Quarterly ResultMay 8, 2026, 04:32 PM
Wheeler REIT Q1 Net Loss $(5.27)M; AFFO $2.16M
AI Summary
Wheeler Real Estate Investment Trust, Inc. reported its financial and operating results for the first quarter ended March 31, 2026, with a net loss attributable to common stockholders of $(5.27) million and a basic loss per share of $(14.55). Despite the net loss, the company achieved positive Adjusted FFO of $2.16 million and a 7.9% increase in Same-Property Net Operating Income. The company also took steps to strengthen its balance sheet by reducing total debt to $475.2 million and disposing of four properties, with additional sales completed subsequent to quarter-end.
Key Highlights
- Net loss attributable to common stockholders was $(5.27) million, with basic and diluted loss per share of $(14.55).
- Adjusted FFO (AFFO) was $2.16 million, or $5.97 per common share.
- Same-Property Net Operating Income (NOI) increased by 7.9% or $1.1 million year-over-year.
- Total revenue decreased by 1.4% to $24.0 million, while total operating expenses decreased by 8.5% to $16.4 million.
- The company sold four properties for $6.1 million, generating $2.6 million in net gains.
- Total debt decreased to $475.2 million from $482.8 million at December 31, 2025.
- The company effected a one-for-three reverse stock split on January 16, 2026, and another on April 17, 2026.
- Subsequent to quarter-end, the company sold Surrey Plaza for $2.5 million and Tuckernuck for $12.0 million.