WHLR REIT Reduces Debt Through Refinancing Activity
June 29 2018 - 8:00AM
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 announced that it
has closed on a series of refinancing activities.
The Company has reduced its Key Bank line by
over $9 million from $68 million to $58.9 million, and has an
executed term sheet for approximately $8 million, which will reduce
the remaining balance of the line to less than $51 million.
The Company continues to reduce the Revere loan balance now at
approximately $3.25 million from $6.8 million at the beginning of
the year.
“We are working daily to ensure that we are
meeting our debt obligations through strategic refinancing
activities and systematically paying down debt,” stated
David Kelly, President and Chief Executive
Officer. “We believe that a strong flexible balance
sheet is one of the key factors in creating shareholder value,
which is our first priority in all of our business
activities.”
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) close the transaction referenced herein
to reduce the Key Bank line to less than $51 million; (ii) reduce
its Key Bank loan balance; and (iii) identify and close additional
strategic refinancing opportunities. 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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