Exhibit 99.2









Supplemental Operating and Financial Data
for the three months ended March 31, 2016


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
 
Wilkes J. Graham - CFO
 
Steven M. Belote - COO
 
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
John McAuliffe
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 March 31, 2016 (Unaudited)

Financial Results
 
Net loss attributable to Wheeler REIT common stockholders
$
(3,740,206
)
Net loss per basic and diluted share
$
(0.06
)
Funds from operations available to common shareholders and Operating Partnership (OP) unitholders (FFO) (1)
$
895,530

FFO per common share and OP unit
$
0.01

Adjusted FFO (AFFO) (1)
$
1,873,584

AFFO per common share and OP unit
$
0.03

Pro forma AFFO per common share and OP unit (2)
$
0.04

 
 
Assets
 
Investment Properties, net (less accumulated depreciation and amortization) (3)
$
238,828,860

Total Assets
$
301,946,960

Debt to Total Assets (3)
63.44
%
 
 
Market Capitalization
 
Common shares outstanding
66,314,380

OP units outstanding
4,863,019

Total common shares and OP units
71,177,399

Range of Common Stock closing prices for the first quarter 2016
$1.10 to $1.93

Common Stock closing price at first quarter end

$1.25

Total number of Series B preferred shares
729,119

Range of Series B preferred closing prices for the first quarter 2016
$16.52 to $23.14

Series B preferred closing price at first quarter end

$19.73

Total debt (3)
$
191,550,584

Common Stock market capitalization (as of March 31, 2016 closing stock price)
$
82,892,975

 
 
Portfolio Summary
 
Total Gross Leasable Area (GLA) in sq. ft.
3,151,358

Occupancy Rate
93.9
%
Annualized Base Rent
$
27,354,590

Total number of leases signed or renewed during the first quarter of 2016
20

Total sq. ft. leases signed or renewed during the first quarter of 2016
50,993

(1)    See page 13 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)    See page 7 for the Company's calculation of Pro Forma AFFO.
(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
 
March 31,
2016
 
December 31,
2015
 
(unaudited)
 
 
ASSETS:
 
 
 
Investment properties, net
$
237,543,972

 
$
238,764,631

Cash and cash equivalents
7,029,642

 
10,706,185

Restricted cash
7,180,925

 
7,364,375

Rents and other tenant receivables, net
3,060,825

 
3,452,700

Goodwill
5,485,823

 
5,485,823

Assets held for sale
1,682,526

 
1,692,473

Above market lease intangible, net
5,981,123

 
6,517,529

Deferred costs and other assets, net
33,982,124

 
35,259,526

Total Assets
$
301,946,960

 
$
309,243,242

LIABILITIES:
 
 
 
Loans payable
$
184,970,426

 
$
184,629,082

Liabilities associated with assets held for sale
1,981,136

 
1,992,318

Below market lease intangible, net
7,256,541

 
7,721,335

Accounts payable, accrued expenses and other liabilities
6,522,190

 
7,533,769

Total Liabilities
200,730,293

 
201,876,504

Commitments and contingencies
—

 
—

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

 
452,971

Series B convertible preferred stock (no par value, 3,000,000 shares authorized, 729,119 shares issued and outstanding, respectively)
17,173,672

 
17,085,147

Common stock ($0.01 par value, 150,000,000 and 75,000,000 shares authorized, 66,314,380 and 66,259,673 shares issued and outstanding, respectively)
663,143

 
662,596

Additional paid-in capital
220,171,165

 
220,370,984

Accumulated deficit
(147,526,640
)
 
(140,306,846
)
Total Shareholders’ Equity
90,934,311

 
98,264,852

Noncontrolling interests
10,282,356

 
9,101,886

Total Equity
101,216,667

 
107,366,738

Total Liabilities and Equity
$
301,946,960

 
$
309,243,242



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 March 31,
 
2016
 
2015
 
(unaudited)
TOTAL REVENUES
$
9,138,662

 
$
5,153,752

OPERATING EXPENSES:
 
 
 
Property operations
2,675,025

 
1,553,674

Non-REIT management and leasing services
377,408

 
369,775

Depreciation and amortization
4,880,087

 
3,000,978

Provision for credit losses
87,526

 
47,198

Corporate general & administrative
2,281,108

 
2,308,964

Total Operating Expenses
10,301,154

 
7,280,589

Operating Income
(1,162,492
)
 
(2,126,837
)
Interest expense
(2,419,815
)
 
(2,142,719
)
Net Loss from Continuing Operations
(3,582,307
)
 
(4,269,556
)
Income from Discontinued Operations
20,525

 
46,367

Net Loss
(3,561,782
)
 
(4,223,189
)
Less: Net loss attributable to noncontrolling interests
(332,876
)
 
(462,376
)
Net Loss Attributable to Wheeler REIT
(3,228,906
)
 
(3,760,813
)
Preferred stock dividends
(511,300
)
 
(2,502,223
)
Deemed dividend related to beneficial conversion feature of preferred stock
—

 
—

Net Loss Attributable to Wheeler REIT
Common Shareholders
$
(3,740,206
)
 
$
(6,263,036
)
Loss per share from continuing operations:
 
 
 
Basic and Diluted
$
(0.06
)
 
$
(0.81
)
Earnings per share from discontinued operations
—

 
0.01

 
$
(0.06
)
 
$
(0.80
)
Weighted-average number of shares:
 
 
 
Basic and Diluted
66,272,926

 
7,806,467







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 March 31,
 
2016
 
2015 (4)
 
(unaudited)
Net (loss)
$
(3,561,782
)
 
$
(4,223,189
)
Depreciation of real estate assets from continuing operations
4,880,087

 
3,000,978

Depreciation of real estate assets from discontinued operations
—

 
235,506

Depreciation of real estate assets
4,880,087

 
3,236,484

Total FFO
1,318,305

 
(986,705
)
Preferred stock dividends
(511,300
)
 
(2,502,223
)
Preferred stock accretion adjustments
88,525

 
1,211,202

FFO available to common shareholders and common unitholders
895,530

 
(2,277,726
)
Acquisition costs
413,310

 
653,242

Capital related costs
62,169

 
68,518

Other non-recurring and non-cash expenses (2)
237,460

 
89,500

Share-based compensation
150,250

 
45,000

Straight-line rent
(7,106
)
 
(57,577
)
Loan cost amortization
189,542

 
486,198

Above (below) market lease amortization
71,612

 
195,729

Recurring capital expenditures and tenant improvement reserves
(139,183
)
 
(130,900
)
AFFO
$
1,873,584

 
$
(928,016
)
 
 
 
 
Weighted Average Common Shares
66,272,926

 
7,806,467

Weighted Average Common Units
4,703,249

 
3,540,576

Total Common Shares and Units
70,976,175

 
11,347,043

FFO per Common Share and Common Units
$
0.01

 
$
(0.20
)
AFFO per Common Share and Common Units
$
0.03

 
$
(0.08
)
Pro forma AFFO per Common Share and Common Units (3)
$
0.04

 
 

(1)    See page 13 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 March 2016 Quarterly Report on Form 10-Q.
(3)
Pro forma AFFO assumes the A-C Portfolio acquisition, as well as all financings, share issuances and cost containment initiatives, had occurred on January 1, 2016. Additionally, we excluded all non-recurring expenses detailed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our March 2016 Quarterly Report on Form 10-Q and any additional common stock and common units issued during the three months ended March 31, 2016 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, 2016, 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, 2016.
(4)
We adjusted the 2015 previously reported AFFO to be consistent with the 2016 AFFO presentation, primarily as it relates to the treatment of capital expenditures, non-cash costs, and other non-recurring expenses. Additionally, we did not provide Pro Forma AFFO per common share and common unit for 2015 as we consider it not meaningful to the 2016 presentation.

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 March 31,
 
2016
 
2015
 
(unaudited)
Property Revenues
$
8,730,925

 
$
4,832,561

Property Expenses
2,675,025

 
1,553,674

Property Net Operating Income
6,055,900

 
3,278,887

Asset Management and Commission Revenue
407,737

 
321,191

Non-REIT management and leasing services
377,408

 
369,775

Depreciation and amortization
4,880,087

 
3,000,978

Provision for credit losses
87,526

 
47,198

Corporate general & administrative
2,281,108

 
2,308,964

Total Other Operating Expenses
7,626,129

 
5,726,915

Interest Expense
2,419,815

 
2,142,719

Net Loss from Continuing Operations
(3,582,307
)
 
(4,269,556
)
Net Income from Discontinued Operations
20,525

 
46,367

Net Loss
$
(3,561,782
)
 
$
(4,223,189
)
EBITDA
Three Months Ended March 31,
 
2016
 
2015
 
(unaudited)
Net Loss
$
(3,561,782
)
 
$
(4,223,189
)
Add back:
Depreciation and amortization (1)
4,951,699

 
3,432,213

 
Interest Expense (2)
2,441,923

 
2,378,464

EBITDA
3,831,840

 
1,587,488

Adjustments for items affecting comparability:
 
 
 
 
Acquisition costs
413,310

 
653,242

 
Capital related costs
62,169

 
68,518

 
Other non-recurring expenses (3)
191,000

 
89,500

Adjusted EBITDA
$
4,498,319

 
$
2,398,748

(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 March 2016 Quarterly Report on Form 10-Q.


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


Debt Summary
For the Three Months Ended March 31, 2016
Loans Payable: $191.6 million
Weighted Average Interest Rate: 4.68%
Total Debt to Total Assets: 63.4%

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

2017
$
9,791,207

 
5.16
%
2018
10,326,405

 
5.45
%
2019
12,409,633

 
6.55
%
2020
3,894,318

 
2.05
%
2021
6,919,536

 
3.65
%
Thereafter
146,232,624

 
77.14
%
Total principal maturities
$
189,573,723

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

2017
$
21,299

 
1.08
%
2018
22,403

 
1.13
%
2019
23,566

 
1.19
%
2020
559,593

 
28.31
%
2021
—

 
0.00
%
Thereafter
1,350,000

 
68.29
%
Total principal maturities
$
1,976,861

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

2017
$
9,812,506

 
5.12
%
2018
10,348,808

 
5.40
%
2019
12,433,199

 
6.49
%
2020
4,453,911

 
2.33
%
2021
6,919,536

 
3.61
%
Thereafter
147,582,624

 
77.05
%
Total principal maturities
$
191,550,584

 
100.00
%
 
 
 
 


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


Debt Summary (continued)

Property/Description
 
Monthly Payment
 
Interest Rate
 
Debt Maturity
 
March 31, 2016
 
December 31, 2015
 
 
 
 
 
 
 
 
(unaudited)
 
 
Shoppes at Eagle Harbor
 

$25,100

 
4.34
%
 
March 2018
 

$3,599,870

 

$3,634,085

Monarch Bank Building
 

$9,473

 
4.15
%
 
December 2017
 
1,362,425

 
1,376,452

Perimeter Square
 

$28,089

 
6.38
%
 
June 2016
 
4,133,592

 
4,166,406

Riversedge North
 

$8,802

 
6.00
%
 
January 2019
 
950,414

 
962,281

Walnut Hill Plaza
 

$24,273

 
5.50
%
 
July 2017
 
3,511,836

 
3,535,606

Twin City Commons
 

$17,827

 
4.86
%
 
January 2023
 
3,211,553

 
3,225,473

Shoppes at TJ Maxx
 

$33,880

 
3.88
%
 
May 2020
 
6,038,482

 
6,081,272

Bank Line of Credit
 
Interest only

 
4.25
%
 
2016-09
 
3,000,000

 
—

Bank Line of Credit
 
Interest only

 
2.94
%
 
May 2018
 
6,873,750

 
6,873,750

Forrest Gallery
 

$50,973

 
5.40
%
 
September 2023
 
8,895,572

 
8,926,712

Tampa Festival
 

$50,797

 
5.56
%
 
September 2023
 
8,596,023

 
8,627,294

Starbucks/Verizon
 

$4,383

 
5.00
%
 
July 2019
 
626,861

 
632,042

Winslow Plaza
 
Interest only

 
4.82
%
 
December 2025
 
4,620,000

 
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
 
3,662,408

 
3,677,501

Port Crossing
 

$34,788

 
4.84
%
 
August 2024
 
6,446,357

 
6,471,636

LaGrange Marketplace
 

$13,813

 
5.00
%
 
March 2020
 
2,406,217

 
2,418,212

Freeway Junction
 
Interest only

 
4.60
%
 
September 2024
 
8,150,000

 
8,150,000

DF I-Edenton
 

$250,000

(1)
3.75
%
 
September 2016
 
400,000

 
650,000

DF I-Moyock
 

$10,665

 
5.00
%
 
July 2019
 
391,723

 
418,538

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
 
710,339

 
732,685

Pierpont Centre
 
Interest only

 
3.95
%
 
February 2025
 
9,800,000

 
9,800,000

Alex City Marketplace
 
Interest only

 
3.90
%
 
April 2025
 
5,750,000

 
5,750,000

Butler Square
 
Interest only

 
4.08
%
 
May 2025
 
5,640,000

 
5,640,000

Brook Run Shopping Center
 
Interest only

 
3.90
%
 
June 2025
 
10,950,000

 
10,950,000

Beaver Ruin Village I and II
 
Interest only

 
4.73
%
 
July 2025
 
9,400,000

 
9,400,000

Columbia Fire Station
 
Interest only

 
8.00
%
 
December 2017
 
459,114

 
450,053

Sunshine Shopping Plaza
 
Interest only

 
4.57
%
 
August 2025
 
5,900,000

 
5,900,000

Barnett Portfolio
 
Interest only

 
4.30
%
 
September 2025
 
8,770,000

 
8,770,000

Grove Park Shopping Center
 
Interest only

 
4.52
%
 
October 2025
 
3,800,000

 
3,800,000

Parkway Plaza
 
Interest only

 
4.57
%
 
October 2025
 
3,500,000

 
3,500,000

Conyers Crossing
 
Interest only

 
4.67
%
 
October 2025
 
5,960,000

 
5,960,000

Fort Howard Shopping Center
 
Interest only

 
4.57
%
 
October 2025
 
7,100,000

 
7,100,000

Senior convertible notes
 
Interest only

 
9.00
%
 
December 2018
 
3,000,000

 
3,000,000

Senior non-convertible notes
 
Interest only

 
9.00
%
 
January 2016
 
0

 
2,160,000

South Carolina Food Lions Note
 

$68,320

 
5.25
%
 
January 2024
 
12,346,548

 
12,375,000

Total Principal Balance
 
 
 
 
 
 
 
191,550,584

 
191,322,498

Unamortized debt issuance costs
 
 
 
 
 
 
 
(4,618,533
)
 
(4,726,610
)
Total Loans Payable (2)
 
 
 
 
 
 
 

$186,932,051

 

$186,595,888

(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 March 31, 2016)
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
%
$
917,488

$
7.13

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
%
1,026,479

16.43

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
19

147,738

135,139

91.5
%
1,510,546

11.18

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
%
837,988

10.17

Cardinal Plaza
Henderson, NC
7

50,000

42,000

84.0
%
424,500

10.11

Carolina Place (2)
Onley, VA
—

—

—

—
%
—

—

Chesapeake Square
Onley, VA
10

99,848

76,048

76.2
%
574,105

7.55

Clover Plaza
Clover, SC
9

45,575

45,575

100.0
%
346,634

7.61

Courtland Commons (2)
Courtland, VA
—

—

—

—
%
—

—

Columbia Fire Station (2)
Columbia, SC
—

—

—

—
%
—

—

Conyers Crossing
Conyers, GA
14

170,475

170,475

100.0
%
909,909

5.34

Crockett Square
Morristown, TN
3

107,122

99,122

92.5
%
804,822

8.12

Cypress Shopping Center
Boiling Springs, SC
17

80,435

79,035

98.3
%
826,420

10.46

Edenton Commons (2)
Edenton, NC
—

—

—

—
%
—

—

Forrest Gallery
Tullahoma, TN
27

214,450

202,216

94.3
%
1,217,882

6.02

Fort Howard Shopping Center
Rincon, GA
16

113,652

107,813

94.9
%
946,596

8.78

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
%
514,899

23.41

Grove Park
Grove, OK
15

106,557

91,528

85.9
%
683,800

7.47

Harbor Point (2)
Grove, OK
—

—

—

—
%
—

—

Harrodsburg Marketplace
Harrodsburg, KY
7

60,048

56,448

94.0
%
415,606

7.36

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
14

76,594

75,094

98.0
%
425,261

5.66

Laskin Road (2)
Virginia Beach, VA
—

—

—

—
%
—

—

Lumber River Village
Lumberton, NC
11

66,781

66,781

100.0
%
499,306

7.48

Monarch Bank
Virginia Beach, VA
1

3,620

3,620

100.0
%
258,054

71.29

Nashville Commons
Nashville, NC
12

56,100

56,100

100.0
%
568,935

10.14

Parkway Plaza
Brunswick, GA
5

52,365

50,765

96.9
%
534,694

10.53

Perimeter Square
Tulsa, OK
8

58,277

57,139

98.1
%
743,092

13

Pierpont Centre
Morgantown, WV
20

122,259

122,259

100.0
%
1,436,928

11.75

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
%
1,119,670

11.97

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
22

111,189

109,186

98.2
%
982,117

8.99

Surrey Plaza
Hawkinsville, GA
5

42,680

42,680

100.0
%
292,245

6.85

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
%
451,928

19.39

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
10

87,239

70,017

80.3
%
553,916

7.91

Waterway Plaza
Little River, SC
10

49,750

49,750

100.0
%
474,088

9.53

Westland Square
West Columbia, SC
10

62,735

57,665

91.9
%
487,159

8.45

Winslow Plaza
Sicklerville, NJ
17

40,695

40,695

100.0
%
560,422

13.77

Total
 
476

3,151,358

2,958,574

93.9
%
$
27,354,590

$
9.25

(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 March 31, 2016)

Total Tenants : 476
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

 
12.47
%
 
$
2,858

 
10.45
%
 
$
7.28

2.    Food Lion
325,576

 
10.33
%
 
2,691

 
9.84
%
 
8.27

3.    Hobby Lobby
114,298

 
3.63
%
 
675

 
2.47
%
 
5.90

4.    Kroger
84,938

 
2.70
%
 
534

 
1.95
%
 
6.28

5.    Burlington Coat Factory
83,552

 
2.65
%
 
176

 
0.64
%
 
2.11

6.    Family Dollar
67,626

 
2.15
%
 
481

 
1.76
%
 
7.11

7.    Giant Food Stores, LLC
58,473

 
1.86
%
 
380

 
1.39
%
 
6.50

8.    Goodwill
56,343

 
1.79
%
 
433

 
1.58
%
 
7.68

9.    Dollar Tree
51,974

 
1.65
%
 
441

 
1.61
%
 
8.48

10.    Goody's
51,275

 
1.63
%
 
139

 
0.51
%
 
2.71

 
1,286,953

 
40.86
%
 
8,808

 
32.20
%
 
$
6.84


Leasing Summary
(as of March 31, 2016)

Gross Leasable Area: 3,151,358 square feet
Total Square Footage Leased: 2,958,574 square feet
Occupancy Rate: 93.9%

Lease Expiration Schedule
Lease Expiration Twelve Month Period Ending March 31,
 
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
 
—

 
192,784

 
6.12
%
 
—

 
—

 
—

 
$
—

2017
 
75
 
269,929

 
8.57
%
 
9.12
%
 
2,640

 
9.65
%
 
9.78

2018
 
109
 
554,382

 
17.59
%
 
18.74
%
 
5,423

 
19.82
%
 
9.78

2019
 
94
 
541,119

 
17.17
%
 
18.29
%
 
4,490

 
16.41
%
 
8.30

2020
 
60
 
371,067

 
11.77
%
 
12.54
%
 
3,669

 
13.41
%
 
9.89

2021
 
76
 
640,813

 
20.33
%
 
21.66
%
 
5,511

 
20.15
%
 
8.60

2022
 
22
 
233,245

 
7.40
%
 
7.88
%
 
2,000

 
7.31
%
 
8.57

2023
 
14
 
117,872

 
3.74
%
 
3.98
%
 
1,515

 
5.54
%
 
12.85

2024
 
7
 
77,809

 
2.47
%
 
2.63
%
 
735

 
2.69
%
 
9.45

2025
 
11
 
75,684

 
2.40
%
 
2.56
%
 
718

 
2.62
%
 
9.49

2026 and thereafter
 
8
 
76,654

 
2.44
%
 
2.60
%
 
654

 
2.40
%
 
8.51

 
 
476
 
3,151,358

 
100.00
%
 
100.00
%
 
$
27,355

 
100.00
%
 
$
9.25



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