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WHLRD

Wheeler Real Estate Investment Trust, Inc.

WHLRD

Wheeler Real Estate Investment Trust, Inc. • NASDAQ
$34.13 ▲ 0.00% (+0.00)
Market Cap $2.84 M
52w High $38.18
52w Low $24.05
Dividend Yield 0%
P/E -18.27
Volume 27
Outstanding Shares 83.35K

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% ▼ $-9.45 ▼ $12.669M ▼
Q1-2025 $24.354M ▼ $3.275M ▼ $3.536M ▼ 14.519% ▼ $17.165K ▼ $19.042M ▼
Q4-2024 $27.593M ▲ $14.014M ▲ $37.507M ▲ 135.929% ▲ $168.028K ▲ $53.918M ▲
Q3-2024 $24.792M $2.454M $-33.32M -134.398% $-175.792K $-17.342M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $27.093M ▼ $625.174M ▼ $532.766M ▼ $60.588M ▲
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 $-4.027M ▼ $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 $-30.631M $7.476M $8.297M $-2.518M $13.255M $715K

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Base Rent
Base Rent
 $20.00M ▲$60.00M ▲$20.00M ▼$20.00M ▲
Other Services
Other Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Tenant Reimbursements
Tenant Reimbursements
 $10.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲
Lease Termination Fees
Lease Termination Fees
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement The business generates a modest but slowly growing stream of rental revenue, and its core property operations appear to be consistently profitable before interest and other non‑operating items. Operating income and cash-based earnings (like EBITDA) have remained positive, which suggests the underlying properties are generally covering their direct costs and overhead. However, bottom‑line net income has hovered around break‑even or small losses, and reported earnings per share are extremely volatile and often deeply negative, reflecting capital structure complexity and accounting effects more than day‑to‑day property performance. Overall, it looks like a small, niche REIT where operations are working reasonably, but the capital and accounting layer weighs heavily on reported profits.

Balance Sheet

Balance Sheet The balance sheet shows a portfolio that is heavily financed with debt and has only a thin layer of shareholder equity. Total assets have been fairly steady over time, which implies a stable but not rapidly expanding property base. Cash on hand is relatively limited, meaning the trust likely depends on steady property cash flows and access to financing rather than large cash reserves. The combination of high leverage and light equity leaves less of a cushion against property value declines, rising interest costs, or unexpected disruptions, so balance‑sheet risk looks elevated.

Cash Flow

Cash Flow Despite the weak and volatile accounting earnings, cash flow from operations has stayed positive and fairly steady, which is important for a real estate trust. After routine capital spending on properties, free cash flow still appears positive, indicating the existing portfolio is generating enough cash to maintain itself and leave something left over. That said, the scale of these cash flows looks modest compared with the amount of debt, so there is limited room for error if occupancy, rents, or financing conditions worsen. The story here is of a cash‑generative asset base, but with tight coverage relative to its obligations.

Competitive Edge

Competitive Edge Wheeler focuses on grocery‑anchored shopping centers in smaller and mid‑sized markets, a niche that tends to be more resilient because it is tied to day‑to‑day necessities rather than discretionary or purely fashion retail. This focus, and its presence in markets with fewer large institutional competitors, can provide a degree of protection and somewhat steadier tenant demand. However, the company is a small player in a sector that includes much larger and better‑capitalized REITs, which can make it harder to compete for the best properties, tenants, and financing terms. It is also still exposed to tenant health, regional economic swings, and interest‑rate sensitivity, all of which matter a lot for a leveraged real estate owner.

Innovation and R&D

Innovation and R&D This is not a technology‑driven business; its “innovation” is mainly in how it selects, acquires, and manages necessity‑based retail centers rather than in proprietary software or research and development. Public information does not highlight any unique technology platform, suggesting Wheeler generally uses standard property management and leasing tools common across the industry. Its main strategic edge is its disciplined focus on grocery‑anchored centers in secondary and tertiary markets and its hands‑on management of underperforming assets. Over time, there is room to improve efficiency by adopting better data analytics and digital tools for leasing and tenant services, but that would be incremental rather than transformative.

Summary

In combination, the numbers and strategy describe a small, specialized retail REIT whose properties appear to produce steady operating and cash performance, but whose financial structure is stretched. Strengths include a focus on everyday‑needs retail, a niche in less crowded markets, and positive, recurring operating cash flow. Weaknesses center on high leverage, thin equity, modest liquidity, and accounting earnings that are often negative or near break‑even. Future outcomes will depend heavily on management’s ability to keep occupancy and rents healthy, manage refinancing and interest costs, and execute its niche strategy in a cautious way given the limited balance‑sheet cushion. This makes it a case where the underlying real estate model looks reasonably resilient, but the capital structure and scale introduce meaningful risk and uncertainty.