Wheeler Real Estate Investment Trust Inc., which recently launched a strategic review aimed at maximizing shareholder value, suspended the dividend on its common stock and operating partnership units for the remainder of 2018.
The shopping center REIT said the decision to suspend the dividend was made in order to boost financial flexibility, strengthen its balance sheet and facilitate its strategic initiatives, adding that the move is expected to generate cash savings of about $9.7 million for 2018.
In announcing its latest financial results, the company also said it booked a $5.3 million impairment on notes receivable and a $2.4 million reserve on receivables due from Sea Turtle development and other related parties for property management and leasing services as of Dec. 31, 2017.
Subsequent to 2017, Wheeler REIT closed the sale of the Chipotle ground lease at the Conyers Crossing property in Georgia for a contract price of approximately $1.3 million. The transaction saw a gain of about $1.1 million, with net proceeds of about $1.2 million.
