$WHLR
Wheeler Real Estate Investment Trust, Inc.

2023 Q4 Form 10-Q Financial Statement

#000152754123000124 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $26.22M $25.20M
YoY Change -2.73% 34.65%
Cost Of Revenue $8.802M $8.770M
YoY Change -3.21% 31.78%
Gross Profit $17.41M $16.43M
YoY Change -2.49% 36.2%
Gross Profit Margin 66.42% 65.19%
Selling, General & Admin $3.386M $2.480M
YoY Change 6.28% -0.72%
% of Gross Profit 19.45% 15.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.860M $6.870M
YoY Change -6.26% 102.65%
% of Gross Profit 39.4% 41.81%
Operating Expenses $10.25M $9.350M
YoY Change -2.46% 25.02%
Operating Profit $7.167M $9.287M
YoY Change -2.53% 102.6%
Interest Expense $2.303M $7.469M
YoY Change -121.31% 7.48%
% of Operating Profit 32.13% 80.42%
Other Income/Expense, Net -$209.0K -$430.0K
YoY Change
Pretax Income $19.15M -$11.37M
YoY Change -2393.89% 278.11%
Income Tax $0.00 $2.000K
% Of Pretax Income 0.0%
Net Earnings $12.38M -$14.06M
YoY Change -311.72% 231.63%
Net Earnings / Revenue 47.21% -55.79%
Basic Earnings Per Share -$30.61
Diluted Earnings Per Share $0.55 -$30.61
COMMON SHARES
Basic Shares Outstanding 3.227M shares 9.809M shares
Diluted Shares Outstanding 980.7K shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.40M $25.40M
YoY Change -35.4% 5.58%
Cash & Equivalents $18.40M $25.42M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $31.53M $37.10M
YoY Change -24.99% 4.29%
LONG-TERM ASSETS
Property, Plant & Equipment $574.6M $571.7M
YoY Change -0.27% -1.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.69M $6.580M
YoY Change
Other Assets $31.09M $34.00M
YoY Change -50.85% -52.34%
Total Long-Term Assets $636.8M $634.8M
YoY Change -0.89% -3.44%
TOTAL ASSETS
Total Short-Term Assets $31.53M $37.10M
Total Long-Term Assets $636.8M $634.8M
Total Assets $668.3M $671.9M
YoY Change -2.37% -3.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.07M $18.30M
YoY Change -7.25% -14.03%
Accrued Expenses $10.33M $10.40M
YoY Change -37.32% -36.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.39M $28.70M
YoY Change -21.45% -23.94%
LONG-TERM LIABILITIES
Long-Term Debt $477.9M $483.9M
YoY Change 2.56% 3.57%
Other Long-Term Liabilities $21.47M $32.40M
YoY Change -30.93% -3.71%
Total Long-Term Liabilities $499.4M $516.3M
YoY Change 0.46% 3.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.39M $28.70M
Total Long-Term Liabilities $499.4M $516.3M
Total Liabilities $526.8M $545.0M
YoY Change -0.97% 1.18%
SHAREHOLDERS EQUITY
Retained Earnings -$324.9M -$337.2M
YoY Change 9.89% 16.87%
Common Stock $538.0K $10.00K
YoY Change 448.98% -89.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$21.29M -$56.50M
YoY Change
Total Liabilities & Shareholders Equity $668.3M $671.9M
YoY Change -2.37% -3.05%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $12.38M -$14.06M
YoY Change -311.72% 231.63%
Depreciation, Depletion And Amortization $6.860M $6.870M
YoY Change -6.26% 102.65%
Cash From Operating Activities $5.902M $3.520M
YoY Change 110.49% -80.45%
INVESTING ACTIVITIES
Capital Expenditures $8.403M $8.840M
YoY Change 294.69% -106.46%
Acquisitions
YoY Change
Other Investing Activities -$3.500M -$740.0K
YoY Change -140.12%
Cash From Investing Activities -$11.90M -$9.580M
YoY Change -280.51% -93.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.049M 3.770M
YoY Change -61.08% -97.02%
NET CHANGE
Cash From Operating Activities 5.902M 3.520M
Cash From Investing Activities -11.90M -9.580M
Cash From Financing Activities -3.049M 3.770M
Net Change In Cash -9.050M -2.290M
YoY Change -679.01% -129.55%
FREE CASH FLOW
Cash From Operating Activities $5.902M $3.520M
Capital Expenditures $8.403M $8.840M
Free Cash Flow -$2.501M -$5.320M
YoY Change -470.52% -103.44%

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-222000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3166000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-3074000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1624000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
12697000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
15032000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
27954000 usd
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
4259000 usd
us-gaap Payments To Acquire Real Estate Held For Investment
PaymentsToAcquireRealEstateHeldForInvestment
135510000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
11618000 usd
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
6382000 usd
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
6500000 usd
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 usd
us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
2759000 usd
us-gaap Proceeds From Sale Of Other Real Estate
ProceedsFromSaleOfOtherRealEstate
1786000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-19618000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-140106000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
4440000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
8748000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
8064000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
0 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
123230000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
265000000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
108274000 usd
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
127603000 usd
us-gaap Repayments Of Debt
RepaymentsOfDebt
3116000 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
2614000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2422000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
126035000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7008000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
13883000 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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48857000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54302000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
25419000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24057000 usd
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
23438000 usd
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
30245000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48857000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54302000 usd
CY2023Q3 whlr Transaction Costs From Preferred Redemption And Stock Split
TransactionCostsFromPreferredRedemptionAndStockSplit
1100000 usd
whlr Transaction Costs From Preferred Redemption And Stock Split
TransactionCostsFromPreferredRedemptionAndStockSplit
1300000 usd
CY2022Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
0 usd
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
700000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P36Y
CY2023Q3 whlr Percentage Of Ownership Interests In Operating Partnership
PercentageOfOwnershipInterestsInOperatingPartnership
0.9911
CY2023Q3 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
75 center
CY2023Q3 whlr Numberof Real Estate Properties Undeveloped
NumberofRealEstatePropertiesUndeveloped
4 property
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
57000 usd
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
160000 usd
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
438000 usd
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
438000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1979000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
736000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
798000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
700000 usd
us-gaap Interest Paid Net
InterestPaidNet
18951000 usd
us-gaap Interest Paid Net
InterestPaidNet
14137000 usd
CY2023Q3 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
2200000 usd
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
5300000 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. All per share amounts, common units and shares outstanding, warrants, and conversion features of the Convertible Notes for all periods presented reflect our one-for-ten Reverse Stock Split which was effective August 17, 2023.
CY2023Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
CY2022Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
800000 usd
CY2023Q3 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
6573000 usd
CY2022Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
7165000 usd
CY2023Q3 whlr Tenant Relationships
TenantRelationships
328000 usd
CY2022Q4 whlr Tenant Relationships
TenantRelationships
500000 usd
CY2023Q3 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
3944000 usd
CY2022Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1456000 usd
CY2023Q3 us-gaap Other Assets
OtherAssets
3000 usd
CY2022Q4 us-gaap Other Assets
OtherAssets
21000 usd
CY2023Q3 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
30741000 usd
CY2022Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
35880000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
68200000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
62400000 usd
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
1300000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3100000 usd
us-gaap Interest And Debt Expense
InterestAndDebtExpense
2677000 usd
CY2023Q3 whlr Warrants And Rights Outstanding Number Of Warrant Agreements
WarrantsAndRightsOutstandingNumberOfWarrantAgreements
2 agreement
CY2023Q3 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-1232000 usd
CY2022Q3 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-494000 usd
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-3865000 usd
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-478000 usd
CY2023Q3 whlr Revenues Gross
RevenuesGross
25503000 usd
CY2022Q3 whlr Revenues Gross
RevenuesGross
18795000 usd
whlr Revenues Gross
RevenuesGross
76591000 usd
whlr Revenues Gross
RevenuesGross
49961000 usd
CY2023Q3 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
299000 usd
CY2022Q3 us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
77000 usd
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
481000 usd
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
267000 usd
CY2023Q3 us-gaap Revenues
Revenues
25204000 usd
CY2022Q3 us-gaap Revenues
Revenues
18718000 usd
us-gaap Revenues
Revenues
76110000 usd
us-gaap Revenues
Revenues
49694000 usd
CY2023Q3 whlr Secured Debt Gross Of Unamortized Debt Issuance Cost
SecuredDebtGrossOfUnamortizedDebtIssuanceCost
495933000 usd
CY2022Q4 whlr Secured Debt Gross Of Unamortized Debt Issuance Cost
SecuredDebtGrossOfUnamortizedDebtIssuanceCost
482447000 usd
CY2023Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
18501000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
16418000 usd
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
477432000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
466029000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
361000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
7220000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
12313000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
16260000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
3049000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
12924000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
443806000 usd
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
495933000 usd
whlr Interest Expense Adjusted For Vwap Discount
InterestExpenseAdjustedForVWAPDiscount
851000 usd
us-gaap Interest And Debt Expense
InterestAndDebtExpense
2569000 usd
whlr Interest Expense Adjusted For Vwap Discount
InterestExpenseAdjustedForVWAPDiscount
944000 usd
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
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
7111000 usd
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
9809195 shares
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
980919 shares
us-gaap Dividends Common Stock
DividendsCommonStock
0 usd
us-gaap Dividends Common Stock
DividendsCommonStock
0 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P34Y
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
300000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
300000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
900000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
800000 usd

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