Wheeler Real Estate Investment Trust, Inc. Completes the Disposition of Two Parcels, Reports Preliminary Unaudited May AFFO R...
June 28 2017 - 4:05PM
Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“Wheeler” or the “Company”), 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, today reported that the
Company has closed on the sale of an outparcel located at Rivergate
Shopping Center (“Rivergate”) and Carolina Place, a 2.14 acre raw
land parcel located in Onley, VA adjacent to Chesapeake Square
Shopping Center.
Rivergate is a 205,810 square foot
Publix-anchored shopping center, located in Macon, GA and was 97.6%
leased as of March 31, 2017. This Property is located at the main
thoroughfare of the North Macon retail corridor and is
approximately seventy miles south of Atlanta.
At the acquisition date, December 21, 2016,
Rivergate had eight outparcels with diverse national tenants
including a free-standing Starbucks, Buffalo Wild Wings, IHOP and
Steak N’ Shake, as well as co-tenant buildings with FedEx/Panera,
Dunkin Donuts/Subway, Planet Fitness/SkyZone and Pet
Supermarket/Tuesday Morning. The Steak & Shake lease expired on
May 31, 2017 and on June 26, 2017, the Company closed on the sale
of the 1.06 acre parcel, including the building and other
improvements, for gross proceeds of $2.25 million. Net proceeds
after debt pay down and customary closing costs were approximately
$651,000. The Company will continue to evaluate the sale of other
outparcels as part of its capital recycling strategy.
The Company acquired Carolina Place, a 2.14 acre
raw land parcel; shortly after acquiring the adjacent Food Lion
anchored Chesapeake Square Shopping Center in July 2015 and sold
the parcel for gross proceeds of $250,000. The parcel is
collateralized against the Company’s loan with Revere Capital and
its sale will reduce the principal balance of the loan by
approximately $167,000 to $6.8 million.
Wheeler will use the proceeds from both sales
for general working capital purposes.
The Company is also reporting preliminary
unaudited May AFFO results of $0.15/share and will announce full
financial results for the second quarter 2017 on August 8, 2017
followed by a conference call with management on August 9, 2017 at
10:00 AM EDT. Conference call details will be provided at a
later date.
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 implement its business strategies,
including the sale of outparcels, and recycling the capital back
into its core business of acquiring mainly grocery-anchored
centers; (ii) preliminary unaudited AFFO results for May 2017 of
$0.15/share; (iii) the use of proceeds from the sale of the
outparcels for general working capital purposes and (iv) the
Company’s 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 Investor Relations
(757) 627-9088
laura@whlr.us
Wheeler Real Estate Inve... (NASDAQ:WHLRD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wheeler Real Estate Inve... (NASDAQ:WHLRD)
Historical Stock Chart
From Jul 2023 to Jul 2024