Exhibit 99.2
Supplemental Operating and Financial Data
for the year ended December 31, 2013
Table of Contents
Page | ||||
Company Overview |
3 | |||
Financial and Portfolio Overview |
4 | |||
Financial Summary |
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Consolidated Balance Sheets |
5 | |||
Consolidated and Combined Statements of Operations |
6 | |||
Reconciliation of Non-GAAP Measures |
7 | |||
Debt Summary |
8 | |||
Portfolio Summary |
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Acquisitions and Development Projects |
9 | |||
Property Summary |
10 | |||
Top Ten Tenants by Annualized Base Rent |
11 | |||
Leasing Summary |
11 | |||
Definitions |
12 |
Forward-Looking Statements
This document contains forward-looking statements that are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks include, without limitation: adverse economic or real estate developments in the retail industry or the markets in which Wheeler Real Estate Investment Trust operates; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; Wheeler Real Estate Investment Trusts failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of additional acquisition opportunities; Wheeler Real Estate Investment Trusts inability to successfully complete real estate acquisitions or successfully operate acquired properties and Wheeler Real Estate Investment Trusts failure to qualify or maintain its status as a REIT. For a further list and description of such risks and uncertainties that could impact Wheeler Real Estate Investment Trusts future results, performance or transactions, see the reports filed by Wheeler Real Estate Investment Trust with the Securities and Exchange Commission, including its final prospectus relating to its initial public offering, quarterly reports on Form 10-Q and annual reports on Form 10-K. Wheeler Real Estate Investment Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 2 |
Company Overview
Headquartered in Virginia Beach, VA, Wheeler Real Estate Investment Trust, Inc. (Wheeler or the Company) specializes in owning, acquiring, financing, developing, renovating, leasing and managing income producing assets, such as community centers, neighborhood centers, strip centers and free-standing retail properties. Wheelers portfolio contains strategically selected properties, primarily leased by nationally and regionally recognized retailers of consumer goods and located in the Northeastern, Mid-Atlantic, Southeast and Southwest regions of the United States. Wheeler trades publicly on the Nasdaq under the symbol WHLR.
Corporate Headquarters
Wheeler Real Estate Investment Trust Inc.
Riversedge North
2529 Virginia Beach Boulevard
Virginia Beach, VA 23452
Phone: (757) 627-9088
Toll Free: (866) 203-4864
Email: info@whlr.us
Website: www.whlr.us
Executives Management
Jon S. Wheeler - Chairman & CEO
Steven M. Belote - CFO
Robin A. Hanisch - Secretary
Board of Directors | ||||
Jon S. Wheeler, Chairman | Sanjay Madhu | |||
Christopher J. Ettel | Carl B. McGowan, Jr. | |||
David Kelly | Ann L. McKinney | |||
William W. King | Jeffrey M. Zwerdling | |||
Corporate Counsel | Transfer Agent and Registrar | |||
Kaufman & Canoles, P.C. Two James Center 1021 East Cary Street, Suite 1400 Richmond, Virginia 23219 Phone: (804) 771-5700 |
Computershare Trust Company, N.A. 250 Royall Street Canton, MA 02021 www.computershare.com |
Investor Relations Contact
The Equity Group Inc.
800 Third Avenue, 36th Floor
New York, NY 10022
Adam Prior, Senior Vice President
Phone: (212) 836-9606, aprior@equityny.com
Terry Downs, Associate
Phone: (212) 836-9615, tdowns@equityny.com
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 3 |
Financial and Portfolio Overview
For the Year Ended December 31, 2013
Financial Results |
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Net loss attributable to Wheeler REIT common stockholders |
($ | 3,801,672 | ) | |
Net loss per basic and diltued share |
($ | 0.82 | ) | |
Funds from operations (FFO) |
($ | 908,269 | ) | |
FFO per common share and common unit |
$ | 0.14 | ||
Core FFO |
$ | 2,214,731 | ||
Core FFO per common share and common unit |
$ | 0.34 | ||
Assets |
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Investment Properties, net (less accumulated depreciation and amortization) |
$ | 101,772,335 | ||
Total Assets |
$ | 125,370,266 | ||
Total liabilities to Investment Properties, net |
98.0 | % | ||
Debt to Total Assets |
75.4 | % | ||
Market Capitalization |
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Common shares outstanding |
7,121,000 | |||
OP units outstanding |
2,072,352 | |||
Total common shares and OP units |
6,514,021 | |||
Range of closing prices for the fourth quarter 2013 |
$ | 3.83-4.48 | ||
Closing price at fourth quarter end |
$ | 4.28 | ||
Preferred shares |
1,809 | |||
Total debt |
$ | 94,562,503 | ||
Market capitalization |
$ | 30,477,880 | ||
Debt/market capitalization |
310.3 | % | ||
Portfolio Summary |
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Total Gross Leasable Area (GLA) |
1,294,572 sq. ft. | |||
Occupancy Rate |
94.0 | % | ||
Annualized Base Rent |
$ | 11,749,798 | ||
Total number of leases signed or renewed - 2013 |
28 | |||
Total sq. ft. leases signed or renewed - 2013 |
171,706 sq. ft. |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 4 |
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
December 31, 2013 |
December 31, 2012 |
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ASSETS: |
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Investment properties, net |
$ | 101,772,335 | $ | 43,345,665 | ||||
Cash and cash equivalents |
1,155,083 | 2,053,192 | ||||||
Rents and other tenant receivables, net |
1,594,864 | 761,114 | ||||||
Deferred costs and other assets, net |
20,847,984 | 6,527,906 | ||||||
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Total Assets |
$ | 125,370,266 | $ | 52,687,877 | ||||
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LIABILITIES: |
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Loans payable |
$ | 94,562,503 | $ | 31,843,503 | ||||
Below market lease intangible, net |
2,674,566 | 3,673,019 | ||||||
Accounts payable, accrued expenses and other liabilities |
2,526,388 | 938,896 | ||||||
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Total Liabilities |
99,763,457 | 36,455,418 | ||||||
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Commitments and contingencies |
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EQUITY: |
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Series A preferred stock (no par value, 500,000 shares authorized, 1,809 and no shares issued and outstanding, respectively) |
1,458,050 | | ||||||
Common stock ($0.01 par value, 75,000,000 and 15,000,000 shares authorized, 7,121,000 and 3,301,502 shares issued and outstanding, respectively |
71,210 | 33,015 | ||||||
Additional paid-in capital |
28,169,693 | 14,097,453 | ||||||
Accumulated deficit |
(11,298,253 | ) | (5,443,099 | ) | ||||
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Total Shareholders Equity |
18,400,700 | 8,687,369 | ||||||
Noncontrolling interests |
7,206,109 | 7,545,090 | ||||||
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Total Equity |
25,606,809 | 16,232,459 | ||||||
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Total Liabilities and Equity |
$ | 125,370,266 | $ | 52,687,877 | ||||
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Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 5 |
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated and Combined Statements of Operations
Three Months Ended December 31, |
Year-End December 31, |
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2013 | 2012 | 2013 | 2012 | |||||||||||||
TOTAL REVENUES |
$ | 3,484,144 | $ | 929,593 | $ | 8,707,492 | $ | 2,433,979 | ||||||||
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OPERATING EXPENSES: |
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Property operations |
745,111 | 186,912 | 1,713,957 | 519,220 | ||||||||||||
Depreciation and amortization |
1,262,058 | 265,700 | 3,466,957 | 822,152 | ||||||||||||
Provision for credit losses |
36,908 | 25,000 | 106,828 | 25,000 | ||||||||||||
Corporate general & administrative |
530,873 | 519,497 | 5,297,166 | 1,307,151 | ||||||||||||
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Total Operating Expenses |
2,574,950 | 997,109 | 10,584,908 | 2,673,523 | ||||||||||||
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Operating Income (Loss) |
909,194 | (67,516 | ) | (1,877,416 | ) | (239,544 | ) | |||||||||
Interest expense |
(909,864 | ) | (372,617 | ) | (2,497,810 | ) | (966,113 | ) | ||||||||
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Net Loss |
(670 | ) | (440,133 | ) | (4,375,226 | ) | (1,205,657 | ) | ||||||||
Less: Net income (loss) attributable to noncontrolling interests |
235,292 | (43,880 | ) | (714,972 | ) | (43,880 | ) | |||||||||
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Net Loss Attributable to Wheeler REIT |
(235,962 | ) | (396,253 | ) | (3,660,254 | ) | (1,161,777 | ) | ||||||||
Preferred stock dividends |
(39,869 | ) | | (141,418 | ) | | ||||||||||
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Net Loss Attributable to Wheeler REIT Common Shareholders |
$ | (275,831 | ) | $ | (396,253 | ) | $ | (3,801,672 | ) | $ | (1,161,777 | ) | ||||
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Loss per share: |
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Basic and Diluted |
$ | (0.04 | ) | $ | (0.12 | ) | $ | (0.82 | ) | $ | (0.35 | ) | ||||
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Weighted-average number of shares: |
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Basic and Diluted |
7,121,000 | 3,301,502 | 4,620,600 | 3,301,502 | ||||||||||||
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Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 6 |
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measures
FFO and Core FFO | Three Months Ended December 31, |
Year-End December 31, |
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2013 | 2012 | 2013 | 2012 | |||||||||||||
Net Loss |
$ | (670 | ) | $ | (440,133 | ) | $ | (4,375,226 | ) | $ | (1,205,657 | ) | ||||
Depreciation of real estate assets |
1,262,058 | 265,700 | 3,466,957 | 822,152 | ||||||||||||
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Total FFO |
1,261,388 | $ | (174,433 | ) | $ | (908,269 | ) | $ | (383,505 | ) | ||||||
Acquisition fees |
677,000 | | 2,102,000 | | ||||||||||||
Legal and accounting costs for acquisitions |
138,000 | | 754,000 | 567,000 | ||||||||||||
Perimeter legal settlement accrual |
| | 267,000 | | ||||||||||||
Harps legal settlement accrual |
(856,000 | ) | | | | |||||||||||
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Total Core FFO |
$ | 1,220,388 | $ | (174,433 | ) | $ | 2,214,731 | $ | 183,495 | |||||||
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Total FFO per common share and common unit |
$ | 0.14 | $ | (0.03 | ) | $ | (0.14 | ) | $ | (0.07 | ) | |||||
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Total Core FFO per common share and common unit |
$ | 0.13 | $ | (0.03 | ) | $ | 0.34 | $ | 0.04 | |||||||
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Property Net Operating Income | Three Months Ended December 31, |
Year-End December 31, |
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2013 | 2012 | 2013 | 2012 | |||||||||||||
Property Revenues |
$ | 3,484,144 | $ | 929,593 | $ | 8,707,492 | $ | 2,433,979 | ||||||||
Property Expenses |
745,111 | 186,912 | 1,713,957 | 519,220 | ||||||||||||
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Property Net Operating Income |
2,739,033 | 742,681 | 6,993,535 | 1,914,759 | ||||||||||||
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Depreciation and amortization |
1,262,058 | 265,700 | 3,466,957 | 822,152 | ||||||||||||
Provision for credit losses |
36,908 | 25,000 | 106,828 | 25,000 | ||||||||||||
Corporate general & administrative |
530,873 | 519,497 | 5,297,166 | 1,307,151 | ||||||||||||
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Total Other Operating Expenses |
1,829,839 | 810,197 | 8,870,951 | 2,154,303 | ||||||||||||
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Interest Expense |
909,864 | 372,617 | 2,497,810 | 966,113 | ||||||||||||
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Net Loss |
$ | (670 | ) | $ | (440,133 | ) | $ | (4,375,226 | ) | $ | (1,205,657 | ) | ||||
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EBITDA | Three Months Ended December 31, |
Year-End December 31, |
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2013 | 2012 | 2013 | 2012 | |||||||||||||
Net Loss |
$ | (670 | ) | $ | (440,133 | ) | $ | (4,375,226 | ) | $ | (1,205,657 | ) | ||||
Add back: Depreciation and amortization |
1,262,058 | 265,700 | 3,466,957 | 822,152 | ||||||||||||
Interest Expense |
909,864 | 372,617 | 2,497,810 | 966,113 | ||||||||||||
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EBITDA |
$ | 2,171,252 | $ | 198,184 | $ | 1,589,541 | $ | 582,608 | ||||||||
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Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 7 |
Debt Summary
For the Year Ended December 31, 2013
Loans Payable: $94.6 million
Weighted Average Interest Rate: 5.31%
Total Debt Maturities to Total Assets: 75.4%
Maturities by Year |
Amount | % Total Maturities | ||||||
2014 |
$ | 6,423,955 | 6.8 | % | ||||
2015 |
16,072,979 | 17.0 | % | |||||
2016 |
13,823,136 | 14.6 | % | |||||
2017 |
2,586,427 | 2.7 | % | |||||
2018 |
16,553,214 | 17.5 | % | |||||
Thereafter |
39,102,792 | 41.4 | % | |||||
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Total principal maturities |
$ | 94,562,503 | 100.0 | % |
December 31, | ||||||||||||||||||||
Property/Description | Monthly Payment | Interest Rate | Debt Maturity | 2013 | 2012 | |||||||||||||||
Shoppes at Eagle Harbor |
$ | 24,692 | 4.34 | % | March 2018 | $ | 3,905,321 | $ | | |||||||||||
Lumber River Plaza |
$ | 18,414 | 5.65 | % | May 2015 | 2,973,987 | 3,050,117 | |||||||||||||
Monarch Bank Building |
$ | 9,473 | 4.15 | % | December 2017 | 1,483,230 | 1,533,346 | |||||||||||||
Perimeter Square |
$ | 28,089 | 6.38 | % | June 2016 | 4,417,812 | 4,537,456 | |||||||||||||
Riversedge North |
$ | 13,556 | 6.00 | % | January 2019 | 2,061,790 | 2,098,138 | |||||||||||||
Walnut Hill Plaza |
$ | 25,269 | 6.75 | % | April 2014 | 3,464,465 | 3,528,232 | |||||||||||||
Harps at Harbor Point |
$ | 18,122 | 3.99 | % | December 2015 | 3,335,628 | 3,416,550 | |||||||||||||
Twin City Commons |
$ | 17,827 | 4.86 | % | January 2023 | 3,330,108 | 3,375,000 | |||||||||||||
Shoppes at TJ Maxx |
$ | 33,880 | 3.88 | % | May 2020 | 6,409,077 | | |||||||||||||
Bixby Commons |
Interest only | 2.77 | % | June 2018 | 6,700,000 | | ||||||||||||||
Bank Line of Credit |
Interest only | 4.50 | % | May 2014 | 2,000,000 | | ||||||||||||||
Forrest Gallery |
$ | 50,973 | 5.40 | % | September 2023 | 9,075,000 | | |||||||||||||
Jenks Reasors |
Interest only | 4.25 | % | September 2016 | 8,550,000 | | ||||||||||||||
Tampa Festival |
$ | 50,797 | 5.56 | % | September 2023 | 8,859,888 | | |||||||||||||
Starbucks/Verizon |
$ | 7,405 | 6.50 | % | April 2023 | 621,197 | | |||||||||||||
Winslow Plaza |
Interest only | 5.22 | % | December 2015 | 5,000,000 | | ||||||||||||||
Senior convertible notes |
Interest only | 9.00 | % | December 2018 | 6,000,000 | | ||||||||||||||
Senior non-convertible notes |
Interest only | 9.00 | % | December 2015 | 4,000,000 | | ||||||||||||||
South Carolina Food Lions Note |
Interest only | 5.25 | % | January 2024 | 12,375,000 | | ||||||||||||||
Shoppes at Eagle Harbor |
$ | 30,863 | 6.20 | % | February 2013 | | 3,904,664 | |||||||||||||
Shoppes at TJ Maxx |
Interest only | 6.00 | % | April 2013 | | 6,400,000 | ||||||||||||||
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Total Loans Payable |
$ | 94,562,503 | $ | 31,843,503 | ||||||||||||||||
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Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 8 |
Acquisitions and Development Projects
For the year ended December 31, 2013
Acquisitions
Property |
Location |
Year Built/ Renovated |
Total GLA (sq. ft.) |
Acquisition Date |
Price Sq. Ft |
Acquisition Value |
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Bixby Commons |
Bixby, OK | 2012 | 75,000 | June 11 | $ | 141.33 | $ | 10.6 mil | ||||||||||
Forrest Gallery |
Tullahoma, TN | 1987 | 214,451 | Aug. 29 | $ | 53.63 | $ | 11.5 mil | ||||||||||
Jenks Plaza |
Jenks, OK | 2007 | 7,800 | Dec. 17 | $ | 224.36 | $ | 1.8 mil | ||||||||||
Jenks Reasors |
Jenks, OK | 2011 | 81,000 | Sept. 25 | $ | 140.74 | $ | 11.4 mil | ||||||||||
Starbucks/Verizon |
Virginia Beach, VA | 1985/2012 | 5,600 | Oct. 21 | $ | 250.00 | $ | 1.4 mil | ||||||||||
Tampa Festival |
Tampa, FL | 1965/2009/2012 | 137,987 | Aug. 26 | $ | 86.24 | $ | 11.9 mil | ||||||||||
Winslow Plaza |
Sicklerville, NJ | 1990/2009 | 40,695 | Dec. 19 | $ | 162.18 | $ | 6.6 mil | ||||||||||
Portfolio (5 Grocery-Anchored Shopping Centers) |
Dec. 23 | $ | 60.76 | $ | 15.8 mil | |||||||||||||
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Clover Plaza |
Clover, SC | 1990 | 45,575 | |||||||||||||||
South Square |
Lancaster, SC | 1992 | 44,350 | |||||||||||||||
St. Georges Plaza |
St. George, SC | 1982 | 59,279 | |||||||||||||||
Waterway Plaza |
Little River, SC | 1991 | 49,750 | |||||||||||||||
Westland Square |
West Columbia, SC | 1986/1994 | 62,735 | |||||||||||||||
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Total |
824,222 | $ | 86.14 | $ | 71.0 mil | |||||||||||||
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Development Projects
(as of December 31, 2013)
Property |
Location | GLA | Estimated | % GLA Committed | ||||||||
Completion | Carrying Cost |
Cost to Complete |
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n/a |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 9 |
Portfolio Summary
(as of December 31, 2013)
Property |
Location |
Year Built/ Renovated |
Net Rentable Square Feet |
Number of Tenants |
Percentage Leased |
Annualized Base Rent |
Annualized Base Rent per Leased Sq. Foot |
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Amscot |
Tampa, FL | 2004 | 2,500 | 1 | 100.0 | % | $ | 101,395 | $ | 40.56 | ||||||||||||
Bixby Commons |
Bixby, OK | 2012 | 75,000 | 1 | 100.0 | % | 768,500 | 10.25 | ||||||||||||||
Clover Plaza |
Clover, SC | 1990 | 45,575 | 10 | 100.0 | % | 352,765 | 7.74 | ||||||||||||||
Forrest Gallery |
Tullahoma, TN | 1987 | 214,451 | 24 | 90.5 | % | 1,143,267 | 5.89 | ||||||||||||||
Harps |
Grove, OK | 2012 | 31,500 | 1 | 100.0 | % | 364,432 | 11.57 | ||||||||||||||
Jenks Plaza |
Jenks, OK | 2007 | 7,800 | 5 | 100.0 | % | 143,611 | 18.41 | ||||||||||||||
Jenks Reasors |
Jenks, OK | 2011 | 81,000 | 1 | 100.0 | % | 912,000 | 11.26 | ||||||||||||||
Lumber River Village |
Lumberton, NC | 1985/1997-98 (expansion)/ |
66,781 | 12 | 100.0 | % | 526,846 | 7.89 | ||||||||||||||
Monarch Bank |
Virginia Beach, VA | 2002 | 3,620 | 1 | 100.0 | % | 250,757 | 69.27 | ||||||||||||||
Perimeter Square |
Tulsa, OK | 1982-1983 | 58,277 | 8 | 95.7 | % | 708,055 | 12.70 | ||||||||||||||
Riversedge North |
Virginia Beach, VA | 2007 | 10,550 | 1 | 100.0 | % | 291,372 | 27.62 | ||||||||||||||
Shoppes at TJ Maxx |
Richmond, VA | 1982/1999 | 93,552 | 15 | 88.8 | % | 922,490 | 11.11 | ||||||||||||||
South Square |
Lancaster, SC | 1992 | 44,350 | 5 | 89.9 | % | 317,309 | 7.96 | ||||||||||||||
Starbucks/ Verizon |
Virginia Beach, VA | 1985/2012 | 5,600 | 2 | 100.0 | % | 198,854 | 35.51 | ||||||||||||||
St. George Plaza |
St. George, SC | 1982 | 59,279 | 6 | 85.8 | % | 357,175 | 7.03 | ||||||||||||||
Surrey Plaza |
Hawkinsville, GA | 1993 | 42,680 | 5 | 100.0 | % | 292,486 | 6.85 | ||||||||||||||
Tampa Festival |
Tampa, FL | 1965/2009/ 2012 |
137,987 | 22 | 100.0 | % | 1,222,859 | 8.86 | ||||||||||||||
Eagle Harbor |
Carrollton, VA | 2009 | 23,303 | 6 | 94.5 | % | 416,261 | 18.91 | ||||||||||||||
Twin City Commons |
Batesburg-Leesville, SC | 1998/2002 | 47,680 | 5 | 100.0 | % | 450,796 | 9.45 | ||||||||||||||
Walnut Hill Plaza |
Petersburg, VA | 1959/2006/ 2008 |
89,907 | 11 | 82.7 | % | 575,462 | 7.74 | ||||||||||||||
Waterway Plaza |
Little River, SC | 1991 | 49,750 | 9 | 97.6 | % | 436,965 | 9.00 | ||||||||||||||
Westland Square |
West Columbia, SC | 1986/1994 | 62,735 | 6 | 83.1 | % | 414,086 | 7.94 | ||||||||||||||
Winslow Plaza |
Sicklerville, NJ | 1990/2009 | 40,695 | 16 | 94.1 | % | 582,055 | 15.20 | ||||||||||||||
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Total |
1,294,572 | 173 | 94.0 | % | $ | 11,749,798 | $ | 9.65 | ||||||||||||||
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Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 10 |
Top Ten Tenants by Annualized Base Rent
(as of December 31, 2013)
Total Tenants : 173
Tenants | Total Net Square Feet |
% of Total Net Rentable |
Annualized ($ in 000s) |
% of Total Annualized Base Rent |
Base Rent Per Leased Square Foot |
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1. Food Lion |
179,798 | 13.89 | % | $ | 1,161 | 9.88 | % | $ | 6.46 | |||||||||||
2. Reasors Foods |
81,000 | 6.26 | % | 912 | 7.76 | % | 11.26 | |||||||||||||
3. Associated Wholesale Grocers |
75,000 | 5.79 | % | 769 | 6.54 | % | 10.25 | |||||||||||||
4. Family Dollar |
57,427 | 4.44 | % | 359 | 3.06 | % | 6.25 | |||||||||||||
5. Kroger |
48,780 | 3.77 | % | 279 | 2.37 | % | 5.72 | |||||||||||||
6. Winn Dixie |
45,600 | 3.52 | % | 239 | 2.03 | % | 5.24 | |||||||||||||
7. Bi-Lo |
41,980 | 3.24 | % | 357 | 3.04 | % | 8.50 | |||||||||||||
8. Peebles |
32,680 | 2.52 | % | 173 | 1.47 | % | 5.29 | |||||||||||||
9. TJ Maxx |
32,400 | 2.50 | % | 294 | 2.50 | % | 9.07 | |||||||||||||
10. Harveys Supermarket |
29,000 | 2.24 | % | 187 | 1.59 | % | 6.45 | |||||||||||||
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623,665 | 48.17 | % | $ | 4,730 | 40.24 | % | $ | 7.58 | ||||||||||||
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Leasing Summary
(as of December 31, 2013)
Gross Leasable Area: 1,294,572 square feet
Total Square Footage Leased: 1,217,124 square feet
Occupancy Rate: 94.0%
Lease Expiration Schedule
Year |
Number of Expiring Leases |
Total Expiring Net Rentable Square Footage |
% of Total Expiring Net Rentable Square Footage |
Expiring Base Rent (in 000s) |
% of Total Base Rent |
Expiring Base Rent Per Leased Square Foot |
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Available |
| 77,448 | 5.98 | % | $ | | | $ | | |||||||||||||||
2014 |
27 | 58,991 | 4.56 | % | 682 | 5.80 | % | 11.56 | ||||||||||||||||
2015 |
31 | 144,564 | 11.17 | % | 1,350 | 11.49 | % | 9.34 | ||||||||||||||||
2016 |
34 | 172,378 | 13.32 | % | 1,613 | 13.73 | % | 9.36 | ||||||||||||||||
2017 |
27 | 179,382 | 13.86 | % | 1,800 | 15.32 | % | 10.03 | ||||||||||||||||
2018 |
25 | 316,536 | 24.45 | % | 2,365 | 20.13 | % | 7.47 | ||||||||||||||||
2019 |
11 | 72,219 | 5.58 | % | 700 | 5.96 | % | 9.69 | ||||||||||||||||
2020 |
6 | 17,774 | 1.37 | % | 351 | 2.99 | % | 19.75 | ||||||||||||||||
2021 |
1 | 41,980 | 3.24 | % | 357 | 3.04 | % | 8.5 | ||||||||||||||||
2022 |
3 | 12,985 | 1.00 | % | 275 | 2.34 | % | 21.18 | ||||||||||||||||
2023 and thereafter |
8 | 200,315 | 15.47 | % | 2,257 | 19.20 | % | 11.31 | ||||||||||||||||
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1,294,572 | 100.00 | % | $ | 11,750 | 100.00 | % | $ | 9.65 | ||||||||||||||||
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Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 11 |
Definitions
Funds from Operations (FFO): an alternative measure of a REITs operating performance, specifically as it relates to results of operations and liquidity. FFO is a measurement that is not in accordance with accounting principles generally accepted in the United States (GAAP). Wheeler computes FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and April 2002). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs) and after adjustments for unconsolidated partnerships and joint ventures.
Most industry analysts and equity REITs, including Wheeler, consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions and excluding depreciation, FFO is a helpful tool that can assist in the comparison of the operating performance of a companys real estate between periods, or as compared to different companies. Management uses FFO as a supplemental measure to conduct and evaluate the business because there are certain limitations associated with using GAAP net income alone as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time, while historically real estate values have risen or fallen with market conditions.
Core FFO: Management believes that the computation of FFO in accordance with NAREITs definition includes certain items that are not indicative of the operating performance of the Companys real estate assets. These items include, but are not limited to, non-recurring expenses, legal settlements and acquisition costs. Management uses Core FFO, which is a non-GAAP financial measure, to exclude such items. Management believes that reporting Core FFO in addition to FFO is a useful supplemental measure for the investment community to use when evaluating the operating performance of the Company on a comparative basis.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA): another widely-recognized non-GAAP financial measure that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful to investors and lenders in understanding financial performance and providing a relevant basis for comparison among other companies, including REITs. While EBITDA should not be considered as a substitute for net income attributable to the Companys common shareholders, net operating income, cash flow from operating activities, or other income or cash flow data prepared in accordance with GAAP, the Company believes that EBITDA may provide additional information with respect to the Companys performance or ability to meet its future debt service requirements, capital expenditures and working capital requirements. The Company computes EBITDA by excluding interest expense, net loss attributable to noncontrolling interest, and depreciation and amortization, from income from continuing operations.
Net Operating Income (NOI): Wheeler believes that NOI is a useful measure of the Companys property operating performance. The Company defines NOI as property revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes). Because NOI excludes general and administrative expenses, depreciation and amortization, interest expense, interest income, provision for income taxes, gain or loss on sale or capital expenditures and leasing costs, it provides a performance measure, that when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not immediately
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 12 |
apparent from net income. The Company uses NOI to evaluate its operating performance since NOI allows the Company to evaluate the impact of factors, such as occupancy levels, lease structure, lease rates and tenant base, have on the Companys results, margins and returns. NOI should not be viewed as a measure of the Companys overall financial performance since it does not reflect general and administrative expenses, depreciation and amortization, involuntary conversion, interest expense, interest income, provision for income taxes, gain or loss on sale or disposition of assets, and the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Companys properties. Other REITs may use different methodologies for calculating NOI, and accordingly, the Companys NOI may not be comparable to that of other REITs.
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 13 |