Wheeler REIT launches offering of convertible preferred shares

By Rebecca Melvin

New York, Sept. 13 – Wheeler Real Estate Investment Trust Inc. has launched an offering of series D cumulative convertible preferred shares with a liquidation preference of $25.00 per share, according to a regulatory filing.

Compass Point Research & Trading LLC and Wunderlich Securities Inc. are serving as bookrunning managers for the registered, off-the-shelf deal, and Ladenburg Thalmann & Co. Inc. will serve as lead manager.

The perpetual preferreds are non-callable for five years, and holders can put the paper at year seven.

Wheeler REIT was approved to list the preferreds on the Nasdaq Capital Market under the symbol “WHLRD.” Trading is expected to begin Sept. 16.

About $2.5 million of net proceeds are expected to be used for the Sea Turtle Marketplace Project and $32.5 million is earmarked for future acquisitions and investments in properties, with remaining proceed for working capital.

Wheeler is a Virginia Beach-based commercial real estate investment company.

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