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Wheeler Real Estate Investment Trust, Inc. Message Board

  • analyst112 analyst112 Dec 28, 2013 2:20 PM Flag

    House of cards

    Paying a dividend to get the stock up will not work. Dividend is not covered by FFO. They deferred $1/shr. in costs. Operating loss much bigger than shown. They have $2MM in cash and $50MM of real estate purchase indications for which they will need at least $10mm. It is certain they will need an equity offering. Last time at $4/shr but this time at $3/shr. One mis-step and they are toast. The dividend will be eliminated.

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    • ...core ffo last quarter stood at $542,000 and has been increasing and may soon cover the dividend...however, ffo is not necessarily a good measure to use in assessing a young, developing REIT since it doesn't factor in non-recurring expenses such as acquisition costs, legal fees, etc...

      ...I look at book value first -- about $3.50 a share in WHLR's case...that reassures me that regardless of dividends, I should have some floor under my investment...I also look at how the company has been managing so far -- WHLR's revenues have been climbing steadily over the past year and their acquisitions all look pretty good...others have pointed out insider buying over the past few weeks as I've been nibbling earnings report isn't until March, so I'll just have to wait and see...

    • They did a financing of $10MM of debt at 9% that will not add to FFO. House of cards. Somehow they think grocery stores are immune from Amazon while consumers are now buying 30% of household consumables from Amazon, the most profitable part of grocery store sales.

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