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Wheeler Real Estate Investment Trust, Inc.(WHLRD)Earnings, Financials & Key Ratios
WHLRD•NASDAQ•REIT / Real Estate
Price updated May 30, 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$100M-4.0%
- FFO$32M+101.5%
- FFO/Share0.30-99.7%
- FFO Payout20.67%
- FFO per Share0.30-99.7%
- NOI Margin21.36%-67.9%
- FFO Margin31.6%+109.9%
- ROE8.3%+211.9%
- ROA1.4%+196.4%
- Debt/Assets80.39%+4.3%
- Net Debt/EBITDA7.74+5.6%
- Book Value/Share0.89-99.9%
WHLRD Key Insights
Wheeler Real Estate Investment Trust, Inc. (WHLRD) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Strong 5Y profit CAGR of 104.5%
- ✓FFO growing 129.8% TTM
- ✓Sustainable FFO payout ratio of 20.7%
✗Weaknesses
- ✗High debt to equity ratio of 5.1x
- ✗Low NOI margin of 21.4%
- ✗Shares diluted 100.0% in last year
- ✗Expensive at 43.7x book value
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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WHLRD Price & Volume
Wheeler Real Estate Investment Trust, Inc. (WHLRD) stock price & volume — 10-year historical chart
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WHLRD Growth Metrics
Wheeler Real Estate Investment Trust, Inc. (WHLRD) 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-
TTM99.75%
Return on Capital
10 Years3.62%
5 Years5.07%
3 Years5.52%
Last Year5.98%
WHLRD Recent Earnings
Wheeler Real Estate Investment Trust, Inc. (WHLRD) EPS & revenue vs analyst estimates — last 4 quarters
Q2 2026Latest
May 4, 2026EPS
$14.55
Revenue
$24M
Q2 2026
Mar 5, 2026EPS
$22.52
Revenue
$25M
Q3 2025
Aug 8, 2025EPS
$4.58
Revenue
$26M
Q2 2025
May 5, 2025EPS
$17165.05
Revenue
$24M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 4, 2026 | $14.55 | $24M |
| Q2 2026 | Mar 5, 2026 | $22.52 | $25M |
| Q3 2025 | Aug 8, 2025 | $4.58 | $26M |
| Q2 2025 | May 5, 2025 | $17165.05 | $24M |
Based on last 12 quarters of dataView full earnings history →
WHLRD Peer Comparison
Wheeler Real Estate Investment Trust, Inc. (WHLRD) 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 |
|---|---|---|---|---|---|---|---|---|
 WHLR | 376.47M | 1.04 | -0.03 | -4.9% | 5.9% | 6.31% | 5.11 | |
 NXRT | 737.49M | 29.06 | -23.06 | -3.24% | -12.67% | -10.13% | 5.18 | |
 PSTL | 808.9M | 23.04 | 49.02 | 25.47% | 15.84% | 4.53% | 1.13 | |
 MDRR | 13.51M | 10.90 | -5.74 | 6.79% | 74.72% | 26.76% | 1.36 | |
 SQFT | 3.38M | 2.78 | -1.24 | 7.31% | -38.69% | -20.83% | 2.92 | |
 KIM | 16.24B | 24.08 | 29.01 | 5.06% | 28.51% | 5.81% | 0.82 | |
 SITC | 265M | 5.05 | 1.49 | -55.61% | 187.87% | 47.95% | 0.22 | |
 BRX | 9.38B | 30.56 | 24.45 | 6.73% | 31.99% | 14.85% | 1.95 |
Compare WHLRD vs Peers
Wheeler Real Estate Investment Trust, Inc. (WHLRD) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
WHLRD Income Statement
Wheeler Real Estate Investment Trust, Inc. (WHLRD) 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 |
|---|---|---|---|---|---|---|---|---|---|
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 | 14.35M | 6.07M | 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 | 29.56M | 33.76M |
Interest Coverage | - | - | - | - | 0.72x | 0.60x | 1.22x | 1.03x | 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 | 42.05 | 32.95 | 35.79 | 50.71 | 15.93 | 20.91 | 127.35 | 89.94 | 0.30 |
FFO Payout Ratio % | 164.16% | 137.78% | 0% | 0% | 0% | 0% | 0% | 0% | 20.67% |
EPS (Diluted) | -45245.43▲ 0% | -51338.37▼ 13.5% | -23937.85▲ 53.4% | 727.55▲ 103.0% | -28020.77▼ 3951.4% | -36746.86▼ 31.1% | -25064.17▲ 31.8% | -54720.00▼ 118.3% | -36.01▲ 99.9% |
EPS Growth % | -11.25% | -13.47% | 53.37% | 103.04% | -3951.39% | -31.14% | 31.79% | -118.32% | 99.93% |
EPS (Basic) | -45245.43 | -51338.37 | -23937.85 | 727.55 | -28020.77 | -36746.86 | -25064.17 | -54720.00 | -36.01 |
Diluted Shares Outstanding | 300.49K | 321.4K | 335.83K | 336.75K | 337K | 338.91K | 187K | 175K | 106.9M |
WHLRD Balance Sheet
Wheeler Real Estate Investment Trust, Inc. (WHLRD) 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 |
|---|---|---|---|---|---|---|---|---|---|
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 | -36.64M | 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 | 10.54M | 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 | 503.86M | 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 | 268.31M | 360.19M | 340.91M | 334.27M | 333.28M | 466.03M | 477.57M | 482.61M | 461.71M |
Short-Term Borrowings | 39.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.16M |
Capital Lease Obligations | 9.62M | 10.04M | 11.92M | 13.2M | 16.44M | 40.45M | 28.14M | 21.25M | 14.88M |
Total Current Liabilities | 0 | 0 | 11.58M | 24.95M | 17.83M | 42.37M | 34.88M | 28.25M | 7.16M |
Accounts Payable | 0 | 0 | 9.56M | 11.23M | 0 | 0 | 0 | 0 | 0 |
Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Liabilities | -277.93M | -370.24M | 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 | 538K | 3K | 6K |
Additional Paid-in Capital | 226.98M | 233.7M | 233.87M | 234.06M | 234.23M | 235.08M | 257.57M | 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% | 77.08% | 80.39% |
Debt / Equity | 2.57x | 3.05x | 3.12x | 3.09x | 3.63x | 3.32x | 3.57x | 4.32x | 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 | 412.09 | 377.13 | 337.17 | 333.82 | 285.91 | 450.12 | 756.83 | 666.59 | 0.89 |
WHLRD Cash Flow Statement
Wheeler Real Estate Investment Trust, Inc. (WHLRD) 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 |
|---|---|---|---|---|---|---|---|---|---|
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 | 0 | -14.26M | -500K | -10M |
Sale of Investments | 2.52M | 3.53M | 3.58M | 4.51M | 0 | 0 | 2.76M | 38.51M | 0 |
Other Investing | 0 | 0 | 0 | 0 | 11.51M | -125M | 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 | 0 | 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 | 0▲ 0% | 0▲ 0% | 3.59M▲ 0% | 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 | 0 | 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% |
WHLRD Key Ratios
Wheeler Real Estate Investment Trust, Inc. (WHLRD) 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 | 29.91 | 42.05 | 32.95 | 35.79 | 50.71 | 15.93 | 20.91 | 127.35 | 89.94 | 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% | 77.08% | 80.39% |
| Interest Coverage | - | - | - | - | - | 0.72x | 0.60x | 1.22x | 1.03x | 1.44x |
| Book Value / Share | 539.45 | 412.09 | 377.13 | 337.17 | 333.82 | 285.91 | 450.12 | 756.83 | 666.59 | 0.89 |
| Revenue Growth | 67.43% | 32.55% | 12.39% | -4.17% | -3.52% | 0.8% | 25.01% | 33.51% | 2.2% | -4.02% |
Related:WHLRD Dividend History·WHLRD Revenue History·WHLRD Price History·WHLRD P/E History·WHLRD Financial Ratios·WHLRD Institutional Holders
WHLRD SEC Filings & Documents
Wheeler Real Estate Investment Trust, Inc. (WHLRD) SEC filings — annual & quarterly reports (10-K, 10-Q)
WHLRD Frequently Asked Questions
Wheeler Real Estate Investment Trust, Inc. (WHLRD) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Wheeler Real Estate Investment Trust, Inc. (WHLRD) 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. (WHLRD) saw revenue decline by 4.0% over the past year.
Yes, Wheeler Real Estate Investment Trust, Inc. (WHLRD) 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. (WHLRD) pays a dividend with a yield of 0.16%. This makes it attractive for income-focused investors.
Wheeler Real Estate Investment Trust, Inc. (WHLRD) 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. (WHLRD) generated Funds From Operations (FFO) of $36.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.