Wheeler Real Estate Investment Trust, Inc. Delivers on Its Stated Objective and Reduces Its Credit Facility Obligation
September 12 2018 - 8:00AM
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:
WHLR) (“Wheeler” 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, announced today that the
Company has reduced its debt obligation on the KeyBank Credit
Facility to $52.125 million, down from $68 million on January 1,
2018.
“This is a significant step in our efforts to
‘right-size’ our ‘Key Bank Facility,’” stated David Kelly,
President and CEO, “and another step toward accomplishing our
overarching goals of having a solid, flexible balance sheet,
consistent cash flows and a sustainable dividend. We have more to
accomplish, but we are pleased with our progress over these recent
months.”
The Company obtained a term loan for $7.6
million, which matures in June 2023 with a fixed interest rate of
5.71%. A portion of the loan proceeds have been reserved for
improvements at the properties. The shopping centers that have been
refinanced from the KeyBank Credit Facility are Ladson Crossing in
Ladson, SC, Lake Greenwood Crossing, Greenwood, SC and South Park,
Mullins, SC
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. Additional information about
Wheeler Real Estate Investment Trust, Inc. can be found at the
Company’s corporate website: 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
improving its balance sheet, creating consistent cash flows and a
sustainable dividend 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:Mary JensenInvestor Relations(757)
627-9088mjensen@whlr.us
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