Wheeler Real Estate Investment Trust, Inc. Updates 2017 Guidance and Declares Second Quarter Dividend
May 22 2017 - 3:15PM
Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“Wheeler” or the “Company”), 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, announced today the
second quarter 2017 cash dividend rate of $0.34 per share for the
Company’s Common Stock. The annualized Common Stock dividend will
be adjusted to $1.44 from $1.68. The Company is also
reaffirming its Second Quarter AFFO guidance of $0.40-$0.42 per
share and adjusting its 2017 AFFO guidance to $1.48-$1.55 per share
to reflect continued stability in cash flows from in-place leases,
more conservative levels of income from new leasing and third party
fee income, a proactive debt refinancing strategy, and a stable
capital base. The dividend reduction will preserve more than
$2 million in capital for 2017.
The Company previously amended its dividend
payment schedule such that future payments were to be paid
quarterly commencing in July 2017. The expected distribution rate
was previously $0.42 per share on a quarterly basis. Given the new
adjusted annualized dividend rate of $1.44 per share and the year
to date payment of $0.42 per share for the first quarter of 2017,
the second quarter record date and dividend payment date is set out
in the below table:
|
|
|
|
|
Date of Record |
|
Payable Date |
|
Amount |
June 30, 2017 |
|
July 15, 2017 |
|
$0.34 |
|
|
|
|
|
|
Jon S. Wheeler, Chairman and Chief Executive
Officer, stated, “The Board of Directors has adjusted the dividend
to a level we believe should provide the Company with sufficient
liquidity and flexibility going forward. While the Board of
Directors believes that the adjusted dividend will enable the
Company to retain internally generated equity capital, the Board is
also committed to growing the Company’s capital base and decreasing
leverage as a percentage of total capital as potential
opportunities are identified. The Wheeler Board and management team
remain committed to creating and increasing value for our
shareholders, and we believe that this conservative framework will
allow for long term value to our stockholders.”
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.
Additional information about Wheeler Real Estate
Investment Trust, Inc. can be found at the Company’s corporate
website: www.whlr.us.
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 annual dividend payments; (ii)
second quarter and 2017 AFFO guidance; (iii) the Company's ability
to retain internally generated equity capital; (iv) the Company's
ability to retain its capital base; and (v) the Company's ability
to decrease its leverage as a percentage of total capital 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 payment on
the Company’s common stock is expected to
be $0.34 per share. A possible implication of this
statement is that the Company will continuously pay quarterly
dividends on the Company's common stock of $0.34 per
share. 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.
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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