Exhibit 99.2

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Financial and Operating Results
For the three months ended March 31, 2020


Table of Contents
 
 
Page
Company Overview
Financial and Portfolio Overview
Financial and Operating Results
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 and Lease Expiration Schedule
Leasing Summary
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; Wheeler Real Estate Investment Trust, Inc.'s inability to successfully acquire, sell, or operate properties; and Wheeler Real Estate Investment Trust, Inc.'s failure to qualify or maintain its status as a REIT. Currently, one of the most significant factors, however, is the potential adverse effect of the current coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets. The extent to which COVID-19 impacts the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. For a 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.


WHLR | Financial & Operating 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
 
Daniel Khoshaba - CEO
 
Crystal Plum - CFO
 
M. Andrew Franklin - COO
 
 
 
Board of Directors
 
Daniel Khoshaba (CEO)
Kerry G. Campbell
Andrew R. Jones
Deborah Markus
Stefani D. Carter
Joseph D. Stilwell
Clayton ("Chip") Andrews
Paula J. Poskon
 
 
Investor Relations Contact
Transfer Agent and Registrar
Mary Jensen mjensen@whlr.us
2529 Virginia Beach Boulevard
Virginia Beach, VA 23452
Phone: (757) 627-9088
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
www.computershare.com


WHLR | Financial & Operating Data
3


Financial and Portfolio Overview
Financial Results
 
Net loss attributable to Wheeler REIT common shareholders (in 000s)
$
(5,525
)
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)
$
61

FFO per common share and OP unit
$
0.01

Adjusted FFO (AFFO) (in 000s) (1)
$
843

AFFO per common share and OP unit
$
0.08

 
 
Assets and Leverage
 
Investment Properties, net of $52.76 million accumulated depreciation (in 000s)
$
406,815

Cash and Cash Equivalents (in 000s)
$
6,695

Total Assets (in 000s)
$
479,149

Debt to Total Assets(3)
71.89
%
Debt to Gross Asset Value
61.37
%
 
 
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 March 31, 2020
 
First Quarter stock price range
 
Stock price as of March 31, 2020
Common Stock
9,694,284

 
$0.64 - $1.88
 
$
1.00

Series B preferred shares
1,875,748

 
$3.63 - $13.09
 
$
6.17

Series D preferred shares
3,600,636

 
$4.50 - $15.58
 
$
8.82

Total debt (in 000s)(3)
$
344,470

Common Stock market capitalization (as of March 31, 2020 closing stock price, in 000s)
$
9,694

 
 
Portfolio Summary
 
Total Leasable Area (GLA) in sq. ft.
5,564,882

Occupancy Rate
89.2
%
Leased Rate (2)
89.2
%
Annualized Base Rent (in 000s)
$
48,085

Total number of leases signed or renewed during the first quarter of 2020
55

Total sq. ft. leases signed or renewed during the first quarter of 2020
212,779


(1)    See page 20 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)
Reflects leases executed through April 2, 2020 that commence subsequent to the end of current period. The leased rate is 89.8% including a 32,400 square foot space that became vacant in January 2020 and was re-leased subsequent to April 2, 2020.
(3)    Includes debt associated with assets held for sale.


WHLR | Financial & Operating Data | as of 3/31/2020 unless otherwise stated
4

Financial and Operating Results
WHLR Real Estate Investment Trust, Inc. (NASDAQ:WHLR) (“WHLR” or the “Company”) today reported financial and operating results for the three months ended March 31, 2020.

2020 FIRST QUARTER HIGHLIGHTS
(all comparisons to the same prior year period unless otherwise noted)
•
Net loss attributable to WHLR's common stock, $0.01 par value per share ("Common Stock") shareholders of $5.5 million, or ($0.57) per share.
•
Adjusted Funds from Operations ("AFFO") of $.08 per share of the Company's Common Stock and common unit ("Common Unit") in our operating partnership, Wheeler REIT, L.P.
•
Total revenue from continuing operations decreased by 2.63% or $421 thousand primarily due to sold properties.
•
Total operating expenses from continuing operations decreased by 3.11% or $385 thousand primarily due to a $1.0 million decrease in depreciation and amortization resulting from lease intangibles becoming fully amortized and sold properties and partially offset by a $600 thousand increase in impairment of assets held for sale.
•
Executed 41 lease renewals totaling 185,157 square feet at a weighted-average increase of $0.94 per square foot, representing an increase of 8.60% over in-place rental rates.
•
Signed 14 new leases totaling approximately 27,622 square feet with a weighted-average rental rate of $13.89 per square foot.
•
Same store property revenues decreased 0.21%.
•
Same store Net Operating Income ("NOI") decreased by 1.03% and by 0.31% on a cash basis.
•
NOI from property operations decreased $385 thousand with same stores accounting for a decrease of $113 thousand, while non-same stores had a decrease of $272 thousand, resulting from the loss of NOI associated with sold properties.
•
Paid down the KeyBank Credit Agreement to $9.3 million with proceeds from the following sources:
•
$5.8 million from refinancing Shoppes at Myrtle Park;
•
$1.8 million paydown from St. Matthews sale proceeds; and
•
$1.1 million in monthly scheduled principal payments.
•
Recognized $600 thousand in impairment charges on Columbia Fire Station, which is currently held for sale.
•
$1.0 million in other expense, including $585 thousand in legal settlement costs and $439 thousand in reimbursement of the Stilwell Group's proxy solicitation expenses in connection with the Company's 2019 annual meeting of stockholders.

COVID-19 UPDATE
During this time of crisis, WHLR is proactively contacting and communicating with its tenants to assist them during this difficult time.  The Company continues to prioritize tenants’ requests based on the immediate and long-term impact to their businesses by evaluating all requests for rent relief on an individual basis and considering a number of factors. Not all tenant requests will ultimately result in modification agreements, nor is the Company forgoing its contractual rights under its lease agreements.
•
The Company’s 60 retail shopping centers are open and operating in compliance with federal, state and local COVID-19 guidelines and mandates. All of the Company’s shopping centers feature necessity-based tenants, with 45 of the 60 properties anchored by grocery and/or drug stores.
•
Approximately 86% of the Company’s tenants are open and operating.
•
The Company has received payment of approximately 72% of contractual base rent and tenant reimbursement billed for the month of April.
•
Of those with April rent in arrears, 38% are considered to be national retailers.
•
The Company agreed to relief agreements with 236 tenants, primarily in the form of a rent deferral, representing approximately 4% of annual base rent.
•
Our geographical location by state is depicted on page 16. The Southeast and Mid-Atlantic regions represent 61% and 35%, respectively, of the total annualized base rent. 35 properties are in Georgia and South Carolina, which have seen loosening of COVID-19 guidelines and mandates.

WHLR | Financial & Operating Data | as of 3/31/2020 unless otherwise stated
5

•
Additionally, as a result of COVID-19 the Company has been granted forbearance on 8 loans resulting in deferral of approximately $928 thousand in principal and interest payments. 

BALANCE SHEET
•
Cash and cash equivalents totaled $6.7 million at March 31, 2020, compared to $5.5 million at December 31, 2019.
•
Restricted cash totaled $16.5 million at March 31, 2020, compared to $16.1 million at December 31, 2019. These funds are held in lender reserves for the purpose of tenant improvements, lease commissions, real estate taxes and insurance expenses.
•
Total debt was $344.5 million at March 31, 2020 (including debt associated with assets held for sale), compared to $347.1 million at December 31, 2019.
•
WHLR's weighted-average interest rate was 4.68% with a term of 4.19 years at March 31, 2020 (including debt associated with assets held for sale).
•
Net investment properties as of March 31, 2020 totaled $413.0 million (including assets held for sale), compared to $417.9 million as of December 31, 2019.

DIVIDENDS
•
At March 31, 2020, the Company had accumulated undeclared dividends of approximately $20.5 million to holders of shares of our Series A Preferred Stock, Series B Preferred Stock, and Series D Preferred Stock of which $3.5 million is attributable to the three months ended March 31, 2020.

SUBSEQUENT EVENTS
•
On April 28, 2020, the Company received loan proceeds of $552 thousand (the “Loan”) pursuant to the Paycheck Protection Program (the “PPP”) under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The Loan bears interest at a fixed rate of 1% per annum, payable monthly commencing in seven months. Under the terms of the PPP, the principal may be forgiven if the Loan proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, mortgage interest, rent, and utilities. No assurance can be provided that the Company will obtain forgiveness of the Loan in whole or in part.
•
On April 13, 2020, Daniel Khoshaba was appointed Chief Executive Officer of the Company and is not receiving a salary, a savings of $400 thousand annually.
•
On April 30, 2020, the Company extended the maturity date on the Rivergate loan to June 20, 2020 from March 20, 2020 and in tandem Synovus Bank agreed to defer all payments until June 20, 2020.
•
On May 4, 2020, the Company extended the $4.0 million Columbia Fire Station promissory note to September 3, 2020, with principal and interest payments due monthly starting on July 3, 2020 in the amount of $26 thousand.
•
The Company entered into a non-binding term sheet (the "Term Sheet") to extend the $5.29 million Tuckernuck promissory note ("Tuckernuck Loan") to August 1, 2020. The Term Sheet is not a binding commitment and will be superseded by a formal contract amendment, subject to customary closing conditions.
•
Although the Company has made and continues to make the required monthly principal payments, the Company did not meet the April 30, 2020 required outstanding balance paydown.  The Company remains in negotiations with KeyBank to extend the maturity date to December 31, 2020.  Additionally, KeyBank has agreed to allow the Company to retain the $1.26 million in proceeds received from the Folly Road refinance during negotiations.  As of May 12, 2020, the balance on the KeyBank Credit Agreement is $8.60 million.

OPERATIONS AND LEASING
•
The Company's real estate portfolio is 89.2% leased as of March 31, 2020. The leased rate was 89.8% as of April 17, 2020, which includes a 32,400 square foot space that became vacant in January 2020 and was re-leased.
•
Executed 41 lease renewals totaling 185,157 square feet at a weighted-average increase of $0.94 per square foot, representing an increase of 8.60% over in-place rental rates.
•
Signed 14 new leases totaling approximately 27,622 square feet with a weighted-average rental rate of $13.89 per square foot.

WHLR | Financial & Operating Data | as of 3/31/2020 unless otherwise stated
6

•
The Company’s gross leasable area ("GLA"), which is subject to leases that expire over the next nine months and includes month-to-month leases, increased to approximately 9.33% at March 31, 2020, compared to 5.75% at March 31, 2019. At March 31, 2020, 38.14% of this expiring GLA is subject to renewal options (please see lease expiration schedule on page 17 of this document).

SAME STORE RESULTS
The same store property pool includes those properties owned during all periods presented in their entirety, while the non-same stores property pool consists of those properties acquired or disposed of during the periods presented.
•
Same store NOI for the three months ended March 31, 2020 compared to March 31, 2019, decreased by 1.03% and 0.31% on a cash basis. Same store results were impacted by a 1.7% increase in property expenses, primarily due to increased repairs and maintenance partially offset by a decrease to grounds and landscaping expenses.

DISPOSITIONS
•
Sold St. Matthews for a contract price of $1.8 million, generating a loss of $26 thousand and net proceeds of $1.7 million.

ADDITIONAL INFORMATION
The enclosed information should be read in conjunction with the Company's filings with the Securities and Exchange Commission, including, but not limited to, its quarterly and annual filings on Forms 10-Q and 10-K.
These documents are or will be available upon filing via the U.S. Securities and Exchange Commission website (www.sec.gov) or through Wheeler’s website at www.whlr.us.


WHLR | Financial & Operating Data | as of 3/31/2020 unless otherwise stated
7


Consolidated Balance Sheets
$ in 000s
 
March 31, 2020
 
December 31, 2019
 
(unaudited)
 
 
ASSETS:
 
 
 
Investment properties, net
$
406,815

 
$
416,215

Cash and cash equivalents
6,695

 
5,451

Restricted cash
16,543

 
16,140

Rents and other tenant receivables, net
6,126

 
6,905

Assets held for sale
6,258

 
1,737

Above market lease intangibles, net
4,832

 
5,241

Operating lease right-of-use assets
11,603

 
11,651

Deferred costs and other assets, net
20,277

 
21,025

Total Assets
$
479,149

 
$
484,365

LIABILITIES:
 
 
 
Loans payable, net
$
336,277

 
$
340,913

Liabilities associated with assets held for sale
4,049

 
2,026

Below market lease intangibles, net
6,035

 
6,716

Operating lease liabilities
11,920

 
11,921

Accounts payable, accrued expenses and other liabilities
9,513

 
9,557

Total Liabilities
367,794

 
371,133

Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,600,636 shares issued and outstanding; $104.08 million and $101.66 million aggregate liquidation preference, respectively)
89,792

 
87,225

 
 
 
 
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)
41,109

 
41,087

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

 
97

Additional paid-in capital
233,870

 
233,870

Accumulated deficit
(256,037
)
 
(251,580
)
Total Shareholders’ Equity
19,492

 
23,927

Noncontrolling interests
2,071

 
2,080

Total Equity
21,563

 
26,007

Total Liabilities and Equity
$
479,149

 
$
484,365





WHLR | Financial & Operating Data
8


Consolidated Statements of Operations
$ in 000s
 
Three Months Ended
March 31,
 
2020
 
2019
REVENUE:
 
 
 
Rental revenues
$
15,355

 
$
15,770

Other revenues
219

 
225

Total Revenue
15,574

 
15,995

OPERATING EXPENSES:
 
 
 
Property operations
4,723

 
4,726

Non-REIT management and leasing services
—

 
23

Depreciation and amortization
4,799

 
5,816

Impairment of assets held for sale
600

 
—

Corporate general & administrative
1,872

 
1,814

Total Operating Expenses
11,994

 
12,379

(Loss) gain on disposal of properties
(26
)
 
1,839

Operating Income
3,554

 
5,455

Interest income
1

 
1

Interest expense
(4,400
)
 
(4,793
)
Other expense
(1,024
)
 
—

Net (Loss) Income Before Income Taxes
(1,869
)
 
663

Income tax expense
(8
)
 
(8
)
Net (Loss) Income
(1,877
)
 
655

Less: Net (loss) income income attributable to noncontrolling interests
(9
)
 
13

Net (Loss) Income Attributable to Wheeler REIT
(1,868
)
 
642

Preferred Stock dividends - undeclared
(3,657
)
 
(3,657
)
Net Loss Attributable to Wheeler REIT Common Shareholders
$
(5,525
)
 
$
(3,015
)
 
 
 
 
 
 
 
 
Loss per share:


 


Basic and Diluted
$
(0.57
)
 
$
(0.31
)
 
 
 
 
Weighted-average number of shares:
 
 
 
Basic and Diluted
9,694,284

 
9,606,249

 
 
 
 




WHLR | Financial & Operating Data
9


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

 
Three Months Ended
March 31,
 
2020
 
2019
Net (Loss) Income
$
(1,877
)
 
$
655

Depreciation and amortization of real estate assets
4,799

 
5,816

Loss (Gain) on disposal of properties
26

 
(1,839
)
Impairment of assets held for sale
600

 
—

FFO
3,548

 
4,632

Preferred stock dividends undeclared
(3,657
)
 
(3,657
)
Preferred stock accretion adjustments
170

 
170

FFO available to common shareholders and common unitholders
61

 
1,145

Acquisition and development costs
1

 
4

Capital related costs
4

 
74

Other non-recurring and non-cash expenses (2)
1,024

 
24

Share-based compensation
—

 
90

Straight-line rental revenue, net straight-line expense
(5
)
 
(155
)
Loan cost amortization
310

 
392

Above (below) market lease amortization
(273
)
 
(226
)
Recurring capital expenditures and tenant improvement reserves
(279
)
 
(284
)
AFFO
$
843

 
$
1,064

 
 
 
 
Weighted Average Common Shares
9,694,284

 
9,606,249

Weighted Average Common Units
234,019

 
235,032

Total Common Shares and Units
9,928,303

 
9,841,281

FFO per Common Share and Common Units
$
0.01

 
$
0.12

AFFO per Common Share and Common Units
$
0.08

 
$
0.11


(1)
See page 20 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 months ended March 31, 2020.







WHLR | Financial & Operating Data
10


Reconciliation of Non-GAAP Measures (continued)
Property Net Operating Income (1) 
$ in 000s
 
Three Months Ended March 31,
 
Same Store
 
Non-same Store
 
Total
 
2020
 
2019
 
2020
 
2019
 
2020
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
Net (Loss) Income
$
(1,844
)
 
$
(1,213
)
 
$
(33
)
 
$
1,868

 
$
(1,877
)
 
$
655

Adjustments:
 
 
 
 
 
 
 
 
 
 
 
Income tax expense
8

 
8

 
—

 
—

 
8

 
8

Other expense
1,024

 
—

 
—

 
—

 
1,024

 
—

Interest expense
4,400

 
4,623

 
—

 
170

 
4,400

 
4,793

Interest income
(1
)
 
(1
)
 
—

 
—

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

 
—

 
26

 
(1,839
)
 
26

 
(1,839
)
Corporate general & administrative
1,871

 
1,808

 
1

 
6

 
1,872

 
1,814

Impairment of assets held for sale
600

 
—

 
—

 
—

 
600

 
—

Depreciation and amortization
4,799

 
5,755

 
—

 
61

 
4,799

 
5,816

Non-REIT management and leasing services
—

 
23

 
—

 
—

 
—

 
23

Asset management and commission revenues
(22
)
 
(55
)
 
—

 
—

 
(22
)
 
(55
)
Property Net Operating Income
$
10,835

 
$
10,948

 
$
(6
)
 
$
266

 
$
10,829

 
$
11,214

 
 
 
 
 
 
 
 
 
 
 
 
Property revenues
$
15,542

 
$
15,575

 
$
10

 
$
365

 
$
15,552

 
$
15,940

Property expenses
4,707

 
4,627

 
16

 
99

 
4,723

 
4,726

Property Net Operating Income
$
10,835

 
$
10,948

 
$
(6
)
 
$
266

 
$
10,829

 
$
11,214


(1)
See page 21 for the Company's definition of this non-GAAP measurement and reasons for using it.

















WHLR | Financial & Operating Data
11


Reconciliation of Non-GAAP Measures (continued)
EBITDA (4) 
$ in 000s
 
Three Months Ended March 31,
 
2020
 
2019
Net (Loss) Income
$
(1,877
)
 
$
655

Add back:
Depreciation and amortization (1)
4,526

 
5,590

 
Interest Expense (2)
4,400

 
4,793

 
Income tax expense
8

 
8

EBITDA
7,057

 
11,046

Adjustments for items affecting comparability:
 
 
 
 
Acquisition and development costs
1

 
4

 
Capital related costs
4

 
74

 
Other non-recurring and non-cash expenses (3)
1,024

 
24

 
Impairment of assets held for sale
600

 
—

 
Loss (Gain) on disposal of properties
26

 
(1,839
)
Adjusted EBITDA
$
8,712

 
$
9,309

(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 Quarterly Report on Form 10-Q for the period ended March 31, 2020.
(4)
See page 20 for the Company's definition of this non-GAAP measurement and reasons for using it.


WHLR | Financial & Operating Data
12


Debt Summary
$ in 000s
Loans Payable:
$344.47 million
Weighted Average Interest Rate:
4.68%

Property/Description
 
Monthly Payment
 
Interest
Rate
 
Maturity
 
March 31,
2020
 
December 31,
2019
 KeyBank Credit Agreement (6)
 
$
350,000

 
LIBOR + 350 basis points

 
Various (6)
 
$
9,300

 
$
17,879

 Rivergate
 
$
127,267

 
LIBOR + 295 basis points

 
March 2020
 
21,402

 
21,545

 Columbia Fire Station (1)
 
$
25,452

 
4.00
%
 
May 2020
 
4,015

 
4,051

 Tuckernuck
 
$
33,880

 
3.88
%
 
May 2020
 
5,294

 
5,344

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

 
LIBOR + 300 basis points

 
September 2020
 
1,156

 
1,214

 Lumber River
 
$
10,723

 
LIBOR + 350 basis points

 
October 2020
 
1,390

 
1,404

 JANAF Bravo
 
$
36,935

 
4.65
%
 
January 2021
 
6,336

 
6,372

 Walnut Hill Plaza
 
$
26,850

 
5.50
%
 
September 2022
 
3,730

 
3,759

 Litchfield Market Village
 
$
46,057

 
5.50
%
 
November 2022
 
7,418

 
7,452

 Twin City Commons
 
$
17,827

 
4.86
%
 
January 2023
 
2,966

 
2,983

 New Market
 
$
48,747

 
5.65
%
 
June 2023
 
6,663

 
6,713

 Benefit Street Note (3)
 
$
53,185

 
5.71
%
 
June 2023
 
7,308

 
7,361

 Deutsche Bank Note (2)
 
$
33,340

 
5.71
%
 
July 2023
 
5,624

 
5,642

 JANAF
 
$
333,159

 
4.49
%
 
July 2023
 
50,173

 
50,599

 Tampa Festival
 
$
50,797

 
5.56
%
 
September 2023
 
8,038

 
8,077

 Forrest Gallery
 
$
50,973

 
5.40
%
 
September 2023
 
8,342

 
8,381

 Riversedge North
 
$
11,436

 
5.77
%
 
December 2023
 
1,758

 
1,767

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

 
5.25
%
 
January 2024
 
11,624

 
11,675

 Cypress Shopping Center
 
$
34,360

 
4.70
%
 
July 2024
 
6,239

 
6,268

 Port Crossing
 
$
34,788

 
4.84
%
 
August 2024
 
6,002

 
6,032

 Freeway Junction
 
$
41,798

 
4.60
%
 
September 2024
 
7,690

 
7,725

 Harrodsburg Marketplace
 
$
19,112

 
4.55
%
 
September 2024
 
3,398

 
3,416

 Bryan Station
 
$
23,489

 
4.52
%
 
November 2024
 
4,373

 
4,394

 Crockett Square
 
Interest only

 
4.47
%
 
December 2024
 
6,338

 
6,338

 Pierpont Centre
 
$
39,435

 
4.15
%
 
February 2025
 
8,100

 
8,113

 Shoppes at Myrtle Park
 
$
33,180

 
4.45
%
 
February 2025
 
5,988

 
—

 Folly Road
 
$
41,482

 
4.65
%
 
March 2025
 
7,350

 
5,922

 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
 
$
41,482

 
4.82
%
 
December 2025
 
4,603

 
4,620

 JANAF BJ's
 
$
29,964

 
4.95
%
 
January 2026
 
4,929

 
4,957

 Chesapeake Square
 
$
23,857

 
4.70
%
 
August 2026
 
4,336

 
4,354

 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
 
$
45,336

 
4.93
%
 
January 2027
 
8,494

 
8,516

 Village of Martinsville
 
$
89,664

 
4.28
%
 
July 2029
 
16,258

 
16,351

 Laburnum Square
 
Interest only

 
4.28
%
 
September 2029
 
7,665

 
7,665

Total Principal Balance (1)
 
 
 
 
 
 
 
344,470

 
347,059

Unamortized debt issuance cost (1)
 
 
 
 
 
 
 
(4,189
)
 
(4,172
)
Total Loans Payable, including assets held for sale
 
 
 
 
 
 
 
340,281

 
342,887

Less loans payable on assets held for sale, net loan amortization costs
 
 
 
 
4,004

 
1,974

Total Loans Payable, net
 
 
 
 
 
 
 
$
336,277

 
$
340,913

(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 and South Lake. The various maturity dates are disclosed within Note 5 included in our Quarterly Report on Form 10-Q for the three months ended March 31, 2020, under the KeyBank Credit Agreement.
(7) Collateralized by Surrey Plaza and Amscot Building.





WHLR | Financial & Operating Data | as of 3/31/2020 unless otherwise stated
13

Debt Summary (continued)

Total Debt
$ in 000s
Scheduled principal repayments and maturities by year
 
Amount
 
% Total Principal Payments and Maturities
For the remaining nine months ended December 31, 2020
 
$
46,171

 
13.40
%
December 31, 2021
 
11,394

 
3.31
%
December 31, 2022
 
15,848

 
4.60
%
December 31, 2023
 
85,537

 
24.83
%
December 31, 2024
 
44,240

 
12.84
%
December 31, 2025
 
91,426

 
26.54
%
Thereafter
 
49,854

 
14.48
%
    Total principal repayments and debt maturities
 
$
344,470

 
100.00
%
 
 
 
 
 


chart-1b04375424b2d81b103.jpg

WHLR | Financial & Operating Data | as of 3/31/2020 unless otherwise stated
14

Property Summary
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

$
1,148

$
8.03

Amscot Building (3)
 
 Tampa, FL
 
1

2,500

100.0
%
100.0
%
2,500

83

33.00

Beaver Ruin Village
 
 Lilburn, GA
 
28

74,038

90.4
%
90.4
%
66,948

1,148

17.15

Beaver Ruin Village II
 
 Lilburn, GA
 
4

34,925

100.0
%
100.0
%
34,925

453

12.96

Berkley (4)
 
 Norfolk, VA
 
—

—

—
%
—
%
—

—

—

Berkley Shopping Center
 
 Norfolk, VA
 
10

47,945

42.0
%
42.0
%
20,140

245

12.18

Brook Run Shopping Center
 
 Richmond, VA
 
19

147,738

92.2
%
92.2
%
136,187

1,402

10.29

Brook Run Properties (4)
 
 Richmond, VA
 
—

—

—
%
—
%
—

—

—

Bryan Station
 
 Lexington, KY
 
10

54,397

100.0
%
100.0
%
54,397

597

10.97

Butler Square
 
 Mauldin, SC
 
14

82,400

87.6
%
87.6
%
72,196

775

10.74

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

795

7.56

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

876

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

729

15.25

Forrest Gallery
 
 Tullahoma, TN
 
27

214,451

95.5
%
95.5
%
204,804

1,418

6.92

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

1,265

8.14

Franklin Village
 
 Kittanning, PA
 
27

151,821

97.4
%
97.4
%
147,821

1,255

8.49

Franklinton Square
 
 Franklinton, NC
 
13

65,366

93.0
%
93.0
%
60,800

572

9.40

Georgetown
 
 Georgetown, SC
 
2

29,572

100.0
%
100.0
%
29,572

267

9.04

Grove Park
 
 Orangeburg, SC
 
13

93,265

99.4
%
98.4
%
91,741

719

7.83

Harbor Point (4)
 
 Grove, OK
 
—

—

—
%
—
%
—

—

—

Harrodsburg Marketplace
 
 Harrodsburg, KY
 
6

60,048

79.0
%
79.0
%
47,448

402

8.48

JANAF (6)
 
Norfolk, VA
 
111

800,026

85.3
%
85.3
%
682,160

8,217

12.05

Laburnum Square
 
 Richmond, VA
 
20

109,405

97.5
%
97.5
%
106,705

975

9.14

Ladson Crossing
 
 Ladson, SC
 
15

52,607

100.0
%
100.0
%
52,607

499

9.49

LaGrange Marketplace
 
 LaGrange, GA
 
11

76,594

88.3
%
88.3
%
67,594

378

5.59

Lake Greenwood Crossing
 
 Greenwood, SC
 
6

47,546

87.5
%
87.5
%
41,618

331

7.96

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
 
12

56,100

100.0
%
100.0
%
56,100

604

10.76

New Market Crossing
 
 Mt. Airy, NC
 
13

117,076

96.0
%
96.0
%
112,368

1,000

8.90

Parkway Plaza
 
 Brunswick, GA
 
4

52,365

81.7
%
81.7
%
42,785

350

8.18

Pierpont Centre
 
 Morgantown, WV
 
17

111,162

97.2
%
97.2
%
108,001

1,210

11.21

Port Crossing
 
 Harrisonburg, VA
 
8

65,365

97.9
%
97.9
%
64,000

847

13.23

Ridgeland
 
 Ridgeland, SC
 
1

20,029

100.0
%
100.0
%
20,029

140

7.00

Riverbridge Shopping Center
 
 Carrollton, GA
 
11

91,188

100.0
%
98.5
%
89,788

695

7.74

Riversedge North (5)
 
 Virginia Beach, VA
 
—

—

—
%
—
%
—

—

—

Rivergate Shopping Center
 
 Macon, GA
 
30

201,680

96.6
%
96.6
%
194,819

2,830

14.53

Sangaree Plaza
 
 Summerville, SC
 
8

66,948

87.4
%
87.4
%
58,498

597

10.20




WHLR | Financial & Operating Data | as of 3/31/2020 unless otherwise stated
15

Property Summary (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
 
13

56,601

99.3
%
99.3
%
56,181

$
665

$
11.83

South Lake
 
 Lexington, SC
 
5

44,318

14.2
%
14.2
%
6,300

91

14.37

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

Sunshine Plaza
 
 Lehigh Acres, FL
 
22

111,189

98.2
%
98.2
%
109,186

1,015

9.30

Surrey Plaza
 
 Hawkinsville, GA
 
3

42,680

96.5
%
96.5
%
41,180

247

6.00

Tampa Festival
 
 Tampa, FL
 
16

137,987

63.8
%
63.8
%
87,966

664

7.55

Tri-County Plaza
 
 Royston, GA
 
6

67,577

88.8
%
88.8
%
59,977

393

6.56

Tuckernuck
 
 Richmond, VA
 
12

93,624

53.5
%
53.5
%
50,063

715

14.28

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

96.2
%
96.2
%
286,494

2,257

7.88

Walnut Hill Plaza
 
 Petersburg, VA
 
6

87,239

38.1
%
38.1
%
33,225

268

8.06

Waterway Plaza
 
 Little River, SC
 
10

49,750

100.0
%
100.0
%
49,750

489

9.83

Westland Square
 
 West Columbia, SC
 
8

62,735

74.4
%
74.4
%
46,690

429

9.20

Winslow Plaza
 
 Sicklerville, NJ
 
18

40,695

100.0
%
100.0
%
40,695

629

15.47

Total Portfolio
 
 
 
760

5,564,882

89.2
%
89.2
%
4,961,619

$
48,085

$
9.69


(1)
Reflects leases executed through April 2, 2020 that commence subsequent to the end of current period. The leased rate was 89.8% as of April 17, 2020, which includes a 32,400 square foot space that became vacant in January 2020 and was re-leased.
(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.

stategraphhalf.gif

WHLR | Financial & Operating Data | as of 3/31/2020 unless otherwise stated
16

Top Ten Tenants by Annualized Base Rent
Total Tenants : 760
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

 
5.65
%
 
380,675

 
6.84
%
 
$
7.14

2.
Food Lion
 
2,692

 
5.60
%
 
325,576

 
5.85
%
 
8.27

3.
Kroger (2)
 
1,340

 
2.79
%
 
186,064

 
3.34
%
 
7.20

4.
Piggly Wiggly
 
1,322

 
2.75
%
 
169,750

 
3.05
%
 
7.79

5.
Winn Dixie (1)
 
863

 
1.80
%
 
133,575

 
2.40
%
 
6.46

6.
Planet Fitness
 
837

 
1.74
%
 
96,375

 
1.73
%
 
8.68

7.
Hobby Lobby
 
675

 
1.40
%
 
114,298

 
2.05
%
 
5.91

8.
BJ's Wholesale Club
 
646

 
1.34
%
 
147,400

 
2.65
%
 
4.38

9.
Harris Teeter (2)
 
578

 
1.20
%
 
39,946

 
0.72
%
 
14.47

10.
Lowes Foods
 
571

 
1.19
%
 
54,838

 
0.99
%
 
10.41

 
 
 
$
12,241

 
25.46
%
 
1,648,497

 
29.62
%
 
$
7.43

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


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
 
—

 
603,263

 
10.84
%
 
—
%
 
$
—

 
—
%
 
$
—

Month-to-Month
 
7

 
14,963

 
0.27
%
 
0.30
%
 
221

 
0.46
%
 
14.77

2020
 
101

 
504,285

 
9.06
%
 
10.16
%
 
4,900

 
10.19
%
 
9.72

2021
 
139

 
632,189

 
11.36
%
 
12.74
%
 
6,411

 
13.33
%
 
10.14

2022
 
150

 
573,948

 
10.31
%
 
11.57
%
 
6,571

 
13.67
%
 
11.45

2023
 
111

 
798,165

 
14.34
%
 
16.09
%
 
6,805

 
14.15
%
 
8.53

2024
 
91

 
608,773

 
10.94
%
 
12.27
%
 
5,744

 
11.95
%
 
9.44

2025
 
64

 
636,514

 
11.44
%
 
12.83
%
 
6,012

 
12.50
%
 
9.45

2026
 
30

 
395,482

 
7.11
%
 
7.97
%
 
3,652

 
7.59
%
 
9.23

2027
 
15

 
102,285

 
1.84
%
 
2.06
%
 
1,234

 
2.57
%
 
12.06

2028
 
16

 
329,155

 
5.91
%
 
6.63
%
 
2,475

 
5.15
%
 
7.52

2029 and thereafter
 
36

 
365,860

 
6.58
%
 
7.38
%
 
4,060

 
8.44
%
 
11.10

Total
 
760

 
5,564,882

 
100.00
%
 
100.00
%
 
$
48,085

 
100.00
%
 
$
9.69



WHLR | Financial & Operating Data | as of 3/31/2020 unless otherwise stated
17

Leasing Summary
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
—

218,564

$
—

—
%
$
—

 
—

—

$
—

—
%
$
—

Month-to-Month
—

—

—

—
%
—

 
—

—

—

—
%
—

2020
3

127,145

836

39.01
%
6.58

 
3

115,976

794

4.38
%
6.84

2021
2

43,427

88

4.11
%
2.03

 
8

240,002

1,837

10.13
%
7.66

2022
—

—

—

—
%
—

 
6

207,882

1,486

8.20
%
7.15

2023
1

22,032

215

10.03
%
9.76

 
15

523,775

3,322

18.33
%
6.34

2024
1

32,000

125

5.83
%
3.91

 
7

289,759

2,035

11.23
%
7.02

2025
2

84,633

562

26.21
%
6.64

 
10

373,397

3,023

16.68
%
8.10

2026
—

—

—

—
%
—

 
8

272,522

2,176

12.00
%
7.98

2027
—

—

—

—
%
—

 
1

24,945

212

1.17
%
8.50

2028
—

—

—

—
%
—

 
7

280,841

1,637

9.03
%
5.83

2029+
1

21,213

317

14.81
%
14.95

 
5

254,001

1,605

8.85
%
6.32

Total
10

549,014

$
2,143

100.00
%
$
6.49

 
70

2,583,100

$
18,127

100.00
%
$
7.02


(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
—

384,699

$
—

—
%
$
—

 
—

—

$
—

—
%
$
—

Month-to-Month
5

11,863

183

1.49
%
15.43

 
2

3,100

38

0.24
%
12.26

2020
72

182,222

2,157

17.60
%
11.84

 
23

78,942

1,113

7.15
%
14.10

2021
78

184,953

2,235

18.23
%
12.08

 
51

163,807

2,251

14.47
%
13.74

2022
74

138,256

2,030

16.56
%
14.68

 
70

227,810

3,055

19.64
%
13.41

2023
53

105,049

1,393

11.36
%
13.26

 
42

147,309

1,875

12.05
%
12.73

2024
44

113,200

1,380

11.26
%
12.19

 
39

173,814

2,204

14.17
%
12.68

2025
27

72,775

992

8.09
%
13.63

 
25

105,709

1,435

9.22
%
13.58

2026
8

19,224

395

3.22
%
20.55

 
14

103,736

1,081

6.95
%
10.42

2027
1

5,350

86

0.70
%
16.07

 
13

71,990

936

6.02
%
13.00

2028
6

31,508

661

5.39
%
20.98

 
3

16,806

177

1.14
%
10.53

2029+
12

48,510

747

6.10
%
15.40

 
18

42,136

1,391

8.95
%
33.01

Total
380

1,297,609

$
12,259

100.00
%
$
13.43

 
300

1,135,159

$
15,556

100.00
%
$
13.70












WHLR | Financial & Operating Data | as of 3/31/2020 unless otherwise stated
18

Leasing Summary
Leasing Renewals, New Leases and Expirations
 
Three Months Ended March 31, 2020
 
2020
 
2019
Renewals(1):
 
 
 
Leases renewed with rate increase (sq feet)
137,599

 
90,858

Leases renewed with rate decrease (sq feet)
26,980

 
27,656

Leases renewed with no rate change (sq feet)
20,578

 
2,400

Total leases renewed (sq feet)
185,157

 
120,914

 
 
 
 
Leases renewed with rate increase (count)
30

 
19

Leases renewed with rate decrease (count)
5

 
7

Leases renewed with no rate change (count)
6

 
2

Total leases renewed (count)
41

 
28

 
 
 
 
Option exercised (count)
5

 
3

 
 
 
 
Weighted average on rate increases (per sq foot)
$
1.70

 
$
0.71

Weighted average on rate decreases (per sq foot)
$
(2.20
)
 
$
(2.11
)
Weighted average rate on all renewals (per sq foot)
$
0.94

 
$
0.05

 
 
 
 
Weighted average change over prior rates
8.60
%
 
0.63
%
 
 
 
 
New Leases(1) (2):
 
 
 
New leases (sq feet)
27,622

 
31,200

New leases (count)
14

 
8

Weighted average rate (per sq foot)
$
13.89

 
$
12.77

 
 
 
 
Gross Leasable Area ("GLA") expiring during the next 9 months, including month-to-month leases
9.33
%
 
5.75
%
(1)
Lease data presented is based on average rate per square foot over the renewed or new lease term.
(2)
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.



WHLR | Financial & Operating Data | as of 3/31/2020 unless otherwise stated
19

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 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 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.

WHLR | Financial & Operating Data
20


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, impairment of impairment of long-lived assets, 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.


WHLR | Financial & Operating Data
21