Exhibit 99.2

stba02.jpg

image1b18.jpg










Supplemental Operating and Financial Data
for the three and nine months September 30, 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 September 30, 2018
Financial Results
 
Net loss attributable to Wheeler REIT common shareholders (in 000s)
$
(3,810
)
Net loss per basic and diluted shares
$
(0.41
)
Funds from operations available to common shareholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)
$
1,159

FFO per common share and OP unit
$
0.12

Adjusted FFO (AFFO) (in 000s) (1)
$
1,267

AFFO per common share and OP unit
$
0.13

 
 
Assets and Leverage
 
Investment Properties, net of $36.19 million accumulated depreciation (in 000s)
$
426,972

Cash and Cash Equivalents (in 000s)
$
3,638

Total Assets (in 000s)
$
527,088

Debt to Total Assets(3)
70.49
%
Debt to Gross Asset Value
62.95
%
 
 
Market Capitalization
 
Common shares outstanding
9,401,936

OP units outstanding
295,550

Total common shares and OP units
9,697,486

 
Shares Outstanding at September 30, 2018
 
Third Quarter stock price range
 
Stock price as of September 30, 2018
Common Stock
9,401,936

 
$3.86 - $6.30
 
$
4.28

Series B preferred shares
1,875,748

 
$16.17 - $19.50
 
$
18.67

Series D preferred shares
3,600,636

 
$17.89 - $22.00
 
$
20.96

Total debt (in 000s)(3)
$
371,520

Common Stock market capitalization (as of September 30, 2018 closing stock price, in 000s)
$
40,240

 
 
Portfolio Summary
 
Total Leasable Area (GLA) in sq. ft.
5,720,091

Occupancy Rate
90.0
%
Leased Rate (2)
90.4
%
Annualized Base Rent (in 000s)
$
49,089

Total number of leases signed or renewed during the third quarter of 2018
39

Total sq. ft. leases signed or renewed during the third quarter of 2018
270,538


(1)    See page 18 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)    Reflects leases executed through October 9, 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
 
September 30, 2018
 
December 31, 2017
 
(unaudited)
 
 
ASSETS:
 
 
 
Investment properties, net
$
426,972

 
$
375,199

Cash and cash equivalents
3,638

 
3,677

Restricted cash
16,708

 
8,609

Rents and other tenant receivables, net
4,675

 
5,619

Notes receivable, net
6,739

 
6,739

Goodwill
5,486

 
5,486

Assets held for sale
22,111

 
9,135

Above market lease intangible, net
7,945

 
8,778

Deferred costs and other assets, net
32,814

 
34,432

Total Assets
$
527,088

 
$
457,674

LIABILITIES:
 
 
 
Loans payable, net
$
354,093

 
$
307,375

Liabilities associated with assets held for sale
12,423

 
792

Below market lease intangible, net
10,948

 
9,616

Accounts payable, accrued expenses and other liabilities
12,707

 
10,579

Dividends payable
3,037

 
5,480

Total Liabilities
393,208

 
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)
74,838

 
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)
40,978

 
40,915

Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,401,936 and 8,744,189 shares issued and outstanding, respectively)
94

 
87

Additional paid-in capital
233,001

 
226,978

Accumulated deficit
(218,498
)
 
(204,925
)
Total Shareholders’ Equity
56,028

 
63,508

Noncontrolling interests
3,014

 
7,088

Total Equity
59,042

 
70,596

Total Liabilities and Equity
$
527,088

 
$
457,674


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


Consolidated Statements of Operations
$ in 000s
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
REVENUE:
 
 
 
 
 
 
 
Rental revenues
$
12,755

 
$
11,109

 
$
38,363

 
$
33,265

Asset management fees
48

 
145

 
143

 
807

Commissions
52

 
449

 
102

 
758

Tenant reimbursements
3,150

 
2,711

 
9,337

 
8,127

Development and other revenues
217

 
784

 
1,697

 
1,282

Total Revenue
16,222

 
15,198

 
49,642

 
44,239

OPERATING EXPENSES:
 
 
 
 
 
 
 
Property operations
4,687

 
3,726

 
13,804

 
11,467

Non-REIT management and leasing services
23

 
618

 
59

 
1,525

Depreciation and amortization
6,045

 
7,746

 
20,943

 
20,455

Provision for credit losses
149

 
23

 
335

 
443

Corporate general & administrative
1,703

 
1,306

 
6,479

 
4,855

Other operating expenses
250

 
—

 
250

 
—

Total Operating Expenses
12,857

 
13,419

 
41,870

 
38,745

Gain (loss) on disposal of properties
1,257

 
(1
)
 
2,312

 
1,021

Operating Income
4,622

 
1,778

 
10,084

 
6,515

Interest income
1

 
364

 
3

 
1,080

Interest expense
(5,183
)
 
(4,250
)
 
(14,940
)
 
(12,997
)
Net Loss from Continuing Operations Before Income Taxes
(560
)
 
(2,108
)
 
(4,853
)
 
(5,402
)
Income tax expense
(30
)
 
(65
)
 
(72
)
 
(175
)
Net Loss from Continuing Operations
(590
)
 
(2,173
)
 
(4,925
)
 
(5,577
)
Discontinued Operations
 
 
 
 
 
 
 
Income from discontinued operations
—

 
—

 
—

 
16

Gain on disposal of properties
—

 
—

 
903

 
1,502

Net Income from Discontinued Operations
—

 
—

 
903

 
1,518

Net Loss
(590
)
 
(2,173
)
 
(4,022
)
 
(4,059
)
Less: Net income (loss) attributable to noncontrolling interests
12

 
(111
)
 
(70
)
 
(165
)
Net Loss Attributable to Wheeler REIT
(602
)
 
(2,062
)
 
(3,952
)
 
(3,894
)
Preferred stock dividends
(3,208
)
 
(2,496
)
 
(9,621
)
 
(7,473
)
Net Loss Attributable to Wheeler REIT Common Shareholders
$
(3,810
)
 
$
(4,558
)
 
$
(13,573
)
 
$
(11,367
)
 
 
 
 
 
 
 
 
Loss per share from continuing operations (basic and diluted)
$
(0.41
)
 
$
(0.52
)
 
$
(1.58
)
 
$
(1.48
)
Income per share from discontinued operations
—

 
—

 
0.10

 
0.16

 
$
(0.41
)
 
$
(0.52
)
 
$
(1.48
)
 
$
(1.32
)
Weighted-average number of shares:
 
 
 
 
 
 
 
Basic and Diluted
9,385,666

 
8,692,543

 
9,179,366

 
8,625,523




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,
 
2018
 
2017
 
2018
 
2017
Net Loss
$
(590
)
 
$
(2,173
)
 
$
(4,022
)
 
$
(4,059
)
Depreciation and amortization of real estate assets
6,045

 
7,746

 
20,943

 
20,455

(Gain) loss on disposal of properties
(1,257
)
 
1

 
(2,312
)
 
(1,021
)
Gain on disposal of properties-discontinued operations
—

 
—

 
(903
)
 
(1,502
)
FFO
4,198

 
5,574

 
13,706

 
13,873

Preferred stock dividends
(3,208
)
 
(2,496
)
 
(9,621
)
 
(7,473
)
Preferred stock accretion adjustments
169

 
205

 
509

 
605

FFO available to common shareholders and common unitholders
1,159

 
3,283

 
4,594

 
7,005

Acquisition and development costs
82

 
233

 
346

 
832

Capital related costs
110

 
82

 
408

 
468

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

 
47

 
103

 
177

Share-based compensation
241

 
134

 
727

 
735

Straight-line rent
(353
)
 
(162
)
 
(953
)
 
(566
)
Loan cost amortization
625

 
682

 
1,682

 
2,509

Accrued interest income
—

 
(121
)
 
—

 
(359
)
(Below) above market lease amortization
(313
)
 
65

 
(421
)
 
448

Recurring capital expenditures and tenant improvement reserves
(284
)
 
(245
)
 
(858
)
 
(696
)
AFFO
$
1,267

 
$
3,998

 
$
5,628

 
$
10,553

 
 
 
 
 
 
 
 
Weighted Average Common Shares
9,385,666

 
8,692,543

 
9,179,366

 
8,625,523

Weighted Average Common Units
297,355

 
679,820

 
433,403

 
723,269

Total Common Shares and Units
9,683,021

 
9,372,363

 
9,612,769

 
9,348,792

FFO per Common Share and Common Units
$
0.12

 
$
0.35

 
$
0.48

 
$
0.75

AFFO per Common Share and Common Units
$
0.13

 
$
0.43

 
$
0.59

 
$
1.13


(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 described 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 and nine months ended September 30, 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
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
Net Loss
$
(590
)
 
$
(2,173
)
 
$
(4,022
)
 
$
(4,059
)
Adjustments:
 
 
 
 
 
 
 
Net Income from Discontinued Operations
—

 
—

 
(903
)
 
(1,518
)
Income tax expense
30

 
65

 
72

 
175

Interest expense
5,183

 
4,250

 
14,940

 
12,997

Interest income
(1
)
 
(364
)
 
(3
)
 
(1,080
)
(Gain) loss on disposal of properties
(1,257
)
 
1

 
(2,312
)
 
(1,021
)
Corporate general & administrative
1,703

 
1,306

 
6,479

 
4,855

Other operating expenses
250

 
—

 
250

 
—

Provision for credit losses - non-tenant
—

 
—

 
(77
)
 
—

Depreciation and amortization
6,045

 
7,746

 
20,943

 
20,455

Non-REIT management and leasing services
23

 
618

 
59

 
1,525

Development income
—

 
(155
)
 
—

 
(454
)
Asset management and commission revenues
(100
)
 
(594
)
 
(245
)
 
(1,565
)
Property Net Operating Income
$
11,286

 
$
10,700

 
$
35,181

 
$
30,310

 
 
 


 
 
 
 
Property revenues
$
16,122

 
$
14,449

 
$
49,397

 
$
42,220

Property expenses
4,687

 
3,726

 
13,804

 
11,467

Provision for credit losses - tenant
149

 
23

 
412

 
443

Property Net Operating Income
$
11,286

 
$
10,700

 
$
35,181

 
$
30,310

















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,
 
2018
 
2017
 
2018
 
2017
Net Loss
$
(590
)
 
$
(2,173
)
 
$
(4,022
)
 
$
(4,059
)
Add back:
Depreciation and amortization (1)
5,732

 
7,811

 
20,522

 
20,903

 
Interest Expense (2)
5,183

 
4,250

 
14,940

 
13,006

 
Income taxes
30

 
65

 
72

 
175

EBITDA
10,355

 
9,953

 
31,512

 
30,025

Adjustments for items affecting comparability:
 
 
 
 
 
 
 
 
Acquisition and development costs
82

 
233

 
346

 
832

 
Capital related costs
110

 
82

 
408

 
468

 
Other non-recurring and non-cash expenses (3)
—

 
47

 
103

 
177

 
(Gain) loss on disposal of properties
(1,257
)
 
1

 
(2,312
)
 
(1,021
)
 
Gain on disposal of properties-discontinued operations
—

 
—

 
(903
)
 
(1,502
)
Adjusted EBITDA
$
9,290

 
$
10,316

 
$
29,154

 
$
28,979

(1)
Includes above (below) market lease amortization.
(2)
Includes loan cost amortization and amounts associated with discontinued operations.
(3)
Other non-recurring expenses are described 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, 2018.

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


Debt Summary as of September 30, 2018
$ in 000s

Loans Payable:
$371.52 million
Weighted Average Interest Rate:
4.78%
Total Debt to Total Assets:
70.49%
Property/Description
 
Monthly Payment
 
Interest
Rate
 
Maturity
 
September 30, 2018
 
December 31, 2017
 First National Bank Line of Credit
 
$
24,656

 
Libor + 350 basis points

 
October 2018
 
$
2,969

 
$
3,000

 Lumber River
 
$
10,723

 
Libor + 350 basis points

 
October 2018
 
1,459

 
1,500

 Revere Loan
 
$
100,000

 
9.00
%
 
November 2018
 
1,758

 
6,808

 Senior convertible notes
 
Interest only

 
9.00
%
 
December 2018
 
1,369

 
1,369

 Harbor Point (1)
 
$
11,024

 
5.85
%
 
December 2018
 
477

 
553

 Perimeter Square (1)
 
Interest only

 
5.50
%
 
December 2018
 
6,250

 
5,382

 Riversedge North
 
$
8,802

 
6.00
%
 
January 2019
 
822

 
863

 KeyBank Line of Credit
 
Interest only

 
Libor + 250 basis points

 
February 2019
 
3,830

 
15,532

 Monarch Bank Building (1)
 
$
7,340

 
4.85
%
 
June 2019
 
1,246

 
1,266

 DF I-Moyock (1)
 
$
10,665

 
5.00
%
 
July 2019
 
104

 
194

 Rivergate
 
$
141,547

 
Libor + 295 basis points

 
December 2019
 
22,260

 
22,689

 KeyBank Line of Credit
 
Interest only

 
Libor + 250 basis points

 
December 2019
 
48,272

 
52,500

 LaGrange Marketplace
 
$
15,065

 
Libor + 375 basis points

 
March 2020
 
—

 
2,317

 Folly Road
 
$
32,827

 
4.00
%
 
March 2020
 
6,109

 
6,181

 Columbia Fire Station construction loan
 
Interest only

 
4.00
%
 
May 2020
 
4,200

 
3,421

 Shoppes at TJ Maxx
 
$
33,880

 
3.88
%
 
May 2020
 
5,587

 
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
 
3,064

 
3,111

 Shoppes at Eagle Harbor (1)
 
$
26,528

 
5.10
%
 
March 2023
 
—

 
3,341

 New Market
 
$
48,747

 
5.65
%
 
June 2023
 
6,955

 
—

 Benefit Street Note (3)
 
$
53,185

 
5.71
%
 
June 2023
 
7,600

 
—

 Deutsche Bank Note (2)
 
$
33,340

 
5.71
%
 
July 2023
 
5,730

 
—

 JANAF
 
$
333,159

 
4.49
%
 
July 2023
 
52,656

 
—

 Tampa Festival
 
$
50,797

 
5.56
%
 
September 2023
 
8,263

 
8,368

 Forrest Gallery
 
$
50,973

 
5.40
%
 
September 2023
 
8,565

 
8,669

 South Carolina Food Lions Note
 
$
68,320

 
5.25
%
 
January 2024
 
11,915

 
12,050

 Cypress Shopping Center
 
$
34,360

 
4.70
%
 
July 2024
 
6,406

 
6,485

 Port Crossing
 
$
34,788

 
4.84
%
 
August 2024
 
6,179

 
6,263

 Freeway Junction
 
$
41,798

 
4.60
%
 
September 2024
 
7,896

 
7,994

 Harrodsburg Marketplace
 
$
19,112

 
4.55
%
 
September 2024
 
3,503

 
3,553

 Graystone Crossing (1)
 
$
20,386

 
4.55
%
 
October 2024
 
3,880

 
3,928

 Bryan Station
 
$
23,489

 
4.52
%
 
November 2024
 
4,491

 
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
 
5,091

 
—

 Chesapeake Square
 
$
23,857

 
4.70
%
 
August 2026
 
4,454

 
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)
 
 
 
 
 
 
 
371,520

 
313,778

Unamortized debt issuance cost (1)
 
 
 
 
 
 
 
(5,570
)
 
(5,656
)
Total Loans Payable, including Assets Held for Sale
 
 
 
 
 
 
 
365,950

 
308,122

Less loans payable on assets held for sale, net loan amortization costs
 
 
 
 
11,857

 
747

Total Loans Payable, net
 
 
 
 
 
 
 
$
354,093

 
$
307,375

(1) Includes loans payable on assets held for sale.
(2) This loan is collateralized by LaGrange Marketplace, Ridgeland and Georgetown.
(3) This loan is collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park.

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


Debt Summary as of September 30, 2018 (continued)

Total Debt
$ in 000s
Scheduled principal repayments and maturities by year
 
Amount
 
% Total Principal Payments and Maturities
For the three months remaining December 31, 2018
 
$
15,423

 
4.15
%
December 31, 2019
 
80,509

 
21.67
%
December 31, 2020
 
19,551

 
5.26
%
December 31, 2021
 
10,591

 
2.85
%
December 31, 2022
 
8,113

 
2.18
%
December 31, 2023
 
83,333

 
22.43
%
Thereafter
 
154,000

 
41.46
%
Total principal repayments and maturities
 
$
371,520

 
100.00
%
 
 
 
 
 



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


Property Summary as of September 30, 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
 
27

74,038

84.7
%
84.7
%
62,701

1,058,547

16.88

Beaver Ruin Village II
 
 Lilburn, GA
 
4

34,925

100.0
%
100.0
%
34,925

445,531

12.76

Berkley (4)
 
 Norfolk, VA
 
—

—

—
%
—
%
—

—

—

Berkley Shopping Center
 
 Norfolk, VA
 
10

47,945

42.0
%
42.0
%
20,140

241,990

12.02

Brook Run Shopping Center
 
 Richmond, VA
 
19

147,738

92.1
%
92.1
%
136,102

1,500,854

11.03

Brook Run Properties (4)
 
 Richmond, VA
 
—

—

—
%
—
%
—

—

—

Bryan Station
 
 Lexington, KY
 
10

54,397

100.0
%
100.0
%
54,397

593,828

10.92

Butler Square
 
 Mauldin, SC
 
16

82,400

98.2
%
98.2
%
80,950

795,234

9.82

Cardinal Plaza
 
 Henderson, NC
 
7

50,000

94.0
%
94.0
%
47,000

449,600

9.57

Chesapeake Square
 
 Onley, VA
 
12

108,982

96.5
%
96.5
%
105,182

791,648

7.53

Clover Plaza
 
 Clover, SC
 
9

45,575

100.0
%
100.0
%
45,575

355,287

7.80

Columbia Fire Station
 
 Columbia, SC
 
3

21,273

79.0
%
79.0
%
16,800

368,404

21.93

Courtland Commons (4)
 
 Courtland, VA
 
—

—

—
%
—
%
—

—

—

Conyers Crossing
 
 Conyers, GA
 
12

170,475

98.3
%
98.3
%
167,575

848,658

5.06

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

320,788

10.56

Darien Shopping Center
 
 Darien, GA
 
1

26,001

100.0
%
100.0
%
26,001

156,006

6.00

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
 
5

47,794

100.0
%
100.0
%
47,794

725,156

15.17

Forrest Gallery
 
 Tullahoma, TN
 
25

214,451

93.5
%
93.5
%
200,404

1,347,509

6.72

Fort Howard Shopping Center
 
 Rincon, GA
 
18

113,652

93.6
%
93.6
%
106,320

892,990

8.40

Freeway Junction
 
 Stockbridge, GA
 
14

156,834

94.6
%
94.6
%
148,424

1,082,137

7.29

Franklin Village
 
 Kittanning, PA
 
29

151,821

100.0
%
100.0
%
151,821

1,203,274

7.93

Franklinton Square
 
 Franklinton, NC
 
13

65,366

90.7
%
90.7
%
59,300

541,833

9.14

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

545,353

24.79

Grove Park
 
 Orangeburg, SC
 
15

106,557

87.5
%
87.5
%
93,265

723,069

7.75

Harbor Point (4)
 
 Grove, OK
 
—

—

—
%
—
%
—

—

—

Harrodsburg Marketplace
 
 Harrodsburg, KY
 
8

60,048

91.0
%
91.0
%
54,648

413,640

7.57

JANAF (6)
 
Norfolk, VA
 
119

810,137

90.0
%
90.0
%
729,159

8,000,488

10.97

Jenks Plaza
 
 Jenks, OK
 
5

7,800

100.0
%
100.0
%
7,800

165,820

21.26

Laburnum Square
 
 Richmond, VA
 
21

109,405

100.0
%
100.0
%
109,405

989,030

9.04

Ladson Crossing
 
 Ladson, SC
 
14

52,607

97.2
%
97.2
%
51,107

465,276

9.10

LaGrange Marketplace
 
 LaGrange, GA
 
13

76,594

95.3
%
95.3
%
72,994

416,290

5.70

Lake Greenwood Crossing
 
 Greenwood, SC
 
5

47,546

85.0
%
85.0
%
40,418

316,490

7.83

Lake Murray
 
 Lexington, SC
 
5

39,218

100.0
%
100.0
%
39,218

255,274

6.51

Litchfield Market Village
 
 Pawleys Island, SC
 
18

86,740

86.6
%
86.6
%
75,103

893,654

11.90

Lumber River Village
 
 Lumberton, NC
 
11

66,781

98.2
%
98.2
%
65,581

444,883

6.78

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

585,948

10.45

New Market Crossing
 
 Mt. Airy, NC
 
13

117,076

96.0
%
96.0
%
112,368

976,833

8.69

Parkway Plaza
 
 Brunswick, GA
 
4

52,365

81.7
%
81.7
%
42,785

346,275

8.09

Perimeter Square
 
 Tulsa, OK
 
10

58,277

100.0
%
100.0
%
58,277

626,361

10.75

Pierpont Centre
 
 Morgantown, WV
 
17

122,259

89.3
%
89.3
%
109,203

1,294,704

11.86

Port Crossing
 
 Harrisonburg, VA
 
9

65,365

97.9
%
97.9
%
64,000

812,077

12.69

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

684,738

7.63

Riversedge North (5)
 
 Virginia Beach, VA
 
—

—

—
%
—
%
—

—

—

Rivergate Shopping Center
 
 Macon, GA
 
31

201,680

97.5
%
97.5
%
196,719

2,799,678

14.23

Sangaree Plaza
 
 Summerville, SC
 
9

66,948

100.0
%
100.0
%
66,948

644,110

9.62



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


Portfolio Summary as of September 30, 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

56,601

76.3
%
76.3
%
43,204

$
429,689

$
9.95

Shoppes at TJ Maxx
 
 Richmond, VA
 
17

93,624

98.3
%
98.3
%
92,027

1,127,687

12.25

South Lake
 
 Lexington, SC
 
8

44,318

19.6
%
19.6
%
8,700

102,147

11.74

South Park
 
 Mullins, SC
 
3

60,734

83.2
%
83.2
%
50,509

351,189

6.95

South Square
 
 Lancaster, SC
 
5

44,350

74.2
%
74.2
%
32,900

264,130

8.03

St. George Plaza
 
 St. George, SC
 
6

59,279

86.5
%
86.5
%
51,278

329,136

6.42

St. Matthews
 
 St. Matthews, SC
 
4

29,015

87.2
%
12.8
%
3,701

24,002

6.49

Sunshine Plaza
 
 Lehigh Acres, FL
 
21

111,189

96.6
%
96.6
%
107,396

984,436

9.17

Surrey Plaza
 
 Hawkinsville, GA
 
3

42,680

82.0
%
82.0
%
35,000

230,550

6.59

Tampa Festival
 
 Tampa, FL
 
17

137,987

63.2
%
63.2
%
87,266

930,161

10.66

Tri-County Plaza
 
 Royston, GA
 
6

67,577

89.2
%
89.2
%
60,277

381,973

6.34

Tulls Creek (4)
 
 Moyock, NC
 
—

—

—
%
—
%
—

—

—

Twin City Commons
 
 Batesburg-Leesville, SC
 
5

47,680

100.0
%
100.0
%
47,680

434,093

9.10

Village of Martinsville
 
 Martinsville, VA
 
18

297,950

96.1
%
96.1
%
286,431

2,212,771

7.73

Walnut Hill Plaza
 
 Petersburg, VA
 
6

87,239

34.3
%
34.3
%
29,957

254,848

8.51

Waterway Plaza
 
 Little River, SC
 
10

49,750

100.0
%
100.0
%
49,750

484,588

9.74

Westland Square
 
 West Columbia, SC
 
10

62,735

80.8
%
80.8
%
50,690

471,206

9.30

Winslow Plaza
 
 Sicklerville, NJ
 
16

40,695

94.1
%
94.1
%
38,295

588,712

15.37

Total Portfolio
 
 
 
808

5,720,091

90.4
%
90.0
%
5,149,578

$
49,088,788

$
9.53

(1)
Reflects leases executed through October 9, 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. 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)
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 September 30, 2018

Total Tenants : 808
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)
 
$
2,717

 
5.53
%
 
380,675

 
6.66
%
 
$
7.14

2.
Food Lion
 
2,636

 
5.37
%
 
325,576

 
5.69
%
 
8.10

3.
Kroger (2)
 
1,324

 
2.70
%
 
186,064

 
3.25
%
 
7.12

4.
Piggly Wiggly
 
1,322

 
2.69
%
 
169,750

 
2.97
%
 
7.79

5.
Winn Dixie (1)
 
863

 
1.76
%
 
133,575

 
2.34
%
 
6.46

6.
Hobby Lobby
 
675

 
1.38
%
 
114,298

 
2.00
%
 
5.91

7.
Dollar Tree
 
600

 
1.22
%
 
87,133

 
1.52
%
 
6.89

8.
BJ's Wholesale Club
 
594

 
1.21
%
 
147,400

 
2.58
%
 
4.03

9.
Harris Teeter (2)
 
578

 
1.18
%
 
39,946

 
0.70
%
 
14.47

10.
TJ Maxx
 
574

 
1.17
%
 
69,783

 
1.22
%
 
8.23

 
 
 
$
11,883

 
24.21
%
 
1,654,200

 
28.93
%
 
$
7.18


(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, 2018

Total Leasable Area:
5,720,091 square feet
Total Square Footage Occupied:
5,149,578 square feet
Occupancy Rate:
90.03%
Lease Expiration Schedule
Lease Expiration Period
 
Number of Expiring Leases
 
Total Expiring Square Footage
 
% of Total Expiring 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
 
—

 
570,513

 
9.97
%
 
—
%
 
$
—

 
—
%
 
$
—

2018
 
40

 
84,800

 
1.48
%
 
1.65
%
 
701

 
1.43
%
 
8.27

2019
 
146

 
479,428

 
8.38
%
 
9.31
%
 
5,748

 
11.71
%
 
11.99

2020
 
167

 
1,250,283

 
21.86
%
 
24.28
%
 
10,286

 
20.95
%
 
8.23

2021
 
134

 
699,329

 
12.23
%
 
13.58
%
 
6,973

 
14.20
%
 
9.97

2022
 
107

 
451,296

 
7.89
%
 
8.76
%
 
5,178

 
10.55
%
 
11.47

2023
 
88

 
644,513

 
11.27
%
 
12.52
%
 
6,092

 
12.41
%
 
9.45

2024
 
32

 
330,285

 
5.77
%
 
6.41
%
 
2,562

 
5.22
%
 
7.76

2025
 
21

 
315,723

 
5.52
%
 
6.13
%
 
3,046

 
6.21
%
 
9.65

2026
 
23

 
304,186

 
5.32
%
 
5.91
%
 
2,737

 
5.58
%
 
9.00

2027 and thereafter
 
50

 
589,735

 
10.31
%
 
11.45
%
 
5,766

 
11.74
%
 
9.78

Total
 
808

 
5,720,091

 
100.00
%
 
100.00
%
 
$
49,089

 
100.00
%
 
$
9.53

















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


Leasing Summary as of September 30, 2018, (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
—

151,078

$
—

—
%
$
—

 
—

21,613

$
—

—
%
$
—

2018
—

—

—

—
%
—

 
—

—

—

—
%
—

2019
1

21,213

301

38.89
%
14.18

 
2

82,500

813

4.12
%
9.85

2020
1

20,858

55

7.11
%
2.61

 
18

813,430

4,717

23.89
%
5.80

2021
2

43,427

88

11.37
%
2.03

 
10

290,769

2,361

11.96
%
8.12

2022
—

—

—

—
%
—

 
4

148,663

1,149

5.82
%
7.73

2023
1

22,032

215

27.78
%
9.75

 
13

408,495

3,032

15.35
%
7.42

2024
1

32,000

115

14.85
%
3.59

 
5

207,259

1,157

5.86
%
5.58

2025
—

—

—

—
%
—

 
6

256,248

2,116

10.72
%
8.26

2026
—

—

—

—
%
—

 
6

221,755

1,637

8.29
%
7.38

2027+
—

—

—

—
%
—

 
12

412,387

2,766

13.99
%
6.71

Total
6

290,608

774

100.00
%
$
5.54

 
76

2,863,119

19,748

100.00
%
$
6.95


(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
—

397,822

$
—

—
%
$
—

 
—

—

$
—

—
%
$
—

2018
31

50,471

492

4.30
%
9.74

 
9

34,329

209

1.22
%
6.10

2019
78

159,978

2,045

17.89
%
12.79

 
65

215,737

2,589

15.11
%
12.00

2020
97

252,594

3,202

28.00
%
12.68

 
51

163,401

2,312

13.49
%
14.15

2021
63

149,610

1,828

15.99
%
12.22

 
59

215,523

2,696

15.74
%
12.51

2022
35

71,903

1,060

9.27
%
14.73

 
68

230,730

2,969

17.33
%
12.87

2023
35

74,955

955

8.35
%
12.75

 
39

139,031

1,890

11.03
%
13.59

2024
15

32,827

445

3.89
%
13.56

 
11

58,199

845

4.93
%
14.53

2025
8

19,841

299

2.62
%
15.09

 
7

39,634

631

3.68
%
15.91

2026
6

14,681

263

2.30
%
17.91

 
11

67,750

837

4.89
%
12.36

2027+
13

50,425

845

7.39
%
16.75

 
25

126,923

2,155

12.58
%
16.98

Total
381

1,275,107

11,434

100.00
%
$
13.03

 
345

1,291,257

17,133

100.00
%
$
13.27













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


Leasing Summary as of September 30, 2018, (continued)

Leasing Renewals, New Leases and Expirations
 
Three Months Ended September 30,
 
Nine months Ended September 30,
 
2018
 
2017 (2)
 
2018
 
2017 (2)
Renewals(1):
 
 
 
 
 
 
 
Leases renewed with rate increase (sq feet)
101,355

 
106,384

 
426,483

 
219,267

Leases renewed with rate decrease (sq feet)
1,240

 
12,007

 
39,720

 
70,049

Leases renewed with no rate change (sq feet)
136,452

 
86,708

 
96,167

 
203,647

Total leases renewed (sq feet)
239,047

 
205,099

 
562,370

 
492,963

 
 
 
 
 
 
 
 
Leases renewed with rate increase (count)
21

 
26

 
71

 
60

Leases renewed with rate decrease (count)
1

 
2

 
6

 
9

Leases renewed with no rate change (count)
6

 
6

 
13

 
21

Total leases renewed (count)
28

 
34

 
90

 
90

 
 
 
 
 
 
 
 
Option exercised (count)
6

 
22

 
23

 
44

 
 
 
 
 
 
 
 
Weighted average on rate increases (per sq foot)
$
1.10

 
$
1.03

 
$
0.97

 
$
0.97

Weighted average on rate decreases (per sq foot)
$
(1.36
)
 
$
(1.85
)
 
$
(1.85
)
 
$
(1.18
)
Weighted average rate (per sq foot)
$
0.46

 
$
0.42

 
$
0.52

 
$
0.26

Weighted average change over prior rates
6.46
%
 
4.89
%
 
6.43
%
 
3.07
%
 
 
 
 
 
 
 
 
New Leases (1):
 
 
 
 
 
 
 
New leases (sq feet)
31,491

 
30,364

 
234,407

 
118,435

New leases (count)
11

 
12

 
47

 
44

Weighted average rate (per sq foot)
$
11.24

 
$
11.38

 
$
8.75

 
$
12.51

 
 
 
 
 
 
 
 
Gross Leasable Area ("GLA") expiring during the next 3 months
1.48
%
 
1.88
%
 
1.48
%
 
1.88
%
(1)
Lease data presented for the three and nine months ended September 30, 2018 and 2017 is based on average rate per square foot over the renewed or new lease term.
(2)
2017 lease data adjusted to reflect average rate per square foot over the renewed or new lease term for consistency with 2018 presentation.



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