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): March 18, 2021
 WHEELER REAL ESTATE INVESTMENT TRUST, INC.
(Exact name of registrant as specified in its charter)  
Maryland   001-35713   45-2681082
(State or other jurisdiction
of incorporation or organization) 		  (Commission
File Number) 		  (IRS Employer
Identification No.)
2529 Virginia Beach Blvd., Suite 200
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 Stock WHLRD Nasdaq Capital Market


Item 2.02 Results of Operations and Financial Condition.

On March 18, 2021, Wheeler Real Estate Investment Trust, Inc. (the “Company”), issued a press release announcing its financial results for the three and twelve months ended December 31, 2020. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

In connection with this press release, on March 18, 2021, the Company posted certain supplemental information regarding the Company’s operations for the three and twelve months ended December 31, 2020 on its website, www.whlr.us. A copy of the supplemental information is attached as Exhibit 99.2 hereto and incorporated herein by reference.

The information in this Current Report on Form 8-K, including the exhibits hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, unless it is specifically incorporated by reference therein.

Item 9.01(d) Financial Statements and Exhibits.


EXHIBIT INDEX
Number Description of Exhibit















SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
WHEELER REAL ESTATE INVESTMENT TRUST, INC.
By:   /s/ Daniel Khoshaba
  Name: Daniel Khoshaba
  Title: Chief Executive Officer
Dated: March 18, 2021


Exhibit 99.1
WHEELERLOGOA051B.JPG

FOR IMMEDIATE RELEASE

WHEELER REAL ESTATE INVESTMENT TRUST, INC.
ANNOUNCES THE RELEASE OF ITS
FOURTH QUARTER AND YEAR-END 2020 FINANCIAL AND OPERATING RESULTS


Virginia Beach, VA – March 18, 2021 – 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 year ended December 31, 2020 on Form 10-K. In conjunction with this announcement, the Company has posted to its website supplemental information regarding WHLR's financial and operating results for the three and twelve months ended December 31, 2020. This information, as well as additional information on WHLR and its business activities, can be accessed via the Investor Relations page at www.whlr.us.

ABOUT WHEELER REAL ESTATE INVESTMENT TRUST, INC.
Headquartered in Virginia Beach, VA, 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. Please visit the Company's website for more information. Interested parties may access the website through the following link www.whlr.us.

Mary Jensen
Investor Relations
mjensen@whlr.us
Office: (757) 627-9088
Cell: (310) 526-1707

Exhibit 99.2
SUPPLEMENTCOVER730201.JPG

WHEELERLOGOA051.JPG
Financial and Operating Results
For the three and twelve months ended December 31, 2020


Table of Contents
Page
Company Overview
3
Financial and Portfolio Overview
4
Financial and Operating Results
5
Financial Summary
Consolidated Balance Sheets
9
Consolidated Statements of Operations
10
Reconciliation of Non-GAAP Measures
11
Debt Summary
14
Portfolio Summary
Property Summary
16
Top Ten Tenants by Annualized Base Rent and Lease Expiration Schedule
18
Leasing Summary
19
Definitions
21



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. 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: adverse economic or real estate developments in the retail industry or the markets in which Wheeler Real Estate Investment Trust, Inc. (the "Company" or "WHLR") operates; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; the Company's failure to obtain necessary outside financing on favorable terms or at all; the Company's inability to successfully acquire, sell, or operate properties; and the Company's failure to qualify or maintain its status as a REIT. When used in this presentation, the words "continue," "may," "approximately," "potentially," or similar expressions, are intended to identify forward-looking statements. Currently, one of the Company's most significant risk factors is the coronavirus pandemic, or COVID-19. The extent to which COVID-19 continues to impact the financial condition, results of operations, cash flows and performance of the Company and its tenants, the real estate market and the global economy and financial markets will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. Statements regarding the impact and severity of COVID-19 may be forward-looking.

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.

WHLR | Financial & Operating Data
2


Company Overview
Headquartered in Virginia Beach, VA, Wheeler Real Estate Investment Trust, Inc. (NASDAQ: 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, potentially dominant retail properties in secondary and tertiary markets that generate attractive, risk-adjusted returns. WHLR’s common stock, Series B convertible preferred stock and Series D cumulative convertible preferred stock trade publicly on NASDAQ under the symbols “WHLR”, “WHLRP” and "WHLRD", respectively.
    
Corporate Headquarters
Wheeler Real Estate Investment Trust, Inc.
Riversedge North
2529 Virginia Beach Boulevard
Virginia Beach, VA 23452
Phone: (757) 627-9088
Toll Free: (866) 203-4864
Website: www.whlr.us
Executive Management
Daniel Khoshaba - CEO
Crystal Plum - CFO
M. Andrew Franklin - COO
Board of Directors
Stefani D. Carter (Chairman)
Andrew R. Jones
Clayton ("Chip") Andrews
Daniel Khoshaba (CEO)
E. J. Borrack
Paula J. Poskon
Kerry G. Campbell
Joseph D. Stilwell
Investor Relations Representative
Mary Jensen - IRRealized, LLC mjensen@whlr.us
Office: (757) 627-9088 Cell: (310) 526-1707
Transfer Agent and Registrar
Computershare Trust Company, N.A.
250 Royall Street
Canton, MA 02021
www.computershare.com
WHLR | Financial & Operating Data
3


Financial and Portfolio Overview
For the Three Months Ended December 31, 2020
Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s) $ (2,454)
Net loss per basic and diluted shares $ (0.25)
Funds from operations available to common stockholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)
$ 1,520 
FFO per common share and OP unit $ 0.15 
Adjusted FFO (AFFO) (in 000s) (1)
$ 1,355 
AFFO per common share and OP unit $ 0.14 
Assets and Leverage
Investment Properties, net of $59.19 million accumulated depreciation (in 000s) $ 392,664 
Cash and Cash Equivalents (in 000s) $ 7,660 
Total Assets (in 000s) $ 489,379 
Debt to Total Assets(3)
72.32  %
Debt to Gross Asset Value 61.04  %
Market Capitalization
Common shares outstanding 9,703,874 
OP units outstanding 224,429 
Total common shares and OP units 9,928,303 
Shares Outstanding at December 31, 2020 Fourth Quarter stock price range Stock price as of December 31, 2020
Common Stock 9,703,874  $2.47 - $3.90 $ 2.77 
Series B preferred shares 1,875,748  $8.79 - $13.00 $ 13.00 
Series D preferred shares 3,529,293  $14.32 - $18.20 $ 18.00 
Total debt (in 000s)(3)
$ 353,916 
Common Stock market capitalization (as of December 31, 2020 closing stock price, in 000s) $ 26,880 
Portfolio Summary
Total Leasable Area (GLA) in sq. ft. 5,561,766 
Occupancy Rate 87.1  %
Leased Rate (2)
88.9  %
Annualized Base Rent (in 000s) $ 46,851 
Total number of leases signed or renewed during the fourth quarter of 2020 62 
Total sq. ft. leases signed or renewed during the fourth quarter of 2020 412,115 

(1)    See page 21 for the Company's definition of this non-GAAP measurement and reasons for using it.
(2)    Reflects leases executed through January 6, 2021 that commence subsequent to the end of current period.
(3)    Includes debt associated with assets held for sale.

WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
4

Financial and Operating Results
Today, WHLR reported its financial and operating results for the three and twelve months ended December 31, 2020.

2020 FOURTH QUARTER HIGHLIGHTS
(all comparisons to the same prior year period unless otherwise noted)
FINANCIAL
•Net loss attributable to WHLR's common stock, $0.01 par value per share ("Common Stock") stockholders of $2.5 million, or ($0.25) per share, as compared to $4.3 million, or ($0.45) per share.
•Funds from operations ("FFO") of $1.5 million, or $0.15 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 $1.1 million, or $0.11 per share.
•Adjusted Funds from Operations ("AFFO") of $0.14 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P., as compared to $0.02 per share.
OPERATIONS
•Total revenue from continuing operations decreased by 4.82% or $774 thousand primarily due to decreases described below at the same store section and sold properties of $108 thousand.
•Signed 24 new leases totaling 130,624 square feet with a weighted-average rental rate of $7.69 per square foot.
•Executed 38 lease renewals totaling 281,491 square feet at a weighted-average increase of $0.09 per square foot, representing an increase of 1.02% over in-place rental rates.
•Total operating expenses from continuing operations decreased by 18.69% or $2.3 million primarily a result of decreases in depreciation and amortization and a 39.62% or $828 thousand decrease in corporate general and administrative expenses due to a reduction of professional fees.
SAME STORE
•Same store Net Operating Income ("NOI") decreased by 5.56% and by 2.29% on a cash basis. Same store results were impacted by a 4.16% decrease in revenue due to 1) three new anchor vacancies of which two were backfilled with rent commencing in 2021. Increases in straight-line rental revenues resulting from long-term lease extensions partially offsets the effects of the temporary vacancies. Additionally, same store property expenses decreased by 0.94% primarily driven by decreases in real estate taxes.
CAPITAL MARKETS
•On December 22, 2020, the Company and Powerscourt Investments XXII, L.P. entered into a financing agreement with proceeds of $25.0 million (the "Powerscourt Financing Agreement"). The Powerscourt Financing Agreement is at a rate of 13.50% and matures on March 31, 2023 with quarterly interest only payments beginning on January 15, 2021. In conjunction with the Powerscourt Financing Agreement, the Company issued to Powerscourt XXII, LP a warrant to purchase an aggregate of 496,415 shares of the Company’s Common Stock.
•A reduction in loans payable, excluding the Powerscourt Financing Agreement, by $7.6 million was achieved through:
◦$4.4 million payoff of the KeyBank Credit Agreement;
◦$1.8 million paydown with the sale of Riversedge North;
◦$1.4 million monthly principal payments.
•On December 31, 2020, the Company generated net cash proceeds of $1.1 million through the sale of its corporate headquarters, Riversedge North, in Virginia Beach to an unrelated party. These proceeds are net of transaction costs and repayment of the outstanding mortgage. Simultaneous with the sale, WHLR leased the building for ten years through a sale leaseback. As a result of this transaction, a gain of $49 thousand was recognized, the remaining gain of $725 thousand was deferred over the life of the lease.
•At December 31, 2020, the Company had approximately 4 assets held for sale. These assets include Columbia Fire Station, Berkley Shopping Center, a .75 acre land parcel at Berkley and two outparcels at Rivergate Shopping Center, as the Company has committed to a plan to sell each property.

WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
5

2020 YEAR-TO-DATE HIGHLIGHTS
FINANCIAL
•Net loss attributable to WHLR's Common Stock stockholders of $13.6 million, or ($1.40) per share.
•FFO of $4.4 million, or $0.44 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P.
•AFFO of $0.44 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P.
OPERATIONS
•Total revenue from continuing operations decreased by 3.42% or $2.2 million.
•Total operating expenses from continuing operations decreased by 20.66% or $11.1 million primarily a result of decreases in impairments, depreciation and amortization and corporate general and administrative expenses.
SAME STORE
•Same store NOI decreased by 3.46% and by 4.20% on a cash basis. Same store results were impacted by a 2.37% decrease in revenue due to 1) three new anchor vacancies of which two were backfilled with rent commencing in 2021 and 2) an increase in the credit loss on operating receivables driven by higher accounts receivable due to impacts of COVID-19 on the portfolio. These negative impacts were partially offset by increases in straight-line rental revenues resulting from long-term lease extensions.
CAPITAL MARKETS
•Paid off the KeyBank Credit Agreement.
•Recognized $600 thousand in impairment charges on Columbia Fire Station, which is currently held for sale.
•On September 4, 2020, the Company executed Loan Modification Agreements on three properties and used the restricted cash to fund debt service for 90 days. This represented a total of $488 thousand that will be replenished over the next twelve-months.
•Wheeler REIT, L.P. (the "Operating Partnership") purchased 71,343 shares of the Series D cumulative preferred stock (the "Series D Shares") on September 22, 2020 at $15.50 per share from an unaffiliated investor. These shares are deemed to be retired on the consolidated financial statements.
•On August 4, 2020, the Company's Board of Directors granted a Stock Appreciation Rights Agreement (the "SARs") as non-cash compensation to its Chief Executive Officer, Daniel Khoshaba. The SARs, which is contingent upon meeting certain market price thresholds, allows for issuance of 5,000,000 shares of the Company's Common Stock at a strike price of $1.85 per share and expires in the year 2030. The SARs will not be effective until approved by WHLR stockholders at the 2021 Annual Meeting of Stockholders. Due to the COVID-19 pandemic and the ongoing company transformation, Mr. Khoshaba has foregone an annual salary.
OTHER
•The Company recognized non-recurring other expenses of $1.0 million, which included $600 thousand in legal settlement costs and $439 thousand in reimbursement of the Stilwell Group's proxy solicitation expenses in connection with the Company's 2019 annual meeting of stockholders.

TENDER OFFER
•On December 23, 2020, the Company announced a “modified Dutch auction” tender offer to purchase up to $19.0 million in shares of its Series D Shares at a price not greater than $18.00 nor less than $15.50 per Series D Share, to the sellers in cash, less any applicable withholding taxes and without interest (the "2020 Tender Offer").
•On January 26, 2021, the Company announced, the value of the Series D Shares that the Company was offering to purchase increased from $19.0 million to $20.0 million and the tender offer was extended to February 16, 2021.
•On February 17, 2021, the Company announced that the tender offer was extended to March 12, 2021 and the value of the Series D Shares that the Company was offering to purchase decreased from $20.00 million to $6.00 million. The tender offer expired, in accordance with its terms, on March 12, 2021. In accordance with the terms and conditions of the tender offer and based on the final count, the Company accepted for purchase 387,097 Series D Shares at a purchase price of $15.50 per share, for an aggregate cost of $6.00 million, excluding fees and expenses relating to the tender offer.
WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
6


COVID-19 UPDATE
WHLR continues to proactively reach out and communicate with its tenants to assist them during this difficult time. The Company continues to prioritize tenants’ requests based on the immediate and long-term impact to their businesses by evaluating all requests for rent relief on an individual basis and considering a number of factors. Not all tenant requests will ultimately result in modification agreements, nor is the Company forgoing its contractual rights under its lease agreements.
•All retail shopping centers are open and operating and feature necessity-based tenants, with 43 of the 60 properties anchored by grocery and/or drug stores.
•The Company agreed to lease modifications with nine tenants who declared bankruptcy, resulting in a weighted average rate decrease of 7.54% or $0.86 rate per square foot.
•Nine tenants vacated due to bankruptcy and three of these vacated tenants have been backfilled.
•Beginning in April 2020, the Company received certain rent relief requests, most often in the form of rent deferral requests, as a result of the COVID-19 pandemic. The Company continues to evaluate each tenant's rent relief request on an individual basis, considering a number of factors. Not all tenant requests ultimately result in concessions or modification of agreements, nor is the Company forgoing its contractual rights under its lease agreements. As a result, the Company granted 148 concessions as of March 5, 2021 and modified 72 leases as of December 31, 2020, with a weighted average rate increase of 3.53% and 3 year weighted average extension term. During the three months ended December 31, 2020, the Company modified 4 leases at no rate change and five months weighted average extension term.
•The Company received 99% of its contractual base rent and tenant reimbursements billed for the year ended December 31, 2020.
•Accounts receivable related to short term deferral of rents decreased $132 thousand compared to September 30, 2020 to $257 thousand or less than 1% of annual base rent ("ABR").

BALANCE SHEET
•Cash and cash equivalents totaled $7.7 million, compared to $5.5 million at December 31, 2019.
•Restricted cash totaled $35.1 million, compared to $16.1 million at December 31, 2019. These funds are held in lender reserves primarily for the purpose of tenant improvements, lease commissions, real estate taxes, insurance expenses and loan proceeds to be used for the 2020 Tender Offer.
•Total debt was $353.9 million (including debt associated with assets held for sale), compared to $347.1 million at December 31, 2019.
•WHLR's weighted-average interest rate was 5.31% with a term of 3.56 years (including debt associated with assets held for sale).
•Net investment properties totaled $405.3 million (including assets held for sale), compared to $417.9 million as of December 31, 2019.

DIVIDENDS
•The Company had accumulated undeclared dividends of approximately $30.5 million to holders of shares of its Series A Preferred Stock, Series B Preferred Stock, and Series D Preferred Stock. Approximately $3.4 million and $13.9 million are attributable to the three and twelve months ended December 31, 2020, respectively.

SUBSEQUENT EVENTS
•On January 8, 2021, KeyBank notified the Company that the PPP Promissory Note application for forgiveness has been approved.
•On January 21, 2021, the Company entered into a Forbearance Agreement (the "Forbearance Agreement") with Pinnacle Bank at an interest rate of 14% and made a $500 thousand principal payment. The Forbearance Agreement, among other provisions, extends the maturity date of the Columbia Fire Station Loan to July 21, 2021 and waives all defaults and late fees existing prior to the Forbearance Agreement.
•On February 2, 2021, the Company refinanced the Tuckernuck Loan for $5.15 million at a rate of 5.00%. The loan matures on March 1, 2026.
WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
7

•On March 12, 2021, the Company, certain subsidiaries of the Company from time to time party thereto, as guarantors, the lenders from time to time party thereto and Wilmington Savings Fund Society, FSB, entered into a financing agreement with proceeds of $35.0 million (the "Wilmington Financing Agreement"). The Wilmington Financing Agreement is at a rate of 8.00% and matures in March 2026 with quarterly interest only payments beginning on April 15, 2021. In conjunction with the Wilmington Financing Agreement, the Company issued to the holders from time to time party thereto warrants to purchase an aggregate of 1,061,719 shares of the Company’s Common Stock. In addition, on March 12, 2021, the Company paid in full the $25.0 million Powerscourt Financing Agreement.

OPERATIONS AND LEASING
•The Company's real estate portfolio is 88.9% leased as of December 31, 2020.
•QTD Leasing Activity
•Executed 38 lease renewals totaling 281,491 square feet at a weighted-average increase of $0.09 per square foot, representing an increase of 1.02% over in-place rental rates and an increase of 4.60% excluding bankruptcy negotiations.
•Signed 24 new leases totaling approximately 130,624 square feet with a weighted-average rental rate of $7.69 per square foot.
•YTD Leasing Activity
•Executed 204 lease renewals totaling 1,144,911 square feet at a weighted-average increase of $0.45 per square foot, representing an increase of 4.63% over in-place rental rates and an increase of 5.58% excluding bankruptcy negotiations.
•Signed 72 new leases totaling approximately 333,279 square feet with a weighted-average rental rate of $9.03 per square foot.
•The Company’s gross leasable area ("GLA"), which is subject to leases that expire over the next twelve months and includes month-to-month leases, decreased to approximately 6.97% at December 31, 2020, compared to 13.10% at December 31, 2019. At December 31, 2020, 37.93% of this expiring GLA is subject to renewal options (please see lease expiration schedule on page 18 of this document).
•As of December 31, 2020, the signed but not yet occupied leases consist of $635 thousand ABR with various scheduled commencement dates within the next six months.

DISPOSITIONS
•Sold St. Matthews for $1.8 million, generating a loss of $26 thousand and net proceeds of $1.7 million.
•Sold Riversedge North in a sale lease back transaction for $3.0 million, generating a gain of $774 thousand with $49 thousand recognized in 2020 and the remaining $725 thousand recognized over the life of the lease and net sales proceeds of $2.8 million.

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.
WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
8


Consolidated Balance Sheets
$ in 000s
  December 31,
  2020 2019
ASSETS:
Investment properties, net $ 392,664  $ 416,215 
Cash and cash equivalents 7,660  5,451 
Restricted cash 35,108  16,140 
Rents and other tenant receivables, net 9,153  6,905 
Assets held for sale 13,072  1,737 
Above market lease intangibles, net 3,547  5,241 
Operating lease right-of-use assets 12,745  11,651 
Deferred costs and other assets, net 15,430  21,025 
Total Assets $ 489,379  $ 484,365 
LIABILITIES:
Loans payable, net $ 334,266  $ 340,913 
Liabilities associated with assets held for sale 13,124  2,026 
Below market lease intangibles, net 4,554  6,716 
Warrant liability 594  — 
Operating lease liabilities 13,200  11,921 
Accounts payable, accrued expenses and other liabilities 11,229  9,557 
Total Liabilities 376,967  371,133 
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,529,293 and 3,600,636 shares issued and outstanding, respectively; $109.13 million and $101.66 million aggregate liquidation preference, respectively) 95,563  87,225 
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding) 453  453 
Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,748 shares issued and outstanding; $46.90 million aggregate liquidation preference) 41,174  41,087 
Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,703,874 and 9,694,284 shares issued and outstanding, respectively) 97  97 
Additional paid-in capital 234,061  233,870 
Accumulated deficit (260,867) (251,580)
Total Stockholders’ Equity 14,918  23,927 
Noncontrolling interests 1,931  2,080 
Total Equity 16,849  26,007 
Total Liabilities and Equity $ 489,379  $ 484,365 




WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
9


Consolidated Statements of Operations
$ in 000s
  Three Months Ended December 31, Years Ended December 31,
  2020 2019 2020 2019
REVENUE:
Rental revenues $ 15,119  $ 15,896  $ 60,039  $ 62,442 
Other revenues 177  174  964  720 
Total Revenue 15,296  16,070  61,003  63,162 
OPERATING EXPENSES:
Property operations 4,770  4,839  18,886  19,127 
Non-REIT management and leasing services —  —  —  25 
Depreciation and amortization 3,831  5,150  17,291  21,319 
Impairment of notes receivable —  —  —  5,000 
Impairment of assets held for sale —  51  600  1,598 
Corporate general & administrative 1,262  2,090  5,831  6,633 
Total Operating Expenses 9,863  12,130  42,608  53,702 
Gain (loss) on disposal of properties 49  (33) 23  1,394 
Operating Income 5,482  3,907  18,418  10,854 
Interest expense (4,306) (4,591) (17,092) (18,983)
Other expense —  —  (1,039) — 
Net Income (Loss) Before Income Taxes 1,176  (684) 287  (8,129)
Income tax benefit (expense) —  8  —  (15)
Net Income (Loss) 1,176  (676) 287  (8,144)
Less: Net income (loss) attributable to noncontrolling interests 24  (5) 42  (105)
Net Income (Loss) Attributable to Wheeler REIT 1,152  (671) 245  (8,039)
Preferred Stock dividends - undeclared (3,606) (3,657) (14,528) (14,629)
Deemed contribution related to preferred stock redemption —  —  726  — 
Net Loss Attributable to Wheeler REIT Common Stockholders $ (2,454) $ (4,328) $ (13,557) $ (22,668)
Loss per share:
Basic and Diluted $ (0.25) $ (0.45) $ (1.40) $ (2.34)
Weighted-average number of shares:
Basic and Diluted 9,703,397  9,693,403  9,698,274  9,671,847 





WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
10


Reconciliation of Non-GAAP Measures
FFO and AFFO (1)
$ in 000s
Three Months Ended
December 31,
Years Ended
December 31,
2020 2019 2020 2019
Net Income (Loss) $ 1,176  $ (676) $ 287  $ (8,144)
Depreciation and amortization of real estate assets 3,831  5,150  17,291  21,319 
(Gain) loss on disposal of properties (49) 33  (23) (1,394)
Impairment of assets held for sale —  51  600  1,598 
FFO 4,958  4,558  18,155  13,379 
Preferred stock dividends - undeclared (3,606) (3,657) (14,528) (14,629)
Preferred stock redemption —  —  96  — 
Preferred stock accretion adjustments 168  170  677  680 
FFO available to common stockholders and common unitholders 1,520  1,071  4,400  (570)
Impairment of notes receivable —  —  —  5,000 
Acquisition and development costs —  1  —  26 
Capital related costs 105  4  291  144 
Other non-recurring and non-cash expenses (2)
(5) (19) 1,085  42 
Share-based compensation —  (242) —  2 
Straight-line rental revenue, net straight-line expense (271) 7  (971) 6 
Loan cost amortization 301  371  1,097  1,707 
Above (below) market lease amortization (18) (676) (461) (1,261)
Recurring capital expenditures and tenant improvement reserves (277) (280) (1,112) (1,126)
AFFO $ 1,355  $ 237  $ 4,329  $ 3,970 
Weighted Average Common Shares 9,703,397  9,693,403  9,698,274  9,671,847 
Weighted Average Common Units 224,906  234,900  230,029  234,999 
Total Common Shares and Units 9,928,303  9,928,303  9,928,303  9,906,846 
FFO per Common Share and Common Units $ 0.15  $ 0.11  $ 0.44  $ (0.06)
AFFO per Common Share and Common Units $ 0.14  $ 0.02  $ 0.44  $ 0.40 

(1)    See page 21 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 Annual Report on Form 10-K for the year ended December 31, 2020.







WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
11


Reconciliation of Non-GAAP Measures (continued)
Property Net Operating Income (1)
$ in 000s
  Three Months Ended December 31,
  Same Store Non-same Store Total
  2020 2019 2020 2019 2020 2019
Net Income (Loss) $ 1,131  $ (668) $ 45  $ (8) $ 1,176  $ (676)
Adjustments:
Income tax benefit —  (8) —  —  —  (8)
Interest expense 4,306  4,591  —  —  4,306  4,591 
(Gain) loss on disposal of properties —  —  (49) 33  (49) 33 
Corporate general & administrative 1,262  2,086  —  4  1,262  2,090 
Impairment of assets held for sale —  —  —  51  —  51 
Depreciation and amortization 3,831  5,150  —  —  3,831  5,150 
Other non-property revenue (16) (18) —  —  (16) (18)
Property Net Operating Income (Loss) $ 10,514  $ 11,133  $ (4) $ 80  $ 10,510  $ 11,213 
Property revenues $ 15,280  $ 15,944  $ —  $ 108  $ 15,280  $ 16,052 
Property expenses 4,766  4,811  4  28  4,770  4,839 
Property Net Operating Income (Loss) $ 10,514  $ 11,133  $ (4) $ 80  $ 10,510  $ 11,213 

  Years Ended December 31,
  Same Store Non-same Store Total
  2020 2019 2020 2019 2020 2019
Net Income (Loss) $ 285  $ (8,100) $ 2  $ (44) $ 287  $ (8,144)
Adjustments:
Income tax expense —  15  —  —  —  15 
Other expense 1,039  —  —  —  1,039  — 
Interest expense 17,092  18,693  —  290  17,092  18,983 
Gain on disposal of properties —  —  (23) (1,394) (23) (1,394)
Corporate general & administrative 5,829  6,613  2  20  5,831  6,633 
Impairment of assets held for sale 600  —  —  1,598  600  1,598 
Impairment of notes receivable —  5,000  —  —  —  5,000 
Depreciation and amortization 17,290  21,241  1  78  17,291  21,319 
Non-REIT management and leasing services —  25  —  —  —  25 
Other non-property revenue (272) (125) —  —  (272) (125)
Property Net Operating Income (Loss) $ 41,863  $ 43,362  $ (18) $ 548  $ 41,845  $ 43,910 
Property revenues $ 60,721  $ 62,193  $ 10  $ 844  $ 60,731  $ 63,037 
Property expenses 18,858  18,831  28  296  18,886  19,127 
Property Net Operating Income (Loss) $ 41,863  $ 43,362  $ (18) $ 548  $ 41,845  $ 43,910 
(1)    See page 22 for the Company's definition of this non-GAAP measurement and reasons for using it.
WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
12


Reconciliation of Non-GAAP Measures (continued)
EBITDA (4)
$ in 000s
Three Months Ended December 31, Years Ended December 31,
2020 2019 2020 2019
Net Income (Loss)
$ 1,176  $ (676) $ 287  $ (8,144)
Add back:
Depreciation and amortization (1)
3,813  4,474  16,830  20,058 
Interest Expense (2)
4,306  4,591  17,092  18,983 
Income tax (benefit) expense
—  (8) —  15 
EBITDA
9,295  8,381  34,209  30,912 
Adjustments for items affecting comparability:
Acquisition and development costs
—  1  —  26 
Capital related costs
105  4  291  144 
Other non-recurring and non-cash expenses (3)
(5) (19) 1,085  42 
Impairment of notes receivable
—  —  —  5,000 
Impairment of assets held for sale
—  51  600  1,598 
(Gain) loss on disposal of properties
(49) 33  (23) (1,394)
Adjusted EBITDA
$ 9,346  $ 8,451  $ 36,162  $ 36,328 
(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 December 31, 2020.
(4)    See page 21 for the Company's definition of this non-GAAP measurement and reasons for using it.

WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
13


Debt Summary
$ in 000s
Loans Payable:         $353.92 million
Weighted Average Interest Rate:     5.31%

Property/Description Monthly Payment Interest
Rate 		Maturity December 31,
2020 		December 31,
2019
 KeyBank Credit Agreement (6)
$ 350,000  LIBOR + 350 basis points December 2020 $ —  $ 17,879 
 Columbia Fire Station $ 45,580  14.00  % December 2020 3,893  4,051 
 Tuckernuck $ 33,880  3.88  % February 2021 5,193  5,344 
 First National Bank (7)
$ 24,656  LIBOR + 350 basis points March 2021 1,045  1,214 
 Lumber River $ 10,723  LIBOR + 350 basis points April 2021 1,367  1,404 
 Rivergate $ 104,178  LIBOR + 295 basis points April 2021 21,164  21,545 
 JANAF Bravo $ 36,935  4.65  % April 2021 6,263  6,372 
 Litchfield Market Village $ 46,057  5.50  % November 2022 7,418  7,452 
 Twin City Commons $ 17,827  4.86  % January 2023 2,915  2,983 
 Walnut Hill Plaza $ 26,850  5.50  % March 2023 3,287  3,759 
 Powerscourt Financing Agreement (6)
Interest only 13.50  % March 2023 25,000  — 
 New Market $ 48,747  5.65  % June 2023 6,508  6,713 
 Benefit Street Note (3)
$ 53,185  5.71  % June 2023 7,145  7,361 
 Deutsche Bank Note (2)
$ 33,340  5.71  % July 2023 5,567  5,642 
 JANAF $ 333,159  4.49  % July 2023 48,875  50,599 
 Tampa Festival $ 50,797  5.56  % September 2023 7,920  8,077 
 Forrest Gallery $ 50,973  5.40  % September 2023 8,226  8,381 
 Riversedge North $ 11,436  5.77  % December 2023 —  1,767 
 South Carolina Food Lions Note (5)
$ 68,320  5.25  % January 2024 11,473  11,675 
 Cypress Shopping Center $ 34,360  4.70  % July 2024 6,163  6,268 
 Port Crossing $ 34,788  4.84  % August 2024 5,909  6,032 
 Freeway Junction $ 41,798  4.60  % September 2024 7,582  7,725 
 Harrodsburg Marketplace $ 19,112  4.55  % September 2024 3,343  3,416 
 Bryan Station $ 23,489  4.52  % November 2024 4,312  4,394 
 Crockett Square Interest only 4.47  % December 2024 6,338  6,338 
 Pierpont Centre $ 39,435  4.15  % February 2025 8,001  8,113 
 Shoppes at Myrtle Park $ 33,180  4.45  % February 2025 5,892  — 
 Folly Road $ 41,482  4.65  % March 2025 7,223  5,922 
 Alex City Marketplace Interest only 3.95  % April 2025 5,750  5,750 
 Butler Square Interest only 3.90  % May 2025 5,640  5,640 
 Brook Run Shopping Center Interest only 4.08  % June 2025 10,950  10,950 
 Beaver Ruin Village I and II Interest only 4.73  % July 2025 9,400  9,400 
 Sunshine Shopping Plaza Interest only 4.57  % August 2025 5,900  5,900 
 Barnett Portfolio (4)
Interest only 4.30  % September 2025 8,770  8,770 
 Fort Howard Shopping Center Interest only 4.57  % October 2025 7,100  7,100 
 Conyers Crossing Interest only 4.67  % October 2025 5,960  5,960 
 Grove Park Shopping Center Interest only 4.52  % October 2025 3,800  3,800 
 Parkway Plaza Interest only 4.57  % October 2025 3,500  3,500 
 Winslow Plaza $ 24,295  4.82  % December 2025 4,553  4,620 
 JANAF BJ's $ 29,964  4.95  % January 2026 4,844  4,957 
 Chesapeake Square $ 23,857  4.70  % August 2026 4,279  4,354 
 Berkley/Sangaree/Tri-County Interest only 4.78  % December 2026 9,400  9,400 
 Riverbridge Interest only 4.48  % December 2026 4,000  4,000 
 Franklin Village $ 45,336  4.93  % January 2027 8,404  8,516 
 Village of Martinsville $ 89,664  4.28  % July 2029 15,979  16,351 
 Laburnum Square Interest only 4.28  % September 2029 7,665  7,665 
Total Principal Balance (1)
353,916  347,059 
Unamortized debt issuance cost (1)
(6,812) (4,172)
Total Loans Payable, including assets held for sale 347,104  342,887 
Less loans payable on assets held for sale, net loan amortization costs 12,838  1,974 
Total Loans Payable, net $ 334,266  $ 340,913 
(1) Includes loans payable on assets held for sale.
(2) Collateralized by LaGrange Marketplace, Ridgeland and Georgetown.
(3) Collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park.
(4) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons.
(5) Collateralized by Clover Plaza, South Square, St. George, Waterway Plaza and Westland Square.
(6) Collateralized by Darien Shopping Center, Devine Street, Lake Murray, Moncks Corner and South Lake.
(7) Collateralized by Surrey Plaza and Amscot Building.

WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
14

Debt Summary (continued)

Total Debt
$ in 000s
Scheduled principal repayments and maturities by year Amount % Total Principal Payments and Maturities
December 31, 2021 $ 43,933  12.41  %
December 31, 2022 12,586  3.56  %
December 31, 2023 111,875  31.61  %
December 31, 2024 44,240  12.50  %
December 31, 2025 91,426  25.83  %
Thereafter 49,856  14.09  %
    Total principal repayments and debt maturities $ 353,916  100.00  %



IMAGE2.JPG

WHLR | Financial & Operating Data | as of 12/31/2020 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
Alex City Marketplace  Alexander City, AL 15  151,843  96.1  % 77.6  % 117,843  $ 981  $ 8.32 
Amscot Building  Tampa, FL 1  2,500  100.0  % 100.0  % 2,500  83  33.00 
Beaver Ruin Village  Lilburn, GA 28  74,038  90.4  % 90.4  % 66,948  1,160  17.32 
Beaver Ruin Village II  Lilburn, GA 4  34,925  100.0  % 100.0  % 34,925  456  13.07 
Berkley (3)  Norfolk, VA —  —  —  % —  % —  —  — 
Berkley Shopping Center  Norfolk, VA 10  47,945  42.0  % 42.0  % 20,140  183  9.10 
Brook Run Shopping Center  Richmond, VA 18  147,738  85.5  % 85.5  % 126,243  1,099  8.70 
Brook Run Properties (3)  Richmond, VA —  —  —  % —  % —  —  — 
Bryan Station  Lexington, KY 10  54,277  100.0  % 100.0  % 54,277  594  10.95 
Butler Square  Mauldin, SC 15  82,400  98.2  % 94.9  % 78,196  811  10.38 
Cardinal Plaza  Henderson, NC 8  50,000  97.0  % 97.0  % 48,500  478  9.85 
Chesapeake Square  Onley, VA 12  108,982  96.5  % 96.5  % 105,182  795  7.56 
Clover Plaza  Clover, SC 10  45,575  100.0  % 100.0  % 45,575  373  8.18 
Columbia Fire Station  Columbia, SC 1  21,273  14.4  % 14.4  % 3,063  81  26.60 
Courtland Commons (3)  Courtland, VA —  —  —  % —  % —  —  — 
Conyers Crossing  Conyers, GA 12  170,475  95.7  % 95.7  % 163,150  855  5.24 
Crockett Square  Morristown, TN 4  107,122  100.0  % 100.0  % 107,122  940  8.78 
Cypress Shopping Center  Boiling Springs, SC 16  80,435  39.5  % 39.5  % 31,775  429  13.49 
Darien Shopping Center  Darien, GA 1  26,001  100.0  % 100.0  % 26,001  156  6.00 
Devine Street  Columbia, SC 2  38,464  100.0  % 100.0  % 38,464  319  8.28 
Edenton Commons (3)  Edenton, NC —  —  —  % —  % —  —  — 
Folly Road  Charleston, SC 5  47,794  100.0  % 100.0  % 47,794  730  15.26 
Forrest Gallery  Tullahoma, TN 25  214,451  80.3  % 79.4  % 170,224  1,223  7.18 
Fort Howard Shopping Center  Rincon, GA 19  113,652  95.1  % 95.1  % 108,120  1,048  9.69 
Freeway Junction  Stockbridge, GA 19  156,834  100.0  % 100.0  % 156,834  1,324  8.44 
Franklin Village  Kittanning, PA 25  151,821  98.7  % 94.9  % 144,021  1,195  8.30 
Franklinton Square  Franklinton, NC 13  65,366  100.0  % 93.0  % 60,800  558  9.17 
Georgetown  Georgetown, SC 2  29,572  100.0  % 100.0  % 29,572  267  9.04 
Grove Park  Orangeburg, SC 13  93,265  97.7  % 97.7  % 91,121  699  7.67 
Harbor Point (3)  Grove, OK —  —  —  % —  % —  —  — 
Harrodsburg Marketplace  Harrodsburg, KY 6  60,048  79.0  % 79.0  % 47,448  404  8.52 
JANAF (4) Norfolk, VA 109  800,026  84.8  % 84.6  % 676,703  8,084  11.95 
Laburnum Square  Richmond, VA 20  109,405  97.5  % 97.5  % 106,705  982  9.21 
Ladson Crossing  Ladson, SC 14  52,607  97.2  % 97.2  % 51,107  487  9.53 
LaGrange Marketplace  LaGrange, GA 13  76,594  96.9  % 96.9  % 74,194  429  5.78 
Lake Greenwood Crossing  Greenwood, SC 6  47,546  87.5  % 87.5  % 41,618  332  7.98 
Lake Murray  Lexington, SC 4  39,218  96.9  % 96.9  % 38,018  236  6.20 
Litchfield Market Village  Pawleys Island, SC 19  86,740  87.3  % 87.3  % 75,702  901  11.91 
Lumber River Village  Lumberton, NC 11  66,781  86.4  % 86.4  % 57,681  435  7.55 
Moncks Corner  Moncks Corner, SC 1  26,800  100.0  % 100.0  % 26,800  323  12.07 
Nashville Commons  Nashville, NC 12  56,100  100.0  % 100.0  % 56,100  623  11.11 
New Market Crossing  Mt. Airy, NC 10  117,076  89.0  % 89.0  % 104,138  920  8.84 
Parkway Plaza  Brunswick, GA 4  52,365  81.7  % 81.7  % 42,785  352  8.22 
Pierpont Centre  Morgantown, WV 15  111,162  88.4  % 88.4  % 98,256  912  9.28 
Port Crossing  Harrisonburg, VA 8  65,365  97.9  % 97.9  % 64,000  852  13.31 
Ridgeland  Ridgeland, SC 1  20,029  100.0  % 100.0  % 20,029  140  7.00 
Riverbridge Shopping Center  Carrollton, GA 12  91,188  100.0  % 100.0  % 91,188  720  7.89 
Rivergate Shopping Center  Macon, GA 30  201,680  73.8  % 73.8  % 148,905  2,480  16.66 
Sangaree Plaza  Summerville, SC 8  66,948  87.4  % 87.4  % 58,498  598  10.23 



WHLR | Financial & Operating Data | as of 12/31/2020 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
Shoppes at Myrtle Park  Bluffton, SC 13  56,601  99.3  % 99.3  % 56,181  $ 607  $ 10.81 
South Lake  Lexington, SC 6  44,318  91.2  % 16.3  % 7,200  93  12.98 
South Park  Mullins, SC 3  60,734  83.2  % 83.2  % 50,509  351  6.95 
South Square  Lancaster, SC 5  44,350  81.0  % 74.2  % 32,900  276  8.39 
St. George Plaza  St. George, SC 6  59,279  92.3  % 78.8  % 46,718  338  7.23 
Sunshine Plaza  Lehigh Acres, FL 23  111,189  100.0  % 100.0  % 111,189  1,076  9.67 
Surrey Plaza  Hawkinsville, GA 3  42,680  96.5  % 96.5  % 41,180  247  6.00 
Tampa Festival  Tampa, FL 19  137,987  71.9  % 64.6  % 89,166  891  9.99 
Tri-County Plaza  Royston, GA 7  67,577  94.1  % 94.1  % 63,577  416  6.55 
Tuckernuck  Richmond, VA 13  93,624  90.6  % 90.6  % 84,787  956  11.27 
Tulls Creek (3)  Moyock, NC —  —  —  % —  % —  —  — 
Twin City Commons  Batesburg-Leesville, SC 5  47,680  100.0  % 100.0  % 47,680  438  9.18 
Village of Martinsville  Martinsville, VA 17  290,902  94.5  % 94.0  % 273,346  2,192  8.02 
Walnut Hill Plaza  Petersburg, VA 6  87,239  38.1  % 38.1  % 33,225  268  8.06 
Waterway Plaza  Little River, SC 10  49,750  100.0  % 100.0  % 49,750  490  9.85 
Westland Square  West Columbia, SC 11  62,735  95.7  % 95.7  % 60,065  528  8.78 
Winslow Plaza  Sicklerville, NJ 18  40,695  100.0  % 100.0  % 40,695  637  15.65 
Total Portfolio
756  5,561,766  88.9  % 87.1  % 4,846,433  $ 46,851  $ 9.67 

(1)    Reflects leases executed through January 6, 2021 that commence subsequent to the end of current period.
(2)    Annualized based rent per occupied square foot, assumes base rent as of the end of the current reporting period, excludes the impact of tenant concessions and rent abatements.
(3)    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.
IMAGE1.JPG
WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
17

Top Ten Tenants by Annualized Base Rent
Total Tenants : 756
Tenants Annualized Base Rent
($ in 000s) 		% of Total Annualized Base Rent Total Occupied Square Feet Percent Total Leasable Square Foot Base Rent Per Occupied Square Foot
1.
Food Lion
$ 2,733  5.83  % 325,576  5.85  % $ 8.39 
2.
BI-LO (1)
2,729  5.82  % 380,675  6.84  % 7.17 
3.
Kroger (2)
1,355  2.89  % 186,064  3.35  % 7.28 
4.
Piggly Wiggly
1,322  2.82  % 169,750  3.05  % 7.79 
5.
Winn Dixie (1)
887  1.89  % 133,575  2.40  % 6.64 
6.
Planet Fitness
837  1.79  % 100,427  1.81  % 8.33 
7.
Hobby Lobby
717  1.53  % 114,298  2.06  % 6.27 
8.
BJ's Wholesale Club
651  1.39  % 147,400  2.65  % 4.42 
9.
Harris Teeter (2)
578  1.23  % 39,946  0.72  % 14.47 
10.
Lowes Foods
572  1.22  % 54,838  0.99  % 10.43 
$ 12,381  26.41  % 1,652,549  29.72  % $ 7.49 
(1) These tenants are both owned by Southeastern Grocers.
(2) These tenants are both owned by The Kroger Company.


Lease Expiration Schedule
Lease Expiration Period Number of Expiring Leases Total Expiring Square Footage % of Total Expiring Square Footage % of Total Occupied Square Footage Expiring Expiring Annualized Base Rent (in 000s) % of Total Annualized Base Rent Expiring Base Rent Per Occupied
Square Foot
Available —  715,333  12.86  % —  % $ —  —  % $ — 
Month-to-Month 11  24,063  0.43  % 0.50  % 296  0.63  % 12.30 
2021 106  363,594  6.54  % 7.50  % 3,820  8.15  % 10.51 
2022 126  509,280  9.16  % 10.51  % 5,460  11.65  % 10.72 
2023 133  870,708  15.66  % 17.97  % 7,675  16.38  % 8.81 
2024 107  665,560  11.97  % 13.73  % 6,373  13.60  % 9.58 
2025 104  787,608  14.16  % 16.25  % 7,874  16.81  % 10.00 
2026 68  650,641  11.70  % 13.43  % 5,807  12.39  % 8.93 
2027 26  164,815  2.96  % 3.40  % 1,988  4.24  % 12.06 
2028 21  331,609  5.96  % 6.84  % 2,336  4.99  % 7.04 
2029 16  114,020  2.05  % 2.35  % 1,143  2.44  % 10.02 
2030 and thereafter 38  364,535  6.55  % 7.52  % 4,079  8.72  % 11.19 
Total 756  5,561,766  100.00  % 100.00  % $ 46,851  100.00  % $ 9.67 

WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
18

Leasing Summary
Anchor Lease Expiration Schedule (1)
No Option Option
Lease Expiration Twelve Month Periods Ending December 31, Number of Expiring Leases Expiring Occupied Square Footage Expiring Annualized Based Rent (in 000s) % of Total Annualized Base Rent Expiring Base Rent per Square Foot Number of Expiring Leases Expiring Occupied Square Footage Expiring Annualized Based Rent (in 000s) % of Total Annualized Base Rent Expiring Base Rent per Square Foot
Available —  284,658  $ —  —  % $ —  —  —  $ —  —  % $ — 
Month-to-Month —  —  —  —  % —  —  —  —  —  % — 
2021 1  58,473  250  14.98  % 4.28  2  67,555  420  2.33  % 6.22 
2022 —  —  —  —  % —  5  178,882  1,294  7.18  % 7.23 
2023 1  22,032  215  12.88  % 9.76  16  545,135  3,553  19.72  % 6.52 
2024 1  32,000  125  7.49  % 3.91  8  318,759  2,231  12.38  % 7.00 
2025 2  84,633  619  37.09  % 7.31  11  437,850  3,566  19.79  % 8.14 
2026 2  41,010  143  8.56  % 3.49  11  361,929  2,937  16.30  % 8.11 
2027 —  —  —  —  % —  2  57,345  447  2.48  % 7.79 
2028 —  —  —  —  % —  7  280,841  1,637  9.08  % 5.83 
2029 1  21,213  317  19.00  % 14.94  2  45,700  307  1.70  % 6.72 
2030+ —  —  —  —  % —  5  260,576  1,629  9.04  % 6.25 
Total 8  544,019  $ 1,669  100.00  % $ 6.44  69  2,554,572  $ 18,021  100.00  % $ 7.05 

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

Non-anchor Lease Expiration Schedule
No Option Option
Lease Expiration Twelve Month Periods Ending December 31, Number of Expiring Leases Expiring Occupied Square Footage Expiring Annualized Based Rent (in 000s) % of Total Annualized Base Rent Expiring Base Rent per Square Foot Number of Expiring Leases Expiring Occupied Square Footage Expiring Annualized Based Rent (in 000s) % of Total Annualized Base Rent Expiring Base Rent per Square Foot
Available —  430,675  $ —  —  % $ —  —  —  $ —  —  % $ — 
Month-to-Month 11  24,063  296  2.41  % 12.30  —  —  —  —  % — 
2021 74  158,071  1,901  15.48  % 12.03  29  79,495  1,249  8.39  % 15.71 
2022 60  130,073  1,714  13.96  % 13.18  61  200,325  2,452  16.48  % 12.24 
2023 67  134,146  1,702  13.86  % 12.69  49  169,395  2,205  14.82  % 13.02 
2024 55  128,243  1,628  13.26  % 12.69  43  186,558  2,389  16.05  % 12.81 
2025 52  122,411  1,828  14.89  % 14.93  39  142,714  1,861  12.50  % 13.04 
2026 31  105,547  1,289  10.50  % 12.21  24  142,155  1,438  9.66  % 10.12 
2027 8  23,130  372  3.03  % 16.08  16  84,340  1,169  7.85  % 13.86 
2028 10  31,652  498  4.06  % 15.73  4  19,116  201  1.35  % 10.51 
2029 7  23,850  226  1.84  % 9.48  6  23,257  293  1.97  % 12.60 
2030+ 15  36,586  824  6.71  % 22.52  18  67,373  1,626  10.93  % 24.13 
Total 390  1,348,447  $ 12,278  100.00  % $ 13.38  289  1,114,728  $ 14,883  100.00  % $ 13.35 












WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
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Leasing Summary
Leasing Renewals, New Leases and Expirations
Three Months Ended December 31, Twelve Months Ended December 31,
   2020 (3)
2019
   2020 (3)
2019
Renewals(1):
Leases renewed with rate increase (sq feet) 88,506  310,544  616,548  685,124 
Leases renewed with rate decrease (sq feet) 34,802  21,086  123,935  52,282 
Leases renewed with no rate change (sq feet) 158,183  148,378  404,428  298,611 
Total leases renewed (sq feet) 281,491  480,008  1,144,911  1,036,017 
Leases renewed with rate increase (count) 16  28  127  116 
Leases renewed with rate decrease (count) 7  3  24  12 
Leases renewed with no rate change (count) 15  10  53  21 
Total leases renewed (count) 38  41  204  149 
Option exercised (count) 5  10  22  38 
Weighted average on rate increases (per sq foot) $ 1.15  $ 0.58  $ 1.12  $ 0.68 
Weighted average on rate decreases (per sq foot) $ (2.18) $ (1.13) $ (1.43) $ (2.25)
Weighted average rate on all renewals (per sq foot) $ 0.09  $ 0.33  $ 0.45  $ 0.34 
Weighted average change over prior rates 1.02  % 4.50  % 4.63  % 4.17  %
Weighted average change over prior rates, excluding bankruptcy negotiations 4.60  % 5.58  %
New Leases(1) (2):
New leases (sq feet) 130,624  40,631  333,279  117,605 
New leases (count) 24  13  72  43 
Weighted average rate (per sq foot) $ 7.69  $ 12.57  $ 9.03  $ 12.82 
Gross Leasable Area ("GLA") expiring during the next 12 months, including month-to-month leases 6.97  % 13.10  %
(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.
(3)    Includes transactions related to bankruptcy negotiations, unless otherwise noted.


WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
20

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.
WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
21


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.

WHLR | Financial & Operating Data | as of 12/31/2020 unless otherwise stated
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