Wheeler Real Estate Investment Trust, Inc.

Listed Company

WHLRPCIK 0001527541NasdaqNon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$99.44M

Net Income

$8.77M

Total Assets

$601.73M

Equity

$234.0K

Shares Out

1.29M

Op. Cash Flow

$21.13M

Business

Wheeler Real Estate Investment Trust, Inc. is a self-managed real estate investment trust that owns, leases and operates income-producing retail properties with a primary focus on grocery-anchored shopping centers. It offers ownership and management of retail real estate, leasing services, property operations, and asset-level capital improvement and disposition activities. The company operates through its operating partnership and subsidiaries, including the Cedar Realty Trust businesses acquired through merger, and provides property management, leasing and investment management services. Its properties are concentrated in secondary and tertiary markets in the Mid-Atlantic, Southeast and Northeast and are leased predominantly to national and regional retailers.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenues	98	102	100	75	60
Other revenues	2	2	2	1	942,000
Total Revenue	99	105	102	77	61
Property operations	33	35	35	26	20
Depreciation and amortization	23	25	29	20	15
Impairment charges	3	1	0	—	—
Corporate general & administrative	12	11	12	9	7
Total Operating Expenses	71	73	75	55	44
Gain on disposal of properties, net	14	6	2	3	2
Operating Income	43	38	29	25	20
Interest income	964,000	460,000	484,000	65,000	34,000
Unrealized gain on investment securities, net - related party	0	840,000	—	—	—
Interest expense	−34	−33	−32	—	—
Net changes in fair value of derivative liabilities	5	−8	3	−2	4
Loss on conversion of Convertible Notes	−902,000	−412,000	0	—	—
Gain on preferred stock redemptions	2	5	10	0	—
Other expense	−900,000	−2	−6	—	—
Net Income Before Income Taxes	15	712,000	6	−8	−9
Income tax expense	−26,000	−1,000	−48,000	0	−2,000
Net Income	15	711,000	6	−8	−9
Less: Net income attributable to noncontrolling interests	6	10	11	4	92,000
Net Income (Loss) Attributable to Wheeler REIT	9	−10	−5	−12	−9
Preferred Stock dividends - undeclared	−7	−8	−9	−9	−9
Deemed contribution (distribution) related to issuance of Series D Preferred Stock	1	−552,000	—	—	—
Deemed contribution related to preferred stock exchanges	10	56,000	—	—	—
Deemed distribution related to noncontrolling interests	−17	−4	0	—	—
Net Loss Attributable to Wheeler REIT Common Stockholders	−4	−22	−29	−22	−13
Net Loss Attributable to Wheeler REIT Common Stockholders	−4	−22	−29	—	—
Basic (in dollars per share)	−36.01	−346,484	−13,158	−22.04	−1.36
Diluted (in dollars per share)	−36.01	−346,484	−13,158	−22.04	−1.36
Basic (in shares)	106,902	64	2,222	976,070	10
Diluted (in shares)	106,902	64	2,222	976,070	10

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment properties	608	647	661	639	—
Less accumulated depreciation	−123	−112	−96	−78	—
Real estate, net	485	535	565	561	387
Cash and cash equivalents	24	43	18	28	23
Restricted cash	25	18	21	27	18
Receivables, net	16	15	13	14	—
Investment securities - related party	24	12	11	0	—
Assets held for sale	5	0	—	—	—
Above market lease intangibles, net	706,000	1	2	3	2
Operating lease right-of-use assets	8	9	9	15	12
Deferred costs and other assets, net	15	21	28	36	12
Total Assets	602	654	668	685	465
Loans payable, net	468	483	478	466	333
Liabilities associated with assets held for sale	1	0	—	—	—
Below market lease intangible, net	7	11	18	24	3
Derivative liabilities	7	12	4	7	5
Operating lease liabilities	8	10	10	16	—
Series D Preferred Stock redemptions	30,000	4	369,000	0	—
Accounts payable, accrued expenses and other liabilities	15	17	17	18	11
Total Liabilities	507	537	527	532	369
Commitments and contingencies (Note 8)	—	—	—	—	—
Common Stock ($0.01 par value, 200,000,000 shares authorized, 631,866 and 311 shares, respectively, issued and outstanding)	6,000	0	0	10,000	97,000
Additional paid-in capital	312	276	258	235	234
Accumulated deficit	−351	−347	−325	−296	−274
Accumulated other comprehensive income	2	0	—	—	—
Total Stockholders Equity (Deficit)	234,000	−25	−21	−15	2
Noncontrolling interests	31	57	66	66	2
Total Equity	31	32	45	51	4
Total Liabilities and Equity	602	654	668	685	465

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	23	25	29	20	—
Amortization of deferred financing costs	3	3	3	6	—
Above (below) market lease amortization, net	−2	−3	−5	−2	13,000
Paid-in-kind interest	4	4	4	4	2
Loss on repurchase of debt securities	0	700,000	2	0	—
Straight-line rents	−75,000	−68,000	−10,000	32,000	35,000
Gain on disposal of properties, net	−14	−6	−2	—	—
Credit adjustments on operating lease receivables	924,000	543,000	522,000	361,000	—
Receivables, net	−3	−2	−103,000	−2	—
Deferred costs and other assets, net	−1	−1	−3	4	−427,000
Accounts payable, accrued expenses and other liabilities	−370,000	−43,000	1	9	1
Net cash provided by operating activities	21	26	21	31	17
Expenditures for real estate improvements	−17	−23	−20	−9	—
Purchase of investment securities - related party	−10	−500,000	−10	0	—
Cash received from disposal of properties	59	39	3	—	—
Net cash provided by investing activities	32	15	−32	−134	5
Payments for deferred financing costs	−456,000	−2	−4	−13	−8
Dividends and distributions paid on noncontrolling interest	−7	−10	−11	−3	0
Repurchase of noncontrolling interest	−42	−11	0	—	—
Loan proceeds	25	33	123	400	98
Loan principal payments	−40	−29	−109	−264	−105
Repurchase of debt securities	0	−1	−3	0	—
Loan prepayment premium	−1	−368,000	—	—	—
Net cash used in financing activities	−65	−21	−5	118	−24
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	−12	21	−16	15	−2

Filings

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