Exhibit 99.2













Supplemental Operating and Financial Data
for the three and nine months ended September 30, 2015


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



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, 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.


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


Company Overview
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
Stewart J. Brown
Carl B. McGowan, Jr.
Kurt R. 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 and Portfolio Overview
For the Three Months Ended September 30, 2015 (Unaudited)

Financial Results
 
Net loss attributable to Wheeler REIT common stockholders
$
(22,134,127
)
Net loss per basic and diluted share
$
(0.35
)
Funds from operations (FFO) (1)
$
(2,167,593
)
FFO per common share and Operating Partnership (OP) unit
$
(0.04
)
Adjusted FFO (AFFO) (1)
$
1,359,229

AFFO per common share and OP unit
$
0.02

Pro forma AFFO per common share and OP unit (2)
$
0.02

 
 
Assets
 
Investment Properties, net (less accumulated depreciation and amortization) (3)
$
263,113,891

Total Assets
$
339,037,026

Debt to Total Assets (3)
61.38
%
 
 
Market Capitalization
 
Common shares outstanding
66,146,331

OP units outstanding
4,069,578

Total common shares and OP units
70,215,909

Range of Common Stock closing prices for the third quarter 2015
$1.77-$2.05

Common Stock closing price at third quarter end

$1.90

Total number of Series B preferred shares
729,119

Range of Series B preferred closing prices for the third quarter 2015
$22.10-$24.50

Series B preferred closing price at third quarter end

$23.25

Total debt (3)
$
208,097,304

Common Stock market capitalization (as of September 30, 2015 closing stock price)
$
125,678,029

 
 
Portfolio Summary
 
Total Gross Leasable Area (GLA)
3,338,858 sq. ft.

Occupancy Rate
94.3
%
Annualized Base Rent
$
29,301,944

Total number of leases signed or renewed during the third quarter of 2015
26

Total sq. ft. leases signed or renewed during the third quarter of 2015
96,238

(1)    See page 12 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)    Pro forma AFFO assumes the following transactions had occurred on January 1, 2015: (i) the Pierpont Center, Alex City Marketplace, Butler Square, Brook Run Shopping Center, Beaver Ruin Village, Beaver Ruin Village II, Chesapeake Square, Sunshine Plaza, Barnett Portfolio, Grove Park, Parkway Plaza, Ft. Howard Square and Conyers Crossing acquisitions; the sales of Bixby Commons, Harps and Jenks Reasors; the Series C Preferred Stock capital raise and subsequent conversion; and the Series A Preferred Stock and Series B Convertible Preferred Stock exchange offer that closed on July 23, 2015. Additionally, we excluded all non-recurring expenses detailed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our September 2015 Quarterly Report on Form 10-Q, the Lumber River loan which was paid off on May 1, 2015 and any additional common stock and common units issued during the nine months ended September 30, 2015 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, 2015, 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, 2015.
(3)     Investment properties, net includes investment properties held for sale. Debt to total assets includes debt associated with assets held for sale.

Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
4



Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
 
September 30,
2015
 
December 31,
2014
 
(unaudited)
 
 
ASSETS:
 
 
 
Investment properties, net
$
238,211,766

 
$
127,140,394

Cash and cash equivalents
7,993,293

 
9,969,748

Rents and other tenant receivables, net
2,143,239

 
1,874,084

Goodwill
5,485,823

 
7,004,072

Assets held for sale
28,783,341

 
29,093,364

Above market lease intangible, net
7,087,784

 
4,488,900

Deferred costs and other assets, net
49,331,780

 
25,400,706

Total Assets
$
339,037,026

 
$
204,971,268

LIABILITIES:
 
 
 
Loans payable
$
186,283,498

 
$
120,865,586

Liabilities associated with assets held for sale
21,943,128

 
20,722,981

Below market lease intangible, net
8,237,912

 
5,182,437

Accounts payable, accrued expenses and other liabilities
9,189,347

 
5,076,837

Total Liabilities
225,653,885

 
151,847,841

Commitments and contingencies
—

 
—

EQUITY:
 
 
 
Series A preferred stock (no par value, 4,500 shares authorized, 562 and 1,809 shares issued and outstanding, respectively)
452,971

 
1,458,050

Series B convertible preferred stock (no par value, 3,000,000 shares authorized, 729,119 and 1,648,900 shares issued and outstanding, respectively)
16,996,622

 
37,620,254

Common stock ($0.01 par value, 150,000,000 and 75,000,000 shares authorized, 66,146,331 and 7,512,979 shares issued and outstanding, respectively)
661,463

 
75,129

Additional paid-in capital
219,921,401

 
31,077,060

Accumulated deficit
(134,145,251
)
 
(27,660,234
)
Total Shareholders’ Equity
103,887,206

 
42,570,259

Noncontrolling interests
9,495,935

 
10,553,168

Total Equity
113,383,141

 
53,123,427

Total Liabilities and Equity
$
339,037,026

 
$
204,971,268



Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
5



Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations

 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
 
(unaudited)
TOTAL REVENUES
$
7,167,213

 
$
3,506,414

 
$
18,213,885

 
$
9,479,342

OPERATING EXPENSES:
 
 
 
 
 
 
 
Property operations
2,094,054

 
1,101,006

 
5,474,129

 
2,819,618

Non-REIT management and leasing services
299,566

 
—

 
901,118

 
—

Depreciation and amortization
4,824,448

 
1,961,041

 
11,672,780

 
4,996,141

Provision for credit losses
112,580

 
46,774

 
214,316

 
18,742

Corporate general & administrative
4,895,567

 
3,024,675

 
10,710,262

 
5,203,728

Total Operating Expenses
12,226,215

 
6,133,496

 
28,972,605

 
13,038,229

Operating Income
(5,059,002
)
 
(2,627,082
)
 
(10,758,720
)
 
(3,558,887
)
Interest expense
(2,306,017
)
 
(1,491,749
)
 
(6,406,466
)
 
(3,945,332
)
Net Loss from Continuing Operations
(7,365,019
)
 
(4,118,831
)
 
(17,165,186
)
 
(7,504,219
)
Income from Discontinued Operations
206,603

 
117,078

 
488,343

 
351,137

Net Loss
(7,158,416
)
 
(4,001,753
)
 
(16,676,843
)
 
(7,153,082
)
Less: Net loss attributable to noncontrolling interests
(428,702
)
 
(487,284
)
 
(1,331,294
)
 
(655,987
)
Net Loss Attributable to Wheeler REIT
(6,729,714
)
 
(3,514,469
)
 
(15,345,549
)
 
(6,497,095
)
Preferred stock dividends
(2,279,907
)
 
(1,088,062
)
 
(13,116,232
)
 
(1,552,320
)
Deemed dividend related to beneficial conversion feature of preferred stock
(13,124,506
)
 
—

 
(72,644,506
)
 
—

Net Loss Attributable to Wheeler REIT
Common Shareholders
$
(22,134,127
)
 
$
(4,602,531
)
 
$
(101,106,287
)
 
$
(8,049,415
)
Loss per share from continuing operations:
 
 
 
 
 
 
 
Basic and Diluted
$
(0.35
)
 
$
(0.64
)
 
$
(3.41
)
 
$
(1.15
)
Earnings per share from discontinued operations
0.00
 
0.02

 
0.01

 
0.05

 
$
(0.35
)
 
$
(0.62
)
 
$
(3.40
)
 
$
(1.10
)
Weighted-average number of shares:
 
 
 
 
 
 
 
Basic and Diluted
63,262,408

 
7,430,413

 
29,757,718

 
7,316,147







Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
6


Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measures (1)
FFO and AFFO
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
 
(unaudited)
FFO
$
(2,167,593
)
 
$
(1,796,509
)
 
$
(4,374,787
)
 
$
(1,426,292
)
Preferred stock dividends
(2,279,907
)
 
(1,088,062
)
 
(13,116,232
)
 
(1,552,320
)
Preferred stock accretion adjustments
1,857,133

 
114,719

 
8,836,696

 
181,856

FFO available to common shareholders and common unitholders
(2,590,367
)
 
(2,769,852
)
 
(8,654,323
)
 
(2,796,756
)
Acquisition costs
1,733,639

 
1,505,000

 
3,167,378

 
1,905,000

Capital related costs
1,826,240

 
—

 
2,447,890

 
—

Other non-recurring expenses (2)
149,833

 
—

 
566,813

 
—

Share-based compensation
54,700

 
45,000

 
356,000

 
190,000

Straight-line rent
(108,595
)
 
41,844

 
(202,030
)
 
179,953

Loan cost amortization
303,463

 
140,068

 
1,048,711

 
414,668

Above (below) market lease amortization
153,512

 
44,288

 
562,987

 
(1,468
)
Perimeter legal accrual
3,504

 
—

 
127,804

 
—

Tenant improvement reserves
(76,500
)
 
—

 
(199,400
)
 
—

Recurring capital expenditures
(90,200
)
 
—

 
(237,700
)
 
—

AFFO
$
1,359,229

 
$
(993,652
)
 
$
(1,015,870
)
 
$
(108,603
)
 
 
 
 
 
 
 
 
Weighted Average Common Shares
$
63,262,408

 
$
7,430,413

 
$
29,757,718

 
$
7,316,147

Weighted Average Common Units
4,149,556

 
2,029,768

 
3,797,605

 
1,967,428

Total Common Shares and Units
67,411,964

 
9,460,181

 
33,555,323

 
9,283,575

FFO per Common Share and Common Units
$
(0.04
)
 
$
(0.29
)
 
$
(0.26
)
 
$
(0.30
)
AFFO per Common Share and Common Units
$
0.02

 
$
(0.11
)
 
$
(0.03
)
 
$
(0.01
)
Pro forma AFFO per Common Share and Common Units (3)
$
0.02

 


 
$
0.07

 
 

(1)    See page 12 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)    Other non-recurring expenses are detailed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our September 2015 Quarterly Report on Form 10-Q.
(3)    Pro forma AFFO assumes the following transactions had occurred on January 1, 2015: (i) the Pierpont Center, Alex City Marketplace, Butler Square, Brook Run Shopping Center, Beaver Ruin Village, Beaver Ruin Village II, Chesapeake Square, Sunshine Plaza, Barnett Portfolio, Grove Park, Parkway Plaza, Ft. Howard Square and Conyers Crossing acquisitions; the sales of Bixby Commons, Harps and Jenks Reasors; the Series C Preferred Stock capital raise and subsequent conversion; and the Series A Preferred Stock and Series B Convertible Preferred Stock exchange offer that closed on July 23, 2015. Additionally, we excluded all non-recurring expenses detailed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our September 2015 Quarterly Report on Form 10-Q, the Lumber River loan which was paid off on May 1, 2015 and any additional common stock and common units issued during the nine months ended September 30, 2015 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, 2015, 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, 2015.



Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
7


Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measures (continued)
Property Net Operating Income
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
 
(unaudited)
Property Revenues
$
6,948,196

 
$
3,506,414

 
$
17,440,776

 
$
9,479,342

Property Expenses
2,094,054

 
1,101,006

 
5,474,129

 
2,819,618

Property Net Operating Income
4,854,142

 
2,405,408

 
11,966,647

 
6,659,724

Asset Management and Commission Revenue
219,017

 
—

 
773,109

 
—

Non-REIT management and leasing services
299,566

 
—

 
901,118

 
—

Depreciation and amortization
4,824,448

 
1,961,041

 
11,672,780

 
4,996,141

Provision for credit losses
112,580

 
46,774

 
214,316

 
18,742

Corporate general & administrative
4,895,567

 
3,024,675

 
10,710,262

 
5,203,728

Total Other Operating Expenses
10,132,161

 
5,032,490

 
23,498,476

 
10,218,611

Interest Expense
2,306,017

 
1,491,749

 
6,406,466

 
3,945,332

Net Loss from Continuing Operations
(7,365,019
)
 
(4,118,831
)
 
(17,165,186
)
 
(7,504,219
)
Net Income from Discontinued Operations
206,603

 
117,078

 
488,343

 
351,137

Net Loss
$
(7,158,416
)
 
$
(4,001,753
)
 
$
(16,676,843
)
 
$
(7,153,082
)
EBITDA
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2015
 
2014
 
2015
 
2014
 
(unaudited)
Net Loss
$
(7,158,416
)
 
$
(4,001,753
)
 
$
(16,676,843
)
 
$
(7,153,082
)
Add back:
Depreciation and amortization (1)
5,144,335

 
2,249,532

 
12,865,043

 
5,725,322

 
Interest Expense (2)
2,544,402

 
1,720,835

 
7,140,459

 
4,626,410

EBITDA
530,321

 
(31,386
)
 
3,328,659

 
3,198,650

Adjustments for items affecting comparability:
 
 
 
 
 
 
 
 
Acquisition costs
1,733,639

 
1,505,000

 
3,167,378

 
1,905,000

 
Capital related costs
1,826,240

 
—

 
2,447,890

 
—

 
Other non-recurring expenses (3)
149,833

 
—

 
566,813

 
—

Adjusted EBITDA
$
4,240,033

 
$
1,473,614

 
$
9,510,740

 
$
5,103,650

(1)    Includes above (below) market lease amortization and amounts associated with assets held for sale.
(2)    Includes loan cost amortization and amounts associated with assets held for sale.
(3)     Other non-recurring expenses are detailed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our September 2015 Quarterly Report on Form 10-Q.


Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
8


Debt Summary
For the Three Months Ended September 30, 2015
Loans Payable: $208.1 million
Weighted Average Interest Rate: 4.79%
Total Debt to Total Assets: 61.4%

Debt from Continuing Operations:
Maturities by Year
Amount
 
% Total Maturities

2016
$
17,701,213

 
9.50
%
2017
5,864,764

 
3.15
%
2018
5,592,500

 
3.00
%
2019
5,530,929

 
2.97
%
2020
9,179,177

 
4.93
%
Thereafter
142,414,915

 
76.45
%
Total principal maturities
$
186,283,498

 
100.00
%
 
 
 
 
Debt Associated with Assets Held for Sale:
Maturities by Year
Amount
 
% Total Maturities

2016
$
11,876,015

 
54.44
%
2017
339,310

 
1.56
%
2018
7,676,838

 
35.19
%
2019
571,643

 
2.62
%
2020
—

 
0.00
%
Thereafter
1,350,000

 
6.19
%
Total principal maturities
$
21,813,806

 
100.00
%
 
 
 
 
Total Debt:
Maturities by Year
Amount
 
% Total Maturities

2016
$
29,577,228

 
14.21
%
2017
6,204,074

 
2.98
%
2018
13,269,338

 
6.38
%
2019
6,102,572

 
2.93
%
2020
9,179,177

 
4.41
%
Thereafter
143,764,915

 
69.09
%
Total principal maturities
$
208,097,304

 
100.00
%
 
 
 
 


Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
9


Debt Summary (continued)

Property/Description
 
Monthly Payment
 
Interest Rate
 
Debt Maturity
 
September 30, 2015
 
December 31, 2014
 
 
 
 
 
 
 
 
(unaudited)
 
 
Shoppes at Eagle Harbor
 

$25,100

 
4.34
%
 
March 2018
 

$3,670,562

 

$3,773,319

Lumber River Plaza
 

$18,414

 
5.65
%
 
May 2015
 
—

 
2,894,862

Monarch Bank Building
 

$9,473

 
4.15
%
 
December 2017
 
1,390,333

 
1,430,961

Perimeter Square
 

$28,089

 
6.38
%
 
June 2016
 
4,198,947

 
4,294,216

Riversedge North
 

$8,802

 
6.00
%
 
January 2019
 
973,975

 
1,007,856

Walnut Hill Plaza
 

$24,273

 
5.50
%
 
July 2017
 
3,559,055

 
3,626,945

Harps at Harbor Point
 

$18,122

 
3.99
%
 
December 2015
 
3,186,314

 
3,251,552

Twin City Commons
 

$17,827

 
4.86
%
 
January 2023
 
3,239,229

 
3,279,076

Shoppes at TJ Maxx
 

$33,880

 
3.88
%
 
May 2020
 
6,123,650

 
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
 
8,957,445

 
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
 
8,658,145

 
8,746,860

Starbucks/Verizon
 

$4,383

 
5.00
%
 
July 2019
 
637,159

 
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
 
3,692,427

 
3,735,739

Port Crossing
 

$34,788

 
4.84
%
 
August 2024
 
6,496,619

 
6,568,918

LaGrange Marketplace
 

$13,813

 
5.50
%
 
March 2020
 
2,430,046

 
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
 
445,021

 
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
 
754,706

 
1,544,567

Pierpont Centre
 
Interest only

 
3.95
%
 
February 2025
 
9,800,000

 
—

Alex City Marketplace
 
Interest only

 
3.90
%
 
April 2025
 
5,750,000

 
—

Butler Square
 
Interest only

 
4.08
%
 
April 2025
 
5,640,000

 
—

Brook Run Shopping Center
 
Interest only

 
3.90
%
 
June 2025
 
10,950,000

 
—

Beaver Ruin Village I and II
 
Interest only

 
4.73
%
 
July 2025
 
9,400,000

 
—

Columbia Fire Station
 
Interest only

 
8.00
%
 
December 2017
 
441,171

 
—

Sunshine Shopping Plaza
 
Interest only

 
4.57
%
 
August 2025
 
5,900,000

 
—

Barnett Portfolio
 
Interest only

 
4.30
%
 
September 2025
 
8,770,000

 
—

Grove Park Shopping Center
 
Interest only

 
4.52
%
 
October 2025
 
3,800,000

 
—

Parkway Plaza
 
Interest only

 
4.57
%
 
October 2025
 
3,500,000

 
—

Conyers Crossing
 
Interest only

 
4.67
%
 
October 2025
 
5,960,000

 
—

Fort Howard Shopping Center
 
Interest only

 
4.57
%
 
October 2025
 
7,100,000

 
—

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 (2)
 
 
 
 
 
 
 

$208,097,304

 

$141,450,143

(1) Represents quarterly payment.
(2) Includes debt associated with assets held for sale.
    


Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
10


Portfolio Summary (as of September 30, 2015)
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
18

147,791

129,941

87.9
%
$
935,291

$
7.20

Amscot Building
Tampa, FL
1

2,500

2,500

100.0
%
115,849

46.34

Beaver Ruin Village
Lilburn, GA
27

74,048

62,461

84.4
%
1,019,304

16.32

Beaver Ruin Village II
Lilburn, GA
4

34,925

34,925

100.0
%
404,776

11.59

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
21

147,738

139,154

94.2
%
1,650,750

11.86

Brook Run Properties (2)
Richmond, VA
—

—

—

—
%
—

—

Bryan Station
Lexington, KY
9

54,397

54,397

100.0
%
553,004

10.17

Butler Square
Mauldin, SC
16

82,400

82,400

100.0
%
829,592

10.07

Cardinal Plaza
Henderson, NC
7

50,000

42,000

84.0
%
423,000

10.07

Carolina Place (2)
Onley, VA
—

—

—

—
%
—

—

Chesapeake Square
Onley, VA
10

99,848

76,048

76.2
%
607,583

7.99

Clover Plaza
Clover, SC
10

45,575

45,575

100.0
%
354,771

7.78

Courtland Commons (2)
Courtland, VA
—

—

—

—
%
—

—

Columbia Fire Station (2)
Columbia, SC
—

—

—

—
%
—

—

Conyers Crossing
Conyers, GA
13

170,475

169,425

99.4
%
861,032

5.08

Crockett Square
Morristown, TN
4

107,122

107,122

100.0
%
871,897

8.14

Cypress Shopping Center
Boiling Springs, SC
16

80,435

77,635

96.5
%
804,020

10.36

Edenton Commons (2)
Edenton, NC
—

—

—

—
%
—

—

Forrest Gallery
Tullahoma, TN
25

214,450

197,198

92.0
%
1,169,934

5.93

Fort Howard Shopping Center
Rincon, GA
16

113,652

107,813

94.9
%
1,030,790

9.56

Freeway Junction
Stockbridge, GA
16

156,834

151,924

96.9
%
1,005,144

6.62

Franklinton Square
Franklinton, NC
11

65,366

56,300

86.1
%
484,295

8.60

Graystone Crossing
Tega Cay, SC
11

21,997

21,997

100.0
%
513,256

23.33

Grove Park
Grove, OK
16

106,557

95,829

89.8
%
681,547

7.11

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

Hilton Head (2)
Hilton Head, SC
—

—

—

—
%
—

—

Jenks Plaza
Jenks, OK
5

7,800

7,800

100.0
%
148,629

19.06

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
%
387,875

5.43

Laskin Road (2)
Virginia Beach, VA
—

—

—

—
%
—

—

Lumber River Village
Lumberton, NC
12

66,781

66,781

100.0
%
502,906

7.53

Monarch Bank
Virginia Beach, VA
1

3,620

3,620

100.0
%
250,538

69.21

Nashville Commons
Nashville, NC
12

56,100

56,100

100.0
%
564,435

10.06

Parkway Plaza
Brunswick, GA
5

52,365

50,765

96.9
%
532,743

10.49

Perimeter Square
Tulsa, OK
8

58,277

55,773

95.7
%
737,094

13.22

Pierpont Centre
Morgantown, WV
20

122,259

122,259

100.0
%
1,338,612

10.95

Port Crossing
Harrisonburg, VA
7

65,365

57,710

88.3
%
741,234

12.84

Riversedge North (1)
Virginia Beach, VA
—

—

—

—
%
—

—

Shoppes at TJ Maxx
Richmond, VA
18

93,552

93,552

100.0
%
1,115,281

11.92

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
5

59,279

42,828

72.3
%
292,821

6.84

Sunshine Plaza
Lehigh Acres, FL
21

111,189

107,486

96.7
%
950,709

8.84

Surrey Plaza
Hawkinsville, GA
5

42,680

42,680

100.0
%
291,495

6.83

Tampa Festival
Tampa, FL
19

137,987

129,984

94.2
%
1,174,904

9.04

The Shoppes at Eagle Harbor
Carrollton, VA
7

23,303

23,303

100.0
%
456,327

19.58

Tulls Creek (2)
Moyock, NC
—

—

—

—
%
—

—

Twin City Commons
Batesburg-Leesville, SC
5

47,680

47,680

100.0
%
450,310

9.44

Walnut Hill Plaza
Petersburg, VA
11

87,239

74,345

85.2
%
589,314

7.93

Waterway Plaza
Little River, SC
9

49,750

48,550

97.6
%
434,483

8.95

Westland Square
West Columbia, SC
10

62,735

57,665

91.9
%
465,192

8.07

Winslow Plaza
Sicklerville, NJ
17

40,695

40,695

100.0
%
573,202

14.09

Total
 
479

3,338,858

3,146,912

94.3
%
$
29,301,944

$
9.31

(1)    Riversedge North is our corporate office.
(2)    This information is not available because the property is undeveloped.

Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
11


Top Ten Tenants by Annualized Base Rent
(as of September 30, 2015)

Total Tenants : 479
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
392,898

 
11.77
%
 
$
2,853

 
9.74
%
 
$
7.26

2.    Food Lion
325,576

 
9.75
%
 
2,691

 
9.18
%
 
8.27

3.    Hobby Lobby
114,298

 
3.42
%
 
660

 
2.25
%
 
5.77

4.    Kroger
84,938

 
2.54
%
 
534

 
1.82
%
 
6.29

5.    Burlington Coat Factory
83,552

 
2.50
%
 
176

 
0.6
%
 
2.11

6.    Reasor's Foods
81,000

 
2.43
%
 
912

 
3.11
%
 
11.26

7.    Associated Wholesale Grocery
75,000

 
2.25
%
 
769

 
2.62
%
 
10.25

8.    Family Dollar
67,626

 
2.03
%
 
465

 
1.59
%
 
6.88

9.    Giant Food Stores, LLC
58,473

 
1.75
%
 
497

 
1.7
%
 
8.50

10.    Goodwill
56,343

 
1.69
%
 
432

 
1.47
%
 
7.67

 
1,339,704

 
40.13
%
 
9,989

 
34.08
%
 
$
7.46


Leasing Summary
(as of September 30, 2015)

Gross Leasable Area: 3,338,858 square feet
Total Square Footage Leased: 3,146,912 square feet
Occupancy Rate: 94.3%

Lease Expiration Schedule
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
 
—

 
191,946

 
5.75
%
 
—

 
—

 
—

 
$
—

2015
 
13
 
33,857

 
1.01
%
 
1.08
%
 
314

 
1.07
%
 
9.27

2016
 
81
 
236,921

 
7.1
%
 
7.53
%
 
2,732

 
9.32
%
 
11.53

2017
 
105
 
436,506

 
13.07
%
 
13.87
%
 
4,573

 
15.61
%
 
10.48

2018
 
90
 
573,689

 
17.18
%
 
18.23
%
 
4,838

 
16.51
%
 
8.43

2019
 
64
 
455,594

 
13.65
%
 
14.48
%
 
4,047

 
13.81
%
 
8.88

2020
 
70
 
567,295

 
16.99
%
 
18.03
%
 
5,103

 
17.42
%
 
9

2021
 
15
 
302,719

 
9.07
%
 
9.62
%
 
2,162

 
7.38
%
 
7.14

2022
 
9
 
67,484

 
2.02
%
 
2.14
%
 
875

 
2.99
%
 
12.97

2023
 
9
 
129,841

 
3.89
%
 
4.13
%
 
1,261

 
4.3
%
 
9.71

2024
 
15
 
287,728

 
8.62
%
 
9.14
%
 
2,889

 
9.86
%
 
10.04

2025 and thereafter
 
8
 
55,278

 
1.65
%
 
1.75
%
 
508

 
1.73
%
 
9.19

 
 
479
 
3,338,858

 
100.00
%
 
100.00
%
 
$
29,302

 
100.00
%
 
$
9.31



Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
12


Definitions
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.
Adjusted FFO (AFFO): 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, acquisition costs and capital raise costs. Management uses AFFO, which is a non-GAAP financial measure, to exclude such items. Management believes that reporting AFFO 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. The Company also presents Pro Forma AFFO which shows the impact of certain activities assuming they occurred at the beginning of the year.
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 interests, and depreciation and amortization, from income from continuing operations. The Company also presents Adjusted EBITDA which excludes affecting the comparability of the periods presented, including but not limited to, costs associated with acquisitions and capital related activities.

Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
13


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.


Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
14