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WHLR

Wheeler Real Estate Investment Trust, Inc.

WHLR

Wheeler Real Estate Investment Trust, Inc. • NASDAQ
$1.46 ▲ 3.55% (+0.05)
Market Cap $20.03 M
52w High $11676.00
52w Low $1.43
Dividend Yield 0%
P/E 0.02
Volume 173.97K
Outstanding Shares 13.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $23.821M ▼ $10.509M ▲ $11.527M ▲ 48.39% ▲ $18.37 ▲ $27.311M ▲
Q2-2025 $26.101M ▲ $3.406M ▲ $-2.447M ▼ -9.375% ▼ $-47.25 ▲ $12.669M ▼
Q1-2025 $24.354M ▼ $3.275M ▼ $3.536M ▼ 14.519% ▼ $-784.5 ▼ $19.042M ▼
Q4-2024 $27.593M ▲ $14.014M ▲ $37.507M ▲ 135.929% ▲ $30.336K ▲ $53.918M ▲
Q3-2024 $24.792M $2.454M $-33.32M -134.398% $-10.931K $-17.342M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $27.093M ▼ $625.174M ▼ $531.294M ▼ $62.06M ▲
Q2-2025 $28.065M ▲ $625.948M ▲ $534.297M ▲ $53.785M ▲
Q1-2025 $19.233M ▼ $624.755M ▼ $526.637M ▼ $53.675M ▼
Q4-2024 $42.964M ▲ $653.702M ▼ $537.048M ▼ $59.256M ▲
Q3-2024 $37.07M $673.203M $583.004M $25.644M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.982M ▲ $0 ▼ $0 ▼ $0 ▲ $0 ▼ $0 ▼
Q2-2025 $-1M ▼ $8.884M ▲ $9.115M ▼ $-6.942M ▲ $11.057M ▲ $2.892M ▲
Q1-2025 $5.4M ▼ $4.44M ▼ $16.228M ▲ $-34.364M ▼ $-13.696M ▼ $2.363M ▼
Q4-2024 $39.762M ▲ $5.4M ▼ $13.918M ▲ $-13.621M ▼ $5.697M ▼ $5.4M ▲
Q3-2024 $-33.32M $7.476M $7.262M $-1.483M $13.255M $715K

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Base Rent
Base Rent
 $20.00M ▲$40.00M ▲$20.00M ▼$20.00M ▲
Other Services
Other Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Tenant Reimbursements
Tenant Reimbursements
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Lease Termination Fees
Lease Termination Fees
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Wheeler’s income statement shows a small, slow-growing business that is roughly break-even at the bottom line. Revenue and operating profit have crept up over the last few years, which points to better utilization of the portfolio and some cost control. However, net results still hover around slight losses, and earnings per share are extremely distorted by repeated reverse stock splits, making the share-level figures look far worse than the underlying dollar profits and losses. Overall, the core operations appear modestly stable, but profitability remains fragile and highly sensitive to small shifts in rent, vacancies, or financing costs.

Balance Sheet

Balance Sheet The balance sheet is heavily debt‑weighted with only a thin layer of equity. Total assets have been fairly steady, but they are financed largely with borrowings, while the equity cushion has been shrinking. This means the trust is quite leveraged and has limited room to absorb property write‑downs, refinancing stress, or prolonged tenant weakness. Cash on hand is modest, enough to keep operations going but not abundant for major new investments or shocks. The pattern of multiple reverse splits also hints at significant past dilution and pressure on shareholders’ residual value.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive but modest, suggesting the properties generate enough cash to cover day‑to‑day needs and basic obligations. Free cash flow has also been positive, helped by relatively low capital spending in recent years. That points to a focus on maintaining the existing portfolio rather than aggressively developing or acquiring new assets with heavy upfront costs. While this cash profile supports ongoing operations, it leaves limited flexibility if interest costs rise, vacancies increase, or meaningful reinvestment becomes necessary to keep properties competitive.

Competitive Edge

Competitive Edge Wheeler competes in a focused niche: grocery‑anchored and necessity‑based shopping centers, often in smaller or non‑prime markets. This kind of portfolio tends to be more resilient than fashion or discretionary retail, because tenants sell everyday goods and services that still draw consistent foot traffic. The acquisition of Cedar Realty Trust strengthened this strategy by adding more grocery‑anchored centers and broadening the footprint. However, WHLR is not a large, dominant player; it operates in a competitive space with many other retail REITs and local landlords. Its edge comes mainly from specialization and disciplined tenant mix, not from scale or unique technology.

Innovation and R&D

Innovation and R&D WHLR is not positioned as a technology or innovation leader. It mainly outsources its IT functions and uses standard tools for market and tenant analysis, rather than building proprietary platforms. The company’s “innovation,” such as it is, lies in its disciplined focus on necessity‑based retail, its approach to tenant selection, and portfolio strategy rather than in research and development. Given financial constraints and a traditional REIT model, major tech‑driven initiatives or heavy R&D spending are unlikely. Any improvements are more apt to be incremental—better data use, more efficient operations—than transformative.

Summary

Overall, WHLR looks like a highly leveraged, niche retail REIT that has managed to keep its properties producing cash but has struggled to translate that into consistent, meaningful profits for shareholders. The core grocery‑anchored strategy offers some defensive qualities, and operating cash flows have been reasonably steady. On the other hand, the thin equity base, heavy debt load, history of financial stress, and repeated reverse stock splits highlight substantial balance‑sheet risk and past value erosion. Future performance will likely hinge on two main factors: maintaining strong occupancy and rent levels in its centers, and carefully managing debt and financing terms in a challenging capital environment, rather than on any breakthrough innovation or rapid growth story.

NEWS

November 6, 2025 · 4:15 PM UTC

Wheeler Real Estate Investment Trust, Inc. Announces the Release of Its Third Quarter 2025 Financial and Operating Results

Read more