Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“Wheeler” or the “Company”) today reported operating
and financial results for its first quarter ended March 31,
2017.
2017 First Quarter Highlights (all
comparisons to the same prior year period unless otherwise
noted)
- Total revenue from continuing operations increased by 56.7% or
$5.2 million.
- Property Net Operating Income ("NOI") from continuing
operations increased by 63.8% to approximately $9.9 million.
- Adjusted Funds from Operations ("AFFO") of $0.31 per share of
the Company's common stock, $0.01 par value per share ("Common
Stock") and common unit ("Operating Partnership Unit" or "OP Unit")
in our operating partnership, Wheeler REIT, L.P. (the "Operating
Partnership").
- Average rental rate increase on renewals signed during the
quarter was 3.5%.
- For the three month period, the Company declared monthly cash
dividends of approximately $0.14 per share ($0.42 per share a
quarter), as adjusted for one-for-eight reverse stock split. On an
annualized basis, this amounted to a dividend of $1.68 per common
share and OP Unit, or a 12.1% dividend yield based on the
March 31, 2017 closing price of $13.84 per share, as adjusted
for reverse stock split.
- Completed the sale of Ruby Tuesday's and Outback at Pierpont
resulting in a $1.5 million gain.
Jon S. Wheeler, Chairman and Chief Executive Officer, commented,
“We entered 2017 prepared to deliver results with our portfolio of
64 income-producing assets across 12 states and I am pleased with
our operating performance for the first quarter. Despite the AFFO
miss relative to our guidance, which is mainly attributed to higher
than expected property expenses, we feel we will be able to recoup
over the year, and slightly higher than budgeted general and
administrative costs that were out of our control, we were able to
maintain positive rent spreads of 3.5% on thirty-three renewals and
dispose of two properties for a gain of $1.5 million after only two
years of ownership. Furthermore, we are even more confident in our
strategy of owning necessity-based retail shopping centers, having
seen the headwinds facing the retail industry sector in general.
Management remains focused on maximizing operations through strict
expense management and revenue growth, increasing occupancy and
driving rent spreads that we believe will result in long term
shareholder value.”
2017 First Quarter Financial
Review
- For the three months ended March 31, 2017, total revenue
from continuing operations increased by approximately 56.7% to
$14.3 million, compared with total revenue from continuing
operations of $9.1 million for the same prior year period.
- Net loss attributable to Common Stock shareholders for the
three months ended March 31, 2017 was $3.6 million, or $0.42
per basic and diluted share, compared to a net loss of $3.7
million, or $0.45 per basic and diluted share, during the same 2016
period. The decrease in net loss for the three months ended
March 31, 2017 was primarily due to the incremental NOI
derived from the twenty-three retail property acquisitions
occurring subsequent to March 31, 2016 and $1.5 million gain
on sale of Ruby Tuesday's and Outback at Pierpont. These amounts
were partially offset by additional depreciation, amortization,
interest expense and preferred stock dividends.
- Wheeler reported Funds From Operations ("FFO") available to
Common Stock shareholders and holders of OP Units for the three
months ended March 31, 2017 of $1.4 million, or $0.15 per
share of Common Stock and OP Unit, compared to $0.9 million, or
$0.10 per share of Common Stock and OP Unit for the prior year
period.
- AFFO for the three months ended March 31, 2017 was $2.9
million, or $0.31 per share of Common Stock and OP Unit, compared
to $1.9 million, or $0.21 per share of Common Stock and OP Unit for
the same period of the prior year.
- NOI from continuing operations increased by 63.8% to $9.9
million for the three months ended March 31, 2017, as compared
to NOI from continuing operations of $6.1 million for the prior
year period.
- Adjusted EBITDA was $8.7 million for the three months ended
March 31, 2017, as compared to $4.5 million of Adjusted EBITDA
for the three months ended March 31, 2016.
- During the three months ended March 31, 2017, the Company
recorded $355 thousand in interest income on notes receivable and
$136 thousand in development fees attributable to Sea Turtle
Marketplace ("Sea Turtle Development").
Leasing Review
- For the three months ended March 31, 2017, the Company
executed thirty-three renewals totaling 179,121 square feet at a
weighted-average increase of $0.30 per square foot, representing an
increase of 3.5% over prior rates.
- For the three months ended March 31, 2017, Wheeler signed
eighteen new leases totaling approximately 54,279 square feet with
a weighted-average rate of $13.92 per square foot.
- Approximately 9.9% of Wheeler’s gross leasable area ("GLA") is
subject to leases that expire during the twelve months ending March
31, 2018. Of the GLA expiring during the twelve months ending March
31, 2018, 63.3% have options to renew. Based on recent market
trends, the Company believes that tenants will renew these leases
at amounts and terms comparable to existing lease agreements.
- Same-store NOI year-over-over growth for the three months ended
March 31, 2017 was 2.2% on a GAAP basis and (0.3%) on a cash
basis. The same-store pool comprises the 3.2 million square feet
that the Company owned as of January 1, 2016. Same-store results
were driven by a 3.0% increase in rental income and 4.8% decrease
in property operating expenses, offset by a decrease of 10.4% in
tenant reimbursements.
- The Company's leased percentage is 94.2% of GLA.
Balance Sheet Summary
- The Company’s cash and cash equivalents were $4.7 million at
March 31, 2017, compared to $4.9 million at December 31,
2016.
- Wheeler’s net investment properties as of March 31, 2017
totaled at $386.7 million, as compared to $389.2 million as of
December 31, 2016 (including assets held for sale).
- The Company’s total debt was $313.0 million at March 31,
2017, compared to $315.0 million at December 31, 2016
(including debt associated with assets held for sale). Wheeler’s
weighted-average interest rate and term of its debt (including debt
associated with assets held for sale) was 4.4% and 6.86 years,
respectively, at March 31, 2017, compared to 4.3% and 7.23
years, respectively, at December 31, 2016.
One-for-Eight Reverse Stock
Split
- As previously announced, the Reverse Stock Split took effect at
approximately 5:00 p.m. Eastern Time on March 31, 2017 (the
“Effective Time”). At the Effective Time, every eight issued and
outstanding shares of common stock were converted into one share of
common stock, and as a result, the number of outstanding shares of
common stock was reduced from approximately 68,707,755 to
approximately 8,588,470. At the Effective Time, the number of
authorized shares of common stock was also reduced, on a
one-for-eight basis, from 150,000,000 to 18,750,000. The par value
of each share of common stock remained unchanged. No fractional
shares were issued in connection with the Reverse Stock Split.
Instead, the Company's transfer agent aggregated all fractional
shares that otherwise would have been issued as a result of the
Reverse Stock Split and those shares were sold into the market.
Shareholders who would otherwise hold a fractional share of the
Company's stock received a cash payment from the net proceeds of
the sale in lieu of such fractional shares.
Dividend Distribution
- For the three months ended March 31, 2017, the Company
declared approximately $3.9 million in dividend payments to the
holders of our Common Stock and OP Units.
- For the three months ended March 31, 2017, the Company
declared approximately $2.3 million in dividends to the holders of
our Series A, Series B, and Series D stock.
Dividend Payout Schedule Amended
- As previously announced, the Company amended its Common Stock
dividend payment schedule such that future dividends are expected
to be paid quarterly commencing in July 2017 to shareholders of
record on June 30, 2017. Giving effect to the reverse stock split,
the distribution rate will be multiplied by 8, or $0.42 per share
on a quarterly basis. Expected record and payment dates for the
next four quarters are set out in the table below:
Record date |
|
Payable
date |
|
Amount |
|
|
|
|
|
June 30,
2017 |
|
July 15, 2017 |
|
$0.42 |
|
|
|
|
|
September
29, 2017 |
|
October 15, 2017 |
|
$0.42 |
|
|
|
|
|
December
29, 2017 |
|
January 15, 2018 |
|
$0.42 |
|
|
|
|
|
March 30,
2018 |
|
April 15, 2018 |
|
$0.42 |
Subsequent Activity
- On May 1, 2017, the Company extended the $7.45 million Revere
Term Loan maturity to April 30, 2018, as permitted within the terms
of the loan agreement, with a $450 thousand principal payment and
$140 thousand extension fee.
Second Quarter 2017 Outlook and
GuidanceManagement will discuss Second Quarter 2017 and
Full-Year 2017 guidance on the earnings conference call (May 2,
2017) at 10:00 AM ET.
Conference Call Dial-in and Webcast
Information:The dial-in numbers are:Live Participant
Dial-In (Toll-Free): 877-407-3101Live 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/q1-2017.
Supplemental InformationFurther details
regarding Wheeler Real Estate Investment Trust, Inc.’s operations
and financials for the quarter ended March 31, 2017, including a
supplemental presentation, are available through the Company’s
website by visiting www.whlr.us.
About Wheeler Real Estate Investment Trust,
Inc.Headquartered in Virginia Beach, VA, Wheeler Real
Estate Investment Trust, Inc. is a fully-integrated, self-managed
commercial real estate investment company focused on acquiring
and managing income-producing retail properties with a primary
focus on grocery-anchored centers. Wheeler’s portfolio contains
well-located, potentially dominant retail properties in secondary
and tertiary markets that generate attractive, risk-adjusted
returns, with a particular emphasis on grocery-anchored retail
centers. For additional information about the Company, please
visit: www.whlr.us.
Financial InformationA copy of Wheeler’s
Quarterly Report on Form 10-Q, which includes the Company’s
consolidated financial statements and management’s discussion &
analysis of financial condition and results of operations, will be
available upon filing via the U.S. Securities and Exchange
Commission website (www.sec.gov) or through Wheeler’s website at
www.whlr.us.
FFO, AFFO, Pro Forma AFFO, Property NOI, EBITDA and Adjusted
EBITDA are non-GAAP financial measures within the meaning of
the rules of the Securities and Exchange Commission. Wheeler
considers FFO, AFFO, Pro Forma AFFO, Property NOI, EBITDA
and Adjusted EBITDA to be important supplemental measures of
its operating performance and believes it is frequently used
by securities analysts, investors and other interested parties
in the evaluation of REITs, many of which present FFO when
reporting their results. FFO is intended to exclude GAAP
historical cost depreciation and amortization of real estate and
related assets, which assumes that the value of real estate
assets diminishes ratably over time. Historically, however, real
estate values have risen or fallen with market conditions.
Because FFO excludes depreciation and amortization unique to real
estate and gains and losses from property dispositions, the
Company believes that it provides a performance measure that, when
compared year-over-year, reflects the impact to operations
from trends in occupancy rates, rental rates, operating costs,
development activities and interest costs, providing
perspective not immediately apparent from the closest GAAP
measurement, net income.
Management believes that the computation of FFO in accordance
with NAREIT’s definition includes certain items that are
not indicative of the operating performance of the Company’s
real estate assets. These items include, but are not limited to,
nonrecurring expenses, legal settlements, legal and professional
fees, and acquisition costs. Management uses AFFO, which is a
non-GAAP financial measure, to exclude such items. Management
believes that reporting AFFO and Pro Forma AFFO in addition to FFO
is a useful supplemental measure for the investment community
to use when evaluating the operating performance of the
Company on a comparative basis. Management also believes that
Property NOI, EBITDA and Adjusted EBITDA represent
importantsupplemental measures for securities analysts, investors
and other interested parties, as they are often used in calculating
net asset value, leverage and other financial metrics used by
these parties in the evaluation of REITs.
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) the future generation of financial returns from
the acquisition of ‘necessity based’ retail focused properties;
(ii) the Company’s ability to complete future acquisitions of
properties; (iii) the Company's expectation to maintain and/or
increase its historical occupancy rates; (iv) the Company’s
expectation that tenants will renew leases at amounts and terms
comparable to existing lease agreements; (v) the Company's
ability to maintain and/or increase rent spreads; (vi) the
Company’s ability to recoup amounts paid for higher than expected
property expenses (vii) the anticipated implementation of the
Company’s acquisition strategy; and (viii) the anticipated ability
to produce returns and growth for the Company and its shareholders
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. In
addition, this press release states that the Company’s quarterly
dividend rate on the Company’s common stock is $0.42 per share. A
possible implication of this statement is that the Company will
continuously pay quarterly dividends on the Company’s common stock
of $0.42 per share, or $1.68 per share per year in the future. The
Company’s dividend rates are set and may be reset from time to time
by its Board of Directors. The Company’s Board of Directors will
consider many factors when setting dividend rates, including the
Company’s historical and projected income, normalized funds from
operations, the then current and expected needs and availability of
cash to pay the Company’s obligations, distributions which may be
required to be paid to maintain the Company’s tax status as a real
estate investment trust and other factors deemed relevant by the
Board of Directors in its discretion. Accordingly, future dividend
rates may be increased or decreased and there is no assurance as to
the rate at which future dividends will be paid. 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.
Wheeler Real Estate Investment Trust, Inc. and
Subsidiaries |
Condensed Consolidated Statements of
Operations |
(unaudited, in thousands, except per share
data) |
|
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
REVENUE: |
|
|
|
Rental
revenues |
$ |
11,129 |
|
|
$ |
6,742 |
|
Asset
management fees |
162 |
|
|
255 |
|
Commissions |
115 |
|
|
153 |
|
Tenant
reimbursements and other revenues |
2,916 |
|
|
1,988 |
|
Total Revenue |
14,322 |
|
|
9,138 |
|
OPERATING
EXPENSES: |
|
|
|
Property
operations |
3,994 |
|
|
2,675 |
|
Non-REIT
management and leasing services |
271 |
|
|
377 |
|
Depreciation and amortization |
6,400 |
|
|
4,880 |
|
Provision
for credit losses |
252 |
|
|
88 |
|
Corporate
general & administrative |
2,232 |
|
|
2,282 |
|
Total Operating Expenses |
13,149 |
|
|
10,302 |
|
Operating
Income (Loss) |
1,173 |
|
|
(1,164 |
) |
Interest
income |
356 |
|
|
1 |
|
Interest
expense |
(4,177 |
) |
|
(2,420 |
) |
Net Loss from
Continuing Operations Before Income Taxes |
(2,648 |
) |
|
(3,583 |
) |
Income
tax expense |
(41 |
) |
|
— |
|
Net Loss from
Continuing Operations |
(2,689 |
) |
|
(3,583 |
) |
Discontinued
Operations |
|
|
|
Income
from discontinued operations |
16 |
|
|
21 |
|
Gain on
disposal of properties |
1,513 |
|
|
— |
|
Net Income from
Discontinued Operations |
1,529 |
|
|
21 |
|
Net
Loss |
(1,160 |
) |
|
(3,562 |
) |
Less: Net
loss attributable to noncontrolling interests |
(41 |
) |
|
(333 |
) |
Net Loss
Attributable to Wheeler REIT |
(1,119 |
) |
|
(3,229 |
) |
Preferred
stock dividends |
(2,483 |
) |
|
(511 |
) |
Net Loss
Attributable to Wheeler REIT Common |
$ |
(3,602 |
) |
|
$ |
(3,740 |
) |
Shareholders |
|
|
|
|
|
|
|
|
|
|
|
Loss per
share from continuing operations (basic and diluted) |
$ |
(0.59 |
) |
|
$ |
(0.45 |
) |
Income
per share from discontinued operations |
0.17 |
|
|
— |
|
|
$ |
(0.42 |
) |
|
$ |
(0.45 |
) |
Weighted-average number of shares: |
|
|
|
Basic and
Diluted |
8,554,304 |
|
|
8,284,116 |
|
|
|
|
|
Dividends
declared per common share |
$ |
0.42 |
|
|
$ |
0.42 |
|
|
Wheeler Real Estate Investment Trust, Inc. and
Subsidiaries |
Condensed Consolidated Balance
Sheets |
(in thousands, except par value and share
data) |
|
|
March 31, 2017 |
|
December 31, 2016 |
|
(unaudited) |
|
|
ASSETS: |
|
|
|
Investment properties, net |
$ |
386,704 |
|
|
$ |
388,880 |
|
Cash and
cash equivalents |
4,664 |
|
|
4,863 |
|
Restricted cash |
9,324 |
|
|
9,652 |
|
Rents and
other tenant receivables, net |
3,370 |
|
|
3,984 |
|
Related
party receivables |
1,566 |
|
|
1,456 |
|
Notes
receivable |
12,000 |
|
|
12,000 |
|
Goodwill |
5,486 |
|
|
5,486 |
|
Assets
held for sale |
— |
|
|
366 |
|
Above
market lease intangible, net |
11,976 |
|
|
12,962 |
|
Deferred
costs and other assets, net |
46,453 |
|
|
49,397 |
|
Total Assets |
$ |
481,543 |
|
|
$ |
489,046 |
|
LIABILITIES: |
|
|
|
Loans
payable, net |
$ |
305,893 |
|
|
$ |
305,973 |
|
Liabilities associated with assets held for sale |
— |
|
|
1,350 |
|
Below
market lease intangible, net |
11,886 |
|
|
12,680 |
|
Accounts
payable, accrued expenses and other liabilities |
12,274 |
|
|
11,321 |
|
Total Liabilities |
330,053 |
|
|
331,324 |
|
Commitments and
contingencies |
|
|
|
Series D Cumulative
Convertible Preferred Stock (no par value, 4,000,000 shares
authorized, 2,237,000 shares issued and outstanding; $55.93 million
aggregate liquidation preference) |
52,686 |
|
|
52,530 |
|
|
|
|
|
EQUITY: |
|
|
|
Series A
Preferred Stock (no par value, 4,500 shares authorized, 562 shares
issued andoutstanding) |
453 |
|
|
453 |
|
Series B
Convertible Preferred Stock (no par value, 5,000,000 authorized,
1,871,244 sharesissued and outstanding; $46.78 million aggregate
liquidation preference) |
40,754 |
|
|
40,733 |
|
Common
Stock ($0.01 par value, 18,750,000 shares authorized, 8,588,470 and
8,503,819shares issued and outstanding, respectively) |
86 |
|
|
85 |
|
Additional paid-in capital |
225,104 |
|
|
223,939 |
|
Accumulated deficit |
(177,576 |
) |
|
(170,377 |
) |
Total
Shareholders’ Equity |
88,821 |
|
|
94,833 |
|
Noncontrolling interests |
9,983 |
|
|
10,359 |
|
Total Equity |
98,804 |
|
|
105,192 |
|
Total Liabilities and Equity |
$ |
481,543 |
|
|
$ |
489,046 |
|
|
Wheeler Real Estate Investment Trust, Inc. and
Subsidiaries |
Reconciliation of Funds From Operations
(FFO) |
(unaudited, in thousands) |
|
|
Three Months Ended March 31, |
|
Same Stores |
|
New Stores |
|
Total |
|
Period Over Period Changes |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
$ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(574 |
) |
|
$ |
(3,562 |
) |
|
$ |
(586 |
) |
|
$ |
— |
|
|
$ |
(1,160 |
) |
|
$ |
(3,562 |
) |
|
$ |
2,402 |
|
|
67.43 |
% |
Depreciation and
amortization ofreal estate assets |
3,854 |
|
|
4,880 |
|
|
2,546 |
|
|
— |
|
|
6,400 |
|
|
4,880 |
|
|
1,520 |
|
|
31.15 |
% |
Gain on sale of
discontinuedoperations |
(1,513 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,513 |
) |
|
— |
|
|
(1,513 |
) |
|
— |
% |
FFO |
$ |
1,767 |
|
|
$ |
1,318 |
|
|
$ |
1,960 |
|
|
$ |
— |
|
|
$ |
3,727 |
|
|
$ |
1,318 |
|
|
$ |
2,409 |
|
|
182.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wheeler Real Estate Investment Trust, Inc. and
Subsidiaries |
Reconciliation of Adjusted Funds From
Operations (AFFO) |
(unaudited, in thousands, except per share
data) |
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
Net Loss |
$ |
(1,160 |
) |
|
$ |
(3,562 |
) |
Depreciation and
amortization of real estate assets |
6,400 |
|
|
4,880 |
|
Gain on sale of
discontinued operations |
(1,513 |
) |
|
— |
|
FFO |
3,727 |
|
|
1,318 |
|
Preferred stock
dividends |
(2,483 |
) |
|
(511 |
) |
Preferred stock
accretion adjustments |
195 |
|
|
89 |
|
FFO available to common
shareholders and common unitholders |
1,439 |
|
|
896 |
|
Acquisition costs |
260 |
|
|
413 |
|
Capital related
costs |
220 |
|
|
62 |
|
Other non-recurring and
non-cash expenses (1) |
107 |
|
|
237 |
|
Share-based
compensation |
377 |
|
|
150 |
|
Straight-line rent |
(185 |
) |
|
(7 |
) |
Loan cost
amortization |
763 |
|
|
190 |
|
Accrued interest
income |
(118 |
) |
|
— |
|
Above/below market
lease amortization |
193 |
|
|
72 |
|
Recurring capital
expenditures and tenant improvement reserves |
(206 |
) |
|
(139 |
) |
AFFO |
$ |
2,850 |
|
|
$ |
1,874 |
|
|
|
|
|
Weighted Average Common
Shares |
8,554,304 |
|
|
8,284,116 |
|
Weighted Average Common
Units |
761,954 |
|
|
587,906 |
|
Total Common Shares and
Units |
9,316,258 |
|
|
8,872,022 |
|
FFO per Common Share
and Common Units |
0.15 |
|
|
0.10 |
|
AFFO per Common Share
and Common Units |
0.31 |
|
|
0.21 |
|
|
|
|
|
(1) Other
non-recurring expenses are detailed in "Management's Discussion and
Analysis of Financial Condition and Results of
Operations" included in our Quarterly Report on Form 10-Q for
the period March 31, 2017. |
Wheeler Real Estate Investment Trust, Inc. and
Subsidiaries |
Reconciliation of Property Net Operating
Income |
(unaudited, in thousands) |
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
|
|
Property Revenues |
$ |
13,909 |
|
|
$ |
8,730 |
|
Property Expenses |
3,994 |
|
|
2,675 |
|
Property
Net Operating Income |
9,915 |
|
|
6,055 |
|
Asset Management and
Commission Revenue |
277 |
|
|
408 |
|
Other non-property
income |
136 |
|
|
— |
|
Other
Income |
413 |
|
|
408 |
|
Non-REIT management and
leasing services |
271 |
|
|
377 |
|
Depreciation and
amortization |
6,400 |
|
|
4,880 |
|
Provision for credit
losses |
252 |
|
|
88 |
|
Corporate general &
administrative |
2,232 |
|
|
2,282 |
|
Total
Other Operating Expenses |
9,155 |
|
|
7,627 |
|
Interest income |
356 |
|
|
1 |
|
Interest expense |
(4,177 |
) |
|
(2,420 |
) |
Net Loss from
Continuing Operations Before Income Taxes |
(2,648 |
) |
|
(3,583 |
) |
Income tax expense |
(41 |
) |
|
— |
|
Net Loss from
Continuing Operations |
(2,689 |
) |
|
(3,583 |
) |
Discontinued
Operations |
|
|
|
Income
from operations |
16 |
|
|
21 |
|
Gain on
disposal of properties |
1,513 |
|
|
— |
|
Net Income from
Discontinued Operations |
1,529 |
|
|
21 |
|
Net
Loss |
$ |
(1,160 |
) |
|
$ |
(3,562 |
) |
|
Wheeler Real Estate Investment Trust, Inc. and
Subsidiaries |
Reconciliation of Earnings Before Interest,
Taxes, Depreciation and Amortization - EBITDA |
(unaudited, in thousands) |
|
|
Three Months Ended March 31, |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
Net
Loss |
$ |
(1,160 |
) |
|
$ |
(3,562 |
) |
Add back: |
Depreciation and
amortization (1) |
6,593 |
|
|
4,952 |
|
|
Interest Expense
(2) |
|
4,186 |
|
|
|
2,442 |
|
|
Income taxes |
41 |
|
|
— |
|
EBITDA |
|
9,660 |
|
|
3,832 |
|
Adjustments
for items affecting comparability: |
|
|
|
|
Acquisition costs |
260 |
|
|
413 |
|
|
Capital related
costs |
220 |
|
|
62 |
|
|
Other non-recurring
expenses (3) |
107 |
|
|
237 |
|
|
Gain on disposal of
properties |
(1,513 |
) |
|
— |
|
Adjusted
EBITDA |
$ |
8,734 |
|
|
$ |
4,544 |
|
|
(1)
Includes above (below) market lease amortization. |
(2)
Includes loan cost amortization and amounts associated with
assets held for sale. |
(3)
Other non-recurring expenses are detailed in "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" included in our Quarterly Report on Form 10-Q for
the period ended March 31, 2017. |
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 / lnguyen@whlr.us
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