Exhibit 99.2
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Financial and Operating Results
For the three and twelve months ended December 31, 2020



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: adverse economic or real estate developments in the retail industry or the markets in which Wheeler Real Estate Investment Trust, Inc. (the "Company" or "WHLR") operates; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; the Company's failure to obtain necessary outside financing on favorable terms or at all; the Company's inability to successfully acquire, sell, or operate properties; and the Company's failure to qualify or maintain its status as a REIT. When used in this presentation, the words "continue," "may," "approximately," "potentially," or similar expressions, are intended to identify forward-looking statements. 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.

WHLR | Financial & Operating Data
2



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 and Series D cumulative convertible preferred stock trade publicly on NASDAQ under the symbols “WHLR”, “WHLRP” and "WHLRD", 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
Daniel Khoshaba - CEO
Crystal Plum - CFO
M. Andrew Franklin - COO
Board of Directors
Stefani D. Carter (Chairman)
Andrew R. Jones
Clayton ("Chip") Andrews
Daniel Khoshaba (CEO)
E. J. Borrack
Paula J. Poskon
Kerry G. Campbell
Joseph D. Stilwell
Investor Relations Representative
Mary Jensen - IRRealized, LLC mjensen@whlr.us
Office: (757) 627-9088 Cell: (310) 526-1707
Transfer Agent and Registrar
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
www.computershare.com
WHLR | Financial & Operating Data
3



Financial and Portfolio Overview
For the Three Months Ended December 31, 2020
Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s)$(2,454)
Net loss per basic and diluted shares$(0.25)
Funds from operations available to common stockholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)
$1,520 
FFO per common share and OP unit$0.15 
Adjusted FFO (AFFO) (in 000s) (1)
$1,355 
AFFO per common share and OP unit$0.14 
Assets and Leverage
Investment Properties, net of $59.19 million accumulated depreciation (in 000s)$392,664 
Cash and Cash Equivalents (in 000s)$7,660 
Total Assets (in 000s)$489,379 
Debt to Total Assets(3)
72.32 %
Debt to Gross Asset Value61.04 %
Market Capitalization
Common shares outstanding9,703,874 
OP units outstanding224,429 
Total common shares and OP units9,928,303 
Shares Outstanding at December 31, 2020Fourth Quarter stock price rangeStock price as of December 31, 2020
Common Stock9,703,874 $2.47 - $3.90$2.77 
Series B preferred shares1,875,748 $8.79 - $13.00$13.00 
Series D preferred shares3,529,293 $14.32 - $18.20$18.00 
Total debt (in 000s)(3)
$353,916 
Common Stock market capitalization (as of December 31, 2020 closing stock price, in 000s)$26,880 
Portfolio Summary
Total Leasable Area (GLA) in sq. ft.5,561,766 
Occupancy Rate87.1 %
Leased Rate (2)
88.9 %
Annualized Base Rent (in 000s)$46,851 
Total number of leases signed or renewed during the fourth quarter of 202062 
Total sq. ft. leases signed or renewed during the fourth quarter of 2020412,115 

(1)    See page 21 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)    Reflects leases executed through January 6, 2021 that commence subsequent to the end of current period.
(3)    Includes debt associated with assets held for sale.

WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
4


Financial and Operating Results
Today, WHLR reported its financial and operating results for the three and twelve months ended December 31, 2020.

2020 FOURTH QUARTER HIGHLIGHTS
(all comparisons to the same prior year period unless otherwise noted)
FINANCIAL
Net loss attributable to WHLR's common stock, $0.01 par value per share ("Common Stock") stockholders of $2.5 million, or ($0.25) per share, as compared to $4.3 million, or ($0.45) per share.
Funds from operations ("FFO") of $1.5 million, or $0.15 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 $1.1 million, or $0.11 per share.
Adjusted Funds from Operations ("AFFO") of $0.14 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P., as compared to $0.02 per share.
OPERATIONS
Total revenue from continuing operations decreased by 4.82% or $774 thousand primarily due to decreases described below at the same store section and sold properties of $108 thousand.
Signed 24 new leases totaling 130,624 square feet with a weighted-average rental rate of $7.69 per square foot.
Executed 38 lease renewals totaling 281,491 square feet at a weighted-average increase of $0.09 per square foot, representing an increase of 1.02% over in-place rental rates.
Total operating expenses from continuing operations decreased by 18.69% or $2.3 million primarily a result of decreases in depreciation and amortization and a 39.62% or $828 thousand decrease in corporate general and administrative expenses due to a reduction of professional fees.
SAME STORE
Same store Net Operating Income ("NOI") decreased by 5.56% and by 2.29% on a cash basis. Same store results were impacted by a 4.16% decrease in revenue due to 1) three new anchor vacancies of which two were backfilled with rent commencing in 2021. Increases in straight-line rental revenues resulting from long-term lease extensions partially offsets the effects of the temporary vacancies. Additionally, same store property expenses decreased by 0.94% primarily driven by decreases in real estate taxes.
CAPITAL MARKETS
On December 22, 2020, the Company and Powerscourt Investments XXII, L.P. entered into a financing agreement with proceeds of $25.0 million (the "Powerscourt Financing Agreement"). The Powerscourt Financing Agreement is at a rate of 13.50% and matures on March 31, 2023 with quarterly interest only payments beginning on January 15, 2021. In conjunction with the Powerscourt Financing Agreement, the Company issued to Powerscourt XXII, LP a warrant to purchase an aggregate of 496,415 shares of the Company’s Common Stock.
A reduction in loans payable, excluding the Powerscourt Financing Agreement, by $7.6 million was achieved through:
$4.4 million payoff of the KeyBank Credit Agreement;
$1.8 million paydown with the sale of Riversedge North;
$1.4 million monthly principal payments.
On December 31, 2020, the Company generated net cash proceeds of $1.1 million through the sale of its corporate headquarters, Riversedge North, in Virginia Beach to an unrelated party. These proceeds are net of transaction costs and repayment of the outstanding mortgage. Simultaneous with the sale, WHLR leased the building for ten years through a sale leaseback. As a result of this transaction, a gain of $49 thousand was recognized, the remaining gain of $725 thousand was deferred over the life of the lease.
At December 31, 2020, the Company had approximately 4 assets held for sale. These assets include Columbia Fire Station, Berkley Shopping Center, a .75 acre land parcel at Berkley and two outparcels at Rivergate Shopping Center, as the Company has committed to a plan to sell each property.

WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
5


2020 YEAR-TO-DATE HIGHLIGHTS
FINANCIAL
Net loss attributable to WHLR's Common Stock stockholders of $13.6 million, or ($1.40) per share.
FFO of $4.4 million, or $0.44 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P.
AFFO of $0.44 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P.
OPERATIONS
Total revenue from continuing operations decreased by 3.42% or $2.2 million.
Total operating expenses from continuing operations decreased by 20.66% or $11.1 million primarily a result of decreases in impairments, depreciation and amortization and corporate general and administrative expenses.
SAME STORE
Same store NOI decreased by 3.46% and by 4.20% on a cash basis. Same store results were impacted by a 2.37% decrease in revenue due to 1) three new anchor vacancies of which two were backfilled with rent commencing in 2021 and 2) an increase in the credit loss on operating receivables driven by higher accounts receivable due to impacts of COVID-19 on the portfolio. These negative impacts were partially offset by increases in straight-line rental revenues resulting from long-term lease extensions.
CAPITAL MARKETS
Paid off the KeyBank Credit Agreement.
Recognized $600 thousand in impairment charges on Columbia Fire Station, which is currently held for sale.
On September 4, 2020, the Company executed Loan Modification Agreements on three properties and used the restricted cash to fund debt service for 90 days. This represented a total of $488 thousand that will be replenished over the next twelve-months.
Wheeler REIT, L.P. (the "Operating Partnership") purchased 71,343 shares of the Series D cumulative preferred stock (the "Series D Shares") on September 22, 2020 at $15.50 per share from an unaffiliated investor. These shares are deemed to be retired on the consolidated financial statements.
On August 4, 2020, the Company's Board of Directors granted a Stock Appreciation Rights Agreement (the "SARs") as non-cash compensation to its Chief Executive Officer, Daniel Khoshaba. The SARs, which is contingent upon meeting certain market price thresholds, allows for issuance of 5,000,000 shares of the Company's Common Stock at a strike price of $1.85 per share and expires in the year 2030. The SARs will not be effective until approved by WHLR stockholders at the 2021 Annual Meeting of Stockholders. Due to the COVID-19 pandemic and the ongoing company transformation, Mr. Khoshaba has foregone an annual salary.
OTHER
The Company recognized non-recurring other expenses of $1.0 million, which included $600 thousand in legal settlement costs and $439 thousand in reimbursement of the Stilwell Group's proxy solicitation expenses in connection with the Company's 2019 annual meeting of stockholders.

TENDER OFFER
On December 23, 2020, the Company announced a “modified Dutch auction” tender offer to purchase up to $19.0 million in shares of its Series D Shares at a price not greater than $18.00 nor less than $15.50 per Series D Share, to the sellers in cash, less any applicable withholding taxes and without interest (the "2020 Tender Offer").
On January 26, 2021, the Company announced, the value of the Series D Shares that the Company was offering to purchase increased from $19.0 million to $20.0 million and the tender offer was extended to February 16, 2021.
On February 17, 2021, the Company announced that the tender offer was extended to March 12, 2021 and the value of the Series D Shares that the Company was offering to purchase decreased from $20.00 million to $6.00 million. The tender offer expired, in accordance with its terms, on March 12, 2021. In accordance with the terms and conditions of the tender offer and based on the final count, the Company accepted for purchase 387,097 Series D Shares at a purchase price of $15.50 per share, for an aggregate cost of $6.00 million, excluding fees and expenses relating to the tender offer.
WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
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COVID-19 UPDATE
WHLR continues to proactively reach out and communicate with its tenants to assist them during this difficult time. The Company continues to prioritize tenants’ requests based on the immediate and long-term impact to their businesses by evaluating all requests for rent relief on an individual basis and considering a number of factors. Not all tenant requests will ultimately result in modification agreements, nor is the Company forgoing its contractual rights under its lease agreements.
All retail shopping centers are open and operating and feature necessity-based tenants, with 43 of the 60 properties anchored by grocery and/or drug stores.
The Company agreed to lease modifications with nine tenants who declared bankruptcy, resulting in a weighted average rate decrease of 7.54% or $0.86 rate per square foot.
Nine tenants vacated due to bankruptcy and three of these vacated tenants have been backfilled.
Beginning in April 2020, the Company received certain rent relief requests, most often in the form of rent deferral requests, as a result of the COVID-19 pandemic. The Company continues to evaluate each tenant's rent relief request on an individual basis, considering a number of factors. Not all tenant requests ultimately result in concessions or modification of agreements, nor is the Company forgoing its contractual rights under its lease agreements. As a result, the Company granted 148 concessions as of March 5, 2021 and modified 72 leases as of December 31, 2020, with a weighted average rate increase of 3.53% and 3 year weighted average extension term. During the three months ended December 31, 2020, the Company modified 4 leases at no rate change and five months weighted average extension term.
The Company received 99% of its contractual base rent and tenant reimbursements billed for the year ended December 31, 2020.
Accounts receivable related to short term deferral of rents decreased $132 thousand compared to September 30, 2020 to $257 thousand or less than 1% of annual base rent ("ABR").

BALANCE SHEET
Cash and cash equivalents totaled $7.7 million, compared to $5.5 million at December 31, 2019.
Restricted cash totaled $35.1 million, compared to $16.1 million at December 31, 2019. These funds are held in lender reserves primarily for the purpose of tenant improvements, lease commissions, real estate taxes, insurance expenses and loan proceeds to be used for the 2020 Tender Offer.
Total debt was $353.9 million (including debt associated with assets held for sale), compared to $347.1 million at December 31, 2019.
WHLR's weighted-average interest rate was 5.31% with a term of 3.56 years (including debt associated with assets held for sale).
Net investment properties totaled $405.3 million (including assets held for sale), compared to $417.9 million as of December 31, 2019.

DIVIDENDS
The Company had accumulated undeclared dividends of approximately $30.5 million to holders of shares of its Series A Preferred Stock, Series B Preferred Stock, and Series D Preferred Stock. Approximately $3.4 million and $13.9 million are attributable to the three and twelve months ended December 31, 2020, respectively.

SUBSEQUENT EVENTS
On January 8, 2021, KeyBank notified the Company that the PPP Promissory Note application for forgiveness has been approved.
On January 21, 2021, the Company entered into a Forbearance Agreement (the "Forbearance Agreement") with Pinnacle Bank at an interest rate of 14% and made a $500 thousand principal payment. The Forbearance Agreement, among other provisions, extends the maturity date of the Columbia Fire Station Loan to July 21, 2021 and waives all defaults and late fees existing prior to the Forbearance Agreement.
On February 2, 2021, the Company refinanced the Tuckernuck Loan for $5.15 million at a rate of 5.00%. The loan matures on March 1, 2026.
WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
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On March 12, 2021, the Company, certain subsidiaries of the Company from time to time party thereto, as guarantors, the lenders from time to time party thereto and Wilmington Savings Fund Society, FSB, entered into a financing agreement with proceeds of $35.0 million (the "Wilmington Financing Agreement"). The Wilmington Financing Agreement is at a rate of 8.00% and matures in March 2026 with quarterly interest only payments beginning on April 15, 2021. In conjunction with the Wilmington Financing Agreement, the Company issued to the holders from time to time party thereto warrants to purchase an aggregate of 1,061,719 shares of the Company’s Common Stock. In addition, on March 12, 2021, the Company paid in full the $25.0 million Powerscourt Financing Agreement.

OPERATIONS AND LEASING
The Company's real estate portfolio is 88.9% leased as of December 31, 2020.
QTD Leasing Activity
Executed 38 lease renewals totaling 281,491 square feet at a weighted-average increase of $0.09 per square foot, representing an increase of 1.02% over in-place rental rates and an increase of 4.60% excluding bankruptcy negotiations.
Signed 24 new leases totaling approximately 130,624 square feet with a weighted-average rental rate of $7.69 per square foot.
YTD Leasing Activity
Executed 204 lease renewals totaling 1,144,911 square feet at a weighted-average increase of $0.45 per square foot, representing an increase of 4.63% over in-place rental rates and an increase of 5.58% excluding bankruptcy negotiations.
Signed 72 new leases totaling approximately 333,279 square feet with a weighted-average rental rate of $9.03 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 6.97% at December 31, 2020, compared to 13.10% at December 31, 2019. At December 31, 2020, 37.93% of this expiring GLA is subject to renewal options (please see lease expiration schedule on page 18 of this document).
As of December 31, 2020, the signed but not yet occupied leases consist of $635 thousand ABR with various scheduled commencement dates within the next six months.

DISPOSITIONS
Sold St. Matthews for $1.8 million, generating a loss of $26 thousand and net proceeds of $1.7 million.
Sold Riversedge North in a sale lease back transaction for $3.0 million, generating a gain of $774 thousand with $49 thousand recognized in 2020 and the remaining $725 thousand recognized over the life of the lease and net sales proceeds of $2.8 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 12/31/2020 unless otherwise stated
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Consolidated Balance Sheets
$ in 000s
 December 31,
 20202019
ASSETS:
Investment properties, net$392,664 $416,215 
Cash and cash equivalents7,660 5,451 
Restricted cash35,108 16,140 
Rents and other tenant receivables, net9,153 6,905 
Assets held for sale13,072 1,737 
Above market lease intangibles, net3,547 5,241 
Operating lease right-of-use assets12,745 11,651 
Deferred costs and other assets, net15,430 21,025 
Total Assets$489,379 $484,365 
LIABILITIES:
Loans payable, net$334,266 $340,913 
Liabilities associated with assets held for sale13,124 2,026 
Below market lease intangibles, net4,554 6,716 
Warrant liability594 — 
Operating lease liabilities13,200 11,921 
Accounts payable, accrued expenses and other liabilities11,229 9,557 
Total Liabilities376,967 371,133 
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,529,293 and 3,600,636 shares issued and outstanding, respectively; $109.13 million and $101.66 million aggregate liquidation preference, respectively)95,563 87,225 
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding)453 453 
Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,748 shares issued and outstanding; $46.90 million aggregate liquidation preference)41,174 41,087 
Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,703,874 and 9,694,284 shares issued and outstanding, respectively)97 97 
Additional paid-in capital234,061 233,870 
Accumulated deficit(260,867)(251,580)
Total Stockholders’ Equity14,918 23,927 
Noncontrolling interests1,931 2,080 
Total Equity16,849 26,007 
Total Liabilities and Equity$489,379 $484,365 




WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
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Consolidated Statements of Operations
$ in 000s
 Three Months Ended December 31,Years Ended December 31,
 2020201920202019
REVENUE:
Rental revenues$15,119 $15,896 $60,039 $62,442 
Other revenues177 174 964 720 
Total Revenue15,296 16,070 61,003 63,162 
OPERATING EXPENSES:
Property operations4,770 4,839 18,886 19,127 
Non-REIT management and leasing services— — — 25 
Depreciation and amortization3,831 5,150 17,291 21,319 
Impairment of notes receivable— — — 5,000 
Impairment of assets held for sale— 51 600 1,598 
Corporate general & administrative1,262 2,090 5,831 6,633 
Total Operating Expenses9,863 12,130 42,608 53,702 
Gain (loss) on disposal of properties49 (33)23 1,394 
Operating Income5,482 3,907 18,418 10,854 
Interest expense(4,306)(4,591)(17,092)(18,983)
Other expense— — (1,039)— 
Net Income (Loss) Before Income Taxes1,176 (684)287 (8,129)
Income tax benefit (expense)— — (15)
Net Income (Loss)1,176 (676)287 (8,144)
Less: Net income (loss) attributable to noncontrolling interests24 (5)42 (105)
Net Income (Loss) Attributable to Wheeler REIT1,152 (671)245 (8,039)
Preferred Stock dividends - undeclared(3,606)(3,657)(14,528)(14,629)
Deemed contribution related to preferred stock redemption— — 726 — 
Net Loss Attributable to Wheeler REIT Common Stockholders$(2,454)$(4,328)$(13,557)$(22,668)
Loss per share:
Basic and Diluted$(0.25)$(0.45)$(1.40)$(2.34)
Weighted-average number of shares:
Basic and Diluted9,703,397 9,693,403 9,698,274 9,671,847 





WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
10



Reconciliation of Non-GAAP Measures
FFO and AFFO (1)
$ in 000s
Three Months Ended
December 31,
Years Ended
December 31,
2020201920202019
Net Income (Loss)$1,176 $(676)$287 $(8,144)
Depreciation and amortization of real estate assets3,831 5,150 17,291 21,319 
(Gain) loss on disposal of properties(49)33 (23)(1,394)
Impairment of assets held for sale— 51 600 1,598 
FFO4,958 4,558 18,155 13,379 
Preferred stock dividends - undeclared(3,606)(3,657)(14,528)(14,629)
Preferred stock redemption— — 96 — 
Preferred stock accretion adjustments168 170 677 680 
FFO available to common stockholders and common unitholders1,520 1,071 4,400 (570)
Impairment of notes receivable— — — 5,000 
Acquisition and development costs— — 26 
Capital related costs105 291 144 
Other non-recurring and non-cash expenses (2)
(5)(19)1,085 42 
Share-based compensation — (242)— 
Straight-line rental revenue, net straight-line expense(271)(971)
Loan cost amortization301 371 1,097 1,707 
Above (below) market lease amortization(18)(676)(461)(1,261)
Recurring capital expenditures and tenant improvement reserves(277)(280)(1,112)(1,126)
AFFO$1,355 $237 $4,329 $3,970 
Weighted Average Common Shares9,703,397 9,693,403 9,698,274 9,671,847 
Weighted Average Common Units224,906 234,900 230,029 234,999 
Total Common Shares and Units9,928,303 9,928,303 9,928,303 9,906,846 
FFO per Common Share and Common Units$0.15 $0.11 $0.44 $(0.06)
AFFO per Common Share and Common Units$0.14 $0.02 $0.44 $0.40 

(1)    See page 21 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, 2020.







WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
11



Reconciliation of Non-GAAP Measures (continued)
Property Net Operating Income (1)
$ in 000s
 Three Months Ended December 31,
 Same StoreNon-same StoreTotal
 202020192020201920202019
Net Income (Loss)$1,131 $(668)$45 $(8)$1,176 $(676)
Adjustments:
Income tax benefit— (8)— — — (8)
Interest expense4,306 4,591 — — 4,306 4,591 
(Gain) loss on disposal of properties— — (49)33 (49)33 
Corporate general & administrative1,262 2,086 — 1,262 2,090 
Impairment of assets held for sale— — — 51 — 51 
Depreciation and amortization3,831 5,150 — — 3,831 5,150 
Other non-property revenue(16)(18)— — (16)(18)
Property Net Operating Income (Loss)$10,514 $11,133 $(4)$80 $10,510 $11,213 
Property revenues$15,280 $15,944 $— $108 $15,280 $16,052 
Property expenses4,766 4,811 28 4,770 4,839 
Property Net Operating Income (Loss)$10,514 $11,133 $(4)$80 $10,510 $11,213 

 Years Ended December 31,
 Same StoreNon-same StoreTotal
 202020192020201920202019
Net Income (Loss)$285 $(8,100)$$(44)$287 $(8,144)
Adjustments:
Income tax expense— 15 — — — 15 
Other expense1,039 — — — 1,039 — 
Interest expense17,092 18,693 — 290 17,092 18,983 
Gain on disposal of properties— — (23)(1,394)(23)(1,394)
Corporate general & administrative5,829 6,613 20 5,831 6,633 
Impairment of assets held for sale600 — — 1,598 600 1,598 
Impairment of notes receivable— 5,000 — — — 5,000 
Depreciation and amortization17,290 21,241 78 17,291 21,319 
Non-REIT management and leasing services— 25 — — — 25 
Other non-property revenue(272)(125)— — (272)(125)
Property Net Operating Income (Loss)$41,863 $43,362 $(18)$548 $41,845 $43,910 
Property revenues$60,721 $62,193 $10 $844 $60,731 $63,037 
Property expenses18,858 18,831 28 296 18,886 19,127 
Property Net Operating Income (Loss)$41,863 $43,362 $(18)$548 $41,845 $43,910 
(1)    See page 22 for the Company's definition of this non-GAAP measurement and reasons for using it.
WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
12



Reconciliation of Non-GAAP Measures (continued)
EBITDA (4)
$ in 000s
Three Months Ended December 31,Years Ended December 31,
2020201920202019
Net Income (Loss)
$1,176 $(676)$287 $(8,144)
Add back:
Depreciation and amortization (1)
3,813 4,474 16,830 20,058 
Interest Expense (2)
4,306 4,591 17,092 18,983 
Income tax (benefit) expense
— (8)— 15 
EBITDA
9,295 8,381 34,209 30,912 
Adjustments for items affecting comparability:
Acquisition and development costs
— — 26 
Capital related costs
105 291 144 
Other non-recurring and non-cash expenses (3)
(5)(19)1,085 42 
Impairment of notes receivable
— — — 5,000 
Impairment of assets held for sale
— 51 600 1,598 
(Gain) loss on disposal of properties
(49)33 (23)(1,394)
Adjusted EBITDA
$9,346 $8,451 $36,162 $36,328 
(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, 2020.
(4)    See page 21 for the Company's definition of this non-GAAP measurement and reasons for using it.

WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
13



Debt Summary
$ in 000s
Loans Payable:         $353.92 million
Weighted Average Interest Rate:     5.31%

Property/DescriptionMonthly PaymentInterest
Rate
MaturityDecember 31,
2020
December 31,
2019
 KeyBank Credit Agreement (6)
$350,000 LIBOR + 350 basis pointsDecember 2020$— $17,879 
 Columbia Fire Station$45,580 14.00 %December 20203,893 4,051 
 Tuckernuck$33,880 3.88 %February 20215,193 5,344 
 First National Bank (7)
$24,656 LIBOR + 350 basis pointsMarch 20211,045 1,214 
 Lumber River $10,723 LIBOR + 350 basis pointsApril 20211,367 1,404 
 Rivergate$104,178 LIBOR + 295 basis pointsApril 202121,164 21,545 
 JANAF Bravo$36,935 4.65 %April 20216,263 6,372 
 Litchfield Market Village$46,057 5.50 %November 20227,418 7,452 
 Twin City Commons $17,827 4.86 %January 20232,915 2,983 
 Walnut Hill Plaza $26,850 5.50 %March 20233,287 3,759 
 Powerscourt Financing Agreement (6)
Interest only13.50 %March 202325,000 — 
 New Market$48,747 5.65 %June 20236,508 6,713 
 Benefit Street Note (3)
$53,185 5.71 %June 20237,145 7,361 
 Deutsche Bank Note (2)
$33,340 5.71 %July 20235,567 5,642 
 JANAF $333,159 4.49 %July 202348,875 50,599 
 Tampa Festival $50,797 5.56 %September 20237,920 8,077 
 Forrest Gallery $50,973 5.40 %September 20238,226 8,381 
 Riversedge North$11,436 5.77 %December 2023— 1,767 
 South Carolina Food Lions Note (5)
$68,320 5.25 %January 202411,473 11,675 
 Cypress Shopping Center $34,360 4.70 %July 20246,163 6,268 
 Port Crossing $34,788 4.84 %August 20245,909 6,032 
 Freeway Junction $41,798 4.60 %September 20247,582 7,725 
 Harrodsburg Marketplace $19,112 4.55 %September 20243,343 3,416 
 Bryan Station $23,489 4.52 %November 20244,312 4,394 
 Crockett Square Interest only4.47 %December 20246,338 6,338 
 Pierpont Centre $39,435 4.15 %February 20258,001 8,113 
 Shoppes at Myrtle Park$33,180 4.45 %February 20255,892 — 
 Folly Road $41,482 4.65 %March 20257,223 5,922 
 Alex City Marketplace Interest only3.95 %April 20255,750 5,750 
 Butler Square Interest only3.90 %May 20255,640 5,640 
 Brook Run Shopping Center Interest only4.08 %June 202510,950 10,950 
 Beaver Ruin Village I and II Interest only4.73 %July 20259,400 9,400 
 Sunshine Shopping Plaza Interest only4.57 %August 20255,900 5,900 
 Barnett Portfolio (4)
Interest only4.30 %September 20258,770 8,770 
 Fort Howard Shopping Center Interest only4.57 %October 20257,100 7,100 
 Conyers Crossing Interest only4.67 %October 20255,960 5,960 
 Grove Park Shopping Center Interest only4.52 %October 20253,800 3,800 
 Parkway Plaza Interest only4.57 %October 20253,500 3,500 
 Winslow Plaza $24,295 4.82 %December 20254,553 4,620 
 JANAF BJ's$29,964 4.95 %January 20264,844 4,957 
 Chesapeake Square $23,857 4.70 %August 20264,279 4,354 
 Berkley/Sangaree/Tri-CountyInterest only4.78 %December 20269,400 9,400 
 Riverbridge Interest only4.48 %December 20264,000 4,000 
 Franklin Village$45,336 4.93 %January 20278,404 8,516 
 Village of Martinsville$89,664 4.28 %July 202915,979 16,351 
 Laburnum SquareInterest only4.28 %September 20297,665 7,665 
Total Principal Balance (1)
353,916 347,059 
Unamortized debt issuance cost (1)
(6,812)(4,172)
Total Loans Payable, including assets held for sale347,104 342,887 
Less loans payable on assets held for sale, net loan amortization costs12,838 1,974 
Total Loans Payable, net$334,266 $340,913 
(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 Darien Shopping Center, Devine Street, Lake Murray, Moncks Corner and South Lake.
(7) Collateralized by Surrey Plaza and Amscot Building.

WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
14


Debt Summary (continued)

Total Debt
$ in 000s
Scheduled principal repayments and maturities by yearAmount% Total Principal Payments and Maturities
December 31, 2021$43,933 12.41 %
December 31, 202212,586 3.56 %
December 31, 2023111,875 31.61 %
December 31, 202444,240 12.50 %
December 31, 202591,426 25.83 %
Thereafter49,856 14.09 %
    Total principal repayments and debt maturities$353,916 100.00 %



image2.jpg

WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
15


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 15 151,843 96.1 %77.6 %117,843 $981 $8.32 
Amscot Building Tampa, FL 2,500 100.0 %100.0 %2,500 83 33.00 
Beaver Ruin Village Lilburn, GA 28 74,038 90.4 %90.4 %66,948 1,160 17.32 
Beaver Ruin Village II Lilburn, GA 34,925 100.0 %100.0 %34,925 456 13.07 
Berkley (3) Norfolk, VA — — — %— %— — — 
Berkley Shopping Center Norfolk, VA 10 47,945 42.0 %42.0 %20,140 183 9.10 
Brook Run Shopping Center Richmond, VA 18 147,738 85.5 %85.5 %126,243 1,099 8.70 
Brook Run Properties (3) Richmond, VA — — — %— %— — — 
Bryan Station Lexington, KY 10 54,277 100.0 %100.0 %54,277 594 10.95 
Butler Square Mauldin, SC15 82,400 98.2 %94.9 %78,196 811 10.38 
Cardinal Plaza Henderson, NC 50,000 97.0 %97.0 %48,500 478 9.85 
Chesapeake Square Onley, VA 12 108,982 96.5 %96.5 %105,182 795 7.56 
Clover Plaza Clover, SC 10 45,575 100.0 %100.0 %45,575 373 8.18 
Columbia Fire Station Columbia, SC 21,273 14.4 %14.4 %3,063 81 26.60 
Courtland Commons (3) Courtland, VA — — — %— %— — — 
Conyers Crossing Conyers, GA 12 170,475 95.7 %95.7 %163,150 855 5.24 
Crockett Square Morristown, TN 107,122 100.0 %100.0 %107,122 940 8.78 
Cypress Shopping Center Boiling Springs, SC 16 80,435 39.5 %39.5 %31,775 429 13.49 
Darien Shopping Center Darien, GA 26,001 100.0 %100.0 %26,001 156 6.00 
Devine Street Columbia, SC 38,464 100.0 %100.0 %38,464 319 8.28 
Edenton Commons (3) Edenton, NC — — — %— %— — — 
Folly Road Charleston, SC 47,794 100.0 %100.0 %47,794 730 15.26 
Forrest Gallery Tullahoma, TN 25 214,451 80.3 %79.4 %170,224 1,223 7.18 
Fort Howard Shopping Center Rincon, GA 19 113,652 95.1 %95.1 %108,120 1,048 9.69 
Freeway Junction Stockbridge, GA 19 156,834 100.0 %100.0 %156,834 1,324 8.44 
Franklin Village Kittanning, PA 25 151,821 98.7 %94.9 %144,021 1,195 8.30 
Franklinton Square Franklinton, NC 13 65,366 100.0 %93.0 %60,800 558 9.17 
Georgetown Georgetown, SC 29,572 100.0 %100.0 %29,572 267 9.04 
Grove Park Orangeburg, SC 13 93,265 97.7 %97.7 %91,121 699 7.67 
Harbor Point (3) Grove, OK — — — %— %— — — 
Harrodsburg Marketplace Harrodsburg, KY 60,048 79.0 %79.0 %47,448 404 8.52 
JANAF (4)Norfolk, VA109 800,026 84.8 %84.6 %676,703 8,084 11.95 
Laburnum Square Richmond, VA 20 109,405 97.5 %97.5 %106,705 982 9.21 
Ladson Crossing Ladson, SC 14 52,607 97.2 %97.2 %51,107 487 9.53 
LaGrange Marketplace LaGrange, GA 13 76,594 96.9 %96.9 %74,194 429 5.78 
Lake Greenwood Crossing Greenwood, SC 47,546 87.5 %87.5 %41,618 332 7.98 
Lake Murray Lexington, SC 39,218 96.9 %96.9 %38,018 236 6.20 
Litchfield Market Village Pawleys Island, SC 19 86,740 87.3 %87.3 %75,702 901 11.91 
Lumber River Village Lumberton, NC 11 66,781 86.4 %86.4 %57,681 435 7.55 
Moncks Corner Moncks Corner, SC 26,800 100.0 %100.0 %26,800 323 12.07 
Nashville Commons Nashville, NC 12 56,100 100.0 %100.0 %56,100 623 11.11 
New Market Crossing Mt. Airy, NC 10 117,076 89.0 %89.0 %104,138 920 8.84 
Parkway Plaza Brunswick, GA 52,365 81.7 %81.7 %42,785 352 8.22 
Pierpont Centre Morgantown, WV 15 111,162 88.4 %88.4 %98,256 912 9.28 
Port Crossing Harrisonburg, VA 65,365 97.9 %97.9 %64,000 852 13.31 
Ridgeland Ridgeland, SC 20,029 100.0 %100.0 %20,029 140 7.00 
Riverbridge Shopping Center Carrollton, GA 12 91,188 100.0 %100.0 %91,188 720 7.89 
Rivergate Shopping Center Macon, GA 30 201,680 73.8 %73.8 %148,905 2,480 16.66 
Sangaree Plaza Summerville, SC 66,948 87.4 %87.4 %58,498 598 10.23 



WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
16


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
Shoppes at Myrtle Park Bluffton, SC 13 56,601 99.3 %99.3 %56,181 $607 $10.81 
South Lake Lexington, SC 44,318 91.2 %16.3 %7,200 93 12.98 
South Park Mullins, SC 60,734 83.2 %83.2 %50,509 351 6.95 
South Square Lancaster, SC 44,350 81.0 %74.2 %32,900 276 8.39 
St. George Plaza St. George, SC 59,279 92.3 %78.8 %46,718 338 7.23 
Sunshine Plaza Lehigh Acres, FL 23 111,189 100.0 %100.0 %111,189 1,076 9.67 
Surrey Plaza Hawkinsville, GA 42,680 96.5 %96.5 %41,180 247 6.00 
Tampa Festival Tampa, FL 19 137,987 71.9 %64.6 %89,166 891 9.99 
Tri-County Plaza Royston, GA 67,577 94.1 %94.1 %63,577 416 6.55 
Tuckernuck Richmond, VA 13 93,624 90.6 %90.6 %84,787 956 11.27 
Tulls Creek (3) Moyock, NC — — — %— %— — — 
Twin City Commons Batesburg-Leesville, SC 47,680 100.0 %100.0 %47,680 438 9.18 
Village of Martinsville Martinsville, VA 17 290,902 94.5 %94.0 %273,346 2,192 8.02 
Walnut Hill Plaza Petersburg, VA 87,239 38.1 %38.1 %33,225 268 8.06 
Waterway Plaza Little River, SC 10 49,750 100.0 %100.0 %49,750 490 9.85 
Westland Square West Columbia, SC 11 62,735 95.7 %95.7 %60,065 528 8.78 
Winslow Plaza Sicklerville, NJ 18 40,695 100.0 %100.0 %40,695 637 15.65 
Total Portfolio
756 5,561,766 88.9 %87.1 %4,846,433 $46,851 $9.67 

(1)    Reflects leases executed through January 6, 2021 that commence subsequent to the end of current 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.
image1.jpg
WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
17


Top Ten Tenants by Annualized Base Rent
Total Tenants : 756
TenantsAnnualized Base Rent
($ in 000s)
% of Total Annualized Base RentTotal Occupied Square FeetPercent Total Leasable Square FootBase Rent Per Occupied Square Foot
1.
Food Lion
$2,733 5.83 %325,576 5.85 %$8.39 
2.
BI-LO (1)
2,729 5.82 %380,675 6.84 %7.17 
3.
Kroger (2)
1,355 2.89 %186,064 3.35 %7.28 
4.
Piggly Wiggly
1,322 2.82 %169,750 3.05 %7.79 
5.
Winn Dixie (1)
887 1.89 %133,575 2.40 %6.64 
6.
Planet Fitness
837 1.79 %100,427 1.81 %8.33 
7.
Hobby Lobby
717 1.53 %114,298 2.06 %6.27 
8.
BJ's Wholesale Club
651 1.39 %147,400 2.65 %4.42 
9.
Harris Teeter (2)
578 1.23 %39,946 0.72 %14.47 
10.
Lowes Foods
572 1.22 %54,838 0.99 %10.43 
$12,381 26.41 %1,652,549 29.72 %$7.49 
(1) These tenants are both owned by Southeastern Grocers.
(2) These tenants are both owned by The Kroger Company.


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— 715,333 12.86 %— %$— — %$— 
Month-to-Month11 24,063 0.43 %0.50 %296 0.63 %12.30 
2021106 363,594 6.54 %7.50 %3,820 8.15 %10.51 
2022126 509,280 9.16 %10.51 %5,460 11.65 %10.72 
2023133 870,708 15.66 %17.97 %7,675 16.38 %8.81 
2024107 665,560 11.97 %13.73 %6,373 13.60 %9.58 
2025104 787,608 14.16 %16.25 %7,874 16.81 %10.00 
202668 650,641 11.70 %13.43 %5,807 12.39 %8.93 
202726 164,815 2.96 %3.40 %1,988 4.24 %12.06 
202821 331,609 5.96 %6.84 %2,336 4.99 %7.04 
202916 114,020 2.05 %2.35 %1,143 2.44 %10.02 
2030 and thereafter38 364,535 6.55 %7.52 %4,079 8.72 %11.19 
Total756 5,561,766 100.00 %100.00 %$46,851 100.00 %$9.67 

WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
18


Leasing Summary
Anchor Lease Expiration Schedule (1)
No OptionOption
Lease Expiration Twelve Month Periods Ending December 31,Number 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— 284,658 $— — %$— — — $— — %$— 
Month-to-Month— — — — %— — — — — %— 
202158,473 250 14.98 %4.28 67,555 420 2.33 %6.22 
2022— — — — %— 178,882 1,294 7.18 %7.23 
202322,032 215 12.88 %9.76 16 545,135 3,553 19.72 %6.52 
202432,000 125 7.49 %3.91 318,759 2,231 12.38 %7.00 
202584,633 619 37.09 %7.31 11 437,850 3,566 19.79 %8.14 
202641,010 143 8.56 %3.49 11 361,929 2,937 16.30 %8.11 
2027— — — — %— 57,345 447 2.48 %7.79 
2028— — — — %— 280,841 1,637 9.08 %5.83 
202921,213 317 19.00 %14.94 45,700 307 1.70 %6.72 
2030+— — — — %— 260,576 1,629 9.04 %6.25 
Total544,019 $1,669 100.00 %$6.44 69 2,554,572 $18,021 100.00 %$7.05 

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

Non-anchor Lease Expiration Schedule
No OptionOption
Lease Expiration Twelve Month Periods Ending December 31,Number 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— 430,675 $— — %$— — — $— — %$— 
Month-to-Month11 24,063 296 2.41 %12.30 — — — — %— 
202174 158,071 1,901 15.48 %12.03 29 79,495 1,249 8.39 %15.71 
202260 130,073 1,714 13.96 %13.18 61 200,325 2,452 16.48 %12.24 
202367 134,146 1,702 13.86 %12.69 49 169,395 2,205 14.82 %13.02 
202455 128,243 1,628 13.26 %12.69 43 186,558 2,389 16.05 %12.81 
202552 122,411 1,828 14.89 %14.93 39 142,714 1,861 12.50 %13.04 
202631 105,547 1,289 10.50 %12.21 24 142,155 1,438 9.66 %10.12 
202723,130 372 3.03 %16.08 16 84,340 1,169 7.85 %13.86 
202810 31,652 498 4.06 %15.73 19,116 201 1.35 %10.51 
202923,850 226 1.84 %9.48 23,257 293 1.97 %12.60 
2030+15 36,586 824 6.71 %22.52 18 67,373 1,626 10.93 %24.13 
Total390 1,348,447 $12,278 100.00 %$13.38 289 1,114,728 $14,883 100.00 %$13.35 












WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
19


Leasing Summary
Leasing Renewals, New Leases and Expirations
Three Months Ended December 31,Twelve Months Ended December 31,
   2020 (3)
2019
   2020 (3)
2019
Renewals(1):
Leases renewed with rate increase (sq feet)88,506 310,544 616,548 685,124 
Leases renewed with rate decrease (sq feet)34,802 21,086 123,935 52,282 
Leases renewed with no rate change (sq feet)158,183 148,378 404,428 298,611 
Total leases renewed (sq feet)281,491 480,008 1,144,911 1,036,017 
Leases renewed with rate increase (count)16 28 127 116 
Leases renewed with rate decrease (count)24 12 
Leases renewed with no rate change (count)15 10 53 21 
Total leases renewed (count)38 41 204 149 
Option exercised (count)10 22 38 
Weighted average on rate increases (per sq foot)$1.15 $0.58 $1.12 $0.68 
Weighted average on rate decreases (per sq foot)$(2.18)$(1.13)$(1.43)$(2.25)
Weighted average rate on all renewals (per sq foot)$0.09 $0.33 $0.45 $0.34 
Weighted average change over prior rates1.02 %4.50 %4.63 %4.17 %
Weighted average change over prior rates, excluding bankruptcy negotiations4.60 %5.58 %
New Leases(1) (2):
New leases (sq feet)130,624 40,631 333,279 117,605 
New leases (count)24 13 72 43 
Weighted average rate (per sq foot)$7.69 $12.57 $9.03 $12.82 
Gross Leasable Area ("GLA") expiring during the next 12 months, including month-to-month leases6.97 %13.10 %
(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.
(3)    Includes transactions related to bankruptcy negotiations, unless otherwise noted.


WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
20


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 12/31/2020 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 12/31/2020 unless otherwise stated
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