Revenue growth remains in a contracting phase, evidenced by a 4.90% year-over-year decline and a 2026Q1 NOI margin that compressed to 22.4%.
| 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 |
|---|
| 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 | 4.5M |
| 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% | -58.84% | - |
| 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 | 1.18M |
| 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 | 3.32M |
| 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% | 73.76% |
| Operating Expenses | 21.69M | 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 | 1.56M |
| G&A Expenses | 11.71M | 11.71M | 10.98M | 11.75M | 8.62M | 7.14M | 5.83M | 6.66M | 8.3M | 6.25M | 11.49M | 14.59M | 9.45M | 5.4M | 2.3M | 1.21M | 858.06K | 30.05K |
| EBITDA | 58.11M | 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 | 3.15M |
| EBITDA Margin % | 58.46% | 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% | 69.83% |
| 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 | 1.38M |
| 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% | 30.66% |
| Operating Income | 34.74M | 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 | 1.76M |
| Operating Margin % | 34.95% | 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% | 39.17% |
| Interest Expense | 4M | 31.06M | 0 | 27.7M | 21.39M | 33.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.59M |
| Interest Coverage | - | 1.48x | - | 1.22x | 0.60x | 0.72x | - | - | - | - | - | - | - | - | - | - | - | 1.11x |
| Non-Operating Income | -8.06M | -14.18M | 7.2M | -4.42M | 11.67M | -4.17M | -577K | -5.2M | 0 | 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 | 0 |
| 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% | 0% |
| Income Tax | 0 | 26K | 1K | 48K | 0 | 2K | 0 | 15K | 40K | 137K | 107.46K | 0 | 0 | 0 | 0 | 0 | 0 | 1.59M |
| 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 | 179.01K |
| 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% | 3.97% |
| 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% | -244.22% | - |
| 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 | 1.56M |
| 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% | 34.63% |
| 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% | -69.57% | - |
| FFO per Share | 80.76 | 889.99 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.55 |
| FFO Payout Ratio % | 11.02% | 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% | 63.71% |
| EPS (Diluted) | 16.20 | -36.01 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | 0.18 |
| EPS Growth % | -100% | 100% | -31504.83% | 79.27% | -61.65% | -42.36% | 59.14% | 28.24% | -19.94% | -38.09% | 90.94% | -51.08% | -119.51% | -134.29% | -38.22% | -44.33% | -99999900% | - |
| EPS (Basic) | - | -36.01 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | 0.18 |
| Diluted Shares Outstanding | 361.99K | 35.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.01M |
High leverage insolvency risk
As reported in recent financial filings, the company experienced a 4.90% year-over-year revenue decline, which, when coupled with inconsistent NOI performance, suggests that the portfolio is struggling to maintain organic growth amidst a challenging environment for secondary market retail assets and regional tenant stability.
The inability to sustain top-line growth indicates that the company may be facing headwinds in its core grocery-anchored strategy, likely exacerbated by occupancy losses. Investors should monitor whether this trend reflects intentional asset pruning or a broader deterioration in the competitive positioning of its secondary market footprint.
Based on the provided quarterly data, FFO per share has exhibited extreme volatility, ranging from massive negative figures to anomalous spikes, which suggests that the company's earnings quality is severely compromised by its complex capital structure and the recurring need to manage preferred equity obligations.
The erratic nature of FFO metrics makes it difficult to discern a clear operational trajectory, as non-recurring items and capital structure adjustments appear to dominate the bottom line. This lack of predictability warrants significant caution, as it obscures the underlying cash-generating capacity of the property portfolio.
According to the income statement data, the company consistently reports negative GAAP net income, a trend that appears largely driven by non-cash depreciation charges that mask the actual property-level cash flow generation inherent in the REIT's necessity-based retail asset base.
While GAAP losses are common in the REIT sector, the magnitude of these deficits relative to NOI suggests that the company's interest burden and overhead are disproportionately high. Analysts should focus on the gap between depreciation and recurring maintenance CAPEX to determine if the assets are truly self-sustaining.
As indicated by the 5.11% debt-to-equity ratio and historical FFO fluctuations, the company's reliance on high-cost capital appears to be the primary driver of its financial profile, potentially overshadowing the intrinsic value of its grocery-anchored real estate holdings in the Mid-Atlantic and Southeast regions.
The persistent gap between property-level NOI and bottom-line profitability suggests that the REIT wrapper is currently a significant drag on shareholder value. Investors should investigate whether the current capital stack is sustainable or if further restructuring is required to prevent permanent impairment of common equity.
Quick answers to the most common questions about buying WHLRP stock.
For fiscal year 2025, Wheeler Real Estate Investment Trust, Inc. (WHLRP) reported total revenue of $99.4M. This represents a 2107.8% increase compared to $4.5M in 2009.
Wheeler Real Estate Investment Trust, Inc. (WHLRP) 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. (WHLRP) 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. (WHLRP) 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.