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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wheeler Real Estate Investment Trust Inc | NASDAQ:WHLR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0027 | -1.88% | 0.1409 | 0.1379 | 0.141 | 0.1429 | 0.1375 | 0.14 | 98,612 | 00:29:43 |
Please note that there were two errors in last night’s press release. In the first bullet under “RECENT NEWS”, the date should have been December 31, 2017 not December 31, 2018. The second bullet should have referenced a savings of $9.7 million instead of $9.0 million. Both are corrected below.
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net loss per common share | $ | (1.22 | ) | $ | (0.73 | ) | $ | (2.54 | ) | $ | (1.89 | ) | ||||
FFO per common share and common unit | (0.56 | ) | (0.11 | ) | 0.19 | 0.37 | ||||||||||
AFFO per common share and common unit | 0.18 | 0.16 | 1.31 | 0.95 | ||||||||||||
RECENT NEWS
2017 FOURTH QUARTER HIGHLIGHTS (all comparisons to the same prior year period unless otherwise noted)
2017 YEAR-TO-DATE HIGHLIGHTS (all comparisons to prior year unless otherwise noted)
BALANCE SHEET
Subsequent to the year ended December 31, 2017:
OPERATIONS AND LEASING
DIVIDENDS
SAME STORE RESULTS
ACQUISITIONS
DISPOSITIONS
CONFERENCE CALL DIAL-IN AND WEBCAST INFORMATION:
The dial-in numbers are:
Live Participant Dial-In (Toll-Free): 877-407-3101
Live Participant Dial-In (International): 201-493-6789
The conference call will also be webcast. To listen to the call, please go to the Investor Relations section of Wheeler’s website at www.whlr.us, or click on the following link: http://whlr.equisolvewebcast.com/q4-2017.
SUPPLEMENTAL INFORMATION
Further details regarding Wheeler Real Estate Investment Trust, Inc.’s operations and financials for the period ended December 31, 2017, including a supplemental presentation, are available through the Company’s website by visiting www.whlr.us.
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 acquiring and managing 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.
A copy of Wheeler’s Annual Report on Form 10-K, which includes the Company’s consolidated financial statements and management’s discussion & analysis of financial condition and results of operations, will be available upon filing via the U.S. Securities and Exchange Commission website (www.sec.gov) or through Wheeler’s website at www.whlr.us.
DEFINITIONSFFO, AFFO, Pro Forma AFFO, Property NOI, EBITDA and Adjusted EBITDA are non-GAAP financial measures within the meaning of the rules of the Securities and Exchange Commission. Wheeler considers FFO, AFFO, Pro Forma AFFO, Property NOI, EBITDA and Adjusted EBITDA to be important supplemental measures of its operating performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate and gains and losses from property dispositions, the Company believes that it provides a performance measure that, when compared year-over-year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from the closest GAAP measurement, net income.
Management believes that the computation of FFO in accordance with NAREIT’s definition includes certain items that are not indicative of the operating performance of the Company’s real estate assets. These items include, but are not limited to, nonrecurring expenses, legal settlements, legal and professional fees, and acquisition costs. Management uses AFFO, which is a non- GAAP financial measure, to exclude such items. Management believes that reporting AFFO and Pro Forma AFFO in addition to FFO is a useful supplemental measure for the investment community to use when evaluating the operating performance of the Company on a comparative basis. Management also believes that Property NOI, EBITDA and Adjusted EBITDA represent important supplemental measures for securities analysts, investors and other interested parties, as they are often used in calculating net asset value, leverage and other financial metrics used by these parties in the evaluation of REITs.
FORWARD LOOKING STATEMENTSThis 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: (i) the future generation of financial returns from the acquisition of retail focused properties in secondary and tertiary markets; (ii) the Company's suspension of the Common Stock dividend and its ability to increase financial flexibility, strengthen the balance sheet and facilitate strategic initiatives from the cash savings generated by the suspension of the Common Stock and OP Unit dividend; (iii) the expected identification and implementation of strategic alternatives that could increase shareholder value 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:WHEELER INVESTMENT TRUST, INC.Mary JensenInvestor Relations(757) 627-9088 / investorrelations@whlr.us
Wheeler Real Estate Investment Trust, Inc. and SubsidiariesCondensed Consolidated Statements of Operations(in thousands, except per share data) | |||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
REVENUE: | |||||||||||||||
Rental revenues | $ | 10,891 | $ | 9,377 | $ | 44,156 | $ | 33,165 | |||||||
Asset management fees | 120 | 232 | 927 | 855 | |||||||||||
Commissions | 141 | 130 | 899 | 964 | |||||||||||
Tenant reimbursements | 2,905 | 2,149 | 11,032 | 8,649 | |||||||||||
Development and other revenues | 239 | 139 | 1,521 | 527 | |||||||||||
Total Revenue | 14,296 | 12,027 | 58,535 | 44,160 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operations | 3,922 | 3,399 | 15,389 | 11,898 | |||||||||||
Non-REIT management and leasing services | (598 | ) | 215 | 927 | 1,567 | ||||||||||
Depreciation and amortization | 5,776 | 5,331 | 26,231 | 20,637 | |||||||||||
Provision for credit losses | 2,378 | 229 | 2,821 | 425 | |||||||||||
Impairment on notes receivable | 5,261 | — | 5,261 | — | |||||||||||
Corporate general & administrative | 2,509 | 3,633 | 7,364 | 9,924 | |||||||||||
Total Operating Expenses | 19,248 | 12,807 | 57,993 | 44,451 | |||||||||||
Operating Income (Loss) | (4,952 | ) | (780 | ) | 542 | (291 | ) | ||||||||
Gain on disposal of properties | — | — | 1,021 | — | |||||||||||
Interest income | 363 | 391 | 1,443 | 692 | |||||||||||
Interest expense | (4,168 | ) | (3,555 | ) | (17,165 | ) | (13,356 | ) | |||||||
Net Loss from Continuing Operations Before Income Taxes | (8,757 | ) | (3,944 | ) | (14,159 | ) | (12,955 | ) | |||||||
Income tax expense | 38 | (107 | ) | (137 | ) | (107 | ) | ||||||||
Net Loss from Continuing Operations | (8,719 | ) | (4,051 | ) | (14,296 | ) | (13,062 | ) | |||||||
Discontinued Operations | |||||||||||||||
Income from discontinued operations | — | 21 | 16 | 136 | |||||||||||
Gain on disposal of properties | — | (1 | ) | 1,502 | 688 | ||||||||||
Net Income from Discontinued Operations | — | 20 | 1,518 | 824 | |||||||||||
Net Loss | (8,719 | ) | (4,031 | ) | (12,778 | ) | (12,238 | ) | |||||||
Less: Net loss attributable to noncontrolling interests | (519 | ) | (267 | ) | (684 | ) | (1,035 | ) | |||||||
Net Loss Attributable to Wheeler REIT | (8,200 | ) | (3,764 | ) | (12,094 | ) | (11,203 | ) | |||||||
Preferred stock dividends | (2,496 | ) | (2,450 | ) | (9,969 | ) | (4,713 | ) | |||||||
Net Loss Attributable to Wheeler REIT CommonShareholders | $ | (10,696 | ) | $ | (6,214 | ) | $ | (22,063 | ) | $ | (15,916 | ) | |||
Loss per share from continuing operations (basic and diluted) | $ | (1.22 | ) | $ | (0.73 | ) | $ | (2.70 | ) | $ | (1.98 | ) | |||
Income per share from discontinued operations | — | — | 0.16 | 0.09 | |||||||||||
$ | (1.22 | ) | $ | (0.73 | ) | $ | (2.54 | ) | $ | (1.89 | ) | ||||
Weighted-average number of shares: | |||||||||||||||
Basic and Diluted | 8,739,455 | 8,497,738 | 8,654,240 | 8,420,374 | |||||||||||
Dividends declared per common share | $ | 0.34 | $ | 0.42 | $ | 1.44 | $ | 1.68 | |||||||
Wheeler Real Estate Investment Trust, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(in thousands, except par value and share data) | |||||||
December 31, | |||||||
2017 | 2016 | ||||||
ASSETS: | |||||||
Investment properties, net | $ | 384,334 | $ | 388,880 | |||
Cash and cash equivalents | 3,677 | 4,863 | |||||
Restricted cash | 8,609 | 9,652 | |||||
Rents and other tenant receivables, net | 5,619 | 3,984 | |||||
Related party receivables, net | — | 1,456 | |||||
Notes receivable, net | 6,739 | 12,000 | |||||
Goodwill | 5,486 | 5,486 | |||||
Assets held for sale | — | 366 | |||||
Above market lease intangible, net | 8,778 | 12,962 | |||||
Deferred costs and other assets, net | 34,432 | 49,397 | |||||
Total Assets | $ | 457,674 | $ | 489,046 | |||
LIABILITIES: | |||||||
Loans payable, net | $ | 308,122 | $ | 305,973 | |||
Liabilities associated with assets held for sale | — | 1,350 | |||||
Below market lease intangible, net | 9,616 | 12,680 | |||||
Accounts payable, accrued expenses and other liabilities | 10,624 | 7,735 | |||||
Dividends payable | 5,480 | 3,586 | |||||
Total Liabilities | 333,842 | 331,324 | |||||
Commitments and contingencies | — | — | |||||
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized,2,237,000 shares issued and outstanding; $55.93 million aggregate liquidation preference) | 53,236 | 52,530 | |||||
EQUITY: | |||||||
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued andoutstanding) | 453 | 453 | |||||
Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,848and 1,871,244 shares issued and outstanding, respectively; $46.90 million and $46.78million aggregate liquidation preference, respectively) | 40,915 | 40,733 | |||||
Common Stock ($0.01 par value, 18,750,000 shares authorized, 8,744,189 and8,503,819 shares issued and outstanding, respectively) | 87 | 85 | |||||
Additional paid-in capital | 226,978 | 223,939 | |||||
Accumulated deficit | (204,925 | ) | (170,377 | ) | |||
Total Shareholders’ Equity | 63,508 | 94,833 | |||||
Noncontrolling interests | 7,088 | 10,359 | |||||
Total Equity | 70,596 | 105,192 | |||||
Total Liabilities and Equity | $ | 457,674 | $ | 489,046 | |||
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO)(in thousands) | ||||||||||||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||||||||||||
Same Stores | New Stores | Total | Period Over PeriodChanges | |||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | $ | % | |||||||||||||||||||||||
Net Loss | $ | (8,420 | ) | $ | (3,558 | ) | $ | (299 | ) | $ | (473 | ) | $ | (8,719 | ) | $ | (4,031 | ) | $ | (4,688 | ) | (116.30 | )% | |||||||
Depreciation and amortization of real estate assets | 3,480 | 3,974 | 2,296 | 1,357 | 5,776 | 5,331 | 445 | 8.35 | % | |||||||||||||||||||||
Loss on disposal of properties | — | — | — | — | — | — | — | — | % | |||||||||||||||||||||
Gain on disposal of properties-discontinued operations | — | 1 | — | — | — | 1 | (1 | ) | (100.00 | )% | ||||||||||||||||||||
FFO | $ | (4,940 | ) | $ | 417 | $ | 1,997 | $ | 884 | $ | (2,943 | ) | $ | 1,301 | $ | (4,244 | ) | (326.21 | )% | |||||||||||
Years Ended December 31, | ||||||||||||||||||||||||||||||
Same Stores | New Stores | Total | Period Over PeriodChanges | |||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | $ | % | |||||||||||||||||||||||
Net Loss | $ | (10,770 | ) | $ | (10,402 | ) | $ | (2,008 | ) | $ | (1,836 | ) | $ | (12,778 | ) | $ | (12,238 | ) | $ | (540 | ) | (4.41 | )% | |||||||
Depreciation and amortization of real estate assets | 14,749 | 17,388 | 11,482 | 3,249 | 26,231 | 20,637 | 5,594 | 27.11 | % | |||||||||||||||||||||
Loss (gain) on disposal of properties | 12 | — | (1,033 | ) | — | (1,021 | ) | — | (1,021 | ) | (100.00 | )% | ||||||||||||||||||
Gain on disposal of properties-discontinued operations | (1,502 | ) | (688 | ) | — | — | (1,502 | ) | (688 | ) | (814 | ) | (118.31 | )% | ||||||||||||||||
FFO | $ | 2,489 | $ | 6,298 | $ | 8,441 | $ | 1,413 | $ | 10,930 | $ | 7,711 | $ | 3,219 | 41.75 | % | ||||||||||||||
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Reconciliation of Adjusted Funds From Operations (AFFO)(in thousands, except per share data) | |||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net Loss | $ | (8,719 | ) | $ | (4,031 | ) | $ | (12,778 | ) | $ | (12,238 | ) | |||
Depreciation and amortization of real estate assets | 5,776 | 5,331 | 26,231 | 20,637 | |||||||||||
Gain on disposal of properties | — | — | (1,021 | ) | — | ||||||||||
Loss (gain) on disposal of properties-discontinued operations | — | 1 | (1,502 | ) | (688 | ) | |||||||||
FFO | (2,943 | ) | 1,301 | 10,930 | 7,711 | ||||||||||
Preferred stock dividends | (2,496 | ) | (2,450 | ) | (9,969 | ) | (4,713 | ) | |||||||
Preferred stock accretion adjustments | 204 | 162 | 809 | 417 | |||||||||||
FFO available to common shareholders and common unitholders | (5,235 | ) | (987 | ) | 1,770 | 3,415 | |||||||||
Impairment of notes receivable | 5,261 | — | 5,261 | — | |||||||||||
Acquisition costs | 269 | 1,115 | 1,101 | 2,029 | |||||||||||
Capital related costs | 195 | 203 | 663 | 514 | |||||||||||
Other non-recurring and non-cash expenses (1) | 117 | 158 | 294 | 664 | |||||||||||
Share-based compensation | 135 | 872 | 870 | 1,454 | |||||||||||
Straight-line rent | (146 | ) | (163 | ) | (712 | ) | (386 | ) | |||||||
Loan cost amortization | 578 | 662 | 3,087 | 2,126 | |||||||||||
Accrued interest income | 774 | (121 | ) | 415 | (415 | ) | |||||||||
Above (below) market lease amortization | 5 | (40 | ) | 453 | 29 | ||||||||||
Recurring capital expenditures and tenant improvement reserves | (245 | ) | (246 | ) | (941 | ) | (760 | ) | |||||||
AFFO | $ | 1,708 | $ | 1,453 | $ | 12,261 | $ | 8,670 | |||||||
Weighted Average Common Shares | 8,739,455 | 8,497,738 | 8,654,240 | 8,420,374 | |||||||||||
Weighted Average Common Units | 639,555 | 743,274 | 702,168 | 689,162 | |||||||||||
Total Common Shares and Units | 9,379,010 | 9,241,012 | 9,356,408 | 9,109,536 | |||||||||||
FFO per Common Share and Common Units | $ | (0.56 | ) | $ | (0.11 | ) | $ | 0.19 | $ | 0.37 | |||||
AFFO per Common Share and Common Units | $ | 0.18 | $ | 0.16 | $ | 1.31 | $ | 0.95 | |||||||
(1) | Other non-recurring expenses are detailed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K for the period ended December 31, 2017. | |
Wheeler Real Estate Investment Trust, Inc. and SubsidiariesReconciliation of Property Net Operating Income(in thousands) | ||||||||||||||||
Three Months EndedDecember 31, | Years EndedDecember 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Loss | $ | (8,719 | ) | $ | (4,031 | ) | $ | (12,778 | ) | $ | (12,238 | ) | ||||
Adjustments: | ||||||||||||||||
Net Income from Discontinued Operations | — | (20 | ) | (1,518 | ) | (824 | ) | |||||||||
Income tax expense | (38 | ) | 107 | 137 | 107 | |||||||||||
Interest expense | 4,168 | 3,555 | 17,165 | 13,356 | ||||||||||||
Interest income | (363 | ) | (391 | ) | (1,443 | ) | (692 | ) | ||||||||
Loss (gain) on disposal of properties | — | — | (1,021 | ) | — | |||||||||||
Corporate general & administrative | 2,509 | 3,633 | 7,364 | 9,924 | ||||||||||||
Provision for credit losses | 2,378 | 229 | 2,821 | 425 | ||||||||||||
Impairment of notes receivable | 5,261 | — | 5,261 | — | ||||||||||||
Depreciation and amortization | 5,776 | 5,331 | 26,231 | 20,637 | ||||||||||||
Non-REIT management and leasing services | (598 | ) | 215 | 927 | 1,567 | |||||||||||
Development income | (83 | ) | (75 | ) | (537 | ) | (244 | ) | ||||||||
Asset management and commission revenues | (261 | ) | (362 | ) | (1,826 | ) | (1,819 | ) | ||||||||
Property Net Operating Income | $ | 10,030 | $ | 8,191 | $ | 40,783 | $ | 30,199 | ||||||||
Property revenues | $ | 13,952 | $ | 11,590 | $ | 56,172 | $ | 42,097 | ||||||||
Property expenses | 3,922 | 3,399 | 15,389 | 11,898 | ||||||||||||
Property Net Operating Income | $ | 10,030 | $ | 8,191 | $ | 40,783 | $ | 30,199 | ||||||||
Wheeler Real Estate Investment Trust, Inc. and SubsidiariesReconciliation of Earnings Before Interest, Taxes, Depreciation and Amortization - EBITDA(in thousands) | ||||||||||||||||
Three Months Ended December 31, | Years EndedDecember 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Loss | $ | (8,719 | ) | $ | (4,031 | ) | $ | (12,778 | ) | $ | (12,238 | ) | ||||
Add back: | Depreciation and amortization (1) | 5,781 | 5,291 | 26,684 | 20,666 | |||||||||||
Interest Expense (2) | 4,168 | 3,568 | 17,174 | 13,425 | ||||||||||||
Income taxes | (38 | ) | 107 | 137 | 107 | |||||||||||
EBITDA | 1,192 | 4,935 | 31,217 | 21,960 | ||||||||||||
Adjustments for items affecting comparability: | ||||||||||||||||
Acquisition costs | 269 | 1,115 | 1,101 | 2,029 | ||||||||||||
Capital related costs | 195 | 203 | 663 | 514 | ||||||||||||
Other non-recurring expenses (3) | 117 | 158 | 294 | 664 | ||||||||||||
Impairment of notes receivable | 5,261 | — | 5,261 | — | ||||||||||||
Gain on disposal of properties | — | — | (1,021 | ) | — | |||||||||||
Loss (gain) on disposal of properties-discontinued operations | — | 1 | (1,502 | ) | (688 | ) | ||||||||||
Adjusted EBITDA | $ | 7,034 | $ | 6,412 | $ | 36,013 | $ | 24,479 | ||||||||
(1) | Includes above (below) market lease amortization. | |
(2) | Includes loan cost amortization and amounts associated with assets held for sale. | |
(3) | Other non-recurring expenses are detailed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K for the period ended December 31, 2017. | |
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