Wheeler Real Estate Investment Trust, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period. Total revenue for Q3 2024 was $24.8 million, a slight decrease of 1.6% from $25.2 million in Q3 2023. However, for the nine months ended September 30, 2024, total revenue increased to $77.0 million, up 1.1% from $76.1 million in the same period last year.
Operating income showed significant improvement, rising to $13.9 million in Q3 2024 from $9.3 million in Q3 2023, and for the nine months, it increased to $32.9 million from $22.2 million. Despite these gains, the company reported a net loss of $30.6 million for Q3 2024, compared to a loss of $11.4 million in Q3 2023. The net loss attributable to Wheeler REIT for the nine months was $47.1 million, up from $21.1 million in the prior year.
The company’s total assets increased to $673.2 million as of September 30, 2024, from $668.3 million at the end of 2023, while total liabilities rose to $583.0 million from $526.8 million. The accumulated deficit grew to $379.1 million, and total shareholders’ deficit increased to $67.9 million.
Strategically, Wheeler REIT has been active in property management and acquisitions. The company completed a settlement agreement with the City of Grove, Oklahoma, involving a one-time payment of $160,000 and the transfer of the Harbor Point Land Parcel. Additionally, the company has committed to selling components of the South Philadelphia property, marking its only asset held for sale.
The company also reported a significant increase in cash and cash equivalents, which rose to $37.1 million from $18.4 million at the end of 2023. Cash flows from operating activities improved to $20.6 million for the nine months ended September 30, 2024, compared to $15.0 million in 2023. The company’s investment in Stilwell Activist Investments, L.P. was valued at $12.0 million as of September 30, 2024.
Wheeler REIT continues to navigate challenges, including the bankruptcy filing of Big Lots, which affected five of its leased locations. The company plans to enhance liquidity through various strategies, including delivering leased but unoccupied space and refinancing properties.
About Wheeler Real Estate Investment Trust, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.