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Wheeler Real Estate Investment Trust, Inc. is a Maryland corporation formed on June 23, 2011 in connection with the Company's initial public offering. The Trust serves as the general partner of Wheeler REIT, L.P. (the "Operating Partnership"), which was formed as a Virginia limited partnership on April 5, 2012.
43.87% operating margin is above average. ROIC at 8.91%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 5.3% YoY. The question is whether this is cyclical or a structural shift.
Net debt of $453M represents 112.4x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$98M
▼ -5.3% YoY
Net Income (TTM)
$6M
▲ +191.1% YoY
Op. Margin
48.21%
▲ +13.7pp YoY
ROIC
7.76%
▲ +2.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$4M
▲ +16.3% YoY
Op. Cash Flow (TTM)
$21M
▼ -18.7% YoY
Net Debt
$446M
Cash & Equiv.
$24M
5Y CAGR: +10.5%
5Y CAGR: -21.5%
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