Ongoing dilution via preferred conversions and note repricing drives WHLR 23% plunge
Wheeler Real Estate Investment Trust, Inc. (Nasdaq: WHLR), headquartered in Virginia Beach, Virginia, operates as a self-managed and fully integrated commercial real estate investment trust. Its core business centers on the acquisition, leasing, and operation of income-generating retail properties, with a notable focus on grocery-anchored centers. The company cultivates a portfolio of strategically located, potentially dominant retail assets within secondary and tertiary markets, striving to achieve appealing, risk-adjusted returns. Wheeler REIT's common stock, Series B convertible preferred stock, Series D preferred stock, and convertible notes are all publicly traded on the Nasdaq exchange, identified by the symbols WHLR, WHLRP, WHLRD, and WHLRL, respectively.
| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $104.57M | $102.33M | $76.64M | $61.31M | $60.83M | $63.05M | $65.79M | $58.53M |
| Cost of Revenue | $35.10M | $34.87M | $25.73M | $19.62M | $18.89M | $19.13M | $45.56M | $41.62M |
| Gross Profit | $69.47M | $67.45M | $50.91M | $41.69M | $41.94M | $43.92M | $20.22M | $16.91M |
| Gross Margin | 66.44% | 65.92% | 66.43% | 68.00% | 68.95% | 69.66% | 30.74% | 28.90% |
| Operating Expenses | $31.94M | $38.05M | $26.32M | $22.18M | $23.52M | $33.06M | $6.07M | $14.35M |
| Operating Income | $37.53M | $29.41M | $24.60M | $19.51M | $18.42M | $10.85M | $14.16M | $2.57M |
| Operating Margin | 35.89% | 28.74% | 32.09% | 31.82% | 30.28% | 17.22% | 21.52% | 4.39% |
| Net Income | $-9.58M | $-4.69M | $-12.45M | $-9.44M | $245.00K | $-8.04M | $-16.50M | $-13.60M |
| Net Margin | -9.16% | -4.58% | -16.25% | -15.40% | 0.40% | -12.75% | -25.08% | -23.23% |
| EPS (Basic) | $-166425.00 | $-117449.10 | $-4744852.95 | $-2964179.10 | $-28957521.00 | $-70873788.00 | $-98761116.00 | $-82341705.00 |
| EBITDA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Stock Option Compensation Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price To Earnings Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price To Sales Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Shares Outstanding | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Market Capitalization | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |