Summary

Retail Value Inc (RV) reported earnings and filed its 10-Q on November 5, 2018. I didn’t discover anything thesis changing. One area of weakness was in Puerto Rico net operating income (NOI) which declined in the quarter, however, it was driven by higher expenses (which may be temporary – I need to confirm with the company). One area of strength was in RVI’s cash flow generation. After adjusting for capex that will be reimbursed by insurance, the company generated $19MM of free cash flow in the quarter and is trading at a 14% free cash flow yield.