Wheeler Real Estate Investment Trust Inc (NASDAQ: WHLR) is a real estate investment trust that owns and operates retail shopping centers concentrated in the southeastern United States. Revenue comes primarily from base rent collected under leases with retail tenants across its portfolio of grocery-anchored and community shopping centers. As of December 31, 2025, the portfolio consisted of 62 retail shopping centers with approximately 7,018,837 square feet of gross leasable area, down from 72 centers and approximately 7,661,000 square feet at year-end 2024, reflecting an active disposition program that sold 11 properties during FY2025. Top tenants by annualized base rent (ABR) include Food Lion (6.0% of total ABR), Kroger (3.1%), Dollar Tree (2.1%), Planet Fitness (1.8%), TJX Companies (1.8%), Lowes Foods (1.8%), Piggly Wiggly (1.7%), Aldi (1.5%), and Kohl's (1.5%), per the 10-K filed March 5, 2026. The company carries Series D Preferred Stock with cumulative dividends in arrears of $25.6 million as of December 31, 2025, reflecting a strained capital structure.

Revenue model

WHLR generates revenue primarily through annualized base rent (ABR) collected from retail tenants under long-term leases at its shopping center properties. Property dispositions have also contributed cash proceeds in FY2025, with 11 asset sales generating aggregate contract prices totaling approximately $65.7 million during the year ended December 31, 2025.

Products and services

Retail shopping center space leased to grocery, discount retail, fitness, and health tenants. Properties include community and neighborhood shopping centers such as Alex City Marketplace (Alexander City, AL), Forrest Gallery (Tullahoma, TN), Freeway Junction (Stockbridge, GA), Pierpont Centre (Morgantown, WV), and approximately 58 additional centers as of December 31, 2025.

Customers and end markets

Retail tenants operating grocery stores, discount retailers, fitness centers, and health services. Anchor and major tenants include Food Lion, Kroger, Dollar Tree, Planet Fitness, TJX Companies, Lowes Foods, Piggly Wiggly, Aldi, Kohl's, and Lehigh Valley Health, per the 10-K filed March 5, 2026. No single tenant exceeds 6.0% of total ABR.

Value-chain role

Property owner and landlord. WHLR acquires, owns, and leases retail shopping center space, collecting base rent from retail tenants. The company does not develop or manage third-party properties based on the filing excerpts.

Geographic exposure

Properties concentrated in the southeastern United States, with locations across Georgia, South Carolina, Virginia, North Carolina, Tennessee, Kentucky, Pennsylvania, Florida, and West Virginia, among others, per the property table in the 10-K filed March 5, 2026.

Source: SEC 10-K, filed 2026-03-05

Industry: Real Estate Investment Trusts Peers: Whitestone REIT PENNSYLVANIA REAL ESTATE INVESTMENT TRUST Realty Income Corp Retail Value Inc.