Exhibit 99.2

image0a78.jpg


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Supplemental Operating and Financial Data
for the three months and year ended December 31, 2019


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 and Series D cumulative convertible preferred stock trade publicly on the Nasdaq under the symbols “WHLR”, “WHLRP” and "WHLRD" , 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
 
Crystal Plum - CFO
 
M. Andrew Franklin - COO
 
 
 
Board of Directors
 
Andrew R. Jones (Chairman)
Deborah Markus
Stefani D. Carter
Joseph D. Stilwell
Clayton ("Chip") Andrews
Paula J. Poskon
Kerry G. Campbell
Daniel Khoshaba
 
 
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 December 31, 2019
Financial Results
 
Net loss attributable to Wheeler REIT common shareholders (in 000s)
$
(4,328
)
Net loss per basic and diluted shares
$
(0.45
)
Funds from operations available to common shareholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)
$
1,071

FFO per common share and OP unit
$
0.11

Adjusted FFO (AFFO) (in 000s) (1)
$
237

AFFO per common share and OP unit
$
0.02

 
 
Assets and Leverage
 
Investment Properties, net of $50.47 million accumulated depreciation (in 000s)
$
416,215

Cash and Cash Equivalents (in 000s)
$
5,451

Total Assets (in 000s)
$
484,365

Debt to Total Assets(3)
71.65
%
Debt to Gross Asset Value
61.72
%
 
 
Market Capitalization
 
Common shares outstanding
9,694,284

OP units outstanding
234,019

Total common shares and OP units
9,928,303

 
Shares Outstanding at December 31, 2019
 
Fourth Quarter stock price range
 
Stock price as of December 31, 2019
Common Stock
9,694,284

 
$1.36 - $2.43
 
$
1.64

Series B preferred shares
1,875,748

 
$10.05 - $13.21
 
$
10.99

Series D preferred shares
3,600,636

 
$13.25 - $16.53
 
$
14.98

Total debt (in 000s)(3)
$
347,059

Common Stock market capitalization (as of December 31, 2019 closing stock price, in 000s)
$
15,899

 
 
Portfolio Summary
 
Total Leasable Area (GLA) in sq. ft.
5,618,877

Occupancy Rate
89.4
%
Leased Rate (2)
89.8
%
Annualized Base Rent (in 000s)
$
48,512

Total number of leases signed or renewed during the fourth quarter of 2019
54

Total sq. ft. leases signed or renewed during the fourth quarter of 2019
520,639


(1)    See page 18 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)    Reflects leases executed through January 6, 2020 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
 
December 31,
 
2019
 
2018
ASSETS:
 
 
 
Investment properties, net
$
416,215

 
$
436,006

Cash and cash equivalents
5,451

 
3,544

Restricted cash
16,140

 
14,455

Rents and other tenant receivables, net
6,905

 
5,539

Notes receivable, net
—

 
5,000

Assets held for sale
1,737

 
6,118

Above market lease intangibles, net
5,241

 
7,346

Operating lease right-of-use assets
11,651

 
—

Deferred costs and other assets, net
21,025

 
30,073

Total Assets
$
484,365

 
$
508,081

LIABILITIES:
 
 
 
Loans payable, net
$
340,913

 
$
360,190

Liabilities associated with assets held for sale
2,026

 
4,520

Below market lease intangibles, net
6,716

 
10,045

Operating lease liabilities
11,921

 
—

Accounts payable, accrued expenses and other liabilities
9,557

 
12,116

Total Liabilities
371,133

 
386,871

Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,600,636 shares issued and outstanding; $101.66 million and $91.98 million aggregate liquidation preference, respectively)
87,225

 
76,955

 
 
 
 
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 shares issued and outstanding; $46.90 million aggregate liquidation preference)
41,087

 
41,000

Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,694,284 and 9,511,464 shares issued and outstanding, respectively)
97

 
95

Additional paid-in capital
233,870

 
233,697

Accumulated deficit
(251,580
)
 
(233,184
)
Total Shareholders’ Equity
23,927

 
42,061

Noncontrolling interests
2,080

 
2,194

Total Equity
26,007

 
44,255

Total Liabilities and Equity
$
484,365

 
$
508,081






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


Consolidated Statements of Operations
$ in 000s
 
Three Months Ended December 31,
 
Years Ended
December 31,
 
2019
 
2018
 
2019
 
2018
REVENUE:
 
 
 
 
 
 
 
Rental revenues
$
15,896

 
$
15,748

 
$
62,442

 
$
63,036

Asset management fees
18

 
46

 
60

 
266

Commissions
—

 
38

 
65

 
140

Other revenues
156

 
136

 
595

 
1,833

Total Revenue
16,070

 
15,968

 
63,162

 
65,275

OPERATING EXPENSES:
 
 
 
 
 
 
 
Property operations
4,839

 
4,669

 
19,127

 
18,473

Non-REIT management and leasing services
—

 
16

 
25

 
75

Depreciation and amortization
5,150

 
6,151

 
21,319

 
27,094

Impairment of goodwill
—

 
5,486

 
—

 
5,486

Impairment of notes receivable
—

 
1,739

 
5,000

 
1,739

Impairment of real estate
—

 
3,938

 
—

 
3,938

Impairment of assets held for sale
51

 
—

 
1,598

 
—

Corporate general & administrative
2,090

 
1,749

 
6,633

 
8,228

Other operating expenses
—

 
—

 
—

 
250

Total Operating Expenses
12,130

 
23,748

 
53,702

 
65,283

(Loss) Gain on disposal of properties
(33
)
 
151

 
1,394

 
2,463

Operating Income (Loss)
3,907

 
(7,629
)
 
10,854

 
2,455

Interest income
—

 
1

 
2

 
4

Interest expense
(4,591
)
 
(5,288
)
 
(18,985
)
 
(20,228
)
Net Loss from Continuing Operations Before Income Taxes
(684
)
 
(12,916
)
 
(8,129
)
 
(17,769
)
Income tax benefit (expense)
8

 
32

 
(15
)
 
(40
)
Net Loss from Continuing Operations
(676
)
 
(12,884
)
 
(8,144
)
 
(17,809
)
Net Income from Discontinued Operations
—

 
—

 
—

 
903

Net Loss
(676
)
 
(12,884
)
 
(8,144
)
 
(16,906
)
Less: Net loss attributable to noncontrolling interests
(5
)
 
(336
)
 
(105
)
 
(406
)
Net Loss Attributable to Wheeler REIT
(671
)
 
(12,548
)
 
(8,039
)
 
(16,500
)
Preferred Stock dividends - declared
—

 
(169
)
 
—

 
(9,790
)
Preferred Stock dividends - undeclared
(3,657
)
 
(3,037
)
 
(14,629
)
 
(3,037
)
Net Loss Attributable to Wheeler REIT Common Shareholders
$
(4,328
)
 
$
(15,754
)
 
$
(22,668
)
 
$
(29,327
)
 
 
 
 
 
 
 
 
Loss per share from continuing operations (basic and diluted)
$
(0.45
)
 
$
(1.66
)
 
$
(2.34
)
 
$
(3.26
)
Income per share from discontinued operations
—

 
—

 
—

 
0.09

 
$
(0.45
)
 
$
(1.66
)
 
$
(2.34
)
 
$
(3.17
)
Weighted-average number of shares:
 
 
 
 
 
 
 
Basic and Diluted
9,693,403

 
9,484,185

 
9,671,847

 
9,256,234

 
 
 
 
 
 
 
 


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


Reconciliation of Non-GAAP Measures
FFO and AFFO (1) 
$ in 000s

 
Three Months Ended
December 31,
 
Years Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Net Loss
$
(676
)
 
$
(12,884
)
 
$
(8,144
)
 
$
(16,906
)
Depreciation and amortization of real estate assets
5,150

 
6,151

 
21,319

 
27,094

Loss (Gain) on disposal of properties
33

 
(151
)
 
(1,394
)
 
(2,463
)
Gain on disposal of properties-discontinued operations
—

 
—

 
—

 
(903
)
Impairment of goodwill
—

 
5,486

 
—

 
5,486

Impairment of assets held for sale
51

 
—

 
1,598

 
—

Impairment of real estate
—

 
3,938

 
—

 
3,938

FFO
4,558

 
2,540

 
13,379

 
16,246

Preferred stock dividends declared
—

 
(169
)
 
—

 
(9,790
)
Preferred stock dividends undeclared
(3,657
)
 
(3,037
)
 
(14,629
)
 
(3,037
)
Preferred stock accretion adjustments
170

 
169

 
680

 
678

FFO available to common shareholders and common unitholders
1,071

 
(497
)
 
(570
)
 
4,097

Impairment of notes receivable
—

 
1,739

 
5,000

 
1,739

Acquisition and development costs
1

 
(46
)
 
26

 
300

Capital related costs
4

 
168

 
144

 
576

Other non-recurring and non-cash expenses (2)
(19
)
 
—

 
42

 
103

Share-based compensation
(242
)
 
213

 
2

 
940

Straight-line rental revenue, net straight-line expense
7

 
(244
)
 
6

 
(1,197
)
Loan cost amortization
371

 
681

 
1,707

 
2,363

(Below) above market lease amortization
(676
)
 
(274
)
 
(1,261
)
 
(695
)
Recurring capital expenditures and tenant improvement reserves
(280
)
 
(285
)
 
(1,126
)
 
(1,143
)
AFFO
$
237

 
$
1,455

 
$
3,970

 
$
7,083

 
 
 
 
 
 
 
 
Weighted Average Common Shares
9,693,403

 
9,484,185

 
9,671,847

 
9,256,234

Weighted Average Common Units
234,900

 
259,054

 
234,999

 
389,421

Total Common Shares and Units
9,928,303

 
9,743,239

 
9,906,846

 
9,645,655

FFO per Common Share and Common Units
$
0.11

 
$
(0.05
)
 
$
(0.06
)
 
$
0.42

AFFO per Common Share and Common Units
$
0.02

 
$
0.15

 
$
0.40

 
$
0.73


(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 Annual Report on Form 10-K for the year ended December 31, 2019.







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


Reconciliation of Non-GAAP Measures (continued)
Property Net Operating Income (1) 
$ in 000s
 
 
 
 
 
 
 
Three Months Ended
December 31,
 
Years Ended
December 31,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
Net Loss
$
(676
)
 
$
(12,884
)
 
$
(8,144
)
 
$
(16,906
)
Adjustments:
 
 
 
 
 
 
 
Income from Discontinued Operations
—

 
—

 
—

 
(903
)
Income tax (benefit) expense
(8
)
 
(32
)
 
15

 
40

Interest expense
4,591

 
5,288

 
18,985

 
20,228

Interest income
—

 
(1
)
 
(2
)
 
(4
)
Loss (gain) on disposal of properties
33

 
(151
)
 
(1,394
)
 
(2,463
)
Other operating expenses
—

 
—

 
—

 
250

Corporate general & administrative
2,090

 
1,749

 
6,633

 
8,228

Impairment of assets held for sale
51

 
—

 
1,598

 
—

Impairment of real estate
—

 
3,938

 
—

 
3,938

Impairment of notes receivable
—

 
1,739

 
5,000

 
1,739

Impairment of goodwill
—

 
5,486

 
—

 
5,486

Depreciation and amortization
5,150

 
6,151

 
21,319

 
27,094

Non-REIT management and leasing services
—

 
16

 
25

 
75

Asset management and commission revenues
(18
)
 
(84
)
 
(125
)
 
(406
)
Property Net Operating Income
$
11,213

 
$
11,215

 
$
43,910

 
$
46,396

 
 
 
 
 
 
 
 
Property revenues
$
16,052

 
$
15,884

 
$
63,037

 
$
64,869

Property expenses
4,839

 
4,669

 
19,127

 
18,473

Property Net Operating Income
$
11,213

 
$
11,215

 
$
43,910

 
$
46,396


(1)
See page 19 for the Company's definition of this non-GAAP measurement and reasons for using it.
















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


Reconciliation of Non-GAAP Measures (continued)
EBITDA (4) 
$ in 000s
 
Three Months Ended
December 31,
 
Years Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Net Loss
$
(676
)
 
$
(12,884
)
 
$
(8,144
)
 
$
(16,906
)
Add back:
Depreciation and amortization (1)
4,474

 
5,877

 
20,058

 
26,399

 
Interest Expense (2)
4,591

 
5,288

 
18,985

 
20,228

 
Income tax (benefit) expense
(8
)
 
(32
)
 
15

 
40

EBITDA
8,381

 
(1,751
)
 
30,914

 
29,761

Adjustments for items affecting comparability:
 
 
 
 
 
 
 
 
Acquisition and development costs
1

 
(46
)
 
26

 
300

 
Capital related costs
4

 
168

 
144

 
576

 
Other non-recurring and non-cash expenses (3)
(19
)
 
—

 
42

 
103

 
Impairment of goodwill
—

 
5,486

 
—

 
5,486

 
Impairment of notes receivable
—

 
1,739

 
5,000

 
1,739

 
Impairment of assets held for sale
51

 
—

 
1,598

 
—

 
Impairment of real estate
—

 
3,938

 
—

 
3,938

 
Loss (Gain) on disposal of properties
33

 
(151
)
 
(1,394
)
 
(2,463
)
 
Gain on disposal of properties - discontinued operations
—

 
—

 
—

 
(903
)
Adjusted EBITDA
$
8,451

 
$
9,383

 
$
36,330

 
$
38,537

(1)
Includes above (below) market lease amortization.
(2)
Includes loan cost amortization.
(3)
Other non-recurring expenses are described in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K for the period ended December 31, 2019.
(4)
See page 18 for the Company's definition of this non-GAAP measurement and reasons for using it.


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


Debt Summary as of December 31, 2019
$ in 000s
Loans Payable:
$347.06 million
Weighted Average Interest Rate:
4.71%
Property/Description
 
Monthly Payment
 
Interest
Rate
 
Maturity
 
December 31,
2019
 
December 31, 2018
 Harbor Pointe (1)
 
$
11,024

 
5.85
%
 
December 2018
 
$
—

 
$
460

 Perimeter Square (1)
 
Interest only

 
6.50
%
 
June 2019
 
—

 
6,250

 Perimeter Square construction loan (1)
 
Interest only

 
6.50
%
 
June 2019
 
—

 
247

 Revere Term Loan
 
$
109,658

 
10.00
%
 
April 2019
 
—

 
1,059

 Senior convertible notes
 
$
234,199

 
9.00
%
 
June 2019
 
—

 
1,369

 DF I-Moyock
 
$
10,665

 
5.00
%
 
July 2019
 
—

 
73

 Rivergate
 
$
132,968

 
LIBOR + 295 basis points

 
December 2019
 
21,545

 
22,117

 KeyBank Line of Credit (6)
 
$
350,000

 
LIBOR + 350 basis points

 
Various (6)
 
17,879

 
52,102

 Folly Road
 
$
32,827

 
4.00
%
 
March 2020
 
5,922

 
6,073

 Columbia Fire Station
 
$
25,452

 
4.00
%
 
May 2020
 
4,051

 
4,189

 Shoppes at TJ Maxx
 
$
33,880

 
3.88
%
 
May 2020
 
5,344

 
5,539

 First National Bank Line of Credit (7)
 
$
24,656

 
LIBOR + 300 basis points

 
September 2020
 
1,214

 
2,938

 Lumber River
 
$
10,723

 
LIBOR + 350 basis points

 
October 2020
 
1,404

 
1,448

 JANAF Bravo
 
$
36,935

 
4.65
%
 
January 2021
 
6,372

 
6,500

 Walnut Hill Plaza
 
$
26,850

 
5.50
%
 
September 2022
 
3,759

 
3,868

 Litchfield Market Village
 
$
46,057

 
5.50
%
 
November 2022
 
7,452

 
—

 Twin City Commons
 
$
17,827

 
4.86
%
 
January 2023
 
2,983

 
3,048

 New Market
 
$
48,747

 
5.65
%
 
June 2023
 
6,713

 
6,907

 Benefit Street Note (3)
 
$
53,185

 
5.71
%
 
June 2023
 
7,361

 
7,567

 Deutsche Bank Note (2)
 
$
33,340

 
5.71
%
 
July 2023
 
5,642

 
5,713

 JANAF
 
$
333,159

 
4.49
%
 
July 2023
 
50,599

 
52,253

 Tampa Festival
 
$
50,797

 
5.56
%
 
September 2023
 
8,077

 
8,227

 Forrest Gallery
 
$
50,973

 
5.40
%
 
September 2023
 
8,381

 
8,529

 Riversedge North
 
$
11,436

 
5.77
%
 
December 2023
 
1,767

 
1,800

 South Carolina Food Lions Note (5)
 
$
68,320

 
5.25
%
 
January 2024
 
11,675

 
11,867

 Cypress Shopping Center
 
$
34,360

 
4.70
%
 
July 2024
 
6,268

 
6,379

 Port Crossing
 
$
34,788

 
4.84
%
 
August 2024
 
6,032

 
6,150

 Freeway Junction
 
$
41,798

 
4.60
%
 
September 2024
 
7,725

 
7,863

 Harrodsburg Marketplace
 
$
19,112

 
4.55
%
 
September 2024
 
3,416

 
3,486

 Graystone Crossing (1)
 
$
20,386

 
4.55
%
 
October 2024
 
—

 
3,863

 Bryan Station
 
$
23,489

 
4.52
%
 
November 2024
 
4,394

 
4,472

 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 (4)
 
 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
 
4,957

 
5,065

 Chesapeake Square
 
$
23,857

 
4.70
%
 
August 2026
 
4,354

 
4,434

 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 Village
 
Interest only

 
4.93
%
 
January 2027
 
8,516

 
8,516

 Village of Martinsville
 
$
89,664

 
4.28
%
 
July 2029
 
16,351

 
—

 Laburnum Square
 
Interest only

 
4.28
%
 
September 2029
 
7,665

 
—

Total Principal Balance (1)
 
 
 
 
 
 
 
347,059

 
369,612

Unamortized debt issuance cost (1)
 
 
 
 
 
 
 
(4,172
)
 
(5,144
)
Total Loans Payable, including assets held for sale
 
 
 
 
 
 
 
342,887

 
364,468

Less loans payable on assets held for sale, net loan amortization costs
 
 
 
 
1,974

 
4,278

Total Loans Payable, net
 
 
 
 
 
 
 
$
340,913

 
$
360,190


(1) Includes loans payable on assets held for sale.
(2) Collateralized by LaGrange Marketplace, Ridgeland and Georgetown.
(3) Collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park.
(4) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons.
(5) Collateralized by Clover Plaza, South Square, St. George, Waterway Plaza and Westland Square.
(6) Collateralized by Darien Shopping Center, Devine Street, Lake Murray, Moncks Corner, Shoppes at Myrtle Park, South Lake and St. Matthews (assets held for sale). The various maturity dates are disclosed within Note 7 included in our Annual Report on Form 10-K for the year ended December 31, 2019 under the KeyBank Line of Credit.
(7) Collateralized by Surrey Plaza and Amscot Building.


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


Debt Summary as of December 31, 2019 (continued)

Total Debt
$ in 000s
Scheduled principal repayments and maturities by year
 
Amount
 
% Total Principal Payments and Maturities
December 31, 2020
 
$
62,068

 
17.88
%
December 31, 2021
 
11,093

 
3.20
%
December 31, 2022
 
15,646

 
4.51
%
December 31, 2023
 
85,326

 
24.59
%
December 31, 2024
 
44,020

 
12.68
%
Thereafter
 
128,906

 
37.14
%
    Total principal repayments and debt maturities
 
$
347,059

 
100.00
%
 
 
 
 
 




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


Property Summary as of December 31, 2019
Property
 
Location
 
Number of
Tenants (1)
Total Leasable
Square Feet
Percentage
Leased (1)
Percentage Occupied
Total SF Occupied
Annualized
Base Rent (in 000's) (2)
Annualized Base Rent per Occupied Sq. Foot
Alex City Marketplace
 
 Alexander City, AL
 
17

147,791

96.8
%
96.8
%
142,991

$
1,140

$
7.98

Amscot Building (3)
 
 Tampa, FL
 
1

2,500

100.0
%
100.0
%
2,500

116

46.34

Beaver Ruin Village
 
 Lilburn, GA
 
28

74,038

93.7
%
89.2
%
66,036

1,137

17.22

Beaver Ruin Village II
 
 Lilburn, GA
 
4

34,925

100.0
%
100.0
%
34,925

452

12.95

Berkley (4)
 
 Norfolk, VA
 
—

—

—
%
—
%
—

—

—

Berkley Shopping Center
 
 Norfolk, VA
 
10

47,945

42.0
%
42.0
%
20,140

253

12.54

Brook Run Shopping Center
 
 Richmond, VA
 
19

147,738

92.1
%
92.1
%
136,102

1,404

10.32

Brook Run Properties (4)
 
 Richmond, VA
 
—

—

—
%
—
%
—

—

—

Bryan Station
 
 Lexington, KY
 
10

54,397

100.0
%
100.0
%
54,397

601

11.05

Butler Square
 
 Mauldin, SC
 
14

82,400

87.6
%
87.6
%
72,196

769

10.66

Cardinal Plaza
 
 Henderson, NC
 
9

50,000

100.0
%
100.0
%
50,000

479

9.58

Chesapeake Square
 
 Onley, VA
 
12

108,982

96.5
%
96.5
%
105,182

793

7.54

Clover Plaza
 
 Clover, SC
 
10

45,575

100.0
%
100.0
%
45,575

366

8.03

Columbia Fire Station
 
 Columbia, SC
 
3

21,273

77.3
%
77.3
%
16,450

450

27.35

Courtland Commons (4)
 
 Courtland, VA
 
—

—

—
%
—
%
—

—

—

Conyers Crossing
 
 Conyers, GA
 
12

170,475

97.1
%
97.1
%
165,475

875

5.29

Crockett Square
 
 Morristown, TN
 
4

107,122

100.0
%
100.0
%
107,122

920

8.59

Cypress Shopping Center
 
 Boiling Springs, SC
 
17

80,435

41.2
%
41.2
%
33,175

448

13.51

Darien Shopping Center
 
 Darien, GA
 
1

26,001

100.0
%
100.0
%
26,001

156

6.00

Devine Street
 
 Columbia, SC
 
2

38,464

100.0
%
100.0
%
38,464

319

8.28

Edenton Commons (4)
 
 Edenton, NC
 
—

—

—
%
—
%
—

—

—

Folly Road
 
 Charleston, SC
 
5

47,794

100.0
%
100.0
%
47,794

728

15.23

Forrest Gallery
 
 Tullahoma, TN
 
27

214,451

95.5
%
95.5
%
204,804

1,415

6.91

Fort Howard Shopping Center
 
 Rincon, GA
 
19

113,652

95.1
%
95.1
%
108,120

923

8.53

Freeway Junction
 
 Stockbridge, GA
 
18

156,834

99.1
%
99.1
%
155,343

1,262

8.12

Franklin Village
 
 Kittanning, PA
 
27

151,821

97.4
%
97.4
%
147,821

1,255

8.49

Franklinton Square
 
 Franklinton, NC
 
14

65,366

95.3
%
95.3
%
62,300

587

9.42

Georgetown
 
 Georgetown, SC
 
2

29,572

100.0
%
100.0
%
29,572

267

9.04

Grove Park
 
 Orangeburg, SC
 
13

93,265

98.4
%
98.4
%
91,741

718

7.83

Harbor Point (4)
 
 Grove, OK
 
—

—

—
%
—
%
—

—

—

Harrodsburg Marketplace
 
 Harrodsburg, KY
 
8

60,048

91.0
%
91.0
%
54,648

414

7.58

JANAF (6)
 
Norfolk, VA
 
126

825,006

83.8
%
83.3
%
687,579

8,176

11.89

Laburnum Square
 
 Richmond, VA
 
20

109,405

97.5
%
97.5
%
106,705

971

9.10

Ladson Crossing
 
 Ladson, SC
 
15

52,607

100.0
%
100.0
%
52,607

497

9.45

LaGrange Marketplace
 
 LaGrange, GA
 
11

76,594

88.3
%
88.3
%
67,594

377

5.57

Lake Greenwood Crossing
 
 Greenwood, SC
 
6

47,546

87.5
%
87.5
%
41,618

331

7.95

Lake Murray
 
 Lexington, SC
 
5

39,218

100.0
%
100.0
%
39,218

258

6.57

Litchfield Market Village
 
 Pawleys Island, SC
 
18

86,740

87.9
%
87.9
%
76,263

931

12.20

Lumber River Village
 
 Lumberton, NC
 
11

66,781

98.2
%
98.2
%
65,581

451

6.88

Moncks Corner
 
 Moncks Corner, SC
 
1

26,800

100.0
%
100.0
%
26,800

323

12.07

Nashville Commons
 
 Nashville, NC
 
11

56,100

97.3
%
97.3
%
54,600

589

10.80

New Market Crossing
 
 Mt. Airy, NC
 
13

117,076

96.0
%
96.0
%
112,368

998

8.88

Parkway Plaza
 
 Brunswick, GA
 
4

52,365

81.7
%
81.7
%
42,785

349

8.16

Pierpont Centre
 
 Morgantown, WV
 
17

111,162

97.2
%
97.2
%
108,001

1,208

11.19

Port Crossing
 
 Harrisonburg, VA
 
8

65,365

96.1
%
96.1
%
62,800

821

13.07

Ridgeland
 
 Ridgeland, SC
 
1

20,029

100.0
%
100.0
%
20,029

140

7.00

Riverbridge Shopping Center
 
 Carrollton, GA
 
11

91,188

98.5
%
98.5
%
89,788

694

7.73

Riversedge North (5)
 
 Virginia Beach, VA
 
—

—

—
%
—
%
—

—

—

Rivergate Shopping Center
 
 Macon, GA
 
31

201,680

97.0
%
97.0
%
195,719

2,836

14.49

Sangaree Plaza
 
 Summerville, SC
 
9

66,948

100.0
%
100.0
%
66,948

655

9.79




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


Property Summary as of December 31, 2019 (continued)

Property
 
Location
 
Number of
Tenants (1)
Total Leasable
Square Feet
Percentage
Leased (1)
Percentage Occupied
Total SF Occupied
Annualized
Base Rent (in 000's) (2)
Annualized Base Rent per Occupied Sq. Foot
Shoppes at Myrtle Park
 
 Bluffton, SC
 
12

56,601

99.3
%
76.3
%
43,204

$
547

$
12.66

Shoppes at TJ Maxx
 
 Richmond, VA
 
14

93,624

94.5
%
94.5
%
88,483

1,084

12.26

South Lake
 
 Lexington, SC
 
5

44,318

14.2
%
14.2
%
6,300

91

14.49

South Park
 
 Mullins, SC
 
3

60,734

83.2
%
83.2
%
50,509

351

6.95

South Square
 
 Lancaster, SC
 
5

44,350

74.2
%
74.2
%
32,900

275

8.37

St. George Plaza
 
 St. George, SC
 
5

59,279

78.8
%
78.8
%
46,718

316

6.76

St. Matthews
 
 St. Matthews, SC
 
5

29,015

87.2
%
87.2
%
25,314

187

7.38

Sunshine Plaza
 
 Lehigh Acres, FL
 
22

111,189

98.2
%
98.2
%
109,186

1,014

9.29

Surrey Plaza
 
 Hawkinsville, GA
 
2

42,680

78.5
%
78.5
%
33,500

211

6.30

Tampa Festival
 
 Tampa, FL
 
16

137,987

63.8
%
63.8
%
87,966

664

7.54

Tri-County Plaza
 
 Royston, GA
 
5

67,577

87.4
%
87.4
%
59,077

382

6.47

Tulls Creek (4)
 
 Moyock, NC
 
—

—

—
%
—
%
—

—

—

Twin City Commons
 
 Batesburg-Leesville, SC
 
5

47,680

100.0
%
100.0
%
47,680

435

9.12

Village of Martinsville
 
 Martinsville, VA
 
18

297,950

96.1
%
96.1
%
286,431

2,285

7.98

Walnut Hill Plaza
 
 Petersburg, VA
 
6

87,239

38.1
%
38.1
%
33,225

270

8.14

Waterway Plaza
 
 Little River, SC
 
10

49,750

100.0
%
100.0
%
49,750

488

9.81

Westland Square
 
 West Columbia, SC
 
8

62,735

74.4
%
74.4
%
46,690

427

9.14

Winslow Plaza
 
 Sicklerville, NJ
 
18

40,695

100.0
%
100.0
%
40,695

633

15.47

Total Portfolio
 
 
 
783

5,618,877

89.8
%
89.4
%
5,023,505

$
48,512

$
9.66


(1)
Reflects leases executed through January 6, 2020 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
December 31, 2019

Total Tenants : 783
Tenants
 
Number of Stores
 
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)
 
10

 
$
2,717

 
5.60
%
 
380,675

 
6.77
%
 
$
7.14

2.
Food Lion
 
10

 
2,692

 
5.55
%
 
325,576

 
5.79
%
 
8.27

3.
Piggly Wiggly
 
7

 
1,474

 
3.04
%
 
191,363

 
3.41
%
 
7.70

4.
Kroger (2)
 
4

 
1,340

 
2.76
%
 
186,064

 
3.31
%
 
7.20

5.
Winn Dixie (1)
 
3

 
863

 
1.78
%
 
133,575

 
2.38
%
 
6.46

6.
Planet Fitness
 
5

 
783

 
1.61
%
 
86,927

 
1.55
%
 
9.01

7.
Hobby Lobby
 
2

 
675

 
1.39
%
 
114,298

 
2.03
%
 
5.91

8.
BJ's Wholesale Club
 
1

 
594

 
1.22
%
 
147,400

 
2.62
%
 
4.03

9.
TJ Maxx
 
2

 
584

 
1.20
%
 
69,783

 
1.24
%
 
8.37

10.
Harris Teeter (2)
 
1

 
577

 
1.19
%
 
39,946

 
0.71
%
 
14.44

 
 
 
45

 
$
12,299

 
25.34
%
 
1,675,607

 
29.81
%
 
$
7.34

(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 December 31, 2019

Total Leasable Area:
5,618,877 square feet
Total Square Footage Occupied:
5,023,505 square feet
Occupancy Rate:
89.4%

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
 
—

 
595,372

 
10.60
%
 
—
%
 
$
—

 
—
%
 
$
—

Month-to-Month
 
29

 
54,451

 
0.97
%
 
1.08
%
 
679

 
1.40
%
 
12.47

2020
 
137

 
681,654

 
12.13
%
 
13.57
%
 
6,849

 
14.12
%
 
10.05

2021
 
141

 
662,189

 
11.79
%
 
13.18
%
 
6,641

 
13.69
%
 
10.03

2022
 
150

 
572,342

 
10.19
%
 
11.39
%
 
6,532

 
13.46
%
 
11.41

2023
 
101

 
752,495

 
13.39
%
 
14.98
%
 
6,466

 
13.33
%
 
8.59

2024
 
89

 
606,367

 
10.79
%
 
12.07
%
 
5,687

 
11.72
%
 
9.38

2025
 
46

 
560,245

 
9.97
%
 
11.15
%
 
4,965

 
10.23
%
 
8.86

2026
 
27

 
350,991

 
6.25
%
 
6.99
%
 
3,293

 
6.79
%
 
9.38

2027
 
14

 
98,532

 
1.75
%
 
1.96
%
 
1,174

 
2.42
%
 
11.91

2028
 
16

 
329,155

 
5.86
%
 
6.55
%
 
2,475

 
5.10
%
 
7.52

2029 and thereafter
 
33

 
355,084

 
6.31
%
 
7.08
%
 
3,751

 
7.74
%
 
10.56

Total
 
783

 
5,618,877

 
100.00
%
 
100.00
%
 
$
48,512

 
100.00
%
 
$
9.66


















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



Leasing Summary as of December 31, 2019 (continued)
Anchor Lease Expiration Schedule (1) 
 
No Option
 
Option
Lease Expiration 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
—

186,164

$
—

—
%
$
—

 
—

—

$
—

—
%
$
—

Month-to-Month
—

—

—

—
%
—

 
—

—

—

—
%
—

2020
3

111,731

729

41.63
%
6.52

 
6

223,340

1,616

8.53
%
7.23

2021
2

43,427

88

5.03
%
2.03

 
9

260,582

2,051

10.83
%
7.87

2022
—

—

—

—
%
—

 
6

207,882

1,486

7.85
%
7.15

2023
1

22,032

215

12.28
%
9.75

 
14

493,495

3,222

17.02
%
6.53

2024
1

32,000

125

7.14
%
3.91

 
7

289,759

2,035

10.75
%
7.02

2025
1

55,363

277

15.81
%
5.00

 
10

373,397

3,011

15.90
%
8.06

2026
—

—

—

—
%
—

 
7

251,942

1,962

10.36
%
7.79

2027
—

—

—

—
%
—

 
1

24,945

212

1.12
%
8.50

2028
—

—

—

—
%
—

 
7

280,841

1,637

8.64
%
5.83

2029+
1

21,213

317

18.11
%
14.95

 
6

275,614

1,704

9.00
%
6.18

Total
9

471,930

$
1,751

100.00
%
$
6.13

 
73

2,681,797

$
18,936

100.00
%
$
7.06


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

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

409,208

$
—

—
%
$
—

 
—

—

$
—

—
%
$
—

Month-to-Month
26

49,951

618

4.86
%
12.37

 
3

4,500

61

0.40
%
13.56

2020
100

247,999

3,055

24.03
%
12.32

 
28

98,584

1,449

9.59
%
14.69

2021
76

170,943

2,095

16.48
%
12.25

 
54

187,237

2,407

15.93
%
12.86

2022
72

134,196

1,959

15.41
%
14.60

 
72

230,264

3,087

20.42
%
13.41

2023
44

89,659

1,157

9.10
%
12.91

 
42

147,309

1,872

12.39
%
12.71

2024
43

112,330

1,357

10.68
%
12.09

 
38

172,278

2,170

14.36
%
12.59

2025
19

62,941

803

6.32
%
12.76

 
16

68,544

874

5.78
%
12.75

2026
7

18,224

362

2.85
%
19.87

 
13

80,825

969

6.41
%
11.98

2027
—

1,597

26

0.20
%
16.00

 
13

71,990

936

6.19
%
13.00

2028
6

31,508

661

5.20
%
21.01

 
3

16,806

177

1.17
%
10.52

2029+
12

29,233

618

4.87
%
21.08

 
14

29,024

1,112

7.36
%
38.32

Total
405

1,357,789

$
12,711

100.00
%
$
13.40

 
296

1,107,361

$
15,114

100.00
%
$
13.65











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



Leasing Summary as of December 31, 2019 (continued)
Leasing Renewals, New Leases and Expirations
 
Three Months Ended
December 31,
 
Years Ended
December 31,
 
2019
 
2018 (2)
 
2019
 
2018 (2)
Renewals(1):
 
 
 
 
 
 
 
Leases renewed with rate increase (sq feet)
310,544

 
114,413

 
685,124

 
474,267

Leases renewed with rate decrease (sq feet)
21,086

 
4,215

 
52,282

 
43,935

Leases renewed with no rate change (sq feet)
148,378

 
12,972

 
298,611

 
175,768

Total leases renewed (sq feet)
480,008

 
131,600

 
1,036,017

 
693,970

 
 
 
 
 
 
 
 
Leases renewed with rate increase (count)
28

 
22

 
116

 
93

Leases renewed with rate decrease (count)
3

 
2

 
12

 
8

Leases renewed with no rate change (count)
10

 
5

 
21

 
18

Total leases renewed (count)
41

 
29

 
149

 
119

 
 
 
 
 
 
 
 
Option exercised (count)
10

 
8

 
38

 
31

 
 
 
 
 
 
 
 
Weighted average on rate increases (per sq foot)
$
0.58

 
$
0.82

 
$
0.68

 
$
0.93

Weighted average on rate decreases (per sq foot)
$
(1.13
)
 
$
(5.80
)
 
$
(2.25
)
 
$
(2.22
)
Weighted average rate on all renewals (per sq foot)
$
0.33

 
$
0.53

 
$
0.34

 
$
0.50

Weighted average change over prior rates
4.50
%
 
4.83
%
 
4.17
%
 
5.72
%
 
 
 
 
 
 
 
 
New Leases(1) (3):
 
 
 
 
 
 
 
New leases (sq feet)
40,631

 
56,579

 
117,605

 
290,986

New leases (count)
13

 
8

 
43

 
55

Weighted average rate (per sq foot)
$
12.57

 
$
10.38

 
$
12.82

 
$
9.06

 
 
 
 
 
 
 
 
Gross Leasable Area ("GLA") expiring during the next 12 months, including month-to-month leases
 
13.10
%
 
7.08
%
(1)
Lease data presented for the three and twelve months ended December 31, 2019 and 2018 is based on average rate per square foot over the renewed or new lease term.
(2)
2018 lease data adjusted to reflect average rate per square foot over the renewed or new lease term for consistency with 2019 presentations.
(3)
The Company does not include ground leases entered into for the purposes of new lease sq feet and weighted average rate (per sq foot) on new leases.



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 December 2018). 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), plus impairment of goodwill and real estate related long-lived assets 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, depreciation and amortization and impairment of goodwill, long-lived assets and notes receivable, 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, impairment of assets held for sale and held for use, impairment of goodwill and impairment of notes receivable, 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, impairment of goodwill, impairment of assets held for sale and held for use, 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