Wheeler Real Estate Investment Trust, Inc. Announces Continued Progress in Cost Containment Initiatives
May 03 2016 - 9:05AM
Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“Wheeler” or the “Company”), a company specializing
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, today announced that the Company has eliminated certain
positions within the Company and now estimates annualized recurring
cash general and administrative expenses, excluding acquisition and
capital costs, of less than $4.5 million in the second half of
2016. As a part of these strategic cost containment initiatives,
management has realigned its executive management team and
effective July 31, 2016, has eliminated the role of Chief Operating
Officer currently filled by Steven Belote. Wheeler will
assume the duties of this role through increased efficiencies and a
realignment of executive responsibilities within the Company as it
maintains a scalable, manageable platform.
Mr. Jon S. Wheeler, CEO of Wheeler, commented,
“Our focus remains on driving shareholder value through both growth
and proper allocation of resources. The Company has evaluated how
to maximize its associates and the talents that are within the
Company to generate additional revenue opportunities. We feel
that that the actions taken over recent months are a significant
step towards dividend coverage in the second half of 2016.
Steven has been a valued associate for five years and has earned
the respect of his colleagues and all those with whom he
interacted. We appreciate his commitment to Wheeler and wish
him success in all his future endeavors.”
2016 First Quarter Conference CallAs a reminder,
the Company will be conducting it 2016 first quarter earnings call
at 10 am on Thursday, May 5th, 2016. 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/q1-2016
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)
the Company’s ability to achieve proper scale; (ii) the Company's
anticipated positive trajectory towards dividend coverage in the
second half of 2016; (iii) the future generation of financial
growth and annual savings from the Company's anticipated execution
of its business plan and allocation of its resources; (iv) the
estimated annualized recurring cash general and administrative
expenses, excluding acquisition and capital costs, of less than
$4.5 million in the second half of 2016; (v) the Company’s
anticipated ability to assume the duties of the COO position
through the realignment of executive responsibilities; and (vi) 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. 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 Capital Markets
(757) 627-9088
lnguyen@whlr.us
Robin Hanisch
Corporate Secretary
(757) 627-9088
robin@whlr.us
-OR-
INVESTOR RELATIONS:
The Equity Group Inc.
Terry Downs
Associate
(212) 836-9615
tdowns@equityny.com
Adam Prior
Senior Vice-President
(212) 836-9606
aprior@equityny.com
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