WHLR Real Estate Investment Trust Further Reduces Debt

GlobeNewswire | January 29, 2020

WHLR Real Estate Investment Trust Further Reduces Debt
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.

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