WHLR REIT Sells Undeveloped Land Parcel for $2.8 Million
June 19 2018 - 4:30PM
Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“WHLR REIT” or the “Company”), a fully-integrated,
self-managed commercial real estate investment company focused on
owning and operating income-producing retail properties with a
primary focus on grocery-anchored centers, today closed on the sale
of one of its non-income producing land parcels, for $2.8
million.
The Company paid approximately $1.6 million for
the undeveloped land in 2015. The sale proceeds, in addition to
$700 thousand of cash payments during the second quarter, have
reduced the balance on the Revere loan from $6.8 million at March
31, 2018 to approximately $3.5 million today. The Company
also anticipates further reducing this debt burden to approximately
$2.7 million by July 1, 2018 through strategic asset refinancing
activities.
“The sale of this land parcel is consistent with
our strategic dispositions of non-core assets, and de-levering of
our balance sheet,” stated David Kelly, President and Chief
Executive Officer. “We believe that these types of
strategic dispositions combined with prudent asset refinancings
will preserve our core portfolio’s NOI while allowing us to better
position the Company for the future.”
About WHLR
REITHeadquartered in Virginia Beach, VA, Wheeler Real
Estate Investment Trust, Inc. is a fully-integrated, self-managed
commercial real estate investment company focused on owning and
operating 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
Forward-Looking StatementsThis
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. The Company’s expected results
may not be achieved, and actual results may differ materially from
expectations. Specifically, the Company’s statements regarding the
Company’s ability to: (i) further reduce its liability on the
Revere Loan; (ii) develop and maintain strong cash flow; (iii)
develop and maintain a strong balance sheet; (iv) refinance
existing debt; and (v) dispose of non-income producing properties
are forward-looking statements. Forward-looking statements
are not guarantees of future performance and are subject to risks,
uncertainties and other factors, some of which are beyond the
Company’s 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 that could cause the Company’s actual results to
differ materially from those expressed or forecasted in
forward-looking statements 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: Mary JensenInvestor
Relations(757) 627-9088mjensen@whlr.us
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