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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
FORM 10-Q
 
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
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  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý   No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer 
¨
  Accelerated filer
¨
Non-accelerated filer 
ý
  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  ý
As of May 9, 2022, there were 9,723,093 common shares, $0.01 par value per share, outstanding.
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries 
  Page
PART I – FINANCIAL INFORMATION
Item 1.Financial Statements
Item 2.
Item 3.
Item 4.
PART II – OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except par value and share data)
March 31, 2022December 31, 2021
 (unaudited) 
ASSETS:
Investment properties, net$384,327 $386,730 
Cash and cash equivalents21,109 22,898 
Restricted cash15,709 17,521 
Rents and other tenant receivables, net8,839 9,233 
Assets held for sale519 2,047 
Above market lease intangibles, net2,185 2,424 
Operating lease right-of-use assets12,381 12,455 
Deferred costs and other assets, net14,967 11,973 
Total Assets$460,036 $465,281 
LIABILITIES:
Loans payable, net$331,143 $333,283 
Liabilities associated with assets held for sale 3,381 
Below market lease intangibles, net3,180 3,397 
Derivative liabilities8,738 4,776 
Operating lease liabilities12,999 13,040 
Accounts payable, accrued expenses and other liabilities12,201 11,054 
Total Liabilities368,261 368,931 
Series D Cumulative Convertible Preferred Stock (no par value, 6,000,000 shares authorized, 3,152,392 shares issued and outstanding; $107.09 million and $104.97 million aggregate liquidation value, respectively)
94,791 92,548 
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, 1,868,343 and 1,872,448 shares issued and outstanding, respectively; $46.71 million and $46.81 million aggregate liquidation preference)
41,121 41,189 
Common Stock ($0.01 par value, 200,000,000 shares authorized 9,723,093 and 9,720,532 shares issued and outstanding, respectively)
97 97 
Additional paid-in capital234,319 234,229 
Accumulated deficit(280,951)(274,107)
Total Stockholders’ Equity(4,961)1,861 
Noncontrolling interests1,945 1,941 
Total Equity(3,016)3,802 
Total Liabilities and Equity$460,036 $465,281 
See accompanying notes to condensed consolidated financial statements.

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
 Three Months Ended
March 31,
 20222021
REVENUE:
Rental revenues$15,332 $14,656 
Other revenues165 72 
Total Revenue15,497 14,728 
OPERATING EXPENSES:
Property operations5,250 4,884 
Depreciation and amortization3,616 3,716 
Impairment of assets held for sale660  
Corporate general & administrative1,264 1,582 
Total Operating Expenses10,790 10,182 
(Loss) gain on disposal of properties(15)176 
Operating Income4,692 4,722 
Interest income13  
Interest expense(4,628)(8,961)
Net changes in fair value of derivative liabilities(3,962)(347)
Other income 552 
Other expense(691) 
Net Loss(4,576)(4,034)
Less: Net income attributable to noncontrolling interests4 15 
Net Loss Attributable to Wheeler REIT(4,580)(4,049)
Preferred Stock dividends - undeclared(2,264)(2,273)
Deemed contribution related to preferred stock redemption 4,389 
Net Loss Attributable to Wheeler REIT Common Stockholders$(6,844)$(1,933)
Loss per share:
Basic and Diluted$(0.70)$(0.20)
Weighted-average number of shares:
Basic and Diluted9,720,589 9,704,638 
See accompanying notes to condensed consolidated financial statements.
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Equity
(in thousands, except share data)
 (Unaudited)
Series ASeries BNoncontrolling
 Preferred StockPreferred StockCommon StockAdditional
Paid-in Capital
Accumulated Deficit Total
Stockholders’ Equity
InterestsTotal
 SharesValueSharesValueSharesValueUnitsValueEquity
Balance,
December 31, 2021
562 $453 1,872,448 $41,189 9,720,532 $97 $234,229 $(274,107)$1,861 215,343 $1,941 $3,802 
Accretion of Series B Preferred
  Stock discount
— — — 22 — — — — 22 — — 22 
Conversion of Series B Preferred
  Stock to Common Stock
— — (4,105)(90)2,561 — 90 — — — —  
Dividends and distributions— — — — — — — (2,264)(2,264)— — (2,264)
Net (Loss) Income— — — — — — — (4,580)(4,580)— 4 (4,576)
Balance,
March 31, 2022 (Unaudited)
562 $453 1,868,343 $41,121 9,723,093 $97 $234,319 $(280,951)$(4,961)215,343 $1,945 $(3,016)


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)
Preferred Stock redemption
  discount
— — — — — — — 4,389 4,389 — — 4,389 
Net (Loss) Income— — — — — — — (4,049)(4,049)— 15 (4,034)
Balance,
March 31, 2021 (Unaudited)
562 $453 1,875,748 $41,196 9,706,738 $97 $234,086 $(262,800)$13,032 221,565 $1,921 $14,953 

See accompanying notes to condensed consolidated financial statements.

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
 For the Three Months
Ended March 31,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss$(4,576)$(4,034)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Depreciation2,788 2,691 
Amortization828 1,025 
Loan cost amortization420 3,642 
Changes in fair value of derivative liabilities3,962 347 
Above (below) market lease amortization, net23 (12)
Straight-line expense8 9 
Loss (gain) on disposal of properties15 (176)
Credit losses on operating lease receivables53 119 
Impairment of assets held for sale660  
Net changes in assets and liabilities:
Rents and other tenant receivables, net421 1,987 
Unbilled rent(78)(459)
Deferred costs and other assets, net(2,312)(1,316)
Accounts payable, accrued expenses and other liabilities1,162 916 
Net cash provided by operating activities3,374 4,739 
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions(1,510) 
Capital expenditures(1,545)(962)
Cash received from disposal of properties1,786 3,937 
Net cash (used in) provided by investing activities(1,269)2,975 
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs(992)(4,193)
Loan proceeds 40,150 
Loan principal payments(4,714)(35,440)
Preferred stock redemption (6,103)
Loan prepayment penalty (687)
Net cash used in financing activities(5,706)(6,273)
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH(3,601)1,441 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period40,419 42,768 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period$36,818 $44,209 
Supplemental Disclosures:
Non-Cash Transactions:
Paycheck Protection Program forgiveness$ $552 
Initial fair value of warrants$ $2,018 
Conversion of common units to common stock$ $9 
Conversion of Series B Preferred Stock to common stock$90 $ 
Accretion of Preferred Stock discounts$146 $162 
Deemed contribution related to Preferred Stock discount$ $4,389 
Other Cash Transactions:
Cash paid for interest$3,628 $5,301 
The following table provides a reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$21,109 $9,371 
Restricted cash15,709 34,838 
Cash, cash equivalents, and restricted cash$36,818 $44,209 
See accompanying notes to condensed consolidated financial statements.
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements
(Unaudited)

1. Organization and Basis of Presentation and Consolidation

Wheeler Real Estate Investment Trust, Inc. (the “Trust,” the “REIT,” the “Company,” "we," "our" or "us") 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. At March 31, 2022, the Trust owned 98.59% of the Operating Partnership. As of March 31, 2022, the Trust, through the Operating Partnership, owned and operated fifty-seven 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.

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, 2021 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 2021 Annual Report filed on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”).

2. Summary of Significant Accounting Policies

Tenant Receivables

Tenant receivables include base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. The Company’s standard lease form considers a rent charge past due after five days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of March 31, 2022 and December 31, 2021, the Company’s allowance for uncollectible tenant receivables totaled $616 thousand and $633 thousand, respectively.

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.

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
2. Summary of Significant Accounting Policies (continued)
The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. At March 31, 2022 and December 31, 2021, there were $5.85 million and $5.77 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 (in thousands, unaudited):
Three Months Ended
March 31,
20222021
Minimum rent$11,886 $11,330 
Tenant reimbursements - variable lease revenue3,305 3,093 
Percentage rent - variable lease revenue117 129 
Straight-line rents77 223 
Lease termination fees75 4 
Other90 68 
     Total15,550 14,847 
Credit losses on operating lease receivables(53)(119)
     Total$15,497 $14,728 

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
    
Corporate general & administrative expenses consist of the following (in thousands, unaudited):
Three Months Ended
March 31,
20222021
Corporate administration$446 $380 
Professional fees407 764 
Compensation and benefits315 237 
Advertising costs for leasing activities45 20 
Other51 181 
    Total$1,264 $1,582 

Other Expense

Other expense represents expenses which are non-operating in nature. Other expenses were $691 thousand for the three months ended March 31, 2022, which consist of legal settlement costs. There were no other expenses for the three months ended March 31, 2021.

Noncontrolling Interests

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

Recently Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2022, however the Company is early adopting as of January 1, 2022. In November 2018, the FASB issued ASU 2018-19 to clarify that operating lease receivables, including straight-line rent receivables, recorded by lessors are explicitly excluded from the scope of Topic 326. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements.

Recent Accounting Pronouncements 

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

Reclassifications

The Company has reclassified certain prior period amounts in the accompanying condensed consolidated financial statements in order to be consistent with the current period presentation. The condensed consolidated statements of operations reported within Form 10-Q for the three months ended March 31, 2021, presented net loss attributable to Wheeler REIT Common Stockholders and basic and diluted loss per share amounts of $3.00 million and $0.31 per share, respectively. 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. As a result, the net loss attributable to Wheeler REIT Common Stockholders and basic and diluted loss per share amounts have been restated to conform with this amendment, resulting in net loss attributable to Wheeler REIT Common Stockholders and basic and diluted loss per share amounts of $1.93 million and $0.20 per share, respectively, for the three months ended March 31, 2021.

No other reclassifications had an effect on net income, total assets, total liabilities or equity.

3. Real Estate

Investment properties consist of the following (in thousands, unaudited):
March 31, 2022December 31, 2021
Land and land improvements$95,679 $96,752 
Buildings and improvements359,014 357,606 
Investment properties at cost454,693 454,358 
Less accumulated depreciation(70,366)(67,628)
    Investment properties, net$384,327 $386,730 

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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
3. Real Estate (continued)
The Company’s depreciation expense on investment properties was $2.79 million and $2.69 million for the three months ended March 31, 2022 and 2021, respectively.

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

Assets Held for Sale and Dispositions

At March 31, 2022, assets held for sale included Harbor Pointe Associates, LLC, as the Company has committed to a plan to sell the entity, which holds an approximate 5 acre land parcel ("Harbor Pointe Land Parcel"). At December 31, 2021, assets held for sale included Walnut Hill Plaza.

Impairment expenses on assets held for sale are a result of reducing the carrying value for the amount that exceeded the property's fair value less estimated selling costs. The valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 inputs. Impairment expense was $660 thousand for the three months ended March 31, 2022, resulting from reducing the carrying value of Harbor Pointe Land Parcel. No impairment expense was recorded for the three months ended March 31, 2021.
    
Assets held for sale and associated liabilities consisted of the following (in thousands, unaudited):
March 31, 2022
December 31, 2021
Investment properties, net$519 $1,824 
Rents and other tenant receivables, net 18 
Deferred costs and other assets, net 205 
Total assets held for sale$519 $2,047 

March 31, 2022
December 31, 2021
Loans payable$ $3,145 
Accounts payable, accrued expenses and other liabilities 236 
Total liabilities associated with assets held for sale$ $3,381 

The following properties were sold during the three months ended March 31, 2022 and 2021 (in thousands, unaudited):
Disposal DatePropertyContract PriceGain (loss)Net Proceeds
January 11, 2022Walnut Hill Plaza$1,986 $(15)$1,786 
March 25, 2021
Berkley Shopping Center and Berkley Land Parcel (0.75 acres)
4,150 176 3,937 

4. Deferred Costs and Other Assets, Net
Deferred costs and other assets, net of accumulated amortization are as follows (in thousands, unaudited):
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)

March 31, 2022December 31, 2021
Leases in place, net$6,959 $7,519 
Ground lease sandwich interest, net1,598 1,667 
Lease origination costs, net1,691 1,474 
Tenant relationships, net760 853 
Legal and marketing costs, net13 14 
Acquisition costs1,510  
Other2,436 446 
    Total deferred costs and other assets, net$14,967 $11,973 
The acquisition costs consist of professional fees incurred associated with the pending acquisition of Cedar Realty Trust, Inc. (“Cedar”).
As of March 31, 2022 and December 31, 2021, the Company’s intangible accumulated amortization totaled $63.52 million and $62.94 million, respectively. During the three months ended March 31, 2022 and 2021, the Company’s intangible amortization expense totaled $828 thousand and $1.03 million, respectively. Future amortization of leases in place, ground lease sandwich interest, lease origination costs, tenant relationships, and legal and marketing costs is as follows (in thousands, unaudited):
Leases In
Place, net
Ground Lease Sandwich Interest, net Lease
Origination
Costs, net
Tenant
Relationships, net
Legal &
Marketing
Costs, net
Total
For the remaining nine months ending December 31, 2022$1,531 $205 $195 $256 $5 $2,192 
December 31, 20231,612 274 246 222 5 2,359 
December 31, 20241,111 274 219 126 3 1,733 
December 31, 2025794 274 185 62  1,315 
December 31, 2026422 274 161 11  868 
December 31, 2027270 274 138 11  693 
Thereafter1,219 23 547 72  1,861 
$6,959 $1,598 $1,691 $760 $13 $11,021 
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Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)

5. Loans Payable

The Company’s loans payable consist of the following (in thousands, except monthly payment):
Property/DescriptionMonthly PaymentInterest
Rate
MaturityMarch 31,
2022
December 31,
2021
Litchfield Market Village$46,057 5.50 %November 2022$7,274 $7,312 
Twin City Commons$17,827 4.86 %January 20232,824 2,843 
New Market$48,747 5.65 %June 20236,233 6,291 
Benefit Street Note (3)$53,185 5.71 %June 20236,853 6,914 
Deutsche Bank Note (2)$33,340 5.71 %July 20235,466 5,488 
JANAF$333,159 4.49 %July 202346,592 47,065 
First National Bank (6) (7)$24,656 
LIBOR + 350 basis points
August 2023723 789 
Lumber River (7)$10,723 
LIBOR + 350 basis points
September 20231,277 1,296 
Tampa Festival$50,797 5.56 %September 20237,708 7,753 
Forrest Gallery$50,973 5.40 %September 20238,016 8,060 
South Carolina Food Lions Note (5)$68,320 5.25 %January 202411,201 11,259 
JANAF Bravo$35,076 5.00 %May 20245,905 5,936 
Cypress Shopping Center$34,360 4.70 %July 20245,999 6,031 
Port Crossing$34,788 4.84 %August 20245,744 5,778 
Freeway Junction$41,798 4.60 %September 20247,391 7,431 
Harrodsburg Marketplace$19,112 4.55 %September 20243,247 3,267 
Bryan Station$23,489 4.52 %November 20244,203 4,226 
Crockett SquareInterest only4.47 %December 20246,338 6,338 
Pierpont Centre$39,435 4.15 %February 20257,825 7,861 
Shoppes at Myrtle Park$33,180 4.45 %February 20255,721 5,757 
Folly Road$41,482 4.65 %March 20257,020 7,063 
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 20254,464 4,483 
JANAF BJ's$29,964 4.95 %January 20264,694 4,725 
Tuckernuck$32,202 5.00 %March 20265,018 5,052 
Chesapeake Square$23,857 4.70 %August 20264,170 4,192 
Sangaree/Tri-County$32,329 4.78 %December 20266,153 6,176 
RiverbridgeInterest only4.48 %December 20264,000 4,000 
Franklin Village$45,336 4.93 %January 20278,243 8,277 
Village of Martinsville$89,664 4.28 %July 202915,486 15,589 
Laburnum SquareInterest only4.28 %September 20297,665 7,665 
Rivergate (8)$100,222 4.25 %September 203118,325 18,430 
Convertible NotesInterest only7.00 %December 203133,000 33,000 
Walnut Hill Plaza$26,850 5.50 %March 2023 3,145 
Total Principal Balance (1)
341,548 346,262 
Unamortized debt issuance cost (1)
(10,405)(9,834)
Total Loans Payable, including assets held for sale331,143 336,428 
Less loans payable on assets held for sale, net loan amortization costs 3,145 
Total Loans Payable, net$331,143 $333,283 
(1) Includes loans payable on assets held for sale, see Note 3.
(2) Collateralized by LaGrange Marketplace, Ridgeland and Georgetown.
(3) Collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park.
(4) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons.
(5) Collateralized by Clover Plaza, South Square, St. George, Waterway Plaza and Westland Square.
(6) Collateralized by 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.
(8) October 2026 the interest rate changes to variable interest rate equal to the 5 years U.S. Treasury Rate plus 2.70%, with a floor of 4.25%.
13

Table of Contents
Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Notes to Condensed Consolidated Financial Statements (Continued)
(Unaudited)
5. Loans Payable

Convertible Notes

During the three months ended March 31, 2022, the interest expense related to the Convertible Notes totaled $578 thousand.

Walnut Hill Plaza Payoff

In conjunction with the Walnut Hill Plaza sale the Company made a $1.79 million principal paydown on the Walnut Hill Plaza loan. On February 17, 2022 the Company paid the remaining loan balance of $1.34 million in full after the sale of Walnut Hill Plaza, as detailed in Note 3.

Debt Maturity