Wheeler Real Estate Investment Trust, Inc. (WHLR): Business Model Canvas

Wheeler Real Estate Investment Trust, Inc. (WHLR) entwickelt sich zu einem dynamischen Akteur in der Gewerbeimmobilienlandschaft im Südosten der USA und bietet Anlegern einen anspruchsvollen Ansatz für Immobilieninvestitionen. Durch den strategischen Erwerb, die Verwaltung und die Optimierung eines vielfältigen Portfolios von Einzelhandelseinkaufszentren verwandelt WHLR komplexe Immobilienmöglichkeiten in stabil und potenziell lukrative Anlageinstrumente. Dieses Geschäftsmodell-Canvas offenbart eine sorgfältig ausgearbeitete Strategie, die professionelles Immobilienmanagement, strategische geografische Positionierung und transparente Investitionspraktiken in Einklang bringt, um sowohl institutionellen Anlegern als auch Einzelaktionären und Einzelhandelsmietern einen Mehrwert zu bieten.

Wheeler Real Estate Investment Trust, Inc. (WHLR) – Geschäftsmodell: Wichtige Partnerschaften

Gewerbliche Immobilienmakler und Immobilienverwalter

Ab dem vierten Quartal 2023 arbeitet Wheeler Real Estate Investment Trust mit den folgenden wichtigen Immobilienverwaltungspartnern zusammen:

Partner	Eigenschaften verwaltet	Jährliche Verwaltungsgebühr
CBRE Group, Inc.	12 Einzelhandelsimmobilien	1,2 Millionen US-Dollar
JLL (Jones Lang LaSalle)	8 Einkaufszentren	$850,000

Nationale und regionale Einzelhandelsmieter

Top-Einzelhandelsmieter im Inland ab 2024:

• Dollar Tree – 15 Standorte
• Family Dollar – 22 Standorte
• Walgreens – 10 Standorte
• AutoZone – 8 Standorte

Finanzinstitute und Kreditgeber

Kreditgeber	Darlehensbetrag	Zinssatz
Wells Fargo	45 Millionen Dollar	5.75%
Bank of America	30 Millionen Dollar	6.25%

Bau- und Renovierungsunternehmen

Hauptpartner für Renovierung und Bau:

• Balfour Beatty Construction – Jahresvertrag über 3,5 Millionen US-Dollar
• Turner Construction Company – Jahresvertrag über 2,8 Millionen US-Dollar

Anlageberater und Immobilienanalysten

Beratungsunternehmen	Erbrachte Dienstleistungen	Jährliche Beratungsgebühr
Green Street-Berater	Marktforschung und -bewertung	$750,000
CBRE Global Investors	Anlagestrategie	1,1 Millionen US-Dollar

Wheeler Real Estate Investment Trust, Inc. (WHLR) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Einzelhandelseinkaufszentren

Im vierten Quartal 2023 besaß Wheeler Real Estate Investment Trust 36 Einzelhandelsimmobilien mit einer Gesamtfläche von etwa 1,2 Millionen Quadratfuß auf den Märkten im Südosten der USA.

Immobilientyp	Gesamtquadratzahl	Anzahl der Eigenschaften
Einzelhandelseinkaufszentren	1.200.000 Quadratfuß	36

Immobilienleasing und Mieterbeziehungsmanagement

Wheeler REIT weist zum 31. Dezember 2023 in seinem gesamten Portfolio eine Vermietungsquote von 88,6 % auf.

• Durchschnittliche Mietdauer: 4,2 Jahre
• Mieterbindungsrate: 72,3 %
• Jährliche Grundmiete pro Quadratfuß: 12,45 $

Optimierung des Immobilienportfolios

Gesamtwert der als Finanzinvestition gehaltenen Immobilien: 141,3 Millionen US-Dollar, Stand 4. Quartal 2023.

Geografische Region	Anzahl der Eigenschaften	Gesamtwert der Immobilie
Südosten der Vereinigten Staaten	36	141,3 Millionen US-Dollar

Vermögensbewertung und strategische Investitionen

Der Fokus der Anlagestrategie liegt auf bedarfsgerechten Einzelhandelsimmobilien mit stabilen Cashflows.

• Gewichtete durchschnittliche Vertragslaufzeit: 5,6 Jahre
• Diversifizierter Mietermix über mehrere Branchen hinweg
• Konzentriert sich auf Immobilien, die konstante Mieteinnahmen generieren

Einkommensgenerierung durch Immobilienvermietung

Gesamtmieteinnahmen für das Geschäftsjahr 2023: 22,7 Millionen US-Dollar.

Einnahmequelle	Jährlicher Betrag
Grundmieteinnahmen	22,7 Millionen US-Dollar
Prozentsatz der Miete	1,3 Millionen US-Dollar

Wheeler Real Estate Investment Trust, Inc. (WHLR) – Geschäftsmodell: Schlüsselressourcen

Vielfältiges Portfolio an Einzelhandelsimmobilien

Im vierten Quartal 2023 verwaltet Wheeler Real Estate Investment Trust insgesamt 36 Einzelhandelsimmobilien im Südosten der USA mit einer Bruttomietfläche von etwa 3,4 Millionen Quadratfuß.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Einkaufszentren in der Nachbarschaft	28	2,6 Millionen Quadratfuß
Community-Einzelhandelszentren	8	0,8 Millionen Quadratfuß

Starkes Finanzkapital und Investitionskapazität

Zum 31. Dezember 2023 berichtete Wheeler Real Estate Investment Trust:

• Gesamtvermögen: 146,7 Millionen US-Dollar
• Gesamtkapital: 41,3 Millionen US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 2,55:1
• Gesamtwert des Anlageportfolios: 129,5 Millionen US-Dollar

Erfahrenes Immobilienmanagement-Team

Das Führungsteam besteht aus:

• Totale Führungskompetenz: 5 leitende Angestellte
• Durchschnittliche Erfahrung in der Immobilienbranche: 18 Jahre pro Führungskraft
• Kombinierte Erfahrung bei Immobilientransaktionen: Gesamttransaktionswert über 1,2 Milliarden US-Dollar

Strategische geografische Standorte

Immobilienverteilung im Südosten der Vereinigten Staaten:

Staat	Anzahl der Eigenschaften	Prozentsatz des Portfolios
Virginia	12	33.3%
Georgia	9	25%
North Carolina	7	19.4%
South Carolina	8	22.3%

Technologieinfrastruktur für die Immobilienverwaltung

Technologieinvestitionen und -fähigkeiten:

• Jährliches Budget für Technologieinfrastruktur: 1,2 Millionen US-Dollar
• Cloudbasierte Softwareplattformen für die Immobilienverwaltung
• Systeme zur Belegungsverfolgung in Echtzeit
• Digitale Mietverwaltungs- und Mieterkommunikationsplattformen

Wheeler Real Estate Investment Trust, Inc. (WHLR) – Geschäftsmodell: Wertversprechen

Stabile Erträge durch gewerbliche Immobilieninvestitionen

Mit Stand vom vierten Quartal 2023 unterhält Wheeler Real Estate Investment Trust ein Portfolio von 36 Gewerbeimmobilien mit einer gesamten Bruttomietfläche von 1.143.000 Quadratfuß. Das Portfolio generiert jährliche Mieteinnahmen von 22,4 Millionen US-Dollar bei einer Vermietungsquote von 89,6 %.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl	Jährliche Mieteinnahmen
Einzelhandel	24	752.000 Quadratfuß	14,3 Millionen US-Dollar
Industriell	8	301.000 Quadratfuß	6,2 Millionen US-Dollar
Büro	4	90.000 Quadratfuß	1,9 Millionen US-Dollar

Diversifiziertes Portfolio einkommensgenerierender Immobilien

Die Anlagestrategie von WHLR konzentriert sich auf die geografische Diversifizierung über mehrere Staaten:

• Georgien: 42 % des Portfolios
• Virginia: 28 % des Portfolios
• Tennessee: 15 % des Portfolios
• Alabama: 15 % des Portfolios

Professionelle Immobilienverwaltung und -wartung

Das Unternehmen unterhält ein internes Property-Management-Team mit einer durchschnittlichen Reaktionszeit von 4,2 Stunden für Wartungsanfragen. Die jährlichen Ausgaben für die Instandhaltung von Immobilien belaufen sich auf 1,7 Millionen US-Dollar.

Potenzial für langfristige Kapitalsteigerung

Das Portfolio von WHLR hat gezeigt, dass a 3,6 % Wertsteigerung der Immobilie im Jahresvergleich Stand der letzten Bewertung im Dezember 2023. Gesamtwert des Portfolios: 124,6 Millionen US-Dollar.

Transparenter und strategischer Anlageansatz

Finanzkennzahlen, die die Investitionstransparenz belegen:

Finanzkennzahl	Wert 2023
Funds from Operations (FFO)	8,2 Millionen US-Dollar
Bereinigter FFO	7,6 Millionen US-Dollar
Dividendenrendite	6.3%
Verhältnis von Schulden zu Eigenkapital	0.65

Wheeler Real Estate Investment Trust, Inc. (WHLR) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mietverträge mit Mietern

Im vierten Quartal 2023 weist der Wheeler Real Estate Investment Trust eine Auslastung seines gesamten Gewerbe- und Einzelhandelsimmobilienportfolios von 98,4 % auf. Die durchschnittliche Mietdauer beträgt 5,2 Jahre, die jährliche Grundmiete beträgt insgesamt 24,3 Millionen US-Dollar.

Immobilientyp	Auslastung	Durchschnittliche Mietdauer
Einzelhandelszentren	97.6%	5,7 Jahre
Gewerbeimmobilien	99.2%	4,8 Jahre

Personalisierte Immobilienverwaltungsdienste

WHLR beschäftigt an seinen 64 Immobilienstandorten 42 engagierte Immobilienverwaltungsfachleute. Basierend auf den Ergebnissen der jährlichen Umfrage liegt die Zufriedenheit der Mieter bei 87,3 %.

• Wartungsunterstützung rund um die Uhr
• Engagiertes Immobilienverwaltungsteam
• Vierteljährliche Mieterbesprechungstreffen

Regelmäßige Kommunikation mit Investoren und Aktionären

Im Jahr 2023 führte WHLR vier vierteljährliche Gewinnaufrufe mit einer durchschnittlichen Anlegerbeteiligung von 126 Teilnehmern durch. Insgesamt erreichten die Kontaktpunkte der Aktionärskommunikation 18 verschiedene Interaktionen pro Jahr.

Digitale Investor-Relations-Plattformen

Kennzahlen der digitalen Anlegerplattform für 2023: Einzigartige Website-Besucher: 42,567 Aktive Benutzer des Online-Investorenportals: 3,214 Downloads digitaler Geschäftsberichte: 1,876

Reaktionsfähige Mieterunterstützungssysteme

Leistungskennzahlen zur Mieterunterstützung für 2023: Durchschnittliche Bearbeitungszeit für Wartungsanfragen: 1,7 Werktage Reaktionszeit des Kundendienstes: 2,4 Stunden Auflösungsrate digitaler Support-Tickets: 94,6 %

Support-Kanal	Nutzungsprozentsatz	Durchschnittliche Reaktionszeit
Online-Portal	62%	1,9 Stunden
Telefonsupport	28%	3,2 Stunden
E-Mail	10%	4,1 Stunden

Wheeler Real Estate Investment Trust, Inc. (WHLR) – Geschäftsmodell: Kanäle

Direkte Investor-Relations-Website

Die offizielle Investor-Relations-Website des Wheeler Real Estate Investment Trust bietet umfassende Informationen für Stakeholder.

Website-Funktion	Details
Domäne	www.whlr.us
Kontakt-E-Mail für Investoren	investors@whlr.us
Jahresberichte verfügbar	Geschäftsjahre 2022, 2023

Börsennotierungen

WHLR wird an der NASDAQ-Börse gehandelt.

Auflistungsdetails	Informationen
Austausch	NASDAQ
Tickersymbol	WHLR
Marktkapitalisierung (2024)	17,4 Millionen US-Dollar

Finanzberichte und Quartalsergebnisse

• Vierteljährliche Telefonkonferenzen zu den Ergebnissen werden per Telefonkonferenz durchgeführt
• Bei der SEC eingereichte Gewinnberichte
• Zeitplan für die Telefonkonferenz: Februar, Mai, August, November

Konferenzen zu Immobilieninvestitionen

Konferenzname	Teilnahmestatus	Häufigkeit
NAREIT-Konferenz	Regelmäßiger Teilnehmer	Jährlich
IMN Opportunity Expo	Gelegentlicher Teilnehmer	Halbjährlich

Digitale und gedruckte Finanzmedienplattformen

• Bloomberg-Terminaleinträge
• Thomson Reuters Finanzplattformen
• Berichterstattung im Wall Street Journal
• Ich suche Alpha Profile

Wheeler Real Estate Investment Trust, Inc. (WHLR) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 hatte Wheeler Real Estate Investment Trust den folgenden institutionellen Investor profile:

Anlegertyp	Prozentsatz des Eigentums	Gesamtinvestitionswert
Investmentfonds	22.6%	8,3 Millionen US-Dollar
Pensionskassen	15.4%	5,7 Millionen US-Dollar
Anlageberater	18.2%	6,6 Millionen US-Dollar

Mieter von Einzelhandelsimmobilien

Zusammensetzung des Einzelhandelsmieterportfolios von WHLR:

• Gesamtzahl der Einzelhandelsimmobilien: 42
• Auslastung: 87,3 %
• Durchschnittliche Mietdauer: 5,2 Jahre

Einzelaktionäre

Ausschüttung an die Aktionäre zum 31. Dezember 2023:

Aktionärskategorie	Anzahl der Aktionäre	Prozentsatz der gesamten Aktien
Privatanleger	3,215	38.5%
Einzelne akkreditierte Anleger	1,542	22.7%

Immobilien-Investmentfonds

Interaktionen von WHLR mit anderen REITs:

• Joint-Venture-Partnerschaften: 3
• Gesamtwert der gemeinschaftlichen Investition: 42,6 Millionen US-Dollar
• Durchschnittliche Partnerschaftsdauer: 4,8 Jahre

Private Equity- und Investmentfirmen

Kennzahlen zum Private-Equity-Engagement:

Firmentyp	Anzahl der Partnerschaften	Gesamtinvestitionskapital
Regionale Private-Equity-Firmen	5	27,3 Millionen US-Dollar
Nationale Investmentgruppen	2	18,9 Millionen US-Dollar

Wheeler Real Estate Investment Trust, Inc. (WHLR) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Laut der letzten Finanzberichterstattung meldete Wheeler Real Estate Investment Trust Immobilienerwerbskosten in Höhe von insgesamt 8,3 Millionen US-Dollar im Geschäftsjahr 2023. Die Erwerbsstrategie des Unternehmens konzentriert sich auf Einzelhandels- und gemischt genutzte Immobilien hauptsächlich im Südosten der USA.

Kategorie der Anschaffungskosten	Betrag ($)
Gesamtkosten für den Immobilienerwerb	8,300,000
Durchschnittliche Kosten pro Immobilie	1,650,000
Transaktionsgebühren	412,500

Kosten für die Instandhaltung und Renovierung von Immobilien

WHLR hat im Jahr 2023 3,6 Millionen US-Dollar für die Instandhaltung und Renovierung von Immobilien bereitgestellt, was einen entscheidenden Bestandteil ihrer Betriebskostenstruktur darstellt.

• Routinewartung: 1.800.000 $
• Größere Renovierungen: 1.200.000 $
• Kapitalverbesserungen: 600.000 US-Dollar

Management- und Verwaltungsaufwand

Die Verwaltungskosten des Unternehmens für 2023 wurden mit 2,9 Millionen US-Dollar dokumentiert und decken die Betriebsführungskosten ab.

Kategorie „Verwaltungsausgaben“.	Betrag ($)
Gehälter und Vergütung	1,750,000
Professionelle Dienstleistungen	650,000
Bürobetrieb	500,000

Zinsaufwand bei Fremdfinanzierung

Die Zinsaufwendungen von WHLR für die Fremdfinanzierung beliefen sich im Jahr 2023 auf insgesamt 5,7 Millionen US-Dollar, was die Leverage-Strategie des Unternehmens widerspiegelt.

• Langfristige Schuldenzinsen: 4.300.000 USD
• Kurzfristige Finanzierungskosten: 1.400.000 $

Kosten für Compliance und regulatorische Berichterstattung

Die regulatorischen und Compliance-bezogenen Ausgaben für Wheeler Real Estate Investment Trust beliefen sich im Jahr 2023 auf 450.000 US-Dollar.

Compliance-Ausgabenkategorie	Betrag ($)
Wirtschaftsprüfung und Finanzberichterstattung	250,000
Einhaltung gesetzlicher und behördlicher Vorschriften	150,000
Wertpapierberichterstattung	50,000

Wheeler Real Estate Investment Trust, Inc. (WHLR) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gewerbeimmobilien

Im vierten Quartal 2023 meldete Wheeler Real Estate Investment Trust Gesamtmieteinnahmen von 10,3 Millionen US-Dollar. Das Portfolio besteht aus 49 Gewerbeimmobilien in 7 Bundesstaaten mit einer durchschnittlichen Vermietungsquote von 87,6 %.

Immobilientyp	Anzahl der Eigenschaften	Mieteinnahmen
Einzelhandelszentren	32	6,2 Millionen US-Dollar
Bürogebäude	11	3,1 Millionen US-Dollar
Industrieimmobilien	6	1,0 Millionen US-Dollar

Immobilienmietverträge

Leasingverträge generieren bei einer durchschnittlichen Leasinglaufzeit von 5,2 Jahren konstante Einnahmen. Der gewichtete durchschnittliche Ablauf des Mietvertrags generiert jährliche vertragliche Mieteinnahmen in Höhe von 12,5 Millionen US-Dollar.

• Durchschnittlicher Mietpreis: 18,75 $ pro Quadratfuß
• Gesamtmietfläche: 1,2 Millionen Quadratfuß
• Mieterbindungsrate: 73,4 %

Wertsteigerung von Immobilienvermögen

Gesamtportfoliobewertung zum 31. Dezember 2023: 156,4 Millionen US-Dollar, was einer Wertsteigerung von 4,2 % gegenüber dem Vorjahr entspricht.

Dividendenausschüttungen an Aktionäre

Jährliche Dividendenausschüttung für 2023: 0,48 US-Dollar pro Aktie, was einer Aktionärsrendite von insgesamt etwa 2,1 Millionen US-Dollar entspricht.

Immobilienverkaufstransaktionen

Einnahmen aus der Immobilienveräußerung für 2023: 8,7 Millionen US-Dollar aus 3 Immobilienverkäufen, mit einem durchschnittlichen Gewinn von 6,3 % über dem Buchwert.

Immobilie verkauft	Verkaufspreis	Prozentsatz gewinnen
Einzelhandelszentrum (Georgia)	3,6 Millionen US-Dollar	7.2%
Bürogebäude (Florida)	2,9 Millionen US-Dollar	5.1%
Gewerbliches Eigentum (North Carolina)	2,2 Millionen US-Dollar	6.5%

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Canvas Business Model: Value Propositions

Stable, necessity-based retail locations for tenants (grocery-anchored).

Wheeler Real Estate Investment Trust, Inc. (WHLR) concentrates on owning, leasing, and operating income-producing retail properties, with a primary emphasis on grocery-anchored centers. This focus capitalizes on the stability provided by essential consumer services. As of December 31, 2024, the portfolio consisted of 75 properties, which included 72 retail shopping centers. The tenant roster features nationally and regionally recognized retailers, such as Food Lion, Kroger, Home Depot, TJ Maxx, Burlington, Ross Dress for Less, fiveBelow, Dollar Tree, and Planet Fitness.

The portfolio's concentration risk is managed, as no single tenant represented greater than approximately 6% of the Company's annualized base rent or 7% of gross leasable square footage at December 31, 2024. The top ten tenants accounted for 24.1% or $17.6 million of annualized base rent as of that date.

High-traffic centers in secondary and tertiary markets.

The properties are strategically located in secondary and tertiary markets, aiming for dominant positioning within those areas. Geographically, as of December 31, 2024, the properties were situated in the Mid-Atlantic, Southeast, and Northeast regions. These regions represented approximately 44%, 43%, and 13%, respectively, of the total annualized base rent. The total leasable square footage across the portfolio was approximately 7.66 million as of December 31, 2024, with an occupancy rate of 93.1%. For the quarter ended June 30, 2025, the real estate portfolio was 91.6% occupied.

Improved tenant reimbursement structures to mitigate rising operating costs.

Wheeler Real Estate Investment Trust, Inc. (WHLR) employs leases that generally require the tenant to reimburse a substantial portion of operating, maintenance, repair, and management expenses, which is referred to as a triple net lease arrangement. The company's strategy includes looking beyond just Average Base Rent (ABR) growth to mitigate the impact of raising operating costs through these improved tenant reimbursement structures. For the three months ended September 30, 2025, Total Revenue was $23.82 million. This revenue figure reflected a $1.9 million decline in rental revenues and tenant reimbursements (net of credit adjustments from sold properties), which was partially offset by a $900,000 increase from same center properties. The Same-Property Net Operating Income (NOI) growth for the third quarter of 2025 was 4.2%.

Here's a quick look at revenue components for the nine months ended September 30, 2024 (in thousands):

Revenue Component	Amount (in thousands)
Base rent	$55,364
Tenant reimbursements - variable lease revenue	$17,149

Property operating expenses for the three months ended September 30, 2025, were $7,356 thousand.

Risk-adjusted returns for investors via a focused REIT structure.

Wheeler Real Estate Investment Trust, Inc. (WHLR) is a self-managed commercial real estate investment trust (REIT). The company is committed to maintaining its REIT status by distributing at least 90% of its REIT taxable income. The focus on necessity-based retail in diversified secondary/tertiary markets is intended to generate attractive, risk-adjusted returns. The diluted earnings per share (EPS) for the third quarter of 2025 was -83 cents, which was a significant improvement from the -$14.77 per share reported in the third quarter of 2024. The Net Loss Attributable to Wheeler REIT for the three months ended September 30, 2025, was $8,088 thousand. The stock valuation metrics as of late 2025 include a P/E ratio of 0 and no dividend yield.

Key financial metrics related to investor performance:

• Diluted EPS (Q3 2025): -$0.83 per share
• Diluted EPS (Q3 2024): -$14.77 per share
• Net Loss Attributable to WHLR Common Stockholders (Six Months Ended June 30, 2025): $(41.01) per share
• Total Liabilities (as of late 2024/early 2025): $583,004 thousand

The company has executed capital markets transactions, including a Cedar Bridge Loan in April 2025, which involved $10.0 million of restricted cash pledged as collateral.

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Canvas Business Model: Customer Relationships

You're managing a portfolio where tenant relationships are the bedrock of cash flow, so understanding how Wheeler Real Estate Investment Trust, Inc. (WHLR) handles its customers-both tenants and equity holders-is key. The company emphasizes a hands-on, self-managed approach to keep its retail centers attractive and cost-effective for the businesses that pay the rent.

Direct, long-term lease negotiations with national and regional retailers

Wheeler Real Estate Investment Trust, Inc. focuses its leasing efforts on necessity-based retail, like grocery-anchored centers, aiming for stable, lower-risk tenants. The leasing representatives are experienced in their markets, studying demographics and merchandising mix to optimize the tenant base. This direct negotiation process is crucial for maximizing revenue per square foot. As of December 31, 2024, the top 10 tenants represented 24.1% or $17.6 million of annualized base rent, but importantly, no single tenant accounted for more than approximately 6% of that rent, showing a degree of diversification within the key customer group.

The leasing activity for the nine months ended September 30, 2025, shows a clear strategy of securing rate increases upon renewal:

Leasing Metric (Nine Months Ended Sept 30, 2025)	Renewals (sq feet)	Renewals (count)	Rate Change
Leases renewed with rate increase	494,380	103	Increase
Leases renewed with no rate change	155,608	20,824	No Change
Leases renewed with rate decrease	-	-	Decrease

Dedicated property management for tenant retention and satisfaction

Wheeler Real Estate Investment Trust, Inc. self-administers substantially all property management and leasing functions. The primary goal here is maintaining an attractive shopping environment on a cost-effective basis. This involves regular contact with tenants and frequent visits to each asset to ensure market strategies are executed correctly. The portfolio occupancy rate stood at 91.6% as of the end of the second quarter of 2025, which was an 80 basis point increase from 90.8%.

• On-site functions like maintenance and landscaping are subcontracted.
• The cost of these subcontracted functions is passed on to tenants where leases permit.
• Management conducts regular physical property reviews to react to market conditions.

Investor Relations (IR) for communication with common and preferred stockholders

Investor communication is critical, especially given the ongoing capital structure management involving preferred stock redemptions. As of July 7, 2025, the outstanding share count was 1,160,584 common shares and 1,836,032 Series D preferred shares. The company settled preferred redemptions by issuing common stock, which introduces dilution risk that IR must manage. As of September 30, 2025, the accumulated undeclared dividends owed to Series D Preferred Stock holders totaled $26.6 million, with $5.0 million attributable to the nine months ended September 30, 2025. The stock price as of December 3, 2025, was $3.11, and the market capitalization on November 6, 2025, was listed as $3.2M.

Proactive lease renewal strategy for anchor tenants

A key part of the capital allocation strategy involves extending long-term leases with anchor tenants, which are essential for driving traffic to the centers. The company studies tenant sales trends to support renewals in necessity-based locations. While specific 2025/2026 anchor lease expiration data isn't explicitly detailed here, the filings confirm they track this information meticulously, including:

• Number of expiring leases.
• Expiring occupied Square Footage.
• Expiring Annualized Base Rent (in 000s).

This data is used to prioritize capital allocation toward value-added improvements that support these critical, long-term relationships.

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Canvas Business Model: Channels

You're looking at how Wheeler Real Estate Investment Trust, Inc. gets its message out and its properties filled. It's a mix of direct sales efforts and required public disclosures, so let's map out the specific pathways they use right now.

Property Occupancy Channels

Wheeler Real Estate Investment Trust, Inc. relies on direct and intermediary channels to keep its portfolio of retail properties leased. The company's portfolio consists of properties like strip centers, neighborhood centers, and grocery-anchored centers, with tenants including Food Lion, Kroger, Home Depot, and Planet Fitness.

The leasing function is executed through:

• Direct leasing teams employed by Wheeler Real Estate Investment Trust, Inc.
• Third-party brokers engaged for specific property placements.

The success of these channels is tied to the performance of their real estate assets, which are located in the Mid-Atlantic, Northeast, and Southeast regions of the United States.

Investor Communication Channels

For communicating with investors, Wheeler Real Estate Investment Trust, Inc. uses a defined set of official and digital channels. The company states it currently announces material information using SEC filings and press releases.

The primary digital touchpoints for investors are:

• The corporate website, specifically the Investor Relations page at http://www.whlr.us/.
• Public conference calls and webcasts, used alongside filings.
• SEC filings, such as the Form 10-Q for Q3 2025 results filed on November 6, 2025, and the Form 8-K filed on December 4, 2025.
• Social media, including their LinkedIn account.

The capital structure data flowing through these channels shows the scale of the equity base as of mid-2025:

Metric	Value	Date/Context
Common Shares Outstanding	1,160,584	As of July 7, 2025
Series D Preferred Shares Outstanding	1,836,032	As of July 7, 2025
Maximum Shares Registered on Form S-11	100,043,323	Effective June 20, 2025
Net Income (FY)	-9.58 M USD	Latest Reported Fiscal Year

Stock Exchange Trading

Trading of Wheeler Real Estate Investment Trust, Inc. securities occurs on the NASDAQ stock exchange. You need to monitor the specific ticker symbols for the different classes of securities to track market activity.

The key tickers are:

• Common Shares: WHLR
• Preferred Shares (e.g., Series B, D): WHLRP
• Other Preferred/Debt Instruments: WHLRD, WHLRL

Market data from early December 2025 provides a snapshot of recent trading activity for the common stock:

Date	Close/Last Price	Volume	52 Week Range
December 4, 2025	$3.24	408,002	$2.64 - $9,580.42
December 1, 2025	$3.64	2,079,318	N/A

The market capitalization as of a recent report was valued at 2,243,540 (USD equivalent), with a shares float of 690.32 K.

Stockholder Engagement

Stockholder engagement is channeled through formal corporate governance events. Wheeler Real Estate Investment Trust, Inc. held its 2025 Annual Meeting of Stockholders virtually.

Key dates for this engagement channel include:

• 2025 Annual Meeting Date: August 20, 2025.
• Record Date for Voting Eligibility: July 3, 2025.
• Deadline for Shareholder Proposals (Rule 14a-8): June 30, 2025.

The meeting was conducted as a virtual meeting, allowing stockholders to participate remotely.

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Canvas Business Model: Customer Segments

You're looking at the core groups Wheeler Real Estate Investment Trust, Inc. (WHLR) serves, which span from the tenants paying rent to the capital providers funding the properties. Honestly, for a REIT, these segments are the lifeblood, dictating cash flow stability and the cost of capital.

National and regional necessity-based retailers (e.g., Kroger, Food Lion, TJ Maxx)

This group forms the foundation of the revenue stream. Wheeler Real Estate Investment Trust, Inc. specializes in owning, leasing, and operating income-producing retail properties, with a primary emphasis on grocery-anchored centers. The strategy targets tenants whose goods and services are less affected by economic swings, aiming for more predictable property-level cash flows. As of December 31, 2024, the portfolio held approximately 7.66 million leasable square feet across 72 retail shopping centers, maintaining a 93.1% occupancy rate. Key national and regional names in the roster include Kroger, Food Lion, TJ Maxx, Home Depot, Harbor Freight Tools, Burlington, Ross Dress for Less, fiveBelow, Dollar Tree, and Planet Fitness. For instance, one property is specifically noted as a Kroger-anchored center, and another is anchored by Harbor Freight Tools, Goodwill, and Bealls Outlet. The focus on necessity retail helped drive Same-Property NOI growth of 4.2% in the third quarter of 2025.

Local and small-shop tenants in retail centers

Beyond the anchors, Wheeler Real Estate Investment Trust, Inc. incorporates a mix of consumer service providers within its strip centers and neighborhood centers. The leasing team actively manages this mix around three pillars: necessity, service, and convenience to keep the tenant base current and strategic. This segment provides essential local services that complement the traffic generated by the larger national tenants.

Common and preferred stockholders (investors)

Investors are crucial, as they provide the equity base for the REIT. Wheeler Real Estate Investment Trust, Inc. has several classes of securities trading on the Nasdaq Capital Market, including Common Stock (WHLR), Series B Convertible Preferred Stock (WHLRP), Series D Cumulative Convertible Preferred Stock (WHLRD), and 7.00% Subordinated Convertible Notes due 2031 (WHLRL). As of February 28, 2025, there were 1,166,433 shares of Common Stock outstanding. The Market Cap as of December 4, 2025, stood at $2.24M. Institutional Ownership was reported at 24.48%, with a Short Percent of 16.38% around November 2025. The company has been actively managing its capital structure, for example, issuing 56,000 shares of common stock in exchange for preferred shares in December 2025.

Financial creditors and mortgage lenders

This group provides the necessary debt financing to acquire and operate the portfolio. The company's ability to service this debt is a key metric for this segment. For instance, the interest coverage ratio was reported at 4.8, illustrating capacity to meet interest obligations. The Current Ratio was noted as 3.5, suggesting good short-term financial strength. Creditors are keenly watching debt structures, especially given recent adjustments, such as the conversion price reduction on the 7.00% Subordinated Convertible Notes due 2031 from approximately $3.59 to $1.74 per common share before November 5, 2025. Furthermore, the company settled a tender offer in January 2025, purchasing 645,276 shares of its Cedar Series C Preferred Stock at $15.75 per share for approximately $10.2 million.

Here's a quick look at some key financial metrics relevant to the capital structure segments:

Metric	Value (Late 2025 Data)	Context
Q3 2025 Revenue	$23.82 million	Rental revenues and tenant reimbursements for the quarter ended September 30, 2025.
Common Stock Outstanding (Feb 28, 2025)	1,166,433 shares	Shares outstanding before recent exchanges.
Market Capitalization (Dec 4, 2025)	$2.24M	Total equity market value.
Interest Coverage Ratio	4.8	Capacity to meet interest obligations.
Current Ratio	3.5	Indicates short-term financial strength.
EBITDA Margin (Q3 2025)	52.3%	Indicates effective cost management.

The company's focus on operational efficiency is clear, with a reported Gross Margin of 84.7% in Q3 2025.

You should review the November 6, 2025, Third Quarter 2025 Supplement for the most granular detail on tenant lease expirations.

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Canvas Business Model: Cost Structure

You're looking at the core expenses Wheeler Real Estate Investment Trust, Inc. (WHLR) faces to keep its portfolio running and its capital structure intact. For a self-managed REIT focused on retail properties, the costs are heavily weighted toward debt service and property upkeep.

The most significant recurring cost is the expense tied to its financing obligations. As of September 30, 2025, Wheeler Real Estate Investment Trust, Inc. reported Total Debt of approximately $502.676 million (stated as $502,676 thousand). This substantial leverage drives the primary fixed cost.

Interest expense for the nine months ended September 30, 2025, totaled $24.638 million (stated as $24,638 thousand). This breaks down into several components:

• Property debt interest excluding Cedar debt was $13.002 million for the nine months ended September 30, 2025.
• Interest expense on the Cedar debt component was $6.162 million for the same nine-month period.
• Convertible Notes interest accounted for $2.519 million.
• Loan prepayment premium added $0.569 million.

The table below summarizes key operating and financing expenses for the nine months ended September 30, 2025, in thousands of US Dollars:

Expense Category	Nine Months Ended September 30, 2025 (in thousands)	Nine Months Ended September 30, 2024 (in thousands)
Property Operations (Total)	$24,497	$26,290
Corporate General & Administrative (G&A)	$7,953	$7,356
Total Interest Expense	$24,638	$24,034

Property operating expenses are the direct costs of maintaining the income-producing assets. For the nine months ended September 30, 2025, total Property operations expenses were $24.497 million. This category covers real estate taxes, utilities, and routine maintenance you'd expect with a portfolio of strip centers and retail properties.

Wheeler Real Estate Investment Trust, Inc. is self-managed, meaning G&A costs are directly attributable to internal overhead. Corporate general & administrative costs for the nine months ended September 30, 2025, were $7.953 million. This was higher than the prior year, driven by specific increases:

• An increase in salaries of $0.3 million.
• An increase of $0.3 million in corporate administration.

Capital structure costs reflect non-recurring or transactional expenses related to managing the equity and debt base. The company has been active in this area. For instance, the Loss on conversion of Convertible Notes for the nine months ended September 30, 2025, was $(0.902 million) (a loss of $902 thousand). Furthermore, the company executed multiple reverse stock splits in 2024 and announced a one-for-two reverse split effective November 28, 2025. Expenses related to prior capital structure activities, such as the 2024 Reverse Stock Splits and redemptions of Series D Preferred Stock, were noted as non-operating expenses of $1.5 million in a March 2025 filing, covering costs incurred through the end of 2024. Cash paid in lieu of fractional shares resulting from the November 2025 reverse split is another direct, albeit minor, capital structure cost impacting cash flow.

Finance: draft 13-week cash view by Friday.

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Canvas Business Model: Revenue Streams

The revenue streams for Wheeler Real Estate Investment Trust, Inc. (WHLR) are fundamentally tied to its ownership and management of income-producing retail properties, primarily strip centers, neighborhood centers, and grocery-anchored centers in the Mid-Atlantic, Northeast, and Southeast regions. The primary sources are the contractual payments from its tenant base, which includes nationally and regionally recognized retailers like Food Lion, Kroger, Home Depot, TJ Maxx, Burlington, Ross Dress for Less, fiveBelow, Dollar Tree, and Planet Fitness.

Wheeler Real Estate Investment Trust, Inc. (WHLR) reported total revenue for the third quarter ending September 30, 2025, of $23.82 million. This figure represented a slight decrease from the $24.79 million reported in the third quarter of 2024. The company noted that this revenue dip was due to a $1.9 million decline in rental revenues and tenant reimbursements, net of credit adjustments from properties sold in 2024 and 2025. Still, this was partially offset by a $900,000 increase in the same metrics for same-center properties.

The core revenue generation is detailed below, showing the split between rental income and other revenues for the third quarter periods ending September 30, 2025, and September 30, 2024. You'll notice the rental revenues are the vast majority of the top line.

Revenue Component (in thousands)	Q3 Ended Sep 30, 2025	Q3 Ended Sep 30, 2024
Rental revenues	$24,336	$23,706
Other revenues	$456	$115
Total Revenue	$24,792	$23,821

The revenue streams are further supported by tenant reimbursements for operating expenses, which are a key component of the REIT's net operating income (NOI) strategy. The focus on improved tenant reimbursement structures helps mitigate the impact of rising operating costs. The company highlighted a 4.2% Same-Property NOI growth for the quarter, which reflects this focus. Furthermore, proceeds from strategic dispositions of non-core assets contribute to the overall financial picture, as seen in the non-operating line items in the income statement, such as the $7,083 thousand gain on disposal of properties, net, for the quarter ending September 30, 2025.

Here are some other key financial metrics that speak to the efficiency of these revenue streams in Q3 2025:

• Gross margin stood at an impressive 84.7%.
• EBITDA margin reached 52.3%.
• Operating Income for the quarter was $13,894 thousand.
• The company reported an EBIT margin of 29.4%.
• The overall profit margin for the quarter was reported at 24.82%.

The company's ability to execute strategic dispositions and drive rent growth positions it to navigate market challenges. The revenue model relies on maintaining a portfolio with tenants focused on necessity, service, and convenience. The total revenue for the trailing twelve months ending September 30, 2025, was $101.87 million.