Exhibit 99.2

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Supplemental Operating and Financial Data
for the three months ended March 31, 2017



Table of Contents
 
 
Page
Company Overview
Financial and Portfolio Overview
Financial Summary
 
Condensed Consolidated Balance Sheets
Condensed 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 Kelly - CIO
 
M. Andrew 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 P. 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 March 31, 2017 (Unaudited)
Financial Results
 
Net loss attributable to Wheeler REIT common shareholders (in thousands)
$
(3,602
)
Net loss per basic and diluted share
$
(0.42
)
Funds from operations available to common shareholders and Operating Partnership (OP) unitholders (FFO) (in thousands) (1)
$
1,439

FFO per common share and OP unit
$
0.15

Adjusted FFO (AFFO) (in thousands) (1)
$
2,850

AFFO per common share and OP unit
$
0.31

 
 
Assets
 
Investment Properties, net (less accumulated depreciation and amortization) (in thousands)
$
386,704

Total Assets (in thousands)
$
481,543

Debt to Total Assets
65.00
%
Debt to Gross Asset Value
62.20
%
 
 
Market Capitalization
 
Common shares outstanding
8,588,470

OP units outstanding
761,888

Total common shares and OP units
9,350,358

Range of Common Stock prices for the first quarter 2017 (2)
$13.28-$14.64
Common Stock price at first quarter end (2)
$
13.84

Total number of Series B preferred shares
1,871,244

Range of Series B preferred prices for the first quarter 2017
$22.13-$24.89
Series B preferred price at first quarter end
$
23.86

Total number of Series D preferred shares
2,237,000

Range of Series D preferred prices for the first quarter 2017
$23.12-$26.10
Series D preferred price at first quarter end
$
26.01

Total debt (in thousands)
$
312,993

Common Stock market capitalization (as of March 31, 2017 closing stock price, in thousands)
$
118,864

 
 
Portfolio Summary
 
Total Leasable Area (GLA) in sq. ft.
4,906,511

Occupancy Rate
93.0
%
Leased Rate (3)
94.2
%
Annualized Base Rent (in thousands)
$
43,591

Total number of leases signed or renewed during the first quarter of 2017
33

Total sq. ft. leases signed or renewed during the first quarter of 2017
179,121

(1)    See page 16 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)    Common Stock prices have been retroactively adjusted for the one-for-eight reverse stock split.
(3)    Reflects leases executed through April 7, 2017 that commence subsequent to the end of current period.

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,
2017
 
December 31,
2016
 
(in thousands)
 
(unaudited)
 
 
ASSETS:
 
 
 
Investment properties, net
$
386,704

 
$
388,880

Cash and cash equivalents
4,664

 
4,863

Restricted cash
9,324

 
9,652

Rents and other tenant receivables, net
3,370

 
3,984

Related party receivable
1,566

 
1,456

Notes receivable
12,000

 
12,000

Goodwill
5,486

 
5,486

Assets held for sale

 
366

Above market lease intangible, net
11,976

 
12,962

Deferred costs and other assets, net
46,453

 
49,397

Total Assets
$
481,543

 
$
489,046

LIABILITIES:
 
 
 
Loans payable, net
305,893

 
305,973

Liabilities associated with assets held for sale

 
1,350

Below market lease intangible, net
11,886

 
12,680

Accounts payable, accrued expenses and other liabilities
12,274

 
11,321

Total Liabilities
$
330,053

 
$
331,324

Commitments and contingencies
 
 
 
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 2,237,000 shares issued and outstanding; $55.93 million aggregate liquidation preference)
52,686

 
52,530

EQUITY:
 
 
 
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding)
453

 
453

Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,871,244 shares issued and outstanding; $46.78 million aggregate liquidation preference)
40,754

 
40,733

Common Stock ($0.01 par value, 18,750,000 shares authorized, 8,588,470 and 8,503,819 shares issued and outstanding, respectively)
86

 
85

Additional paid-in capital
225,104

 
223,939

Accumulated deficit
(177,576
)
 
(170,377
)
Total Shareholders’ Equity
88,821

 
94,833

Noncontrolling interests
9,983

 
10,359

Total Equity
98,804

 
105,192

Total Liabilities and Equity
$
481,543

 
$
489,046


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,
 
(unaudited, in thousands)
 
2017
 
2016
TOTAL REVENUES
$
14,322

 
$
9,138

OPERATING EXPENSES:
 
 
 
Property operations
3,994

 
2,675

Non-REIT management and leasing services
271

 
377

Depreciation and amortization
6,400

 
4,880

Provision for credit losses
252

 
88

Corporate general & administrative
2,232

 
2,282

Total Operating Expenses
13,149

 
10,302

Operating Income (Loss)
1,173

 
(1,164
)
Interest income
356

 
1

Interest expense
(4,177
)
 
(2,420
)
Net Loss from Continuing Operations Before Income Taxes
(2,648
)
 
(3,583
)
Income tax expense
(41
)
 

Net Loss from Continuing Operations
(2,689
)
 
(3,583
)
Discontinued Operations
 
 
 
Income from discontinued operations
16

 
21

Gain on disposal of properties
1,513

 

Net Income from Discontinued Operations
1,529

 
21

Net Loss
(1,160
)
 
(3,562
)
Less: Net loss attributable to noncontrolling interests
(41
)
 
(333
)
Net Loss Attributable to Wheeler REIT
(1,119
)
 
(3,229
)
Preferred stock dividends
(2,483
)
 
(511
)
Net Loss Attributable to Wheeler REIT
Common Shareholders
$
(3,602
)
 
$
(3,740
)
 
 
 
 
Loss per share from continuing
operations (basic and diluted)
$
(0.59
)
 
$
(0.45
)
Income per share from discontinued operations
0.17

 

 
$
(0.42
)
 
$
(0.45
)
Weighted-average number of shares:
 
 
 
Basic and Diluted
8,554,304

 
8,284,116



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,
 
2017
 
2016
 
(unaudited, in thousands)
Net loss
$
(1,160
)
 
$
(3,562
)
Depreciation and amortization of real estate assets
6,400

 
4,880

Gain on sale of discontinued operations
(1,513
)
 

FFO
3,727

 
1,318

Preferred stock dividends
(2,483
)
 
(511
)
Preferred stock accretion adjustments
195

 
89

FFO available to common shareholders and common unitholders
1,439

 
896

Acquisition costs
260

 
413

Capital related costs
220

 
62

Other non-recurring and non-cash expenses (2)
107

 
237

Share-based compensation
377

 
150

Straight-line rent
(185
)
 
(7
)
Loan cost amortization
763

 
190

Accrued interest income
(118
)
 

Above (below) market lease amortization
193

 
72

Recurring capital expenditures and tenant improvement reserves
(206
)
 
(139
)
AFFO
$
2,850

 
$
1,874

 
 
 
 
Weighted Average Common Shares
8,554,304

 
8,284,116

Weighted Average Common Units
761,954

 
587,906

Total Common Shares and Units
9,316,258

 
8,872,022

FFO per Common Share and Common Units
$
0.15

 
$
0.10

AFFO per Common Share and Common Units
$
0.31

 
$
0.21


(1)
See page 16 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 Quarterly Report on Form 10-Q for the period ended March 31, 2017.


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,
 
2017
 
2016
 
(unaudited, in thousands)
Property Revenues
$
13,909

 
$
8,730

Property Expenses
3,994

 
2,675

Property Net Operating Income
9,915

 
6,055

Asset Management and Commission Revenue
277

 
408

Other non-property income
136

 

Other Income
413

 
408

Non-REIT management and leasing services
271

 
377

Depreciation and amortization
6,400

 
4,880

Provision for credit losses
252

 
88

Corporate general & administrative
2,232

 
2,282

Total Other Operating Expenses
9,155

 
7,627

Interest income
356

 
1

Interest expense
(4,177
)
 
(2,420
)
Net Loss from Continuing Operations Before Income Taxes
(2,648
)
 
(3,583
)
Income tax expense
(41
)
 

Net Loss from Continuing Operations
(2,689
)
 
(3,583
)
Discontinued Operations
 
 
 
Income from operations
16

 
21

Gain on disposal of properties
1,513

 

Net Income from Discontinued Operations
1,529

 
21

Net Loss
$
(1,160
)
 
$
(3,562
)
EBITDA
Three Months Ended March 31,
 
2017
 
2016
 
(unaudited, in thousands)
Net Loss
$
(1,160
)
 
$
(3,562
)
Add back:
Depreciation and amortization (1)
6,593

 
4,952

 
Interest Expense (2)
4,186

 
2,442

 
Income taxes
41

 

EBITDA
9,660

 
3,832

Adjustments for items affecting comparability:
 
 
 
 
Acquisition costs
260

 
413

 
Capital related costs
220

 
62

 
Other non-recurring expenses (3)
107

 
237

 
Gain on disposal of properties
(1,513
)
 

Adjusted EBITDA
$
8,734

 
$
4,544

(1)
Includes above (below) market lease amortization.
(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 Quarterly Report on Form 10-Q for the period ended March 31, 2017.

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



Debt Summary as of March 31, 2017 (unaudited)
Loans Payable: $312.99 million
Weighted Average Interest Rate: 4.40%
Total Debt to Total Assets: 65.0%

Property/Description
Monthly Payment
 
Interest
Rate
 
Maturity
 
March 31, 2017
 
December 31, 2016
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
(unaudited)
 
 
 Revere Loan
Interest only

 
8.00
%
 
April 2017
 
$
7,450

 
$
7,450

 Walnut Hill Plaza
$
24,273

 
5.50
%
 
July 2017
 
3,414

 
3,440

 Bank Line of Credit
Interest only

 
4.25
%
 
September 2017
 
3,000

 
3,000

 Columbia Fire Station
 Interest only

 
8.00
%
 
December 2017
 
497

 
487

 Monarch Bank Building
$
9,473

 
4.15
%
 
December 2017
 
1,305

 
1,320

 Shoppes at Eagle Harbor
$
25,100

 
4.34
%
 
March 2018
 
3,455

 
3,492

 KeyBank Line of Credit
Interest only

 
Libor + 250 basis points

 
May 2018
 
68,032

 
74,077

 Lumber River
Interest only

 
Libor + 295 basis points

 
June 2018
 
1,500

 
1,500

 Senior convertible notes
Interest only

 
9.00
%
 
December 2018
 
1,369

 
1,400

 Harbor Point
$
11,024

 
5.85
%
 
December 2018
 
626

 
649

 Riversedge North
$
8,802

 
6.00
%
 
January 2019
 
901

 
914

 DF I-Moyock
$
10,665

 
5.00
%
 
July 2019
 
281

 
309

 Rivergate
Interest only

 
Libor + 295 basis points

 
December 2019
 
24,213

 
24,213

 LaGrange Marketplace
$
15,065

 
Libor + 375 basis points

 
March 2020
 
2,357

 
2,369

 Folly Road
Interest only

 
4.00
%
 
March 2020
 
6,181

 

 Shoppes at TJ Maxx
$
33,880

 
3.88
%
 
May 2020
 
5,863

 
5,908

 Twin City Commons
$
17,827

 
4.86
%
 
January 2023
 
3,155

 
3,170

 Tampa Festival
$
50,797

 
5.56
%
 
September 2023
 
8,468

 
8,502

 Forrest Gallery
$
50,973

 
5.40
%
 
September 2023
 
8,768

 
8,802

 South Carolina Food Lions Note
$
68,320

 
5.25
%
 
January 2024
 
12,180

 
12,224

 Cypress Shopping Center
$
34,360

 
4.70
%
 
July 2024
 
6,559

 
6,585

 Port Crossing
$
34,788

 
4.84
%
 
August 2024
 
6,343

 
6,370

 Freeway Junction
$
31,265

 
4.60
%
 
September 2024
 
8,087

 
8,119

 Harrodsburg Marketplace
$
19,112

 
4.55
%
 
September 2024
 
3,601

 
3,617

 Graystone Crossing
$
15,672

 
4.55
%
 
October 2024
 
3,973

 
3,990

 Bryan Station
$
17,421

 
4.52
%
 
November 2024
 
4,600

 
4,619

 Crockett Square
Interest only

 
4.47
%
 
December 2024
 
6,338

 
6,338

 Pierpont Centre
 Interest only

 
4.15
%
 
February 2025
 
8,113

 
9,800

 Alex City Marketplace
 Interest only

 
3.95
%
 
April 2025
 
5,750

 
5,750

 Butler Square
 Interest only

 
3.90
%
 
May 2025
 
5,640

 
5,640

 Brook Run Shopping Center
 Interest only

 
4.08
%
 
June 2025
 
10,950

 
10,950

 Beaver Ruin Village I and II
 Interest only

 
4.73
%
 
July 2025
 
9,400

 
9,400

 Sunshine Shopping Plaza
 Interest only

 
4.57
%
 
August 2025
 
5,900

 
5,900

 Barnett Portfolio
 Interest only

 
4.30
%
 
September 2025
 
8,770

 
8,770

 Fort Howard Shopping Center
 Interest only

 
4.57
%
 
October 2025
 
7,100

 
7,100

 Conyers Crossing
 Interest only

 
4.67
%
 
October 2025
 
5,960

 
5,960

 Grove Park Shopping Center
 Interest only

 
4.52
%
 
October 2025
 
3,800

 
3,800

 Parkway Plaza
 Interest only

 
4.57
%
 
October 2025
 
3,500

 
3,500

 Winslow Plaza
Interest only

 
4.82
%
 
December 2025
 
4,620

 
4,620

 Chesapeake Square
$
23,857

 
4.70
%
 
August 2026
 
4,559

 
4,578

 Perimeter Square
Interest only

 
4.06
%
 
August 2026
 
4,500

 
4,500

 Sangaree/Tri-County/Berkley
Interest only

 
4.78
%
 
December 2026
 
9,400

 
9,400

 Riverbridge
Interest only

 
4.48
%
 
December 2026
 
4,000

 
4,000

 Franklin
Interest only

 
4.93
%
 
January 2027
 
8,515

 
8,516

Total Principal Balance
 
 
 
 
 
 
312,993

 
315,048

Unamortized debt issuance cost
 
 
 
 
 
 
(7,100
)
 
(7,725
)
Total Loans Payable (1)
 
 
 
 
 
 
$
305,893

 
$
307,323

(1) Includes debt associated with assets held for sale.


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



Debt Summary (continued)

Total Debt:
Scheduled principal repayments and maturities by year
Amount for the Twelve Month Periods Ending March 31,
 
% Total Maturities
 
(in thousands)
 
 
2018
$
20,804

 
6.65
%
2019
74,141

 
23.69
%
2020
33,770

 
10.79
%
2021
6,952

 
2.22
%
2022
1,776

 
0.57
%
Thereafter
175,550

 
56.08
%
Total principal maturities
$
312,993

 
100.00
%
 
 
 
 


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



Portfolio Summary as of March 31, 2017 (unaudited)

Property
 
Location
 
Number of
Tenants (1)
Total Leasable
Square Feet
Percentage
Leased (1)
Percentage Occupied
Total SF Occupied
Annualized
Base Rent (2)
Annualized Base Rent per Occupied Sq. Foot
Alex City Marketplace
 
 Alexander City, AL
 
18

147,791

99.2
%
99.2
%
146,591

$
1,092,037

$
7.45

Amscot Building (3)
 
 Tampa, FL
 
1

2,500

100.0
%
100.0
%
2,500

115,849

46.34

Beaver Ruin Village
 
 Lilburn, GA
 
28

74,038

89.1
%
89.1
%
65,989

1,053,781

15.97

Beaver Ruin Village II
 
 Lilburn, GA
 
4

34,925

100.0
%
100.0
%
34,925

413,202

11.83

Berkley (4)
 
 Norfolk, VA
 


%
%



Berkley Shopping Center
 
 Norfolk, VA
 
11

47,945

94.2
%
94.2
%
45,140

361,406

8.01

Brook Run Shopping Center
 
 Richmond, VA
 
19

147,738

92.3
%
92.3
%
136,327

1,478,757

10.85

Brook Run Properties (4)
 
 Richmond, VA
 


%
%



Bryan Station
 
 Lexington, KY
 
9

54,397

100.0
%
92.7
%
50,397

520,398

10.33

Butler Square
 
 Mauldin, SC
 
16

82,400

100.0
%
96.3
%
79,350

767,190

9.67

Cardinal Plaza
 
 Henderson, NC
 
7

50,000

94.0
%
94.0
%
47,000

446,600

9.50

Carolina Place (4)
 
 Onley, VA
 


%
%



Chesapeake Square
 
 Onley, VA
 
13

99,848

89.0
%
89.0
%
88,814

685,846

7.72

Clover Plaza
 
 Clover, SC
 
9

45,575

100.0
%
100.0
%
45,575

350,787

7.70

Columbia Fire Station (6)
 
 Columbia, SC
 


%
%



Conyers Crossing
 
 Conyers, GA
 
14

170,475

99.4
%
99.4
%
169,425

942,508

5.56

Courtland Commons (4)
 
 Courtland, VA
 


%
%



Crockett Square
 
 Morristown, TN
 
3

107,122

92.5
%
92.5
%
99,122

812,322

8.20

Cypress Shopping Center
 
 Boiling Springs, SC
 
18

80,435

100.0
%
96.5
%
77,635

824,586

10.62

Darien Shopping Center
 
 Darien, GA
 
1

26,001

100.0
%
100.0
%
26,001

208,008

8.00

Devine Street
 
 Columbia, SC
 
2

38,464

100.0
%
100.0
%
38,464

549,668

14.29

Edenton Commons (4)
 
 Edenton, NC
 


%
%



Folly Road
 
 Charleston, SC
 
5

47,794

100.0
%
100.0
%
47,794

720,863

15.08

Forrest Gallery
 
 Tullahoma, TN
 
28

214,451

94.8
%
83.2
%
178,436

1,158,540

6.49

Fort Howard Shopping Center
 
 Rincon, GA
 
17

113,652

96.0
%
96.0
%
109,152

908,639

8.32

Franklin Village
 
 Kittanning, PA
 
29

151,673

100.0
%
100.0
%
151,673

1,145,029

7.55

Franklinton Square
 
 Franklinton, NC
 
14

65,366

93.0
%
90.7
%
59,300

538,622

9.08

Freeway Junction
 
 Stockbridge, GA
 
14

156,834

94.6
%
94.6
%
148,424

1,070,923

7.22

Georgetown
 
 Georgetown, SC
 
2

29,572

100.0
%
100.0
%
29,572

267,215

9.04

Graystone Crossing
 
 Tega Cay, SC
 
11

21,997

100.0
%
100.0
%
21,997

527,396

23.98

Grove Park
 
 Orangeburg, SC
 
15

106,557

87.8
%
87.8
%
93,579

663,784

7.09

Harbor Point (4)
 
 Grove, OK
 


%
%



Harrodsburg Marketplace
 
 Harrodsburg, KY
 
9

60,048

100.0
%
100.0
%
60,048

427,540

7.12

Jenks Plaza
 
 Jenks, OK
 
4

7,800

66.7
%
66.7
%
5,200

100,663

19.36

Laburnum Square
 
 Richmond, VA
 
22

109,405

100.0
%
100.0
%
109,405

928,017

8.48

Ladson Crossing
 
 Ladson, SC
 
14

52,607

95.4
%
92.6
%
48,707

711,765

14.61

LaGrange Marketplace
 
 LaGrange, GA
 
14

76,594

98.0
%
98.0
%
75,094

425,485

5.67

Lake Greenwood Crossing
 
 Greenwood, SC
 
6

47,546

87.4
%
87.4
%
41,546

408,841

9.84

Lake Murray
 
 Lexington, SC
 
5

39,218

100.0
%
100.0
%
39,218

349,510

8.91

Laskin Road (4)
 
 Virginia Beach, VA
 


%
%



Litchfield Market Village
 
 Pawleys Island, SC
 
18

86,740

85.2
%
85.2
%
73,863

1,063,340

14.40

Lumber River Village
 
 Lumberton, NC
 
11

66,781

100.0
%
100.0
%
66,781

513,406

7.69

Monarch Bank
 
 Virginia Beach, VA
 
1

3,620

100.0
%
100.0
%
3,620

265,796

73.42

Moncks Corner
 
 Moncks Corner, SC
 
1

26,800

100.0
%
100.0
%
26,800

323,451

12.07

Nashville Commons
 
 Nashville, NC
 
12

56,100

99.9
%
99.9
%
56,050

582,352

10.39

New Market Crossing
 
 Mt. Airy, NC
 
11

116,976

93.4
%
93.4
%
109,268

917,717

8.40

Parkway Plaza
 
 Brunswick, GA
 
5

52,365

96.9
%
96.9
%
50,765

536,869

10.58

Perimeter Square
 
 Tulsa, OK
 
8

58,277

85.2
%
51.8
%
30,162

367,841

12.20

Pierpont Centre
 
 Morgantown, WV
 
18

122,259

90.9
%
90.9
%
111,162

1,312,418

11.81

Port Crossing
 
 Harrisonburg, VA
 
9

65,365

97.9
%
97.9
%
64,000

800,718

12.51

Ridgeland
 
 Ridgeland, SC
 
1

20,029

100.0
%
100.0
%
20,029

140,203

7.00

Riverbridge Shopping Center
 
 Carrollton, GA
 
11

91,188

98.5
%
98.5
%
89,788

663,789

7.39

Riversedge North (5)
 
 Virginia Beach, VA
 


%
%



Rivergate Shopping Center
 
 Macon, GA
 
32

205,810

97.6
%
96.8
%
199,277

2,922,006

14.66

Sangaree Plaza
 
 Summerville, SC
 
9

66,948

100.0
%
100.0
%
66,948

561,160

8.38


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



Property
 
Location
 
Number of
Tenants (1)
Total Leasable
Square Feet
Percentage
Leased (1)
Occupied Square Foot Percentage
Total SF Occupied
Annualized
Base Rent (2)
Annualized Base Rent per Occupied Sq. Foot
Shoppes at Myrtle Park
 
 Bluffton, SC
 
12

56,380

100.0
%
100.0
%
56,380

$
914,868

$
16.23

Shoppes at TJ Maxx
 
 Richmond, VA
 
18

93,624

100.0
%
100.0
%
93,624

1,131,352

12.08

South Lake
 
 Lexington, SC
 
10

44,318

100.0
%
100.0
%
44,318

401,601

9.06

South Park
 
 Mullins, SC
 
2

60,734

71.2
%
71.2
%
43,218

491,245

11.37

South Square
 
 Lancaster, SC
 
5

44,350

89.9
%
89.9
%
39,850

321,742

8.07

St. George Plaza
 
 St. George, SC
 
3

59,279

62.0
%
62.0
%
36,768

273,186

7.43

St. Matthews
 
 St. Matthews, SC
 
5

29,015

87.2
%
87.2
%
25,314

307,382

12.14

Sunshine Plaza
 
 Lehigh Acres, FL
 
20

111,189

92.8
%
92.8
%
103,133

924,180

8.96

Surrey Plaza
 
 Hawkinsville, GA
 
5

42,680

100.0
%
100.0
%
42,680

261,495

6.13

Tampa Festival
 
 Tampa, FL
 
18

137,987

94.0
%
94.0
%
129,687

1,160,624

8.95

The Shoppes at Eagle Harbor
 
 Carrollton, VA
 
6

23,303

94.1
%
94.1
%
21,917

434,113

19.81

Tri-County Plaza
 
 Royston, GA
 
7

67,577

90.5
%
90.5
%
61,177

440,787

7.21

Tulls Creek (4)
 
 Moyock, NC
 


%
%



Twin City Commons
 
 Batesburg-Leesville, SC
 
5

47,680

100.0
%
100.0
%
47,680

453,763

9.52

Village of Martinsville
 
 Martinsville, VA
 
18

297,950

96.1
%
96.1
%
286,431

2,235,444

7.80

Walnut Hill Plaza
 
 Petersburg, VA
 
8

87,239

65.0
%
65.0
%
56,737

446,519

7.87

Waterway Plaza
 
 Little River, SC
 
10

49,750

100.0
%
100.0
%
49,750

478,318

9.61

Westland Square
 
 West Columbia, SC
 
9

62,735

77.0
%
77.0
%
48,290

443,336

9.18

Winslow Plaza
 
 Sicklerville, NJ
 
14

40,695

87.0
%
87.0
%
35,400

523,908

14.80

Total Portfolio
 
 
 
704

4,906,511

94.2
%
93.0
%
4,563,267

$
43,590,706

$
9.55


(1) Reflects leases executed through April 7, 2017 that commence subsequent to the end of the current period.
(2) Annualized based rent per occupied square foot, assumes base rent as of the end of the current reporting period, excludes the impact of tenant concessions.
(3) 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, these ground leases require us to make annual rental payments
and contain escalation clauses and renewal options.
(4) This information is not available because the property is undeveloped.
(5) This property is our corporate headquarters that we 100% occupy.
(6) This information is not available because the property is a redevelopment property.

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



Top Ten Tenants by Annualized Base Rent as of March 31, 2017 (unaudited)

Total Tenants : 704
Tenants
Annualized Base Rent
($ in 000s)
 
% of Total Annualized Base Rent
 
Total Occupied Square Feet
 
Square Footage Percent Occupied
 
 
Base Rent Per Occupied Square Foot
1. Bi-Lo
$
5,398

 
12.38
%
 
554,073

 
11.29
%
 
 
$
9.74

2.    Food Lion
2,691

 
6.17
%
 
325,576

 
6.64
%
 
 
8.27

3.    Piggly Wiggly
1,355

 
3.11
%
 
136,343

 
2.78
%
 
 
9.94

4.    Kroger
1,294

 
2.97
%
 
186,064

 
3.79
%
 
 
6.95

5.    Winn Dixie
1,236

 
2.84
%
 
179,175

 
3.65
%
 
 
6.90

6.    Hobby Lobby
675

 
1.55
%
 
114,298

 
2.33
%
 
 
5.91

7.    Harris Teeter
578

 
1.33
%
 
39,946

 
0.81
%
 
 
14.47

8.    Lowes Foods
571

 
1.31
%
 
54,838

 
1.12
%
 
 
10.41

9.    Family Dollar
546

 
1.25
%
 
75,291

 
1.53
%
 
 
7.25

10.    Dollar Tree
470

 
1.08
%
 
59,533

 
1.21
%
 
 
7.89

 
$
14,814

 
33.99
%
 
1,725,137

 
35.15
%
 
 
$
8.59


Leasing Summary as of March 31, 2017 (unaudited)

Total Leasable Area: 4,906,511 square feet
Total Square Footage Occupied: 4,563,267 square feet
Occupancy Rate: 93.0%

Lease Expiration Schedule
Lease Expiration Twelve Month Period Ending March 31,
 
Number of Expiring Leases
 
Total Expiring Occupied Square Footage
 
% of Total Expiring Occupied Square Footage
 
% of Total Occupied Square Footage Expiring
 
Expiring Annualized Base Rent (in 000s)
 
% of Total Annualized Base Rent
 
Expiring Base Rent Per Occupied
Square Foot
Available
 

 
343,244

 
7.00
%
 

 
$

 

 
$

2018
 
123
 
483,968

 
9.86
%
 
10.61
%
 
4,989

 
11.45
%
 
10.31

2019
 
132
 
737,384

 
15.03
%
 
16.16
%
 
6,879

 
15.78
%
 
9.33

2020
 
131
 
556,523

 
11.34
%
 
12.20
%
 
5,945

 
13.64
%
 
10.68

2021
 
115
 
921,217

 
18.78
%
 
20.19
%
 
8,040

 
18.44
%
 
8.73

2022
 
73
 
411,505

 
8.39
%
 
9.02
%
 
4,071

 
9.34
%
 
9.89

2023
 
43
 
341,676

 
6.96
%
 
7.49
%
 
2,879

 
6.60
%
 
8.43

2024
 
16
 
238,161

 
4.85
%
 
5.22
%
 
1,980

 
4.54
%
 
8.31

2025
 
23
 
259,334

 
5.29
%
 
5.68
%
 
2,796

 
6.41
%
 
10.78

2026
 
19
 
209,974

 
4.28
%
 
4.60
%
 
2,066

 
4.74
%
 
9.84

2027+
 
29
 
403,525

 
8.22
%
 
8.83
%
 
3,946

 
9.06
%
 
9.78

Total
 
704
 
4,906,511

 
100.00
%
 
100.00
%
 
$
43,591

 
100.00
%
 
$
9.55








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



Leasing Summary as of March 31, 2017 (unaudited) (continued)

Anchor Lease Expiration Schedule
 
Anchor (1)
 
 
 
No Option
 
Option
Lease Expiration Twelve Month Period Ending March 31,
Number of Expiring Leases
Expiring Occupied Square Footage
Expiring Annualized Based Rent (in 000s)
% of Total Annualized Base Rent
Expiring Base Rent per Square Foot
 
Number of Expiring Leases
Expiring Occupied Square Footage
Expiring Annualized Based Rent (in 000s)
% of Total Annualized Base Rent
Expiring Base Rent per Square Foot
Available

24,945

$


$

 


$


$

2018
1

20,976

150

3.86
%
7.15

 
5

166,519

1,358

7.94
%
8.15

2019
1

83,552

176

4.53
%
2.11

 
10

343,250

3,062

17.90
%
8.92

2020
1

32,000

115

2.96
%
3.59

 
5

190,568

1,544

9.03
%
8.10

2021
4

113,410

882

22.69
%
7.78

 
11

490,773

3,204

18.73
%
6.53

2022



%

 
6

187,279

1,311

7.66
%
7.00

2023
2

75,998

639

16.44
%
8.41

 
5

166,013

1,254

7.33
%
7.56

2024
2

46,132

384

9.88
%
8.31

 
5

154,804

1,171

6.85
%
7.56

2025



%

 
5

198,176

1,867

10.91
%
9.42

2026
3

74,888

741

19.06
%
9.90

 
2

60,296

404

2.36
%
6.70

2027+
2

96,264

801

20.58
%
8.32

 
7

242,847

1,931

11.29
%
7.95

Total
16

568,165

$
3,888

100.00
%
$
6.84

 
61

2,200,525

$
17,106

100.00
%
$
7.77


(1) Anchors defined as leases occupying 20,000 square feet or more.


Non-anchor Lease Expiration Schedule
 
Non-anchor
 
 
 
No Option
 
Option
Lease Expiration Twelve Month Period Ending March 31,
Number of Expiring Leases
Expiring Occupied Square Footage
Expiring Annualized Based Rent (in 000s)
% of Total Annualized Base Rent
Expiring Base Rent per Square Foot
 
Number of Expiring Leases
Expiring Occupied Square Footage
Expiring Annualized Based Rent (in 000s)
% of Total Annualized Base Rent
Expiring Base Rent per Square Foot
Available

318,299

$


$

 


$


$

2018
78

156,448

1,658

13.45
%
10.60

 
39

140,025

1,823

17.75
%
13.02

2019
77

166,697

2,038

16.53
%
12.22

 
44

143,885

1,603

15.61
%
11.14

2020
80

197,954

2,618

21.24
%
13.23

 
45

136,001

1,668

16.24
%
12.26

2021
63

168,110

2,217

17.99
%
13.19

 
37

148,924

1,737

16.91
%
11.66

2022
33

89,681

1,267

10.28
%
14.13

 
34

134,545

1,493

14.54
%
11.10

2023
18

41,796

439

3.56
%
10.50

 
18

57,869

547

5.33
%
9.44

2024
2

3,125

47

0.38
%
15.18

 
7

34,100

378

3.68
%
11.09

2025
13

38,477

581

4.71
%
15.10

 
5

22,681

348

3.39
%
15.36

2026
13

64,173

814

6.60
%
12.69

 
1

10,617

107

1.04
%
10.00

2027+
11

43,774

647

5.26
%
14.78

 
9

20,640

567

5.51
%
27.50

Total
388

1,288,534

$
12,326

100.00
%
$
9.57

 
239

849,287

$
10,271

100.00
%
$
12.09






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



Leasing Summary as of March 31, 2017 (unaudited) (continued)

New Leases, Leasing Renewals, and Expirations
 
Three Months Ended March 31,
 
2017
 
2016
Renewals:
 
 
 
Leases renewed with rate increase (sq feet)
92,223

 
26,081

Leases renewed with rate decrease (sq feet)
16,804

 

Leases renewed with no rate change (sq feet)
70,094

 
5,975

Total leases renewed (sq feet)
179,121

 
32,056

 
 
 
 
 
 
 
 
Leases renewed with rate increase (count)
22

 
                        7

Leases renewed with rate decrease (count)
3

 

Leases renewed with no rate change (count)
8

 
                        3

Total leases renewed (count)
33

 
10

 
 
 
 
Option exercised (count)
12

 
                        4

 
 
 
 
Weighted average on rate increases (per sq foot)
$
0.70

 
$
1.14

Weighted average on rate decreases (per sq foot)
$
(0.60
)
 
$

Weighted average rate (per sq foot)
$
0.30

 
$
0.93

Weighted average change over prior rates
3.50
%
 
7.39%

 
 
 
 
New Leases:
 
 
 
New leases (sq feet)
54,279

 
               18,937

New leases (count)
18

 
                      10

Weighted average rate (per sq foot)
$
13.92

 
$
14.03

 
 
 
 
Gross Leasable Area Expiring during the next 12 months
9.86
%
 
8.57%



Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
15



Leasing Summary as of March 31, 2017 (unaudited) (continued)
Capital Expenditures Schedule
Reserves
 
 
Three months ended March 31, 2017
 
 
 
(in 000s)
Quarterly capital expenditure reserve (1)
 
 
$
245

Amounts included in operating expenditures
 
 
(39
)
Net Reserves
 
 
$
206

 
 
 
 
Actual
Capital Expenditures
Tenant Improvements
Total
 
(in 000s)
Three months ended March 31, 2017
$
201

$
233

$
434

Funded by lender reserves
(201
)
(135
)
(336
)
Net Actuals
$

$
98

$
98

 
 
 
 
(1) Capital expenditure reserve estimated at $0.05 per square foot ($0.20 on an annualized basis).


Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
16



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
17



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
18