Retail Value (RVIC) 10-Q 6 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	RVI
Entity Registrant Name	RETAIL VALUE INC.
Entity Central Index Key	0001735184
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		19,052,144
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity File Number	1-38517
Entity Tax Identification Number	824182996
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

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets
Land	$ 549,622	$ 622,827
Buildings	1,463,674	1,629,862
Fixtures and tenant improvements	159,702	172,679
Total real estate rental property	2,172,998	2,425,368
Less: Accumulated depreciation	(663,677)	(704,401)
Real estate rental property, net	1,509,321	1,720,967
Construction in progress	15,566	26,070
Total real estate assets, net	1,524,887	1,747,037
Cash and cash equivalents	58,522	44,565
Restricted cash	93,315	66,634
Accounts receivable	25,355	31,426
Property insurance receivable	0	29,422
Other assets, net	27,853	43,560
Total assets	1,729,932	1,962,644
Liabilities and Equity
Mortgage indebtedness, net	752,404	967,569
Payable to SITE Centers	33,759	33,985
Accounts payable and other liabilities	60,100	84,832
Dividends payable	0	24,005
Total liabilities	846,263	1,110,391
Commitments and contingencies (Note 9)
Redeemable preferred equity	190,000	190,000
Retail Value Inc. shareholders' equity
Common shares, with par value, $0.10 stated value; 200,000,000 shares authorized; 19,043,403 and 18,465,165 shares issued at June 30, 2019 and December 31, 2018, respectively	1,904	1,846
Additional paid-in capital	692,665	675,566
Accumulated distributions in excess of net loss	(890)	(15,153)
Less: Common shares in treasury at cost: 379 and 267 shares at June 30, 2019 and December 31, 2018, respectively	(10)	(6)
Total equity	693,669	662,253
Total liabilities and equity	$ 1,729,932	$ 1,962,644

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Common shares, par value	$ 0.10	$ 0.10
Common shares, shares authorized	200,000,000	200,000,000
Common shares, shares issued	19,043,403	18,465,165
Treasury common shares	379	267

COMBINED AND CONSOLIDATED STATE

COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues from operations:
Rental income	$ 58,875		$ 120,445
Business interruption income	2,000		2,000
Other income	10		51
Total revenue from operations	60,885		122,496
Rental operation expenses:
Operating and maintenance	10,401		20,903
Real estate taxes	7,169		14,679
Property and asset management fees	5,819		11,635
Impairment charges	7,110		13,200
Hurricane property insurance (income) loss, net	(3,814)		(3,631)
General and administrative	1,058		1,943
Depreciation and amortization	18,378		37,733
Total rental operation expenses	46,121		96,462
Other income (expense):
Interest expense	(10,846)		(24,820)
Debt extinguishment costs	(2,927)		(17,409)
Transaction costs			(18)
Other income (expense), net			(850)
Gain on disposition of real estate, net	12,946		31,165
Total other income (expense)	(827)		(11,932)
Income (loss) before tax expense	13,937		14,102
Tax expense	(320)		(495)
Net income (loss)	13,617		13,607
Comprehensive income (loss)	$ 13,617		$ 13,607
Per share data:
Basic and diluted	$ 0.72		$ 0.72
RVI Predecessor [Member]
Revenues from operations:
Rental income		$ 75,760		$ 149,825
Business interruption income		3,100		5,100
Other income		114		309
Total revenue from operations		78,974		155,234
Rental operation expenses:
Operating and maintenance		12,531		24,608
Real estate taxes		9,677		19,571
Property and asset management fees		3,462		6,819
Impairment charges		15,060		48,680
Hurricane property insurance (income) loss, net		187		868
General and administrative		4,484		7,638
Depreciation and amortization		24,072		50,144
Total rental operation expenses		69,473		158,328
Other income (expense):
Interest expense		(18,144)		(37,584)
Debt extinguishment costs		(1,970)		(109,036)
Transaction costs		(28,240)		(33,325)
Other income (expense), net				(3)
Gain on disposition of real estate, net		13,096		13,096
Total other income (expense)		(35,258)		(166,852)
Income (loss) before tax expense		(25,757)		(169,946)
Tax expense		(4,082)		(4,210)
Net income (loss)		(29,839)		(174,156)
Comprehensive income (loss)		$ (29,839)		$ (174,156)

COMBINED AND CONSOLIDATED STA_2

COMBINED AND CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Distributions in Excess of Net Loss	Treasury Stock at Cost
Beginning Balance (RVI Predecessor [Member]) at Dec. 31, 2017	$ 1,090,464
Net transactions with SITE Centers | RVI Predecessor [Member]	(27,031)
Net Income (loss) | RVI Predecessor [Member]	(144,317)
Ending Balance (RVI Predecessor [Member]) at Mar. 31, 2018	919,116
Beginning Balance (RVI Predecessor [Member]) at Dec. 31, 2017	1,090,464
Net Income (loss) | RVI Predecessor [Member]	(174,156)
Ending Balance (RVI Predecessor [Member]) at Jun. 30, 2018	689,308
Beginning Balance (RVI Predecessor [Member]) at Mar. 31, 2018	919,116
Net transactions with SITE Centers | RVI Predecessor [Member]	(199,969)
Net Income (loss) | RVI Predecessor [Member]	(29,839)
Ending Balance (RVI Predecessor [Member]) at Jun. 30, 2018	689,308
Beginning Balance at Dec. 31, 2018	662,253	$ 1,846	$ 675,566	$ (15,153)	$ (6)
Issuance of common shares	17,263	58	17,205
Repurchase of common shares	(3)				(3)
Adoption of ASC Topic 842 (Leases) | ASU 2016-02	700			700
Dividends declared	(44)			(44)
Net Income (loss)	(10)			(10)
Ending Balance at Mar. 31, 2019	680,159	1,904	692,771	(14,507)	(9)
Beginning Balance at Dec. 31, 2018	662,253	1,846	675,566	(15,153)	(6)
Net Income (loss)	13,607
Ending Balance at Jun. 30, 2019	693,669	1,904	692,665	(890)	(10)
Beginning Balance at Mar. 31, 2019	680,159	1,904	692,771	(14,507)	(9)
Issuance of common shares	(106)		(106)
Repurchase of common shares	(1)				(1)
Net Income (loss)	13,617			13,617
Ending Balance at Jun. 30, 2019	$ 693,669	$ 1,904	$ 692,665	$ (890)	$ (10)

COMBINED AND CONSOLIDATED STA_3

COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flow from operating activities:
Net income (loss)	$ 13,607
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Depreciation and amortization	37,733
Amortization and write-off of above- and below- market leases, net	(641)
Amortization and write-off of debt issuance costs and fair market value of debt adjustments	10,490
Gain on disposition of real estate, net	(31,165)
Property insurance proceeds in excess of receivable	(3,972)
Impairment charges	13,200
Loss on debt extinguishment	175
Interest rate hedging activities	1,152
Assumption of building due to ground lease terminations	0
Valuation allowance of prepaid taxes	0
Net change in accounts receivable	3,065
Net change in accounts payable and other liabilities	(6,823)
Net change in other operating assets	4,756
Total adjustments	27,970
Net cash flow provided by operating activities	41,577
Cash flow from investing activities:
Real estate improvements to operating real estate	(49,395)
Proceeds from disposition of real estate	247,297
Hurricane property insurance advance proceeds	33,750
Net cash flow provided by investing activities	231,652
Cash flow from financing activities:
Repayment of Parent Company unsecured debt	0
Proceeds from mortgage debt	900,000
Repayment of mortgage debt	(1,113,855)
Payment of debt issuance costs	(11,889)
Net transactions with SITE Centers	0
Dividends paid	(6,847)
Net cash flow used for financing activities	(232,591)
Net increase in cash, cash equivalents and restricted cash	40,638
Cash, cash equivalents and restricted cash, beginning of period	111,199
Cash, cash equivalents and restricted cash, end of period	$ 151,837
RVI Predecessor [Member]
Cash flow from operating activities:
Net income (loss)		$ (174,156)
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:
Depreciation and amortization		50,144
Amortization and write-off of above- and below- market leases, net		(928)
Amortization and write-off of debt issuance costs and fair market value of debt adjustments		14,556
Gain on disposition of real estate, net		(13,096)
Impairment charges		48,680
Loss on debt extinguishment		97,077
Interest rate hedging activities		(4,538)
Assumption of building due to ground lease terminations		(2,150)
Valuation allowance of prepaid taxes		3,991
Net change in accounts receivable		(4,664)
Net change in accounts payable and other liabilities		15,472
Net change in other operating assets		(1,556)
Total adjustments		202,988
Net cash flow provided by operating activities		28,832
Cash flow from investing activities:
Real estate improvements to operating real estate		(20,461)
Proceeds from disposition of real estate		100,347
Hurricane property insurance advance proceeds		20,193
Net cash flow provided by investing activities		100,079
Cash flow from financing activities:
Repayment of Parent Company unsecured debt		(899,880)
Proceeds from mortgage debt		1,350,000
Repayment of mortgage debt		(421,344)
Payment of debt issuance costs		(32,755)
Net transactions with SITE Centers		(37,864)
Dividends paid		0
Net cash flow used for financing activities		(41,843)
Net increase in cash, cash equivalents and restricted cash		87,068
Cash, cash equivalents and restricted cash, beginning of period		8,318
Cash, cash equivalents and restricted cash, end of period		$ 95,386

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business	1. On July 1, 2018, SITE Centers Corp., formerly known as DDR Corp. (“SITE Centers” or the “Manager”), completed the separation of Retail Value Inc., an Ohio corporation formed in December 2017 that owned and operated a portfolio of 48 real estate assets at the time of the separation that included 36 continental U.S. assets and 12 Puerto Rico assets (collectively, “RVI” the “RVI Predecessor” or the “Company”), into an independent public company. At June 30, 2019, RVI owned 31 properties that included 19 continental U.S. assets and 12 Puerto Rico assets comprising 12 million square feet of gross leasable area (“GLA”) and located in 12 states and Puerto Rico. In connection with the separation from SITE Centers, on July 1, 2018, the Company and SITE Centers entered into a separation and distribution agreement (the “Separation and Distribution Agreement”) pursuant to which, among other things, SITE Centers agreed to transfer properties and certain related assets, liabilities and obligations to RVI, and to distribute 100% of the outstanding common shares of RVI to holders of record of SITE Centers’ common shares as of the close of business on June 26, 2018, the record date. On July 1, 2018, holders of SITE Centers’ common shares received one common share of RVI for every ten shares of SITE Centers’ common stock held on the record date. In connection with the separation from SITE Centers, SITE Centers retained 1,000 shares of RVI’s series A preferred stock having an aggregate dividend preference equal to $190 million, which amount may increase by up to an additional $10 million depending on the amount of aggregate gross proceeds generated by RVI asset sales. On July 1, 2018, the Company and SITE Centers also entered into an external management agreement (the “External Management Agreement”) which, together with various property management agreements, governs the fees, terms and conditions pursuant to which SITE Centers manages RVI and its properties. SITE Centers provides RVI with day-to-day management, subject to supervision and certain discretionary limits and authorities granted by the RVI Board of Directors. The Company does not have any employees. In general, either SITE Centers or RVI may terminate the management agreements on December 31, 2019, or at the end of any six-month renewal period thereafter. SITE Centers and RVI also entered into a tax matters agreement that governs the rights and responsibilities of the parties following RVI’s separation from SITE Centers with respect to various tax matters, and provides for the allocation of tax-related assets, liabilities and obligations.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	2. Principles of Consolidation The Company For periods after July 1, 2018, the consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest. All significant inter-company balances and transactions have been eliminated in consolidation. RVI Predecessor For periods prior to July 1, 2018, the accompanying historical condensed combined financial statements and related notes of the Company do not represent the statement of operations and cash flows of a legal entity, but rather a combination of entities under common control that have been “carved-out” of SITE Centers’ consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All inter-company transactions and balances have been eliminated in combination. For periods prior to July 1, 2018, these combined financial statements reflect the revenues and direct expenses of the RVI Predecessor and include material assets and liabilities of SITE Centers that are specifically attributable to the Company. RVI Predecessor equity in these combined financial statements represents the excess of total assets over total liabilities. RVI Predecessor equity is impacted by contributions from and distributions to SITE Centers, which are the result of treasury activities and net funding provided by or distributed to SITE Centers prior to the separation from SITE Centers, as well as the allocated costs and expenses described below. The combined financial statements also include the consolidated results of certain of the Company’s wholly-owned subsidiaries, as applicable. All significant inter-company balances and transactions have been eliminated in consolidation. For periods prior to July 1, 2018, the combined financial statements include certain direct costs historically paid by the properties but contracted through SITE Centers, including but not limited to, management fees, insurance, compensation costs and out-of-pocket expenses directly related to the management of the properties (Note 11). Further, the combined financial statements include an allocation of indirect costs and expenses incurred by SITE Centers related to the Company, primarily consisting of compensation and other general and administrative costs that have been allocated using the relative percentage of property revenue of the Company and SITE Centers’ management’s knowledge of the Company. In addition, the combined financial statements include an allocation of interest expense on SITE Centers’ unsecured debt, excluding debt that is specifically attributable to the Company; interest expense was allocated by calculating the unencumbered net assets of each property held by the Company as a percentage of SITE Centers’ total consolidated unencumbered net assets and multiplying that percentage by the interest expense on SITE Centers unsecured debt. The amounts allocated in the accompanying combined financial statements are not necessarily indicative of the actual amount of such indirect expenses that would have been recorded had the RVI Predecessor been a separate independent entity. SITE Centers believes the assumptions underlying SITE Centers’ allocation of indirect expenses are reasonable.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. GAAP 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. Actual results could differ from those estimates. Reclassifications Certain amounts in prior periods have been reclassified in order to conform with the current period’s presentation. The Company reclassified $5.0 million and $7.6 million of contractual lease payments from Other Income to Rental Income within total revenues on its combined statement of operations for the three and six months ended June 30, 2018, respectively, in connection with the adoption of Accounting Standards Update (“ASU”) No. 2016-02—Leases, as amended (“Topic 842”), as discussed below. Rental Income Rental Income on the combined and consolidated statements of operations includes contractual lease payments that generally include the following: • Fixed lease payments, which include fixed payments associated with expense reimbursements from tenants for common area maintenance, taxes and insurance from tenants in shopping centers, are recognized on a straight-line basis over the non-cancelable term of the lease, which generally ranges from one month to 30 years, and include the effects of applicable rent steps and abatements. • Variable lease payments, which include percentage and overage income, which are recognized after a tenant’s reported sales have exceeded the applicable sales breakpoint set forth in the applicable lease. • Variable lease payments associated with expense reimbursements from tenants for common area maintenance, taxes, insurance and other property operating expenses, based upon the tenant’s lease provisions, which are recognized in the period the related expenses are incurred. • Lease termination payments, which are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. • Ancillary and other property-related rental payments, primarily composed of leasing vacant space to temporary tenants, kiosk income and parking income, which are recognized in the period earned. Upon adoption of Topic 842, Rental Income for the periods beginning on or after January 1, 2019, has been reduced for amounts the Company believes are not probable of being collected. Rental income is recognized on a straight-line basis over the lease term. Rental income is not recognized when collection is not reasonably assured as the customer is placed on non-accrual status and rental income is recognized as cash payments are received. 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): Six Months Ended June 30, 2019 2018 The Company RVI Predecessor Accounts payable related to construction in progress $ 11.8 $ 10.1 Stock dividends 17.2 — Receivable and reduction of real estate assets, net - related to hurricane — 6.1 Assumption of building due to ground lease termination — 2.2 New Accounting Standard Adopted Accounting for Leases The Company adopted Topic 842 as of January 1, 2019, using the modified retrospective approach by applying the transition provisions at the beginning of the period of adoption. T • The package of practical expedients, which among other things, allowed the Company to carry forward the historical lease classification; • Land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements and • To not separate lease and non-lease components for all leases and recording the combined component based on its predominant characteristics, as rental income or expense. The Company did not adopt the practical expedient to use hindsight in determining the lease term. The Company made the following accounting policy elections as a lessor in connection with the adoption: • To include operating lease liabilities in the asset group and include the associated operating lease payments in the undiscounted cash flows when considering recoverability of a long-lived asset group and • To exclude from lease payments taxes assessed by a governmental authority that are both imposed on and concurrent with lease revenue producing activity and collected by the lessor from the lessee (i.e., sales tax). The adoption of the standard impacted the Company’s consolidated financial statements as follows: • The Company had ground lease agreements in which the Company is the lessee for land beneath all or a portion of the buildings at two shopping centers (Note 5), where the Company has recorded its rights and obligations under these leases as a right-of-use (“ROU”) asset and lease liability, which is included in Other Assets and Accounts Payable and Other Liabilities, respectively, in the consolidated balance sheet. Previously, the Company accounted for these arrangements as operating leases. These leases will continue to be classified as operating leases due to the election of the package practical expedients The Company recorded ROU assets and lease liabilities of approximately $1.9 million and $3.0 million, respectively, as of January 1, 2019. The difference between the ROU asset and lease liability was due to the straight-line rent balance that existed as of the date of application of the standard. • Previously, the Company included real estate taxes paid by a lessee directly to a third party in recoveries from tenants and real estate tax expense, on a gross basis. Upon adoption of the standard, the Company no longer records these amounts in revenue or expense as the standard precludes the Company from recording payments made directly by the lessee. In addition, on January 1, 2019, the Company reversed $0.6 million of real estate taxes paid by certain major tenants previously reflected in Accounts Receivable and Accounts Payable and Other Liabilities on the Company’s consolidated balance sheet as of December 31, 2018. • The Company recorded an adjustment for the cumulative effect due to a change in accounting principal of $0.7 million in equity related to the change in its collectability assessment of operating lease receivables under Topic 842. • Upon adoption of the practical expedient with regards to not separating lease and non-lease components, where applicable, the Company has prospectively recorded, on a straight-line basis, lease payments associated with fixed expense reimbursements. • The adoption of this standard did not materially impact the Company’s consolidated net income or consolidated cash flows. The adoption of the new standard also resulted in various presentation changes in the Company’s consolidated statements of operations. The Company aggregated the following components of contractual lease payments into one line item referred to as Rental Income: Minimum Rents, Percentage and Overage R ents, Recoveries from Tenants, Ancillary Income and Lease Termina tion Fees. The prior period presentation was conformed to the current period presentation for comparability related to these revenue components. In addition, effective January 1, 2019, the Company presents bad debt as a component of Rental Income within Revenues. For prior periods, b ad debt is included in Operating and Maintenance Expenses. In addition, effective January 1, 2019, the Company no longer records real estate taxes paid by major tenants directly to the applicable governmental authority. For prior periods, these amounts are included in Recoveries from Tenants and Real Estate Taxes. New Accounting Standard to Be Adopted Accounting for Credit Losses In June 2016, the Financial Accounting Standards Board (the “FASB”) issued an amendment on measurement of credit losses on financial assets held by a reporting entity at each reporting date (ASU 2016-13, Financial Instruments – Credit Losses)

Other Assets, Net

Other Assets, Net	6 Months Ended
	Jun. 30, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Other Assets, net	4. Other Assets, Net on the Company’s consolidated balance sheets consists of the following (in thousands): June 30, 2019 December 31, 2018 Intangible assets: In-place leases, net $ 6,806 $ 11,926 Above-market leases, net 1,163 2,001 Lease origination costs, net 1,099 1,713 Tenant relations, net 11,302 16,242 Total intangible assets, net (A) 20,370 31,882 Operating lease ROU assets (B) 1,811 — Other assets: Prepaid expenses 5,390 10,011 Deposits 141 194 Deferred charges, net 93 179 Other assets (C) 48 1,294 Total other assets, net $ 27,853 $ 43,560 Accounts payable and other liabilities: Below-market leases, net (A) $ (20,893 ) $ (33,914 ) (A) In the event a tenant terminates its lease prior to the contractual expiration, the unamortized portion of the related intangible asset or liability is adjusted to reflect the updated lease term. (B) Operating lease ROU assets are discussed further in Notes 1 and 5. (C) Included $1.2 million fair value of an interest rate cap at December 31, 2018, which was terminated in March 2019.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	5 . Lessee The Company is engaged in the operation of shopping centers that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through 2033. The Company determines if an arrangement is a lease at inception. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the term of the lease. As most of the Company’s leases do not include an implicit rate, the Company used its incremental borrowing rate based on the information available at the commencement date of the standard in determining the present value of lease payments. For each lease, the Company utilized a market-based approach to estimate the incremental borrowing rate (“IBRs”), which required significant judgment. The Company estimated base IBRs based on an analysis of (i) yields on comparable companies, (ii) observable mortgage rates and (iii) unlevered property yields and discount rates. The Company applied adjustments to the base IBRs to account for full collateralization and lease term. Operating lease ROU assets also include any lease payments made. The Company has options to extend certain of the ground leases; however, these options were not considered as part of the lease term when calculating the lease liability as they were not reasonably certain to be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Operating lease ROU assets and operating lease liabilities are in the Company’s consolidated balance sheet as follows (in thousands): Classification June 30, 2019 Operating Lease ROU Assets Other Assets, Net $ 1,811 Operating Lease Liabilities Accounts Payable and Other Liabilities $ 2,943 Operating lease expenses, including straight-line expense, are included in Operating and Maintenance Expense for the Company’s ground leases and aggregated $0.1 million and $0.2 million for the three and six months ended June 30, 2019, respectively. Supplemental information related to leases was as follows: June 30, 2019 Weighted-Average Remaining Lease Term 11.7 years Weighted-Average Discount Rate 6.6 % Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) $ 202 As determined under FASB Accounting Standards Codification (“ASC”) 840, Leases Year Minimum Rental Revenues Minimum Rental Payments 2019 $ 169,109 $ 405 2020 143,736 414 2021 118,947 423 2022 92,495 433 2023 65,225 217 Thereafter 195,610 2,806 $ 785,122 $ 4,698 As determined under Topic 842, maturities of lease liabilities were as follows for the 12-month periods ending June 30, (in thousands): Year June 30, 2020 $ 409 2021 419 2022 428 2023 325 2024 223 Thereafter 2,693 Total lease payments 4,497 Less imputed interest (1,554 ) Total $ 2,943 Lessor Space in the shopping centers is leased to tenants pursuant to agreements that provide for terms generally ranging from one month to 30 years and for rents which, in some cases, are subject to upward adjustments based on operating expense levels, sales volume or contractual increases as defined in the lease agreements. The scheduled future minimum rental revenues from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions, as determined under Topic 842 for such premises for the 12-month periods ending June 30, were as follows (in thousands): Year Ending June 30, 2020 $ 152,278 2021 129,984 2022 106,832 2023 80,752 2024 56,708 Thereafter 201,418 Total $ 727,972

Credit Agreement

Credit Agreement	6 Months Ended
	Jun. 30, 2019
Line Of Credit Facility [Abstract]
Credit Agreement	6 . The Company maintains a Credit Agreement (the “Revolving Credit Agreement”) with PNC Bank, National Association, as lender and administrative agent (“PNC”). The Revolving Credit Agreement provides for borrowings of up to $30.0 million. Borrowings under the Revolving Credit Agreement may be used by the Company for general corporate purposes and working capital. The Company’s borrowings under the Revolving Credit Agreement bear interest at variable rates at the Company’s election, based on either (i) LIBOR plus a specified spread ranging from 1.05% to 1.50% depending on the Company’s Leverage Ratio (as defined in the Revolving Credit Agreement) or (ii) the Alternate Base Rate (as defined in the Revolving Credit Agreement) plus a specified spread ranging from 0.05% to 0.50% depending on the Company’s Leverage Ratio. The Company is also required to pay a facility fee on the aggregate revolving commitments at a rate per annum that ranges from 0.15% to 0.30% depending on the Company’s Leverage Ratio. The Revolving Credit Agreement matures on the earliest to occur of (i) March 9, 2021, (ii) the date on which the External Management Agreement is terminated, (iii) the date on which DDR Asset Management, LLC or another wholly-owned subsidiary of SITE Centers ceases to be the “Service Provider” under the External Management Agreement as a result of assignment or operation of law or otherwise and (iv) the date on which the principal amount outstanding under the Company’s mortgage loan is repaid or refinanced (Note 7). The Company’s obligations under the Revolving Credit Agreement are guaranteed by SITE Centers in favor of PNC. In consideration thereof, on July 2, 2018, the Company entered into a guaranty fee and reimbursement letter agreement with SITE Centers pursuant to which the Company has agreed to pay to SITE Centers the following amounts: (i) an annual guaranty commitment fee of 0.20% of the aggregate commitments under the Revolving Credit Agreement, (ii) for all times other than those referenced in clause (iii) below, when any amounts are outstanding under the Revolving Credit Agreement, an amount equal to 5.00% per annum times the average aggregate outstanding daily principal amount of such loans plus the aggregate stated average daily amount of outstanding letters of credit and (iii) in the event SITE Centers pays any amounts to PNC pursuant to SITE Centers ’ guaranty (credit facility guaranty fee) and the Company fails to reimburse SITE Centers for such amount within three business days, an amount in cash equal to the amount of such paid obligations plus default interest which will accrue from the date of such payment by SITE Centers until repaid by the Company at a rate per annum equal to the sum of the LIBOR rate plus 8.50 %. At June 30, 2019, there were no amounts outstanding under the Revolving Credit Agreement.

Mortgage Indebtedness

Mortgage Indebtedness	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Mortgage Indebtedness	7 . Mortgage Indebtedness On March 11, 2019, certain wholly-owned subsidiaries of the Company entered into a mortgage loan with an initial aggregate principal amount of $900 million. Substantially all proceeds from the mortgage loan were used to refinance and prepay all amounts outstanding under the Company’s February 2018 mortgage loan in the original aggregate principal amount of $1.35 billion. The outstanding aggregate principal amount of the mortgage loan was $774.9 million at June 30, 2019. The borrowers’ obligations are evidenced by promissory notes which are secured by, among other things: (i) mortgages encumbering the borrowers’ properties located in the continental U.S. (which comprise substantially all of the Company’s properties located in the continental U.S.) and Plaza Del Sol located in Bayamon, Puerto Rico (collectively, the “Mortgaged Properties”); (ii) a pledge of the equity of the Company’s subsidiaries that own each of the Company’s properties located in Puerto Rico (collectively, the “Pledged Properties”) and a pledge of related rents and other cash flows, insurance proceeds and condemnation awards; and (iii) a pledge of any reserves and accounts of any borrower. The loan facility will mature on March 9, 2021, subject to three one-year extensions at borrowers’ option based on certain conditions of the agreement. The initial weighted-average interest rate applicable to the notes is equal to one-month LIBOR plus a spread of 2.30% per annum, provided that such spread is subject to an increase of 0.25% per annum in connection with any exercise of the third extension option. Application of voluntary prepayments as described below will cause the weighted-average interest rate to increase over time. At June 30, 2019, the interest rate of the Company’s mortgage loan was 4.9%. The loan facility is structured as an interest only loan throughout the initial two-year term and any exercised extension options. As a result, so long as the borrowers maintain a minimum debt yield of 10% with respect to the Mortgaged Properties and no event of default exists, any property cash flows available following payment of debt service and funding of certain required reserve accounts (including reserves for payment of real estate taxes, insurance premiums, ground rents, tenant improvements and capital expenditures), will be available to the borrowers to pay operating expenses and for other general corporate purposes. The debt yield with respect to the Mortgages Properties was 13.6% as of June 30, 2019. Subject to certain conditions described in the mortgage loan agreement, the borrowers may prepay principal amounts outstanding under the loan facility in whole or in part by providing (i) advance notice of prepayment to the lenders and (ii) remitting the prepayment premium described in the mortgage loan agreement. No prepayment premium is required with respect to any prepayments made after April 9, 2020. Additionally, no prepayment premium will apply to prepayments made in connection with permitted property sales. Each Mortgaged Property has a portion of the original principal amount of the mortgage loan allocated to it. The amount of proceeds from the sale of an individual Mortgaged Property required to be applied towards prepayment of the notes (i.e., the property’s “release price”), will depend upon the principal amount of the mortgage loan allocated to it and the debt yield at the time of the sale. All proceeds for the sales of Pledged Properties other than Plaza Del Sol are required to be applied towards prepayment of the notes. Voluntary prepayments made by the borrowers will be applied to tranches of notes (i) absent an event of default, in descending order of seniority (i.e., such prepayments will first be applied to the most senior tranches of notes) and (ii) following any event of default, in such order as the loan servicer determines in its sole discretion. As a result, the Company expects that the weighted average interest rate of the notes will increase during the term of the loan facility. In the event of a default, the contract rate of interest on the notes will increase to the lesser of (i) the maximum rate allowed by law or (ii) the greater of (A) 4% above the interest rate otherwise applicable and (B) the Prime Rate (as defined in the mortgage loan) plus 1.0%. The notes contain other terms and provisions that are customary for instruments of this nature. The mortgage loan agreement also includes customary events of default, including among others, principal and interest payment defaults and breaches of affirmative or negative covenants, the mortgage loan agreement does not contain any financial maintenance covenants. In connection with the refinancing, the Company incurred $20.2 million of aggregate financing costs which included a $1.8 million debt financing fee paid to SITE Centers. This refinancing was treated as a loan modification versus a debt extinguishment pursuant to the applicable accounting guidance. As a result, only the portion of the financing costs incurred related to the new lender group was capitalized. The remaining financing costs not capitalized as a loan cost were recorded as debt extinguishment costs in the consolidated statement of operations along with the write - off of an allocation of the related unamortized deferred financing costs aggregating $ million .

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	8 . Financial Instruments and Fair Value Measurements The following methods and assumptions were used by the Company in estimating fair value disclosures of financial instruments: Cash and Cash Equivalents, Restricted Cash, Accounts Receivable and Accounts Payable and Other Liabilities The carrying amounts reported in the Company’s consolidated balance sheets for these financial instruments approximated fair value because of their short-term maturities. Debt The fair market value of debt is estimated using a discounted cash flow technique that incorporates future contractual interest and principal payments and a market interest yield curve with adjustments for duration, optionality and risk profile, including the Company’s non-performance risk and loan to value and is classified as Level 3 in the fair value hierarchy. Considerable judgment is necessary to develop estimated fair values of financial instruments. Accordingly, the estimates presented are not necessarily indicative of the amounts the Company could realize on disposition of the financial instruments. The carrying amount of debt was $752.4 million and $967.6 million at June 30, 2019 and December 31, 2018, respectively. Interest Rate Cap In March 2018, the Company entered into an interest rate cap in connection with entering into the mortgage loan, which was terminated with the new mortgage financing (Note 7). At December 31, 2018, the notional amount of the interest rate cap was $1.0 billion. The fair value of the interest rate cap was $1.2 million at December 31, 2018, and was included in Other Assets. In March 2019, in connection with the mortgage refinancing, the Company received $0.3 million upon final settlement.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Hurricane Loss In 2017, Hurricane Maria made landfall in Puerto Rico. At June 30, 2019, the Company owned 12 assets in Puerto Rico, aggregating 4.4 million square feet of Company-owned GLA. One of the 12 assets (Plaza Palma Real, consisting of approximately 0.4 million of Company-owned GLA) was severely damaged in Hurricane Maria. At June 30, 2019, three anchor tenants and a few other tenants totaling 0.3 million square feet were open for business approximating 58% of Plaza Palma Real’s Company-owned GLA. The other 11 assets sustained varying degrees of damage, consisting primarily of roof and HVAC system damage and water intrusion. Although some of the tenant spaces remain untenantable, a majority of the Company’s leased space that was open prior to the storm was open for business by mid 2018. The Company has engaged various consultants to assist with the damage scoping assessment. The Company continues to work with its consultants to finalize the scope and schedule of work to be performed. Restoration work is underway at all of the shopping centers, including Plaza Palma Real. The Company anticipates that the repair and restoration work will be substantially complete by early 2020 and all of the interior work will be complete by the end of 2020. The timing and schedule of additional repair work to be completed are highly dependent upon any changes in the scope of work, the availability of building materials, supplies and skilled labor and the timing and amount of proceeds recovered under the Company’s insurance claims. that the Company’s cost to repair the damages sustained may substantially exceed the amount the Company is ultimately able to recover from the insurer. As of June 30, 2019, the estimated net book value of the property written off for damage to the Company’s Puerto Rico assets was $78.8 million. However, the Company continues to assess the impact of the hurricane on its properties, and the final net book value write-offs could vary significantly from this estimate. Any changes to this estimate will be recorded in the periods in which they are determined. The Company’s Property Insurance Receivable was $29.4 million at December 31, 2018. The December 31, 2018 balance represented the estimated insurance recoveries related to the net book value of the property damage written off, as well as other expenses, as the Company believed it was probable that the insurance recovery, net of the deductible, would exceed the net book value of the damaged property. Hurricane Property Insurance Income on the Company’s Statement of Operations for the three and six months ended June 30, 2019 includes $4.0 million resulting from the excess payments made by the insurer over the $78.8 million of the estimated net book value written off. The Company received $33.8 million of the $83.9 million during the six months ended June 30, 2019, toward its property insurance claim. The Company’s business interruption insurance covers lost revenue through the period of property restoration and for up to 365 days following completion of restoration. For the three months ended June 30, 2019 and June 30, 2018, rental revenues of $1.2 million and $2.8 million, respectively, and for the six months ended June 30, 2019 and June 30, 2018, rental revenues of $2.8 million and $6.6 million, respectively, were not recorded because of lost tenant revenue attributable to Hurricane Maria that has been partially defrayed by insurance proceeds. The Company will record revenue for covered business interruption in the period it determines that it is probable it will be compensated and all the applicable contingencies with the insurance company have been resolved. This income recognition criteria will likely result in business interruption insurance proceeds being recorded in a period subsequent to the period that the Company experiences lost revenue from the damaged properties. For the three months ended June 30, 2019 and June 30, 2018, the Company received insurance proceeds of approximately $2.0 million and $3.1 million, respectively, and for the six months ended June 30, 2019 and June 30, 2018, the Company received insurance proceeds of approximately $2.0 million and $5.1 million, respectively, related to business interruption claims, which is recorded on the Company’s combined and consolidated statements of operations as Business Interruption Income. Pursuant to the terms of the Separation and Distribution Agreement in connection with the separation from SITE Centers, SITE Centers will be entitled to property damage insurance claim proceeds for unreimbursed restoration costs incurred through June 30, 2018, as well as business interruption losses for the same period. Business interruption proceeds will continue to be recorded to revenue in the period that it is determined to attribute them to post-separation claim activity and all applicable contingencies with the insurer have been resolved. 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 arising 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.

Impairment Charges

Impairment Charges	6 Months Ended
	Jun. 30, 2019
Asset Impairment Charges [Abstract]
Impairment Charges	10 . Impairment charges were recorded on assets based on the difference between the carrying value of the assets and the estimated fair market value. These impairments primarily were triggered by indicative bids received and changes in market assumptions due to the disposition process. Items Measured at Fair Value on a Non-Recurring Basis The valuation of impaired real estate assets and investments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each asset, as well as the income capitalization approach considering prevailing market capitalization rates, analysis of recent comparable sales transactions, actual sales negotiations and bona fide purchase offers received from third parties. In general, the Company considers multiple valuation techniques when measuring fair value of real estate. However, in certain circumstances, a single valuation technique may be appropriate. For operational real estate assets, the significant assumptions included the capitalization rate used in the income capitalization valuation, as well as the projected property net operating income. These valuation adjustments were calculated based on market conditions and assumptions made by SITE Centers or the Company at the time the valuation adjustments and impairments were recorded, which may differ materially from actual results if market conditions or the underlying assumptions change. The following table presents information about the Company’s impairment charges on nonfinancial assets that were measured on a fair-value basis for the six months ended June 30, 2019. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions). Fair Value Measurements Level 1 Level 2 Level 3 Total Total Impairment Charges Long-lived assets held and used June 30, 2019 $ 47.1 $ 47.1 $ 13.2 The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions): Quantitative Information about Level 3 Fair Value Measurements Description Fair Value at June 30, 2019 Valuation Technique Unobservable Inputs Range Impairment of assets $ 47.1 Income Capitalization Approach Market Capitalization Rate 8.1%-9.1%

Transactions with SITE Centers

Transactions with SITE Centers	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Transactions with SITE Centers	11 . The following table presents fees and other amounts charged by SITE Centers (in thousands): For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 The Company RVI Predecessor The Company RVI Predecessor Management fees (A) $ 2,999 $ 3,462 $ 5,995 $ 6,819 Asset management fees (B) 2,820 — 5,640 — Leasing commissions (C) 673 982 1,445 982 Insurance premiums (D) — 1,047 — 2,084 Maintenance services and other (E) 377 518 755 1,085 Disposition fees (F) 1,515 1,058 2,614 1,058 Credit facility guaranty and debt refinancing fees (G) — — 1,800 — Legal fees (H) 200 — 357 — $ 8,584 $ 7,067 $ 18,606 $ 12,028 (A) Beginning on July 1, 2018, property management fees are 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. Prior to the spin-off, calculated pursuant to the respective management agreements. (B) Asset management fees are generally calculated at 0.5% per annum of the gross asset value as determined on the immediately preceding June 30 or December 31. (C) Leasing commissions represent fees charged for the execution of the leasing of retail space. Leasing commissions are included within Real Estate Assets on the combined and consolidated balance sheets. (D) For periods prior to July 1, 2018, SITE Centers contracted with authorized insurance companies for the liability and property insurance coverage for the continental U.S. properties. The Company remitted to SITE Centers insurance premiums associated with these insurance policies. Insurance premiums are included within Operating and Maintenance on the combined statements of operations. (E) 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 combined and consolidated statements of operations. (F) Disposition fees equal 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. (G) The Company paid a debt financing fee equal to 0.20% of the aggregate principal amount of the new mortgage (Note 7). For periods after July 1, 2018, the credit facility guaranty fee equals 0.20% per annum of the aggregate commitments under the Revolving Credit Agreement plus an amount equal to 5.0% per annum times the average aggregate daily principal amount of loans plus the aggregate stated average daily amount of letters of credit outstanding under the Re volving Credit Agreement (Note 6 ). Credit facility guaranty fees are included within Interest Expense on the consolidated statements of operations. (H) Legal fees charged for collection activity, negotiating and reviewing tenant leases and contracts for asset dispositions. As of June 30, 2019 and December 31, 2018, the Company had amounts payable to SITE Centers of $33.8 million and $34.0 million, respectively. The amounts are included as Payables to SITE Centers on the consolidated balance sheets and primarily represent amounts owed to SITE Centers for restricted cash escrows held by the mortgage lender at the time of the Company’s separation from SITE Centers.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	1 2 . The following table provides the 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): Three Months Six Months Ended June 30, Ended June 30, 2019 2019 Numerators – Basic and Diluted Net income attributable to common shareholders after allocation to participating securities $ 13,617 $ 13,607 Denominators – Number of Shares Basic and Diluted — 19,043 18,963 Income Per Share: Basic and Diluted $ 0.72 $ 0.72 Dividends In December 2018, the Company declared a 2018 dividend on its common shares of $1.30 per share that was paid in a combination of cash and the Company’s common shares, subject to a Puerto Rico withholding tax of 10%. The aggregate amount of cash paid to shareholders was limited to 20% of the total dividend paid. In connection with the 2018 dividend, in January 2019, the Company issued 578,238 common shares, based on the volume-weighted average trading price of $29.8547 per share, and paid $6.7 million in cash, which included the Puerto Rico withholding tax.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Information	1 3 . Segment Information The Company has two reportable operating segments: continental U.S. and Puerto Rico. The table below presents information about the Company’s reportable operating segments (in thousands): Three Months Ended June 30, 2019 Continental U.S. Puerto Rico Other Total The Company Lease revenue and other property revenue $ 35,071 $ 25,814 $ 60,885 Rental operation expenses (10,114 ) (7,456 ) (17,570 ) Net operating income 24,957 18,358 43,315 Impairment charges (7,110 ) (7,110 ) Hurricane property insurance income (loss), net 3,814 3,814 Depreciation and amortization (11,794 ) (6,584 ) (18,378 ) Unallocated expenses (A) $ (20,650 ) (20,650 ) Gain on disposition of real estate, net 12,946 12,946 Income before tax expense $ 13,937 Three Months Ended June 30, 2018 Continental U.S. Puerto Rico Other Total RVI Predecessor Lease revenue and other property revenue $ 52,298 $ 26,676 $ 78,974 Rental operation expenses (15,115 ) (7,093 ) (22,208 ) Net operating income 37,183 19,583 56,766 Impairment charges (15,060 ) (15,060 ) Hurricane property insurance income (loss), net (187 ) (187 ) Depreciation and amortization (17,680 ) (6,392 ) (24,072 ) Unallocated expenses (A) $ (56,300 ) (56,300 ) Gain on disposition of real estate, net 13,096 13,096 Loss before tax expense $ (25,757 ) Six Months Ended June 30, 2019 Continental U.S. Puerto Rico Other Total The Company Lease revenue and other property revenue $ 72,063 $ 50,433 $ 122,496 Rental operation expenses (20,967 ) (14,615 ) (35,582 ) Net operating income 51,096 35,818 86,914 Impairment charges (13,200 ) (13,200 ) Hurricane property insurance income (loss), net 3,631 3,631 Depreciation and amortization (24,395 ) (13,338 ) (37,733 ) Unallocated expenses (A) $ (56,675 ) (56,675 ) Gain on disposition of real estate, net 31,165 31,165 Income before tax expense $ 14,102 As of June 30, 2019: Total gross real estate assets $ 1,120,461 $ 1,068,103 $ 2,188,564 Six Months Ended June 30, 2018 Continental U.S. Puerto Rico Other Total RVI Predecessor Lease revenue and other property revenue $ 103,264 $ 51,970 155,234 Rental operation expenses (30,228 ) (13,951 ) (44,179 ) Net operating income 73,036 38,019 111,055 Impairment charges (48,680 ) (48,680 ) Hurricane property insurance income (loss), net (868 ) (868 ) Depreciation and amortization (37,339 ) (12,805 ) (50,144 ) Unallocated expenses (A) $ (194,405 ) (194,405 ) Gain on disposition of real estate, net 13,096 13,096 Loss before tax expense $ (169,946 ) As of June 30, 2018: Total gross real estate assets $ 1,731,614 $ 988,430 $ 2,720,044 ( A ) Unallocated expenses consist of Property and Asset Management Fees, General and Administrative Expenses, Interest Expense and Other Expenses as listed in the Company’s combined and consolidated statements of operations.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	1 4 . Restricted cash of $48.5 million generated from one asset sale in June 2019 was used to repay mortgage debt in July 2019.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The Company For periods after July 1, 2018, the consolidated financial statements include the results of the Company and all entities in which the Company has a controlling interest. All significant inter-company balances and transactions have been eliminated in consolidation. RVI Predecessor For periods prior to July 1, 2018, the accompanying historical condensed combined financial statements and related notes of the Company do not represent the statement of operations and cash flows of a legal entity, but rather a combination of entities under common control that have been “carved-out” of SITE Centers’ consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All inter-company transactions and balances have been eliminated in combination. For periods prior to July 1, 2018, these combined financial statements reflect the revenues and direct expenses of the RVI Predecessor and include material assets and liabilities of SITE Centers that are specifically attributable to the Company. RVI Predecessor equity in these combined financial statements represents the excess of total assets over total liabilities. RVI Predecessor equity is impacted by contributions from and distributions to SITE Centers, which are the result of treasury activities and net funding provided by or distributed to SITE Centers prior to the separation from SITE Centers, as well as the allocated costs and expenses described below. The combined financial statements also include the consolidated results of certain of the Company’s wholly-owned subsidiaries, as applicable. All significant inter-company balances and transactions have been eliminated in consolidation.
Use of Estimates in Preparation of Financial Statements	Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. GAAP 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. Actual results could differ from those estimates.
Reclassifications	Reclassifications Certain amounts in prior periods have been reclassified in order to conform with the current period’s presentation. The Company reclassified $5.0 million and $7.6 million of contractual lease payments from Other Income to Rental Income within total revenues on its combined statement of operations for the three and six months ended June 30, 2018, respectively, in connection with the adoption of Accounting Standards Update (“ASU”) No. 2016-02—Leases, as amended (“Topic 842”), as discussed below.
Rental Income	Rental Income Rental Income on the combined and consolidated statements of operations includes contractual lease payments that generally include the following: • Fixed lease payments, which include fixed payments associated with expense reimbursements from tenants for common area maintenance, taxes and insurance from tenants in shopping centers, are recognized on a straight-line basis over the non-cancelable term of the lease, which generally ranges from one month to 30 years, and include the effects of applicable rent steps and abatements. • Variable lease payments, which include percentage and overage income, which are recognized after a tenant’s reported sales have exceeded the applicable sales breakpoint set forth in the applicable lease. • Variable lease payments associated with expense reimbursements from tenants for common area maintenance, taxes, insurance and other property operating expenses, based upon the tenant’s lease provisions, which are recognized in the period the related expenses are incurred. • Lease termination payments, which are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. • Ancillary and other property-related rental payments, primarily composed of leasing vacant space to temporary tenants, kiosk income and parking income, which are recognized in the period earned.
New Accounting Standards Adopted and to Be Adopted	New Accounting Standard Adopted Accounting for Leases The Company adopted Topic 842 as of January 1, 2019, using the modified retrospective approach by applying the transition provisions at the beginning of the period of adoption. T • The package of practical expedients, which among other things, allowed the Company to carry forward the historical lease classification; • Land easements, allowing the Company to carry forward the accounting treatment for land easements on existing agreements and • To not separate lease and non-lease components for all leases and recording the combined component based on its predominant characteristics, as rental income or expense. The Company did not adopt the practical expedient to use hindsight in determining the lease term. The Company made the following accounting policy elections as a lessor in connection with the adoption: • To include operating lease liabilities in the asset group and include the associated operating lease payments in the undiscounted cash flows when considering recoverability of a long-lived asset group and • To exclude from lease payments taxes assessed by a governmental authority that are both imposed on and concurrent with lease revenue producing activity and collected by the lessor from the lessee (i.e., sales tax). The adoption of the standard impacted the Company’s consolidated financial statements as follows: • The Company had ground lease agreements in which the Company is the lessee for land beneath all or a portion of the buildings at two shopping centers (Note 5), where the Company has recorded its rights and obligations under these leases as a right-of-use (“ROU”) asset and lease liability, which is included in Other Assets and Accounts Payable and Other Liabilities, respectively, in the consolidated balance sheet. Previously, the Company accounted for these arrangements as operating leases. These leases will continue to be classified as operating leases due to the election of the package practical expedients The Company recorded ROU assets and lease liabilities of approximately $1.9 million and $3.0 million, respectively, as of January 1, 2019. The difference between the ROU asset and lease liability was due to the straight-line rent balance that existed as of the date of application of the standard. • Previously, the Company included real estate taxes paid by a lessee directly to a third party in recoveries from tenants and real estate tax expense, on a gross basis. Upon adoption of the standard, the Company no longer records these amounts in revenue or expense as the standard precludes the Company from recording payments made directly by the lessee. In addition, on January 1, 2019, the Company reversed $0.6 million of real estate taxes paid by certain major tenants previously reflected in Accounts Receivable and Accounts Payable and Other Liabilities on the Company’s consolidated balance sheet as of December 31, 2018. • The Company recorded an adjustment for the cumulative effect due to a change in accounting principal of $0.7 million in equity related to the change in its collectability assessment of operating lease receivables under Topic 842. • Upon adoption of the practical expedient with regards to not separating lease and non-lease components, where applicable, the Company has prospectively recorded, on a straight-line basis, lease payments associated with fixed expense reimbursements. • The adoption of this standard did not materially impact the Company’s consolidated net income or consolidated cash flows. The adoption of the new standard also resulted in various presentation changes in the Company’s consolidated statements of operations. The Company aggregated the following components of contractual lease payments into one line item referred to as Rental Income: Minimum Rents, Percentage and Overage R ents, Recoveries from Tenants, Ancillary Income and Lease Termina tion Fees. The prior period presentation was conformed to the current period presentation for comparability related to these revenue components. In addition, effective January 1, 2019, the Company presents bad debt as a component of Rental Income within Revenues. For prior periods, b ad debt is included in Operating and Maintenance Expenses. In addition, effective January 1, 2019, the Company no longer records real estate taxes paid by major tenants directly to the applicable governmental authority. For prior periods, these amounts are included in Recoveries from Tenants and Real Estate Taxes. New Accounting Standard to Be Adopted Accounting for Credit Losses In June 2016, the Financial Accounting Standards Board (the “FASB”) issued an amendment on measurement of credit losses on financial assets held by a reporting entity at each reporting date (ASU 2016-13, Financial Instruments – Credit Losses)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Non-cash Investing and Financing Activities	Non-cash investing and financing activities are summarized as follows (in millions): Six Months Ended June 30, 2019 2018 The Company RVI Predecessor Accounts payable related to construction in progress $ 11.8 $ 10.1 Stock dividends 17.2 — Receivable and reduction of real estate assets, net - related to hurricane — 6.1 Assumption of building due to ground lease termination — 2.2

Other Assets, Net (Tables)

Other Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Schedule of Other Assets, Net	Other Assets, Net on the Company’s consolidated balance sheets consists of the following (in thousands): June 30, 2019 December 31, 2018 Intangible assets: In-place leases, net $ 6,806 $ 11,926 Above-market leases, net 1,163 2,001 Lease origination costs, net 1,099 1,713 Tenant relations, net 11,302 16,242 Total intangible assets, net (A) 20,370 31,882 Operating lease ROU assets (B) 1,811 — Other assets: Prepaid expenses 5,390 10,011 Deposits 141 194 Deferred charges, net 93 179 Other assets (C) 48 1,294 Total other assets, net $ 27,853 $ 43,560 Accounts payable and other liabilities: Below-market leases, net (A) $ (20,893 ) $ (33,914 ) (A) In the event a tenant terminates its lease prior to the contractual expiration, the unamortized portion of the related intangible asset or liability is adjusted to reflect the updated lease term. (B) Operating lease ROU assets are discussed further in Notes 1 and 5. (C) Included $1.2 million fair value of an interest rate cap at December 31, 2018, which was terminated in March 2019.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of ROU Assets and Lease Liabilities	Operating lease ROU assets and operating lease liabilities are in the Company’s consolidated balance sheet as follows (in thousands): Classification June 30, 2019 Operating Lease ROU Assets Other Assets, Net $ 1,811 Operating Lease Liabilities Accounts Payable and Other Liabilities $ 2,943
Schedule of Supplemental Information Related to Leases	Operating lease expenses, including straight-line expense, are included in Operating and Maintenance Expense for the Company’s ground leases and aggregated $0.1 million and $0.2 million for the three and six months ended June 30, 2019, respectively. Supplemental information related to leases was as follows: June 30, 2019 Weighted-Average Remaining Lease Term 11.7 years Weighted-Average Discount Rate 6.6 % Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands) $ 202
Schedule of Future Minimum Rental Revenues and Future Minimum Rental Payments	As determined under FASB Accounting Standards Codification (“ASC”) 840, Leases Year Minimum Rental Revenues Minimum Rental Payments 2019 $ 169,109 $ 405 2020 143,736 414 2021 118,947 423 2022 92,495 433 2023 65,225 217 Thereafter 195,610 2,806 $ 785,122 $ 4,698
Schedule of Maturities of Lease Liabilities under ASC 842	As determined under Topic 842, maturities of lease liabilities were as follows for the 12-month periods ending June 30, (in thousands): Year June 30, 2020 $ 409 2021 419 2022 428 2023 325 2024 223 Thereafter 2,693 Total lease payments 4,497 Less imputed interest (1,554 ) Total $ 2,943
Schedule of Future Minimum Rental Revenues from Rental Properties	The scheduled future minimum rental revenues from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions, as determined under Topic 842 for such premises for the 12-month periods ending June 30, were as follows (in thousands): Year Ending June 30, 2020 $ 152,278 2021 129,984 2022 106,832 2023 80,752 2024 56,708 Thereafter 201,418 Total $ 727,972

Impairment Charges (Tables)

Impairment Charges (Tables)	6 Months Ended
	Jun. 30, 2019
Asset Impairment Charges [Abstract]
Impairment Charges Measured at Fair Value on Non-Recurring Basis	The following table presents information about the Company’s impairment charges on nonfinancial assets that were measured on a fair-value basis for the six months ended June 30, 2019. The table also indicates the fair value hierarchy of the valuation techniques used by the Company to determine such fair value (in millions). Fair Value Measurements Level 1 Level 2 Level 3 Total Total Impairment Charges Long-lived assets held and used June 30, 2019 $ 47.1 $ 47.1 $ 13.2
Summary of Significant Unobservable Inputs	The following table presents quantitative information about the significant unobservable inputs used by the Company to determine the fair value of non-recurring items (in millions): Quantitative Information about Level 3 Fair Value Measurements Description Fair Value at June 30, 2019 Valuation Technique Unobservable Inputs Range Impairment of assets $ 47.1 Income Capitalization Approach Market Capitalization Rate 8.1%-9.1%

Transactions with SITE Centers

Transactions with SITE Centers (Tables)	6 Months Ended
	Jun. 30, 2019
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): For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 The Company RVI Predecessor The Company RVI Predecessor Management fees (A) $ 2,999 $ 3,462 $ 5,995 $ 6,819 Asset management fees (B) 2,820 — 5,640 — Leasing commissions (C) 673 982 1,445 982 Insurance premiums (D) — 1,047 — 2,084 Maintenance services and other (E) 377 518 755 1,085 Disposition fees (F) 1,515 1,058 2,614 1,058 Credit facility guaranty and debt refinancing fees (G) — — 1,800 — Legal fees (H) 200 — 357 — $ 8,584 $ 7,067 $ 18,606 $ 12,028 (A) Beginning on July 1, 2018, property management fees are 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. Prior to the spin-off, calculated pursuant to the respective management agreements. (B) Asset management fees are generally calculated at 0.5% per annum of the gross asset value as determined on the immediately preceding June 30 or December 31. (C) Leasing commissions represent fees charged for the execution of the leasing of retail space. Leasing commissions are included within Real Estate Assets on the combined and consolidated balance sheets. (D) For periods prior to July 1, 2018, SITE Centers contracted with authorized insurance companies for the liability and property insurance coverage for the continental U.S. properties. The Company remitted to SITE Centers insurance premiums associated with these insurance policies. Insurance premiums are included within Operating and Maintenance on the combined statements of operations. (E) 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 combined and consolidated statements of operations. (F) Disposition fees equal 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. (G) The Company paid a debt financing fee equal to 0.20% of the aggregate principal amount of the new mortgage (Note 7). For periods after July 1, 2018, the credit facility guaranty fee equals 0.20% per annum of the aggregate commitments under the Revolving Credit Agreement plus an amount equal to 5.0% per annum times the average aggregate daily principal amount of loans plus the aggregate stated average daily amount of letters of credit outstanding under the Re volving Credit Agreement (Note 6 ). Credit facility guaranty fees are included within Interest Expense on the consolidated statements of operations. (H) Legal fees charged for collection activity, negotiating and reviewing tenant leases and contracts for asset dispositions.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of Net Income from Continuing Operations and the Number of Common Shares used in the Computations of “Basic” Earnings Per Share (“EPS”)	The following table provides the 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): Three Months Six Months Ended June 30, Ended June 30, 2019 2019 Numerators – Basic and Diluted Net income attributable to common shareholders after allocation to participating securities $ 13,617 $ 13,607 Denominators – Number of Shares Basic and Diluted — 19,043 18,963 Income Per Share: Basic and Diluted $ 0.72 $ 0.72

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Summary of Information about Company's Reportable Operating Segments	The table below presents information about the Company’s reportable operating segments (in thousands): Three Months Ended June 30, 2019 Continental U.S. Puerto Rico Other Total The Company Lease revenue and other property revenue $ 35,071 $ 25,814 $ 60,885 Rental operation expenses (10,114 ) (7,456 ) (17,570 ) Net operating income 24,957 18,358 43,315 Impairment charges (7,110 ) (7,110 ) Hurricane property insurance income (loss), net 3,814 3,814 Depreciation and amortization (11,794 ) (6,584 ) (18,378 ) Unallocated expenses (A) $ (20,650 ) (20,650 ) Gain on disposition of real estate, net 12,946 12,946 Income before tax expense $ 13,937 Three Months Ended June 30, 2018 Continental U.S. Puerto Rico Other Total RVI Predecessor Lease revenue and other property revenue $ 52,298 $ 26,676 $ 78,974 Rental operation expenses (15,115 ) (7,093 ) (22,208 ) Net operating income 37,183 19,583 56,766 Impairment charges (15,060 ) (15,060 ) Hurricane property insurance income (loss), net (187 ) (187 ) Depreciation and amortization (17,680 ) (6,392 ) (24,072 ) Unallocated expenses (A) $ (56,300 ) (56,300 ) Gain on disposition of real estate, net 13,096 13,096 Loss before tax expense $ (25,757 ) Six Months Ended June 30, 2019 Continental U.S. Puerto Rico Other Total The Company Lease revenue and other property revenue $ 72,063 $ 50,433 $ 122,496 Rental operation expenses (20,967 ) (14,615 ) (35,582 ) Net operating income 51,096 35,818 86,914 Impairment charges (13,200 ) (13,200 ) Hurricane property insurance income (loss), net 3,631 3,631 Depreciation and amortization (24,395 ) (13,338 ) (37,733 ) Unallocated expenses (A) $ (56,675 ) (56,675 ) Gain on disposition of real estate, net 31,165 31,165 Income before tax expense $ 14,102 As of June 30, 2019: Total gross real estate assets $ 1,120,461 $ 1,068,103 $ 2,188,564 Six Months Ended June 30, 2018 Continental U.S. Puerto Rico Other Total RVI Predecessor Lease revenue and other property revenue $ 103,264 $ 51,970 155,234 Rental operation expenses (30,228 ) (13,951 ) (44,179 ) Net operating income 73,036 38,019 111,055 Impairment charges (48,680 ) (48,680 ) Hurricane property insurance income (loss), net (868 ) (868 ) Depreciation and amortization (37,339 ) (12,805 ) (50,144 ) Unallocated expenses (A) $ (194,405 ) (194,405 ) Gain on disposition of real estate, net 13,096 13,096 Loss before tax expense $ (169,946 ) As of June 30, 2018: Total gross real estate assets $ 1,731,614 $ 988,430 $ 2,720,044 ( A ) Unallocated expenses consist of Property and Asset Management Fees, General and Administrative Expenses, Interest Expense and Other Expenses as listed in the Company’s combined and consolidated statements of operations.

Nature of Business - Additional

Nature of Business - Additional Information (Details) ft² in Millions	Jun. 30, 2019USD ($)ft²State	Jul. 01, 2018PortfolioAssetShoppingCenter	Jun. 30, 2019USD ($)PortfolioAssetShoppingCentershares
Nature of Business [Line Items]
Square feet of gross leasable area of portfolio assets | ft²	12
Number of states | State	12
Number of portfolio assets | PortfolioAsset			31
Separation and Distribution Agreement
Nature of Business [Line Items]
Percentage of distribution of outstanding common shares rights to holders		100.00%
Spin-off record date			June 26, 2018
Spin off distribution description			holders of SITE Centers’ common shares received one common share of RVI for every ten shares of SITE Centers’ common stock held on the record date.
Separation and Distribution Agreement | Series A Preferred Stock
Nature of Business [Line Items]
Number of shares retained in connection with agreement | shares			1,000
Preferred stock, value | $	$ 190,000,000		$ 190,000,000
Maximum increase in preferred stock amount | $	$ 10,000,000		$ 10,000,000
Separation and Distribution Agreement | Common Stock
Nature of Business [Line Items]
Share exchange ratio under agreement		0.1
U.S.
Nature of Business [Line Items]
Number of shopping centers			19
Puerto Rico
Nature of Business [Line Items]
Number of shopping centers			12
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

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	Jan. 01, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)ShoppingCenter	Jun. 30, 2018USD ($)
Summary Of Significant Accounting Policies [Line Items]
Right-of-use assets			$ 1,811
Lease liability			$ 2,943
Minimum
Summary Of Significant Accounting Policies [Line Items]
Operating lease term of contract			1 month
Maximum
Summary Of Significant Accounting Policies [Line Items]
Operating lease term of contract			30 years
ASU 2016-02 - Topic 842 Leases
Summary Of Significant Accounting Policies [Line Items]
Contractual lease payments		$ 5,000		$ 7,600
Number of shopping centers under ground lease agreements | ShoppingCenter			2
Right-of-use assets	$ 1,900
Lease liability	3,000
Cumulative effect of change in equity	700
ASU 2016-02 - Topic 842 Leases | Accounts Receivable, Accounts Payable and Other Liabilities
Summary Of Significant Accounting Policies [Line Items]
Real estate taxes paid	$ 600

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Summary Of Significant Accounting Policies [Line Items]
Accounts payable related to construction in progress	$ 11.8
Stock dividends	17.2
Receivable and reduction of real estate assets, net - related to hurricane	0
Building
Summary Of Significant Accounting Policies [Line Items]
Assumption of building due to ground lease termination	$ 0
RVI Predecessor [Member]
Summary Of Significant Accounting Policies [Line Items]
Accounts payable related to construction in progress		$ 10.1
Stock dividends		0
Receivable and reduction of real estate assets, net - related to hurricane		6.1
RVI Predecessor [Member] | Building
Summary Of Significant Accounting Policies [Line Items]
Assumption of building due to ground lease termination		$ 2.2

Other Assets, Net - Components

Other Assets, Net - Components of Other Assets and Intangibles (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Intangible assets:
Total intangible assets, net	$ 20,370	$ 31,882
Operating lease ROU assets	1,811
Other assets:
Prepaid expenses	5,390	10,011
Deposits	141	194
Deferred charges, net	93	179
Other assets	48	1,294
Total other assets, net	27,853	43,560
Accounts payable and other liabilities:
Below-market leases, net	(20,893)	(33,914)
In-Place Leases, Net
Intangible assets:
Total intangible assets, net	6,806	11,926
Above-Market Leases, Net
Intangible assets:
Total intangible assets, net	1,163	2,001
Lease Origination Costs, Net
Intangible assets:
Total intangible assets, net	1,099	1,713
Tenant Relations, net
Intangible assets:
Total intangible assets, net	$ 11,302	$ 16,242

Other Assets, Net - Component_2

Other Assets, Net - Components of Other Assets and Intangibles (Parenthetical) (Detail) $ in Millions	Dec. 31, 2018USD ($)
Interest Rate Cap
Other Assets [Line Items]
Fair value of interest rate cap	$ 1.2

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Operating Leased Assets [Line Items]
Lessee, operating lease, option to extend		true
Operating lease, option to extend		The Company has options to extend certain of the ground leases; however, these options were not considered as part of the lease term when calculating the lease liability as they were not reasonably certain to be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term
Operating lease expense	$ 0.1	$ 0.2
Minimum
Operating Leased Assets [Line Items]
Operating lease term of contract	1 month	1 month
Maximum
Operating Leased Assets [Line Items]
Operating lease term of contract	30 years	30 years
Long-term Ground Leases
Operating Leased Assets [Line Items]
Lease expiration period		various dates through 2033

Leases - Schedule of ROU Assets

Leases - Schedule of ROU Assets and Lease Liabilities (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
Operating Lease ROU Assets	$ 1,811
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets
Operating Lease Liabilities	$ 2,943
Lease liabilities, accounts payable and other liabilities	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Information Related to Leases (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Weighted-Average Remaining Lease Term	11 years 8 months 12 days
Weighted-Average Discount Rate	6.60%
Cash paid for amounts included in the measurement — operating cash flows from lease liabilities (in thousands)	$ 202

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rental Revenues and Future Minimum Rental Payments (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Year
2019	$ 169,109
2020	143,736
2021	118,947
2022	92,495
2023	65,225
Thereafter	195,610
Total	785,122
Year
2019	405
2020	414
2021	423
2022	433
2023	217
Thereafter	2,806
Total	$ 4,698

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities under ASC 842 (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2020	$ 409
2021	419
2022	428
2023	325
2024	223
Thereafter	2,693
Total lease payments	4,497
Less imputed interest	(1,554)
Total	$ 2,943

Leases - Schedule of Future M_2

Leases - Schedule of Future Minimum Rental Revenues from Rental Properties (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2020	$ 152,278
2021	129,984
2022	106,832
2023	80,752
2024	56,708
Thereafter	201,418
Total	$ 727,972

Credit Agreement - Additional I

Credit Agreement - Additional Information (Detail) - USD ($)	Jul. 02, 2018	Jun. 30, 2019
Line Of Credit Facility [Line Items]
Debt instrument variable rate description		when any amounts are outstanding under the Revolving Credit Agreement, an amount equal to 5.00% per annum times the average aggregate outstanding daily principal amount of such loans plus the aggregate stated average daily amount of outstanding letters of credit and (iii) in the event SITE Centers pays any amounts to PNC pursuant to SITE Centers’ guaranty (credit facility guaranty fee) and the Company fails to reimburse SITE Centers for such amount within three business days, an amount in cash equal to the amount of such paid obligations plus default interest which will accrue from the date of such payment by SITE Centers until repaid by the Company at a rate per annum equal to the sum of the LIBOR rate plus 8.50%.
Revolving Credit Agreement
Line Of Credit Facility [Line Items]
Line of credit facility, outstanding amount		$ 0
Revolving Credit Agreement | SITE Centers Corp | Guaranty Fee and Reimbursement Letter Agreement
Line Of Credit Facility [Line Items]
Facility fee on aggregate revolving commitments rate per annum	0.20%
Percent of outstanding loans required to be paid	5.00%
Revolving Credit Agreement | LIBOR | SITE Centers Corp | Guaranty Default Interest Rate
Line Of Credit Facility [Line Items]
Specified spread line of credit facility	8.50%
PNC Bank National Association | Revolving Credit Agreement
Line Of Credit Facility [Line Items]
Line of credit facility, Maximum borrowing capacity		$ 30,000,000
Debt instrument variable rate description		The Company’s borrowings under the Revolving Credit Agreement bear interest at variable rates at the Company’s election, based on either (i) LIBOR plus a specified spread ranging from 1.05% to 1.50% depending on the Company’s Leverage Ratio (as defined in the Revolving Credit Agreement) or (ii) the Alternate Base Rate (as defined in the Revolving Credit Agreement) plus a specified spread ranging from 0.05% to 0.50% depending on the Company’s Leverage Ratio.  The Company is also required to pay a facility fee on the aggregate revolving commitments at a rate per annum that ranges from 0.15% to 0.30% depending on the Company’s Leverage Ratio
Minimum | PNC Bank National Association | Revolving Credit Agreement
Line Of Credit Facility [Line Items]
Facility fee on aggregate revolving commitments rate per annum		0.15%
Minimum | PNC Bank National Association | Revolving Credit Agreement | LIBOR
Line Of Credit Facility [Line Items]
Specified spread line of credit facility		1.05%
Minimum | PNC Bank National Association | Revolving Credit Agreement | Alternative Base Rate
Line Of Credit Facility [Line Items]
Specified spread line of credit facility		0.05%
Maximum | PNC Bank National Association | Revolving Credit Agreement
Line Of Credit Facility [Line Items]
Facility fee on aggregate revolving commitments rate per annum		0.30%
Maximum | PNC Bank National Association | Revolving Credit Agreement | LIBOR
Line Of Credit Facility [Line Items]
Specified spread line of credit facility		1.50%
Maximum | PNC Bank National Association | Revolving Credit Agreement | Alternative Base Rate
Line Of Credit Facility [Line Items]
Specified spread line of credit facility		0.50%

Mortgage Indebtedness - Additio

Mortgage Indebtedness - Additional Information (Details)	Mar. 11, 2019USD ($)	Jun. 30, 2019USD ($)Option	Feb. 14, 2018USD ($)
Debt Instrument [Line Items]
Aggregate financing costs	$ 20,200,000
Debt financing fee paid to SITE centers	$ 1,800,000
Mortgage Loan
Debt Instrument [Line Items]
Debt instrument initial maturity period	2 years
Debt yield ratio		13.60%
Prepayment premium amount expected to be paid in future	$ 0
Repayment of aggregate debt extinguishment costs incurred	$ 12,700,000
Mortgage Loan | Minimum
Debt Instrument [Line Items]
Debt yield ratio	10.00%
Mortgage Loan | Promissory Notes
Debt Instrument [Line Items]
Aggregate outstanding principal amount	$ 900,000,000	$ 774,900,000	$ 1,350,000,000
Debt instrument maturity date		Mar. 9, 2021
Debt instrument number of extension options | Option		3
Debt instrument extension options maturity period		1 year
Interest rate description	one-month LIBOR plus a spread of 2.30% per annum
Percentage of increase in debt instrument exercise of third extension option	0.25%
Debt instrument interest rate		4.90%
Description of event of default	In the event of a default, the contract rate of interest on the notes will increase to the lesser of (i) the maximum rate allowed by law or (ii) the greater of (A) 4% above the interest rate otherwise applicable and (B) the Prime Rate (as defined in the mortgage loan) plus 1.0%. The notes contain other terms and provisions that are customary for instruments of this nature. The mortgage loan agreement also includes customary events of default, including among others, principal and interest payment defaults and breaches of affirmative or negative covenants, the mortgage loan agreement does not contain any financial maintenance covenants.
Rate of interest in event of default	4.00%
Additional interest percentage to prime rate in event of default	1.00%
Mortgage Loan | Promissory Notes | LIBOR
Debt Instrument [Line Items]
Specified spread line of credit facility	2.30%

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total indebtedness		$ 752,404	$ 967,569
Interest Rate Cap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of interest rate cap			1,200
Notional Amount			1,000,000
Mortgage refinancing cash received upon settlement	$ 300
Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total indebtedness		$ 794,700	$ 1,016,100

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended		21 Months Ended
	Jun. 30, 2019USD ($)ft²ShoppingCenterAnchorTenant	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)ft²ShoppingCenterAnchorTenant	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)ft²ShoppingCenterAnchorTenant	Dec. 31, 2018USD ($)
Contingencies and Commitments [Line Items]
Property insurance receivable	$ 0		$ 0		$ 0	$ 29,422
Hurricane property insurance income	3,814		3,631
Insurance proceeds related to business interruption insurance claims	$ 2,000		$ 2,000
RVI Predecessor [Member]
Contingencies and Commitments [Line Items]
Hurricane property insurance income		$ (187)		$ (868)
Insurance proceeds related to business interruption insurance claims		3,100		5,100
Puerto Rico
Contingencies and Commitments [Line Items]
Number of properties owned | ShoppingCenter	12		12		12
Gross leasable area of properties owned | ft²	4,400,000		4,400,000		4,400,000
Insurance Policy Limit			$ 330,000
Hurricane and impairment loss			5,500
Hurricane property insurance income	$ 4,000		$ 4,000
Puerto Rico | Loss from Catastrophes
Contingencies and Commitments [Line Items]
Number of assets that sustained varying degrees of damage | ShoppingCenter	11		11		11
Estimated net book value of the property written off	$ 78,800		$ 78,800		$ 78,800
Property insurance receivable						$ 29,400
Business interruption insurance coverage period after restoration			365 days
Rental revenues lost and not recognized	1,200		$ 2,800
Puerto Rico | Loss from Catastrophes | RVI Predecessor [Member]
Contingencies and Commitments [Line Items]
Rental revenues lost and not recognized		2,800		6,600
Puerto Rico | Loss from Catastrophes | Business Interruption Income
Contingencies and Commitments [Line Items]
Insurance proceeds related to business interruption insurance claims	$ 2,000		$ 2,000
Puerto Rico | Loss from Catastrophes | Business Interruption Income | RVI Predecessor [Member]
Contingencies and Commitments [Line Items]
Insurance proceeds related to business interruption insurance claims		$ 3,100		$ 5,100
Puerto Rico | Loss from Catastrophes | Plaza Palma Real
Contingencies and Commitments [Line Items]
Number of properties owned that was severely damaged | ShoppingCenter	1		1		1
Gross leasable area of properties owned that was severely damaged | ft²	400,000		400,000		400,000
Number of anchor tenants opened for business | AnchorTenant	3		3		3
Gross leasable area of properties opened for business | ft²	300,000		300,000		300,000
Percentage of anchor tenants opened for business	58.00%		58.00%		58.00%
Puerto Rico | Insurance Claims
Contingencies and Commitments [Line Items]
Property insurance claim received			$ 33,800		$ 83,900

Impairment Charges - Impairment

Impairment Charges - Impairment Charges Measured at Fair Value on Non-Recurring Basis (Detail) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used, Total Impairment Charges	$ 7,110	$ 13,200
Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used	47,100	47,100
Fair Value Measurements | SITE Centers Corp
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used, Total Impairment Charges		13,200
Fair Value Measurements | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 47,100	$ 47,100

Impairment Charges - Summary of

Impairment Charges - Summary of Significant Unobservable Inputs (Detail) - Fair Value Measurements $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 47.1
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used	47.1
SITE Centers Corp | Impairment of Assets | Level 3 | Income Capitalization Approach
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Long-lived assets held and used	$ 47.1
SITE Centers Corp | Impairment of Assets | Level 3 | Income Capitalization Approach | Minimum | Measurement Input Cap Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unobservable Inputs	8.10%
SITE Centers Corp | Impairment of Assets | Level 3 | Income Capitalization Approach | Maximum | Measurement Input Cap Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unobservable Inputs	9.10%

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Related Party Transaction [Line Items]
Management fees	$ 2,999		$ 5,995
Asset management fees	2,820		5,640
Leasing commissions	673		1,445
Insurance premiums	0		0
Maintenance services and other	377		755
Disposition fees	1,515		2,614
Credit facility guaranty and debt refinancing fees	0		1,800
Legal fees	200		357
Total fees and other amount charges	$ 8,584		$ 18,606
RVI Predecessor [Member]
Related Party Transaction [Line Items]
Management fees		$ 3,462		$ 6,819
Asset management fees		0		0
Leasing commissions		982		982
Insurance premiums		1,047		2,084
Maintenance services and other		518		1,085
Disposition fees		1,058		1,058
Credit facility guaranty and debt refinancing fees		0		0
Legal fees		0		0
Total fees and other amount charges		$ 7,067		$ 12,028

Transactions with SITE Center_3

Transactions with SITE Centers - Summary of Fees and Other Amounts Charged (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2019
RVI Predecessor [Member]
Related Party Transaction [Line Items]
Percentage of gross sales price of asset sold	1.00%
SITE Centers Corp
Related Party Transaction [Line Items]
Percentage of gross asset value for calculation of asset management fees	0.50%
Percentage of gross sales price of asset sold	1.00%
SITE Centers Corp | Revolving Credit Agreement
Related Party Transaction [Line Items]
Percentage of debt financing fee equal to aggregate principal amount	0.20%
Percentage of facility fee on aggregate revolving commitments rate per annum	0.20%
Average percent of outstanding loans required to be paid	5.00%
Calculation of guaranty and refinancing fee	The Company paid a debt financing fee equal to 0.20% of the aggregate principal amount of the new mortgage (Note 7).  For periods after July 1, 2018, the credit facility guaranty fee equals 0.20% per annum of the aggregate commitments under the Revolving Credit Agreement plus an amount equal to 5.0% per

Transactions with SITE Center_4

Transactions with SITE Centers - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Payable to SITE Centers	$ 33,759	$ 33,985
SITE Centers Corp
Related Party Transaction [Line Items]
Payable to SITE Centers	$ 33,800
SITE Centers Corp | RVI Predecessor [Member]
Related Party Transaction [Line Items]
Payable to SITE Centers		$ 34,000

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Net Income from Continuing Operations 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	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income attributable to common shareholders after allocation to participating securities	$ 13,617	$ 13,607
Denominators – Number of Shares
Basic and Diluted—Average shares outstanding	19,043	18,963
Income Per Share:
Basic and diluted	$ 0.72	$ 0.72

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2018
Earnings Per Share Basic [Line Items]
Common shares, dividend declared		$ 1.30
Common shares, withholding tax		10.00%
Common stock dividend shares issued	578,238
Common shares, weighted average price per share	$ 29.8547
Common shares, dividend paid in cash	$ 6.7
Maximum
Earnings Per Share Basic [Line Items]
Common stock aggregate percentage of dividend paid in cash		20.00%

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2019Segment
Segment Reporting [Abstract]
Number of reportable operating segments	2

Segment Information - Summary o

Segment Information - Summary of Information about Company's Reportable Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting Information [Line Items]
Lease revenue and other property revenue	$ 60,885		$ 122,496
Rental operation expenses	(17,570)		(35,582)
Net operating income	43,315		86,914
Impairment charges	(7,110)		(13,200)
Hurricane property insurance income (loss), net	3,814		3,631
Depreciation and amortization	(18,378)		(37,733)
Unallocated expenses	(20,650)		(56,675)
Gain on disposition of real estate, net	12,946		31,165
Income (loss) before tax expense	13,937		14,102
Total gross real estate assets	2,188,564		2,188,564
RVI Predecessor [Member]
Segment Reporting Information [Line Items]
Lease revenue and other property revenue		$ 78,974		$ 155,234
Rental operation expenses		(22,208)		(44,179)
Net operating income		56,766		111,055
Impairment charges		(15,060)		(48,680)
Hurricane property insurance income (loss), net		(187)		(868)
Depreciation and amortization		(24,072)		(50,144)
Unallocated expenses		(56,300)		(194,405)
Gain on disposition of real estate, net		13,096		13,096
Income (loss) before tax expense		(25,757)		(169,946)
Total gross real estate assets		2,720,044		2,720,044
Continental U.S.
Segment Reporting Information [Line Items]
Lease revenue and other property revenue	35,071		72,063
Rental operation expenses	(10,114)		(20,967)
Net operating income	24,957		51,096
Impairment charges	(7,110)		(13,200)
Depreciation and amortization	(11,794)		(24,395)
Gain on disposition of real estate, net	12,946		31,165
Total gross real estate assets	1,120,461		1,120,461
Continental U.S. | RVI Predecessor [Member]
Segment Reporting Information [Line Items]
Lease revenue and other property revenue		52,298		103,264
Rental operation expenses		(15,115)		(30,228)
Net operating income		37,183		73,036
Impairment charges		(15,060)		(48,680)
Depreciation and amortization		(17,680)		(37,339)
Gain on disposition of real estate, net		13,096		13,096
Total gross real estate assets		1,731,614		1,731,614
Puerto Rico
Segment Reporting Information [Line Items]
Lease revenue and other property revenue	25,814		50,433
Rental operation expenses	(7,456)		(14,615)
Net operating income	18,358		35,818
Hurricane property insurance income (loss), net	3,814		3,631
Depreciation and amortization	(6,584)		(13,338)
Total gross real estate assets	1,068,103		1,068,103
Puerto Rico | RVI Predecessor [Member]
Segment Reporting Information [Line Items]
Lease revenue and other property revenue		26,676		51,970
Rental operation expenses		(7,093)		(13,951)
Net operating income		19,583		38,019
Hurricane property insurance income (loss), net		(187)		(868)
Depreciation and amortization		(6,392)		(12,805)
Total gross real estate assets		988,430		988,430
Other
Segment Reporting Information [Line Items]
Unallocated expenses	$ (20,650)		$ (56,675)
Other | RVI Predecessor [Member]
Segment Reporting Information [Line Items]
Unallocated expenses		$ (56,300)		$ (194,405)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Millions	1 Months Ended
	Jul. 31, 2019USD ($)	Jun. 30, 2019Asset
Subsequent Event [Line Items]
Number of assets sold | Asset		1
Restricted Cash | Subsequent Event
Subsequent Event [Line Items]
Restricted cash from asset sale used to repay mortgage debt | $	$ 48.5