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WHLRP

Wheeler Real Estate Investment Trust, Inc.

WHLRP

Wheeler Real Estate Investment Trust, Inc. • NASDAQ
$3.72 ▲ 0.00% (+0.00)
Market Cap $2.72 M
52w High $4.60
52w Low $2.55
Dividend Yield 0%
P/E -1.99
Volume 99
Outstanding Shares 732.23K

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% ▼ $-22.41 ▲ $19.042M ▼
Q4-2024 $27.593M ▲ $14.014M ▲ $37.507M ▲ 135.929% ▲ $-298.76 ▼ $53.918M ▲
Q3-2024 $24.792M $2.454M $-33.32M -134.398% $-9.2 $-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 $3.536M ▼ $4.44M ▼ $16.228M ▲ $-34.364M ▼ $-13.696M ▼ $4.44M ▼
Q4-2024 $45.161M ▲ $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 ▲$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 Revenue has grown gradually over the past few years and core property operations appear to generate a modest profit before financing costs and other items. However, after all expenses, the business tends to hover around break-even, sometimes slightly negative. Earnings per share have swung sharply into large losses, which is more reflective of capital structure and accounting effects than of a strongly profitable underlying operation. Overall, this looks like a business with thin profit margins and limited room for error rather than a consistently strong earnings story.

Balance Sheet

Balance Sheet The balance sheet shows a property portfolio funded largely with debt and only a small layer of equity. At one point, equity turned negative and has only recently moved back into slightly positive territory, which suggests a very thin financial cushion. Debt sits high relative to the size of the business and limits flexibility. This leverage profile increases sensitivity to interest rates, refinancing risks, and any downturn in rental income or property values.

Cash Flow

Cash Flow Despite weak accounting profits, the trust has generally generated positive cash from its day-to-day operations, which is typical for many real estate businesses. Capital spending has been relatively modest, so free cash flow has often been slightly positive. That said, the cash buffer is not large, meaning the company has limited capacity to absorb unexpected shocks or to fund large growth projects without relying on external capital or asset sales.

Competitive Edge

Competitive Edge Wheeler’s niche is grocery-anchored shopping centers in smaller and mid-sized markets. This focus on “necessity retail” gives some resilience, since people still need groceries and everyday services even in weaker economies. Operating in secondary and tertiary markets may also mean less direct competition from very large REITs. On the other hand, the company is small and highly leveraged, which can be a disadvantage when competing for attractive properties, negotiating with tenants, or weathering downturns in local economies.

Innovation and R&D

Innovation and R&D This is a traditional property owner and manager rather than a technology-driven company. Public information suggests the strategy relies more on location selection, tenant mix, and hands-on management than on proprietary tech or formal research and development. There may be gradual adoption of property technology tools over time, but innovation is not currently a clear differentiator. Future improvements are more likely to come from better leasing, portfolio pruning, and operational efficiency than from breakthrough technology.

Summary

Wheeler Real Estate Investment Trust appears to be a highly focused, heavily leveraged owner of grocery-anchored retail centers in smaller markets. The underlying properties can generate steady rental income, but overall profitability has been thin, and reported earnings have been volatile and often negative. The balance sheet shows a small equity base sitting on top of a sizable debt load, which raises financial risk and dependence on stable cash flows and cooperative credit markets. Its competitive edge comes mainly from specializing in necessity-based retail in less crowded geographies, not from technology or innovation. The key ongoing questions center on the trust’s ability to maintain occupancy and rents, manage its leverage, and gradually strengthen its financial cushion over time.