Wheeler Real Estate Investment Trust, Inc. (WHLR) reported its financial results for the first quarter of 2026, revealing a total revenue of $24.0 million, a decrease of 1.4% from $24.4 million in the same period of 2025. The decline in revenue was primarily attributed to a reduction in rental revenues and tenant reimbursements, which fell by $1.4 million due to the sale of properties. The company recorded a net loss of $1.2 million for the quarter, a significant drop from a net income of $2.4 million in the prior year, reflecting a 149.3% decrease.
In terms of operational efficiency, WHLR managed to reduce its total operating expenses to $16.4 million from $17.9 million year-over-year, marking a 8.5% decrease. This reduction was driven by lower property operations costs, which fell by 6.2% to $8.4 million. However, the company experienced a notable decline in gains from property disposals, which dropped to $2.6 million from $5.7 million in the previous year, contributing to the overall net loss.
Strategically, WHLR has continued to focus on optimizing its capital structure through the redemption and exchange of preferred stock. During the first quarter, the company issued 185,886 shares of common stock in exchange for 54,702 shares of Series B Preferred Stock and 27,351 shares of Series D Preferred Stock, effectively retiring $2.5 million in preferred stock liquidation value. Additionally, WHLR processed redemptions of 17,902 shares of Series D Preferred Stock, issuing 81,491 shares of common stock in settlement of approximately $0.8 million in redemption price.
As of March 31, 2026, WHLR's total assets amounted to $594.0 million, a decrease from $601.7 million at the end of 2025. The company’s liabilities also saw a slight reduction, totaling $502.6 million compared to $507.0 million previously. The company maintained a cash position of $23.6 million, slightly up from $23.7 million at the end of the previous year. Looking ahead, WHLR plans to continue its strategy of managing its debt prudently while exploring opportunities for growth through property improvements and potential acquisitions, despite the challenges posed by current market conditions.
About Wheeler Real Estate Investment Trust, Inc.
Wheeler Real Estate Investment Trust, Inc. is a Maryland-based REIT specializing in owning, leasing, and managing income-producing retail properties, primarily grocery-anchored centers in secondary and tertiary markets across the U.S. Its portfolio includes shopping centers and undeveloped land, with a focus on necessity-based retail in stable communities. The company emphasizes active property management, lease optimization, and strategic capital allocation to maximize value and stability.
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