Wheeler Real Estate Investment Trust enters into contract to acquire 14 properties

Virginia Beach, Va. -- Wheeler Real Estate Investment Trust announced that the company has entered into a contract to acquire 13 properties located in South Carolina and one property located in Georgia from a private third party. The company expects to close on the properties in first quarter 2016 and will use a combination of cash, debt and operating partnership units to acquire the assets.



"We are pleased to enter into this contract and believe the assets will be a valuable addition to our property portfolio. The properties provide a unique opportunity to significantly enhance our presence in South Carolina, and complements our regional office in Charleston,” stated Jon S. Wheeler, chairman and CEO of Wheeler. “The 14 grocery-anchored properties are located in what we believe to be progressive secondary and tertiary markets throughout the southeast, an area we know quite well and have a combined occupancy rate of 92%. We intend to fund a portion of this acquisition utilizing our operating partnership units and anticipate that these assets will be immediately accretive to earnings which will improve the company's profitability and therefore increase value for our shareholders over the long term."



This acquisition is expected to increase Wheeler Real Estate Investment Trust’s gross leasable square feet by over 600,000 sq. ft. Closing of the transaction is further subject to customary closing conditions, and Wheeler is currently conducting due diligence on the 14 assets.