Wheeler Real Estate Investment Trust, Inc. Financial Ratios — WHLRD

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-2.33	-3.44	-4.11	-6.39	-6.81	-2.81	-2.55	-3.42	-1.62	0.05	-1.98	-2.17	-0.69	-1.46	1.4
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	7.37	- -	- -	2.96	2.7	11.09
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.12	- -	- -	4.15	5.23	5.29
Gross Margin (%)	72.97	78.67	78.21	72.23	69.76	73.06	73.71	71.7	69.72	69.04	68	66.43	65.92	66.26	66.77
EBITDA Margin (%)	51.75	23.94	37.88	34.34	32.3	50.71	57.38	57.99	57.18	59.2	56.38	52.47	49.7	55.93	55
Operating Margin (%)	13.06	-9.84	7.03	-16.03	-31.07	3.91	11.79	17.55	25.42	31.61	32.22	29.69	26.58	31.72	31.93
Incremental Operating Margin (%)	57.66	- -	14.96	- -	- -	62.3	36.01	67.52	-217.84	-149.51	152.77	19.56	17.32	265.58	27.84
Pretax Margin (%)	-28.81	-49.53	-50.69	-81.16	-77.41	-29.34	-24.19	-27.22	-12.87	0.47	-15.25	-11.05	5.99	0.68	14.95
Profit Margin (%)	-28.81	-47.73	-48.09	-71.04	-63.44	-25.37	-20.66	-25.28	-12.73	0.4	-15.4	-16.25	-4.58	-9.21	8.82
Net Income to Common Margin (%)	-28.81	-47.73	-49.95	-89.35	-375.86	-36.04	-37.69	-44.93	-35.89	-16.41	-29.82	-28.06	-13.63	-17.12	2.14
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.78	0.14	0.17
Dvd Payout Ratio (%)	-50.74	-10.09	-58.23	-17	66.19	-69	-43.18	-5.68	63.94	103.31	48.83	66.87	-122.01	-296.63	-46.55
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	12	32	95	122	185	319	317	370	360	352	350	506	506	504	484
ST Debt	- -	- -	- -	- -	- -	13	10	10	25	5	3	24	18	11	7
LT Debt	12	32	95	122	185	306	307	360	335	347	346	483	488	493	476
Total Debt/EBITDA	12.18	54.66	32.8	23.98	20.7	14.23	9.44	9.78	9.96	9.75	10.12	12.59	9.94	8.61	8.84
Net Debt/EBITDA	12.08	51.13	32.39	22.03	19.52	13.45	9.04	9.42	9.29	9.04	8.98	10.88	9.03	7.52	8.13
Total Debt/EBIT	48.28	-132.93	176.67	-51.38	-21.52	184.51	45.91	32.32	22.39	18.25	17.7	22.26	18.59	15.19	15.24
Net Debt/EBIT	47.87	-124.36	174.52	-47.19	-20.3	174.35	43.99	31.13	20.89	16.93	15.71	19.23	16.88	13.25	14
EBITDA to Interest Expense	1.24	0.6	1.37	0.86	0.99	1.68	1.96	1.87	1.9	2.11	1.05	1.88	1.84	1.95	1.76
EBITDA-CapEx/Interest Expense	1.24	-8.46	-9.01	-2.12	0.99	1.68	1.96	1.87	1.9	2.11	1.05	1.88	1.84	1.95	1.76
EBIT to Interest Expense	0.31	-0.25	0.25	-0.4	-0.95	0.13	0.4	0.57	0.85	1.13	0.6	1.06	0.98	1.11	1.02
Interest Expense	1	1	2	6	9	13	17	20	19	17	33	21	28	30	31
Common Equity/Total Assets	-17.48	-10.27	-8.96	-13.46	-45.16	-34.82	-44.76	-45.88	-51.92	-53.29	-58.89	-43.18	-48.61	-53.09	-58.31
Long-Term Debt/Equity (%)	1,813.18	196.17	369.29	230.21	171.96	194	248.22	297.16	295.81	309.1	359.44	316.29	344.74	422.39	503.09
Long-Term Debt/Capital (%)	120.76	93.72	102.79	84.73	257.77	121.21	143.74	139.75	140.2	150.83	163.48	113.81	125.38	143.2	180.39
Long-Term Debt/Total Assets (%)	81.86	60.44	75.43	59.67	59.7	62.57	67.16	70.89	69.15	71	74.43	70.49	73	75.38	79.17
Total Debt/Equity (%)	1,813.18	196.17	369.29	230.21	171.96	202.03	255.98	305.45	317.53	313.15	362.97	332	357.33	431.93	510.87
Total Debt/Capital (%)	120.76	93.72	102.79	84.73	257.77	126.23	148.23	143.64	150.49	152.81	165.09	119.47	129.96	146.43	183.18
Total Debt/Total Assets (%)	81.86	60.44	75.43	59.67	59.7	65.16	69.26	72.87	74.23	71.93	75.16	73.99	75.67	77.08	80.39
Net Debt to Equity	1,797.64	183.52	364.78	211.44	162.2	190.91	245.25	294.24	296.26	290.54	322.14	286.81	324.44	376.88	469.42
Net Debt/Capital (%)	120.98	93.31	102.82	83.59	284.81	121.62	144.5	140.3	143.69	146.65	164.27	110.64	123.86	146	184.88
EBITDA	1	1	3	5	9	22	34	38	36	36	35	40	51	58	55
EBITDA-CapEx	1	-8	-19	-13	9	22	34	38	36	36	35	40	51	58	55
Operating Income (Loss)	- -	- -	1	-2	-9	2	7	11	16	19	20	23	27	33	32

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.05	2.19	0.46	1.96	1.39	0.19	0.14	0.13	0.15	0.26	1.28	0.67	0.53	1.52	1.01
Current Ratio	0.34	3	1.09	7.68	3.08	1.27	1.28	1.3	0.84	2.25	2.9	1.64	1.52	2.67	2.95
Quick Ratio	0.34	3	1.09	2.35	1.85	0.88	0.61	0.53	0.34	0.58	1.8	0.99	0.9	2.04	1.68
CFO/Avg Current Liab	0.19	-0.2	-1.41	-0.65	-0.84	0.68	0.92	0.83	0.49	0.48	0.73	1.02	0.54	0.82	0.82
Common Equity/Total Assets	-17.48	-10.27	-8.96	-13.46	-45.16	-34.82	-44.76	-45.88	-51.92	-53.29	-58.89	-43.18	-48.61	-53.09	-58.31
Long-Term Debt/Equity (%)	1,813.18	196.17	369.29	230.21	171.96	194	248.22	297.16	295.81	309.1	359.44	316.29	344.74	422.39	503.09
Long-Term Debt/Capital (%)	120.76	93.72	102.79	84.73	257.77	121.21	143.74	139.75	140.2	150.83	163.48	113.81	125.38	143.2	180.39
Long-Term Debt/Total Assets (%)	81.86	60.44	75.43	59.67	59.7	62.57	67.16	70.89	69.15	71	74.43	70.49	73	75.38	79.17
Total Debt/Equity (%)	1,813.18	196.17	369.29	230.21	171.96	202.03	255.98	305.45	317.53	313.15	362.97	332	357.33	431.93	510.87
Total Debt/Capital (%)	120.76	93.72	102.79	84.73	257.77	126.23	148.23	143.64	150.49	152.81	165.09	119.47	129.96	146.43	183.18
Total Debt/Total Assets (%)	81.86	60.44	75.43	59.67	59.7	65.16	69.26	72.87	74.23	71.93	75.16	73.99	75.67	77.08	80.39
CFO/Total Liabilities	2.47	-0.8	-2.46	-1.63	-2.64	3.35	7.13	5.69	4.11	4.19	4.62	5.78	3.97	4.84	4.17
CFO/CapEx	- -	-0.03	-0.11	-0.14	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-0.17	-0.07	-0.05	0.05	-0.6	-0.43	-0.48	-0.45	-0.53	-0.42	-0.48	-0.35	-0.37	-0.34	-0.39

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	8.87	5	6.46	8.3	11.14	12.7	12.19	11.7	10.15	7.6	6.67	6.73	7.67	7.52	6.53
Days Sales Outstanding	41.17	72.94	56.49	44	32.75	28.74	29.94	31.2	35.96	48.04	54.73	54.23	47.57	48.55	55.88
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	0.91	0.65	4.43	- -	- -	3.08	1.68	1.63	1.77	3.95	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	400.11	560.79	82.39	- -	- -	118.64	217.19	224.21	206.79	92.35	- -	- -	- -	- -	- -
Cash Conversion Cycle	-358.94	-487.85	-25.9	44	32.75	-89.9	-187.25	-193.01	-170.84	-44.31	54.73	54.23	47.57	48.55	55.88
Inventory to Cash Days	41.17	72.94	56.49	44	32.75	28.74	29.94	31.2	35.96	48.04	54.73	54.23	47.57	48.55	55.88
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	- -	2	1	10	10	5	4	4	5	8	23	28	18	43	24
+ Preferred Equity and Hybrid Capital	1	- -	1	39	18	94	95	118	129	137	134	147	142	130	100
+ Minority/Non Controlling Interest	- -	8	7	11	9	10	7	2	2	2	2	66	66	57	31
+ Total Debt	12	32	95	122	185	319	317	370	360	352	350	506	506	504	484
Enterprise Value	13	37	102	162	201	418	415	487	485	483	463	691	696	648	591
Total Capital	10	34	92	144	72	252	214	258	239	230	212	424	389	344	264
Total Debt/Capital (%)	120.76	93.72	102.79	84.73	257.77	126.23	148.23	143.64	150.49	152.81	165.09	119.47	129.96	146.43	183.18
Total Debt / EV	0.97	0.85	0.93	0.76	0.92	0.76	0.76	0.76	0.74	0.73	0.76	0.73	0.73	0.78	0.82
EV/Sales	6.51	15.34	13.41	10.91	7.27	9.46	7.09	7.47	7.68	7.93	7.55	9.02	6.8	6.2	5.95
EV/EBITDA	12.58	64.08	35.4	31.76	22.51	18.66	12.36	12.87	13.43	13.39	13.39	17.18	13.68	11.08	10.81
EV/EBIT	49.87	- -	190.7	- -	- -	241.96	60.11	42.54	30.2	25.07	23.43	30.37	25.57	19.54	18.62
EV/Cash Flow to Firm	10.85	55.21	- -	47.18	54.01	17.01	10.09	11.53	14.15	14.71	9.24	13.25	14.37	11.6	11.34
EV/Free Cash Flow to Firm	10.85	3.96	4.74	7.69	54.01	17.01	10.09	11.53	14.15	14.71	9.24	13.25	14.37	11.6	11.34
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	13	37	102	162	201	418	415	487	485	483	463	691	696	648	591
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	2	2	8	15	28	44	59	65	63	61	61	77	102	105	99
TTM EBITDA	1	1	3	5	9	22	34	38	36	36	35	40	51	58	55
TTM Operating Income	- -	- -	1	-2	-9	2	7	11	16	19	20	23	27	33	32
TTM Cash Flow to Firm	1	1	- -	3	4	25	41	42	34	33	50	52	48	56	52
TTM Free Cash Flow to Firm	1	9	22	21	4	25	41	42	34	33	50	52	48	56	52

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	49.87	- -	190.7	- -	- -	241.96	60.11	42.54	30.2	25.07	23.43	30.37	25.57	19.54	18.62
Enterprise Value	13	37	102	162	201	418	415	487	485	483	463	691	696	648	591
Low Price	- -	- -	- -	- -	- -	19.31	16.9	7	9.45	4.5	12.56	10.01	9.5	13	25.25
EV/Sales	6.51	15.34	13.41	10.91	7.27	9.46	7.09	7.47	7.68	7.93	7.55	9.02	6.8	6.2	5.95
EV/EBITDA	12.58	64.08	35.4	31.76	22.51	18.66	12.36	12.87	13.43	13.39	13.39	17.18	13.68	11.08	10.81
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	6.51	15.34	13.41	10.91	7.27	9.46	7.09	7.47	7.68	7.93	7.55	9.02	6.8	6.2	5.95
EV/Sales High	6.51	15.34	13.41	10.91	7.27	9.46	7.09	7.47	7.68	7.93	7.55	9.02	6.8	6.2	5.95
EV/Sales Low	6.51	15.34	13.41	10.91	7.27	9.46	7.09	7.47	7.68	7.93	7.55	9.02	6.8	6.2	5.95
EV/EBITDA Average	12.58	64.08	35.4	31.76	22.51	18.66	12.36	12.87	13.43	13.39	13.39	17.18	13.68	11.08	10.81
EV/EBITDA High	12.58	64.08	35.4	31.76	22.51	18.66	12.36	12.87	13.43	13.39	13.39	17.18	13.68	11.08	10.81
EV/EBITDA Low	12.58	64.08	35.4	31.76	22.51	18.66	12.36	12.87	13.43	13.39	13.39	17.18	13.68	11.08	10.81
EV/EBIT Average	49.87	-155.86	190.7	-68.04	-23.4	241.96	60.11	42.54	30.2	25.07	23.43	30.37	25.57	19.54	18.62
EV/EBIT High	49.87	-155.86	190.7	-68.04	-23.4	241.96	60.11	42.54	30.2	25.07	23.43	30.37	25.57	19.54	18.62
EV/EBIT Low	49.87	-155.86	190.7	-68.04	-23.4	241.96	60.11	42.54	30.2	25.07	23.43	30.37	25.57	19.54	18.62
Last Price	- -	- -	- -	- -	- -	23.5	20.1	9.63	14.98	18	15.2	12.84	13.03	27.14	38.05
High Price	- -	- -	- -	- -	- -	30	26.44	22	18.83	18.2	18.74	15.55	15.94	27.48	42
Enterprise Value Average	13	37	102	162	201	418	415	487	485	483	463	691	696	648	591
Enterprise Value High	13	37	102	162	201	418	415	487	485	483	463	691	696	648	591
Enterprise Value Low	13	37	102	162	201	418	415	487	485	483	463	691	696	648	591

Wheeler Real Estate Investment Trust, Inc.

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