Wheeler Real Estate Investment Trust, Inc. (WHLR) reported a modest increase in revenue for the fiscal year ending December 31, 2024, with total revenues reaching $104.6 million, up 2.2% from $102.3 million in 2023. The company's property operating income also saw a rise, totaling $69.5 million compared to $67.5 million in the previous year. However, net income decreased significantly to $767,000 from $6.1 million in 2023, primarily due to increased impairment charges and a loss on the conversion of convertible notes.
The company experienced notable operational changes, including the sale of several properties and the completion of a merger with Cedar Realty Trust, which expanded its portfolio to 75 properties, including 72 retail shopping centers. As of December 31, 2024, the portfolio was 93.1% leased, with a total of 7.66 million square feet of leasable space. The geographic distribution of properties remains concentrated in the Mid-Atlantic, Southeast, and Northeast regions, which accounted for approximately 44%, 43%, and 13% of total annualized base rent, respectively.
Wheeler's strategic focus on necessity-based retail continues to shape its investment strategy, with an emphasis on grocery-anchored centers that attract stable consumer traffic. The company reported a Same-Property Net Operating Income (NOI) of $61.7 million, reflecting a 4.9% increase from the previous year, driven by a 3.4% rise in property revenue. The company also noted a decrease in corporate general and administrative expenses, which fell by 6.5% to $11 million.
In terms of financial health, Wheeler's cash and cash equivalents increased to $60.7 million from $39.8 million in 2023. The company processed redemptions for 519,822 shares of Series D Preferred Stock during the year, issuing 294,083 shares of common stock in settlement. The total cumulative dividends in arrears for Series D Preferred Stock reached $32.8 million as of December 31, 2024. Looking ahead, Wheeler plans to continue its strategy of optimizing its capital structure and enhancing shareholder value through selective acquisitions and property improvements, while managing its debt prudently.
About Wheeler Real Estate Investment Trust, Inc.
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