Operational performance remains strained as NOI margins compressed significantly to 22.4% in 2026Q1, down from historical peaks near 70%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Revenue | 99.41M | 99.44M | 104.57M | 102.33M | 76.64M | 61.31M | 60.83M | 63.05M | 65.79M | 58.53M | 44.16M | 26.37M | 17.16M | 8.71M | 2.43M | 1.93M | 1.85M |
| Revenue Growth % | -3.54% | -4.9% | 2.2% | 33.51% | 25.01% | 0.8% | -3.52% | -4.17% | 12.39% | 32.55% | 67.43% | 53.71% | 97.06% | 257.75% | 26.42% | 3.84% | - |
| Property Operating Expenses | 42.98M | 33.04M | 35.1M | 34.87M | 25.73M | 19.62M | 18.89M | 19.13M | 45.56M | 41.62M | 32.54M | 25.23M | 12.54M | 5.18M | 1.34M | 1.27M | 1.25M |
| Net Operating Income (NOI) | 56.43M | 66.4M | 69.47M | 67.45M | 50.91M | 41.69M | 41.94M | 43.92M | 20.22M | 16.91M | 11.63M | 1.14M | 4.62M | 3.53M | 1.09M | 660.03K | 599.9K |
| NOI Margin % | 56.77% | 66.77% | 66.44% | 65.92% | 66.43% | 68% | 68.95% | 69.66% | 30.74% | 28.9% | 26.33% | 4.33% | 26.95% | 40.5% | 44.89% | 34.28% | 32.36% |
| Operating Expenses | 24.18M | 34.65M | 31.94M | 38.05M | 26.32M | 22.18M | 23.52M | 33.06M | 6.07M | 14.35M | 6.62M | 6.41M | 16.37M | 5.4M | 2.3M | 1.21M | 858.06K |
| G&A Expenses | 11.71M | 11.71M | 10.98M | 11.75M | 8.62M | 7.14M | 5.83M | 6.66M | 6.07M | 14.35M | 6.62M | 6.41M | 16.37M | 5.4M | 2.3M | 1.21M | 858.06K |
| EBITDA | 55.62M | 54.69M | 62.85M | 57.91M | 44.14M | 34.32M | 35.25M | 30.91M | 41.25M | 28.8M | 25.64M | 11.61M | -3.53M | 1.59M | -383.5K | 190.33K | 474.69K |
| EBITDA Margin % | 55.95% | 55% | 60.1% | 56.59% | 57.59% | 55.98% | 57.95% | 49.03% | 62.7% | 49.2% | 58.06% | 44.03% | -20.54% | 18.25% | -15.76% | 9.89% | 25.6% |
| Depreciation & Amortization | 23.37M | 22.94M | 25.32M | 28.5M | 19.54M | 14.81M | 16.83M | 20.06M | 27.09M | 26.23M | 20.64M | 16.88M | 8.22M | 3.47M | 822.15K | 744.93K | 732.85K |
| D&A / Revenue % | 23.51% | 23.07% | 24.21% | 27.85% | 25.49% | 24.16% | 27.67% | 31.82% | 41.18% | 44.81% | 46.73% | 64.01% | 47.91% | 39.82% | 33.78% | 38.69% | 39.53% |
| Operating Income | 32.25M | 31.75M | 37.53M | 29.41M | 24.6M | 19.51M | 18.42M | 10.85M | 14.16M | 2.57M | 5M | -5.27M | -11.75M | -1.88M | -1.21M | -554.6K | -258.16K |
| Operating Margin % | 32.44% | 31.93% | 35.89% | 28.74% | 32.09% | 31.82% | 30.28% | 17.22% | 21.52% | 4.39% | 11.33% | -19.98% | -68.45% | -21.56% | -49.53% | -28.81% | -13.92% |
| Interest Expense | 4M | 31.06M | 29.56M | 27.7M | 21.39M | 33.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 1.48x | 1.03x | 1.22x | 0.60x | 0.72x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | -10.55M | -14.18M | 7.2M | -4.42M | 11.67M | -4.17M | -577K | -5.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 11.29M | 14.86M | 768K | 6.13M | -8.47M | -9.35M | 287K | -8.13M | -17.77M | -14.16M | -12.96M | -21.38M | -11.75M | -4.38M | -1.21M | -554.6K | -258.16K |
| Pretax Margin % | 11.36% | 14.95% | 0.73% | 5.99% | -11.05% | -15.25% | 0.47% | -12.89% | -27.01% | -24.19% | -29.34% | -81.05% | -68.45% | -50.25% | -49.53% | -28.81% | -13.92% |
| Income Tax | 0 | 26K | 1K | 48K | 0 | 2K | 0 | 15K | 40K | 137K | 107.46K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0.17% | 0.13% | 0.78% | 0% | -0.02% | 0% | -0.18% | -0.23% | -0.97% | -0.83% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 5.86M | 8.77M | -9.58M | -4.69M | -12.45M | -9.44M | 245K | -8.04M | -16.5M | -13.6M | -11.89M | -20.03M | -10.55M | -3.66M | -1.16M | -554.6K | -258.16K |
| Net Margin % | 5.9% | 8.82% | -9.16% | -4.58% | -16.25% | -15.4% | 0.4% | -12.75% | -25.08% | -23.23% | -26.93% | -75.93% | -61.48% | -42.04% | -47.73% | -28.81% | -13.92% |
| Net Income Growth % | 119.87% | 191.58% | -104.31% | 62.37% | -31.89% | -3954.29% | 103.05% | 51.28% | -21.36% | -14.34% | 40.62% | -89.82% | -188.24% | -215.06% | -109.48% | -114.83% | - |
| Funds From Operations (FFO) | 29.23M | 31.71M | 15.74M | 23.82M | 7.09M | 5.37M | 17.07M | 12.02M | 10.59M | 12.63M | 8.75M | -3.14M | -2.33M | -193.3K | -339.63K | 190.33K | 474.69K |
| FFO Margin % | 29.41% | 31.89% | 15.05% | 23.27% | 9.25% | 8.75% | 28.07% | 19.06% | 16.1% | 21.59% | 19.81% | -11.92% | -13.58% | -2.22% | -13.95% | 9.89% | 25.6% |
| FFO Growth % | 160.83% | 101.49% | -33.91% | 236.09% | 32.03% | -68.57% | 42.07% | 13.49% | -16.19% | 44.46% | 378.21% | -34.93% | -1105.28% | 43.09% | -278.44% | -59.9% | - |
| FFO per Share | 0.08 | 0.30 | 89.94 | 127.35 | 20.91 | 15.93 | 50.71 | 35.79 | 32.95 | 42.05 | 29.91 | -18.60 | -73.01 | -9.64 | -23.70 | 13.28 | 33.13 |
| FFO Payout Ratio % | 5.44% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 137.78% | 164.16% | 202.29% | -451.46% | -233.18% | -1493.34% | -37.12% | 147.84% | 67.63% |
| EPS (Diluted) | 0.02 | -36.01 | -54720.00 | -25064.17 | -36746.86 | -28020.77 | 727.55 | -23937.85 | -51338.37 | -45245.43 | -40670.02 | -118489.07 | -330608.78 | -182513.62 | -81076.23 | -38703.47 | -18016.20 |
| EPS Growth % | 99.9% | 99.93% | -118.32% | 31.79% | -31.14% | -3951.39% | 103.04% | 53.37% | -13.47% | -11.25% | 65.68% | 64.16% | -81.14% | -125.11% | -109.48% | -114.83% | - |
| EPS (Basic) | - | -36.01 | -54720.00 | -25064.17 | -36746.86 | -28020.77 | 727.55 | -23937.85 | -51338.37 | -45245.43 | -40670.02 | -118489.07 | -330608.78 | -182513.62 | -81076.23 | -38703.47 | -18016.20 |
| Diluted Shares Outstanding | 361.99M | 106.9M | 175K | 187K | 338.91K | 337K | 336.75K | 335.83K | 321.4K | 300.49K | 292.37K | 169.01K | 31.91K | 20.05K | 14.33K | 14.33K | 14.33K |
Capital structure insolvency risk
As reported in recent financial filings, Wheeler Real Estate Investment Trust experienced a 4.90% year-over-year revenue decline, reflecting a persistent contraction in the income-producing base that suggests potential tenant attrition or strategic asset dispositions intended to address the company's complex and highly leveraged capital structure.
The consistent downward pressure on top-line revenue indicates that the REIT is struggling to maintain its footprint in secondary markets. Investors should monitor whether this revenue erosion is a byproduct of necessary asset sales to satisfy creditors or a fundamental weakening of the grocery-anchored tenant base.
Based on the provided quarterly data, the NOI margin fluctuated significantly, dropping to 22.4% in 2026Q1 from historical peaks near 70%, which suggests that the company's ability to pass through operating expenses to tenants is becoming increasingly compromised by rising maintenance and property tax costs.
The volatility in property-level profitability implies that the REIT's triple-net lease structure may not be providing the expected insulation against inflationary cost pressures. This margin compression warrants further investigation into the company's ability to retain high-margin inline shop tenants who typically drive the profitability of these centers.
According to the company's reported figures, FFO per share has exhibited extreme volatility, ranging from significant negative values to anomalous highs, which suggests that GAAP-based earnings metrics are heavily distorted by non-recurring items and the complex accounting treatment of the company's preferred equity obligations.
The erratic nature of FFO growth makes it a poor indicator of operational health for this REIT. Analysts should focus on the recurring AFFO figures, which have frequently turned negative, signaling that the core business may be struggling to generate sufficient cash to cover its obligations.
Financial statements indicate that the company faces a structural deadlock, as the massive accumulated back-dividends on Series D preferred stock appear to create a barrier that may prevent common shareholders from realizing value, effectively rendering the equity a high-risk option on interest rate and refinancing outcomes.
The discrepancy between the reported debt-to-equity ratio and the reality of the preferred stock's debt-like characteristics suggests that the company's leverage is significantly higher than headline figures imply. This situation warrants caution, as the REIT appears to be operating in a survival mode that prioritizes senior obligations over long-term portfolio growth.
Quick answers to the most common questions about buying WHLRD stock.
For fiscal year 2025, Wheeler Real Estate Investment Trust, Inc. (WHLRD) reported total revenue of $99.4M. This represents a 5263.7% increase compared to $1.9M in 2010.
Wheeler Real Estate Investment Trust, Inc. (WHLRD) is profitable, generating $8.8M in net income for the fiscal year ending 2025 with a net profit margin of 8.8%.
Wheeler Real Estate Investment Trust, Inc. (WHLRD) reported an operating income of $31.7M, resulting in an operating profit margin of 31.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Wheeler Real Estate Investment Trust, Inc. (WHLRD) generated $66.4M in gross profit for the year, representing a gross profit margin of 66.8%. This demonstrates the company's core pricing power and production efficiency.