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Wheeler Real Estate Investment Trust, Inc.(WHLR)Earnings, Financials & Key Ratios
WHLR•NASDAQ•REIT / Real Estate
Price updated Jun 19, 2026
AboutHeadquartered in Virginia Beach, VA, Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR ) is a fully integrated, self-managed commercial real estate investment company focused on owning and operating income-producing retail properties with a primary focus on grocery-anchored centers.Show more
- Revenue$99M-4.9%
- FFO$32M+101.5%
- FFO/Share889.99
- FFO Payout0%
- FFO per Share889.99
- NOI Margin66.77%+0.5%
- FFO Margin31.89%+111.9%
- ROE8.3%+211.9%
- ROA1.4%+196.4%
WHLR Key Insights
Wheeler Real Estate Investment Trust, Inc. (WHLR) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y profit CAGR of 104.5%
- ✓Strong Piotroski F-Score: 7/9
- ✓FFO growing 5.9% TTM
- ✓High NOI margin of 66.8%
- ✓Trading at only 0.0x book value
✗Weaknesses
- ✗High debt to equity ratio of 5.1x
- ✗Weak momentum: RS Rating 1 (bottom 1%)
- ✗Trading more than 30% below 52-week high
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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WHLR Price & Volume
Wheeler Real Estate Investment Trust, Inc. (WHLR) stock price & volume — 10-year historical chart
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WHLR Growth Metrics
Wheeler Real Estate Investment Trust, Inc. (WHLR) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years14.19%
5 Years10.33%
3 Years9.07%
TTM-3.54%
Profit CAGR
10 Years-
5 Years104.53%
3 Years-
TTM119.87%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-100%
Return on Capital
10 Years3.56%
5 Years4.91%
3 Years5.26%
Last Year5.2%
WHLR Peer Comparison
Wheeler Real Estate Investment Trust, Inc. (WHLR) competitors in Open-Air Shopping Centers — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 NXRT | 684.45M | 26.97 | -21.40 | -3.24% | -12.67% | -10.13% | 5.18 | |
 PSTL | 800.12M | 22.79 | 48.49 | 25.47% | 15.84% | 4.53% | 1.13 | |
 MDRR | 14.5M | 11.70 | -6.16 | 6.79% | 74.72% | 26.76% | 1.36 | |
 SQFT | 3.26M | 2.68 | -1.19 | 7.31% | -38.69% | -20.83% | 2.92 | |
 GIPR | 994.48K | 0.18 | -0.09 | -0.23% | -102.07% | -35.41% | 2.22 | |
 KIM | 16.44B | 24.38 | 29.37 | 5.06% | 28.51% | 5.81% | 0.82 | |
 SITC | 250.31M | 4.77 | 1.41 | -55.61% | 187.87% | 47.95% | 0.22 | |
 BRX | 9.48B | 30.91 | 24.73 | 6.73% | 31.99% | 14.85% | 1.95 |
Compare WHLR vs Peers
Wheeler Real Estate Investment Trust, Inc. (WHLR) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
WHLR Income Statement
Wheeler Real Estate Investment Trust, Inc. (WHLR) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Revenue | 58.53M | 65.79M | 63.05M | 60.83M | 61.31M | 76.64M | 102.33M | 104.57M | 99.44M | 99.41M |
Revenue Growth % | 32.55% | 12.39% | -4.17% | -3.52% | 0.8% | 25.01% | 33.51% | 2.2% | -4.9% | -3.54% |
Property Operating Expenses | 41.62M | 45.56M | 19.13M | 18.89M | 19.62M | 25.73M | 34.87M | 35.1M | 33.04M | 42.98M |
Net Operating Income (NOI) | 16.91M▲ 0% | 20.22M▲ 19.6% | 43.92M▲ 117.2% | 41.94M▼ 4.5% | 41.69M▼ 0.6% | 50.91M▲ 22.1% | 67.45M▲ 32.5% | 69.47M▲ 3.0% | 66.4M▼ 4.4% | 56.43M▲ 0% |
NOI Margin % | 28.9% | 30.74% | 69.66% | 68.95% | 68% | 66.43% | 65.92% | 66.44% | 66.77% | 56.77% |
Operating Expenses | 14.35M | 6.07M | 33.06M | 23.52M | 22.18M | 26.32M | 38.05M | 31.94M | 34.65M | 21.69M |
G&A Expenses | 6.25M | 8.3M | 6.66M | 5.83M | 7.14M | 8.62M | 11.75M | 10.98M | 11.71M | 11.71M |
EBITDA | 28.8M | 41.25M | 30.91M | 35.25M | 34.32M | 44.14M | 57.91M | 62.85M | 54.69M | 58.11M |
EBITDA Margin % | 49.2% | 62.7% | 49.03% | 57.95% | 55.98% | 57.59% | 56.59% | 60.1% | 55% | 58.46% |
Depreciation & Amortization | 26.23M | 27.09M | 20.06M | 16.83M | 14.81M | 19.54M | 28.5M | 25.32M | 22.94M | 23.37M |
D&A / Revenue % | 44.81% | 41.18% | 31.82% | 27.67% | 24.16% | 25.49% | 27.85% | 24.21% | 23.07% | 23.51% |
Operating Income | 2.57M▲ 0% | 14.16M▲ 450.9% | 10.85M▼ 23.3% | 18.42M▲ 69.7% | 19.51M▲ 5.9% | 24.6M▲ 26.1% | 29.41M▲ 19.6% | 37.53M▲ 27.6% | 31.75M▼ 15.4% | 34.74M▲ 0% |
Operating Margin % | 4.39% | 21.52% | 17.22% | 30.28% | 31.82% | 32.09% | 28.74% | 35.89% | 31.93% | 34.95% |
Interest Expense | 0 | 0 | 0 | 0 | 33.03M | 21.39M | 27.7M | 0 | 31.06M | 4M |
Interest Coverage | - | - | - | - | 0.72x | 0.60x | 1.22x | - | 1.48x | - |
Non-Operating Income | 0 | 0 | -5.2M | -577K | -4.17M | 11.67M | -4.42M | 7.2M | -14.18M | -8.06M |
Pretax Income | -14.16M▲ 0% | -17.77M▼ 25.5% | -8.13M▲ 54.3% | 287K▲ 103.5% | -9.35M▼ 3357.5% | -8.47M▲ 9.4% | 6.13M▲ 172.4% | 768K▼ 87.5% | 14.86M▲ 1835.3% | 11.29M▲ 0% |
Pretax Margin % | -24.19% | -27.01% | -12.89% | 0.47% | -15.25% | -11.05% | 5.99% | 0.73% | 14.95% | 11.36% |
Income Tax | 137K | 40K | 15K | 0 | 2K | 0 | 48K | 1K | 26K | 0 |
Effective Tax Rate % | -0.97% | -0.23% | -0.18% | 0% | -0.02% | 0% | 0.78% | 0.13% | 0.17% | 0% |
Net Income | -13.6M▲ 0% | -16.5M▼ 21.4% | -8.04M▲ 51.3% | 245K▲ 103.0% | -9.44M▼ 3954.3% | -12.45M▼ 31.9% | -4.69M▲ 62.4% | -9.58M▼ 104.3% | 8.77M▲ 191.6% | 5.86M▲ 0% |
Net Margin % | -23.23% | -25.08% | -12.75% | 0.4% | -15.4% | -16.25% | -4.58% | -9.16% | 8.82% | 5.9% |
Net Income Growth % | -14.34% | -21.36% | 51.28% | 103.05% | -3954.29% | -31.89% | 62.37% | -104.31% | 191.58% | 119.87% |
Funds From Operations (FFO) | 12.63M▲ 0% | 10.59M▼ 16.2% | 12.02M▲ 13.5% | 17.07M▲ 42.1% | 5.37M▼ 68.6% | 7.09M▲ 32.0% | 23.82M▲ 236.1% | 15.74M▼ 33.9% | 31.71M▲ 101.5% | 29.23M▲ 0% |
FFO Margin % | 21.59% | 16.1% | 19.06% | 28.07% | 8.75% | 9.25% | 23.27% | 15.05% | 31.89% | 29.41% |
FFO Growth % | 44.46% | -16.19% | 13.49% | 42.07% | -68.57% | 32.03% | 236.09% | -33.91% | 101.49% | 160.83% |
FFO per Share | - | - | - | - | - | - | - | - | 889.99 | 80.76 |
FFO Payout Ratio % | 164.16% | 137.78% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 11.02% |
EPS (Diluted) | -999999.00▲ 0% | -999999.00▲ 0.0% | -999999.00▲ 0.0% | -999999.00▲ 0.0% | -999999.00▲ 0.0% | -999999.00▲ 0.0% | -999999.00▲ 0.0% | -999999.00▲ 0.0% | -972.39▲ 99.9% | 16.20▲ 0% |
EPS Growth % | -38.09% | -19.94% | 28.24% | 59.14% | -42.36% | -61.65% | 79.27% | -31504.83% | 100% | -100% |
EPS (Basic) | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -972.39 | - |
Diluted Shares Outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.63K | 361.99K |
WHLR Balance Sheet
Wheeler Real Estate Investment Trust, Inc. (WHLR) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Assets | 457.67M | 508.08M | 484.37M | 489.38M | 465.28M | 684.54M | 668.33M | 653.7M | 601.73M | 594.01M |
Asset Growth % | -6.42% | 11.01% | -4.67% | 1.04% | -4.92% | 47.12% | -2.37% | -2.19% | -7.95% | -26.62% |
Real Estate & Other Assets | -47.34M | -35.38M | 1.67M | 1.95M | 388.66M | 570.01M | 575.09M | 544.38M | 524.54M | 489.93M |
PP&E (Net) | 0 | 0 | 427.87M | 405.41M | 14.12M | 16.53M | 10.57M | 10.08M | 7.55M | 8.01M |
Investment Securities | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 1000K | 0 | 1000K |
Total Current Assets | 0 | 0 | 30.23M | 64.99M | 51.7M | 69.41M | 52.93M | 75.41M | 68.94M | 65.99M |
Cash & Equivalents | 12.29M | 18M | 5.45M | 7.66M | 22.9M | 28.49M | 18.4M | 42.96M | 23.66M | 23.59M |
Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Other Current Assets | -24.64M | -28.54M | 17.88M | 48.18M | 19.57M | 27.37M | 21.4M | 17.75M | 29.52M | 26.29M |
Intangible Assets | 41.85M | 35.38M | 24.6M | 17.03M | 10.8M | 28.59M | 19.06M | 11.81M | 706K | 6.41M |
Total Liabilities | 333.84M | 386.87M | 371.13M | 376.97M | 368.93M | 531.98M | 526.8M | 537.05M | 507.04M | 502.61M |
Total Debt | 317.74M | 370.24M | 352.83M | 347.47M | 349.72M | 506.48M | 505.72M | 492.74M | 483.75M | 476.2M |
Net Debt | 305.45M | 352.24M | 347.38M | 339.81M | 326.82M | 477.98M | 487.31M | 460.89M | 460.09M | 452.61M |
Long-Term Debt | 307.38M | 360.19M | 340.91M | 334.27M | 333.28M | 466.03M | 477.57M | 476.66M | 461.71M | 461.07M |
Short-Term Borrowings | 39.81M | 0 | 0 | 0 | 0 | 0 | 0 | 5.95M | 7.16M | 0 |
Capital Lease Obligations | 9.62M | 10.04M | 11.92M | 13.2M | 16.44M | 40.45M | 28.14M | 21.25M | 14.88M | 66.93M |
Total Current Liabilities | 16.85M | 16.64M | 11.58M | 24.95M | 17.83M | 42.37M | 34.88M | 28.25M | 7.16M | 22.53M |
Accounts Payable | 10.58M | 12.12M | 9.56M | 11.23M | 11.05M | 18.4M | 17.07M | 17.13M | 0 | 0 |
Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Liabilities | 0 | 0 | 6.72M | 4.55M | 4.78M | 7.11M | 4.02M | 16.06M | 23.3M | 10.83M |
Total Equity | 123.83M▲ 0% | 121.21M▼ 2.1% | 113.23M▼ 6.6% | 112.41M▼ 0.7% | 96.35M▼ 14.3% | 152.55M▲ 58.3% | 141.53M▼ 7.2% | 116.65M▼ 17.6% | 94.69M▼ 18.8% | 91.4M▲ 0% |
Equity Growth % | -21.49% | -2.12% | -6.58% | -0.72% | -14.29% | 58.33% | -7.23% | -17.58% | -18.83% | -51.08% |
Shareholders Equity | 116.74M | 119.02M | 111.15M | 110.48M | 94.41M | 86.36M | 75.41M | 59.26M | 63.44M | 63.02M |
Minority Interest | 7.09M | 2.19M | 2.08M | 1.93M | 1.94M | 66.2M | 66.12M | 57.4M | 31.25M | 28.39M |
Common Stock | 87K | 95K | 97K | 97K | 97K | 10K | 0 | 3K | 6K | 5K |
Additional Paid-in Capital | 226.98M | 233.7M | 233.87M | 234.06M | 234.23M | 235.08M | 258.11M | 276.41M | 311.98M | 314.15M |
Retained Earnings | -204.93M | -233.18M | -251.58M | -260.87M | -274.11M | -295.62M | -324.85M | -347.03M | -350.88M | -356.14M |
Preferred Stock | 94.6M | 118.41M | 128.76M | 137.19M | 134.19M | 146.88M | 142.16M | 129.87M | 99.95M | 103.35M |
Return on Assets (ROA) | -2.87% | -3.42% | -1.62% | 0.05% | -1.98% | -2.17% | -0.69% | -1.45% | 1.4% | 0.96% |
Return on Equity (ROE) | -9.66% | -13.47% | -6.86% | 0.22% | -9.05% | -10.01% | -3.19% | -7.42% | 8.3% | 6.31% |
Debt / Assets | 69.42% | 72.87% | 72.84% | 71% | 75.16% | 73.99% | 75.67% | 75.38% | 80.39% | 80.17% |
Debt / Equity | 2.57x | 3.05x | 3.12x | 3.09x | 3.63x | 3.32x | 3.57x | 4.22x | 5.11x | 5.21x |
Net Debt / EBITDA | 10.61x | 8.54x | 11.24x | 9.64x | 9.52x | 10.83x | 8.42x | 7.33x | 8.41x | 7.79x |
Book Value per Share | - | - | - | 11.58 | - | 15.58 | 2.63 | 355.53 | 2657.32 | 252.50 |
WHLR Cash Flow Statement
Wheeler Real Estate Investment Trust, Inc. (WHLR) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 23.84M | 22M | 15.25M | 15.78M | 17.04M | 30.76M | 20.93M | 25.99M | 21.13M | 21.16M |
Operating CF Growth % | 114.77% | -7.71% | -30.67% | 3.46% | 7.99% | 80.49% | -31.94% | 24.14% | -18.69% | -70% |
Operating CF / Revenue % | 40.73% | 33.44% | 24.19% | 25.94% | 27.79% | 40.13% | 20.46% | 24.85% | 21.25% | 21.28% |
Net Income | -13.61M | -17.4M | -8.04M | 245K | -9.35M | -8.47M | -4.69M | -9.58M | 14.84M | 5.86M |
Depreciation & Amortization | 26.23M | 27.09M | 21.32M | 17.29M | 14.81M | 17.46M | 28.5M | 25.32M | 22.94M | 22.03M |
Stock-Based Compensation | 0 | 0 | 0 | 0 | 14K | 0 | 0 | 0 | 0 | 0 |
Other Non-Cash Items | 10.84M | 11.44M | 6.18M | 2.57M | 11.07M | 10.72M | -1.39M | 13.67M | -11.9M | -4.31M |
Working Capital Changes | 387K | 880K | -4.21M | -4.33M | 497K | 11.05M | -1.49M | -3.42M | -4.75M | -5.33M |
Cash from Investing | -2.98M | -22.45M | 868K | 2.24M | 5.1M | -133.51M | -31.52M | 3.98M | 32.14M | 51.62M |
Acquisitions (Net) | 1.87M | 2.75M | 19K | 0 | 0 | 0 | 0 | -11.5M | 0 | -10.13M |
Purchase of Investments | 0 | -23.15M | -24K | 0 | 0 | -135.51M | -14.26M | -500K | -10M | -10M |
Sale of Investments | 2.52M | 3.53M | 3.58M | 4.51M | 0 | 10.51M | 2.76M | 38.51M | 59.24M | 46.74M |
Other Investing | 0 | 0 | 0 | 0 | 11.51M | 0 | 0 | 0 | 0 | 41.91M |
Cash from Financing | -22.97M | 6.16M | -12.53M | 3.16M | -24.49M | 118.2M | -5.47M | -9.06M | -65.36M | -29.87M |
Dividends Paid | -20.74M | -14.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.22M |
Common Dividends | -20.74M | -14.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.22M |
Debt Issuance (Net) | -617K | -313K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 0 |
Share Repurchases | 0 | 0 | 0 | -1.11M | -8.34M | 0 | 0 | 0 | 0 | 0 |
Other Financing | -1.69M | -93K | 0 | 552K | -8.5M | -17.98M | -12.51M | -10.81M | -50.18M | -14.14M |
Net Change in Cash | -2.23M▲ 0% | 5.71M▲ 356.2% | 3.59M▼ 37.1% | 21.18M▲ 489.6% | -2.35M▼ 111.1% | 15.45M▲ 757.6% | -16.06M▼ 204.0% | 20.91M▲ 230.2% | -12.09M▼ 157.8% | 1M▲ 0% |
Exchange Rate Effect | -123.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -41.91M |
Cash at Beginning | 14.52M | 12.29M | 18M | 21.59M | 42.77M | 40.42M | 55.87M | 39.81M | 60.72M | 48.63M |
Cash at End | 12.29M | 18M | 21.59M | 42.77M | 40.42M | 55.87M | 39.81M | 60.72M | 48.63M | 48.02M |
Free Cash Flow | 16.47M▲ 0% | 16.43M▼ 0.3% | 12.54M▼ 23.7% | 13.51M▲ 7.7% | 10.63M▼ 21.3% | 22.25M▲ 109.3% | 913K▼ 95.9% | 3.46M▲ 279.2% | 4.03M▲ 16.3% | 4.25M▲ 0% |
FCF Growth % | 80.19% | -0.28% | -23.65% | 7.71% | -21.32% | 109.3% | -95.9% | 279.19% | 16.29% | -50.52% |
FCF / Revenue % | 28.14% | 24.97% | 19.89% | 22.21% | 17.34% | 29.03% | 0.89% | 3.31% | 4.05% | 4.28% |
WHLR Key Ratios
Wheeler Real Estate Investment Trust, Inc. (WHLR) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
FFO per Share | - | - | - | - | - | - | - | - | 889.99 | 80.76 |
FFO Payout Ratio | 164.16% | 137.78% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 11.02% |
NOI Margin | 28.9% | 30.74% | 69.66% | 68.95% | 68% | 66.43% | 65.92% | 66.44% | 66.77% | 56.77% |
Net Debt / EBITDA | 10.61x | 8.54x | 11.24x | 9.64x | 9.52x | 10.83x | 8.42x | 7.33x | 8.41x | 7.79x |
Debt / Assets | 69.42% | 72.87% | 72.84% | 71% | 75.16% | 73.99% | 75.67% | 75.38% | 80.39% | 80.17% |
Interest Coverage | - | - | - | - | 0.72x | 0.60x | 1.22x | - | 1.48x | - |
Book Value / Share | - | - | - | 11.58 | - | 15.58 | 2.63 | 355.53 | 2.66K | 252.5 |
Revenue Growth | 32.55% | 12.39% | -4.17% | -3.52% | 0.8% | 25.01% | 33.51% | 2.2% | -4.9% | -3.54% |
Related:WHLR Dividend History·WHLR Revenue History·WHLR Price History·WHLR P/E History·WHLR Financial Ratios·WHLR Institutional Holders
WHLR SEC Filings & Documents
Wheeler Real Estate Investment Trust, Inc. (WHLR) SEC filings — annual & quarterly reports (10-K, 10-Q)
WHLR Frequently Asked Questions
Wheeler Real Estate Investment Trust, Inc. (WHLR) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Wheeler Real Estate Investment Trust, Inc. (WHLR) reported $99.4M in revenue for fiscal year 2025. This represents a 5262% increase from $1.9M in 2010.
Wheeler Real Estate Investment Trust, Inc. (WHLR) saw revenue decline by 4.9% over the past year.
Yes, Wheeler Real Estate Investment Trust, Inc. (WHLR) is profitable, generating $5.9M in net income for fiscal year 2025 (8.8% net margin).
Dividend & Returns
Wheeler Real Estate Investment Trust, Inc. (WHLR) has a return on equity (ROE) of 8.3%. This is below average, suggesting room for improvement.
Industry Metrics
Wheeler Real Estate Investment Trust, Inc. (WHLR) generated Funds From Operations (FFO) of $29.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.