Table of Contents | |
Page | |
Company Overview | |
Financial and Portfolio Overview | |
Financial Summary | |
Consolidated Balance Sheets | |
Consolidated Statements of Operations | |
Reconciliation of Non-GAAP Measures | |
Debt Summary | |
Portfolio Summary | |
Property Summary | |
Top Ten Tenants by Annualized Base Rent | |
Leasing Summary | |
Definitions |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 2 |
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 |
Stewart J. Brown | Carl B. McGowan, Jr. |
Kurt J. Harrington | 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 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 3 |
Financial Results | |||
Net loss attributable to Wheeler REIT common stockholders | $ | (72,709,124 | ) |
Net loss per basic and diluted share | $ | (4.13 | ) |
Funds from operations (FFO) (1) | $ | (1,220,489 | ) |
FFO per common share and Operating Partnership ("OP") unit | $ | (0.18 | ) |
Core FFO (1) | $ | (1,486,323 | ) |
Core FFO per common share and OP unit | $ | (0.07 | ) |
Pro forma Core FFO per common share and OP unit (2) | $ | 0.02 | |
Assets | |||
Investment Properties, net (less accumulated depreciation and amortization) | $ | 192,945,133 | |
Total Assets | $ | 301,161,105 | |
Debt to Total Assets | 54.4 | % | |
Market Capitalization | |||
Common shares outstanding | 54,419,013 | ||
OP units outstanding | 4,078,592 | ||
Total common shares and OP units | 58,497,605 | ||
Range of Common Stock closing prices for the second quarter 2015 | $2.01-$2.42 | ||
Common Stock closing price at second quarter end | $2.03 | ||
Total number of Series B preferred shares | 1,595,900 | ||
Range of Series B preferred closing prices for the second quarter 2015 | $23.85-$25.16 | ||
Series B preferred closing price at second quarter end | $23.93 | ||
Total debt | $ | 163,826,466 | |
Common Stock market capitalization (as of June 30, 2015 closing stock price) | $ | 110,470,596 | |
Portfolio Summary | |||
Total Gross Leasable Area (GLA) | 2,404,334 sq. ft. | ||
Occupancy Rate | 95.6 | % | |
Annualized Base Rent | $ | 21,734,365 | |
Total number of leases signed or renewed during the second quarter of 2015 | 22 | ||
Total sq. ft. leases signed or renewed during the second quarter of 2015 | 76,600 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 4 |
June 30, 2015 | December 31, 2014 | ||||||
(unaudited) | |||||||
ASSETS: | |||||||
Investment properties, net | $ | 192,945,133 | $ | 152,250,986 | |||
Cash and cash equivalents | 49,165,844 | 9,969,748 | |||||
Rents and other tenant receivables, net | 2,193,602 | 1,985,466 | |||||
Goodwill | 5,485,823 | 7,004,072 | |||||
Above market lease intangible, net | 5,681,901 | 4,488,900 | |||||
Deferred costs and other assets, net | 45,688,802 | 29,272,096 | |||||
Total Assets | $ | 301,161,105 | $ | 204,971,268 | |||
LIABILITIES: | |||||||
Loans payable | $ | 163,826,466 | $ | 141,450,143 | |||
Below market lease intangible, net | 5,016,648 | 5,267,073 | |||||
Accounts payable, accrued expenses and other liabilities | 8,227,725 | 5,130,625 | |||||
Total Liabilities | 177,070,839 | 151,847,841 | |||||
Commitments and contingencies | — | — | |||||
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) | 36,806,496 | 37,620,254 | |||||
Common stock ($0.01 par value, 150,000,000 and 75,000,000 shares authorized, 54,419,013 and 7,512,979 shares issued and outstanding, respectively) | 544,190 | 75,129 | |||||
Additional paid-in capital | 183,834,995 | 31,077,060 | |||||
Accumulated deficit | (108,544,140 | ) | (27,660,234 | ) | |||
Total Shareholders’ Equity | 114,099,591 | 42,570,259 | |||||
Noncontrolling interests | 9,990,675 | 10,553,168 | |||||
Total Equity | 124,090,266 | 53,123,427 | |||||
Total Liabilities and Equity | $ | 301,161,105 | $ | 204,971,268 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 5 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
(unaudited) | |||||||||||||||
TOTAL REVENUES | $ | 6,703,361 | $ | 3,633,694 | $ | 12,455,502 | $ | 7,297,846 | |||||||
OPERATING EXPENSES: | |||||||||||||||
Property operations | 1,901,313 | 909,037 | 3,533,492 | 1,832,219 | |||||||||||
Non-REIT management and leasing services | 231,777 | — | 601,552 | — | |||||||||||
Depreciation and amortization | 4,074,749 | 1,735,944 | 7,311,233 | 3,521,546 | |||||||||||
Provision for credit losses | 54,538 | (28,032 | ) | 101,736 | (28,032 | ) | |||||||||
Corporate general & administrative | 3,518,630 | 1,385,549 | 5,829,860 | 2,217,867 | |||||||||||
Total Operating Expenses | 9,781,007 | 4,002,498 | 17,377,873 | 7,543,600 | |||||||||||
Operating Income | (3,077,646 | ) | (368,804 | ) | (4,922,371 | ) | (245,754 | ) | |||||||
Interest expense | (2,217,592 | ) | (1,536,637 | ) | (4,596,056 | ) | (2,905,575 | ) | |||||||
Net Loss | (5,295,238 | ) | (1,905,441 | ) | (9,518,427 | ) | (3,151,329 | ) | |||||||
Less: Net loss attributable to noncontrolling interests | (440,216 | ) | (81,451 | ) | (902,592 | ) | (168,703 | ) | |||||||
Net Loss Attributable to Wheeler REIT | (4,855,022 | ) | (1,823,990 | ) | (8,615,835 | ) | (2,982,626 | ) | |||||||
Preferred stock dividends | (8,334,102 | ) | (423,555 | ) | (10,836,325 | ) | (464,258 | ) | |||||||
Deemed dividend related to beneficial conversion feature of preferred stock | (59,520,000 | ) | — | (59,520,000 | ) | — | |||||||||
Net Loss Attributable to Wheeler REIT Common Shareholders | $ | (72,709,124 | ) | $ | (2,247,545 | ) | $ | (78,972,160 | ) | $ | (3,446,884 | ) | |||
Loss per share: | |||||||||||||||
Basic and Diluted | $ | (4.13 | ) | $ | (0.31 | ) | $ | (6.20 | ) | $ | (0.47 | ) | |||
Weighted-average number of shares: | |||||||||||||||
Basic and Diluted | 17,594,873 | 7,329,788 | 12,727,710 | 7,258,068 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 6 |
FFO and Core FFO | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(unaudited) | ||||||||||||||||
Total FFO | $ | (1,220,489 | ) | $ | (169,497 | ) | $ | (2,207,194 | ) | $ | 370,217 | |||||
Preferred stock dividends | (8,334,102 | ) | (423,555 | ) | (10,836,325 | ) | (464,258 | ) | ||||||||
Preferred stock accretion adjustments | 5,768,361 | 67,137 | 6,979,563 | 67,137 | ||||||||||||
Total FFO available to common shareholders and common unitholders | (3,786,230 | ) | (525,915 | ) | (6,063,956 | ) | (26,904 | ) | ||||||||
Acquisition costs | 740,223 | 343,000 | 1,433,739 | 400,000 | ||||||||||||
Capital related costs | 553,132 | — | 621,650 | — | ||||||||||||
Other non-recurring expenses (2) | 327,480 | — | 416,980 | — | ||||||||||||
Share-based compensation | 256,300 | 145,000 | 301,300 | 145,000 | ||||||||||||
Straight-line rent | (34,824 | ) | (49,260 | ) | (93,435 | ) | (138,109 | ) | ||||||||
Loan cost amortization | 259,050 | 187,769 | 745,248 | 274,600 | ||||||||||||
Above (below) market lease amortization | 213,746 | (22,452 | ) | 409,475 | (45,756 | ) | ||||||||||
Perimeter legal accrual | 124,300 | — | 124,300 | — | ||||||||||||
Tenant improvement reserves | (63,400 | ) | — | (122,900 | ) | — | ||||||||||
Recurring capital expenditures | (76,100 | ) | — | (147,500 | ) | — | ||||||||||
Total Core FFO | $ | (1,486,323 | ) | $ | 78,142 | $ | (2,375,099 | ) | $ | 608,831 | ||||||
Weighted Average Common Shares | 17,594,873 | 7,329,788 | 12,727,710 | 7,258,068 | ||||||||||||
Weighted Average Common Units | 3,695,990 | 2,008,338 | 3,618,712 | 1,935,741 | ||||||||||||
Total Common Shares and Units | 21,290,863 | 9,338,126 | 16,346,422 | 9,193,809 | ||||||||||||
FFO per Common Share and Common Units | $ | (0.18 | ) | $ | (0.06 | ) | $ | (0.37 | ) | $ | — | |||||
Core FFO per Common Share and Common Units | $ | (0.07 | ) | $ | 0.01 | $ | (0.15 | ) | $ | 0.07 | ||||||
Pro forma Core FFO per Common Share and Common Units (3) | $ | 0.02 | $ | 0.04 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 7 |
Property Net Operating Income | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(unaudited) | ||||||||||||||||
Property Revenues | $ | 6,470,460 | $ | 3,633,694 | $ | 11,901,410 | $ | 7,297,846 | ||||||||
Property Expenses | 1,901,313 | 909,037 | 3,533,492 | 1,832,219 | ||||||||||||
Property Net Operating Income | 4,569,147 | 2,724,657 | 8,367,918 | 5,465,627 | ||||||||||||
Asset Management and Commission Revenue | 232,901 | — | 554,092 | — | ||||||||||||
Non-REIT management and leasing services | 231,777 | — | 601,552 | — | ||||||||||||
Depreciation and amortization | 4,074,749 | 1,735,944 | 7,311,233 | 3,521,546 | ||||||||||||
Provision for credit losses | 54,538 | (28,032 | ) | 101,736 | (28,032 | ) | ||||||||||
Corporate general & administrative | 3,518,630 | 1,385,549 | 5,829,860 | 2,217,867 | ||||||||||||
Total Other Operating Expenses | 7,879,694 | 3,093,461 | 13,844,381 | 5,711,381 | ||||||||||||
Interest Expense | 2,217,592 | 1,536,637 | 4,596,056 | 2,905,575 | ||||||||||||
Net Loss | $ | (5,295,238 | ) | $ | (1,905,441 | ) | $ | (9,518,427 | ) | $ | (3,151,329 | ) |
EBITDA | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(unaudited) | ||||||||||||||||
Net Loss | $ | (5,295,238 | ) | $ | (1,905,441 | ) | $ | (9,518,427 | ) | $ | (3,151,329 | ) | ||||
Add back: | Depreciation and amortization (1) | 4,288,495 | 1,713,492 | 7,720,708 | 3,475,790 | |||||||||||
Interest Expense (2) | 2,217,592 | 1,536,637 | 4,596,056 | 2,905,575 | ||||||||||||
EBITDA | 1,210,849 | 1,344,688 | 2,798,337 | 3,230,036 | ||||||||||||
Adjustments for items affecting comparability: | ||||||||||||||||
Acquisition costs | 740,223 | 343,000 | 1,433,739 | 400,000 | ||||||||||||
Capital related costs | 553,132 | — | 621,650 | — | ||||||||||||
Other non-recurring expenses (3) | 370,480 | — | 416,980 | — | ||||||||||||
Adjusted EBITDA | $ | 2,874,684 | $ | 1,687,688 | $ | 5,270,706 | $ | 3,630,036 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 8 |
Maturities by Year | Amount | % Total Maturities | ||||
2016 | $ | 20,831,510 | 12.72 | % | ||
2017 | 11,696,973 | 7.14 | % | |||
2018 | 16,244,637 | 9.92 | % | |||
2019 | 5,568,842 | 3.40 | % | |||
2020 | 9,747,349 | 5.95 | % | |||
Thereafter | 99,737,155 | 60.87 | % | |||
Total principal maturities | $ | 163,826,466 | 100.00 | % | ||
Property/Description | Monthly Payment | Interest Rate | Debt Maturity | June 30, 2015 | December 31, 2014 | ||||||||||||
(unaudited) | |||||||||||||||||
Shoppes at Eagle Harbor | $25,100 | 4.34 | % | March 2018 | $3,707,182 | $3,773,319 | |||||||||||
Lumber River Plaza | $18,414 | 5.65 | % | May 2015 | — | 2,894,862 | |||||||||||
Monarch Bank Building | $9,473 | 4.15 | % | December 2017 | 1,403,911 | 1,430,961 | |||||||||||
Perimeter Square | $28,089 | 6.38 | % | June 2016 | 4,230,486 | 4,294,216 | |||||||||||
Riversedge North | $8,802 | 6.00 | % | January 2019 | 985,332 | 1,007,856 | |||||||||||
Walnut Hill Plaza | $24,273 | 5.50 | % | July 2017 | 3,581,642 | 3,626,945 | |||||||||||
Harps at Harbor Point | $18,122 | 3.99 | % | December 2015 | 3,208,045 | 3,251,552 | |||||||||||
Twin City Commons | $17,827 | 4.86 | % | January 2023 | 3,252,384 | 3,279,076 | |||||||||||
Shoppes at TJ Maxx | $33,880 | 3.88 | % | May 2020 | 6,165,620 | 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 | |||||||||||
Forrest Gallery | $50,973 | 5.40 | % | September 2023 | 8,986,434 | 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 | 8,687,246 | 8,746,860 | |||||||||||
Starbucks/Verizon | $4,383 | 5.00 | % | July 2019 | 642,125 | 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 | 3,706,721 | 3,735,739 | |||||||||||
Port Crossing | $34,788 | 4.84 | % | August 2024 | 6,520,434 | 6,568,918 | |||||||||||
LaGrange Marketplace | $13,813 | 5.00 | % | March 2020 | 2,441,717 | 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 | — | 115,728 | |||||||||||
DF I-Edenton | $250,000 | (1) | 3.75 | % | September 2016 | 1,150,000 | 1,650,000 | ||||||||||
DF I-Moyock | $10,665 | 5.00 | % | July 2019 | 471,108 | 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 | 1,023,579 | 1,544,567 | |||||||||||
Pierpont Centre | Interest only | 4.15 | % | February 2025 | 9,800,000 | — | |||||||||||
Alex City Marketplace | Interest only | 4.08 | % | April 2025 | 5,750,000 | — | |||||||||||
Butler Square | Interest only | 3.95 | % | April 2025 | 5,640,000 | — | |||||||||||
Brook Run Shopping Center | Interest only | 3.90 | % | July 2025 | 10,950,000 | — | |||||||||||
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 | $163,826,466 | $141,450,143 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 9 |
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 | 127,141 | 86.0 | % | $ | 951,791 | $ | 7.49 | |||||
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 Shopping Center | Richmond, VA | 18 | 147,738 | 134,791 | 91.2 | % | 1,587,024 | 11.77 | |||||||
Brook Run Properties (2) | Richmond, VA | — | — | — | — | — | — | ||||||||
Bryan Station | Lexington, KY | 9 | 54,397 | 54,397 | 100.0 | % | 553,008 | 10.17 | |||||||
Butler Square | Mauldin, SC | 16 | 82,400 | 82,400 | 100.0 | % | 851,795 | 10.34 | |||||||
Clover Plaza | Clover, SC | 10 | 45,575 | 45,575 | 100.0 | % | 350,143 | 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 | 14 | 80,435 | 75,185 | 93.5 | % | 770,070 | 10.24 | |||||||
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 | % | 1,012,101 | 6.60 | |||||||
Graystone Crossing | Tega Cay, SC | 11 | 21,997 | 21,997 | 100.0 | % | 509,784 | 23.18 | |||||||
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 | % | 146,416 | 18.77 | |||||||
Jenks Reasors | Jenks, OK | 1 | 81,000 | 81,000 | 100.0 | % | 912,000 | 11.26 | |||||||
LaGrange Marketplace | LaGrange, GA | 14 | 76,594 | 72,694 | 94.9 | % | 401,075 | 5.52 | |||||||
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 | % | 1,358,965 | 11.12 | |||||||
Port Crossing | Harrisonburg, VA | 7 | 65,365 | 57,710 | 88.3 | % | 739,442 | 12.81 | |||||||
Riversedge North (1) | Virginia Beach, VA | — | — | — | — | — | — | ||||||||
Shoppes at TJ Maxx | Richmond, VA | 17 | 93,552 | 92,201 | 98.6 | % | 1,089,228 | 11.81 | |||||||
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 | % | 1,232,167 | 8.93 | |||||||
The Shoppes at Eagle Harbor | Carrollton, VA | 7 | 23,303 | 23,303 | 100.0 | % | 454,530 | 19.51 | |||||||
Tulls Creek (2) | Moyock, NC | — | — | — | — | — | — | ||||||||
Twin City Commons | Batesburg-Leesville, SC | 5 | 47,680 | 47,680 | 100.0 | % | 449,710 | 9.43 | |||||||
Walnut Hill Plaza | Petersburg, VA | 11 | 87,239 | 74,345 | 85.2 | % | 593,323 | 7.98 | |||||||
Waterway Plaza | Little River, SC | 9 | 49,750 | 48,550 | 97.6 | % | 434,483 | 8.95 | |||||||
Westland Square | West Columbia, SC | 10 | 62,735 | 59,965 | 95.6 | % | 479,921 | 8.00 | |||||||
Winslow Plaza | Sicklerville, NJ | 15 | 40,695 | 38,295 | 94.1 | % | 552,810 | 14.44 | |||||||
Total | 335 | 2,404,334 | 2,297,893 | 95.6 | % | $ | 21,734,365 | $ | 9.46 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 10 |
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. Bi-Lo/Winn Dixie | 265,391 | 11.04 | % | $ | 1,953 | 8.99 | % | $ | 7.36 | |||||||
2. Food Lion | 191,280 | 7.96 | % | 1,459 | 6.71 | % | 7.63 | |||||||||
3. Kroger | 84,938 | 3.53 | % | 534 | 2.46 | % | 6.28 | |||||||||
4. Reasor's Foods | 81,000 | 3.37 | % | 912 | 4.20 | % | 11.26 | |||||||||
5. Associated Wholesale Grocers | 75,000 | 3.12 | % | 769 | 3.54 | % | 10.25 | |||||||||
6. Hobby Lobby | 58,935 | 2.45 | % | 383 | 1.76 | % | 6.50 | |||||||||
7. Family Dollar | 58,473 | 2.43 | % | 497 | 2.29 | % | 8.50 | |||||||||
8. Food Depot | 57,427 | 2.39 | % | 365 | 1.68 | % | 6.36 | |||||||||
9. Shop 'N Save | 46,700 | 1.94 | % | 140 | 0.64 | % | 3.00 | |||||||||
10. Citi Trends | 37,500 | 1.56 | % | 295 | 1.35 | % | 7.87 | |||||||||
956,644 | 39.79 | % | 7,307 | 33.62 | % | $ | 7.64 |
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 | — | 106,441 | 4.43 | % | — | — | — | $ | — | ||||||||||||||
2015 | 27 | 138,424 | 5.76 | % | 6.02 | % | 1,336 | 6.15 | % | 9.65 | |||||||||||||
2016 | 63 | 250,860 | 10.43 | % | 10.92 | % | 2,515 | 11.57 | % | 10.03 | |||||||||||||
2017 | 59 | 254,825 | 10.6 | % | 11.09 | % | 2,489 | 11.45 | % | 9.77 | |||||||||||||
2018 | 58 | 469,227 | 19.52 | % | 20.42 | % | 3,880 | 17.85 | % | 8.27 | |||||||||||||
2019 | 47 | 282,110 | 11.73 | % | 12.28 | % | 2,884 | 13.27 | % | 10.22 | |||||||||||||
2020 | 43 | 363,239 | 15.11 | % | 15.81 | % | 3,271 | 15.05 | % | 9.01 | |||||||||||||
2021 | 6 | 140,952 | 5.86 | % | 6.13 | % | 1,158 | 5.33 | % | 8.22 | |||||||||||||
2022 | 4 | 22,044 | 0.92 | % | 0.96 | % | 284 | 1.31 | % | 12.88 | |||||||||||||
2023 | 8 | 84,948 | 3.53 | % | 3.7 | % | 937 | 4.31 | % | 11.03 | |||||||||||||
2024 | 18 | 227,084 | 9.44 | % | 9.88 | % | 2,448 | 11.26 | % | 10.78 | |||||||||||||
2025 and thereafter | 2 | 64,180 | 2.67 | % | 2.79 | % | 532 | 2.45 | % | 8.29 | |||||||||||||
335 | 2,404,334 | 100.00 | % | 100.00 | % | $ | 21,734 | 100.00 | % | $ | 9.46 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 11 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 12 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 13 |