Wheeler Real Estate Investment Trust, Inc. Provides 2014 Expansion Review
January 16 2015 - 8:30AM
Business Wire
Company Increased Gross Leasable Area by
622,792 Square Feet for the Year 2014
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR)
(“Wheeler” or the “Company”) today announced an overview of
acquisition activity and operational review for 2014.
In 2014, Wheeler acquired approximately $58 million in real
estate assets consisting of eight necessity-based retail focused
shopping centers. These acquisitions, all of which occurred during
the second half of 2014, added 622,792 square feet of gross
leasable area to the Company’s property portfolio and expanded the
Company’s geographic footprint. As of the date of this
announcement, the Company’s portfolio consists of 37 locations in
11 states, which includes five undeveloped properties and Pierpont
Centre (previously announced) that the Company acquired on January
14, 2015.
Jon S. Wheeler, Chairman and Chief Executive Officer, commented,
“Having completed several key initiatives, we were pleased with our
progress in 2014. During the year, we adhered to our acquisition
criteria of acquiring ‘necessity-based’ retail focus properties
located in secondary and tertiary markets with high occupancy rates
and strong tenants mixes. We acquired the eight properties at
favorable rates, and we secured them under attractive financing
terms. We will continue to seek acquisitions that provide strong
returns as well as explore new opportunities for growth. We remain
committed to maximizing value for our shareholders and are looking
forward to another successful year.”
Update on operations
In January 2014, the Company announced the acquisition of
Wheeler Development, LLC, a taxable REIT subsidiary with the
potential to provide development services to current tenants or
possible third parties. Since the acquisition of Wheeler
Development, Wheeler has acquired five undeveloped properties
totaling approximately 64 acres of land with a combined acquisition
value of approximately $6.9 million. The Company believes it has a
broad pipeline of potential retail development opportunities in
secondary and tertiary markets and expects to continue to grow this
segment of its business.
In October 2014, Wheeler completed the acquisition of Wheeler
Interests, LLC, Wheeler Real Estate, LLC and WHLR Management, LLC.
With the acquisition of these businesses, Wheeler has development,
re-development, acquisition, leasing and property management
services all operating in–house.
The Company expects the increase in operating costs to be fully
offset by the elimination of fees associated with these services
and fees generated by third-party leasing and management services.
The Company intends to provide a further update when it reports its
2014 fourth quarter and year-end results.
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 operations contemplated acquisition
strategy 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 fact may be deemed to be forward-looking statements.
Specifically, the Company's statements regarding anticipated,
future acquisitions and the successful integration of Wheeler
Development, Wheeler Interests, Wheeler Real Estate and WHLR
Management are forward-looking statements. There are a number of
important factors that could cause the Company's operations to
differ from those indicated by such forward-looking statements,
including, among other factors, local conditions such as oversupply
of space or a reduction in demand for real estate in the area;
competition from other available space; dependence on rental income
from real property; the loss of, significant downsizing of or
bankruptcy of a major tenant; constructing properties or expansions
that produce a desired yield on investment; the Company's ability
to renew or enter into new leases at favorable rates; its ability
to buy or sell assets on commercially reasonable terms; its ability
to complete acquisitions or dispositions of assets under contract;
its ability to secure equity or debt financing on commercially
acceptable terms or at all; the Company's ability to enter into
definitive agreements with regard to its financing and joint
venture arrangements or its failure to satisfy conditions to the
completion of these arrangements and the success of its capital
recycling strategy. 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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