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Wheeler Real Estate Investment
(NASDAQ:WHLR)
Wheeler Real Estate Investment (WHLR) vs. SPDR S&P 500 ETF (SPY)
Wheeler Real Estate Investment Business Overview & Revenue Model
Wheeler Real Estate Investment Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 100.37M | 104.57M | 102.33M | 76.64M | 61.31M |
| Gross Profit | 21.44M | 69.47M | 67.45M | 50.91M | 41.69M |
| EBITDA | 71.56M | 55.65M | 62.33M | 32.47M | 38.49M |
| Net Income | 8.77M | -9.58M | -4.69M | -12.45M | -9.44M |
Balance Sheet | |||||
| Total Assets | 601.73M | 653.70M | 668.33M | 684.54M | 465.28M |
| Cash, Cash Equivalents and Short-Term Investments | 48.06M | 42.96M | 18.40M | 28.49M | 22.90M |
| Total Debt | 483.75M | 492.74M | 505.72M | 506.48M | 349.72M |
| Total Liabilities | 507.04M | 537.05M | 526.80M | 531.98M | 368.93M |
| Stockholders Equity | 63.44M | 59.26M | 75.41M | 86.36M | 94.41M |
Cash Flow | |||||
| Free Cash Flow | 4.03M | 3.46M | 913.00K | 22.25M | 10.63M |
| Operating Cash Flow | 21.13M | 25.99M | 20.93M | 30.76M | 17.04M |
| Investing Cash Flow | 32.14M | 3.98M | -31.52M | -133.51M | 5.10M |
| Financing Cash Flow | -65.36M | -9.06M | -5.47M | 118.20M | -24.49M |
Wheeler Real Estate Investment Technical Analysis
Wheeler Real Estate Investment Risk Analysis
Wheeler Real Estate Investment Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $286.53M | -90.17 | -1.09% | 7.01% | 14.81% | -245.25% | |
63 Neutral | $814.73M | 20.34 | 11.77% | 7.89% | 5.75% | -37.69% | |
62 Neutral | $288.02M | 1.89 | 43.13% | ― | -69.63% | -95.99% | |
59 Neutral | $1.18B | 5.68 | 41.49% | 6.79% | 5.74% | 294.33% | |
48 Neutral | $1.68M | 0.62 | 20.26% | ― | -1.01% | 504.95% | |
46 Neutral | $155.46M | -4.82 | -20.20% | ― | -17.76% | 44.68% |
Wheeler Real Estate Investment Corporate Events
On March 10, 2026, Wheeler Real Estate Investment Trust, Inc. reported that its Chief Financial Officer would leave the company as of March 13, 2026, and that a search for a successor is underway. Effective March 14, 2026, the company appointed longtime employee Patrick Gundlach, previously Director of Financial Reporting and a certified public accountant, as Chief Accounting Officer and Treasurer, noting he has no related-party ties to management or the board.
In the same March 10, 2026 disclosure, board member Kerry Campbell tendered his resignation from the Wheeler board effective March 14, 2026, to focus on chairing subsidiary Cedar Realty Trust, with the company emphasizing his departure did not stem from any disagreements. Wheeler also strengthened its governance structure by naming director Rebecca Musser as chair of the Audit Committee and appointing employee Sydney Schlimgen as Corporate Secretary, both effective March 14, 2026, signaling continuity in oversight during the CFO transition.
The most recent analyst rating on (WHLR) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Wheeler Real Estate Investment stock, see the WHLR Stock Forecast page.
In March 2026, Wheeler Real Estate Investment Trust adjusted the conversion price of its 7.00% Subordinated Convertible Notes due 2031 to approximately $1.04 per share of common stock, after the lowest Series D Preferred Stock conversion into common shares priced at about $1.88, implying a roughly 45% discount built into the notes’ conversion terms. On March 5, 2026, the REIT processed two Series D Preferred Stock redemption requests totaling 6,502 shares at a redemption price of about $41.72 per share, settling approximately $271,000 in value through the issuance of 143,914 common shares, bringing cumulative redemptions to 1,777,083 preferred shares, around 393,000 common shares issued, and leaving 1,433,983 common and 1,640,295 Series D Preferred shares outstanding ahead of the next redemption cycle closing March 25, 2026, with the Holder Redemption Date set for April 6, 2026.
The most recent analyst rating on (WHLR) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Wheeler Real Estate Investment stock, see the WHLR Stock Forecast page.
On March 5, 2026, Wheeler Real Estate Investment Trust, Inc. reported its financial and operating results for the fourth quarter and full year ended December 31, 2025, through the filing of its Annual Report on Form 10-K with the Securities and Exchange Commission. The company also released supplemental financial and operating information for the three- and twelve-month periods ended December 31, 2025, making these materials available on its investor relations website, providing investors and other stakeholders with additional detail on its performance.
The publication of the 2025 year-end results and related supplemental data offers the market a comprehensive view of Wheeler’s recent operating trends and financial position in its grocery-anchored retail portfolio. By expanding public access to these disclosures, the REIT enhances transparency around its income-producing properties, which may aid analysts and shareholders in assessing the company’s execution, risk profile and positioning within the commercial real estate sector.
The most recent analyst rating on (WHLR) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Wheeler Real Estate Investment stock, see the WHLR Stock Forecast page.
On February 26, 2026, Wheeler Real Estate Investment Trust, Inc. executed exchange transactions with an unaffiliated investor, issuing 60,000 shares of common stock in exchange for 2,000 shares of its Series D Cumulative Convertible Preferred Stock and 4,000 shares of its Series B Convertible Preferred Stock. The company received no cash proceeds, the exchanged preferred shares were retired and cancelled, and the common stock was issued under an exemption from Securities Act registration.
Also on February 26, 2026, Wheeler entered into a subscription agreement with another unaffiliated investor, issuing 80,000 shares of Series D Preferred Stock in exchange for 120,000 shares of 6.50% Series C Cumulative Redeemable Preferred Stock of its subsidiary Cedar Realty Trust, Inc. The acquired Cedar preferred shares were immediately contributed back to Cedar and retired, effectively reducing subsidiary-level preferred obligations while shifting that exposure to Wheeler’s own Series D Preferred Stock at the parent level.
The most recent analyst rating on (WHLR) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Wheeler Real Estate Investment stock, see the WHLR Stock Forecast page.
On February 19, 2026, Wheeler Real Estate Investment Trust, Inc. amended and restated previously issued common stock purchase warrants held by certain Magnetar affiliates, making them exercisable at $0.01 per share for shares equal to 12% of the company’s outstanding common stock at each exercise date, with an expiry of March 12, 2026. The company simultaneously entered into an amended registration rights agreement to register resales of the warrant shares, an excepted holder agreement raising Magnetar affiliates’ ownership limits to 19% of capital stock and 45% of common stock, and a participation rights agreement granting them rights to take up to 12% of specified future financings.
These moves deepen Wheeler’s capital and governance ties with the Magnetar-led investor group, potentially concentrating ownership and giving these investors meaningful influence over future equity and debt issuance. Separately, on February 13, 2026, Chief Financial Officer and Secretary Crystal Plum resigned effective March 13, 2026, prompting a CFO search and signaling a pending leadership transition in the company’s finance organization.
The most recent analyst rating on (WHLR) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Wheeler Real Estate Investment stock, see the WHLR Stock Forecast page.
On February 6, 2026, Wheeler Real Estate Investment Trust, Inc. agreed to issue 439,300 shares of its common stock to two unaffiliated investors in exchange for a total of 19,100 shares of Series D Cumulative Convertible Preferred Stock and 38,200 shares of Series B Convertible Preferred Stock, with settlement occurring the same day. The company received no cash proceeds from these transactions, which were executed under a registration exemption and resulted in the retirement and cancellation of the exchanged preferred shares, simplifying its capital structure and potentially reducing future preferred dividend obligations.
Each transaction was structured so that investors received twenty-three shares of common stock for every bundle of two Series B preferred shares and one Series D preferred share, reflecting negotiated conversion economics between classes of securities. By completing these exchanges privately with existing holders and without paying commissions, Wheeler Real Estate Investment Trust, Inc. adjusted its equity mix while avoiding the costs and regulatory requirements of a public securities offering.
The most recent analyst rating on (WHLR) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Wheeler Real Estate Investment stock, see the WHLR Stock Forecast page.
On February 5, 2026, Wheeler Real Estate Investment Trust, Inc. processed its 29th monthly holder redemption date for its Series D Cumulative Convertible Preferred Stock, with two holders redeeming a total of 10,700 preferred shares at a redemption price of approximately $42.35 per share, settled through the issuance of 95,904 common shares. Because the lowest Series D conversion price into common stock during the February 2026 redemptions was about $4.72 per share, the conversion price of the company’s 7.00% Subordinated Convertible Notes due 2031 was further adjusted under the indenture to approximately $2.60 per common share, implying roughly 9.62 common shares for each $25 in principal, a 45% discount to $4.72. Cumulatively, the company has processed 400 Series D redemption requests for 1,770,581 preferred shares and has issued about 249,000 common shares in settlement, leaving 790,739 common shares and 1,577,898 Series D preferred shares outstanding as of February 6, 2026; the next redemption deadline is February 25, 2026, with the next holder redemption date set for March 5, 2026, underscoring the ongoing equity issuance and capital structure shifts faced by common and preferred shareholders as conversions and redemptions continue.
The most recent analyst rating on (WHLR) stock is a Hold with a $3.50 price target. To see the full list of analyst forecasts on Wheeler Real Estate Investment stock, see the WHLR Stock Forecast page.
On January 8 and 9, 2026, Wheeler Real Estate Investment Trust, Inc. entered into exchange agreements with three unaffiliated security holders to retire portions of its preferred equity in favor of common stock. In transactions settled on January 12 and 13, 2026, the company issued a total of 175,000 shares of common stock in exchange for 6,250 shares of its Series D Cumulative Convertible Preferred Stock and 12,500 shares of its Series B Convertible Preferred Stock, with the preferred shares subsequently retired and cancelled. The exchanges, conducted at a fixed ratio of 28 common shares for every combined block of two Series B and one Series D preferred share and executed under a registration exemption, allowed Wheeler to simplify its capital structure and reduce outstanding preferred obligations without raising new cash or paying commissions, reshaping the balance between its common and preferred equity for existing stakeholders.
The most recent analyst rating on (WHLR) stock is a Sell with a $2.00 price target. To see the full list of analyst forecasts on Wheeler Real Estate Investment stock, see the WHLR Stock Forecast page.
In January 2026, Wheeler Real Estate Investment Trust, Inc. further adjusted the conversion price of its 7.00% Subordinated Convertible Notes due 2031 to approximately $1.16 per share of common stock, after the lowest Series D Cumulative Convertible Preferred Stock conversion price in that month was about $2.11, implying roughly 21.50 common shares for each $25 of note principal. On the 28th monthly Holder Redemption Date on January 5, 2026, the company processed one redemption request for 700 shares of Series D Preferred Stock at a redemption price of about $42.20 per share, settling the aggregate amount through issuance of 13,974 common shares; cumulatively, it has processed 398 redemption requests, redeeming 1,759,881 Series D Preferred shares and issuing approximately 459,000 common shares, leaving 1,909,573 common shares and 1,577,848 Series D Preferred shares outstanding as of January 6, 2026, and setting timelines for the next round of redemptions in late January and early February 2026.
The most recent analyst rating on (WHLR) stock is a Hold with a $2.50 price target. To see the full list of analyst forecasts on Wheeler Real Estate Investment stock, see the WHLR Stock Forecast page.