On Tuesday, Shares of Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) gained2.65% to $1.55. The share price is trading in a range of 1.49 - 1.60 (Price in Dollars). The stock exchanged hands with 466,204shares contrast to its average daily volume of 212,582shares.Wheeler Real Estate Investment Trust, declared that the Company has eliminated certain positions within the Company and now estimates annualized recurring cash general and administrative expenses, apart from acquisition and capital costs, of less than $4.5 million in the second half of 2016. As a part of these planned cost containment programs, administration has realigned its executive administration team and effective July 31, 2016, has eliminated the role of Chief Operating Officer presently filled by Steven Belote. Wheeler will assume the duties of this role through raised efficiencies and a realignment of executive responsibilities within the Company as it maintains a scalable, manageable platform.
During the most recent trading day, the stock’s price shifted up40.00 percent from its 52-week-low while34.68 percentlower from its 52-week high. Mr. Jon S. Wheeler, CEO of Wheeler, commented, “Our concentration remains on driving shareholder value through both growth and proper allocation of resources. The Company has assessed how to make best use of its associates and the talents that are within the Company to generate additional revenue opportunities. We feel that that the actions taken over recent months are a noteworthystep towards dividend coverage in the second half of 2016. Steven has been a valued associate for five years and has earned the respect of his colleagues and all those with whom he interacted. We appreciate his commitment to Wheeler and wish him success in all his future endeavors.”The share price of Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) declined33.03percent for the year. YTD, the current share price of the stock is below21.76percent. The company holds earnings per share (EPS) of $2.13for the twelve months.
2016 First Quarter Conference Call:
As a reminder, WHLR will be conducting it 2016 first quarter earnings call at 10 am on Thursday, May 5th, 2016.
