Exhibit 99.2

image0a12.jpg

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Supplemental Operating and Financial Data
for the three and nine months ended September 30, 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
15
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 September 30, 2017 (Unaudited)
Financial Results
 
Net loss attributable to Wheeler REIT common shareholders (in 000s)
$
(4,558
)
Net loss per basic and diluted shares
$
(0.52
)
Funds from operations available to common shareholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)
$
3,283

FFO per common share and OP unit
$
0.35

Adjusted FFO (AFFO) (in 000s) (1)
$
3,998

AFFO per common share and OP unit
$
0.43

 
 
Assets and Leverage
 
Investment Properties, net of $28.42 million accumulated depreciation (in 000s)
$
383,861

Cash and Cash Equivalents (in 000s)
$
5,663

Total Assets (in 000s)
$
471,063

Debt to Total Assets
66.40
%
Debt to Gross Asset Value
62.13
%
 
 
Market Capitalization
 
Common shares outstanding
8,730,859

OP units outstanding
642,299

Total common shares and OP units
9,373,158

 
Shares Outstanding at September 30, 2017
 
Third Quarter stock price range
 
Stock price as of September 30, 2017
Common Stock
8,730,859

 
$9.63 - $12.07
 
$
11.55

Series B preferred shares
1,875,848

 
$20.68 - $23.12
 
$
22.19

Series D preferred shares
2,237,000

 
$21.60 - $26.50
 
$
22.67

Total debt (in 000s)
$
312,777

Common Stock market capitalization (as of September 30, 2017 closing stock price, in 000s)
$
100,841

 
 
Portfolio Summary
 
Total Leasable Area (GLA) in sq. ft.
4,902,381

Occupancy Rate
92.8
%
Leased Rate (2)
93.5
%
Annualized Base Rent (in 000s)
$
43,270

Total number of leases signed or renewed during the third quarter of 2017
46

Total sq. ft. leases signed or renewed during the third quarter of 2017
235,463


(1)    See page 19 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)    Reflects leases executed through October 4, 2017 that commence subsequent to the end of current period.

Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
4



Condensed Consolidated Balance Sheets
$ in 000s
 
September 30,
2017
 
December 31,
2016
ASSETS:
(unaudited)
 
 
Investment properties, net
$
383,861

 
$
388,880

Cash and cash equivalents
5,663

 
4,863

Restricted cash
9,625

 
9,652

Rents and other tenant receivables, net
5,108

 
3,984

Related party receivable
2,322

 
1,456

Notes receivable
12,000

 
12,000

Goodwill
5,486

 
5,486

Assets held for sale
—

 
366

Above market lease intangible, net
9,521

 
12,962

Deferred costs and other assets, net
37,477

 
49,397

Total Assets
$
471,063

 
$
489,046

LIABILITIES:
 
 
 
Loans payable, net
$
306,962

 
$
305,973

Liabilities associated with assets held for sale
—

 
1,350

Below market lease intangible, net
10,356

 
12,680

Accounts payable, accrued expenses and other liabilities
10,307

 
7,735

Dividends payable
5,478

 
3,586

Total Liabilities
333,103

 
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)

53,052

 
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, 1,875,848 and 1,871,244 shares issued and outstanding, respectively; $46.90 million and $46.78 million aggregate liquidation preference, respectively)
40,893

 
40,733

Common Stock ($0.01 par value, 18,750,000 shares authorized, 8,730,859 and 8,503,819 shares issued and outstanding, respectively)
87

 
85

Additional paid-in capital
226,864

 
223,939

Accumulated deficit
(191,256
)
 
(170,377
)
Total Shareholders’ Equity
77,041

 
94,833

Noncontrolling interests
7,867

 
10,359

Total Equity
84,908

 
105,192

Total Liabilities and Equity
$
471,063

 
$
489,046


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


Condensed Consolidated Statements of Operations
$ in 000s
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
 
(unaudited)
TOTAL REVENUES
$
15,198

 
$
11,911

 
$
44,239

 
$
32,133

OPERATING EXPENSES:
 
 
 
 
 
 
 
Property operations
3,726

 
3,027

 
11,467

 
8,499

Non-REIT management and leasing services
618

 
696

 
1,525

 
1,352

Depreciation and amortization
7,746

 
4,994

 
20,455

 
15,306

Provision for credit losses
23

 
31

 
443

 
196

Corporate general & administrative
1,306

 
1,497

 
4,855

 
6,291

Total Operating Expenses
13,419

 
10,245

 
38,745

 
31,644

Operating Income
1,779

 
1,666

 
5,494

 
489

(Loss) gain on disposal of properties
(1
)
 
—

 
1,021

 
—

Interest income
364

 
299

 
1,080

 
301

Interest expense
(4,250
)
 
(3,639
)
 
(12,997
)
 
(9,801
)
Net Loss from Continuing Operations Before Income Taxes
(2,108
)
 
(1,674
)
 
(5,402
)
 
(9,011
)
Income tax expense
(65
)
 
—

 
(175
)
 
—

Net Loss from Continuing Operations
(2,173
)
 
(1,674
)
 
(5,577
)
 
(9,011
)
Discontinued Operations
 
 
 
 
 
 
 
Income from discontinued operations
—

 
39

 
16

 
115

Gain on disposal of properties
—

 
1

 
1,502

 
689

Net Income from Discontinued Operations
—

 
40

 
1,518

 
804

Net Loss
(2,173
)
 
(1,634
)
 
(4,059
)
 
(8,207
)
Less: Net loss attributable to noncontrolling interests
(111
)
 
(122
)
 
(165
)
 
(768
)
Net Loss Attributable to Wheeler REIT
(2,062
)
 
(1,512
)
 
(3,894
)
 
(7,439
)
Preferred stock dividends
(2,496
)
 
(1,240
)
 
(7,473
)
 
(2,263
)
Net Loss Attributable to Wheeler REIT Common Shareholders
$
(4,558
)
 
$
(2,752
)
 
$
(11,367
)
 
$
(9,702
)
 
 
 
 
 
 
 
 
Loss per share from continuing operations (basic and diluted)
$
(0.52
)
 
$
(0.32
)
 
$
(1.48
)
 
$
(1.25
)
Income per share from discontinued operations
—

 
—

 
0.16

 
0.09

 
$
(0.52
)
 
$
(0.32
)
 
$
(1.32
)
 
$
(1.16
)
Weighted-average number of shares:
 
 
 
 
 
 
 
Basic and Diluted
8,692,543

 
8,487,438

 
8,625,523

 
8,394,398



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


Reconciliation of Non-GAAP Measures (1) 

FFO and AFFO
$ in 000s

 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
 
(unaudited)
Net Loss
$
(2,173
)
 
$
(1,634
)
 
$
(4,059
)
 
$
(8,207
)
Depreciation and amortization of real estate assets
7,746

 
4,994

 
20,455

 
15,306

Loss (gain) on disposal of properties
1

 
—

 
(1,021
)
 
—

Gain on disposal of properties-discontinued operations
—

 
(1
)
 
(1,502
)
 
(689
)
FFO
5,574

 
3,359

 
13,873

 
6,410

Preferred stock dividends
(2,496
)
 
(1,240
)
 
(7,473
)
 
(2,263
)
Preferred stock accretion adjustments
205

 
78

 
605

 
255

FFO available to common shareholders and common unitholders
3,283

 
2,197

 
7,005

 
4,402

Acquisition costs
233

 
118

 
832

 
914

Capital related costs
82

 
61

 
468

 
311

Other non-recurring and non-cash expenses (2)
47

 
47

 
177

 
506

Share-based compensation
134

 
171

 
735

 
582

Straight-line rent
(162
)
 
(81
)
 
(566
)
 
(223
)
Loan cost amortization
682

 
629

 
2,509

 
1,464

Accrued interest income
(121
)
 
(294
)
 
(359
)
 
(294
)
Above (below) market lease amortization
65

 
(3
)
 
448

 
69

Recurring capital expenditures and tenant improvement reserves
(245
)
 
(188
)
 
(696
)
 
(514
)
AFFO
$
3,998

 
$
2,657

 
$
10,553

 
$
7,217

 
 
 
 
 
 
 
 
Weighted Average Common Shares
8,692,543

 
8,487,438

 
8,625,523

 
8,394,398

Weighted Average Common Units
679,820

 
718,989

 
723,269

 
670,993

Total Common Shares and Units
9,372,363

 
9,206,427

 
9,348,792

 
9,065,391

FFO per Common Share and Common Units
$
0.35

 
$
0.24

 
$
0.75

 
$
0.49

AFFO per Common Share and Common Units
$
0.43

 
$
0.29

 
$
1.13

 
$
0.80


(1)
See page 19 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 September 30, 2017.


Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
7


Reconciliation of Non-GAAP Measures (continued)
Property Net Operating Income
$ in 000s
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
 
(unaudited)
Property Revenues
$
14,449

 
$
10,989

 
$
42,220

 
$
30,507

Property Expenses
3,726

 
3,027

 
11,467

 
8,499

Property Net Operating Income
10,723

 
7,962

 
30,753

 
22,008

Asset Management and Commission Revenue
594

 
753

 
1,565

 
1,457

Development income
155

 
169

 
454

 
169

Other Income
749

 
922

 
2,019

 
1,626

Non-REIT management and leasing services
618

 
696

 
1,525

 
1,352

Depreciation and amortization
7,746

 
4,994

 
20,455

 
15,306

Provision for credit losses
23

 
31

 
443

 
196

Corporate general & administrative
1,306

 
1,497

 
4,855

 
6,291

Total Other Operating Expenses
9,693

 
7,218

 
27,278

 
23,145

(Loss) gain on disposal of properties
(1
)
 
—

 
1,021

 
—

Interest income
364

 
299

 
1,080

 
301

Interest expense
(4,250
)
 
(3,639
)
 
(12,997
)
 
(9,801
)
Net Loss from Continuing Operations Before Income Taxes
(2,108
)
 
(1,674
)
 
(5,402
)
 
(9,011
)
Income tax expense
(65
)
 
—

 
(175
)
 
—

Net Loss from Continuing Operations
(2,173
)
 
(1,674
)
 
(5,577
)
 
(9,011
)
Discontinued Operations
 
 
 
 
 
 
 
Income from operations
—

 
39

 
16

 
115

Gain on disposal of properties
—

 
1

 
1,502

 
689

Net Income from Discontinued Operations
—

 
40

 
1,518

 
804

Net Loss
$
(2,173
)
 
$
(1,634
)
 
$
(4,059
)
 
$
(8,207
)
















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


Reconciliation of Non-GAAP Measures (continued)
EBITDA
$ in 000s
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
 
(unaudited)
Net Loss
$
(2,173
)
 
$
(1,634
)
 
$
(4,059
)
 
$
(8,207
)
Add back:
Depreciation and amortization (1)
7,811

 
4,991

 
20,903

 
15,375

 
Interest Expense (2)
4,250

 
3,653

 
13,006

 
9,857

 
Income taxes
65

 
—

 
175

 
—

EBITDA
9,953

 
7,010

 
30,025

 
17,025

Adjustments for items affecting comparability:
 
 
 
 
 
 
 
 
Acquisition costs
233

 
118

 
832

 
914

 
Capital related costs
82

 
61

 
468

 
311

 
Other non-recurring expenses (3)
47

 
47

 
177

 
506

 
Loss (gain) on disposal of properties
1

 
—

 
(1,021
)
 
—

 
Gain on disposal of properties-discontinued operations
—

 
(1
)
 
(1,502
)
 
(689
)
Adjusted EBITDA
$
10,316

 
$
7,235

 
$
28,979

 
$
18,067

(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 September 30, 2017.

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


Debt Summary as of September 30, 2017
 
Loans Payable:
$312.78 million
Weighted Average Interest Rate:
4.51%
Total Debt to Total Assets:
66.40%
Property/Description
Monthly Payment
 
Interest Rate
 
Maturity
 
September 30, 2017
 
December 31, 2016
 
 
 
 
 
 
 
(unaudited, $ in 000s)
 
($ in 000s)
 Bank Line of Credit
Interest only

 
4.25
%
 
December 2017
 
$
3,000

 
$
3,000

 Columbia Fire Station
 Interest only

 
8.00
%
 
December 2017
 
259

 
487

 Monarch Bank Building
$
9,473

 
4.15
%
 
December 2017
 
1,276

 
1,320

 KeyBank Line of Credit
Interest only

 
Libor + 250 basis points

 
December 2017
 
18,032

 
—

 Shoppes at Eagle Harbor
$
25,100

 
4.34
%
 
March 2018
 
3,380

 
3,492

 Revere Loan
Interest only

 
8.00
%
 
April 2018
 
6,808

 
7,450

 KeyBank Line of Credit
Interest only

 
Libor + 250 basis points

 
May 2018
 
50,000

 
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
 
578

 
649

 Perimeter Square
Interest only

 
5.50
%
 
December 2018
 
5,236

 
4,500

 Riversedge North
$
8,802

 
6.00
%
 
January 2019
 
876

 
914

 DF I-Moyock
$
10,665

 
5.00
%
 
July 2019
 
224

 
309

 Rivergate
Interest only

 
Libor + 295 basis points

 
December 2019
 
22,689

 
24,213

 LaGrange Marketplace
$
15,065

 
Libor + 375 basis points

 
March 2020
 
2,331

 
2,369

 Folly Road
Interest only

 
4.00
%
 
March 2020
 
6,181

 
—

 Columbia Fire Station construction loan
Interest only

 
4.00
%
 
May 2020
 
1,850

 
—

 Shoppes at TJ Maxx
$
33,880

 
3.88
%
 
May 2020
 
5,773

 
5,908

 Walnut Hill Plaza
Interest only

 
5.50
%
 
September 2022
 
3,903

 
3,440

 Twin City Commons
$
17,827

 
4.86
%
 
January 2023
 
3,126

 
3,170

 Tampa Festival
$
50,797

 
5.56
%
 
September 2023
 
8,403

 
8,502

 Forrest Gallery
$
50,973

 
5.40
%
 
September 2023
 
8,704

 
8,802

 South Carolina Food Lions Note
$
68,320

 
5.25
%
 
January 2024
 
12,096

 
12,224

 Cypress Shopping Center
$
34,360

 
4.70
%
 
July 2024
 
6,510

 
6,585

 Port Crossing
$
34,788

 
4.84
%
 
August 2024
 
6,291

 
6,370

 Freeway Junction
$
41,798

 
4.60
%
 
September 2024
 
8,026

 
8,119

 Harrodsburg Marketplace
$
19,112

 
4.55
%
 
September 2024
 
3,570

 
3,617

 Graystone Crossing
$
20,386

 
4.55
%
 
October 2024
 
3,944

 
3,990

 Bryan Station
$
23,489

 
4.52
%
 
November 2024
 
4,566

 
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
 
4,519

 
4,578

 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
 
8,516

 
8,516

Total Principal Balance
 
 
 
 
 
 
312,777

 
315,048

Unamortized debt issuance cost
 
 
 
 
 
 
(5,815
)
 
(7,725
)
Total Loans Payable (1)
 
 
 
 
 
 
$
306,962

 
$
307,323

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

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


Debt Summary as of September 30, 2017 (continued)

Total Debt
$ in 000s
Scheduled principal repayments and maturities by year
 
Amount
 
% Total Principal Payments and Maturities
For the remaining three months ended December 31, 2017
 
$
23,013

 
7.36
%
December 31, 2018
 
71,099

 
22.73
%
December 31, 2019
 
24,785

 
7.92
%
December 31, 2020
 
17,016

 
5.44
%
December 31, 2021
 
1,907

 
0.61
%
December 31, 2022
 
5,534

 
1.77
%
Thereafter
 
169,423

 
54.17
%
Total principal repayments and maturities
 
$
312,777

 
100.00
%
 
 
 
 
 


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


Portfolio Summary as of September 30, 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
%
98.4
%
145,391

$
1,078,837

$
7.42

Amscot Building (3)
 
 Tampa, FL
 
1

2,500

100.0
%
100.0
%
2,500

115,849

46.34

Beaver Ruin Village
 
 Lilburn, GA
 
29

74,038

90.8
%
90.8
%
67,236

1,034,642

15.39

Beaver Ruin Village II
 
 Lilburn, GA
 
4

34,925

100.0
%
100.0
%
34,925

414,027

11.85

Berkley (4)
 
 Norfolk, VA
 
—

—

—
%
—
%
—

—

—

Berkley Shopping Center
 
 Norfolk, VA
 
11

47,945

94.2
%
94.2
%
45,140

363,504

8.05

Brook Run Shopping Center
 
 Richmond, VA
 
19

147,738

92.1
%
92.1
%
136,102

1,521,899

11.18

Brook Run Properties (4)
 
 Richmond, VA
 
—

—

—
%
—
%
—

—

—

Bryan Station
 
 Lexington, KY
 
10

54,397

99.8
%
99.8
%
54,277

579,183

10.67

Butler Square
 
 Mauldin, SC
 
16

82,400

98.2
%
98.2
%
80,950

801,698

9.90

Cardinal Plaza
 
 Henderson, NC
 
7

50,000

94.0
%
94.0
%
47,000

447,350

9.52

Chesapeake Square
 
 Onley, VA
 
14

99,848

90.4
%
90.4
%
90,214

718,112

7.96

Clover Plaza
 
 Clover, SC
 
9

45,575

100.0
%
100.0
%
45,575

353,394

7.75

Columbia Fire Station (6)
 
 Columbia, SC
 
—

—

—
%
—
%
—

—

—

Conyers Crossing
 
 Conyers, GA
 
14

170,475

99.4
%
99.4
%
169,425

993,388

5.86

Courtland Commons (4)
 
 Courtland, VA
 
—

—

—
%
—
%
—

—

—

Crockett Square
 
 Morristown, TN
 
4

107,122

100.0
%
100.0
%
107,122

920,322

8.59

Cypress Shopping Center
 
 Boiling Springs, SC
 
17

80,435

98.3
%
98.3
%
79,035

872,606

11.04

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

318,500

8.28

Edenton Commons (4)
 
 Edenton, NC
 
—

—

—
%
—
%
—

—

—

Folly Road
 
 Charleston, SC
 
6

47,794

100.0
%
100.0
%
47,794

720,863

15.08

Forrest Gallery
 
 Tullahoma, TN
 
28

214,451

95.3
%
92.9
%
199,163

1,334,968

6.70

Fort Howard Shopping Center
 
 Rincon, GA
 
18

113,652

93.6
%
93.6
%
106,320

871,960

8.20

Franklin Village
 
 Kittanning, PA
 
29

151,673

100.0
%
100.0
%
151,673

1,206,769

7.96

Franklinton Square
 
 Franklinton, NC
 
14

65,366

93.0
%
93.0
%
60,800

556,594

9.15

Freeway Junction
 
 Stockbridge, GA
 
15

156,834

96.9
%
94.6
%
148,424

1,076,521

7.25

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

535,594

24.35

Grove Park
 
 Orangeburg, SC
 
15

106,557

92.6
%
92.6
%
98,615

684,524

6.94

Harbor Point (4)
 
 Grove, OK
 
—

—

—
%
—
%
—

—

—

Harrodsburg Marketplace
 
 Harrodsburg, KY
 
9

60,048

100.0
%
100.0
%
60,048

401,440

6.69

Jenks Plaza
 
 Jenks, OK
 
5

7,800

83.5
%
83.5
%
6,514

130,572

20.04

Laburnum Square
 
 Richmond, VA
 
21

109,405

100.0
%
97.1
%
106,251

933,236

8.78

Ladson Crossing
 
 Ladson, SC
 
14

52,607

95.4
%
95.4
%
50,207

734,724

14.63

LaGrange Marketplace
 
 LaGrange, GA
 
15

76,594

100.0
%
100.0
%
76,594

433,323

5.66

Lake Greenwood Crossing
 
 Greenwood, SC
 
6

47,546

87.4
%
87.4
%
41,546

409,417

9.85

Lake Murray
 
 Lexington, SC
 
5

39,218

100.0
%
100.0
%
39,218

352,185

8.98

Laskin Road (4)
 
 Virginia Beach, VA
 
—

—

—
%
—
%
—

—

—

Litchfield Market Village
 
 Pawleys Island, SC
 
17

86,740

83.8
%
83.8
%
72,663

1,070,033

14.73

Lumber River Village
 
 Lumberton, NC
 
11

66,781

100.0
%
100.0
%
66,781

514,956

7.71

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

585,453

10.45

New Market Crossing
 
 Mt. Airy, NC
 
12

116,976

94.8
%
94.8
%
110,868

960,587

8.66

Parkway Plaza
 
 Brunswick, GA
 
4

52,365

81.7
%
81.7
%
42,785

487,592

11.40

Perimeter Square
 
 Tulsa, OK
 
8

58,277

85.2
%
51.8
%
30,162

373,314

12.38

Pierpont Centre
 
 Morgantown, WV
 
18

122,259

90.9
%
90.9
%
111,162

1,323,816

11.91

Port Crossing
 
 Harrisonburg, VA
 
9

65,365

97.9
%
97.9
%
64,000

805,014

12.58

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

681,233

7.59

Riversedge North (5)
 
 Virginia Beach, VA
 
—

—

—
%
—
%
—

—

—

Rivergate Shopping Center
 
 Macon, GA
 
30

201,680

96.6
%
96.6
%
194,819

2,722,461

13.97

Sangaree Plaza
 
 Summerville, SC
 
8

66,948

87.4
%
87.4
%
58,498

538,060

9.20



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


Portfolio Summary as of September 30, 2017 (unaudited), (continued)
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
 
11

56,380

32.8
%
32.8
%
18,480

$
364,000

$
19.70

Shoppes at TJ Maxx
 
 Richmond, VA
 
18

93,624

100.0
%
100.0
%
93,624

1,137,393

12.15

South Lake
 
 Lexington, SC
 
10

44,318

100.0
%
100.0
%
44,318

276,546

6.24

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

307,693

12.16

Sunshine Plaza
 
 Lehigh Acres, FL
 
19

111,189

91.1
%
91.1
%
101,343

905,519

8.94

Surrey Plaza
 
 Hawkinsville, GA
 
5

42,680

100.0
%
100.0
%
42,680

285,495

6.69

Tampa Festival
 
 Tampa, FL
 
19

137,987

97.0
%
97.0
%
133,787

1,220,205

9.12

The Shoppes at Eagle Harbor
 
 Carrollton, VA
 
7

23,303

100.0
%
100.0
%
23,303

466,662

20.03

Tri-County Plaza
 
 Royston, GA
 
6

67,577

89.2
%
89.2
%
60,277

431,969

7.17

Tulls Creek (4)
 
 Moyock, NC
 
—

—

—
%
—
%
—

—

—

Twin City Commons
 
 Batesburg-Leesville, SC
 
5

47,680

100.0
%
100.0
%
47,680

454,315

9.53

Village of Martinsville
 
 Martinsville, VA
 
18

297,950

96.1
%
96.1
%
286,431

2,253,556

7.87

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

480,736

9.66

Westland Square
 
 West Columbia, SC
 
9

62,735

77.1
%
77.1
%
48,380

431,952

8.93

Winslow Plaza
 
 Sicklerville, NJ
 
14

40,695

87.0
%
87.0
%
35,400

538,368

15.21

Total Portfolio
 
 
 
706

4,902,381

93.5
%
92.8
%
4,549,458

$
43,270,294

$
9.51

(1) Reflects leases executed through October 4, 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 and rent abatements.
(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
13


Top Ten Tenants by Annualized Base Rent as of September 30, 2017 (unaudited)

Total Tenants : 706
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 (1)
 
$
4,829

 
11.16
%
 
516,173

 
10.53
%
 
$
9.36

2.    Food Lion
 
2,691

 
6.22
%
 
325,576

 
6.64
%
 
8.27

3.    Kroger (2)
 
1,309

 
3.03
%
 
186,064

 
3.80
%
 
7.04

4.    Winn Dixie (1)
 
997

 
2.30
%
 
133,575

 
2.72
%
 
7.46

5.    Piggly Wiggly
 
978

 
2.26
%
 
136,343

 
2.78
%
 
7.17

6.    Hobby Lobby
 
675

 
1.56
%
 
114,298

 
2.33
%
 
5.91

7.    Harris Teeter (2)
 
578

 
1.34
%
 
39,946

 
0.81
%
 
14.47

8.    Lowes Foods
 
571

 
1.32
%
 
54,838

 
1.12
%
 
10.41

9.    Family Dollar
 
546

 
1.26
%
 
75,291

 
1.54
%
 
7.25

10.    Goodwill
 
538

 
1.24
%
 
71,620

 
1.46
%
 
7.51

 
 
$
13,712

 
31.69
%
 
1,653,724

 
33.73
%
 
$
8.29

(1) These tenants are both owned by Southeastern Grocers.
(2) These tenants are both owned by The Kroger Company.

















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


Leasing Summary as of September 30, 2017 (unaudited)

Total Leasable Area:
4,902,381 square feet
Total Square Footage Occupied:
4,549,458 square feet
Occupancy Rate:
92.8%
Lease Expiration Schedule
Lease Expiration Period
 
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
 
—
 
352,923

 
7.20
%
 


 
$
—

 
—
%
 
$
—

For the remaining three months ended December 31, 2017
 
29
 
92,307

 
1.88
%
 
2.03
%
 
891

 
2.06
%
 
9.65

December 31, 2018
 
115
 
465,499

 
9.50
%
 
10.23
%
 
4,555

 
10.53
%
 
9.79

December 31, 2019
 
144
 
731,530

 
14.92
%
 
16.08
%
 
7,260

 
16.78
%
 
9.92

December 31, 2020
 
138
 
907,072

 
18.50
%
 
19.94
%
 
8,456

 
19.54
%
 
9.32

December 31, 2021
 
80
 
560,878

 
11.44
%
 
12.33
%
 
5,137

 
11.87
%
 
9.16

December 31, 2022
 
92
 
406,230

 
8.29
%
 
8.93
%
 
4,435

 
10.25
%
 
10.92

December 31, 2023
 
31
 
431,268

 
8.80
%
 
9.48
%
 
3,477

 
8.04
%
 
8.06

December 31, 2024
 
18
 
113,484

 
2.31
%
 
2.49
%
 
1,104

 
2.55
%
 
9.73

December 31, 2025
 
16
 
238,534

 
4.87
%
 
5.24
%
 
2,290

 
5.29
%
 
9.60

December 31, 2026
 
20
 
278,223

 
5.68
%
 
6.12
%
 
2,418

 
5.59
%
 
8.69

Thereafter
 
23
 
324,433

 
6.61
%
 
7.13
%
 
3,247

 
7.50
%
 
10.01

Total
 
706
 
4,902,381

 
100.00
%
 
100.00
%
 
$
43,270

 
100.00
%
 
$
9.51














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


Leasing Summary as of September 30, 2017 (unaudited), (continued)

Anchor Lease Expiration Schedule (1) 
 
No Option
 
Option
Lease Expiration Three and Twelve Month Periods Ending December 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
—

37,900

$
—

—

$
—

 
—

—

$
—

—

$
—

2017
1

20,976

150

9.70
%
7.15

 
—

—

—

—
%
—

2018
2

80,478

574

37.10
%
7.13

 
4

122,499

991

5.29
%
8.09

2019
—

—

—

—
%
—

 
9

364,544

2,700

14.40
%
7.41

2020
1

58,473

380

24.56
%
6.50

 
12

494,957

3,420

18.24
%
6.91

2021
2

43,427

88

5.69
%
2.03

 
9

290,314

2,214

11.81
%
7.63

2022
—

—

—

—
%
—

 
4

148,663

1,277

6.81
%
8.59

2023
2

42,061

355

22.95
%
8.44

 
11

340,096

2,460

13.12
%
7.23

2024
—

—

—

—
%
—

 
1

47,922

288

1.54
%
6.00

2025
—

—

—

—
%
—

 
5

192,224

1,661

8.86
%
8.64

2026
—

—

—

—
%
—

 
6

221,755

1,591

8.49
%
7.18

2027+
—

 
—

—
%
—

 
7

262,401

2,148

11.44
%
8.19

Total
8

283,315

$
1,547

100.00
%
$
6.30

 
68

2,485,375

$
18,750

100.00
%
$
7.54

(1) Anchors defined as leases occupying 20,000 square feet or more.
Non-anchor Lease Expiration Schedule
 
No Option
 
Option
Lease Expiration Three and Twelve Month Periods Ending December 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
—

315,023

$
—

—

$
—

 
—

—

$
—

—

$
—

2017
21

43,306

252

2.62
%
5.81

 
7

28,025

489

3.66
%
17.45

2018
72

146,487

1,784

18.57
%
12.18

 
37

116,035

1,206

9.02
%
10.39

2019
76

162,401

2,073

21.58
%
12.76

 
59

204,585

2,487

18.60
%
12.16

2020
78

201,180

2,531

26.35
%
12.58

 
47

152,462

2,125

15.90
%
13.94

2021
33

95,580

1,145

11.92
%
11.99

 
36

131,557

1,690

12.64
%
12.84

2022
31

54,314

848

8.83
%
15.60

 
57

203,253

2,310

17.28
%
11.37

2023
3

4,700

56

0.58
%
11.93

 
15

44,411

606

4.53
%
13.64

2024
10

19,438

284

2.96
%
14.67

 
7

46,124

532

3.98
%
11.53

2025
6

17,116

242

2.52
%
14.16

 
5

29,194

387

2.89
%
13.26

2026
6

14,681

260

2.71
%
17.70

 
8

41,787

567

4.24
%
13.57

2027+
2

5,540

130

1.36
%
23.12

 
14

56,492

969

7.26
%
17.17

Total
338

1,079,766

$
9,605

100.00
%
$
12.56

 
292

1,053,925

$
13,368

100.00
%
$
12.68












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


Leasing Summary as of September 30, 2017 (unaudited), (continued)

Leasing Renewals, New Leases and Expirations
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
Renewals:
 
 
 
 
 
 
 
Leases renewed with rate increase (sq feet)
118,074

 
31,527

 
235,337

 
96,715

Leases renewed with rate decrease (sq feet)
1,007

 
—

 
53,669

 
—

Leases renewed with no rate change (sq feet)
86,018

 
9,847

 
203,957

 
53,476

Total leases renewed (sq feet)
205,099

 
41,374

 
492,963

 
150,191

 
 
 
 
 
 
 
 
Leases renewed with rate increase (count)
25

 
11

 
60

 
31

Leases renewed with rate decrease (count)
1

 
—

 
6

 
—

Leases renewed with no rate change (count)
8

 
4

 
24

 
10

Total leases renewed (count)
34

 
15

 
90

 
41

 
 
 
 
 
 
 
 
Option exercised (count)
22

 
4

 
44

 
15

 
 
 
 
 
 
 
 
Weighted average on rate increases (per sq foot)
$
0.90

 
$
1.21

 
$
0.81

 
$
0.99

Weighted average on rate decreases (per sq foot)
$
(3.97
)
 
$
—

 
$
(1.07
)
 
$
—

Weighted average rate (per sq foot)
$
0.50

 
$
0.92

 
$
0.27

 
$
0.64

Weighted average change over prior rates
5.78
%
 
7.48
%
 
3.13
%
 
5.58
%
 
 
 
 
 
 
 
 
New Leases:
 
 
 
 
 
 
 
New leases (sq feet)
30,364

 
46,745

 
118,435

 
91,414

New leases (count)
12

 
19

 
44

 
38

Weighted average rate (per sq foot)
$
10.98

 
$
10.01

 
$
12.92

 
$
14.15

 
 
 
 
 
 
 
 
GLA Expiring during the next three months
1.88
%
 
2.10
%
 
1.88
%
 
2.10
%


Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
17


Leasing Summary as of September 30, 2017 (unaudited), (continued)

Capital Expenditures Schedule
$ in 000s
Reserves
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
Quarterly capital expenditure reserve (1)
 
$
246

 
$
736

Amounts included in operating expenditures
 
—

 
(39
)
Net Reserves
 
$
246

 
$
697

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

Actual
 
Capital
Expenditures
 
Tenant
Improvements
 
Total
Three months ended September 30, 2017
 
$
64

 
$
666

 
$
730

Funded by lender reserves
 
(54
)
 
(310
)
 
(364
)
Net Actuals
 
$
10

 
$
356

 
$
366

 
 
 
 
 
 
 
Actual
 
Capital
Expenditures
 
Tenant
Improvements
 
Total
Nine months ended September 30, 2017
 
$
970

 
$
1,440

 
$
2,410

Funded by lender reserves
 
(641
)
 
(848
)
 
(1,489
)
Net Actuals
 
$
329

 
$
592

 
$
921

 
 
 
 
 
 
 



Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data
18


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
19


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
20