Wheeler Real Estate Investment Trust, Inc. Completes Its Transition to an Internally-Managed REIT Through the Acquisition of ...
October 23 2014 - 8:30AM
Business Wire
- Company expects minimal impact on
operating expenses
- Transition expected to be complete
on October 24, 2014
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”) announced today that the Company’s
Board of Directors (“Board”) has approved the acquisition of the
membership interests of Wheeler Interests, LLC “Wheeler
Interests”), Wheeler Real Estate, LLC (“Wheeler Real Estate”) and
WHLR Management, LLC (“Wheeler Management”). Wheeler Interests and
Wheeler Management were wholly-owned by Wheeler’s Chairman and
Chief Executive Officer, Jon S. Wheeler, and Wheeler Real Estate is
wholly-owned by Wheeler Interests. The operating companies will be
paid for through the issuance of $6.75 million in operating
partnership units / UPREIT shares.
Wheeler will complete this transition without capital investment
by the Company and expects the impact from the increase in
operating costs to be fully offset by the savings recognized from
these services being internalized. The Company expects the
transition to be completed by October 24, 2014.
Concurrent with the transaction, all of the Company’s assets and
properties will be completely managed internally and
fully-integrated. Wheeler will have development, re-development,
acquisition, leasing and property management services all in–house
and under the same umbrella.
Jon S. Wheeler, Chairman and Chief Executive Officer, commented,
“Since our IPO, we have always maintained the highest standard of
corporate governance in managing our external operations. We have
always stated our intention of becoming a self-managed REIT when
the Company reached the appropriate size and scale. I am proud to
say we have accomplished the task. This is a significant step
forward in the Company’s development and one that will benefit
Wheeler, as well as our shareholders, over the long-term.”
About Wheeler Real Estate Investment
Trust Inc.
Headquartered in Virginia Beach, VA, Wheeler Real Estate
Investment Trust, Inc. specializes in owning, acquiring, financing,
developing, renovating, leasing and managing income producing
assets, such as community centers, neighborhood centers, strip
centers and free-standing retail properties. Wheeler’s portfolio
contains strategically selected properties, primarily leased by
nationally and regionally recognized retailers of consumer goods
and located in the Northeast, Mid-Atlantic, Southeast and Southwest
regions of the United States.
Additional information about Wheeler Real Estate Investment
Trust, Inc. can be found at the Company’s corporate website:
www.whlr.us.
Forward-looking
Statement
Wheeler Real Estate Investment Trust, Inc. (the "Company")
considers portions of the information in this press release
relating to its business operation costs and savings to be
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, both as amended. Although the Company believes that
the expectations reflected in such forward-looking statements are
based upon reasonable assumptions, it can give no assurance that
its expectations will be achieved. For this purpose, any statements
contained herein that are not historical facts may be deemed to be
forward-looking statements. Specifically, the Company's statements
regarding the impact from the increase in operating costs to be
fully offset by the savings recognized by internalizing the
services offered by the operating companies are forward-looking
statements. Such statements are subject to certain risks and
uncertainties. The Company’s forward-looking statements also
contain assumptions that, if they never materialize or prove
correct, could cause results to differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements are not historical facts but are the
intent, belief or current expectations of management based on its
knowledge and understanding of the business and industry. As a
result, investors are cautioned not to rely on these
forward-looking statements. For additional factors that could cause
the operations of the Company to differ materially from those
indicated in the forward-looking statements, please refer to 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.Robin
Hanisch,757-627-9088Corporate Secretaryrobin@whlr.usorLaura
Nguyen,757-627-9088Director of Marketinglnguyen@whlr.usorINVESTOR
RELATIONS:The Equity Group Inc.Terry Downs,
212-836-9615Associatetdowns@equityny.comorAdam Prior,
212-836-9606Senior Vice-Presidentaprior@equityny.com
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