Exhibit 99.2
SUPPLEMENTAL
FINANCIAL
INFORMATION
YEAR ENDED DECEMBER 31, 2021

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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: the ongoing adverse effect of the COVID-19 pandemic, and federal, state, and/or local regulatory guidelines and private business actions to control it, on the financial condition, operating results and cash flows of Wheeler Real Estate Investment Trust, Inc. (the "Company" or "WHLR"), the Company’s tenants and their customers, the use of and demand for retail space, the real estate market in which the Company operates, the U.S. economy, the global economy and the financial markets; general and economic business conditions, including those affecting the ability of individuals to spend in retail shopping centers and/or the rate and other terms on which we are able to lease our properties; tenant bankruptcies; availability, terms and deployment of capital; general volatility of the capital markets and the market price of our common and preferred stock; the degree and nature of our competition; changes in governmental regulations, accounting rules, tax rates and similar matters; adverse economic or real estate developments in our markets of Virginia, Florida, Georgia, Alabama, South Carolina, North Carolina, Oklahoma, Kentucky, Tennessee, West Virginia, New Jersey and Pennsylvania; litigation risks; lease-up risks; increases in the Company’s financing and other costs as a result of changes in interest rates and other factors, including the expected discontinuation of the London Interbank Offered Rate (“LIBOR”); changes in our ability to obtain and maintain financing; damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; information technology security breaches; the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; the ability of our operating partnership, Wheeler REIT, L.P., and each of our other partnerships and limited liability companies to be classified as partnerships or disregarded entities for federal income tax purposes; the impact of e-commerce on our tenants’ business; and inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws. When used in this presentation, the words "continue," "may," "approximately," "potentially," or similar expressions, are intended to identify forward-looking statements.
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Currently, one of the Company's most significant risk factors is the coronavirus pandemic, or COVID-19. The extent to which COVID-19 continues to impact the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Statements regarding the impact and severity of COVID-19 may be forward-looking.

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.

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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, Series D cumulative convertible preferred stock, and 7% Senior Subordinated Convertible Notes due 2031, trade publicly on NASDAQ under the symbols “WHLR”, “WHLRP”, "WHLRD", and "WHLRL", 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
M. Andrew Franklin - CEO and President
Crystal Plum - CFO
Board of Directors
Stefani D. Carter (Chair)
Michelle D. Bergman
Saverio M. Flemma
Paula J. Poskon
E. J. Borrack
Joseph D. Stilwell
Kerry G. Campbell
Investor Relations Representative
Mary Jensen - IRRealized, LLC mjensen@whlr.us
Office: (757) 627-9088 Cell: (310) 526-1707
Stock Transfer Agent and Registrar
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
www.computershare.com
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Financial and Portfolio Overview
For the Three Months Ended December 31, 2021
Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s)$(7,540)
Net loss per basic and diluted shares$(0.78)
Funds from operations available to common stockholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)
$(3,422)
FFO per common share and OP unit$(0.34)
Adjusted FFO (AFFO) (in 000s) (1)
$1,888 
AFFO per common share and OP unit$0.19 
Assets and Leverage
Investment Properties, net of $67.6 million accumulated depreciation (in 000s)$386,730 
Cash and Cash Equivalents (in 000s)$22,898 
Total Assets (in 000s)$465,281 
Debt to Total Assets(3)
74.42 %
Debt to Gross Asset Value60.58 %
Market Capitalization
Common shares outstanding9,720,532 
OP units outstanding215,343 
Total common shares and OP units9,935,875 
Shares Outstanding at December 31, 2021
Fourth Quarter stock price range
Stock price as of December 31, 2021
Common Stock9,720,532 $1.74-$2.96$1.94 
Series B preferred shares1,872,448 $5.25-$10.85$6.73 
Series D preferred shares3,152,392 $12.56-$17.00$15.21 
Total debt (in 000s)(3)
346,262 
Common Stock market capitalization (as of December 31, 2021 closing stock price, in 000s)
18,858 
Portfolio Summary
Total Leasable Area (GLA) in sq. ft.5,478,855 
Occupancy Rate91.6 %
Leased Rate (2)
94.2 %
Annualized Base Rent (in 000s)$48,232 
Total number of leases signed or renewed during the fourth quarter of 202150 
Total sq. ft. leases signed or renewed during the fourth quarter of 2021317,641 

(1)    See page 22 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)    Reflects leases executed through January 5, 2022 that commence subsequent to the end of current period.
(3)    Includes debt associated with assets held for sale.

WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
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Financial and Operating Results
Today, WHLR reported its financial and operating results for the three and twelve months ended December 31, 2021. For the three months ended December 31, 2021 and 2020, WHLR's net loss attributable to WHLR's common stock, $0.01 par value per share ("Common Stock") stockholders was ($0.78) per share and ($0.14) per share, respectively. For the years ended December 31, 2021 and 2020, WHLR's net loss attributable to WHLR's Common Stock stockholders was ($1.36) per share and ($0.96) per share, respectively.

2021 FOURTH QUARTER HIGHLIGHTS
(all comparisons to the same prior year period unless otherwise noted)
LEASING
•The Company's real estate portfolio was 94.2% leased as of December 31, 2021, a 530 basis point increase from 88.9% December 31, 2020.
•The Company's real estate portfolio was 91.6% occupied as of December 31, 2021, a 450 basis point increase from 87.1% at December 31, 2020.
•The Company invested $6.1 million in capital expenditures into the properties during the year ended December 31, 2021.
•Quarter-To-Date Leasing Activity
•Executed 36 lease renewals totaling 199,093 square feet at a weighted-average increase of $0.67 per square foot, representing an increase of 6.13% over in-place rental rates.
•Signed 14 new leases totaling 118,548 square feet with a weighted-average rental rate of $7.08 per square foot.
•The Company’s gross leasable area ("GLA"), which is subject to leases that expire over the next twelve months and includes month-to-month leases, decreased to approximately 6.16% at December 31, 2021, compared to 6.97% at December 31, 2020. At December 31, 2021, 51.18% of this expiring GLA is subject to renewal options (a lease expiration schedule can be found on page 19 and provides additional details on the Company's leases).
•As of December 31, 2021, the Company signed leases representing $829 thousand of annualized base rent ("ABR"). Rent will commence on these leases over the next ten months.
OPERATIONS
•Total revenue increased by 1.88% or $288 thousand primarily due to changes described below in the same store section, partially offset by the decrease from sold properties of $259 thousand.
•Total operating expenses increased by 12.58% or $1.2 million primarily a result of an increase in corporate general and administrative ("CG&A") expense, impairment expense, higher property operating expenses, partially offset by a decrease in depreciation and amortization. The increase in CG&A expense is primarily due to $703 thousand increase in professional fees associated with property and corporate legal fees along with costs associated with a Special Meeting of Common Stockholders and $151 thousand increase in corporate administration primarily related to office rent expense for the Company's corporate headquarters that had a sale leaseback in December 2020.
FINANCIAL
•Funds from operations ("FFO") of ($3.4) million, or ($0.34) 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 $2.6 million, or $0.26 per share.
•Adjusted Funds from Operations ("AFFO") of $0.19 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P., as compared to $0.24 per share.
SAME STORE
•Same store Net Operating Income ("NOI") increased by 1.91% and by 2.63% on a cash basis. Same store results were impacted by a 3.70% increase in revenue due to higher occupancy including three new anchor spaces. Additionally, same store property expenses increased by 7.67% primarily driven by increases in management fee allocation, grounds and landscaping and real estate taxes.
CAPITAL MARKETS
WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
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•On October 12, 2021, the Backstop Parties and their assignee elected to exercise their “accordion right” in full and purchased from the Company an additional $3.0 million in aggregate principal amount of the Company’s 7.00% senior subordinated convertible notes due 2031 (the “Convertible Notes”).
•On November 3, 2021, common stockholders of the Company voted to amend the Company’s charter ("Charter") to remove the cumulative dividend rights of the Series A Preferred and Series B Preferred.
•The principal balance of $35.0 million on the $35.0 million, 8.00% financing agreement with Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent (the “Wilmington Financing Agreement”) was paid in full on December 21, 2021. The Wilmington Warrant Agreement and the Wilmington Registration Rights Agreement remain.
•Interest related to the Convertible Notes was $886 thousand during the year ended December 31, 2021 and paid with 113,709 shares of Series D Cumulative Convertible Preferred Stock, which when adjusted for the VWAP discount represents interest expense or paid-in-kind interest of $1.6 million.
•Recognized a non-operating gain of $3.5 million due to the change in fair market value of the derivative liabilities.
•Recognized $100 thousand in impairment expense on Walnut Hill Plaza, which is held for sale.
•At December 31 2021, assets held for sale, total $2.0 million, and include Walnut Hill Plaza.
DISPOSITIONS
•On November 17, 2021, the Company sold Columbia Fire House for $4.3 million, generating a loss of $88 thousand and net proceeds of $3.9 million.

2021 YEAR-TO-DATE HIGHLIGHTS
LEASING
•Year-To-Date Leasing Activity
•Executed 138 lease renewals totaling 619,160 square feet at a weighted-average increase of $0.32 per square foot, representing an increase of 3.05% over in-place rental rates.
•Signed 76 new leases totaling 436,170 square feet with a weighted-average rental rate of $8.30 per square foot, including 6 anchors representing 209,560 square feet.
OPERATIONS
•Total revenue increased by 0.50% or $307 thousand.
•Total operating expenses increased by 2.93% or $1.2 million primarily a result of increases in impairment on assets held for sale and CG&A expense, partially offset by a decrease in depreciation and amortization.
FINANCIAL
•Net loss attributable to WHLR's Common Stock stockholders of $13.2 million, or ($1.36) per share.
•FFO of ($2.5) million, or $(0.25) per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P., as compared to FFO of $8.7 million, or $0.87 per share.
•AFFO of $0.68 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P., as compared to $0.87.
SAME STORE
•Same store NOI remained relatively consistent and increased by 1.05% on a cash basis. Same store results were impacted by a 1.58% increase in revenue due to a decrease in provision for credit losses a result of the Company's proactive tenant outreach during the pandemic and collection initiatives returning collections to pre-pandemic levels and increase in rental revenue a result of increased occupancy. These positive impacts were partially offset by a decrease in above (below) market lease amortization related to leases becoming fully amortized. Additionally, same store property expenses increased by 5.18% primarily driven by increases in management fee allocation, grounds and landscaping, real estate taxes and utilities, partially offset by a decrease in insurance expense.
CAPITAL MARKETS
•The Company paid in full the $25.0 million, 13.50% Powerscourt Financing Agreement with proceeds from 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
WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
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Company’s Common Stock at various exercise prices. This is recognized as a warrant liability with an initial fair value of $2.0 million.
•On July 22, 2021, the Company commenced the rights offering (the “Rights Offering”) for the purchase of up to $30.0 million in aggregate principal amount of the Company’s Convertible Notes. On August 13, 2021, the Rights Offering expired. Pursuant to the Rights Offering, the Company distributed to holders of its common stock, as of 5:00 p.m. New York City time on June 1, 2021 (the “Record Date”), non-transferable subscription rights to purchase Convertible Notes. Each holder of the Company’s common stock as of the Record Date received one right for each eight shares of the Company’s common stock owned, and each right entitled a holder to purchase $25.00 principal amount of Convertible Notes. The Rights Offering was made pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission. The aggregate principal amount of Convertible Notes issued in the Rights Offering was $30.0 million, increasing to $33.0 million through the Backstop Parties’ and their assignee’s exercise of their “accordion right”.
•The Wilmington Financing Agreement's principal balance of $35.0 million was paid in full on December 21, 2021. The Wilmington Warrant Agreement and the Wilmington Registration Rights Agreement remain.
•The Company identified certain embedded derivatives related to the conversion features of the Convertible Notes and the embedded derivative liabilities were assigned a value of $5.9 million.
•Loans payable decreased by $7.7 million and were impacted by:
•$25.0 million paydown of the Powerscourt Financing Agreement;
•$6.8 million paydown with the sales of Berkley Shopping Center and Rivergate Shopping Center Out Parcel;
•$3.8 million to one time principal payment and final payment on the Columbia Fire Station loan;
•$225 thousand paydown on the JANAF Bravo loan upon refinancing, new loan matures in 2024; and
•$6.1 million in monthly principal payments; partially offset by
•$33.0 million increase from the Convertible Notes;
•$1.4 million funds from Rivergate loan refinancing, new loan matures in 2031.
•Interest expense was $33.03 million and $17.09 million for the years ended December 31, 2021 and 2020, representing an increase of 93.23%. Loan amortization costs accounted for $11.6 million of the increase, primarily attributable to the write-off of debt issuance costs related to the Powerscourt Financing Agreement and Wilmington Financing Agreement. Interest expense on the Convertible Notes accounted for $1.6 million, which includes the adjustment to fair value with the remaining increase of $2.7 million a result of the Powerscourt and Wilmington Financing Agreements and defeasance resulting from the sale of Berkley Shopping Center.
•Recognized $2.3 million in impairment expense related to Columbia Fire Station and Walnut Hill Plaza.
OTHER
•The Company recognized non-operating other income of $552 thousand in Paycheck Protection Program Promissory Note forgiveness.
•Effective July 5, 2021, Daniel Khoshaba resigned as the President and Chief Executive Officer of the Company and as a member of the Board of Directors and as a member of the Executive Committee of our Board of Directors. Upon Mr. Khoshaba’s cessation of employment with the Company, all of his rights under that certain Stock Appreciation Rights Agreement, dated August 4, 2020, by and between Mr. Khoshaba and the Company (the “SAR Agreement”), were forfeited for no consideration.
•The Company recognized non-operating expenses of $185 thousand due to legal settlement costs.

BALANCE SHEET
•Cash and cash equivalents totaled $22.9 million, compared to $7.7 million at December 31, 2020.
•Restricted cash totaled $17.5 million, compared to $35.1 million at December 31, 2020. The funds at December 31, 2021 are held in lender reserves primarily for the purpose of tenant improvements, lease commissions, real estate taxes and insurance expenses.
•Debt totaled $346.3 million (including debt associated with assets held for sale), compared to $353.9 million at December 31, 2020.
•WHLR's weighted-average interest rate on property level debt was 4.68% with a term of 3.50 years (including debt associated with assets held for sale), compared to 4.69% with a term of 3.66 years at December 31,
WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
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2020. WHLR's weighted-average interest rate on all debt was 4.90% with a term of 4.13 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 $386.7 million compared to $392.7 million as of December 31, 2020.

DIVIDENDS
•On November 3, 2021, common stockholders of the Company voted to amend the Company’s Charter to remove the cumulative dividend rights of the Series A Preferred and Series B Preferred.
•The total cumulative dividends in arrears for Series D Preferred (per share $8.30) as of December 31, 2021 is $26.2 million, of which $8.2 million is attributable to the year ended December 31, 2021.

TENDER OFFER
•The Company through “modified Dutch auction” tender offers on the Series D Preferred accepted for purchase 387,097 shares at a purchase price of $15.50 per share, for an aggregate cost of $6.0 million on March 12, 2021 and 103,513 shares of Series D Preferred at a purchase price of $18.00 per share, for an aggregate cost of $1.86 million on May 15, 2021, both excluding fees and expenses.

SUBSEQUENT EVENTS
•On January 11, 2022, the Company sold Walnut Hill Plaza for a contract price of $2.0 million, resulting in a paydown of $1.8 million on the Walnut Hill Plaza Loan. On February 17, 2022, the Company paid the remaining loan balance of $1.3 million in full.

DISPOSITIONS
•The Company sold Berkley Shopping Center, Berkley Land Parcel, Tulls Creek Land Parcel, Rivergate Shopping Center Out Parcel and Columbia Fire Station for $12.4 million, generating a gain of $2.1 million and net proceeds of $11.5 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 12/31/2021 unless otherwise stated
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Consolidated Balance Sheets
$ in 000s, except par value and share data
 December 31,
 20212020
ASSETS:
Investment properties, net$386,730 $392,664 
Cash and cash equivalents22,898 7,660 
Restricted cash17,521 35,108 
Rents and other tenant receivables, net9,233 9,153 
Assets held for sale2,047 13,072 
Above market lease intangibles, net2,424 3,547 
Operating lease right-of-use assets12,455 12,745 
Deferred costs and other assets, net11,973 15,430 
Total Assets$465,281 $489,379 
LIABILITIES:
Loans payable, net$333,283 $334,266 
Liabilities associated with assets held for sale3,381 13,124 
Below market lease intangibles, net3,397 4,554 
Derivative liabilities4,776 594 
Operating lease liabilities13,040 13,200 
Accounts payable, accrued expenses and other liabilities11,054 11,229 
Total Liabilities368,931 376,967 
Series D Cumulative Convertible Preferred Stock (no par value, 6,000,000 and 4,000,000 shares authorized, respectively, 3,152,392 and 3,529,293 shares issued and outstanding, respectively; $104.97 million and $109.13 million aggregate liquidation value, respectively)92,548 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)41,189 41,174 
Common Stock ($0.01 par value, 200,000,000 and 18,750,000 shares authorized, respectively, 9,720,532 and 9,703,874 shares issued and outstanding, respectively)97 97 
Additional paid-in capital234,229 234,061 
Accumulated deficit(274,107)(260,867)
Total Stockholders’ Equity1,861 14,918 
Noncontrolling interests1,941 1,931 
Total Equity3,802 16,849 
Total Liabilities and Equity$465,281 $489,379 




WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
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Consolidated Statements of Operations
$ in 000s, except share and per share data
 Three Months Ended December 31,Years Ended December 31,
 2021202020212020
REVENUE:
Rental revenues$15,422 $15,119 $60,368 $60,039 
Other revenues162 177 942 964 
Total Revenue15,584 15,296 61,310 61,003 
OPERATING EXPENSES:
Property operations5,045 4,770 19,618 18,886 
Depreciation and amortization3,764 3,831 14,797 17,291 
Impairment of assets held for sale100 — 2,300 600 
Corporate general & administrative2,195 1,262 7,140 5,831 
Total Operating Expenses11,104 9,863 43,855 42,608 
(Loss) gain on disposal of properties(88)49 2,055 23 
Operating Income4,392 5,482 19,510 18,418 
Interest income25 — 34 1 
Interest expense(13,215)(4,306)(33,028)(17,093)
Net changes in fair value of derivative liabilities3,465 — 3,768 — 
Other income— — 552 — 
Other expense— — (185)(1,039)
Net (Loss) Income Before Income Taxes(5,333)1,176 (9,349)287 
Income tax expense— — (2)— 
Net (Loss) Income(5,333)1,176 (9,351)287 
Less: Net income attributable to noncontrolling interests20 24 92 42 
Net (Loss) Income Attributable to Wheeler REIT(5,353)1,152 (9,443)245 
Preferred Stock dividends - undeclared(2,187)(2,538)(8,837)(10,258)
Deemed contribution related to preferred stock redemption— — 5,040 726 
Net Loss Attributable to Wheeler REIT Common Stockholders$(7,540)$(1,386)$(13,240)$(9,287)
Loss per share:
Basic and Diluted$(0.78)$(0.14)$(1.36)$(0.96)
Weighted-average number of shares:
Basic and Diluted9,719,239 9,703,397 9,711,944 9,698,274 





WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
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Reconciliation of Non-GAAP Measures
FFO and AFFO (1)
$ in 000s, except share, unit and per share data
Three Months Ended
December 31,
Years Ended
December 31,
2021202020212020
Net (Loss) Income$(5,333)$1,176 $(9,351)$287 
Depreciation and amortization of real estate assets3,764 3,831 14,797 17,291 
Impairment of assets held for sale100 — 2,300 600 
Loss (gain) on disposal of properties88 (49)(2,055)(23)
FFO(1,381)4,958 5,691 18,155 
Preferred stock dividends - undeclared (3)
(2,187)(2,538)(8,837)(10,258)
Preferred stock redemption— — 70 96 
Preferred stock accretion adjustments146 168 600 677 
FFO available to common stockholders and common unitholders(3,422)2,588 (2,476)8,670 
Capital related costs95 105 438 291 
Other non-recurring and non-cash expenses (2)
(13)(5)352 1,085 
Net changes in fair value of derivative liabilities(3,465)— (3,768)— 
Share based compensation14 — 14 — 
Straight-line rental revenue, net straight-line expense(155)(271)(1,026)(971)
Loan cost amortization7,510 301 12,710 1,097 
Paid-in-kind interest1,610 — 1,610 — 
Above (below) market lease amortization(15)(18)13 (461)
Recurring capital expenditures and tenant improvement reserves(271)(277)(1,096)(1,112)
AFFO$1,888 $2,423 $6,771 $8,599 
Weighted Average Common Shares9,719,239 9,703,397 9,711,944 9,698,274 
Weighted Average Common Units216,636 224,906 219,636 230,029 
Total Common Shares and Units9,935,875 9,928,303 9,931,580 9,928,303 
FFO per Common Share and Common Units$(0.34)$0.26 $(0.25)$0.87 
AFFO per Common Share and Common Units$0.19 $0.24 $0.68 $0.87 

(1)    See page 22 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 Annual Report on Form 10-K for the year ended December 31, 2021.
(3)    Restated the 2020 values as a result of the common stockholders of the Company vote to amend the Company’s Charter to remove the cumulative dividend rights of the Series A Preferred and Series B Preferred on November 3, 2021.







WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
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Reconciliation of Non-GAAP Measures (continued)
Property Net Operating Income (1)
$ in 000s
 Three Months Ended December 31,
 Same StoreNon-same StoreTotal
 202120202021202020212020
Net (Loss) Income$(5,242)$1,122 $(91)$54 $(5,333)$1,176 
Adjustments:
Net changes in fair value of derivative liabilities(3,465)— — — (3,465)— 
Interest expense13,215 4,173 — 133 13,215 4,306 
Interest income(25)— — — (25)— 
Loss (gain) on disposal of properties— — 88 (49)88 (49)
Corporate general & administrative2,183 1,215 12 47 2,195 1,262 
Impairment of assets held for sale100 — — — 100 — 
Depreciation and amortization3,764 3,831 — — 3,764 3,831 
Other non-property revenue(8)(16)— — (8)(16)
Property Net Operating Income$10,522 $10,325 $9 $185 $10,531 $10,510 
Property revenues$15,549 $14,994 $27 $286 $15,576 $15,280 
Property expenses5,027 4,669 18 101 5,045 4,770 
Property Net Operating Income$10,522 $10,325 $9 $185 $10,531 $10,510 

 Years Ended December 31,
 Same StoreNon-same StoreTotal
 202120202021202020212020
Net (Loss) Income$(8,201)$1,280 $(1,150)$(993)$(9,351)$287 
Adjustments:
Income tax expense2 — — — 2 — 
Other expense185 1,039 — — 185 1,039 
Other income(552)— — — (552)— 
Net changes in fair value of derivative liabilities(3,768)— — — (3,768)— 
Interest expense31,978 16,607 1,050 486 33,028 17,093 
Interest income(34)(1)— — (34)(1)
Gain on disposal of properties— — (2,055)(23)(2,055)(23)
Corporate general & administrative7,079 5,762 61 69 7,140 5,831 
Impairment of assets held for sale100 — 2,200 600 2,300 600 
Depreciation and amortization14,797 17,141 — 150 14,797 17,291 
Other non-property revenue(36)(272)— — (36)(272)
Property Net Operating Income$41,550 $41,556 $106 $289 $41,656 $41,845 
Property revenues$60,948 $59,999 $326 $732 $61,274 $60,731 
Property expenses19,398 18,443 220 443 19,618 18,886 
Property Net Operating Income$41,550 $41,556 $106 $289 $41,656 $41,845 
(1)    See page 23 for the Company's definition of this non-GAAP measurement and reasons for using it.
WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
13


Reconciliation of Non-GAAP Measures (continued)
EBITDA (4)
$ in 000s
Three Months Ended December 31,Years Ended December 31,
2021202020212020
Net (Loss) Income
$(5,333)$1,176 $(9,351)$287 
Add back:
Depreciation and amortization (1)
3,749 3,813 14,810 16,830 
Interest Expense (2)
13,215 4,306 33,028 17,092 
Income tax expense
— — 2 — 
EBITDA
11,631 9,295 38,489 34,209 
Adjustments for items affecting comparability:
Capital related costs
95 105 438 291 
Change in FMV of derivative liabilities(3,465)— (3,768)— 
Other non-recurring and non-cash expenses (3)
(8)(5)(361)1,085 
Impairment of assets held for sale
100 — 2,300 600 
Loss (gain) on disposal of properties
88 (49)(2,055)(23)
Adjusted EBITDA
$8,441 $9,346 $35,043 $36,162 
(1)    Includes above (below) market lease amortization.
(2)    Includes loan cost amortization.
(3)    Other non-recurring expenses are described in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K for the period ended December 31, 2021.
(4)    See page 22 for the Company's definition of this non-GAAP measurement and reasons for using it.

WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
14


Debt Summary
$ in 000s
Loans Payable:         $346.26 million
Weighted Average Interest Rate:     4.90%

Property/DescriptionMonthly PaymentInterest
Rate		Maturity
December 31, 2021
December 31, 2020
Litchfield Market Village$46,057 5.50 %November 2022$7,312 $7,418 
Twin City Commons$17,827 4.86 %January 20232,843 2,915 
Walnut Hill Plaza$26,850 5.50 %March 20233,145 3,287 
New Market$48,747 5.65 %June 20236,291 6,508 
Benefit Street Note (3)$53,185 5.71 %June 20236,914 7,145 
Deutsche Bank Note (2)$33,340 5.71 %July 20235,488 5,567 
JANAF$333,159 4.49 %July 202347,065 48,875 
First National Bank (6) (7)$24,656 
LIBOR + 350 basis points
August 2023789 1,045 
Lumber River (7)$10,723 
LIBOR + 350 basis points
September 20231,296 1,367 
Tampa Festival$50,797 5.56 %September 20237,753 7,920 
Forrest Gallery$50,973 5.40 %September 20238,060 8,226 
South Carolina Food Lions Note (5)$68,320 5.25 %January 202411,259 11,473 
JANAF Bravo$35,076 5.00 %May 20245,936 6,263 
Cypress Shopping Center$34,360 4.70 %July 20246,031 6,163 
Port Crossing$34,788 4.84 %August 20245,778 5,909 
Freeway Junction$41,798 4.60 %September 20247,431 7,582 
Harrodsburg Marketplace$19,112 4.55 %September 20243,267 3,343 
Bryan Station$23,489 4.52 %November 20244,226 4,312 
Crockett SquareInterest only4.47 %December 20246,338 6,338 
Pierpont Centre$39,435 4.15 %February 20257,861 8,001 
Shoppes at Myrtle Park$33,180 4.45 %February 20255,757 5,892 
Folly Road$41,482 4.65 %March 20257,063 7,223 
Alex City MarketplaceInterest only3.95 %April 20255,750 5,750 
Butler SquareInterest only3.90 %May 20255,640 5,640 
Brook Run Shopping CenterInterest only4.08 %June 202510,950 10,950 
Beaver Ruin Village I and IIInterest only4.73 %July 20259,400 9,400 
Sunshine Shopping PlazaInterest only4.57 %August 20255,900 5,900 
Barnett Portfolio (4)Interest only4.30 %September 20258,770 8,770 
Fort Howard Shopping CenterInterest only4.57 %October 20257,100 7,100 
Conyers CrossingInterest only4.67 %October 20255,960 5,960 
Grove Park Shopping CenterInterest only4.52 %October 20253,800 3,800 
Parkway PlazaInterest only4.57 %October 20253,500 3,500 
Winslow Plaza$24,295 4.82 %December 20254,483 4,553 
JANAF BJ's$29,964 4.95 %January 20264,725 4,844 
Tuckernuck$32,202 5.00 %March 20265,052 5,193 
Chesapeake Square$23,857 4.70 %August 20264,192 4,279 
Berkley/Sangaree/Tri-CountyInterest only4.78 %December 20266,176 9,400 
RiverbridgeInterest only4.48 %December 20264,000 4,000 
Franklin Village$45,336 4.93 %January 20278,277 8,404 
Village of Martinsville$89,664 4.28 %July 202915,589 15,979 
Laburnum SquareInterest only4.28 %September 20297,665 7,665 
Rivergate$100,222 4.25 %September 203118,430 21,164 
Convertible NotesInterest only7.00 %December 203133,000 — 
Columbia Fire StationInterest only14.00 %July 2021— 3,893 
Powerscourt Financing AgreementInterest only13.50 %March 2023— 25,000 
Total Principal Balance (1)
346,262 353,916 
Unamortized debt issuance cost (1)
(9,834)(6,812)
Total Loans Payable, including assets held for sale336,428 347,104 
Less loans payable on assets held for sale, net loan amortization costs3,145 12,838 
Total Loans Payable, net$333,283 $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 Surrey Plaza and Amscot Building.
(7) Certain loans bear interest at a variable interest rate equal to LIBOR or another index rate, subject to a floor, in each case plus or minus a specified margin.


WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
15

Debt Summary (continued)

Total Debt
$ in 000s
Scheduled principal repayments and maturities by yearAmount% Total Principal Payments and Maturities
December 31, 2022$13,567 3.92 %
December 31, 202389,288 25.79 %
December 31, 202450,490 14.58 %
December 31, 202592,016 26.57 %
December 31, 202623,531 6.80 %
Thereafter77,370 22.34 %
    Total principal repayments and debt maturities$346,262 100.00 %



debttablesa.jpg
WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
16

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 19 151,843 100.0 %100.0 %151,843 $1,201 $7.91 
Amscot Building Tampa, FL 1 2,500 100.0 %100.0 %2,500 83 33.00 
Beaver Ruin Village Lilburn, GA 30 74,038 96.8 %96.8 %71,648 1,250 17.44 
Beaver Ruin Village II Lilburn, GA 4 34,925 100.0 %100.0 %34,925 460 13.16 
Brook Run Shopping Center Richmond, VA 19 147,738 87.8 %48.2 %71,237 877 12.32 
Brook Run Properties (3) Richmond, VA — — — %— %— — — 
Bryan Station Lexington, KY 10 54,277 100.0 %100.0 %54,277 597 11.00 
Butler Square Mauldin, SC16 82,400 98.2 %98.2 %80,950 855 10.57 
Cardinal Plaza Henderson, NC 9 50,000 100.0 %100.0 %50,000 502 10.03 
Chesapeake Square Onley, VA 14 108,982 99.1 %99.1 %108,016 823 7.62 
Clover Plaza Clover, SC 10 45,575 100.0 %100.0 %45,575 378 8.30 
Courtland Commons (3) Courtland, VA — — — %— %— — — 
Conyers Crossing Conyers, GA 14 170,475 100.0 %100.0 %170,475 940 5.51 
Crockett Square Morristown, TN 4 107,122 100.0 %100.0 %107,122 970 9.06 
Cypress Shopping Center Boiling Springs, SC 17 80,435 41.2 %41.2 %33,175 452 13.62 
Darien Shopping Center Darien, GA 1 26,001 100.0 %100.0 %26,001 140 5.38 
Devine Street Columbia, SC 1 38,464 89.1 %89.1 %34,264 180 5.25 
Edenton Commons (3) Edenton, NC — — — %— %— — — 
Folly Road Charleston, SC 5 47,794 100.0 %100.0 %47,794 731 15.30 
Forrest Gallery Tullahoma, TN 27 214,451 91.1 %80.8 %173,289 1,285 7.42 
Fort Howard Shopping Center Rincon, GA 19 113,652 95.1 %95.1 %108,120 1,046 9.68 
Freeway Junction Stockbridge, GA 17 156,834 97.1 %97.1 %152,249 1,304 8.56 
Franklin Village Kittanning, PA 25 151,821 100.0 %98.7 %149,821 1,274 8.50 
Franklinton Square Franklinton, NC 15 65,366 100.0 %100.0 %65,366 591 9.05 
Georgetown Georgetown, SC 2 29,572 100.0 %100.0 %29,572 267 9.04 
Grove Park Shopping Center Orangeburg, SC 15 93,265 100.0 %100.0 %93,265 745 7.99 
Harbor Point (3) Grove, OK — — — %— %— — — 
Harrodsburg Marketplace Harrodsburg, KY 8 60,048 91.0 %91.0 %54,648 451 8.25 
JANAF (4) Norfolk, VA 118 798,086 95.3 %93.1 %743,314 8,715 11.73 
Laburnum Square Richmond, VA 19 109,405 95.3 %95.3 %104,305 950 9.11 
Ladson Crossing Ladson, SC 16 52,607 100.0 %100.0 %52,607 535 10.17 
LaGrange Marketplace LaGrange, GA 13 76,594 96.9 %96.9 %74,194 433 5.84 
Lake Greenwood Crossing Greenwood, SC 8 43,618 100.0 %100.0 %43,618 362 8.30 
Lake Murray Lexington, SC 5 39,218 100.0 %100.0 %39,218 255 6.50 
Litchfield Market Village Pawleys Island, SC 21 86,740 90.8 %90.8 %78,797 960 12.19 
Lumber River Village Lumberton, NC 11 66,781 98.2 %98.2 %65,581 452 6.89 
Moncks Corner Moncks Corner, SC 1 26,800 100.0 %100.0 %26,800 323 12.07 
Nashville Commons Nashville, NC 11 56,100 92.0 %92.0 %51,600 584 11.32 
New Market Crossing Mt. Airy, NC 11 117,076 90.3 %90.3 %105,738 951 8.99 
Parkway Plaza Brunswick, GA 4 52,365 81.7 %81.7 %42,785 353 8.25 
Pierpont Centre Morgantown, WV 17 111,162 97.2 %97.2 %108,001 996 9.22 
Port Crossing Harrisonburg, VA 7 65,365 100.0 %100.0 %65,365 847 12.96 
Ridgeland Ridgeland, SC 1 20,029 100.0 %100.0 %20,029 140 7.00 
Riverbridge Shopping Center Carrollton, GA 10 91,188 94.7 %94.7 %86,388 692 8.01 
Rivergate Shopping Center Macon, GA 24 193,960 87.0 %87.0 %168,816 2,450 14.51 
Sangaree Plaza Summerville, SC 10 66,948 100.0 %100.0 %66,948 707 10.56 
Shoppes at Myrtle Park Bluffton, SC 13 56,601 97.3 %97.3 %55,084 653 11.86 
South Lake Lexington, SC 10 44,318 97.3 %97.3 %43,118 239 5.54 
South Park Mullins, SC 4 60,734 96.9 %96.9 %58,834 381 6.48 
South SquareLancaster, SC6 44,350 81.0 %81.0 %35,900 302 8.40 
St. George PlazaSt. George, SC7 59,174 96.3 %96.3 %56,999 396 6.95 
Sunshine PlazaLehigh Acres, FL23 111,189 100.0 %100.0 %111,189 1,089 9.80 
Surrey PlazaHawkinsville, GA3 42,680 96.5 %96.5 %41,180 247 6.00 

WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
17

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 19 137,987 97.7 %64.6 %89,166 $910 $10.21 
Tri-County Plaza Royston, GA 6 67,577 88.8 %88.8 %59,977 420 7.00 
Tuckernuck Richmond, VA 16 93,624 98.0 %98.0 %91,745 971 10.58 
Twin City Commons Batesburg-Leesville, SC 5 47,680 100.0 %100.0 %47,680 478 10.03 
Village of Martinsville Martinsville, VA 20 290,902 96.6 %96.6 %280,946 2,177 7.74 
Walnut Hill Plaza Petersburg, VA 6 87,239 38.1 %38.1 %33,225 279 8.41 
Waterway Plaza Little River, SC 10 49,750 100.0 %100.0 %49,750 499 10.02 
Westland Square West Columbia, SC 10 62,735 95.7 %95.7 %60,065 443 7.38 
Winslow Plaza Sicklerville, NJ 18 40,695 100.0 %100.0 %40,695 641 15.75 
Total Portfolio
785 5,478,855 94.2 %91.6 %5,015,789 $48,232 $9.62 
(1)    Reflects leases executed through January 5, 2022 that commence subsequent to the end of the current reporting 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.

statea.jpg
WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
18

Top Ten Tenants by Annualized Base Rent
Total Tenants : 785

TenantsAnnualized Base Rent
($ in 000s)		% of Total Annualized Base RentTotal Occupied Square FeetPercent Total Leasable Square FootBase Rent Per Occupied Square Foot
Food Lion$4,428 9.18 %551,469 10.07 %$8.03 
Kroger Co. (1)
1,948 4.04 %226,010 4.13 %8.62 
Piggly Wiggly1,488 3.09 %202,968 3.70 %7.33 
Dollar Tree (2)
1,192 2.47 %148,605 2.71 %8.02 
Lowes Foods (3)
1,181 2.45 %130,036 2.37 %9.08 
Winn Dixie887 1.84 %133,575 2.44 %6.64 
Planet Fitness837 1.74 %100,427 1.83 %8.33 
Hobby Lobby717 1.49 %114,298 2.09 %6.27 
Big Lots679 1.41 %105,674 1.93 %6.43 
BJ'S Wholesale Club 651 1.35 %147,400 2.69 %4.42 
$14,008 29.06 %1,860,462 33.96 %$7.53 
(1) Kroger 4 / Harris Teeter 1
(2) Dollar Tree 9 / Family Dollar 6
(3) Lowes Foods 1 / KJ's Market 2



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— 463,066 8.45 %— %$— — %$— 
MTM7 13,489 0.25 %0.27 %211 0.44 %15.64 
2022105 323,894 5.91 %6.46 %3,439 7.13 %10.62 
2023131 817,131 14.91 %16.29 %7,107 14.74 %8.70 
2024141 749,944 13.69 %14.95 %7,358 15.26 %9.81 
2025120 867,537 15.83 %17.30 %8,517 17.66 %9.82 
2026121 830,542 15.16 %16.56 %8,207 17.02 %9.88 
202759 325,704 5.94 %6.49 %3,639 7.54 %11.17 
202822 335,606 6.13 %6.69 %2,376 4.93 %7.08 
202920 150,962 2.76 %3.01 %1,479 3.07 %9.80 
203015 249,357 4.55 %4.97 %1,997 4.14 %8.01 
2031 & thereafter44 351,623 6.42 %7.01 %3,902 8.07 %11.10 
Total785 5,478,855 100.00 %100.00 %$48,232 100.00 %$9.62 

WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
19

Leasing Summary
Anchor Lease Expiration Schedule (1)
No OptionOption
Lease Expiration PeriodNumber 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— 174,013 $— — %$— — — $— — %$— 
Month-to-Month— — %— — — %— 
2022— — %— 2 71,203 435 2.37 %6.11 
20232 43,392 329 17.64 %7.58 14 490,775 3,022 16.47 %6.16 
20241 32,000 125 6.70 %3.91 9 351,977 2,331 12.71 %6.62 
20252 84,633 619 33.19 %7.31 12 472,936 3,777 20.59 %7.99 
20261 20,152 97 5.20 %4.81 13 435,435 3,498 19.07 %8.03 
20272 45,759 323 17.31 %7.06 2 57,345 447 2.44 %7.79 
2028— — %— 7 280,841 1,637 8.92 %5.83 
20291 21,213 317 17.00 %14.94 2 45,700 307 1.67 %6.72 
2030— 0.01 %— 3 216,346 1,359 7.41 %6.28 
2031+1 20,858 55 2.95 %2.64 6 194,199 1,530 8.35 %7.88 
Total10 442,020 $1,865 100.00 %$6.96 70 2,616,757 $18,343 100.00 %$7.01 

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

Non-anchor Lease Expiration Schedule
No OptionOption
Lease Expiration PeriodNumber 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— 289,053 $— — %$— — — $— — %$— 
Month-to-Month5 9,389 159 1.19 %16.93 2 4,100 52 0.35 %12.68 
202267 155,307 1,676 12.55 %10.79 36 97,384 1,328 9.05 %13.64 
202367 136,374 1,779 13.32 %13.05 48 146,590 1,977 13.48 %13.49 
202481 183,923 2,430 18.19 %13.21 50 182,044 2,472 16.85 %13.58 
202566 159,974 2,109 15.79 %13.18 40 149,994 2,012 13.72 %13.41 
202664 175,450 2,265 16.96 %12.91 43 199,505 2,347 16.00 %11.76 
202730 93,095 1,167 8.74 %12.54 25 129,505 1,703 11.61 %13.15 
202810 29,649 431 3.23 %14.54 5 25,116 308 2.10 %12.26 
20297 23,850 241 1.80 %10.10 10 60,199 614 4.19 %10.20 
20306 13,895 238 1.78 %17.13 6 19,116 400 2.73 %20.92 
2031+16 60,278 862 6.45 %14.30 21 76,288 1,454 9.92 %19.06 
Total419 1,330,237 $13,357 100.00 %$12.83 286 1,089,841 $14,667 100.00 %$13.46 












WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
20

Leasing Summary
Leasing Renewals, New Leases and Expirations
Three Months Ended December 31,Twelve Months Ended December 31,
2021202020212020
Renewals(1):
Leases renewed with rate increase (sq feet)137,644 88,506 402,875 616,548 
Leases renewed with rate decrease (sq feet)1,400 34,802 67,743 123,935 
Leases renewed with no rate change (sq feet)60,049 158,183 148,542 404,428 
Total leases renewed (sq feet)199,093 281,491 619,160 1,144,911 
Leases renewed with rate increase (count)33 16 104 127 
Leases renewed with rate decrease (count)1 7 11 24 
Leases renewed with no rate change (count)2 15 23 53 
Total leases renewed (count)36 38 138 204 
Option exercised (count)6 5 22 22 
Weighted average on rate increases (per sq foot)$0.97 $1.15 $0.85 $1.12 
Weighted average on rate decreases (per sq foot)$(0.15)$(2.18)$(2.18)$(1.43)
Weighted average rate on all renewals (per sq foot)$0.67 $0.09 $0.32 $0.45 
Weighted average change over prior rates6.13 %1.02 %3.05 %4.63 %
New Leases(1) (2):
New leases (sq feet)118,548 130,624 436,170 333,279 
New leases (count)14 24 76 72 
Weighted average rate (per sq foot)$7.08 $7.69 $8.30 $9.03 
Gross Leasable Area ("GLA") expiring during the next 12 months, including month-to-month leases6.16 %6.97 %
(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 12/31/2021 unless otherwise stated
21

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 and notes receivable, from income from continuing operations. The Company also presents Adjusted EBITDA which excludes affecting the comparability of the periods presented, including but not limited to, costs associated with acquisitions and capital related activities.
WHLR | Financial & Operating Data | as of 12/31/2021 unless otherwise stated
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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 12/31/2021 unless otherwise stated
23