10-K · March 5, 2026
Wheeler REIT reports a 65-property portfolio (7,018,837 leasable sq ft) that was 94.3% leased at December 31, 2025, with management emphasizing necessity-based, grocery-anchored retail in secondary/tertiary markets and…
Earnings analysis · 10-Q
WHLR earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Wheeler Real Estate Investment Trust reported Q1 2026 revenue of $24 million, representing a slight decrease of 1.4% from $24.35 million in Q1 2025, alongside a net loss of $1.17 million compared to a profit of $2.37…
Read full summary
Wheeler Real Estate Investment Trust reported Q1 2026 revenue of $24 million, representing a slight decrease of 1.4% from $24.35 million in Q1 2025, alongside a net loss of $1.17 million compared to a profit of $2.37 million in the prior year. Operating margins improved slightly to 31.9%, while the company faced challenges including significant decreases in gains from property disposals and limited revenue growth in its portfolio.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.71
- Operating margin
- 31.9%
What stood out
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Stable Revenue Year-over-Year
Revenue for Q1 2026 was reported at $24 million, slightly down from $24.35 million in Q1 2025, indicating stability despite a challenging market.
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Improved Operating Margins
Operating margin increased to 31.9% from 22.6% in Q4 2025, indicating operational improvement.
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Same-Property NOI Growth
Same-Property NOI for Q1 2026 was $15.0 million, up 7.9% from $13.9 million in Q1 2025, driven by a 7.0% increase in property revenue.
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Reduced Operating Expenses
Operating expenses decreased by 6.2% to $8.4 million in Q1 2026 compared to $9.0 million in Q1 2025, reflecting improved cost management.
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Decrease in Interest Expense
Interest expense decreased by 9.9% to $7.3 million in Q1 2026 from $8.1 million in Q1 2025, contributing to slightly better margins.
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Consistent Cash Position
Cash, cash equivalents, and restricted cash stood at $48 million at the end of Q1 2026 compared to $47 million at the end of Q1 2025.
What to watch
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Declining Gain on Property Sales
Gains on disposal of properties fell to $2.6 million in Q1 2026 from $5.7 million in Q1 2025, a 55% decrease, indicating reduced transaction effectiveness.
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Accumulated Preferred Dividends
As of March 31, 2026, the company had accumulated undeclared dividends of approximately $26.3 million, posing liquidity risk.
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Operational Dependence on Key Markets
The company's concentrated market presence (47% in Mid-Atlantic, 44% in Southeast) increases vulnerability to regional economic downturns.
Management's outlook
No specific numeric guidance was provided for upcoming quarters.
Earlier filings 4
10-Q · November 6, 2025
Wheeler Real Estate Investment Trust reported Q3 2025 results with revenue of $23.82 million, a decrease of 3.4% from Q3 2024. Gross margin remained steady at 100%, while the operating margin dipped to 23.0%. EPS…
10-K · March 4, 2025
Wheeler REIT (WHLR) presents a concentrated, grocery-anchored retail portfolio of 75 properties (7,660,979 leasable sq ft) that was 93.1% leased as of 12/31/2024. Management emphasizes necessity-based retail, selective…
10-Q · August 6, 2024
Q2 2024 results show modest top-line growth to $26.317M (+$1.477M vs. Q2 2023) and a meaningful increase in operating income to $11.522M, driven in part by property dispositions. Despite stronger operating performance,…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.