Wheeler Real Estate Investment Trust, Inc. Announces Terms of Fourth Amendment to Credit Agreement with KeyBank National Asso...
October 12 2017 - 4:35PM
Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“Wheeler” or the “Company”) today announced that on
October 6, 2017 the Company entered into a Fourth Amendment to its
Credit Agreement with KeyBank National Association(“KeyBank”). The
amendment allows for a sixty day extension to return the total
commitment on the revolving credit line to $50 million by December
6, 2017.
Jon Wheeler, Chairman and CEO, stated; “Our
relationship with KeyBank dates back to our IPO in November of 2012
and they continue to be a great partner, growing with and
supporting us over the last five years. As a show of strength of
our partnership in April 2016, KeyBank temporarily increased our
revolving credit line by $25 million to $75 million to help fund
the $115 million of real estate acquisitions in the fourth quarter
of 2016. We are well into the process of refinancing select assets
off the line in order to bring the KeyBank balance below $50
million by December 6, 2017. Further, we expect to have a backfill
in place for the BI-LO closure at our Shoppes at Myrtle Park asset
by December.”
About Wheeler Real Estate Investment
Trust Inc.
Headquartered in Virginia Beach, VA, Wheeler
Real Estate Investment Trust, Inc. 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 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) its ability to decrease the total
commitment on the KeyBank revolving credit line to a level below to
$50 million by December 6, 2017 in order to comply with its terms;
and (ii) the Company’s ability to backfill the anchor space at
Shoppes at Myrtle Park by December 2017 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 GrahamChief Financial Officer(757)
627-9088 Wilkes@whlr.us
Laura Nguyen Director of Investor
Relations (757) 627-9088
Laura@whlr.us
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