WHLR Real Estate Investment Trust Further Reduces Debt

GlobeNewswire | January 29, 2020

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.

Spotlight

Real estate fundamentals in all of our key markets remain positive, with some markets like London and
New York City particularly strong through the majority of 2015 on both fundamentals and attractiveness to
investors. In our commodity-driven markets, the price of oil and other commodities is beginning to have
some impact on tenant demand, however in the near-term we are insulated with high occupancy and an
average of over seven years remaining before lease expiry in our office portfolio in these markets. And
while results of our real estate activities outside of the U.S. were strong in local currencies, headwinds
created by the strength of the U.S. dollar over the past 12 months have offset some of these gains in our
results.

Spotlight

Real estate fundamentals in all of our key markets remain positive, with some markets like London and
New York City particularly strong through the majority of 2015 on both fundamentals and attractiveness to
investors. In our commodity-driven markets, the price of oil and other commodities is beginning to have
some impact on tenant demand, however in the near-term we are insulated with high occupancy and an
average of over seven years remaining before lease expiry in our office portfolio in these markets. And
while results of our real estate activities outside of the U.S. were strong in local currencies, headwinds
created by the strength of the U.S. dollar over the past 12 months have offset some of these gains in our
results.

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