Wheeler Real Estate Investment Trust, Inc. Board of Directors Reaffirms Full-Year 2017 Guidance
June 01 2017 - 8:05AM
The management and Board of Directors of 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 reaffirmation for
full-year 2017 guidance of $1.48-$1.55 provided by the Company on
May 22, 2017. The Board of Directors believes that the recent
decline in the trading prices of its securities is unwarranted
based on the performance of the portfolio. Management and the Board
of Directors continue to work closely to decrease controllable
expenses and increase revenues through additional leasing within
the Company’s portfolio of 64 income producing assets. First
Quarter 2017 occupancy was 94.2% which accounts for leases signed
through April 7, 2017 but where some rents have not yet commenced.
Through the first quarter of 2017, WHLR renewed thirty-three leases
at a rent spread of 3.5%. Furthermore, Wheeler’s Board of
Directors wishes to assure its shareholders that it will pursue any
and all alternatives to enhance long-term shareholder value.
Jon S. Wheeler, Chairman and Chief Executive
Officer, stated, “Both the management team and the Board of
Directors remain committed to our shareholders and creating
long-term value. The Board will continue to be intimately involved
in working alongside management to review the Company’s long-term
strategy and protect shareholder interests. We continue to believe
in the philosophy of owning grocery-anchored, necessity based
retail as need based shopping environments are part of the basic
amenities or infrastructure of a community.”
Jeff Zwerdling, the Company’s Lead Independent
Director, said, “Wheeler is profitable and the Board remains
confident in the full-year guidance for 2017;however, we recognize
that our first quarter results were not in line with our investors’
expectations and that we missed on earnings guidance causing
frustration in the market as seen in the price of our securities.
We feel that our securities are significantly undervalued. The
Company has taken actions to rectify the causes of those
difficulties and will explore the long-term options for the Company
for the benefit of our shareholders. We are confident that
WHLR will continue to be profitable, and we will strive to regain
the confidence of our investors.”
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 statement regarding: (i)
full-year 2017 earnings guidance; (ii) the Company’s ability
control expenses and increase revenues; (iii) the Company’s ability
to maintain its occupancy rates; (iv) the Company’s ability to
renew leases at existing rent spreads; (iv) the Company’s ability
to identify and implement strategies to increase shareholder value;
and (v) the Company’s ability to maintain or increase its
profitability; (vi) the Company’s ability to increase the value of
its securities 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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