 11,836	$ 35,636
Remeasurement of assets and liabilities	345	1,041
Distributions to common shareholders	(6,546)	(31,042)
Net assets in liquidation, end of period	$ 5,635	$ 5,635

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Going-Concern Basis) (Unaudited) - USD ($) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended	9 Months Ended
	Sep. 30, 2021	Apr. 30, 2022	Sep. 30, 2021
Revenues from operations:
Rental income	$ 14,659	$ 2,653	$ 50,221
Other income	(31)	2	38
Total revenue from operations	14,628	2,655	50,259
Rental operation expenses:
Operating and maintenance	1,922	384	6,485
Real estate taxes	2,661	48	8,562
Property and asset management fees	1,406	755	4,501
Impairment charges	1,573		1,573
General and administrative	874	829	2,997
Depreciation and amortization	4,439	675	16,127
Total rental operation expenses	12,875	2,691	40,245
Other income (expense):
Interest expense, net	(2,039)		(7,897)
Debt extinguishment costs	(5,158)		(6,307)
Gain on disposition of real estate, net	37	16,961	1,882
Total other income (expense)	(7,160)	16,961	(12,322)
Income (loss) before tax expense	(5,407)	16,925	(2,308)
Tax expense	(50)	(49)	(193)
Income (loss) from continuing operations	(5,457)	16,876	(2,501)
Income (loss) from discontinued operations	26,466	764	(42,862)
Net income (loss)	21,009	17,640	(45,363)
Comprehensive income (loss)	$ 21,009	$ 17,640	$ (45,363)
Basic earnings per share data:
Income (loss) from continuing operations, basic	$ (0.26)	$ 0.80	$ (0.12)
Income (loss) from discontinued operations, basic	1.25	0.04	(2.04)
Net income (loss), basic	0.99	0.84	(2.16)
Diluted earnings per share data:
Income (loss) from continuing operations, diluted	(0.26)	0.80	(0.12)
Income (loss) from discontinued operations, diluted	1.25	0.04	(2.04)
Net income (loss), diluted	$ 0.99	$ 0.84	$ (2.16)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (Going-Concern Basis) (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Distributions in Excess of Net Loss	Treasury Stock at Cost
Beginning Balance at Dec. 31, 2020	$ 599,786	$ 1,983	$ 721,234	$ (123,428)	$ (3)
Issuance of common shares related to stock dividend and stock plan	19,415	127	19,314	0	(26)
Net income (loss)	(66,372)	0	0	(66,372)	0
Ending Balance at Jun. 30, 2021	552,829	2,110	740,548	(189,800)	(29)
Beginning Balance at Dec. 31, 2020	599,786	1,983	721,234	(123,428)	(3)
Net income (loss)	(45,363)
Ending Balance at Sep. 30, 2021	573,825	2,112	740,517	(168,791)	(13)
Beginning Balance at Jun. 30, 2021	552,829	2,110	740,548	(189,800)	(29)
Issuance of common shares related to stock dividend and stock plan	(13)	2	(31)	0	16
Net income (loss)	21,009	0	0	21,009	0
Ending Balance at Sep. 30, 2021	573,825	2,112	740,517	(168,791)	(13)
Beginning Balance at Dec. 31, 2021	67,014	2,112	740,517	(675,602)	(13)
Dividends declared	(44,980)	0	0	(44,980)	0
Net income (loss)	17,640	0	0	17,640	0
Ending Balance at Apr. 30, 2022	$ 39,674	$ 2,112	$ 740,517	$ (702,942)	$ (13)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Going-Concern Basis) (Unaudited) - USD ($) $ in Thousands	4 Months Ended	9 Months Ended
	Apr. 30, 2022	Sep. 30, 2021
Cash flow from operating activities:
Net income (loss)	$ 17,640	$ (45,363)
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Depreciation and amortization	675	32,630
Amortization and write-off of above- and below-market leases, net		(586)
Amortization and write-off of debt issuance costs		9,800
Gain on disposition of real estate, net	(16,965)	(25,687)
Impairment charges		82,633
Assumption of buildings due to ground lease terminations		(2,660)
Net change in accounts receivable	1,862	8,061
Net change in accounts payable and other liabilities	(1,279)	(4,722)
Net change in other operating assets	1,166	6,450
Total adjustments	(14,541)	105,919
Net cash flow provided by operating activities	3,099	60,556
Cash flow from investing activities:
Real estate improvements to operating real estate	(864)	(9,856)
Proceeds from disposition of real estate	37,060	596,118
Net cash flow provided by investing activities	36,196	586,262
Cash flow from financing activities:
Repayment of mortgage debt, including repayment costs		(354,202)
Payment of credit facility costs		(74)
Dividends paid	(69,053)	(4,381)
Net cash flow used for financing activities	(69,053)	(358,657)
Net (decrease) increase in cash, cash equivalents and restricted cash	(29,758)	288,161
Cash, cash equivalents and restricted cash, beginning of period	112,463	172,788
Cash, cash equivalents and restricted cash, end of period	$ 82,705	$ 460,949

Nature of Business and Financia

Nature of Business and Financial Statement Presentation	9 Months Ended
	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business and Financial Statement Presentation	1. Nature of Business and Financial Statement Presentation Nature of Business Retail Value Inc. and its related consolidated real estate subsidiaries (collectively, the “Company” or “RVI”) were formed in December 2017 and owned and operated a portfolio of 48 retail shopping centers, comprised of 36 continental U.S. assets and 12 Puerto Rico assets, at the time of their separation from SITE Centers Corp. (“SITE Centers” or the “Manager”) on July 1, 2018. On April 12, 2022, RVI completed the sale of its last real estate asset and no longer owns an interest in any real property. On June 30, 2022, the Company filed a certificate of dissolution with the Secretary of State of the State of Ohio. Pursuant to the Ohio Revised Code, the Company will continue to exist for a period of five years following the filing of the certificate of dissolution for the purpose of paying, satisfying and discharging any unknown or contingent claims or any debts or other obligations, collecting and distributing its assets, and doing all other acts required to liquidate and wind-up its business and affairs. In connection with the filing of the certificate of dissolution and in recognition of the substantial completion of the Company's original strategy, the Company's independent directors resigned from the Company's Board of Directors on July 1, 2022, and the Board of Directors is now comprised exclusively of management directors. The Company, its subsidiaries and the Manager entered into a new External Management Agreement, effective January 1, 2022 (the “New Management Agreement”), which compensated the Manager for property management, leasing services and disposition efforts for Crossroads Center (prior to its sale on April 12, 2022) and compensates the Manager for corporate services in connection with the wind-up of the Company’s business. SITE Centers provides RVI with day-to-day management, as the Company does not have any employees. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”), including liquidation accounting discussed below, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Subsequent to the adoption of the liquidation basis of accounting, the Company is required to estimate all costs expected to be incurred through the end of liquidation including the estimated amount of cash the Company expects to collect on its remaining receivables. Actual results could differ from those estimates. Cash and Cash Equivalents, Restricted Cash, Accounts Receivable and Accounts Payable and Other Liabilities The carrying amounts reported in the Company’s consolidated balance sheet for these financial instruments approximated fair value because of their short-term maturities. Legal Matters The Company and its subsidiaries are subject to various legal proceedings, which, taken together, are not expected to have a material adverse effect on the Company. The Company is also subject to a variety of legal actions for personal injury or property damage that arose in the ordinary course of its business, most of which are covered by insurance. While the resolution of all matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations. Pre-Liquidation Basis of Accounting Basis of Presentation These financial statements were prepared by the Company in accordance with U.S. GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they did not include all information and footnotes required by U.S. GAAP for complete financial statements. However, in the opinion of management, the interim financial statements included all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the four months ended April 30, 2022 and the three and nine months ended September 30, 2021, were not necessarily indicative of the results that were expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information Non-cash investing and financing activities are summarized as follows (in millions): Four Months Nine Months Ended April 30, Ended September 30, 2022 2021 Dividends declared but not paid $ 45.0 $ — Accounts payable related to construction in progress (continuing operations) — 0.7 Assumption of buildings due to ground lease terminations (discontinued operations) — 2.7 Stock dividends — 18.6 Post-Liquidation Basis of Accounting Basis of Presentation In connection with the sale of Crossroads Center, the Company’s last property, on April 12, 2022, the Company adopted the liquidation basis of accounting, in accordance with U.S. GAAP, effective May 1, 2022, which was the beginning of the fiscal month after the sale date. Accordingly, on May 1, 2022, the carrying value of the Company’s assets was adjusted to their estimated liquidation value, which represents the estimated amount of cash that the Company will collect on settlement of its assets and liabilities as it carries out the liquidation activities. The liquidation basis of accounting is appropriate when the liquidation of a company appears imminent, and the net realizable value of its assets is reasonably determinable. Under this basis of accounting, assets and liabilities are stated at their net realizable value (or liquidation value) and estimated costs through the liquidation date are accrued to the extent reasonably determinable. The Company accrued expenses that it expects to incur as it carries out its liquidation activities to the extent it has a reasonable basis for estimation. The Company expects to incur general and administrative expenses associated with the winding up and dissolution of the Company i.e., fees to SITE Centers under the New Management Agreement, professional fees (auditing and legal expenses), insurance premiums, vendor expenses and costs to resolve and streamline the Company’s subsidiaries and corporate structure. Actual expense incurred may differ from amounts reflected in the financial statements due to the inherent uncertainty in estimating future events. These differences could be material (Note 2). Actual costs incurred but unpaid as of September 30, 2022, are included in Accounts Payable and Other Liabilities in the Consolidated Statement of Net Assets. As a result of the change to the liquidation basis of accounting, the Company no longer presents a Consolidated Balance Sheet, a Consolidated Statement of Operations and Comprehensive Income, a Consolidated Statement of Equity or a Consolidated Statement of Cash Flows. These statements are only presented for prior periods. Accounts Receivable In connection with the transition to liquidation accounting, the Company adjusted the expected amount to be collected from its accounts receivable by $ 0.9 million (Note 3). The estimate of collectability of outstanding receivables requires judgement and complex and extensive assumptions. The Company generally reviews its outstanding accounts receivable individually by tenant account for collectability and considers assumptions such as the terms of the underlying lease, litigation status and former business segment (i.e. continental U.S. vs. Puerto Rico). Smaller individual balances and ancillary income accounts are generally expected to be collected at a rate of 30 % and 10 % of the outstanding amount, respectively. While the Company is working to maximize payment, collection of past due amounts is not guaranteed. Distributions The amount and timing of distributions to shareholders involve risks and uncertainties. Accordingly, it is not possible to predict the timing and aggregate amount that ultimately will be distributed to shareholders and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Consolidated Statement of Net Assets.

Liability for Estimated Wind-Up

Liability for Estimated Wind-Up Expenses in Excess of Estimated Income During Liquidation	9 Months Ended
	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Liability for Estimated Wind-Up Expenses in Excess of Estimated Income During Liquidation	2. Liability for Estimated Wind-Up Expenses in Excess of Estimated Income During Liquidation The liquidation basis of accounting requires the Company to estimate net cash flows primarily from the collection of receivables and to accrue all costs associated with winding up the remaining operations of the Company and complying with regulatory requirements (when such costs can be reasonably estimated). As the basis for such estimates, in accordance with Ohio law, the Company expects to continue to exist for a period of five years following the filing of the certificate of dissolution with the Secretary of State of the State of Ohio, which occurred on June 30, 2022 (“Liquidation Period”). The Company currently estimates that it will have enough assets to cover the expenses during the Liquidation Period. These amounts can vary significantly due to, among other things, the timing and amounts of accounts receivable collected and contingent liabilities paid and the costs associated with the winding up of the Company. Certain of these amounts are estimated and are anticipated to be paid out over the Liquidation Period. Upon transition to the liquidation basis of accounting on May 1, 2022, the Company accrued $ 4.9 million of estimated general and administrative expenses expected to be incurred and paid out during the Liquidation Period (Note 3). In addition, the Company did not record any liability for potential breach of representation claims relating to the sale agreement governing the Company's final real estate disposition. This potential liability is capped at approximately $ 0.8 million and has a survival period which expires in January 2023 . The decrease in net assets in liquidation for the period May 1, 2022 through September 30, 2022, was primarily due to the declaration of common share dividends to shareholders of $ 31.0 million and the payment of additional expenses associated with the wind down of the operations partially offset by payments received that were in excess of estimated receivables or were not anticipated. The change in the liability for estimated costs during the Liquidation Period as of September 30, 2022, is as follows (in thousands): Period from May 1, 2022 through September 30, 2022 General and administrative expenses, beginning of period $ 5,671 Payments ( 2,524 ) Remeasurement of wind-up expenses 30 General and administrative expenses, end of period $ 3,177

Net Assets in Liquidation

Net Assets in Liquidation	9 Months Ended
	Sep. 30, 2022
Net Assets Liquidation [Abstract]
Net Assets in Liquidation	3. Net Assets in Liquidation The following is a reconciliation of Total Equity as of April 30, 2022 to net assets in liquidation under the liquidation basis of accounting (in thousands): Total equity as of April 30, 2022 $ 39,674 Increase due to collectability of accounts receivable 921 Decrease due to the write-off of prepaid expenses ( 242 ) Change in receivables and other payables, net 133 Estimated wind-up expenses ( 4,850 ) Estimated value of net assets in liquidation as of May 1, 2022 $ 35,636

Transactions with SITE Centers

Transactions with SITE Centers	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Transactions with SITE Centers	4. Transactions with SITE Centers The following table presents fees and other amounts charged by SITE Centers (in thousands): Four Months Three Months Nine Months Ended April 30, Ended September 30, Ended September 30, 2022 2021 2021 Asset management fees (A) $ 250 $ 1,620 $ 5,161 Incentive payment (B) 500 — — Property management fees (C) 88 2,081 6,609 Disposition fees (D) 385 5,500 6,092 Leasing commissions (E) 7 306 1,701 Maintenance services and other (F) 7 214 866 Credit facility guaranty fees — 60 60 Legal fees (G) 36 235 444 $ 1,273 $ 10,016 $ 20,933 (A) In 2022, the asset management fee was based on a fixed fee. In 2021, asset management fees were generally calculated at 0.5 % per annum of the gross asset value as determined on the immediately preceding June 30 or December 31. In addition, in May 2022, the Company accrued $ 1.6 million of costs for the estimated amount to be paid to SITE Centers during the five-year wind-up period. (See table below.) (B) In April 2022, the Company paid SITE Centers an incentive payment in recognition of the successful completion of the Company’s disposition program. (C) In 2022, the Company paid a fixed property management fee to SITE Centers through April 2022 related to Crossroads Center. In 2021, property management fees were generally calculated based on a percentage of tenant cash receipts collected during the three months immediately preceding the most recent June 30 or December 31. (D) Disposition fees equaled 1 % of the gross sales price of each asset sold. Disposition fees are included within Gain on Disposition of Real Estate on the consolidated statements of operations. (E) Leasing commissions represent fees charged for the execution of the leasing of retail space. (F) Maintenance services represent amounts charged to the properties for the allocation of compensation and other benefits of personnel directly attributable to the management of the properties. Amounts are recorded in Operating and Maintenance Expense on the consolidated statements of operations. (G) Legal fees charged for collection activity, negotiating and reviewing tenant leases and contracts for asset dispositions. Estimated a mounts payable to SITE Centers are as follows (in thousands): Payable to SITE Centers as of May 1, 2022 $ 1,600 Payments made during the period ( 127 ) Remeasurement of wind-up expenses 2 Payable to SITE Centers as of September 30, 2022 $ 1,475 On December 15, 2021, the Company and certain subsidiaries of SITE Centers entered into the New Management Agreement, which took effect on January 1, 2022 and compensated the Manager for property management and leasing services for Crossroads Center (prior to its sale on April 12, 2022) and compensates the Manager for corporate services in connection with the wind-up of the Company’s business. Pursuant to the terms of the New Management Agreement, the Company will pay the Manager an asset management fee for services rendered in connection with corporate management of the Company in an aggregate amount of (i) $ 500,000 for calendar year 2022, (ii) $ 300,000 per annum commencing on January 1, 2023 until the end of the calendar quarter in which the Company’s shares are deregistered under the Securities Exchange Act of 1934 (the “Exchange Act”) and/or the Company’s reporting obligations under the Exchange Act are suspended or terminated, and (iii) $ 100,000 per annum, commencing from the calendar quarter immediately following the calendar quarter in which the Company’s shares are deregistered under the Exchange Act and/or the Company’s reporting obligations under the Exchange Act are suspended or terminated until the expiry of the term of the New Management Agreement (June 30, 2027) or the earlier termination thereof. In addition, pursuant to the New Management Agreement, the Company paid the Manager a property management fee of $ 22,000 per month through April 2022 on account of Crossroads Center. In April 2022, in accordance with the terms of the New Management Agreement, the Company paid SITE Centers a $ 385,000 disposition fee for the sale of Crossroads Center and a $ 500,000 incentive payment in recognition of the successful completion of the Company’s disposition program (including the sale of Crossroads Center). The New Management Agreement also obligates the Company to pay or reimburse the Manager for all commercially reasonable third-party costs and expenses incurred in the performance of its duties under the New Management Agreement, including, but not limited to, all fees and expenses paid to outside advisors (legal and accounting), consultants, architects, engineers and other professionals reasonably required for the performance of the Manager’s duties.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2022
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other Assets	5. Other Assets Other Assets consisted of the following (in thousands): December 31, 2021 Operating lease ROU assets $ 1,098 Note receivable (A) 3,000 Other assets: Prepaid expenses 511 Other assets 109 Total other assets $ 4,718 (A) Repaid in accordance with its terms in September 2022.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2022
Discontinued Operations And Disposal Groups [Abstract]
Discontinued Operations	6. Discontinued Operations The Company previously sold all of its properties located in Puerto Rico, which represented a strategic shift in the Company’s geographic concentration and business and, as such, the Puerto Rico properties are reflected as discontinued operations for all periods presented. Only Interest Expense, which was specifically identifiable to the Puerto Rico assets, is included in the computation of interest expense attributable to discontinued operations. The operating results related to the Puerto Rico segment (discontinued operations) were as follows (in thousands): Four Months Three Months Nine Months Ended April 30, Ended September 30, Ended September 30, 2022 2021 2021 Revenues from operations: Rental income $ 851 $ 16,183 $ 63,900 Other income — ( 5 ) 17 851 16,178 63,917 Rental operation expenses: Operating and maintenance 79 4,824 19,037 Real estate taxes — 686 2,808 Property and asset management fees — 2,295 7,269 Impairment charges — — 81,060 Depreciation and amortization — 3,629 16,503 79 11,434 126,677 Other income (expense): Interest expense, net — ( 485 ) ( 2,055 ) Debt extinguishment costs — ( 1,858 ) ( 1,951 ) Other income, net — — 197 Gain on disposition of real estate 4 24,109 23,805 4 21,766 19,996 Income (loss) from discontinued operations before tax 776 26,510 ( 42,764 ) Tax expense ( 12 ) ( 44 ) ( 98 ) Income (loss) from discontinued operations $ 764 $ 26,466 $ ( 42,862 ) There were no non-cash items for the four months ended April 30, 2022. The following table summarizes cash flow data relating to discontinued operations for the nine months ended September 30, 2021 (in thousands): Nine Months Ended September 30, 2021 Depreciation and amortization $ 16,503 Amortization and write-off of above- and below-market leases, net 210 Impairment charges 81,060 Assumption of buildings due to ground lease terminations 2,660 Real estate improvements to operating real estate 4,452

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	7. Earnings Per Share The following table provides net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding, and “diluted” EPS (in thousands, except per share amounts): Four Months Three Months Nine Months Ended April 30, Ended September 30, Ended September 30, 2022 2021 2021 Numerators – Basic and Diluted Net income (loss) attributable to common shareholders $ 16,876 $ ( 5,457 ) $ ( 2,501 ) Net income (loss) attributable to common shareholders 764 26,466 ( 42,862 ) Total $ 17,640 $ 21,009 $ ( 45,363 ) Denominators – Number of Shares Basic and Diluted — Average shares outstanding 21,117 21,117 21,043 Basic and Diluted Earnings Per Share: Income (loss) from continuing operations $ 0.80 $ ( 0.26 ) $ ( 0.12 ) Income (loss) from discontinued operations 0.04 1.25 ( 2.04 ) Total $ 0.84 $ 0.99 $ ( 2.16 ) Dividends The Board of Directors of the Company declared cash dividends per common share as follows: Declaration Date Paid Date Amount Aggregate September 2022 October 2022 $ 0.31 $ 6.5 June 2022 July 2022 1.16 24.5 April 2022 May 2022 2.13 45.0 December 2021 January 2022 3.27 69.1 Total $ 6.87 $ 145.1

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events On October 26, 2022, the Company paid a cash dividend aggregating $ 6.5 million (Note 7).

Nature of Business and Financ_2

Nature of Business and Financial Statement Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Use of Estimates in Preparation of Financial Statements	Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”), including liquidation accounting discussed below, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses during the year. Subsequent to the adoption of the liquidation basis of accounting, the Company is required to estimate all costs expected to be incurred through the end of liquidation including the estimated amount of cash the Company expects to collect on its remaining receivables. Actual results could differ from those estimates.
Cash and Cash Equivalents, Restricted Cash, Accounts Receivable and Accounts Payable and Other Liabilities	Cash and Cash Equivalents, Restricted Cash, Accounts Receivable and Accounts Payable and Other Liabilities The carrying amounts reported in the Company’s consolidated balance sheet for these financial instruments approximated fair value because of their short-term maturities.
Legal Matters	Legal Matters The Company and its subsidiaries are subject to various legal proceedings, which, taken together, are not expected to have a material adverse effect on the Company. The Company is also subject to a variety of legal actions for personal injury or property damage that arose in the ordinary course of its business, most of which are covered by insurance. While the resolution of all matters cannot be predicted with certainty, management believes that the final outcome of such legal proceedings and claims will not have a material adverse effect on the Company’s liquidity, financial position or results of operations.
Pre-Liquidation Basis of Accounting	Pre-Liquidation Basis of Accounting Basis of Presentation These financial statements were prepared by the Company in accordance with U.S. GAAP for interim financial information and the applicable rules and regulations of the Securities and Exchange Commission. Accordingly, they did not include all information and footnotes required by U.S. GAAP for complete financial statements. However, in the opinion of management, the interim financial statements included all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results of the periods presented. The results of operations for the four months ended April 30, 2022 and the three and nine months ended September 30, 2021, were not necessarily indicative of the results that were expected for the full year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Statements of Cash Flows and Supplemental Disclosure of Non-Cash Investing and Financing Information Non-cash investing and financing activities are summarized as follows (in millions): Four Months Nine Months Ended April 30, Ended September 30, 2022 2021 Dividends declared but not paid $ 45.0 $ — Accounts payable related to construction in progress (continuing operations) — 0.7 Assumption of buildings due to ground lease terminations (discontinued operations) — 2.7 Stock dividends — 18.6
Post-Liquidation Basis of Accounting	Post-Liquidation Basis of Accounting Basis of Presentation In connection with the sale of Crossroads Center, the Company’s last property, on April 12, 2022, the Company adopted the liquidation basis of accounting, in accordance with U.S. GAAP, effective May 1, 2022, which was the beginning of the fiscal month after the sale date. Accordingly, on May 1, 2022, the carrying value of the Company’s assets was adjusted to their estimated liquidation value, which represents the estimated amount of cash that the Company will collect on settlement of its assets and liabilities as it carries out the liquidation activities. The liquidation basis of accounting is appropriate when the liquidation of a company appears imminent, and the net realizable value of its assets is reasonably determinable. Under this basis of accounting, assets and liabilities are stated at their net realizable value (or liquidation value) and estimated costs through the liquidation date are accrued to the extent reasonably determinable. The Company accrued expenses that it expects to incur as it carries out its liquidation activities to the extent it has a reasonable basis for estimation. The Company expects to incur general and administrative expenses associated with the winding up and dissolution of the Company i.e., fees to SITE Centers under the New Management Agreement, professional fees (auditing and legal expenses), insurance premiums, vendor expenses and costs to resolve and streamline the Company’s subsidiaries and corporate structure. Actual expense incurred may differ from amounts reflected in the financial statements due to the inherent uncertainty in estimating future events. These differences could be material (Note 2). Actual costs incurred but unpaid as of September 30, 2022, are included in Accounts Payable and Other Liabilities in the Consolidated Statement of Net Assets. As a result of the change to the liquidation basis of accounting, the Company no longer presents a Consolidated Balance Sheet, a Consolidated Statement of Operations and Comprehensive Income, a Consolidated Statement of Equity or a Consolidated Statement of Cash Flows. These statements are only presented for prior periods.
Accounts Receivable	Accounts Receivable In connection with the transition to liquidation accounting, the Company adjusted the expected amount to be collected from its accounts receivable by $ 0.9 million (Note 3). The estimate of collectability of outstanding receivables requires judgement and complex and extensive assumptions. The Company generally reviews its outstanding accounts receivable individually by tenant account for collectability and considers assumptions such as the terms of the underlying lease, litigation status and former business segment (i.e. continental U.S. vs. Puerto Rico). Smaller individual balances and ancillary income accounts are generally expected to be collected at a rate of 30 % and 10 % of the outstanding amount, respectively. While the Company is working to maximize payment, collection of past due amounts is not guaranteed.
Distributions	Distributions The amount and timing of distributions to shareholders involve risks and uncertainties. Accordingly, it is not possible to predict the timing and aggregate amount that ultimately will be distributed to shareholders and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the Consolidated Statement of Net Assets.

Nature of Business and Financ_3

Nature of Business and Financial Statement Presentation (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Non-cash Investing and Financing Activities	Non-cash investing and financing activities are summarized as follows (in millions): Four Months Nine Months Ended April 30, Ended September 30, 2022 2021 Dividends declared but not paid $ 45.0 $ — Accounts payable related to construction in progress (continuing operations) — 0.7 Assumption of buildings due to ground lease terminations (discontinued operations) — 2.7 Stock dividends — 18.6

Liability for Estimated Wind-_2

Liability for Estimated Wind-Up Expenses in Excess of Estimated Income During Liquidation (Tables)	9 Months Ended
	Sep. 30, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Schedule of Change in Liability for Estimated Costs in Liquidation Period	The change in the liability for estimated costs during the Liquidation Period as of September 30, 2022, is as follows (in thousands): Period from May 1, 2022 through September 30, 2022 General and administrative expenses, beginning of period $ 5,671 Payments ( 2,524 ) Remeasurement of wind-up expenses 30 General and administrative expenses, end of period $ 3,177

Net Assets in Liquidation (Tabl

Net Assets in Liquidation (Tables)	9 Months Ended
	Sep. 30, 2022
Net Assets Liquidation [Abstract]
Summary of Reconciliation of Total Equity	The following is a reconciliation of Total Equity as of April 30, 2022 to net assets in liquidation under the liquidation basis of accounting (in thousands): Total equity as of April 30, 2022 $ 39,674 Increase due to collectability of accounts receivable 921 Decrease due to the write-off of prepaid expenses ( 242 ) Change in receivables and other payables, net 133 Estimated wind-up expenses ( 4,850 ) Estimated value of net assets in liquidation as of May 1, 2022 $ 35,636

Transactions with SITE Centers

Transactions with SITE Centers (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule of Fees and Other Amounts Charged	The following table presents fees and other amounts charged by SITE Centers (in thousands): Four Months Three Months Nine Months Ended April 30, Ended September 30, Ended September 30, 2022 2021 2021 Asset management fees (A) $ 250 $ 1,620 $ 5,161 Incentive payment (B) 500 — — Property management fees (C) 88 2,081 6,609 Disposition fees (D) 385 5,500 6,092 Leasing commissions (E) 7 306 1,701 Maintenance services and other (F) 7 214 866 Credit facility guaranty fees — 60 60 Legal fees (G) 36 235 444 $ 1,273 $ 10,016 $ 20,933 (A) In 2022, the asset management fee was based on a fixed fee. In 2021, asset management fees were generally calculated at 0.5 % per annum of the gross asset value as determined on the immediately preceding June 30 or December 31. In addition, in May 2022, the Company accrued $ 1.6 million of costs for the estimated amount to be paid to SITE Centers during the five-year wind-up period. (See table below.) (B) In April 2022, the Company paid SITE Centers an incentive payment in recognition of the successful completion of the Company’s disposition program. (C) In 2022, the Company paid a fixed property management fee to SITE Centers through April 2022 related to Crossroads Center. In 2021, property management fees were generally calculated based on a percentage of tenant cash receipts collected during the three months immediately preceding the most recent June 30 or December 31. (D) Disposition fees equaled 1 % of the gross sales price of each asset sold. Disposition fees are included within Gain on Disposition of Real Estate on the consolidated statements of operations. (E) Leasing commissions represent fees charged for the execution of the leasing of retail space. (F) Maintenance services represent amounts charged to the properties for the allocation of compensation and other benefits of personnel directly attributable to the management of the properties. Amounts are recorded in Operating and Maintenance Expense on the consolidated statements of operations. (G) Legal fees charged for collection activity, negotiating and reviewing tenant leases and contracts for asset dispositions.
Schedule of Amounts payable to SITE	mounts payable to SITE Centers are as follows (in thousands): Payable to SITE Centers as of May 1, 2022 $ 1,600 Payments made during the period ( 127 ) Remeasurement of wind-up expenses 2 Payable to SITE Centers as of September 30, 2022 $ 1,475

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other Assets consisted of the following (in thousands): December 31, 2021 Operating lease ROU assets $ 1,098 Note receivable (A) 3,000 Other assets: Prepaid expenses 511 Other assets 109 Total other assets $ 4,718 (A) Repaid in accordance with its terms in September 2022.

Discontinued Operations (Tables

Discontinued Operations (Tables) - Discontinued Operations	9 Months Ended
	Sep. 30, 2022
Schedule of Discontinued Operations	The following table summarizes cash flow data relating to discontinued operations for the nine months ended September 30, 2021 (in thousands): Nine Months Ended September 30, 2021 Depreciation and amortization $ 16,503 Amortization and write-off of above- and below-market leases, net 210 Impairment charges 81,060 Assumption of buildings due to ground lease terminations 2,660 Real estate improvements to operating real estate 4,452
Puerto Rico
Schedule of Discontinued Operations	The operating results related to the Puerto Rico segment (discontinued operations) were as follows (in thousands): Four Months Three Months Nine Months Ended April 30, Ended September 30, Ended September 30, 2022 2021 2021 Revenues from operations: Rental income $ 851 $ 16,183 $ 63,900 Other income — ( 5 ) 17 851 16,178 63,917 Rental operation expenses: Operating and maintenance 79 4,824 19,037 Real estate taxes — 686 2,808 Property and asset management fees — 2,295 7,269 Impairment charges — — 81,060 Depreciation and amortization — 3,629 16,503 79 11,434 126,677 Other income (expense): Interest expense, net — ( 485 ) ( 2,055 ) Debt extinguishment costs — ( 1,858 ) ( 1,951 ) Other income, net — — 197 Gain on disposition of real estate 4 24,109 23,805 4 21,766 19,996 Income (loss) from discontinued operations before tax 776 26,510 ( 42,764 ) Tax expense ( 12 ) ( 44 ) ( 98 ) Income (loss) from discontinued operations $ 764 $ 26,466 $ ( 42,862 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Net Income and the Number of Common Shares used in the Computations of "Basic" Earnings Per Share ("EPS")	The following table provides net income and the number of common shares used in the computations of “basic” earnings per share (“EPS”), which utilizes the weighted-average number of common shares outstanding, and “diluted” EPS (in thousands, except per share amounts): Four Months Three Months Nine Months Ended April 30, Ended September 30, Ended September 30, 2022 2021 2021 Numerators – Basic and Diluted Net income (loss) attributable to common shareholders $ 16,876 $ ( 5,457 ) $ ( 2,501 ) Net income (loss) attributable to common shareholders 764 26,466 ( 42,862 ) Total $ 17,640 $ 21,009 $ ( 45,363 ) Denominators – Number of Shares Basic and Diluted — Average shares outstanding 21,117 21,117 21,043 Basic and Diluted Earnings Per Share: Income (loss) from continuing operations $ 0.80 $ ( 0.26 ) $ ( 0.12 ) Income (loss) from discontinued operations 0.04 1.25 ( 2.04 ) Total $ 0.84 $ 0.99 $ ( 2.16 )
Schedule of Declared Cash Dividends Per Common Share	The Board of Directors of the Company declared cash dividends per common share as follows: Declaration Date Paid Date Amount Aggregate September 2022 October 2022 $ 0.31 $ 6.5 June 2022 July 2022 1.16 24.5 April 2022 May 2022 2.13 45.0 December 2021 January 2022 3.27 69.1 Total $ 6.87 $ 145.1

Nature of Business and Financ_4

Nature of Business and Financial Statement Presentation - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)	Jul. 01, 2018 ShoppingCenter PortfolioAsset
Nature Of Business [Line Items]
Liquidation basis of accounting, adoption	In connection with the sale of Crossroads Center, the Company’s last property, on April 12, 2022, the Company adopted the liquidation basis of accounting, in accordance with U.S. GAAP, effective May 1, 2022, which was the beginning of the fiscal month after the sale date.
Liquidation basis of accounting [true false]	true
Increase due to collectability of accounts receivable | $	$ 0.9
Percentage of outstanding amount of smaller individual balances expected to be collected	30%
Percentage of outstanding amount of ancillary income accounts expected to be collected	10%
SITE Centers Corp
Nature Of Business [Line Items]
Number of portfolio assets in connection with spin off | PortfolioAsset		48
SITE Centers Corp | U.S.
Nature Of Business [Line Items]
Number of shopping centers subject to spin off		36
SITE Centers Corp | Puerto Rico
Nature Of Business [Line Items]
Number of shopping centers subject to spin off		12

Nature of Business and Financ_5

Nature of Business and Financial Statement Presentation - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	4 Months Ended	9 Months Ended
	Apr. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Dividends declared but not paid	$ 45,000		$ 69,053
Accounts payable related to construction in progress (continuing operations)		700
Assumption of buildings due to ground lease terminations (discontinued operations)		2,700
Stock dividends		$ 18,600

Liability for Estimated Wind-_3

Liability for Estimated Wind-Up Expenses in Excess of Estimated Income During Liquidation - Additional Information (Details) - USD ($) $ in Thousands	4 Months Ended	5 Months Ended	9 Months Ended
	Apr. 30, 2022	Sep. 30, 2022	Sep. 30, 2022	May 01, 2022
Restructuring Cost and Reserve [Line Items]
Estimated general and administrative expenses expected to be incurred and paid out during liquidation period				$ 4,900
Outstanding maximum potential liabilities capped		$ 800	$ 800
Contingent liabilities for survival period of expired term			2023-01
Common share dividends to shareholders	$ 44,980	$ 31,000

Liability for Estimated Wind-_4

Liability for Estimated Wind-Up Expenses in Excess of Estimated Income During Liquidation - Schedule of Change in Liability for Estimated Costs in Liquidation Period (Details) $ in Thousands	5 Months Ended
	Sep. 30, 2022 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Abstract]
General and administrative expense beginning balance	$ 5,671
Remeasurement of wind-up expenses	30
Payments	(2,524)
General and administrative expense ending balance	$ 3,177

Net Assets in Liquidation - Sum

Net Assets in Liquidation - Summary of Reconciliation of Total Equity (Details) - USD ($) $ in Thousands	May 01, 2022	Apr. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Net Assets Liquidation [Abstract]
Total equity as of April 30, 2022	$ 35,636	$ 39,674	$ 67,014	$ 573,825	$ 552,829	$ 599,786
Increase due to collectability of accounts receivable	921
Decrease due to the write-off of prepaid expenses	(242)
Change in receivables and other payables, net	133
Estimated wind up expenses	(4,850)
Estimated value of net assets in liquidation as of May 1, 2022	$ 35,636	$ 39,674	$ 67,014	$ 573,825	$ 552,829	$ 599,786

Transactions with SITE Center_2

Transactions with SITE Centers - Summary of Fees and Other Amounts Charged (Details) - SITE Centers Corp - USD ($) $ in Thousands	3 Months Ended	4 Months Ended	9 Months Ended
	Sep. 30, 2021	Apr. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Asset management fees	$ 1,620	$ 250	$ 5,161
Incentive payment	0	500	0
Property management fees	2,081	88	6,609
Disposition fees	5,500	385	6,092
Leasing commissions	306	7	1,701
Maintenance services and other	214	7	866
Credit facility guaranty fees	60	0	60
Legal fees	235	36	444
Total fees and other amount charges	$ 10,016	$ 1,273	$ 20,933

Transactions with SITE Center_3

Transactions with SITE Centers - Summary of Fees and Other Amounts Charged (Parenthetical) (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	May 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Related Party Transaction [Line Items]
Accrued Estimated Amount To Be Paid	$ 1.6
Percentage of gross asset value for calculation of asset management fees			0.50%
Percentage Of Gross Sales Price Of Asset Sold For Calculation Of Disposition Fees		1%	1%

Transactions with SITE Center_4

Transactions with SITE Centers - Schedule of Amounts payable to SITE (Details) $ in Thousands	5 Months Ended
	Sep. 30, 2022 USD ($)
Related Party Transaction [Line Items]
Remeasurement of wind-up expenses	$ 30
SITE Centers Corp
Related Party Transaction [Line Items]
Payable to SITE Centers as of May 1, 2022	1,600
Payments made during the period	(127)
Remeasurement of wind-up expenses	2
Payable to SITE Centers as of September 30, 2022	$ 1,475

Transactions with SITE Center_5

Transactions with SITE Centers - Additional Information (Details) - New Management Agreement - USD ($)		1 Months Ended	4 Months Ended
	Dec. 15, 2021	Apr. 30, 2022	Apr. 30, 2022
Crossroads Center
Related Party Transaction [Line Items]
Property management fee			$ 22,000
Disposition fee		$ 385,000
Incentive payment to manager		$ 500,000
For Calendar Year 2022
Related Party Transaction [Line Items]
Annual asset management fee payable for services rendered in connection with corporate management	$ 500,000
Commencing on January 1, 2023 until the End of the Calendar Quarter in which the Company's Shares are Deregistered
Related Party Transaction [Line Items]
Annual asset management fee payable for services rendered in connection with corporate management	300,000
Commencing from the Calendar Quarter Immediately Following the Calendar Quarter in which the Company's Shares are Deregistered
Related Party Transaction [Line Items]
Annual asset management fee payable for services rendered in connection with corporate management	$ 100,000

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Operating lease ROU assets	$ 1,098
Notes receivable	3,000
Other assets:
Prepaid expenses	511
Other assets	109
Total other assets	$ 4,718

Discontinued Operations - Sched

Discontinued Operations - Schedule of Operating Results Related to Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended	4 Months Ended	9 Months Ended
	Sep. 30, 2021	Apr. 30, 2022	Sep. 30, 2021
Rental operation expenses:
Impairment charges			$ 81,060
Other income (expense):
Income (loss) from discontinued operations	$ 26,466	$ 764	(42,862)
Puerto Rico
Revenues from operations:
Rental income	16,183	851	63,900
Other income	(5)	0	17
Total revenue from discontinued operations	16,178	851	63,917
Rental operation expenses:
Operating and maintenance	4,824	79	19,037
Real estate taxes	686	0	2,808
Property and asset management fees	2,295	0	7,269
Impairment charges	0	0	81,060
Depreciation and amortization	3,629	0	16,503
Total rental operation expenses	11,434	79	126,677
Other income (expense):
Interest expense, net	(485)	0	(2,055)
Debt extinguishment costs	(1,858)	0	(1,951)
Other income, net	0	0	197
Gain on disposition of real estate	24,109	4	23,805
Total other income (expense)	21,766	4	19,996
Income (loss) from discontinued operations before tax expense	26,510	776	(42,764)
Tax expense	(44)	(12)	(98)
Income (loss) from discontinued operations	$ 26,466	$ 764	$ (42,862)

Discontinued Operations - Summa

Discontinued Operations - Summary of Cash Flow Data Related to Discontinued Operations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Discontinued Operations And Disposal Groups [Abstract]
Depreciation and amortization	$ 16,503
Amortization and write-off of above- and below-market leases, net	210
Impairment charges	81,060
Assumption of building due to ground lease termination	2,660
Real estate improvements to operating real estate	$ 4,452

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Net Income and the Number of Common Shares used in the Computations of "Basic" Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	4 Months Ended	6 Months Ended	9 Months Ended
	Sep. 30, 2021	Apr. 30, 2022	Jun. 30, 2021	Sep. 30, 2021
Numerators – Basic and Diluted
Net income (loss) attributable to common shareholders from continuing operations	$ (5,457)	$ 16,876		$ (2,501)
Net income (loss) attributable to common shareholders from discontinued operations	26,466	764		(42,862)
Net income (loss)	$ 21,009	$ 17,640	$ (66,372)	$ (45,363)
Denominators – Number of Shares
Basic - Average shares outstanding	21,117	21,117		21,043
Diluted - Average shares outstanding	21,117	21,117		21,043
Basic Earnings Per Share:
Income (loss) from continuing operations, basic	$ (0.26)	$ 0.80		$ (0.12)
Income (loss) from discontinued operations, basic	1.25	0.04		(2.04)
Net income (loss), basic	0.99	0.84		(2.16)
Diluted Earnings Per Share:
Income (loss) from continuing operations, diluted	(0.26)	0.80		(0.12)
Income (loss) from discontinued operations, diluted	1.25	0.04		(2.04)
Net income (loss), diluted	$ 0.99	$ 0.84		$ (2.16)

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Declared Cash Dividends per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended				10 Months Ended
	Oct. 26, 2022	Oct. 31, 2022	Jul. 31, 2022	May 31, 2022	Jan. 31, 2022	Oct. 31, 2022
Dividends Payable [Line Items]
Common shares, cash dividend paid			$ 1.16	$ 2.13	$ 3.27
Aggregate dividend paid to common shares			$ 24.5	$ 45	$ 69.1
Subsequent Event [Member]
Dividends Payable [Line Items]
Common shares, cash dividend paid		$ 0.31				$ 6.87
Aggregate dividend paid to common shares	$ 6.5	$ 6.5				$ 145.1

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended				10 Months Ended
	Oct. 26, 2022	Oct. 31, 2022	Jul. 31, 2022	May 31, 2022	Jan. 31, 2022	Oct. 31, 2022
Subsequent Event [Line Items]
Cash dividend paid			$ 24.5	$ 45	$ 69.1
Subsequent Event
Subsequent Event [Line Items]
Cash dividend paid	$ 6.5	$ 6.5				$ 145.1