The company's financial flexibility is severely constrained by a debt-to-equity ratio of 5.21 and a total debt load of $476.2M as of 2026Q1.
| 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 | Dec'09 |
|---|
| Total Assets | 594.01M | 601.73M | 653.7M | 668.33M | 684.54M | 465.28M | 489.38M | 484.37M | 508.08M | 457.67M | 489.05M | 309.24M | 200.48M | 125.37M | 52.69M | 14.82M | 14.81M | 30.08M |
| Asset Growth % | -26.62% | -7.95% | -2.19% | -2.37% | 47.12% | -4.92% | 1.04% | -4.67% | 11.01% | -6.42% | 58.14% | 54.25% | 59.91% | 137.95% | 255.4% | 0.12% | -50.78% | - |
| Real Estate & Other Assets | 489.93M | 524.54M | 544.38M | 575.09M | 570.01M | 388.66M | 1.95M | 1.67M | -35.38M | -47.34M | -66.24M | -43.16M | -26.5M | -8.75M | 0 | 0 | 0 | 912.85K |
| PP&E (Net) | 8.01M | 7.55M | 10.08M | 10.57M | 16.53M | 14.12M | 405.41M | 427.87M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.85M |
| Investment Securities | 1000K | 0 | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 65.99M | 68.94M | 75.41M | 52.93M | 69.41M | 51.7M | 64.99M | 30.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.32M |
| Cash & Equivalents | 23.59M | 23.66M | 42.96M | 18.4M | 28.49M | 22.9M | 7.66M | 5.45M | 18M | 12.29M | 14.52M | 18.07M | 9.97M | 1.16M | 2.05M | 104.01K | 199.64K | 434.7K |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 761.11K | 572.59K | 557.59K | 886.13K |
| Other Current Assets | 26.29M | 29.52M | 17.75M | 21.4M | 27.37M | 19.57M | 48.18M | 17.88M | -28.54M | -24.64M | -31.96M | -21.52M | -11.96M | -2.75M | -2.81M | -676.6K | -757.23K | 0 |
| Intangible Assets | 6.41M | 706K | 11.81M | 19.06M | 28.59M | 10.8M | 17.03M | 24.6M | 35.38M | 41.85M | 60.76M | 37.67M | 19.5M | 1.59M | 0 | 0 | 0 | 0 |
| Total Liabilities | 502.61M | 507.04M | 537.05M | 526.8M | 531.98M | 368.93M | 376.97M | 371.13M | 386.87M | 333.84M | 331.32M | 201.88M | 151.85M | 99.76M | 36.46M | 14.16M | 13.81M | 27.85M |
| Total Debt | 476.2M | 483.75M | 492.74M | 505.72M | 506.48M | 349.72M | 347.47M | 352.83M | 370.24M | 317.74M | 318.65M | 192.35M | 141.45M | 94.56M | 31.84M | 12.14M | 12.35M | 26.55M |
| Net Debt | 452.61M | 460.09M | 460.89M | 487.31M | 477.98M | 326.82M | 339.81M | 347.38M | 352.24M | 305.45M | 304.14M | 174.28M | 131.48M | 93.41M | 29.79M | 12.03M | 12.15M | 26.11M |
| Long-Term Debt | 461.07M | 461.71M | 476.66M | 477.57M | 466.03M | 333.28M | 334.27M | 340.91M | 360.19M | 307.38M | 305.97M | 184.63M | 108.33M | 88.14M | 19.02M | 9.74M | 8.35M | 26.55M |
| Short-Term Borrowings | 0 | 7.16M | 5.95M | 0 | 0 | 0 | 0 | 0 | 0 | 39.81M | 17.45M | 0 | 19.51M | 6.42M | 12.83M | 2.39M | 4M | 0 |
| Capital Lease Obligations | 66.93M | 14.88M | 21.25M | 28.14M | 40.45M | 16.44M | 13.2M | 11.92M | 10.04M | 9.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 22.53M | 7.16M | 28.25M | 34.88M | 42.37M | 17.83M | 24.95M | 11.58M | 16.64M | 16.85M | 12.67M | 9.53M | 38.34M | 8.95M | 13.77M | 4.41M | 5.46M | 1.3M |
| Accounts Payable | 0 | 0 | 17.13M | 17.07M | 18.4M | 11.05M | 11.23M | 9.56M | 12.12M | 10.58M | 7.74M | 7.53M | 5.09M | 0 | 0 | 0 | 0 | 216.99K |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 10.83M | 23.3M | 16.06M | 4.02M | 7.11M | 4.78M | 4.55M | 6.72M | 0 | 0 | 12.68M | 7.72M | 5.18M | -88.14M | -19.02M | -9.74M | -8.35M | 0 |
| Total Equity | 91.4M | 94.69M | 116.65M | 141.53M | 152.55M | 96.35M | 112.41M | 113.23M | 121.21M | 123.83M | 157.72M | 107.37M | 53.12M | 25.61M | 16.23M | 669.33K | 1M | 2.24M |
| Equity Growth % | -51.08% | -18.83% | -17.58% | -7.23% | 58.33% | -14.29% | -0.72% | -6.58% | -2.12% | -21.49% | 46.9% | 102.11% | 107.46% | 57.75% | 2325.2% | -33.09% | -55.28% | - |
| Shareholders Equity | 63.02M | 63.44M | 59.26M | 75.41M | 86.36M | 94.41M | 110.48M | 111.15M | 119.02M | 116.74M | 147.36M | 98.26M | 42.57M | 18.4M | 8.69M | 669.33K | 1M | 2.24M |
| Minority Interest | 28.39M | 31.25M | 57.4M | 66.12M | 66.2M | 1.94M | 1.93M | 2.08M | 2.19M | 7.09M | 10.36M | 9.1M | 10.55M | 7.21M | 7.55M | 0 | 0 | 0 |
| Common Stock | 5K | 6K | 3K | 0 | 10K | 97K | 97K | 97K | 95K | 87K | 680.3K | 17.75M | 75.13K | 71.21K | 33.02K | 0 | 0 | 6.82M |
| Additional Paid-in Capital | 314.15M | 311.98M | 276.41M | 258.11M | 235.08M | 234.23M | 234.06M | 233.87M | 233.7M | 226.98M | 223.34M | 220.37M | 31.08M | 28.17M | 14.1M | 2.76M | 2.76M | 0 |
| Retained Earnings | -356.14M | -350.88M | -347.03M | -324.85M | -295.62M | -274.11M | -260.87M | -251.58M | -233.18M | -204.93M | -170.38M | -140.31M | -27.66M | -11.3M | -5.44M | -2.59M | -1.76M | -4.59M |
| Preferred Stock | 103.35M | 99.95M | 129.87M | 142.16M | 146.88M | 134.19M | 137.19M | 128.76M | 118.41M | 94.6M | 93.72M | 452.97K | 39.08M | 1.46M | 0 | 505K | 0 | 0 |
| Return on Assets (ROA) | 0.96% | 1.4% | -1.45% | -0.69% | -2.17% | -1.98% | 0.05% | -1.62% | -3.42% | -2.87% | -2.98% | -7.86% | -6.48% | -4.11% | -3.44% | -3.74% | -1.15% | 0.6% |
| Return on Equity (ROE) | 6.31% | 8.3% | -7.42% | -3.19% | -10.01% | -9.05% | 0.22% | -6.86% | -13.47% | -9.66% | -8.97% | -24.96% | -26.8% | -17.5% | -13.75% | -66.43% | -15.95% | 8% |
| Debt / Assets | 80.17% | 80.39% | 75.38% | 75.67% | 73.99% | 75.16% | 71% | 72.84% | 72.87% | 69.42% | 65.16% | 62.2% | 70.55% | 75.43% | 60.44% | 81.86% | 83.41% | 88.25% |
| Debt / Equity | 5.21x | 5.11x | 4.22x | 3.57x | 3.32x | 3.63x | 3.09x | 3.12x | 3.05x | 2.57x | 2.02x | 1.79x | 2.66x | 3.69x | 1.96x | 18.13x | 12.35x | 11.87x |
| Net Debt / EBITDA | 7.79x | 8.41x | 7.33x | 8.42x | 10.83x | 9.52x | 9.64x | 11.24x | 8.54x | 10.61x | 11.86x | 15.01x | - | 58.76x | - | 63.22x | 25.60x | 8.30x |
| Book Value per Share | 252.50 | 2657.32 | 355.53 | 2.63 | 15.58 | 9.91 | 11.58 | - | - | - | - | - | - | - | - | - | - | 2.22 |
High leverage insolvency risk
As reported in recent financial filings, the company maintains a debt-to-equity ratio of 5.11, which, when compared to industry peers, suggests a highly leveraged capital structure that leaves minimal room for operational errors or significant interest rate volatility in the current economic environment.
The persistent reliance on high debt levels appears to be a structural impediment to long-term value creation for common shareholders. Investors should monitor whether the company can successfully deleverage through asset sales or if the current debt burden will continue to necessitate dilutive capital raises.
Based on the provided balance sheet data, the company's total assets have trended downward from $668.3M in 2023Q4 to $594.0M in 2026Q1, suggesting a potential contraction in the portfolio size as management likely prioritizes liquidity over aggressive expansion in secondary retail markets.
The decline in total assets may indicate that the company is disposing of non-core properties to manage its debt obligations. This shift appears to be a defensive maneuver, though it raises questions regarding the long-term sustainability of the remaining portfolio's revenue-generating capacity.
According to quarterly financial statements, the company's cash position has fluctuated significantly, reaching a low of $17.7M in 2024Q1 before settling at $23.6M in 2026Q1, which indicates a narrow liquidity buffer relative to the substantial debt service requirements inherent in the current capital stack.
The limited cash reserves suggest that the company may face challenges in funding necessary property-level capital expenditures without external financing. This lack of liquidity appears to heighten the risk of insolvency, particularly if property-level NOI fails to meet debt service obligations.
As indicated by the volatility in equity values, which dropped from $75.4M in 2023Q4 to $63.0M in 2026Q1, the company's common equity appears to be under significant pressure from both operational losses and the potential impact of preferred stock dividend accruals.
The erosion of equity value suggests that common shareholders are bearing the brunt of the company's financial strain. Further investigation into the terms of the preferred equity is warranted, as these obligations may continue to act as a drag on the net asset value available to common holders.
Quick answers to the most common questions about buying WHLRP stock.
As of 2025, Wheeler Real Estate Investment Trust, Inc. (WHLRP) had total assets of $601.7M including $68.9M in current assets.
Wheeler Real Estate Investment Trust, Inc. (WHLRP) carries total debt of $483.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Wheeler Real Estate Investment Trust, Inc. (WHLRP) has total shareholders' equity (book value) of $63.4M ($2657.32 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Wheeler Real Estate Investment Trust, Inc. (WHLRP) reported a current ratio of 9.63x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.