Core Insights - Drucker + Falk has appointed Crystal Plum as Chief Financial Officer effective March 16, 2026, enhancing its financial leadership team [2][3] Company Overview - Drucker + Falk is a full-service real estate and investment firm founded in 1938, managing over 43,000 apartment homes and 3,000,000 square feet of office, retail, and industrial space across nine states [7] Leadership Background - Crystal Plum previously served as CFO of Wheeler Real Estate Investment Trust, overseeing finance and accounting operations, SEC reporting, and capital structure initiatives [3][4] - She is a Certified Public Accountant with extensive experience in partnership taxation, auditing, and complex debt financing transactions [4] Strategic Vision - The appointment of Crystal Plum aligns with Drucker + Falk's long-term vision, emphasizing financial expertise and strategic discipline [5] - Her leadership is expected to support the company's growth, financial stewardship, and operational excellence across its managed property portfolio [6]

Company Overview - WHLR focuses on owning, leasing, and operating income-producing retail properties, primarily grocery-anchored centers[9]. - The company’s portfolio includes well-located retail properties in secondary and tertiary markets, aiming for attractive, risk-adjusted returns[9]. - WHLR's common stock and preferred stock trade publicly on Nasdaq under the symbols "WHLR", "WHLRP", "WHLRD", and "WHLRL"[9]. - Cedar Realty Trust, Inc. is a subsidiary of WHLR, with its preferred stocks trading on NYSE under the symbols "CDRpB" and "CDRpC"[10]. Financial Performance - For the three months ended December 31, 2025, the net loss attributable to common stockholders was $(866,000), resulting in a basic loss per share of $(2.67) compared to a net income of $186,261.63 in the same period of 2024[14][16]. - The company reported a total revenue of $25.2 million, a decrease of 8.8% or $2.4 million, primarily due to a $1.8 million decrease in rental revenues and tenant reimbursements[26]. - Same-property net operating income (NOI) decreased by 3.1% or $0.5 million, impacted by a $0.4 million increase in property expenses and a $0.1 million decrease in property revenue[21]. - Total revenue decreased by 4.9% or $5.1 million to $99.4 million, primarily due to a $6.7 million decrease in rental revenues from properties sold in 2024 and 2025[30]. - Same-Property NOI increased by 1.6% or $1.0 million, driven by a $2.1 million increase in property revenue, partially offset by a $1.1 million increase in property operating expenses[30]. - FFO was $13.7 million compared to $3.2 million, including a $13.1 million increase in net changes in fair value of derivative liabilities[30]. - AFFO increased to $10.3 million from $7.2 million[30]. - The company reported impairment charges of $2.880 million for the year 2025, compared to $1.195 million in 2024, indicating increased asset write-downs[44]. - The company’s equity decreased to $31.487 million in 2025 from $32.029 million in 2024, a decline of 1.7%[43]. Operational Metrics - WHLR's occupancy rate and leasing performance are critical metrics for evaluating property operating performance[8]. - The company's real estate portfolio had an occupancy rate of 93.3%, a 100 basis point increase from 92.3%, and a leased rate of 94.3%, a 120 basis point increase from 93.1%[21]. - The company executed 28 lease renewals totaling 133,144 square feet at a weighted-average increase of $1.23 per square foot, representing an increase of 11.0% over in-place rental rates[21]. - The company ended the year with a gross leasable area (GLA) of 5,075,661 square feet and a total of 40 leases signed or renewed[15][21]. - Total leasable square feet across all properties is 7,018,837, with a percentage leased of 94.3% and percentage occupied of 93.3% as of December 31, 2025[61]. - The annualized base rent (ABR) totals $70,008,000, with an ABR per occupied square foot of $10.69[60]. - The renewal rent spread is 11.2%, while the new rent spread is significantly higher at 30.4%[61]. - The company operates 62 centers with a total of 916 tenants, with Virginia contributing 25.9% of the total ABR[62]. Debt and Capital Management - The total debt was $482.8 million, resulting in a debt to total assets ratio of 80.2% and a debt to gross asset value ratio of 66.7%[15]. - Debt decreased to $482.8 million from $499.5 million at December 31, 2024, primarily due to sales proceeds used for loan paydowns[37]. - The company recycled approximately $59.0 million of capital through asset sales, which helped to deleverage the balance sheet and retire $105.8 million of preferred equity liquidation value[17]. - Total principal balance of debt as of December 31, 2025, was $482,841,000, a decrease from $499,531,000 in 2024[52]. - Total interest expense for the year ended December 31, 2025, was $33,758,000, up 3.5% from $32,602,000 in 2024[53]. Strategic Focus and Risks - The company is committed to maintaining its qualification as a Real Estate Investment Trust (REIT) amidst changing economic and regulatory conditions[5]. - WHLR's strategic focus includes potential asset acquisitions and divestitures to enhance portfolio performance[5]. - The company faces risks related to tenant bankruptcies, geographic concentration, and market volatility affecting financing[5]. - WHLR's financial results are impacted by factors such as consumer spending, retailer demand, and economic conditions[4]. Lease Expiration and Tenant Information - The lease expiration schedule shows 916 leases expiring by 2035, with a total square footage of 7,018,837 and an annualized base rent of $70,008,000[67]. - In 2028, 151 leases will expire, representing 15.1% of total square footage and an annualized base rent of $10,138,000[67]. - Top ten tenants contribute $15,628,000 in annualized base rent, representing 22.5% of total annualized base rent[66]. - Food Lion is the largest tenant, accounting for $4,179,000 or 6.0% of total annualized base rent[66].

Core Viewpoint - Wheeler Real Estate Investment Trust, Inc. has announced its financial and operating results for the year ended December 31, 2025, highlighting its performance in the commercial real estate sector focused on grocery-anchored retail properties [1] Financial Results - The company filed its Annual Report on Form 10-K with the Securities and Exchange Commission, detailing its financial performance for the fourth quarter and the entire year of 2025 [1] - Supplemental information regarding the financial and operating results for the three and twelve months ended December 31, 2025, has been made available on the company's investor relations website [1] Company Overview - Wheeler Real Estate Investment Trust, Inc. is headquartered in Virginia Beach, Virginia, and operates as a fully integrated, self-managed commercial real estate investment trust (REIT) [1] - The company's primary focus is on owning, leasing, and operating income-producing retail properties, particularly grocery-anchored centers [1]

Portfolio and Properties - As of December 31, 2025, the company owns a portfolio of 65 properties, including 62 retail shopping centers, totaling 7,018,837 leasable square feet, which is 94.3% leased[21] - The top 10 tenants account for 22.5% or $15.6 million of annualized base rent and 25.5% or 1.8 million of gross leasable square footage[22] - The company focuses on necessity-based retail, targeting secondary and tertiary markets with strong demographics, which helps in maintaining stable cash flows[26] - The Company has a total of 729 properties in its portfolio, with a total leasable area of 5,075,661 sq. ft. and an overall occupancy rate of 93.7%[48] - The portfolio consists of 65 properties with a total gross rentable space of approximately 7,019,000 square feet and a leased level of approximately 94.3% as of December 31, 2025[73] - The Company has properties with high occupancy rates, such as Port Crossing in Harrisonburg, VA, which is 100% leased[48] - The Company’s real estate portfolio includes properties with varying occupancy rates, with the lowest being Franklin Village at 72.9%[48] - The Company’s total occupied sq. ft. across its properties is 4,756,310 sq. ft.[48] - The company has undeveloped land parcels totaling 6.85 acres across various locations, including Richmond, VA, and Philadelphia, PA[49] - The largest tenant in the operating portfolio contributes an annualized base rent (ABR) of $2,106,000[50] Financial Performance - Revenues for 2025 were $99.4 million, a decrease of 4.9% from $104.6 million in 2024, primarily due to a $6.7 million decrease in rental revenues from sold properties[137] - Same-Property Net Operating Income (NOI) increased by 1.6% to $60.2 million in 2025, driven by a 2.3% increase in property revenue, despite a 3.7% increase in property expenses[150] - Cash flows from operating activities decreased by 18.7%, from $25.988 million in 2024 to $21.132 million in 2025[116] - Cash flows from investing activities increased by 107.6%, from $15.480 million in 2024 to $32.137 million in 2025[116] - Cash flows used in financing activities increased significantly from $20.559 million in 2024 to $65.356 million in 2025[116] - Net income for 2025 was $14.837 million, a significant increase from $0.711 million in 2024[154] - Funds from Operations (FFO) for 2025 reached $26.307 million, up from $21.672 million in 2024, representing a growth of approximately 21%[154] - Adjusted Funds from Operations (AFFO) for 2025 was $10.293 million, compared to $7.191 million in 2024, indicating a year-over-year increase of about 43%[154] - FFO available to common stockholders and common unitholders was $13.687 million in 2025, significantly higher than $3.197 million in 2024[154] Debt and Capital Management - The company aims to optimize its capital structure by reducing total outstanding preferred stock and utilizing strategies such as repurchasing shares at a discount to their liquidation value[27] - The company entered into a June 2024 Term Loan for $25.5 million at a fixed rate of 6.80%, with a principal payment of $3.1 million made on November 6, 2025[79] - The company paid down approximately $9.1 million on the October 2022 Cedar Term Loan upon the 2025 disposition of Webster Commons[80] - The company made a $1.0 million principal payment on the June 2022 Term Loan with the sale of South Lake on March 6, 2025[81] - The company entered into an April 2025 Cedar Bridge Loan for $10.0 million, with a principal paydown of approximately $4.0 million following property dispositions[83] - The company paid off the remaining loan balance of $4.2 million on the Winslow Plaza loan on June 26, 2025[84] - The company entered into an August 2025 Cedar Credit Facility for up to $20.0 million, with a paydown of approximately $10.3 million following property dispositions[85] - Total debt decreased from $499.531 million in 2024 to $482.841 million in 2025, with a weighted average interest rate of 5.5%[123] - The company has $6.5 million of debt maturing in 2026, which may impact its financial position if not refinanced[123] Asset Management and Dispositions - The company executed a series of asset dispositions, including the sale of Tri-County Plaza for $5.125 million, resulting in a gain of $1.399 million[77] - The Company recorded a net gain on the disposal of properties of $14.4 million in 2025, compared to $5.6 million in 2024, reflecting a significant increase of 158.6%[137] - The company recorded impairment charges of $2.5 million on Carll's Corner for the year ended December 31, 2025[77] - Impairment charges rose to $2.9 million in 2025 from $1.2 million in 2024, marking an increase of 141.0%[137] - The company has classified several properties as "assets held for sale" including Moncks Corner and Darien Shopping Center[78] Employee and Management Information - The company has 49 full-time employees and offers competitive wages and benefits, including wellness programs and tuition assistance[23] - M. Andrew Franklin has served as Chief Executive Officer and President since October 2021, with over 25 years of commercial real estate experience[212] - Crystal Plum has been the Chief Financial Officer since February 2020 and will resign from her positions effective March 13, 2026[213] Governance and Compliance - Management has concluded that internal controls over financial reporting were effective as of December 31, 2025[166] - The Audit Committee met four times in 2025, consisting of four directors, including Kerry G. Campbell as Chair, who qualifies as an "audit committee financial expert"[205] - The Compensation Committee, chaired by Joseph D. Stilwell, met twice in 2025 to oversee compensation for the Company's principal executive officers[206][207] - The Nominating Committee, chaired by Joseph D. Stilwell, met once in 2025 to develop and implement corporate governance policies[208] - The Executive Committee, chaired by Stefani D. Carter, met five times in 2025 to act with the full authority of the Board of Directors between meetings[209] - The Litigation Committee, chaired by E.J. Borrack, met once in 2025 to oversee material litigation matters involving the Company[210] - The Related Person Transactions Committee, chaired by Stefani D. Carter, met twice in 2025 to oversee and approve related person transactions[211] - The Company has adopted a Code of Conduct applicable to directors, officers, and employees, available on its corporate website[214] - The Company has implemented an Insider Trading Policy to promote compliance with insider trading laws and Nasdaq standards[215] Cybersecurity - The Company has incorporated cybersecurity coverage in its insurance policies, but there is no assurance that it will cover all breaches or that policy limits will be sufficient[45] - The Company has retained a third-party IT expert to manage cybersecurity risks, providing 24/7 monitoring and support services[44] - The Company updates its cybersecurity policies annually to mitigate risks, although it acknowledges the potential for material adverse effects from incidents[45] Dividend Policy - The company has a dividend policy that has suspended payments on common and preferred stock since March 2018, with no intention to resume dividends at this time[67][70] - Future dividend declarations will depend on the cash flow and financial condition of the Company, as well as capital requirements[129] - The outstanding Series D Preferred Stock had a total liquidation value of approximately $63.2 million as of December 31, 2025[133] - The company reported preferred stock dividends of $6.640 million for 2025, down from $8.267 million in 2024, reflecting a reduction of approximately 20%[154] Market and Economic Factors - The company is evaluating the impact of the OBBBA tax law changes, which permanently extended the 20% deduction for qualified REIT dividends[159] - The company’s leases include provisions to mitigate inflation impacts, allowing for tenant reimbursement of inflation-sensitive costs[155]

Core Insights - The real estate sector has identified oversold stocks, presenting potential buying opportunities for undervalued companies [1] - The Relative Strength Index (RSI) is a key momentum indicator, with stocks considered oversold when the RSI is below 30 [1] Company Summaries - Wheeler Real Estate Investment Trust Inc (NASDAQ:WHLR) is listed among the major oversold players in the real estate sector [3] - Zillow Group Inc (NASDAQ:Z) has an RSI value of 26.7, indicating it is oversold, and its stock price has decreased by approximately 21% over the past month, reaching a 52-week low of $53.61 [4] - Zillow's stock closed at $54.97 after a 1.8% increase on the last trading day [4]

Core Viewpoint - Halper Sadeh LLC is investigating potential breaches of fiduciary duties by certain officers and directors of Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) towards shareholders [1]. Group 1 - Long-term shareholders of Wheeler stock may seek corporate governance reforms, return of funds, court-approved financial incentives, or other benefits [2]. - Shareholder involvement is crucial for improving company policies and practices, leading to enhanced transparency, accountability, and management effectiveness, which can ultimately increase shareholder value [3]. Group 2 - Halper Sadeh LLC represents global investors affected by securities fraud and corporate misconduct, having successfully implemented corporate reforms and recovered millions for defrauded investors [4].

Market Overview - U.S. stock futures showed mixed results, with Dow futures decreasing approximately 0.1% on Monday [1] Company-Specific Movements - Meihua International Medical Technologies Co., Ltd. (NASDAQ:MHUA) announced its delisting from Nasdaq, leading to a significant pre-market decline of 32.9%, bringing shares down to $9.41 [1] - SMX (Security Matters) Public Limited Company (NASDAQ:SMX) shares fell 17.2% to $275.00 after a substantial increase of 135% on the previous Friday [3] - Gulf Resources, Inc. (NASDAQ:GURE) saw a decline of 16.1% to $6.87 following a 4% drop on Friday [3] - Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) shares decreased by 16.1% to $5.35 after a notable surge of 98% on Friday [3] - Fly-E Group, Inc. (NASDAQ:FLYE) experienced a 14.4% drop to $7.08 after receiving a delinquency notice from Nasdaq regarding a delayed Form 10-Q [3] - Ecarx Holdings Inc. (NASDAQ:ECX) shares fell 9.1% to $1.91 after an 8% gain on Friday [3] - Arteris Inc (NASDAQ:AIP) saw a decline of 7.1% to $16.30 in pre-market trading [3] - Veracyte Inc (NASDAQ:VCYT) shares decreased by 5.7% to $42.06 after a 6% decline on Friday [3] - Chagee Holdings Ltd (NASDAQ:CHA) shares fell 4.6% to $13.91 in pre-market trading [3] - PureTech Health PLC (NASDAQ:PRTC) experienced a 4.2% decline to $17.30, despite announcing a successful end-of-Phase 2 meeting with the FDA for Deupirfenidone (LYT-100) in Idiopathic Pulmonary Fibrosis [3] - PepGen Inc (NASDAQ:PEPG) shares declined by 3.9% to $5.23 in pre-market trading [3]

Market Overview - U.S. stock futures showed mixed results, with Dow futures decreasing approximately 0.1% on Monday [1] Company-Specific Movements - Meihua International Medical Technologies Co., Ltd. (NASDAQ:MHUA) announced its delisting from Nasdaq, leading to a significant pre-market decline of 32.9%, bringing shares down to $9.41 [1] - SMX (Security Matters) Public Limited Company (NASDAQ:SMX) shares fell 17.2% to $275.00 after a substantial increase of 135% on the previous Friday [3] - Gulf Resources, Inc. (NASDAQ:GURE) saw a decline of 16.1% to $6.87 following a 4% drop on Friday [3] - Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) shares decreased by 16.1% to $5.35 after surging 98% on Friday [3] - Fly-E Group, Inc. (NASDAQ:FLYE) experienced a 14.4% drop to $7.08 after receiving a delinquency notice from Nasdaq regarding a delayed Form 10-Q [3] - Ecarx Holdings Inc. (NASDAQ:ECX) shares fell 9.1% to $1.91 after an 8% gain on Friday [3] - Arteris Inc (NASDAQ:AIP) saw a decline of 7.1% to $16.30 in pre-market trading [3] - Veracyte Inc (NASDAQ:VCYT) shares decreased by 5.7% to $42.06 after a 6% decline on Friday [3] - Chagee Holdings Ltd (NASDAQ:CHA) shares fell 4.6% to $13.91 in pre-market trading [3] - PureTech Health PLC (NASDAQ:PRTC) declined 4.2% to $17.30 despite announcing a successful end-of-Phase 2 meeting with the FDA for Deupirfenidone (LYT-100) in Idiopathic Pulmonary Fibrosis [3] - PepGen Inc (NASDAQ:PEPG) shares decreased by 3.9% to $5.23 in pre-market trading [3]

Company Overview - Wheeler Real Estate Investment Trust, Inc. (WHLR) focuses on owning, leasing, and operating income-producing retail properties, primarily grocery-anchored centers[11]. Financial Performance - The company reported a significant increase in Annualized Base Rent (ABR), reaching $X million, reflecting a Y% growth compared to the previous period[9]. - WHLR reported a net income attributable to common stockholders of $8.914 million for the three months ended September 30, 2025, with basic earnings per share of $18.37[16]. - Total revenue for the third quarter was $23.8 million, a decrease of 3.9% or $1.0 million compared to the prior year, primarily due to a $1.9 million decrease in rental revenues and tenant reimbursements[21]. - Same-Property Net Operating Income (Same-Property NOI) increased by A% year-over-year, demonstrating improved operational performance[10]. - FFO for the quarter was $18.1 million, or $37.23 per share, compared to a FFO loss of $35.0 million in the prior year[27]. - Total revenue decreased by 3.5% to $74.3 million, primarily due to a $5.5 million decrease in rental revenues from sold properties[32]. - Funds from Operations (FFO) improved to $13.8 million, or $68.28 per share, compared to a loss of $(42.7) million per share previously[32]. - Net Income for Q3 2025 was $12,982,000, a significant improvement from a loss of $30,631,000 in Q3 2024[50]. - Total assets decreased to $625.174 million as of September 30, 2025, down from $653.702 million as of December 31, 2024, a decline of 4.4%[47]. - Cash and cash equivalents totaled $27.1 million, down from $43.0 million at the end of 2024[38]. Occupancy and Leasing - The occupancy rate as of September 30, 2025, was Z%, indicating strong demand for leased space[10]. - The occupancy rate for WHLR's real estate portfolio was 91.8%, a decrease of 20 basis points from the previous year, while the leased rate was 92.4%, a decrease of 140 basis points[22]. - WHLR executed 32 lease renewals totaling 160,167 square feet at a weighted average increase of $1.04 per square foot, representing a 9.5% increase over in-place rental rates[22]. - Total leasable square feet across all properties is 7,436,018, with a percentage leased of 92.4% and a percentage occupied of 91.8% as of September 30, 2025[64]. - The company operates a total of 66 properties with 944 tenants, generating an Annualized Base Rent (ABR) of $72,104,000[65]. - WHLR renewed a total of 457,848 square feet of leases in the nine months ended September 2025, with a weighted average increase of 12.4% over prior rates[74]. - New leases totaled 104,228 square feet in the nine months ended September 2025, with a new rent spread of 36.3%[74]. Debt and Financial Leverage - WHLR's financial leverage remains a concern, with total debt reported at C million, which could impact future performance[5]. - The total assets of WHLR as of September 30, 2025, were $625.174 million, with total debt amounting to $502.676 million, resulting in a debt-to-total assets ratio of 80.4%[16]. - Debt increased to $502.7 million, influenced by new loan proceeds and repayments related to property sales[38]. - The company has a significant portion of its debt maturing after 2029, accounting for 84.5% of total principal repayments and maturities[59]. Strategic Initiatives - The company plans to expand its portfolio by acquiring additional properties in secondary and tertiary markets, targeting a growth rate of B% in the next fiscal year[11]. - The company is actively exploring new technology solutions to enhance property management efficiency and tenant experience[11]. - WHLR's management emphasizes the importance of maintaining compliance with REIT regulations to ensure continued operational success[5]. - The company is also focusing on strategic partnerships to enhance market presence and tenant diversity[11]. Tenant and Lease Information - The top ten tenants contribute 22.8% of the total ABR, with Food Lion leading at $4,456,000, representing 6.2% of the total[70]. - The lease expiration schedule indicates that 8.2% of the total square footage (613,001 sq ft) is available, with 0.2% expiring in 2025[71]. - The average annualized base rent per occupied square foot is $10.57 across all properties[71]. - The company has a diverse tenant mix, with grocery stores making up a significant portion of the ABR[70]. Operational Metrics - Same-Property NOI increased by 3.3% or $0.5 million, driven by a $0.9 million increase in property revenue, partially offset by a $0.4 million increase in property expenses[22]. - The company recognized a non-operating gain of $6.3 million from changes in the fair value of derivative liabilities[38]. - The company reported impairment charges of $2.490 million in Q3 2025, compared to $1.195 million in Q3 2024, indicating increased asset write-downs[48].

Property and Operations - As of September 30, 2025, the Company owned and operated 69 properties, including 66 retail shopping centers and 3 undeveloped properties across multiple states [151]. - The Company's geographic concentration is approximately 46% in the Mid-Atlantic, 44% in the Southeast, and 10% in the Northeast, which may increase susceptibility to adverse developments in these markets [152]. - New leases signed for 156,027 square feet during the nine months ended September 30, 2025, with a weighted average rate of $13.72 per square foot, reflecting a 24.4% increase over prior rates [171]. - Total Same-Property NOI for Q3 2025 was $15.0 million, a 3.3% increase from $14.5 million in Q3 2024, driven by a 4.0% rise in property revenues, partially offset by a 5.4% increase in property expenses [197]. - For the nine months ended September 30, 2025, Same-Property NOI was $45.9 million, up 4.2% from $44.0 million in the same period of 2024, due to a 3.9% increase in property revenue, offset by a 3.4% rise in property expenses [198]. - The Company aims to grow operations by backfilling vacant spaces and increasing lease revenue through tenant improvements [220]. Financial Performance - Revenues for the three months ended September 30, 2025, were $23,821 million, a decrease of $971 million or 3.9% compared to $24,792 million in 2024 [175]. - Net income for the three months ended September 30, 2025, was $12,982 million, an increase of $43,613 million compared to a net loss of $30,631 million in 2024 [175]. - Year-to-date revenues for the nine months ended September 30, 2025, were $74,276 million, a decrease of $2,705 million or 3.5% compared to $76,981 million in 2024 [184]. - Year-to-date net income for the nine months ended September 30, 2025, was $14,355 million, an increase of $53,350 million compared to a net loss of $38,995 million in 2024 [184]. - Funds from Operations (FFO) for Q3 2025 was $21.1 million, compared to a loss of $30.3 million in Q3 2024, while FFO available to common stockholders was $18.1 million, up from a loss of $35.0 million [202]. - Adjusted Funds from Operations (AFFO) for the nine months ended September 30, 2025, was $7.1 million, compared to $3.8 million in the same period of 2024 [202]. Expenses and Liabilities - Property operating expenses decreased by $669 million or 7.9% to $7,819 million for the three months ended September 30, 2025, compared to $8,488 million in 2024 [176]. - Corporate general and administrative expenses increased by $347 million or 16.9% to $2,404 million for the three months ended September 30, 2025, compared to $2,057 million in 2024 [175]. - Gain on preferred stock redemptions decreased by $2,350 million or 93.0% to $176 million for the three months ended September 30, 2025, compared to $2,526 million in 2024 [182]. - The Company had accumulated undeclared dividends of $26.6 million for Series D Preferred Stock as of September 30, 2025 [170]. - The aggregate liquidation preference of Series D Preferred Stock is approximately $39.4 million, with accrued and unpaid dividends of about $26.6 million, totaling a liquidation value of $66.0 million [224]. - The Company has $6.5 million in principal and scheduled payments due in the twelve months ended September 30, 2026 [215]. Cash Flow and Financing - Cash flows from operating activities decreased by 8.9% to $18.8 million for the nine months ended September 30, 2025, down from $20.6 million in 2024 [208]. - Cash flows from investing activities increased significantly by 1237.8% to $20.9 million for the nine months ended September 30, 2025, primarily due to proceeds from property sales [208]. - Cash flows used in financing activities were $43.5 million for the nine months ended September 30, 2025, compared to $6.9 million in the same period of 2024 [211]. - The Company entered into a credit facility agreement for up to $20 million on August 15, 2025, with a maturity date of August 15, 2027 [155]. - The total outstanding principal under the August 2025 Cedar Credit Facility must be reduced to no greater than $10 million by February 15, 2027 [156]. - The Company has incurred $3.9 million in loan refinancing activities and $5.2 million draw on the Cedar Revolving Credit Agreement [218]. Strategic Initiatives and Future Outlook - The Company is evaluating the potential impact of the recently signed OBBBA on its consolidated financial statements [207]. - The Company plans to repurchase Cedar Series C and Series B Preferred Stock, totaling approximately $52.4 million, which will reduce future annual dividend payments by $5.5 million [219]. - The Company acknowledges that its ability to grow may be limited without additional capital if it fails to execute its strategic initiatives [222]. - The Company intends to continue settling redemptions of Series D Preferred Stock in Common Stock, which may lead to substantial dilution of the outstanding Common Stock [225]. - Future dividend declarations will depend on cash flow, financial condition, and capital requirements, as the Company must distribute at least 90% of its REIT taxable income [221].