Wheeler Real Estate Investment Trust Reduces KeyBank Line of Credit Carried Balance
July 02 2019 - 9:21AM
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 it has made further progress in reducing the
balance on the Company’s KeyBank line of credit.
“This is another deliberate and strategic step
in reducing the carrying balance on our KeyBank line of credit,”
stated David Kelly, President and CEO, “This refinancing allows us
to further reduce the outstanding balance on our KeyBank line of
credit, while demonstrating our commitment to deliver on our stated
goals of creating a solid, flexible balance sheet.”
The Company obtained a 10-year fixed rate term
loan for $16.5 million at an interest rate of 4.28%, which is
approximately 62 bps below the current interest rate on the
Company’s KeyBank line of credit as of June 28, 2019. The new
loan is secured by the 297,950 square-foot, Kroger-anchored
shopping center, The Village at Martinsville located in
Martinsville, Virginia, which was previously encumbered on the
Company’s KeyBank line of credit. As a result, the Company has
effectively extended and better laddered its debt maturities while
reducing its KeyBank line of credit down to $34.3 million.
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 its
ability to further reduce the outstanding balance on the KeyBank
line of credit, and creating a solid, flexible balance sheet 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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