Summary by Futu AI
Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) reported a 5.9% increase in revenues to $26.3 million for the quarter ended June 30, 2024, compared to $24.8 million in the same period last year. The company's property operating income rose to $17.7 million, while net loss attributable to Wheeler REIT widened to $5.1 million from $4.0 million year-over-year. The company's financial performance was influenced by a mix of increased tenant reimbursements, base rent, and a significant gain on disposal of properties, offset by higher property operating expenses and a substantial loss in the fair value of derivative liabilities. Wheeler REIT, which focuses on grocery-anchored retail properties, expanded its portfolio through the acquisition of Cedar Realty Trust, now a subsidiary, and currently operates 74 retail...Show More