NASDAQ : WHLR
Wheeler Real Estate Investment Trust, Inc. — Financial statements
Real Estate · REIT - Retail · United States
Last price 1.56 USD (Oct 30, 2026, 2:20 PM EDT) · Market cap 22.30K
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 93.76M | 97.69M | 102.41M | 100.33M | 75.19M | 60.37M |
| Other Revenue | 1.68M | 1.72M | 1.90M | 1.67M | 1.32M | 803.00K |
| Total Revenue | 95.44M | 99.41M | 104.31M | 102.00M | 76.51M | 61.17M |
| Property Expenses | 31.63M | 33.04M | 35.29M | 34.87M | 25.73M | 19.62M |
| Selling, General & Administrative | 12.22M | 11.71M | 10.80M | 11.75M | 8.62M | 7.14M |
| Depreciation & Amortization | 21.26M | 22.94M | 25.32M | 28.50M | 19.54M | 14.80M |
| Other Operating Expenses | -37.00K | -34.00K | -267.00K | -325.00K | -134.00K | -139.00K |
| Total Operating Expenses | 65.06M | 67.66M | 71.13M | 74.80M | 53.76M | 41.42M |
| Operating Income | 30.37M | 31.75M | 33.18M | 27.20M | 22.75M | 19.75M |
| Interest Expense | -32.23M | -33.76M | -32.60M | -32.31M | -30.11M | -33.03M |
| Interest & Investment Income | 880.00K | 964.00K | 460.00K | 484.00K | 65.00K | 34.00K |
| Other Non-Operating Income | 15.80M | 3.81M | -9.82M | 7.87M | -2.33M | 3.77M |
| EBT Excluding Unusual Items | 14.82M | 2.77M | -8.79M | 3.24M | -9.61M | -9.47M |
| Gain (Loss) on Sale of Investments | 840.00K | 685.00K | ||||
| Gain (Loss) on Sale of Assets | 10.92M | 14.35M | 5.55M | 2.20M | 1.84M | -245.00K |
| Asset Writedown | -4.47M | -2.88M | -1.20M | |||
| Total Legal Settlements | -700.00K | -185.00K | ||||
| Other Unusual Items | 767.00K | 621.00K | 4.30M | 552.00K | ||
| Pretax Income | 22.04M | 14.86M | 712.00K | 6.13M | -8.47M | -9.35M |
| Income Tax Expense | 2.00K | 26.00K | 1.00K | 48.00K | 2.00K | |
| Earnings From Continuing Operations | 22.04M | 14.84M | 711.00K | 6.08M | -8.47M | -9.35M |
| Net Income to Company | 22.04M | 14.84M | 711.00K | 6.08M | -8.47M | -9.35M |
| Minority Interest in Earnings | -5.09M | -6.07M | -10.34M | -10.77M | -3.98M | -92.00K |
| Net Income | 16.95M | 8.77M | -9.63M | -4.69M | -12.45M | -9.44M |
| Preferred Dividends & Other Adjustments | 7.02M | 12.62M | 12.54M | 24.55M | 9.06M | 3.80M |
| Net Income to Common | 9.93M | -3.85M | -22.18M | -29.24M | -21.51M | -13.24M |
| Operating Margin | 31.82% | 31.94% | 31.81% | 26.67% | 29.74% | 32.30% |
| Profit Margin | 10.40% | -3.87% | -21.26% | -28.66% | -28.11% | -21.64% |
| EBITDA | 49.87M | 52.23M | 55.06M | 50.86M | 40.22M | 34.56M |
| EBITDA Margin | 52.25% | 52.53% | 52.79% | 49.86% | 52.56% | 56.51% |
| D&A For Ebitda | 19.50M | 20.48M | 21.88M | 23.65M | 17.46M | 14.81M |
| EBIT | 30.37M | 31.75M | 33.18M | 27.20M | 22.75M | 19.75M |
| EBIT Margin | 31.82% | 31.94% | 31.81% | 26.67% | 29.74% | 32.30% |
| Funds From Operations (FFO) | 25.44M | 13.69M | 3.20M | 12.83M | -3.16M | -2.48M |
| Adjusted Funds From Operations (AFFO) | 10.41M | 10.29M | 7.19M | -247.00K | 7.90M | 6.77M |
| Effective Tax Rate | 0.01% | 0.18% | 0.14% | 0.78% | ||
| Revenue as Reported | 95.47M | 99.44M | 104.57M | 102.33M | 76.64M | 61.31M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 474.27M | 492.22M | 544.16M | 574.57M | 576.11M | 399.19M |
| Total Real Estate Assets | 474.27M | 492.22M | 544.16M | 574.57M | 576.11M | 399.19M |
| Cash & Equivalents | 31.87M | 23.66M | 42.96M | 18.40M | 28.49M | 22.90M |
| Accounts Receivable | 14.26M | 15.76M | 14.69M | 13.13M | 13.54M | 9.23M |
| Investment In Debt and Equity Securities | 29.96M | 24.41M | 12.03M | 10.69M | ||
| Other Intangible Assets | 6.31M | 7.48M | 12.65M | 20.18M | 29.98M | 12.46M |
| Restricted Cash | 27.91M | 24.97M | 17.75M | 21.40M | 27.37M | 17.52M |
| Other Current Assets | 3.17M | 7.24M | 2.66M | 2.22M | 1.46M | 2.46M |
| Deferred Long-Term Charges | 5.61M | 6.00M | 6.80M | 7.74M | 7.55M | 1.49M |
| Other Long-Term Assets | 3.00K | 21.00K | 33.00K | |||
| Total Assets | 593.38M | 601.73M | 653.70M | 668.33M | 684.54M | 465.28M |
| Current Portion of Long-Term Debt | 2.98M | |||||
| Current Portion of Leases | 712.00K | |||||
| Long-Term Debt | 458.11M | 465.17M | 482.61M | 477.57M | 466.03M | 333.28M |
| Long-Term Leases | 8.13M | 7.51M | 10.13M | 10.33M | 16.48M | 13.04M |
| Accounts Payable | 14.34M | 14.64M | 17.13M | 17.07M | 18.40M | 11.05M |
| Other Current Liabilities | 3.05M | 8.63M | 11.98M | 3.65M | 7.11M | 8.16M |
| Other Long-Term Liabilities | 6.53M | 7.37M | 11.12M | 17.81M | 23.97M | 3.40M |
| Total Liabilities | 490.16M | 507.01M | 532.97M | 526.43M | 531.98M | 368.93M |
| Preferred Stock, Redeemable | 335.00K | 30.00K | 4.07M | 369.00K | ||
| Preferred Stock, Convertible | 105.13M | 99.95M | 129.87M | 142.16M | 146.88M | 134.19M |
| Total Preferred Equity | 105.46M | 99.98M | 133.94M | 142.53M | 146.88M | 134.19M |
| Common Stock | 2.00K | 6.00K | 10.00K | 97.00K | ||
| Additional Paid-In Capital | 316.83M | 311.98M | 276.42M | 258.11M | 235.08M | 234.23M |
| Retained Earnings | -349.00M | -350.88M | -347.03M | -324.85M | -295.62M | -274.11M |
| Comprehensive Income & Other | 2.93M | 2.38M | ||||
| Total Common Equity | -29.23M | -36.52M | -70.61M | -66.74M | -60.53M | -39.78M |
| Minority Interest | 26.98M | 31.25M | 57.40M | 66.12M | 66.20M | 1.94M |
| Shareholders' Equity | 103.21M | 94.72M | 120.73M | 141.90M | 152.55M | 96.35M |
| Total Liabilities & Equity | 593.38M | 601.73M | 653.70M | 668.33M | 684.54M | 465.28M |
| Total Debt | 466.24M | 476.38M | 492.74M | 487.90M | 482.51M | 346.32M |
| Net Cash (Debt) | -434.37M | -452.72M | -449.77M | -469.50M | -454.02M | -323.43M |
| Tangible Book Value | -35.54M | -43.99M | -83.26M | -86.92M | -90.51M | -52.24M |
| Land | 119.88M | 123.44M | 138.18M | 149.91M | 144.54M | 96.75M |
| Buildings | 473.15M | 484.07M | 508.96M | 510.81M | 494.67M | 357.61M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 16.95M | 8.77M | -9.63M | -4.69M | -12.45M | -9.44M |
| Depreciation & Amortization | 19.50M | 20.48M | 21.88M | 23.65M | 17.46M | 14.81M |
| Other Amortization | 2.31M | 2.69M | 2.67M | 2.86M | 6.10M | 12.71M |
| Gain (Loss) on Sale of Assets | -10.92M | -14.35M | -5.55M | -2.20M | -1.84M | 245.00K |
| Gain (Loss) on Sale of Investments | -140.00K | 962.00K | ||||
| Asset Writedown | 4.47M | 2.88M | 1.20M | |||
| Stock-Based Compensation | 14.00K | |||||
| Change in Accounts Receivable | -445.00K | -3.02M | -1.91M | -103.00K | -1.96M | -219.00K |
| Change in Accounts Payable | -1.73M | -370.00K | -43.00K | 1.36M | 8.63M | 1.14M |
| Change in Other Net Operating Assets | -1.12M | -1.35M | -1.47M | -2.75M | 4.38M | -427.00K |
| Other Operating Activities | -9.60M | 4.49M | 18.44M | 1.32M | 10.09M | -2.03M |
| Operating Cash Flow | 20.27M | 21.13M | 25.99M | 20.93M | 30.76M | 17.04M |
| Acquisition of Real Estate Assets | -13.31M | -17.11M | -22.53M | -24.28M | -144.02M | -6.41M |
| Sale of Real Estate Assets | 47.47M | 59.24M | 38.51M | 2.76M | 10.51M | 11.51M |
| Net Sale / Acq. of Real Estate Assets | 34.17M | 42.14M | 15.98M | -21.52M | -133.51M | 5.10M |
| Investment in Marketable & Equity Securities | -15.00M | -10.00M | -500.00K | -10.00M | ||
| Investing Cash Flow | 19.17M | 32.14M | 15.48M | -31.52M | -133.51M | 5.10M |
| Long-Term Debt Issued | 25.25M | 33.22M | 123.23M | 400.00M | 97.65M | |
| Long-Term Debt Repaid | -40.43M | -28.60M | -108.64M | -263.81M | -105.31M | |
| Net Debt Issued (Repaid) | -21.24M | -15.18M | 4.62M | 14.60M | 136.19M | -7.66M |
| Preferred Share Repurchases | -8.34M | |||||
| Other Financing Activities | -16.49M | -50.18M | -25.18M | -20.07M | -17.98M | -8.50M |
| Net Cash Flow | 1.71M | -12.09M | 20.91M | -16.06M | 15.45M | -2.35M |
| Levered Free Cash Flow | 3.73M | 3.20M | 34.96M | 24.15M | 12.10M | 35.21M |
| Unlevered Free Cash Flow | 21.55M | 21.61M | 52.66M | 41.48M | 24.82M | 43.14M |
| Cash Interest Paid | 25.23M | 25.72M | 25.37M | 25.22M | 19.96M | 18.97M |
| Cash Income Tax Paid | 48.00K | 2.00K | ||||
| Change in Working Capital | -3.30M | -4.75M | -3.42M | -1.49M | 11.05M | 497.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.94K | 2.97M | ||||
| Enterprise Value | 434.38M | 609.73M | ||||
| Last Close Price | 1.54 | 66,095.91 | 183,152,174.00 | 1,525,500,000.00 | 13,962,000,000.00 | 19,400,000,000.00 |
| PS Ratio | 0.00 | 0.03 | ||||
| PB Ratio | 0.00 | 0.03 | ||||
| P/OCF Ratio | 0.00 | 0.14 | ||||
| EV/Sales Ratio | 4.55 | 6.13 | ||||
| EV/EBITDA Ratio | 8.71 | 11.68 | ||||
| EV/EBIT Ratio | 14.30 | 19.20 | ||||
| Debt / Equity Ratio | 4.52 | 5.03 | 4.08 | 3.44 | 3.16 | 3.59 |
| Debt / EBITDA Ratio | 9.18 | 8.97 | 8.81 | 9.39 | 11.65 | 9.72 |
| Net Debt / Equity Ratio | 4.21 | 4.78 | 3.73 | 3.31 | 2.98 | 3.36 |
| Net Debt / EBITDA Ratio | 8.71 | 8.67 | 8.17 | 9.23 | 11.29 | 9.36 |
| Asset Turnover | 0.16 | 0.16 | 0.16 | 0.15 | 0.13 | 0.13 |
| Quick Ratio | 2.65 | 1.46 | 1.98 | 1.52 | 1.65 | 1.67 |
| Current Ratio | 4.44 | 2.66 | 2.68 | 2.66 | 2.78 | 2.71 |
| Return on Equity (ROE) | 22.56% | 13.77% | 0.54% | 4.13% | -6.81% | -8.96% |
| Return on Assets (ROA) | 3.11% | 3.16% | 3.14% | 2.51% | 2.47% | 2.59% |
| Return on Invested Capital (ROIC) | 5.37% | 5.35% | 5.33% | 4.27% | 4.22% | 4.38% |
| Earnings Yield | 45,096.97% | 294.86% |