Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2022
Accounting Policies [Abstract]  
Schedule of disaggregation of Company's revenue
The below table disaggregates the Company’s revenue by type of service (in thousands, unaudited):
Three Months Ended
June 30,
Six Months Ended
June 30,
2022 2021 2022 2021
Minimum rent $ 11,914  $ 11,332  $ 23,800  $ 22,662 
Tenant reimbursements - variable lease revenue 3,275  3,333  6,580  6,426 
Percentage rent - variable lease revenue 116  157  233  286 
Straight-line rents 156  385  233  608 
Lease termination fees 32  125  107  129 
Other 123  75  213  143 
     Total 15,616  15,407  31,166  30,254 
Credit (losses) recoveries on operating lease receivables (137) 83  (190) (36)
     Total $ 15,479  $ 15,490  $ 30,976  $ 30,218 
Schedule of corporate general and administrative expenses
Corporate general & administrative expenses consist of the following (in thousands, unaudited):
Three Months Ended June 30, Six Months Ended
June 30,
2022 2021 2022 2021
Professional fees $ 565  $ 652  $ 972  $ 1,416 
Corporate administration 468  392  914  772 
Compensation and benefits 376  338  691  575 
Advertising costs for leasing activities 165  21  210  41 
Other 99  204  150  385 
    Total $ 1,673  $ 1,607  $ 2,937  $ 3,189 
Schedule of prior period reclassification adjustment description.
As a result the condensed consolidated statements of operations were adjusted as shown below:

Three Months Ended June 30, 2021 Six Months Ended June 30, 2021
As Previously Reported Adjustment of Series A Preferred and Series B Preferred undeclared Dividends As Adjusted As Previously Reported Adjustment of Series A Preferred and Series B Preferred undeclared Dividends As Adjusted
Preferred Stock dividends - undeclared $ (3,251) $ 1,062  $ (2,189) $ (6,592) $ 2,130  $ (4,462)
Net Loss Attributable to Wheeler REIT Common Stockholders $ (5,667) $ 1,062  $ (4,605) $ (8,668) $ 2,130  $ (6,538)
(Loss) per share, Basic and Diluted $ (0.58) $ 0.11  $ (0.47) $ (0.89) $ 0.22  $ (0.67)