Wheeler Real Estate Investment Trust (WHLRD) Financials

$35.48 -1.02 (-2.78%)

As of 09/25/2026 04:00 PM Eastern

Annual Income Statements for Wheeler Real Estate Investment Trust

This table shows Wheeler Real Estate Investment Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2017	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2017	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-13	-104	-22	-23	-9.29	-13	-22	-29	-22	-3.85
Consolidated Net Income / (Loss)	-12	-19	-13	-8.14	0.29	-9.35	-8.47	6.08	0.71	15
Net Income / (Loss) Continuing Operations	-12	-21	-14	-8.14	0.29	-9.35	-8.47	6.08	0.71	15
Total Pre-Tax Income	-12	-21	-14	-8.13	0.29	-9.35	-8.47	6.13	0.71	15
Total Operating Income	-6.17	-12	1.56	11	18	20	25	29	38	43
Total Gross Profit	15	27	56	63	61	61	77	102	105	99
Total Revenue	15	28	59	63	61	61	77	102	105	99
Operating Revenue	12	27	59	63	61	61	77	102	105	99
Total Cost of Revenue	0.06	0.24	2.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	21	40	54	52	43	42	52	73	67	56
Selling, General & Admin Expense	9.45	13	7.36	6.63	5.83	7.14	8.62	12	11	12
Depreciation Expense	7.39	17	26	21	17	15	20	29	25	23
Other Operating Expenses / (Income)	4.12	9.53	16	19	19	20	26	35	35	33
Impairment Charge	-	0.00	5.26	6.60	0.60	2.30	0.76	0.00	1.20	2.88
Other Special Charges / (Income)	0.00	-	-1.02	-1.39	-0.02	-2.06	-2.60	-2.20	-5.55	-14
Total Other Income / (Expense), net	-5.89	-8.93	-16	-19	-18	-29	-33	-23	-37	-28
Interest Expense	5.91	9.04	17	19	17	33	30	32	33	34
Interest & Investment Income	0.02	0.12	1.44	-	0.00	0.03	0.07	1.17	0.46	0.96
Other Income / (Expense), net	-	0.00	-	0.00	-1.04	4.14	-3.03	7.87	-4.68	4.44
Income Tax Expense	0.00	0.00	0.14	0.02	0.00	0.00	0.00	0.05	0.00	0.03
Preferred Stock Dividends Declared	2.72	86	9.97	15	9.53	3.80	9.06	25	13	13
Net Income / (Loss) Attributable to Noncontrolling Interest	-1.20	-1.25	-0.68	-0.11	0.04	0.09	3.98	11	10	6.07
Basic Earnings per Share	($1.80)	($21.32)	($2.54)	($2.34)	($0.96)	($1.36)	($22.04)	($13,157.97)	($346,484.38)	($36.01)
Weighted Average Basic Shares Outstanding	7.35M	4.87M	8.65M	9.67M	9.70M	9.71M	976.07K	2.22K	64.00	106.90K
Diluted Earnings per Share	($1.80)	($21.32)	($2.54)	($2.34)	($0.96)	($1.36)	($22.04)	($13,157.97)	($346,484.38)	($36.01)
Weighted Average Diluted Shares Outstanding	7.35M	4.87M	8.65M	9.67M	9.70M	9.71M	976.07K	2.22K	64.00	106.90K
Weighted Average Basic & Diluted Shares Outstanding	7.35M	4.87M	8.65M	9.67M	9.72M	-	9.79M	68.02M	1.17M	1.29M

This table shows Wheeler Real Estate Investment Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	12	-11	-7.79	-36	32	-6.85	-5.05	8.91	-0.87	-5.27	7.15
Consolidated Net Income / (Loss)	19	-6.01	-2.36	-31	40	2.37	-1.00	13	-2.55	-1.17	9.75
Net Income / (Loss) Continuing Operations	19	-6.01	-2.36	-33	42	2.37	-1.00	13	-2.55	-1.17	9.75
Total Pre-Tax Income	19	-6.01	-2.36	-31	40	2.40	-1.00	13	-2.55	-1.17	9.75
Total Operating Income	7.17	7.48	12	14	4.64	12	15	5.49	11	10	11
Total Gross Profit	26	26	26	25	28	24	26	24	25	24	22
Total Revenue	26	26	26	25	28	24	26	24	25	24	22
Operating Revenue	26	26	26	25	28	24	26	24	25	24	22
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	18	19	15	11	22	12	11	18	14	14	12
Selling, General & Admin Expense	2.75	3.49	3.09	2.06	2.16	2.71	2.82	2.52	2.88	2.74	3.32
Depreciation Expense	6.86	6.60	6.37	6.24	6.10	6.23	5.78	5.61	5.32	5.23	5.09
Other Operating Expenses / (Income)	8.80	9.05	8.70	8.49	9.05	8.96	7.74	7.82	8.55	8.41	6.85
Impairment Charge	-	-	-	1.20	-	-	0.00	2.49	-	-	1.59
Other Special Charges / (Income)	-	0.00	-2.88	-7.08	4.42	-5.69	-5.19	0.00	-3.48	-2.56	-4.89
Total Other Income / (Expense), net	11	-13	-13	-47	36	-9.74	-16	7.60	-14	-11	-0.76
Interest Expense	8.19	7.41	8.78	7.85	8.57	8.09	8.69	7.85	9.12	7.29	7.96
Interest & Investment Income	0.75	-0.04	0.35	0.72	-0.58	0.24	0.20	0.29	0.23	0.15	0.21
Other Income / (Expense), net	19	-5.29	-4.97	-40	46	-1.89	-7.46	15	-5.16	-4.22	6.99
Income Tax Expense	-	0.00	0.00	0.00	-	0.03	0.00	0.00	-	0.00	0.00
Preferred Stock Dividends Declared	4.07	2.04	2.73	2.36	5.41	7.36	2.60	2.61	9.54	2.87	1.49
Net Income / (Loss) Attributable to Noncontrolling Interest	2.71	2.70	2.70	2.69	2.26	1.86	1.45	1.46	-11	1.23	1.11
Basic Earnings per Share	$5,570.21	($2,459.16)	($11,554.90)	($129,727.27)	$500,578.13	($14,215.77)	($17,105.08)	$18.37	($8.10)	($14.55)	$102.49
Weighted Average Basic Shares Outstanding	2.22K	4.37K	674.00	275.00	64.00	482.00	295.00	485.19K	106.90K	361.99K	69.73K
Diluted Earnings per Share	$5,570.21	($2,459.16)	($11,554.90)	($129,727.27)	$500,578.13	($14,215.77)	($17,105.08)	($0.83)	($8.10)	($14.55)	$0.24
Weighted Average Diluted Shares Outstanding	2.22K	4.37K	674.00	275.00	64.00	482.00	295.00	6.48M	106.90K	361.99K	4.98M
Weighted Average Basic & Diluted Shares Outstanding	68.02M	68.02M	566.81K	1.29M	1.17M	3.07M	1.28M	1.23M	1.29M	1.04M	1.93M

This table details how cash moves in and out of Wheeler Real Estate Investment Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	8.77	0.64	-3.56	-2.23	3.59	21	-2.35	15	-16	21	-12
Net Cash From Operating Activities	-2.48	-5.33	11	24	15	16	17	31	21	26	21
Net Cash From Continuing Operating Activities	-3.29	-6.01	11	24	15	15	16	31	21	26	21
Net Income / (Loss) Continuing Operations	-12	-19	-12	-13	-8.14	0.29	-9.35	-8.47	6.08	0.71	15
Consolidated Net Income / (Loss)	-12	-19	-12	-13	-8.14	0.29	-9.35	-8.47	6.08	0.71	15
Depreciation Expense	2.70	5.37	7.88	11	12	11	11	20	29	25	23
Amortization Expense	4.78	12	13	16	8.04	4.84	3.14	4.02	-1.99	-0.76	0.23
Non-Cash Adjustments To Reconcile Net Income	1.13	-0.12	0.02	9.52	7.55	2.99	11	4.62	-10	4.14	-12
Changes in Operating Assets and Liabilities, net	-0.16	-4.61	5.60	0.33	-4.21	-4.33	0.50	11	-1.49	-3.42	-4.75
Net Cash From Investing Activities	-20	-55	-59	-3.08	0.87	2.24	5.10	-134	-32	15	32
Net Cash From Continuing Investing Activities	-20	-56	-59	-3.02	0.87	2.24	5.10	-134	-32	15	32
Purchase of Property, Plant & Equipment	-0.52	-0.53	1.89	-7.31	-2.71	-2.27	-6.41	-8.51	-20	-23	-17
Acquisitions	-18	-62	-	-	-	-	-	0.00	-10	-0.50	-10
Other Investing Activities, net	-1.43	-1.93	9.40	2.42	3.58	4.51	12	11	2.76	39	59
Net Cash From Financing Activities	31	61	44	-23	-13	3.16	-24	118	-5.47	-21	-65
Net Cash From Continuing Financing Activities	31	61	45	-21	-13	3.16	-24	118	-5.47	-21	-65
Repayment of Debt	-9.30	-20	29	-19	-44	-35	-113	-276	-116	-32	-42
Payment of Dividends	-5.43	-14	18	-21	-	-	0.00	-2.69	-11	-22	-48
Issuance of Debt	8.38	11	22	19	32	39	98	400	123	33	25

This table details how cash moves in and out of Wheeler Real Estate Investment Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-9.05	-1.29	3.25	13	5.70	-14	11	-1.17	-8.27	-0.61	12
Net Cash From Operating Activities	5.90	5.23	7.88	7.48	5.40	4.44	8.88	5.44	2.37	4.47	8.00
Net Cash From Continuing Operating Activities	5.90	5.23	7.88	7.48	5.40	4.44	8.88	5.44	2.37	4.47	8.00
Net Income / (Loss) Continuing Operations	19	-6.01	-2.36	-31	40	2.37	-1.00	13	0.48	-1.17	9.75
Consolidated Net Income / (Loss)	19	-6.01	-2.36	-31	40	2.37	-1.00	13	0.48	-1.17	9.75
Depreciation Expense	6.86	6.60	6.37	6.24	6.10	6.23	5.78	5.61	5.32	5.23	5.09
Amortization Expense	-0.48	-0.29	-0.13	-0.03	-0.31	-0.03	0.08	0.00	0.17	0.21	0.16
Non-Cash Adjustments To Reconcile Net Income	-18	6.03	3.79	31	-37	-3.78	4.05	-12	0.02	1.13	-9.00
Changes in Operating Assets and Liabilities, net	-1.32	-1.11	0.21	0.65	-3.17	-0.35	-0.03	-0.74	-3.63	-0.93	2.00
Net Cash From Investing Activities	-12	-4.13	-2.60	8.30	14	16	9.12	-4.45	11	3.93	8.45
Net Cash From Continuing Investing Activities	-12	-4.13	-2.60	8.30	14	16	9.12	-4.45	11	3.93	8.45
Purchase of Property, Plant & Equipment	-8.40	-4.13	-7.76	-6.76	-3.87	-2.08	-5.99	-4.47	-4.56	-1.88	-2.39
Other Investing Activities, net	-	0.00	-	-	18	18	-	0.03	26	5.81	16
Net Cash From Financing Activities	-3.05	-2.39	-2.03	-2.52	-14	-34	-6.94	-2.17	-22	-9.00	-4.68
Net Cash From Continuing Financing Activities	-3.05	-2.39	-2.03	-2.52	-14	-34	-6.94	-2.17	-22	-9.00	-4.68
Repayment of Debt	-0.36	-2.09	-27	-1.88	-0.78	-11	-4.78	-0.77	-26	-7.73	-3.54
Payment of Dividends	-2.69	-2.69	-2.69	-3.72	-13	-23	-12	-12	-1.36	-1.28	-1.13

This table presents Wheeler Real Estate Investment Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	309	489	458	508	484	489	465	685	668	654	602
Total Current Assets	13	20	13	9.66	30	65	52	69	53	75	69
Cash & Equivalents	10	4.86	3.68	3.54	5.45	7.66	23	28	18	43	24
Restricted Cash	-	9.65	-	-	16	35	18	27	21	18	25
Accounts Receivable	0.48	5.44	-	-	6.91	9.15	9.23	14	13	15	16
Other Current Nonoperating Assets	1.69	0.37	9.14	6.12	1.74	13	2.05	-	-	0.00	4.55
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	561	-96	-112	-123
Accumulated Depreciation	-	-	-	-	-	-	-	78	96	112	123
Total Noncurrent Assets	297	469	445	498	454	424	414	54	711	691	656
Long-Term Investments	-	-	-	-	-	-	-	0.00	11	12	24
Intangible Assets	6.52	13	8.78	7.35	5.24	3.55	2.42	3.13	2.11	1.29	0.71
Other Noncurrent Operating Assets	285	438	424	486	449	421	411	51	698	677	631
Total Liabilities & Shareholders' Equity	309	489	458	508	484	489	465	685	668	654	602
Total Liabilities	202	331	334	387	371	377	369	532	527	537	507
Total Current Liabilities	7.53	11	16	12	9.56	11	11	18	17	17	16
Accounts Payable	7.53	7.74	11	12	9.56	11	11	18	17	17	15
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	1.38
Total Noncurrent Liabilities	194	320	318	375	362	366	358	514	510	520	491
Long-Term Debt	185	306	307	360	341	334	333	466	478	483	468
Capital Lease Obligations	-	13	-	-	6.72	4.55	3.40	40	18	11	7.37
Other Noncurrent Operating Liabilities	7.72	-	9.62	10	12	14	18	7.11	14	26	15
Commitments & Contingencies	0.00	0.00	0.00	-	-	-	-	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	53	77	87	96	93	102	97	85	63
Total Equity & Noncontrolling Interests	107	105	71	44	26	17	3.80	51	45	32	31
Total Preferred & Common Equity	98	95	64	42	24	15	1.86	-15	-21	-25	0.23
Preferred Stock	18	41	41	41	42	42	42	45	45	45	37
Total Common Equity	81	54	22	0.61	-18	-27	-40	-61	-67	-71	-37
Common Stock	221	224	227	234	234	234	234	235	258	276	312
Retained Earnings	-140	-170	-205	-233	-252	-261	-274	-296	-325	-347	-351
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-	-	-	-	0.00	2.38
Noncontrolling Interest	9.10	10	7.09	2.19	2.08	1.93	1.94	66	66	57	31

This table presents Wheeler Real Estate Investment Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	672	668	670	673	625	626	625	594	593
Total Current Assets	61	74	81	93	68	74	87	66	74
Cash & Equivalents	25	18	20	37	19	28	27	24	32
Restricted Cash	23	21	22	18	28	30	30	24	28
Accounts Receivable	12	12	14	12	15	16	15	16	14
Other Current Nonoperating Assets	-	-	-	25	5.84	-	16	1.86	0.00
Plant, Property, & Equipment, net	-91	544	542	-108	-115	-117	-121	-126	-126
Accumulated Depreciation	91	99	103	108	115	117	121	126	126
Total Noncurrent Assets	703	49	47	688	672	670	659	654	646
Long-Term Investments	6.58	11	11	12	13	14	14	24	30
Intangible Assets	2.35	1.91	1.75	1.42	1.02	0.91	0.78	0.65	0.59
Other Noncurrent Operating Assets	694	37	34	675	658	655	644	630	615
Total Liabilities & Shareholders' Equity	672	668	670	673	625	626	625	594	593
Total Liabilities	545	535	540	583	527	534	533	503	490
Total Current Liabilities	18	20	21	21	18	17	21	16	14
Accounts Payable	18	19	21	21	18	17	20	16	14
Other Current Nonoperating Liabilities	-	1.18	0.16	0.16	0.11	-	0.32	0.00	0.00
Total Noncurrent Liabilities	527	514	519	562	508	517	512	487	476
Long-Term Debt	477	478	481	483	473	477	487	461	458
Capital Lease Obligations	19	27	24	12	9.70	8.91	7.93	6.95	6.53
Other Noncurrent Operating Liabilities	30	9.16	14	67	26	31	17	19	12
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	117	96	101	94	76	72	65	67	70
Total Equity & Noncontrolling Interests	9.62	37	29	-3.39	22	19	28	24	33
Total Preferred & Common Equity	-56	-29	-36	-68	-22	-18	-3.94	-4.30	5.70
Preferred Stock	45	45	45	46	43	42	39	36	35
Total Common Equity	-102	-75	-82	-113	-65	-60	-43	-40	-29
Common Stock	235	261	262	266	288	297	305	314	317
Retained Earnings	-337	-336	-343	-379	-354	-359	-350	-356	-349
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	0.48	1.74	2.23	1.65	2.93
Noncontrolling Interest	66	66	66	65	44	38	32	28	27

This table displays calculated financial ratios and metrics derived from Wheeler Real Estate Investment Trust's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	66,160,617.00	67,964,916.00	8,730,859.00	9,453,250.00	9,693,271.00	9,702,783.00	9,733,787.00	9,793,494.00	3,226,691.00	1,294,310.00	1,227,937.00
DEI Adjusted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.00	3.00	3,411.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-29,237,000.00	-7,391,666.67	-1,128.70
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	85.95%	59.91%	0.00%	0.00%	0.00%	-3.42%	0.50%	25.01%	33.51%	2.20%	-4.90%
EBITDA Growth	285.13%	-100.00%	0.00%	0.00%	0.00%	2.19%	19.84%	19.22%	41.34%	-10.00%	23.38%
EBIT Growth	-101.87%	100.00%	0.00%	0.00%	0.00%	60.12%	36.06%	-8.77%	72.80%	-11.86%	45.06%
NOPAT Growth	-101.87%	0.00%	0.00%	0.00%	0.00%	142.41%	-25.85%	26.08%	69.45%	28.45%	15.12%
Net Income Growth	-59.83%	34.81%	0.00%	0.00%	0.00%	103.52%	-3,358.19%	9.42%	171.82%	-88.31%	1,986.78%
EPS Growth	-59.83%	34.81%	0.00%	0.00%	0.00%	58.97%	-41.67%	9.42%	171.82%	-88.31%	1,986.78%
Operating Cash Flow Growth	-115.11%	0.00%	0.00%	0.00%	0.00%	11.72%	0.00%	80.49%	-31.94%	24.14%	-18.69%
Free Cash Flow Firm Growth	-209.48%	0.00%	0.00%	0.00%	0.00%	111.45%	-42.93%	-780.17%	123.91%	87.87%	0.59%
Invested Capital Growth	78.78%	45.79%	3.36%	0.00%	0.00%	-7.06%	-3.57%	53.11%	-2.78%	-8.32%	-8.11%
Revenue Q/Q Growth	22.67%	6.86%	0.00%	0.00%	0.00%	0.00%	0.00%	17.41%	-0.71%	1.34%	-2.38%
EBITDA Q/Q Growth	239.86%	-100.00%	0.00%	100.00%	0.00%	-5.13%	6.74%	24.31%	24.38%	69.83%	-38.42%
EBIT Q/Q Growth	10.42%	100.00%	0.00%	100.00%	0.00%	9.95%	11.18%	12.02%	73.44%	279.25%	-47.94%
NOPAT Q/Q Growth	10.42%	0.00%	0.00%	0.00%	0.00%	56.20%	-5.28%	29.35%	29.39%	33.65%	15.96%
Net Income Q/Q Growth	11.74%	-18.77%	0.00%	0.00%	0.00%	118.34%	-229.03%	34.69%	143.74%	103.58%	-74.04%
EPS Q/Q Growth	11.74%	-18.77%	0.00%	0.00%	0.00%	39.62%	-240.00%	34.69%	143.74%	103.58%	-74.04%
Operating Cash Flow Q/Q Growth	-2,741.32%	0.00%	0.00%	0.00%	0.00%	2.57%	4.44%	0.91%	17.37%	-1.90%	-12.55%
Free Cash Flow Firm Q/Q Growth	-0.83%	0.00%	90.46%	0.00%	-1,768.19%	19.98%	77.91%	-20.71%	-4.03%	-15.97%	194.01%
Invested Capital Q/Q Growth	-1.06%	31.88%	-4.51%	0.00%	-2.71%	-3.28%	-6.41%	1.67%	3.25%	8.97%	-1.41%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	99.12%	99.04%	95.18%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	18.29%	46.07%	48.26%	0.00%	48.94%	51.78%	61.74%	58.88%	62.34%	54.90%	71.22%
Operating Margin	-45.09%	-0.66%	2.67%	0.00%	17.18%	30.19%	31.82%	32.09%	28.74%	35.89%	43.46%
EBIT Margin	-45.09%	-0.66%	2.67%	0.00%	17.18%	28.49%	38.57%	28.15%	36.43%	31.42%	47.92%
Profit (Net Income) Margin	-67.98%	-27.71%	-21.83%	0.00%	-12.89%	0.47%	-15.25%	-11.05%	5.94%	0.68%	14.92%
Tax Burden Percent	87.82%	94.47%	90.25%	0.00%	100.18%	100.00%	100.02%	100.00%	99.22%	99.86%	99.83%
Interest Burden Percent	171.68%	4,451.89%	-905.89%	0.00%	-74.89%	1.65%	-39.54%	-39.26%	16.45%	2.17%	31.19%
Effective Tax Rate	0.00%	-0.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.78%	0.14%	0.17%
Return on Invested Capital (ROIC)	-3.97%	-0.08%	0.26%	0.00%	3.46%	4.34%	3.40%	3.45%	4.91%	6.67%	8.36%
ROIC Less NNEP Spread (ROIC-NNEP)	-11.18%	-5.06%	-4.31%	0.00%	-6.19%	-1.48%	-4.35%	-3.41%	-0.25%	-1.82%	1.46%
Return on Net Nonoperating Assets (RNNOA)	-19.43%	-11.43%	-11.42%	0.00%	-8.62%	-4.09%	-12.36%	-10.26%	-0.77%	-6.12%	5.68%
Return on Equity (ROE)	-23.39%	-11.51%	-11.16%	0.00%	-5.16%	0.25%	-8.96%	-6.81%	4.14%	0.55%	14.04%
Cash Return on Invested Capital (CROIC)	-60.48%	0.00%	-3.04%	0.00%	-196.54%	11.66%	7.04%	-38.51%	7.72%	15.35%	16.82%
Operating Return on Assets (OROA)	-4.84%	-0.07%	0.33%	0.00%	2.19%	3.57%	4.95%	3.75%	5.51%	4.97%	7.59%
Return on Assets (ROA)	-7.30%	-3.07%	-2.70%	0.00%	-1.64%	0.06%	-1.96%	-1.47%	0.90%	0.11%	2.36%
Return on Common Equity (ROCE)	-12.28%	-7.28%	-3.69%	0.00%	0.37%	-0.05%	2.85%	2.74%	-1.79%	-0.29%	-7.12%
Return on Equity Simple (ROE_SIMPLE)	-19.10%	-12.90%	-20.12%	-40.19%	-34.04%	1.92%	-502.47%	55.86%	-28.57%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-8.72	0.00	1.09	0.00	7.60	18	14	17	29	37	43
NOPAT Margin	-31.56%	-0.66%	1.87%	0.00%	12.03%	30.19%	22.28%	22.47%	28.51%	35.84%	43.39%
Net Nonoperating Expense Percent (NNEP)	7.21%	4.98%	4.57%	0.00%	9.65%	5.83%	7.75%	6.87%	5.16%	8.49%	6.90%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	5.40%	7.13%	8.51%
Cost of Revenue to Revenue	0.88%	0.96%	4.82%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	48.58%	22.47%	12.58%	0.00%	10.50%	9.56%	11.65%	11.25%	11.48%	10.32%	11.77%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	144.21%	99.70%	92.51%	0.00%	82.82%	69.81%	68.18%	67.91%	71.26%	64.11%	56.54%
Earnings before Interest and Taxes (EBIT)	-12	0.00	1.56	0.00	11	17	24	22	37	33	48
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5.05	0.00	28	0.00	31	32	38	45	64	57	71
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.22	1.88	3.94	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	1.43	2.87	11.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.57	2.29	1.49	0.00	0.25	0.44	0.31	0.18	0.01	0.02	0.01
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	16.45%	14.00%	14.43%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	-15.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.06	1.10	1.16	0.00	1.08	1.13	1.15	1.12	1.12	1.14	1.08
Enterprise Value to Revenue (EV/Rev)	10.84	10.27	8.41	0.00	7.49	7.57	7.36	8.84	6.39	5.84	5.38
Enterprise Value to EBITDA (EV/EBITDA)	59.27	22.30	17.44	0.00	15.29	14.63	11.92	15.01	10.25	10.63	7.55
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	315.11	0.00	43.56	26.59	19.09	31.40	17.55	18.58	11.22
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	450.16	0.00	62.23	25.09	33.04	39.34	22.42	16.29	12.39
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	20.68	0.00	31.00	27.11	26.48	22.02	31.25	23.49	25.30
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	9.34	15.99	0.00	14.25	7.08	6.16
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.72	2.91	2.48	0.00	3.07	3.01	3.49	3.32	3.50	4.23	5.02
Long-Term Debt to Equity	1.72	2.91	2.48	0.00	3.07	3.01	3.49	3.32	3.50	4.23	5.02
Financial Leverage	1.74	2.26	2.65	0.00	1.39	2.76	2.84	3.01	3.05	3.35	3.88
Leverage Ratio	3.20	3.76	4.13	0.00	4.23	4.32	4.57	4.62	4.60	5.12	5.94
Compound Leverage Factor	5.50	167.20	-37.45	0.00	-3.17	0.07	-1.81	-1.81	0.76	0.11	1.85
Debt to Total Capital	63.23%	74.42%	71.28%	0.00%	75.43%	75.09%	77.75%	76.85%	77.78%	80.89%	83.39%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	63.23%	74.42%	71.28%	0.00%	75.43%	75.09%	77.75%	76.85%	77.78%	80.89%	83.39%
Preferred Equity to Total Capital	6.01%	10.02%	9.59%	0.00%	9.01%	9.23%	9.62%	6.88%	7.14%	7.41%	6.44%
Noncontrolling Interests to Total Capital	3.12%	2.52%	13.99%	0.00%	19.38%	21.61%	21.82%	25.45%	25.56%	23.27%	16.57%
Common Equity to Total Capital	27.65%	13.05%	5.13%	0.00%	-3.82%	-5.92%	-9.19%	-9.18%	-10.48%	-11.57%	-6.40%
Debt to EBITDA	36.56	15.04	10.88	0.00	11.25	10.73	8.89	11.22	7.77	8.60	6.71
Net Debt to EBITDA	34.49	14.80	10.75	0.00	10.55	9.37	7.83	9.98	6.97	7.33	5.68
Long-Term Debt to EBITDA	36.56	15.04	10.88	0.00	11.25	10.73	8.89	11.22	7.77	8.60	6.71
Debt to NOPAT	-21.18	-1,042.84	280.94	0.00	45.75	18.40	24.65	29.41	16.98	13.17	11.02
Net Debt to NOPAT	-19.98	-1,026.27	277.58	0.00	42.91	16.07	21.69	26.17	15.25	11.23	9.33
Long-Term Debt to NOPAT	-21.18	-1,042.84	280.94	0.00	45.75	18.40	24.65	29.41	16.98	13.17	11.02
Altman Z-Score	-0.37	-0.25	-0.34	0.00	-0.45	-0.33	-0.39	-0.28	-0.28	-0.31	-0.28
Noncontrolling Interest Sharing Ratio	47.52%	36.78%	66.91%	0.00%	107.25%	119.64%	131.85%	140.30%	143.28%	153.20%	150.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.68	0.59	0.80	0.00	3.16	5.79	4.68	3.77	3.10	4.40	4.30
Quick Ratio	1.45	0.56	0.23	0.00	1.29	1.50	2.91	2.28	1.85	3.37	2.46
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-133	0.00	-13	0.00	-432	49	28	-192	46	86	87
Operating Cash Flow to CapEx	0.00%	0.00%	438.07%	0.00%	566.60%	265.77%	265.77%	361.39%	104.56%	115.37%	123.54%
Free Cash Flow to Firm to Interest Expense	-14.69	0.00	-0.74	0.00	-22.76	2.89	0.85	-6.38	1.42	2.65	2.57
Operating Cash Flow to Interest Expense	-0.59	0.00	1.39	0.00	0.80	1.00	0.52	1.02	0.65	0.80	0.63
Operating Cash Flow Less CapEx to Interest Expense	0.32	0.00	1.07	0.00	0.66	0.62	0.32	0.74	0.03	0.11	0.12
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.11	0.12	0.00	0.13	0.13	0.13	0.13	0.15	0.16	0.16
Accounts Receivable Turnover	0.00	45.57	0.00	0.00	0.00	7.60	6.67	6.73	7.67	7.52	6.53
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.04	0.06	0.31	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	8.01	0.00	0.00	0.00	48.04	54.73	54.23	47.57	48.55	55.88
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	9,477.39	6,556.59	1,184.79	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	-9,477.39	-6,548.58	-1,184.79	0.00	0.00	48.04	54.73	54.23	47.57	48.55	55.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	282	411	425	0.00	440	409	394	603	586	538	494
Invested Capital Turnover	0.13	0.13	0.14	0.00	0.29	0.14	0.15	0.15	0.17	0.19	0.19
Increase / (Decrease) in Invested Capital	124	129	14	0.00	440	-31	-15	209	-17	-49	-44
Enterprise Value (EV)	299	454	493	8.25	473	462	451	677	654	610	535
Market Capitalization	99	101	87	8.25	16	27	19	14	0.98	2.18	1.04
Book Value per Share	$1.22	$0.00	$2.54	$0.00	($1.82)	($2.75)	($4.09)	($6.18)	($20.69)	($54.56)	($29.74)
Tangible Book Value per Share	$1.04	$0.00	$0.90	$0.00	($2.36)	($3.12)	($4.34)	($6.50)	($21.34)	($55.55)	($30.31)
Total Capital	292	411	431	0.00	461	451	433	659	637	610	570
Total Debt	185	306	307	0.00	348	339	337	506	495	494	476
Total Long-Term Debt	185	306	307	0.00	348	339	337	506	495	494	476
Net Debt	174	301	304	0.00	326	296	296	451	445	421	402
Capital Expenditures (CapEx)	-8.18	0.00	5.44	0.00	2.69	6.41	6.41	8.51	20	23	17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-5.36	-9.50	-6.92	0.00	-0.92	11	0.23	-4.85	-3.94	-2.44	4.29
Debt-free Net Working Capital (DFNWC)	5.12	-4.64	-3.25	0.00	21	54	41	51	36	58	53
Net Working Capital (NWC)	5.12	-4.64	-3.25	0.00	21	54	41	51	36	58	53
Net Nonoperating Expense (NNE)	10	0.00	14	0.00	16	18	23	26	23	37	28
Net Nonoperating Obligations (NNO)	174	306	301	0.00	326	296	298	451	445	421	399
Total Depreciation and Amortization (D&A)	18	0.00	27	0.00	20	14	14	24	27	25	23
Debt-free, Cash-free Net Working Capital to Revenue	-19.41%	-21.51%	-11.83%	0.00%	-1.45%	18.03%	0.37%	-6.33%	-3.85%	-2.33%	4.31%
Debt-free Net Working Capital to Revenue	18.54%	-10.50%	-5.55%	0.00%	32.73%	88.13%	66.29%	66.55%	35.05%	55.73%	53.21%
Net Working Capital to Revenue	18.54%	-10.50%	-5.55%	0.00%	32.73%	88.13%	66.29%	66.55%	35.05%	55.73%	53.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($153,792.00)	($1.89)	($18,288.00)	$0.00	($16,848.00)	($6,912.00)	$0.00	($15,840.00)	($13,161.60)	($19,972,260.00)	($2,160.60)
Adjusted Weighted Average Basic Shares Outstanding	1.15K	8.42M	1.24K	9.26M	1.35K	1.35K	0.00	1.36K	2.22K	1.00	1.78K
Adjusted Diluted Earnings per Share	($153,792.00)	($1.89)	($18,288.00)	$0.00	($16,848.00)	($6,912.00)	$0.00	($15,840.00)	($13,161.60)	($19,972,260.00)	($2,160.60)
Adjusted Weighted Average Diluted Shares Outstanding	1.15K	8.42M	1.24K	9.26M	1.35K	1.35K	0.00	1.36K	2.22K	1.00	1.78K
Adjusted Basic & Diluted Earnings per Share	($153,792.00)	($1.89)	($18,288.00)	$0.00	($16,848.00)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	676.00	8.42M	1.20K	9.26M	1.34K	1.35K	0.00	1.36K	23.62K	19.00	21.50K
Normalized Net Operating Profit after Tax (NOPAT)	-8.72	0.00	4.06	0.00	11	13	14	16	27	33	32
Normalized NOPAT Margin	-31.56%	-0.46%	6.94%	0.00%	17.80%	21.80%	22.56%	20.78%	26.38%	31.68%	31.87%
Pre Tax Income Margin	-77.41%	-29.34%	-24.19%	0.00%	-12.87%	0.47%	-15.25%	-11.05%	5.99%	0.68%	14.95%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-1.38	-0.02	0.09	0.00	0.57	1.02	0.72	0.72	1.15	1.01	1.41
NOPAT to Interest Expense	-0.96	-0.02	0.06	0.00	0.40	1.08	0.41	0.57	0.90	1.15	1.28
EBIT Less CapEx to Interest Expense	-0.47	-0.02	-0.23	0.00	0.43	0.64	0.52	0.43	0.53	0.32	0.91
NOPAT Less CapEx to Interest Expense	-0.06	-0.02	-0.25	0.00	0.26	0.70	0.22	0.29	0.28	0.46	0.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-75.60%	0.00%	-162.33%	0.00%	0.00%	0.00%	0.00%	-31.74%	176.75%	3,085.37%	326.66%
Augmented Payout Ratio	-75.60%	0.00%	-162.33%	0.00%	0.00%	0.00%	0.00%	-31.74%	176.75%	3,085.37%	326.66%

This table displays calculated financial ratios and metrics derived from Wheeler Real Estate Investment Trust's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	3,226,691.00	68,023,718.00	68,023,718.00	566,814.00	1,294,310.00	1,166,433.00	3,071,015.00	1,280,584.00	1,227,937.00	1,290,069.00	1,042,613.00
DEI Adjusted Shares Outstanding	1.00	22.00	22.00	22.00	3.00	19.00	244.00	42,686.00	3,411.00	21,501.00	52,131.00
DEI Earnings Per Adjusted Shares Outstanding	12,377,000.00	-488,590.91	-354,000.00	-1,621,590.91	10,679,000.00	-360,631.58	-20,680.33	208.83	-253.88	-244.92	137.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.73%	-0.74%	5.95%	-1.63%	5.26%	-5.87%	-0.82%	-3.92%	-8.78%	-1.42%	-13.89%
EBITDA Growth	63.04%	-32.40%	-23.46%	-1,013.36%	73.00%	93.59%	4.37%	232.56%	-80.40%	-30.60%	70.41%
EBIT Growth	155.19%	-63.73%	-30.34%	-533.49%	93.20%	369.32%	14.28%	179.36%	-89.09%	-41.76%	133.66%
NOPAT Growth	2.66%	13.75%	80.62%	49.61%	-35.30%	129.44%	29.79%	-43.52%	60.52%	-40.63%	0.36%
Net Income Growth	2,393.89%	-1,368.46%	-82.23%	-169.45%	107.30%	139.51%	57.59%	142.38%	-106.41%	-149.35%	1,074.60%
EPS Growth	2,393.89%	-1,368.46%	-82.23%	-169.45%	107.30%	139.51%	57.59%	100.00%	-106.41%	-149.35%	1,074.60%
Operating Cash Flow Growth	110.49%	41.96%	0.74%	112.09%	-8.51%	-15.17%	12.77%	-27.23%	-56.15%	0.61%	-9.97%
Free Cash Flow Firm Growth	111.82%	100.96%	104.55%	165.27%	123.46%	4,596.60%	902.12%	-102.61%	-4.40%	-57.77%	-55.13%
Invested Capital Growth	-2.78%	0.58%	-0.10%	-13.14%	-8.32%	-12.66%	-13.04%	1.56%	-8.11%	-5.72%	-5.58%
Revenue Q/Q Growth	4.01%	-1.31%	1.72%	-5.79%	11.30%	-11.74%	7.17%	-8.74%	5.66%	-4.62%	-6.38%
EBITDA Q/Q Growth	1,390.05%	-73.72%	50.56%	-254.93%	382.24%	-70.59%	-18.83%	91.56%	-58.27%	4.10%	99.33%
EBIT Q/Q Growth	731.66%	-91.59%	200.09%	-497.16%	292.65%	-79.56%	-26.93%	163.06%	-73.53%	9.16%	193.15%
NOPAT Q/Q Growth	10.25%	-26.96%	54.08%	20.59%	-52.32%	159.01%	-12.84%	-47.52%	35.50%	-4.19%	47.33%
Net Income Q/Q Growth	268.49%	-131.36%	60.74%	-1,199.02%	229.63%	-94.02%	-142.14%	1,398.20%	-119.60%	53.99%	932.28%
EPS Q/Q Growth	268.49%	-131.36%	60.74%	-1,199.02%	229.63%	-94.02%	-142.14%	91.22%	-119.60%	53.99%	932.28%
Operating Cash Flow Q/Q Growth	67.43%	-11.32%	50.52%	-5.10%	-27.77%	-17.78%	100.09%	-38.77%	-56.47%	88.64%	79.05%
Free Cash Flow Firm Q/Q Growth	-24.81%	-92.28%	366.77%	878.46%	-36.66%	62.36%	-0.40%	-102.55%	2,418.16%	-28.29%	5.83%
Invested Capital Q/Q Growth	3.25%	0.62%	-1.38%	-15.22%	8.97%	-4.15%	-1.81%	-0.98%	-1.41%	-1.65%	-1.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	123.34%	32.84%	48.61%	-79.95%	202.73%	67.54%	51.16%	110.29%	43.57%	47.55%	101.23%
Operating Margin	27.34%	28.90%	43.78%	56.04%	16.81%	49.86%	57.29%	23.06%	42.25%	42.43%	46.75%
EBIT Margin	99.01%	8.44%	24.90%	-104.99%	181.73%	42.09%	28.70%	86.72%	21.73%	24.87%	77.87%
Profit (Net Income) Margin	73.07%	-23.21%	-8.96%	-123.55%	143.90%	9.74%	-3.83%	54.50%	-10.11%	-4.88%	43.36%
Tax Burden Percent	100.00%	100.00%	100.04%	100.00%	100.00%	98.92%	100.00%	100.00%	100.00%	100.00%	99.98%
Interest Burden Percent	73.80%	-275.00%	-35.96%	117.68%	79.18%	23.40%	-13.35%	62.84%	-46.54%	-19.61%	55.70%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	1.08%	0.00%	0.00%	0.00%	0.00%	0.02%
Return on Invested Capital (ROIC)	4.70%	3.51%	5.45%	7.63%	3.13%	9.20%	7.58%	4.72%	5.70%	5.88%	9.07%
ROIC Less NNEP Spread (ROIC-NNEP)	7.38%	1.00%	3.10%	-1.93%	11.23%	6.99%	4.93%	6.57%	3.27%	3.83%	8.88%
Return on Net Nonoperating Assets (RNNOA)	22.47%	3.16%	9.92%	-7.51%	37.65%	26.45%	19.29%	29.21%	12.68%	16.42%	36.03%
Return on Equity (ROE)	27.18%	6.67%	15.38%	0.12%	40.78%	35.64%	26.87%	33.93%	18.38%	22.30%	45.10%
Cash Return on Invested Capital (CROIC)	7.72%	4.58%	4.36%	19.34%	15.35%	21.13%	22.32%	5.94%	16.82%	14.13%	13.23%
Operating Return on Assets (OROA)	14.98%	1.28%	3.84%	-16.11%	28.75%	6.71%	4.55%	13.61%	3.44%	4.04%	12.19%
Return on Assets (ROA)	11.05%	-3.52%	-1.38%	-18.96%	22.77%	1.55%	-0.61%	8.55%	-1.60%	-0.79%	6.79%
Return on Common Equity (ROCE)	-11.76%	-3.31%	-8.53%	-0.12%	-21.70%	-21.58%	-17.24%	-29.07%	-9.32%	-12.44%	-20.75%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	7.17	5.23	8.07	9.73	4.64	12	10	5.49	7.44	7.13	11
NOPAT Margin	27.34%	20.23%	30.65%	39.23%	16.81%	49.32%	40.11%	23.06%	29.57%	29.70%	46.74%
Net Nonoperating Expense Percent (NNEP)	-2.68%	2.51%	2.35%	9.56%	-8.10%	2.20%	2.65%	-1.84%	2.44%	2.05%	0.19%
Return On Investment Capital (ROIC_SIMPLE)	1.33%	0.97%	1.51%	1.98%	0.88%	2.38%	2.07%	1.05%	1.47%	1.45%	2.11%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	10.49%	13.48%	11.74%	8.30%	7.84%	11.11%	10.79%	10.57%	11.44%	11.40%	14.78%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	70.24%	73.96%	58.07%	43.96%	78.74%	50.14%	42.71%	77.41%	54.27%	57.57%	53.25%
Earnings before Interest and Taxes (EBIT)	26	2.18	6.55	-26	50	10	7.49	21	5.47	5.97	18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	32	8.50	13	-20	56	16	13	26	11	11	23
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.01	0.10	0.09	0.01	0.02	0.01	0.03	0.02	0.01	0.01	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.06	0.00	0.00	0.03
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,812.09%	0.00%	0.00%	3,047.42%
Enterprise Value to Invested Capital (EV/IC)	1.12	1.14	1.16	1.28	1.14	1.14	1.12	1.12	1.08	1.09	1.06
Enterprise Value to Revenue (EV/Rev)	6.39	6.60	6.49	6.14	5.84	5.70	5.53	5.51	5.38	5.34	5.31
Enterprise Value to EBITDA (EV/EBITDA)	10.25	11.29	12.05	18.74	10.63	8.98	8.63	4.88	7.55	8.04	6.75
Enterprise Value to EBIT (EV/EBIT)	17.55	20.16	21.99	73.11	18.58	14.35	13.59	6.13	11.22	12.20	9.50
Enterprise Value to NOPAT (EV/NOPAT)	22.42	22.24	27.10	22.59	16.29	13.96	12.50	15.08	12.39	12.83	13.78
Enterprise Value to Operating Cash Flow (EV/OCF)	31.25	29.98	29.84	23.91	23.49	23.31	21.72	23.22	25.30	25.01	25.03
Enterprise Value to Free Cash Flow (EV/FCFF)	14.25	25.04	26.50	6.17	7.08	5.03	4.69	19.01	6.16	7.48	7.80
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.50	3.80	3.88	5.49	4.23	4.92	5.31	5.36	5.02	5.12	4.52
Long-Term Debt to Equity	3.50	3.80	3.88	5.49	4.23	4.92	5.31	5.36	5.02	5.12	4.52
Financial Leverage	3.05	3.17	3.20	3.89	3.35	3.78	3.91	4.45	3.88	4.28	4.06
Leverage Ratio	4.60	4.78	4.84	6.19	5.12	5.59	5.85	7.11	5.94	6.43	6.27
Compound Leverage Factor	3.39	-13.13	-1.74	7.29	4.05	1.31	-0.78	4.47	-2.76	-1.26	3.49
Debt to Total Capital	77.78%	79.15%	79.53%	84.59%	80.89%	83.10%	84.14%	84.28%	83.39%	83.66%	81.87%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	77.78%	79.15%	79.53%	84.59%	80.89%	83.10%	84.14%	84.28%	83.39%	83.66%	81.87%
Preferred Equity to Total Capital	7.14%	7.13%	7.17%	7.78%	7.41%	7.48%	7.23%	6.64%	6.44%	6.44%	6.15%
Noncontrolling Interests to Total Capital	25.56%	25.40%	26.20%	27.02%	23.27%	20.69%	19.06%	16.39%	16.57%	17.11%	17.12%
Common Equity to Total Capital	-10.48%	-11.68%	-12.90%	-19.38%	-11.57%	-11.27%	-10.43%	-7.31%	-6.40%	-7.21%	-5.15%
Debt to EBITDA	7.77	8.46	9.05	14.65	8.60	7.38	7.38	4.31	6.71	7.11	6.18
Net Debt to EBITDA	6.97	7.63	8.10	12.67	7.33	6.47	6.29	3.69	5.68	6.02	4.99
Long-Term Debt to EBITDA	7.77	8.46	9.05	14.65	8.60	7.38	7.38	4.31	6.71	7.11	6.18
Debt to NOPAT	16.98	16.66	20.35	17.66	13.17	11.47	10.68	13.31	11.02	11.34	12.62
Net Debt to NOPAT	15.25	15.04	18.20	15.27	11.23	10.05	9.10	11.40	9.33	9.60	10.18
Long-Term Debt to NOPAT	16.98	16.66	20.35	17.66	13.17	11.47	10.68	13.31	11.02	11.34	12.62
Altman Z-Score	-0.33	-0.43	-0.41	-0.63	-0.22	-0.48	-0.49	-0.38	-0.51	-0.54	-0.44
Noncontrolling Interest Sharing Ratio	143.28%	149.66%	155.46%	199.18%	153.20%	160.54%	164.14%	185.67%	150.69%	155.80%	146.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.10	3.63	3.81	4.44	4.40	3.72	4.30	4.23	4.30	4.24	5.16
Quick Ratio	1.85	1.44	1.60	2.37	3.37	1.88	2.55	2.02	2.46	2.55	3.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	24	1.85	8.62	84	53	87	86	-2.20	51	37	39
Operating Cash Flow to CapEx	70.24%	126.61%	101.48%	110.58%	139.61%	213.77%	148.26%	121.59%	51.90%	237.86%	334.36%
Free Cash Flow to Firm to Interest Expense	2.92	0.25	0.98	10.74	6.23	10.72	9.94	-0.28	5.60	5.02	4.87
Operating Cash Flow to Interest Expense	0.72	0.71	0.90	0.95	0.63	0.55	1.02	0.69	0.26	0.61	1.00
Operating Cash Flow Less CapEx to Interest Expense	-0.31	0.15	0.01	0.09	0.18	0.29	0.33	0.12	-0.24	0.35	0.70
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.15	0.15	0.15	0.16	0.16	0.16	0.16	0.16	0.16	0.16
Accounts Receivable Turnover	7.67	8.69	8.12	8.54	7.52	7.75	6.81	7.51	6.53	6.40	6.37
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	47.57	42.00	44.95	42.76	48.55	47.10	53.59	48.58	55.88	57.04	57.31
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	47.57	42.00	44.95	42.76	48.55	47.10	53.59	48.58	55.88	57.04	57.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	586	590	582	493	538	515	506	501	494	486	478
Invested Capital Turnover	0.17	0.17	0.18	0.19	0.19	0.19	0.19	0.20	0.19	0.20	0.19
Increase / (Decrease) in Invested Capital	-17	3.39	-0.55	-75	-49	-75	-76	7.70	-44	-29	-28
Enterprise Value (EV)	654	674	672	633	610	587	569	561	535	529	507
Market Capitalization	0.98	11	8.80	1.53	2.18	0.74	2.66	1.60	1.04	1.19	0.33
Book Value per Share	($20.69)	($1.10)	($1.20)	($200.18)	($54.56)	($56.08)	($19.63)	($33.56)	($29.74)	($31.27)	($28.04)
Tangible Book Value per Share	($21.34)	($1.12)	($1.23)	($202.67)	($55.55)	($56.95)	($19.92)	($34.17)	($30.31)	($31.77)	($28.60)
Total Capital	637	638	635	585	610	581	578	588	570	559	568
Total Debt	495	505	505	495	494	482	486	495	476	468	465
Total Long-Term Debt	495	505	505	495	494	482	486	495	476	468	465
Net Debt	445	456	452	428	421	423	414	424	402	396	375
Capital Expenditures (CapEx)	8.40	4.13	7.76	6.76	3.87	2.08	5.99	4.47	4.56	1.88	2.39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3.94	15	18	17	-2.44	2.52	-1.45	9.75	4.29	2.39	-0.09
Debt-free Net Working Capital (DFNWC)	36	54	60	72	58	50	57	67	53	50	60
Net Working Capital (NWC)	36	54	60	72	58	50	57	67	53	50	60
Net Nonoperating Expense (NNE)	-12	11	10	40	-35	9.64	11	-7.49	9.99	8.30	0.76
Net Nonoperating Obligations (NNO)	445	457	452	403	421	417	414	409	399	394	375
Total Depreciation and Amortization (D&A)	6.38	6.31	6.24	6.21	5.79	6.20	5.86	5.62	5.50	5.45	5.25
Debt-free, Cash-free Net Working Capital to Revenue	-3.85%	15.04%	17.40%	16.25%	-2.33%	2.44%	-1.41%	9.57%	4.31%	2.41%	-0.09%
Debt-free Net Working Capital to Revenue	35.05%	52.75%	57.71%	69.57%	55.73%	48.07%	55.07%	65.43%	53.21%	50.87%	62.53%
Net Working Capital to Revenue	35.05%	52.75%	57.71%	69.57%	55.73%	48.07%	55.07%	65.43%	53.21%	50.87%	62.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$16,042,204.80	($2,448.00)	($11,541.60)	($128,786.00)	$126,145,688,760.00	($282,366.00)	($17,010.00)	$18.37	($1,458.00)	($291.00)	$102.49
Adjusted Weighted Average Basic Shares Outstanding	1.00	4.37K	675.00	277.00	0.00	24.00	297.00	485.19K	594.00	18.10K	69.73K
Adjusted Diluted Earnings per Share	$16,042,204.80	($2,448.00)	($11,541.60)	($128,786.00)	$126,145,688,760.00	($282,366.00)	($17,010.00)	($0.83)	($1,458.00)	($291.00)	$0.24
Adjusted Weighted Average Diluted Shares Outstanding	1.00	4.37K	675.00	277.00	0.00	24.00	297.00	6.48M	594.00	18.10K	4.98M
Adjusted Basic & Diluted Earnings per Share	$16,042,204.80	$0.00	$0.00	$0.00	$126,145,688,760.00	$0.00	$0.00	$0.00	($1,458.00)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	23.62K	4.72K	675.00	925.00	5.00	244.00	711.00	1.23M	7.17K	52.13K	1.93M
Normalized Net Operating Profit after Tax (NOPAT)	5.02	5.23	6.05	5.60	6.34	6.38	6.84	5.59	5.01	5.34	7.21
Normalized NOPAT Margin	19.14%	20.23%	22.98%	22.60%	22.97%	26.21%	26.19%	23.47%	19.89%	22.25%	32.09%
Pre Tax Income Margin	73.07%	-23.21%	-8.96%	-123.55%	143.90%	9.85%	-3.83%	54.50%	-10.11%	-4.88%	43.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.17	0.29	0.75	-3.32	5.85	1.27	0.86	2.63	0.60	0.82	2.20
NOPAT to Interest Expense	0.88	0.71	0.92	1.24	0.54	1.48	1.20	0.70	0.82	0.98	1.32
EBIT Less CapEx to Interest Expense	2.14	-0.26	-0.14	-4.18	5.40	1.01	0.17	2.06	0.10	0.56	1.90
NOPAT Less CapEx to Interest Expense	-0.15	0.15	0.03	0.38	0.09	1.23	0.51	0.13	0.32	0.72	1.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	176.75%	2,212.35%	-1,860.21%	-59.41%	3,085.37%	468.09%	497.88%	104.90%	326.66%	234.18%	69.98%
Augmented Payout Ratio	176.75%	2,212.35%	-1,860.21%	-59.41%	3,085.37%	468.09%	497.88%	104.90%	326.66%	234.18%	69.98%

Financials Breakdown Chart

Key Financial Trends

Wheeler Real Estate Investment Trust’s Q2 2026 results showed a meaningful improvement in reported profitability and cash generation, but the balance sheet remains highly leveraged and common equity is still negative. Revenue was $22.5 million, down from $24.0 million in Q1 2026 and $26.1 million in Q2 2025. Despite the lower revenue base, operating income increased to $10.5 million from $10.2 million in Q1, helped by lower operating expenses and a $4.9 million special income item.

Net income was $9.7 million in Q2 2026, compared with a $1.2 million loss in Q1 and a $1.0 million loss in Q2 2025. However, the improvement was not entirely operational. Interest expense rose to $8.0 million, and $7.0 million of other income was needed to offset much of the interest burden. After preferred dividends and noncontrolling interests, $7.1 million was attributable to common shareholders. Investors should also be cautious when comparing per-share figures because reported share counts vary dramatically across periods, likely reflecting complex capital-structure and security changes.

Cash flow was stronger in the latest quarter. Operating cash flow rose to $8.0 million from $4.5 million in Q1 2026 and $8.9 million in Q2 2025. Investing activities provided $8.4 million, primarily because of $15.8 million in other investing proceeds, which more than offset $2.4 million of property spending. That inflow appears less recurring than rental operating cash flow. After $4.7 million of financing outflows, cash increased by $11.8 million during Q2, leaving $31.9 million of unrestricted cash and $27.9 million of restricted cash at quarter-end.

The longer-term financial picture remains mixed. Revenue has generally declined from approximately $26 million to $28 million per quarter in 2023 and 2024 to $22 million to $25 million in the more recent periods. Operating cash flow has remained positive in the supplied quarters, but reported net income has been volatile and often negative. Total assets declined to $593.4 million from $625.9 million a year earlier, while total liabilities remained substantial at $490.5 million. Long-term debt and capital lease obligations totaled approximately $464.6 million, and total common equity remained negative at $29.2 million, although that was an improvement from negative $60.3 million in Q2 2025.

Profitability rebounded in Q2 2026: Net income improved to $9.7 million from losses in Q1 2026 and Q2 2025, while operating income remained above $10 million.
Operating cash flow strengthened: Cash generated from operations increased to $8.0 million in Q2, providing support for debt service and other obligations.
Cash balances improved: Cash and equivalents increased by $8.3 million from Q1 2026, and total cash including restricted funds was approximately $59.9 million at quarter-end.
Debt declined modestly: Long-term debt fell to $458.1 million from $477.3 million in Q2 2025, while capital lease obligations also decreased.
Common equity improved year over year: Total common equity increased from negative $60.3 million in Q2 2025 to negative $29.2 million in Q2 2026, although it remains below zero.
Investing cash flow was positive but potentially nonrecurring: Q2 investing cash flow benefited from $15.8 million of other investing proceeds, making the quarterly cash increase difficult to extrapolate.
Asset sales or other portfolio activity may be influencing results: The decline in total assets and the recurring presence of large special income and expense items suggest that reported earnings may be affected by property transactions, valuation changes or other noncore activity.
Revenue continues to trend lower: Q2 2026 revenue was about 14% below Q2 2024 and roughly 10% below Q2 2025.
Leverage remains very high: Total liabilities represented approximately 83% of total assets, while debt and lease obligations substantially exceeded annualized quarterly operating income.
Preferred obligations and noncontrolling interests reduce common-stock earnings: Q2 consolidated net income of $9.7 million fell to $7.1 million attributable to common shareholders after $1.5 million of preferred dividends and $1.1 million attributable to noncontrolling interests.

09/27/26 09:34 AM ETAI Generated. May Contain Errors.

Wheeler Real Estate Investment Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Wheeler Real Estate Investment Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Wheeler Real Estate Investment Trust's net income appears to be on an upward trend, with a most recent value of $14.84 million in 2025, compared with -$11.75 million in 2014. The previous period was $711 thousand in 2024.

Wheeler Real Estate Investment Trust's total operating income in 2025 was $43.22 million, based on the following breakdown:

Total Gross Profit: $99.45 million
Total Operating Expenses: $56.22 million

Over the last 11 years, Wheeler Real Estate Investment Trust's total revenue changed from $14.85 million in 2014 to $99.45 million in 2025, a change of 569.6%.

In the past 11 quarters, Wheeler Real Estate Investment Trust's cash and equivalents has ranged from $17.73 million in Q1 2024 to $37.07 million in Q3 2024, and is currently $31.87 million as of their latest financial filing in Q2 2026.

Wheeler Real Estate Investment Trust had total debt of $475.53 million at the end of 2025, a 3.7% decrease from 2024, and a 157.6% increase since 2015.

Over the last 10 years, Wheeler Real Estate Investment Trust's book value per share changed from 1.22 in 2015 to -29.74 in 2025.

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Financial statements for NASDAQ:WHLRD last updated on 9/22/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Wheeler Real Estate Investment Trust (WHLRD) Financials

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Wheeler Real Estate Investment Trust (WHLRD) Financials

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When does Wheeler Real Estate Investment Trust's fiscal year end?

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How has Wheeler Real Estate Investment Trust's revenue changed over the last 11 years?

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