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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
 
(Mark One)
ý    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
 ¨    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 001-35713
WHEELER REAL ESTATE INVESTMENT TRUST, INC.
(Exact Name of Registrant as Specified in Its Charter) 
Maryland 45-2681082
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
2529 Virginia Beach Blvd.
Virginia Beach. Virginia
 23452
(Address of Principal Executive Offices) (Zip Code)
 (757) 627-9088
(Registrant’s Telephone Number, Including Area Code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
 Common Stock, $0.01 par value per share WHLRNasdaq Capital Market
 Series B Convertible Preferred Stock WHLRPNasdaq Capital Market
 Series D Cumulative Convertible Preferred StockWHLRDNasdaq Capital Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý   No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Table of Contents
Large accelerated filer 
¨
  Accelerated filer
¨
Non-accelerated filer 
ý
  Smaller reporting company
ý
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).         Yes  ¨    No  ý
As of May 4, 2021, there were 9,706,738 common shares, $0.01 par value per share, outstanding.
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Table of Contents
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries 
  Page
PART I – FINANCIAL INFORMATION
Item 1.Financial Statements
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
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Table of Contents
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except par value and share data)
March 31, 2021December 31, 2020
 (unaudited) 
ASSETS:
Investment properties, net$388,769 $392,664 
Cash and cash equivalents9,371 7,660 
Restricted cash34,838 35,108 
Rents and other tenant receivables, net7,585 9,153 
Assets held for sale10,859 13,072 
Above market lease intangibles, net3,239 3,547 
Operating lease right-of-use assets12,673 12,745 
Deferred costs and other assets, net15,747 15,430 
Total Assets$483,081 $489,379 
LIABILITIES:
Loans payable, net$338,533 $334,266 
Liabilities associated with assets held for sale10,939 13,124 
Below market lease intangibles, net4,235 4,554 
Warrant liability2,959 594 
Operating lease liabilities13,161 13,200 
Accounts payable, accrued expenses and other liabilities10,980 11,229 
Total Liabilities380,807 376,967 
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,142,196 and 3,529,293 shares issued and outstanding, respectively; $99.27 million and $109.13 million aggregate liquidation preference, respectively)
87,321 95,563 
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)
41,196 41,174 
Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,706,738 and 9,703,874 shares issued and outstanding, respectively)
97 97 
Additional paid-in capital234,086 234,061 
Accumulated deficit(262,800)(260,867)
Total Stockholders’ Equity13,032 14,918 
Noncontrolling interests1,921 1,931 
Total Equity14,953 16,849 
Total Liabilities and Equity$483,081 $489,379 
See accompanying notes to condensed consolidated financial statements.

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
 Three Months Ended
March 31,
 20212020
REVENUE:
Rental revenues$14,656 $15,355 
Other revenues72 219 
Total Revenue14,728 15,574 
OPERATING EXPENSES:
Property operations4,884 4,723 
Depreciation and amortization3,716 4,799 
Impairment of assets held for sale 600 
Corporate general & administrative1,582 1,872 
Total Operating Expenses10,182 11,994 
Gain (loss) on disposal of properties176 (26)
Operating Income4,722 3,554 
Interest expense(8,961)(4,399)
Net changes in fair value of warrant(347) 
Other income552  
Other expense (1,024)
Net Loss Before Income Taxes(4,034)(1,869)
Income tax expense (8)
Net Loss(4,034)(1,877)
Less: Net income (loss) attributable to noncontrolling interests15 (9)
Net Loss Attributable to Wheeler REIT(4,049)(1,868)
Preferred Stock dividends - undeclared(3,341)(3,657)
Deemed contribution related to preferred stock redemption4,389  
Net Loss Attributable to Wheeler REIT Common Stockholders$(3,001)$(5,525)
Loss per share:
Basic and Diluted$(0.31)$(0.57)
Weighted-average number of shares:
Basic and Diluted9,704,638 9,694,284 
See accompanying notes to condensed consolidated financial statements.
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
(in thousands, except share data)
 (Unaudited)
Series ASeries BNoncontrolling
 Preferred StockPreferred StockCommon StockAdditional
Paid-in Capital
Accumulated Deficit Total
Stockholders’ Equity
InterestsTotal
 SharesValueSharesValueSharesValueUnitsValueEquity
Balance,
December 31, 2020
562 $453 1,875,748 $41,174 9,703,874 $97 $234,061 $(260,867)$14,918 224,429 $1,931 $16,849 
Accretion of Series B Preferred
  Stock discount
— — — 22 — — — — 22 — — 22 
Conversion of operating
  partnership Common Stock
— — — — 2,864 — 9 — 9 (2,864)(9)— 
Adjustment for noncontrolling
  interest in operating partnership
— — — — — — 16 — 16 — (16)— 
Dividends and distributions— — — — — — — (2,273)(2,273)— — (2,273)
Preferred Stock redemption
  discount
— — — — — — — 4,389 4,389 — — 4,389 
Net Loss (Income)— — — — — — — (4,049)(4,049)— 15 (4,034)
Balance,
March 31, 2021 (Unaudited)
562 $453 1,875,748 $41,196 9,706,738 $97 $234,086 $(262,800)$13,032 221,565 $1,921 $14,953 
Series ASeries BNoncontrolling
 Preferred StockPreferred StockCommon StockAdditional
Paid-in Capital
Accumulated Deficit Total
Stockholders’ Equity
InterestsTotal
 SharesValueSharesValueSharesValueUnitsValueEquity
Balance,
December 31, 2019
562 $453 1,875,748 $41,087 9,694,284 $97 $233,870 $(251,580)$23,927 234,019 $2,080 $26,007 
Accretion of Series B Preferred
  Stock discount
— — — 22 — — — — 22 — — 22 
Dividends and distributions— — — — — — — (2,589)(2,589)— — (2,589)
Net Loss— — — — — — — (1,868)(1,868)— (9)(1,877)
Balance,
March 31, 2020 (Unaudited)
562 $453 1,875,748 $41,109 9,694,284 $97 $233,870 $(256,037)$19,492 234,019 $2,071 $21,563 

See accompanying notes to condensed consolidated financial statements.
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
 For the Three Months
Ended March 31,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss$(4,034)$(1,877)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Depreciation2,691 2,938 
Amortization1,025 1,861 
Loan cost amortization3,642 310 
Changes in fair value of warrant347  
Above (below) market lease amortization, net(12)(273)
Straight-line expense9 46 
(Gain) loss on disposal of properties(176)26 
Credit losses on operating lease receivables119 154 
Impairment of assets held for sale 600 
Net changes in assets and liabilities:
Rents and other tenant receivables, net1,987 639 
Unbilled rent(459)11 
Deferred costs and other assets, net(1,316)(1,163)
Accounts payable, accrued expenses and other liabilities916 (49)
Net cash provided by operating activities4,739 3,223 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(962)(326)
Cash received from disposal of properties3,937 1,665 
Net cash provided by investing activities2,975 1,339 
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs(4,193)(326)
Loan proceeds40,150 13,350 
Loan principal payments(35,440)(15,939)
Preferred stock redemption(6,103) 
Loan prepayment penalty(687) 
Net cash used in financing activities(6,273)(2,915)
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH1,441 1,647 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period42,768 21,591 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period$44,209 $23,238 
Supplemental Disclosures:
Non-Cash Transactions:
Paycheck Protection Program forgiveness$552 $ 
Initial fair value of warrants$2,018 $ 
Conversion of common units to common stock$9 $ 
Accretion of Preferred Stock discounts$162 $170 
Deemed contribution related to preferred stock discount$4,389 $ 
Other Cash Transactions:
Cash paid for interest$5,301 $4,100 
The following table provides a reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$9,371 $6,695 
Restricted cash34,838 16,543 
Cash, cash equivalents, and restricted cash$44,209 $23,238 
See accompanying notes to condensed consolidated financial statements.
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)

1. Organization and Basis of Presentation and Consolidation

Wheeler Real Estate Investment Trust, Inc. (the "Trust", the "REIT", or "Company") is a Maryland corporation formed on June 23, 2011. The Trust serves as the general partner of Wheeler REIT, L.P. (the “Operating Partnership”), which was formed as a Virginia limited partnership on April 5, 2012. As of March 31, 2021, the Trust, through the Operating Partnership, owned and operated fifty-nine centers and five undeveloped properties in Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Oklahoma, Tennessee, Kentucky, New Jersey, Pennsylvania and West Virginia. Accordingly, the use of the word “Company” refers to the Trust and its consolidated subsidiaries, except where the context otherwise requires. At March 31, 2021, the Company owned 98.54% of the Operating Partnership.

The Trust through the Operating Partnership owns Wheeler Interests (“WI”) and Wheeler Real Estate, LLC (“WRE”) (collectively the “Operating Companies”). The Operating Companies are Taxable REIT Subsidiaries (“TRS”) to accommodate serving the Non-REIT Properties since applicable REIT regulations consider the income derived from these services to be “bad” income subject to taxation. The regulations allow for costs incurred by the Company commensurate with the services performed for the Non-REIT Properties to be allocated to a TRS.

The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (the “Form 10-Q”) are unaudited and the results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for future periods or the year. However, amounts presented in the condensed consolidated balance sheet as of December 31, 2020 are derived from the Company’s audited consolidated financial statements as of that date, but do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. The Company prepared the accompanying condensed consolidated financial statements in accordance with GAAP for interim financial statements. The condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. All material balances and transactions between the consolidated entities of the Company have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company's 2020 Annual Report filed on Form 10-K for the year ended December 31, 2020 (the “2020 Form 10-K”).

2. Summary of Significant Accounting Policies

Tenant Receivables and Unbilled Rent

Tenant receivables include base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. The Company’s standard lease form considers a rent charge past due after five days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of March 31, 2021 and December 31, 2020, the Company’s allowance for uncollectible tenant receivables totaled $991 thousand and $994 thousand, respectively.

Paycheck Protection Program

The Company received proceeds of $552 thousand (the "PPP funds") pursuant to the Paycheck Protection Program (the "PPP") under the Coronavirus Aid, Relief and Economic Security (“CARES”) Act.

The PPP funds were received in the form of a promissory note, dated April 24, 2020 (the “Promissory Note”), between the Company and KeyBank as the lender that matures on April 24, 2022 bearing interest at a fixed rate of 1% per annum, payable monthly commencing seven months from the date of the note. Under the terms of the PPP, the principal may be forgiven if the proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, mortgage
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Table of Contents
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
2. Summary of Significant Accounting Policies (continued)
interest, rent and utilities. The full amount of the Promissory Note was forgiven during the three months ended March 31, 2021 and is included in "other income" on the condensed consolidated statements of operations as non-operating activity.

Revenue Recognition

Lease Contract Revenue

The Company has two classes of underlying assets relating to rental revenue activity, retail and office space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue.

The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. At March 31, 2021 and December 31, 2020, there were $4.95 million and $4.48 million, respectively, in unbilled rent which is included in "rents and other tenant receivables, net."

The below table disaggregates the Company’s revenue by type of service for the three months ended March 31, 2021 and 2020 (in thousands, unaudited):
Three Months Ended
March 31,
20212020
Minimum rent$11,330 $12,062 
Tenant reimbursements - variable lease revenue3,093 3,288 
Percentage rent - variable lease revenue129 108 
Straight-line rents223 51 
Lease termination fees4 62 
Other68 157 
     Total14,847 15,728 
Credit losses on operating lease receivables(119)(154)
     Total$14,728 $15,574 

Use of Estimates

The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported periods. The Company’s actual results could differ from these estimates.

Corporate General and Administrative Expense
    
A detail for the "corporate general & administrative" line item from the condensed consolidated statements of operations is presented below (in thousands, unaudited):
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
2. Summary of Significant Accounting Policies (continued)
Three Months Ended
March 31,
20212020
Professional fees$764 $1,026 
Corporate administration380 331 
Compensation and benefits237 407 
Advertising costs for leasing activities20 31 
Other corporate general & administrative181 77 
    Total$1,582 $1,872 
    
Other Expense

Other expense represents expenses which are non-operating in nature. Other expenses were $0 and $1.02 million for the three months ended March 31, 2021 and 2020, respectively and consist of legal settlement costs and reimbursement of 2019 proxy costs.

Noncontrolling Interests

Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the condensed consolidated balance sheets but separate from the Company’s equity. On the condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Condensed consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders' equity, noncontrolling interests and total equity.
    
The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are exchanged for the Company’s $0.01 par value per share common stock (“Common Stock”). In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital.

Recent Accounting Pronouncements 

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s estimate of expected credit losses and the reasons for those changes. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2022, per FASB's issuance of ASU 2019-10, "Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates". The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements.

Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows.

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
2. Summary of Significant Accounting Policies (continued)
Reclassifications

The Company has reclassified certain prior period amounts in the accompanying condensed consolidated financial statements in order to be consistent with the current period presentation. These reclassifications had no effect on net income, total assets, total liabilities or equity.

3. Real Estate

Investment properties consist of the following (in thousands):
March 31, 2021December 31, 2020
 (unaudited) 
Land and land improvements$96,758 $97,117 
Buildings and improvements353,264 354,738 
Investment properties at cost450,022 451,855 
Less accumulated depreciation(61,253)(59,191)
    Investment properties, net$388,769 $392,664 

The Company’s depreciation expense on investment properties was $2.69 million and $2.94 million for the three months ended March 31, 2021 and 2020, respectively.

A significant portion of the Company’s land, buildings and improvements serve as collateral for its mortgage loans. Accordingly, restrictions exist as to the encumbered property’s transferability, use and other common rights typically associated with property ownership.

Assets Held for Sale and Dispositions

At March 31, 2021, assets held for sale included Columbia Fire Station, Surrey Plaza and two outparcels at Rivergate Shopping Center, as the Company has committed to a plan to sell each property. At December 31, 2020, assets held for sale included Columbia Fire Station, Berkley Shopping Center, a .75 acre land parcel at Berkley (the "Berkley Land Parcel") and two outparcels at Rivergate Shopping Center.

Impairment expenses on assets held for sale are a result of reducing the carrying value for the amount that exceeded the property's fair value less estimated selling costs. The valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 inputs. No impairment expenses were recorded for the three months ended March 31, 2021. The Company recorded $600 thousand impairment expense for the three months ended March 31, 2020 resulting from reducing the carrying value of Columbia Fire Station.
    
As of March 31, 2021 and December 31, 2020, assets held for sale and associated liabilities consisted of the following (in thousands):
March 31, 2021December 31, 2020
(unaudited)
Investment properties, net$10,547 $12,593 
Rents and other tenant receivables, net32 132 
Above market leases, net153 153 
Deferred costs and other assets, net127 194 
Total assets held for sale$10,859 $13,072 

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
3. Real Estate (continued)
March 31, 2021December 31, 2020
(unaudited)
Loans payable$10,745 $12,838 
Below market leases, net 25 
Accounts payable, accrued expenses and other liabilities194 261 
Total liabilities associated with assets held for sale$10,939 $13,124 

The following properties were sold during the three months ended March 31, 2021 and 2020:
Disposal DatePropertyContract PriceGain (loss)Net Proceeds
(in thousands, unaudited)
March 25, 2021Berkley Shopping Center and Berkley Land Parcel (0.75 acres)$4,150 $176 $3,937 
January 21, 2020St. Matthews1,775 (26)1,665 

4. Deferred Costs and Other Assets, Net
Deferred costs and other assets, net of amortization are as follows (in thousands):
March 31, 2021December 31, 2020
(unaudited) 
Leases in place, net$9,491 $10,233 
Ground lease sandwich interest, net1,872 1,941 
Lease origination costs, net1,336 1,334 
Tenant relationships, net1,182 1,308 
Legal and marketing costs, net20 22 
Other1,846 592 
    Total deferred costs and other assets, net$15,747 $15,430 
As of March 31, 2021 and December 31, 2020, the Company’s intangible accumulated amortization totaled $60.86 million and $60.33 million, respectively. During the three months ended March 31, 2021 and 2020, the Company’s intangible amortization expense totaled $1.03 million and $1.86 million, respectively. Future amortization of leases in place, ground lease sandwich interest, lease origination costs, tenant relationships, and legal and marketing costs is as follows (in thousands, unaudited):
Leases In
Place, net
Ground Lease Sandwich Interest, net Lease
Origination
Costs, net
Tenant
Relationships, net
Legal &
Marketing
Costs, net
Total
For the remaining nine months ending December 31, 2021$1,925 $205 $173 $318 $6 $2,627 
December 31, 20222,109 274 188 354 6 2,931 
December 31, 20231,632 274 170 227 5 2,308 
December 31, 20241,119 274 152 128 3 1,676 
December 31, 2025794 274 120 62  1,250 
December 31, 2026422 274 102 11  809 
Thereafter1,490 297 431 82  2,300 
$9,491 $1,872 $1,336 $1,182 $20 $13,901 
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)

5. Loans Payable

The Company’s loans payable consist of the following (in thousands, except monthly payment):
Property/DescriptionMonthly PaymentInterest
Rate
MaturityMarch 31,
2021
December 31,
 2020
 First National Bank (7)
$24,656 
LIBOR + 350 basis points
March 2021$982 $1,045 
 Lumber River $10,723 
LIBOR + 350 basis points
April 20211,349 1,367 
 Rivergate$103,167 
LIBOR + 295 basis points
April 202121,021 21,164 
 JANAF Bravo$36,935 4.65 %April 20216,225 6,263 
 Columbia Fire StationInterest only14.00 %July 20213,363 3,893 
 Litchfield Market Village$46,057 5.50 %November 20227,417 7,418 
 Twin City Commons $17,827 4.86 %January 20232,897 2,915 
 Walnut Hill Plaza $26,850 5.50 %March 20233,252 3,287 
 Powerscourt Financing Agreement (6)
Interest only13.50 %March 2023 25,000 
 New Market$48,747 5.65 %June 20236,454 6,508 
 Benefit Street Note (3)
$53,185 5.71 %June 20237,088 7,145 
 Deutsche Bank Note (2)
$33,340 5.71 %July 20235,547 5,567 
 JANAF $333,159 4.49 %July 202348,423 48,875 
 Tampa Festival $50,797 5.56 %September 20237,878 7,920 
 Forrest Gallery $50,973 5.40 %September 20238,184 8,226 
 South Carolina Food Lions Note (5)
$68,320 5.25 %January 202411,418 11,473 
 Cypress Shopping Center $34,360 4.70 %July 20246,134 6,163 
 Port Crossing $34,788 4.84 %August 20245,876 5,909 
 Freeway Junction $41,798 4.60 %September 20247,544 7,582 
 Harrodsburg Marketplace $19,112 4.55 %September 20243,324 3,343 
 Bryan Station $23,489 4.52 %November 20244,290 4,312 
 Crockett Square Interest only4.47 %December 20246,338 6,338 
 Pierpont Centre $39,435 4.15 %February 20257,965 8,001 
 Shoppes at Myrtle Park$33,180 4.45 %February 20255,858 5,892 
 Folly Road $41,482 4.65 %March 20257,183 7,223 
 Alex City Marketplace Interest only3.95 %April 20255,750 5,750 
 Butler Square Interest only3.90 %May 20255,640 5,640 
 Brook Run Shopping Center Interest only4.08 %June 202510,950 10,950 
 Beaver Ruin Village I and II Interest only4.73 %July 20259,400 9,400 
 Sunshine Shopping Plaza Interest only4.57 %August 20255,900 5,900 
 Barnett Portfolio (4)
Interest only4.30 %September 20258,770 8,770 
 Fort Howard Shopping Center Interest only4.57 %October 20257,100 7,100 
 Conyers Crossing Interest only4.67 %October 20255,960 5,960 
 Grove Park Shopping Center Interest only4.52 %October 20253,800 3,800 
 Parkway Plaza Interest only4.57 %October 20253,500 3,500 
 Winslow Plaza $24,295 4.82 %December 20254,535 4,553 
 JANAF BJ's$29,964 4.95 %January 20264,814 4,844 
 Tuckernuck$32,202 5.00 %March 20265,150 5,193 
 Wilmington Financing Agreement (6)
Interest only8.00 %March 202635,000  
 Chesapeake Square $23,857 4.70 %August 20264,254 4,279 
 Berkley/Sangaree/Tri-CountyInterest only4.78 %December 20266,176 9,400 
 Riverbridge Interest only4.48 %December 20264,000 4,000 
 Franklin Village$45,336 4.93 %January 20278,372 8,404 
 Village of Martinsville$89,664 4.28 %July 202915,881 15,979 
 Laburnum SquareInterest only4.28 %September 20297,665 7,665 
Total Principal Balance (1)
358,627 353,916 
Unamortized debt issuance cost (1)
(9,349)(6,812)
Total Loans Payable, including assets held for sale349,278 347,104 
Less loans payable on assets held for sale, net loan amortization costs10,745 12,838 
Total Loans Payable, net$338,533 $334,266 
(1) Includes loans payable on assets held for sale, see Note 3.
(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.
(7) Collateralized by Surrey Plaza and Amscot Building.
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
5. Loans Payable (continued)

Powerscourt Financing Agreement Payoff

On March 12, 2021, the Company paid in full the $25.00 million Powerscourt Financing Agreement. The Powerscourt Warrant Agreement and the Powerscourt Registration Rights Agreement remain.

Powerscourt Warrant Agreement

Pursuant to the Powerscourt Financing Agreement, the Company issued Powerscourt Investments XXII, LP, a warrant (the “Powerscourt Warrant”) to purchase 496,415 shares of Common Stock for $3.12 per share (the “Powerscourt Warrant Agreement”). The Powerscourt Warrant is exercisable at the option of its holder in whole or in part into shares of Common Stock from time to time on or after December 22, 2020 (the “Effective Date”) and before the date that is the 36-month anniversary of the Effective Date.

Wilmington Financing Agreement

On March 12, 2021, the Company entered into a financing agreement (the "Wilmington Financing Agreement") as borrower, certain subsidiaries of the Company from time to time party thereto, as guarantors (together with the Company, the “Loan Parties”), the lenders from time to time party thereto, and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent. The Wilmington Financing Agreement provides for a term loan in the aggregate principal of $35.00 million. The proceeds of the Wilmington Financing Agreement are intended for the following: (i) to paydown the Company’s indebtedness on the Powerscourt Financing Agreement, (ii) to fund the redemption of certain shares of the Company’s 8.75% Series D Preferred and (iii) to pay fees and expenses in connection with the transactions contemplated by the Wilmington Financing Agreement. The Wilmington Financing Agreement is at a rate of 8.00% and matures in March 2026 with quarterly interest only payments beginning on April 15, 2021. Any payment or repayment of principal will be made with a premium equal to 5% of the amount repaid or prepaid.

The obligations of the Company under the Wilmington Financing Agreement are secured by liens on certain assets of the Company and certain of the Company’s subsidiaries, including mortgages on the properties within the Company’s portfolio. The Wilmington Financing Agreement also contains covenants that restrict, among other things the ability of the Company and its subsidiaries to create liens, incur indebtedness, make certain investments, merge or consolidate, dispose of assets, pay certain dividends and make certain other restricted payments or certain equity issuances, change the nature of their businesses, enter into certain transactions with affiliates and change their governing documents.

Wilmington Warrant Agreement

Pursuant to Wilmington Financing Agreement, the Company issued to the holders from time to time party thereto a warrant (the “Wilmington Warrant”) to purchase in the aggregate, 1,061,719 shares of Common Stock in three tranches: warrants to purchase an aggregate of 510,204 shares at an exercise price of $3.430 per share ("Tranche A"); warrants to purchase an aggregate of 424,242 shares at an exercise price of $4.125 per share ("Tranche B"); and warrants to purchase an aggregate of 127,273 shares at an exercise price of $6.875 per share ("Tranche C") (the “Wilmington Warrant Agreement”). The Wilmington Warrant is exercisable at the option of its holder in whole or in part into shares of Common Stock from time to time on or after March 12, 2021 (the “Effective Date”) and before the maturity date of the Wilmington Financing Agreement.

Wilmington Registration Rights Agreement
In connection with the Wilmington Financing Agreement, the Company entered into a registration rights agreement with the holders from time to time of the Wilmington Warrants, dated as of March 12, 2021 (the “Wilmington Registration Rights Agreement”), pursuant to which the Company shall register the resale of the registrable securities on a Registration Statement on Form S-3 or Form S-11 within 60 days following the Effective Date.
Columbia Fire Station Forbearance Agreement

On January 21, 2021, the Company entered into a Forbearance Agreement (the "Forbearance Agreement") with Pinnacle Bank at an interest rate of 14% and made a $500 thousand principal payment. The Forbearance Agreement, among
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
5. Loans Payable (continued)

other provisions, extends the maturity date of the Columbia Fire Station Loan to July 21, 2021 and waives all defaults and late fees existing prior to the Forbearance Agreement.

Tuckernuck Refinance

On February 2, 2021, the Company refinanced the Tuckernuck Loan for $5.15 million at a rate of 5.00%. The loan matures on March 1, 2026 with monthly principal and interest payments of $32 thousand.

Berkley/Sangaree/Tri-County Paydown

On March 25, 2021, the Company made a $3.22 million principal payment on the Berkley/Sangaree/Tri-County loan with the sale of the Berkley Shopping Center, as detailed in Note 3, and paid $687 thousand in defeasance.

Debt Maturity

The Company’s scheduled principal repayments on indebtedness as of March 31, 2021, including assets held for sale, are as follows (in thousands, unaudited):
For the remaining nine months ended December 31, 2021$36,815