Wheeler Real Estate Investment Trust Inc. Class B Preferred Stock (WHLRP)

FairStock Score: 23/100 — RISKY

Key Financials

AI Analysis

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

I approach any REIT by asking about durable cash flow, debt, and what I am paying. Wheeler owns 56 retail shopping centers and three undeveloped properties, but the filed numbers are choppy. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was only $452,000 while net income was $8.6 million and diluted EPS was $0.24. In fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $129,000 and net loss was $2.4 million. For fiscal year 2025, the period ended 2025-12-31, revenue was $1.8 million and net income $8.8 million; for fiscal year 2024, the period ended 2024-12-31, revenue was $2.2 million with a $9.6 million loss. Those figures, especially such small revenue for 59 properties, make me distrust the earnings quality. The FairStock data show D/E of 4.52 and Altman Z of -0.61, signs of financial fragility. The Piotroski F-score of 6/9 is not bad, and trailing free cash flow was $24.1 million, a 107.6% FCF yield on the $22.4 million market cap as of the 2026-10-13 close. EV/EBITDA is 6.17. But for a REIT I need FFO/AFFO and preferred dividend coverage; neither is in the data, and dividend yield is N/A. Revenue growth was -1.42% and profit growth -570.92%. This is a speculative turnaround, not a moat. At $11.58, near the 52-week high of $13.98, I see more risk than margin of safety.

In plain English: Wheeler Real Estate Investment Trust owns shopping centers. Its profits have been up and down, it carries a lot of debt, and the preferred shares are near the high end of their past year's price range. On the numbers given, the business looks weak and the price does not look cheap.

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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