Wheeler Real Estate Investment Trust, Inc. WHLR

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived Nasdaq

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.

Last close 0.36 2026-10-23
Market cap $24.9K estimated share count
52-week range 0.34 - 4,953.60

Valuation FY2025 figures against the last close

P/S0.0x
P/E—
P/FCF0.0x
EV/EBITDA0.0x
Dividend yield26,335.7%
Diluted EPS-36.01

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.) 106,902642,222976,0709.7M9.7M————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -25M 0 25M 50M 75M Revenue, FY2016: 44.2M Net income, FY2016: -11.2M Revenue, FY2017: 58.5M Net income, FY2017: -12.1M Revenue, FY2018: 65.3M Net income, FY2018: -16.5M Revenue, FY2019: 720K Net income, FY2019: -8M Revenue, FY2020: 964K Net income, FY2020: 245K Revenue, FY2021: 942K Net income, FY2021: -9.4M Revenue, FY2022: 1.4M Net income, FY2022: -12.5M Revenue, FY2023: 2M Net income, FY2023: -4.7M Revenue, FY2024: 2.2M Net income, FY2024: -9.6M Revenue, FY2025: 1.8M Net income, FY2025: 8.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $44.2M $58.5M $65.3M $720.0K $964.0K $942.0K $1.4M $2.0M $2.2M $1.8M
Gross profit — — — — — — — — — —
Net income -$11.2M -$12.1M -$16.5M -$8.0M $245.0K -$9.4M -$12.5M -$4.7M -$9.6M $8.8M

Recent filings and events

  • Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Unregistered share sale Item 3.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Unregistered share sale Item 3.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Unregistered share sale Item 3.02
  • Shareholder rights changed Item 3.03

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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