Wheeler Real Estate Investment Trust, Inc. WHLR
Wheeler Real Estate Investment Trust, Inc. is a Maryland corporation formed on June 23, 2011 in connection with the Company's initial public offering. The Trust serves as the general partner of Wheeler REIT, L.P. (the "Operating Partnership"), which was formed as a Virginia limited partnership on April 5, 2012. Prior to the Cedar Acquisition (as defined below), substantially all of our assets were held by, and all of our operations were conducted through, our Operating Partnership. At December 31, 2025, the Company owned 100% of the Operating Partnership.
On August 22, 2022, the Company completed a merger transaction with Cedar Realty Trust, Inc. ("Cedar" or "CDR"). As a result of the merger, the Company acquired all of the outstanding shares of Cedar's common stock (the "Cedar Acquisition"), which ceased to be publicly traded on the New York Stock Exchange ("NYSE"). Cedar's outstanding 7.25% Series B Preferred Stock ("Cedar Series B Preferred Stock") and 6.50% Series C Preferred Stock ("Cedar Series C Preferred Stock" and, together with the Cedar Series B Preferred Stock, the "Cedar Preferred Stock") remain outstanding and continue to trade on the NYSE. As a result, Cedar became a subsidiary of the Company. Cedar's assets are held by, and its operations are conducted through, its operating partnership, Cedar Realty Trust Partnership, LP.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8M | $2.2M | $2.0M | $1.4M | $942.0K | $964.0K | $720.0K | $65.3M | $58.5M | $44.2M |
| SG&A | $11.7M | $10.8M | $11.8M | $8.6M | $7.1M | $5.8M | $6.6M | $8.2M | $7.4M | $9.9M |
| Total operating expenses | $70.6M | $72.6M | $75.1M | $54.7M | $43.9M | $42.6M | $53.7M | $65.3M | $58.0M | $44.5M |
| Operating income | $43.2M | $37.5M | $29.4M | $24.6M | $19.5M | $18.4M | $10.9M | $2.5M | $1.6M | -$291.0K |
| Interest expense | — | — | $32.3M | $30.1M | $33.0M | $17.1M | $19.0M | $20.2M | $17.2M | $13.4M |
| Pre-tax income | $14.9M | $712.0K | $6.1M | -$8.5M | -$9.3M | $287.0K | -$8.1M | -$17.8M | -$14.2M | -$13.0M |
| Income tax | $26.0K | $1.0K | $48.0K | $0 | $2.0K | $0 | $15.0K | $40.0K | $137.0K | $107.0K |
| Net income | $8.8M | -$9.6M | -$4.7M | -$12.5M | -$9.4M | $245.0K | -$8.0M | -$16.5M | -$12.1M | -$11.2M |
| EPS, basic | -36.01 | -346,484.38 | -13,157.97 | -22.04 | -1.36 | -0.96 | — | — | — | — |
| EPS, diluted | -36.01 | -346,484.38 | -13,157.97 | -22.04 | -1.36 | -0.96 | -2.34 | -3.17 | -2.54 | -1.89 |
| Shares, diluted (wtd. avg.) | $106.9K | $64 | $2.2K | $976.1K | $9.7M | $9.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $23.7M | $43.0M | $39.8M | $55.9M | $40.4M | $42.8M | $21.6M | $18.0M | $12.3M | $14.5M |
| Receivables | — | — | — | $13.5M | $9.2M | $9.2M | $6.9M | $5.5M | $5.6M | $4.0M |
| Goodwill | — | — | — | — | — | — | — | $0 | $5.5M | $5.5M |
| Other intangibles | $12.8M | $18.2M | $25.8M | $34.4M | $11.5M | $14.8M | $20.4M | $29.4M | $33.1M | $47.8M |
| Total assets | $601.7M | $653.7M | $668.3M | $684.5M | $465.3M | $489.4M | $484.4M | $508.1M | $457.7M | $489.0M |
| Long-term debt | — | — | $477.6M | $466.0M | $336.4M | $347.1M | $342.9M | $364.5M | $308.1M | — |
| Total liabilities | $507.0M | $537.0M | $526.8M | $532.0M | $368.9M | $377.0M | $371.1M | $386.9M | $333.8M | $331.3M |
| Retained earnings | -$350.9M | -$347.0M | -$324.9M | -$295.6M | -$274.1M | -$260.9M | -$251.6M | -$233.2M | -$204.9M | -$170.4M |
| Total equity | $234.0K | -$25.4M | $44.8M | $51.0M | $3.8M | $16.8M | $26.0M | $44.3M | $70.6M | $105.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $21.1M | $26.0M | $20.9M | $30.8M | $17.0M | $15.8M | $15.3M | $22.0M | $23.8M | $11.1M |
| Depreciation and amortisation | $22.9M | $25.3M | $28.5M | $19.5M | $11.1M | $11.3M | $12.0M | $12.7M | $10.6M | $7.9M |
| Stock-based compensation | — | — | — | $0 | $14.0K | $0 | $2.0K | $940.0K | $870.0K | $1.5M |
| Capital expenditure | $17.1M | $22.5M | $20.0M | $8.5M | $6.4M | $2.3M | $2.7M | $5.6M | $7.3M | $1.9M |
| Investing cash flow | $32.1M | $15.5M | -$31.5M | -$133.5M | $5.1M | $2.2M | $868.0K | -$22.4M | -$3.1M | -$59.1M |
| Financing cash flow | -$65.4M | -$20.6M | -$5.5M | $118.2M | -$24.5M | $3.2M | -$12.5M | $6.2M | -$23.0M | $44.5M |
| Dividends paid | $6.6M | $10.4M | $10.8M | $2.7M | $0 | — | $0 | $14.6M | $20.7M | $17.7M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001527541-26-000050.
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