Wheeler Real Estate Investment Trust, Inc. Announces 2019 Third Quarter Financial Results

About this update from Wheeler Real Estate Investment Trust, Inc.

[{"type":"text","content":"VIRGINIA BEACH, Va. , Nov. 06, 2019 (GLOBE NEWSWIRE) -- Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) (“WHLR” or the “Company”) today reported operating and financial results for the three and nine months ended September 30, 2019.\n Three Months Ended September 30, Nine MonthsEnded September 30, 2019 2018 2019 2018 Net loss per common share $(0.48) $(0.41) $(1.90) $(1.48)FFO per common share and common unit 0.11 0.12 (0.17) 0.48 AFFO per common share and common unit 0.11 0.13 0.38 0.59 Commenting on the WHLR real estate portfolio, David Kelly, Chief Executive Officer stated, \"We continue to reinvest in, and improve the quality of, the portfolio both through capital expenditures and routine repairs and maintenance, which make up part of the reimbursement revenues. As a result of these initiatives, we continue to position the portfolio in the future for higher occupancy rates, further increases in annual rent spreads and increased NOI.\" 2019 THIRD QUARTER HIGHLIGHTS (all comparisons to the same prior year period unless otherwise noted) Total revenue from continuing operations decreased by 3.16% or $508 thousand primarily due to the revenue declines from asset sales, approximately $522 thousand, partially offset by increases in JANAF and same store property revenue.Same store property revenues increased 0.17%.Same store Net Operating Income (\"NOI\") for the three months ended September 30, 2019 compared to September 30, 2018 decreased by 2.59% and increased by 0.95% on a cash basis.Sold Perimeter Square for a contract price of $7.2 million, paying off $6.5 million in related debt.Refinanced the Laburnum Square collateralized portion of the line of credit with KeyBank (the \"KeyBank Line of Credit\") further reducing the balance by $7.6 million.Executed 46 lease renewals totaling 336,299 square feet at a weighted-average increase of $0.41 per square foot, representing an increase of 5.46% over prior rates.Signed 11 new leases totaling approximately 29,756 square feet with a weighted-average rate of $12.10 per square foot.Corporate general and administrative expense reduced by 20.79% from prior year period.Bad debt expense as a percent of revenue decreased to 0.73% from 0.92%.Net loss attributable to WHLR's common stock, $0.01 par value per share (\"Common Stock\") shareholders of $4.6 million, or ($0.48) per share.Prop...

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