Exhibit

Exhibit 99.2

Supplemental Operating and Financial Data

for the three and nine months September 30, 2018



Table of Contents
	Page
Company Overview	3
Financial and Portfolio Overview	4
Financial Summary
Consolidated Balance Sheets	5
Consolidated Statements of Operations	6
Reconciliation of Non-GAAP Measures	7
Debt Summary	10
Portfolio Summary
Property Summary	12
Top Ten Tenants by Annualized Base Rent	14
Leasing Summary	15
Definitions	18

Forward-Looking Statements

This document contains forward-looking statements that 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. operates; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; Wheeler Real Estate Investment Trust, Inc.'s failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of additional acquisition opportunities; Wheeler Real Estate Investment Trust, Inc.'s inability to successfully complete real estate acquisitions or successfully operate acquired properties and Wheeler Real Estate Investment Trust, Inc.'s failure to qualify or maintain its status as a REIT. For a further list and description of such risks and uncertainties that could impact Wheeler Real Estate Investment Trust, Inc.'s future results, performance or transactions, see the reports filed by Wheeler Real Estate Investment Trust, Inc. with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and annual reports on Form 10-K. Wheeler Real Estate Investment Trust, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	2

Company Overview

Headquartered in Virginia Beach, VA, Wheeler Real Estate Investment Trust, Inc. 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. Wheeler’s portfolio contains well-located, potentially dominant retail properties in secondary and tertiary markets that generate attractive, risk-adjusted returns. Wheeler’s common stock, Series B convertible preferred stock, Series D cumulative convertible preferred stock and common stock warrants trade publicly on the Nasdaq under the symbols “WHLR”, “WHLRP”, "WHLRD" and “WHLRW”, 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
David Kelly - President & CEO
Matthew T. Reddy - CFO
M. Andrew Franklin - COO

Board of Directors
John W. Sweet (Chairman)	Andrew R. Jones
Sean F. Armstrong	John P. McAuliffe
Stewart J. Brown	Carl B. McGowan, Jr.
David Kelly	Jeffrey M. Zwerdling

Investor Relations Contact	Transfer Agent and Registrar
Mary Jensen investorrelations@whlr.us 2529 Virginia Beach Boulevard Virginia Beach, VA 23452 Phone: (757) 627-9088 www.whlr.us	Computershare Trust Company, N.A. 250 Royall Street Canton, MA 02021 www.computershare.com



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	3

Financial and Portfolio Overview

For the Three Months Ended September 30, 2018



Financial Results
Net loss attributable to Wheeler REIT common shareholders (in 000s)	$	(3,810	)
Net loss per basic and diluted shares	$	(0.41	)
Funds from operations available to common shareholders and Operating Partnership (OP) unitholders (FFO) (in 000s) ⁽¹⁾	$	1,159
FFO per common share and OP unit	$	0.12
Adjusted FFO (AFFO) (in 000s) ⁽¹⁾	$	1,267
AFFO per common share and OP unit	$	0.13

Assets and Leverage
Investment Properties, net of $36.19 million accumulated depreciation (in 000s)	$	426,972
Cash and Cash Equivalents (in 000s)	$	3,638
Total Assets (in 000s)	$	527,088
Debt to Total Assets⁽³⁾	70.49		%
Debt to Gross Asset Value	62.95		%

Market Capitalization
Common shares outstanding	9,401,936
OP units outstanding	295,550
Total common shares and OP units	9,697,486



	Shares Outstanding at September 30, 2018	Third Quarter stock price range	Stock price as of September 30, 2018
Common Stock	9,401,936	$3.86 - $6.30	$	4.28
Series B preferred shares	1,875,748	$16.17 - $19.50	$	18.67
Series D preferred shares	3,600,636	$17.89 - $22.00	$	20.96



Total debt (in 000s)⁽³⁾	$	371,520
Common Stock market capitalization (as of September 30, 2018 closing stock price, in 000s)	$	40,240

Portfolio Summary
Total Leasable Area (GLA) in sq. ft.	5,720,091
Occupancy Rate	90.0		%
Leased Rate ⁽²⁾	90.4		%
Annualized Base Rent (in 000s)	$	49,089
Total number of leases signed or renewed during the third quarter of 2018	39
Total sq. ft. leases signed or renewed during the third quarter of 2018	270,538

(1) See page 18 for the Company's definition of this non-GAAP measurement and reasons for using it.

(2) Reflects leases executed through October 9, 2018 that commence subsequent to the end of current period.

(3) Includes debt associated with assets held for sale.



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	4

Consolidated Balance Sheets

$ in 000s



	September 30, 2018			December 31, 2017
	(unaudited)
ASSETS:
Investment properties, net	$	426,972		$	375,199
Cash and cash equivalents	3,638			3,677
Restricted cash	16,708			8,609
Rents and other tenant receivables, net	4,675			5,619
Notes receivable, net	6,739			6,739
Goodwill	5,486			5,486
Assets held for sale	22,111			9,135
Above market lease intangible, net	7,945			8,778
Deferred costs and other assets, net	32,814			34,432
Total Assets	$	527,088		$	457,674
LIABILITIES:
Loans payable, net	$	354,093		$	307,375
Liabilities associated with assets held for sale	12,423			792
Below market lease intangible, net	10,948			9,616
Accounts payable, accrued expenses and other liabilities	12,707			10,579
Dividends payable	3,037			5,480
Total Liabilities	393,208			333,842
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,600,636 and 2,237,000 shares issued and outstanding; $90.02 million and $55.93 million aggregate liquidation preference, respectively)	74,838			53,236

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 and 1,875,848 shares issued and outstanding, respectively; $46.90 million aggregate liquidation preference)	40,978			40,915
Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,401,936 and 8,744,189 shares issued and outstanding, respectively)	94			87
Additional paid-in capital	233,001			226,978
Accumulated deficit	(218,498		)	(204,925		)
Total Shareholders’ Equity	56,028			63,508
Noncontrolling interests	3,014			7,088
Total Equity	59,042			70,596
Total Liabilities and Equity	$	527,088		$	457,674



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	5

Consolidated Statements of Operations

$ in 000s



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
REVENUE:
Rental revenues	$	12,755		$	11,109		$	38,363		$	33,265
Asset management fees	48			145			143			807
Commissions	52			449			102			758
Tenant reimbursements	3,150			2,711			9,337			8,127
Development and other revenues	217			784			1,697			1,282
Total Revenue	16,222			15,198			49,642			44,239
OPERATING EXPENSES:
Property operations	4,687			3,726			13,804			11,467
Non-REIT management and leasing services	23			618			59			1,525
Depreciation and amortization	6,045			7,746			20,943			20,455
Provision for credit losses	149			23			335			443
Corporate general & administrative	1,703			1,306			6,479			4,855
Other operating expenses	250			—			250			—
Total Operating Expenses	12,857			13,419			41,870			38,745
Gain (loss) on disposal of properties	1,257			(1		)	2,312			1,021
Operating Income	4,622			1,778			10,084			6,515
Interest income	1			364			3			1,080
Interest expense	(5,183		)	(4,250		)	(14,940		)	(12,997		)
Net Loss from Continuing Operations Before Income Taxes	(560		)	(2,108		)	(4,853		)	(5,402		)
Income tax expense	(30		)	(65		)	(72		)	(175		)
Net Loss from Continuing Operations	(590		)	(2,173		)	(4,925		)	(5,577		)
Discontinued Operations
Income from discontinued operations	—			—			—			16
Gain on disposal of properties	—			—			903			1,502
Net Income from Discontinued Operations	—			—			903			1,518
Net Loss	(590		)	(2,173		)	(4,022		)	(4,059		)
Less: Net income (loss) attributable to noncontrolling interests	12			(111		)	(70		)	(165		)
Net Loss Attributable to Wheeler REIT	(602		)	(2,062		)	(3,952		)	(3,894		)
Preferred stock dividends	(3,208		)	(2,496		)	(9,621		)	(7,473		)
Net Loss Attributable to Wheeler REIT Common Shareholders	$	(3,810	)	$	(4,558	)	$	(13,573	)	$	(11,367	)

Loss per share from continuing operations (basic and diluted)	$	(0.41	)	$	(0.52	)	$	(1.58	)	$	(1.48	)
Income per share from discontinued operations	—			—			0.10			0.16
	$	(0.41	)	$	(0.52	)	$	(1.48	)	$	(1.32	)
Weighted-average number of shares:
Basic and Diluted	9,385,666			8,692,543			9,179,366			8,625,523



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	6

Reconciliation of Non-GAAP Measures ⁽¹⁾

FFO and AFFO

$ in 000s



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Net Loss	$	(590	)	$	(2,173	)	$	(4,022	)	$	(4,059	)
Depreciation and amortization of real estate assets	6,045			7,746			20,943			20,455
(Gain) loss on disposal of properties	(1,257		)	1			(2,312		)	(1,021		)
Gain on disposal of properties-discontinued operations	—			—			(903		)	(1,502		)
FFO	4,198			5,574			13,706			13,873
Preferred stock dividends	(3,208		)	(2,496		)	(9,621		)	(7,473		)
Preferred stock accretion adjustments	169			205			509			605
FFO available to common shareholders and common unitholders	1,159			3,283			4,594			7,005
Acquisition and development costs	82			233			346			832
Capital related costs	110			82			408			468
Other non-recurring and non-cash expenses ⁽²⁾	—			47			103			177
Share-based compensation	241			134			727			735
Straight-line rent	(353		)	(162		)	(953		)	(566		)
Loan cost amortization	625			682			1,682			2,509
Accrued interest income	—			(121		)	—			(359		)
(Below) above market lease amortization	(313		)	65			(421		)	448
Recurring capital expenditures and tenant improvement reserves	(284		)	(245		)	(858		)	(696		)
AFFO	$	1,267		$	3,998		$	5,628		$	10,553

Weighted Average Common Shares	9,385,666			8,692,543			9,179,366			8,625,523
Weighted Average Common Units	297,355			679,820			433,403			723,269
Total Common Shares and Units	9,683,021			9,372,363			9,612,769			9,348,792
FFO per Common Share and Common Units	$	0.12		$	0.35		$	0.48		$	0.75
AFFO per Common Share and Common Units	$	0.13		$	0.43		$	0.59		$	1.13


(1)	See page 18 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 Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2018.



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	7

Reconciliation of Non-GAAP Measures (continued)

Property Net Operating Income

$ in 000s



	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Net Loss	$	(590	)	$	(2,173	)	$	(4,022	)	$	(4,059	)
Adjustments:
Net Income from Discontinued Operations	—			—			(903		)	(1,518		)
Income tax expense	30			65			72			175
Interest expense	5,183			4,250			14,940			12,997
Interest income	(1		)	(364		)	(3		)	(1,080		)
(Gain) loss on disposal of properties	(1,257		)	1			(2,312		)	(1,021		)
Corporate general & administrative	1,703			1,306			6,479			4,855
Other operating expenses	250			—			250			—
Provision for credit losses - non-tenant	—			—			(77		)	—
Depreciation and amortization	6,045			7,746			20,943			20,455
Non-REIT management and leasing services	23			618			59			1,525
Development income	—			(155		)	—			(454		)
Asset management and commission revenues	(100		)	(594		)	(245		)	(1,565		)
Property Net Operating Income	$	11,286		$	10,700		$	35,181		$	30,310

Property revenues	$	16,122		$	14,449		$	49,397		$	42,220
Property expenses	4,687			3,726			13,804			11,467
Provision for credit losses - tenant	149			23			412			443
Property Net Operating Income	$	11,286		$	10,700		$	35,181		$	30,310



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	8

Reconciliation of Non-GAAP Measures (continued)

EBITDA

$ in 000s



		Three Months Ended September 30,						Nine Months Ended September 30,
		2018			2017			2018			2017
Net Loss		$	(590	)	$	(2,173	)	$	(4,022	)	$	(4,059	)
Add back:	Depreciation and amortization⁽¹⁾	5,732			7,811			20,522			20,903
	Interest Expense ⁽²⁾	5,183			4,250			14,940			13,006
	Income taxes	30			65			72			175
EBITDA		10,355			9,953			31,512			30,025
Adjustments for items affecting comparability:
	Acquisition and development costs	82			233			346			832
	Capital related costs	110			82			408			468
	Other non-recurring and non-cash expenses⁽³⁾	—			47			103			177
	(Gain) loss on disposal of properties	(1,257		)	1			(2,312		)	(1,021		)
	Gain on disposal of properties-discontinued operations	—			—			(903		)	(1,502		)
Adjusted EBITDA		$	9,290		$	10,316		$	29,154		$	28,979


(1)	Includes above (below) market lease amortization.


(2)	Includes loan cost amortization and amounts associated with discontinued operations.


(3)	Other non-recurring expenses are described in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Quarterly Report on Form 10-Q for the period ended September 30, 2018.



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	9

Debt Summary as of September 30, 2018

$ in 000s


Loans Payable:	$371.52 million


Weighted Average Interest Rate:	4.78%


Total Debt to Total Assets:	70.49%



Property/Description	Monthly Payment		Interest Rate		Maturity	September 30, 2018			December 31, 2017
First National Bank Line of Credit	$	24,656	Libor + 350 basis points		October 2018	$	2,969		$	3,000
Lumber River	$	10,723	Libor + 350 basis points		October 2018	1,459			1,500
Revere Loan	$	100,000	9.00	%	November 2018	1,758			6,808
Senior convertible notes	Interest only		9.00	%	December 2018	1,369			1,369
Harbor Point (1)	$	11,024	5.85	%	December 2018	477			553
Perimeter Square (1)	Interest only		5.50	%	December 2018	6,250			5,382
Riversedge North	$	8,802	6.00	%	January 2019	822			863
KeyBank Line of Credit	Interest only		Libor + 250 basis points		February 2019	3,830			15,532
Monarch Bank Building (1)	$	7,340	4.85	%	June 2019	1,246			1,266
DF I-Moyock (1)	$	10,665	5.00	%	July 2019	104			194
Rivergate	$	141,547	Libor + 295 basis points		December 2019	22,260			22,689
KeyBank Line of Credit	Interest only		Libor + 250 basis points		December 2019	48,272			52,500
LaGrange Marketplace	$	15,065	Libor + 375 basis points		March 2020	—			2,317
Folly Road	$	32,827	4.00	%	March 2020	6,109			6,181
Columbia Fire Station construction loan	Interest only		4.00	%	May 2020	4,200			3,421
Shoppes at TJ Maxx	$	33,880	3.88	%	May 2020	5,587			5,727
JANAF Bravo	Interest only		4.65	%	January 2021	6,500			—
Walnut Hill Plaza	Interest only		5.50	%	September 2022	3,903			3,903
Twin City Commons	$	17,827	4.86	%	January 2023	3,064			3,111
Shoppes at Eagle Harbor (1)	$	26,528	5.10	%	March 2023	—			3,341
New Market	$	48,747	5.65	%	June 2023	6,955			—
Benefit Street Note (3)	$	53,185	5.71	%	June 2023	7,600			—
Deutsche Bank Note (2)	$	33,340	5.71	%	July 2023	5,730			—
JANAF	$	333,159	4.49	%	July 2023	52,656			—
Tampa Festival	$	50,797	5.56	%	September 2023	8,263			8,368
Forrest Gallery	$	50,973	5.40	%	September 2023	8,565			8,669
South Carolina Food Lions Note	$	68,320	5.25	%	January 2024	11,915			12,050
Cypress Shopping Center	$	34,360	4.70	%	July 2024	6,406			6,485
Port Crossing	$	34,788	4.84	%	August 2024	6,179			6,263
Freeway Junction	$	41,798	4.60	%	September 2024	7,896			7,994
Harrodsburg Marketplace	$	19,112	4.55	%	September 2024	3,503			3,553
Graystone Crossing (1)	$	20,386	4.55	%	October 2024	3,880			3,928
Bryan Station	$	23,489	4.52	%	November 2024	4,491			4,547
Crockett Square	Interest only		4.47	%	December 2024	6,338			6,338
Pierpont Centre	Interest only		4.15	%	February 2025	8,113			8,113
Alex City Marketplace	Interest only		3.95	%	April 2025	5,750			5,750
Butler Square	Interest only		3.90	%	May 2025	5,640			5,640
Brook Run Shopping Center	Interest only		4.08	%	June 2025	10,950			10,950
Beaver Ruin Village I and II	Interest only		4.73	%	July 2025	9,400			9,400
Sunshine Shopping Plaza	Interest only		4.57	%	August 2025	5,900			5,900
Barnett Portfolio	Interest only		4.30	%	September 2025	8,770			8,770
Fort Howard Shopping Center	Interest only		4.57	%	October 2025	7,100			7,100
Conyers Crossing	Interest only		4.67	%	October 2025	5,960			5,960
Grove Park Shopping Center	Interest only		4.52	%	October 2025	3,800			3,800
Parkway Plaza	Interest only		4.57	%	October 2025	3,500			3,500
Winslow Plaza	Interest only		4.82	%	December 2025	4,620			4,620
JANAF BJ's	$	29,964	4.95	%	January 2026	5,091			—
Chesapeake Square	$	23,857	4.70	%	August 2026	4,454			4,507
Berkley/Sangaree/Tri-County	Interest only		4.78	%	December 2026	9,400			9,400
Riverbridge	Interest only		4.48	%	December 2026	4,000			4,000
Franklin	Interest only		4.93	%	January 2027	8,516			8,516
Total Principal Balance (1)						371,520			313,778
Unamortized debt issuance cost ⁽¹⁾						(5,570		)	(5,656		)
Total Loans Payable, including Assets Held for Sale						365,950			308,122
Less loans payable on assets held for sale, net loan amortization costs						11,857			747
Total Loans Payable, net						$	354,093		$	307,375

(1) Includes loans payable on assets held for sale.

(2) This loan is collateralized by LaGrange Marketplace, Ridgeland and Georgetown.

(3) This loan is collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park.



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	10

Debt Summary as of September 30, 2018 (continued)

Total Debt

$ in 000s



Scheduled principal repayments and maturities by year	Amount		% Total Principal Payments and Maturities
For the three months remaining December 31, 2018	$	15,423	4.15	%
December 31, 2019	80,509		21.67	%
December 31, 2020	19,551		5.26	%
December 31, 2021	10,591		2.85	%
December 31, 2022	8,113		2.18	%
December 31, 2023	83,333		22.43	%
Thereafter	154,000		41.46	%
Total principal repayments and maturities	$	371,520	100.00	%



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	11

Property Summary as of September 30, 2018



Property	Location	Number of Tenants (1)	Total Leasable Square Feet	Percentage Leased (1)		Percentage Occupied		Total SF Occupied	Annualized Base Rent (2)		Annualized Base Rent per Occupied Sq. Foot
Alex City Marketplace	Alexander City, AL	19	147,791	100.0	%	100.0	%	147,791	$	1,155,965	$	7.82
Amscot Building (3)	Tampa, FL	1	2,500	100.0	%	100.0	%	2,500	115,849		46.34
Beaver Ruin Village	Lilburn, GA	27	74,038	84.7	%	84.7	%	62,701	1,058,547		16.88
Beaver Ruin Village II	Lilburn, GA	4	34,925	100.0	%	100.0	%	34,925	445,531		12.76
Berkley (4)	Norfolk, VA	—	—	—	%	—	%	—	—		—
Berkley Shopping Center	Norfolk, VA	10	47,945	42.0	%	42.0	%	20,140	241,990		12.02
Brook Run Shopping Center	Richmond, VA	19	147,738	92.1	%	92.1	%	136,102	1,500,854		11.03
Brook Run Properties (4)	Richmond, VA	—	—	—	%	—	%	—	—		—
Bryan Station	Lexington, KY	10	54,397	100.0	%	100.0	%	54,397	593,828		10.92
Butler Square	Mauldin, SC	16	82,400	98.2	%	98.2	%	80,950	795,234		9.82
Cardinal Plaza	Henderson, NC	7	50,000	94.0	%	94.0	%	47,000	449,600		9.57
Chesapeake Square	Onley, VA	12	108,982	96.5	%	96.5	%	105,182	791,648		7.53
Clover Plaza	Clover, SC	9	45,575	100.0	%	100.0	%	45,575	355,287		7.80
Columbia Fire Station	Columbia, SC	3	21,273	79.0	%	79.0	%	16,800	368,404		21.93
Courtland Commons (4)	Courtland, VA	—	—	—	%	—	%	—	—		—
Conyers Crossing	Conyers, GA	12	170,475	98.3	%	98.3	%	167,575	848,658		5.06
Crockett Square	Morristown, TN	4	107,122	100.0	%	100.0	%	107,122	920,322		8.59
Cypress Shopping Center	Boiling Springs, SC	15	80,435	37.8	%	37.8	%	30,375	320,788		10.56
Darien Shopping Center	Darien, GA	1	26,001	100.0	%	100.0	%	26,001	156,006		6.00
Devine Street	Columbia, SC	2	38,464	100.0	%	100.0	%	38,464	318,500		8.28
Edenton Commons (4)	Edenton, NC	—	—	—	%	—	%	—	—		—
Folly Road	Charleston, SC	5	47,794	100.0	%	100.0	%	47,794	725,156		15.17
Forrest Gallery	Tullahoma, TN	25	214,451	93.5	%	93.5	%	200,404	1,347,509		6.72
Fort Howard Shopping Center	Rincon, GA	18	113,652	93.6	%	93.6	%	106,320	892,990		8.40
Freeway Junction	Stockbridge, GA	14	156,834	94.6	%	94.6	%	148,424	1,082,137		7.29
Franklin Village	Kittanning, PA	29	151,821	100.0	%	100.0	%	151,821	1,203,274		7.93
Franklinton Square	Franklinton, NC	13	65,366	90.7	%	90.7	%	59,300	541,833		9.14
Georgetown	Georgetown, SC	2	29,572	100.0	%	100.0	%	29,572	267,215		9.04
Graystone Crossing	Tega Cay, SC	11	21,997	100.0	%	100.0	%	21,997	545,353		24.79
Grove Park	Orangeburg, SC	15	106,557	87.5	%	87.5	%	93,265	723,069		7.75
Harbor Point (4)	Grove, OK	—	—	—	%	—	%	—	—		—
Harrodsburg Marketplace	Harrodsburg, KY	8	60,048	91.0	%	91.0	%	54,648	413,640		7.57
JANAF (6)	Norfolk, VA	119	810,137	90.0	%	90.0	%	729,159	8,000,488		10.97
Jenks Plaza	Jenks, OK	5	7,800	100.0	%	100.0	%	7,800	165,820		21.26
Laburnum Square	Richmond, VA	21	109,405	100.0	%	100.0	%	109,405	989,030		9.04
Ladson Crossing	Ladson, SC	14	52,607	97.2	%	97.2	%	51,107	465,276		9.10
LaGrange Marketplace	LaGrange, GA	13	76,594	95.3	%	95.3	%	72,994	416,290		5.70
Lake Greenwood Crossing	Greenwood, SC	5	47,546	85.0	%	85.0	%	40,418	316,490		7.83
Lake Murray	Lexington, SC	5	39,218	100.0	%	100.0	%	39,218	255,274		6.51
Litchfield Market Village	Pawleys Island, SC	18	86,740	86.6	%	86.6	%	75,103	893,654		11.90
Lumber River Village	Lumberton, NC	11	66,781	98.2	%	98.2	%	65,581	444,883		6.78
Monarch Bank	Virginia Beach, VA	1	3,620	100.0	%	100.0	%	3,620	126,700		35.00
Moncks Corner	Moncks Corner, SC	1	26,800	100.0	%	100.0	%	26,800	323,451		12.07
Nashville Commons	Nashville, NC	12	56,100	99.9	%	99.9	%	56,050	585,948		10.45
New Market Crossing	Mt. Airy, NC	13	117,076	96.0	%	96.0	%	112,368	976,833		8.69
Parkway Plaza	Brunswick, GA	4	52,365	81.7	%	81.7	%	42,785	346,275		8.09
Perimeter Square	Tulsa, OK	10	58,277	100.0	%	100.0	%	58,277	626,361		10.75
Pierpont Centre	Morgantown, WV	17	122,259	89.3	%	89.3	%	109,203	1,294,704		11.86
Port Crossing	Harrisonburg, VA	9	65,365	97.9	%	97.9	%	64,000	812,077		12.69
Ridgeland	Ridgeland, SC	1	20,029	100.0	%	100.0	%	20,029	140,203		7.00
Riverbridge Shopping Center	Carrollton, GA	11	91,188	98.5	%	98.5	%	89,788	684,738		7.63
Riversedge North (5)	Virginia Beach, VA	—	—	—	%	—	%	—	—		—
Rivergate Shopping Center	Macon, GA	31	201,680	97.5	%	97.5	%	196,719	2,799,678		14.23
Sangaree Plaza	Summerville, SC	9	66,948	100.0	%	100.0	%	66,948	644,110		9.62



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	12

Portfolio Summary as of September 30, 2018, (continued)



Property	Location	Number of Tenants (1)	Total Leasable Square Feet	Percentage Leased (1)		Occupied Square Foot Percentage		Total SF Occupied	Annualized Base Rent (2)		Annualized Base Rent per Occupied Sq. Foot
Shoppes at Myrtle Park	Bluffton, SC	12	56,601	76.3	%	76.3	%	43,204	$	429,689	$	9.95
Shoppes at TJ Maxx	Richmond, VA	17	93,624	98.3	%	98.3	%	92,027	1,127,687		12.25
South Lake	Lexington, SC	8	44,318	19.6	%	19.6	%	8,700	102,147		11.74
South Park	Mullins, SC	3	60,734	83.2	%	83.2	%	50,509	351,189		6.95
South Square	Lancaster, SC	5	44,350	74.2	%	74.2	%	32,900	264,130		8.03
St. George Plaza	St. George, SC	6	59,279	86.5	%	86.5	%	51,278	329,136		6.42
St. Matthews	St. Matthews, SC	4	29,015	87.2	%	12.8	%	3,701	24,002		6.49
Sunshine Plaza	Lehigh Acres, FL	21	111,189	96.6	%	96.6	%	107,396	984,436		9.17
Surrey Plaza	Hawkinsville, GA	3	42,680	82.0	%	82.0	%	35,000	230,550		6.59
Tampa Festival	Tampa, FL	17	137,987	63.2	%	63.2	%	87,266	930,161		10.66
Tri-County Plaza	Royston, GA	6	67,577	89.2	%	89.2	%	60,277	381,973		6.34
Tulls Creek (4)	Moyock, NC	—	—	—	%	—	%	—	—		—
Twin City Commons	Batesburg-Leesville, SC	5	47,680	100.0	%	100.0	%	47,680	434,093		9.10
Village of Martinsville	Martinsville, VA	18	297,950	96.1	%	96.1	%	286,431	2,212,771		7.73
Walnut Hill Plaza	Petersburg, VA	6	87,239	34.3	%	34.3	%	29,957	254,848		8.51
Waterway Plaza	Little River, SC	10	49,750	100.0	%	100.0	%	49,750	484,588		9.74
Westland Square	West Columbia, SC	10	62,735	80.8	%	80.8	%	50,690	471,206		9.30
Winslow Plaza	Sicklerville, NJ	16	40,695	94.1	%	94.1	%	38,295	588,712		15.37
Total Portfolio		808	5,720,091	90.4	%	90.0	%	5,149,578	$	49,088,788	$	9.53


(1)	Reflects leases executed through October 9, 2018 that commence subsequent to the end of the 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)	We own the Amscot building, but we do not own the land underneath the buildings and instead lease the land pursuant to ground leases. As discussed in the financial statements, these ground leases require us to make annual rental payments and contain escalation clauses and renewal options.


(4)	This information is not available because the property is undeveloped.


(5)	This property is our corporate headquarters that we 100% occupy.


(6)	Square footage is net of management office the Company occupies on premise and buildings on ground lease which the Company only leases the land.



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	13

Top Ten Tenants by Annualized Base Rent as of September 30, 2018

Total Tenants : 808



Tenants		Annualized Base Rent ($ in 000s)		% of Total Annualized Base Rent		Total Occupied Square Feet	Percent Total Leasable Square Foot		Base Rent Per Occupied Square Foot
1.	BI-LO ⁽¹⁾	$	2,717	5.53	%	380,675	6.66	%	$	7.14
2.	Food Lion	2,636		5.37	%	325,576	5.69	%	8.10
3.	Kroger ⁽²⁾	1,324		2.70	%	186,064	3.25	%	7.12
4.	Piggly Wiggly	1,322		2.69	%	169,750	2.97	%	7.79
5.	Winn Dixie ⁽¹⁾	863		1.76	%	133,575	2.34	%	6.46
6.	Hobby Lobby	675		1.38	%	114,298	2.00	%	5.91
7.	Dollar Tree	600		1.22	%	87,133	1.52	%	6.89
8.	BJ's Wholesale Club	594		1.21	%	147,400	2.58	%	4.03
9.	Harris Teeter ⁽²⁾	578		1.18	%	39,946	0.70	%	14.47
10.	TJ Maxx	574		1.17	%	69,783	1.22	%	8.23
		$	11,883	24.21	%	1,654,200	28.93	%	$	7.18

(1) These tenants are both owned by Southeastern Grocers.

(2) These tenants are both owned by The Kroger Company.



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	14

Leasing Summary as of September 30, 2018


Total Leasable Area:	5,720,091 square feet


Total Square Footage Occupied:	5,149,578 square feet


Occupancy Rate:	90.03%

Lease Expiration Schedule



Lease Expiration Period	Number of Expiring Leases	Total Expiring Square Footage	% of Total Expiring Square Footage		% of Total Occupied Square Footage Expiring		Expiring Annualized Base Rent (in 000s)		% of Total Annualized Base Rent		Expiring Base Rent Per Occupied Square Foot
Available	—	570,513	9.97	%	—	%	$	—	—	%	$	—
2018	40	84,800	1.48	%	1.65	%	701		1.43	%	8.27
2019	146	479,428	8.38	%	9.31	%	5,748		11.71	%	11.99
2020	167	1,250,283	21.86	%	24.28	%	10,286		20.95	%	8.23
2021	134	699,329	12.23	%	13.58	%	6,973		14.20	%	9.97
2022	107	451,296	7.89	%	8.76	%	5,178		10.55	%	11.47
2023	88	644,513	11.27	%	12.52	%	6,092		12.41	%	9.45
2024	32	330,285	5.77	%	6.41	%	2,562		5.22	%	7.76
2025	21	315,723	5.52	%	6.13	%	3,046		6.21	%	9.65
2026	23	304,186	5.32	%	5.91	%	2,737		5.58	%	9.00
2027 and thereafter	50	589,735	10.31	%	11.45	%	5,766		11.74	%	9.78
Total	808	5,720,091	100.00	%	100.00	%	$	49,089	100.00	%	$	9.53



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	15

Leasing Summary as of September 30, 2018, (continued)

Anchor Lease Expiration Schedule ⁽¹⁾



	No Option								Option
Lease Expiration Three and Twelve Month Periods Ending December 31,	Number of Expiring Leases	Expiring Occupied Square Footage	Expiring Annualized Based Rent (in 000s)		% of Total Annualized Base Rent		Expiring Base Rent per Square Foot		Number of Expiring Leases	Expiring Occupied Square Footage	Expiring Annualized Based Rent (in 000s)		% of Total Annualized Base Rent		Expiring Base Rent per Square Foot
Available	—	151,078	$	—	—	%	$	—	—	21,613	$	—	—	%	$	—
2018	—	—	—		—	%	—		—	—	—		—	%	—
2019	1	21,213	301		38.89	%	14.18		2	82,500	813		4.12	%	9.85
2020	1	20,858	55		7.11	%	2.61		18	813,430	4,717		23.89	%	5.80
2021	2	43,427	88		11.37	%	2.03		10	290,769	2,361		11.96	%	8.12
2022	—	—	—		—	%	—		4	148,663	1,149		5.82	%	7.73
2023	1	22,032	215		27.78	%	9.75		13	408,495	3,032		15.35	%	7.42
2024	1	32,000	115		14.85	%	3.59		5	207,259	1,157		5.86	%	5.58
2025	—	—	—		—	%	—		6	256,248	2,116		10.72	%	8.26
2026	—	—	—		—	%	—		6	221,755	1,637		8.29	%	7.38
2027+	—	—	—		—	%	—		12	412,387	2,766		13.99	%	6.71
Total	6	290,608	774		100.00	%	$	5.54	76	2,863,119	19,748		100.00	%	$	6.95

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

Non-anchor Lease Expiration Schedule



	No Option								Option
Lease Expiration Three and Twelve Month Periods Ending December 31,	Number of Expiring Leases	Expiring Occupied Square Footage	Expiring Annualized Based Rent (in 000s)		% of Total Annualized Base Rent		Expiring Base Rent per Square Foot		Number of Expiring Leases	Expiring Occupied Square Footage	Expiring Annualized Based Rent (in 000s)		% of Total Annualized Base Rent		Expiring Base Rent per Square Foot
Available	—	397,822	$	—	—	%	$	—	—	—	$	—	—	%	$	—
2018	31	50,471	492		4.30	%	9.74		9	34,329	209		1.22	%	6.10
2019	78	159,978	2,045		17.89	%	12.79		65	215,737	2,589		15.11	%	12.00
2020	97	252,594	3,202		28.00	%	12.68		51	163,401	2,312		13.49	%	14.15
2021	63	149,610	1,828		15.99	%	12.22		59	215,523	2,696		15.74	%	12.51
2022	35	71,903	1,060		9.27	%	14.73		68	230,730	2,969		17.33	%	12.87
2023	35	74,955	955		8.35	%	12.75		39	139,031	1,890		11.03	%	13.59
2024	15	32,827	445		3.89	%	13.56		11	58,199	845		4.93	%	14.53
2025	8	19,841	299		2.62	%	15.09		7	39,634	631		3.68	%	15.91
2026	6	14,681	263		2.30	%	17.91		11	67,750	837		4.89	%	12.36
2027+	13	50,425	845		7.39	%	16.75		25	126,923	2,155		12.58	%	16.98
Total	381	1,275,107	11,434		100.00	%	$	13.03	345	1,291,257	17,133		100.00	%	$	13.27



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	16

Leasing Summary as of September 30, 2018, (continued)

Leasing Renewals, New Leases and Expirations



	Three Months Ended September 30,						Nine months Ended September 30,
	2018			2017 (2)			2018			2017 (2)
Renewals(1):
Leases renewed with rate increase (sq feet)	101,355			106,384			426,483			219,267
Leases renewed with rate decrease (sq feet)	1,240			12,007			39,720			70,049
Leases renewed with no rate change (sq feet)	136,452			86,708			96,167			203,647
Total leases renewed (sq feet)	239,047			205,099			562,370			492,963

Leases renewed with rate increase (count)	21			26			71			60
Leases renewed with rate decrease (count)	1			2			6			9
Leases renewed with no rate change (count)	6			6			13			21
Total leases renewed (count)	28			34			90			90

Option exercised (count)	6			22			23			44

Weighted average on rate increases (per sq foot)	$	1.10		$	1.03		$	0.97		$	0.97
Weighted average on rate decreases (per sq foot)	$	(1.36	)	$	(1.85	)	$	(1.85	)	$	(1.18	)
Weighted average rate (per sq foot)	$	0.46		$	0.42		$	0.52		$	0.26
Weighted average change over prior rates	6.46		%	4.89		%	6.43		%	3.07		%

New Leases (1):
New leases (sq feet)	31,491			30,364			234,407			118,435
New leases (count)	11			12			47			44
Weighted average rate (per sq foot)	$	11.24		$	11.38		$	8.75		$	12.51

Gross Leasable Area ("GLA") expiring during the next 3 months	1.48		%	1.88		%	1.48		%	1.88		%


(1)	Lease data presented for the three and nine months ended September 30, 2018 and 2017 is based on average rate per square foot over the renewed or new lease term.


(2)	2017 lease data adjusted to reflect average rate per square foot over the renewed or new lease term for consistency with 2018 presentation.



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	17

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 April 2002). 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) 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 shareholders, 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, and depreciation and amortization, 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.



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	18

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, 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.



Wheeler Real Estate Investment Trust \| Supplemental Operating and Financial Data	19