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Wheeler Real Estate Investment Trust, Inc. Enters Into Contract to Acquire a Portfolio of Fourteen Properties Located in South Carolina and Georgia

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Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) ("Wheeler" or the "Company"), a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing retail properties with a primary focus on grocery-anchored centers, announced today that the Company has entered into a contract to acquire thirteen 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 the first quarter of 2016 and will use a combination of cash, debt and operating partnership units to acquire the assets.

Jon S. Wheeler, Chairman and Chief Executive Officer of Wheeler, stated, "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. 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."

Closing of the transaction is further subject to customary closing conditions, and the Company is currently conducting due diligence on the fourteen assets.

 

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