Reconciliation of non-GAAP financial measures,
including FFO, Adjusted FFO, Property NOI, EBITDA and Adjusted
EBITDA are included in the accompanying financial tables.
Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“Wheeler” or the “Company”) today reported operating
and financial results for the three month period ended
March 31, 2016.
2016 First Quarter Highlights (all
comparisons to the same prior year period unless otherwise
noted)
- Total revenue from continuing operations increased by 77.3% or
$4.0 million for the three month period ended March 31,
2016.
- Net Operating Income ("NOI") from continuing operations
increased by 84.7% to approximately $6.1 million for the three
month period ended March 31, 2016.
- Adjusted Funds from Operations ("AFFO") of $0.03 per common
share and common unit ("Operating Partnership Unit" or "OP
Unit")
- Average rental rate increase on renewals signed during the
quarter was 7.39%.
- Occupancy rate of 93.9% at March 31, 2016.
- For the three month period, the Company declared monthly cash
dividends of approximately $0.0175 per share. On an annualized
basis, this amounted to a dividend of $0.21 per common share and OP
Unit, or a 16.8% dividend yield based on the March 31, 2016
closing price of $1.25 per share.
- As of March 31, 2016, Wheeler’s property portfolio
included 42 properties with a gross leasable area of 3,151,358
square feet and ten undeveloped properties totaling approximately
83 acres of land. As of March 31, 2015, the Company owned 31
properties with a gross leasable area of 2,029,073 square feet and
owned seven undeveloped properties totaling approximately 66 acres
of land.
Jon S. Wheeler, Chairman and Chief Executive
Officer, commented, "The first quarter of 2016 was another
operationally sound period for Wheeler. Occupancy on same store
portfolio held steady at 95.1% and we continue to see strong
leasing momentum across the balance of the portfolio. Leasing
spreads on renewals trended upward for the thirteenth straight
quarter demonstrating that our strong belief of acquiring defensive
assets in secondary and tertiary markets remains accretive to
shareholders. I feel confident that we will continue to see
internal growth in the portfolio operations and the positive trend
reports will remain.”
“With the acquisition of the A-C portfolio in April, we feel
that we have tremendous upside to deliver value to our shareholders
and are already seeing accretive benefits as compared to the
original underwriting of the portfolio six months ago. We are
steadfast in our pursuit of maximizing shareholder value and are
optimistic that our strategic business plan and path for dividend
coverage in the second half of 2016 will allow us to meet that
goal.”
2016 First Quarter Financial
Review
- For the three months ended March 31, 2016, total revenue
from continuing operations increased by approximately 77.3% to $9.1
million, compared with total revenue from continuing operations of
$5.2 million for the same prior year period.
- Net loss attributable to Wheeler REIT common shareholders for
the three months ended March 31, 2016 was $3.7 million, or
$0.06 per basic and diluted share, compared to a net loss of $6.3
million, or $0.80 per basic and diluted share, during the same 2015
period. The decrease in net loss for the three months ended
March 31, 2016 was primarily due to the reduction of preferred
stock and the incremental NOI derived from the fourteen retail
property acquisitions occurring subsequent to March 31, 2015,
partially offset by additional depreciation, amortization, and
interest expense. Earnings during the three month period were also
impacted by $0.7 million in non-recurring expenses related to
acquisitions, capital activities, and other activities during the
quarter.
- Wheeler reported FFO available to common shareholders and
holders of OP Units for the three months ended March 31, 2016
of $0.9 million, or $0.01 per share of Common Stock and OP Unit,
compared to $(2.3) million, or $(0.20) per share of Common Stock
and OP Unit for the prior year period.
- AFFO for the three months ended March 31, 2016 was $1.9
million, or $0.03 per share of Common Stock and OP Unit, compared
to $(0.9) million, or $(0.08) per common share and OP Unit for the
same period of the prior year.
- Proforma AFFO, which assumes the A-C portfolio acquisition, as
well as all financings, share issuances and cost containment
initiatives occurred on Jan 1, 2016, is $0.04 per share of Common
Stock and OP Unit.
- NOI from continuing operations increased by 84.7% to $6.1
million for the three months ended March 31, 2016, as compared
to NOI from continuing operations of $3.3 million for the prior
year period.
- Adjusted EBITDA was $4.5 million for the three months ended
March 31, 2016, as compared to $2.4 million of Adjusted EBITDA
for the three months ended March 31, 2015.
Leasing Review
- For the three months ended March 31, 2016, the Company
executed ten renewals totaling 32,056 square feet at a
weighted-average increase of $0.93 per square foot, representing an
increase of 7.39% over prior rates.
- For the three months ended March 31, 2016, Wheeler signed
ten new leases totaling approximately 18,937 square feet with a
weighted-average rate of $14.03 per square foot.
- Approximately 8.57% of Wheeler’s gross leasable area is subject
to leases that expire during the twelve months ending March 31,
2017. Based on recent market trends, the Company believes that
tenants will renew these leases at amounts and terms comparable to
existing lease agreements.
- Same-store NOI year-over-over growth for the three months ended
March 31, 2016, was 0.7% on a GAAP basis and 2.0% on a cash
basis. The same-store pool comprises the 1.7 million square
feet that the Company owned as of January 1, 2015. Same-store
results were driven by flat occupancy at 95.1% in both the three
months ended March 31, 2016 and the year-ago period, and 2.3%
growth in rents per square foot.
Balance Sheet Summary
- The Company’s cash and cash equivalents were $7.0 million at
March 31, 2016, compared to $10.7 million at December 31,
2015.
- Wheeler’s net investment properties as of March 31, 2016
(including assets held for sale) totaled at $238.8 million, as
compared to $240.0 million as of December 31, 2015.
- The Company’s total debt was $191.6 million (including debt
associated with assets held for sale) at March 31, 2016,
compared to $191.3 million at December 31, 2015. Wheeler’s
weighted-average interest rate and term of its debt (including debt
associated with assets held for sale) was 4.68% and 7.42 years,
respectively, at March 31, 2016, compared to 4.71% and 7.60
years, respectively, at December 31, 2015.
Dividend Distribution
- For the three months ended March 31, 2016, the Company
declared approximately $3.7 million in dividend payments for common
shareholders and unitholders.
- For the three months ended March 31, 2016, the Company
declared approximately $0.4 million in dividends to the Series A
and Series B preferred stock shareholders.
Subsequent Activity
- On April 12, 2016, the Company completed its acquisition
of 14 retail shopping centers located in Georgia and South Carolina
(collectively the “A-C Portfolio”) at an 8.85% cap rate for an
aggregate purchase price of $71 million, paid through a combination
of cash, debt and the issuance of 888,889 common units in its
operating partnership, Wheeler REIT, L.P. (the "Operating
Partnership"). Collectively, the A-C Portfolio totals 605,358
square feet of gross leasable area, and was 92% leased as of the
acquisition date by 77 primarily retail tenants. Each
property is anchored by either a Bi-Lo, Harris Teeter or Piggly
Wiggly grocery store.
- In connection with the closing of the A-C Portfolio, the
Operating Partnership, as borrower, and Revere High Yield Fund, LP,
a Delaware limited partnership (“Revere”), as lender, entered into
a Term Loan Agreement dated as of April 8, 2016 (“Revere Term
Loan”) in the principal amount of $8.0 million. The Revere Term
Loan has a maturity date of April 30, 2017 and an interest
rate of 8% per annum. The Company and certain of its
subsidiaries serve as guarantors under the Revere Term Loan. The
proceeds of the Revere Term Loan were used as partial consideration
for the purchase of the A-C Portfolio. A warrant
(“Warrant”) to purchase an aggregate of 6,000,000 shares of
the Company’s Common Stock serves as collateral for the Revere Term
Loan.
- In connection with the Revere Term Loan, the Company and Revere
entered into a Warrant Agreement dated as of April 8, 2016
(“Revere Warrant Agreement”), pursuant to which the Company agreed
to issue the Warrant to Revere. The terms of the Revere Warrant
Agreement provide that solely in the event of an Event of Default
(as defined in the Revere Term Loan) under the Revere Term Loan,
Revere shall have the right to purchase an aggregate of up to
6,000,000 shares of the Company’s Common Stock for an exercise
price equal to $0.0001 per share. The Warrant is exercisable at any
time and from time to time during the period starting on
April 8, 2016 and expiring on April 30, 2017 at 11:59
p.m., Virginia Beach, Virginia time, solely in the event of an
Event of Default under the Revere Term Loan. The Company will not
receive any proceeds from the issuance of the Warrant; rather the
Warrant serves as collateral for the Revere Term Loan, the proceeds
of which were used as partial consideration for the A-C
Portfolio.
- On April 12, 2016, the Operating Partnership entered into
a First Amendment and Joinder Agreement (“First Amendment”) to the
Credit Agreement dated May 29, 2015 with KeyBank National
Association (“KeyBank”). The First Amendment increased the $45.0
million revolving credit line with KeyBank to approximately $67.2
million of which approximately $60.4 million was used to fund the
purchase of the A-C Portfolio in part. Pursuant to the terms of the
First Amendment, the pricing of the increased credit facility is
now 500 basis points above 30-day LIBOR. The credit facility
will revert back to the reduced pricing in the original credit
agreement conditioned upon the Company meeting certain repayment
and leverage conditions by March 31, 2017.
- On April 28, 2016, the Company and certain investors:
Calapasas West Partners, L.P.; Full Value Partners, L.P.; Full
Value Special Situations Fund, L.P.; MCM Opportunity Partners,
L.P.; Mercury Partners, L.P.; Opportunity Partners, L.P.; Special
Opportunities Fund, Inc.; and Steady Gain Partners, L.P.
(collectively the “Bulldog Investors”) amended convertible 9%
senior notes (“Amended Convertible Notes”) to purchase shares of
the Company’s Common Stock. The current aggregate principal amount
of the Amended Convertible Notes is $3,000,000 (“Principal
Amount”). Pursuant to the terms of the Amended Convertible Notes,
upon thirty (30) calendar days’ notice (“Notice”), the Company may
prepay any portion of the outstanding Principal Amount and accrued
and unpaid interest, if any, without penalty. In addition, upon
Notice the Bulldog Investors may now exercise their right to
convert all or any portion of the outstanding Principal Amount and
any accrued but unpaid interest into shares of Common Stock any
time prior to the repayment in full of the Amended Convertible
Notes. The maximum number of shares of Common Stock issuable upon
conversion of the Amended Convertible Notes is 1,417,079
shares.
2016 Outlook and Guidance
Management is reiterating its previously issued
annualized AFFO Per Share guidance of $0.16-$0.17 for the Second
Quarter 2016.
Supplemental Information
Further details regarding Wheeler Real Estate
Investment Trust, Inc.’s operations and financials for the period
ended March 31, 2016, including a supplemental presentation,
are available through the Company’s website by visiting
www.whlr.us.
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. For additional information about
the Company, please visit: www.whlr.us.
Financial Information
A copy of Wheeler’s Quarterly Report on Form
10-Q, which includes the Company’s consolidated financial
statements and management’s discussion & analysis of financial
condition and results of operations, will be available upon filing
via the U.S. Securities and Exchange Commission website
(www.sec.gov) or through Wheeler’s website at www.whlr.us.
FFO, AFFO, Pro Forma AFFO, Property NOI, EBITDA
and Adjusted EBITDA are non-GAAP financial measures within the
meaning of the rules of the Securities and Exchange Commission.
Wheeler considers FFO, AFFO, Pro Forma AFFO, Property NOI, EBITDA
and Adjusted EBITDA to be important supplemental measures of its
operating performance and believes it is frequently used by
securities analysts, investors and other interested parties in the
evaluation of REITs, many of which present FFO when reporting their
results. FFO is intended to exclude GAAP historical cost
depreciation and amortization of real estate and related assets,
which assumes that the value of real estate assets diminishes
ratably over time. Historically, however, real estate values have
risen or fallen with market conditions. Because FFO excludes
depreciation and amortization unique to real estate, gains and
losses from property dispositions and extraordinary items, the
Company believes that it provides a performance measure that, when
compared year-over-year, reflects the impact to operations from
trends in occupancy rates, rental rates, operating costs,
development activities and interest costs, providing perspective
not immediately apparent from the closest GAAP measurement, net
income.
Management believes that the computation of FFO
in accordance with NAREIT’s definition includes certain items that
are not indicative of the operating performance of the Company’s
real estate assets. These items include, but are not limited to,
non-recurring expenses, legal settlements, legal and professional
fees, and acquisition costs. Management uses AFFO, which is a
non-GAAP financial measure, to exclude such items. Management
believes that reporting AFFO and Pro Forma AFFO in addition to FFO
is a useful supplemental measure for the investment community to
use when evaluating the operating performance of the Company on a
comparative basis. Management also believes that Property NOI,
EBITDA and Adjusted EBITDA represent important supplemental
measures for securities analysts, investors and other interested
parties, as they are often used in calculating net asset value,
leverage and other financial metrics used by these parties in the
evaluation of REITs.
Forward-Looking Statement
This 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 future generation of financial
returns from the acquisition of ‘necessity based’ retail focused
properties; (ii) the Company’s ability to complete future
acquisitions of properties and achieving proper scale; (iii) the
Company's expectation to have high occupancy rates; (iv) the future
generation of financial growth from the Company's anticipated
execution of its business plan; (v) the Company's anticipated
positive trajectory towards dividend coverage in the second half of
2016; (vi) annualized AFFO Per Share guidance of $0.16-$0.17 for
the Second Quarter 2016; (vii) the anticipated implementation of
the Company’s acquisition strategy; and (viii) 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: |
-OR- |
INVESTOR RELATIONS: |
|
|
|
Wheeler Real Estate Investment Trust,
Inc. |
|
The Equity Group Inc. |
Wilkes Graham |
|
Terry Downs |
Chief Financial Officer |
Associate |
(757) 627-9088 / wilkes@whlr.us |
(212) 836-9615 / tdowns@equityny.com |
|
|
|
Robin Hanisch |
|
Adam Prior |
Corporate Secretary |
|
Senior Vice-President |
(757) 627-9088 / robin@whlr.us |
(212) 836-9606 / aprior@equityny.com |
|
|
|
Laura Nguyen |
|
|
Director of Capital Markets |
|
(757) 627-9088 / lnguyen@whlr.us |
|
Wheeler Real Estate Investment Trust, Inc. and
Subsidiaries |
Condensed Consolidated Statements of
Operations |
|
|
|
Three Months Ended March
31, |
|
|
2016 |
|
2015 |
|
|
(unaudited) |
REVENUE: |
|
|
|
|
Rental revenues |
|
$ |
6,742,193 |
|
|
$ |
3,789,277 |
|
Asset management fees |
|
254,891 |
|
|
212,298 |
|
Commissions |
|
152,846 |
|
|
108,893 |
|
Tenant reimbursement and other
income |
|
1,988,732 |
|
|
1,043,284 |
|
|
|
|
|
|
Total Revenue |
|
9,138,662 |
|
5,153,752 |
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
Property operations |
|
2,675,025 |
|
|
1,553,674 |
|
Non-REIT management and leasing
services |
|
377,408 |
|
|
369,775 |
|
Depreciation and amortization |
|
4,880,087 |
|
|
3,000,978 |
|
Provision for credit losses |
|
87,526 |
|
|
47,198 |
|
Corporate general &
administrative |
|
2,281,108 |
|
|
2,308,964 |
|
|
|
|
|
|
Total Operating
Expenses |
|
10,301,154 |
|
7,280,589 |
|
|
|
|
|
Operating
Loss |
|
(1,162,492 |
) |
|
(2,126,837 |
) |
|
|
|
|
|
Interest expense |
|
(2,419,815 |
) |
|
(2,142,719 |
) |
|
|
|
|
|
Net Loss from Continuing
Operations |
|
(3,582,307 |
) |
|
(4,269,556 |
) |
|
|
|
|
|
Net Income from Discontinued
Operations |
|
20,525 |
|
|
46,367 |
|
|
|
|
|
|
Net Loss |
|
(3,561,782 |
) |
|
(4,223,189 |
) |
|
|
|
|
|
Less: Net loss attributable to
noncontrolling interests |
|
(332,876 |
) |
|
(462,376 |
) |
|
|
|
|
|
Net Loss Attributable to
Wheeler REIT |
|
(3,228,906 |
) |
|
(3,760,813 |
) |
|
|
|
|
|
Preferred stock dividends |
|
(511,300 |
) |
|
(2,502,223 |
) |
|
|
|
|
|
Net Loss Attributable to
Wheeler REIT Common Shareholders |
|
$ |
(3,740,206 |
) |
|
$ |
(6,263,036 |
) |
|
|
|
|
|
Loss per share from continuing
operations: |
|
|
|
|
Basic and Diluted |
|
$ |
(0.06 |
) |
|
$ |
(0.81 |
) |
Earnings per share from
discontinued operations |
|
— |
|
|
0.01 |
|
|
|
$ |
(0.06 |
) |
|
$ |
(0.80 |
) |
|
|
|
|
|
Weighted-average number of
shares: |
|
|
|
|
Basic and Diluted |
|
66,272,926 |
|
|
7,806,467 |
|
|
|
|
|
|
Dividends declared per common
share |
|
$ |
0.05 |
|
|
$ |
0.09 |
|
|
|
Wheeler Real Estate Investment Trust, Inc. and
Subsidiaries |
Condensed Consolidated Balance
Sheet |
|
|
|
|
|
|
|
March 31, 2016 |
|
December 31, 2015 |
|
|
(unaudited) |
|
|
ASSETS: |
|
|
|
|
Investment properties, net |
|
$ |
237,543,972 |
|
|
$ |
238,764,631 |
|
Cash and cash equivalents |
|
7,029,642 |
|
|
10,706,185 |
|
Restricted cash |
|
7,180,925 |
|
|
7,364,375 |
|
Rents and other tenant receivables,
net |
|
3,060,825 |
|
|
3,452,700 |
|
Goodwill |
|
5,485,823 |
|
|
5,485,823 |
|
Assets held for sale |
|
1,682,526 |
|
|
1,692,473 |
|
Above market lease intangibles,
net |
|
5,981,123 |
|
|
6,517,529 |
|
Deferred costs and other assets,
net |
|
33,982,124 |
|
|
35,259,526 |
|
|
|
|
|
|
Total Assets |
|
$ |
301,946,960 |
|
|
$ |
309,243,242 |
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
Loans payable |
|
$ |
184,970,426 |
|
|
$ |
184,629,082 |
|
Liabilities associated with assets
held for sale |
|
1,981,136 |
|
|
1,992,318 |
|
Below market lease intangible,
net |
|
7,256,541 |
|
|
7,721,335 |
|
Accounts payable, accrued expenses
and other liabilities |
|
6,522,190 |
|
|
7,533,769 |
|
Total
Liabilities |
|
200,730,293 |
|
201,876,504 |
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
EQUITY: |
|
|
|
|
Series A preferred stock (no par
value, 4,500 shares authorized, 562 shares issued and outstanding,
respectively) |
|
452,971 |
|
|
452,971 |
|
Series B preferred stock (no par
value, 3,000,000 shares authorized, 729,119 shares issued and
outstanding, respectively) |
|
17,173,672 |
|
|
17,085,147 |
|
Common stock ($0.01 par value,
150,000,000 and 75,000,000 shares authorized, 66,314,380 and
66,259,673 shares issued and outstanding, respectively) |
|
663,143 |
|
|
662,596 |
|
Additional paid-in capital |
|
220,171,165 |
|
|
220,370,984 |
|
Accumulated deficit |
|
(147,526,640 |
) |
|
(140,306,846 |
) |
Total Shareholders' Equity |
|
90,934,311 |
|
98,264,852 |
|
|
|
|
|
Noncontrolling interests |
|
10,282,356 |
|
|
9,101,886 |
|
|
|
|
|
|
Total Equity |
|
101,216,667 |
|
107,366,738 |
|
|
|
|
|
Total Liabilities and
Equity |
|
$ |
301,946,960 |
|
|
$ |
309,243,242 |
|
|
|
|
|
|
|
Wheeler Real Estate Investment Trust, Inc. and
Subsidiaries |
Reconciliation of Funds From Operations
(FFO) |
(unaudited) |
|
|
|
Three Months Ended March 31, |
|
|
Same Stores |
|
New Stores |
|
Total |
|
Period Over Period Changes |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
|
$ |
|
% |
Net income (loss) |
|
$ |
(2,615,395 |
) |
|
$ |
(3,541,784 |
) |
|
$ |
(946,387 |
) |
|
$ |
(681,405 |
) |
|
$ |
(3,561,782 |
) |
|
$ |
(4,223,189 |
) |
|
$ |
661,407 |
|
|
15.66 |
% |
Depreciation of real
estate assets from continuing operations |
|
1,971,902 |
|
|
2,562,185 |
|
|
2,908,185 |
|
|
438,793 |
|
|
4,880,087 |
|
|
3,000,978 |
|
|
1,879,109 |
|
|
62.62 |
% |
Depreciation of real
estate assets from discontinued operations |
|
— |
|
|
207,455 |
|
|
— |
|
|
28,051 |
|
|
— |
|
|
235,506 |
|
|
(235,506 |
) |
|
(100.00 |
)% |
Depreciation of real
estate assets |
|
1,971,902 |
|
|
2,769,640 |
|
|
2,908,185 |
|
|
466,844 |
|
|
4,880,087 |
|
|
3,236,484 |
|
|
1,643,603 |
|
|
50.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FFO |
|
$ |
(643,493 |
) |
|
$ |
(772,144 |
) |
|
$ |
1,961,798 |
|
|
$ |
(214,561 |
) |
|
$ |
1,318,305 |
|
|
$ |
(986,705 |
) |
|
$ |
2,305,010 |
|
|
233.61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wheeler Real Estate Investment Trust, Inc. and
Subsidiaries |
Reconciliation of Adjusted Funds From
Operations (AFFO) |
(unaudited) |
|
|
|
Three Months EndedMarch
31, |
|
|
2016 |
|
2015 (3) |
Net
(loss) |
|
$ |
(3,561,782 |
) |
|
$ |
(4,223,189 |
) |
Depreciation of real estate assets from continuing operations |
|
4,880,087 |
|
|
3,000,978 |
|
Depreciation of real estate assets from discontinued
operations |
|
— |
|
|
235,506 |
|
Depreciation of real estate assets |
|
4,880,087 |
|
|
3,236,484 |
|
FFO |
|
1,318,305 |
|
|
(986,705 |
) |
Preferred stock dividends |
|
(511,300 |
) |
|
(2,502,223 |
) |
Preferred stock accretion adjustments |
|
88,525 |
|
|
1,211,202 |
|
FFO
available to common shareholders and common unitholders |
|
895,530 |
|
|
(2,277,726 |
) |
Acquisition costs |
|
413,310 |
|
|
653,242 |
|
Capital related costs |
|
62,169 |
|
|
68,518 |
|
Other
non-recurring and non-cash expenses (1) |
|
237,460 |
|
|
89,500 |
|
Share-based compensation |
|
150,250 |
|
|
45,000 |
|
Straight-line rent |
|
(7,106 |
) |
|
(57,577 |
) |
Loan
cost amortization |
|
189,542 |
|
|
486,198 |
|
Above
(below) market lease amortization |
|
71,612 |
|
|
195,729 |
|
Recurring capital expenditures and tenant improvement reserves |
|
(139,183 |
) |
|
(130,900 |
) |
AFFO |
|
$ |
1,873,584 |
|
|
$ |
(928,016 |
) |
|
|
|
|
|
Weighted Average Common Shares |
|
66,272,926 |
|
|
7,806,467 |
|
Weighted Average Common Units |
|
4,703,249 |
|
|
3,540,576 |
|
Total
Common Shares and Units |
|
70,976,175 |
|
|
11,347,043 |
|
FFO
per Common Share and Common Units |
|
$ |
0.01 |
|
|
$ |
(0.20 |
) |
AFFO
per Common Share and Common Units |
|
$ |
0.03 |
|
|
$ |
(0.08 |
) |
Pro
Forma AFFO per Common Share and Common Units (2) |
|
$ |
0.04 |
|
|
|
|
(1) Other non-recurring expenses are detailed in "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" included in our March 2016 Quarterly Report on Form
10-Q.(2) Pro forma AFFO assumes the A-C Portfolio acquisition, as
well as all financings, share issuances and cost containment
initiatives, had occurred on January 1, 2016. Additionally, we
excluded all non-recurring expenses detailed in “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” included in our March 2016 Quarterly Report on Form
10-Q and any additional common stock and common units issued during
the three months ended March 31, 2016 were outstanding for the
entire period. The Pro forma AFFO is being presented solely for
purposes of illustrating the potential impact of these transactions
as if they occurred on January 1, 2016, based on information
currently available to management, and is not necessarily
indicative of what actual results would have been had the
transactions referred to above occurred on January 1, 2016.(3) We
adjusted the 2015 previously reported AFFO to be consistent with
the 2016 AFFO presentation, primarily as it relates to the
treatment of capital expenditures, non-cash costs, and other
non-recurring expenses. Additionally, we did not provide Pro Forma
AFFO per common share and common unit for 2015 as we consider it
not meaningful to the 2016 presentation.
|
Wheeler Real Estate Investment Trust, Inc. and
Subsidiaries |
Reconciliation of Property Net Operating
Income |
|
|
|
Three Months EndedMarch
31, |
|
|
2016 |
|
2015 |
|
|
(unaudited) |
Property revenues |
|
$ |
8,730,925 |
|
|
$ |
4,832,561 |
|
Property expenses |
|
2,675,025 |
|
|
1,553,674 |
|
|
|
|
|
|
Property Net Operating
Income |
|
6,055,900 |
|
3,278,887 |
|
|
|
|
|
Asset Management and
Commission Revenues |
|
407,737 |
|
|
321,191 |
|
|
|
|
|
|
Non-REIT management and
leasing services |
|
377,408 |
|
|
369,775 |
|
Depreciation and
amortization |
|
4,880,087 |
|
|
3,000,978 |
|
Provision for credit
losses |
|
87,526 |
|
|
47,198 |
|
Corporate general &
administrative |
|
2,281,108 |
|
|
2,308,964 |
|
|
|
|
|
|
Total Other Operating
Expenses |
|
7,626,129 |
|
5,726,915 |
|
|
|
|
|
Interest expense |
|
2,419,815 |
|
|
2,142,719 |
|
|
|
|
|
|
Net Loss from Continuing
Operations |
|
(3,582,307 |
) |
|
(4,269,556 |
) |
Net Income from
Discontinued Operations |
|
20,525 |
|
|
46,367 |
|
Net Loss |
|
$ |
(3,561,782 |
) |
|
$ |
(4,223,189 |
) |
|
|
|
|
|
|
Wheeler Real Estate Investment Trust, Inc. and
Subsidiaries |
Reconciliation of Earnings Before Interest,
Taxes, Depreciation and Amortization - EBITDA |
(unaudited) |
|
|
|
Three Months Ended March 31, |
|
|
2016 |
|
2015 |
|
|
(unaudited) |
Net Loss |
|
$ |
(3,561,782 |
) |
|
$ |
(4,223,189 |
) |
Add back:
Depreciation and amortization (1) |
|
4,951,699 |
|
|
3,432,213 |
|
Interest Expense (2) |
|
2,441,923 |
|
|
2,378,464 |
|
EBITDA |
|
3,831,840 |
|
|
1,587,488 |
|
Adjustments for items
affecting comparability: |
|
|
|
Acquisition costs |
|
413,310 |
|
|
653,242 |
|
Capital related costs |
|
62,169 |
|
|
68,518 |
|
Other non-recurring expenses
(3) |
|
191,000 |
|
|
89,500 |
|
|
|
$ |
4,498,319 |
|
|
$ |
2,398,748 |
|
|
|
|
|
|
|
|
|
|
(1) Includes above (below) market lease amortization and amounts
associated with assets held for sale.(2) Includes loan cost
amortization and amounts associated with assets held for sale.(3)
Other non-recurring expenses are detailed in "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" included in our March 2016 Quarterly Report on Form
10-Q.
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