WHEELER REAL ESTATE INVT TR INC 8.75% CUM CONV PFD SER D USD25 | 10-Q: FY2025 Q2 Revenue: USD 26.1 M

Revenue: As of FY2025 Q2, the actual value is USD 26.1 M.

EPS: As of FY2025 Q2, the actual value is USD -9.45.

Segment Revenue

• Rental Revenues: $25,656 thousand for the three months ended June 30, 2025, compared to $25,894 thousand for the same period in 2024. For the six months ended June 30, 2025, rental revenues were $49,837 thousand compared to $51,589 thousand for the same period in 2024.
• Other Revenues: $445 thousand for the three months ended June 30, 2025, compared to $423 thousand for the same period in 2024. For the six months ended June 30, 2025, other revenues were $618 thousand compared to $600 thousand for the same period in 2024.

Operational Metrics

• Net Operating Income (NOI): $18,360 thousand for the three months ended June 30, 2025, compared to $17,614 thousand for the same period in 2024. For the six months ended June 30, 2025, NOI was $33,777 thousand compared to $34,387 thousand for the same period in 2024.
• Depreciation and Amortization: $5,778 thousand for the three months ended June 30, 2025, compared to $6,373 thousand for the same period in 2024. For the six months ended June 30, 2025, depreciation and amortization were $12,009 thousand compared to $12,971 thousand for the same period in 2024.
• Corporate General & Administrative Expenses: $2,817 thousand for the three months ended June 30, 2025, compared to $2,602 thousand for the same period in 2024. For the six months ended June 30, 2025, these expenses were $5,549 thousand compared to $5,299 thousand for the same period in 2024.
• Interest Expense: $8,692 thousand for the three months ended June 30, 2025, compared to $8,778 thousand for the same period in 2024. For the six months ended June 30, 2025, interest expense was $16,785 thousand compared to $16,183 thousand for the same period in 2024.
• Net Changes in Fair Value of Derivative Liabilities: - $6,427 thousand for the three months ended June 30, 2025, compared to - $4,968 thousand for the same period in 2024. For the six months ended June 30, 2025, net changes were - $8,737 thousand compared to - $10,475 thousand for the same period in 2024.
• Loss on Conversion of Convertible Notes: - $902 thousand for the three months ended June 30, 2025, compared to $0 thousand for the same period in 2024. For the six months ended June 30, 2025, the loss was - $902 thousand compared to $0 thousand for the same period in 2024.
• Gain on Preferred Stock Redemptions: $228 thousand for the three months ended June 30, 2025, compared to $0 thousand for the same period in 2024. For the six months ended June 30, 2025, the gain was $1,046 thousand compared to $213 thousand for the same period in 2024.
• Other Expense: - $363 thousand for the three months ended June 30, 2025, compared to - $487 thousand for the same period in 2024. For the six months ended June 30, 2025, other expense was - $763 thousand compared to - $1,229 thousand for the same period in 2024.

Cash Flow

• Net Cash Provided by Operating Activities: $13,324 thousand for the six months ended June 30, 2025, compared to $13,112 thousand for the same period in 2024.
• Net Cash Provided by (Used in) Investing Activities: $25,343 thousand for the six months ended June 30, 2025, compared to - $6,735 thousand for the same period in 2024.
• Net Cash Used in Financing Activities: - $41,306 thousand for the six months ended June 30, 2025, compared to - $4,420 thousand for the same period in 2024.

Unique Metrics

• Same-Property Net Operating Income (NOI): $16,766 thousand for the three months ended June 30, 2025, compared to $15,149 thousand for the same period in 2024. For the six months ended June 30, 2025, Same-Property NOI was $30,862 thousand compared to $29,515 thousand for the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: The Company intends to continue to opportunistically exchange shares of its Common Stock for its Series B Preferred Stock and/or its Series D Preferred Stock with the holders thereof as an additional strategy to reduce the outstanding number of each security, enhance the Company’s financial stability and optimize its capital allocation.
• Non-Core Business: The Company plans to undertake measures to grow its operations and increase liquidity through delivering space currently leased but not yet occupied, backfilling vacant anchor spaces, replacing tenants who are in default of their lease terms, increasing future lease revenue through tenant improvements partially funded by restricted cash, disposition of non-core assets in the ordinary course of business and refinancing properties.
• Priority: The Company intends to continue to settle redemptions of the Series D Preferred Stock in Common Stock, which will result in substantial dilution of the outstanding Common Stock.