FOR IMMEDIATE RELEASE
Wheeler Real Estate Investment Trust, Inc. Completes the Disposition of Two Parcels, Reports Preliminary Unaudited May AFFO Results and Announces Second Quarter 2017 Earnings Release Date
Company sells Carolina Place raw land parcel located in Onley, VA
Company sells 1.06 acre outparcel at Rivergate Shopping Center located in Macon, GA
Company reports preliminary unaudited AFFO results for May 2017 of $0.15/share; Second Quarter 2017 results to be released on August 8, 2017
Virginia Beach, VA –June 28, 2017 – Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) (“Wheeler” or the “Company”), a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing retail properties with a primary focus on grocery-anchored centers, today reported that the Company has closed on the sale of an outparcel located at Rivergate Shopping Center (“Rivergate”) and Carolina Place, a 2.14 acre raw land parcel located in Onley, VA adjacent to Chesapeake Square Shopping Center.
Rivergate is a 205,810 square foot Publix-anchored shopping center, located in Macon, GA and was 97.6% leased as of March 31, 2017. This Property is located at the main thoroughfare of the North Macon retail corridor and is approximately seventy miles south of Atlanta.
At the acquisition date, December 21, 2016, Rivergate had eight outparcels with diverse national tenants including a free-standing Starbucks, Buffalo Wild Wings, IHOP and Steak N’ Shake, as well as co-tenant buildings with FedEx/Panera, Dunkin Donuts/Subway, Planet Fitness/SkyZone and Pet Supermarket/Tuesday Morning. The Steak & Shake lease expired on May 31, 2017 and on June 26, 2017, the Company closed on the sale of the 1.06 acre parcel, including the building and other improvements, for gross proceeds of $2.25 million. Net proceeds after debt pay down and customary closing costs were approximately $651,000. The Company will continue to evaluate the sale of other outparcels as part of its capital recycling strategy.
The Company acquired Carolina Place, a 2.14 acre raw land parcel; shortly after acquiring the adjacent Food Lion anchored Chesapeake Square Shopping Center in July 2015 and sold the parcel for gross proceeds of $250,000. The parcel is collateralized against the Company’s loan with Revere Capital and its sale will reduce the principal balance of the loan by approximately $167,000 to $6.8 million.
Wheeler will use the proceeds from both sales for general working capital purposes.
The Company is also reporting preliminary unaudited May AFFO results of $0.15/share and will announce full financial results for the second quarter 2017 on August 8, 2017 followed by a conference call with management on August 9, 2017 at 10:00 AM EST. Conference call details will be provided at a later date.
The following information was filed by Wheeler Real Estate Investment Trust, Inc. (WHLR) on Thursday, June 29, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.