Exhibit 99.2

Supplemental Operating and Financial Data

for the three months ended March 31, 2017

---

Table of Contents
	Page
Company Overview	3
Financial and Portfolio Overview	4
Financial Summary
Condensed Consolidated Balance Sheets	5
Condensed Consolidated Statements of Operations	6
Reconciliation of Non-GAAP Measures	7
Debt Summary	9
Portfolio Summary
Property Summary	11
Top Ten Tenants by Annualized Base Rent	13
Leasing Summary	13
Definitions	17

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