WHLR earnings analysis
What we found in WHLR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- Improved Operating Margins
- Operating margin increased to 31.9% from 22.6% in Q4 2025, indicating operational improvement.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Accumulated Preferred Dividends
- As of March 31, 2026, the company had accumulated undeclared dividends of approximately $26.3 million, posing liquidity risk.
- Operational Dependence on Key Markets
- The company's concentrated market presence (47% in Mid-Atlantic, 44% in Southeast) increases vulnerability to regional economic downturns.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.71
- Operating margin
- 31.9%
What they said about what is next.
No specific numeric guidance was provided for upcoming quarters.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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