Wheeler Real Estate Investment Trust, Inc.
- Open
- 1.28
- Day high
- 1.28
- Day low
- 1.19
- Prev close
- 1.25
- Volume
- 58K
- Mkt cap
- $1M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.0
- P/S
- 0.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$362880.0B over the last 3 months (2 open-market buys, 13 sales)
- ◆Cluster buying — multiple insiders bought within days
Wheeler Real Estate Investment Trust, Inc. (WHLR) is a Real Estate company listed on NASDAQ. The stock is down 100% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 13 sales (SEC Form 4).
Wheeler Real Estate Investment Trust, Inc. (WHLR) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WHLR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 8, 2026 | — | $5.97 | — | $24M | — |
| Mar 5, 2026 | — | $9.96 | — | $25M | — |
| Nov 6, 2025 | — | $25.20 | — | $24M | — |
| Mar 4, 2025 | — | $6459.06 | — | $28M | — |
| Nov 7, 2024 | — | $4898.53 | — | $25M | — |
| Mar 5, 2024 | — | $60419.57 | — | $26M | — |
| Mar 2, 2023 | — | $1812587.00 | — | $27M | — |
| Feb 28, 2022 | — | $1913286.25 | — | $15M | — |
| Aug 5, 2021 | — | $1107692.00 | — | $15M | — |
| May 6, 2021 | — | $100699.27 | — | $15M | — |
| Nov 10, 2020 | — | $1309090.50 | — | $15M | — |
| Feb 26, 2020 | — | $201398.55 | — | $16M | -1.2% |
WHLR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Stilwell Josephdirector, 10 percent owner: | Sell | 11,105 | $14515200000.00 |
| Jun 30, 2026 | Stilwell Josephdirector, 10 percent owner: | Sell | 13,895 | $14515200000.00 |
| Jun 9, 2026 | Hannon Gregory Pauldirector | Buy | 0 | $0.69 |
| Jun 5, 2026 | Stilwell Josephdirector, 10 percent owner: | Sell | 0 | $1.03 |
| Jun 5, 2026 | Stilwell Josephdirector, 10 percent owner: | Buy | 0 | $1.03 |
| Apr 16, 2026 | Magnetar Financial LLC10 percent owner | Sell | 3,127 | $0.80 |
| Apr 14, 2026 | Magnetar Financial LLC10 percent owner | Sell | 1,413 | $0.83 |
| Apr 14, 2026 | Magnetar Financial LLC10 percent owner | Sell | 87,177 | $0.86 |
| Apr 14, 2026 | Magnetar Financial LLC10 percent owner | Sell | 4,910 | $0.77 |
| Apr 9, 2026 | Magnetar Financial LLC10 percent owner | Sell | 12,346 | $0.83 |
| Apr 9, 2026 | Magnetar Financial LLC10 percent owner | Sell | 6,234 | $0.86 |
| Apr 9, 2026 | Magnetar Financial LLC10 percent owner | Sell | 6,774 | $0.85 |
| Apr 6, 2026 | Magnetar Financial LLC10 percent owner | Sell | 3,332 | $0.95 |
| Apr 6, 2026 | Magnetar Financial LLC10 percent owner | Sell | 13,253 | $0.93 |
| Apr 6, 2026 | Magnetar Financial LLC10 percent owner | Sell | 6,503 | $0.92 |
Source: WHLR SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full WHLR insider & 13F page →Wheeler Real Estate Investment Trust, Inc. company profile
Overview
Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) is a Virginia Beach-based real estate investment trust that went public in November 2012. The company operates as a fully integrated, self-managed commercial real estate investment company with a strategic focus on acquiring, owning, and operating income-producing retail properties. Wheeler has built its portfolio primarily around grocery-anchored shopping centers, positioning itself in the essential retail segment that serves daily consumer needs. The REIT has navigated through various market cycles since its inception, adapting its strategy to focus on stable, necessity-based retail properties that provide consistent cash flows.
Business
Wheeler Real Estate Investment Trust operates in the retail Real Estate Investment Trust (REIT) sector, which involves owning and managing income-producing commercial real estate properties. A REIT is a company that owns, operates, or finances income-generating real estate and is required to distribute at least 90% of its taxable income to shareholders as dividends. Wheeler's core business revolves around grocery-anchored shopping centers, which are retail properties where a grocery store serves as the primary tenant that draws customer traffic to the entire shopping center. These properties typically include additional smaller retail tenants such as restaurants, pharmacies, dry cleaners, and other service providers that benefit from the steady foot traffic generated by the grocery anchor tenant. The company's investment strategy focuses on necessity-based retail, meaning properties that house businesses providing essential goods and services that consumers need regardless of economic conditions. Grocery stores, pharmacies, and other daily-needs retailers are considered more recession-resistant compared to discretionary retail like clothing or electronics stores. This positioning helps provide more stable rental income streams even during economic downturns. Wheeler operates as a fully integrated REIT, meaning it handles property acquisition, leasing, management, and development activities in-house rather than outsourcing these functions to third parties. This vertical integration allows the company to maintain direct control over its properties and potentially capture additional value through active management and strategic improvements to its retail centers.
Revenue model
Wheeler generates revenue primarily through rental income from its retail tenants. The company leases space to grocery stores, restaurants, service providers, and other retail businesses, collecting monthly rent payments that typically include both base rent and additional charges for property taxes, insurance, and common area maintenance (known as "triple net" leases in commercial real estate). The company's revenue model benefits from having grocery stores as anchor tenants, which typically sign long-term leases (often 10-20 years) with built-in rent escalations. These anchor tenants provide stable, predictable cash flows and help attract smaller tenants to fill the remaining spaces in the shopping centers. The smaller tenants often pay higher rent per square foot but may have shorter lease terms. Several factors can impact Wheeler's profitability and margins. Positive factors include rising rents during lease renewals, successful re-tenanting of vacant spaces, population growth in the markets where properties are located, and low interest rates that reduce financing costs. The essential nature of grocery-anchored retail also provides some protection during economic downturns. Negative factors include tenant bankruptcies or store closures, increased competition from e-commerce and online grocery delivery, rising interest rates that increase borrowing costs, oversupply of retail space in local markets, and economic recessions that can pressure tenant sales and ability to pay rent. The company must also manage ongoing capital expenditures for property maintenance and improvements to keep centers competitive and attractive to both tenants and shoppers. Wheeler's business model requires significant capital for property acquisitions and improvements, making the company sensitive to credit market conditions and interest rate fluctuations that affect both its cost of capital and property valuations.
Competitive moat
Wheeler's competitive moat is relatively modest in the retail REIT space. The company's primary defensive characteristics stem from its focus on grocery-anchored centers, which provide some stability due to the essential nature of food retail. Grocery stores are difficult to replace with online alternatives for most consumers, creating a degree of protection against e-commerce disruption that has affected other retail categories. The company's local market knowledge and relationships with tenants in its operating regions provide some competitive advantage in identifying acquisition opportunities and managing properties effectively. As a smaller, focused REIT, Wheeler can potentially move more quickly on deals and provide more personalized service to tenants compared to larger, more bureaucratic competitors. However, Wheeler faces significant competitive pressures. The retail real estate sector has low barriers to entry for new competitors, and the company competes with numerous other REITs, private equity firms, and individual investors for quality properties. Larger REITs like Regency Centers, Kimco Realty, and Brixmor Property Group have substantially more capital resources, better access to financing, and greater negotiating power with tenants. The company's small size can be both an advantage and disadvantage. While it allows for nimble decision-making, it also limits Wheeler's ability to diversify across many markets and property types, making it more vulnerable to local economic downturns or specific tenant issues. The ongoing evolution of retail, including the growth of online shopping, buy-online-pickup-in-store models, and changing consumer preferences, continues to challenge traditional retail real estate operators. Wheeler's moat is primarily dependent on location quality and tenant relationships rather than any unique competitive advantages, making it vulnerable to well-capitalized competitors and broader industry trends.
Risks & safety
Wheeler's margin of safety appears limited based on current financial metrics and market conditions. **Debt and Solvency:** - Debt-to-equity ratio of 8.5x indicates high leverage typical of REITs but potentially concerning given the company's size - Current ratio of 2.7x provides adequate short-term liquidity coverage - Cash position of $43 million offers some cushion for operations and debt service - Free cash flow of $26 million annually demonstrates ability to generate cash after capital expenditures **Valuation Metrics:** - Price-to-earnings ratio near zero suggests either very low earnings or potential accounting irregularities - Price-to-book ratio of 0.008 indicates trading at significant discount to book value - EV/EBITDA of 8.3x appears reasonable for a retail REIT - Graham net-net calculation shows negative working capital value **Other Considerations:** - Small market capitalization of $2.7 million creates liquidity risks and limits institutional investor interest - Volatile earnings history with significant losses in recent quarters raises sustainability concerns - High leverage combined with interest rate sensitivity poses refinancing risks - Limited geographic and tenant diversification increases concentration risk
Recent development
Based on available financial data, Wheeler has experienced significant operational volatility over recent years. The company reported substantial losses in Q3 2024 with negative $30.6 million in net income, followed by a dramatic turnaround to positive $39.8 million in Q4 2024, suggesting either major asset sales, impairment reversals, or other non-recurring items affecting reported earnings. The company's revenue has remained relatively stable in the $100+ million range annually, indicating that the underlying rental income from its grocery-anchored properties continues to perform despite earnings volatility. This suggests that operational challenges may be more related to asset valuations, impairments, or financing costs rather than fundamental tenant demand issues. Wheeler's cash position improved significantly from $18.4 million at the end of 2023 to $43 million by Q4 2024, indicating either asset sales, refinancing activities, or improved cash generation. The company maintained positive operating cash flows throughout the periods reviewed, demonstrating that its core rental business continues to generate cash despite reported net income volatility. The high debt levels and leverage ratios suggest Wheeler may be in a period of balance sheet restructuring or deleveraging, which is common for smaller REITs facing market pressures. The company's ability to maintain operations while managing its debt load will be critical for future performance. Without access to detailed earnings call transcripts, the specific strategic initiatives and management commentary on future direction remain unclear, but the financial patterns suggest a company working through operational and financial challenges while maintaining its core grocery-anchored retail focus.
WHLR company profile · for informational purposes only — not investment advice.
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