Wheeler Real Estate Investment Trust, Inc. Q3 FY25 Results
WHLRQ3 FY25 ResultsAnnounced Nov 6, 2025, 07:00 AM| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 0.12 | 73.3% | 73.9% |
| Total Income | 0.12 | 73.3% | 73.9% |
| Expenditure | 18.33 | 12.2% | 1.9% |
| PBT | 12.98 | 1398.0% | 142.4% |
| Net Profit | 11.53 | 570.6% | 134.6% |
| OPM | 100.00% | 0.00pp | 0.00pp |
| NPM | 100.00% | ||
| EPS | 18.37 | 294.4% | 120.0% |
Wheeler REIT Reports Q3 2025 Results: Same-Property NOI Increased 3.3%
04 May 2026 · 4 May, 7:53 am
Summary
Wheeler Real Estate Investment Trust, Inc. announced its financial and operating results for the three and nine months ended September 30, 2025. Same-Property NOI increased by 3.3% or $0.5 million for the quarter. The real estate portfolio was 91.8% occupied and 92.4% leased. Total revenue decreased by 3.9% to $23.8 million. The company executed lease renewals and signed new leases with increased rental rates.
Key Highlights
- 1
Wheeler Real Estate Investment Trust's same-property NOI increased by 3.3% or $0.5 million for the third quarter of 2025.
- 2
The company's real estate portfolio was 91.8% occupied and 92.4% leased as of the end of the third quarter.
- 3
WHLR executed 32 lease renewals, totaling 160,167 square feet, with a weighted average increase of $1.04 per square foot, representing a 9.5% increase over in-place rental rates.
- 4
The company signed 5 new leases, totaling 12,833 square feet, with a weighted average rental rate of $21.93 per square foot, representing a new rent spread of 13.8%.
- 5
Total revenue decreased by 3.9% or $1.0 million to $23.8 million, primarily due to a decrease in rental revenues and tenant reimbursements from properties sold in 2024 and 2025.
- 6
Basic earnings per share was $18.37 for the three months ended September 30, 2025.
- 7
The company effected a one-for-five reverse stock split on September 22, 2025.
Management Comments
M. Andrew Franklin
WHLR’s third-quarter results reflect the Company's disciplined portfolio management, active capital markets transactions, and a focus on leasing and operational efficiency. Same-Property NOI growth of 4.2% reflects the Company's long-term objective to look beyond just ABR growth and mitigate the impact of raising operating costs through improved tenant reimbursement structures. The Company’s ability to execute strategic dispositions, manage leverage, and drive rent growth positions us to navigate ongoing market challenges and pursue value creation for shareholders of both WHLR and Cedar.
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