Form 4: Ursa Fund Management Reduces Stake in Wheeler Real Estate Investment Trust

Ursa Fund Management, along with related entities, disposed of 10,000 shares of Wheeler Real Estate Investment Trust Series D Cumulative Preferred stock at $39.82 per share.

Summary

• Ursa Fund Management LLC, along with Ursa Fund Partners LP, and managing members Andrew Hahn and Russell Douglas, reported a disposition of 10,000 shares of Wheeler Real Estate Investment Trust (WHLRD) Series D Cumulative Preferred stock.
• The transaction occurred on January 6, 2025, as part of a monthly redemption cycle.
• The shares were sold at a price of $39.82 per share.
• Following the transaction, Ursa Fund Partners LP beneficially owns 389,206 shares of WHLRD Series D Cumulative Preferred stock.
• The total owned includes 6 shares that were issued pursuant to a dividend in the form of WHLRD shares.

Sentiment

Score: 5

Explanation: The document is a routine SEC filing regarding a share disposition, and there is no indication of positive or negative sentiment. It is a neutral transaction.

Management Comments

• Andrew Hahn and Russell Douglas, as Managing Members of Ursa Fund Management LLC, have the power to vote and dispose of the shares held by Ursa Fund Partners LP.

Industry Context

This transaction reflects a change in investment position by a significant shareholder in a real estate investment trust, which is a common occurrence in the REIT sector.

Comparison to Industry Standards

• REITs often have preferred stock offerings, and transactions like this are typical as investors adjust their holdings.
• The redemption process is a standard mechanism for preferred stock, and the price of $39.82 is likely based on the terms of the Series D Cumulative Preferred stock.
• Other REITs such as Simon Property Group (SPG) and Public Storage (PSA) also have preferred stock offerings, and similar transactions occur regularly.

Stakeholder Impact

• The transaction may have a minor impact on the share price of WHLRD, but it is unlikely to be significant given the relatively small number of shares disposed of compared to the total outstanding shares.
• The redemption process is part of the terms of the preferred stock, so it is not unexpected for shareholders.

Key Dates

Keywords

Wheeler Real Estate Investment Trust, Ursa Fund Management, Series D Preferred Stock, Share Disposition, Redemption, WHLRD, Andrew Hahn, Russell Douglas