WHLRPMEDIUM SIGNALOPERATIONAL10-K

WHLRP reduced its retail portfolio from 75 to 65 properties while maintaining stable operating performance and improving credit loss provisions.

The company appears to be executing a strategic portfolio optimization, divesting 10 properties and reducing total leasable square footage by approximately 640,000 square feet while maintaining a high occupancy rate of 94.3%. Despite the smaller footprint, operating income grew 15.2% and credit losses declined substantially, suggesting the company retained higher-quality assets and improved operational efficiency.

Comparing 2026-03-05 vs 2025-03-04View on EDGAR →
FINANCIAL ANALYSIS

The financial picture reflects a company managing through portfolio transitions with mixed cash flow dynamics. Operating income grew a solid 15.2% to $43.2M while provision for credit losses declined substantially from $2.8M to $434K, indicating improved asset quality. However, operating cash flow decreased 18.7% to $21.1M and cash reserves declined significantly from $43.0M to $23.7M, likely reflecting the costs and timing of portfolio restructuring activities.

FINANCIAL STATEMENT CHANGES
Provision for Credit Losses
P&L
-84.6%
$2.8M→$434K

Provisions reduced 84.6% — improving credit quality or reserve release boosting reported earnings.

Accounts Receivable
Balance Sheet
+46.7%
$9.2M→$13.5M

Receivables surged 46.7% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Cash & Equivalents
Balance Sheet
-44.9%
$43.0M→$23.7M

Cash declined 44.9% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Dividends Paid
Cash Flow
-37.2%
$10.4M→$6.6M

Dividends cut 37.2% — significant signal of cash flow stress or capital reallocation priorities.

Capital Expenditure
Cash Flow
+32.7%
$6.4M→$8.5M

Capital expenditure jumped 32.7% — major investment cycle underway; assess returns on deployment.

Operating Cash Flow
Cash Flow
-18.7%
$26.0M→$21.1M

Operating cash flow softened — monitor whether temporary working capital timing or structural deterioration.

Operating Income
P&L
+15.2%
$37.5M→$43.2M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-03-05
PRIOR — 2025-03-04
ADDED
As of March 2, 2026, there were 1,290,069 shares of Common Stock, $0.01 par value per share, outstanding.
At December 31, 2025, the Company owned 100% of the Operating Partnership.
As of December 31, 2025, we own a portfolio consisting of sixty-five properties, including sixty-two retail shopping centers, totaling 7,018,837 leasable square feet which is 94.3% leased (our "Operating Portfolio"), and three undeveloped land parcels totaling approximately 7 acres.
The properties are geographically located in the Mid-Atlantic, Southeast and Northeast, which markets represented approximately 47%, 45% and 8%, respectively, of the total annualized base rent of the properties in its portfolio as of December 31, 2025.
The top 10 tenants account for 22.5% or $15.6 million of annualized base rent and 25.5% or 1.8 million of gross leasable square footage at December 31, 2025.
Human Capital Management As of December 31, 2025, we have 49 full-time employees.
We seek to hire experienced leaders and team members by offering competitive wages and benefit programs.
Every year, the Company requires its employees to review and certify their compliance with the Company's various policies, including its Code of Business Conduct and Ethics (the Code of Conduct ).
In addition, the Company has reduced and intends to continue to reduce the total outstanding preferred stock of the Company and that of Cedar through the following strategies: Exchanging shares of its Common Stock for its Series B Convertible Preferred Stock ("Series B Preferred Stock") and/or its Series D Preferred Stock with the holders thereof as opportunities arise.
Repurchasing the Cedar Preferred Stock as both series of preferred stock are currently trading at a discount to their liquidation value, presenting a strategic opportunity to buy back shares at favorable prices.
REMOVED
As of February 28, 2025, there were 1,166,433 shares of Common Stock, $0.01 par value per share, outstanding.
At December 31, 2024, the Company owned 99.82% of the Operating Partnership.
As of December 31, 2024, we own a portfolio consisting of seventy-five properties, including seventy-two retail shopping centers, totaling 7,660,979 leasable square feet which is 93.1% leased (our "Operating Portfolio"), and three undeveloped land parcels totaling approximately 11 acres.
The properties are geographically located in the Mid-Atlantic, Southeast and Northeast, which markets represented approximately 44%, 43% and 13%, respectively, of the total annualized base rent of the properties in its portfolio as of December 31, 2024.
The top 10 tenants account for 24.1% or $17.6 million of annualized base rent and 26.3% or 2.0 million of gross leasable square footage at December 31, 2024.
Human Capital Management As of December 31, 2024, we have 56 full-time employees.
We seek to hire experienced leaders and team members and offer competitive wage and benefit programs.
Every year, the Company requires its employees to review and certify their compliance with the Company's various policies, including its Code of Business Conduct and Ethics.
In addition, the Company has reduced and intends to continue to reduce the total outstanding preferred stock of the Company and that of Cedar through the following strategies: The Company has been and intends to continue to continue opportunistically exchanging shares of its Common Stock for its Series B Convertible Preferred Stock ("Series B Preferred Stock") and/or its Series D Preferred Stock with the holders thereof.
The Company has been and intends to continue repurchasing the Cedar Preferred Stock as both series are currently trading at a discount to their liquidation value, presenting a strategic opportunity to buy back shares 4 at favorable prices.
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