WHLR REIT Sells Undeveloped Land Parcel for $2.8 Million
VIRGINIA BEACH, Va., June 19, 2018 (GLOBE NEWSWIRE) -- 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 closed on the sale of one of its non-income producing land parcels, for $2.8 million.
The Company paid approximately $1.6 million for the undeveloped land in 2015. The sale proceeds, in addition to $700 thousand of cash payments during the second quarter, have reduced the balance on the Revere loan from $6.8 million at March 31, 2018 to approximately $3.5 million today. The Company also anticipates further reducing this debt burden to approximately $2.7 million by July 1, 2018 through strategic asset refinancing activities.
“The sale of this land parcel is consistent with our strategic dispositions of non-core assets, and de-levering of our balance sheet,” stated David Kelly, President and Chief Executive Officer. “We believe that these types of strategic dispositions combined with prudent asset refinancings will preserve our core portfolio’s NOI while allowing us to better position the Company for the future.”
About WHLR REIT
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
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. 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) further reduce its liability on the Revere Loan; (ii) develop and maintain strong cash flow; (iii) develop and maintain a strong balance sheet; (iv) refinance existing debt; and (v) dispose of non-income producing properties are forward-looking statements. 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.
Released June 19, 2018