Wheeler REIT shrinks portfolio 14%, cuts debt $14M, boosts AFFO 435% on stronger same-store NOI

Filed May 8, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 6, 2025 · ~2 min read

Key Changes

• high

  Portfolio contracted from 72 to 62 properties (10 assets sold) as company accelerated disposition strategy; total debt fell $13.8M to $475M and near-term maturities dropped from $10.5M to $2M, materially improving balance sheet flexibility.

  MD&A: Portfolio & Debt verify on EDGAR →
• high

  Adjusted Funds From Operations surged 435% to $2.2M from $0.4M year-over-year, driven by 7.9% same-property NOI growth (7% revenue gain vs 5.5% expense increase) and 10% lower interest expense from debt paydowns.

  MD&A: AFFO & Same-Property NOI verify on EDGAR →
• high

  Convertible Notes conversion price fell 32% to $3.11/share from $4.56/share, increasing potential common-share dilution by 47% (from 5.48 to 8.04 shares per $25 principal) due to preferred-stock redemption pricing adjustments.

  MD&A: Convertible Notes verify on EDGAR →