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8-K: WHEELER REAL ESTATE INVESTMENT TRUST, INC. ANNOUNCES THE RELEASE OF ITS SECOND QUARTER 2024 FINANCIAL AND OPERATING RESULTS

SEC ·  Aug 6, 2024 20:42

Summary by Moomoo AI

Wheeler Real Estate Investment Trust reported Q2 2024 revenue of $26.3M, up 5.9% YoY, driven by increased tenant reimbursements and base rent. Operating expenses decreased 4.2% to $17.7M. The company's portfolio maintained a 90.8% occupancy rate with 93.8% leased rate.The company executed strategic transactions including the sale of Oakland Commons for $6.0M generating a $3.4M gain, and entered into a $25.5M term loan agreement at 6.80% fixed rate for five properties. Same-Property NOI increased 9.3% to $16.2M, while FFO was negative $3.6M or $(6.27) per share.Leasing activity remained strong with 40 lease renewals totaling 188,152 square feet at a 10.8% rate increase and 9 new leases totaling 85,487 square feet. The company's total debt stood at $499.2M with a weighted average interest rate of 5.53% and 8.1-year term.
Wheeler Real Estate Investment Trust reported Q2 2024 revenue of $26.3M, up 5.9% YoY, driven by increased tenant reimbursements and base rent. Operating expenses decreased 4.2% to $17.7M. The company's portfolio maintained a 90.8% occupancy rate with 93.8% leased rate.The company executed strategic transactions including the sale of Oakland Commons for $6.0M generating a $3.4M gain, and entered into a $25.5M term loan agreement at 6.80% fixed rate for five properties. Same-Property NOI increased 9.3% to $16.2M, while FFO was negative $3.6M or $(6.27) per share.Leasing activity remained strong with 40 lease renewals totaling 188,152 square feet at a 10.8% rate increase and 9 new leases totaling 85,487 square feet. The company's total debt stood at $499.2M with a weighted average interest rate of 5.53% and 8.1-year term.
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