Wheeler Real Estate Investment Trust, Inc.(WHLR)Earnings, Financials & Key Ratios

WHLR•NASDAQ•REIT / Real Estate

$1.89

$202M mkt cap·Price updated May 6, 2026

SectorReal Estate IndustryRetail REITs Sub-IndustryOpen-Air Shopping Centers

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$100M-4.0%
FFO$32M+101.5%
FFO/Share0.30-100.0%
FFO Payout20.67%
FFO per Share0.30-100.0%
NOI Margin21.36%-67.9%
FFO Margin31.6%+109.9%
ROE8.3%+211.9%
ROA1.4%+196.4%
Debt/Assets80.39%+6.7%
Net Debt/EBITDA7.74+5.6%
Book Value/Share0.89-100.0%

Technical→

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%
✓FFO growing 120.7% TTM
✓Sustainable FFO payout ratio of 20.7%
✓Healthy dividend yield of 3.2%

✗Weaknesses

✗High debt to equity ratio of 5.1x
✗Weak momentum: RS Rating 1 (bottom 1%)
✗Low NOI margin of 21.4%
✗Shares diluted 100.0% in last year
✗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.

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 Years14.3%

5 Years10.54%

3 Years9.41%

TTM-4.9%

Profit CAGR

10 Years-

5 Years104.53%

3 Years-

TTM223.19%

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM98.5%

Return on Capital

10 Years3.64%

5 Years5.07%

3 Years5.52%

Last Year5.98%

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	FCF Yield	Debt / Equity
NXRTNexPoint Residential Trust, Inc.Direct Competitor	748.15M	29.48	-23.40	-3.24%	-12.67%	-10.13%	11.17%	5.18
PSTLPostal Realty Trust, Inc.Direct Competitor	774.33M	22.41	47.68	25.47%	14.77%	4.2%	4.85%	1.13
MDRRMedalist Diversified REIT, Inc.Direct Competitor	12.39M	11.16	-5.87	6.79%	-22.98%	-9.53%	0.62%	0.03
SQFTPresidio Property Trust, Inc.Direct Competitor	45.09M	3.64	-1.62	7.31%	-38.69%	-23.11%		2.92
GIPRGeneration Income Properties, Inc.Direct Competitor	1.45M	0.27	-0.18	27.91%	-103.22%	-32.21%	70.55%	2.14
KIMKimco Realty CorporationProduct Competitor	15.88B	23.54	28.36	5.06%	28.51%	5.81%	4.87%	0.82
SITCSITE Centers Corp.Product Competitor	294.31M	5.61	1.65	-62.67%	72.14%	12.2%	6.66%
BRXBrixmor Property Group Inc.Product Competitor	9.24B	30.12	24.10	6.73%	31.99%	14.85%	7.05%	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.

Closest Rival

vs NXRT

Most directly comparable listed peer for WHLR.

Scale Benchmark

vs WMT

Larger-name benchmark to compare WHLR against a more recognizable public peer.

Peer Set

Compare Top 5

vs NXRT, PSTL, MDRR, SQFT

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

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Revenue	58.53M	65.79M	63.05M	60.83M	61.31M	76.64M	102.33M	104.57M	100.37M
Revenue Growth %	32.55%	12.39%	-4.17%	-3.52%	0.8%	25.01%	33.51%	2.2%	-4.02%
Property Operating Expenses	41.62M	45.56M	19.13M	18.89M	19.62M	25.73M	34.87M	35.1M	78.93M
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%	21.44M▼ 69.1%
NOI Margin %	28.9%	30.74%	69.66%	68.95%	68%	66.43%	65.92%	66.44%	21.36%
Operating Expenses	14.35M	6.07M	33.06M	23.52M	22.18M	26.32M	38.05M	31.94M	-15.05M
G&A Expenses	6.25M	8.3M	6.66M	5.83M	7.14M	8.62M	11.75M	10.98M	11.71M
EBITDA	28.8M	41.25M	30.91M	35.25M	34.32M	44.14M	57.91M	62.85M	59.43M
EBITDA Margin %	49.2%	62.7%	49.03%	57.95%	55.98%	57.59%	56.59%	60.1%	59.22%
Depreciation & Amortization	26.23M	27.09M	20.06M	16.83M	14.81M	19.54M	28.5M	25.32M	22.94M
D&A / Revenue %	44.81%	41.18%	31.82%	27.67%	24.16%	25.49%	27.85%	24.21%	22.86%
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%	36.49M▼ 2.8%
Operating Margin %	4.39%	21.52%	17.22%	30.28%	31.82%	32.09%	28.74%	35.89%	36.36%
Interest Expense	0	0	0	0	33.03M	21.39M	27.7M	0	33.76M
Interest Coverage	-	-	-	-	0.72x	0.60x	1.22x	-	1.44x
Non-Operating Income	0	0	-5.2M	-577K	-4.17M	11.67M	-4.42M	7.2M	-12.13M
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%
Pretax Margin %	-24.19%	-27.01%	-12.89%	0.47%	-15.25%	-11.05%	5.99%	0.73%	14.81%
Income Tax	137K	40K	15K	0	2K	0	48K	1K	-26K
Effective Tax Rate %	-0.97%	-0.23%	-0.18%	0%	-0.02%	0%	0.78%	0.13%	-0.17%
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%
Net Margin %	-23.23%	-25.08%	-12.75%	0.4%	-15.4%	-16.25%	-4.58%	-9.16%	8.74%
Net Income Growth %	-14.34%	-21.36%	51.28%	103.05%	-3954.29%	-31.89%	62.37%	-104.31%	191.58%
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%
FFO Margin %	21.59%	16.1%	19.06%	28.07%	8.75%	9.25%	23.27%	15.05%	31.6%
FFO Growth %	44.46%	-16.19%	13.49%	42.07%	-68.57%	32.03%	236.09%	-33.91%	101.49%
FFO per Share	-	-	-	-	999999.00	999999.00	95642.57	118345.86	0.30
FFO Payout Ratio %	164.16%	137.78%	0%	0%	0%	0%	0%	0%	20.67%
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%	-117449.10▲ 88.3%	-166425.00▼ 41.7%	-36.01▲ 100.0%
EPS Growth %	-38.09%	-19.94%	28.24%	59.14%	89.76%	-60.07%	97.52%	-41.7%	99.98%
EPS (Basic)	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-999999.00	-117449.10	-166425.00	-36.01
Diluted Shares Outstanding	0	0	0	0	4	5	249	133	106.9M

WHLR Balance Sheet

Wheeler Real Estate Investment Trust, Inc. (WHLR) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Total Assets	457.67M	508.08M	484.37M	489.38M	465.28M	684.54M	668.33M	653.7M	601.73M
Asset Growth %	-6.42%	11.01%	-4.67%	1.04%	-4.92%	47.12%	-2.37%	-2.19%	-7.95%
Real Estate & Other Assets	-47.34M	-35.38M	1.67M	1.95M	388.66M	570.01M	575.09M	544.38M	0
PP&E (Net)	0	0	427.87M	405.41M	14.12M	16.53M	10.57M	10.08M	7.55M
Investment Securities	0	0	0	0	0	0	1000K	1000K	0
Total Current Assets	0	0	30.23M	64.99M	51.7M	69.41M	52.93M	75.41M	63.82M
Cash & Equivalents	12.29M	18M	5.45M	7.66M	22.9M	28.49M	18.4M	42.96M	23.66M
Receivables	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	0
Intangible Assets	41.85M	35.38M	24.6M	17.03M	10.8M	28.59M	19.06M	11.81M	706K
Total Liabilities	333.84M	386.87M	371.13M	376.97M	368.93M	531.98M	526.8M	537.05M	507.04M
Total Debt	317.74M	370.24M	352.83M	347.47M	349.72M	506.48M	505.72M	492.74M	483.75M
Net Debt	305.45M	352.24M	347.38M	339.81M	326.82M	477.98M	487.31M	460.89M	460.09M
Long-Term Debt	307.38M	360.19M	340.91M	334.27M	333.28M	466.03M	477.57M	476.66M	461.71M
Short-Term Borrowings	39.81M	0	0	0	0	0	0	5.95M	7.16M
Capital Lease Obligations	9.62M	10.04M	11.92M	13.2M	16.44M	40.45M	28.14M	10.13M	14.88M
Total Current Liabilities	16.85M	16.64M	11.58M	24.95M	17.83M	42.37M	34.88M	28.25M	7.16M
Accounts Payable	10.58M	12.12M	9.56M	11.23M	11.05M	18.4M	17.07M	17.13M	0
Deferred Revenue	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
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%
Equity Growth %	-21.49%	-2.12%	-6.58%	-0.72%	-14.29%	58.33%	-7.23%	-17.58%	-18.83%
Shareholders Equity	116.74M	119.02M	111.15M	110.48M	94.41M	86.36M	75.41M	59.26M	63.44M
Minority Interest	7.09M	2.19M	2.08M	1.93M	1.94M	66.2M	66.12M	57.4M	31.25M
Common Stock	87K	95K	97K	97K	97K	10K	0	3K	6K
Additional Paid-in Capital	226.98M	233.7M	233.87M	234.06M	234.23M	235.08M	258.11M	276.41M	311.98M
Retained Earnings	-204.93M	-233.18M	-251.58M	-260.87M	-274.11M	-295.62M	-324.85M	-347.03M	-350.88M
Preferred Stock	94.6M	118.41M	128.76M	137.19M	134.19M	146.88M	142.16M	129.87M	99.95M
Return on Assets (ROA)	-2.87%	-3.42%	-1.62%	0.05%	-1.98%	-2.17%	-0.69%	-1.45%	1.4%
Return on Equity (ROE)	-9.66%	-13.47%	-6.86%	0.22%	-9.05%	-10.01%	-3.19%	-7.42%	8.3%
Debt / Assets	69.42%	72.87%	72.84%	71%	75.16%	73.99%	75.67%	75.38%	80.39%
Debt / Equity	2.57x	3.05x	3.12x	3.09x	3.63x	3.32x	3.57x	4.22x	5.11x
Net Debt / EBITDA	10.61x	8.54x	11.24x	9.64x	9.52x	10.83x	8.42x	7.33x	7.74x
Book Value per Share	-	-	-	11.58	999999.00	999999.00	568385.54	877097.74	0.89

WHLR Cash Flow Statement

Wheeler Real Estate Investment Trust, Inc. (WHLR) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25
Cash from Operations	23.84M	22M	15.25M	15.78M	17.04M	30.76M	20.93M	25.99M	21.13M
Operating CF Growth %	114.77%	-7.71%	-30.67%	3.46%	7.99%	80.49%	-31.94%	24.14%	-18.69%
Operating CF / Revenue %	40.73%	33.44%	24.19%	25.94%	27.79%	40.13%	20.46%	24.85%	21.05%
Net Income	-13.61M	-17.4M	-8.04M	245K	-9.35M	-8.47M	-4.69M	-9.58M	14.84M
Depreciation & Amortization	26.23M	27.09M	21.32M	17.29M	14.81M	17.46M	28.5M	25.32M	22.94M
Stock-Based Compensation	0	0	0	0	14K	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
Working Capital Changes	387K	880K	-4.21M	-4.33M	497K	11.05M	-1.49M	-3.42M	-4.75M
Cash from Investing	-2.98M	-22.45M	868K	2.24M	5.1M	-133.51M	-31.52M	3.98M	32.14M
Acquisitions (Net)	1.87M	2.75M	19K	0	0	0	0	-11.5M	0
Purchase of Investments	0	-23.15M	-24K	0	0	-135.51M	-14.26M	-500K	-10M
Sale of Investments	2.52M	3.53M	3.58M	4.51M	0	10.51M	2.76M	38.51M	0
Other Investing	0	0	0	0	11.51M	0	0	0	42.14M
Cash from Financing	-22.97M	6.16M	-12.53M	3.16M	-24.49M	118.2M	-5.47M	-9.06M	-65.36M
Dividends Paid	-20.74M	-14.59M	0	0	0	0	0	0	-6.56M
Common Dividends	-20.74M	-14.59M	0	0	0	0	0	0	0
Debt Issuance (Net)	-617K	-313K	-1000K	1000K	-1000K	1000K	1000K	1000K	-1000K
Share Repurchases	0	0	0	-1.11M	-8.34M	0	0	0	0
Other Financing	-1.69M	-93K	0	552K	-8.5M	-17.98M	-12.51M	-10.81M	-43.17M
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%
Exchange Rate Effect	-123.55K	0	0	0	0	0	0	0	0
Cash at Beginning	14.52M	12.29M	18M	21.59M	42.77M	40.42M	55.87M	39.81M	60.72M
Cash at End	12.29M	18M	21.59M	42.77M	40.42M	55.87M	39.81M	60.72M	48.63M
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%
FCF Growth %	80.19%	-0.28%	-23.65%	7.71%	-21.32%	109.3%	-95.9%	279.19%	16.29%
FCF / Revenue %	28.14%	24.97%	19.89%	22.21%	17.34%	29.03%	0.89%	3.31%	4.01%

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	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	-	-	-	-	-	1000K	1000K	95.64K	118.35K	0.3
FFO Payout Ratio	202.29%	164.16%	137.78%	0%	0%	0%	0%	0%	0%	20.67%
NOI Margin	26.33%	28.9%	30.74%	69.66%	68.95%	68%	66.43%	65.92%	66.44%	21.36%
Net Debt / EBITDA	11.86x	10.61x	8.54x	11.24x	9.64x	9.52x	10.83x	8.42x	7.33x	7.74x
Debt / Assets	65.16%	69.42%	72.87%	72.84%	71%	75.16%	73.99%	75.67%	75.38%	80.39%
Interest Coverage	-	-	-	-	-	0.72x	0.60x	1.22x	-	1.44x
Book Value / Share	-	-	-	-	11.58	1000K	1000K	568.39K	877.1K	0.89
Revenue Growth	67.43%	32.55%	12.39%	-4.17%	-3.52%	0.8%	25.01%	33.51%	2.2%	-4.02%

WHLR SEC Filings & Documents

Wheeler Real Estate Investment Trust, Inc. (WHLR) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 13, 2026·SEC

Material company update

Apr 7, 2026·SEC

Material company update

Apr 6, 2026·SEC

10-K Annual Reports

FY 2026

Mar 5, 2026·SEC

10-Q Quarterly Reports

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 5, 2025·SEC

FY 2025

May 6, 2025·SEC

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 5264% increase from $1.9M in 2010.

Wheeler Real Estate Investment Trust, Inc. (WHLR) saw revenue decline by 4.0% over the past year.

Yes, Wheeler Real Estate Investment Trust, Inc. (WHLR) is profitable, generating $11.8M in net income for fiscal year 2025 (8.7% net margin).

Dividend & Returns

Yes, Wheeler Real Estate Investment Trust, Inc. (WHLR) pays a dividend with a yield of 3.24%. This makes it attractive for income-focused investors.

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 $34.7M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Wheeler Real Estate Investment Trust, Inc. (WHLR) offers a 3.24% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More WHLR

Wheeler Real Estate Investment Trust, Inc. (WHLR) financial analysis — history, returns, DCA and operating performance tools

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Wheeler Real Estate Investment Trust, Inc.(WHLR)Earnings, Financials & Key Ratios

WHLR Key Insights

✓Strengths

✗Weaknesses

WHLR Price & Volume

WHLR Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

WHLR Peer Comparison

Compare WHLR vs Peers

vs NXRT

vs WMT

Compare Top 5

WHLR Income Statement

WHLR Balance Sheet

WHLR Cash Flow Statement

WHLR Key Ratios

WHLR SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

WHLR Frequently Asked Questions

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