Wheeler Real Estate Investment Trust Inc., a self-managed commercial real estate investment trust, reported a slight decrease in revenues year-over-year from $26.066 million to $25.872 million, a 0.7% decline for the quarter ended March 31, 2024. The company experienced a net loss of $6.006 million, compared to a net loss of $409,000 in the same period last year. The net loss attributable to Wheeler REIT was $8.707 million, a significant increase from the previous year's $3.101 million. Property operating income also saw a decrease from $17.111 million to $16.822 million. However, depreciation and amortization expenses decreased by 11.6%, and corporate general and administrative expenses saw a reduction of 10.6%. Interest expense rose by 14.3%, and the company faced a substantial increase in net changes in fair value of derivative liabilities...Show More

Wheeler Real Estate Investment Trust Inc., a self-managed commercial real estate investment trust, reported a slight decrease in revenues year-over-year from $26.066 million to $25.872 million, a 0.7% decline for the quarter ended March 31, 2024. The company experienced a net loss of $6.006 million, compared to a net loss of $409,000 in the same period last year. The net loss attributable to Wheeler REIT was $8.707 million, a significant increase from the previous year's $3.101 million. Property operating income also saw a decrease from $17.111 million to $16.822 million. However, depreciation and amortization expenses decreased by 11.6%, and corporate general and administrative expenses saw a reduction of 10.6%. Interest expense rose by 14.3%, and the company faced a substantial increase in net changes in fair value of derivative liabilities, which went from a gain to a significant loss. Wheeler REIT also reported a gain on preferred stock redemptions of $213,000. In terms of business development, Wheeler REIT acquired Cedar Realty Trust in August 2022, making it a subsidiary and expanding its portfolio to include 75 retail shopping centers and four undeveloped properties across multiple states. The company's future plans include managing its debt prudently to achieve a conservative capital structure and minimizing leverage. Wheeler REIT also intends to grow operations and increase liquidity through various strategies, including backfilling vacant anchor spaces and refinancing properties.