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 | |
Wilkes J. Graham - CFO | |
Steven M. Belote - COO | |
Robin A. Hanisch - Secretary | |
David R. Kelly - Senior VP/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 |
John McAuliffe | |
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 | $ | (2,686,430 | ) |
Net loss per basic and diluted share | $ | (0.04 | ) |
Funds from operations available to common shareholders and Operating Partnership (OP) unitholders (FFO) (1) | $ | 536,849 | |
FFO per common share and OP unit | $ | 0.01 | |
Adjusted FFO (AFFO) (1) | $ | 1,864,139 | |
AFFO per common share and OP unit | $ | 0.03 | |
Pro forma AFFO per common share and OP unit (2) | $ | 0.03 | |
Assets | |||
Investment Properties, net (less accumulated depreciation and amortization) (3) | $ | 240,049,519 | |
Total Assets | $ | 313,969,852 | |
Debt to Total Assets (3) | 60.94 | % | |
Market Capitalization | |||
Common shares outstanding | 66,259,673 | ||
OP units outstanding | 4,055,292 | ||
Total common shares and OP units | 70,314,965 | ||
Range of Common Stock closing prices for the fourth quarter 2015 | $1.67-$2.03 | ||
Common Stock closing price at year end | $ | 1.93 | |
Total number of Series B preferred shares | 729,119 | ||
Range of Series B preferred closing prices for the fourth quarter 2015 | $22.50-$23.50 | ||
Series B preferred closing price at year end | $ | 23.25 | |
Total debt (3) | $ | 191,322,498 | |
Common Stock market capitalization (as of December 31, 2015 closing stock price) | $ | 127,881,169 | |
Portfolio Summary | |||
Total Gross Leasable Area (GLA) in sq. ft. | 3,151,358 | ||
Occupancy Rate | 94.2 | % | |
Annualized Base Rent | $ | 27,291,152 | |
Total number of leases signed or renewed during 2015 | 85 | ||
Total sq. ft. leases signed or renewed during 2015 | 380,089 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 4 |
December 31, | |||||||
2015 | 2014 | ||||||
ASSETS: | |||||||
Investment properties, net | $ | 238,764,631 | $ | 128,994,061 | |||
Cash and cash equivalents | 11,306,185 | 9,969,748 | |||||
Rents and other tenant receivables, net | 3,452,700 | 1,978,149 | |||||
Goodwill | 5,485,823 | 7,004,072 | |||||
Assets held for sale | 1,707,709 | 27,095,415 | |||||
Above market lease intangible, net | 6,517,529 | 4,488,900 | |||||
Deferred costs and other assets, net | 46,735,275 | 25,440,923 | |||||
Total Assets | $ | 313,969,852 | $ | 204,971,268 | |||
LIABILITIES: | |||||||
Loans payable | $ | 189,340,456 | $ | 122,296,547 | |||
Liabilities associated with assets held for sale | 2,007,554 | 19,283,423 | |||||
Below market lease intangible, net | 7,721,335 | 5,182,437 | |||||
Accounts payable, accrued expenses and other liabilities | 7,533,769 | 5,085,434 | |||||
Total Liabilities | 206,603,114 | 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) | 17,085,147 | 37,620,254 | |||||
Common stock ($0.01 par value, 150,000,000 and 75,000,000 shares authorized, 66,259,673 and 7,512,979 shares issued and outstanding, respectively) | 662,596 | 75,129 | |||||
Additional paid-in capital | 220,370,984 | 31,077,060 | |||||
Accumulated deficit | (140,306,846 | ) | (27,660,234 | ) | |||
Total Shareholders’ Equity | 98,264,852 | 42,570,259 | |||||
Noncontrolling interests | 9,101,886 | 10,553,168 | |||||
Total Equity | 107,366,738 | 53,123,427 | |||||
Total Liabilities and Equity | $ | 313,969,852 | $ | 204,971,268 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 5 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
TOTAL REVENUES | $ | 9,238,609 | $ | 5,120,784 | $ | 27,734,205 | $ | 14,874,093 | |||||||
OPERATING EXPENSES: | |||||||||||||||
Property operations | 2,832,261 | 1,270,395 | 8,351,456 | 4,123,439 | |||||||||||
Non-REIT management and leasing services | 209,587 | — | 1,110,705 | — | |||||||||||
Depreciation and amortization | 5,160,298 | 2,331,420 | 16,882,462 | 7,387,729 | |||||||||||
Provision for credit losses | 28,713 | 42,099 | 243,029 | 60,841 | |||||||||||
Corporate general & administrative | 2,766,821 | 4,239,773 | 13,480,089 | 9,447,010 | |||||||||||
Total Operating Expenses | 10,997,680 | 7,883,687 | 40,067,741 | 21,019,019 | |||||||||||
Operating Income | (1,759,071 | ) | (2,762,903 | ) | (12,333,536 | ) | (6,144,926 | ) | |||||||
Interest expense | (2,593,300 | ) | (1,914,795 | ) | (9,043,761 | ) | (5,908,548 | ) | |||||||
Net Loss from Continuing Operations | (4,352,371 | ) | (4,677,698 | ) | (21,377,297 | ) | (12,053,474 | ) | |||||||
Discontinued Operations | |||||||||||||||
Income from discontinued operations | 151,698 | 84,965 | 499,781 | 307,659 | |||||||||||
Gain on Sales | 2,104,114 | — | 2,104,114 | — | |||||||||||
Net Income from Discontinued Operations | 2,255,812 | 84,965 | 2,603,895 | 307,659 | |||||||||||
Net Loss | (2,096,559 | ) | (4,592,733 | ) | (18,773,402 | ) | (11,745,815 | ) | |||||||
Less: Net income (loss) attributable to noncontrolling interests | 78,571 | (539,573 | ) | (1,252,723 | ) | (1,195,560 | ) | ||||||||
Net Loss Attributable to Wheeler REIT | (2,175,130 | ) | (4,053,160 | ) | (17,520,679 | ) | (10,550,255 | ) | |||||||
Preferred stock dividends | (511,300 | ) | (1,165,937 | ) | (13,627,532 | ) | (2,718,257 | ) | |||||||
Deemed dividend related to beneficial conversion feature of preferred stock | — | — | (72,644,506 | ) | — | ||||||||||
Net Loss Attributable to Wheeler REIT Common Shareholders | $ | (2,686,430 | ) | $ | (5,219,097 | ) | $ | (103,792,717 | ) | $ | (13,268,512 | ) | |||
Loss per share from continuing operations (basic and diluted): | $ | (0.07 | ) | $ | (0.71 | ) | $ | (2.73 | ) | $ | (1.83 | ) | |||
Earnings per share from discontinued operations | $ | 0.03 | $ | 0.01 | $ | 0.06 | $ | 0.03 | |||||||
$ | (0.04 | ) | $ | (0.70 | ) | $ | (2.67 | ) | $ | (1.80 | ) | ||||
Weighted-average number of shares: | |||||||||||||||
Basic and Diluted | 66,189,261 | 7,460,109 | 38,940,463 | 7,352,433 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 6 |
FFO and AFFO | Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
2015 | 2014 (4) | 2015 | 2014 (4) | |||||||||||||
Net (loss) | $ | (2,096,559 | ) | $ | (4,592,733 | ) | $ | (18,773,402 | ) | $ | (11,745,815 | ) | ||||
Depreciation of real estate assets from continuing operations | 5,160,297 | 2,331,421 | 16,882,462 | 7,387,729 | ||||||||||||
Depreciation of real estate assets from discontinued operations | — | 162,279 | 579,891 | 832,761 | ||||||||||||
Depreciation of real estate assets | 5,160,297 | 2,493,700 | 17,462,353 | 8,220,490 | ||||||||||||
Gain on sale of discontinued operations | (2,104,114 | ) | — | (2,104,114 | ) | — | ||||||||||
Total FFO | 959,624 | (2,099,033 | ) | (3,415,163 | ) | (3,525,325 | ) | |||||||||
Preferred stock dividends | (511,300 | ) | (1,165,937 | ) | (13,627,532 | ) | (2,718,257 | ) | ||||||||
Preferred stock accretion adjustments | 88,525 | 197,728 | 8,925,221 | 379,584 | ||||||||||||
FFO available to common shareholders and common unitholders | 536,849 | (3,067,242 | ) | (8,117,474 | ) | (5,863,998 | ) | |||||||||
Acquisition costs | 703,659 | 1,882,900 | 3,871,037 | 3,787,900 | ||||||||||||
Capital related costs | 207,584 | — | 2,655,474 | — | ||||||||||||
Other non-recurring expenses (2) | 203,944 | — | 770,757 | — | ||||||||||||
Share-based compensation | 191,000 | 266,988 | 547,000 | 456,988 | ||||||||||||
Straight-line rent | (68,843 | ) | (67,267 | ) | (270,873 | ) | (247,220 | ) | ||||||||
Loan cost amortization | 252,190 | 372,560 | 1,300,901 | 787,228 | ||||||||||||
Above (below) market lease amortization | 53,678 | 87,276 | 616,665 | 85,808 | ||||||||||||
Perimeter legal accrual | 5,478 | — | 133,282 | — | ||||||||||||
Tenant improvement reserves | (103,200 | ) | (53,500 | ) | (302,600 | ) | (194,400 | ) | ||||||||
Recurring capital expenditures | (118,200 | ) | (65,800 | ) | (355,900 | ) | (239,200 | ) | ||||||||
AFFO | $ | 1,864,139 | $ | (644,085 | ) | $ | 848,269 | $ | (1,426,894 | ) | ||||||
Weighted Average Common Shares | 66,189,261 | 7,460,109 | 38,940,463 | 7,352,433 | ||||||||||||
Weighted Average Common Units | 4,058,398 | 3,191,209 | 3,863,339 | 2,275,888 | ||||||||||||
Total Common Shares and Units | 70,247,659 | 10,651,318 | 42,803,802 | 9,628,321 | ||||||||||||
FFO per Common Share and Common Units | $ | 0.01 | $ | (0.29 | ) | $ | (0.19 | ) | $ | (0.61 | ) | |||||
AFFO per Common Share and Common Units | $ | 0.03 | $ | (0.06 | ) | $ | 0.02 | $ | (0.15 | ) | ||||||
Pro forma AFFO per Common Share and Common Units (3) | $ | 0.03 | $ | — | $ | 0.11 | $ | — |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 7 |
Property Net Operating Income | Three Months Ended December 31, | Years Ended December 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Property Revenues | $ | 9,060,744 | $ | 4,665,618 | $ | 26,783,231 | $ | 14,418,927 | |||||||
Property Expenses | 2,832,261 | 1,270,395 | 8,351,456 | 4,123,439 | |||||||||||
Property Net Operating Income | 6,228,483 | 3,395,223 | 18,431,775 | 10,295,488 | |||||||||||
Asset Management and Commission Revenue | 177,865 | 455,166 | 950,974 | 455,166 | |||||||||||
Non-REIT management and leasing services | 209,587 | — | 1,110,705 | — | |||||||||||
Depreciation and amortization | 5,160,298 | 2,331,420 | 16,882,462 | 7,387,729 | |||||||||||
Provision for credit losses | 28,713 | 42,099 | 243,029 | 60,841 | |||||||||||
Corporate general & administrative | 2,766,821 | 4,239,773 | 13,480,089 | 9,447,010 | |||||||||||
Total Other Operating Expenses | 8,165,419 | 6,613,292 | 31,716,285 | 16,895,580 | |||||||||||
Interest Expense | 2,593,300 | 1,914,795 | 9,043,761 | 5,908,548 | |||||||||||
Net Loss from Continuing Operations | (4,352,371 | ) | (4,677,698 | ) | (21,377,297 | ) | (12,053,474 | ) | |||||||
Discontinued Operations | |||||||||||||||
Income from operations | 151,698 | 84,965 | 499,781 | 307,659 | |||||||||||
Gain on Sales | 2,104,114 | — | 2,104,114 | — | |||||||||||
Net Income from Discontinued Operations | 2,255,812 | 84,965 | 2,603,895 | 307,659 | |||||||||||
Net Loss | $ | (2,096,559 | ) | $ | (4,592,733 | ) | $ | (18,773,402 | ) | $ | (11,745,815 | ) |
EBITDA | Three Months Ended December 31, | Years Ended December 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net Loss | $ | (2,096,559 | ) | $ | (4,592,733 | ) | $ | (18,773,402 | ) | $ | (11,745,815 | ) | |||
Add back: Depreciation and amortization (1) | 5,213,976 | 2,580,976 | 18,079,019 | 8,306,298 | |||||||||||
Interest Expense (2) | 2,618,384 | 2,187,016 | 9,758,842 | 6,813,426 | |||||||||||
EBITDA | 5,735,801 | 175,259 | 9,064,459 | 3,373,909 | |||||||||||
Adjustments for items affecting comparability: | |||||||||||||||
Acquisition costs | 703,659 | 1,882,900 | 3,871,037 | 3,787,900 | |||||||||||
Capital related costs | 207,584 | — | 2,655,474 | — | |||||||||||
Other non-recurring expenses (3) | 203,944 | — | 770,757 | — | |||||||||||
Gain on sales | (2,104,114 | ) | — | (2,104,114 | ) | — | |||||||||
Adjusted EBITDA | $ | 4,746,874 | $ | 2,058,159 | $ | 14,257,613 | $ | 7,161,809 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 8 |
Maturities by Year | Amount | % Total Maturities | ||||
2016 | $ | 9,065,387 | 4.79 | % | ||
2017 | 7,035,351 | 3.72 | % | |||
2018 | 14,936,672 | 7.89 | % | |||
2019 | 2,505,641 | 1.32 | % | |||
2020 | 9,175,072 | 4.85 | % | |||
Thereafter | 146,622,333 | 77.43 | % | |||
Total principal maturities | $ | 189,340,456 | 100.00 | % |
Maturities by Year | Amount | % Total Maturities | ||||
2016 | $ | 20,948 | 1.06 | % | ||
2017 | 22,126 | 1.12 | % | |||
2018 | 23,274 | 1.17 | % | |||
2019 | 565,694 | 28.54 | % | |||
2020 | — | 0.00 | % | |||
Thereafter | 1,350,000 | 68.11 | % | |||
Total principal maturities | $ | 1,982,042 | 100.00 | % |
Maturities by Year | Amount | % Total Maturities | ||||
2016 | $ | 9,086,335 | 4.75 | % | ||
2017 | 7,057,477 | 3.69 | % | |||
2018 | 14,959,946 | 7.82 | % | |||
2019 | 3,071,335 | 1.61 | % | |||
2020 | 9,175,072 | 4.80 | % | |||
Thereafter | 147,972,333 | 77.33 | % | |||
Total principal maturities | $ | 191,322,498 | 100.00 | % |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 9 |
December 31, | |||||||||||||||||
Property/Description | Monthly Payment | Interest Rate | Debt Maturity | 2015 | 2014 | ||||||||||||
Shoppes at Eagle Harbor | $ | 25,100 | 4.34 | % | March 2018 | $ | 3,634,085 | $ | 3,773,319 | ||||||||
Lumber River Plaza | $ | 18,414 | 5.65 | % | May 2015 | — | 2,894,862 | ||||||||||
Monarch Bank Building | $ | 9,473 | 4.15 | % | December 2017 | 1,376,452 | 1,430,961 | ||||||||||
Perimeter Square | $ | 28,089 | 6.38 | % | June 2016 | 4,166,406 | 4,294,216 | ||||||||||
Riversedge North | $ | 8,802 | 6.00 | % | January 2019 | 962,281 | 1,007,856 | ||||||||||
Walnut Hill Plaza | $ | 24,273 | 5.50 | % | July 2017 | 3,535,606 | 3,626,945 | ||||||||||
Harps at Harbor Point | $ | 18,122 | 3.99 | % | December 2015 | — | 3,251,552 | ||||||||||
Twin City Commons | $ | 17,827 | 4.86 | % | January 2023 | 3,225,473 | 3,279,076 | ||||||||||
Shoppes at TJ Maxx | $ | 33,880 | 3.88 | % | May 2020 | 6,081,272 | 6,248,349 | ||||||||||
Bixby Commons | Interest only | 2.77 | % | June 2018 | — | 6,700,000 | |||||||||||
Bank Line of Credit | Interest only | 4.25 | % | September 2016 | — | 2,074,432 | |||||||||||
Bank Line of Credit | Interest only | 2.79 | % | May 2018 | 6,873,750 | — | |||||||||||
Forrest Gallery | $ | 50,973 | 5.40 | % | September 2023 | 8,926,712 | 9,045,880 | ||||||||||
Jenks Reasors | Interest only | 4.25 | % | September 2016 | — | 8,550,000 | |||||||||||
Tampa Festival | $ | 50,797 | 5.56 | % | September 2023 | 8,627,294 | 8,746,860 | ||||||||||
Starbucks/Verizon | $ | 4,383 | 5.00 | % | July 2019 | 632,042 | 652,044 | ||||||||||
Winslow Plaza | Interest only | 4.82 | % | December 2025 | 4,620,000 | — | |||||||||||
Cypress Shopping Center | Interest only | 4.70 | % | July 2024 | 6,625,000 | 6,625,000 | |||||||||||
Harrodsburg Marketplace | $ | 19,112 | 4.55 | % | September 2024 | 3,677,501 | 3,735,739 | ||||||||||
Port Crossing | $ | 34,788 | 4.84 | % | August 2024 | 6,471,636 | 6,568,918 | ||||||||||
LaGrange Marketplace | $ | 13,813 | 5.00 | % | March 2020 | 2,418,212 | 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 | 650,000 | 1,650,000 | |||||||||
DF I-Moyock | $ | 10,665 | 5.00 | % | July 2019 | 418,538 | 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 | 732,685 | 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 | % | May 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 | 450,053 | — | |||||||||||
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 | |||||||||||
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) | $ | 191,322,498 | $ | 136,450,143 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 10 |
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 | 87.1 | % | $ | 913,691 | $ | 7.10 | |||||
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 | % | 1,006,968 | 16.12 | |||||||
Beaver Ruin Village II | Lilburn, GA | 4 | 34,925 | 34,925 | 100.0 | % | 407,176 | 11.66 | |||||||
Berkley (2) | Norfolk, VA | — | — | — | — | % | — | — | |||||||
Brook Run Shopping Center | Richmond, VA | 20 | 147,738 | 137,539 | 93.1 | % | 1,547,303 | 11.25 | |||||||
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 | % | 833,358 | 10.11 | |||||||
Cardinal Plaza | Henderson, NC | 7 | 50,000 | 42,000 | 84.0 | % | 424,500 | 10.11 | |||||||
Carolina Place (2) | Onley, VA | — | — | — | — | % | — | — | |||||||
Chesapeake Square | Onley, VA | 9 | 99,848 | 74,648 | 74.8 | % | 593,583 | 7.95 | |||||||
Clover Plaza | Clover, SC | 10 | 45,575 | 45,575 | 100.0 | % | 354,771 | 7.78 | |||||||
Columbia Fire Station (2) | Columbia, SC | — | — | — | — | % | — | — | |||||||
Conyers Crossing | Conyers, GA | 14 | 170,475 | 170,475 | 100.0 | % | 884,797 | 5.19 | |||||||
Courtland Commons (2) | Courtland, VA | — | — | — | — | % | — | — | |||||||
Crockett Square | Morristown, TN | 4 | 107,122 | 107,122 | 100.0 | % | 886,635 | 8.28 | |||||||
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 | 27 | 214,450 | 202,216 | 94.3 | % | 1,204,701 | 5.96 | |||||||
Fort Howard Shopping Center | Rincon, GA | 16 | 113,652 | 107,813 | 94.9 | % | 941,329 | 8.73 | |||||||
Freeway Junction | Stockbridge, GA | 16 | 156,834 | 151,924 | 96.9 | % | 1,035,044 | 6.81 | |||||||
Franklinton Square | Franklinton, NC | 11 | 65,366 | 56,300 | 86.1 | % | 490,295 | 8.71 | |||||||
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 | % | 685,081 | 7.15 | |||||||
Harbor Point (2) | Grove, OK | — | — | — | — | % | — | — | |||||||
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 | |||||||
LaGrange Marketplace | LaGrange, GA | 13 | 76,594 | 71,494 | 93.3 | % | 388,385 | 5.43 | |||||||
Laskin Road (2) | Virginia Beach, VA | — | — | — | — | % | — | — | |||||||
Lumber River Village | Lumberton, NC | 12 | 66,781 | 66,781 | 100.0 | % | 503,506 | 7.54 | |||||||
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 | % | 533,398 | 10.51 | |||||||
Perimeter Square | Tulsa, OK | 8 | 58,277 | 55,773 | 95.7 | % | 742,287 | 13.31 | |||||||
Pierpont Centre | Morgantown, WV | 20 | 122,259 | 122,259 | 100.0 | % | 1,338,612 | 10.95 | |||||||
Port Crossing | Harrisonburg, VA | 8 | 65,365 | 60,400 | 92.4 | % | 780,445 | 12.92 | |||||||
Riversedge North (1) | Virginia Beach, VA | — | — | — | — | % | — | — | |||||||
Shoppes at TJ Maxx | Richmond, VA | 18 | 93,552 | 93,552 | 100.0 | % | 1,117,655 | 11.95 | |||||||
South Square | Lancaster, SC | 5 | 44,350 | 39,850 | 89.9 | % | 319,206 | 8.01 | |||||||
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 | % | 293,421 | 6.85 | |||||||
Sunshine Plaza | Lehigh Acres, FL | 21 | 111,189 | 107,486 | 96.7 | % | 954,702 | 8.88 | |||||||
Surrey Plaza | Hawkinsville, GA | 5 | 42,680 | 42,680 | 100.0 | % | 291,495 | 6.83 | |||||||
Tampa Festival | Tampa, FL | 20 | 137,987 | 134,766 | 97.7 | % | 1,230,027 | 9.13 | |||||||
The Shoppes at Eagle Harbor | Carrollton, VA | 7 | 23,303 | 23,303 | 100.0 | % | 447,844 | 19.22 | |||||||
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 | % | 596,162 | 8.02 | |||||||
Waterway Plaza | Little River, SC | 9 | 49,750 | 48,550 | 97.6 | % | 439,583 | 9.05 | |||||||
Westland Square | West Columbia, SC | 10 | 62,735 | 57,665 | 91.9 | % | 486,698 | 8.44 | |||||||
Winslow Plaza | Sicklerville, NJ | 17 | 40,695 | 40,695 | 100.0 | % | 594,202 | 14.60 | |||||||
Total | 478 | 3,151,358 | 2,968,737 | 94.2 | % | $ | 27,291,152 | $ | 9.19 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 11 |
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 | |||||||||||
Bi-Lo/Winn Dixie | 392,898 | 12.47 | % | $ | 2,853 | 10.45 | % | $ | 7.26 | |||||||
Food Lion | 325,576 | 10.33 | % | 2,691 | 9.86 | % | 8.27 | |||||||||
Hobby Lobby | 114,298 | 3.63 | % | 675 | 2.47 | % | 5.91 | |||||||||
Kroger | 84,938 | 2.70 | % | 534 | 1.96 | % | 6.29 | |||||||||
Burlington Coat Factory | 83,552 | 2.65 | % | 176 | 0.64 | % | 2.11 | |||||||||
Family Dollar | 67,626 | 2.15 | % | 465 | 1.70 | % | 6.88 | |||||||||
Giant Food Stores, LLC | 58,473 | 1.86 | % | 380 | 1.39 | % | 6.50 | |||||||||
Goodwill | 56,343 | 1.79 | % | 433 | 1.59 | % | 7.69 | |||||||||
Dollar Tree | 51,974 | 1.65 | % | 441 | 1.62 | % | 8.49 | |||||||||
Goody's | 51,275 | 1.63 | % | 139 | 0.51 | % | 2.71 | |||||||||
1,286,953 | 40.86 | % | $ | 8,787 | 32.19 | % | $ | 6.83 |
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 | — | 182,621 | 5.79 | % | — | % | $ | — | — | $ | — | ||||||||||||
2016 | 71 | 188,045 | 5.97 | % | 6.33 | % | 2,244 | 8.22 | % | 11.93 | |||||||||||||
2017 | 105 | 436,806 | 13.86 | % | 14.71 | % | 4,591 | 16.82 | % | 10.51 | |||||||||||||
2018 | 97 | 588,498 | 18.67 | % | 19.82 | % | 5,025 | 18.41 | % | 8.54 | |||||||||||||
2019 | 70 | 466,894 | 14.82 | % | 15.73 | % | 4,209 | 15.42 | % | 9.01 | |||||||||||||
2020 | 72 | 572,140 | 18.16 | % | 19.27 | % | 5,071 | 18.58 | % | 8.86 | |||||||||||||
2021 | 23 | 358,741 | 11.38 | % | 12.08 | % | 2,526 | 9.26 | % | 7.04 | |||||||||||||
2022 | 10 | 67,484 | 2.14 | % | 2.27 | % | 880 | 3.22 | % | 13.04 | |||||||||||||
2023 | 9 | 129,841 | 4.12 | % | 4.37 | % | 1,303 | 4.77 | % | 10.04 | |||||||||||||
2024 | 12 | 100,228 | 3.18 | % | 3.38 | % | 844 | 3.09 | % | 8.42 | |||||||||||||
2025 and thereafter | 9 | 60,060 | 1.91 | % | 2.04 | % | 598 | 2.21 | % | 9.94 | |||||||||||||
3,151,358 | 100.00 | % | 100.00 | % | $ | 27,291 | 100.00 | % | $ | 9.19 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 12 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 13 |
Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 14 |