NASDAQ: WHLR May 2016 Exhibit 99.1
SAFE HARBOR This presentation may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions it can give no assurance that expected results will be achieved, and actual results may differ materially from expectations. Specifically, the Company’s statements regarding: (i) the anticipated implementation of the Company’s growth, acquisition and disposition strategy; (ii) the future generation of value to the Company from the acquisition of service orientated retail properties in secondary and tertiary markets; (iii) the development and return on undeveloped properties; and (iv) anticipated dividend coverage are forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. For additional factors that could cause the operations of the Company to differ materially from those listed in the forward-looking statements are discussed in the Company's filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward‐looking statements to reflect events or circumstances that arise after the date hereof.
COMPANY OVERVIEW Wheeler is an internally-managed REIT focused on acquiring well-located, necessity-based retail properties In November 2012, the Company listed on the NASDAQ exchange with eight assets and a market cap of $13.8 million Targets grocery-anchored shopping centers in secondary and tertiary markets with strong demographics and low competition Acquires properties at attractive yields and significant discount to replacement cost Current portfolio of 67 properties with approximately 3.8 million square feet of Gross Leasable Area 56 shopping center/retail properties, 9 undeveloped land parcels, one redevelopment property and one self-occupied office building Approximately 90% of centers are anchored or shadow-anchored by a grocery store Dedicated management team with strong track record of acquiring and selling retail properties through multiple phases of the investment cycle Predecessor firm achieved an average IRR of approximately 28% on 11 dispositions Wheeler Real Estate Investment Trust Exchange: NASDAQ Ticker: WHLR Market Cap(1): $108.3 million Stock Price(1): $1.51 Common Shares and Operating partnership Units Outstanding: 71.7 million Annualized Dividend: $0. 21 As of 5/3/2016 Butler Square
INVESTMENT HIGHLIGHTS Industry leading occupancy rate of approximately 93.9%, as of March 31, 2016 National and Regional merchants represent majority of Wheeler’s tenants Diversified geography and tenant base Wheeler properties serve the essential day-to-day shopping needs of the surrounding communities Majority of tenants provide non-cyclical consumer goods and services that are less impacted by fluctuations in the economy and E-commerce High Quality Existing Portfolio Secondary and Tertiary markets have limited competition from institutional buyers and low levels of new construction Target markets experiencing selling pressure from generational transition, larger REITs shifting to core markets and expiring CMBS debt Necessity-Based Retail Ability to scale platform as the Company grows results in improved profitability Create value through intensive leasing and property expense management Deep retailer relationships provide unique market knowledge Third-party property management and development fees create additional revenue stream Attractive Niche Market Opportunity Internally-Managed, Scalable Platform Continues to lower expense structure through improved operating efficiency Current AFFO run rate for Q2 AFFO of $0.16 to $0.17 per diluted share A number of initiatives in place to rapidly move toward covering the dividend Improving Capital Position
Wilkes Graham Chief Financial Officer Over 16 years experience in the real estate and financial services industries Previously served as Director of Research and as a Senior Sell-Side Equity Research Analyst at Compass Point Research & Trading, LLC As a Real Estate Analyst, he has forecasted earnings and predicted the stock performance for over 30 publicly traded REITs, real estate operating companies and homebuilders and conducted due diligence on over 35 real estate related capital market transactions Jon S. Wheeler Chairman and CEO Over 34 years of experience in the real estate industry focused solely on retail In 1999, founded Wheeler Interests, LLC (“Wheeler Interests”), a company which we consider our predecessor firm, and oversaw the acquisition and development of 60 shopping centers totaling 4 million square feet. Has overseen the acquisition of 70 properties in 11 states since going public in 2012 WHLR’s executive officers, together with the management teams of its service companies, have an aggregate of over 150 years of experience in the real estate industry. EXPERIENCED Management Team Steven M. Belote Chief Operations Officer Wheeler’s Chief Financial Officer 2011- 2016 Prior to joining Wheeler, worked at Shore Bank, as their CFO, playing a significant role in IPO during 1997 Previous experience also includes seven years at BDO Seidman, LLP, a large international public accounting and consulting firm Dave Kelly SVP, Director of Acquisitions Over 25 years of experience in the real estate industry Previously served 13 years as Director of Real Estate for Supervalu, Inc., a Fortune 100 supermarket retailer Focused on site selection and acquisition for Supervalu from New England to the Carolinas completing transactions totaling over $500 million
STABLE PORTFOLIO FOCUSED ON NECESSITY-BASED SHOPPING Predominantly Grocery-Anchored Portfolio2 Strong Grocer Rent to Sales3 82% of grocery store GLA with a rent/sales ratio below 3% Company believes necessity-based shopping centers are resistant to economic downturns. In our view, Necessity = Stability The average consumer in the US makes a trip to a grocery store 2.2 times per week1 From 2010-2015, US grocer sales increased 17.6%, demonstrating strength of the traditional grocery store1 Strong National and Regional Tenants 79% of Wheeler's GLA is occupied by national & regional tenants Source: Statistia (http://www.statista.com/statistics/197626/annual-supermarket-and-other-grocery-store-sales-in-the-us-since-1992/) Based on percentage of GLA with a grocery store included in the shopping center or as a shadow-anchor as of March 31, 2016. Based on most recent sales from 24 grocers who report sales to us in our current portfolio.
Majority of Wheeler’s anchor and junior anchor tenants focus on ‘necessity-based’ products or services that are less likely to be impacted by E-commerce business and fluctuations in the economy From 2012-2013, Wheeler’s anchor and junior anchor tenants reported a 2.3% increase in sales per square foot In 2014, Wheeler’s anchor and junior anchor reported a 4.1% increase in sales per square foot SOLID TENANTS FOCUSED ON NECESSITY-BASED RETAIL Source: Bloomberg, Retail SSNOI not yet available for Q1 2016 2015 not yet available * (1) (2)
Type GLA % of GLA % of Annualized Base Rent Grocery 649,173 17.28% 16.90 % Grocery 325,576 8.67% 7.85 Grocery 136,343 3.63% 3.95 Retail 114,298 3.04% 1.97 Grocery 84,938 2.26% 1.56 Retail 83,552 2.22% .51 Retail 85,166 2.27% 1.72 Grocery 58,473 1.56% 1.11 Retail 56,343 1.50% 1.26 Retail 51,974 1.38% 1.28 Total 1,645,836 43.83% 38.1 % TENANT OVERVIEW Top 10 Tenants1 Top tenants represent approximately 44% of portfolio Focus on tenants that create consistent consumer demand offering items such as food, postal, dry-cleaning, health services and discount merchandise Minimal exposure to E-Commerce industry As of 4/30/2016 Diversified Merchandise Mix1
LEASE EXPIRATION SCHEDULE1 Approximately 75% of total leased square footage beyond two years Weighted average remaining lease term of 4.67 years Weighted average remaining lease term for grocery anchor tenants is 5.43 years As twelve months ending March 31, 2016
STRONG LEASING TRENDS Wheeler has maintained stable occupancy rates – average of 94.8% since the Company’s IPO For the three months ended March 31, 2016, approximately 32,056 square feet was renewed at a average weighted increase of 7.4% over prior rates As of December 31, 2015, average occupancy rate of a U.S. shopping center was measured at 93.2%1 Company believes there is upside potential in occupancy rates for the assets acquired since June 30, 2015* Historical Occupancy Rates Source: ICSC http://quickstats.icsc.org/ViewSeries.aspx?id=12738 * Average occupancy of assets acquired since June 30, 2015 was 93.0% which resulted in a decrease in occupancy rates as compared to the sequential quarter and as compared to the prior year. *
Integrated Platform, Proven Success Wheeler has acquisition, leasing, property management, development and re-development services all in–house and maintains a scalable, manageable platform Over 50 associates between the Company’s headquarters in Virginia Beach and Charleston Regional Office Since the acquisition of Wheeler Development in January 2014, Wheeler has acquired ten undeveloped properties totaling approximately 81 acres of land and one redevelopment property. Company intends to develop these assets at a 10% rate of return Development, property management and leasing services generate significant fees from third-party contracts Predecessor development segment developed nine properties in four states – seven are currently owned by Wheeler Asset Management Acquisitions & Development Leasing & Business Dev. The Shoppes at Eagle Harbor Developed by Wheeler Development in 2009 Corporate & Accounting
GROWTH STRATEGY Well located properties in secondary and tertiary markets High unlevered returns (expected cap rates of ~9%) Focus on best in market multi-tenant grocery-anchored centers with necessity-based inline tenants National & regional tenants High traffic count and ease of access Sale of non-core assets Ancillary & Specialty Income Opportunity to improve revenue through active lease and expense management Utilizing exterior parking for build-to-suit outparcels or pad sales Maximizing CAM reimbursement income available from existing leases Company utilizes strict underwriting guidelines and unique due diligence processes to identify key issues and uncover hidden opportunities with large potential upside
ACQUISITION UPDATE Beaver Ruin Village Year to date, the Company has closed on fourteen shopping centers for a total acquisition value of approximately $71.0 million at an average cap rate of 8.85%; a weighted average interest rate of 5.43%; and, LTV of 85% Six properties totaling $64.0 million under LOI at average cap rate of 8.71% with in place leases At any given time, the Company is typically evaluating properties or negotiating LOI’s with total value of $75 -$100 million
CURRENT PIPELINE (as of 4/30/2016) Status Property Name Location Square Footage Anchor Price Cap Interest Rate LTV CLOSED AC Portfolio South Carolina and Georgia 605,358 BI-LO, Harris Teeter, Piggly Wiggly $ 71,000,000 8.85% 5.43% 85% Total Closed 605,358 $ 71,000,000 8.85% 5.34% 85% LOI Shopping Center 1 Norfolk, VA 47,945 Grocery $ 3,900,000 8.85% 60% Shopping Center 2 Summerville, SC 66,948 Grocery $ 6,200,000 8.71% 60% Shopping Center 3 Royston, GA 67,577 Grocery $ 4,250,000 9.88% 60% Shopping Center 4 Carrollton, GA 91,175 Grocery $ 6,800,000 9.78% 60% Shopping Center 5 Florence, SC 61,335 Grocery $ 7,000,000 8.79% 60% Shopping Center 6 Suffolk, VA 179,530 Grocery $ 36,000,000 8.33% 60% Total LOI 514,510 $ 64,150,000 8.71% TBD 60% Total All Categories 1,119,868 $ 131,150,000 8.78% 73%
DISPOSITION STRATEGY Status Property Name Location Square Footage Purchase Price Purchase NOI Purchase Cap Sale Price Sale NOI Sale Cap Closed Reasors - Jenks Jenks, OK 81,000 $ 11,400,000 $ 912,000 8.00% $ 12,160,000 $ 912,000 7.50% Reasors - Bixby Bixby, OK 74,889 $ 10,600,000 $ 769,000 7.25% $ 10,979,000 $ 769,000 7.00% Harps Grove, OK 31,500 $ 4,555,000 $ 364,000 8.00% $ 5,206,000 $ 364,000 7.00% Total Closed 187,389 $ 26,555,000 $ 2,045,000 7.70% $ 28,345,000 $ 2,045,000 7.21% Under Contract Starbucks/Verizon Virginia Beach, VA 5,600 $ 1,394,000 $ 101,000 7.25% $ 2,127,500 $ 130,000 6.10% Ruby Tuesday/Outback Steakhouse Morgantown, WV 11,097 $ 1,265,000 $ 109,000 8.61% $ 2,285,000 $ 133,000 5.82% Total Under Contract 16,697 $ 2,659,000 $ 210,000 7.90% $ 4,412,500 $ 263,000 5.96% Core focus on acquiring multi-tenant properties and monetize non-core assets using the proceeds to re-invest in core assets. As of April 30, 2016, Wheeler has sold 3 of its single-tenant assets for an average 7.2% cap rate versus the purchase average cap rate of 7.7% and has another three under contract for sale at an average 5.96% cap rate versus the purchase cap rate average of 7.9%.
INVESTMENT HIGHLIGHTS Necessity-based Retail High Quality Existing Portfolio Improving Capital Position Attractive Niche Market Opportunity Internally-Managed, Scalable Platform
Appendix
Property Location Number of Tenants Net Leasable Square Feet Total SF Leased Percentage Leased Annualized Base Rent Annualized Base Rent per Leased Sq. Foot Alex City Marketplace Alexander City, AL 17 147,791 128,741 87.11% $ 936,088 $ 7.27 Amscot Building Tampa, FL 1 2,500 2,500 100.00% 115,849 46.34 Beaver Ruin Village Lilburn, GA 24 74,048 62,461 84.35% 1,028,356 16.46 Beaver Ruin Village II Lilburn, GA 4 34,925 34,925 100.00% 407,976 11.68 Berkley (2) Norfolk, VA - - - - - - Brook Run Shopping Center Richmond, VA 19 147,738 135,139 91.47% 1,510,546 11.18 Brook Run Properties (2) Richmond, VA - - - - - - Bryan Station Lexington, KY 9 54,397 54,397 100.00% 553,004 10.17 Butler Square Mauldin, South Carolina 16 82,400 82,400 100.00% 840,200 10.20 Cardinal Plaza Henderson, NC 7 50,000 42,000 84.00% 424,500 10.11 Carolina Place (2) Onley, VA - - - - - - Chesapeake Square Onley, VA 9 99,848 74,648 74.76% 561,687 7.52 Clover Plaza Clover, SC 9 45,575 45,575 100.00% 346,634 7.61 Columbia Fire Station (2) Columbia, SC - - - - - - Conyers Crossing Conyers, GA 14 170,475 170,475 100.00% 909,909 5.34 Courtland Commons (2) Courtland, VA - - - - - - Crockett Square Morristown, TN 3 107,122 99,122 92.53% 804,822 8.12 Cypress Shopping Center Boiling Springs, SC 17 80,435 79,035 98.26% 829,416 10.49 Darien Darien, GA 1 26,001 26,001 100.00% 208,008 8.00 Devine Street Center Columbia, SC 2 38,464 38,464 100.00% 549,668 14.29 Edenton Commons (2) Edenton, NC - - - - - - Folly Road Charleston, SC 5 47,794 47,794 100.00% 720,197 15.07 Forrest Gallery Tullahoma, TN 27 214,450 202,216 94.30% 1,224,834 6.06 Fort Howard Shopping Center Rincon, GA 16 113,652 107,813 94.86% 946,596 8.78 Freeway Junction Stockbridge, GA 16 156,834 151,924 96.87% 1,035,044 6.81 Franklinton Square Franklinton, NC 11 65,366 56,300 86.13% 490,895 8.72 Georgetown Georgetown, SC 2 29,572 29,572 100.00% 267,215 9.04 Graystone Crossing Tega Cay, SC 11 21,997 21,997 100.00% 518,126 23.55 Grove Park Shopping Center Orangeburg, SC 16 106,557 95,829 89.93% 694,000 7.24 Harbor Point (2) Grove, OK - - - - - - Harrodsburg Marketplace Harrodsburg, KY 7 60,048 56,448 94.00% 415,606 7.36 Hilton Head (2) Hilton Head, SC - - - - - - Jenks Plaza Jenks, OK 5 7,800 7,800 100.00% 150,336 19.27 Ladson Crossing Ladson, SC 11 52,607 48,707 92.59% 706,248 14.50 LaGrange Marketplace LaGrange, GA 14 76,594 75,094 98.04% 427,681 5.70 Lake Greenwood Greenwood, SC 5 47,546 41,546 87.38% 408,141 9.82 Lake Murray Lexington, SC 5 39,218 39,218 100.00% 348,910 8.90 Laskin Road (2) Virginia Beach, VA - - - - - - Litchfield Marketplace & Shoppes Pawley's Island, SC 22 86,740 72,763 83.89% 1,045,574 14.37 Lumber River Village Lumberton, NC 11 66,781 66,781 100.00% 502,870 7.53 Monarch Bank Virginia Beach, VA 1 3,620 3,620 100.00% 258,054 71.29 Moncks Corner Moncks, SC 1 26,800 26,800 100.00% 323,451 12.07 Mullins South Park Mullins, SC 2 60,874 43,218 71.00% 491,245 11.37 Nashville Commons Nashville, NC 12 56,050 56,050 100.00% 570,060 10.17 Parkway Plaza Brunswick, GA 5 52,365 50,765 96.94% 534,694 10.53 Perimeter Square Tulsa, OK 8 58,277 57,139 98.05% 743,092 13.00 Pierpont Centre Morgantown, WV 20 122,259 122,259 100.00% 1,439,577 11.77 Port Crossing Harrisonburg, VA 8 65,365 60,400 92.40% 780,445 12.92 Ridgeland Ridgeland, SC 1 20,029 20,029 100.00% 140,203 7.00 Riversedge North Virginia Beach, VA - - - 0.00% - - Shoppes at Myrtle Park Blufton, SC 12 56,380 56,380 100.00% 922,529 16.36 Shoppes at TJ Maxx Richmond, VA 18 93,624 93,624 100.00% 1,119,670 11.96 South Lake Pointe Lexington, SC 9 44,318 43,118 97.29% 401,509 9.31 South Square Lancaster, SC 5 44,350 39,850 89.85% 319,806 8.03 Starbucks/Verizon Virginia Beach, VA 2 5,600 5,600 100.00% 185,695 33.16 St. George Plaza St. George, SC 5 59,279 42,828 72.25% 293,421 6.85 St. Matthews St. Matthews, SC 3 29,015 25,314 87.24% 303,012 11.97 Sunshine Plaza Lehigh Acres, FL 21 111,189 107,486 96.67% 958,671 8.92 Surrey Plaza Hawkinsville, GA 5 42,680 42,680 100.00% 292,245 6.85 Tampa Festival Tampa, FL 20 137,987 134,766 97.67% 1,260,591 9.35 The Shoppes at Eagle Harbor Carrollton, VA 7 23,303 23,303 100.00% 513,792 22.05 Tulls Creek (2) Moyock, NC - - - - - - Twin City Commons Batesburg-Leesville, SC 5 47,680 47,680 100.00% 450,310 9.44 Walnut Hill Plaza Petersburg, VA 10 87,239 70,017 80.26% 559,806 8.00 Waterway Plaza Little River, SC 9 49,750 48,550 97.59% 456,838 9.41 Westland Square West Columbia, SC 10 62,735 57,665 91.92% 487,160 8.45 Winslow Plaza Sicklerville, NJ 16 40,695 38,295 94.10% 565,702 14.77 Total Portfolio 551 3,756,738 3,515,121 93.57% $ 34,300,515 $ 9.76 PROPERTY OVERVIEW (as of 4/30/2016) Riversedge North is Company’s corporate office. Undeveloped/redevelopment property
Strong lending relationships with nationally recognized banks Expanded revolving credit facility with KeyBank National Association to approximately $67.2 million Senior non-convertible debt paid in full as of January 2016 Weighted average interest rate of 4.68% WHLR’s Debt Profile from Continuing Operations Debt / Maturity profile FROM CONTINUING OPERATIONS1 As of 3/31/2016 (excludes AC portfolio acquired April 2016) Total Outstanding Debt: $189.6 million1
CONSOLIDATED STATEMENT OF OPERATIONS Three Months Ended March 31, 2016 2015 (unaudited) TOTAL REVENUES $ 9,138,662 $ 5,153,752 OPERATING EXPENSES: Property operations 2,675,025 1,553,674 Non-REIT management and leasing services 377,408 369,775 Depreciation and amortization 4,880,087 3,000,978 Provision for credit losses 87,526 47,198 Corporate general & administrative 2,281,108 2,308,964 Total Operating Expenses 10,301,154 7,280,589 Operating Income (1,162,492 ) (2,126,837 ) Interest expense (2,419,815 ) (2,142,719 ) Net Loss from Continuing Operations (3,582,307 ) (4,269,556 ) Income from Discontinued Operations 20,525 46,367 Net Loss (3,561,782 ) (4,223,189 ) Less: Net loss attributable to noncontrolling interests (332,876 ) (462,376 ) Net Loss Attributable to Wheeler REIT (3,228,906 ) (3,760,813 ) Preferred stock dividends (511,300 ) (2,502,223 ) Deemed dividend related to beneficial conversion feature of preferred stock — — Net Loss Attributable to Wheeler REIT Common Shareholders $ (3,740,206 ) $ (6,263,036 ) Loss per share from continuing operations: Basic and Diluted $ (0.06 ) $ (0.81 ) Earnings per share from discontinued operations — 0.01 $ (0.06 ) $ (0.80 ) Weighted-average number of shares: Basic and Diluted 66,272,926 7,806,467
Balance sheet summary March 31, 2016 December 31, 2015 (unaudited) ASSETS: Investment properties, net $ 237,543,972 $ 238,764,631 Cash and cash equivalents 7,029,642 10,706,185 Restricted cash 7,180,925 7,364,375 Rents and other tenant receivables, net 3,060,825 3,452,700 Goodwill 5,485,823 5,485,823 Assets held for sale 1,682,526 1,692,473 Above market lease intangible, net 5,981,123 6,517,529 Deferred costs and other assets, net 33,982,124 35,259,526 Total Assets $ 301,946,960 $ 309,243,242 LIABILITIES: Loans payable $ 184,970,426 $ 184,629,082 Liabilities associated with assets held for sale 1,981,136 1,992,318 Below market lease intangible, net 7,256,541 7,721,335 Accounts payable, accrued expenses and other liabilities 6,522,190 7,533,769 Total Liabilities 200,730,293 201,876,504 Commitments and contingencies — — EQUITY: Series A preferred stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding, respectively) 452,971 452,971 Series B convertible preferred stock (no par value, 3,000,000 shares authorized, 729,119 shares issued and outstanding, respectively) 17,173,672 17,085,147 Common stock ($0.01 par value, 150,000,000 and 75,000,000 shares authorized, 66,314,380 and 66,259,673 shares issued and outstanding, respectively) 663,143 662,596 Additional paid-in capital 220,171,165 220,370,984 Accumulated deficit (147,526,640 ) (140,306,846 ) Total Shareholders’ Equity 90,934,311 98,264,852 Noncontrolling interests 10,282,356 9,101,886 Total Equity 101,216,667 107,366,738 Total Liabilities and Equity $ 301,946,960 $ 309,243,242
FFO and AFFO Other non-recurring expenses are detailed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our March 2016 Quarterly Report on Form 10-Q. Pro forma AFFO assumes the A-C Portfolio acquisition had occurred on January 1, 2016. Additionally, we excluded all non-recurring expenses detailed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our March 2016 Quarterly Report on Form 10-Q and any additional common stock and common units issued during the three months ended March 31, 2016 were outstanding for the entire period. The Pro forma AFFO is being presented solely for purposes of illustrating the potential impact of these transactions as if they occurred on January 1, 2016, based on information currently available to management, and is not necessarily indicative of what actual results would have been had the transactions referred to above occurred on January 1, 2016. The Company adjusted the 2015 previously reported AFFO to be consistent with the 2016 AFFO presentation, primarily as it relates to the treatment of capital expenditures, non-cash costs, and other non-recurring expenses. Additionally, Wheeler did not provide Pro Forma AFFO per common share and common unit for 2015 as we consider it not meaningful to the 2016 presentation. Three Months Ended March 31, 2016 2015 (4) (unaudited) Net (loss) $ (3,561,782 ) $ (4,223,189 ) Depreciation of real estate assets from continuing operations 4,880,087 3,000,978 Depreciation of real estate assets from discontinued operations — 235,506 Depreciation of real estate assets 4,880,087 3,236,484 Total FFO 1,318,305 (986,705 ) Preferred stock dividends (511,300 ) (2,502,223 ) Preferred stock accretion adjustments 88,525 1,211,202 FFO available to common shareholders and common unitholders 895,530 (2,277,726 ) Acquisition costs 413,310 653,242 Capital related costs 62,169 68,518 Other non-recurring and non-cash expenses (1) 237,460 89,500 Share-based compensation 150,250 45,000 Straight-line rent (7,106 ) (57,577 ) Loan cost amortization 189,542 486,198 Above (below) market lease amortization 71,612 195,729 Recurring capital expenditures and tenant improvement reserves (139,183 ) (130,900 ) AFFO $ 1,873,584 $ (928,016 ) Weighted Average Common Shares 66,272,926 7,806,467 Weighted Average Common Units 4,703,249 3,540,576 Total Common Shares and Units 70,976,175 11,347,043 FFO per Common Share and Common Units $ 0.01 $ (0.20 ) AFFO per Common Share and Common Units $ 0.03 $ (0.08 ) Pro forma AFFO per Common Share and Common Units (2) $ 0.04
CAPITAL STRUCTURE March 31, 2015 March 31, 2016 Debt Outstanding ($000) Outstanding ($000) Security Senior Non-Convertible Debt (9% Coupon, Dec-15 / Jan-16 Maturity)1 $6,160 - Senior Convertible Debt (9% Coupon, Dec-18 Maturity)2 $3,000 $3,000 Key Bank Line of Credit (2.94%, May-18 Maturity) - $6,874 Vantage South Line of Credit (4.25%, Sept-16 Maturity) - $3,000 Property Debt (4.74%/4.68% Weighted Average Coupon, Various Maturities) $138,474 $178,677 Total Debt $147,634 $191,551 Equity Shares Outstanding Amount ($000) Shares Outstanding Amount ($000) Security Series A 9% Preferred ($1,000 / share) 1,809 $1,809 562 562 Series B 9% Preferred ($25 / share, $5.00 conversion price)3 1,595,900 $39,898 729,119 18,228 Series C Preferred ($1,000 / share, $2.00 conversion price) 93,000 $93,000 - - Common Stock / OP Units4 11,358,759 $26,012 71,177,399 $88,972 Market Value of Equity $160,719 $107,762 Total Capitalization $308,353 $299,313 648,425 warrants were issued in connection with the Senior Non-Convertible Debt, each with a $4.75 exercise price and expiration in Jan-19 Convertible at lesser of $5.50 or 95% of the offering price for a firm commitment, underwritten, public Follow-On of common stock 1,987,500 warrants were issued in connection with the Series B Preferred Stock, each with a $5.50 exercise price and expiration in Apr-19 Based on closing price on respective dates.
NASDAQ: WHLR For Additional Information At the Company: Investor Relations Counsel: The Equity Group Inc. Wilkes Graham Chief Financial Officer wilkes@whlr.us 757-627-9088 Laura Nguyen Director of Capital Markets Lnguyen@whlr.us 757-627-9088 Robin Hanisch Corporate Secretary Robin@whlr.us 757-627-9088 Terry Downs Associate TDowns@equityny.com 212-836-9615 Adam Prior Senior Vice President APrior@equityny.com 212-836-9606 Think Retail. Think Wheeler.®