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Three Months Ended March 31,
Net loss per common share
FFO per common share and common unit
AFFO per common share and common unit
John Sweet elected Chairman of the board of directors (the "Board") for Wheeler.
Andrew R. Jones, CFA, Founder and CEO of North Star Partners, LP and Sean F. Armstrong, CFA, Principal & Portfolio Manager of Westport Capital Partners LLC were appointed to the Board. Mr. Jones was appointed to the Board's Audit Committee and Mr. Armstrong as the Board's Investment Committee Chair.
Successfully backfilled 2 Southeastern Grocers recaptures with Low Country Grocers d/b/a Piggly Wiggly's at Ladson Crossing and South Park.
Filed a Certificate of Correction with the State Department of Assessments and Taxation of Maryland (the “SDAT”) correcting an inadvertently omitted reference to “accumulated amortization” in “Section 10(a) - Mandatory Redemption for Asset Coverage” of the Articles Supplementary for the Series D Cumulative Convertible Preferred Stock, without par value (the “Series D Preferred Stock”) that was previously filed with SDAT on September 16, 2016.
Net loss attributable to Wheeler's common stock, $0.01 par value per share ("Common Stock") shareholders of $5.0 million, or $(0.57) per share.
Total revenue from continuing operations increased by 13.9% or $2.0 million.
Net Operating Income ("NOI") from continuing operations increased by 19.6% to approximately $11.6 million.
Adjusted Funds from Operations ("AFFO") of $0.21 per share of the Company's Common Stock and common unit ("Common Unit") in our operating partnership, Wheeler REIT, L.P.
Sold the Chipotle ground lease at Conyers Crossing for a contract price of $1.3 million, resulting in a $1.1 million gain and net proceeds of $1.2 million.
Cash and cash equivalents totaled $5.1 million at March 31, 2018, compared to $3.7 million at December 31, 2017.
Total debt was $379.1 million at March 31, 2018 (including debt associated with assets held for sale), compared to $313.8 million at December 31, 2017. The increase in debt is primarily a result of $65.4 million in debt associated with the JANAF acquisition. Wheeler's weighted-average interest rate and term of its debt was 4.7% and 4.72 years, respectively, at March 31, 2018 (including debt associated with assets held for sale), compared to 4.6% and 4.81 years, respectively, at December 31, 2017.
The following information was filed by Wheeler Real Estate Investment Trust, Inc. (WHLR) on Wednesday, May 9, 2018 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.
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