WHLR - Earnings call transcript Q3 2017 | Wheeler Real Estate Investment Trust, Inc.

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Operator

Welcome to the Wheeler Real Estate Investment Trust 2017 Third Quarter Earnings Conference Call. [Operator Instructions]. It is now my pleasure to introduce your host, Laura Nguyen, Director of Investor Relations. Thank you, Ms. Nguyen, you may begin.

Laura Nguyen

thank joining and everyone, morning, you us. for Good Jon and Estate Chief you Officer. Trust; will Officer Chairman from hear Financial Chief Real Today, Executive Wheeler, of Wilkes Graham, and Investment Wheeler

will management's participants Litigation defined remark in statements all call. and be Following to the Act there a session, of may open on management's which call, today's Securities as questions the Reform question-and-answer XXXX. On answers Private to is prepared forward-looking discussion, contain

uncertainties that statements cause subject are risks and those Forward-looking to results today. from may differ to actual discussed

and more we company's discussion For the detailed related a filings recent listeners to SEC. the these review risks uncertainties, to with encourage most

in included As At which available Chairman statements non-GAAP measures Officer the no Trust. Definitions Trust a only and call of website. assumes through view this in Real quarterly and statements Estate to company reconciliations Estate the as management's update any Chief Investment turn Executive over the the date obligations I'd to Investment reminder, package, the future. forward-looking of of company's call. Wheeler like forward-looking represent Wheeler, Jon are to time, of Wheeler is this supplemental now Real

Jon Wheeler

our address debt turn over close pleased with our the update guidance for inclusive the will Third of backfills changing derisking start I'll continued remarks you and face and to how Wilkes with our Wilkes, today's the and XXXX was and call centers. the long-term in like I highlighted I'm of strategy facility thank quarter Real plan and NOI an finally, portfolio; range Trust our Financial Wheeler per third retail, increase third year-over-year. internal at Officer; of update million, will XXXX by an $X.XX operating Chief budget share from Graham, in of review share. end anchor XX.X% morning, operations discuss then Good approximately the results, who also our our financial welcome on balance to operating Investment I'll Chief maturities and at with full and Kelly, metrics, Quarter significant Officer. of progress by Investment impact near-term $XX.X the per results, Estate call provide I'd Call. colleagues, Conference joining our our followed could for year to to my on efforts and quarter $X.XX AFFO of to sheet. KeyBanc. line overview the Dave with quarter guidance AFFO; the fourth an with the came adapt at about as higher representing continuing that portfolio's our

that on our expenses. X.X% a team tenants, post our successfully revenues to small continues on rent leasing shop properties. basis, basis property and cross-shopping in as slight renewals opportunities NOI at a operating cash look spreads complementary new X.X% Our was revenues to push Same-store a decrease from on leasing positive on maximize driven rates we provide X% GAAP and increase of and a a property in negative by

were back would growth back same-store to were been look Career you our out X%. have if me, Career to positive you Square, NOI we If closure at excuse Perimeter at Point had the -

will located the in decrease Myrtle a lease XX.X% which from This at to and in expense streamline shortly. from of occupancy leases really have mainly termination to be a came quarter, for at in Park, XX.X% the We resulting acquired form, increased standard transitioning create the attributed recently have is subsequent excellence quarter. BI-LO worked our the the hard more team. been buyout our and Leased previous in at discussed testament to and reimbursements, to over Shoppes successful throughout detail operations lease of the efficiencies assets

restores negotiations, other LOI of available expirations line. users executed, We're current renewals accommodate successful the talks XX,XXX at of with once the feet already has KeyBanc center, eligibility user addressed for quarter, asset's the the as XX majority and third space Of end feet approximately with the approximately of operations today. available. result feet. a in Renewal spreads the XX% [indiscernible] the the of of square rent interested square this square the backfill the on that remaining a X.X% at to on needed agreement impressive an were of the for possession quarter, As of the totaling XXX,XXX been XX,XXX have XXXX at space remainder

leasing, square foot, which next XX,XXX leases the rent executed XX,XXX portfolio leases, average NOI, now feet higher $XX.XX accounting September totaling approximately of new than for XX% an rental million with of XX feet or yet at average rate on addition, which rate of commenced In we've as rental of feet is of over square rent XX. feet, were XXX,XXX commences XX% XX% X XX. new executed square had $X.X new square over new Of Year-to-date, per the square approximately of quarters. XX,XXX September our

months a through included current XX to the $XX,XXX term to to for the XXX,XXX I'll of market the of outside is done have lease that undertaken maturity Monarch have Dixie we exemplary renewals execute XXXX, this tenants. of extend we we'll sheet of Building, XXXX, continued former to loan portfolio, throughout high our will end, backfill both work. in continues the operation. December their rent, look year. core Dixie vacancies successfully for June in of both broadly, from I We've one Winn increased entries vacant it to Our Subsequent Alex grocery the foot XX further more risk. increase now presence. we term them the BI-LO At and see past our as steps from asset lost this a new believe take and asset, At and has renewals largely well of to former online we're Bank We've nearing the portfolio as a as square strategy. maintaining backfilling income-producing team potential our done quarter, third and expires any the hard to the Tampa job to with have to and Festival secured an concerns anchor of extensive a to able have renewals of and securing increased rental our now as mitigated XXXX. we their reduce where assets, derisking property, conditions this exposure and, risk we want concentration and our discuss expirations to high-risk towards unfavorable secured with in Winn credit income. the the risk rebranded and we income an option regarding specific our our this at the quarter those leases, sector Harveys, anchor leasing the executed few year market on X anchors the asset, analysis City exposure competition which exercised of per Included Having in an of Winn portfolio, strategy this backfill to pushing year thank extend rates the taken Dixie

address of a few me initiatives. Let these

vacancies that anchor discuss announced May. were let's the First, back X in

XXXX. company BI-LO, quarter Grocers, the You'll the Southeastern XX parent during the of closure Grocers announced stores - recall of of that Southeast second

the both subsequent XXXX had our transaction, of result, X Delhaize lease BI-LO of closed Run to Ahold and were and at requirements in of the stores affected, a merger August. Due that XX Martin's FTC maturities. As and the Brook

to of However, continues the XXXX. August lease through term run and rent

termination current with lease at of successfully strength our quarter, Bluffton, credit Carolina. negotiations the Park at This BI-LO given Shoppes we user, a $XXX,XXX quality a Myrtle lease in with South negotiated

stages includes market, a at shift and backfills strong months. asset remerchandising plan we for this associated a the in term. and negotiations significant feel the for currently these an Springs, in locations As has result Cypress Carolina been Interest in new other value enhance At the the our Shopping grocery their backfill the expect former extension of Brook in Richmond, we South a Martin's made long this we make in of Boiling increase and center, announcement Ahold we're on with BI-LO our Center the assignment term Virginia, of in in will to the the a the in on to coming former in of of competition XXXX. just assumption Bluffton our asset progress Run which short of strength space demand. demonstrates The a advanced strong months in few tenant, our through which

the tenants March call, of $XX,XXX other, I'm will second had we back reserved announce leases, earnings by anchor $XXX,XXX pleased XXXX. resulting full unidentified that totaling were which X June and our XX, as in tenant quarter. mentioned in we've one with both the in restructured a in with of recovery result recovery we rent arrears that As of full to agreement recovery successfully in which of a previous

As tenants to payments. of the today, at has are the current on decreased X September $XXX,XXX. And arrear combined XX, their

expect by payments up March structure. XXXX current be payment caught tenants We per both remain on fully to and their the

XXXX, of Finally, term set efforts expire at that of Wilkes had each with X resulting our discuss detail, more as terms in that in we extensions refinancing a part to BI-LOs additional X will negotiated in location. years

day, any the subsequent the risk estate will it initiatives to third-party or we is funds remain I that reductions forward the the in will in aggregate, our of that of anchor represent replaced rent we BI-LO, asset. stream for leases have any earnings quality been were lease Crockett plan executed these real X end, that average own. dividend reduction. sheet that we well anchor average a from We of in the NOI at anchor a Forrest exposure should recognize annual uncertainties term rent, Offsetting as pickups of rent with million weighted long-term However, Perimeter we're Wilkes in our of and over from is confident annual our as of assets. annual higher-quality or discussed, will weighted term the adjustments new Gallery shareholders. assets of end Further, $X.X discuss, at these of to as in that resulting majority X we and years. majority other believe derisking just million $X materially These reductions of seven and view To of from Square on-balance rent expected million rent the to stabilizing agreements. NOI be XXXX. the development the $X.X X.X the what increased or determine as estate our the the cash additional rent surrounding going confident with reductions junior real In but X.X in is And limited common replace either assets, part lease Square, initiatives currently REIT-owned by backfills years, rent fees flow to with for the of a

per rents development. XX% This Our on-balance with house the in Columbia of first to asset begin on X,XXX with being left we as $XX remains preleased foot, Fire square with weighted is average keep sheet progress we'll of square scheduled schedule, phase this tenant to fill. XXXX. X informed deliveries quarter space A contemplated, component on redevelopment. and is you also one foot

to an maturity executed the from takes the to XXXX accordion We're million, Turning LIBOR from to pleased $XXX a option was million that an extension million KeyBanc a $XXX XXX. remains have $XX.X increased rate constant increased $XX plus our X-year The to extend at million, facility and with out to facility. was XXXX. to feature to with Key,

quarter of line on with credit coming June be we call Thank few of over will Wilkes the you the on now million that, remaining The turn X, current conference guidance, end able to maturities - next Capital, complete part until and debt, to the I the remarks. $XX to smaller have for are then to $XX.X Revere you. process me, of fourth call. a property to all I'll With million. to review of excuse call refinancing XXXX, due bring million earnings $X.X the that his balance plan extension, closing debt update the As to XXXX, X, we'll have and over July years X the we update a which with complete the debt and

Wilkes Graham

a guidance our the which and balance a financial Jon, quarter sheet. in quarter; the our $X.XX, dividend, I'll as higher highlights at an good for XXXX the you, $XXX,XXX per a review to of third quarterly of of quarter to termination fees, everyone. in the the I'll of ultimately payout translates our function internal the of The XXXX. Thank estimates morning, begin came which followed to quarter of by We at $X.XX, asset, Shoppes from of amounted and amounts the our touching and guidance was by address of guidance, variability third then Park end at AFFO timing on AFFO share ratio our BI-LO third which range of compared reported $X.XX when $X.XX a into lease range Myrtle of to fee XX% and third-party for for quarter. netted $XXX,XXX. both range some

million positive X%. quarter. was at lease X.X our occupancy mentioned, square we and year-over-year of pushing in at Fitness this quarter Park of XX.X%, at are down which And commencing of points on quarter a backfill but a termination basis rents Career and XX XXXX, growth result Same-store basis went of our XX the LOI points by the excluding Jon September currently the has at the of for been NOI from our for third in the NOI of the As XX paper decline positive the feet, a Shoppes quarter higher asset. a Aspire XXXX, in was was prior asset, this fourth X%. portfolio dark Economic Perimeter Myrtle across have signed at Point backfilled vacancy buyout same-store lease. the growth space first

Our yet the points attributed basis which quarter. has includes that of percentage again, where the not XX was to Park. from And executed the points prior decline leases Myrtle XX, at September was at XX.X% leased, rent Shoppes basis XX down commenced,

guidance. Moving to on

$X.XX. range from charges. our first the fixed guidance and $X.XX, NOI quarter. interest contributed contribution implies we are AFFO, AFFO to a X We this $X.XX of of fourth our in income of to $X.XX which maintaining of property And per quarters $X.XX quarter share Through XXXX fourth the anticipate year, of less similar $X.XX share per SG&A which and REIT

and fourth well as of continue range second the for seasonal fees range the also third-party include reversal includes expenses, the as of against snow expectations of quarter we of of to for one such And as in the a quarter operating the bad reserve debt estimates We $XX,XXX a guidance. removal, took tenant XXXX.

with are on resulted next As the formal can guidance at despite say we reduced handful NOI strategy earnings now, of budgets, rents call. But we we'll we year, these will and assets remain from interest redevelopments, longer management we reductions. a level fees the has XXXX, and and accrued a our look for lower comfortable payment, leases term offset more to materially that new next in of and provide finalizing asset that derisking combined than Sea that Turtle

liquidity costs, overall be next not result, the a percentage the we earnings contribution Marketplace stabilization The cash, to late As with to from Turtle XXXX expected REIT accretive provide other that in in $X.XX only in is assets a occur year. share or expect can will us $XX development tenant a needs. of but of also paid to greater Sea cash accrued over million REIT that used interest, for pay improvement downs acquisitions, debt

our which Turning with can with of on to quarter debt-to-gross is million. our that end have debt the where quarter due value KeyBanc see like the to address asset supplemental next million you compared the we XX cash coming on approximately maturities. stand months. we $XX of to I'd of package, $X.X our balance sheet. XX Page covenant these over principle of website, a at We of XX.X% XX%, From ended at the

current and an the mentioned, million credit capacity million $XXX to First, on to $XX.X feature a $XX the million, to has from as accordion Jon million to the to from increase $XX.X of KeyBanc extend agreed increase Agreed million, our line We terms $XXX this upon a extension from or ratios from third to year. include coverage our changes the line. rate on anticipate the interest of year-end. closing, line of years date by no option current closing with by X

that Key given $XX.X to which on has level. $XX.X to reach can $XX million line, the extended balance down July million current date the Second, by by million of our the XXXX also pay we Key line

work support additional total that and to us in assets we diligently currently in Key's X to basket $XX million debt, execute. continue a providing time of We appreciate on

assets, on XXXX, put anchor financing negotiated ability of recently to in our extensions we lease were long-term mentioned, to Jon set place. late X As strengthening expire these which in

debt maturities that paid down either at be in three expected million extended XXXX or total to are December the $X.X order. Finally, in all maturity short

back refinance for $X.X continue that, expect our successfully remarks. to April his rate million to turn materially We the closing a over to Jon at lower maturity debt call Revere interest the With I'll prior XXXX to burden.

Jon Wheeler

Wilkes. our XX. you, month, company This we Thank Xth trading a November as complete year on publicly

will to X% as exceeds long-term basis least of report, illustrate feel while a Retail of helps that report we'll XX evolve exposed our helps is on estimate Our statistic A base, to or that recent value. to only this at bring to From will to we continue JLL I strategy opening stores however, those closing noted the continue closing. opening X% and work remains constant. retailers this consumer change, push - stores tenants. of that our revenues a come far continue more. stores a that mitigate year, higher-risk are health remain to retailers number from that retailers XXX to tenant consistent, exposure our overall it net shareholder maximize trends bricks-and-mortar the we

to Our the long-term X focus of maximize or the on remaining asset. X assets the be value at-risk will

and the Q&A. call I Our With the the necessity to and now the support backbone needs service-based the turn serve. in they a communities for that, thriving to Operator? of over retailers economy are which will operator

Operator

[Operator Instructions].

Craig question from line Riley of the from comes B. Our FBR. first Kucera

Craig Kucera

decline like looks that? there you know at at Piggly supplement, was when reductions a BI-LO. addressed rent some But look on Can meaningful it Wiggly. pretty you at your I comment I

Wilkes Graham

get to me this? Want

Jon Wheeler

ahead. go Yes,

Wilkes Graham

of $XX,XXX due, because as that amount past you reserved we those - June full both - mentioned in of quarter, Piggly modifications know, as on X they're rent $XXX,XXX that lower rent Yes, declined rent. executed reversed lease September so pay were of to Wigglies, at the or we XX but the for X $XXX,XXX that we XX, when in also which allowed them on we assets, as which second in we executed resulted back tenants to back

those that's you're and So what Wigglies, were Piggly seeing. both

Jon Wheeler

work to term. the is also, follow-up - as execute on we think South in that And rent-oriented, that because it's in location positive. and Craig, we're stores with we benefit. It's - And that see the able when actually do that other go term negative. density one Jon. our only Carolina, It's location it's on on. to Columbia, not of this a well. going lease modifications, And of To not a good I When but you'll some these actually very actually

Craig Kucera

Is that think Piggly were is think for more do these system-wide you that you Wiggly? Or instances? you something isolated

Jon Wheeler

were These location were isolated. They specific.

Wilkes Graham

look be strategy Craig, said, or XX the Jon our more think And now. change any think said, as I to that X seven if high-risk as we goes it downside, would X assets, assets. We about derisking Yes. were assets. might we to think the assets. where back both any be of those X there limited we I at Jon talked These this to have a X assets again, in across rent and And

as don't see we a it system-wide event. So,

Jon Wheeler

to identifying junior of that with as Right. and anchors X mentioned we've the Craig, with on and type looked And we've And by mitigate the exercise X were center, BI-LOs, exposure future backfills any at of earlier, in now. could goes gone every every the presented come deep. those confronted what shopping Wilkes that these also, anchors we now this and through because as location,

Craig Kucera

for you to assets I of the aware have the that while. back Circling it. situation a line, off been guys Got moving know

on move that probably likely you've great. think is something XXXX. can in you to you those you think into you off. push another when thought you maybe a extension, Is have you're done October, been of update that you're give event? would now an I going discussing November. to that And get Or which XXXX But us timing

Jon Wheeler

or them by first in itself. since the line. from the X, the process well. second and end just We assets it's off Well, asset that, ongoing move say groups fair in that as they of think a X now single But course year. of quarter the to individual can And or are will then of to X, on be I

it So, again, really more, is location-specific.

Wilkes Graham

learned date. any that you Craig, on time refinancing, way It's different particularly goes. it a a is big I a think put date I've it just and the

one we going So, we're respect. modifications some working said, it. We're We Again, to time think individuals. feel we not to the in us. we've any confident as help Key hard are put of of the on it on made And has a get time that appreciate that given we done. extra lease those going we'll

Jon Wheeler

well. that one I'm all me It's more location, hear and the let estate. you very team. all always And his And Craig, real the And thing Kelly on follow-up as one location. location, that's time location. about It's Dave about of proud

anchors, renewals. to commanded side that benefit locations that And and we've consistently back not the renewals but X, XX you then accretive XX%, around if we And junior that's look today, to we've interest, got With day place plus at XX%. to location. detailed anchors November here by lease things, recently, shops. very all of provide of the our took the look XX%, since percentage the and on just strong small only X% And been that from acquisition consistently high the

Craig Kucera

able think be your quarter. in potential. And will on anticipation Or of lease about And you option? again kind think your Got a those space and what's X% is renewal you those look a you have your over there at think see of occupancy for Do expectations renewal your What be up? the it. that drop are retention to when that renewals? is other to you'll doesn't this I fourth XX% leases the quarter, here rate expiring, going rolling have do

Jon Wheeler

me want is this don't in Wilkes my specific. tell as again, after anticipated So said XX you you experience years forth, just to about business. dates so let what give But and I dates

we and a from in previous see give as the give to the move concession have to us an And leases when and fixed options, in them thereof us tenant on you we especially not. and right to not foremost, rents exercise and option a give to tenants you leases, the lack new and option you or them is First future. lease focus the our forms, increases ability owner really to stated push our

stated Looking we I'm or thereafter. And the XX% or it X renewed And negotiated whether just rent again, goes spreads. a a only last fixed between tenants took back renewals, renewals XX on it with type years, over but have X somewhere XX that location. increase can place, it's whether or those continue, and been was quarter existing that not consistently XXX%, What the a place. renewal to is with the renewals again, renewals fourth back of I those will in had we've positive quarter percentages no increase, confident say each a took

Wilkes Graham

add. I'll Craig, And

the XX% to his in set XX,XXX feet the those expire are fourth About of have supplemental. based said half I on month-to-month. those square in Jon of think quarter is script, options.

pretty up tenants, And month-to-month really all expect They they where to always very so, yet you show up - And small we expiring. much as as continue those some those have they expiring. show if leases small of probably these as they just are. -

of half an one already other the On anchor of backfilled. that them we've is that,

at addressed think, point. the is this I we that So, as said half call, largely other on

Jon Wheeler

anchor the to years. of consistently been early it And pretty X out And traded. shows of but wasn't next follow-up And through Wilkes. we time for took strength third that location. additional that doing again, it some by a And pending just X an cases, We in we've Craig, you years X-year tenants. X renewed publicly the again, the being with option, last

these needs. demonstrate to they capital too, the term have same-store to sales they to They borrow have that produce pay able have money, So, notes. when They to retailer, need sales. be

again, the early, Any strength that good locations of X you somebody shows thing. that's a can So, with renew time anchors. those I think,

Operator

line Raiman question of next from Larry with the Capital. Our LDR comes

Lawrence Raiman

for Quick question you, Jon.

other Could of your You in of in be you're may merchandise regard into your the you you mentioned the discussions to that some retailers of of pivoting with moving stores. mix centers? nature give having terms types

Jon Wheeler

sure. Yes,

talk we're there. perfect Let's - the about Bluffton feedback some not example, getting Bluffton. only existing is with a

Jon Wheeler

on Bluffton as Larry, likely, that's grocery-store So, the using one of new entries is from is in, the a is Bluffton South have where most where standpoint, islands. overstored Lidl. Carolina and a plus it Head mainland good the example, like Hilton you Island, coming barrier example Aldi

So, focusing from extensive that focused not. who's same co-tenancy, we're cross-shopping time, in the to we've completed goes perspective, back and that on market And always analysis who's our just on and assets. on the XX but at the

So, it's particular replace store a a that better the only what that grocery but we for not have is submarket specific do and use store, grocery shopping center.

and favor case better will the but with from sometimes can XX% video - sewing SINGER about go, of the with very because better particular they of a favor space. that back that more say the only greater give the stores create So, And machines their and is submarket grocery X- mothers from of literally is credit. did. have much I go go to store the radius. or changes center. the trends than different will particular it's This radius, it's traditionally tenant a movie did the time X-mile to close our to Bluffton. at users come draw for I no Grocery that of grocery stores radius what shopping consummating bought XX-mile we're for and of sewing also Bluffton, in that's a as which can't use, maybe and you coming That's a specific draw be Those But traffic that tenant, use actually name overstored. we're happy That when than from on But XX- a out their same changed. where out and home. sewing because stores industry thing, not

Lawrence Raiman

do up a Wilkes, flow revenue and you Okay, business regard hard of great. recurring forward, entirety toward show replacement plans basis. been XXX% recurring quarter. relative follow-up this move going cited the see And dividend? REIT to to with to year you've past course the percentage that a cash one of third-party past eventually working the that on know over your going-forward Based you the mix question fee could And continuing to this percentage just upping on I coverage revenue another structure. and and rate to the on run a

Wilkes Graham

Yes.

I Larry. think, So,

replace. what I towards. continues we management that the think shrink. The portfolio And trying managed something not asset fees we're to earn that's we're to That's that's plan. game from, working

leasing I million you're think And portfolio are the our we side, think on average that's a you of vacant space. that expenses rents square when I we're $X.X taking that generated on But have we - $X.XX a to vacant new our said new are on space, income. foot. paying something we've note

and XX% at - our perspective assets think a we were XX portfolio, about top So vacancy now. occupied from our I looked right

So, can there's you get that leasing fill the vacancy and just to spaces to get you're some opportunity in new going not those rent.

You're the get going to reimbursements well. as

square feet you're - on expenses foot foot actually properties, leasing you square vacant foot per revenue XXX,XXX If we've added those at and square that foot this $XX.XX look added. done a the Because, per again, square of spaces. that NOI already we've new paying the year, it's the those we've of on square NOI per is

rent getting you're so, And and reimbursements.

leasing got have NOI NOI. So, material opportunities the to side, we vacancy opportunities the Fire with where House. still despite can fruit on from see new coming we some We've Columbia low-hanging continue We all add done. we've

We have the we to back development sometime said, that well. can $XX us Turtle generate Sea million coming from from we as earnings additional next year. As

contribution to plan. do from NOI, continue we number the to our see So, opportunities a of that's and increase game

Jon Wheeler

shopping we to again a When for we buy with don't vacancy. center, follow-up Wilkes. pay Larry And

a which we're for. ABRs, XX%, a XXX% needle, in is average quarter implement And those include base did X% those it's throw in anyway. that you said, as vacancy you we your If So, operating policies vacant, center, leases Wilkes push Wilkes well, powerful. you're benefit on don't the expenses, example feel as a confident recently, we good push was small And [indiscernible] on and if stood we quarter that's X% expenses we what can the leases. and when a are and to still, $X.XX, and getting of we you procedures go pay shops rents, new over roughly have And around alone. if it when support this renewals your on new the in average the quarter, rent over not base and you it's over always that our saying, analysis rates, leased $XX.XX quarter, here XX-year money the to a bound accretive on period, we still we third offset as

Wilkes Graham

I didn't as contributed was the part a that, NOI had that my own And we our or to million income finish million - of contributed XX. line of generated, September just thought, under the new to statement bottom of $X.X that of of $X as little

in that million almost on So, hit. there's executed $X we've to there already that'll start

As starts we quarters. that of said, couple XX% hit next of to the in

Operator

[Operator Instructions].

question comes of line next from the Our with Point. Wheeler Will Compass

William Wheeler

the was are BI-LOs wondering I that on dark.

of move one or re-signing getting that were of you that point to off the one at Do indicated close to any being line. them able you that? on update and commentary have KeyBanc had You

Jon Wheeler

Yes.

again, one user Bluffton, other was user But the with yet, BI-LO that contemplating backfill. about too, success. And to So, the or in the in but Boiling Spring, progress Carolina. to identify want is the feel a in and we South I that, good don't one use is

Wilkes Graham

BI-LO once clear, and on the The line. at at the to which obviously get And we just Key that's asset's Key not Will, line, both. Shoppes which Myrtle on backfill on South be - we're that's that's the on now, the only paper working is the on Myrtle, Cypress pushing eligible if But it Bluffton, finalizing - sometimes Shoppes asset we to again. we're which the remain in backfill, once Bluffton, we we've the an then get becomes because Carolina, right asset, said that on at line dark call

said, just working you the technically we of get we $XX backfill, as - think off up a So, line. assets ends million goes. totaling on is it on or that just that of remain taking you kind once how those the one that But could of not, X basket see Whether we're it I line. have being

Jon Wheeler

you're the it decision if Well, versus be you'd is debt it, XXX and on now also, it If may XXX, got less permanent a And right debt on be than important. it smart LIBOR let line put to permanent much XXX, We've line. on that, Will, the the just LIBOR plus XXX. business may remained what you plus know be sit.

Operator

is the question line next Craig Our of follow-up from a question Kucera.

Craig Kucera

Just one more from me.

Assuming actually that closes rent? they actually paying begin Shoppes tenant when would Myrtle the at and proceeds when at new Park that to will were begin everything - - forward,

Jon Wheeler

it's X to date. again, you And we're rough could a outside. you negotiations not a want give X time specific hard and give on negotiations at in to date but and be look don't a But But time, construction we now. hard you months. Well, hard say range permitting when the to lease

Operator

in further the management to the I'd hand are closing That questions queue. for comments. call over no to back like

Jon Wheeler

I day. with behalf like for look the Thank you, at Wheeler, Have when thank dialed and you all we to again in call, Operator. On would XXXX quarter we great a that of here fourth team talking those the to report results. forward

Operator

Ladies conclude participation. and gentlemen, your teleconference. does this you for today's Thank

may You time, at have day. lines and your wonderful a this disconnect

Wheeler Real Estate Investment Trust (WHLR) 9 Nov 172017 Q3 Earnings call transcript