EX-99.2 3 ex992supplementaloperating.htm EXHIBIT 99.2 3.31.19 SUPPLEMENT Exhibit
Exhibit 99.2

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Supplemental Operating and Financial Data
for the three months March 31, 2019


Table of Contents
 
 
Page
Company Overview
Financial and Portfolio Overview
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
Leasing Summary
15
Definitions



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 March 31, 2019
Financial Results
 
Net loss attributable to Wheeler REIT common shareholders (in 000s)
$
(3,015
)
Net loss per basic and diluted shares
$
(0.31
)
Funds from operations available to common shareholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)
$
1,145

FFO per common share and OP unit
$
0.12

Adjusted FFO (AFFO) (in 000s) (1)
$
1,064

AFFO per common share and OP unit
$
0.11

 
 
Assets and Leverage
 
Investment Properties, net of $42.23 million accumulated depreciation (in 000s)
$
422,838

Cash and Cash Equivalents (in 000s)
$
4,159

Total Assets (in 000s)
$
509,097

Debt to Total Assets(3)
70.70
%
Debt to Gross Asset Value
62.71
%
 
 
Market Capitalization
 
Common shares outstanding
9,693,271

OP units outstanding
235,032

Total common shares and OP units
9,928,303

 
Shares Outstanding at March 31, 2019
 
First Quarter stock price range
 
Stock price as of March 31, 2019
Common Stock
9,693,271

 
$0.80 - $2.18
 
$
1.49

Series B preferred shares
1,875,748

 
$7.67 - $13.32
 
$
13.00

Series D preferred shares
3,600,636

 
$9.45 - $14.60
 
$
14.02

Total debt (in 000s)(3)
$
359,926

Common Stock market capitalization (as of March 31, 2019 closing stock price, in 000s)
$
14,443

 
 
Portfolio Summary
 
Total Leasable Area (GLA) in sq. ft.
5,686,674

Occupancy Rate
89.0
%
Leased Rate (2)
89.6
%
Annualized Base Rent (in 000s)
$
48,384

Total number of leases signed or renewed during the first quarter of 2019
36

Total sq. ft. leases signed or renewed during the first quarter of 2019
152,114


(1)    See page 18 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)    Reflects leases executed through April 2, 2019 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
 
March 31,
2019
 
December 31, 2018
 
(unaudited)
 
 
ASSETS:
 
 
 
Investment properties, net
$
422,838

 
$
433,142

Cash and cash equivalents
4,159

 
3,544

Restricted cash
14,446

 
14,455

Rents and other tenant receivables, net
5,594

 
5,539

Notes receivable, net
5,000

 
5,000

Assets held for sale
10,431

 
8,982

Above market lease intangibles, net
6,793

 
7,346

Operating lease right-of-use assets
11,833

 
—

Deferred costs and other assets, net
28,003

 
30,073

Total Assets
$
509,097

 
$
508,081

LIABILITIES:
 
 
 
Loans payable, net
$
348,651

 
$
360,117

Liabilities associated with assets held for sale
6,684

 
4,632

Below market lease intangibles, net
9,265

 
10,045

Operating lease liability
11,962

 
—

Accounts payable, accrued expenses and other liabilities
10,504

 
12,077

Total Liabilities
387,066

 
386,871

Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,600,636 shares issued and outstanding; $94.40 million and $91.98 million aggregate liquidation preference, respectively)
79,522

 
76,955

 
 
 
 
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)
41,022

 
41,000

Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,693,271 and 9,511,464 shares issued and outstanding, respectively)
97

 
95

Additional paid-in capital
233,861

 
233,697

Accumulated deficit
(235,131
)
 
(233,184
)
Total Shareholders’ Equity
40,302

 
42,061

Noncontrolling interests
2,207

 
2,194

Total Equity
42,509

 
44,255

Total Liabilities and Equity
$
509,097

 
$
508,081


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


Consolidated Statements of Operations
$ in 000s
 
Three Months Ended
March 31,
 
2019
 
2018
REVENUE:
 
 
 
Rental revenues
$
15,770

 
$
15,821

Asset management fees
13

 
125

Commissions
42

 
14

Other revenues
170

 
333

Total Revenue
15,995

 
16,293

OPERATING EXPENSES:
 
 
 
Property operations
4,726

 
4,599

Non-REIT management and leasing services
23

 
36

Depreciation and amortization
5,816

 
7,476

Corporate general & administrative
1,814

 
2,508

Total Operating Expenses
12,379

 
14,619

Gain on disposal of properties
1,839

 
1,055

Operating Income
5,455

 
2,729

Interest income
1

 
1

Interest expense
(4,793
)
 
(4,577
)
Net Income (Loss) Before Income Taxes
663

 
(1,847
)
Income tax expense
(8
)
 
(25
)
Net Income (Loss)
655

 
(1,872
)
Less: Net income (loss) attributable to noncontrolling interests
13

 
(47
)
Net Income (Loss) Attributable to Wheeler REIT
642

 
(1,825
)
Preferred Stock dividends - declared
—

 
(3,207
)
Preferred Stock dividends - undeclared
(3,657
)
 
—

Net Loss Attributable to Wheeler REIT Common Shareholders
$
(3,015
)
 
$
(5,032
)
 
 
 
 
Loss per share:
 
 
 
Basic and Diluted
$
(0.31
)
 
$
(0.57
)
 
 
 
 
Weighted-average number of shares:
 
 
 
Basic and Diluted
9,606,249

 
8,900,416

 
 
 
 





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


Reconciliation of Non-GAAP Measures

FFO and AFFO (1) 
$ in 000s

 
Three Months Ended
March 31,
 
2019
 
2018
Net Income (Loss)
$
655

 
$
(1,872
)
Depreciation and amortization of real estate assets
5,816

 
7,476

Gain on disposal of properties
(1,839
)
 
(1,055
)
FFO
4,632

 
4,549

Preferred stock dividends-declared
—

 
(3,207
)
Preferred stock dividends-undeclared
(3,657
)
 
—

Preferred stock accretion adjustments
170

 
170

FFO available to common shareholders and common unitholders
1,145

 
1,512

Acquisition and development costs
4

 
7

Capital related costs
74

 
53

Other non-recurring and non-cash expenses (2)
24

 
103

Share-based compensation
90

 
419

Straight-line rental revenue, net straight-line expense
(155
)
 
(195
)
Loan cost amortization
392

 
379

(Below) above market lease amortization
(226
)
 
(22
)
Recurring capital expenditures and tenant improvement reserves
(284
)
 
(290
)
AFFO
$
1,064

 
$
1,966

 
 
 
 
Weighted Average Common Shares
9,606,249

 
8,900,416

Weighted Average Common Units
235,032

 
629,009

Total Common Shares and Units
9,841,281

 
9,529,425

FFO per Common Share and Common Units
$
0.12

 
$
0.16

AFFO per Common Share and Common Units
$
0.11

 
$
0.21


(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 months ended March 31, 2019.







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


Reconciliation of Non-GAAP Measures (continued)
Property Net Operating Income (1) 
$ in 000s
 
 
 
Three Months Ended March 31,
 
2019
 
2018
 
 
 
 
 
 
Net Income (Loss)
$
655

 
$
(1,872
)
Adjustments:
 
 
 
Income tax expense
8

 
25

Interest expense
4,793

 
4,577

Interest income
(1
)
 
(1
)
Gain on disposal of properties
(1,839
)
 
(1,055
)
Corporate general & administrative
1,814

 
2,508

Depreciation and amortization
5,816

 
7,476

Non-REIT management and leasing services
23

 
36

Asset management and commission revenues
(55
)
 
(139
)
Property Net Operating Income
$
11,214

 
$
11,555

 
 
 
 
Property revenues
$
15,940

 
$
16,154

Property expenses
4,726

 
4,599

Property Net Operating Income
$
11,214

 
$
11,555

(1)
See page 19 for the Company's definition of this non-GAAP measurement and reasons for using it.

















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


Reconciliation of Non-GAAP Measures (continued)
EBITDA (4) 
$ in 000s
 
Three Months Ended March 31,
 
2019
 
2018
Net Income (Loss)
$
655

 
$
(1,872
)
Add back:
Depreciation and amortization (1)
5,590

 
7,454

 
Interest Expense (2)
4,793

 
4,577

 
Income tax expense
8

 
25

EBITDA
11,046

 
10,184

Adjustments for items affecting comparability:
 
 
 
 
Acquisition and development costs
4

 
7

 
Capital related costs
74

 
53

 
Other non-recurring and non-cash expenses (3)
24

 
103

 
Gain on disposal of properties
(1,839
)
 
(1,055
)
Adjusted EBITDA
$
9,309

 
$
9,292

(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 Quarterly Report on Form 10-Q for the period ended March 31, 2019.
(4)
See page 18 for the Company's definition of this non-GAAP measurement and reasons for using it.


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


Debt Summary as of March 31, 2019
$ in 000s
Loans Payable:
$359.93 million
Weighted Average Interest Rate:
4.84%
Total Debt to Total Assets:
70.70%
Property/Description
 
Monthly Payment
 
Interest
Rate
 
Maturity
 
March 31, 2019
 
December 31, 2018
 Harbor Pointe (1)
 
$
11,024

 
5.85
%
 
December 2018
 
$
—

 
$
460

 Perimeter Square (1)
 
Interest only

 
6.50
%
 
March 2019
 
6,250

 
6,250

 Perimeter Square construction loan (1)
 
Interest only

 
6.50
%
 
March 2019
 
247

 
247

 KeyBank Line of Credit (6)
 
Interest only

 
Libor + 250 basis points

 
March 2019
 
2,980

 
3,830

 Revere Term Loan
 
$
109,658

 
10.00
%
 
April 2019
 
—

 
1,059

 Senior convertible notes
 
$
234,199

 
9.00
%
 
June 2019
 
692

 
1,369

 DF I-Moyock (1)
 
$
10,665

 
5.00
%
 
July 2019
 
43

 
73

 Rivergate
 
$
141,230

 
Libor + 295 basis points

 
December 2019
 
21,974

 
22,117

 KeyBank Line of Credit (6)
 
Interest only

 
Libor + 250 basis points

 
December 2019
 
48,272

 
48,272

 Folly Road
 
$
32,827

 
4.00
%
 
March 2020
 
6,035

 
6,073

 Columbia Fire Station
 
$
25,452

 
4.00
%
 
May 2020
 
4,154

 
4,189

 Shoppes at TJ Maxx
 
$
33,880

 
3.88
%
 
May 2020
 
5,491

 
5,539

 First National Bank Line of Credit
 
$
24,656

 
Libor + 300 basis points

 
September 2020
 
1,379

 
2,938

 Lumber River
 
$
10,723

 
Libor + 350 basis points

 
October 2020
 
1,438

 
1,448

 JANAF Bravo
 
$
36,935

 
4.65
%
 
January 2021
 
6,476

 
6,500

 Walnut Hill Plaza
 
$
26,850

 
5.50
%
 
September 2022
 
3,840

 
3,868

 Twin City Commons
 
$
17,827

 
4.86
%
 
January 2023
 
3,032

 
3,048

 New Market
 
$
48,747

 
5.65
%
 
June 2023
 
6,859

 
6,907

 Benefit Street Note (3)
 
$
53,185

 
5.71
%
 
June 2023
 
7,515

 
7,567

 Deutsche Bank Note (2)
 
$
33,340

 
5.71
%
 
July 2023
 
5,695

 
5,713

 JANAF
 
$
333,159

 
4.49
%
 
July 2023
 
51,838

 
52,253

 Tampa Festival
 
$
50,797

 
5.56
%
 
September 2023
 
8,189

 
8,227

 Forrest Gallery
 
$
50,973

 
5.40
%
 
September 2023
 
8,491

 
8,529

 Riversedge North
 
$
11,436

 
5.77
%
 
December 2023
 
1,791

 
1,800

 South Carolina Food Lions Note (5)
 
$
68,320

 
5.25
%
 
January 2024
 
11,819

 
11,867

 Cypress Shopping Center
 
$
34,360

 
4.70
%
 
July 2024
 
6,351

 
6,379

 Port Crossing
 
$
34,788

 
4.84
%
 
August 2024
 
6,120

 
6,150

 Freeway Junction
 
$
41,798

 
4.60
%
 
September 2024
 
7,828

 
7,863

 Harrodsburg Marketplace
 
$
19,112

 
4.55
%
 
September 2024
 
3,469

 
3,486

 Graystone Crossing (1)
 
$
20,386

 
4.55
%
 
October 2024
 
—

 
3,863

 Bryan Station
 
$
23,489

 
4.52
%
 
November 2024
 
4,452

 
4,472

 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 (4)
 
 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
 
5,038

 
5,065

 Chesapeake Square
 
$
23,857

 
4.70
%
 
August 2026
 
4,411

 
4,434

 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)
 
 
 
 
 
 
 
359,926

 
369,612

Unamortized debt issuance cost (1)
 
 
 
 
 
 
 
(4,735
)
 
(5,144
)
Total Loans Payable, including Assets Held for Sale
 
 
 
 
 
 
 
355,191

 
364,468

Less loans payable on assets held for sale, net loan amortization costs
 
 
 
 
6,540

 
4,351

Total Loans Payable, net
 
 
 
 
 
 
 
$
348,651

 
$
360,117

(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, Laburnum Square, Lake Murray, Litchfield Market Village, Moncks Corner, Shoppes at Myrtle Park, South Lake, St. Matthews and Village of Martinsville.

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


Debt Summary as of March 31, 2019 (continued)

Total Debt
$ in 000s
Scheduled principal repayments and maturities by year
 
Amount
 
% Total Principal Payments and Maturities
For the remaining nine months ended December 31, 2019
 
$
83,751

 
23.27
%
December 31, 2020
 
22,138

 
6.15
%
December 31, 2021
 
10,554

 
2.93
%
December 31, 2022
 
8,075

 
2.24
%
December 31, 2023
 
84,900

 
23.59
%
December 31, 2024
 
43,537

 
12.10
%
Thereafter
 
106,971

 
29.72
%
    Total principal repayments and debt maturities
 
$
359,926

 
100.00
%
 
 
 
 
 

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


Property Summary as of March 31, 2019
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

$
1,152,454

$
7.80

Amscot Building (3)
 
 Tampa, FL
 
1

2,500

100.0
%
100.0
%
2,500

115,849

46.34

Beaver Ruin Village
 
 Lilburn, GA
 
26

74,038

83.1
%
83.1
%
61,501

1,067,303

17.35

Beaver Ruin Village II
 
 Lilburn, GA
 
4

34,925

100.0
%
100.0
%
34,925

448,662

12.85

Berkley (4)
 
 Norfolk, VA
 
—

—

—
%
—
%
—

—

—

Berkley Shopping Center
 
 Norfolk, VA
 
10

47,945

42.0
%
42.0
%
20,140

249,430

12.38

Brook Run Shopping Center
 
 Richmond, VA
 
19

147,738

92.1
%
92.1
%
136,102

1,498,354

11.01

Brook Run Properties (4)
 
 Richmond, VA
 
—

—

—
%
—
%
—

—

—

Bryan Station
 
 Lexington, KY
 
10

54,397

100.0
%
100.0
%
54,397

596,441

10.96

Butler Square
 
 Mauldin, SC
 
14

82,400

94.9
%
93.2
%
76,796

798,932

10.40

Cardinal Plaza
 
 Henderson, NC
 
7

50,000

94.0
%
94.0
%
47,000

449,600

9.57

Chesapeake Square
 
 Onley, VA
 
13

108,982

97.8
%
97.8
%
106,582

805,256

7.56

Clover Plaza
 
 Clover, SC
 
10

45,575

100.0
%
100.0
%
45,575

363,137

7.97

Columbia Fire Station
 
 Columbia, SC
 
3

21,273

77.3
%
77.3
%
16,450

449,884

27.35

Courtland Commons (4)
 
 Courtland, VA
 
—

—

—
%
—
%
—

—

—

Conyers Crossing
 
 Conyers, GA
 
12

170,475

98.3
%
98.3
%
167,575

874,322

5.22

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

407,147

13.40

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

726,968

15.21

Forrest Gallery
 
 Tullahoma, TN
 
24

214,451

93.0
%
93.0
%
199,504

1,343,604

6.73

Fort Howard Shopping Center
 
 Rincon, GA
 
18

113,652

93.6
%
93.6
%
106,320

944,536

8.88

Freeway Junction
 
 Stockbridge, GA
 
15

156,834

96.2
%
96.2
%
150,874

1,109,829

7.36

Franklin Village
 
 Kittanning, PA
 
28

151,821

98.7
%
98.7
%
149,821

1,249,361

8.34

Franklinton Square
 
 Franklinton, NC
 
13

65,366

93.0
%
93.0
%
60,800

554,806

9.13

Georgetown
 
 Georgetown, SC
 
2

29,572

100.0
%
100.0
%
29,572

267,215

9.04

Grove Park
 
 Orangeburg, SC
 
15

106,557

87.5
%
87.5
%
93,265

738,266

7.92

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
 
117

810,137

86.0
%
84.7
%
686,213

7,975,729

11.62

Laburnum Square
 
 Richmond, VA
 
20

109,405

97.5
%
97.5
%
106,705

965,347

9.05

Ladson Crossing
 
 Ladson, SC
 
15

52,607

100.0
%
100.0
%
52,607

493,089

9.37

LaGrange Marketplace
 
 LaGrange, GA
 
12

76,594

92.2
%
92.2
%
70,594

391,206

5.54

Lake Greenwood Crossing
 
 Greenwood, SC
 
5

47,546

85.0
%
85.0
%
40,418

317,120

7.85

Lake Murray
 
 Lexington, SC
 
5

39,218

100.0
%
100.0
%
39,218

256,162

6.53

Litchfield Market Village
 
 Pawleys Island, SC
 
18

86,740

86.6
%
86.6
%
75,103

911,274

12.13

Lumber River Village
 
 Lumberton, NC
 
11

66,781

98.2
%
98.2
%
65,581

446,203

6.80

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

603,099

10.76

New Market Crossing
 
 Mt. Airy, NC
 
13

117,076

96.0
%
96.0
%
112,368

982,683

8.75

Parkway Plaza
 
 Brunswick, GA
 
4

52,365

81.7
%
81.7
%
42,785

347,827

8.13

Perimeter Square
 
 Tulsa, OK
 
9

58,277

100.0
%
66.6
%
38,815

470,601

12.12

Pierpont Centre
 
 Morgantown, WV
 
17

122,259

88.3
%
88.3
%
108,001

1,228,335

11.37

Port Crossing
 
 Harrisonburg, VA
 
9

65,365

97.9
%
97.9
%
64,000

813,644

12.71

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

689,285

7.68

Riversedge North (5)
 
 Virginia Beach, VA
 
—

—

—
%
—
%
—

—

—

Rivergate Shopping Center
 
 Macon, GA
 
31

201,680

97.5
%
97.5
%
196,719

2,815,747

14.31

Sangaree Plaza
 
 Summerville, SC
 
9

66,948

100.0
%
100.0
%
66,948

653,127

9.76




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


Portfolio Summary as of March 31, 2019, (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

$
544,328

$
12.60

Shoppes at TJ Maxx
 
 Richmond, VA
 
16

93,624

95.9
%
95.9
%
89,815

1,095,141

12.19

South Lake
 
 Lexington, SC
 
5

44,318

14.2
%
14.2
%
6,300

89,793

14.25

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

272,005

8.27

St. George Plaza
 
 St. George, SC
 
6

59,279

86.5
%
86.5
%
51,278

332,439

6.48

St. Matthews
 
 St. Matthews, SC
 
5

29,015

87.2
%
87.2
%
25,314

185,580

7.33

Sunshine Plaza
 
 Lehigh Acres, FL
 
21

111,189

96.6
%
96.6
%
107,396

989,586

9.21

Surrey Plaza
 
 Hawkinsville, GA
 
2

42,680

78.5
%
78.5
%
33,500

211,050

6.30

Tampa Festival
 
 Tampa, FL
 
17

137,987

63.2
%
63.2
%
87,266

638,468

7.32

Tri-County Plaza
 
 Royston, GA
 
5

67,577

87.4
%
87.4
%
59,077

381,973

6.47

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
 
17

297,950

95.7
%
95.7
%
285,231

2,199,578

7.71

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

485,740

9.76

Westland Square
 
 West Columbia, SC
 
10

62,735

80.8
%
80.8
%
50,690

471,686

9.31

Winslow Plaza
 
 Sicklerville, NJ
 
17

40,695

100.0
%
94.1
%
38,295

602,299

15.73

Total Portfolio
 
 
 
780

5,686,674

89.6
%
89.0
%
5,058,798

48,383,752

$
9.56

(1)
Reflects leases executed through April 2, 2019 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 March 31, 2019

Total Tenants : 780
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

 
5.62
%
 
380,675

 
6.69
%
 
$
7.14

2.
Food Lion
 
2,666

 
5.51
%
 
325,576

 
5.73
%
 
8.19

3.
Piggly Wiggly
 
1,474

 
3.05
%
 
191,363

 
3.37
%
 
7.70

4.
Kroger
 
1,324

 
2.74
%
 
186,064

 
3.27
%
 
7.12

5.
Winn Dixie (1)
 
863

 
1.78
%
 
133,575

 
2.35
%
 
6.46

6.
Hobby Lobby
 
675

 
1.40
%
 
114,298

 
2.01
%
 
5.91

7.
Dollar Tree
 
660

 
1.36
%
 
87,133

 
1.53
%
 
7.57

8.
BJ's Wholesale Club
 
594

 
1.23
%
 
147,400

 
2.59
%
 
4.03

9.
Planet Fitness
 
587

 
1.21
%
 
65,972

 
1.16
%
 
8.90

10.
TJ Maxx
 
583

 
1.20
%
 
69,783

 
1.23
%
 
8.35

 
 
 
$
12,143

 
25.10
%
 
1,701,839

 
29.93
%
 
$
7.14


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

















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


Leasing Summary as of March 31, 2019

Total Leasable Area:
5,686,674 square feet
Total Square Footage Occupied:
5,058,798 square feet
Occupancy Rate:
89.0%
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
 
—

 
627,876

 
11.04
%
 
—
%
 
$
—

 
—
%
 
$
—

Month-to-Month
 
15

 
33,044

 
0.58
%
 
0.65
%
 
390

 
0.81
%
 
11.80

2019
 
103

 
294,101

 
5.17
%
 
5.81
%
 
3,437

 
7.10
%
 
11.69

2020
 
165

 
1,216,810

 
21.40
%
 
24.05
%
 
9,980

 
20.63
%
 
8.20

2021
 
140

 
705,191

 
12.40
%
 
13.94
%
 
7,114

 
14.70
%
 
10.09

2022
 
124

 
500,618

 
8.80
%
 
9.90
%
 
5,838

 
12.07
%
 
11.66

2023
 
94

 
656,006

 
11.54
%
 
12.97
%
 
6,143

 
12.70
%
 
9.36

2024
 
49

 
451,564

 
7.94
%
 
8.93
%
 
3,864

 
7.99
%
 
8.56

2025
 
18

 
307,417

 
5.41
%
 
6.08
%
 
2,823

 
5.83
%
 
9.18

2026
 
23

 
304,186

 
5.35
%
 
6.01
%
 
2,756

 
5.70
%
 
9.06

2027
 
12

 
83,850

 
1.47
%
 
1.66
%
 
1,027

 
2.12
%
 
12.25

2028 and thereafter
 
37

 
506,011

 
8.90
%
 
10.00
%
 
5,012

 
10.35
%
 
9.90

Total
 
780

 
5,686,674

 
100.00
%
 
100.00
%
 
$
48,384

 
100.00
%
 
$
9.56

















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


Leasing Summary as of March 31, 2019, (continued)

Anchor Lease Expiration Schedule (1) 
 
No Option
 
Option
Lease Expiration Nine 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
—

140,564

$
—

—
%
$
—

 
—

45,600

$
—

—
%
$
—

Month-to-Month
—

—

—

—
%
—

 
—

—

—

—
%
—

2019
1

21,213

301

38.89
%
14.18

 
1

37,500

296

1.49
%
7.88

2020
1

20,858

55

7.11
%
2.61

 
17

778,344

4,509

22.68
%
5.79

2021
2

43,427

88

11.37
%
2.03

 
10

290,769

2,361

11.88
%
8.12

2022
—

—

—

—
%
—

 
4

148,663

1,149

5.78
%
7.73

2023
1

22,032

215

27.78
%
9.75

 
13

408,495

3,059

15.39
%
7.49

2024
1

32,000

115

14.85
%
3.59

 
6

252,259

1,714

8.62
%
6.79

2025
—

—

—

—
%
—

 
6

256,248

2,122

10.67
%
8.28

2026
—

—

—

—
%
—

 
6

221,755

1,637

8.23
%
7.38

2027
—

—

—

—
%
—

 
1

24,945

212

1.07
%
8.50

2028+
—

—

—

—
%
—

 
12

409,055

2,820

14.19
%
6.89

Total
6

280,094

774

100.00
%
$
5.54

 
76

2,873,633

19,879

100.00
%
$
7.03


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

Non-anchor Lease Expiration Schedule
 
No Option
 
Option
Lease Expiration Nine 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
—

441,712

$
—

—
%
$
—

 
—

—

$
—

—
%
$
—

Month-to-Month
9

20,947

240

2.01
%
11.48

 
6

12,097

150

0.95
%
12.40

2019
67

138,504

1,606

13.47
%
11.60

 
34

96,884

1,234

7.81
%
12.74

2020
101

261,526

3,233

27.11
%
12.36

 
46

156,082

2,183

13.81
%
13.99

2021
72

169,215

2,096

17.58
%
12.39

 
56

201,780

2,569

16.25
%
12.73

2022
49

103,206

1,510

12.66
%
14.63

 
71

248,749

3,179

20.11
%
12.78

2023
38

79,480

1,168

9.80
%
14.68

 
42

145,999

1,701

10.76
%
11.65

2024
21

44,532

591

4.96
%
13.27

 
21

122,773

1,444

9.14
%
11.76

2025
6

15,155

197

1.65
%
12.99

 
6

36,014

504

3.19
%
14.00

2026
6

14,681

264

2.21
%
17.95

 
11

67,750

855

5.41
%
12.62

2027
—

—

—

—
%
—

 
11

58,905

815

5.16
%
13.84

2028+
12

50,083

1,019

8.55
%
20.35

 
13

46,873

1,173

7.41
%
25.03

Total
381

1,339,041

11,924

100.00
%
$
13.29

 
317

1,193,906

15,807

100.00
%
$
13.24











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


Leasing Summary as of March 31, 2019, (continued)
Leasing Renewals, New Leases and Expirations
 
Three Months Ended March 31,
 
2019
 
2018 (2)
Renewals(1):
 
 
 
Leases renewed with rate increase (sq feet)
90,858

 
93,866

Leases renewed with rate decrease (sq feet)
27,656

 
38,480

Leases renewed with no rate change (sq feet)
2,400

 
22,094

Total leases renewed (sq feet)
120,914

 
154,440

 
 
 
 
Leases renewed with rate increase (count)
19

 
17

Leases renewed with rate decrease (count)
7

 
5

Leases renewed with no rate change (count)
2

 
4

Total leases renewed (count)
28

 
26

 
 
 
 
Option exercised (count)
3

 
7

 
 
 
 
Weighted average on rate increases (per sq foot)
$
0.71

 
$
0.95

Weighted average on rate decreases (per sq foot)
$
(2.11
)
 
$
(1.86
)
Weighted average rate on all renewals (per sq foot)
$
0.05

 
$
0.13

Weighted average change over prior rates
0.63
%
 
1.57
%
 
 
 
 
New Leases (1) (3):
 
 
 
New leases (sq feet)
31,200

 
72,076

New leases (count)
8

 
15

Weighted average rate (per sq foot)
$
12.77

 
$
8.17

 
 
 
 
Gross Leasable Area ("GLA") expiring during the next 9 months, including month-to-month leases
5.75
%
 
8.44
%
(1)
Lease data presented for the three months ended March 31, 2019 and 2018 is based on average rate per square foot over the renewed or new lease term.
(2)
2018 lease data adjusted to reflect average rate per square foot over the renewed or new lease term for consistency with 2019 presentation.
(3)
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.


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