Business Context and Reporting Period
Company: Wheeler Real Estate Investment Trust, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: June 3, 2013
Event: Entry into a new line of credit agreement.
Key Financial Metrics
This filing reports a specific financing event rather than comprehensive financial performance metrics. The filing text does not provide clear values for revenue, profit, cash flow, margins, or overall liquidity positions.
- New Debt Instrument: $2,000,000 line of credit.
- Lender: Monarch Bank.
- Interest Rate: 4.5% per annum.
- Maturity Date: August 15, 2013.
Material Changes
The material change reported is the execution of a Promissory Note on June 3, 2013. This increases the company's short-term debt obligations by up to $2,000,000. The filing text does not provide comparative data against prior periods for general financial metrics.
Collateral and Security
The new line of credit is secured by the following real property assets:
- Deed of Trust and Assignment of Rents on property located at 10 Surrey Plaza, Hawkinsville, Georgia.
- Leasehold Deed of Trust and Assignment of Rents on property located at 160 W. Fletcher Ave., Tampa, Florida.
Outlook and Risks
The filing does not contain management commentary, forward-looking guidance, or a discussion of general risks beyond the specific terms of the new debt instrument. The short maturity date (August 15, 2013) indicates a short-term liquidity requirement.
Investor Verification Checklist
- Verify the utilization status of the $2,000,000 line of credit (whether the full amount was drawn).
- Confirm the current status of the collateral properties in Hawkinsville, GA, and Tampa, FL.
- Review the company's cash flow projections to ensure repayment capability by the August 15, 2013 maturity date.
- Check for any subsequent filings regarding the extension or payoff of this specific note.