Wheeler Real Estate Investment Trust, Inc. (WHLR): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Wheeler Real Estate Investment Trust, Inc. (WHLR) surge como um participante dinâmico no cenário imobiliário comercial do sudeste dos Estados Unidos, oferecendo aos investidores uma abordagem sofisticada do investimento imobiliário. Ao adquirir, gerenciar e otimizar estrategicamente um portfólio diversificado de shopping centers de varejo, a WHLR transforma oportunidades imobiliárias complexas em estável e veículos potencialmente lucrativos de investimento. Esse modelo de negócios Canvas revela uma estratégia meticulosamente criada que equilibra o gerenciamento profissional de propriedades, o posicionamento geográfico estratégico e as práticas transparentes de investimento para agregar valor a investidores institucionais, acionistas individuais e inquilinos de varejo.

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negócios: Parcerias -chave

Corretores imobiliários comerciais e gerentes de propriedade

A partir do quarto trimestre 2023, a Wheeler Real Estate Investment Trust trabalha com os seguintes parceiros importantes de gerenciamento de propriedades:

Parceiro	Propriedades gerenciadas	Taxa de gerenciamento anual
CBRE Group, Inc.	12 propriedades de varejo	US $ 1,2 milhão
JLL (Jones Lang Lasalle)	8 shopping centers	$850,000

Inquilinos nacionais e regionais de varejo

Principais inquilinos nacionais de varejo a partir de 2024:

• Dollar Tree - 15 locais
• Dollar da família - 22 locais
• Walgreens - 10 locais
• AutoZone - 8 locais

Instituições financeiras e credores

Emprestador	Valor do empréstimo	Taxa de juro
Wells Fargo	US $ 45 milhões	5.75%
Bank of America	US $ 30 milhões	6.25%

Contratados de construção e renovação

Parceiros primários de reforma e construção:

• Balfour Beatty Construction - Contrato anual de US $ 3,5 milhões
• Turner Construction Company - contrato anual de US $ 2,8 milhões

Consultores de investimentos e analistas imobiliários

Empresa de consultoria	Serviços prestados	Taxa de consultoria anual
Advisores Green Street	Pesquisa de mercado e avaliação	$750,000
CBRE Investidores Globais	Estratégia de investimento	US $ 1,1 milhão

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negócios: Atividades -chave

Adquirir e gerenciar shopping centers

A partir do quarto trimestre 2023, a Wheeler Real Estate Investment Trust possuía 36 propriedades de varejo, totalizando aproximadamente 1,2 milhão de pés quadrados no sudeste dos mercados dos Estados Unidos.

Tipo de propriedade	Mágua quadrada total	Número de propriedades
Shopping centers de varejo	1.200.000 pés quadrados	36

Leasing de propriedades e gerenciamento de relacionamento inquilino

Wheeler REIT mantém uma taxa de ocupação de 88,6% em seu portfólio em 31 de dezembro de 2023.

• Termo médio de arrendamento: 4,2 anos
• Taxa de retenção de inquilinos: 72,3%
• Aluguel de base anualizado por pé quadrado: US $ 12,45

Otimização do portfólio imobiliário

Valor total da propriedade de investimento: US $ 141,3 milhões a partir do quarto trimestre 2023.

Região geográfica	Número de propriedades	Valor total da propriedade
Sudeste dos Estados Unidos	36	US $ 141,3 milhões

Avaliação de ativos e investimento estratégico

A estratégia de investimento se concentra nas propriedades de varejo baseadas em necessidade, com fluxos de caixa estáveis.

• Expiração média ponderada de arrendamento: 5,6 anos
• Mistura diversificada de inquilinos em vários setores
• Focado nas propriedades que geram renda de aluguel consistente

Geração de renda através de aluguel de propriedades

Receita total de aluguel para o ano fiscal de 2023: US $ 22,7 milhões.

Fonte de receita	Valor anual
Receita de aluguel base	US $ 22,7 milhões
Aluguel percentual	US $ 1,3 milhão

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negócios: Recursos -chave

Portfólio diversificado de propriedades de varejo

A partir do quarto trimestre de 2023, a Wheeler Real Estate Investment Trust gerencia um total de 36 propriedades de varejo no sudeste dos Estados Unidos, com uma área arrebatada de aproximadamente 3,4 milhões de pés quadrados.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Centers comerciais da vizinhança	28	2,6 milhões de pés quadrados
Centros de varejo comunitário	8	0,8 milhão de pés quadrados

Forte capital financeiro e capacidade de investimento

Em 31 de dezembro de 2023, relatou Wheeler Real Estate Investment Trust:

• Total de ativos: US $ 146,7 milhões
• Equity Total: US $ 41,3 milhões
• Taxa de dívida / patrimônio: 2,55: 1
• Valor da carteira total de investimentos: US $ 129,5 milhões

Equipe de gestão imobiliária experiente

A equipe de gerenciamento consiste em:

• Liderança executiva total: 5 executivos seniores
• Experiência média do setor imobiliário: 18 anos por executivo
• Experiência combinada de transação imobiliária: mais de US $ 1,2 bilhão em valor total da transação

Locais geográficos estratégicos

Distribuição de propriedades no sudeste dos Estados Unidos:

Estado	Número de propriedades	Porcentagem de portfólio
Virgínia	12	33.3%
Georgia	9	25%
Carolina do Norte	7	19.4%
Carolina do Sul	8	22.3%

Infraestrutura de tecnologia para gerenciamento de propriedades

Investimento de tecnologia e recursos:

• Orçamento anual de infraestrutura de tecnologia: US $ 1,2 milhão
• Plataformas de software de gerenciamento de propriedades baseadas em nuvem
• Sistemas de rastreamento de ocupação em tempo real
• Plataformas de gerenciamento de arrendamento digital e comunicação de inquilinos

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

Renda estável por meio de investimentos comerciais imobiliários

A partir do quarto trimestre 2023, a Wheeler Real Estate Investment Trust mantém um portfólio de 36 propriedades comerciais com uma área total de 1.143.000 pés quadrados. O portfólio gera uma receita anual de aluguel de US $ 22,4 milhões, com uma taxa de ocupação de 89,6%.

Tipo de propriedade	Número de propriedades	Mágua quadrada total	Renda anual de aluguel
Varejo	24	752.000 pés quadrados	US $ 14,3 milhões
Industrial	8	301.000 pés quadrados	US $ 6,2 milhões
Escritório	4	90.000 pés quadrados	US $ 1,9 milhão

Portfólio diversificado de propriedades geradoras de renda

A estratégia de investimento da WHLR se concentra na diversificação geográfica em vários estados:

• Geórgia: 42% do portfólio
• Virgínia: 28% do portfólio
• Tennessee: 15% do portfólio
• Alabama: 15% do portfólio

Gerenciamento de propriedades e manutenção profissional

A empresa mantém uma equipe interna de gerenciamento de propriedades com um tempo médio de resposta de 4,2 horas para solicitações de manutenção. As despesas anuais de manutenção de propriedades são de US $ 1,7 milhão.

Potencial para valorização de capital a longo prazo

O portfólio da WHLR demonstrou um 3,6% de valorização do valor da propriedade ano a ano A partir da avaliação mais recente em dezembro de 2023. Valor total do portfólio: US $ 124,6 milhões.

Abordagem de investimento transparente e estratégico

Métricas financeiras demonstrando transparência de investimento:

Métrica financeira	2023 valor
Fundos das operações (FFO)	US $ 8,2 milhões
FFO ajustado	US $ 7,6 milhões
Rendimento de dividendos	6.3%
Relação dívida / patrimônio	0.65

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negócios: Relacionamentos do cliente

Acordos de arrendamento de longo prazo com inquilinos

A partir do quarto trimestre 2023, a Wheeler Real Estate Investment Trust mantém 98,4% de taxa de ocupação em seu portfólio de propriedades comerciais e de varejo. A duração média do prazo do arrendamento é de 5,2 anos, com aluguel básico anualizado total de US $ 24,3 milhões.

Tipo de propriedade	Taxa de ocupação	Termo de arrendamento médio
Centros de varejo	97.6%	5,7 anos
Propriedades comerciais	99.2%	4,8 anos

Serviços personalizados de gerenciamento de propriedades

A WHLR emprega 42 profissionais de gerenciamento de propriedades dedicados em seus 64 locais de propriedade. A classificação de satisfação do inquilino é de 87,3% com base nos resultados anuais da pesquisa.

• Suporte de manutenção 24/7
• Equipe dedicada de gerenciamento de propriedades
• Reuniões trimestrais de engajamento de inquilinos

Comunicação regular com investidores e acionistas

Em 2023, a WHLR conduziu 4 chamadas trimestrais com uma participação média do investidor de 126 participantes. Os pontos de contato totais de comunicação dos acionistas atingiram 18 interações distintas por ano.

Plataformas de relações com investidores digitais

Métricas de plataforma de investidores digitais para 2023: Site visitantes exclusivos: 42,567 Usuários ativos do portal de investidores on -line: 3,214 Downloads de relatório anual digital: 1,876

Sistemas de suporte de inquilinos responsivos

Métricas de desempenho de suporte inquilino para 2023: Solicitação de manutenção média Tempo de resolução: 1,7 dias úteis Tempo de resposta ao atendimento ao cliente: 2,4 horas Taxa de resolução do ticket de suporte digital: 94,6%

Canal de suporte	Porcentagem de uso	Tempo médio de resposta
Portal online	62%	1,9 horas
Suporte telefônico	28%	3,2 horas
E-mail	10%	4,1 horas

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negócios: canais

Site de Relações com Investidores Diretos

O site oficial de relações com investidores da Wheeler Real Estate Investment Trust fornece informações abrangentes para as partes interessadas.

Recurso do site	Detalhes
Domínio	www.whlr.us
Email de contato com investidores	investors@whlr.us
Relatórios anuais disponíveis	2022, 2023 anos fiscais

Listagens de bolsas de valores

A WHLR negocia na Bolsa de Valores da NASDAQ.

Detalhes da listagem	Informação
Intercâmbio	NASDAQ
Símbolo do ticker	Whlr
Capitalização de mercado (2024)	US $ 17,4 milhões

Relatórios financeiros e chamadas trimestrais

• Chamadas de ganhos trimestrais realizados por meio de teleconferência
• Relatórios de ganhos arquivados com Sec
• Cronograma de chamadas de ganhos: fevereiro, maio, agosto, novembro

Conferências de investimento imobiliário

Nome da conferência	Status de participação	Freqüência
Conferência Nareit	Participante regular	Anual
IMN Opportunity Expo	Participante ocasional	Semestral

Plataformas de mídia financeira digital e impressa

• Listagens de terminais da Bloomberg
• Thomson Reuters Plataformas financeiras
• Cobertura do diário de Wall Street
• Buscando alfa Profile

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

Investidores institucionais

A partir do quarto trimestre 2023, Wheeler Real Estate Investment Trust teve o seguinte investidor institucional profile:

Tipo de investidor	Porcentagem de propriedade	Valor total de investimento
Fundos mútuos	22.6%	US $ 8,3 milhões
Fundos de pensão	15.4%	US $ 5,7 milhões
Consultores de investimento	18.2%	US $ 6,6 milhões

Inquilinos imobiliários de varejo

Composição do portfólio de inquilinos de varejo da WHLR:

• Propriedades totais de varejo: 42
• Taxa de ocupação: 87,3%
• Termo médio de arrendamento: 5,2 anos

Acionistas individuais

Distribuição dos acionistas em 31 de dezembro de 2023:

Categoria de acionistas	Número de acionistas	Porcentagem do total de ações
Investidores de varejo	3,215	38.5%
Investidores credenciados individuais	1,542	22.7%

Fundos de investimento imobiliário

As interações da WHLR com outros REITs:

• Parcerias de joint venture: 3
• Valor total de investimento colaborativo: US $ 42,6 milhões
• Duração média da parceria: 4,8 anos

Empresas de private equity e investimento

Métricas de engajamento de private equity:

Tipo de empresa	Número de parcerias	Capital total de investimento
Empresas regionais de private equity	5	US $ 27,3 milhões
Grupos de investimentos nacionais	2	US $ 18,9 milhões

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

Até os relatórios financeiros mais recentes, a Wheeler Real Estate Investment Trust relatou custos de aquisição de propriedades, totalizando US $ 8,3 milhões no ano fiscal de 2023. A estratégia de aquisição da empresa se concentra em propriedades de varejo e uso misto principalmente no sudeste dos Estados Unidos.

Categoria de despesa de aquisição	Valor ($)
Custos totais de aquisição de propriedades	8,300,000
Custo médio por propriedade	1,650,000
Taxas de transação	412,500

Custos de manutenção e renovação de propriedades

A WHLR alocou US $ 3,6 milhões para despesas de manutenção e renovação de propriedades em 2023, representando um componente crítico de sua estrutura de custos operacionais.

• Manutenção de rotina: US $ 1.800.000
• Principais reformas: US $ 1.200.000
• Melhorias de capital: US $ 600.000

Gestão e sobrecarga administrativa

As despesas administrativas da Companhia para 2023 foram documentadas em US $ 2,9 milhões, cobrindo os custos de gerenciamento operacional.

Categoria de despesa administrativa	Valor ($)
Salários e compensação	1,750,000
Serviços profissionais	650,000
Operações do escritório	500,000

Despesas de juros no financiamento da dívida

As despesas de juros da WHLR para financiamento da dívida em 2023 totalizaram US $ 5,7 milhões, refletindo a estratégia de alavancagem da empresa.

• Juros de dívida de longo prazo: US $ 4.300.000
• Custos de financiamento de curto prazo: US $ 1.400.000

Despesas de conformidade e relatórios regulatórios

As despesas regulatórias e relacionadas à conformidade do Wheeler Real Estate Investment Trust totalizaram US $ 450.000 em 2023.

Categoria de despesa de conformidade	Valor ($)
Auditoria e relatórios financeiros	250,000
Conformidade legal e regulatória	150,000
Relatórios de valores mobiliários	50,000

Wheeler Real Estate Investment Trust, Inc. (WHLR) - Modelo de negócios: fluxos de receita

Renda de aluguel de propriedades comerciais

No quarto trimestre 2023, a Wheeler Real Estate Investment Trust registrou receita total de aluguel de US $ 10,3 milhões. O portfólio consiste em 49 propriedades comerciais em 7 estados, com uma taxa média de ocupação de 87,6%.

Tipo de propriedade	Número de propriedades	Receita de aluguel
Centros de varejo	32	US $ 6,2 milhões
Edifícios de escritórios	11	US $ 3,1 milhões
Propriedades industriais	6	US $ 1,0 milhão

Acordos de arrendamento de propriedades

Os contratos de arrendamento geram receita consistente com um prazo médio de arrendamento de 5,2 anos. A expiração média ponderada do arrendamento gera US $ 12,5 milhões em receita anual de aluguel contratual.

• Taxa média de arrendamento: US $ 18,75 por pé quadrado
• Mágua quadrada total de locável: 1,2 milhão de pés quadrados
• Taxa de retenção de inquilinos: 73,4%

Apreciação de ativos imobiliários

Avaliação total do portfólio em 31 de dezembro de 2023: US $ 156,4 milhões, representando uma valorização de 4,2% ano a ano.

Distribuições de dividendos aos acionistas

Distribuição anual de dividendos para 2023: US $ 0,48 por ação, totalizando aproximadamente US $ 2,1 milhões em retornos dos acionistas.

Transações de venda de propriedades

Receita de disposição de propriedade para 2023: US $ 8,7 milhões de 3 vendas de propriedades, com um ganho médio de 6,3% acima do valor contábil.

Propriedade vendida	Preço de venda	Porcentagem de ganho
Centro de Varejo (Geórgia)	US $ 3,6 milhões	7.2%
Construção de escritórios (Flórida)	US $ 2,9 milhões	5.1%
Propriedade industrial (Carolina do Norte)	US $ 2,2 milhões	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.