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

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 shopping centers across various states. The company's future plans include using proceeds from a revolving credit agreement for capital expenditures and tenant improvements, and it anticipates additional loan proceeds upon meeting certain lease-related contingencies. Wheeler REIT has also managed its debt, with a weighted average interest rate of 5.53% and a term of 8.1 years as of June 30, 2024. The company regained compliance with Nasdaq's minimum bid price requirement and is working towards meeting the Publicly Held Shares Rule by December 25, 2024.