Exhibit 99.2
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Financial and Operating Results
For the three months ended March 31, 2021



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 within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor. These forward-looking statements 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. (the "Company" or "WHLR") operates; the extent to which COVID-19 continues to impact the economy; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; the Company's failure to obtain necessary outside financing on favorable terms or at all; the Company's inability to successfully acquire, sell, or operate properties; and the Company's failure to qualify or maintain its status as a REIT. When used in this presentation, the words "continue," "may," "approximately," "potentially," or similar expressions, are intended to identify forward-looking statements.

The forward-looking statements are based on management's beliefs, assumption and expectation of future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. For a description of the risks and uncertainties that could impact the Company's future results, performance or transactions, see the reports filed by the Company with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and annual reports on Form 10-K. The Company disclaims any responsibility to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

WHLR | Financial & Operating Data
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Company Overview
Headquartered in Virginia Beach, VA, Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) 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. WHLR’s portfolio contains well-located, potentially dominant retail properties in secondary and tertiary markets that generate attractive, risk-adjusted returns. WHLR’s common stock, Series B convertible preferred stock and Series D cumulative convertible preferred stock trade publicly on 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
Stefani D. Carter (Chairman)
Andrew R. Jones
Clayton ("Chip") Andrews
Daniel Khoshaba (CEO)
E. J. Borrack
Paula J. Poskon
Kerry G. Campbell
Joseph D. Stilwell
Investor Relations Representative
Mary Jensen - IRRealized, LLC mjensen@whlr.us
Office: (757) 627-9088 Cell: (310) 526-1707
Transfer Agent and Registrar
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
www.computershare.com
WHLR | Financial & Operating Data
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Financial and Portfolio Overview
For the Three Months Ended March 31, 2021
Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s)$(3,001)
Net loss per basic and diluted shares$(0.31)
Funds from operations available to common stockholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)
$(3,673)
FFO per common share and OP unit$(0.37)
Adjusted FFO (AFFO) (in 000s) (1)
$87 
AFFO per common share and OP unit$0.01 
Assets and Leverage
Investment Properties, net of $61.25 million accumulated depreciation (in 000s)$388,769 
Cash and Cash Equivalents (in 000s)$9,371 
Total Assets (in 000s)$483,081 
Debt to Total Assets(3)
74.24 %
Debt to Gross Asset Value61.92 %
Market Capitalization
Common shares outstanding9,706,738 
OP units outstanding221,565 
Total common shares and OP units9,928,303 
Shares Outstanding at March 31, 2021First Quarter stock price rangeStock price as of
March 31, 2021
Common Stock9,706,738 $2.56 - $7.36$3.75 
Series B preferred shares1,875,748 $10.84 - $14.95$11.00 
Series D preferred shares3,142,196 $16.94 - $18.72$18.00 
Total debt (in 000s)(3)
$358,627 
Common Stock market capitalization (as of March 31, 2021 closing stock price, in 000s)$36,400 
Portfolio Summary
Total Leasable Area (GLA) in sq. ft.5,511,881 
Occupancy Rate89.4 %
Leased Rate (2)
91.1 %
Annualized Base Rent (in 000s)$47,401 
Total number of leases signed or renewed during the first quarter of 202159 
Total sq. ft. leases signed or renewed during the first quarter of 2021300,599 

(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 5, 2021 that commence subsequent to the end of current period.
(3)    Includes debt associated with assets held for sale.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
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Financial and Operating Results
Today, WHLR reported its financial and operating results for the three months ended March 31, 2021.

2021 FIRST QUARTER HIGHLIGHTS
(all comparisons to the same prior year period unless otherwise noted)
FINANCIAL
Net loss attributable to WHLR's common stock, $0.01 par value per share ("Common Stock") stockholders of $3.0 million, or ($0.31) per share, as compared to $5.5 million, or ($0.57) per share.
Funds from operations ("FFO") of ($3.7 million), or ($0.37) per share of the Company's Common Stock and common unit ("Common Unit") in our operating partnership, Wheeler REIT, L.P., as compared to FFO of $61 thousand, or $0.01 per share.
Adjusted Funds from Operations ("AFFO") of $0.01 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P., as compared to $0.08 per share.
OPERATIONS
Total revenue decreased by 5.43% or $846 thousand primarily a result of decreases described below in the same store section.
Total operating expenses decreased by 15.11% or $1.8 million primarily a result of decreases of $1.1 million in depreciation and amortization and $600 thousand impairment of assets held for sale.
LEASING
The Company's real estate portfolio was 91.1% leased as of March 31, 2021.
The Company's real estate portfolio is 89.4% occupied, an increase from 87.1% at December 31, 2020 with anchor tenants accounting for 145 basis points of the increase.
Quarter-To-Date Leasing Activity
Executed 40 lease renewals totaling 188,005 square feet at a weighted-average increase of $0.38 per square foot, representing an increase of 4.22% over in-place rental rates.
Signed 19 new leases totaling 112,594 square feet with a weighted-average rental rate of $8.25 per square foot, including 2 anchors.
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, decreased to approximately 4.43% at March 31, 2021, compared to 9.33% at March 31, 2020. At March 31, 2021, 22.71% of this expiring GLA is subject to renewal options (a lease expiration schedule can be found on page 17 and provides additional details on the Company's leases).
As of March 31, 2021, the Company had signed leases representing $616 thousand of annualized base rent ("ABR"). Rent will commence on these leases over the next seven months.
SAME STORE
Same store Net Operating Income ("NOI") decreased by 9.48% and by 9.15% on a cash basis. Same store results were impacted by a 5.45% decrease in revenue primarily due to three anchor vacancies, which additionally triggered co-tenancy provisions and lease modifications related to tenant bankruptcies. Two of the vacant anchors were backfilled, with rent commencing in 2021. These negative impacts were partially offset by increases in straight-line rental revenues resulting from long-term lease extensions. Additionally, same store property expenses increased by 3.94% primarily driven by insurance and real estate taxes and snow removal, partially offset by decreases in common area maintenance.
CAPITAL MARKETS
The Company paid in full the $25.0 million, 13.50% Powerscourt Financing Agreement with proceeds from the $35.0 million, 8.00% financing agreement with Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent (the “Wilmington Financing Agreement”) providing a go forward annual interest savings of $575 thousand. The Wilmington Financing Agreement matures on March 12, 2026. The Powerscourt Warrant Agreement and Powerscourt Registration Rights Agreement remain. In conjunction with the Wilmington Financing Agreement, the Company issued to the underlying holders, warrants to purchase an aggregate of 1,061,719 shares of the Company’s Common Stock at various exercise prices. This is recognized as a warrant liability with an initial fair value of $2.0 million.
WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
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Recognized a non-operating loss of $347 thousand due to the change in fair market value of the warrant liability, utilizing the Monte Carlo simulation model to calculate fair value.
Loans payable increased $4.7 million or 1.33% and were impacted by:
$10.0 million net increase after the Wilmington Financing Agreement was used to payoff the Powerscourt Financing Agreement; partially offset by
$3.2 million paydown with the sale of Berkley Shopping Center;
$500 thousand one time principal payment on the Columbia Fire Station loan and
$1.5 million monthly principal payments.
At March 31, 2021, assets held for sale include Columbia Fire Station, Surrey Plaza and two outparcels at Rivergate Shopping Center, as the Company has committed to a plan to sell each property.
In conjunction with the Berkley Shopping Center loan paydown the Company paid $687 thousand in defeasance.
OTHER
The Company recognized non-operating other income of $552 thousand in Paycheck Protection Program Promissory Note forgiveness.

TENDER OFFER
Through a "modified Dutch auction" tender offer the Company accepted for purchase 387,097 shares of Series D Preferred at a price of 15.50 per share, for an aggregate cost of $6.00 million, excluding fees and expenses.
On April 19, 2021, subsequent to the end of the first quarter of 2021, the Company announced a “modified Dutch auction” tender offer to purchase up to $12.00 million in shares of its Series D Preferred at a price not greater than $18.00 nor less than $15.50 per Series D Preferred Share, to the tendering stockholders in cash, less any applicable withholding taxes and without interest. Unless the offer is extended or terminated, the tender offer is scheduled to expire at 12:00 midnight on May 14, 2021.

BALANCE SHEET
Cash and cash equivalents totaled $9.4 million, compared to $7.7 million at December 31, 2020.
Restricted cash totaled $34.8 million, compared to $35.1 million at December 31, 2020. These funds are held in lender reserves primarily for the purpose of tenant improvements, lease commissions, real estate taxes, insurance expenses and loan proceeds to be used for redemption of Series D Preferred.
Total debt was $358.6 million (including debt associated with assets held for sale), compared to $353.9 million at December 31, 2020.
WHLR's weighted-average interest rate was 5.01% with a term of 3.63 years (including debt associated with assets held for sale), compared to 5.31% with a term of 3.56 years at December 31, 2020.
Net investment properties totaled $399.3 million (including assets held for sale), compared to $405.3 million as of December 31, 2020.

DIVIDENDS
The Company had accumulated undeclared dividends of approximately $31.4 million to holders of shares of its Series A Preferred Stock, Series B Preferred Stock, and Series D Preferred Stock. Approximately $3.2 million is attributable to the three months ended March 31, 2021.

SUBSEQUENT EVENTS
On April 15, 2021, the Company extended the maturity of the First National Bank and Lumber River Loans, collectively $2.3 million, to September and October 2021, respectively, with no changes in interest rate or monthly payments.
On May 5, 2021, the Company refinanced the JANAF Bravo Loan for $6.00 million at a rate of 5.00%. The loan matures on May 5, 2024 with monthly principal and interest payments of $35 thousand.


WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
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DISPOSITIONS
Sold Berkley Shopping Center and Berkley Land Parcel for $4.2 million, generating a gain of $176 thousand and net proceeds of $3.9 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 WHLR’s website at www.whlr.us.
WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
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Consolidated Balance Sheets
$ in 000s
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 




WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
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Consolidated Statements of Operations
$ in 000s
 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 





WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
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Reconciliation of Non-GAAP Measures
FFO and AFFO (1)
$ in 000s
Three Months Ended March 31,
20212020
Net Loss$(4,034)$(1,877)
Depreciation and amortization of real estate assets3,716 4,799 
(Gain) loss on disposal of properties(176)26 
Impairment of assets held for sale— 600 
FFO(494)3,548 
Preferred stock dividends - undeclared(3,341)(3,657)
Preferred stock accretion adjustments162 170 
FFO available to common stockholders and common unitholders(3,673)61 
Acquisition and development costs— 
Capital related costs128 
Other non-recurring and non-cash (income) expenses (2)
145 1,024 
Net changes in fair value of warrant347 — 
Straight-line rental revenue, net straight-line expense(214)(5)
Loan cost amortization3,642 310 
Above (below) market lease amortization(12)(273)
Recurring capital expenditures and tenant improvement reserves(276)(279)
AFFO$87 $843 
Weighted Average Common Shares9,704,638 9,694,284 
Weighted Average Common Units223,665 234,019 
Total Common Shares and Units9,928,303 9,928,303 
FFO per Common Share and Common Units$(0.37)$0.01 
AFFO per Common Share and Common Units$0.01 $0.08 

(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, 2021.







WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
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Reconciliation of Non-GAAP Measures (continued)
Property Net Operating Income (1)
$ in 000s


 Three Months Ended March 31,
 Same StoreNon-same StoreTotal
 202120202021202020212020
(in thousands, unaudited)
Net Loss$(3,546)$(1,802)$(488)$(75)$(4,034)$(1,877)
Adjustments:
Income tax expense— — — — 
Other expense— 1,024 — — — 1,024 
Other income(552)— — — (552)— 
Net changes in fair value of warrant347 — — — 347 — 
Interest expense8,253 4,366 708 33 8,961 4,399 
(Gain) loss on disposal of properties— — (176)26 (176)26 
Corporate general & administrative1,579 1,868 1,582 1,872 
Impairment of assets held for sale— 600 — — — 600 
Depreciation and amortization3,716 4,767 — 32 3,716 4,799 
Other non-property revenue(13)(22)— — (13)(22)
Property Net Operating Income$9,784 $10,809 $47 $20 $9,831 $10,829 
Property revenues$14,607 $15,449 $108 $103 $14,715 $15,552 
Property expenses4,823 4,640 61 83 4,884 4,723 
Property Net Operating Income$9,784 $10,809 $47 $20 $9,831 $10,829 
(1)    See page 21 for the Company's definition of this non-GAAP measurement and reasons for using it.
WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
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Reconciliation of Non-GAAP Measures (continued)
EBITDA (4)
$ in 000s
Three Months Ended March 31,
20212020
Net Loss
$(4,034)$(1,877)
Add back:
Depreciation and amortization (1)
3,704 4,526 
Interest Expense (2)
8,961 4,399 
Income tax (benefit) expense
— 
EBITDA
8,631 7,056 
Adjustments for items affecting comparability:
Acquisition and development costs
— 
Capital related costs
128 
Change in fair value of warrant347 — 
Other non-recurring and non-cash expenses (3)
(552)1,024 
Impairment of assets held for sale
— 600 
(Gain) loss on disposal of properties
(176)26 
Adjusted EBITDA
$8,378 $8,711 
(1)    Includes above (below) market lease amortization.
(2)    Includes loan cost amortization and prepayment penalty.
(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, 2021.
(4)    See page 20 for the Company's definition of this non-GAAP measurement and reasons for using it.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
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Debt Summary
$ in 000s
Loans Payable:         $358.63 million
Weighted Average Interest Rate:     5.01%
Property/DescriptionMonthly PaymentInterest
Rate
MaturityMarch 31,
2021
December 31,
 2020
 First National Bank (7)
$24,656 LIBOR + 350 basis pointsMarch 2021$982 $1,045 
 Lumber River $10,723 LIBOR + 350 basis pointsApril 20211,349 1,367 
 Rivergate$103,167 LIBOR + 295 basis pointsApril 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.
(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.



WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
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Debt Summary (continued)

Total Debt
$ in 000s
Scheduled principal repayments and maturities by yearAmount% Total Principal Payments and Maturities
For the remaining nine months ending December 31, 2021$36,815 10.27 %
December 31, 202212,675 3.53 %
December 31, 202386,970 24.25 %
December 31, 202444,340 12.36 %
December 31, 202591,530 25.52 %
December 31, 202658,025 16.18 %
Thereafter28,272 7.89 %
    Total principal repayments and debt maturities$358,627 100.00 %
image2a.jpg





WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
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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 17 151,843 96.8 %96.8 %147,043 $1,129 $7.68 
Amscot Building Tampa, FL 2,500 100.0 %100.0 %2,500 83 33.00 
Beaver Ruin Village Lilburn, GA 28 74,038 95.2 %90.4 %66,948 1,166 17.42 
Beaver Ruin Village II Lilburn, GA 34,925 100.0 %100.0 %34,925 457 13.08 
Brook Run Shopping Center Richmond, VA 18 147,738 87.0 %86.2 %127,283 1,099 8.63 
Brook Run Properties (3) Richmond, VA — — — %— %— — — 
Bryan Station Lexington, KY 10 54,277 100.0 %100.0 %54,277 594 10.95 
Butler Square Mauldin, SC16 82,400 98.2 %98.2 %80,950 850 10.50 
Cardinal Plaza Henderson, NC 50,000 97.0 %97.0 %48,500 478 9.85 
Chesapeake Square Onley, VA 12 108,982 96.5 %96.5 %105,182 796 7.57 
Clover Plaza Clover, SC 10 45,575 100.0 %100.0 %45,575 377 8.26 
Columbia Fire Station Columbia, SC 21,273 14.4 %14.4 %3,063 81 26.60 
Courtland Commons (3) Courtland, VA — — — %— %— — — 
Conyers Crossing Conyers, GA 13 170,475 98.0 %98.0 %166,975 895 5.36 
Crockett Square Morristown, TN 107,122 100.0 %100.0 %107,122 970 9.06 
Cypress Shopping Center Boiling Springs, SC 16 80,435 40.8 %39.5 %31,775 429 13.49 
Darien Shopping Center Darien, GA 26,001 100.0 %100.0 %26,001 156 6.00 
Devine Street Columbia, SC 38,464 100.0 %100.0 %38,464 319 8.28 
Edenton Commons (3) Edenton, NC — — — %— %— — — 
Folly Road Charleston, SC 47,794 100.0 %100.0 %47,794 731 15.29 
Forrest Gallery Tullahoma, TN 26 214,451 80.3 %80.3 %172,124 1,246 7.24 
Fort Howard Shopping Center Rincon, GA 19 113,652 95.1 %95.1 %108,120 1,054 9.75 
Freeway Junction Stockbridge, GA 19 156,834 100.0 %100.0 %156,834 1,342 8.55 
Franklin Village Kittanning, PA 26 151,821 98.7 %98.7 %149,821 1,285 8.58 
Franklinton Square Franklinton, NC 15 65,366 100.0 %100.0 %65,366 589 9.02 
Georgetown Georgetown, SC 29,572 100.0 %100.0 %29,572 267 9.04 
Grove Park Orangeburg, SC 13 93,265 97.7 %97.7 %91,121 688 7.55 
Harbor Point (3) Grove, OK — — — %— %— — — 
Harrodsburg Marketplace Harrodsburg, KY 60,048 79.0 %79.0 %47,448 404 8.52 
JANAF (4) Norfolk, VA111 798,086 89.7 %89.7 %716,224 8,518 11.89 
Laburnum Square Richmond, VA 20 109,405 97.5 %97.5 %106,705 985 9.23 
Ladson Crossing Ladson, SC 15 52,607 100.0 %100.0 %52,607 507 9.64 
LaGrange Marketplace LaGrange, GA 13 76,594 96.9 %96.9 %74,194 430 5.80 
Lake Greenwood Crossing Greenwood, SC 47,546 90.1 %90.1 %42,818 351 8.19 
Lake Murray Lexington, SC 39,218 100.0 %100.0 %39,218 254 6.47 
Litchfield Market Village Pawleys Island, SC 19 86,740 88.7 %87.3 %75,702 902 11.91 
Lumber River Village Lumberton, NC 10 66,781 84.6 %84.6 %56,481 417 7.39 
Moncks Corner Moncks Corner, SC 26,800 100.0 %100.0 %26,800 323 12.07 
Nashville Commons Nashville, NC 12 56,100 100.0 %100.0 %56,100 625 11.14 
New Market Crossing Mt. Airy, NC 10 117,076 88.3 %88.3 %103,338 915 8.86 
Parkway Plaza Brunswick, GA 52,365 81.7 %81.7 %42,785 351 8.20 
Pierpont Centre Morgantown, WV 15 111,162 88.4 %88.4 %98,256 914 9.30 
Port Crossing Harrisonburg, VA 65,365 97.9 %97.9 %64,000 852 13.31 
Ridgeland Ridgeland, SC 20,029 100.0 %100.0 %20,029 140 7.00 
Riverbridge Shopping Center Carrollton, GA 10 91,188 94.7 %94.7 %86,388 690 7.99 
Rivergate Shopping Center Macon, GA 30 201,680 90.2 %73.8 %148,905 2,398 16.11 
Sangaree Plaza Summerville, SC 66,948 87.4 %87.4 %58,498 599 10.24 
Shoppes at Myrtle ParkBluffton, SC13 56,601 99.3 %99.3 %56,181 609 10.83 
South LakeLexington, SC44,318 93.9 %16.3 %7,200 93 12.98 
South ParkMullins, SC60,734 96.9 %83.2 %50,509 351 6.95 
South SquareLancaster, SC44,350 81.0 %81.0 %35,900 300 8.36 
St. George PlazaSt. George, SC59,279 96.2 %92.3 %54,719 376 6.86 
Sunshine PlazaLehigh Acres, FL23 111,189 100.0 %100.0 %111,189 1,077 9.69 
Surrey PlazaHawkinsville, GA42,680 96.5 %96.5 %41,180 247 6.00 
WHLR | Financial & Operating Data | as of 3/31/2021 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
Tampa Festival Tampa, FL 20 137,987 71.9 %64.6 %89,166 $896 $10.05 
Tri-County Plaza Royston, GA 67,577 94.1 %94.1 %63,577 409 6.43 
Tuckernuck Richmond, VA 12 93,624 87.2 %87.2 %81,648 841 10.30 
Tulls Creek (3) Moyock, NC — — — %— %— — — 
Twin City Commons Batesburg-Leesville, SC 47,680 100.0 %100.0 %47,680 480 10.06 
Village of Martinsville Martinsville, VA 19 290,902 96.6 %96.1 %279,446 2,124 7.60 
Walnut Hill Plaza Petersburg, VA 87,239 38.1 %38.1 %33,225 279 8.41 
Waterway Plaza Little River, SC 10 49,750 100.0 %100.0 %49,750 497 9.99 
Westland Square West Columbia, SC 11 62,735 95.7 %95.7 %60,065 529 8.80 
Winslow Plaza Sicklerville, NJ 18 40,695 100.0 %100.0 %40,695 637 15.65 
Total Portfolio
759 5,511,881 91.1 %89.4 %4,925,961 $47,401 $9.62 

(1)    Reflects leases executed through April 5, 2021 that commence subsequent to the end of 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)    This information is not available because the property is undeveloped.
(4)    Square footage is net of the Company's on-premise management office and net of building square footage whereby the Company only leases the land.

image1a.jpg

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
16


Top Ten Tenants by Annualized Base Rent
Total Tenants : 759
TenantsAnnualized Base Rent
($ in 000s)
% of Total Annualized Base RentTotal Occupied Square FeetPercent Total Leasable Square FootBase Rent Per Occupied Square Foot
1.
Food Lion
$4,392 9.27 %551,469 10.01 %$7.96 
2.
Piggly Wiggly
1,488 3.14 %202,968 3.68 %7.33 
3.
Kroger (1)
1,355 2.86 %186,064 3.38 %7.28 
4.Winn Dixie887 1.87 %133,575 2.42 %6.64 
5.
Planet Fitness
837 1.77 %100,427 1.82 %8.33 
6.
Hobby Lobby
717 1.51 %114,298 2.07 %6.27 
7.
BJ's Wholesale Club
651 1.37 %147,400 2.67 %4.42 
8.
KJ's Market
610 1.29 %75,198 1.36 %8.11 
9.
Dollar Tree
591 1.25 %70,379 1.28 %8.40 
10.
Harris Teeter (1)
579 1.22 %39,946 0.72 %14.49 
$12,107 25.55 %1,621,724 29.41 %$7.47 
(1) These tenants are both owned by The Kroger Company.

Lease Expiration Schedule
Lease Expiration PeriodNumber of Expiring LeasesTotal Expiring Square Footage% of Total Expiring Square Footage% of Total Occupied Square Footage ExpiringExpiring Annualized Base Rent (in 000s) % of Total Annualized Base RentExpiring Base Rent Per Occupied
Square Foot
Available— 585,920 10.63 %— %$— — %$— 
Month-to-Month12 94,984 1.72 %1.93 %587 1.24 %6.18 
202167 149,310 2.71 %3.03 %2,187 4.61 %14.65 
2022129 511,959 9.29 %10.39 %5,393 11.38 %10.53 
2023129 863,848 15.67 %17.54 %7,562 15.95 %8.75 
2024118 685,592 12.44 %13.92 %6,618 13.96 %9.65 
2025105 808,251 14.66 %16.41 %7,894 16.65 %9.77 
202685 739,898 13.42 %15.02 %6,856 14.46 %9.27 
202730 193,631 3.51 %3.93 %2,343 4.94 %12.10 
202821 331,609 6.02 %6.73 %2,336 4.93 %7.04 
202916 114,020 2.07 %2.31 %1,158 2.44 %10.16 
2030 and thereafter47 432,859 7.86 %8.79 %4,467 9.44 %10.32 
Total759 5,511,881 100.00 %100.00 %$47,401 100.00 %$9.62 

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
17


Leasing Summary
Anchor Lease Expiration Schedule (1)
No OptionOption
Lease Expiration Nine and Twelve Month Periods Ending December 31,Number of Expiring LeasesExpiring Occupied Square FootageExpiring Annualized Based Rent (in 000s)% of Total Annualized Base RentExpiring Base Rent per Square FootNumber of Expiring LeasesExpiring Occupied Square FootageExpiring Annualized Based Rent (in 000s)% of Total Annualized Base RentExpiring Base Rent per Square Foot
Available— 196,572 $— — %$— — — $— — %$— 
Month-to-Month58,473 250 13.03 %4.28 — — — — %— 
2021— — — — %— — — — — %— 
2022— — — — %— 178,882 1,294 7.09 %7.23 
202343,392 445 23.19 %10.26 15 523,775 3,323 18.21 %6.34 
202432,000 125 6.51 %3.91 318,759 2,231 12.23 %7.00 
202584,633 619 32.26 %7.31 12 472,936 3,777 20.70 %7.99 
202620,152 97 5.04 %4.81 13 429,484 3,476 19.05 %8.09 
2027— — — — %— 57,345 447 2.45 %7.79 
2028— — — — %— 280,841 1,637 8.97 %5.83 
202921,213 317 16.53 %14.94 45,700 307 1.68 %6.72 
2030+20,858 66 3.44 %3.16 288,576 1,754 9.62 %6.08 
Total477,293 $1,919 100.00 %$6.84 70 2,596,298 $18,246 100.00 %$7.03 

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

Non-anchor Lease Expiration Schedule
No OptionOption
Lease Expiration Nine and Twelve Month Periods Ending December 31,Number of Expiring LeasesExpiring Occupied Square FootageExpiring Annualized Based Rent (in 000s)% of Total Annualized Base RentExpiring Base Rent per Square FootNumber of Expiring LeasesExpiring Occupied Square FootageExpiring Annualized Based Rent (in 000s)% of Total Annualized Base RentExpiring Base Rent per Square Foot
Available— 389,348 $— — %$— — — $— — %$— 
Month-to-Month10 35,461 322 2.56 %9.08 1,050 15 0.10 %14.29 
202147 94,880 1,243 9.87 %13.10 20 54,430 944 6.45 %17.34 
202265 139,803 1,817 14.42 %13.00 59 193,274 2,282 15.59 %11.81 
202364 128,486 1,644 13.05 %12.80 48 168,195 2,150 14.69 %12.78 
202466 174,637 2,076 16.48 %11.89 43 160,196 2,186 14.94 %13.65 
202553 114,011 1,668 13.24 %14.63 38 136,671 1,830 12.50 %13.39 
202642 128,062 1,576 12.51 %12.31 29 162,200 1,707 11.66 %10.52 
202711 37,184 655 5.20 %17.62 17 99,102 1,241 8.48 %12.52 
202810 31,652 498 3.95 %15.73 19,116 201 1.37 %10.51 
202923,850 241 1.91 %10.10 23,257 293 2.00 %12.60 
2030+16 37,101 860 6.81 %23.18 24 86,324 1,787 12.22 %20.70 
Total391 1,334,475 $12,600 100.00 %$13.33 289 1,103,815 $14,636 100.00 %$13.26 












WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated
18


Leasing Summary
Leasing Renewals, New Leases and Expirations
Three Months Ended March 31,
20212020
Renewals(1):
Leases renewed with rate increase (sq feet)145,173 137,599 
Leases renewed with rate decrease (sq feet)24,873 26,980 
Leases renewed with no rate change (sq feet)17,959 20,578 
Total leases renewed (sq feet)188,005 185,157 
Leases renewed with rate increase (count)27 30 
Leases renewed with rate decrease (count)
Leases renewed with no rate change (count)
Total leases renewed (count)40 41 
Option exercised (count)
Weighted average on rate increases (per sq foot)$0.68 $1.70 
Weighted average on rate decreases (per sq foot)$(1.15)$(2.20)
Weighted average rate on all renewals (per sq foot)$0.38 $0.94 
Weighted average change over prior rates4.22 %8.60 %
New Leases(1) (2):
New leases (sq feet)112,594 27,622 
New leases (count)19 14 
Weighted average rate (per sq foot)$8.25 $13.89 
Gross Leasable Area ("GLA") expiring during the next 9 months, including month-to-month leases4.43 %9.33 %
(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 3/31/2021 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 stockholders, 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, 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 | as of 3/31/2021 unless otherwise stated
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 | as of 3/31/2021 unless otherwise stated
21