Quarterly ResultMay 8, 2026, 04:13 PM
Wheeler REIT Q1 Net Loss $(1.17)M; Revenue Down 1.4%; Multiple Reverse Splits
AI Summary
Wheeler Real Estate Investment Trust reported a net loss of $(1.17) million for the first quarter of 2026, a decline from a net income of $2.37 million in the prior year period, with total revenue decreasing by 1.4% to $24.01 million. The company continued its strategy of asset disposition, selling four properties for a net gain of $2.56 million, and reduced its debt by making principal payments and fully paying off the Tuckernuck loan. The financial results were significantly affected by multiple reverse stock splits implemented in 2025 and 2026.
Key Highlights
- Net loss was $(1.17) million for Q1 2026, compared to net income of $2.37 million in Q1 2025.
- Total revenue decreased to $24.01 million in Q1 2026 from $24.35 million in Q1 2025.
- Basic and diluted loss per share was $(14.55) in Q1 2026, significantly impacted by reverse stock splits.
- The company completed multiple reverse stock splits in 2025 and 2026, including a 1-for-3 split in January 2026 and April 2026.
- Disposed of four properties (Moncks Corner, Ridgeland, St. George Plaza outparcel, Darien Shopping Center) in Q1 2026, generating $2.56 million in net gains.
- Made $2.7 million in principal payments on the June 2022 Term Loan and paid off the $4.4 million Tuckernuck loan.
- Loans payable, net, decreased to $461.07 million as of March 31, 2026, from $468.16 million at December 31, 2025.
- Recorded unrealized holding losses of $0.7 million on the Stilwell Activist Investments, L.P. (SAI) investment in Q1 2026.