WHLR Real Estate Investment Trust Further Reduces Debt
30 January 2020 - 8:05AM
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, today
announced that it has reduced the balance on the Company’s KeyBank
line of credit below $10 million.
“This is another deliberate step in reducing the
carrying balance on our KeyBank line of credit, which has been
reduced from $68 million since we began our strategic
transformation in January 2018,” stated David Kelly, President and
CEO. “This refinancing demonstrates our commitment to reducing our
overall debt and the strong relationship we have with KeyBank to
help us reach our stated goals of creating a solid, flexible
balance sheet.”
The Company obtained a 5-year fixed rate term
loan with Citibank® for $6 million at an interest rate of 4.45%,
which is approximately 84 basis points below the current interest
rate on the Company’s KeyBank line of credit as of December 31,
2019. The new loan is secured by the Shoppes at Myrtle Park, a
56,601 square-foot shopping center located in South Carolina, which
was previously encumbered on the Company’s KeyBank line of
credit.
In addition, the Company sold St. Matthews, a
29,015 square-foot shopping center in South Carolina for
approximately $1.78 million. The proceeds of the sale have been
used to pay down the KeyBank line of credit.
These transactions, along with the Company’s
January principal payment, have reduced the KeyBank line of credit
balance below $10 million, which meets the January 31, 2020
deadline and complies with the second amendment agreed upon with
the lender on January 24, 2020.
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 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 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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