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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
  CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (date of earliest event reported): November 8, 2022
 WHEELER REAL ESTATE INVESTMENT TRUST, INC.
(Exact name of registrant as specified in its charter)  
Maryland 001-3571345-2681082
(State or other jurisdiction
of incorporation or organization)
 (Commission
File Number)
(IRS Employer
Identification No.)
2529 Virginia Beach Blvd.
Virginia Beach, VA
 23452
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (757) 627-9088
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par value per share WHLR
Nasdaq Capital Market
Series B Convertible Preferred Stock WHLRP
Nasdaq Capital Market
Series D Cumulative Convertible Preferred StockWHLRD
Nasdaq Capital Market
7.00% Subordinated Convertible Notes due 2031WHLRL
Nasdaq Capital Market



Item 2.02 Results of Operations and Financial Condition.

On November 8, 2022, Wheeler Real Estate Investment Trust, Inc. (the “Company”) issued a press release announcing that it had reported its financial and operating results for the three and nine months ended September 30, 2022. A copy of the Company's press release is hereby furnished as Exhibit 99.1 to this report on Form 8-K.

The information contained in this report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specified otherwise.

Item 7.01 Regulation FD Disclosure

On November 8,2022, the Company made publicly available certain supplemental financial information for the three and nine months ended September 30, 2022 on its website, www.whlr.us.

This supplemental financial information is hereby furnished as Exhibit 99.2 to this report on Form 8-K. The information contained in this report on Form 8-K, including Exhibit 99.2, shall not be deemed "filed" with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specified otherwise. The information found on, or otherwise accessible through, the Company's website is not incorporated into, and does not form a part of, this current report on Form 8-K or any other report or document the Company files with or furnishes to the Securities and Exchange Commission.


Item 9.01 Financial Statements and Exhibits

(d) Exhibits

The following exhibits are included with this Report:

Exhibit No.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

















SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
WHEELER REAL ESTATE INVESTMENT TRUST, INC.
By: /s/ M. Andrew Franklin
 Name: M. Andrew Franklin
 Title: Chief Executive Officer and President
Dated: November 8, 2022


Exhibit 99.1
wheelerlogoa05a.jpg

WHEELER REAL ESTATE INVESTMENT TRUST, INC. ANNOUNCES
THIRD QUARTER 2022 FINANCIAL AND OPERATING RESULTS

Virginia Beach, VA – November 8, 2022 – Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR) (“WHLR” or the “Company”) announced today that it has reported its financial and operating results for the three and nine months ended September 30, 2022 on Form 10-Q. In addition, the Company has posted supplemental information to its website regarding WHLR's financial and operating results for the three and nine months ended September 30, 2022. Both the Form 10-Q and the supplemental information can be accessed by visiting the Investor Relations page at https://ir.whlr.us/ .


Contact
Investor Relations (757) 627-9088
Email: investorrelations@whlr.us

ABOUT WHEELER REAL ESTATE INVESTMENT TRUST, INC.
Headquartered in Virginia Beach, Virginia, Wheeler Real Estate Investment Trust, Inc. is a fully integrated, self-managed commercial real estate investment trust (REIT) focused on owning and operating income-producing retail properties with a primary focus on grocery-anchored centers. For more information on the Company, please visit www.whlr.us.



Exhibit 99.2
q3covera.jpg



Table of Contents
Page
Company Overview
Financial and Portfolio Overview
Financial and Operating Results
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 and Lease Expiration Schedule
Leasing Summary
Definitions



Forward-Looking Statements

This document contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor. When used in this presentation, the words "continue," "may," "approximately," "potentially," or similar expressions, are intended to identify forward-looking statements. These forward-looking statements 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: the ongoing adverse effect and the ultimate duration of the COVID-19 pandemic, and federal, state, and/or local regulatory guidelines and private business actions to control it, on the financial condition, operating results and cash flows of Wheeler Real Estate Investment Trust, Inc. (the "Company" or "WHLR"), the Company’s tenants and their customers, the use of and demand for retail space, the real estate market in which the Company operates, the U.S. economy, the global economy and the financial markets; the level of rental revenue we achieve from our assets and our ability to collect rents; the state of the U.S. economy generally, or specifically in the Southeast, Mid-Atlantic and Northeast where our properties are geographically concentrated; consumer spending and confidence trends; tenant bankruptcies; availability, terms and deployment of capital; general volatility of the capital markets and the market price of our common and preferred stock; the degree and nature of our competition; changes in governmental regulations, accounting rules, tax rates and similar matters; litigation risks; lease-up risks; increases in the Company’s financing and other costs as a result of changes in interest rates and other factors, including the discontinuation of the London Interbank Offered Rate (“LIBOR”); changes in our ability to obtain and maintain financing; damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; information technology security breaches; the Company’s ability and willingness to maintain its qualification as a real estate investment trust (“REIT”) in light of economic, market, legal, tax and other considerations; the impact of e-commerce on our tenants’ business; and inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws.

Financial & Operating Data
2



The forward-looking statements are based on management's beliefs, assumption and expectation of future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. For a description of the risks and uncertainties that could impact the Company's future results, performance or transactions, see the reports filed by the Company with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and annual reports on Form 10-K. The Company disclaims any responsibility to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial & Operating Data
3



Company Overview
Headquartered in Virginia Beach, Virginia, Wheeler Real Estate Investment Trust, Inc. ("WHLR") 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. WHLR’s portfolio contains well-located, retail properties in secondary and tertiary markets that generate attractive, risk-adjusted returns. WHLR’s common stock, Series B convertible preferred stock, Series D cumulative convertible preferred stock, and 7% Subordinated Convertible Notes due 2031, trade publicly on NASDAQ under the symbols “WHLR”, “WHLRP”, "WHLRD", and "WHLRL", respectively.

Cedar Realty Trust, Inc. ("CDR" or "Cedar") is a subsidiary of WHLR. CDR's 7-1/4% Series B cumulative redeemable preferred stock ("CDR Series B Preferred") and 6-1/2% Series C cumulative redeemable preferred stock ("CDR Series C Preferred") trade publicly on the New York Stock Exchange ("NYSE") under the symbols "CDRpB" and "CDRpC", respectively and represent a noncontrolling interest to WHLR.

Accordingly, the use of the word "Company" refers to WHLR and its consolidated subsidiaries, which includes Cedar, except where the context otherwise requires.
Corporate Headquarters
Wheeler Real Estate Investment Trust, Inc.
2529 Virginia Beach Boulevard
Virginia Beach, VA 23452
Phone: (757) 627-9088
Toll Free: (866) 203-4864
Website: www.whlr.us
Executive Management
M. Andrew Franklin - CEO and President
Crystal Plum - CFO
logosa.jpg        

Financial & Operating Data
4



Financial and Portfolio Overview
For the Three Months Ended September 30, 2022 (consolidated amounts unless otherwise noted)
Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s)$(6,504)
Net loss per basic and diluted shares$(0.66)
Funds from operations available to common stockholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)
$(1,368)
FFO per common share and OP unit$(0.14)
Adjusted FFO (AFFO) (in 000s) (1)
$1,241 
AFFO per common share and OP unit$0.12 
Assets and Leverage
Investment Properties, net of $75.1 million accumulated depreciation (in 000s)$567,573 
Cash and Cash Equivalents (in 000s)$24,057 
Total Assets (in 000s)$693,046 
Total Debt (in 000s)$483,659 
Debt to Total Assets69.79 %
Debt to Gross Asset Value62.27 %
Market Capitalization
Common shares outstanding9,793,494 
OP units outstanding144,942 
Total common shares and OP units9,938,436 

Ticker
Shares Outstanding at September 30, 2022Third Quarter stock price rangeStock price as of September 30, 2022
WHLR9,793,494 $1.13-$3.37$1.30 
WHLRP2,301,337 $2.21-$5.45$2.30 
WHLRD3,152,392 $11.01-$15.55$11.62 
CDRpB5,000,000 $7.24-$12.27$9.26 
CDRpC1,449,609 $6.20-$11.34$9.03 
Common Stock market capitalization (as of September 30, 2022 closing stock price, in 000s)12,732 
logossmalla.jpg
Financial & Operating Data | as of 9/30/2022 unless otherwise stated
5


Financial and Operating Results
Today, WHLR reported its financial and operating results for the three and nine months ended September 30, 2022. For the three months ended September 30 2022 and 2021, WHLR's net loss attributable to WHLR's common stock, $0.01 par value per share ("Common Stock") stockholders was $(0.66) per share and $0.09 per share, respectively. For the nine months ended September 30 2022 and 2021, WHLR's net loss attributable to WHLR's common stock, $0.01 par value per share stockholders was $(1.61) per share and $(0.59) per share, respectively.

2022 THIRD QUARTER HIGHLIGHTS
(All comparisons are to the same prior year period unless otherwise noted)
CEDAR ACQUISITION
In August, the Company completed a strategic acquisition of Cedar (the "Cedar Acquisition") further expanding WHLR's grocery-anchored portfolio into the Northeast.
The addition of 19 properties increases the total operating portfolio to 76 shopping centers and approximately 8.2 million square feet of gross leasable area, increasing the annualized base rent $23.9 million.
LEASING
The Company's real estate portfolio, excluding Cedar was 96.1% leased, a 390 basis point increase from 92.2%.
The Company's real estate portfolio, excluding Cedar was 94.2% occupied, a 390 basis point increase from 90.3%.
The Company invested $6.4 million in capital expenditures into the properties.
WHLR Quarter-To-Date Leasing Activity
Executed 32 lease renewals totaling 284,998 square feet at a weighted-average increase of $0.46 per square foot, representing an increase of 6.20% over in-place rental rates.
Signed 13 new leases totaling 46,514 square feet with a weighted-average rental rate of $12.50 per square foot.
CDR Quarter-To-Date Leasing Activity
Executed 10 lease renewals totaling 72,194 square feet at a weighted-average increase of $0.44 per square foot, representing an increase of 3.67% over in-place rental rates.
Signed 5 new leases totaling 38,360 square feet with a weighted-average rental rate of $9.64 per square foot.
The Cedar portfolio was 84.5% leased and 82.6% occupied at September 30, 2022.
The Company’s gross leasable area ("GLA"), which is subject to leases that expire over the next three months and includes month-to-month leases, increased to approximately 1.26%, compared to 0.69%. At September 30, 2022, 23.91% of this expiring GLA is subject to renewal options (a lease expiration schedule can be found on page 19 and provides additional details on the Company's leases).
As of September 30, 2022, the Company signed leases representing $844 thousand of annualized base rent ("ABR"), whereby rent will commence on these leases within the next twelve months.
OPERATIONS
Total revenue increased by 20.70% or $3.2 million primarily a result of the Cedar Acquisition, partially offset by the decrease from sold properties.
Total operating expenses increased by 35.09% or $3.7 million primarily a result of the Cedar Acquisition, partially offset by the decrease from sold properties.
FINANCIAL
Funds from operations ("FFO") of $(1.4) million, or $(0.14) per share of the Company's Common Stock and common unit ("Common Unit") in our operating partnership, Wheeler REIT, L.P., as compared to FFO of $2.7 million, or $0.28 per share.
Adjusted Funds from Operations ("AFFO") of $0.12 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P., as compared to $0.18 per share.
SAME STORE
Same store Net Operating Income ("NOI"), which excludes the impact of the Cedar portfolio, increased by 2.86% and increased by 4.09% on a cash basis. Same store results were impacted by a 3.57% increase in revenue due to increased occupancy, offset by an increase in same store property expenses of 5.05% primarily driven by increases in repairs and maintenance and insurance.
CAPITAL MARKETS
On July 6, 2022, the Company entered into a loan agreement (the “JANAF Loan Agreement”) with CITI Real Estate Funding Inc. for $60.0 million at a fixed interest rate of 5.31% with interest-only payments through
Financial & Operating Data | as of 9/30/2022 unless otherwise stated
6


maturity, July 6, 2032. The JANAF Loan Agreement proceeds were used to refinance three loans including $1.2 million in defeasance, increases the weighted average term by 8.6 years and increasing annual cash flow by $1.6 million.
On August 22, 2022, Cedar entered into a loan agreement (the “KeyBank-Cedar Agreement”) with KeyBank National Association for $130.0 million with interest-only payments due monthly through maturity, August 22, 2023. The interest rate on this term loan consists of the Secured Overnight Financing Rate plus 0.10% plus an applicable margin of 2.5%. Commencing in February 2023, the applicable margin increases to 4.0%.
Recognized a non-operating loss of $656 thousand due to the change in fair market value of the derivative liabilities. The largest impact on the derivative liabilities' valuation is a result of the change in fair market value of the Company's securities associated with each derivative.
At September 30, 2022, assets held for sale included Harbor Pointe Associates, LLC, which holds an approximate 5-acre land parcel ("Harbor Pointe Land Parcel").
Interest expense was $6.9 million and $5.6 million for the three months ended September 30, 2022 and 2021, respectively, representing an increase of 23.27%, see page 15 for further details.

2022 YEAR-TO-DATE HIGHLIGHTS
(All comparisons to the same prior year period unless otherwise noted)
LEASING
WHLR Year-To-Date Leasing Activity (excludes Cedar portfolio)
Executed 99 lease renewals totaling 587,346 square feet at a weighted-average increase of $0.63 per square foot, representing an increase of 7.10% over in-place rental rates.
Signed 51 new leases totaling 144,704 square feet with a weighted-average rental rate of $12.89 per square foot.
OPERATIONS
Total revenue increased by 8.68% or $4.0 million primarily as a result of the Cedar Acquisition, partially offset by the decrease from sold properties.
Total operating expenses increased by 7.03% or $2.3 million primarily as a result of the Cedar Acquisition, partially offset by the decrease from sold properties.
FINANCIAL
Funds from operations ("FFO") of $(2.2) million, or $(0.22) per share of the Company's Common Stock and common unit ("Common Unit") in our operating partnership, Wheeler REIT, L.P., as compared to FFO of $877 thousand, or $0.09 per share.
Adjusted Funds from Operations ("AFFO") of $0.72 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P. as compared to $0.51 per share.
SAME STORE
Same store NOI, which excludes the impact of the Cedar portfolio, increased by 2.34% and increased by 3.46% on a cash basis. Same store results were impacted by a 3.61% increase in revenue primarily due to increased occupancy, partially offset by an increase in same store property expenses of 6.34% primarily driven by increases in grounds and landscaping, insurance and repairs and maintenance.
CAPITAL MARKETS
On June 17, 2022, the Company entered into a term loan agreement (the “Guggenheim Loan Agreement”) with Guggenheim Real Estate, LLC., for $75.0 million at a fixed rate of 4.25% with interest-only payments due monthly. Commencing on August 10, 2027, until the maturity date of July 10, 2032, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time. The Guggenheim Loan Agreement is collateralized by twenty-two properties and loan proceeds were used to refinance eleven loans including $1.5 million in defeasance, increasing the weighted average term by 8.5 years and reducing the weighted average interest rate by 110 basis points.
Recognized a non-operating loss of $2.5 million due to the change in fair market value of the derivative liabilities. The largest impact on the derivative liabilities' valuation is a result of the change in fair market value of the Company's securities associated with each derivative.
Interest expense was $19.1 million and $19.8 million for the nine months ended September 30, 2022 and 2021, respectively, representing a decrease of 3.70%, see page 15 for further details.
Recognized $760 thousand in impairment expense on Harbor Pointe Land Parcel.
Loans payable increased $137.4 million compared to December 31, 2021 and were impacted by:
$130.0 million increase from the KeyBank-Cedar Agreement;
$75.0 million increase from the Guggenheim Loan Agreement;
$60.0 million increase from the JANAF Loan Agreement; partially offset by
$64.2 million paydown on eleven loans associated with the Guggenheim Loan Agreement;
Financial & Operating Data | as of 9/30/2022 unless otherwise stated
7


$56.4 million paydown on three loans associated with the JANAF Loan Agreement;
$3.1 million paydown with the sale of Walnut Plaza and final principal payment; and
$3.8 million monthly principal payments.
DISPOSITIONS
On January 11, 2022, the Company sold Walnut Hill Plaza for $1.9 million, generating a loss of $15 thousand and net proceeds of $1.8 million, which were used to pay down the loan collateralized by the property.
OTHER
The Company recognized non-operating expenses of $691 thousand due to legal settlement costs.

BALANCE SHEET
Cash and cash equivalents totaled $24.1 million, compared to $22.9 million at December 31, 2021.
Restricted cash totaled $30.2 million, compared to $17.5 million at December 31, 2021. The funds at September 30, 2022 are held in lender reserves primarily for the purpose of tenant improvements, lease commissions, real estate taxes and insurance expenses.
Debt totaled $483.7 million, compared to $346.3 million at December 31, 2021, primarily a result of the KeyBank-Cedar Agreement.
WHLR's weighted-average interest rate on property level debt, excluding Cedar, was 4.57% with a term of 6.4 years, compared to 4.68% with a term of 3.50 years at December 31, 2021. The weighted-average interest rate on all debt was 4.82% with a term of 5.10 years, compared to 4.90% with a term of 4.13 years at December 31, 2021.
Net investment properties totaled $567.6 million compared to $386.7 million as of December 31, 2021.

DIVIDENDS
Total cumulative dividends in arrears for WHLR's Series D Preferred were $10.31 per share as of September 30, 2022, with $0.67 and $2.01 per share attributable to the three and nine months ended September 30, 2022, respectively.
On October 17, 2022, the Cedar declared dividends of $0.453125 and $0.406250 per share with respect to the CDR Series B Preferred and CDR Series C Preferred, respectively. The distributions are payable on November 21, 2022 to shareholders of record on November 10, 2022.

SUBSEQUENT EVENTS
On October 28, 2022, the Company entered into a loan agreement (the “Guggenheim-Cedar Loan Agreement”) with Guggenheim Real Estate, LLC., for $110.00 million at a fixed rate of 5.25% with interest-only payments due monthly through November 2027. Commencing on December 10, 2027, until the maturity date of November 10, 2032, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time. The Guggenheim-Cedar Loan Agreement proceeds were used to refinance a portion of Cedar’s 19 property portfolio, which as of September 30, 2022, collateralized the KeyBank-Cedar Agreement.

ADDITIONAL INFORMATION
The enclosed information should be read in conjunction with the Company's filings with the Securities and Exchange Commission, including, but not limited to, its quarterly and annual filings on Forms 10-Q and 10-K. These documents are or will be available upon filing via the U.S. Securities and Exchange Commission website (www.sec.gov) or through WHLR’s website at www.whlr.us.
Financial & Operating Data | as of 9/30/2022 unless otherwise stated
8



Consolidated Balance Sheets
$ in 000s, except par value and share data
 September 30, 2022December 31, 2021
 (unaudited)
ASSETS:
Investment properties, net$567,573 $386,730 
Cash and cash equivalents24,057 22,898 
Restricted cash30,245 17,521 
Rents and other tenant receivables, net11,517 9,233 
Assets held for sale419 2,047 
Above market lease intangibles, net3,432 2,424 
Operating lease right-of-use assets15,129 12,455 
Deferred costs and other assets, net40,674 11,973 
Total Assets$693,046 $465,281 
LIABILITIES:
Loans payable, net$467,230 $333,283 
Liabilities associated with assets held for sale— 3,381 
Below market lease intangibles, net26,340 3,397 
Derivative liabilities7,309 4,776 
Operating lease liabilities16,446 13,040 
Accounts payable, accrued expenses and other liabilities21,286 11,054 
Total Liabilities538,611 368,931 
Series D Cumulative Convertible Preferred Stock (no par value, 6,000,000 shares authorized, 3,152,392 shares issued and outstanding; $111.33 million and $104.97 million aggregate liquidation value, respectively)
99,276 92,548 
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, 2,301,337 and 1,872,448 shares issued and outstanding, respectively; $57.53 million and $46.81 million aggregate liquidation preference, respectively)
43,263 41,189 
Common Stock ($0.01 par value, 200,000,000 shares authorized 9,793,494 and 9,720,532 shares issued and outstanding, respectively)
98 97 
Additional paid-in capital234,956 234,229 
Accumulated deficit(288,546)(274,107)
Total Stockholders’ (Deficit) Equity(9,776)1,861 
Noncontrolling interests64,935 1,941 
Total Equity55,159 3,802 
Total Liabilities and Equity$693,046 $465,281 




Financial & Operating Data | as of 9/30/2022 unless otherwise stated
9



Consolidated Statements of Operations
$ in 000s, except share and per share data
 Three Months Ended
 September 30,
Nine Months Ended
 September 30,
 2022202120222021
REVENUE:
Rental revenues$18,486 $15,000 $49,142 $44,946 
Other revenues232 508 552 780 
Total Revenue18,718 15,508 49,694 45,726 
OPERATING EXPENSES:
Property operations6,655 5,029 16,637 14,573 
Depreciation and amortization4,981 3,678 12,222 11,033 
Impairment of assets held for sale— — 760 2,200 
Corporate general & administrative2,498 1,756 5,434 4,945 
Total Operating Expenses14,134 10,463 35,053 32,751 
(Loss) gain on disposal of properties— 1,967 (15)2,143 
Operating Income4,584 7,012 14,626 15,118 
Interest income15 42 
Interest expense(6,949)(5,637)(19,079)(19,813)
Net changes in fair value of derivative liabilities(656)1,884 (2,533)303 
Other income— — — 552 
Other expense— (185)(691)(185)
Net (Loss) Income Before Income Taxes(3,006)3,083 (7,635)(4,016)
Income tax expense— — — (2)
Net (Loss) Income(3,006)3,083 (7,635)(4,018)
Less: Net income attributable to noncontrolling
interests
1,234 57 1,237 72 
Net (Loss) Income Attributable to Wheeler REIT(4,240)3,026 (8,872)(4,090)
Preferred Stock dividends - undeclared(2,264)(2,198)(6,792)(6,649)
Deemed contribution related to preferred stock redemption— — — 5,040 
Net (Loss) Income Attributable to Wheeler REIT Common Stockholders$(6,504)$828 $(15,664)$(5,699)
(Loss) Income per share:
Basic and Diluted$(0.66)$0.09 $(1.61)$(0.59)
Weighted-average number of shares:
Basic and Diluted9,792,815 9,713,125 9,749,651 9,708,588 





Financial & Operating Data | as of 9/30/2022 unless otherwise stated
10



Reconciliation of Non-GAAP Measures
FFO and AFFO (1)
$ in 000s, except share, unit and per share data
Three Months Ended
 September 30,
Nine Months Ended
 September 30,
2022202120222021
Net (Loss) Income$(3,006)$3,083 $(7,635)$(4,018)
Depreciation and amortization of real estate assets4,981 3,678 12,222 11,033 
Impairment of assets held for sale— — 760 2,200 
Loss (gain) on disposal of properties— (1,967)15 (2,143)
FFO1,975 4,794 5,362 7,072 
Preferred stock dividends - undeclared (3)
(2,264)(2,198)(6,792)(6,649)
Dividends on noncontrolling interests preferred stock(1,225)— (1,225)— 
Preferred stock accretion adjustments146 145 438 454 
FFO available to common stockholders and common unitholders(1,368)2,741 (2,217)877 
Capital related costs59 (21)343 
Other non-recurring and non-cash expenses (2)
1,240 209 3,409 365 
Net changes in fair value of derivative liabilities656 (1,884)2,533 (303)
Straight-line rental revenue, net straight-line expense(228)(281)(445)(871)
Loan cost amortization806 884 2,154 5,200 
Paid-in-kind interest— — 2,099 — 
Above (below) market lease amortization543 23 559 28 
Recurring capital expenditures and tenant improvement reserves(409)(948)(550)
AFFO$1,241 $1,752 $7,123 $5,089 
Weighted Average Common Shares9,792,815 9,713,125 9,749,651 9,708,588 
Weighted Average Common Units145,621 217,750 188,206 220,647 
Total Common Shares and Units9,938,436 9,930,875 9,937,857 9,929,235 
FFO per Common Share and Common Units$(0.14)$0.28 $(0.22)$0.09 
AFFO per Common Share and Common Units$0.12 $0.18 $0.72 $0.51 

(1)    See page 23 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, 2022.
(3)     Restated the 2021 values as a result of the common stockholders of the Company vote to amend the Company’s Charter to remove the cumulative dividend rights of the Series A Preferred and Series B Preferred on November 3, 2021.





Financial & Operating Data | as of 9/30/2022 unless otherwise stated
11



Reconciliation of Non-GAAP Measures (continued)
Property Net Operating Income (1)(2)
$ in 000s
 Three Months Ended September 30,
 Same StoreNon-same StoreTotal
 202220212022202120222021
Net (Loss) Income$(1,389)$1,178 $(1,617)$1,905 $(3,006)$3,083 
Adjustments:
Other expense— 185 — — — 185 
Net changes in fair value of derivative liabilities656 (1,884)— — 656 (1,884)
Interest expense5,850 5,543 1,099 94 6,949 5,637 
Interest income(15)(9)— — (15)(9)
Corporate general & administrative1,899 1,751 599 2,498 1,756 
Impairment of assets held for sale— — — — — — 
Depreciation and amortization3,679 3,623 1,302 55 4,981 3,678 
Other non-property revenue(2)(6)— — (2)(6)
Property Net Operating Income$10,678 $10,381 $1,383 $92 $12,061 $10,473 
Property revenues$15,875 $15,328 $2,841 $174 $18,716 $15,502 
Property expenses5,197 4,947 1,458 82 6,655 5,029 
Property Net Operating Income$10,678 $10,381 $1,383 $92 $12,061 $10,473 
 Nine Months Ended September 30,
 Same StoreNon-same StoreTotal
 202220212022202120222021
Net Loss$(5,981)$(2,736)$(1,654)$(1,282)$(7,635)$(4,018)
Adjustments:
    Income tax expense— 2— — — 
Other expense691 185 — — 691 185 
Net changes in fair value of derivative liabilities2,533 (303)— — 2,533 (303)
Interest expense17,968 18,616 1,111 1,197 19,079 19,813 
Interest income(42)(9)— — (42)(9)
Loss (gain) on disposal of properties— — 15 (2,143)15 (2,143)
Corporate general & administrative4,828 4,892 606 53 5,434 4,945 
Impairment of assets held for sale760 — — 2,200 760 2,200 
Depreciation and amortization10,920 10,867 1,302 166 12,222 11,033 
Other non-property revenue(18)(580)— — (18)(580)
Property Net Operating Income$31,659 $30,934 $1,380 $191 $33,039 $31,125 
Property revenues$46,832 $45,202 $2,844 $496 $49,676 $45,698 
Property expenses15,173 14,268 1,464 305 16,637 14,573 
Property Net Operating Income$31,659 $30,934 $1,380 $191 $33,039 $31,125 
(1)    See page 24 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)     The company excluded the CDR portfolio from the calculation of same-property NOI since it was not owned for the full period.

Financial & Operating Data | as of 9/30/2022 unless otherwise stated
12



Reconciliation of Non-GAAP Measures (continued)
EBITDA (4)
$ in 000s
Three Months Ended
 September 30,
Nine Months Ended
 September 30,
2022202120222021
Net (Loss) Income
$(3,006)$3,083 $(7,635)$(4,018)
Add back:
Depreciation and amortization (1)
5,524 3,701 12,781 11,061 
Interest expense (2)
6,949 5,637 19,079 19,813 
Income tax expense
— — — 
EBITDA
9,467 12,421 24,225 26,858 
Adjustments for items affecting comparability:
Capital related costs
59 (21)343 
Net changes in FMV of derivative liabilities656 (1,884)2,533 (303)
Other non-recurring and non-cash expenses (3)
75 199 766 (353)
Impairment of assets held for sale
— — 760 2,200 
Loss (gain) on disposal of properties
— (1,967)15 (2,143)
Adjusted EBITDA
$10,199 $8,828 $28,278 $26,602 
(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 Annual Report on Form 10-K for the period ended September 30, 2022.
(4)    See page 23 for the Company's definition of this non-GAAP measurement and reasons for using it.

Financial & Operating Data | as of 9/30/2022 unless otherwise stated
13



Debt Summary
$ in 000s

Property/DescriptionMonthly PaymentInterest
Rate
MaturitySeptember 30,
2022
December 31,
2021
KeyBank-Cedar Agreement(5)Interest onlyVariableAugust 2023$130,000 $— 
Cypress Shopping Center$34,360 4.70 %July 20245,936 6,031 
Port Crossing$34,788 4.84 %August 20245,677 5,778 
Freeway Junction$41,798 4.60 %September 20247,314 7,431 
Harrodsburg Marketplace$19,112 4.55 %September 20243,207 3,267 
Bryan Station$23,489 4.52 %November 20244,159 4,226 
Crockett SquareInterest only4.47 %December 20246,338 6,338 
Pierpont Centre$39,435 4.15 %February 20257,753 7,861 
Shoppes at Myrtle Park$33,180 4.45 %February 20255,651 5,757 
Alex City MarketplaceInterest only3.95 %April 20255,750 5,750 
Butler SquareInterest only3.90 %May 20255,640 5,640 
Brook Run Shopping CenterInterest only4.08 %June 202510,950 10,950 
Beaver Ruin Village I and IIInterest only4.73 %July 20259,400 9,400 
Sunshine Shopping PlazaInterest only4.57 %August 20255,900 5,900 
Barnett Portfolio (2)Interest only4.30 %September 20258,770 8,770 
Fort Howard Shopping CenterInterest only4.57 %October 20257,100 7,100 
Conyers CrossingInterest only4.67 %October 20255,960 5,960 
Grove Park Shopping CenterInterest only4.52 %October 20253,800 3,800 
Parkway PlazaInterest only4.57 %October 20253,500 3,500 
Winslow Plaza$24,295 4.82 %December 20254,428 4,483 
Tuckernuck$32,202 5.00 %March 20264,950 5,052 
Chesapeake Square$23,857 4.70 %August 20264,129 4,192 
Sangaree/Tri-County$32,329 4.78 %December 20266,108 6,176 
RiverbridgeInterest only4.48 %December 20264,000 4,000 
Franklin Village$45,336 4.93 %January 20278,178 8,277 
Village of Martinsville$89,664 4.28 %July 202915,285 15,589 
Laburnum SquareInterest only4.28 %September 20297,665 7,665 
Rivergate (3)$100,222 4.25 %4812118,111 18,430 
Convertible NotesInterest only7.00 %4821333,000 33,000 
Guggenheim Loan Agreement (4)Interest only4.25 %July 203275,000 — 
JANAF Loan Agreement (6)Interest only5.31 %July 203260,000 — 
Walnut Hill Plaza$26,850 5.50 %March 2023— 3,145 
Litchfield Market Village$46,057 5.50 %November 2022— 7,312 
Twin City Commons$17,827 4.86 %January 2023— 2,843 
New Market$48,747 5.65 %June 2023— 6,291 
Benefit Street Note$53,185 5.71 %June 2023— 6,914 
Deutsche Bank Note$33,340 5.71 %July 2023— 5,488 
First National Bank$24,656 LIBOR + 350 basis pointsAugust 2023— 789 
Lumber River$10,723 LIBOR + 350 basis pointsSeptember 2023— 1,296 
Tampa Festival$50,797 5.56 %September 2023— 7,753 
Forrest Gallery$50,973 5.40 %September 2023— 8,060 
South Carolina Food Lions Note$68,320 5.25 %January 2024— 11,259 
Folly Road$41,482 4.65 %March 2025— 7,063 
JANAF$333,159 4.49 %July 2023— 47,065 
JANAF Bravo$35,076 5.00 %May 2024— 5,936 
JANAF BJ's$29,964 4.95 %January 2026— 4,725 
Total Principal Balance (1)483,659 346,262 
Unamortized debt issuance cost (1)(16,429)(9,834)
Total Loans Payable, including assets held for sale467,230 336,428 
Less loans payable on assets held for sale, net loan amortization costs— 3,145 
Total Loans Payable, net$467,230 $333,283 
(1) Includes loans payable on assets held for sale.
(2) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons.
(3) October 2026 the interest rate changes to variable interest rate equal to the 5 years U.S. Treasury Rate plus 2.70%, with a floor of 4.25%.
(4) Collateralized by 22 properties.
(5) Interest rate on this term loan consists of the Secured Overnight Financing Rate plus 0.10% plus an Applicable Margin of 2.5% through February 2023,
which increases to 4.0%.
(6) Collateralized by JANAF properties.





Financial & Operating Data | as of 9/30/2022 unless otherwise stated
14


Debt Summary (continued)

Total Debt
$ in 000s
Scheduled principal repayments and maturities by yearAmount% Total Principal Payments and Maturities
For the remaining three months ended December 31, 2022$572 0.12 %
December 31, 2023132,343 27.36 %
December 31, 202433,690 6.97 %
December 31, 202585,337 17.64 %
December 31, 202619,347 4.00 %
December 31, 20279,313 1.93 %
Thereafter203,057 41.98 %
    Total principal repayments and debt maturities$483,659 100.00 %
graph.jpg

Interest Expense
$ in 000s
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended ChangesNine Months Ended Changes
2022202120222021Change% ChangeChange% Change
Property debt interest - excluding KeyBank-Cedar Agreement$3,715 $3,751 $10,940 $11,413 $(36)(0.96)%$(473)(4.14)%
Convertible Notes interest (1)
578 286 2,677 286 292 102.10 %2,391 836.01 %
Defeasance paid1,156 — 2,614 687 1,156 100.00 %1,927 280.49 %
Amortization of deferred financing costs806 884 2,154 5,200 (78)(8.82)%(3,046)(58.58)%
Interest on corporate debt— 716 — 2,227 (716)(100.00)%(2,227)(100.00)%
Property debt interest - KeyBank-Cedar Agreement694 — 694 — 694 100.00 %694 100.00 %
   Total Interest Expense$6,949 $5,637 $19,079 $19,813 $1,312 23.27 %$(734)(3.70)%
(1) Includes the fair value adjustment for the paid-in-kind interest.
Financial & Operating Data | as of 9/30/2022 unless otherwise stated
15


Property Summary
Property
Location
Number of
Tenants (1)
Total Leasable
Square Feet
Percentage
Leased (1)
Percentage Occupied
Total SF Occupied
Annualized
Base Rent (in 000's) (2)
Annualized Base Rent per Occupied Sq. Foot
WHLR
Alex City MarketplaceAlexander City, AL19 151,843 100.0 %100.0 %151,843 $1,209 $7.96 
Amscot BuildingTampa, FL2,500 100.0 %100.0 %2,500 83 33.00 
Beaver Ruin VillageLilburn, GA29 74,038 94.1 %94.1 %69,648 1,245 17.87 
Beaver Ruin Village IILilburn, GA34,925 100.0 %100.0 %34,925 461 13.21 
Brook Run Shopping CenterRichmond, VA20 147,738 87.0 %87.0 %128,495 1,255 9.77 
Brook Run Properties (3)Richmond, VA— — — %— %— — — 
Bryan StationLexington, KY10 54,277 100.0 %100.0 %54,277 634 11.68 
Butler SquareMauldin, SC15 82,400 98.5 %96.5 %79,550 842 10.58 
Cardinal PlazaHenderson, NC50,000 100.0 %100.0 %50,000 503 10.06 
Chesapeake SquareOnley, VA14 108,982 99.1 %99.1 %108,016 837 7.75 
Clover PlazaClover, SC10 45,575 100.0 %100.0 %45,575 382 8.38 
Courtland Commons (3)Courtland, VA— — — %— %— — — 
Conyers CrossingConyers, GA14 170,475 100.0 %100.0 %170,475 980 5.75 
Crockett SquareMorristown, TN107,122 100.0 %100.0 %107,122 970 9.06 
Cypress Shopping CenterBoiling Springs, SC16 80,435 58.2 %39.5 %31,775 443 13.96 
Darien Shopping CenterDarien, GA26,001 100.0 %100.0 %26,001 140 5.38 
Devine StreetColumbia, SC38,464 89.1 %89.1 %34,264 180 5.25 
Edenton Commons (3)Edenton, NC— — — %— %— — — 
Folly RoadCharleston, SC47,794 100.0 %100.0 %47,794 733 15.35 
Forrest GalleryTullahoma, TN27 214,451 90.0 %79.7 %171,024 1,294 7.57 
Fort Howard Shopping CenterRincon, GA20 113,652 100.0 %100.0 %113,652 1,225 10.78 
Freeway JunctionStockbridge, GA17 156,834 97.5 %97.5 %152,984 1,322 8.64 
Franklin VillageKittanning, PA26 151,821 99.9 %99.9 %151,673 1,297 8.55 
Franklinton SquareFranklinton, NC15 65,366 100.0 %100.0 %65,366 595 9.11 
GeorgetownGeorgetown, SC29,572 100.0 %100.0 %29,572 267 9.04 
Grove Park Shopping CenterOrangeburg, SC14 93,265 100.0 %100.0 %93,265 759 8.14 
Harbor Point (3)Grove, OK— — — %— %— — — 
Harrodsburg MarketplaceHarrodsburg, KY60,048 91.0 %91.0 %54,648 451 8.26 
JANAF (4)Norfolk, VA115 798,086 94.5 %94.3 %752,545 8,844 11.75 
Laburnum SquareRichmond, VA19 109,405 96.9 %96.9 %106,045 969 9.14 
Ladson CrossingLadson, SC16 52,607 100.0 %100.0 %52,607 542 10.31 
LaGrange MarketplaceLaGrange, GA13 76,594 93.7 %87.5 %67,000 383 5.72 
Lake Greenwood CrossingGreenwood, SC43,618 100.0 %100.0 %43,618 363 8.33 
Lake MurrayLexington, SC39,218 100.0 %100.0 %39,218 257 6.56 
Litchfield Market VillagePawleys Island, SC24 86,740 94.8 %94.8 %82,202 1,023 12.45 
Lumber River VillageLumberton, NC11 66,781 100.0 %100.0 %66,781 453 6.79 
Moncks CornerMoncks Corner, SC26,800 100.0 %100.0 %26,800 330 12.31 
Nashville CommonsNashville, NC12 56,100 100.0 %100.0 %56,100 646 11.51 
New Market CrossingMt. Airy, NC12 117,076 100.0 %100.0 %117,076 1,032 8.82 
Parkway PlazaBrunswick, GA52,365 81.7 %81.7 %42,785 354 8.29 
Pierpont CentreMorgantown, WV15 111,162 98.4 %98.4 %109,437 1,055 9.64 
Port CrossingHarrisonburg, VA65,365 100.0 %100.0 %65,365 863 13.21 
RidgelandRidgeland, SC20,029 100.0 %100.0 %20,029 140 7.00 
Riverbridge Shopping CenterCarrollton, GA11 91,188 100.0 %100.0 %91,188 769 8.43 
Rivergate Shopping CenterMacon, GA24 193,960 87.0 %87.0 %168,816 2,460 14.57 
Sangaree PlazaSummerville, SC10 66,948 100.0 %100.0 %66,948 714 10.67 
Shoppes at Myrtle ParkBluffton, SC13 56,601 97.3 %97.3 %55,084 655 11.89 
South LakeLexington, SC10 44,318 97.3 %97.3 %43,118 242 5.60 
South ParkMullins, SC60,734 96.9 %96.9 %58,834 376 6.39 
South SquareLancaster, SC44,350 80.9 %80.9 %35,900 302 8.42 
St. George PlazaSt. George, SC59,174 100.0 %100.0 %59,174 401 6.78 
Sunshine PlazaLehigh Acres, FL23 111,189 100.0 %100.0 %111,189 1,085 9.76 
Surrey PlazaHawkinsville, GA42,680 100.0 %100.0 %42,680 258 6.05 
Financial & Operating Data | as of 9/30/2022 unless otherwise stated
16



Property Summary (continued)
Property
Location
Number of
Tenants (1)
Total Leasable
Square Feet
Percentage
Leased (1)
Percentage Occupied
Total SF Occupied
Annualized
Base Rent (in 000's) (2)
Annualized Base Rent per Occupied Sq. Foot
Tampa FestivalTampa, FL18 137,987 96.5 %63.5 %87,566 $873 $9.97 
Tri-County PlazaRoyston, GA67,577 90.2 %90.2 %60,977 431 7.07 
TuckernuckRichmond, VA18 93,440 100.0 %100.0 %93,440 967 10.35 
Twin City CommonsBatesburg-Leesville, SC47,680 100.0 %100.0 %47,680 488 10.23 
Village of MartinsvilleMartinsville, VA20 288,254 100.0 %95.8 %276,242 2,181 7.89 
Waterway PlazaLittle River, SC10 49,750 100.0 %100.0 %49,750 501 10.07 
Westland SquareWest Columbia, SC11 62,735 100.0 %100.0 %62,735 534 8.51 
Winslow PlazaSicklerville, NJ18 40,695 100.0 %100.0 %40,695 652 16.02 
WHLR TOTAL785 5,388,784 96.1 %94.2 %5,074,068 $49,250 $9.71 
CDR
Brickyard PlazaBerlin, CT10 227,598 100.0 %99.2 %225,821 2,024 8.96 
Carll's CornerBridgeton, NJ129,582 27.5 %21.1 %27,324 399 14.60 
Coliseum MarketplaceHampton, VA106,648 45.9 %45.9 %48,986 609 12.44 
Fairview CommonsNew Cumberland, PA10 52,964 77.5 %77.5 %41,064 421 10.25 
Fieldstone MarketplaceNew Bedford, MA150,123 84.3 %84.3 %126,516 1,526 12.06 
Gold Star PlazaShenandoah, PA71,720 100.0 %100.0 %71,720 653 9.10 
Golden TriangleLancaster, PA20 202,790 99.3 %99.3 %201,290 2,574 12.79 
Hamburg SquareHamburg, PA102,058 100.0 %100.0 %102,058 695 6.81 
Kings PlazaNew Bedford, MA16 168,243 82.2 %82.2 %138,239 1,227 8.87 
Oakland CommonsBristol, CT90,100 100.0 %100.0 %90,100 574 6.37 
Oregon AvenuePhiladelphia, PA20,380 100.0 %5.8 %1,180 40 33.54 
Patuxent CrossingCalifornia, MD30 264,134 83.8 %83.8 %221,406 2,491 11.25 
Pine Grove PlazaBrown Mills, NJ15 79,306 84.6 %53.1 %42,143 606 14.39 
South PhiladelphiaPhiladelphia, PA197,303 61.1 %61.1 %120,453 1,066 8.85 
Southington CenterSouthington, CT10 155,842 98.5 %98.5 %153,507 1,168 7.61 
Timpany PlazaGardner, MA15 182,799 66.1 %66.1 %120,875 1,211 10.02 
Trexler MallTrexlertown, PA23 336,687 98.2 %98.2 %330,634 3,669 11.10 
Washington Center ShoppesSewell, NJ26 157,300 92.0 %92.0 %144,656 1,737 12.01 
Webster CommonsWebster, MA98,984 100.0 %100.0 %98,984 1,241 12.54 
CDR TOTAL230 2,794,561 84.5 %82.6 %2,306,956 $23,931 $10.37 
COMBINED TOTAL1,015 8,183,345 92.1 %90.2 %7,381,024 $73,181 $9.91 


(1)    Reflects leases executed through September 30, 2022 that commence subsequent to the end of the current reporting 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)    This information is not available because the property is undeveloped.
(4)    Square footage is net of the Company's on-premise management office and net of building square footage whereby the Company only leases the land.















Financial & Operating Data | as of 9/30/2022 unless otherwise stated
17


capture.jpg
copyofpropertymap_whlrcdr.jpg
Financial & Operating Data | as of 9/30/2022 unless otherwise stated
18


Top Ten Tenants by Annualized Base Rent (Combined)
Total Tenants : 1,015
TenantsCategoryAnnualized Base Rent
($ in 000s)
% of Total Annualized Base RentTotal Occupied Square FeetPercent Total Leasable Square FootBase Rent Per Occupied Square Foot
Food LionGrocery$4,435 6.06 %549,000 6.71 %$8.08 
Kroger Co (1)
Grocery2,097 2.87 %239,000 2.92 %8.77 
Dollar Tree (2)
Discount Retailer2,032 2.78 %244,000 2.98 %8.33 
TJX Companies (4)
Discount Retailer1,587 2.17 %194,000 2.37 %8.18 
Piggly WigglyGrocery1,495 2.04 %203,000 2.48 %7.36 
Planet FitnessGym1,422 1.94 %139,000 1.70 %10.23 
Lowes Foods (3)
Grocery1,181 1.61 %130,000 1.59 %9.08 
Big LotsDiscount Retailer1,078 1.47 %171,000 2.09 %6.30 
Kohl'sDiscount Retailer1,031 1.41 %147,000 1.80 %7.01 
Shaw'sGrocery925 1.26 %68,000 0.83 %13.60 
$17,283 23.61 %2,084,000 25.47 %$8.29 
(1) Kroger 4 / Harris Teeter 1 / 3 fuel stations
(2) Dollar Tree 17 / Family Dollar 7
(3) Lowes Foods 1 / KJ's Market 2
(4) Marshall's 4 / HomeGoods 2 / TJ Maxx 1


Lease Expiration Schedule (Combined)
Lease Expiration PeriodNumber of Expiring LeasesTotal Expiring Square Footage% of Total Expiring Square Footage% of Total Occupied Square Footage ExpiringExpiring Annualized Base Rent (in 000s) % of Total Annualized Base RentExpiring Base Rent Per Occupied
Square Foot
Available— 802,321 9.80 %— %$— — %— 
MTM15 57,662 0.70 %0.78 %665 0.91 %11.53 
202219 45,738 0.56 %0.62 %752 1.03 %16.44 
2023147 765,815 9.36 %10.38 %8,326 11.38 %10.87 
2024168 962,333 11.76 %13.04 %10,093 13.79 %10.49 
2025167 1,259,716 15.39 %17.07 %12,048 16.46 %9.56 
2026139 881,551 10.77 %11.94 %9,416 12.87 %10.68 
2027141 749,376 9.16 %10.15 %8,819 12.05 %11.77 
202859 890,717 10.88 %12.07 %6,536 8.93 %7.34 
202946 424,555 5.19 %5.75 %4,180 5.71 %9.85 
203029 441,258 5.39 %5.98 %3,296 4.50 %7.47 
2031 & thereafter85 902,303 11.04 %12.22 %9,050 12.37 %10.03 
Total1,015 8,183,345 100.00 %100.00 %$73,181 100.00 %$9.91 

Financial & Operating Data | as of 9/30/2022 unless otherwise stated
19


Leasing Summary
Anchor Lease Expiration Schedule (Combined) (1)
No OptionOption
Lease Expiration PeriodNumber of Expiring LeasesExpiring Occupied Square FootageExpiring Annualized Based Rent (in 000s)% of Total Annualized Base RentExpiring Base Rent per Square FootNumber of Expiring LeasesExpiring Occupied Square FootageExpiring Annualized Based Rent (in 000s)% of Total Annualized Base RentExpiring Base Rent per Square Foot
Available— 391,009 $— — %$— — — $— — %$— 
Month-to-Month20,300 117 2.66 %5.76 — — — — %— 
2022— — — — %— — — — — %— 
202355,259 888 20.21 %16.07 11 380,854 3,058 11.16 %8.03 
2024100,000 1,050 23.90 %10.50 12 445,620 3,029 11.05 %6.80 
2025112,660 759 17.28 %6.74 16 669,897 4,890 17.84 %7.30 
202620,152 97 2.21 %4.81 14 456,864 3,817 13.92 %8.35 
202796,819 899 20.45 %9.29 160,531 1,402 5.11 %8.73 
2028— — — — %— 16 686,735 4,109 14.99 %5.98 
202948,789 522 11.88 %10.70 150,947 1,014 3.70 %6.72 
2030— — — — %— 372,398 1,994 7.27 %5.35 
2031+56,047 61 1.41 %1.09 13 562,026 4,100 14.96 %7.30 
Total17 901,035 $4,393 100.00 %$8.61 98 3,885,872 $27,413 100.00 %$7.05 

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

Non-anchor Lease Expiration Schedule (Combined)
No OptionOption
Lease Expiration PeriodNumber of Expiring LeasesExpiring Occupied Square FootageExpiring Annualized Based Rent (in 000s)% of Total Annualized Base RentExpiring Base Rent per Square FootNumber of Expiring LeasesExpiring Occupied Square FootageExpiring Annualized Based Rent (in 000s)% of Total Annualized Base RentExpiring Base Rent per Square Foot
Available— 411,312 $— — %$— — — $— — %$— 
Month-to-Month14 37,362 548 2.82 %14.67 — — — — %— 
202213 21,019 354 1.82 %16.84 24,719 398 1.81 %16.10 
202392 230,568 2,904 14.95 %12.59 42 99,134 1,476 6.72 %14.89 
202496 211,828 2,938 15.12 %13.87 58 204,885 3,076 14.01 %15.01 
202594 239,122 3,126 16.09 %13.07 54 238,037 3,273 14.91 %13.75 
202672 187,482 2,555 13.15 %13.63 52 217,053 2,947 13.43 %13.58 
202779 219,739 3,265 16.81 %14.86 53 272,287 3,254 14.82 %11.95 
202820 64,271 922 4.75 %14.35 23 139,711 1,505 6.86 %10.77 
202915 55,750 699 3.60 %12.54 24 169,069 1,945 8.86 %11.50 
203013 29,646 528 2.72 %17.81 10 39,214 774 3.53 %19.74 
2031+30 98,007 1,587 8.17 %16.19 40 186,223 3,303 15.05 %17.74 
Total538 1,806,106 $19,426 100.00 %$13.93 362 1,590,332 $21,951 100.00 %$13.80 












Financial & Operating Data | as of 9/30/2022 unless otherwise stated
20


Leasing Summary (continued)
WHLR Leasing Renewals, New Leases and Expirations
Three Months Ended
 September 30,
Nine Months Ended
 September 30,
2022202120222021
Renewals(1):
Leases renewed with rate increase (sq feet)123,623 85,429 339,831 265,231 
Leases renewed with rate decrease (sq feet)18,315 11,920 29,804 66,343 
Leases renewed with no rate change (sq feet)143,060 28,140 217,711 88,493 
Total leases renewed (sq feet)284,998 125,489 587,346 420,067 
Leases renewed with rate increase (count)23 29 67 71 
Leases renewed with rate decrease (count)10 
Leases renewed with no rate change (count)24 21 
Total leases renewed (count)32 36 99 102 
Option exercised (count)11 16 
Weighted average on rate increases (per sq foot)$1.27 $0.94 $1.26 $0.80 
Weighted average on rate decreases (per sq foot)$(1.36)$(2.34)$(1.99)$(2.23)
Weighted average rate on all renewals (per sq foot)$0.46 $0.42 $0.63 $0.15 
Weighted average change over prior rates6.20 %3.53 %7.10 %1.48 %
New Leases(1) (2):
New leases (sq feet)46,514 91,163 144,704 317,622 
New leases (count)13 25 51 62 
Weighted average rate (per sq foot)$12.50 $10.01 $12.89 $8.77 
(1)    Lease data presented is based on average rate per square foot over the renewed or new lease term.
(2)    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.











Financial & Operating Data | as of 9/30/2022 unless otherwise stated
21


Leasing Summary (continued)
CDR Leasing Renewals, New Leases and Expirations
Three Months Ended September 30,
2022
Renewals(1):
Leases renewed with rate increase (sq feet)42,971 
Leases renewed with rate decrease (sq feet)29,223 
Leases renewed with no rate change (sq feet)— 
Total leases renewed (sq feet)72,194 
Leases renewed with rate increase (count)
Leases renewed with rate decrease (count)
Leases renewed with no rate change (count)— 
Total leases renewed (count)10 
Option exercised (count)
Weighted average on rate increases (per sq foot)$0.93 
Weighted average on rate decreases (per sq foot)$(0.28)
Weighted average rate on all renewals (per sq foot)$0.44 
Weighted average change over prior rates3.67 %
New Leases(1) (2):
New leases (sq feet)38,360 
New leases (count)
Weighted average rate (per sq foot)$9.64 
(1)    Lease data presented is based on average rate per square foot over the renewed or new lease term.
(2)    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.
Financial & Operating Data | as of 9/30/2022 unless otherwise stated
22


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 December 2018). 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), plus impairment of real estate related long-lived assets 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 stockholders, 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, depreciation and amortization and impairment of long-lived assets and notes receivable, 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.
Financial & Operating Data | as of 9/30/2022 unless otherwise stated
23



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, impairment of impairment of long-lived assets, 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.

Financial & Operating Data | as of 9/30/2022 unless otherwise stated
24