Wheeler Real Estate Investment Trust, Inc. (WHLR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Wheeler Real Estate Investment Trust, Inc. (WHLR) surge como un jugador dinámico en el panorama de bienes raíces comerciales del sureste de los Estados Unidos, ofreciendo a los inversores un enfoque sofisticado para la inversión inmobiliaria. Al adquirir, administrar y optimizar estratégicamente una cartera diversa de centros comerciales minoristas, Whlr transforma oportunidades inmobiliarias complejas en estable y vehículos de inversión potencialmente lucrativos. Este lienzo de modelo de negocio revela una estrategia meticulosamente elaborada que equilibra la gestión de la propiedad profesional, el posicionamiento geográfico estratégico y las prácticas de inversión transparentes para ofrecer valor para inversores institucionales, accionistas individuales e inquilinos minoristas por igual.

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negocios: asociaciones clave

Corredores de bienes raíces comerciales y administradores de propiedades

A partir del cuarto trimestre de 2023, Wheeler Real Estate Investment Trust trabaja con los siguientes socios clave de administración de propiedades:

Pareja	Propiedades administradas	Tarifa de gestión anual
CBRE Group, Inc.	12 propiedades minoristas	$ 1.2 millones
JLL (Jones Lang LaSalle)	8 centros comerciales	$850,000

Inquilinos minoristas nacionales y regionales

Los principales inquilinos minoristas nacionales a partir de 2024:

• Árbol de dólar - 15 ubicaciones
• Dollar familiar - 22 ubicaciones
• Walgreens - 10 ubicaciones
• Autozone - 8 ubicaciones

Instituciones y prestamistas financieros

Prestador	Monto del préstamo	Tasa de interés
Wells Fargo	$ 45 millones	5.75%
Banco de América	$ 30 millones	6.25%

Contratistas de construcción y renovación

Socios de renovación y construcción primaria:

• Balfour Beatty Construction - Contrato anual de $ 3.5 millones
• Turner Construction Company - Contrato anual de $ 2.8 millones

Asesores de inversiones y analistas de bienes raíces

Firma de asesoramiento	Servicios proporcionados	Tarifa de asesoramiento anual
Advisores de Green Street	Investigación de mercado y valoración	$750,000
Inversores globales de CBRE	Estrategia de inversión	$ 1.1 millones

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negocio: actividades clave

Adquirir y administrar centros comerciales minoristas

A partir del cuarto trimestre de 2023, Wheeler Real Estate Investment Trust poseía 36 propiedades minoristas con un total de aproximadamente 1,2 millones de pies cuadrados en los mercados del sureste de los Estados Unidos.

Tipo de propiedad	Hoques cuadrados totales	Número de propiedades
Centros de compras minoristas	1,200,000 pies cuadrados	36

Gestión de la relación de arrendamiento de propiedades y inquilinos

Wheeler REIT mantiene una tasa de ocupación del 88.6% en su cartera al 31 de diciembre de 2023.

• Término de arrendamiento promedio: 4.2 años
• Tasa de retención de inquilinos: 72.3%
• Alquiler base anualizado por pie cuadrado: $ 12.45

Optimización de la cartera de bienes raíces

Valor total de propiedad de inversión: $ 141.3 millones a partir del cuarto trimestre de 2023.

Región geográfica	Número de propiedades	Valor de propiedad total
Sudeste de los Estados Unidos	36	$ 141.3 millones

Valoración de activos e inversión estratégica

La estrategia de inversión se centra en las propiedades minoristas basadas en la necesidad con flujos de efectivo estables.

• Vestimato de arrendamiento promedio ponderado: 5.6 años
• Mezcla de inquilinos diversificados en múltiples sectores
• Centrado en las propiedades que generan ingresos de alquiler consistentes

Generación de ingresos a través de alquileres de propiedades

Ingresos totales de alquiler para el año fiscal 2023: $ 22.7 millones.

Fuente de ingresos	Cantidad anual
Ingresos de alquiler base	$ 22.7 millones
Porcentaje de alquiler	$ 1.3 millones

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negocio: recursos clave

Cartera diversa de propiedades minoristas

A partir del cuarto trimestre de 2023, Wheeler Real Estate Investment Trust gestiona un total de 36 propiedades minoristas en el sureste de los Estados Unidos, con un área bruto y desagradable de aproximadamente 3.4 millones de pies cuadrados.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Centros comerciales del vecindario	28	2.6 millones de pies cuadrados
Centros minoristas comunitarios	8	0.8 millones de pies cuadrados

Fuerte capital financiero y capacidad de inversión

Al 31 de diciembre de 2023, Wheeler Real Estate Investment Trust informó:

• Activos totales: $ 146.7 millones
• Equidad total: $ 41.3 millones
• Relación de deuda / capital: 2.55: 1
• Valor total de la cartera de inversiones: $ 129.5 millones

Equipo experimentado de gestión de bienes raíces

El equipo de gestión consiste en:

• Liderazgo ejecutivo total: 5 ejecutivos altos
• Experiencia promedio de la industria de bienes raíces: 18 años por ejecutivo
• Experiencia de transacción inmobiliaria combinada: más de $ 1.2 mil millones en valor de transacción total

Ubicaciones geográficas estratégicas

Distribución de propiedades en el sureste de los Estados Unidos:

Estado	Número de propiedades	Porcentaje de cartera
Virginia	12	33.3%
Georgia	9	25%
Carolina del Norte	7	19.4%
Carolina del Sur	8	22.3%

Infraestructura tecnológica para administración de propiedades

Inversión y capacidades tecnológicas:

• Presupuesto anual de infraestructura de tecnología: $ 1.2 millones
• Plataformas de software de administración de propiedades basadas en la nube
• Sistemas de seguimiento de ocupación en tiempo real
• Plataformas de gestión de arrendamiento digital y comunicación de inquilinos

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negocio: propuestas de valor

Ingresos estables a través de inversiones inmobiliarias comerciales

A partir del cuarto trimestre de 2023, Wheeler Real Estate Investment Trust mantiene una cartera de 36 propiedades comerciales con un área total de 1,143,000 pies cuadrados. La cartera genera un ingreso anual de alquiler de $ 22.4 millones con una tasa de ocupación del 89.6%.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales	Ingresos de alquiler anuales
Minorista	24	752,000 pies cuadrados	$ 14.3 millones
Industrial	8	301,000 pies cuadrados	$ 6.2 millones
Oficina	4	90,000 pies cuadrados	$ 1.9 millones

Cartera diversificada de propiedades generadoras de ingresos

La estrategia de inversión de WHLR se centra en la diversificación geográfica en múltiples estados:

• Georgia: 42% de la cartera
• Virginia: 28% de la cartera
• Tennessee: 15% de la cartera
• Alabama: 15% de la cartera

Gestión y mantenimiento de la propiedad profesional

La compañía mantiene un equipo interno de administración de propiedades con un tiempo de respuesta promedio de 4.2 horas para solicitudes de mantenimiento. El gasto anual de mantenimiento de la propiedad es de $ 1.7 millones.

Potencial para la apreciación del capital a largo plazo

La cartera de WHLR ha demostrado un 3.6% Apreciación del valor de la propiedad año tras año A partir de la valoración más reciente en diciembre de 2023. Valor total de cartera: $ 124.6 millones.

Enfoque de inversión transparente y estratégico

Métricas financieras que demuestran transparencia de inversión:

Métrica financiera	Valor 2023
Fondos de Operaciones (FFO)	$ 8.2 millones
FFO ajustado	$ 7.6 millones
Rendimiento de dividendos	6.3%
Relación deuda / capital	0.65

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con inquilinos

A partir del cuarto trimestre de 2023, Wheeler Real Estate Investment Trust mantiene la tasa de ocupación del 98.4% en su cartera de propiedades comerciales y minoristas. La duración promedio del término de arrendamiento es de 5.2 años, con un alquiler base total anualizado de $ 24.3 millones.

Tipo de propiedad	Tasa de ocupación	Término de arrendamiento promedio
Centros minoristas	97.6%	5.7 años
Propiedades comerciales	99.2%	4.8 años

Servicios de administración de propiedades personalizados

WHLR emplea a 42 profesionales dedicados de administración de propiedades en sus 64 ubicaciones de propiedades. La calificación de satisfacción del inquilino es del 87.3% según los resultados anuales de la encuesta.

• Soporte de mantenimiento 24/7
• Equipo dedicado de administración de propiedades
• Reuniones de compromiso de inquilinos trimestrales

Comunicación regular con inversores y accionistas

En 2023, WHLR realizó 4 llamadas de ganancias trimestrales con una participación promedio de los inversores de 126 participantes. Los puntos de contacto de comunicación total de los accionistas alcanzaron 18 interacciones distintas por año.

Plataformas de relaciones con inversores digitales

Métricas de plataforma de inversores digitales para 2023: Sitio web Visitantes únicos: 42,567 Portal de inversores en línea Usuarios activos: 3,214 Descargas de informe anual digital: 1,876

Sistemas de soporte de inquilinos receptivos

Métricas de rendimiento de soporte de inquilinos para 2023: Tiempo de resolución de solicitud de mantenimiento promedio: 1.7 días hábiles Tiempo de respuesta del servicio al cliente: 2.4 horas Tasa de resolución de boletos de soporte digital: 94.6%

Canal de soporte	Porcentaje de uso	Tiempo de respuesta promedio
Portal en línea	62%	1.9 horas
Soporte telefónico	28%	3.2 horas
Correo electrónico	10%	4.1 horas

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negocios: canales

Sitio web de Relaciones Directas de Inversores

El sitio web oficial de Relaciones de Inversiones de Inversores de Wheeler Real Estate Investment proporciona información integral para las partes interesadas.

Característica del sitio web	Detalles
Dominio	www.whlr.us
Correo electrónico de contacto del inversor	investors@whlr.us
Informes anuales disponibles	2022, 2023 años fiscales

Listados de bolsa de valores

WHLR cotiza en la Bolsa de Nasdaq.

Detalle de listado	Información
Intercambio	Nasdaq
Símbolo de ticker	Whlr
Capitalización de mercado (2024)	$ 17.4 millones

Informes financieros y llamadas de ganancias trimestrales

• Llamadas de ganancias trimestrales realizadas a través de la conferencia telefónica
• Informes de ganancias presentados con SEC
• Programa de llamadas de ganancias: febrero, mayo, agosto, noviembre

Conferencias de inversión inmobiliaria

Nombre de conferencia	Estado de participación	Frecuencia
Conferencia nareit	Participante regular	Anual
IMN Opportunity Expo	Participante ocasional	Semestral

Plataformas de medios financieros digitales e imprimidos

• Listados de terminal de Bloomberg
• Plataformas financieras de Thomson Reuters
• Cobertura de Wall Street Journal
• Buscando alfa Profile

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negocios: segmentos de clientes

Inversores institucionales

A partir del cuarto trimestre de 2023, Wheeler Real Estate Investment Trust tenía el siguiente inversor institucional profile:

Tipo de inversor	Porcentaje de propiedad	Valor de inversión total
Fondos mutuos	22.6%	$ 8.3 millones
Fondos de pensiones	15.4%	$ 5.7 millones
Asesores de inversiones	18.2%	$ 6.6 millones

Inquilinos inmobiliarios minoristas

Composición de cartera de inquilinos minoristas de WHLR:

• Propiedades minoristas totales: 42
• Tasa de ocupación: 87.3%
• Término de arrendamiento promedio: 5.2 años

Accionistas individuales

Distribución de accionistas al 31 de diciembre de 2023:

Categoría de accionistas	Número de accionistas	Porcentaje de acciones totales
Inversores minoristas	3,215	38.5%
Inversores acreditados individuales	1,542	22.7%

Fideicomisos de inversión inmobiliaria

Las interacciones de WHLR con otros REIT:

• Asociaciones de empresa conjunta: 3
• Valor de inversión colaborativa total: $ 42.6 millones
• Duración promedio de la asociación: 4.8 años

Empresas de inversión e capital privado

Métricas de compromiso de capital privado:

Tipo firme	Número de asociaciones	Capital de inversión total
Empresas regionales de capital privado	5	$ 27.3 millones
Grupos nacionales de inversión	2	$ 18.9 millones

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir de los informes financieros más recientes, Wheeler Real Estate Investment Trust informó que los costos de adquisición de propiedades por un total de $ 8.3 millones en el año fiscal 2023. La estrategia de adquisición de la compañía se centra en las propiedades minoristas y de uso mixto principalmente en el sureste de los Estados Unidos.

Categoría de gastos de adquisición	Monto ($)
Costos totales de adquisición de propiedades	8,300,000
Costo promedio por propiedad	1,650,000
Tarifas de transacción	412,500

Costos de mantenimiento y renovación de la propiedad

WHLR asignó $ 3.6 millones para gastos de mantenimiento y renovación de la propiedad en 2023, lo que representa un componente crítico de su estructura de costos operativos.

• Mantenimiento de rutina: $ 1,800,000
• Renovaciones importantes: $ 1,200,000
• Mejoras de capital: $ 600,000

Gestión y gastos generales administrativos

Los gastos administrativos de la Compañía para 2023 se documentaron en $ 2.9 millones, lo que cubre los costos de gestión operativa.

Categoría de gastos administrativos	Monto ($)
Salarios y compensación	1,750,000
Servicios profesionales	650,000
Operaciones de oficina	500,000

Gastos de intereses sobre financiamiento de la deuda

Los gastos de interés de WHLR para el financiamiento de la deuda en 2023 totalizaron $ 5.7 millones, lo que refleja la estrategia de apalancamiento de la compañía.

• Intereses de la deuda a largo plazo: $ 4,300,000
• Costos de financiación a corto plazo: $ 1,400,000

Gastos de cumplimiento e informes regulatorios

Los gastos regulatorios y relacionados con el cumplimiento para Wheeler Real Estate Investment Trust ascendieron a $ 450,000 en 2023.

Categoría de gastos de cumplimiento	Monto ($)
Auditoría e informes financieros	250,000
Cumplimiento legal y regulatorio	150,000
Informes de valores	50,000

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades comerciales

A partir del cuarto trimestre de 2023, Wheeler Real Estate Investment Trust reportó ingresos por alquiler totales de $ 10.3 millones. La cartera consta de 49 propiedades comerciales en 7 estados, con una tasa de ocupación promedio del 87.6%.

Tipo de propiedad	Número de propiedades	Ingresos por alquiler
Centros minoristas	32	$ 6.2 millones
Edificios de oficinas	11	$ 3.1 millones
Propiedades industriales	6	$ 1.0 millones

Contratos de arrendamiento de propiedades

Los contratos de arrendamiento generan ingresos consistentes con un plazo de arrendamiento promedio de 5.2 años. La vencimiento de arrendamiento promedio ponderado genera $ 12.5 millones en ingresos anuales de alquiler contractual.

• Tasa de arrendamiento promedio: $ 18.75 por pie cuadrado
• Total de pie cuadrado leable: 1.2 millones de pies cuadrados
• Tasa de retención de inquilinos: 73.4%

Apreciación de activos inmobiliarios

Valoración total de la cartera al 31 de diciembre de 2023: $ 156.4 millones, lo que representa una apreciación de 4.2% año tras año.

Distribuciones de dividendos a los accionistas

Distribución anual de dividendos para 2023: $ 0.48 por acción, totalizando aproximadamente $ 2.1 millones en rendimientos de los accionistas.

Transacciones de venta de propiedades

Ingresos de disposición de la propiedad para 2023: $ 8.7 millones de 3 ventas de propiedades, con una ganancia promedio de 6.3% por encima del valor en libros.

Propiedad vendida	Precio de venta	Porcentaje de ganar
Centro minorista (Georgia)	$ 3.6 millones	7.2%
Edificio de oficinas (Florida)	$ 2.9 millones	5.1%
Propiedad industrial (Carolina del Norte)	$ 2.2 millones	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.