Wheeler Real Estate Investment Trust, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 3.31.17 SUPPLEMENTAL OPERATING AND FINANCIAL DISCLOSURE

Attached files

file	filename
EX-99.1 - EXHIBIT 99.1 3.31.17 EARNINGS RELEASE - Wheeler Real Estate Investment Trust, Inc.	ex991whlrq12017earningsrel.htm
8-K - 8-K 3.31.17 RESULTS OF OPERATIONS - Wheeler Real Estate Investment Trust, Inc.	q1resultsofoperations8-k20.htm

Exhibit 99.2

Supplemental Operating and Financial Data

for the three months ended March 31, 2017



Table of Contents
	Page
Company Overview	3
Financial and Portfolio Overview	4
Financial Summary
Condensed Consolidated Balance Sheets	5
Condensed Consolidated Statements of Operations	6
Reconciliation of Non-GAAP Measures	7
Debt Summary	9
Portfolio Summary
Property Summary	11
Top Ten Tenants by Annualized Base Rent	13
Leasing Summary	13
Definitions	17

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 acquiring and managing 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, with a particular emphasis on grocery-anchored retail centers. 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
Email: info@whlr.us
Website: www.whlr.us

Executive Management
Jon S. Wheeler - Chairman & CEO
Wilkes J. Graham - CFO
Matthew T. Reddy - CAO
Robin A. Hanisch - Secretary
David Kelly - CIO
M. Andrew Franklin - Senior VP of Operations

Board of Directors
Jon S. Wheeler, Chairman	William W. King
Stewart J. Brown	Carl B. McGowan, Jr.
Kurt R. Harrington	John P. McAuliffe
David Kelly	Jeffrey M. Zwerdling
John W. Sweet

Investor Relations Contact	Transfer Agent and Registrar
Laura Nguyen Director of Investor Relations 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, 2017 (Unaudited)



Financial Results
Net loss attributable to Wheeler REIT common shareholders (in thousands)	$	(3,602	)
Net loss per basic and diluted share	$	(0.42	)
Funds from operations available to common shareholders and Operating Partnership (OP) unitholders (FFO) (in thousands) (1)	$	1,439
FFO per common share and OP unit	$	0.15
Adjusted FFO (AFFO) (in thousands) (1)	$	2,850
AFFO per common share and OP unit	$	0.31

Assets
Investment Properties, net (less accumulated depreciation and amortization) (in thousands)	$	386,704
Total Assets (in thousands)	$	481,543
Debt to Total Assets	65.00		%
Debt to Gross Asset Value	62.20		%

Market Capitalization
Common shares outstanding	8,588,470
OP units outstanding	761,888
Total common shares and OP units	9,350,358
Range of Common Stock prices for the first quarter 2017 (2)	$13.28-$14.64
Common Stock price at first quarter end (2)	$	13.84
Total number of Series B preferred shares	1,871,244
Range of Series B preferred prices for the first quarter 2017	$22.13-$24.89
Series B preferred price at first quarter end	$	23.86
Total number of Series D preferred shares	2,237,000
Range of Series D preferred prices for the first quarter 2017	$23.12-$26.10
Series D preferred price at first quarter end	$	26.01
Total debt (in thousands)	$	312,993
Common Stock market capitalization (as of March 31, 2017 closing stock price, in thousands)	$	118,864

Portfolio Summary
Total Leasable Area (GLA) in sq. ft.	4,906,511
Occupancy Rate	93.0		%
Leased Rate (3)	94.2		%
Annualized Base Rent (in thousands)	$	43,591
Total number of leases signed or renewed during the first quarter of 2017	33
Total sq. ft. leases signed or renewed during the first quarter of 2017	179,121

(1) See page 16 for the Company's definition of this non-GAAP measurement and reasons for using it.

(2) Common Stock prices have been retroactively adjusted for the one-for-eight reverse stock split.

(3) Reflects leases executed through April 7, 2017 that commence subsequent to the end of current period.



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

Wheeler Real Estate Investment Trust, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets



	March 31, 2017			December 31, 2016
	(in thousands)
	(unaudited)
ASSETS:
Investment properties, net	$	386,704		$	388,880
Cash and cash equivalents	4,664			4,863
Restricted cash	9,324			9,652
Rents and other tenant receivables, net	3,370			3,984
Related party receivable	1,566			1,456
Notes receivable	12,000			12,000
Goodwill	5,486			5,486
Assets held for sale	—			366
Above market lease intangible, net	11,976			12,962
Deferred costs and other assets, net	46,453			49,397
Total Assets	$	481,543		$	489,046
LIABILITIES:
Loans payable, net	305,893			305,973
Liabilities associated with assets held for sale	—			1,350
Below market lease intangible, net	11,886			12,680
Accounts payable, accrued expenses and other liabilities	12,274			11,321
Total Liabilities	$	330,053		$	331,324
Commitments and contingencies
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 2,237,000 shares issued and outstanding; $55.93 million aggregate liquidation preference)	52,686			52,530
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, 1,871,244 shares issued and outstanding; $46.78 million aggregate liquidation preference)	40,754			40,733
Common Stock ($0.01 par value, 18,750,000 shares authorized, 8,588,470 and 8,503,819 shares issued and outstanding, respectively)	86			85
Additional paid-in capital	225,104			223,939
Accumulated deficit	(177,576		)	(170,377		)
Total Shareholders’ Equity	88,821			94,833
Noncontrolling interests	9,983			10,359
Total Equity	98,804			105,192
Total Liabilities and Equity	$	481,543		$	489,046



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

Wheeler Real Estate Investment Trust, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations



	Three Months Ended March 31,
	(unaudited, in thousands)
	2017			2016
TOTAL REVENUES	$	14,322		$	9,138
OPERATING EXPENSES:
Property operations	3,994			2,675
Non-REIT management and leasing services	271			377
Depreciation and amortization	6,400			4,880
Provision for credit losses	252			88
Corporate general & administrative	2,232			2,282
Total Operating Expenses	13,149			10,302
Operating Income (Loss)	1,173			(1,164		)
Interest income	356			1
Interest expense	(4,177		)	(2,420		)
Net Loss from Continuing Operations Before Income Taxes	(2,648		)	(3,583		)
Income tax expense	(41		)	—
Net Loss from Continuing Operations	(2,689		)	(3,583		)
Discontinued Operations
Income from discontinued operations	16			21
Gain on disposal of properties	1,513			—
Net Income from Discontinued Operations	1,529			21
Net Loss	(1,160		)	(3,562		)
Less: Net loss attributable to noncontrolling interests	(41		)	(333		)
Net Loss Attributable to Wheeler REIT	(1,119		)	(3,229		)
Preferred stock dividends	(2,483		)	(511		)
Net Loss Attributable to Wheeler REIT Common Shareholders	$	(3,602	)	$	(3,740	)

Loss per share from continuing operations (basic and diluted)	$	(0.59	)	$	(0.45	)
Income per share from discontinued operations	0.17			—
	$	(0.42	)	$	(0.45	)
Weighted-average number of shares:
Basic and Diluted	8,554,304			8,284,116



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

Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measures (1)



FFO and AFFO	Three Months Ended March 31,
	2017			2016
	(unaudited, in thousands)
Net loss	$	(1,160	)	$	(3,562	)
Depreciation and amortization of real estate assets	6,400			4,880
Gain on sale of discontinued operations	(1,513		)	—
FFO	3,727			1,318
Preferred stock dividends	(2,483		)	(511		)
Preferred stock accretion adjustments	195			89
FFO available to common shareholders and common unitholders	1,439			896
Acquisition costs	260			413
Capital related costs	220			62
Other non-recurring and non-cash expenses (2)	107			237
Share-based compensation	377			150
Straight-line rent	(185		)	(7		)
Loan cost amortization	763			190
Accrued interest income	(118		)	—
Above (below) market lease amortization	193			72
Recurring capital expenditures and tenant improvement reserves	(206		)	(139		)
AFFO	$	2,850		$	1,874

Weighted Average Common Shares	8,554,304			8,284,116
Weighted Average Common Units	761,954			587,906
Total Common Shares and Units	9,316,258			8,872,022
FFO per Common Share and Common Units	$	0.15		$	0.10
AFFO per Common Share and Common Units	$	0.31		$	0.21


(1)	See page 16 for the Company's definition of this non-GAAP measurement and reasons for using it.


(2)	Other non-recurring expenses are detailed 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, 2017.



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

Wheeler Real Estate Investment Trust, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measures (continued)



Property Net Operating Income	Three Months Ended March 31,
	2017			2016
	(unaudited, in thousands)
Property Revenues	$	13,909		$	8,730
Property Expenses	3,994			2,675
Property Net Operating Income	9,915			6,055
Asset Management and Commission Revenue	277			408
Other non-property income	136			—
Other Income	413			408
Non-REIT management and leasing services	271			377
Depreciation and amortization	6,400			4,880
Provision for credit losses	252			88
Corporate general & administrative	2,232			2,282
Total Other Operating Expenses	9,155			7,627
Interest income	356			1
Interest expense	(4,177		)	(2,420		)
Net Loss from Continuing Operations Before Income Taxes	(2,648		)	(3,583		)
Income tax expense	(41		)	—
Net Loss from Continuing Operations	(2,689		)	(3,583		)
Discontinued Operations
Income from operations	16			21
Gain on disposal of properties	1,513			—
Net Income from Discontinued Operations	1,529			21
Net Loss	$	(1,160	)	$	(3,562	)



EBITDA		Three Months Ended March 31,
		2017			2016
		(unaudited, in thousands)
Net Loss		$	(1,160	)	$	(3,562	)
Add back:	Depreciation and amortization (1)	6,593			4,952
	Interest Expense (2)	4,186			2,442
	Income taxes	41			—
EBITDA		9,660			3,832
Adjustments for items affecting comparability:
	Acquisition costs	260			413
	Capital related costs	220			62
	Other non-recurring expenses (3)	107			237
	Gain on disposal of properties	(1,513		)	—
Adjusted EBITDA		$	8,734		$	4,544


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


(2)	Includes loan cost amortization and amounts associated with assets held for sale.


(3)	Other non-recurring expenses are detailed 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, 2017.



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

Debt Summary as of March 31, 2017 (unaudited)

Loans Payable: $312.99 million

Weighted Average Interest Rate: 4.40%

Total Debt to Total Assets: 65.0%



Property/Description	Monthly Payment		Interest Rate		Maturity	March 31, 2017			December 31, 2016
						(in thousands)
						(unaudited)
Revere Loan	Interest only		8.00	%	April 2017	$	7,450		$	7,450
Walnut Hill Plaza	$	24,273	5.50	%	July 2017	3,414			3,440
Bank Line of Credit	Interest only		4.25	%	September 2017	3,000			3,000
Columbia Fire Station	Interest only		8.00	%	December 2017	497			487
Monarch Bank Building	$	9,473	4.15	%	December 2017	1,305			1,320
Shoppes at Eagle Harbor	$	25,100	4.34	%	March 2018	3,455			3,492
KeyBank Line of Credit	Interest only		Libor + 250 basis points		May 2018	68,032			74,077
Lumber River	Interest only		Libor + 295 basis points		June 2018	1,500			1,500
Senior convertible notes	Interest only		9.00	%	December 2018	1,369			1,400
Harbor Point	$	11,024	5.85	%	December 2018	626			649
Riversedge North	$	8,802	6.00	%	January 2019	901			914
DF I-Moyock	$	10,665	5.00	%	July 2019	281			309
Rivergate	Interest only		Libor + 295 basis points		December 2019	24,213			24,213
LaGrange Marketplace	$	15,065	Libor + 375 basis points		March 2020	2,357			2,369
Folly Road	Interest only		4.00	%	March 2020	6,181			—
Shoppes at TJ Maxx	$	33,880	3.88	%	May 2020	5,863			5,908
Twin City Commons	$	17,827	4.86	%	January 2023	3,155			3,170
Tampa Festival	$	50,797	5.56	%	September 2023	8,468			8,502
Forrest Gallery	$	50,973	5.40	%	September 2023	8,768			8,802
South Carolina Food Lions Note	$	68,320	5.25	%	January 2024	12,180			12,224
Cypress Shopping Center	$	34,360	4.70	%	July 2024	6,559			6,585
Port Crossing	$	34,788	4.84	%	August 2024	6,343			6,370
Freeway Junction	$	31,265	4.60	%	September 2024	8,087			8,119
Harrodsburg Marketplace	$	19,112	4.55	%	September 2024	3,601			3,617
Graystone Crossing	$	15,672	4.55	%	October 2024	3,973			3,990
Bryan Station	$	17,421	4.52	%	November 2024	4,600			4,619
Crockett Square	Interest only		4.47	%	December 2024	6,338			6,338
Pierpont Centre	Interest only		4.15	%	February 2025	8,113			9,800
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
Chesapeake Square	$	23,857	4.70	%	August 2026	4,559			4,578
Perimeter Square	Interest only		4.06	%	August 2026	4,500			4,500
Sangaree/Tri-County/Berkley	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	8,515			8,516
Total Principal Balance						312,993			315,048
Unamortized debt issuance cost						(7,100		)	(7,725		)
Total Loans Payable (1)						$	305,893		$	307,323

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



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

Debt Summary (continued)

Total Debt:



Scheduled principal repayments and maturities by year	Amount for the Twelve Month Periods Ending March 31,		% Total Maturities
	(in thousands)
2018	$	20,804	6.65	%
2019	74,141		23.69	%
2020	33,770		10.79	%
2021	6,952		2.22	%
2022	1,776		0.57	%
Thereafter	175,550		56.08	%
Total principal maturities	$	312,993	100.00	%



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

Portfolio Summary as of March 31, 2017 (unaudited)



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	18	147,791	99.2	%	99.2	%	146,591	$	1,092,037	$	7.45
Amscot Building (3)	Tampa, FL	1	2,500	100.0	%	100.0	%	2,500	115,849		46.34
Beaver Ruin Village	Lilburn, GA	28	74,038	89.1	%	89.1	%	65,989	1,053,781		15.97
Beaver Ruin Village II	Lilburn, GA	4	34,925	100.0	%	100.0	%	34,925	413,202		11.83
Berkley (4)	Norfolk, VA	—	—	—	%	—	%	—	—		—
Berkley Shopping Center	Norfolk, VA	11	47,945	94.2	%	94.2	%	45,140	361,406		8.01
Brook Run Shopping Center	Richmond, VA	19	147,738	92.3	%	92.3	%	136,327	1,478,757		10.85
Brook Run Properties (4)	Richmond, VA	—	—	—	%	—	%	—	—		—
Bryan Station	Lexington, KY	9	54,397	100.0	%	92.7	%	50,397	520,398		10.33
Butler Square	Mauldin, SC	16	82,400	100.0	%	96.3	%	79,350	767,190		9.67
Cardinal Plaza	Henderson, NC	7	50,000	94.0	%	94.0	%	47,000	446,600		9.50
Carolina Place (4)	Onley, VA	—	—	—	%	—	%	—	—		—
Chesapeake Square	Onley, VA	13	99,848	89.0	%	89.0	%	88,814	685,846		7.72
Clover Plaza	Clover, SC	9	45,575	100.0	%	100.0	%	45,575	350,787		7.70
Columbia Fire Station (6)	Columbia, SC	—	—	—	%	—	%	—	—		—
Conyers Crossing	Conyers, GA	14	170,475	99.4	%	99.4	%	169,425	942,508		5.56
Courtland Commons (4)	Courtland, VA	—	—	—	%	—	%	—	—		—
Crockett Square	Morristown, TN	3	107,122	92.5	%	92.5	%	99,122	812,322		8.20
Cypress Shopping Center	Boiling Springs, SC	18	80,435	100.0	%	96.5	%	77,635	824,586		10.62
Darien Shopping Center	Darien, GA	1	26,001	100.0	%	100.0	%	26,001	208,008		8.00
Devine Street	Columbia, SC	2	38,464	100.0	%	100.0	%	38,464	549,668		14.29
Edenton Commons (4)	Edenton, NC	—	—	—	%	—	%	—	—		—
Folly Road	Charleston, SC	5	47,794	100.0	%	100.0	%	47,794	720,863		15.08
Forrest Gallery	Tullahoma, TN	28	214,451	94.8	%	83.2	%	178,436	1,158,540		6.49
Fort Howard Shopping Center	Rincon, GA	17	113,652	96.0	%	96.0	%	109,152	908,639		8.32
Franklin Village	Kittanning, PA	29	151,673	100.0	%	100.0	%	151,673	1,145,029		7.55
Franklinton Square	Franklinton, NC	14	65,366	93.0	%	90.7	%	59,300	538,622		9.08
Freeway Junction	Stockbridge, GA	14	156,834	94.6	%	94.6	%	148,424	1,070,923		7.22
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	527,396		23.98
Grove Park	Orangeburg, SC	15	106,557	87.8	%	87.8	%	93,579	663,784		7.09
Harbor Point (4)	Grove, OK	—	—	—	%	—	%	—	—		—
Harrodsburg Marketplace	Harrodsburg, KY	9	60,048	100.0	%	100.0	%	60,048	427,540		7.12
Jenks Plaza	Jenks, OK	4	7,800	66.7	%	66.7	%	5,200	100,663		19.36
Laburnum Square	Richmond, VA	22	109,405	100.0	%	100.0	%	109,405	928,017		8.48
Ladson Crossing	Ladson, SC	14	52,607	95.4	%	92.6	%	48,707	711,765		14.61
LaGrange Marketplace	LaGrange, GA	14	76,594	98.0	%	98.0	%	75,094	425,485		5.67
Lake Greenwood Crossing	Greenwood, SC	6	47,546	87.4	%	87.4	%	41,546	408,841		9.84
Lake Murray	Lexington, SC	5	39,218	100.0	%	100.0	%	39,218	349,510		8.91
Laskin Road (4)	Virginia Beach, VA	—	—	—	%	—	%	—	—		—
Litchfield Market Village	Pawleys Island, SC	18	86,740	85.2	%	85.2	%	73,863	1,063,340		14.40
Lumber River Village	Lumberton, NC	11	66,781	100.0	%	100.0	%	66,781	513,406		7.69
Monarch Bank	Virginia Beach, VA	1	3,620	100.0	%	100.0	%	3,620	265,796		73.42
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	582,352		10.39
New Market Crossing	Mt. Airy, NC	11	116,976	93.4	%	93.4	%	109,268	917,717		8.40
Parkway Plaza	Brunswick, GA	5	52,365	96.9	%	96.9	%	50,765	536,869		10.58
Perimeter Square	Tulsa, OK	8	58,277	85.2	%	51.8	%	30,162	367,841		12.20
Pierpont Centre	Morgantown, WV	18	122,259	90.9	%	90.9	%	111,162	1,312,418		11.81
Port Crossing	Harrisonburg, VA	9	65,365	97.9	%	97.9	%	64,000	800,718		12.51
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	663,789		7.39
Riversedge North (5)	Virginia Beach, VA	—	—	—	%	—	%	—	—		—
Rivergate Shopping Center	Macon, GA	32	205,810	97.6	%	96.8	%	199,277	2,922,006		14.66
Sangaree Plaza	Summerville, SC	9	66,948	100.0	%	100.0	%	66,948	561,160		8.38



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



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	56,380	100.0	%	100.0	%	56,380	$	914,868	$	16.23
Shoppes at TJ Maxx	Richmond, VA	18	93,624	100.0	%	100.0	%	93,624	1,131,352		12.08
South Lake	Lexington, SC	10	44,318	100.0	%	100.0	%	44,318	401,601		9.06
South Park	Mullins, SC	2	60,734	71.2	%	71.2	%	43,218	491,245		11.37
South Square	Lancaster, SC	5	44,350	89.9	%	89.9	%	39,850	321,742		8.07
St. George Plaza	St. George, SC	3	59,279	62.0	%	62.0	%	36,768	273,186		7.43
St. Matthews	St. Matthews, SC	5	29,015	87.2	%	87.2	%	25,314	307,382		12.14
Sunshine Plaza	Lehigh Acres, FL	20	111,189	92.8	%	92.8	%	103,133	924,180		8.96
Surrey Plaza	Hawkinsville, GA	5	42,680	100.0	%	100.0	%	42,680	261,495		6.13
Tampa Festival	Tampa, FL	18	137,987	94.0	%	94.0	%	129,687	1,160,624		8.95
The Shoppes at Eagle Harbor	Carrollton, VA	6	23,303	94.1	%	94.1	%	21,917	434,113		19.81
Tri-County Plaza	Royston, GA	7	67,577	90.5	%	90.5	%	61,177	440,787		7.21
Tulls Creek (4)	Moyock, NC	—	—	—	%	—	%	—	—		—
Twin City Commons	Batesburg-Leesville, SC	5	47,680	100.0	%	100.0	%	47,680	453,763		9.52
Village of Martinsville	Martinsville, VA	18	297,950	96.1	%	96.1	%	286,431	2,235,444		7.80
Walnut Hill Plaza	Petersburg, VA	8	87,239	65.0	%	65.0	%	56,737	446,519		7.87
Waterway Plaza	Little River, SC	10	49,750	100.0	%	100.0	%	49,750	478,318		9.61
Westland Square	West Columbia, SC	9	62,735	77.0	%	77.0	%	48,290	443,336		9.18
Winslow Plaza	Sicklerville, NJ	14	40,695	87.0	%	87.0	%	35,400	523,908		14.80
Total Portfolio		704	4,906,511	94.2	%	93.0	%	4,563,267	$	43,590,706	$	9.55

(1) Reflects leases executed through April 7, 2017 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.

(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 with parties

that are affiliates of Jon Wheeler. 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) This information is not available because the property is a redevelopment property.



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

Top Ten Tenants by Annualized Base Rent as of March 31, 2017 (unaudited)

Total Tenants : 704



Tenants	Annualized Base Rent ($ in 000s)		% of Total Annualized Base Rent		Total Occupied Square Feet	Square Footage Percent Occupied		Base Rent Per Occupied Square Foot
1. Bi-Lo	$	5,398	12.38	%	554,073	11.29	%	$	9.74
2. Food Lion	2,691		6.17	%	325,576	6.64	%	8.27
3. Piggly Wiggly	1,355		3.11	%	136,343	2.78	%	9.94
4. Kroger	1,294		2.97	%	186,064	3.79	%	6.95
5. Winn Dixie	1,236		2.84	%	179,175	3.65	%	6.90
6. Hobby Lobby	675		1.55	%	114,298	2.33	%	5.91
7. Harris Teeter	578		1.33	%	39,946	0.81	%	14.47
8. Lowes Foods	571		1.31	%	54,838	1.12	%	10.41
9. Family Dollar	546		1.25	%	75,291	1.53	%	7.25
10. Dollar Tree	470		1.08	%	59,533	1.21	%	7.89
	$	14,814	33.99	%	1,725,137	35.15	%	$	8.59

Leasing Summary as of March 31, 2017 (unaudited)

Total Leasable Area: 4,906,511 square feet

Total Square Footage Occupied: 4,563,267 square feet

Occupancy Rate: 93.0%

Lease Expiration Schedule



Lease Expiration Twelve Month Period Ending March 31,	Number of Expiring Leases	Total Expiring Occupied Square Footage	% of Total Expiring Occupied 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	—	343,244	7.00	%			$	—	—		$	—
2018	123	483,968	9.86	%	10.61	%	4,989		11.45	%	10.31
2019	132	737,384	15.03	%	16.16	%	6,879		15.78	%	9.33
2020	131	556,523	11.34	%	12.20	%	5,945		13.64	%	10.68
2021	115	921,217	18.78	%	20.19	%	8,040		18.44	%	8.73
2022	73	411,505	8.39	%	9.02	%	4,071		9.34	%	9.89
2023	43	341,676	6.96	%	7.49	%	2,879		6.60	%	8.43
2024	16	238,161	4.85	%	5.22	%	1,980		4.54	%	8.31
2025	23	259,334	5.29	%	5.68	%	2,796		6.41	%	10.78
2026	19	209,974	4.28	%	4.60	%	2,066		4.74	%	9.84
2027+	29	403,525	8.22	%	8.83	%	3,946		9.06	%	9.78
Total	704	4,906,511	100.00	%	100.00	%	$	43,591	100.00	%	$	9.55



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

Leasing Summary as of March 31, 2017 (unaudited) (continued)

Anchor Lease Expiration Schedule



	Anchor (1)
	No Option								Option
Lease Expiration Twelve Month Period Ending March 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	—	24,945	$	—	—		$	—	—	—	$	—	—		$	—
2018	1	20,976	150		3.86	%	7.15		5	166,519	1,358		7.94	%	8.15
2019	1	83,552	176		4.53	%	2.11		10	343,250	3,062		17.90	%	8.92
2020	1	32,000	115		2.96	%	3.59		5	190,568	1,544		9.03	%	8.10
2021	4	113,410	882		22.69	%	7.78		11	490,773	3,204		18.73	%	6.53
2022	—	—	—		—	%	—		6	187,279	1,311		7.66	%	7.00
2023	2	75,998	639		16.44	%	8.41		5	166,013	1,254		7.33	%	7.56
2024	2	46,132	384		9.88	%	8.31		5	154,804	1,171		6.85	%	7.56
2025	—	—	—		—	%	—		5	198,176	1,867		10.91	%	9.42
2026	3	74,888	741		19.06	%	9.90		2	60,296	404		2.36	%	6.70
2027+	2	96,264	801		20.58	%	8.32		7	242,847	1,931		11.29	%	7.95
Total	16	568,165	$	3,888	100.00	%	$	6.84	61	2,200,525	$	17,106	100.00	%	$	7.77

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

Non-anchor Lease Expiration Schedule



	Non-anchor
	No Option								Option
Lease Expiration Twelve Month Period Ending March 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	—	318,299	$	—	—		$	—	—	—	$	—	—		$	—
2018	78	156,448	1,658		13.45	%	10.60		39	140,025	1,823		17.75	%	13.02
2019	77	166,697	2,038		16.53	%	12.22		44	143,885	1,603		15.61	%	11.14
2020	80	197,954	2,618		21.24	%	13.23		45	136,001	1,668		16.24	%	12.26
2021	63	168,110	2,217		17.99	%	13.19		37	148,924	1,737		16.91	%	11.66
2022	33	89,681	1,267		10.28	%	14.13		34	134,545	1,493		14.54	%	11.10
2023	18	41,796	439		3.56	%	10.50		18	57,869	547		5.33	%	9.44
2024	2	3,125	47		0.38	%	15.18		7	34,100	378		3.68	%	11.09
2025	13	38,477	581		4.71	%	15.10		5	22,681	348		3.39	%	15.36
2026	13	64,173	814		6.60	%	12.69		1	10,617	107		1.04	%	10.00
2027+	11	43,774	647		5.26	%	14.78		9	20,640	567		5.51	%	27.50
Total	388	1,288,534	$	12,326	100.00	%	$	9.57	239	849,287	$	10,271	100.00	%	$	12.09



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

Leasing Summary as of March 31, 2017 (unaudited) (continued)

New Leases, Leasing Renewals, and Expirations



	Three Months Ended March 31,
	2017			2016
Renewals:
Leases renewed with rate increase (sq feet)	92,223			26,081
Leases renewed with rate decrease (sq feet)	16,804			—
Leases renewed with no rate change (sq feet)	70,094			5,975
Total leases renewed (sq feet)	179,121			32,056


Leases renewed with rate increase (count)	22			7
Leases renewed with rate decrease (count)	3			—
Leases renewed with no rate change (count)	8			3
Total leases renewed (count)	33			10

Option exercised (count)	12			4

Weighted average on rate increases (per sq foot)	$	0.70		$	1.14
Weighted average on rate decreases (per sq foot)	$	(0.60	)	$	—
Weighted average rate (per sq foot)	$	0.30		$	0.93
Weighted average change over prior rates	3.50		%	7.39%

New Leases:
New leases (sq feet)	54,279			18,937
New leases (count)	18			10
Weighted average rate (per sq foot)	$	13.92		$	14.03

Gross Leasable Area Expiring during the next 12 months	9.86		%	8.57%



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

Leasing Summary as of March 31, 2017 (unaudited) (continued)

Capital Expenditures Schedule



Reserves							Three months ended March 31, 2017
							(in 000s)
Quarterly capital expenditure reserve (1)							$	245
Amounts included in operating expenditures							(39		)
Net Reserves							$	206

Actual	Capital Expenditures			Tenant Improvements			Total
	(in 000s)
Three months ended March 31, 2017	$	201		$	233		$	434
Funded by lender reserves	(201		)	(135		)	(336		)
Net Actuals	$	—		$	98		$	98

(1) Capital expenditure reserve estimated at $0.05 per square foot ($0.20 on an annualized basis).



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

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	17

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	18

Wheeler Real Estate Investment Trust, Inc. - FORM 8-K - EX-99.2 - EXHIBIT 99.2 3.31.17 SUPPLEMENTAL OPERATING AND FINANCIAL DISCLOSURE - May 2, 2017

Attached files

Wheeler Real Estate Investment Trust, Inc. Reports