Summary by Moomoo AI
Wheeler Real Estate Investment Trust reported Q3 2024 revenue of $24.8 million, down 1.6% YoY, while net loss widened to $30.6 million from $11.4 million in Q3 2023. The decline was primarily driven by a $39.3 million non-cash loss from changes in derivative liabilities and $1.2 million in impairment charges, partially offset by a $7.1 million gain on property disposals.Property operating income remained relatively stable at $16.3 million compared to $16.4 million last year. The company continued its strategic initiatives with several property dispositions, including Kings Plaza for $14.2 million and Oakland Commons for $6 million. Corporate expenses decreased 15.1% to $2.1 million through cost reduction efforts.The company maintained a solid liquidity position with $37.1 million in cash and $17.9 million in restricted cash at quarter-end. Same-property NOI increased 3.1% YoY to $14.9 million, driven by a 1.1% rise in property revenue and 2.4% decrease in property expenses. Wheeler REIT completed several financing activities, including a new $25.5 million term loan agreement at 6.80% interest rate.
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