Wheeler Real Estate Investment Trust Inc. (Wheeler REIT), a Maryland corporation focused on grocery-anchored centers and retail properties, reported a comprehensive annual financial performance for the year ending December 31, 2023. The company's total revenues increased by 33.5% to $102.3 million, up from $76.6 million in the previous year, primarily due to the Cedar Acquisition which contributed $21.1 million in property revenues. Property operating income rose to $67.5 million, a significant increase from $50.9 million, while net income turned positive at $6.1 million, recovering from a net loss of $8.5 million in the prior year. However, net loss attributable to Wheeler REIT was $4.7 million, an improvement from a $12.5 million loss in the previous year. Interest expense increased by 7.3% to $32.3 million, and corporate general & administrative expenses rose by 36.3% to...Show More

Wheeler Real Estate Investment Trust Inc. (Wheeler REIT), a Maryland corporation focused on grocery-anchored centers and retail properties, reported a comprehensive annual financial performance for the year ending December 31, 2023. The company's total revenues increased by 33.5% to $102.3 million, up from $76.6 million in the previous year, primarily due to the Cedar Acquisition which contributed $21.1 million in property revenues. Property operating income rose to $67.5 million, a significant increase from $50.9 million, while net income turned positive at $6.1 million, recovering from a net loss of $8.5 million in the prior year. However, net loss attributable to Wheeler REIT was $4.7 million, an improvement from a $12.5 million loss in the previous year. Interest expense increased by 7.3% to $32.3 million, and corporate general & administrative expenses rose by 36.3% to $11.8 million, reflecting costs associated with the Cedar Acquisition. The company also reported a gain on preferred stock redemptions of $9.9 million due to the issuance of common stock for Series D Preferred Stock redemptions. Wheeler REIT's portfolio comprised 75 retail shopping centers and four undeveloped land parcels, with a leased level of approximately 93.7% at year-end. The company's future plans include optimizing sales performance of their centers to increase rents, disposing of non-core assets, and refinancing properties to manage liquidity and grow operations. Wheeler REIT's common stock is traded on Nasdaq under the symbol 'WHLR'.