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Wheeler Real Estate Investment Trust, Inc.(WHLRP)Earnings, Financials & Key Ratios
WHLRP•NASDAQ•REIT / Real Estate
$7.03
$752M mkt cap·Price updated May 6, 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/Share0.30-100.0%
- 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%+4.3%
- Net Debt/EBITDA7.74+5.6%
- Book Value/Share0.89-100.0%
WHLRP Key Insights
Wheeler Real Estate Investment Trust, Inc. (WHLRP) 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%
- ✓Momentum leader: RS Rating 89 (top 11%)
✗Weaknesses
- ✗High debt to equity ratio of 5.1x
- ✗Low NOI margin of 21.4%
- ✗Shares diluted 100.0% in last year
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
WHLRP Price & Volume
Wheeler Real Estate Investment Trust, Inc. (WHLRP) stock price & volume — 10-year historical chart
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WHLRP Growth Metrics
Wheeler Real Estate Investment Trust, Inc. (WHLRP) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years13.73%
5 Years10.47%
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-
TTM-25621.43%
Return on Capital
10 Years3.42%
5 Years5.07%
3 Years5.52%
Last Year5.98%
WHLRP Peer Comparison
Wheeler Real Estate Investment Trust, Inc. (WHLRP) 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 | 127.21M | 1.19 | -0.03 | -4.02% | 11.86% | 12.47% | 5.11 | |
 NXRT | 757.54M | 29.85 | -23.69 | -3.24% | -12.67% | -10.13% | 5.18 | |
 SITC | 294.84M | 5.62 | 1.66 | -62.67% | 72.14% | 12.2% | ||
 KRG | 5.41B | 26.65 | 19.31 | 0.69% | 34.64% | 8.89% | 1.06 | |
 UE | 2.78B | 22.05 | 29.80 | 6.06% | 22.2% | 7.8% | 1.21 | |
 REG | 14.48B | 79.08 | 28.04 | 3.39% | 37.4% | 9% | 0.83 | |
 KIM | 16.05B | 23.80 | 28.67 | 5.06% | 28.51% | 5.81% | 0.82 | |
 BRX | 9.29B | 30.29 | 24.23 | 6.73% | 31.99% | 14.85% | 1.95 |
Compare WHLRP vs Peers
Wheeler Real Estate Investment Trust, Inc. (WHLRP) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
WHLRP Income Statement
Wheeler Real Estate Investment Trust, Inc. (WHLRP) 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 | 65.71M | 63.16M | 61M | 61.31M | 76.64M | 102.33M | 104.57M | 100.37M |
| Revenue Growth % | 32.55% | 12.26% | -3.88% | -3.42% | 0.5% | 25.01% | 33.51% | 2.2% | -4.02% |
| Property Operating Expenses | 16.32M | 18.47M | 19.13M | 18.89M | 19.62M | 25.73M | 34.87M | 35.1M | 78.93M |
| Net Operating Income (NOI) | 42.22M▲ 0% | 47.24M▲ 11.9% | 44.03M▼ 6.8% | 42.12M▼ 4.4% | 41.69M▼ 1.0% | 50.91M▲ 22.1% | 67.45M▲ 32.5% | 69.47M▲ 3.0% | 21.44M▼ 69.1% |
| NOI Margin % | 72.13% | 71.89% | 69.72% | 69.04% | 68% | 66.43% | 65.92% | 66.44% | 21.36% |
| Operating Expenses | 36.42M | 44.35M | 27.98M | 23.7M | 22.18M | 26.32M | 38.05M | 31.94M | -15.05M |
| G&A Expenses | 7.1M | 7.79M | 6.66M | 5.54M | 7.14M | 8.62M | 11.75M | 10.98M | 11.71M |
| EBITDA | 26.77M | 33.48M | 37.38M | 35.71M | 34.32M | 44.14M | 57.91M | 62.85M | 59.43M |
| EBITDA Margin % | 45.74% | 50.96% | 59.18% | 58.54% | 55.98% | 57.59% | 56.59% | 60.1% | 59.22% |
| Depreciation & Amortization | 26.23M | 27.09M | 21.32M | 17.29M | 14.81M | 19.54M | 28.5M | 25.32M | 22.94M |
| D&A / Revenue % | 44.81% | 41.23% | 33.75% | 28.34% | 24.16% | 25.49% | 27.85% | 24.21% | 22.86% |
| Operating Income | 542K▲ 0% | 6.39M▲ 1079.5% | 16.06M▲ 151.2% | 18.42M▲ 14.7% | 19.51M▲ 5.9% | 24.6M▲ 26.1% | 29.41M▲ 19.6% | 37.53M▲ 27.6% | 36.49M▼ 2.8% |
| Operating Margin % | 0.93% | 9.73% | 25.43% | 30.19% | 31.82% | 32.09% | 28.74% | 35.89% | 36.36% |
| Interest Expense | 17.16M | 20.23M | 18.98M | 0 | 33.03M | 30.11M | 32.31M | 0 | 33.76M |
| Interest Coverage | 0.15x | 0.70x | 0.57x | - | 0.72x | 0.43x | 1.05x | - | 1.44x |
| Non-Operating Income | -1.44M | -4K | 0 | 1.04M | -4.17M | 11.67M | -4.42M | 7.2M | -12.13M |
| Pretax Income | -14.16M▲ 0% | -13.83M▲ 2.3% | -8.13M▲ 41.2% | 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% | -21.05% | -12.87% | 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% | -0.29% | -0.18% | 0% | -0.02% | 0% | 0.78% | 0.13% | -0.17% |
| Net Income | -12.09M▲ 0% | -16.5M▼ 36.4% | -8.14M▲ 50.6% | 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 % | -20.66% | -25.11% | -12.89% | 0.4% | -15.4% | -16.25% | -4.58% | -9.16% | 8.74% |
| Net Income Growth % | -7.96% | -36.43% | 50.64% | 103.01% | -3954.29% | -31.89% | 62.37% | -104.31% | 191.58% |
| Funds From Operations (FFO) | 14.14M▲ 0% | 10.59M▼ 25.1% | 13.18M▲ 24.4% | 17.54M▲ 33.1% | 5.37M▼ 69.4% | 7.09M▲ 32.0% | 23.82M▲ 236.1% | 15.74M▼ 33.9% | 31.71M▲ 101.5% |
| FFO Margin % | 24.15% | 16.12% | 20.86% | 28.75% | 8.75% | 9.25% | 23.27% | 15.05% | 31.6% |
| FFO Growth % | -49.43% | -25.09% | 24.42% | 33.09% | -69.39% | 32.03% | 236.09% | -33.91% | 101.49% |
| FFO per Share | 14.01 | 10.49 | 13.62 | 18.08 | 5.53 | 7.26 | 1339.50 | 1125.17 | 0.30 |
| FFO Payout Ratio % | 146.72% | 137.78% | 0% | 0% | 0% | 0% | 0% | 0% | 20.67% |
| EPS (Diluted) | -11.98▲ 0% | -16.35▼ 36.5% | -8.42▲ 48.5% | -16.30▼ 93.6% | -9.63▲ 40.9% | -22.04▼ 128.9% | -1644.47▼ 7361.3% | -317.02▲ 80.7% | -36.01▲ 88.6% |
| EPS Growth % | -7.93% | -36.48% | 48.5% | -93.59% | 40.92% | -128.87% | -7361.3% | 80.72% | 88.64% |
| EPS (Basic) | -11.98 | -16.35 | -8.42 | -16.30 | -9.63 | -22.04 | -10258.60 | -317.02 | -36.01 |
| Diluted Shares Outstanding | 1.01M | 1.01M | 967.18K | 969.83K | 971.19K | 976.07K | 17.78K | 13.99K | 106.9M |
WHLRP Balance Sheet
Wheeler Real Estate Investment Trust, Inc. (WHLRP) 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 | 34.43M | 469.71M | 417.88M | 394.61M | 388.66M | 570.01M | 575.09M | 544.38M | 0 |
| PP&E (Net) | 384.33M | 2.49M | 13.87M | 14.69M | 14.12M | 16.53M | 10.57M | 10.08M | 7.55M |
| Investment Securities | -1000K | -1000K | 0 | 0 | 0 | 0 | 1000K | 1000K | 0 |
| Total Current Assets | 24.64M | 28.54M | 30.23M | 64.99M | 51.7M | 69.41M | 52.93M | 75.41M | 63.82M |
| Cash & Equivalents | 3.68M | 3.54M | 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 | 8.61M | 20.57M | 17.88M | 48.18M | 19.57M | 27.37M | 21.4M | 17.75M | 0 |
| Intangible Assets | 8.78M | 7.35M | 22.38M | 15.09M | 10.8M | 28.59M | 19.06M | 11.81M | 706K |
| Total Liabilities | 387.08M | 386.87M | 371.13M | 376.97M | 368.93M | 531.98M | 526.8M | 537.05M | 507.04M |
| Total Debt | 308.12M | 360.12M | 359.55M | 352.02M | 349.72M | 506.48M | 505.72M | 503.86M | 483.75M |
| Net Debt | 304.44M | 356.57M | 354.1M | 344.36M | 326.82M | 477.98M | 487.31M | 460.89M | 460.09M |
| Long-Term Debt | 307.38M | 360.19M | 323.03M | 334.27M | 333.28M | 466.03M | 477.57M | 482.61M | 461.71M |
| Short-Term Borrowings | 0 | 0 | 17.88M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 19.23M | 10.04M | 18.64M | 17.75M | 16.44M | 40.45M | 28.14M | 21.25M | 22.25M |
| Total Current Liabilities | 16.1M | 12.08M | 36.18M | 28.91M | 17.83M | 42.37M | 34.88M | 28.25M | 7.16M |
| Accounts Payable | 10.58M | 12.12M | 9.56M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | -268.31M | -747.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 0 | 0 | 594K | 4.78M | 7.11M | 4.02M | 16.06M | 23.3M |
| Total Equity | 70.6M▲ 0% | 121.21M▲ 71.7% | 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 % | -32.89% | 71.7% | -6.58% | -0.72% | -14.29% | 58.33% | -7.23% | -17.58% | -18.83% |
| Shareholders Equity | 63.51M | 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 | 41.37M | 118.41M | 128.76M | 137.19M | 134.19M | 146.88M | 142.16M | 129.87M | 99.95M |
| Return on Assets (ROA) | -2.55% | -3.42% | -1.64% | 0.05% | -1.98% | -2.17% | -0.69% | -1.45% | 1.4% |
| Return on Equity (ROE) | -13.76% | -17.2% | -6.95% | 0.22% | -9.05% | -10.01% | -3.19% | -7.42% | 8.3% |
| Debt / Assets | 67.32% | 70.88% | 74.23% | 71.93% | 75.16% | 73.99% | 75.67% | 77.08% | 80.39% |
| Debt / Equity | 4.36x | 2.97x | 3.18x | 3.13x | 3.63x | 3.32x | 3.57x | 4.32x | 5.11x |
| Net Debt / EBITDA | 11.37x | 10.65x | 9.47x | 9.64x | 9.52x | 10.83x | 8.42x | 7.33x | 7.74x |
| Book Value per Share | 69.94 | 120.08 | 117.07 | 115.91 | 99.21 | 156.29 | 7960.40 | 8338.98 | 0.89 |
WHLRP Cash Flow Statement
Wheeler Real Estate Investment Trust, Inc. (WHLRP) 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 | 24.76M | 22M | 15.25M | 15.78M | 17.04M | 30.76M | 20.93M | 25.99M | 21.13M |
| Operating CF Growth % | 137.11% | -11.14% | -30.67% | 3.46% | 7.99% | 80.49% | -31.94% | 24.14% | -18.69% |
| Operating CF / Revenue % | 42.3% | 33.48% | 24.15% | 25.87% | 27.79% | 40.13% | 20.46% | 24.85% | 21.05% |
| Net Income | -14.28M | -17.81M | -8.14M | 287K | -9.35M | -8.47M | -4.69M | -9.58M | 14.84M |
| Depreciation & Amortization | 26.68M | 26.4M | 20.06M | 16.83M | 14.81M | 17.46M | 28.5M | 25.32M | 22.94M |
| Stock-Based Compensation | 870K | 940K | 2K | 0 | 14K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.09M | 2.36M | 1.9M | 2.99M | 11.07M | 10.72M | -1.39M | 13.67M | -11.9M |
| Working Capital Changes | 1.31M | 980K | -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 | -23.15M | -24K | 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 | 0 | 0 | 0 | 2.76M | 38.51M | 0 |
| Other Investing | 4.39M | 6.27M | 43K | 4.51M | 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) | 659K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K |
| Share Repurchases | 0 | 0 | 0 | -1.11M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.96M | -1.96M | -779K | -3.14M | -8.5M | -17.98M | -12.51M | -10.81M | -43.17M |
| Net Change in Cash | -1.19M▲ 0% | 5.71M▲ 581.7% | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 4.86M | 12.29M | 18M | 21.59M | 42.77M | 40.42M | 55.87M | 39.81M | 60.72M |
| Cash at End | 3.68M | 18M | 21.59M | 42.77M | 40.42M | 55.87M | 39.81M | 60.72M | 48.63M |
| Free Cash Flow | 17.39M▲ 0% | 16.43M▼ 5.5% | 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 % | 105% | -5.51% | -23.69% | 7.71% | -21.32% | 109.3% | -95.9% | 279.19% | 16.29% |
| FCF / Revenue % | 29.72% | 25.01% | 19.86% | 22.14% | 17.34% | 29.03% | 0.89% | 3.31% | 4.01% |
WHLRP Key Ratios
Wheeler Real Estate Investment Trust, Inc. (WHLRP) 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 | 27.69 | 14.01 | 10.49 | 13.62 | 18.08 | 5.53 | 7.26 | 1.34K | 1.13K | 0.3 |
| FFO Payout Ratio | 63.29% | 146.72% | 137.78% | 0% | 0% | 0% | 0% | 0% | 0% | 20.67% |
| NOI Margin | 69.51% | 72.13% | 71.89% | 69.72% | 69.04% | 68% | 66.43% | 65.92% | 66.44% | 21.36% |
| Net Debt / EBITDA | 7.75x | 11.37x | 10.65x | 9.47x | 9.64x | 9.52x | 10.83x | 8.42x | 7.33x | 7.74x |
| Debt / Assets | 62.57% | 67.32% | 70.88% | 74.23% | 71.93% | 75.16% | 73.99% | 75.67% | 77.08% | 80.39% |
| Interest Coverage | 0.03x | 0.15x | 0.70x | 0.57x | - | 0.72x | 0.43x | 1.05x | - | 1.44x |
| Book Value / Share | 104.21 | 69.94 | 120.08 | 117.07 | 115.91 | 99.21 | 156.29 | 7.96K | 8.34K | 0.89 |
| Revenue Growth | 59.23% | 32.55% | 12.26% | -3.88% | -3.42% | 0.5% | 25.01% | 33.51% | 2.2% | -4.02% |
WHLRP SEC Filings & Documents
Wheeler Real Estate Investment Trust, Inc. (WHLRP) SEC filings — annual & quarterly reports (10-K, 10-Q)
WHLRP Frequently Asked Questions
Wheeler Real Estate Investment Trust, Inc. (WHLRP) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Wheeler Real Estate Investment Trust, Inc. (WHLRP) reported $99.4M in revenue for fiscal year 2025. This represents a 2108% increase from $4.5M in 2009.
Wheeler Real Estate Investment Trust, Inc. (WHLRP) saw revenue decline by 4.0% over the past year.
Yes, Wheeler Real Estate Investment Trust, Inc. (WHLRP) 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. (WHLRP) pays a dividend with a yield of 0.87%. This makes it attractive for income-focused investors.
Wheeler Real Estate Investment Trust, Inc. (WHLRP) 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. (WHLRP) generated Funds From Operations (FFO) of $36.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.
Explore More WHLRP
Wheeler Real Estate Investment Trust, Inc. (WHLRP) financial analysis — history, returns, DCA and operating performance tools
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Earnings History
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Price History
Long-term charts & historical price data
Revenue History
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Financial Ratios
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