Wheeler Real Estate Investment Trust, Inc. Pre-Announces Fourth Quarter 2016 Pro Forma Affo Run Rate, Highlights 2016 Accompl...
January 30 2017 - 8:05AM
Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“Wheeler” or the “Company”) today reported that the
Company is covering its common dividend of $0.21 on an annualized
basis with AFFO as of the close of the Rivergate acquisition
completed on December 21, 2016. The Company will issue its
financial results for the 2016 fourth quarter ended December 31,
2016 on Monday, February 27, 2017, after close of market.
The Company will discuss these results in a conference call the
following morning (Tuesday, February 28, 2017) at 10:00 AM ET.
The dial-in numbers are:
Live Participant Dial-In (Toll-Free): 877-407-3101 Live
Participant Dial-In (International): 201-493-6789
The conference call will also be webcast. To listen to the call,
please go to the Investor Relations section of Wheeler’s website at
www.whlr.us, or click on the following link:
http://whlr.equisolvewebcast.com/q4-2016
Jon S. Wheeler, Chairman and Chief Executive
Officer, commented, “2016 was a record year for Wheeler on multiple
fronts. We were able to execute and deliver on specific strategic
goals we set for our Company to benefit our shareholders.
Management was faced with a number of very tough decisions, but our
team persevered and we feel strongly that we delivered. Covering
our common dividend of $0.21 on a run-rate basis remained our core
focus throughout the year. Internally, we had a plan to achieve
that goal which we communicated during our third quarter 2016
earnings conference call. I am extremely pleased to report that on
a run-rate pro forma basis we are now achieving dividend coverage
with AFFO for the first time in our history. Not only did we double
our AFFO run-rate over the course of 2016, but due to the
streamlining of personnel and creating internal efficiencies in
property operations, we also dramatically reduced our overhead
costs as a percentage of revenue to a level that is now in line
with our peers. I want to be clear that our efforts to
achieve scale did not affect our property operations. We reported
increased rent spreads and occupancy levels quarter over quarter,
and we believe our assets will continue to exhibit upside potential
throughout 2017.”
“We grew smartly in 2016, lowering our cost of
capital via the issuance of both our Series B and Series D
Preferred Stock and diversifying our geographical reach and tenant
roster through strategic acquisitions. Our tenant base now includes
new anchors, Publix, Farm Fresh, Harris Teeter, Lowes Foods and
Ingles Food Market, and we acquired our first Pennsylvania asset,
now owning properties in twelve states. This was our largest
year to date for acquisitions. We acquired twenty-three grocery
anchored shopping centers at an average 8.3% cap rate for an
aggregate total purchase price of $186 million. Now, with
sixty-five income producing properties in our portfolio, we lease
and manage 4.9 million rentable square feet and own approximately
seventy-one acres of raw land, one office building and one
redevelopment property. I am extremely proud of our team at Wheeler
and we look forward to sharing our full financial results and
updated guidance with our shareholders next month.”
Forward-Looking StatementThis
press release may contain “forward-looking” statements as defined
in the Private Securities Litigation Reform Act of 1995. When the
Company uses words such as “may,” “will,” “intend,” “should,”
“believe,” “expect,” “anticipate,” “project,” “estimate” or similar
expressions that do not relate solely to historical matters, it is
making forward-looking statements. Forward-looking statements
are not guarantees of future performance and involve risks and
uncertainties that may cause the actual results to differ
materially from the Company’s expectations discussed in the
forward-looking statements. The Company’s expected results
may not be achieved, and actual results may differ materially from
expectations. Specifically, the Company’s statements regarding: (i)
anticipated financial performance in 2017 are forward- looking
statements. These statements are not guarantees of future
performance and are subject to risks, uncertainties and other
factors, some of which are beyond our control, are difficult to
predict and could cause actual results to differ materially from
those expressed or forecasted in the forward-looking statements.
For these reasons, among others, investors are cautioned not to
place undue reliance upon any forward-looking statements in this
press release. Additional factors are discussed in the Company's
filings with the U.S. Securities and Exchange Commission, which are
available for review at www.sec.gov. The Company undertakes no
obligation to publicly revise these forward‐looking statements to
reflect events or circumstances that arise after the date
hereof.
CONTACT:
Wheeler Real Estate Investment Trust, Inc.
Wilkes Graham
Chief Financial Officer
(757) 627-9088
Wilkes@whlr.us
Laura Nguyen
Director of Investor Relations
(757) 627-9088
Laura@whlr.us
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