Ex991HistoricalFinancialsAlexCity

We have audited the accompanying statement of revenues and certain operating expenses (the “Statement”) of Alex City Marketplace (the “Property”) for the year ended December 31, 2013.

Management is responsible for the preparation and fair presentation of this Statement, in accordance with accounting principles generally accepted in the United States of America, that is free from material misstatement, whether due to fraud or error.

Our responsibility is to express an opinion on this Statement based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Statement. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the Statement.

In our opinion, the Statement referred to above presents fairly, in all material respects, the revenue and certain operating expenses of the Property for the year ended December 31, 2013 in conformity with accounting principles generally accepted in the United States of America.

The accompanying Statement was prepared as described in Note 2, for the purpose of complying with the rules and regulations of the Securities and Exchange Commission and is not intended to be a complete presentation of the Property’s revenue and expenses.



		Nine Months Ended September 30, 2014		Year Ended December 31, 2013
		(unaudited)
REVENUES:
	Rental income	$	748,099	$	942,174
	Tenant reimbursements and other income	99,045		116,618

	Total Revenues	847,144		1,058,792

CERTAIN OPERATING EXPENSES:
	Property operating	95,341		113,180
	Real estate taxes	56,295		75,071
	Repairs and maintenance	20,649		16,360
	Other	47,133		11,184

	Total Certain Operating Expenses	219,418		215,795

	Excess of Revenues Over Certain Operating Expenses	$	627,726	$	842,997

Alex City Marketplace

Notes to Statements of Revenues and Certain Operating Expenses

For the Nine Months Ended September 30, 2014 (unaudited) and the Year Ended December 31, 2013

On October 24, 2014, Wheeler Real Estate Investment Trust, Inc., through its subsidiary of Wheeler Real Estate Investment Trust, L.P. (the “Operating Partnership”), acquired Wheeler Interests, LLC (“Wheeler Interests”), resulting in the transfer of the right to a Purchase and Sales Agreement (the “Agreement”) to acquire Alex City Marketplace (the “Property”), a 147,791 square foot grocery-anchored shopping center located in Alexander City, Alabama for a purchase price of approximately $10.25 million. The Property is 98% occupied and is anchored by a Winn-Dixie grocery store which occupies approximately 33% of the total rentable square feet of the center through a lease which expires in February 2020 with four five-year renewal options available. The acquisition is expected to be completed prior to June 30, 2015.

The Statements of Revenues and Certain Operating Expenses (the “Statements”) have been prepared for the purpose of complying with Rule 3-14 of Regulation S-X, promulgated by the Securities and Exchange Commission, and are not intended to be a complete presentation of the Property’s revenues and expenses. Certain operating expenses include only those expenses expected to be comparable to the proposed future operations of the Property. Expenses such as depreciation and amortization are excluded from the accompanying Statements. The Statements have been prepared on the accrual basis of accounting which requires management to make estimates and assumptions that affect the reported amounts of the revenues and expenses during the reporting periods. Actual results may differ from those estimates.

The Property leases retail space under various lease agreements with its tenants. All leases are accounted for as noncancelable operating leases. The leases include provisions under which the Property is reimbursed for common area maintenance, real estate taxes and insurance costs. Pursuant to the lease agreements, income related to these reimbursed costs is recognized in the period the applicable costs are incurred. Certain leases contain renewal options at various periods at various rental rates.

The following table lists the tenants whose annualized rental income on a straight-line basis represented greater than 10% of total annualized rental income for all tenants on a straight line basis as of September 30, 2014 (unaudited) and December 31, 2013:

The termination, delinquency or nonrenewal of one of the above tenants may have a material adverse effect on revenues. No other tenant represents more than 10% of annualized rental income as of September 30, 2014 (unaudited) and December 31, 2013.

Alex City Marketplace

Notes to Statements of Revenues and Certain Operating Expenses

For the Nine Months Ended September 30, 2014 (unaudited) and the Year Ended December 31, 2013

(continued)

The weighted average remaining lease terms for tenants at the property was 3.26 years as of September 30, 2014 (unaudited). Future minimum rentals to be received under noncancelable tenant operating leases for each of the next five years and thereafter, excluding CAM and percentage rent based on tenant sales volume, as of September 30, 2014 (unaudited) were as follows:



			Years Ending December 31,
	Twelve Months Ending September 30,		Years Ending December 31,
	(unaudited)
2014	$	—	$	975,274
2015	949,323		930,863
2016	897,983		890,033
2017	820,343		801,721
2018	784,973		779,734
2019	716,157		666,435
Thereafter	433,033		288,258

	$	4,601,812	$	5,332,318



Tenant	September 30, 2014		December 31, 2013
Winn Dixie	30.1	%	31.7	%

Goody's	14.2	%	15.0	%