Wheeler Real Estate Investment Trust(WHLR)2024-11-07 21:17Financial Performance - The company reported a total revenue of 24.8 million, a decrease of 1.6% or 77.0 million, a 1.1% increase or 1.7 million increase in tenant reimbursements[28]. - The company reported a net loss attributable to Wheeler REIT of 14,061 in the same period of 2023[42]. - Net loss for the three months ended September 30, 2024, was 11,368,000 for the same period in 2023, representing a 169% increase in losses[44]. - FFO was (90.98) per share, compared to (4,219.41) per share in the prior year[22]. - Funds from Operations (FFO) available to common stockholders and common unitholders for the three months ended September 30, 2024, was (11,654,000) in the prior year[44]. - Adjusted EBITDA for the three months ended September 30, 2024, increased to 10,656,000 in the same period of 2023, marking a 24.5% increase[45]. Occupancy and Leasing - The occupancy rate reached Z% as of September 30, 2024, indicating a stable demand for retail space[10]. - The occupancy rate of the real estate portfolio was 94.8%, an increase of 110 basis points from the previous year[17]. - The company executed 42 lease renewals totaling 332,528 square feet with a weighted average increase of 6.5% over in-place rental rates[18]. - The total number of leases signed or renewed was 52, covering 362,873 square feet[15]. - Same-Property NOI increased by 5.2% or 2.4 million increase in property revenue[28]. - The total square footage occupied across properties was 1,000,000 square feet, reflecting a strong demand for retail space[49]. - The company has 998 total tenants, with 80% of leased square feet attributed to national/regional tenants[53]. - The percentage occupied for JANAF was 89.5%, with a total of 714,543 square feet occupied[49]. Debt and Assets - Total assets amounted to 500.3 million, resulting in a debt to total assets ratio of 74.32%[14]. - Cash and cash equivalents totaled 18.4 million at December 31, 2023[34]. - Debt increased to 495.6 million at December 31, 2023, due to refinancing activities and draws on the Cedar Revolving Credit Agreement[34]. - Total liabilities increased to 526,804 at the end of 2023[41]. - The total principal balance of loans payable as of September 30, 2024, was 495,572,000 at the end of 2023[47]. Strategic Initiatives - The company is focusing on expanding its portfolio in the Mid-Atlantic and Southeast regions, targeting strategic acquisitions to enhance growth[3]. - The company plans to explore potential mergers and acquisitions to strengthen its market position and diversify its asset base[3]. - The company is investing in technology to improve tenant engagement and operational efficiency, aiming to enhance overall performance[3]. Economic and Market Conditions - The company is closely monitoring economic conditions and consumer spending trends, which may impact future performance and leasing strategies[2]. - Future guidance indicates an expected revenue growth of D% for the upcoming quarter, driven by increased leasing activity and market demand[2]. Stock and Dividends - The Company completed a one-for-three reverse stock split on September 19, 2024[24]. - Total cumulative dividends in arrears for Series D Preferred Stock were 14.28 per share as of September 30, 2024[35]. - The Company processed redemptions for 232,509 shares of Series D Preferred Stock, issuing 475,361 shares of Common Stock in settlement of approximately 7,083 for the three months ended September 30, 2024, compared to 10.26 across properties, with a total of 111,189 square feet leased at Sunshine Plaza[49]. - The annualized base rent for the combined total is 10.36 per occupied square foot[50].