Wheeler Real Estate Investment Trust, Inc. Announces Asset Sale and Debt Paydowns
January 15 2019 - 5:46PM
Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“WHLR” 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
announced that it has sold a non-strategic asset and used the
proceeds to pay down debt.
On January 11, 2019, the Company sold Jenks Plaza, a 7,800
square foot shopping center located in Tulsa, Oklahoma for $2.2
million (approximately a 7.0% cap). The Company used the proceeds
from the sale to reduce its property level debt by $1.5 million and
reduce its Revere loan by $322,000. The balance on the Revere
loan is now less than $650,000, which is down from $6.8 million
less than a year ago.
“I am pleased with the progress we are making on
various initiatives we established almost a year ago,” stated David
Kelly, President and CEO. “We continue to incrementally reduce high
cost, short-term debt through strategic refinancing activities and
disposing of non-strategic assets at attractive market
prices.”
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 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. 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
future generation of financial returns from its portfolio, and
ability to decrease high cost, short term debt 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.
Investor ContactMary Jensen -
Investor Relations(757) 627-9088 / mjensen@whlr.us
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