Summary by Moomoo AI
Wheeler Real Estate Investment Trust reported Q2 2024 revenue of $26.3 million, up 5.9% YoY, driven by increased tenant reimbursements of $1.1 million and base rent growth of $0.5 million. The company recorded a net loss of $2.4 million compared to a $1.3 million loss in Q2 2023, impacted by a $5.0 million non-cash loss from fair value adjustments of derivative liabilities.Property operating income improved to $17.7 million from $16.5 million YoY, while corporate expenses decreased 6.3% to $2.6 million due to reduced legal fees. The company completed strategic dispositions including Oakland Commons for $6.0 million with a $3.4 million gain. Same-property NOI increased 9.3% to $16.2 million, reflecting improved property performance.Management strengthened the balance sheet by securing new financing, including a $25.5 million term loan at 6.80% interest and a $9.5 million revolving credit facility. The company continued addressing Series D Preferred Stock redemptions through Common Stock issuance, with $3.2 million redeemed during H1 2024. Cash and equivalents stood at $41.8 million as of June 30, 2024.
