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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
 
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 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 WHLR
Nasdaq Capital Market
 Series B Convertible Preferred Stock WHLRP
Nasdaq Capital Market
 Series D Cumulative Convertible Preferred StockWHLRD
Nasdaq 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      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     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 
  Smaller reporting company
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  
As of August 3, 2021, there were 9,712,986 common shares, $0.01 par value per share, outstanding.
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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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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except par value and share data)
June 30, 2021December 31, 2020
 (unaudited) 
ASSETS:
Investment properties, net$387,179 $392,664 
Cash and cash equivalents10,850 7,660 
Restricted cash33,302 35,108 
Rents and other tenant receivables, net7,835 9,153 
Assets held for sale8,846 13,072 
Above market lease intangibles, net2,954 3,547 
Operating lease right-of-use assets12,601 12,745 
Deferred costs and other assets, net14,578 15,430 
Total Assets$478,145 $489,379 
LIABILITIES:
Loans payable, net$335,255 $334,266 
Liabilities associated with assets held for sale10,911 13,124 
Below market lease intangibles, net3,918 4,554 
Warrant liability4,193 594 
Operating lease liabilities13,121 13,200 
Accounts payable, accrued expenses and other liabilities13,771 11,229 
Total Liabilities381,169 376,967 
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,038,683 and 3,529,293 shares issued and outstanding, respectively; $98.05 million and $109.13 million aggregate liquidation value, respectively)
86,606 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)
41,218 41,174 
Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,710,414 and 9,703,874 shares issued and outstanding, respectively)
97 97 
Additional paid-in capital234,119 234,061 
Accumulated deficit(267,405)(260,867)
Total Stockholders’ Equity8,482 14,918 
Noncontrolling interests1,888 1,931 
Total Equity10,370 16,849 
Total Liabilities and Equity$478,145 $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
June 30,
Six Months Ended
June 30,
 2021202020212020
REVENUE:
Rental revenues$15,290 $14,809 $29,946 $30,164 
Other revenues200 360 272 579 
Total Revenue15,490 15,169 30,218 30,743 
OPERATING EXPENSES:
Property operations4,660 4,573 9,544 9,296 
Depreciation and amortization3,639 4,446 7,355 9,245 
Impairment of assets held for sale2,200  2,200 600 
Corporate general & administrative1,607 1,615 3,189 3,487 
Total Operating Expenses12,106 10,634 22,288 22,628 
Gain (loss) on disposal of properties  176 (26)
Operating Income3,384 4,535 8,106 8,089 
Interest expense(5,215)(4,273)(14,176)(8,672)
Net changes in fair value of warrants(1,234) (1,581) 
Other income  552  
Other expense   (1,024)
Net (Loss) Income Before Income Taxes(3,065)262 (7,099)(1,607)
Income tax (expense) benefit(2)6 (2)(2)
Net (Loss) Income(3,067)268 (7,101)(1,609)
Less: Net income attributable to noncontrolling interests 14 15 5 
Net (Loss) Income Attributable to Wheeler REIT(3,067)254 (7,116)(1,614)
Preferred Stock dividends - undeclared(3,251)(3,657)(6,592)(7,314)
Deemed contribution related to preferred stock redemption651  5,040  
Net Loss Attributable to Wheeler REIT Common Stockholders$(5,667)$(3,403)$(8,668)$(8,928)
Loss per share:
Basic and Diluted$(0.58)$(0.35)$(0.89)$(0.92)
Weighted-average number of shares:
Basic and Diluted9,707,711 9,695,651 9,706,183 9,694,967 
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)
Deemed contribution related to preferred stock redemption— — — — — — — 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 
Accretion of Series B Preferred
  Stock discount
— — — 22 — — — — 22 — — 22 
Conversion of operating
  partnership Common Stock
— — — — 3,676 — 18 — 18 (3,676)(18) 
Adjustment for noncontrolling
  interest in operating partnership
— — — — — — 15 — 15 — (15) 
Dividends and distributions— — — — — — — (2,189)(2,189)— — (2,189)
Deemed contribution related to preferred stock redemption— — — — — — — 651 651 — — 651 
Net Loss— — — — — — — (3,067)(3,067)— — (3,067)
Balance,
June 30, 2021 (Unaudited)
562 $453 1,875,748 $41,218 9,710,414 $97 $234,119 $(267,405)$8,482 217,889 $1,888 $10,370 













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Table of Contents
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, 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 
Accretion of Series B Preferred
  Stock discount
— — — 22 — — — — 22 — — 22 
Conversion of operating
  partnerships units to
  Common Stock
— — — — 1,615 — 2 — 2 (1,615)(2) 
Adjustments for
  noncontrolling interest in
  operating partnership
— — — — — — 12 — 12 — (12) 
Dividends and distributions— — — — — — — (2,589)(2,589)— — (2,589)
Net Income— — — — — — — 254 254 — 14 268 
Balance,
June 30, 2020 (Unaudited)
562 $453 1,875,748 $41,131 9,695,899 $97 $233,884 $(258,372)$17,193 232,404 $2,071 $19,264 

See accompanying notes to condensed consolidated financial statements.
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Table of Contents
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
 For the Six Months
Ended June 30,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss$(7,101)$(1,609)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Depreciation5,389 5,800 
Amortization1,966 3,445 
Loan cost amortization4,316 562 
Changes in fair value of warrants1,581  
Above (below) market lease amortization, net5 (373)
Straight-line expense18 92 
(Gain) loss on disposal of properties(176)26 
Credit losses on operating lease receivables36 585 
Impairment of assets held for sale2,200 600 
Net changes in assets and liabilities:
Rents and other tenant receivables, net2,128 (1,943)
Unbilled rent(771)(439)
Deferred costs and other assets, net(1,143)(1,342)
Accounts payable, accrued expenses and other liabilities1,088 2,090 
Net cash provided by operating activities9,536 7,494 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(1,316)(544)
Cash received from disposal of properties3,937 1,665 
Net cash provided by investing activities2,621 1,121 
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs(4,724)(326)
Loan proceeds46,150 13,350 
Loan principal payments(43,175)(20,845)
Paycheck Protection Program proceeds 552 
Preferred stock redemption(8,337) 
Loan prepayment penalty(687) 
Net cash used in financing activities(10,773)(7,269)
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH1,384 1,346 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period42,768 21,591 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period$44,152 $22,937 
Supplemental Disclosures:
Non-Cash Transactions:
Paycheck Protection Program forgiveness$552 $ 
Initial fair value of warrants$2,018 $ 
Conversion of common units to common stock$27 $2 
Accretion of Preferred Stock discounts$309 $341 
Deemed contribution related to Preferred Stock discount$5,040 $ 
Other Cash Transactions:
Cash paid for interest$9,506 $7,382 
The following table provides a reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$10,850 $7,660 
Restricted cash33,302 15,277 
Cash, cash equivalents, and restricted cash$44,152 $22,937 
See accompanying notes to condensed consolidated financial statements.
8

Table of Contents
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 June 30, 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 June 30, 2021, the Company owned 98.57% 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 June 30, 2021 and December 31, 2020, the Company’s allowance for uncollectible tenant receivables totaled $643 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
9

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 in January 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 June 30, 2021 and December 31, 2020, there were $5.34 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 and six months ended June 30, 2021 and 2020 (in thousands, unaudited):
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Minimum rent$11,332 $11,602 $22,662 $23,664 
Tenant reimbursements - variable lease revenue3,333 3,141 6,426 6,429 
Percentage rent - variable lease revenue157 49 286 157 
Straight-line rents385 448 608 499 
Lease termination fees125 12 129 74 
Other75 348 143 505 
     Total15,407 15,600 30,254 31,328 
Credit losses on operating lease receivables83 (431)(36)(585)
     Total$15,490 $15,169 $30,218 $30,743 

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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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)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021202020212020
Professional fees$652 $919 $1,416 $1,945 
Corporate administration392 294 772 625 
Compensation and benefits338 375 575 782 
Advertising costs for leasing activities21 21 41 52 
Other corporate general & administrative204 6 385 83 
    Total$1,607 $1,615 $3,189 $3,487 
    
Other Expense

Other expense represents expenses which are non-operating in nature. There were no other expenses for the three and six months ended June 30, 2021. Other expenses were $0 and $1.02 million for the three and six months ended June 30, 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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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)
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 (loss) income, total assets, total liabilities or equity.

3. Real Estate

Investment properties consist of the following (in thousands):
June 30, 2021December 31, 2020
 (unaudited) 
Land and land improvements$96,638 $97,117 
Buildings and improvements354,410 354,738 
Investment properties at cost451,048 451,855 
Less accumulated depreciation(63,869)(59,191)
    Investment properties, net$387,179 $392,664 

The Company’s depreciation expense on investment properties was $2.70 million and $5.39 million for the three and six months ended June 30, 2021, respectively. The Company’s depreciation expense on investment properties was $2.86 million and $5.80 million for the three and six months ended June 30, 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 June 30, 2021, assets held for sale included Columbia Fire Station, Surrey Plaza, two outparcels at Rivergate Shopping Center and a 1.28 acre land parcel in Moyock, North Carolina, 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 and a .75 acre land parcel at Berkley (the "Berkley Land Parcel").

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. Impairment expense for the three and six months ended June 30, 2021 was $2.20 million and $2.20 million, respectively, resulting from reducing the carrying value of Columbia Fire Station. The Company recorded $0 and $600 thousand in impairment expense for the three and six months ended June 30, 2020, respectively, resulting from reducing the carrying value of Columbia Fire Station.
    
As of June 30, 2021 and December 31, 2020, assets held for sale and associated liabilities consisted of the following (in thousands):
June 30, 2021December 31, 2020
(unaudited)
Investment properties, net$8,526 $12,593 
Rents and other tenant receivables, net35 132 
Above market leases, net153 153 
Deferred costs and other assets, net132 194 
Total assets held for sale$8,846 $13,072 

12

Table of Contents
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
3. Real Estate (continued)
June 30, 2021December 31, 2020
(unaudited)
Loans payable$10,681 $12,838 
Below market leases, net 25 
Accounts payable, accrued expenses and other liabilities230 261 
Total liabilities associated with assets held for sale$10,911 $13,124 

The following properties were sold during the six months ended June 30, 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):
June 30, 2021December 31, 2020
(unaudited) 
Leases in place, net$8,781 $10,233 
Ground lease sandwich interest, net1,804 1,941 
Lease origination costs, net1,450 1,334 
Tenant relationships, net1,057 1,308 
Legal and marketing costs, net18 22 
Other1,468 592 
    Total deferred costs and other assets, net$14,578 $15,430 
As of June 30, 2021 and December 31, 2020, the Company’s intangible accumulated amortization totaled $61.04 million and $60.33 million, respectively. During the three and six months ended June 30, 2021, the Company’s intangible amortization expense totaled $941 thousand and $1.97 million, respectively. During the three and six months ended June 30, 2020, the Company’s intangible amortization expense totaled $1.59 million and $3.45 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 six months ending December 31, 2021$1,250 $137 $122 $205 $4 $1,718 
December 31, 20222,094 274 208 349 6 2,931 
December 31, 20231,618 274 189 222 5 2,308 
December 31, 20241,113 274 171 126 3 1,687 
December 31, 2025794 274 140 62  1,270 
December 31, 2026422 274 120 11  827 
Thereafter1,490 297 500 82  2,369 
$8,781 $1,804 $1,450 $1,057 $