Exhibit 99.2

image0a22.jpg

image1a78.jpg















Supplemental Operating and Financial Data
for the three months ended March 31, 2018


Table of Contents
 
 
Page
Company Overview
Financial and Portfolio Overview
Financial Summary
 
Consolidated Balance Sheets
Consolidated Statements of Operations
Reconciliation of Non-GAAP Measures
Debt Summary
Portfolio Summary
 
Property Summary
Top Ten Tenants by Annualized Base Rent
Leasing Summary
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 owning and operating 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. 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
 
Website: www.whlr.us
 
 
 
 
 
Executive Management
 
David Kelly - President & CEO
 
Matthew T. Reddy - CFO
 
M. Andrew Franklin - COO
 
 
 
Board of Directors
 
John W. Sweet (Chairman)
Andrew R. Jones
Sean F. Armstrong
John P. McAuliffe
Stewart J. Brown
Carl B. McGowan, Jr.
David Kelly
Jeffrey M. Zwerdling
 
 
Investor Relations Contact
Transfer Agent and Registrar
Mary Jensen investorrelations@whlr.us
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, 2018
Financial Results
 
Net loss attributable to Wheeler REIT common shareholders (in 000s)
$
(5,032
)
Net loss per basic and diluted shares
$
(0.57
)
Funds from operations available to common shareholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)
$
1,512

FFO per common share and OP unit
$
0.16

Adjusted FFO (AFFO) (in 000s) (1)
$
1,961

AFFO per common share and OP unit
$
0.21

 
 
Assets and Leverage
 
Investment Properties, net of $34.20 million accumulated depreciation (in 000s)
$
448,555

Cash and Cash Equivalents (in 000s)
$
5,148

Total Assets (in 000s)
$
542,753

Debt to Total Assets(3)
69.86
%
Debt to Gross Asset Value
64.91
%
 
 
Market Capitalization
 
Common shares outstanding
8,947,416

OP units outstanding
625,312

Total common shares and OP units
9,572,728

 
Shares Outstanding at March 31, 2018
 
First Quarter stock price range
 
Stock price as of March 31, 2018
Common Stock
8,947,416

 
$3.25 - $10.24
 
$
3.58

Series B preferred shares
1,875,748

 
$12.74 - $21.60
 
$
14.21

Series D preferred shares
3,600,636

 
$14.66 - $20.09
 
$
15.63

Total debt (in 000s)(3)
$
379,145

Common Stock market capitalization (as of March 31, 2018 closing stock price, in 000s)
$
32,032

 
 
Portfolio Summary
 
Total Leasable Area (GLA) in sq. ft.
5,743,073

Occupancy Rate
90.8
%
Leased Rate (2)
91.9
%
Annualized Base Rent (in 000s)
$
51,037

Total number of leases signed or renewed during the first quarter of 2018
41

Total sq. ft. leases signed or renewed during the first quarter of 2018
226,516


(1)    See page 18 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)    Reflects leases executed through April 4, 2018 that commence subsequent to the end of current period.
(3)    Includes debt associated with assets held for sale.


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



Consolidated Balance Sheets
$ in 000s
 
March 31, 2018
 
December 31, 2017
 
(unaudited)
 
 
ASSETS:
 
 
 
Investment properties, net
$
448,555

 
$
384,334

Cash and cash equivalents
5,148

 
3,677

Restricted cash
12,198

 
8,609

Rents and other tenant receivables, net
4,621

 
5,619

Notes receivable, net
6,739

 
6,739

Goodwill
5,486

 
5,486

Assets held for sale
9,134

 
—

Above market lease intangible, net
9,862

 
8,778

Deferred costs and other assets, net
41,010

 
34,432

Total Assets
$
542,753

 
$
457,674

LIABILITIES:
 
 
 
Loans payable, net
$
373,047

 
$
308,122

Liabilities associated with assets held for sale
708

 
—

Related party payables, net
5

 
—

Below market lease intangible, net
13,382

 
9,616

Accounts payable, accrued expenses and other liabilities
11,033

 
10,624

Dividends payable
3,037

 
5,480

Total Liabilities
401,212

 
333,842

Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,600,636 and 2,237,000 shares issued and outstanding; $90.02 million and $55.93 million aggregate liquidation preference, respectively)
74,542

 
53,236

 
 
 
 
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, 1,875,748 and 1,875,848 shares issued and outstanding, respectively; $46.90 million aggregate liquidation preference)
40,935

 
40,915

Common Stock ($0.01 par value, 18,750,000 shares authorized, 8,947,416 and 8,744,189 shares issued and outstanding, respectively)
89

 
87

Additional paid-in capital
229,007

 
226,978

Accumulated deficit
(209,957
)
 
(204,925
)
Total Shareholders’ Equity
60,527

 
63,508

Noncontrolling interests
6,472

 
7,088

Total Equity
66,999

 
70,596

Total Liabilities and Equity
$
542,753

 
$
457,674


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


Consolidated Statements of Operations
$ in 000s
 
Three Months Ended March 31,
 
2018
 
2017
REVENUE:
 
 
 
Rental revenues
$
12,697

 
$
11,129

Asset management fees
48

 
162

Commissions
14

 
115

Tenant reimbursements
3,222

 
2,680

Development and other revenues
333

 
236

Total Revenue
16,314

 
14,322

OPERATING EXPENSES:
 
 
 
Property operations
4,599

 
3,994

Non-REIT management and leasing services
36

 
271

Depreciation and amortization
7,476

 
6,400

Provision for credit losses
21

 
252

Corporate general & administrative
2,508

 
2,232

Total Operating Expenses
14,640

 
13,149

Gain on disposal of properties
1,055

 
—

Operating Income
2,729

 
1,173

Interest income
1

 
356

Interest expense
(4,577
)
 
(4,177
)
Net Loss from Continuing Operations Before Income Taxes
(1,847
)
 
(2,648
)
Income tax expense
(25
)
 
(41
)
Net Loss from Continuing Operations
(1,872
)
 
(2,689
)
Discontinued Operations
 
 
 
Income from discontinued operations
—

 
16

Gain on disposal of properties
—

 
1,513

Net (Loss) Income from Discontinued Operations
—

 
1,529

Net Loss
(1,872
)
 
(1,160
)
Less: Net loss attributable to noncontrolling interests
(47
)
 
(41
)
Net Loss Attributable to Wheeler REIT
(1,825
)
 
(1,119
)
Preferred stock dividends
(3,207
)
 
(2,483
)
Net Loss Attributable to Wheeler REIT Common
Shareholders
$
(5,032
)
 
$
(3,602
)
 
 
 
 
Loss per share from continuing operations (basic and diluted)
$
(0.57
)
 
$
(0.59
)
Income per share from discontinued operations
—

 
0.17

 
$
(0.57
)
 
$
(0.42
)
Weighted-average number of shares:
 
 
 
Basic and Diluted
8,900,416

 
8,554,304



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
March 31,
 
2018
 
2017
Net Loss
$
(1,872
)
 
$
(1,160
)
Depreciation and amortization of real estate assets
7,476

 
6,400

Gain on disposal of properties
(1,055
)
 
—

Gain on disposal of properties-discontinued operations
—

 
(1,513
)
FFO
4,549

 
3,727

Preferred stock dividends
(3,207
)
 
(2,483
)
Preferred stock accretion adjustments
170

 
195

FFO available to common shareholders and common unitholders
1,512

 
1,439

Acquisition costs
7

 
260

Capital related costs
53

 
220

Other non-recurring and non-cash expenses (2)
103

 
107

Share-based compensation
419

 
377

Straight-line rent
(200
)
 
(185
)
Loan cost amortization
379

 
763

Accrued interest income
—

 
(118
)
(Below) above market lease amortization
(22
)
 
193

Recurring capital expenditures and tenant improvement reserves
(290
)
 
(206
)
AFFO
$
1,961

 
$
2,850

 
 
 
 
Weighted Average Common Shares
8,900,416

 
8,554,304

Weighted Average Common Units
629,009

 
761,954

Total Common Shares and Units
9,529,425

 
9,316,258

FFO per Common Share and Common Units
$
0.16

 
$
0.15

AFFO per Common Share and Common Units
$
0.21

 
$
0.31

(1)
See page 18 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 three months ended March 31, 2018.







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
March 31,
 
2018
 
2017
Net Loss
$
(1,872
)
 
$
(1,160
)
Adjustments:
 
 
 
Net Income from Discontinued Operations
—

 
(1,529
)
Income tax expense
25

 
41

Interest expense
4,577

 
4,177

Interest income
(1
)
 
(356
)
Gain on disposal of properties
(1,055
)
 
—

Corporate general & administrative
2,508

 
2,232

Provision for credit losses - non-tenant
(77
)
 
—

Depreciation and amortization
7,476

 
6,400

Non-REIT management and leasing services
36

 
271

Development income
—

 
(136
)
Asset management and commission revenues
(62
)
 
(277
)
Property Net Operating Income
$
11,555

 
$
9,663

 
 
 
 
Property revenues
$
16,252

 
$
13,909

Property expenses
4,599

 
3,994

Provision for credit losses - tenant
98

 
252

Property Net Operating Income
$
11,555

 
$
9,663

















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


Reconciliation of Non-GAAP Measures (continued)
EBITDA
$ in 000s
 
Three Months Ended
March 31,
 
2018
 
2017
Net Loss
$
(1,872
)
 
$
(1,160
)
Add back:
Depreciation and amortization (1)
7,454

 
6,593

 
Interest Expense (2)
4,577

 
4,186

 
Income taxes
25

 
41

EBITDA
10,184

 
9,660

Adjustments for items affecting comparability:
 
 
 
 
Acquisition costs
7

 
260

 
Capital related costs
53

 
220

 
Other non-recurring expenses (3)
103

 
107

 
Gain on disposal of properties
(1,055
)
 
—

 
Gain on disposal of properties-discontinued operations
—

 
(1,513
)
Adjusted EBITDA
$
9,292

 
$
8,734

(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, 2018.

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


Debt Summary as of March 31, 2018
$ in 000s

Loans Payable:
$379.15 million
Weighted Average Interest Rate:
4.72%
Total Debt to Total Assets:
69.86%
Property/Description
 
Monthly Payment
 
Interest
Rate
 
Maturity
 
March 31, 2018
 
December 31, 2017
 Revere Loan (2)
 
Interest only

 
8.00
%
 
April 2018
 
$
6,808

 
$
6,808

 Lumber River
 
$
10,723

 
Libor + 295 basis points

 
June 2018
 
1,485

 
1,500

 Bank Line of Credit
 
Interest only

 
Libor + 300 basis points

 
June 2018
 
3,000

 
3,000

 KeyBank Line of Credit
 
Interest only

 
Libor + 250 basis points

 
July 2018
 
15,532

 
15,532

 Senior convertible notes
 
Interest only

 
9.00
%
 
December 2018
 
1,369

 
1,369

 Harbor Point (1)
 
$
11,024

 
5.85
%
 
December 2018
 
528

 
553

 Perimeter Square
 
Interest only

 
5.50
%
 
December 2018
 
5,691

 
5,382

 Riversedge North
 
$
8,802

 
6.00
%
 
January 2019
 
849

 
863

 Monarch Bank Building
 
$
7,340

 
4.85
%
 
June 2019
 
1,259

 
1,266

 DF I-Moyock (1)
 
$
10,665

 
5.00
%
 
July 2019
 
165

 
194

 Rivergate
 
$
127,217

 
Libor + 295 basis points

 
December 2019
 
22,546

 
22,689

 KeyBank Line of Credit
 
Interest only

 
Libor + 250 basis points

 
December 2019
 
52,500

 
52,500

 LaGrange Marketplace
 
$
15,065

 
Libor + 375 basis points

 
March 2020
 
2,305

 
2,317

 Folly Road
 
Interest only

 
4.00
%
 
March 2020
 
6,181

 
6,181

 Columbia Fire Station construction loan
 
Interest only

 
4.00
%
 
May 2020
 
4,014

 
3,421

 Shoppes at TJ Maxx
 
$
33,880

 
3.88
%
 
May 2020
 
5,681

 
5,727

 JANAF Bravo
 
Interest only

 
4.65
%
 
January 2021
 
6,500

 
—

 Walnut Hill Plaza
 
Interest only

 
5.50
%
 
September 2022
 
3,903

 
3,903

 Twin City Commons
 
$
17,827

 
4.86
%
 
January 2023
 
3,095

 
3,111

 Shoppes at Eagle Harbor
 
$
26,528

 
5.10
%
 
March 2023
 
3,316

 
3,341

 JANAF
 
$
333,159

 
4.49
%
 
July 2023
 
53,436

 
—

 Tampa Festival
 
$
50,797

 
5.56
%
 
September 2023
 
8,332

 
8,368

 Forrest Gallery
 
$
50,973

 
5.40
%
 
September 2023
 
8,633

 
8,669

 South Carolina Food Lions Note
 
$
68,320

 
5.25
%
 
January 2024
 
12,004

 
12,050

 Cypress Shopping Center
 
$
34,360

 
4.70
%
 
July 2024
 
6,458

 
6,485

 Port Crossing
 
$
34,788

 
4.84
%
 
August 2024
 
6,234

 
6,263

 Freeway Junction
 
$
41,798

 
4.60
%
 
September 2024
 
7,961

 
7,994

 Harrodsburg Marketplace
 
$
19,112

 
4.55
%
 
September 2024
 
3,536

 
3,553

 Graystone Crossing
 
$
20,386

 
4.55
%
 
October 2024
 
3,912

 
3,928

 Bryan Station
 
$
23,489

 
4.52
%
 
November 2024
 
4,528

 
4,547

 Crockett Square
 
Interest only

 
4.47
%
 
December 2024
 
6,338

 
6,338

 Pierpont Centre
 
 Interest only

 
4.15
%
 
February 2025
 
8,113

 
8,113

 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

 JANAF BJ's
 
$
29,964

 
4.95
%
 
January 2026
 
5,141

 
—

 Chesapeake Square
 
$
23,857

 
4.70
%
 
August 2026
 
4,486

 
4,507

Berkley/Sangaree/Tri-County
 
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 (1)
 
 
 
 
 
 
 
379,145

 
313,778

Unamortized debt issuance cost
 
 
 
 
 
 
 
(5,405
)
 
(5,656
)
Total Loans Payable
 
 
 
 
 
 
 
$
373,740

 
$
308,122

(1) Includes debt associated with assets held for sale.
(2) Subsequent to March 31, 2018, the Company extended the Revere Loan to May 15, 2018.

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


Debt Summary as of March 31, 2018 (continued)

Total Debt
$ in 000s
Scheduled principal repayments and maturities by year
 
Amount
 
% Total Principal Payments and Maturities
For the nine months remaining December 31, 2018
 
$
37,561

 
9.91
%
December 31, 2019
 
80,641

 
21.27
%
December 31, 2020
 
21,249

 
5.60
%
December 31, 2021
 
10,236

 
2.70
%
December 31, 2022
 
7,736

 
2.04
%
December 31, 2023
 
67,722

 
17.86
%
Thereafter
 
154,000

 
40.62
%
Total principal repayments and maturities
 
$
379,145

 
100.00
%
 
 
 
 
 



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


Property Summary as of March 31, 2018
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
 
19

147,791

100.0
%
100.0
%
147,791

$
1,155,965

$
7.82

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
%
86.7
%
64,201

1,105,840

17.22

Beaver Ruin Village II
 
 Lilburn, GA
 
4

34,925

100.0
%
100.0
%
34,925

417,102

11.94

Berkley (4)
 
 Norfolk, VA
 
—

—

—
%
—
%
—

—

—

Berkley Shopping Center
 
 Norfolk, VA
 
11

47,945

94.2
%
94.2
%
45,140

341,160

7.56

Brook Run Shopping Center
 
 Richmond, VA
 
17

147,738

90.9
%
90.9
%
134,291

1,475,006

10.98

Brook Run Properties (4)
 
 Richmond, VA
 
—

—

—
%
—
%
—

—

—

Bryan Station
 
 Lexington, KY
 
10

54,397

99.8
%
99.8
%
54,277

582,113

10.72

Butler Square
 
 Mauldin, SC
 
16

82,400

98.2
%
98.2
%
80,950

804,183

9.93

Cardinal Plaza
 
 Henderson, NC
 
7

50,000

94.0
%
94.0
%
47,000

447,350

9.52

Chesapeake Square
 
 Onley, VA
 
13

108,982

97.8
%
97.8
%
106,582

782,496

7.34

Clover Plaza
 
 Clover, SC
 
9

45,575

100.0
%
100.0
%
45,575

354,044

7.77

Columbia Fire Station (6)
 
 Columbia, SC
 
1

21,273

79.0
%
14.4
%
3,063

81,476

26.60

Courtland Commons (4)
 
 Courtland, VA
 
—

—

—
%
—
%
—

—

—

Conyers Crossing
 
 Conyers, GA
 
13

170,475

99.1
%
99.1
%
168,975

877,687

5.19

Crockett Square
 
 Morristown, TN
 
4

107,122

100.0
%
100.0
%
107,122

920,322

8.59

Cypress Shopping Center
 
 Boiling Springs, SC
 
15

80,435

37.8
%
37.8
%
30,375

392,810

12.93

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

725,152

15.17

Forrest Gallery
 
 Tullahoma, TN
 
27

214,451

94.4
%
94.4
%
202,469

1,357,392

6.70

Fort Howard Shopping Center
 
 Rincon, GA
 
17

113,652

75.1
%
75.1
%
85,344

800,661

9.38

Freeway Junction
 
 Stockbridge, GA
 
15

156,834

96.9
%
96.9
%
151,959

1,120,756

7.38

Franklin Village
 
 Kittanning, PA
 
29

151,821

100.0
%
100.0
%
151,821

1,210,944

7.98

Franklinton Square
 
 Franklinton, NC
 
14

65,366

90.7
%
90.7
%
59,300

541,102

9.12

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

539,113

24.51

Grove Park
 
 Orangeburg, SC
 
14

106,557

86.9
%
86.9
%
92,615

706,849

7.63

Harbor Point (4)
 
 Grove, OK
 
—

—

—
%
—
%
—

—

—

Harrodsburg Marketplace
 
 Harrodsburg, KY
 
9

60,048

100.0
%
100.0
%
60,048

406,840

6.78

JANAF (7)
 
Norfolk, VA
 
121

810,137

93.8
%
93.8
%
760,269

8,454,374

11.12

Jenks Plaza
 
 Jenks, OK
 
4

7,800

64.1
%
64.1
%
5,000

101,764

20.35

Laburnum Square
 
 Richmond, VA
 
21

109,405

100.0
%
100.0
%
109,405

983,423

8.99

Ladson Crossing
 
 Ladson, SC
 
15

52,607

97.7
%
97.7
%
51,407

758,819

14.76

LaGrange Marketplace
 
 LaGrange, GA
 
14

76,594

95.3
%
95.3
%
72,994

385,247

5.28

Lake Greenwood Crossing
 
 Greenwood, SC
 
6

47,546

95.0
%
95.0
%
45,146

433,947

9.61

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

1,088,817

14.98

Lumber River Village
 
 Lumberton, NC
 
11

66,781

98.2
%
96.4
%
64,381

483,813

7.51

Monarch Bank
 
 Virginia Beach, VA
 
1

3,620

100.0
%
100.0
%
3,620

126,700

35.00

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
 
13

116,976

96.1
%
96.1
%
112,368

975,321

8.68

Parkway Plaza
 
 Brunswick, GA
 
4

52,365

81.7
%
81.7
%
42,785

489,096

11.43

Perimeter Square
 
 Tulsa, OK
 
10

58,277

90.9
%
57.5
%
33,505

420,009

12.54

Pierpont Centre
 
 Morgantown, WV
 
17

122,259

89.3
%
89.3
%
109,203

1,268,769

11.62

Port Crossing
 
 Harrisonburg, VA
 
9

65,365

97.9
%
97.9
%
64,000

807,732

12.62

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

683,512

7.61

Riversedge North (5)
 
 Virginia Beach, VA
 
—

—

—
%
—
%
—

—

—

Rivergate Shopping Center
 
 Macon, GA
 
30

201,680

96.6
%
96.6
%
194,819

2,755,110

14.14

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 March 31, 2018, (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
 
12

56,380

75.4
%
32.8
%
18,480

$
367,374

$
19.88

Shoppes at TJ Maxx
 
 Richmond, VA
 
18

93,624

100.0
%
100.0
%
93,624

1,149,817

12.28

South Lake
 
 Lexington, SC
 
8

44,318

22.3
%
22.3
%
9,900

100,698

10.17

South Park
 
 Mullins, SC
 
2

60,734

71.2
%
71.2
%
43,218

491,245

11.37

South Square
 
 Lancaster, SC
 
4

44,350

70.8
%
70.8
%
31,400

256,255

8.16

St. George Plaza
 
 St. George, SC
 
4

59,279

76.3
%
76.3
%
45,218

299,193

6.62

St. Matthews
 
 St. Matthews, SC
 
5

29,015

87.2
%
87.2
%
25,314

307,693

12.16

Sunshine Plaza
 
 Lehigh Acres, FL
 
20

111,189

94.2
%
94.2
%
104,743

971,948

9.28

Surrey Plaza
 
 Hawkinsville, GA
 
5

42,680

100.0
%
100.0
%
42,680

286,245

6.71

Tampa Festival
 
 Tampa, FL
 
19

137,987

98.8
%
98.8
%
136,387

1,285,580

9.43

The Shoppes at Eagle Harbor
 
 Carrollton, VA
 
7

23,303

100.0
%
100.0
%
23,303

468,864

20.12

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

2,218,659

7.75

Walnut Hill Plaza
 
 Petersburg, VA
 
7

87,239

47.8
%
47.8
%
41,737

248,429

5.95

Waterway Plaza
 
 Little River, SC
 
10

49,750

100.0
%
100.0
%
49,750

482,686

9.70

Westland Square
 
 West Columbia, SC
 
9

62,735

77.1
%
77.1
%
48,380

444,736

9.19

Winslow Plaza
 
 Sicklerville, NJ
 
15

40,695

89.9
%
89.9
%
36,600

559,434

15.29

Total Portfolio
 
 
 
821

5,743,073

91.9
%
90.8
%
5,217,221

$
51,036,880

$
9.78

(1) Reflects leases executed through April 4, 2018 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 our former CEO, 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) The property is a redevelopment property that is reaching completion and spaces are being delivered.
(7) Square footage is net of management office the Company occupies on premise and buildings on ground lease which the Company only leases the land.

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


Top Ten Tenants by Annualized Base Rent as of March 31, 2018

Total Tenants : 821
Tenants
 
Annualized Base Rent
($ in 000s)
 
% of Total Annualized Base Rent
 
Total Occupied Square Feet
 
Percent Total Leasable Square Foot
 
Base Rent Per Occupied Square Foot
1. BI-LO (1)
 
$
4,376

 
8.57
%
 
468,913

 
8.16
%
 
$
9.33

2.    Food Lion
 
2,691

 
5.27
%
 
325,576

 
5.67
%
 
8.27

3.    Kroger (2)
 
1,309

 
2.56
%
 
186,064

 
3.24
%
 
7.04

4.    Winn Dixie (1)
 
1,031

 
2.02
%
 
133,575

 
2.33
%
 
7.72

5.    Piggly Wiggly
 
858

 
1.68
%
 
103,125

 
1.80
%
 
8.32

6.    Hobby Lobby
 
675

 
1.32
%
 
114,298

 
1.99
%
 
5.91

7.    BJ's Wholesale Club
 
594

 
1.16
%
 
147,400

 
2.57
%
 
4.03

8.    Harris Teeter (2)
 
578

 
1.13
%
 
39,946

 
0.70
%
 
14.47

9.    TJ Maxx
 
575

 
1.13
%
 
69,783

 
1.22
%
 
8.24

10.    Lowes Foods
 
571

 
1.12
%
 
54,838

 
0.95
%
 
10.41

 
 
$
13,258

 
25.96
%
 
1,643,518

 
28.63
%
 
$
8.07

(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 March 31, 2018

Total Leasable Area:
5,743,073 square feet
Total Square Footage Occupied:
5,217,221 square feet
Occupancy Rate:
90.8%
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
 
—
 
525,852

 
9.16
%
 
—
%
 
$
—

 
—
%
 
$
—

2018
 
104
 
484,471

 
8.44
%
 
9.29
%
 
5,165

 
10.12
%
 
10.66

2019
 
168
 
789,574

 
13.75
%
 
15.13
%
 
8,162

 
15.99
%
 
10.34

2020
 
163
 
1,125,388

 
19.60
%
 
21.57
%
 
9,549

 
18.71
%
 
8.49

2021
 
118
 
708,276

 
12.33
%
 
13.58
%
 
6,920

 
13.56
%
 
9.77

2022
 
107
 
459,795

 
8.01
%
 
8.81
%
 
5,360

 
10.50
%
 
11.66

2023
 
56
 
446,949

 
7.78
%
 
8.57
%
 
4,141

 
8.11
%
 
9.27

2024
 
24
 
195,320

 
3.40
%
 
3.74
%
 
1,923

 
3.77
%
 
9.85

2025
 
20
 
297,598

 
5.18
%
 
5.70
%
 
2,897

 
5.68
%
 
9.73

2026
 
23
 
304,186

 
5.30
%
 
5.83
%
 
2,690

 
5.27
%
 
8.84

2027 and thereafter
 
38
 
405,664

 
7.05
%
 
7.78
%
 
4,230

 
8.29
%
 
10.43

Total
 
821
 
5,743,073
 
100.00
%
 
100.00
%
 
51,037

 
100.00
%
 
$
9.78

















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


Leasing Summary as of March 31, 2018, (continued)

Anchor Lease Expiration Schedule (1) 
 
No Option
 
Option
Lease Expiration Nine 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
—

101,454

$
—

—

$
—

 
—

24,050

$
—

—

$
—

2018
4

133,838

1,442

64.61
%
10.77

 
3

92,219

835

4.22
%
9.06

2019
1

21,213

292

13.08
%
13.77

 
9

364,544

2,700

13.63
%
7.41

2020
1

20,858

55

2.46
%
2.64

 
14

685,554

3,877

19.57
%
5.66

2021
2

43,427

88

3.94
%
2.03

 
11

332,369

2,645

13.35
%
7.96

2022
—

—

—

—
%
—

 
4

148,663

1,277

6.45
%
8.59

2023
2

42,061

355

15.91
%
8.44

 
9

272,883

1,958

9.88
%
7.17

2024
—

—

—

—
%
—

 
3

108,455

823

4.15
%
7.58

2025
—

—

—

—
%
—

 
6

239,648

2,005

10.12
%
8.37

2026
—

—

—

—
%
—

 
6

221,755

1,591

8.03
%
7.18

2027+
—

—

—

—
%
—

 
9

300,062

2,098

10.60
%
6.99

Total
10

362,851

$
2,232

100.00
%
$
8.54

 
74

2,790,202

$
19,809

100.00
%
$
7.16

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

Non-anchor Lease Expiration Schedule
 
No Option
 
Option
Lease Expiration Nine 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
—

400,348

$
—

—

$
—

 
—

—

$
—

—

$
—

2018
68

139,228

1,540

13.57
%
11.05

 
29

119,186

1,348

7.64
%
11.31

2019
85

161,947

2,204

19.42
%
13.61

 
73

241,870

2,966

16.81
%
12.26

2020
94

244,421

3,202

28.21
%
13.11

 
54

174,555

2,415

13.69
%
13.83

2021
51

132,422

1,640

14.45
%
12.38

 
54

200,058

2,547

14.43
%
12.73

2022
34

79,307

1,130

9.96
%
14.25

 
69

231,825

2,953

16.73
%
12.74

2023
16

33,098

376

3.31
%
11.37

 
29

98,907

1,452

8.23
%
14.68

2024
11

21,238

310

2.73
%
14.61

 
10

65,627

790

4.48
%
12.03

2025
7

18,316

262

2.31
%
14.31

 
7

39,634

630

3.57
%
15.89

2026
6

14,681

262

2.31
%
17.80

 
11

67,750

837

4.74
%
12.36

2027+
7

18,561

423

3.73
%
22.81

 
22

87,041

1,708

9.68
%
19.62

Total
379

1,263,567

$
11,349

100.00
%
$
13.15

 
358

1,326,453

$
17,646

100.00
%
$
13.30















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


Leasing Summary as of March 31, 2018, (continued)

Leasing Renewals, New Leases and Expirations
 
Three Months Ended March 31,
 
2018
 
2017
Renewals:
 
 
 
Leases renewed with rate increase (sq feet)
35,393

 
92,223

Leases renewed with rate decrease (sq feet)
38,480

 
16,804

Leases renewed with no rate change (sq feet)
80,567

 
70,094

Total leases renewed (sq feet)
154,440

 
179,121

 
 
 
 
Leases renewed with rate increase (count)
16

 
22

Leases renewed with rate decrease (count)
5

 
3

Leases renewed with no rate change (count)
5

 
8

Total leases renewed (count)
26

 
33

 
 
 
 
Option exercised (count)
7

 
12

 
 
 
 
Weighted average on rate increases (per sq foot)
$
0.77

 
$
0.70

Weighted average on rate decreases (per sq foot)
$
(1.86
)
 
$
(0.60
)
Weighted average rate (per sq foot)
$
(0.29
)
 
$
0.30

Weighted average change over prior rates
(3.42
)%
 
3.50
%
 
 
 
 
New Leases:
 
 
 
New leases (sq feet)
72,076

 
54,279

New leases (count)
15

 
18

Weighted average rate (per sq foot)
$
8.08

 
$
13.92

 
 
 
 
Gross Leasable Area ("GLA") expiring during the next 9 months
8.44
 %
 
4.71
%






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


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
18


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
19