Wheeler Real Estate Investment Trust Inc. Series D Cumulative Preferred Stock (WHLRD)

FairStock Score: 23/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a preferred holder, I am looking at a claim ahead of common equity, not the whole business. Wheeler owns 59 properties, mostly retail shopping centers, but the filed record is erratic. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $452,000, net income was $8.6M, and diluted EPS was $0.24. Fiscal 2025, ended 2025-12-31, produced $1.8M of revenue, $8.8M of net income, and diluted EPS of -$36.01, after a fiscal 2024 net loss of $9.6M on $2.2M of revenue. Fiscal 2023 had a $4.7M net loss on $2.0M of revenue. FairStock classifies this as a TURNAROUND because it returned to profit after a loss within the last three years, but the pattern is volatile, not durable. FairStock's computed D/E is 4.52, Altman Z-Score is -0.60, ROCE is 3.11%, Piotroski F-Score is 6/9, and overall score is 23/100. High leverage and a negative Z-score are serious. TTM FCF is $24.1M and FairStock's FCF yield is 71.9%, but I would need FFO/AFFO, preferred dividend coverage, arrears, liquidation preference, and call terms to trust it. At the 2026-10-13 close of $35.00, FairStock's computed P/E is -18.72, P/B is N/A, dividend yield is N/A, and EV/EBITDA is 6.31. For a REIT, depreciation distorts EPS and P/E, and FFO/AFFO are absent, so I lean on leverage, revenue trend, and price-to-book. Price-to-book is unavailable. The price sits in the lower part of the 52-week $32.79-$42.00 range, but without preferred income terms I cannot establish a reliable valuation anchor. This is speculative and dependent on refinancing and preferred dividend coverage.

In plain English: Wheeler Real Estate Investment Trust owns shopping centers and some undeveloped land. The business looks weak: reported revenue is small and uneven, debt is very high, and one financial-safety measure is negative. The preferred shares trade at $35.00, but because key preferred details like the dividend rate are not in the data, it is hard to call the price cheap or expensive from the numbers given.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer