000152754112/312021Q3FALSE00015275412021-01-012021-09-300001527541us-gaap:CommonStockMember2021-01-012021-09-300001527541us-gaap:SeriesBPreferredStockMember2021-01-012021-09-300001527541us-gaap:SeriesDPreferredStockMember2021-01-012021-09-300001527541us-gaap:ConvertibleSubordinatedDebtMember2021-01-012021-09-30xbrli:shares00015275412021-11-08iso4217:USD00015275412021-09-3000015275412020-12-310001527541us-gaap:SeriesDPreferredStockMember2021-09-300001527541us-gaap:SeriesDPreferredStockMember2020-12-310001527541us-gaap:SeriesAPreferredStockMember2020-12-310001527541us-gaap:SeriesAPreferredStockMember2021-09-300001527541us-gaap:SeriesBPreferredStockMember2020-12-310001527541us-gaap:SeriesBPreferredStockMember2021-09-30iso4217:USDxbrli:shares00015275412021-07-012021-09-3000015275412020-07-012020-09-3000015275412020-01-012020-09-300001527541us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2020-12-310001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2020-12-310001527541us-gaap:CommonStockMember2020-12-310001527541us-gaap:AdditionalPaidInCapitalMember2020-12-310001527541us-gaap:RetainedEarningsMember2020-12-310001527541us-gaap:ParentMember2020-12-310001527541us-gaap:NoncontrollingInterestMember2020-12-310001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2021-01-012021-03-310001527541us-gaap:ParentMember2021-01-012021-03-310001527541us-gaap:SeriesBPreferredStockMember2021-01-012021-03-310001527541us-gaap:CommonStockMember2021-01-012021-03-310001527541us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001527541us-gaap:NoncontrollingInterestMember2021-01-012021-03-3100015275412021-01-012021-03-310001527541us-gaap:RetainedEarningsMember2021-01-012021-03-310001527541us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2021-03-310001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2021-03-310001527541us-gaap:CommonStockMember2021-03-310001527541us-gaap:AdditionalPaidInCapitalMember2021-03-310001527541us-gaap:RetainedEarningsMember2021-03-310001527541us-gaap:ParentMember2021-03-310001527541us-gaap:NoncontrollingInterestMember2021-03-3100015275412021-03-310001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2021-04-012021-06-300001527541us-gaap:ParentMember2021-04-012021-06-3000015275412021-04-012021-06-300001527541us-gaap:CommonStockMember2021-04-012021-06-300001527541us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001527541us-gaap:NoncontrollingInterestMember2021-04-012021-06-300001527541us-gaap:RetainedEarningsMember2021-04-012021-06-300001527541us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2021-06-300001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2021-06-300001527541us-gaap:CommonStockMember2021-06-300001527541us-gaap:AdditionalPaidInCapitalMember2021-06-300001527541us-gaap:RetainedEarningsMember2021-06-300001527541us-gaap:ParentMember2021-06-300001527541us-gaap:NoncontrollingInterestMember2021-06-3000015275412021-06-300001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2021-07-012021-09-300001527541us-gaap:ParentMember2021-07-012021-09-300001527541us-gaap:SeriesBPreferredStockMember2021-07-012021-09-300001527541us-gaap:CommonStockMember2021-07-012021-09-300001527541us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001527541us-gaap:NoncontrollingInterestMember2021-07-012021-09-300001527541us-gaap:RetainedEarningsMember2021-07-012021-09-300001527541us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2021-09-300001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2021-09-300001527541us-gaap:CommonStockMember2021-09-300001527541us-gaap:AdditionalPaidInCapitalMember2021-09-300001527541us-gaap:RetainedEarningsMember2021-09-300001527541us-gaap:ParentMember2021-09-300001527541us-gaap:NoncontrollingInterestMember2021-09-300001527541us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2019-12-310001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2019-12-310001527541us-gaap:CommonStockMember2019-12-310001527541us-gaap:AdditionalPaidInCapitalMember2019-12-310001527541us-gaap:RetainedEarningsMember2019-12-310001527541us-gaap:ParentMember2019-12-310001527541us-gaap:NoncontrollingInterestMember2019-12-3100015275412019-12-310001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2020-01-012020-03-310001527541us-gaap:ParentMember2020-01-012020-03-310001527541us-gaap:SeriesBPreferredStockMember2020-01-012020-03-310001527541us-gaap:RetainedEarningsMember2020-01-012020-03-3100015275412020-01-012020-03-310001527541us-gaap:NoncontrollingInterestMember2020-01-012020-03-310001527541us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2020-03-310001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2020-03-310001527541us-gaap:CommonStockMember2020-03-310001527541us-gaap:AdditionalPaidInCapitalMember2020-03-310001527541us-gaap:RetainedEarningsMember2020-03-310001527541us-gaap:ParentMember2020-03-310001527541us-gaap:NoncontrollingInterestMember2020-03-3100015275412020-03-310001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2020-04-012020-06-300001527541us-gaap:ParentMember2020-04-012020-06-300001527541us-gaap:SeriesBPreferredStockMember2020-04-012020-06-300001527541us-gaap:CommonStockMember2020-04-012020-06-300001527541us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001527541us-gaap:NoncontrollingInterestMember2020-04-012020-06-3000015275412020-04-012020-06-300001527541us-gaap:RetainedEarningsMember2020-04-012020-06-300001527541us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2020-06-300001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2020-06-300001527541us-gaap:CommonStockMember2020-06-300001527541us-gaap:AdditionalPaidInCapitalMember2020-06-300001527541us-gaap:RetainedEarningsMember2020-06-300001527541us-gaap:ParentMember2020-06-300001527541us-gaap:NoncontrollingInterestMember2020-06-3000015275412020-06-300001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2020-07-012020-09-300001527541us-gaap:ParentMemberus-gaap:SeriesBPreferredStockMember2020-07-012020-09-300001527541us-gaap:SeriesBPreferredStockMember2020-07-012020-09-300001527541us-gaap:CommonStockMember2020-07-012020-09-300001527541us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001527541us-gaap:ParentMember2020-07-012020-09-300001527541us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001527541us-gaap:RetainedEarningsMember2020-07-012020-09-300001527541us-gaap:PreferredStockMemberus-gaap:SeriesAPreferredStockMember2020-09-300001527541us-gaap:PreferredStockMemberus-gaap:SeriesBPreferredStockMember2020-09-300001527541us-gaap:CommonStockMember2020-09-300001527541us-gaap:AdditionalPaidInCapitalMember2020-09-300001527541us-gaap:RetainedEarningsMember2020-09-300001527541us-gaap:ParentMember2020-09-300001527541us-gaap:NoncontrollingInterestMember2020-09-3000015275412020-09-300001527541whlr:CommonUnitsMember2021-01-012021-09-300001527541whlr:CommonUnitsMember2020-01-012020-09-300001527541us-gaap:SeriesBPreferredStockMember2020-01-012020-09-30whlr:propertywhlr:Propertyxbrli:pure0001527541whlr:KeyBankMember2020-04-24whlr:asset_class0001527541whlr:RentandothertenantreceivablesMember2021-09-300001527541whlr:RentandothertenantreceivablesMember2020-12-310001527541whlr:TenantReimbursementsMember2021-07-012021-09-300001527541whlr:TenantReimbursementsMember2020-07-012020-09-300001527541whlr:TenantReimbursementsMember2021-01-012021-09-300001527541whlr:TenantReimbursementsMember2020-01-012020-09-300001527541whlr:PercentageRentMember2021-07-012021-09-300001527541whlr:PercentageRentMember2020-07-012020-09-300001527541whlr:PercentageRentMember2021-01-012021-09-300001527541whlr:PercentageRentMember2020-01-012020-09-300001527541whlr:StraightLingRentMember2021-07-012021-09-300001527541whlr:StraightLingRentMember2020-07-012020-09-300001527541whlr:StraightLingRentMember2021-01-012021-09-300001527541whlr:StraightLingRentMember2020-01-012020-09-300001527541whlr:LeaseTerminationFeesMember2021-07-012021-09-300001527541whlr:LeaseTerminationFeesMember2020-07-012020-09-300001527541whlr:LeaseTerminationFeesMember2021-01-012021-09-300001527541whlr:LeaseTerminationFeesMember2020-01-012020-09-300001527541us-gaap:ServiceOtherMember2021-07-012021-09-300001527541us-gaap:ServiceOtherMember2020-07-012020-09-300001527541us-gaap:ServiceOtherMember2021-01-012021-09-300001527541us-gaap:ServiceOtherMember2020-01-012020-09-300001527541us-gaap:LandMember2021-09-300001527541us-gaap:LandMember2020-12-310001527541us-gaap:BuildingAndBuildingImprovementsMember2021-09-300001527541us-gaap:BuildingAndBuildingImprovementsMember2020-12-31utr:acre0001527541whlr:BerkleyShoppingCenterMember2020-12-31whlr:outparcel0001527541whlr:ColumbiaFireStationMember2021-07-012021-09-300001527541whlr:ColumbiaFireStationMember2021-01-012021-09-300001527541whlr:ColumbiaFireStationMember2020-07-012020-09-300001527541whlr:ColumbiaFireStationMember2020-01-012020-09-300001527541us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2021-09-300001527541us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember2020-12-310001527541us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhlr:RivergateShoppingCenterMember2021-08-310001527541us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhlr:RivergateShoppingCenterMember2021-08-312021-08-310001527541us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhlr:TullsCreekMember2021-07-090001527541us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhlr:TullsCreekMember2021-07-092021-07-090001527541us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhlr:BerkleyShoppingCenterMember2021-03-250001527541us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhlr:BerkleyShoppingCenterMember2021-03-252021-03-250001527541us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhlr:St.MatthewsMember2020-01-210001527541us-gaap:DisposalGroupDisposedOfBySaleNotDiscontinuedOperationsMemberwhlr:St.MatthewsMember2020-01-212020-01-210001527541us-gaap:LeasesAcquiredInPlaceMember2021-09-300001527541us-gaap:LeasesAcquiredInPlaceMember2020-12-310001527541whlr:GroundLeaseSandwichInterestMember2021-09-300001527541whlr:GroundLeaseSandwichInterestMember2020-12-310001527541whlr:LegalAndMarketingMember2021-09-300001527541whlr:LegalAndMarketingMember2020-12-310001527541whlr:LeaseOriginationCostsMember2021-09-300001527541whlr:TenantRelationshipsMember2021-09-300001527541whlr:LitchfieldMarketVillageMember2021-01-012021-09-300001527541whlr:LitchfieldMarketVillageMember2021-09-300001527541whlr:LitchfieldMarketVillageMember2020-12-310001527541whlr:TwinCityCommonsMember2021-01-012021-09-300001527541whlr:TwinCityCommonsMember2021-09-300001527541whlr:TwinCityCommonsMember2020-12-310001527541whlr:WalnutHillPlazaMember2021-01-012021-09-300001527541whlr:WalnutHillPlazaMember2021-09-300001527541whlr:WalnutHillPlazaMember2020-12-310001527541whlr:NewMarketMember2021-01-012021-09-300001527541whlr:NewMarketMember2021-09-300001527541whlr:NewMarketMember2020-12-310001527541whlr:BenefitStreetMember2021-01-012021-09-300001527541whlr:BenefitStreetMember2021-09-300001527541whlr:BenefitStreetMember2020-12-310001527541whlr:DeutscheBankMember2021-01-012021-09-300001527541whlr:DeutscheBankMember2021-09-300001527541whlr:DeutscheBankMember2020-12-310001527541whlr:JANAFAcquisitionMember2021-01-012021-09-300001527541whlr:JANAFAcquisitionMember2021-09-300001527541whlr:JANAFAcquisitionMember2020-12-310001527541whlr:FirstNationalBankLineOfCreditMember2021-01-012021-09-300001527541us-gaap:LondonInterbankOfferedRateLIBORMemberwhlr:FirstNationalBankLineOfCreditMember2021-01-012021-09-300001527541whlr:FirstNationalBankLineOfCreditMember2021-09-300001527541whlr:FirstNationalBankLineOfCreditMember2020-12-310001527541whlr:LumberriverMember2021-01-012021-09-300001527541us-gaap:LondonInterbankOfferedRateLIBORMemberwhlr:LumberriverMember2021-01-012021-09-300001527541whlr:LumberriverMember2021-09-300001527541whlr:LumberriverMember2020-12-310001527541whlr:TampaFestivalMember2021-01-012021-09-300001527541whlr:TampaFestivalMember2021-09-300001527541whlr:TampaFestivalMember2020-12-310001527541whlr:ForrestGalleryShoppingCenterMember2021-01-012021-09-300001527541whlr:ForrestGalleryShoppingCenterMember2021-09-300001527541whlr:ForrestGalleryShoppingCenterMember2020-12-310001527541whlr:SouthCarolinaFoodLionsNoteMember2021-01-012021-09-300001527541whlr:SouthCarolinaFoodLionsNoteMember2021-09-300001527541whlr:SouthCarolinaFoodLionsNoteMember2020-12-310001527541whlr:JANAFBravoMember2021-01-012021-09-300001527541whlr:JANAFBravoMember2021-09-300001527541whlr:JANAFBravoMember2020-12-310001527541whlr:CypressShoppingCenterMember2021-01-012021-09-300001527541whlr:CypressShoppingCenterMember2021-09-300001527541whlr:CypressShoppingCenterMember2020-12-310001527541whlr:PortCrossingShoppingCenterMember2021-01-012021-09-300001527541whlr:PortCrossingShoppingCenterMember2021-09-300001527541whlr:PortCrossingShoppingCenterMember2020-12-310001527541whlr:FreewayJunctionMember2021-01-012021-09-300001527541whlr:FreewayJunctionMember2021-09-300001527541whlr:FreewayJunctionMember2020-12-310001527541whlr:HarrodsburgMarketplaceMember2021-01-012021-09-300001527541whlr:HarrodsburgMarketplaceMember2021-09-300001527541whlr:HarrodsburgMarketplaceMember2020-12-310001527541whlr:BryanStationMember2021-01-012021-09-300001527541whlr:BryanStationMember2021-09-300001527541whlr:BryanStationMember2020-12-310001527541whlr:CrockettSquareMember2021-01-012021-09-300001527541whlr:CrockettSquareMember2021-09-300001527541whlr:CrockettSquareMember2020-12-310001527541whlr:PierpontCentreMember2021-01-012021-09-300001527541whlr:PierpontCentreMember2021-09-300001527541whlr:PierpontCentreMember2020-12-310001527541whlr:ShoppesatMyrtleParkMember2021-01-012021-09-300001527541whlr:ShoppesatMyrtleParkMember2021-09-300001527541whlr:ShoppesatMyrtleParkMember2020-12-310001527541whlr:FollyRoadMember2021-01-012021-09-300001527541whlr:FollyRoadMember2021-09-300001527541whlr:FollyRoadMember2020-12-310001527541whlr:AlexCityMarketplaceMember2021-01-012021-09-300001527541whlr:AlexCityMarketplaceMember2021-09-300001527541whlr:AlexCityMarketplaceMember2020-12-310001527541whlr:ButlerSquareMember2021-01-012021-09-300001527541whlr:ButlerSquareMember2021-09-300001527541whlr:ButlerSquareMember2020-12-310001527541whlr:BrookRunShoppingCenterMember2021-01-012021-09-300001527541whlr:BrookRunShoppingCenterMember2021-09-300001527541whlr:BrookRunShoppingCenterMember2020-12-310001527541whlr:BeaverVillageIandIIMember2021-01-012021-09-300001527541whlr:BeaverVillageIandIIMember2021-09-300001527541whlr:BeaverVillageIandIIMember2020-12-310001527541whlr:SunshinePlazaMember2021-01-012021-09-300001527541whlr:SunshinePlazaMember2021-09-300001527541whlr:SunshinePlazaMember2020-12-310001527541whlr:BarnettPortfolioMember2021-01-012021-09-300001527541whlr:BarnettPortfolioMember2021-09-300001527541whlr:BarnettPortfolioMember2020-12-310001527541whlr:Ft.HowardSquareMember2021-01-012021-09-300001527541whlr:Ft.HowardSquareMember2021-09-300001527541whlr:Ft.HowardSquareMember2020-12-310001527541whlr:ConyersCrossingMember2021-01-012021-09-300001527541whlr:ConyersCrossingMember2021-09-300001527541whlr:ConyersCrossingMember2020-12-310001527541whlr:GroveParkShoppingCenterMember2021-01-012021-09-300001527541whlr:GroveParkShoppingCenterMember2021-09-300001527541whlr:GroveParkShoppingCenterMember2020-12-310001527541whlr:ParkwayPlazaShoppingCenterMember2021-01-012021-09-300001527541whlr:ParkwayPlazaShoppingCenterMember2021-09-300001527541whlr:ParkwayPlazaShoppingCenterMember2020-12-310001527541whlr:WinslowPlazaShoppingCenterMember2021-01-012021-09-300001527541whlr:WinslowPlazaShoppingCenterMember2021-09-300001527541whlr:WinslowPlazaShoppingCenterMember2020-12-310001527541whlr:JANAFBJsMember2021-01-012021-09-300001527541whlr:JANAFBJsMember2021-09-300001527541whlr:JANAFBJsMember2020-12-310001527541whlr:TuckermuckMember2021-01-012021-09-300001527541whlr:TuckermuckMember2021-09-300001527541whlr:TuckermuckMember2020-12-310001527541whlr:WilmingtonFinancingAgreementMemberus-gaap:LineOfCreditMember2021-01-012021-09-300001527541whlr:WilmingtonFinancingAgreementMemberus-gaap:LineOfCreditMember2021-09-300001527541whlr:WilmingtonFinancingAgreementMemberus-gaap:LineOfCreditMember2020-12-310001527541whlr:ChesapeakeSquareMember2021-01-012021-09-300001527541whlr:ChesapeakeSquareMember2021-09-300001527541whlr:ChesapeakeSquareMember2020-12-310001527541whlr:SagareeTriCountyAssociatesBerkleyMember2021-01-012021-09-300001527541whlr:SagareeTriCountyAssociatesBerkleyMember2021-09-300001527541whlr:SagareeTriCountyAssociatesBerkleyMember2020-12-310001527541whlr:RiverbridgeMember2021-01-012021-09-300001527541whlr:RiverbridgeMember2021-09-300001527541whlr:RiverbridgeMember2020-12-310001527541whlr:FranklinMember2021-01-012021-09-300001527541whlr:FranklinMember2021-09-300001527541whlr:FranklinMember2020-12-310001527541whlr:VillageatMartinsvilleMember2021-01-012021-09-300001527541whlr:VillageatMartinsvilleMember2021-09-300001527541whlr:VillageatMartinsvilleMember2020-12-310001527541whlr:LaburnumSquareMember2021-01-012021-09-300001527541whlr:LaburnumSquareMember2021-09-300001527541whlr:LaburnumSquareMember2020-12-310001527541whlr:RivergateMember2021-01-012021-09-300001527541whlr:RivergateMember2021-09-300001527541whlr:RivergateMember2020-12-310001527541whlr:SeniorSubordinatedConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-01-012021-09-300001527541whlr:SeniorSubordinatedConvertibleNotesMemberus-gaap:ConvertibleDebtMember2021-09-300001527541whlr:SeniorSubordinatedConvertibleNotesMemberus-gaap:ConvertibleDebtMember2020-12-310001527541whlr:ColumbiaFireStationMember2021-09-300001527541whlr:ColumbiaFireStationMember2020-12-310001527541whlr:PowerscourtFinancingAgreementMember2021-01-012021-09-300001527541whlr:PowerscourtFinancingAgreementMember2021-09-300001527541whlr:PowerscourtFinancingAgreementMember2020-12-310001527541us-gaap:ConvertibleDebtMember2021-09-300001527541us-gaap:ConvertibleDebtMember2020-12-310001527541whlr:A700SeniorSubordinatedConvertibleNotesDue2031Member2021-09-300001527541us-gaap:ConvertibleDebtMemberwhlr:A700SeniorSubordinatedConvertibleNotesDue2031Member2021-08-130001527541us-gaap:ConvertibleDebtMemberwhlr:BackstopPartiesMemberwhlr:A700SeniorSubordinatedConvertibleNotesDue2031Member2021-08-13whlr:paymentInstallment0001527541us-gaap:ConvertibleDebtMemberwhlr:A700SeniorSubordinatedConvertibleNotesDue2031Member2021-08-132021-08-130001527541us-gaap:ConvertibleDebtMemberwhlr:A700SeniorSubordinatedConvertibleNotesDue2031Member2021-07-012021-09-300001527541us-gaap:ConvertibleDebtMemberwhlr:A700SeniorSubordinatedConvertibleNotesDue2031Member2021-01-012021-09-300001527541whlr:PowerscourtFinancingAgreementMemberus-gaap:LineOfCreditMember2021-03-122021-03-120001527541whlr:PowerscourtFinancingAgreementMember2020-12-220001527541whlr:WilmingtonFinancingAgreementMemberus-gaap:LineOfCreditMember2021-03-120001527541srt:MinimumMemberwhlr:SeriesDCumulativeConvertiblePreferredStockMember2021-03-122021-03-120001527541whlr:WilmingtonFinancingAgreementMember2021-03-110001527541whlr:WilmingtonAgreementGroup1Memberwhlr:WilmingtonFinancingAgreementMember2021-03-110001527541whlr:WilmingtonAgreementGroup2Memberwhlr:WilmingtonFinancingAgreementMember2021-03-110001527541whlr:WilmingtonAgreementGroup3Memberwhlr:WilmingtonFinancingAgreementMember2021-03-110001527541whlr:ColumbiaFireStationMember2021-01-210001527541whlr:ColumbiaFireStationMember2021-01-212021-01-210001527541whlr:TuckermuckMember2021-02-020001527541whlr:TuckermuckMember2021-02-022021-02-020001527541whlr:SagareeTriCountyAssociatesBerkleyMember2021-03-252021-03-250001527541whlr:JANAFBravoMember2021-05-050001527541whlr:JANAFBravoMember2021-05-052021-05-050001527541whlr:RivergateMember2021-05-282021-05-280001527541us-gaap:PrimeRateMemberwhlr:RivergateMember2021-05-282021-05-280001527541whlr:RivergateMember2021-08-312021-08-310001527541whlr:RivergateMember2021-09-302021-09-300001527541us-gaap:UsTreasuryUstInterestRateMemberwhlr:RivergateMember2021-09-302021-09-300001527541whlr:FirstNationalBankLineOfCreditMember2021-09-220001527541whlr:FirstNationalBankLineOfCreditMember2021-09-222021-09-220001527541us-gaap:LondonInterbankOfferedRateLIBORMemberwhlr:FirstNationalBankLineOfCreditMemberus-gaap:LineOfCreditMember2021-09-222021-09-220001527541whlr:LumberriverMember2021-09-220001527541whlr:LumberriverMember2021-09-222021-09-220001527541us-gaap:LondonInterbankOfferedRateLIBORMemberwhlr:LumberriverMember2021-09-222021-09-220001527541us-gaap:MeasurementInputSharePriceMemberwhlr:WilmingtonFinancingAgreementMember2021-09-300001527541whlr:WilmingtonFinancingAgreementMember2021-09-300001527541us-gaap:MeasurementInputPriceVolatilityMemberwhlr:WilmingtonFinancingAgreementMember2021-09-300001527541us-gaap:MeasurementInputRiskFreeInterestRateMemberwhlr:WilmingtonFinancingAgreementMember2021-09-300001527541us-gaap:MeasurementInputExercisePriceMembersrt:MinimumMember2021-09-300001527541us-gaap:MeasurementInputExercisePriceMembersrt:MaximumMember2021-09-300001527541us-gaap:MeasurementInputSharePriceMember2021-09-300001527541us-gaap:MeasurementInputExpectedTermMember2021-09-300001527541us-gaap:MeasurementInputPriceVolatilityMembersrt:MinimumMember2021-09-300001527541us-gaap:MeasurementInputPriceVolatilityMembersrt:MaximumMember2021-09-300001527541us-gaap:MeasurementInputRiskFreeInterestRateMembersrt:MinimumMember2021-09-300001527541us-gaap:MeasurementInputRiskFreeInterestRateMembersrt:MaximumMember2021-09-300001527541us-gaap:MeasurementInputSharePriceMemberwhlr:A700SeniorSubordinatedConvertibleNotesDue2031Member2021-09-300001527541us-gaap:MeasurementInputExpectedDividendRateMemberwhlr:A700SeniorSubordinatedConvertibleNotesDue2031Member2021-09-300001527541us-gaap:MeasurementInputPriceVolatilityMemberwhlr:A700SeniorSubordinatedConvertibleNotesDue2031Member2021-09-300001527541us-gaap:MeasurementInputRiskFreeInterestRateMemberwhlr:A700SeniorSubordinatedConvertibleNotesDue2031Member2021-09-300001527541us-gaap:MeasurementInputExpectedTermMemberwhlr:A700SeniorSubordinatedConvertibleNotesDue2031Member2021-09-300001527541us-gaap:PreferredStockMemberus-gaap:PrivatePlacementMemberus-gaap:SeriesAPreferredStockMember2021-01-012021-09-300001527541us-gaap:RedeemablePreferredStockMember2021-09-300001527541whlr:SeriesBConvertiblePreferredStockMember2021-09-300001527541whlr:SeriesBConvertiblePreferredStockMember2020-12-310001527541whlr:SeriesBConvertiblePreferredStockMember2021-01-012021-09-300001527541whlr:SeriesDCumulativeConvertiblePreferredStockMember2021-09-300001527541whlr:SeriesDCumulativeConvertiblePreferredStockMember2020-12-310001527541whlr:SeriesDCumulativeConvertiblePreferredStockMember2021-01-012021-09-300001527541whlr:SeriesDCumulativeConvertiblePreferredStockMembersrt:MaximumMember2021-01-012021-09-30whlr:businessDay0001527541whlr:SeriesDCumulativeConvertiblePreferredStockMember2019-01-012019-01-01whlr:quarterwhlr:holder0001527541whlr:ModifiedDutchAuctionMemberwhlr:SeriesDCumulativeConvertiblePreferredStockMember2021-03-122021-03-120001527541whlr:ModifiedDutchAuctionMemberwhlr:SeriesDCumulativeConvertiblePreferredStockMember2021-03-120001527541whlr:ModifiedDutchAuctionMemberwhlr:SeriesDCumulativeConvertiblePreferredStockMember2021-05-152021-05-150001527541whlr:ModifiedDutchAuctionMemberwhlr:SeriesDCumulativeConvertiblePreferredStockMember2021-05-150001527541us-gaap:SeriesDPreferredStockMember2021-01-012021-03-310001527541us-gaap:SeriesDPreferredStockMember2021-03-310001527541us-gaap:SeriesDPreferredStockMember2021-04-012021-06-300001527541us-gaap:SeriesDPreferredStockMember2021-06-300001527541us-gaap:SeriesDPreferredStockMember2021-07-012021-09-300001527541us-gaap:SeriesDPreferredStockMember2019-12-310001527541us-gaap:SeriesDPreferredStockMember2020-01-012020-03-310001527541us-gaap:SeriesDPreferredStockMember2020-03-310001527541us-gaap:SeriesDPreferredStockMember2020-04-012020-06-300001527541us-gaap:SeriesDPreferredStockMember2020-06-300001527541us-gaap:SeriesDPreferredStockMember2020-07-012020-09-300001527541us-gaap:SeriesDPreferredStockMember2020-09-300001527541whlr:OperatingPartnershipCommonUnitsMember2021-01-012021-09-300001527541us-gaap:WarrantMember2021-01-012021-09-300001527541whlr:ConvertibleNotesMember2021-01-012021-09-300001527541us-gaap:SeriesAPreferredStockMember2021-07-012021-09-300001527541us-gaap:SeriesAPreferredStockMember2021-01-012021-09-300001527541us-gaap:SeriesAPreferredStockMember2020-07-012020-09-300001527541us-gaap:SeriesAPreferredStockMember2020-01-012020-09-300001527541us-gaap:SeriesDPreferredStockMember2020-01-012020-09-300001527541srt:MinimumMember2021-09-300001527541srt:MaximumMember2021-09-300001527541whlr:AmscotBuildingMember2021-07-012021-09-300001527541whlr:AmscotBuildingMember2020-07-012020-09-300001527541whlr:AmscotBuildingMember2021-01-012021-09-300001527541whlr:AmscotBuildingMember2020-01-012020-09-300001527541whlr:BeaverRuinVillageMember2021-07-012021-09-300001527541whlr:BeaverRuinVillageMember2020-07-012020-09-300001527541whlr:BeaverRuinVillageMember2021-01-012021-09-300001527541whlr:BeaverRuinVillageMember2020-01-012020-09-300001527541whlr:BeaverRuinVillageIIMember2021-07-012021-09-300001527541whlr:BeaverRuinVillageIIMember2020-07-012020-09-300001527541whlr:BeaverRuinVillageIIMember2021-01-012021-09-300001527541whlr:BeaverRuinVillageIIMember2020-01-012020-09-300001527541whlr:MoncksCornerMember2021-07-012021-09-300001527541whlr:MoncksCornerMember2020-07-012020-09-300001527541whlr:MoncksCornerMember2021-01-012021-09-300001527541whlr:MoncksCornerMember2020-01-012020-09-300001527541whlr:DevineStreetMember2021-07-012021-09-300001527541whlr:DevineStreetMember2020-07-012020-09-300001527541whlr:DevineStreetMember2021-01-012021-09-300001527541whlr:DevineStreetMember2020-01-012020-09-300001527541whlr:JANAFAcquisitionMember2021-07-012021-09-300001527541whlr:JANAFAcquisitionMember2020-07-012020-09-300001527541whlr:JANAFAcquisitionMember2021-01-012021-09-300001527541whlr:JANAFAcquisitionMember2020-01-012020-09-300001527541whlr:RiversedgeNorthMember2021-07-012021-09-300001527541whlr:RiversedgeNorthMember2020-07-012020-09-300001527541whlr:RiversedgeNorthMember2021-01-012021-09-300001527541whlr:RiversedgeNorthMember2020-01-012020-09-300001527541whlr:SoutheastMember2021-09-300001527541whlr:MidAtlanticMember2021-09-300001527541whlr:NortheastMember2021-09-3000015275412020-05-282020-05-280001527541whlr:JonWheelerVWheelerRealEstateInvestmentTrustIncMemberus-gaap:PendingLitigationMember2020-01-012020-12-310001527541whlr:JonWheelerVWheelerRealEstateInvestmentTrustIncMemberus-gaap:PendingLitigationMember2020-09-042020-09-040001527541whlr:JonWheelerVWheelerRealEstateInvestmentTrustIncMemberus-gaap:PendingLitigationMember2020-10-012020-10-310001527541whlr:AttorneysFeesMemberwhlr:JonWheelerVWheelerRealEstateInvestmentTrustIncMemberus-gaap:PendingLitigationMember2020-10-012020-10-310001527541whlr:JonWheelerVWheelerRealEstateInvestmentTrustIncMemberus-gaap:PendingLitigationMemberwhlr:PreJudgementInterestMember2020-10-012020-10-310001527541whlr:JonWheelerVWheelerRealEstateInvestmentTrustIncMemberus-gaap:PendingLitigationMember2021-07-282021-07-280001527541whlr:HarborPointeAssociatesLLCMembersrt:GuarantorSubsidiariesMemberwhlr:GroveEconomicDevelopmentAuthorityTaxIncrementRevenueNoteMemberwhlr:GroveEconomicDevelopmentAuthorityMemberus-gaap:NotesPayableOtherPayablesMember2011-09-010001527541whlr:HarborPointeAssociatesLLCMembersrt:GuarantorSubsidiariesMemberwhlr:GroveEconomicDevelopmentAuthorityTaxIncrementRevenueNoteMemberwhlr:GroveEconomicDevelopmentAuthorityMembersrt:MinimumMemberus-gaap:NotesPayableOtherPayablesMember2011-09-010001527541whlr:HarborPointeAssociatesLLCMembersrt:GuarantorSubsidiariesMemberwhlr:GroveEconomicDevelopmentAuthorityTaxIncrementRevenueNoteMemberwhlr:GroveEconomicDevelopmentAuthorityMembersrt:MaximumMemberus-gaap:NotesPayableOtherPayablesMember2011-09-010001527541whlr:HarborPointeAssociatesLLCMembersrt:GuarantorSubsidiariesMemberwhlr:GroveEconomicDevelopmentAuthorityTaxIncrementRevenueNoteMemberwhlr:GroveEconomicDevelopmentAuthorityMemberus-gaap:NotesPayableOtherPayablesMember2021-07-012021-09-300001527541whlr:HarborPointeAssociatesLLCMembersrt:GuarantorSubsidiariesMemberwhlr:GroveEconomicDevelopmentAuthorityTaxIncrementRevenueNoteMemberwhlr:GroveEconomicDevelopmentAuthorityMemberus-gaap:NotesPayableOtherPayablesMember2021-01-012021-09-300001527541whlr:HarborPointeAssociatesLLCMembersrt:GuarantorSubsidiariesMemberwhlr:GroveEconomicDevelopmentAuthorityTaxIncrementRevenueNoteMemberwhlr:GroveEconomicDevelopmentAuthorityMemberus-gaap:NotesPayableOtherPayablesMember2020-07-012020-09-300001527541whlr:HarborPointeAssociatesLLCMembersrt:GuarantorSubsidiariesMemberwhlr:GroveEconomicDevelopmentAuthorityTaxIncrementRevenueNoteMemberwhlr:GroveEconomicDevelopmentAuthorityMemberus-gaap:NotesPayableOtherPayablesMember2020-01-012020-09-300001527541whlr:HarborPointeAssociatesLLCMembersrt:GuarantorSubsidiariesMemberwhlr:GroveEconomicDevelopmentAuthorityTaxIncrementRevenueNoteMemberwhlr:GroveEconomicDevelopmentAuthorityMemberus-gaap:NotesPayableOtherPayablesMember2021-09-300001527541whlr:WheelerInterestsAndAffiliatesMember2021-01-012021-09-300001527541whlr:WheelerInterestsAndAffiliatesMember2020-01-012020-09-300001527541whlr:StilwellGroupMember2021-01-012021-09-300001527541whlr:StilwellGroupMember2020-01-012020-09-300001527541us-gaap:SubsequentEventMemberus-gaap:ConvertibleDebtMemberwhlr:A700SeniorSubordinatedConvertibleNotesDue2031Member2021-10-12
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 September 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
7.00% Senior Subordinated Convertible Notes due 2031WHLRL
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.
1

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 November 8, 2021, there were 9,733,787 common shares, $0.01 par value per share, outstanding.
2

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.
3

Table of Contents
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except par value and share data)
September 30, 2021December 31, 2020
 (unaudited) 
ASSETS:
Investment properties, net$387,567 $392,664 
Cash and cash equivalents36,234 7,660 
Restricted cash35,666 35,108 
Rents and other tenant receivables, net8,348 9,153 
Assets held for sale6,022 13,072 
Above market lease intangibles, net2,679 3,547 
Operating lease right-of-use assets12,528 12,745 
Deferred costs and other assets, net13,434 15,430 
Total Assets$502,478 $489,379 
LIABILITIES:
Loans payable, net$362,144 $334,266 
Liabilities associated with assets held for sale963 13,124 
Below market lease intangibles, net3,667 4,554 
Derivative liabilities7,702 594 
Operating lease liabilities13,081 13,200 
Accounts payable, accrued expenses and other liabilities14,862 11,229 
Total Liabilities402,419 376,967 
Series D Cumulative Convertible Preferred Stock (no par value, 6,000,000 and 4,000,000 shares authorized, respectively, 3,038,683 and 3,529,293 shares issued and outstanding, respectively; $100.09 million and $109.13 million aggregate liquidation value, respectively)
88,772 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, 1,872,448 and 1,875,748 shares issued and outstanding, respectively; $46.81 million and $46.90 million aggregate liquidation preference, respectively)
41,167 41,174 
Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,713,787 and 9,703,874 shares issued and outstanding, respectively)
97 97 
Additional paid-in capital234,199 234,061 
Accumulated deficit(266,566)(260,867)
Total Stockholders’ Equity9,350 14,918 
Noncontrolling interests1,937 1,931 
Total Equity11,287 16,849 
Total Liabilities and Equity$502,478 $489,379 
See accompanying notes to condensed consolidated financial statements.

4

Table of Contents
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
September 30,
Nine Months Ended
September 30,
 2021202020212020
REVENUE:
Rental revenues$15,000 $14,756 $44,946 $44,920 
Other revenues508 208 780 787 
Total Revenue15,508 14,964 45,726 45,707 
OPERATING EXPENSES:
Property operations5,029 4,820 14,573 14,116 
Depreciation and amortization3,678 4,215 11,033 13,460 
Impairment of assets held for sale  2,200 600 
Corporate general & administrative1,756 1,080 4,945 4,567 
Total Operating Expenses10,463 10,115 32,751 32,743 
Gain (loss) on disposal of properties1,967  2,143 (26)
Operating Income7,012 4,849 15,118 12,938 
Interest income9  9 1 
Interest expense(5,637)(4,114)(19,813)(12,787)
Net changes in fair value of derivative liabilities1,884  303  
Other income  552  
Other expense(185)(15)(185)(1,039)
Net Income (Loss) Before Income Taxes3,083 720 (4,016)(887)
Income tax expense  (2)(2)
Net Income (Loss)3,083 720 (4,018)(889)
Less: Net income attributable to noncontrolling interests57 13 72 18 
Net Income (Loss) Attributable to Wheeler REIT3,026 707 (4,090)(907)
Preferred Stock dividends - undeclared(3,260)(3,608)(9,852)(10,922)
Deemed contribution related to preferred stock redemption 726 5,040 726 
Net Loss Attributable to Wheeler REIT Common Stockholders$(234)$(2,175)$(8,902)$(11,103)
Loss per share:
Basic and Diluted$(0.02)$(0.22)$(0.92)$(1.14)
Weighted-average number of shares:
Basic and Diluted9,713,125 9,699,461 9,708,588 9,696,554 
See accompanying notes to condensed consolidated financial statements.
5

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, 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 units to 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 units to 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 
Accretion of Series B Preferred
  Stock discount
— — — 21 — — — — 21 — — 21 
Conversion of operating
  partnership units to Common
  Stock
— — — — 801 — 3 — 3 (801)(3) 
Conversion of Series B Preferred
  Stock to Common Stock
— — (3,300)(72)2,572 — 72 — — — —  
Adjustment for noncontrolling
  interest in operating partnership
— — — — — — 5 — 5 — (5) 
Dividends and distributions— — — — — — — (2,187)(2,187)— — (2,187)
Net Income— — — — — — — 3,026 3,026 — 57 3,083 
Balance,
September 30, 2021 (Unaudited)
562 $453 1,872,448 $41,167 9,713,787 $97 $234,199 $(266,566)$9,350 217,088 $1,937 $11,287 


6

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 
Accretion of Series B Preferred
  Stock discount
— — — 21 — — — — 21 — — 21 
Conversion of operating
  partnerships units to
  Common Stock
— — — — 3,562  6 — 6 (3,562)(6)— 
Adjustments for
  noncontrolling interest in
  operating partnership
— — — — — — 26 — 26 — (26)— 
Dividends and distributions— — — — — — — (2,540)(2,540)— — (2,540)
Deemed contribution related to
  preferred stock redemption
— — — — — — — 726 726 — — 726 
Net Income— — — — — — — 707 707 — 13 720 
Balance,
September 30, 2020 (Unaudited)
562 $453 1,875,748 $41,152 9,699,461 $97 $233,916 $(259,479)$16,139 228,842 $2,052 $18,191 

See accompanying notes to condensed consolidated financial statements.
7

Table of Contents
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
 Nine Months
Ended September 30,
 20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss$(4,018)$(889)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Depreciation8,193 8,589 
Amortization2,840 4,871 
Loan cost amortization5,200 796 
Changes in fair value of derivative liabilities(303) 
Above (below) market lease amortization, net28 (443)
Straight-line expense26 138 
(Gain) loss on disposal of properties(2,143)26 
Credit losses on operating lease receivables168 1,042 
Impairment of assets held for sale2,200 600 
Net changes in assets and liabilities:
Rents and other tenant receivables, net1,829 (1,738)
Unbilled rent(1,061)(758)
Deferred costs and other assets, net(904)(903)
Accounts payable, accrued expenses and other liabilities2,458 2,646 
Net cash provided by operating activities14,513 13,977 
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures(3,791)(1,649)
Cash received from disposal of properties7,610 1,665 
Net cash provided by investing activities3,819 16 
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs(6,026)(340)
Loan proceeds94,650 13,350 
Loan principal payments(68,801)(23,843)
Paycheck Protection Program proceeds 552 
Preferred stock redemption(8,336)(1,106)
Loan prepayment penalty(687) 
Net cash provided by (used in) financing activities10,800 (11,387)
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH29,132 2,606 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period42,768 21,591 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period$71,900 $24,197 
Supplemental Disclosures:
Non-Cash Transactions:
Paycheck Protection Program forgiveness$552 $ 
Initial fair value of warrants$2,018 $ 
Initial fair value of derivative liability at issuance of convertible notes$5,393 $ 
Conversion of common units to common stock$30 $8 
Conversion of Series B Preferred Stock to common stock$72 $ 
Accretion of Preferred Stock discounts$454 $509 
Deemed contribution related to Preferred Stock discount$5,040 $726 
Other Cash Transactions:
Cash paid for interest$14,305 $11,885 
The following table provides a reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$36,234 $6,957 
Restricted cash35,666 17,240 
Cash, cash equivalents, and restricted cash$71,900 $24,197 
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 September 30, 2021, the Trust, through the Operating Partnership, owned and operated fifty-nine centers and four 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 September 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 September 30, 2021 and December 31, 2020, the Company’s allowance for uncollectible tenant receivables totaled $597 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.

Derivative Financial Instruments

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants and convertible notes, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statement of operations. The assumptions used in these fair value estimates are based on the three-level valuation hierarchy for fair value measurement and represent Level 3 inputs. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

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 September 30, 2021 and December 31, 2020, there were $5.62 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 nine months ended September 30, 2021 and 2020 (in thousands, unaudited):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Minimum rent$11,487 $11,515 $34,149 $35,179 
Tenant reimbursements - variable lease revenue3,178 3,274 9,604 9,703 
Percentage rent - variable lease revenue177 85 463 242 
Straight-line rents290 339 898 838 
Lease termination fees10 100 139 174 
Other498 108 641 613 
     Total15,640 15,421 45,894 46,749 
Credit losses on operating lease receivables(132)(457)(168)(1,042)
     Total$15,508 $14,964 $45,726 $45,707 

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
    
10

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)
A detail for the "corporate general & administrative" line item from the condensed consolidated statements of operations is presented below (in thousands, unaudited):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2021202020212020
Professional fees$717 $241 $