Wheeler Real Estate Investment Trust (WHLR) Q3 2024 earnings summary

Executive summary

• Operates 73 retail shopping centers and 2 undeveloped properties, mainly in the Mid-Atlantic, Southeast, and Northeast, with a focus on grocery-anchored centers.

• Portfolio remains geographically concentrated, increasing exposure to regional economic shifts.

• Recent property dispositions and asset sales generated significant proceeds and gains.

• Ongoing redemptions of Series D Preferred Stock settled in common stock, causing dilution.

Financial highlights

• Total revenue for Q3 2024 was $24.8M, down 1.6% year-over-year; nine-month revenue was $77.0M, up 1.1%.

• Net loss attributable to common shareholders for Q3 2024 was $35.7M, compared to $30.0M in Q3 2023.

• Same-property NOI for Q3 2024 increased 3.1% year-over-year to $14.9M; nine-month same-property NOI rose 5.2% to $46.0M.

• Adjusted FFO for Q3 2024 was $0.7M, compared to $(1.8)M in Q3 2023.

• Cash, cash equivalents, and restricted cash totaled $55.0M at quarter-end, up from $48.9M a year earlier.

Outlook and guidance

• Plans to continue settling Series D Preferred Stock redemptions in common stock, expecting further dilution.

• Focus on growing operations and liquidity through leasing, tenant improvements, asset sales, and refinancing.

• No dividends declared for common or preferred stock; cumulative arrears on Series D Preferred Stock reached $35.2M.