Wheeler Real Estate Investment Trust, Inc. (WHLR): Business Model Canvas [Jan-2025 Mis à jour]

Wheeler Real Estate Investment Trust, Inc. (WHLR) émerge comme un acteur dynamique dans le paysage immobilier commercial du sud-est des États-Unis, offrant aux investisseurs une approche sophistiquée de l'investissement immobilier. En acquérant stratégiquement, en gérant et en optimisant un portefeuille diversifié de centres commerciaux de vente au détail, WHLR transforme les opportunités immobilières complexes en écurie et des véhicules d'investissement potentiellement lucratifs. Cette toile de modèle commercial révèle une stratégie méticuleusement étirée qui équilibre la gestion immobilière professionnelle, le positionnement géographique stratégique et les pratiques d'investissement transparentes pour offrir de la valeur pour les investisseurs institutionnels, les actionnaires individuels et les locataires de détail.

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modèle d'entreprise: Partenariats clés

Brokers immobiliers commerciaux et gestionnaires immobiliers

Depuis le quatrième trimestre 2023, Wheeler Real Estate Investment Trust fonctionne avec les principaux partenaires de gestion immobilière suivants:

Partenaire	Propriétés gérées	Frais de gestion annuels
CBRE Group, Inc.	12 propriétés de vente au détail	1,2 million de dollars
Jll (Jones Lang Lasalle)	8 centres commerciaux	$850,000

Locataires de vente au détail nationaux et régionaux

Les meilleurs locataires nationaux au détail en 2024:

• Dollar Tree - 15 emplacements
• Dollar familial - 22 emplacements
• Walgreens - 10 emplacements
• Autozone - 8 emplacements

Institutions et prêteurs financiers

Prêteur	Montant du prêt	Taux d'intérêt
Wells Fargo	45 millions de dollars	5.75%
Banque d'Amérique	30 millions de dollars	6.25%

Entrepreneurs de construction et de rénovation

Partenaires de rénovation et de construction primaires:

• Balfour Beatty Construction - Contrat annuel de 3,5 millions de dollars
• Turner Construction Company - Contrat annuel de 2,8 millions de dollars

Conseillers en investissement et analystes immobiliers

Cabinet de consultation	Services fournis	Frais de conseil annuels
Conseillers de la rue Green	Étude de marché et évaluation	$750,000
CBRE Investisseurs mondiaux	Stratégie d'investissement	1,1 million de dollars

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modèle d'entreprise: Activités clés

Acquérir et gérer des centres commerciaux de vente au détail

Au quatrième trimestre 2023, Wheeler Real Estate Investment Trust possédait 36 ​​propriétés de vente au détail totalisant environ 1,2 million de pieds carrés sur les marchés du sud-est des États-Unis.

Type de propriété	Total en pieds carrés	Nombre de propriétés
Centres commerciaux de détail	1 200 000 pieds carrés	36

Location immobilière et gestion des relations des locataires

Wheeler Reit maintient un taux d'occupation de 88,6% sur son portefeuille au 31 décembre 2023.

• Terme de location moyenne: 4,2 ans
• Taux de rétention des locataires: 72,3%
• Loyer de base annualisé par pied carré: 12,45 $

Optimisation du portefeuille immobilier

Valeur totale de l'immobilier de placement: 141,3 millions de dollars au quatrième trimestre 2023.

Région géographique	Nombre de propriétés	Valeur totale de la propriété
Sud-est des États-Unis	36	141,3 millions de dollars

Évaluation des actifs et investissement stratégique

La stratégie d'investissement se concentre sur les propriétés de vente au détail basées sur la nécessité avec des flux de trésorerie stables.

• Expiration du bail moyen pondéré: 5,6 ans
• Mélange de locataires diversifié dans plusieurs secteurs
• Axé sur les propriétés générant des revenus de location cohérents

Génération de revenus par la location de biens

Revenu locatif total pour l'exercice 2023: 22,7 millions de dollars.

Source de revenus	Montant annuel
Revenus de location de base	22,7 millions de dollars
Pourcentage de loyer	1,3 million de dollars

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modèle d'entreprise: Ressources clés

Portfolio diversifié de propriétés de vente au détail

Au quatrième trimestre 2023, Wheeler Real Estate Investment Trust gère un total de 36 propriétés de vente au détail dans le sud-est des États-Unis, avec une superficie de location brute d'environ 3,4 millions de pieds carrés.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Centres commerciaux de quartier	28	2,6 millions de pieds carrés
Centres de vente au détail communautaire	8	0,8 million de pieds carrés

Capital financier et capacité d'investissement solides

Au 31 décembre 2023, Wheeler Real Estate Investment Trust a déclaré:

• Actif total: 146,7 millions de dollars
• Équité totale: 41,3 millions de dollars
• Ratio dette / fonds propres: 2,55: 1
• Valeur du portefeuille d'investissement total: 129,5 millions de dollars

Équipe de gestion immobilière expérimentée

L'équipe de gestion se compose de:

• Leadership exécutif total: 5 cadres supérieurs
• Expérience moyenne de l'industrie immobilière: 18 ans par exécutif
• Expérience de transaction immobilière combinée: plus de 1,2 milliard de dollars de valeur de transaction totale

Emplacements géographiques stratégiques

Distribution des biens dans le sud-est des États-Unis:

État	Nombre de propriétés	Pourcentage de portefeuille
Virginie	12	33.3%
Georgia	9	25%
Caroline du Nord	7	19.4%
Caroline du Sud	8	22.3%

Infrastructure technologique pour la gestion immobilière

Investissement et capacités technologiques:

• Budget d'infrastructure technologique annuelle: 1,2 million de dollars
• Plates-formes logicielles de gestion immobilière basées sur le cloud
• Systèmes de suivi d'occupation en temps réel
• Plateformes de gestion des baux numériques et de communication des locataires

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modèle d'entreprise: propositions de valeur

Revenu stable grâce à des investissements immobiliers commerciaux

Au quatrième trimestre 2023, Wheeler Real Estate Investment Trust conserve un portefeuille de 36 propriétés commerciales avec une superficie totale de 1 143 000 pieds carrés. Le portefeuille génère un revenu locatif annuel de 22,4 millions de dollars avec un taux d'occupation de 89,6%.

Type de propriété	Nombre de propriétés	Total en pieds carrés	Revenus de location annuels
Vente au détail	24	752 000 pieds carrés	14,3 millions de dollars
Industriel	8	301 000 pieds carrés	6,2 millions de dollars
Bureau	4	90 000 pieds carrés	1,9 million de dollars

Portefeuille diversifié de propriétés générateurs de revenus

La stratégie d'investissement de WHLR se concentre sur la diversification géographique dans plusieurs États:

• Géorgie: 42% du portefeuille
• Virginie: 28% du portefeuille
• Tennessee: 15% du portefeuille
• Alabama: 15% du portefeuille

Gestion et maintenance immobilières professionnelles

La société maintient une équipe de gestion immobilière interne avec un temps de réponse moyen de 4,2 heures pour les demandes de maintenance. Les dépenses annuelles de maintenance des biens sont de 1,7 million de dollars.

Potentiel d'appréciation du capital à long terme

Le portefeuille de WHLR a démontré un Appréciation de la valeur de la propriété de 3,6% Dès la dernière évaluation en décembre 2023. Valeur du portefeuille total: 124,6 millions de dollars.

Approche d'investissement transparente et stratégique

Métriques financières démontrant la transparence des investissements:

Métrique financière	Valeur 2023
Fonds des opérations (FFO)	8,2 millions de dollars
FFO ajusté	7,6 millions de dollars
Rendement des dividendes	6.3%
Ratio dette / fonds propres	0.65

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modèle d'entreprise: relations clients

Accords de location à long terme avec les locataires

Au quatrième trimestre 2023, Wheeler Real Estate Investment Trust maintient 98,4% du taux d'occupation dans son portefeuille de biens commerciaux et commerciaux. La durée moyenne du bail est de 5,2 ans, avec un loyer de base annualisé total de 24,3 millions de dollars.

Type de propriété	Taux d'occupation	Terme de location moyenne
Centres de détail	97.6%	5,7 ans
Propriétés commerciales	99.2%	4,8 ans

Services de gestion immobilière personnalisés

WHLR emploie 42 professionnels dédiés en gestion immobilière dans ses 64 emplacements immobiliers. La cote de satisfaction des locataires s'élève à 87,3% sur la base des résultats de l'enquête annuelle.

• Support de maintenance 24/7
• Équipe de gestion immobilière dédiée
• Réunions d'engagement des locataires trimestriels

Communication régulière avec les investisseurs et les actionnaires

En 2023, le WHLR a effectué 4 appels de bénéfices trimestriels avec une participation moyenne des investisseurs de 126 participants. Les points de contact de la communication des actionnaires totaux ont atteint 18 interactions distinctes par an.

Plateformes de relations avec les investisseurs numériques

Métriques de plate-forme d'investisseurs numériques pour 2023: Site Web Visiteurs uniques: 42,567 Portail des investisseurs en ligne utilisateurs actifs: 3,214 Téléchargements du rapport annuel numérique: 1,876

Systèmes de soutien aux locataires réactifs

Mesures de performance des locataires pour 2023: Temps de résolution de la demande de maintenance moyenne: 1,7 jours ouvrables Temps de réponse du service client: 2,4 heures Taux de résolution des billets de support numérique: 94,6%

Canal de support	Pourcentage d'utilisation	Temps de réponse moyen
Portail en ligne	62%	1,9 heures
Support téléphonique	28%	3,2 heures
E-mail	10%	4,1 heures

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modèle d'entreprise: canaux

Site Web de relations avec les investisseurs directs

Le site Web officiel des relations avec les investisseurs d'investisseurs de Wheeler Real Estate Investment Trust fournit des informations complètes aux parties prenantes.

Fonctionnalité de site Web	Détails
Domaine	www.whlr.us
Email de contact des investisseurs	investors@whlr.us
Rapports annuels disponibles	2022, 2023 Exercices fiscaux

Listes de bourses

WHLR se négocie à la Bourse du NASDAQ.

Détails de liste	Information
Échange	Nasdaq
Symbole de ticker	Whlr
Capitalisation boursière (2024)	17,4 millions de dollars

Reportage financier et appels de bénéfices trimestriels

• Remes d'appel trimestriel effectué par conférence téléphonique
• Rapports sur les bénéfices déposés auprès de SEC
• Horaire des appels des résultats: février, mai août, novembre

Conférences d'investissement immobilier

Nom de conférence	Statut de participation	Fréquence
Conférence Nareit	Participant régulier	Annuel
IMN Opportunity Expo	Participant occasionnel	Semestriel

Plateformes de médias financiers numériques et imprimés

• Listes de terminaux Bloomberg
• Plateformes financières de Thomson Reuters
• Couverture du Wall Street Journal
• Recherche d'alpha Profile

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, Wheeler Real Estate Investment Trust avait l'investisseur institutionnel suivant profile:

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement totale
Fonds communs de placement	22.6%	8,3 millions de dollars
Fonds de pension	15.4%	5,7 millions de dollars
Conseillers en placement	18.2%	6,6 millions de dollars

Locataires immobiliers au détail

Composition du portefeuille de locataires de détail de WHLR:

• Total des propriétés de vente au détail: 42
• Taux d'occupation: 87,3%
• Terme de location moyenne: 5,2 ans

Actionnaires individuels

Distribution des actionnaires au 31 décembre 2023:

Catégorie des actionnaires	Nombre d'actionnaires	Pourcentage de parts totales
Investisseurs de détail	3,215	38.5%
Investisseurs accrédités individuels	1,542	22.7%

Fiducies d'investissement immobilier

Les interactions de WHLR avec d'autres FPI:

• Partenariats de coentreprise: 3
• Valeur d'investissement collaborative totale: 42,6 millions de dollars
• Durée du partenariat moyen: 4,8 ans

Sociétés de capital-investissement et d'investissement

Métriques d'engagement en capital-investissement:

Type d'entreprise	Nombre de partenariats	Capital d'investissement total
Sociétés régionales de capital-investissement	5	27,3 millions de dollars
Groupes d'investissement nationaux	2	18,9 millions de dollars

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Depuis les rapports financiers les plus récents, Wheeler Real Estate Investment Trust a déclaré que les coûts d'acquisition de biens totalisant 8,3 millions de dollars au cours de l'exercice 2023. La stratégie d'acquisition de la société se concentre sur les propriétés de vente au détail et à usage mixte principalement dans le sud-est des États-Unis.

Catégorie de dépenses d'acquisition	Montant ($)
Total des frais d'acquisition de propriétés	8,300,000
Coût moyen par propriété	1,650,000
Frais de transaction	412,500

Coûts de maintenance et de rénovation des biens

WHLR a alloué 3,6 millions de dollars pour les frais de maintenance et de rénovation des biens en 2023, représentant une composante critique de leur structure de coûts opérationnels.

• Entretien de routine: 1 800 000 $
• Rénovations majeures: 1 200 000 $
• Améliorations en capital: 600 000 $

Gestion et frais généraux administratifs

Les frais administratifs de la société pour 2023 ont été documentés à 2,9 millions de dollars, couvrant les frais de gestion opérationnelle.

Catégorie de dépenses administratives	Montant ($)
Salaires et compensation	1,750,000
Services professionnels	650,000
Opérations de bureau	500,000

Frais d'intérêt sur le financement de la dette

Les dépenses d'intérêt du WHLR pour le financement de la dette en 2023 ont totalisé 5,7 millions de dollars, reflétant la stratégie de levier de l'entreprise.

• Intérêt de dette à long terme: 4 300 000 $
• Coûts de financement à court terme: 1 400 000 $

Dépenses de déclaration de conformité et réglementation

Les dépenses réglementaires et liées à la conformité pour Wheeler Real Estate Investment Trust s'élevaient à 450 000 $ en 2023.

Catégorie de dépenses de conformité	Montant ($)
Audit et rapport financier	250,000
Conformité juridique et réglementaire	150,000
Rapports de valeurs mobilières	50,000

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modèle d'entreprise: Strots de revenus

Revenu locatif des propriétés commerciales

Au quatrième trimestre 2023, Wheeler Real Estate Investment Trust a déclaré un chiffre d'affaires de location total de 10,3 millions de dollars. Le portefeuille se compose de 49 propriétés commerciales dans 7 États, avec un taux d'occupation moyen de 87,6%.

Type de propriété	Nombre de propriétés	Revenus de location
Centres de détail	32	6,2 millions de dollars
Immeubles de bureaux	11	3,1 millions de dollars
Propriétés industrielles	6	1,0 million de dollars

Accords de location de propriété

Les accords de location génèrent des revenus cohérents avec une durée de location moyenne de 5,2 ans. L'expiration du bail moyen pondérée génère 12,5 millions de dollars de revenus de location contractuels annuels.

• Taux de bail moyen: 18,75 $ par pied carré
• Total le moins en pieds carrés: 1,2 million de pieds carrés
• Taux de rétention des locataires: 73,4%

Appréciation des actifs immobiliers

Évaluation totale du portefeuille au 31 décembre 2023: 156,4 millions de dollars, représentant une appréciation de 4,2% d'une année à l'autre.

Distributions de dividendes aux actionnaires

Distribution annuelle des dividendes pour 2023: 0,48 $ par action, totalisant environ 2,1 millions de dollars de rendements des actionnaires.

Transactions de vente de propriétés

Revenus de disposition des biens pour 2023: 8,7 millions de dollars provenant de 3 ventes de biens, avec un gain moyen de 6,3% au-dessus de la valeur comptable.

Propriété vendue	Prix ​​de vente	Pourcentage de gain
Centre de vente au détail (Géorgie)	3,6 millions de dollars	7.2%
Immeuble de bureaux (Floride)	2,9 millions de dollars	5.1%
Propriété industrielle (Caroline du Nord)	2,2 millions de dollars	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.