whlr-20220930

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, 2022

☐ 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 Stock

WHLRD

Nasdaq Capital Market

7.00% Subordinated Convertible Notes due 2031

WHLRL

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.

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 ý

As of November 4, 2022, there were 9,793,494 common shares, $0.01 par value per share, outstanding.

Wheeler Real Estate Investment Trust, Inc. and Subsidiaries


		Page
PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements
	Condensed Consolidated Balance Sheets as of September 30, 2022 (unaudited) and December 31, 2021	4
	Condensed Consolidated Statements of Operations (unaudited) for the three and nine months ended Se p tember 30, 2022 and 2021	5
	Condensed Consolidated Statements of (Deficit) Equity (u naudited) for the nine months ended September 30, 2022 and 2021	6
	Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended Sept e mber 30, 2022 and 2021	8
	Notes to Condensed Consolidated Financial Statements (unaudited)	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	40

PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43
	Signatures	44

Wheeler Real Estate Investment Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except par value and share data)


	September 30, 2022		December 31, 2021
	(unaudited)
ASSETS:
Investment properties, net	$	567,573	$	386,730
Cash and cash equivalents	24,057		22,898
Restricted cash	30,245		17,521
Rents and other tenant receivables, net	11,517		9,233
Assets held for sale	419		2,047
Above market lease intangibles, net	3,432		2,424
Operating lease right-of-use assets	15,129		12,455
Deferred costs and other assets, net	40,674		11,973
Total Assets	$	693,046	$	465,281
LIABILITIES:
Loans payable, net	$	467,230	$	333,283
Liabilities associated with assets held for sale	—		3,381
Below market lease intangibles, net	26,340		3,397
Derivative liabilities	7,309		4,776
Operating lease liabilities	16,446		13,040
Accounts payable, accrued expenses and other liabilities	21,286		11,054
Total Liabilities	538,611		368,931

Series D Cumulative Convertible Preferred Stock (no par value, 6,000,000 shares authorized, 3,152,392 shares issued and outstanding; $111.33 million and $104.97 million aggregate liquidation value, respectively)	99,276		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, 2,301,337 and 1,872,448 shares issued and outstanding, respectively; $57.53 million and $46.81 million aggregate liquidation preference, respectively)	43,263		41,189
Common Stock ($0.01 par value, 200,000,000 shares authorized 9,793,494 and 9,720,532 shares issued and outstanding, respectively)	98		97
Additional paid-in capital	234,956		234,229
Accumulated deficit	(288,546)		(274,107)
Total Stockholders’ (Deficit) Equity	(9,776)		1,861
Noncontrolling interests	64,935		1,941
Total Equity	55,159		3,802
Total Liabilities and Equity	$	693,046	$	465,281

See accompanying notes to condensed consolidated financial statements.

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,
	2022		2021		2022		2021
REVENUE:
Rental revenues	$	18,486	$	15,000	$	49,142	$	44,946
Other revenues	232		508		552		780
Total Revenue	18,718		15,508		49,694		45,726
OPERATING EXPENSES:
Property operations	6,655		5,029		16,637		14,573
Depreciation and amortization	4,981		3,678		12,222		11,033
Impairment of assets held for sale	—		—		760		2,200
Corporate general & administrative	2,498		1,756		5,434		4,945
Total Operating Expenses	14,134		10,463		35,053		32,751
(Loss) gain on disposal of properties	—		1,967		(15)		2,143
Operating Income	4,584		7,012		14,626		15,118
Interest income	15		9		42		9
Interest expense	(6,949)		(5,637)		(19,079)		(19,813)
Net changes in fair value of derivative liabilities	(656)		1,884		(2,533)		303
Other income	—		—		—		552
Other expense	—		(185)		(691)		(185)
Net (Loss) Income Before Income Taxes	(3,006)		3,083		(7,635)		(4,016)
Income tax expense	—		—		—		(2)
Net (Loss) Income	(3,006)		3,083		(7,635)		(4,018)
Less: Net income attributable to noncontrolling interests	1,234		57		1,237		72
Net (Loss) Income Attributable to Wheeler REIT	(4,240)		3,026		(8,872)		(4,090)
Preferred Stock dividends - undeclared	(2,264)		(2,198)		(6,792)		(6,649)
Deemed contribution related to preferred stock redemption	—		—		—		5,040
Net (Loss) Income Attributable to Wheeler REIT Common Stockholders	$	(6,504)	$	828	$	(15,664)	$	(5,699)

(Loss) income per share:
Basic and Diluted	$	(0.66)	$	0.09	$	(1.61)	$	(0.59)
Weighted-average number of shares:
Basic and Diluted	9,792,815		9,713,125		9,749,651		9,708,588

See accompanying notes to condensed consolidated financial statements.

Wheeler Real Estate Investment Trust, Inc. and Subsidiaries

Condensed Consolidated Statements of (Deficit) Equity

(in thousands, except share data)

(Unaudited)


	Series A			Series B										Total Stockholders’ (Deficit) Equity		Noncontrolling
	Preferred Stock			Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Deficit				Interests			Total
	Shares	Value		Shares	Value		Shares	Value								Units	Value		(Deficit) Equity
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)
Accretion of Series B Preferred Stock discount	—	—		—	22		—	—		—		—		22		—	—		22
Adjustment for noncontrolling interest in operating partnership	—	—		—	—		—	—		470		—		470		—	(470)		—
Conversion of Operating Partnership units to Common Stock	—	—		—	—		69,620	1		158		—		159		(69,620)	(159)		—
Paid-in-kind interest, issuance of Series B Preferred Stock	—	—		432,994	2,099		—	—		—		—		2,099		—	—		2,099
Dividends and distributions	—	—		—	—		—	—		—		(2,264)		(2,264)		—	—		(2,264)
Net Loss	—	—		—	—		—	—		—		(52)		(52)		—	(1)		(53)
Balance, June 30, 2022 (Unaudited)	562	453		2,301,337	43,242		9,792,713	98		234,947		(283,267)		(4,527)		145,723	1,315		(3,212)
Accretion of Series B Preferred Stock discount	—	—		—	21		—	—		—		—		21		—	—		21
Adjustment for noncontrolling interest in operating partnership	—	—		—	—		—	—		7		—		7		—	(7)		—
Conversion of Operating Partnership units to Common Stock	—	—		—	—		781	—		2		—		2		(781)	(2)		—
Noncontrolling interests assumed from the acquisition (1)	—	—		—	—		—	—		—		—		—		—	64,845		64,845
Dividends and distributions	—	—		—	—		—	—		—		(2,264)		(2,264)		—	(1,225)		(3,489)
Net (Loss) Income	—	—		—	—		—	—		—		(3,015)		(3,015)		—	9		(3,006)
Balance, September 30, 2022 (Unaudited)	562	$	453	2,301,337	$	43,263	9,793,494	$	98	$	234,956	$	(288,546)	$	(9,776)	144,942	$	64,935	55,159

(1) See Notes 1, 2 and 3 of the Notes to the Condensed Consolidated Financial Statements for further details.


	Series A			Series B										Total Stockholders’ (Deficit) Equity		Noncontrolling
	Preferred Stock			Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Deficit				Interests			Total
	Shares	Value		Shares	Value		Shares	Value								Units	Value		(Deficit) Equity
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	—	—		—	—		—	—		—		(2,198)		(2,198)		—	—		(2,198)
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	$	(266,577)	$	9,339	217,088	$	1,937	11,276

See accompanying notes to condensed consolidated financial statements.

Wheeler Real Estate Investment Trust, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	For the Nine Months Ended September 30,
	2022		2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$	(7,635)	$	(4,018)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Depreciation	8,966		8,193
Amortization	3,256		2,840
Loan cost amortization	2,154		5,200
Changes in fair value of derivative liabilities	2,533		(303)
Above (below) market lease amortization, net	559		28
Paid-in-kind interest	2,099		—
Straight-line expense	24		26
Loss (gain) on disposal of properties	15		(2,143)
Credit losses on operating lease receivables	267		168
Impairment of assets held for sale	760		2,200
Net changes in assets and liabilities:
Rents and other tenant receivables, net	770		1,829
Unbilled rent	(548)		(1,061)
Deferred costs and other assets, net	3,074		(904)
Accounts payable, accrued expenses and other liabilities	11,660		2,458
Net cash provided by operating activities	27,954		14,513
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions, net of cash acquired	(135,510)		—
Capital expenditures	(6,382)		(3,791)
Cash received from disposal of properties	1,786		7,610
Net cash (used in) provided by investing activities	(140,106)		3,819
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs	(8,748)		(6,026)
Loan proceeds	265,000		94,650
Loan principal payments	(127,603)		(68,801)
Preferred stock redemption	—		(8,336)
Loan prepayment penalty	(2,614)		(687)
Net cash provided by financing activities	126,035		10,800
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	13,883		29,132
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period	40,419		42,768
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	$	54,302	$	71,900
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	$	160	$	30
Conversion of Series B Preferred Stock to common stock	$	90	$	72
Accretion of Preferred Stock discounts	$	438	$	454
Deemed contribution related to Preferred Stock discount	$	—	$	5,040
Other Cash Transactions:

Cash paid for interest	$	14,137	$	14,305

The following table provides a reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	24,057	$	36,234
Restricted cash	30,245		35,666
Cash, cash equivalents, and restricted cash	$	54,302	$	71,900

See accompanying notes to condensed consolidated financial statements.

Wheeler Real Estate Investment Trust, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(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 September 30, 2022, the Trust owned 99.05% of the Operating Partnership. As of September 30, 2022, the Trust, through the Operating Partnership, owned and operated seventy-six centers and four undeveloped properties in Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Oklahoma, Tennessee, Kentucky, New Jersey, Pennsylvania, Massachusetts, Maryland, Connecticut 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. The accompanying condensed consolidated financial statements include the accounts of the Company. The Company’s subsidiaries are accounted in accordance with the Consolidation Guidance of the Financial Accounting Standards Board (“FASB”). 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”).

Acquisition of Cedar Realty Trust

On March 2, 2022, the Company entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Cedar Realty Trust, Inc. (“Cedar”), Cedar Realty Trust Partnership, L.P., (“Cedar OP”), WHLR Merger Sub Inc., a wholly owned subsidiary of the Company, and WHLR OP Merger Sub LLC, a wholly owned subsidiary of Merger Sub I (“Merger Sub II”), pursuant to which the Company agreed to acquire Cedar, including 19 of its shopping center assets, in an all-cash merger transaction consisting, in accordance with the terms of the Merger Agreement, of a payment to Cedar common shareholders of merger consideration of $9.48 per common share (the “Cedar Acquisition”).

On August 22, 2022, the Company completed the merger transaction with Cedar. As a result of the merger, the Company acquired all of the outstanding shares of the Cedar's common stock, which ceased to be publicly traded on the New York Stock Exchange ("NYSE"). Cedar’s outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock remain outstanding and continue to trade on the NYSE. Each outstanding share of common stock of Cedar and outstanding common unit of the Cedar OP held by persons other than Cedar immediately prior to the merger were cancelled and converted into the right to receive a cash payment of $9.48 per share or unit. As a result Cedar became a subsidiary of the REIT.

During the nine months ended September 30, 2022 the Company incurred acquisition related costs of $5.51 million for the merger. These costs were capitalized as part of the acquisition and are primarily comprised of professional fees and legal fees, see Note 3 included in this Form 10-Q for further details.

The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (the “Form 10-Q”) include Cedar starting from the date of acquisition. We have determined that this acquisition is not a variable interest entity, as

Wheeler Real Estate Investment Trust, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

1. Organization and Basis of Presentation and Consolidation (continued)

defined under the consolidation topic of the Financial Accounting Standards Board (the "FASB"), Accounting Standards Codification, or ASC, and we evaluated such entity under the voting model and concluded we should consolidate the entity. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting rights and that other equity holders do not have substantive participating rights.

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 September 30, 2022 and December 31, 2021, the Company’s allowance for uncollectible tenant receivables totaled $3.81 million 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.

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, 2022 and December 31, 2021, there were $6.32 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Minimum rent	$	14,285	$	11,487	$	38,085	$	34,149
Tenant reimbursements - variable lease revenue	3,875		3,178		10,455		9,604
Percentage rent - variable lease revenue	89		177		322		463
Straight-line rents	314		290		547		898
Other	232		508		552		780
Total	18,795		15,640		49,961		45,894
Credit losses on operating lease receivables	(77)		(132)		(267)		(168)
Total	$	18,718	$	15,508	$	49,694	$	45,726

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

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)

Corporate general & administrative expenses consist of the following (in thousands, unaudited):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Professional fees	$	946	$	717	$	1,918	$	2,133
Compensation and benefits	863		325		1,554		900
Corporate administration	598		542		1,512		1,314
Advertising costs for leasing activities	22		36		232