$WHLR
Wheeler Real Estate Investment Trust, Inc.

2023 Q3 Form 10-Q Financial Statement

#000152754123000051 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $25.20M $24.84M $26.95M
YoY Change 34.65% 60.48% 72.94%
Cost Of Revenue $8.770M $8.342M $9.094M
YoY Change 31.78% 76.29% 80.26%
Gross Profit $16.43M $16.50M $17.86M
YoY Change 36.2% 53.51% 69.44%
Gross Profit Margin 65.19% 66.42% 66.26%
Selling, General & Admin $2.480M $2.818M $3.186M
YoY Change -0.72% 68.44% 45.15%
% of Gross Profit 15.09% 17.08% 17.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.870M $10.24M $7.318M
YoY Change 102.65% 182.59% 94.42%
% of Gross Profit 41.81% 62.09% 40.98%
Operating Expenses $9.350M $10.12M $10.50M
YoY Change 25.02% 91.0% 76.27%
Operating Profit $9.287M $6.379M $7.353M
YoY Change 102.6% 17.07% 60.55%
Interest Expense $7.469M $10.18M -$10.81M
YoY Change 7.48% -235.96% -18.07%
% of Operating Profit 80.42% 159.57% -146.97%
Other Income/Expense, Net -$430.0K -$35.00K $0.00
YoY Change -101.68% -100.0%
Pretax Income -$11.37M -$1.248M -$835.0K
YoY Change 278.11% 2254.72% -84.34%
Income Tax $2.000K $46.00K $0.00
% Of Pretax Income
Net Earnings -$14.06M -$3.970M -$5.846M
YoY Change 231.63% 7534.62% 9.21%
Net Earnings / Revenue -55.79% -15.98% -21.69%
Basic Earnings Per Share -$30.61 -$0.64
Diluted Earnings Per Share -$30.61 -$0.64 -$0.60
COMMON SHARES
Basic Shares Outstanding 9.809M shares 9.800M shares 9.793M shares
Diluted Shares Outstanding 980.7K shares 9.800M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.40M $28.74M $28.49M
YoY Change 5.58% 16.78% 24.43%
Cash & Equivalents $25.42M $28.74M $28.49M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $13.54M
Other Receivables
Total Short-Term Assets $37.10M $39.78M $42.04M
YoY Change 4.29% 20.36% 30.82%
LONG-TERM ASSETS
Property, Plant & Equipment $571.7M $573.4M $576.1M
YoY Change -1.89% 45.0% 44.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.580M $3.031M $0.00
YoY Change
Other Assets $34.00M $32.30M $63.25M
YoY Change -52.34% -12.24% 100.55%
Total Long-Term Assets $634.8M $633.6M $642.5M
YoY Change -3.44% 45.92% 48.33%
TOTAL ASSETS
Total Short-Term Assets $37.10M $39.78M $42.04M
Total Long-Term Assets $634.8M $633.6M $642.5M
Total Assets $671.9M $673.4M $684.5M
YoY Change -3.05% 44.11% 47.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.30M $17.21M $18.40M
YoY Change -14.03% 40.98% 66.44%
Accrued Expenses $10.40M $16.38M $16.48M
YoY Change -36.76% 26.43% 26.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.70M $33.59M $34.88M
YoY Change -23.94% 33.49% 44.75%
LONG-TERM LIABILITIES
Long-Term Debt $483.9M $469.3M $466.0M
YoY Change 3.57% 38.57% 39.83%
Other Long-Term Liabilities $32.40M $23.01M $31.08M
YoY Change -3.71% 139.56% 168.99%
Total Long-Term Liabilities $516.3M $492.3M $497.1M
YoY Change 3.08% 41.36% 44.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.70M $33.59M $34.88M
Total Long-Term Liabilities $516.3M $492.3M $497.1M
Total Liabilities $545.0M $525.9M $532.0M
YoY Change 1.18% 40.33% 44.2%
SHAREHOLDERS EQUITY
Retained Earnings -$337.2M -$307.2M -$295.6M
YoY Change 16.87% 7.85%
Common Stock $10.00K $98.00K $98.00K
YoY Change -89.8% 1.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$56.50M -$26.59M -$15.16M
YoY Change
Total Liabilities & Shareholders Equity $671.9M $673.4M $684.5M
YoY Change -3.05% 44.11% 47.12%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$14.06M -$3.970M -$5.846M
YoY Change 231.63% 7534.62% 9.21%
Depreciation, Depletion And Amortization $6.870M $10.24M $7.318M
YoY Change 102.65% 182.59% 94.42%
Cash From Operating Activities $3.520M $7.820M $2.804M
YoY Change -80.45% 18.9% 10.92%
INVESTING ACTIVITIES
Capital Expenditures $8.840M $2.881M $2.129M
YoY Change -106.46% -245.65% -181.23%
Acquisitions
YoY Change
Other Investing Activities -$740.0K -$3.000M $8.723M
YoY Change 123.49%
Cash From Investing Activities -$9.580M -$5.881M $6.594M
YoY Change -93.0% 197.32% 414.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.770M -2.915M -7.835M
YoY Change -97.02% -156.77% -77.8%
NET CHANGE
Cash From Operating Activities 3.520M 7.820M 2.804M
Cash From Investing Activities -9.580M -5.881M 6.594M
Cash From Financing Activities 3.770M -2.915M -7.835M
Net Change In Cash -2.290M -976.0K 1.563M
YoY Change -129.55% -110.03% -104.96%
FREE CASH FLOW
Cash From Operating Activities $3.520M $7.820M $2.804M
Capital Expenditures $8.840M $2.881M $2.129M
Free Cash Flow -$5.320M $4.939M $675.0K
YoY Change -103.44% -42.27% -86.89%

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PaymentsForCapitalImprovements
3495000 usd
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
3000000 usd
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 usd
us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
0 usd
us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
1786000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-10036000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3247000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
4116000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
3729000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
5376000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
0 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
114170000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
75000000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
107922000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
70384000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
1189000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
0 usd
whlr Payments Of Loan Prepayment Penalties
PaymentsOfLoanPrepaymentPenalties
1758000 usd
whlr Payments Of Loan Prepayment Penalties
PaymentsOfLoanPrepaymentPenalties
1458000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-6191000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-571000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4720000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6133000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55865000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
40419000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51145000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46552000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
28735000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24606000 usd
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
22410000 usd
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
21946000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51145000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
46552000 usd
CY2023Q2 whlr Percentage Of Ownership Interests In Operating Partnership
PercentageOfOwnershipInterestsInOperatingPartnership
0.9905
CY2023Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
75 center
CY2023Q2 whlr Numberof Real Estate Properties Undeveloped
NumberofRealEstatePropertiesUndeveloped
4 property
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0 usd
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
159000 usd
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
292000 usd
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
292000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
101000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
56000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
556000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
452000 usd
us-gaap Interest Paid Net
InterestPaidNet
12700000 usd
us-gaap Interest Paid Net
InterestPaidNet
8937000 usd
CY2023Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
600000 usd
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
3000000 usd
CY2022Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
0 usd
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
700000 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
The Company has reclassified certain prior period amounts in the accompanying condensed consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net loss, total assets, total liabilities or equity.
CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2022Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
100000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
800000 usd
CY2023Q2 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
6670000 usd
CY2022Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
7165000 usd
CY2023Q2 whlr Tenant Relationships
TenantRelationships
379000 usd
CY2022Q4 whlr Tenant Relationships
TenantRelationships
500000 usd
CY2023Q2 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
2341000 usd
CY2022Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1456000 usd
CY2023Q2 us-gaap Other Assets
OtherAssets
0 usd
CY2022Q4 us-gaap Other Assets
OtherAssets
21000 usd
CY2023Q2 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
31286000 usd
CY2022Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
35880000 usd
CY2023Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
66300000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
62400000 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1600000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3100000 usd
CY2023Q2 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-1237000 usd
CY2022Q2 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-7000 usd
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-2633000 usd
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
16000 usd
CY2023Q2 whlr Revenues Gross
RevenuesGross
24997000 usd
CY2022Q2 whlr Revenues Gross
RevenuesGross
15616000 usd
whlr Revenues Gross
RevenuesGross
51088000 usd
whlr Revenues Gross
RevenuesGross
31166000 usd
CY2023Q2 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
157000 usd
CY2022Q2 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
137000 usd
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
182000 usd
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
190000 usd
CY2023Q2 us-gaap Revenues
Revenues
24840000 usd
CY2022Q2 us-gaap Revenues
Revenues
15479000 usd
us-gaap Revenues
Revenues
50906000 usd
us-gaap Revenues
Revenues
30976000 usd
CY2023Q2 whlr Secured Debt Gross Of Unamortized Debt Issuance Cost
SecuredDebtGrossOfUnamortizedDebtIssuanceCost
488101000 usd
CY2022Q4 whlr Secured Debt Gross Of Unamortized Debt Issuance Cost
SecuredDebtGrossOfUnamortizedDebtIssuanceCost
482447000 usd
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
18813000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
16418000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
469288000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
466029000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
713000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
7146000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
12007000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
15931000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
2695000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
4928000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
444681000 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
488101000 usd
whlr Interest Expense Adjusted For Vwap Discount
InterestExpenseAdjustedForVWAPDiscount
851000 usd
us-gaap Paid In Kind Interest
PaidInKindInterest
2006000 usd
us-gaap Paid In Kind Interest
PaidInKindInterest
2099000 usd
CY2023Q2 whlr Warrants And Rights Outstanding Number Of Warrant Agreements
WarrantsAndRightsOutstandingNumberOfWarrantAgreements
2 agreement
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
7111000 usd
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
4776000 usd
CY2023Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
2229000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
7111000 usd
us-gaap Dividends Common Stock
DividendsCommonStock
0 usd
us-gaap Dividends Common Stock
DividendsCommonStock
0 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P34Y
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P30Y
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
300000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
300000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
600000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
500000 usd

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