WHLR$0.5874-3.86%
Wheeler Real Estate Investment Trust, Inc.
Sector: Real Estate Investment TrustsIndustry: REIT - RetailCountry: USExchange: Nasdaq
Mkt Cap:$574.9K
Float & O/S:
Inst Own:
DilutionScan read 48 of Wheeler Real Estate Investment Trust, Inc.'s SEC filings and found 1 warrant series, 4 convertibles, 4 shelf registrations, 4 S-1 registrations and 30 completed offerings on file for WHLR. The latest dilution event on file is a securities exchange on Oct 21, 2026. Analysis updated Oct 30, 2026.
Signal8 Summary
WHLR
Severe dilution, 7 reverse splits in a year
- Business
- WeakRevenue down 4.9% YoY, $466M debt vs $61.8M cash
- Stock risk
- High7 reverse splits in 12 months, overhang 71.8% of shares
Snapshot
Wheeler is a micro-cap grocery-anchored retail REIT with $99.4M in FY 2025 revenue, down 4.9% YoY, but still generating $8.8M in net income and $21.1M in operating cash flow. The balance sheet is the problem: $466.2M of debt against $61.8M in cash.
What's Happening Right Now
- : Wheeler keeps swapping preferred stock for new common shares with no cash raised: an Oct 13, 2026 note purchase deal allows up to $25 million in notes repaid via daily stock issuance tied to Series D preferred, alongside a string of October exchanges (including with board member Joseph Stilwell's affiliated holders) that cancelled preferred shares while adding new common shares.
- : Wheeler's Oct 13, 2026 preliminary proxy asks shareholders to approve issuing over 19.9% of common stock to amortize up to $25 million of zero-interest notes, warning this will cause substantial dilution and a steep stock-price decline, and also seeks approval for twelve more monthly reverse splits through 2027 to keep meeting Nasdaq's $1 minimum bid rule after 14 reverse splits since May 2024.
- : Priced an offering (closing not yet reported in the filings reviewed).
- : Priced an offering (closing not yet reported in the filings reviewed).
- : Priced an offering (closing not yet reported in the filings reviewed).
- : Wheeler executed a 1-for-9 reverse stock split effective Sep 21, 2026, cutting shares outstanding from about 5.1 million to roughly 568,000, the latest in a run of splits aimed at maintaining Nasdaq compliance.
- : Wheeler and the Stilwell holder group extended their standstill agreement to Dec 7, 2028, keeping Stilwell capped below 50% voting control, in exchange for a new commitment to register Stilwell's 710,466 Series B preferred shares for resale.
- : Wheeler named Jason F. Simone as Chief Financial Officer effective Aug 10, 2026; the company said there are no new compensation arrangements tied to the promotion.
