Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.2.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 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
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 
Schedule of corporate general and administrative expenses
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  77 
Other 69  136  218  521 
    Total $ 2,498  $ 1,756  $ 5,434  $ 4,945 
Schedule of prior period reclassification adjustment description.
As a result, the condensed consolidated statements of operations were adjusted as shown below:

Three Months Ended September 30, 2021 Nine Months Ended September 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 $ (3,260) $ 1,062  $ (2,198) $ (9,852) $ 3,203  $ (6,649)
Net (Loss) Income Attributable to Wheeler REIT Common Stockholders $ (234) $ 1,062  $ 828  $ (8,902) $ 3,203  $ (5,699)
(Loss) Income per share, Basic and Diluted $ (0.02) $ 0.11  $ 0.09  $ (0.92) $ 0.33  $ (0.59)