Wheeler Real Estate Investment Trust, Inc. Announces Asset Sale and Debt Paydowns (1/15/19)
VIRGINIA BEACH, Va., Jan. 15, 2019 (GLOBE NEWSWIRE) -- Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) ("WHLR" 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 sold a non-strategic asset and used the proceeds to pay down debt.
On January 11, 2019, the Company sold Jenks Plaza, a 7,800 square foot shopping center located in Tulsa, Oklahoma for $2.2 million (approximately a 7.0% cap). The Company used the proceeds from the sale to reduce its property level debt by $1.5 million and reduce its Revere loan by $322,000. The balance on the Revere loan is now less than $650,000, which is down from $6.8 million less than a year ago.
"I am pleased with the progress we are making on various initiatives we established almost a year ago," stated David Kelly, President and CEO. "We continue to incrementally reduce high cost, short-term debt through strategic refinancing activities and disposing of non-strategic assets at attractive market prices."
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. https://www.nasdaq.com/press-release/wheeler-real-estate-investment-trust-inc-announces-asset-sale-and-debt-paydowns-20190115-01146