$WHLRP

Wheeler Real Estate Investment Trust, Inc.

CIK:0001527541|SEC Filings

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE:
Rental revenues	$ 22,024,000	$ 25,656,000	$ 45,902,000	$ 49,837,000
Other revenues	452,000	445,000	581,000	618,000
Total Revenue	22,476,000	26,101,000	46,483,000	50,455,000
OPERATING EXPENSES:
Property operations	6,851,000	7,741,000	15,260,000	16,678,000
Depreciation and amortization	5,089,000	5,778,000	10,321,000	12,009,000
Impairment charges	1,590,000	0	1,590,000	0
Corporate general & administrative	3,323,000	2,817,000	6,059,000	5,549,000
Total Operating Expenses	16,853,000	16,336,000	33,230,000	34,236,000
Gain on disposal of properties, net	4,885,000	5,189,000	7,442,000	10,877,000
Operating Income	10,508,000	14,954,000	20,695,000	27,096,000
Interest income	207,000	202,000	360,000	444,000
Interest expense	(7,960,000)	(8,692,000)	(15,254,000)	(16,785,000)
Net changes in fair value of derivative liabilities	7,566,000	(6,427,000)	4,196,000	(8,737,000)
Loss on conversion of Convertible Notes	0	(902,000)	0	(902,000)
Gain on preferred stock redemptions	111,000	228,000	290,000	1,046,000
Other expense	(684,000)	(363,000)	(1,710,000)	(763,000)
Net Income (Loss) Before Income Taxes	9,748,000	(1,000,000)	8,577,000	1,399,000
Income tax expense	(2,000)	0	(2,000)	(26,000)
Net Income (Loss)	9,746,000	(1,000,000)	8,575,000	1,373,000
Less: Net income attributable to noncontrolling interests	1,107,000	1,447,000	2,333,000	3,311,000
Net Income (Loss) Attributable to Wheeler REIT	8,639,000	(2,447,000)	6,242,000	(1,938,000)
Preferred Stock dividends - undeclared	(1,719,000)	(1,632,000)	(3,274,000)	(3,510,000)
Deemed contribution related to issuance of Series D Preferred Stock	1,033,000	553,000	1,860,000	553,000
Deemed contribution related to preferred stock exchanges	642,000	2,491,000	1,137,000	5,518,000
Deemed distribution related to noncontrolling interests	(1,448,000)	(4,011,000)	(4,084,000)	(12,521,000)
Net Income (Loss) Attributable to Wheeler REIT Common Shareholders	7,147,000	(5,046,000)	1,881,000	(11,898,000)
Net Income (Loss) Attributable to Wheeler REIT Common Shareholders	$ 7,147,000	$ (5,046,000)	$ 1,881,000	$ (11,898,000)
Earnings (loss) per share:
Basic (in dollars per share)	$ 102.49	$ (17,105.08)	$ 42.69	$ (74,830.19)
Diluted (in dollars per share)	$ 0.24	$ (17,105.08)	$ (0.11)	$ (74,830.19)
Weighted-average number of shares:
Basic (in shares)	69,731	295	44,058	159
Diluted (in shares)	4,980,601	295	2,162,605	159

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
OPERATING ACTIVITIES:
Net income	$ 9,746,000	$ (1,171,000)	$ (1,000,000)	$ 2,373,000	$ 8,575,000	$ 1,373,000
Adjustments to reconcile consolidated net income to net cash provided by operating activities:
Depreciation and amortization					10,321,000	12,009,000
Deferred financing cost amortization					1,096,000	1,477,000
Changes in fair value of derivative liabilities	(7,566,000)		6,427,000		(4,196,000)	8,737,000
Exercise of warrants					200,000	0
Loss on conversion of Convertible Notes	0		902,000		0	902,000
Above (below) market lease amortization, net	(360,000)		(685,000)		(720,000)	(1,425,000)
Paid-in-kind interest					1,786,000	2,006,000
Gain on preferred stock redemptions	(111,000)		(228,000)		(290,000)	(1,046,000)
Straight-line income					(44,000)	(37,000)
Gain on disposal of properties, net					(7,442,000)	(10,877,000)
Credit adjustments on operating lease receivables	207,000		154,000		520,000	586,000
Impairment charges	1,590,000		0		1,590,000	0
Net changes in assets and liabilities:
Receivables, net					863,000	(1,716,000)
Deferred costs and other assets, net					(743,000)	(975,000)
Accounts payable, accrued expenses and other liabilities					949,000	2,310,000
Net cash provided by operating activities					12,465,000	13,324,000
INVESTING ACTIVITIES:
Expenditures for real estate improvements					(4,270,000)	(8,069,000)
Purchases of investment securities - related party					(5,000,000)	0
Cash received from disposal of properties					21,642,000	33,412,000
Net cash provided by investing activities					12,372,000	25,343,000
FINANCING ACTIVITIES:
Proceeds from exercise of warrants					2,000	0
Payments for deferred financing costs					0	(193,000)
Dividends and distributions paid on noncontrolling interest					(2,414,000)	(3,674,000)
Repurchase of noncontrolling interest					0	(31,784,000)
Loan proceeds					0	10,000,000
Loan principal payments					(11,144,000)	(15,082,000)
Loan prepayment premium					(123,000)	(573,000)
Net cash used in financing activities					(13,679,000)	(41,306,000)
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH					11,158,000	(2,639,000)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period		$ 48,629,000		$ 60,716,000	48,629,000	60,716,000	$ 60,716,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	59,787,000		58,077,000		59,787,000	58,077,000	48,629,000
Supplemental Disclosure:
Cash and cash equivalents	31,873,000		28,065,000		31,873,000	28,065,000	23,656,000
Restricted cash	27,914,000		30,012,000		27,914,000	30,012,000	24,973,000
Cash, cash equivalents, and restricted cash	$ 59,787,000		$ 58,077,000		$ 59,787,000	$ 58,077,000	$ 48,629,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate:
Investment properties	$ 593,030	$ 607,512
Less accumulated depreciation	(126,216)	(122,837)
Real estate, net	466,814	484,675
Cash and cash equivalents	31,873	23,656
Restricted cash	27,914	24,973
Receivables, net	14,255	15,759
Investment securities - related party	29,958	24,406
Assets held for sale	0	4,549
Above market lease intangibles, net	589	706
Operating lease right-of-use assets	7,461	7,546
Deferred costs and other assets, net	14,512	15,464
Total Assets	593,376	601,734
LIABILITIES:
Loans payable, net	458,109	468,157
Liabilities associated with assets held for sale	0	1,383
Below market lease intangibles, net	6,534	7,370
Derivative liabilities	3,047	7,243
Operating lease liabilities	8,132	8,221
Series D Preferred Stock redemptions	335	30
Accounts payable, accrued expenses and other liabilities	14,342	14,639
Total Liabilities	490,499	507,043
Commitments and contingencies (Note 8)
EQUITY:
Common Stock ($0.01 par value, 200,000,000 shares authorized, 167,781 and 10,530 shares, respectively, issued and outstanding)	2	0
Additional paid-in capital	316,831	311,983
Accumulated deficit	(348,998)	(350,879)
Accumulated other comprehensive income	2,933	2,381
Total Shareholders’ Equity	5,697	234
Noncontrolling interests	26,981	31,253
Total Equity	32,678	31,487
Total Liabilities and Equity	593,376	601,734
Series D Cumulative Convertible Preferred Stock
LIABILITIES:
Series D Preferred Stock redemptions	300
Series D Cumulative Convertible Preferred Stock	70,199	63,204
Series A Preferred Stock
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding; $0.6 million in aggregate liquidation value) Series B Convertible Preferred Stock (no par value, 5,000,000 authorized; 2,659,916 and 2,714,618 shares, respectively, issued and outstanding; $66.5 million and $67.9 million aggregate liquidation preference, respectively)	453	453
Series B Convertible Preferred Stock
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding; $0.6 million in aggregate liquidation value) Series B Convertible Preferred Stock (no par value, 5,000,000 authorized; 2,659,916 and 2,714,618 shares, respectively, issued and outstanding; $66.5 million and $67.9 million aggregate liquidation preference, respectively)	34,476	36,296
Land and land improvements
Real estate:
Investment properties	119,880	123,444
Buildings and improvements
Real estate:
Investment properties	$ 473,150	$ 484,068