Exhibit 99.2

Supplemental Operating and Financial Data

for the three months and year ended December 31, 2016

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Table of Contents
	Page
Company Overview	3
Financial and Portfolio Overview	4
Financial Summary
Consolidated Balance Sheets	5
Consolidated Statements of Operations	6
Reconciliation of Non-GAAP Measures	7
Debt Summary	10
Portfolio Summary
Property Summary	12
Top Ten Tenants by Annualized Base Rent	14
Leasing Summary	14
Definitions	15

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

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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, Series D cumulative convertible preferred stock and common stock warrants trade publicly on the Nasdaq under the symbols “WHLR”, “WHLRP”, "WHLRD" 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
Matthew T. Reddy - CAO
Robin A. Hanisch - Secretary
David R. Kelly - CIO
Andy Franklin - Senior VP of Operations
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
John W. Sweet
Investor Relations Contact	Transfer Agent and Registrar
Laura Nguyen Director of Investor Relations 2529 Virginia Beach Boulevard Virginia Beach, VA 23452 Phone: (757) 627-9088 www.WHLR.us	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

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Financial and Portfolio Overview

For the Three Months Ended December 31, 2016 (Unaudited)

    

Financial Results
Net loss attributable to Wheeler REIT common stockholders	$	(6,213,349	)
Net loss per basic and diluted share	$	(0.09	)
Funds from operations available to common shareholders and Operating Partnership (OP) unitholders (FFO) (1)	$	(988,804	)
FFO per common share and OP unit	$	(0.01	)
Adjusted FFO (AFFO) (1)	$	1,450,934
AFFO per common share and OP unit	$	0.02
Pro forma AFFO per common share and OP unit (2)	$	0.05
Assets
Investment Properties, net (less accumulated depreciation and amortization) (3)	$	389,097,082
Total Assets	$	489,046,335
Debt to Total Assets (3)	64.42		%
Debt to Gross Asset Value	62.58		%
Market Capitalization
Common shares outstanding	68,030,549
OP units outstanding	6,095,634
Total common shares and OP units	74,126,183
Range of Common Stock prices for the fourth quarter 2016	$1.50-$1.80
Common Stock closing price at year end	$	1.70
Total number of Series B preferred shares	1,871,244
Range of Series B preferred prices for the fourth quarter 2016	$20.63-$23.00
Series B preferred closing price at year end	$	22.15
Total number of Series D preferred shares	2,237,000
Range of Series D preferred closing prices for the fourth quarter 2016	$23.01-$25.50
Series D preferred price at year end	$	23.50
Total debt (3)	$	315,047,889
Common Stock market capitalization (as of December 31, 2016 closing stock price)	$	115,651,933
Portfolio Summary
Total Gross Leasable Area (GLA) in sq. ft.	4,906,511
Occupancy Rate	94.0		%
Annualized Base Rent	$	44,568,047
Total number of leases signed or renewed during 2016	116
Total sq. ft. leases signed or renewed during 2016	434,591

(1)    See page 15 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

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries

Consolidated Balance Sheets

	December 31,
	2016				2015
ASSETS:
Investment properties, net	$	388,880,290			$	238,764,631
Cash and cash equivalents	4,863,372				10,477,576
Restricted cash	9,652,178				7,592,984
Rents and other tenant receivables, net	3,983,949				2,970,380
Related party receivable	1,456,131				482,320
Notes receivable	12,000,000				—
Goodwill	5,485,823				5,485,823
Assets held for sale	365,880				1,692,473
Above market lease intangible, net	12,962,169				6,517,529
Deferred costs and other assets, net	49,396,543				35,259,526
Total Assets	$	489,046,335			$	309,243,242
LIABILITIES:
Loans payable, net	$	305,972,679			$	184,629,082
Liabilities associated with assets held for sale	1,350,000				1,992,318
Below market lease intangible, net	12,680,405				7,721,335
Accounts payable, accrued expenses and other liabilities	11,320,614				7,533,769
Total Liabilities	331,323,698				201,876,504
Commitments and contingencies	—				—
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 and 0 shares authorized, 2,237,000 and 0 shares issued and outstanding, respectively; $55.93 million aggregate liquidation preference)	52,530,051				—
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding)	452,971				452,971
Series B Convertible Preferred Stock (no par value, 5,000,000 and 3,000,000 shares authorized, 1,871,244 and 729,119 shares issued and outstanding, respectively; $46.78 million and $18.23 million aggregate liquidation preference, respectively)	40,732,621				17,085,147
Common Stock ($0.01 par value, 150,000,000 and 150,000,000 shares authorized, 68,030,549 and 66,259,673 shares issued and outstanding, respectively)	680,305				662,596
Additional paid-in capital	223,344,937				220,370,984
Accumulated deficit	(170,377,414		)		(140,306,846		)
Total Shareholders’ Equity	94,833,420				98,264,852
Noncontrolling interests	10,359,166				9,101,886
Total Equity	105,192,586				107,366,738
Total Liabilities and Equity	$	489,046,335			$	309,243,242

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

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries

Consolidated Statements of Operations

	Three Months Ended December 31,								Years Ended December 31,
	2016				2015				2016				2015
TOTAL REVENUES	$	12,027,833			$	9,233,600			$	44,160,408			$	27,615,458
OPERATING EXPENSES:
Property operations	3,399,475				2,832,261				11,898,190				8,351,456
Non-REIT management and leasing services	215,488				175,647				1,567,128				1,174,833
Depreciation and amortization	5,330,609				5,160,298				20,636,940				16,882,462
Provision for credit losses	228,614				28,713				424,925				243,029
Corporate general & administrative	3,633,901				2,800,761				9,924,361				13,415,961
Total Operating Expenses	12,808,087				10,997,680				44,451,544				40,067,741
Operating Loss	(780,254		)		(1,764,080		)		(291,136		)		(12,452,283		)
Interest income	390,559				5,009				691,937				118,747
Interest expense	(3,554,669		)		(2,593,300		)		(13,356,111		)		(9,043,761		)
Net Loss from Continuing Operations Before Income Taxes	(3,944,364		)		(4,352,371		)		(12,955,310		)		(21,377,297		)
Income tax expense	(107,464		)		—				(107,464		)		—
Net Loss from Continuing Operations	(4,051,828		)		(4,352,371		)		(13,062,774		)		(21,377,297		)
Discontinued Operations
Income from discontinued operations	20,996				151,698				136,459				499,781
Gain on disposal of properties	(535		)		2,104,114				688,289				2,104,114
Net Income from Discontinued Operations	20,461				2,255,812				824,748				2,603,895
Net Loss	(4,031,367		)		(2,096,559		)		(12,238,026		)		(18,773,402		)
Less: Net income (loss) attributable to noncontrolling interests	(267,777		)		78,571				(1,035,456		)		(1,252,723		)
Net Loss Attributable to Wheeler REIT	(3,763,590		)		(2,175,130		)		(11,202,570		)		(17,520,679		)
Preferred stock dividends	(2,449,759		)		(511,300		)		(4,713,169		)		(13,627,532		)
Deemed dividend related to beneficial conversion feature of preferred stock	—				—				—				(72,644,506		)
Net Loss Attributable to Wheeler REIT Common Shareholders	$	(6,213,349	)		$	(2,686,430	)		$	(15,915,739	)		$	(103,792,717	)
Loss per share from continuing operations (basic and diluted)	$	(0.09	)		$	(0.07	)		$	(0.25	)		$	(2.73	)
Income per share from discontinued operations	—				0.03				0.01				0.06
	$	(0.09	)		$	(0.04	)		$	(0.24	)		$	(2.67	)
Weighted-average number of shares:
Basic and Diluted	67,981,896				66,189,261				67,362,991				38,940,463

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

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measures (1)

FFO and AFFO		Three Months Ended December 31,								Years Ended December 31,
		2016				2015 (4)				2016				2015 (4)
Net loss		$	(4,031,367	)		$	(2,096,559	)		$	(12,238,026	)		$	(18,773,402	)
Depreciation of real estate assets from continuing operations		5,330,609				5,160,297				20,636,940				16,882,462
Depreciation of real estate assets from discontinued operations		—				—				—				579,891
Depreciation of real estate assets		5,330,609				5,160,297				20,636,940				17,462,353
Loss (gain) on sale of discontinued operations		535				(2,104,114		)		(688,289		)		(2,104,114		)
Total FFO		1,299,777				959,624				7,710,625				(3,415,163		)
Preferred stock dividends		(2,449,759		)		(511,300		)		(4,713,169		)		(13,627,532		)
Preferred stock accretion adjustments		161,178				88,525				416,598				8,925,221
FFO available to common shareholders and common unitholders		(988,804		)		536,849				3,414,054				(8,117,474		)
Acquisition costs		1,114,440				703,659				2,028,742				3,871,037
Capital related costs		203,015				207,584				513,562				2,655,474
Other non-recurring and non-cash expenses (2)		157,361				203,944				663,618				770,757
Share-based compensation		872,660				191,000				1,454,410				547,000
Straight-line rent		(162,822		)		(68,843		)		(385,965		)		(270,873		)
Loan cost amortization		661,235				252,190				2,125,582				1,300,901
Above (below) market lease amortization		(39,838		)		53,678				29,371				616,665
Perimeter legal accrual		—				5,478				—				133,282
Accrued interest income		(120,987		)		—				(415,025		)		—
Recurring capital expenditures and tenant improvement reserves		(245,326		)		(221,400		)		(759,900		)		(658,500		)
AFFO		$	1,450,934			$	1,864,139			$	8,668,449			$	848,269
Weighted Average Common Shares		67,981,896				66,189,261				67,362,991				38,940,463
Weighted Average Common Units		5,946,188				4,058,398				5,513,296				3,863,339
Total Common Shares and Units		73,928,084				70,247,659				72,876,287				42,803,802
FFO per Common Share and Common Units		$	(0.01	)		$	0.01			$	0.05			$	(0.19	)
AFFO per Common Share and Common Units		$	0.02			$	0.03			$	0.12			$	0.02
Pro forma AFFO per Common Share and Common Units (3)		$	0.05							$	0.21

(1)    See page 15 for the Company's definition of this non-GAAP measurement and reasons for using it.

(2)    Annual other non-recurring expenses are detailed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our December 2016 Annual Report on Form 10-K.

(3)    Pro forma AFFO assumes the following transactions had occurred on January 1, 2016: (i) the A-C Portfolio, Sangaree Plaza, Tri-County Plaza, Berkley Shopping Center, Riverbridge Shopping Center, Laburnum Square, Franklin Village, Village at Martinsville, New Market Crossing, and Rivergate Shopping Center acquisitions; the sales of Starbucks/Verizon; and the Series B and D Preferred Stock capital raises.  Adjustments also include $46 thousand bad debt expense for six months for Career Point and otherwise a 0.5% bad debt reserve based on NOI, $60 thousand a month in development fees, 15% pre-tax profit on non-reit business, and adjustments for seasonal expenses.  Additionally, we excluded all non-recurring expenses detailed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our December 2016 Annual Report on Form 10-K, and any additional common stock and common units issued during the year ended December 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 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

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measures (continued)

Property Net Operating Income	Three Months Ended December 31,								Years Ended December 31,
	2016				2015				2016				2015
Property Revenues	$	11,590,957			$	9,055,735			$	42,097,531			$	26,664,484
Property Expenses	3,399,475				2,832,261				11,898,190				8,351,456
Property Net Operating Income	8,191,482				6,223,474				30,199,341				18,313,028
Asset Management and Commission Revenue	361,937				177,865				1,818,793				950,974
Other Non-property Income	74,939				—				244,084				—
Other Income	436,876				177,865				2,062,877				950,974
Non-REIT management and leasing services	215,488				175,647				1,567,128				1,174,833
Depreciation and amortization	5,330,609				5,160,298				20,636,940				16,882,462
Provision for credit losses	228,614				28,713				424,925				243,029
Corporate general & administrative	3,633,901				2,800,761				9,924,361				13,415,961
Total Other Operating Expenses	9,408,612				8,165,419				32,553,354				31,716,285
Interest income	390,559				5,009				691,937				118,747
Interest expense	(3,554,669		)		(2,593,300		)		(13,356,111		)		(9,043,761		)
Net Loss from Continuing Operations Before Income Taxes	(3,944,364		)		(4,352,371		)		(12,955,310		)		(21,377,297		)
Income tax expense	(107,464		)		—				(107,464		)		—
Net Loss from Continuing Operations	(4,051,828		)		(4,352,371		)		(13,062,774		)		(21,377,297		)
Discontinued Operations
Income from discontinued operations	20,996				151,698				136,459				499,781
Gain (loss) on disposal of properties	(535		)		2,104,114				688,289				2,104,114
Net Income from Discontinued Operations	20,461				2,255,812				824,748				2,603,895
Net Loss	$	(4,031,367	)		$	(2,096,559	)		$	(12,238,026	)		$	(18,773,402	)

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

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measures (continued)

EBITDA	Three Months Ended December 31,								Years Ended December 31,
	2016				2015				2016				2015
Net Loss	$	(4,031,367	)		$	(2,096,559	)		$	(12,238,026	)		$	(18,773,402	)
Add back: Depreciation and amortization (1)	5,290,771				5,213,975				20,666,311				18,079,018
Interest Expense (2)	3,568,053				2,618,384				13,425,458				9,758,842
Income taxes	107,464				—				107,464				—
EBITDA	4,934,921				5,735,800				21,961,207				9,064,458
Adjustments for items affecting comparability:
Acquisition costs	1,114,440				703,659				2,028,742				3,871,037
Capital related costs	203,015				207,584				513,562				2,655,474
Other non-recurring expenses (3)	157,361				203,944				663,618				770,757
Gain on disposal of properties	535				(2,104,114		)		(688,289		)		(2,104,114		)
Adjusted EBITDA	$	6,410,272			$	4,746,873			$	24,478,840			$	14,257,612

(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)    Annual other non-recurring expenses are detailed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our December 2016 Annual Report on Form 10-K.

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

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Debt Summary

For the Year Ended December 31, 2016

Loans Payable: $315.0 million

Weighted Average Interest Rate: 4.34%

Total Debt to Total Assets: 64.42%

Debt from Continuing Operations:

Maturities by Year	Amount for the Years Ending December 31,				% Total Maturities
2017	$	17,447,169			5.56	%
2018	82,642,065				26.34	%
2019	26,377,589				8.41	%
2020	9,089,332				2.90	%
2021	1,651,389				0.53	%
Thereafter	176,490,345				56.26	%
Total principal maturities	$	313,697,889			100.00	%

Debt Associated with Assets Held for Sale:

Maturities by Year	Amount for the Years Ending December 31,				% Total Maturities
2017	$	—			0.00	%
2018	—				0.00	%
2019	—				0.00	%
2020	24,580				1.82	%
2021	27,901				2.07	%
Thereafter	1,297,519				96.11	%
Total principal maturities	$	1,350,000			100.00	%

Total Debt:

Maturities by Year	Amount for the Years Ending December 31,				% Total Maturities
2017	$	17,447,169			5.54	%
2018	82,642,065				26.23	%
2019	26,377,589				8.37	%
2020	9,113,912				2.89	%
2021	1,679,290				0.53	%
Thereafter	177,787,864				56.44	%
Total principal maturities	$	315,047,889			100.00	%

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

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Debt Summary (continued)

		Monthly Payment									December 31,
Property/Description						Interest Rate			Debt Maturity		2016				2015
Shoppes at Eagle Harbor		$	25,100			4.34	%		March 2018		$	3,492,178			$	3,634,085
Monarch Bank Building		$	9,473			4.15	%		December 2017		1,319,767				1,376,452
Perimeter Square		Interest Only				4.06	%		August 2026		4,500,000				4,166,406
Riversedge North		$	8,802			6.00	%		January 2019		914,026				962,281
Walnut Hill Plaza		$	24,273			5.50	%		July 2017		3,439,587				3,535,606
Twin City Commons		$	17,827			4.86	%		January 2023		3,169,620				3,225,473
Shoppes at TJ Maxx		$	33,880			3.88	%		May 2020		5,907,597				6,081,272
Vantage South Bank Line of Credit		Interest only				4.25	%		September 2017		3,000,000				—
KeyBank Line of Credit		Interest only				3.24	%		May 2018		74,077,250				6,873,750
Forrest Gallery		$	50,973			5.40	%		September 2023		8,802,243				8,926,712
Tampa Festival		$	50,797			5.56	%		September 2023		8,502,198				8,627,294
Starbucks/Verizon		$	4,383			5.00	%		July 2019		—				632,042
Winslow Plaza		Interest only				4.82	%		December 2025		4,620,000				4,620,000
Cypress Shopping Center		$	34,360			4.70	%		July 2024		6,585,228				6,625,000
Harrodsburg Marketplace		$	19,112			4.55	%		September 2024		3,616,999				3,677,501
Port Crossing		$	34,788			4.84	%		August 2024		6,370,373				6,471,636
LaGrange Marketplace		$	15,065			5.50	%		March 2020		2,369,225				2,418,212
Freeway Junction		$	31,265			4.60	%		September 2024		8,119,327				8,150,000
DF I-Edenton		$	250,000		(1)	3.75	%		September 2016		—				650,000
DF I-Moyock		$	10,665			5.00	%		July 2019		309,319				418,538
Graystone Crossing		$	15,672			4.55	%		October 2024		3,990,048				4,000,000
Bryan Station		$	17,421			4.52	%		November 2024		4,618,932				4,625,000
Crockett Square		Interest only				4.47	%		December 2024		6,337,500				6,337,500
Harbor Point		$	11,024			5.85	%		December 2018		649,366				732,685
Pierpont Centre		Interest only				4.15	%		February 2025		9,800,000				9,800,000
Alex City Marketplace		Interest only				3.95	%		April 2025		5,750,000				5,750,000
Butler Square		Interest only				3.90	%		May 2025		5,640,000				5,640,000
Brook Run Shopping Center		Interest only				4.08	%		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		487,408				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
Chesapeake Square		$	23,857			4.70	%		August 2026		4,577,709				—
Revere Loan		Interest only				8.00	%		April 2017		7,450,000				—
Senior convertible notes		Interest only				9.00	%		December 2018		1,400,000				3,000,000
Senior non-convertible notes		Interest only				9.00	%		January 2016		—				2,160,000
South Carolina Food Lions Note		$	68,320			5.25	%		January 2024		12,224,489				12,375,000
Sangaree/Tri-County/Berkley		Interest only				4.78	%		December 2026		9,400,000				—
Franklin		Interest only				4.93	%		January 2027		8,515,000				—
Rivergate		Interest only				3.67	%		December 2019		24,212,500				—
Riverbridge		Interest only				4.48	%		December 2026		4,000,000				—
Lumber River		Interest only				3.67	%		June 2018		1,500,000				—
Total principal balance											315,047,889				191,322,498
Unamortized debt issuance costs											(7,725,210		)		(4,726,610		)
Total Loans Payable (2)											$	307,322,679			$	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	11

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Portfolio Summary (as of December 31, 2016)

Property		Location		Number of Tenants			Gross Leasable Square Feet			Total SF Leased			Percentage Leased			Annualized Base Rent (1)				Annualized Base Rent per Leased Sq. Foot
Alex City Marketplace		Alexander City, AL		18			147,791			146,591			99.2	%		1,081,763				7.38
Amscot Building (2)		Tampa, FL		1			2,500			2,500			100.0	%		115,849				46.34
Beaver Ruin Village		Lilburn, GA		27			74,038			63,214			85.4	%		1,046,318				16.55
Beaver Ruin Village II		Lilburn, GA		4			34,925			34,925			100.0	%		410,403				11.75
Berkley (3)		Norfolk, VA		—			—			—			—	%		—				—
Berkley Shopping Center		Norfolk, VA		11			47,945			45,140			94.2	%		358,414				7.94
Brook Run Shopping Center		Richmond, VA		18			147,738			133,927			90.7	%		1,496,685				11.18
Brook Run Properties (3)		Richmond, VA		—			—			—			—	%		—				—
Bryan Station		Lexington, KY		8			54,397			50,397			92.7	%		507,008				10.06
Butler Square		Mauldin, SC		16			82,400			82,400			100.0	%		789,180				9.58
Cardinal Plaza		Henderson, NC		6			50,000			45,500			91.0	%		430,250				9.46
Carolina Place (3)		Onley, VA		—			—			—			—	%		—				—
Chesapeake Square		Onley, VA		12			99,848			81,614			81.7	%		688,193				8.43
Clover Plaza		Clover, SC		9			45,575			45,575			100.0	%		348,512				7.65
Columbia Fire Station (5)		Columbia, SC		—			—			—			—	%		—				—
Conyers Crossing		Conyers, GA		14			170,475			169,425			99.4	%		966,678				5.71
Courtland Commons (3)		Courtland, VA		—			—			—			—	%		—				—
Crockett Square		Morristown, TN		3			107,122			99,122			92.5	%		812,322				8.20
Cypress Shopping Center		Boiling Springs, SC		17			80,435			79,035			98.3	%		844,116				10.68
Darien Shopping Center		Darien, GA		1			26,001			26,001			100.0	%		208,008				8.00
Devine Street		Columbia, SC		2			38,464			38,464			100.0	%		549,668				14.29
Edenton Commons (3)		Edenton, NC		—			—			—			—	%		—				—
Folly Road		Charleston, SC		5			47,794			47,794			100.0	%		720,863				15.08
Forrest Gallery		Tullahoma, TN		27			214,451			178,436			83.2	%		1,138,754				6.38
Fort Howard Shopping Center		Rincon, GA		17			113,652			109,152			96.0	%		971,889				8.90
Franklin Village		Kittanning, PA		29			151,673			151,673			100.0	%		1,143,829				7.54
Franklinton Square		Franklinton, NC		13			65,366			59,300			90.7	%		537,182				9.06
Freeway Junction		Stockbridge, GA		15			156,834			150,874			96.2	%		1,096,623				7.27
Georgetown		Georgetown, SC		2			29,572			29,572			100.0	%		267,215				9.04
Graystone Crossing		Tega Cay, SC		11			21,997			21,997			100.0	%		524,588				23.85
Grove Park		Orangeburg, SC		15			106,557			93,579			87.8	%		669,417				7.07
Harbor Point (3)		Grove, OK		—			—			—			—	%		—				—
Harrodsburg Marketplace		Harrodsburg, KY		9			60,048			60,048			100.0	%		441,940				7.36
Jenks Plaza		Jenks, OK		5			7,800			7,800			100.0	%		151,779				19.46
Laburnum Square		Richmond, VA		22			109,405			109,405			100.0	%		938,268				8.58
Ladson Crossing		Ladson, SC		14			52,607			50,207			95.4	%		731,085				14.56
LaGrange Marketplace		LaGrange, GA		13			76,594			73,594			96.1	%		411,085				5.59
Lake Greenwood Crossing		Greenwood, SC		6			47,546			41,546			87.4	%		408,841				9.84
Lake Murray		Lexington, SC		5			39,218			39,218			100.0	%		349,510				8.91
Laskin Road (3)		Virginia Beach, VA		—			—			—			—	%		—				—
Litchfield Market Village		Pawleys Island, SC		18			86,740			72,763			83.9	%		1,063,340				14.61
Lumber River Village		Lumberton, NC		11			66,781			66,781			100.0	%		511,006				7.65
Monarch Bank		Virginia Beach, VA		1			3,620			3,620			100.0	%		265,796				73.42
Moncks Corner		Moncks Corner, SC		1			26,800			26,800			100.0	%		324,390				12.10
Nashville Commons		Nashville, NC		12			56,100			56,050			99.9	%		575,977				10.28
New Market Crossing		Mt. Airy, NC		11			116,976			104,468			89.3	%		931,517				8.92
Parkway Plaza		Brunswick, GA		5			52,365			50,765			96.9	%		536,069				10.56
Perimeter Square		Tulsa, OK		7			58,277			55,440			95.1	%		733,601				13.23
Pierpont Centre		Morgantown, WV		20			122,259			122,259			100.0	%		1,450,993				11.87
Port Crossing		Harrisonburg, VA		9			65,365			64,000			97.9	%		799,589				12.49
Ridgeland		Ridgeland, SC		1			20,029			20,029			100.0	%		140,203				7.00
Riverbridge Shopping Center		Carrollton, GA		11			91,188			89,788			98.5	%		660,038				7.35
Riversedge North (4)		Virginia Beach, VA		—			—			—			—	%		—				—
Rivergate Shopping Center		Macon, GA		32			205,810			200,177			97.3	%		2,936,715				14.67
Sangaree Plaza		Summerville, SC		9			66,948			66,948			100.0	%		577,360				8.62
Shoppes at Myrtle Park		Bluffton, SC		11			56,380			55,376			98.2	%		913,674				16.50
Shoppes at TJ Maxx		Richmond, VA		18			93,624			93,624			100.0	%		1,128,459				12.05
South Lake		Lexington, SC		10			44,318			44,318			100.0	%		419,349				9.46
South Park		Mullins, SC		2			60,734			43,218			71.2	%		491,245				11.37
South Square		Lancaster, SC		5			44,350			39,850			89.9	%		321,742				8.07
St. George Plaza		St. George, SC		4			59,279			41,328			69.7	%		273,186				6.61
St. Matthews		St. Matthews, SC		5			29,015			25,314			87.2	%		307,382				12.14
Sunshine Plaza		Lehigh Acres, FL		22			111,189			109,186			98.2	%		999,936				9.16
Surrey Plaza		Hawkinsville, GA		5			42,680			42,680			100.0	%		292,995				6.86
Tampa Festival		Tampa, FL		20			137,987			135,387			98.1	%		1,224,605				9.05
The Shoppes at Eagle Harbor		Carrollton, VA		7			23,303			23,303			100.0	%		456,539				19.59
Tri-County Plaza		Royston, GA		7			67,577			61,177			90.5	%		445,450				7.28

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

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Property		Location		Number of Tenants			Gross Leasable Square Feet			Total SF Leased			Percentage Leased			Annualized Base Rent (1)				Annualized Base Rent per Leased Sq. Foot
Tulls Creek (3)		Moyock, NC		—			—			—			—	%		—				—
Twin City Commons		Batesburg-Leesville, SC		5			47,680			47,680			100.0	%		453,763				9.52
Village of Martinsville		Martinsville, VA		18			297,950			286,431			96.1	%		2,230,040				7.79
Walnut Hill Plaza		Petersburg, VA		10			87,239			61,417			70.4	%		501,891				8.17
Waterway Plaza		Little River, SC		10			49,750			49,750			100.0	%		477,718				9.60
Westland Square		West Columbia, SC		9			62,735			48,290			77.0	%		443,336				9.18
Winslow Plaza		Sicklerville, NJ		14			40,695			35,400			87.0	%		523,908				14.80
Total Portfolio				705			4,906,511			4,611,642			94.0	%		$	44,568,047			$	9.66

(1) Annualized base rent per leased square foot excludes the impact of tenant concessions.

(2) We own the Amscot building, but we do not own the land underneath the buildings and instead lease the land pursuant to ground leases with parties

that are affiliates of Jon Wheeler. As discussed in the financial statements in Item 15, these ground leases require us to make annual rental payments

and contain escalation clauses and renewal options.

(3) This information is not available because the property is undeveloped.

(4) This property is our corporate headquarters that we 100% occupy.

(5) This information is not available because the property is a redevelopment property.

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

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Top Ten Tenants by Annualized Base Rent

(as of December 31, 2016)

Total Tenants : 705

Tenants	Annualized Base Rent ($ in 000s)				% of Total Annualized Base Rent			Total Gross Leasable Square Feet			% of Total Gross Leasable Square Feet			Base Rent Per Leased Square Foot
1. Bi-Lo	$	5,398			12.11	%		554,073			11.29	%		$	9.74
2. Food Lion	2,691				6.04	%		325,576			6.64	%		8.27
3. Piggly Wiggly	1,356				3.04	%		136,343			2.78	%		9.95
4. Kroger	1,294				2.90	%		186,064			3.79	%		6.95
5. Winn Dixie	1,236				2.77	%		179,175			3.65	%		6.90
6. Hobby Lobby	675				1.51	%		114,298			2.33	%		5.91
7. Harris Teeter	578				1.30	%		39,946			0.81	%		14.47
8. Lowes Foods	571				1.28	%		54,838			1.12	%		10.41
9. Family Dollar	546				1.23	%		75,291			1.53	%		7.25
10. Dollar Tree	470				1.05	%		59,533			1.21	%		7.89
	$	14,815			33.23	%		1,725,137			35.15	%		$	8.59

Leasing Summary

(as of December 31, 2016)

Gross Leasable Area: 4,906,511 square feet

Total Square Footage Leased: 4,611,642 square feet

Occupancy Rate: 94.0%

Lease Expiration Schedule

Lease Expiration Year Ended December 31,		Number of Expiring Leases			Total Expiring Gross Leasable Square Footage			% of Total Expiring Gross Leasable Square Footage			% of Total Leased Square Footage Expiring			Expiring Annualized Base Rent (in 000s)				% of Total Annualized Base Rent			Expiring Base Rent Per Leased Square Foot
Available		—			294,869			6.01	%					$	—			—			$	—
2017		112			351,660			7.17	%		7.63	%		4,043				9.07	%		11.50
2018		133			757,654			15.44	%		16.43	%		7,039				15.79	%		9.29
2019		144			740,276			15.09	%		16.05	%		7,250				16.27	%		9.79
2020		113			910,696			18.56	%		19.75	%		8,143				18.27	%		8.94
2021		77			531,905			10.84	%		11.53	%		4,970				11.15	%		9.34
2022		42			250,841			5.11	%		5.44	%		2,560				5.74	%		10.21
2023		17			318,627			6.49	%		6.91	%		2,638				5.92	%		8.28
2024		18			145,502			2.97	%		3.16	%		1,433				3.22	%		9.85
2025		16			251,511			5.13	%		5.45	%		2,430				5.45	%		9.66
2026 and thereafter		33			352,970			7.19	%		7.65	%		4,062				9.12	%		11.51
					4,906,511			100.00	%		100.00	%		$	44,568			100.00	%		$	9.66

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

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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, income taxes, 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	15

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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	16