Wheeler Real Estate Investment Trust, Inc. Makes Progress on Stated Goals
October 23 2018 - 8:29AM
Sells Two Non-Essential Assets and Reduces
Property-Level Debt by $4.5 Million
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 is making progress on its stated
goals of reducing its debt through strategic sales.
The Company sold two non-core assets totaling 26,923 square feet
for approximately $7.46 million and subsequently paid down $4.5
million of property-level debt and $1.6 million of the Revere
loan. Details of the specifics sales are detailed below:
- Sold Eagle Harbor, a 23,303 square-foot, non-anchored strip
center asset in Carrollton, Virginia for $5.7 million at an 8%
capitalization rate.
- Sold Chartway Federal Credit Union building, a 3,620
square-foot, single-tenant net leased asset, located in Virginia
Beach, Virginia for $1.75 million at a 6.9% capitalization
rate.
“These dispositions are another step in our path to
sustainability,” stated David Kelly, President and CEO, “and have
helped us to further reduce the balance on the Revere note, which
has been reduced from $6.8 million at the beginning of the year to
$1.36 million today. These strategic sales also demonstrate our
commitment to deliver on our stated goals of creating 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.”
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
Statements
This 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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