Wheeler Real Estate Investment Trust (WHLR) Q4 2024 earnings summary

Executive summary

• Owns 75 properties (72 retail centers, 3 land parcels) with 7.66M leasable sq. ft., 93.1% leased as of Dec 31, 2024.

• Portfolio focused on grocery-anchored centers in Mid-Atlantic, Southeast, and Northeast regions.

• Completed Cedar Realty Trust acquisition in 2022, expanding Northeast presence.

• Significant 2024 events: multiple property sales, preferred stock redemptions, and refinancing activities.

Financial highlights

• Total revenue for 2024: $104.6M, up 2.2% year-over-year.

• Net income for 2024: $0.8M, compared to $6.1M in 2023.

• Same-property NOI increased 4.9% to $61.7M, driven by a 3.4% rise in property revenue.

• AFFO for 2024: $7.2M, up from negative $0.2M in 2023.

• Cash, cash equivalents, and restricted cash at year-end: $60.7M (up from $39.8M in 2023).

Outlook and guidance

• Plans to continue repurchasing preferred stock and recycling capital from asset sales.

• Focus on maintaining REIT status, prudent leverage, and optimizing capital allocation.

• Intends to settle Series D Preferred Stock redemptions in common stock, leading to further dilution.