Monitor the company's ability to stabilize same-property NOI and manage its complex capital structure, particularly the conversion price adjustments on its convertible notes and the ongoing reverse stock split strategy. The resignation of the CFO adds leadership uncertainty during a critical restructuring period.
Price Chart
Executive Summary
Wheeler Real Estate Investment Trust reported significant financial deterioration in 2025, with a net loss of $3.85 million and declining same-property NOI despite asset sales and capital recycling efforts. The company continues aggressive balance sheet restructuring through reverse stock splits and preferred stock conversions, while facing ongoing challenges with its convertible notes and preferred stock redemption pressures.
Key Financial Metrics
Key Facts
- Net loss attributable to common shareholders was $3.85 million for 2025, compared to a loss of $22.175 million in 2024
- Same-property NOI decreased by 3.1% in Q4 2025, despite a 1.6% increase for the full year
- Total revenue declined 4.9% year-over-year to $99.4 million
- The company executed a one-for-three reverse stock split on January 16, 2026, following multiple reverse splits in 2025
- CFO Crystal Plum resigned effective March 13, 2026
- Total debt was $482.8 million with debt-to-total-assets ratio of 80.2%
Financial Impact
Revenue decreased by $5.1 million year-over-year with net loss of $3.85 million
Segment Breakdown
| Segment | Revenue |
|---|---|
| WHLR | $97.7M |
| CDR | — |
Risk Factors
- Continued decline in same-property NOI could pressure cash flows
- Complex capital structure with multiple reverse stock splits may erode investor confidence
- Leadership transition with CFO resignation during financial restructuring
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001527541-26-000053 |
| Exhibit: ex991earningsannouncementq.htm | 0001527541-26-000053 |
| Document: whlr-20260305.htm | 0001527541-26-000053 |
| Document: 0001527541-26-000053-index-headers.html | 0001527541-26-000053 |
| Document: 0001527541-26-000053-index.html | 0001527541-26-000053 |
| Document: 0001527541-26-000053.txt | 0001527541-26-000053 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | EFFECT | $0.3656 $0.2298 | ▲ +37.14% | ▲ +37.25% | $2.85 (−679.54%) |
Sep 9, 2026 23d ago | 8-K | $0.3817 $0.3829 | ▼ −0.31% | ▼ −0.97% | $2.85 (−646.66%) |
Sep 2, 2026 4w ago | 8-K | $0.5119 $0.3918 | ▲ +23.46% | ▲ +22.31% | $2.85 (−456.75%) |
Aug 21, 2026 6w ago | 8-K | $0.3569 $1.07 | ▲ +199.80% | ▲ +199.33% | $2.85 (+698.54%) |
Aug 14, 2026 7w ago | 8-K | $0.3646 $0.3569 | ▼ −2.11% | ▼ −0.74% | $2.85 (+681.68%) |
Aug 11, 2026 7w ago | 8-K | $1.83 $1.50 | ▲ +18.12% | ▲ +17.72% | $2.85 (−55.57%) |
Aug 7, 2026 8w ago | 8-K | $0.4439 $0.3646 | ▲ +17.86% | ▲ +18.26% | $2.85 (−542.04%) |
Jul 7, 2026 12w ago | 8-K | $0.5550 $0.3900 | ▲ +29.73% | ▲ +30.28% | $2.85 (−413.51%) |
Jul 6, 2026 12w ago | EFFECT | $0.7375 $0.4098 | ▼ −44.43% | ▼ −44.92% | $2.85 (+286.44%) |
Jul 2, 2026 13w ago | Insider Cluster | $1.03 $0.4300 | ▲ +58.25% | ▲ +59.18% | $2.85 (−176.70%) |
US Market Status
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