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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.0137 | 11.21% | 0.1359 | 0.1359 | 0.1448 | 0.155 | 0.12 | 0.1223 | 2,909,590 | 23:47:46 |
2017 Third 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)
Jon S. Wheeler, Chairman and Chief Executive Officer, commented, "I am pleased to report AFFO of $0.43 per share, achieving the higher end of guidance for the third quarter. We remain committed to maximizing shareholder value as we efficiently operate our portfolio of assets in secondary and tertiary markets, diversify our tenant base and pursue opportunities to strengthen our balance sheet through strategic refinancings.”
2017 Third Quarter Financial Review
2017 Year-to-Date Financial Review
Leasing Review
Balance Sheet Summary
Dividend Distribution
Subsequent Activity
Fourth Quarter 2017 Outlook and Guidance
Management is reaffirming full-year 2017 AFFO per share guidance of $1.48-$1.53 and will discuss further details on the earnings conference call (November 9, 2017) at 10:00 AM ET.
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/q3-2017.
Supplemental Information
Further details regarding Wheeler Real Estate Investment Trust, Inc.’s operations and financials for the period ended September 30, 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.
Financial Information
A copy of Wheeler’s Quarterly Report on Form 10-Q, 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.
FFO, 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 Statement
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: (i) the future generation of financial returns from the acquisition of retail focused properties; (ii) the Company’s ability to complete future acquisitions of properties; (iii) the Company’s ability to strengthen its balance sheet through strategic refinancing, diversification of its tenant base and efficient operation of its portfolio; (iv) the Company’s ability to amend the terms of the Facility with KeyBank and close on the Facility amendment; and (v) the anticipated ability to produce returns and growth for the Company and its shareholders 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. In addition, this press release states that the Company’s quarterly dividend rate on the Company’s common stock is $0.34 per share. A possible implication of this statement is that the Company will continuously pay quarterly dividends on the Company’s common stock of $0.34 per share. The Company’s dividend rates are set and may be reset from time to time by its Board of Directors. The Company’s Board of Directors will consider many factors when setting dividend rates, including the Company’s historical and projected income, normalized funds from operations, the then current and expected needs and availability of cash to pay the Company’s obligations, distributions which may be required to be paid to maintain the Company’s tax status as a real estate investment trust and other factors deemed relevant by the Board of Directors in its discretion. Accordingly, future dividend rates may be increased or decreased and there is no assurance as to the rate at which future dividends will be paid. 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 Real Estate Investment Trust, Inc.
Wilkes GrahamChief Financial Officer(757) 627-9088 / wilkes@whlr.us
Laura NguyenDirector of Investor Relations(757) 627-9088 / laura@whlr.us
Wheeler Real Estate Investment Trust, Inc. and SubsidiariesCondensed Consolidated Statements of Operations(unaudited, in thousands, except per share data)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
REVENUE: | |||||||||||||||
Rental revenues | $ | 11,109 | $ | 8,591 | $ | 33,265 | $ | 23,788 | |||||||
Asset management fees | 145 | 163 | 807 | 623 | |||||||||||
Commissions | 449 | 590 | 758 | 834 | |||||||||||
Tenant reimbursements | 2,711 | 2,334 | 8,127 | 6,500 | |||||||||||
Development and other revenues | 784 | 233 | 1,282 | 388 | |||||||||||
Total Revenue | 15,198 | 11,911 | 44,239 | 32,133 | |||||||||||
OPERATING EXPENSES: | |||||||||||||||
Property operations | 3,726 | 3,027 | 11,467 | 8,499 | |||||||||||
Non-REIT management and leasing services | 618 | 696 | 1,525 | 1,352 | |||||||||||
Depreciation and amortization | 7,746 | 4,994 | 20,455 | 15,306 | |||||||||||
Provision for credit losses | 23 | 31 | 443 | 196 | |||||||||||
Corporate general & administrative | 1,306 | 1,497 | 4,855 | 6,291 | |||||||||||
Total Operating Expenses | 13,419 | 10,245 | 38,745 | 31,644 | |||||||||||
Operating Income | 1,779 | 1,666 | 5,494 | 489 | |||||||||||
(Loss) gain on disposal of properties | (1 | ) | — | 1,021 | — | ||||||||||
Interest income | 364 | 299 | 1,080 | 301 | |||||||||||
Interest expense | (4,250 | ) | (3,639 | ) | (12,997 | ) | (9,801 | ) | |||||||
Net Loss from Continuing Operations Before Income Taxes | (2,108 | ) | (1,674 | ) | (5,402 | ) | (9,011 | ) | |||||||
Income tax expense | (65 | ) | — | (175 | ) | — | |||||||||
Net Loss from Continuing Operations | (2,173 | ) | (1,674 | ) | (5,577 | ) | (9,011 | ) | |||||||
Discontinued Operations | |||||||||||||||
Income from discontinued operations | — | 39 | 16 | 115 | |||||||||||
Gain on disposal of properties | — | 1 | 1,502 | 689 | |||||||||||
Net Income from Discontinued Operations | — | 40 | 1,518 | 804 | |||||||||||
Net Loss | (2,173 | ) | (1,634 | ) | (4,059 | ) | (8,207 | ) | |||||||
Less: Net loss attributable to noncontrolling interests | (111 | ) | (122 | ) | (165 | ) | (768 | ) | |||||||
Net Loss Attributable to Wheeler REIT | (2,062 | ) | (1,512 | ) | (3,894 | ) | (7,439 | ) | |||||||
Preferred stock dividends | (2,496 | ) | (1,240 | ) | (7,473 | ) | (2,263 | ) | |||||||
Net Loss Attributable to Wheeler REIT CommonShareholders | $ | (4,558 | ) | $ | (2,752 | ) | $ | (11,367 | ) | $ | (9,702 | ) | |||
Loss per share from continuing operations (basic and diluted) | $ | (0.52 | ) | $ | (0.32 | ) | $ | (1.48 | ) | $ | (1.25 | ) | |||
Income per share from discontinued operations | — | — | 0.16 | 0.09 | |||||||||||
$ | (0.52 | ) | $ | (0.32 | ) | $ | (1.32 | ) | $ | (1.16 | ) | ||||
Weighted-average number of shares: | |||||||||||||||
Basic and Diluted | 8,692,543 | 8,487,438 | 8,625,523 | 8,394,398 | |||||||||||
Dividends declared per common share | $ | 0.34 | $ | 0.42 | $ | 1.10 | $ | 1.26 |
Wheeler Real Estate Investment Trust, Inc. and SubsidiariesCondensed Consolidated Balance Sheets(in thousands, except par value and share data)
September 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
ASSETS: | |||||||
Investment properties, net | $ | 383,861 | $ | 388,880 | |||
Cash and cash equivalents | 5,663 | 4,863 | |||||
Restricted cash | 9,625 | 9,652 | |||||
Rents and other tenant receivables, net | 5,108 | 3,984 | |||||
Related party receivables | 2,322 | 1,456 | |||||
Notes receivable | 12,000 | 12,000 | |||||
Goodwill | 5,486 | 5,486 | |||||
Assets held for sale | — | 366 | |||||
Above market lease intangible, net | 9,521 | 12,962 | |||||
Deferred costs and other assets, net | 37,477 | 49,397 | |||||
Total Assets | $ | 471,063 | $ | 489,046 | |||
LIABILITIES: | |||||||
Loans payable, net | $ | 306,962 | $ | 305,973 | |||
Liabilities associated with assets held for sale | — | 1,350 | |||||
Below market lease intangible, net | 10,356 | 12,680 | |||||
Accounts payable, accrued expenses and other liabilities | 10,307 | 7,735 | |||||
Dividends payable | 5,478 | 3,586 | |||||
Total Liabilities | 333,103 | 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) | 53,052 | 52,530 | |||||
EQUITY: | |||||||
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding) | 453 | 453 | |||||
Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,848 and 1,871,244 shares issued and outstanding, respectively; $46.90 million and $46.78 million aggregate liquidation preference, respectively) | 40,893 | 40,733 | |||||
Common Stock ($0.01 par value, 18,750,000 shares authorized, 8,730,859 and 8,503,819 shares issued and outstanding, respectively) | 87 | 85 | |||||
Additional paid-in capital | 226,864 | 223,939 | |||||
Accumulated deficit | (191,256 | ) | (170,377 | ) | |||
Total Shareholders’ Equity | 77,041 | 94,833 | |||||
Noncontrolling interests | 7,867 | 10,359 | |||||
Total Equity | 84,908 | 105,192 | |||||
Total Liabilities and Equity | $ | 471,063 | $ | 489,046 |
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Reconciliation of Funds From Operations (FFO)(unaudited, in thousands)
Three Months Ended September 30, | ||||||||||||||||||||||||||||||
Same Stores | New Stores | Total | Period Over PeriodChanges | |||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | $ | % | |||||||||||||||||||||||
Net Loss | $ | (587 | ) | $ | (1,422 | ) | $ | (1,586 | ) | $ | (212 | ) | $ | (2,173 | ) | $ | (1,634 | ) | $ | (539 | ) | (32.99 | )% | |||||||
Depreciation and amortization of real estate assets | 3,612 | 4,064 | 4,134 | 930 | 7,746 | 4,994 | 2,752 | 55.11 | % | |||||||||||||||||||||
Loss on disposal of properties | 1 | — | — | — | 1 | — | 1 | — | % | |||||||||||||||||||||
Gain on disposal of properties-discontinued operations | — | (1 | ) | — | — | — | (1 | ) | 1 | 100.00 | % | |||||||||||||||||||
FFO | $ | 3,026 | $ | 2,641 | $ | 2,548 | $ | 718 | $ | 5,574 | $ | 3,359 | $ | 2,215 | 65.94 | % | ||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
Same Stores | New Stores | Total | Period Over PeriodChanges | |||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | $ | % | |||||||||||||||||||||||
Net Loss | $ | (2,350 | ) | $ | (6,844 | ) | $ | (1,709 | ) | $ | (1,363 | ) | $ | (4,059 | ) | $ | (8,207 | ) | $ | 4,148 | 50.54 | % | ||||||||
Depreciation and amortization of real estate assets | 11,269 | 13,414 | 9,186 | 1,892 | 20,455 | 15,306 | 5,149 | 33.64 | % | |||||||||||||||||||||
Loss (gain) on disposal of properties | 12 | — | (1,033 | ) | — | (1,021 | ) | — | (1,021 | ) | — | % | ||||||||||||||||||
Gain on disposal of properties-discontinued operations | (1,502 | ) | (689 | ) | — | — | (1,502 | ) | (689 | ) | (813 | ) | (118.00 | )% | ||||||||||||||||
FFO | $ | 7,429 | $ | 5,881 | $ | 6,444 | $ | 529 | $ | 13,873 | $ | 6,410 | $ | 7,463 | 116.43 | % | ||||||||||||||
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Reconciliation of Adjusted Funds From Operations (AFFO)(unaudited, in thousands, except per share data) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net Loss | $ | (2,173 | ) | $ | (1,634 | ) | $ | (4,059 | ) | $ | (8,207 | ) | |||
Depreciation and amortization of real estate assets | 7,746 | 4,994 | 20,455 | 15,306 | |||||||||||
Loss (gain) on disposal of properties | 1 | — | (1,021 | ) | — | ||||||||||
Gain on disposal of properties-discontinued operations | — | (1 | ) | (1,502 | ) | (689 | ) | ||||||||
FFO | 5,574 | 3,359 | 13,873 | 6,410 | |||||||||||
Preferred stock dividends | (2,496 | ) | (1,240 | ) | (7,473 | ) | (2,263 | ) | |||||||
Preferred stock accretion adjustments | 205 | 78 | 605 | 255 | |||||||||||
FFO available to common shareholders and common unitholders | 3,283 | 2,197 | 7,005 | 4,402 | |||||||||||
Acquisition costs | 233 | 118 | 832 | 914 | |||||||||||
Capital related costs | 82 | 61 | 468 | 311 | |||||||||||
Other non-recurring and non-cash expenses (1) | 47 | 47 | 177 | 506 | |||||||||||
Share-based compensation | 134 | 171 | 735 | 582 | |||||||||||
Straight-line rent | (162 | ) | (81 | ) | (566 | ) | (223 | ) | |||||||
Loan cost amortization | 682 | 629 | 2,509 | 1,464 | |||||||||||
Accrued interest income | (121 | ) | (294 | ) | (359 | ) | (294 | ) | |||||||
Above (below) market lease amortization | 65 | (3 | ) | 448 | 69 | ||||||||||
Recurring capital expenditures and tenant improvement reserves | (245 | ) | (188 | ) | (696 | ) | (514 | ) | |||||||
AFFO | $ | 3,998 | $ | 2,657 | $ | 10,553 | $ | 7,217 | |||||||
Weighted Average Common Shares | 8,692,543 | 8,487,438 | 8,625,523 | 8,394,398 | |||||||||||
Weighted Average Common Units | 679,820 | 718,989 | 723,269 | 670,993 | |||||||||||
Total Common Shares and Units | 9,372,363 | 9,206,427 | 9,348,792 | 9,065,391 | |||||||||||
FFO per Common Share and Common Units | $ | 0.35 | $ | 0.24 | $ | 0.75 | $ | 0.49 | |||||||
AFFO per Common Share and Common Units | $ | 0.43 | $ | 0.29 | $ | 1.13 | $ | 0.80 |
(1) Other non-recurring expenses are detailed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Quarterly Report on Form 10-Q for the period ended September 30, 2017.
Wheeler Real Estate Investment Trust, Inc. and SubsidiariesReconciliation of Property Net Operating Income(unaudited, in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Property Revenues | $ | 14,449 | $ | 10,989 | $ | 42,220 | $ | 30,507 | |||||||
Property Expenses | 3,726 | 3,027 | 11,467 | 8,499 | |||||||||||
Property Net Operating Income | 10,723 | 7,962 | 30,753 | 22,008 | |||||||||||
Asset Management and Commission Revenue | 594 | 753 | 1,565 | 1,457 | |||||||||||
Development income | 155 | 169 | 454 | 169 | |||||||||||
Other Income | 749 | 922 | 2,019 | 1,626 | |||||||||||
Non-REIT management and leasing services | 618 | 696 | 1,525 | 1,352 | |||||||||||
Depreciation and amortization | 7,746 | 4,994 | 20,455 | 15,306 | |||||||||||
Provision for credit losses | 23 | 31 | 443 | 196 | |||||||||||
Corporate general & administrative | 1,306 | 1,497 | 4,855 | 6,291 | |||||||||||
Total Other Operating Expenses | 9,693 | 7,218 | 27,278 | 23,145 | |||||||||||
(Loss) gain on disposal of properties | (1 | ) | — | 1,021 | — | ||||||||||
Interest income | 364 | 299 | 1,080 | 301 | |||||||||||
Interest expense | (4,250 | ) | (3,639 | ) | (12,997 | ) | (9,801 | ) | |||||||
Net Loss from Continuing Operations Before Income Taxes | (2,108 | ) | (1,674 | ) | (5,402 | ) | (9,011 | ) | |||||||
Income tax expense | (65 | ) | — | (175 | ) | — | |||||||||
Net Loss from Continuing Operations | (2,173 | ) | (1,674 | ) | (5,577 | ) | (9,011 | ) | |||||||
Discontinued Operations | |||||||||||||||
Income from operations | — | 39 | 16 | 115 | |||||||||||
Gain on disposal of properties | — | 1 | 1,502 | 689 | |||||||||||
Net Income from Discontinued Operations | — | 40 | 1,518 | 804 | |||||||||||
Net Loss | $ | (2,173 | ) | $ | (1,634 | ) | $ | (4,059 | ) | $ | (8,207 | ) |
Wheeler Real Estate Investment Trust, Inc. and SubsidiariesReconciliation of Earnings Before Interest, Taxes, Depreciation and Amortization - EBITDA(unaudited, in thousands)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Net Loss | $ | (2,173 | ) | $ | (1,634 | ) | $ | (4,059 | ) | $ | (8,207 | ) | ||||
Add back: | Depreciation and amortization (1) | 7,811 | 4,991 | 20,903 | 15,375 | |||||||||||
Interest Expense (2) | 4,250 | 3,653 | 13,006 | 9,857 | ||||||||||||
Income taxes | 65 | — | 175 | — | ||||||||||||
EBITDA | 9,953 | 7,010 | 30,025 | 17,025 | ||||||||||||
Adjustments for items affecting comparability: | ||||||||||||||||
Acquisition costs | 233 | 118 | 832 | 914 | ||||||||||||
Capital related costs | 82 | 61 | 468 | 311 | ||||||||||||
Other non-recurring expenses (3) | 47 | 47 | 177 | 506 | ||||||||||||
Loss (gain) on disposal of properties | 1 | — | (1,021 | ) | — | |||||||||||
Gain on disposal of properties-discontinued operations | — | (1 | ) | (1,502 | ) | (689 | ) | |||||||||
Adjusted EBITDA | $ | 10,316 | $ | 7,235 | $ | 28,979 | $ | 18,067 |
(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 Quarterly Report on Form 10-Q for the period ended September 30, 2017.
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