Supplemental Operating and Financial Data as of 3.31.15 A

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, Inc. 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 Trust, Inc.'s failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of additional acquisition opportunities; Wheeler Real Estate Investment Trust, Inc.'s inability to successfully complete real estate acquisitions or successfully operate acquired properties and Wheeler Real Estate Investment Trust, Inc.'s 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 Trust, Inc.'s future results, performance or transactions, see the reports filed by Wheeler Real Estate Investment Trust, Inc. with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and annual reports on Form 10-K. Wheeler Real Estate Investment Trust, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Headquartered in Virginia Beach, VA, Wheeler Real Estate Investment Trust, Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing retail properties with a primary focus on grocery-anchored centers. Wheeler’s portfolio contains well-located, potentially dominant retail properties in secondary and tertiary markets that generate attractive, risk-adjusted returns, with a particular emphasis on grocery-anchored retail centers. Wheeler’s common stock, Series B convertible preferred stock and common stock warrants trade publicly on the Nasdaq under the symbols “WHLR”, “WHLRP” and “WHLRW”, respectively.



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

Executive Management
Jon S. Wheeler - Chairman & CEO
Steven M. Belote - CFO
Robin A. Hanisch - Secretary
David R. Kelly - Senior VP & Director of Acquisitions
Jeffrey B. Parker - Director of Leasing

Board of Directors
Jon S. Wheeler, Chairman	William W. King
Christopher J. Ettel	Carl B. McGowan, Jr.
Warren D. Harris	Ann L. McKinney
David Kelly	Jeffrey M. Zwerdling

Investor Relations Contact	Transfer Agent and Registrar
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	Computershare Trust Company, N.A. 250 Royall Street Canton, MA 02021 www.computershare.com



Financial Results
Net loss attributable to Wheeler REIT common stockholders	$	(6,263,036	)
Net loss per basic and diluted share	$	(0.80	)
Funds from operations (FFO)	$	(986,705	)
FFO per common share and Operating Partnership ("OP") unit	$	(0.20	)
Core FFO	$	(1,028,457	)
Core FFO per common share and OP unit	$	(0.09	)

Assets
Investment Properties, net (less accumulated depreciation and amortization)	$	163,265,867
Total Assets	$	288,004,189
Debt to Total Assets	51.3		%

Market Capitalization
Common shares outstanding	7,841,196
OP units outstanding	3,517,563
Total common shares and OP units	11,358,759
Range of common stock closing prices for the first quarter 2015	$2.29-$4.05
Common stock closing price at first quarter end		$2.29
Total number of Series B preferred shares	1,595,900
Range of Series B preferred closing prices for the first quarter 2015	$18.85-$24.22
Series B preferred closing price at first quarter end		$23.90
Total debt	$	147,634,250
Common Stock market capitalization (as of March 31, 2015 closing stock price)	$	17,956,339

Portfolio Summary
Total Gross Leasable Area (GLA)	2,029,073 sq. ft.
Occupancy Rate	95.8		%
Annualized Base Rent	$	18,150,701
Total number of leases signed or renewed during the first quarter of 2015	10
Total sq. ft. leases signed or renewed during the first quarter of 2015	88,825 sq. ft.



	March 31, 2015			December 31, 2014
	(unaudited)
ASSETS:
Investment properties, net	$	163,265,867		$	152,250,986
Cash and cash equivalents	80,958,326			9,969,748
Rents and other tenant receivables, net	2,114,898			1,985,466
Goodwill	7,004,072			7,004,072
Deferred costs and other assets, net	34,661,026			29,272,096
Total Assets	$	288,004,189		$	200,482,368
LIABILITIES:
Loans payable	$	147,634,250		$	141,450,143
Accounts payable, accrued expenses and other liabilities	7,211,725			5,908,798
Total Liabilities	154,845,975			147,358,941
Commitments and contingencies	—			—
Series C mandatorily convertible cumulative preferred stock (no par value, 100,000 shares authorized, 93,000 and no shares issued and oustanding, respectively)	87,510,354			—
EQUITY:
Series A preferred stock (no par value, 4,500 shares authorized, 1,809 shares issued and outstanding, respectively)	1,458,050			1,458,050
Series B convertible preferred stock (no par value, 3,000,000 shares authorized, 1,595,900 and 1,648,900 shares issued and outstanding, respectively)	36,608,768			37,620,254
Common stock ($0.01 par value, 75,000,000 shares authorized, 7,841,196 and 7,512,979 shares issued and outstanding, respectively)	78,411			75,129
Additional paid-in capital	32,197,918			31,077,060
Accumulated deficit	(34,607,083		)	(27,660,234		)
Total Shareholders’ Equity	35,736,064			42,570,259
Noncontrolling interests	9,911,796			10,553,168
Total Equity	45,647,860			53,123,427
Total Liabilities and Equity	$	288,004,189		$	200,482,368



	Three Months Ended March 31,
	2015			2014
	(unaudited)
TOTAL REVENUES	$	5,752,141		$	3,664,152
OPERATING EXPENSES:
Property operations	1,632,179			923,182
Non-REIT management and leasing services	369,775			—
Depreciation and amortization	3,236,484			1,785,602
Provision for credit losses	47,198			—
Corporate general & administrative	2,311,230			832,318
Total Operating Expenses	7,596,866			3,541,102
Operating Income	(1,844,725		)	123,050
Interest expense	(2,378,464		)	(1,368,938		)
Net Loss	(4,223,189		)	(1,245,888		)
Less: Net loss attributable to noncontrolling interests	(462,376		)	(87,252		)
Net Loss Attributable to Wheeler REIT	(3,760,813		)	(1,158,636		)
Preferred stock dividends	(2,502,223		)	(40,703		)
Net Loss Attributable to Wheeler REIT Common Shareholders	$	(6,263,036	)	$	(1,199,339	)
Loss per share:
Basic and Diluted	$	(0.80	)	$	(0.17	)
Weighted-average number of shares:
Basic and Diluted	7,806,467			7,185,550



FFO and Core FFO	Three Months Ended March 31,
	2015			2014
	(unaudited)
Total FFO	$	(986,705	)	$	539,714
Preferred stock dividends	(2,502,223		)	(40,703		)
Preferred stock accretion adjustments	1,211,202			—
Total FFO available to common shareholders and common unitholders	(2,277,726		)	499,011
Acquisition costs	653,242			57,000
Share-based compensation	45,000			—
Loan cost amortization	486,198			86,831
Above (below) market lease amortization	195,729			(23,304		)
Tenant improvement reserves	(59,500		)	—
Recurring capital expenditures	(71,400		)	—
Total Core FFO	$	(1,028,457	)	$	619,538

Weighted Average Common Shares	7,806,467			7,185,550
Weighted Average Common Units	3,540,576			2,008,338
Total Common Shares and Units	11,347,043			9,193,888
FFO per Common Share and Common Units	$	(0.20	)	$	0.05
Core FFO per Common Share and Common Units	$	(0.09	)	$	0.07



Property Net Operating Income	Three Months Ended March 31,
	2015			2014
	(unaudited)
Property Revenues	$	5,430,950		$	3,664,152
Property Expenses	1,632,179			923,182
Property Net Operating Income	3,798,771			2,740,970
Asset Management and Commission Revenue	321,191			—
Non-REIT management and leasing services	369,775			—
Depreciation and amortization	3,236,484			1,785,602
Provision for credit losses	47,198			—
Corporate general & administrative	2,311,230			832,318
Total Other Operating Expenses	5,964,687			2,617,920
Interest Expense	2,378,464			1,368,938
Net Loss	$	(4,223,189	)	$	(1,245,888	)



Property/Description	Monthly Payment			Interest Rate		Debt Maturity	March 31, 2015		December 31, 2014
							(unaudited)
Shoppes at Eagle Harbor		$25,100		4.34	%	March 2018		$3,738,846		$3,773,319
Lumber River Plaza		$18,414		5.65	%	May 2015	2,874,034		2,894,862
Monarch Bank Building		$9,473		4.15	%	December 2017	1,417,344		1,430,961
Perimeter Square		$28,089		6.38	%	June 2016	4,261,754		4,294,216
Riversedge North		$8,802		6.00	%	January 2019	996,515		1,007,856
Walnut Hill Plaza		$24,273		5.50	%	July 2017	3,603,914		3,626,945
Harps at Harbor Point		$18,122		3.99	%	December 2015	3,229,553		3,251,552
Twin City Commons		$17,827		4.86	%	January 2023	3,265,375		3,279,076
Shoppes at TJ Maxx		$33,880		3.88	%	May 2020	6,207,185		6,248,349
Bixby Commons	Interest only			2.77	%	June 2018	6,700,000		6,700,000
Bank Line of Credit	Interest only			4.25	%	September 2015	2,074,432		2,074,432
Forrest Gallery		$50,973		5.40	%	September 2023	9,015,020		9,045,880
Jenks Reasors	Interest only			4.25	%	September 2016	8,550,000		8,550,000
Tampa Festival		$50,797		5.56	%	September 2023	8,715,930		8,746,860
Starbucks/Verizon		$4,383		5.00	%	July 2019	647,027		652,044
Winslow Plaza	Interest only			5.22	%	December 2015	5,000,000		5,000,000
Cypress Shopping Center	Interest only			4.70	%	July 2024	6,625,000		6,625,000
Harrodsburg Marketplace		$19,112		4.55	%	September 2024	3,720,847		3,735,739
Port Crossing		$34,788		4.84	%	August 2024	6,543,952		6,568,918
LaGrange Marketplace		$13,813		5.00	%	March 2020	2,453,229		2,463,909
Freeway Junction	Interest only			4.60	%	September 2024	8,150,000		8,150,000
DF I-Courtland		$1,411		6.50	%	January 2019	113,365		115,728
DF I-Edenton		$250,000	(1)	3.75	%	September 2016	1,400,000		1,650,000
DF I-Moyock		$10,665		5.00	%	July 2019	496,862		522,430
Graystone Crossing		$20,386		4.55	%	October 2024	4,000,000		4,000,000
Bryan Station	Interest only			4.52	%	November 2024	4,625,000		4,625,000
Crockett Square	Interest only			4.47	%	December 2024	6,337,500		6,337,500
Harbor Point		$11,024		5.85	%	December 2016	1,536,566		1,544,567
Pierpont Centre	Interest only			4.15	%	February 2025	9,800,000		—
Senior convertible notes	Interest only			9.00	%	December 2018	3,000,000		6,000,000
Senior non-convertible notes	Interest only			9.00	%	December 2015	4,000,000		4,000,000
Senior non-convertible notes	Interest only			9.00	%	January 2016	2,160,000		2,160,000
South Carolina Food Lions Note	Interest only			5.25	%	January 2024	12,375,000		12,375,000
Total Loans Payable								$147,634,250		$141,450,143



Property	Location	Number of Tenants	Net Leasable Square Feet	Total SF Leased	Percentage Leased		Annualized Base Rent		Annualized Base Rent per Leased Sq. Foot
Amscot Building	Tampa, FL	1	2,500	2,500	100.0	%	$	100,738	$	40.30
Berkley (2)	Norfolk, VA	—	—	—	—		—		—
Bixby Commons	Bixby, OK	1	75,000	75,000	100.0	%	768,500		10.25
Brook Run Properties (2)	Richmond, VA	—	—	—	—		—		—
Bryan Station	Lexington, KY	9	54,397	54,397	100.0	%	553,008		10.17
Clover Plaza	Clover, SC	10	45,575	45,575	100.0	%	349,843		7.68
Courtland Commons (2)	Courtland, VA	—	—	—	—		—		—
Crockett Square	Morristown, TN	4	107,122	107,122	100.0	%	871,897		8.14
Cypress Shopping Center	Boiling Springs, SC	13	80,435	73,785	91.7	%	755,162		10.23
Edenton Commons (2)	Edenton, NC	—	—	—	—		—		—
Forrest Gallery	Tullahoma, TN	26	214,451	199,816	93.2	%	1,181,234		5.91
Freeway Junction	Stockbridge, GA	17	156,834	153,299	97.8	%	1,010,753		6.59
Graystone Crossing	Tega Cay, SC	11	21,997	21,997	100.0	%	504,443		22.93
Harbor Point (2)	Grove, OK	—	—	—	—		—		—
Harps at Harbor Point	Grove, OK	1	31,500	31,500	100.0	%	364,432		11.57
Harrodsburg Marketplace	Harrodsburg, KY	8	60,048	58,248	97.0	%	438,556		7.53
Jenks Plaza	Jenks, OK	5	7,800	7,800	100.0	%	143,416		18.39
Jenks Reasors	Jenks, OK	1	81,000	81,000	100.0	%	912,000		11.26
LaGrange Marketplace	LaGrange, GA	13	76,594	71,494	93.3	%	385,317		5.39
Laskin Road (2)	Virginia Beach, VA	—	—	—	—		—		—
Lumber River Village	Lumberton, NC	12	66,781	66,781	100.0	%	497,490		7.45
Monarch Bank	Virginia Beach, VA	1	3,620	3,620	100.0	%	250,538		69.21
Perimeter Square	Tulsa, OK	8	58,277	55,773	95.7	%	677,789		12.15
Pierpont Centre	Morgantown, WV	20	122,259	122,259	100.0	%	1,327,437		10.86
Port Crossing	Harrisonburg, VA	7	65,365	57,710	88.3	%	737,392		12.78
Riversedge North (1)	Virginia Beach, VA	—	—	—	—		—		—
Shoppes at TJ Maxx	Richmond, VA	16	93,552	90,539	96.8	%	1,062,636		11.74
South Square	Lancaster, SC	5	44,350	39,850	89.9	%	318,822		8.00
Starbucks/Verizon	Virginia Beach, VA	2	5,600	5,600	100.0	%	185,695		33.16
St. George Plaza	St. George, SC	6	59,279	50,829	85.8	%	357,393		7.03
Surrey Plaza	Hawkinsville, GA	5	42,680	42,680	100.0	%	291,495		6.83
Tampa Festival	Tampa, FL	22	137,987	137,987	100.0	%	1,224,828		8.88
The Shoppes at Eagle Harbor	Carrollton, VA	7	23,303	23,303	100.0	%	478,546		20.54
Tulls Creek (2)	Moyock, NC	—	—	—	—		—		—
Twin City Commons	Batesburg-Leesville, SC	5	47,680	47,680	100.0	%	449,194		9.42
Walnut Hill Plaza	Petersburg, VA	11	89,907	74,345	82.7	%	593,323		7.98
Waterway Plaza	Little River, SC	8	49,750	46,150	92.8	%	396,983		8.60
Westland Square	West Columbia, SC	9	62,735	58,365	93.0	%	435,311		7.46
Winslow Plaza	Sicklerville, NJ	14	40,695	37,095	91.2	%	526,530		14.19
Total		278	2,029,073	1,944,099	95.8	%	$	18,150,701	$	9.34



Tenants	Total Net Leasable Square Feet	% of Total Net Leasable Square Feet		Annualized Base Rent ($ in 000s)		% of Total Annualized Base Rent		Base Rent Per Leased Square Foot
1. Food Lion	191,280	9.43	%	$	1,459	8.04	%	$	7.63
2. Bi-Lo/Winn Dixie	168,358	8.30	%	1,269		6.99	%	7.54
3. Kroger	84,938	4.19	%	534		2.94	%	6.28
4. Reasor's Foods	81,000	3.99	%	912		5.02	%	11.26
5. Associated Wholesale Grocers	75,000	3.70	%	769		4.23	%	10.25
6. Hobby Lobby	58,935	2.90	%	383		2.11	%	6.50
7. Family Dollar	57,427	2.83	%	365		2.01	%	6.36
8. Food Depot	46,700	2.30	%	140		0.77	%	3.00
9. Shop 'N Save	37,500	1.85	%	296		1.63	%	7.89
10. Citi Trends	36,034	1.78	%	246		1.36	%	5.29
	837,172	41.27	%	6,373		35.10	%	$	7.61



Lease Expiration Year	Number of Expiring Leases	Total Expiring Net Leasable Square Footage	% of Total Expiring Net Leasable Square Footage		% of Total Leased Square Footage Expiring		Expiring Base Rent (in 000s)		% of Total Base Rent		Expiring Base Rent Per Leased Square Foot
Available	—	84,974	4.19	%	—		—		—		$	—
2015	28	140,826	6.94	%	7.24	%	1,356		7.47	%	9.63
2016	57	276,448	13.62	%	14.22	%	2,532		13.95	%	8.96
2017	48	222,152	10.95	%	11.43	%	1,986		10.94	%	8.86
2018	46	444,377	21.90	%	22.86	%	3,566		19.65	%	9.12
2019	38	245,280	12.09	%	12.62	%	2,387		13.15	%	8.03
2020	27	147,225	7.26	%	7.57	%	1,577		8.69	%	10.24
2021	5	135,615	6.68	%	6.98	%	1,061		5.85	%	10.09
2022	4	22,044	1.09	%	1.13	%	282		1.55	%	6.97
2023	7	52,948	2.61	%	2.72	%	621		3.42	%	19.41
2024	17	225,684	11.12	%	11.61	%	2,423		13.35	%	10.42
2025 and thereafter	1	31,500	1.55	%	1.62	%	360		1.98	%	10.87
	278	2,029,073	100.00	%	100.00	%	$	18,151	100.00	%	$	9.34

Funds from Operations (FFO): an alternative measure of a REIT's 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 company’s 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 NAREIT’s definition includes certain items that are not indicative of the operating performance of the Company’s 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 Company’s 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 Company’s 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): The Company believes that NOI is a useful measure of the Company's 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 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 Company's results, margins and returns. NOI should not be viewed as a measure of the Company's 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 Company's properties. Other REITs may use different methodologies for calculating NOI, and accordingly, the Company's NOI may not be comparable to that of other REITs.



Table of Contents
	Page
Company Overview	3
Financial and Portfolio Overview	4
Financial Summary
Consolidated Balance Sheets	5
Consolidated Statements of Operations	6
Reconciliation of Non-GAAP Measures	7
Debt Summary	9
Portfolio Summary
Property Summary	10
Top Ten Tenants by Annualized Base Rent	11
Leasing Summary	11
Definitions	12



Maturities by Year	Amount		% Total Maturities
2016	$	21,649,021	14.66	%
2017	16,381,725		11.10	%
2018	10,132,451		6.86	%
2019	11,887,648		8.05	%
2020	4,494,548		3.04	%
Thereafter	83,088,857		56.29	%
Total principal maturities	$	147,634,250	100.00	%



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	2



EBITDA		Three Months Ended March 31,
		2015			2014
		(unaudited)
Net Loss		$	(4,223,189	)	$	(1,245,888	)
Add back:	Depreciation and amortization (1)	3,432,213			1,762,298
	Interest Expense	2,378,464			1,368,938
EBITDA		1,587,488			1,885,348
Adjustments for items affecting comparability:
	Acquisition costs	653,242			57,000
Adjusted EBITDA		2,240,730			1,942,348