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    Larry Raiman

    Research Analyst at LDR

    Lawrence Raiman is the Managing Principal, Chief Investment Officer, and Portfolio Manager at LDR Capital Management, specializing in global real estate securities and REIT investments. He has overseen investment in companies such as Liberty Property Trust and managed the firm's Global Real Estate Securities business at Credit Suisse, where he led a team of 11 professionals across three continents and managed up to $2.6 billion in assets. Raiman began his career after earning his BS in Accounting from Penn State in 1982, completed his MBA at Columbia Business School in 1989, and was a Managing Director and REIT Research Analyst at Donaldson, Lufkin & Jenrette/Credit Suisse for over 15 years before founding LDR Capital Management. He holds a Certified Public Accountant designation, has served as a board trustee for Liberty Property Trust, and has experience as an adjunct professor at Columbia Business School.

    Larry Raiman's questions to Wheeler Real Estate Investment Trust (WHLR) leadership

    Larry Raiman's questions to Wheeler Real Estate Investment Trust (WHLR) leadership • Q1 2018

    Question

    Larry Raiman from LDR questioned how the company will balance its capital strategy, specifically reducing debt through asset sales without diluting earnings, and inquired about plans to lower high overhead costs, which he estimated at 25% of NOI.

    Answer

    President and CEO Dave Kelly explained that the company is pursuing strategic, not wholesale, asset dispositions, focusing on non-core properties or those with maximized value to minimize cash flow impact. He noted that paying down high-interest debt, like the Revere loan, would actually be accretive to cash flow. Kelly also acknowledged that overhead costs are too high and stated the company is aggressively cutting discretionary spending, such as on ICSC events and advertising, with the financial impact expected to become more apparent in subsequent quarters.

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