Wheeler Real Estate Investment Trust Inc., a self-managed commercial real estate investment trust, reported a mixed financial performance in its latest quarterly results. The company saw a slight decrease in revenues year-over-year, from $25.204 million to $24.792 million, a 1.6% decline. However, property operating income remained relatively stable with a minor decrease from $16.433 million to $16.348 million. Notably, Wheeler REIT recorded a significant net loss of $30.631 million compared to $11.368 million in the previous year, largely due to a $39.299 million loss in the fair value of derivative liabilities. The company also reported a gain on disposal of properties amounting to $7.083 million, a substantial increase from $2.204 million in the prior year. Wheeler REIT's business development included the acquisition of Cedar Realty Trust...Show More

Wheeler Real Estate Investment Trust Inc., a self-managed commercial real estate investment trust, reported a mixed financial performance in its latest quarterly results. The company saw a slight decrease in revenues year-over-year, from $25.204 million to $24.792 million, a 1.6% decline. However, property operating income remained relatively stable with a minor decrease from $16.433 million to $16.348 million. Notably, Wheeler REIT recorded a significant net loss of $30.631 million compared to $11.368 million in the previous year, largely due to a $39.299 million loss in the fair value of derivative liabilities. The company also reported a gain on disposal of properties amounting to $7.083 million, a substantial increase from $2.204 million in the prior year. Wheeler REIT's business development included the acquisition of Cedar Realty Trust, expanding its portfolio to 73 retail shopping centers and two undeveloped properties across multiple states. The company's future plans involve managing debt prudently to achieve a conservative capital structure and minimize leverage. Wheeler REIT also aims to increase liquidity and grow operations through various strategies, including leasing activities, tenant improvements, asset dispositions, and property refinancing. Despite the net loss, the company has taken steps to comply with NASDAQ's Publicly Held Shares Rule and believes it has regained compliance following the issuance of Common Stock for Series D Preferred Stock redemptions and Convertible Notes conversions.