Wheeler Real Estate Investment Trust(WHLR) - 2024 Q3 - Quarterly Results

Financial Performance - The company reported a total revenue of $X million for the quarter ended September 30, 2024, representing a Y% increase compared to the previous quarter[1]. - Total revenue for the quarter was $24.8 million, a decrease of 1.6% or $0.4 million compared to the prior year[21]. - Total revenue reached $77.0 million, a 1.1% increase or $0.9 million, primarily due to a $1.7 million increase in tenant reimbursements[28]. - The company reported a net loss attributable to Wheeler REIT of $33,320 for the three months ended September 30, 2024, compared to a net loss of $14,061 in the same period of 2023[42]. - Net loss for the three months ended September 30, 2024, was $30,631,000 compared to a loss of $11,368,000 for the same period in 2023, representing a 169% increase in losses[44]. - FFO was $(35.3) million, or $(90.98) per share, compared to $(11.7) million, or $(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 $(35,286,000), a significant decline from $(11,654,000) in the prior year[44]. - Adjusted EBITDA for the three months ended September 30, 2024, increased to $13,289,000 from $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 $2.3 million, driven by a $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 $673.2 million, with total debt at $500.3 million, resulting in a debt to total assets ratio of 74.32%[14]. - Cash and cash equivalents totaled $37.1 million, up from $18.4 million at December 31, 2023[34]. - Debt increased to $500.3 million from $495.6 million at December 31, 2023, due to refinancing activities and draws on the Cedar Revolving Credit Agreement[34]. - Total liabilities increased to $583,004 as of September 30, 2024, compared to $526,804 at the end of 2023[41]. - The total principal balance of loans payable as of September 30, 2024, was $500,331,000, up from $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 $35.2 million or $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 $9.0 million[36]. Property Performance - The annualized base rent (ABR) increased by A% year-over-year, reflecting improved leasing conditions[9]. - The company recognized a gain on the disposal of properties of $7,083 for the three months ended September 30, 2024, compared to $2,204 in the same period of 2023[42]. - The annualized base rent per occupied square foot averaged $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 $75,157,000, averaging $10.36 per occupied square foot[50].