Exhibit 99.2

whlrsupa05.jpg

image1a13.jpg










Supplemental Operating and Financial Data
for the three months and year ended December 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, 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





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







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






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





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





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
)











.










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





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





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





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





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




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




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





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





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