Wheeler Real Estate Investment Trust, Inc. reported a net income of $5.4 million for the first quarter of 2025, a significant turnaround from a net loss of $6 million in the same period last year. The company’s total revenue for the quarter was $24.4 million, down 5.9% from $25.9 million in the prior year, primarily due to a decrease in rental revenues attributed to properties sold in 2024 and 2025. Operating income increased to $12.1 million, compared to $7.5 million in the previous year, bolstered by a gain of $5.7 million from property disposals.
In terms of operational metrics, Wheeler's property operating expenses decreased slightly to $8.9 million from $9.1 million year-over-year. The company reported a Same-Property Net Operating Income (NOI) of $14.3 million, a decrease of 2.2% from $14.6 million in the prior year, reflecting a 6.9% increase in property expenses. The company’s cash and cash equivalents totaled $19.2 million as of March 31, 2025, an increase from $17.7 million a year earlier, while total assets decreased to $624.8 million from $653.7 million.
Wheeler has been active in managing its capital structure, processing redemptions of 193,951 shares of Series D Preferred Stock during the quarter, resulting in the issuance of 305,626 shares of common stock. The company also reported a gain of $3.8 million from preferred stock retirements, reflecting the fair market value of common stock issued in these transactions being less than the carrying value of the preferred stock retired. As of March 31, 2025, the company had accumulated undeclared dividends of $29.6 million on its Series D Preferred Stock.
Looking ahead, Wheeler Real Estate Investment Trust plans to continue its strategy of exchanging common stock for its Series B and Series D Preferred Stock to enhance financial stability and optimize capital allocation. The company is also focused on increasing liquidity through various measures, including backfilling vacant spaces and refinancing properties. Despite the challenges posed by market conditions, Wheeler remains committed to maintaining its status as a Real Estate Investment Trust (REIT) and is actively managing its portfolio to adapt to changing economic conditions.
About Wheeler Real Estate Investment Trust, Inc.
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