Wheeler Real Estate Investment Trust (WHLR) Q4 2025 earnings summary

Executive summary

• Operates 65 properties (62 retail centers, 3 land parcels) with 7.0M sq. ft., 94.3% leased as of Dec 31, 2025, focused on grocery-anchored centers in the Mid-Atlantic, Southeast, and Northeast regions.

• Completed $39.6M in property investments and executed significant asset dispositions in 2025, redeploying capital to enhance cash flow.

• Net income for 2025 was $14.8M, up from $0.7M in 2024, driven by gains on property sales and lower depreciation.

• Continued focus on capital structure optimization, including preferred stock exchanges, repurchases, and debt refinancing.

Financial highlights

• Total revenue for 2025 was $99.4M, down 4.9% year-over-year due to property sales.

• Net operating income (NOI) was $66.4M, down 4.2% year-over-year.

• Same-Property NOI increased 1.6% to $60.2M, reflecting a 2.3% rise in property revenue and a 3.7% increase in property expenses.

• Funds from Operations (FFO) available to common stockholders was $13.7M; Adjusted FFO (AFFO) was $10.3M.

• Cash, cash equivalents, and restricted cash totaled $48.6M at year-end 2025.

Outlook and guidance

• Management intends to continue asset recycling, capital redeployment, and preferred stock repurchases to enhance stability and shareholder value.

• Plans to grow operations by backfilling vacancies, increasing lease revenue, and refinancing properties.

• No common or preferred dividends expected until arrears on Series D Preferred Stock are paid; focus remains on maintaining REIT status.