Wheeler Real Estate Investment Trust Inc
NASDAQ:WHLR
Wheeler Real Estate Investment Trust Inc
Wheeler Real Estate Investment Trust, Inc. engages in the acquisition, finance, development, lease, ownership, and management of retail properties. The company is headquartered in Virginia Beach, Virginia and currently employs 36 full-time employees. The company went IPO on 2012-11-19. The firm is a fully-integrated, self-managed commercial real estate investment company that owns, leases and operates income-producing retail properties with a primary focus on grocery-anchored centers. The firm's portfolio consists of sixty-two properties, including fifty-eight retail shopping centers, and four undeveloped land parcels. The properties are geographically located in the Southeast, Mid-Atlantic and Northeast.
Wheeler Real Estate Investment Trust, Inc. engages in the acquisition, finance, development, lease, ownership, and management of retail properties. The company is headquartered in Virginia Beach, Virginia and currently employs 36 full-time employees. The company went IPO on 2012-11-19. The firm is a fully-integrated, self-managed commercial real estate investment company that owns, leases and operates income-producing retail properties with a primary focus on grocery-anchored centers. The firm's portfolio consists of sixty-two properties, including fifty-eight retail shopping centers, and four undeveloped land parcels. The properties are geographically located in the Southeast, Mid-Atlantic and Northeast.
Dividend Status: The company will not make the first quarter 2019 preferred dividend payment and the common dividend remains suspended until further notice.
Debt Reduction: Management used cash from suspended dividends to pay down debt by $9.44 million in 2018, including a reduction of the KeyBanc line and plans to pay off other debts soon.
Revenue Growth: Q4 revenue grew 12.4% year-over-year to $16.1 million, mainly due to the JANAF Shopping Center acquisition.
Leasing Activity: Leasing and renewal activity improved, with 78% of expiring square feet renewing at higher rates, up from 49% last year.
Portfolio Stability: Management emphasized reinvestment in properties and improving tenant quality, though occupancy and leasing rates declined slightly quarter-over-quarter.
Write-Downs Taken: The company recorded a $3.9 million write-down on undeveloped land and a $1.7 million reserve on a loan related to the Sea Turtle project.
Same-Store NOI: Same-store net operating income fell 4% for the year, mainly due to the Southeastern Grocers bankruptcy.
Guidance: No changes to dividend policy or major strategic updates were announced, but management continues to evaluate alternatives and seek stabilization before resuming dividends.
