Wheeler Real Estate Investment Trust (WHLR) 10-Q 10 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 09, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	Wheeler Real Estate Investment Trust, Inc.
Entity Central Index Key	1,527,541
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		66,160,617

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
ASSETS:
Investment properties, net	$ 238,211,766	$ 127,140,394
Cash and cash equivalents	7,993,293	9,969,748
Rents and other tenant receivables, net	2,143,239	1,874,084
Goodwill	5,485,823	7,004,072
Assets held for sale	28,783,341	29,093,364
Above market lease intangible, net	7,087,784	4,488,900
Deferred costs and other assets, net	49,331,780	25,400,706
Total Assets	339,037,026	204,971,268
LIABILITIES:
Loans payable	186,283,498	120,865,586
Liabilities associated with assets held for sale	21,943,128	20,722,981
Below market lease intangible, net	8,237,912	5,182,437
Accounts payable, accrued expenses and other liabilities	9,189,347	5,076,837
Total Liabilities	225,653,885	151,847,841
Commitments and contingencies	0	0
EQUITY:
Common stock ($0.01 par value, 150,000,000 and 75,000,000 shares authorized, 66,146,331 and 7,512,979 shares issued and outstanding, respectively)	661,463	75,129
Additional paid-in capital	219,921,401	31,077,060
Accumulated deficit	(134,145,251)	(27,660,234)
Total Shareholders’ Equity	103,887,206	42,570,259
Noncontrolling interests	9,495,935	10,553,168
Total Equity	113,383,141	53,123,427
Total Liabilities and Equity	339,037,026	204,971,268
Series A Preferred Stock [Member]
EQUITY:
Preferred stock	452,971	1,458,050
Series B Preferred Stock [Member]
EQUITY:
Preferred stock	$ 16,996,622	$ 37,620,254

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Preferred stock, Shares issued	729,119
Common stock, Par value per share	$ 0.01	$ 0.01
Common stock, Shares authorized	150,000,000	75,000,000
Common stock, Shares issued	66,146,331	7,512,979
Common stock, Shares outstanding	66,146,331	7,512,979
Series A Preferred Stock [Member]
Preferred stock, No par value	$ 0	$ 0
Preferred stock, Shares authorized	4,500	4,500
Preferred stock, Shares issued	4,500	4,500
Preferred stock, Shares outstanding	562	1,809
Series B Preferred Stock [Member]
Preferred stock, No par value	$ 0	$ 0
Preferred stock, Shares authorized	3,000,000	3,000,000
Preferred stock, Shares issued	1,648,900	1,648,900
Preferred stock, Shares outstanding	729,119	1,648,900
Series C Preferred Stock [Member]
Temporary Equity, Par Value	$ 0	$ 0
Temporary Equity, Shares Authorized	0	0
Temporary Equity, Shares Issued	0	0
Temporary Equity, Shares Outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUE:
Rental revenues	$ 5,552,882	$ 2,815,486	$ 13,479,755	$ 7,462,653
Asset management fees	132,335	0	465,817	0
Commissions	86,682	0	307,292	0
Tenant reimbursements and other revenues	1,395,314	690,928	3,961,021	2,016,689
Total Revenue	7,167,213	3,506,414	18,213,885	9,479,342
OPERATING EXPENSES:
Property operations	2,094,054	1,101,006	5,474,129	2,819,618
Non-REIT management and leasing services	299,566	0	901,118	0
Depreciation and amortization	4,824,448	1,961,041	11,672,780	4,996,141
Provision for credit losses	112,580	46,774	214,316	18,742
Corporate general & administrative	4,895,567	3,024,675	10,710,262	5,203,728
Total Operating Expenses	12,226,215	6,133,496	28,972,605	13,038,229
Operating Loss	(5,059,002)	(2,627,082)	(10,758,720)	(3,558,887)
Interest expense	(2,306,017)	(1,491,749)	(6,406,466)	(3,945,332)
Net Loss from Continuing Operations	(7,365,019)	(4,118,831)	(17,165,186)	(7,504,219)
Net Income from Discontinued Operations	206,603	117,078	488,343	351,137
Net Loss	(7,158,416)	(4,001,753)	(16,676,843)	(7,153,082)
Less: Net loss attributable to noncontrolling interests	(428,702)	(487,284)	(1,331,294)	(655,987)
Net Loss Attributable to Wheeler REIT	(6,729,714)	(3,514,469)	(15,345,549)	(6,497,095)
Preferred stock dividends	(2,279,907)	(1,088,062)	(13,116,232)	(1,552,320)
Deemed dividend related to beneficial conversion feature of preferred stock	(13,124,506)	0	(72,644,506)	0
Net Loss Attributable to Wheeler REIT Common Shareholders	$ (22,134,127)	$ (4,602,531)	$ (101,106,287)	$ (8,049,415)
Loss per share:
Loss per share from continuing operations (basic and diluted):	$ (0.35)	$ (0.64)	$ (3.41)	$ (1.15)
Income per share from discontinued operations:	0	0.02	0.01	0.05
Loss per share, basic and diluted	$ (0.35)	$ (0.62)	$ (3.40)	$ (1.10)
Weighted-average number of shares:
Basic and Diluted (in shares)	63,262,408	7,430,413	29,757,718	7,316,147

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2015 - USD ($)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total Shareholders' Equity [Member]	Noncontrolling Interests [Member]	Series B Preferred Stock [Member]	Series B Preferred Stock [Member]Preferred Stock [Member]	Series B Preferred Stock [Member]Total Shareholders' Equity [Member]	Common Class B [Member]Common Stock [Member]	Common Class B [Member]Additional Paid-in Capital [Member]	Series C Preferred Stock [Member]	Series C Preferred Stock [Member]Preferred Stock [Member]	Common Class C [Member]Common Stock [Member]	Common Class C [Member]Additional Paid-in Capital [Member]	Exchange of Stock for Stock [Member]Common Stock [Member]	Exchange of Stock for Stock [Member]Additional Paid-in Capital [Member]	Exchange of Stock for Stock [Member]Total Shareholders' Equity [Member]	Exchange of Stock for Stock [Member]Series A Preferred Stock [Member]Preferred Stock [Member]	Exchange of Stock for Stock [Member]Series B Preferred Stock [Member]	Exchange of Stock for Stock [Member]Series B Preferred Stock [Member]Preferred Stock [Member]
Shares, Outstanding at Dec. 31, 2014		1,809	7,512,979				3,567,623		1,648,900
Beginning Balance at Dec. 31, 2014	$ 53,123,427	$ 1,458,050	$ 75,129	$ 31,077,060	$ (27,660,234)	$ 42,570,259	$ 10,553,168		$ 37,620,254
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Reclass of Series C preferred stock to equity														93,000
Proceeds from issuance of preferred stock	86,415,894					86,415,894								$ 86,415,894
Accretion of preferred stock discount	$ 8,836,695					6,584,106		$ 2,252,589	$ 2,252,589	$ 2,252,589			$ 6,584,106	$ 6,584,106
Conversion of Convertible Preferred Stock to common stock (shares)									(54,300)		271,500			(93,000)	46,500,000		11,442,002			(1,247)		(865,481)
Conversion of Convertible Preferred Stock to common stock									$ (1,239,196)		$ 2,715	$ 1,236,481		$ (93,000,000)	$ 465,000	$ 92,535,000	$ 114,420	$ 22,527,659	$ (25)	$ (1,005,079)		$ (21,637,025)
Conversion of Operating Partnership Units to common stock (shares)			198,754				(198,754)
Conversion of Operating Partnership units to common stock			$ 1,988	$ 452,113		$ 454,101	$ (454,101)
Issuance of common stock under Share Incentive Plan (shares)	221,096
Issuance of common stock under Share Incentive Plan	506,000		2,211	503,789		506,000
Noncontrolling interest investments, Shares							700,709
Noncontrolling interest investments	$ 1,574,551						$ 1,574,551
Fair value discount on common units issued for acquisitions	(1,181,250)						(1,181,250)
Adjustment for noncontrolling interest in operating partnership				$ (1,055,207)		$ (1,055,207)	1,055,207
Dividends and distributions	(19,215,308)				(18,494,962)	(18,494,962)
Deemed dividend related to beneficial conversion feature of preferred stock	72,644,506			72,644,506	(72,644,506)																$ 13,124,506
Net Loss	(16,676,843)				(15,345,549)	(15,345,549)	(1,331,294)
Dividends and distributions							$ (720,346)
Shares, Outstanding at Sep. 30, 2015		562	66,146,331				4,069,578		729,119					0
Ending Balance at Sep. 30, 2015	$ 113,383,141	$ 452,971	$ 661,463	$ 219,921,401	$ (134,145,251)	$ 103,887,206	$ 9,495,935		$ 16,996,622					$ 0

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (16,676,843)	$ (7,153,082)
Adjustments to reconcile consolidated net loss to net cash from operating activities
Depreciation	3,556,869	1,769,684
Amortization	8,115,911	3,226,457
Loan cost amortization	936,516	327,319
Above (below) market lease amortization	566,646	(2,990)
Share-based compensation	506,000	190,000
Provision for credit losses	214,316	18,742
Changes in assets and liabilities, net of acquisitions
Rent and other tenant receivables, net	(748,159)	(353,830)
Unbilled rent	190,082	163,963
Deferred costs and other assets, net	(6,193,177)	(3,728,645)
Accounts payable, accrued expenses and other liabilities	1,989,304	164,046
Net operating cash flows provided by discontinued operations	834,091	654,299
Net cash used in operating activities	(6,708,444)	(4,724,037)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions	(62,027,081)	(11,416,213)
Capital expenditures	(263,242)	(195,529)
Net investing cash flows from discontinued operations	914,388	0
Net cash used in investing activities	(61,375,935)	(11,611,742)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends and distributions paid	(10,083,178)	(3,360,817)
Proceeds from sales of preferred stock, net of expenses	83,415,894	37,449,628
Conversion of preferred stock	(25)	0
Net proceeds (payments) to related parties	85,583	(403,395)
Loan proceeds	0	8,384,435
Loan principal payments	(7,189,600)	(6,945,596)
Net financing cash flows from discontinued operations	(120,750)	(80,345)
Net cash from financing activities	66,107,924	35,043,910
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,976,455)	18,708,131
CASH AND CASH EQUIVALENTS, beginning of period	9,969,748	1,155,083
CASH AND CASH EQUIVALENTS, end of period	7,993,293	19,863,214
Other Cash Transactions:
Cash paid for interest	5,979,476	4,431,852
Debt incurred for transactions	75,652,464	33,921,261
Noncontrolling interests resulting from the issuance of common units	1,574,551	1,240,234
Conversion of senior convertible debt into Series C preferred stock	3,000,000	0
Accretion of preferred stock discounts	8,836,695	0
Deemed dividend related to beneficial conversion feature of preferred stock	$ 72,644,506	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Organization and Basis of Presentation and Consolidation	Organization and Basis of Presentation and Consolidation Wheeler Real Estate Investment Trust, Inc. (the “Trust” or “REIT”) is a Maryland corporation formed on June 23, 2011. The Trust serves as the general partner of Wheeler REIT, L.P. (the “Operating Partnership”), which was formed as a Virginia limited partnership on April 5, 2012. As of September 30, 2015 , the Trust, through the Operating Partnership, owned and operated forty-five centers, ten undeveloped properties and one office building in Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Oklahoma, Tennessee, Kentucky, New Jersey and West Virginia. Accordingly, the use of the word “Company” refers to the Trust and its consolidated subsidiaries, except where the context otherwise requires. The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (the “Form 10-Q”) are unaudited and the results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for future periods or the year. However, amounts presented in the condensed consolidated balance sheet as of December 31, 2014 are derived from the Company’s audited consolidated financial statements as of that date, but do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. The Company prepared the accompanying condensed consolidated financial statements in accordance with GAAP for interim financial statements. All material balances and transactions between the consolidated entities of the Company have been eliminated. You should read these condensed consolidated financial statements in conjunction with our 2014 Annual Report filed on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Rents and Other Tenant Receivables, net Tenant receivables include base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. The Company’s standard lease form considers a rent charge past due after five days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of September 30, 2015 and December 31, 2014 , the Company’s allowance for uncollectible accounts totaled $382,681 and $186,517 , respectively. During the three and nine months ended September 30, 2015 , the Company recorded bad debt expenses in the amounts of $112,580 and $214,316 , respectively, related to tenant receivables that were specifically identified as potentially uncollectible based on an assessment of the tenant’s credit-worthiness. During the three and nine months ended September 30, 2014 , the Company recorded bad debt expenses in the amounts of $46,774 and $18,742 , respectively. During the three and nine months ended September 30, 2015 and 2014 , the Company did not realize any recoveries related to tenant receivables previously written off. Above and Below Market Lease Intangibles, net The Company determines the above and below market lease intangibles upon acquiring a property. Above and below market lease intangibles are amortized over the life of the respective leases. Amortization of above and below market lease intangibles is recorded as a component of rental revenues. Deferred Costs and Other Assets, net The Company’s deferred costs and other assets consist primarily of leasing commissions, fees incurred in order to obtain long-term financing, leases in place intangible assets, legal and marketing costs, tenant relationship intangible assets and deposits associated with acquisitions, and various property escrow accounts for real estate taxes, insurance, tenant improvements and replacements. The Company records amortization of financing costs using the straight-line method over the terms of the respective loans or agreements. The Company’s lease origination costs consist primarily of commissions paid in connection with lease originations and renewals. The Company records amortization of lease origination costs on a straight-line basis over the terms of the related leases. The Company’s leases in place intangible asset relates to values assigned leases associated with acquired properties. Leases in place are amortized over the term of the respective leases, while legal and marketing and tenant relationship intangible assets are amortized over their estimated useful lives. Acquisition deposits and escrows relate to advance funding of acquisitions to be completed. Details of these deferred costs, net of amortization, and other assets are as follows: September 30, 2015 December 31, 2014 (unaudited) Lease origination costs, net $ 1,418,570 $ 1,742,333 Leases in place, net 20,888,176 10,522,597 Financing costs, net 4,752,392 3,193,442 Property reserves 7,389,534 4,242,499 Acquisition deposits and escrows 746,400 623,350 Legal and marketing costs, net 137,950 198,169 Tenant relationships, net 13,532,740 4,485,699 Other 466,018 392,617 Total Deferred Costs and Other Assets, net $ 49,331,780 $ 25,400,706 Amortization of lease origination costs, leases in place and legal and marketing costs represents a component of depreciation and amortization expense. The Company reports amortization of financing costs, amortization of premiums, and accretion of discounts as part of interest expense. Future amortization of lease origination costs, leases in place, financing costs, legal and marketing costs and tenant relationships is as follows: For the Periods Ending September 30, Lease Origination Costs Leases In Place Financing Costs Legal & Marketing Costs Tenant Relationships 2016 $ 323,320 $ 6,292,291 $ 914,521 $ 22,962 $ 4,853,942 2017 296,085 4,764,415 711,934 27,433 3,258,110 2018 226,273 3,397,349 555,923 21,281 2,189,374 2019 152,053 2,327,671 440,322 17,215 1,445,695 2020 102,758 1,480,526 433,922 13,214 851,383 Thereafter 318,081 2,625,924 1,695,770 35,845 934,236 $ 1,418,570 $ 20,888,176 $ 4,752,392 $ 137,950 $ 13,532,740 Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to shareholders and meet certain other asset and income tests, as well as other requirements. Thus, the Company made no provision for federal income taxes for the REIT in the accompanying condensed consolidated financial statements. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it failed to qualify. If the Company loses its REIT status, it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to a reasonable cause and certain other conditions were satisfied. Use of Estimates The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported periods. The Company’s actual results could differ from these estimates. Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. Accordingly, the Company has reported noncontrolling interests in equity on the September 30, 2015 unaudited condensed consolidated balance sheet but separate from the Company’s shareholders’ equity. On the September 30, 2015 and 2014 unaudited condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. The unaudited condensed consolidated statement of equity includes beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s consolidated net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are redeemed for either cash or, if preferred by the Company, common stock. In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital. Assets Held For Sale The Company records assets as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year. Corporate General and Administrative Expense A detail for the "corporate general & administrative" line item from the Statements of Operations is presented below: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (unaudited) Acquisition costs $ 1,733,639 $ 1,728,907 $ 3,167,378 $ 1,823,587 Professional fees 274,006 704,100 1,166,279 1,843,730 Compensation and benefits 620,463 34,314 2,413,895 134,314 Corporate administration 291,590 347,999 850,137 900,366 Equity, debt and refinancing costs 1,826,240 — 2,447,890 — Travel 61,993 146,088 363,803 269,110 Advertising 44,280 44,526 151,526 104,247 Taxes and licenses 43,356 18,741 149,354 128,374 Total $ 4,895,567 $ 3,024,675 $ 10,710,262 $ 5,203,728 Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). This ASU changes the criteria for reporting discontinued operations while enhancing disclosures in this area. Under this ASU, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have major effect on the Company's operations and financial results. Examples include a disposal of a major geographical area, a major line of business, or a major equity method investment. Additionally, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The adoption of ASU 2014-08 is effective prospectively for reporting periods beginning on or after December 15, 2014. The Company adopted ASU 2014-08 on January 1, 2015 and used its guidance in determining the effect of discontinued operations as disclosed in Note 5. In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements of Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition” and most industry-specific guidance on revenue recognition throughout the ASC. The new standard is principles based and provides a five step model to determine when and how revenue is recognized. The core principle of the new standard is that revenue should be recognized when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also requires disclosure of qualitative and quantitative information surrounding the amount, nature, timing and uncertainty of revenues and cash flows arising from contracts with customers. The new standard will be effective for the Company in the first quarter of the year ended December 31, 2018 and can be applied either retrospectively to all periods presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted. The Company is currently evaluating the impact of adoption of the new standard on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)." This ASU defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and provides guidance on required financial statement footnote disclosures. This ASU is effective for annual periods ending after December 15, 2016. The Company will adopt the ASU in 2016. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." This new guidance requires the presentation of unamortized debt issuance costs to be shown in the liabilities section of the consolidated balance sheets as a reduction of the principal amount of the associated debt, rather than as an asset. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a retrospective approach by restating prior period comparative consolidated balance sheets. The Company does not expect the adoption of ASU 2015-03 to materially impact its financial position or results of operations. In September 2015, the FASB issued ASU 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments". This new guidance requires that the acquirer recognizes adjustments to preliminary acquisition values and account for the cumulative effect of any required adjustments in the period in which they are determined. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a prospective approach for adjustments that occur after the effective date. The Company does not expect the adoption of ASU 2015-16 to materially impact its financial position or results of operations. Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows. Reclassifications Certain reclassifications have been made to prior period amounts to make their presentation comparable with the current period. These reclassifications had no impact on net income.

Investment Properties

Investment Properties	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Investment Properties	Investment Properties Investment properties consist of the following: September 30, 2015 December 31, 2014 (unaudited) Land $ 52,835,489 $ 31,674,506 Land held for improvement 9,780,355 6,846,918 Buildings and improvements 185,361,332 94,944,020 Investment properties at cost 247,977,176 133,465,444 Less accumulated depreciation and amortization (9,765,410 ) (6,325,050 ) Investment properties, net $ 238,211,766 $ 127,140,394 A significant portion of the Company’s land, buildings and improvements serves as collateral for its mortgage loans payable portfolio. Accordingly, restrictions exist as to the encumbered property’s transferability, use and other common rights typically associated with property ownership. Acquisitions Laskin Road Land On January 9, 2015 , the Company completed its acquisition of 1.50 acres of undeveloped land located on Laskin Road in Virginia Beach, Virginia ("Laskin Road") for a contract price of $1.6 million . The Company acquired Laskin Road for future development opportunities. The Company paid cash of $150,000 with the balance of the contract price to be paid in common units on the earlier of the one year anniversary of the acquisition or the completion of any development activities. The number of units issued will be determined using the Company's common stock price on the day prior to issuance. Pierpont Centre On January 14, 2015 , the Company completed its acquisition of Pierpont Centre, a 122,259 square foot shopping center located in Morgantown, West Virginia ("Pierpont Centre") for a contract price of $13.9 million , paid through a combination of cash and debt. Pierpont Centre was 100% leased as of the acquisition date and its major tenants include GNC, Hallmark, Michael's, Ruby Tuesday and Outback Steakhouse. Brook Run Properties On March 27, 2015 , the Company completed its acquisition of Brook Run Properties, LLC ("Brook Run Properties"), consisting of a 2.0 acre parcel of undeveloped real estate located adjacent to the Brook Run Shopping Center in Richmond, Virginia, for a contract price of $300,000 in cash. The Company acquired the property for potential development and to compliment the adjacent shopping center. Alex City Marketplace On April 1, 2015 , the Company completed its acquisition of Alex City Marketplace, a 147,791 square foot shopping center located in Alexander City, Alabama ("Alex City Marketplace") for a contract price of $10.3 million , paid through a combination of cash and debt. Alex City Marketplace was 86% leased as of the the acquisition date and its major tenants include Winn Dixie and Goody's. Butler Square On April 15, 2015 , the Company completed its acquisition of Butler Square, a 82,400 square foot shopping center located in Mauldin, South Carolina ("Butler Square") for a contract price of $9.4 million , paid through a combination of cash and debt. Butler Square was 100% leased as of the acquisition date and its major tenants include Bi-Lo and Dollar Tree. Brook Run Shopping Center On June 2, 2015 , the Company completed its acquisition of Brook Run Shopping Center, a 147,738 square foot shopping center located in Richmond, Virginia ("Brook Run") for a contract price of $18.5 million . Brook Run was 92% leased as of the acquisition date and its major tenants include Martin's Food Store and CVS. The Company acquired Brook Run from a related party through a combination of cash, the issuance of 574,743 common units in the Operating Partnership and debt. Beaver Ruin Village On July 1, 2015 , the Company completed its acquisition of Beaver Ruin Village, a 74,048 square foot shopping center located in Lilburn, Georgia ("Beaver Ruin Village") for a contract price of $12.4 million , paid through a combination of cash and debt. Beaver Ruin Village was 91% leased as of the acquisition date and its major tenants include Chase Bank, Firehouse Subs and State Farm Insurance. Beaver Ruin Village II On July 1, 2015 , the Company completed its acquisition of Beaver Ruin Village II, a 34,925 square foot shopping center located in Lilburn, Georgia ("Beaver Ruin Village II") for a contract price of $4.4 million , paid through a combination of cash and debt. Beaver Ruin Village II was 100% leased as of the acquisition date and its major tenants include AutoZone and Metro PCS. Columbia Fire Station On July 1, 2015 , the Company completed its acquisition of Columbia Fire Station, consisting of two vacant buildings on a 1.0 acre land parcel located in Columbia, South Carolina ("Columbia Fire Station") for a contract price of $2.4 million , paid through a combination of cash and debt. The Company plans to redevelop this property for retail use. Chesapeake Square On July 10, 2015 , the Company completed its acquisition of Chesapeake Square, a 99,848 square foot shopping center located in Onley, Virginia ("Chesapeake Square") for a contract price of $6.3 million . Chesapeake Square was 76% leased as of the acquisition date and is anchored by a Food Lion grocery store. The Company acquired Chesapeake Square from a related party through a combination of cash and the issuance of 125,966 common units in the Operating Partnership. Sunshine Plaza On July 21, 2015 , the Company completed its acquisition of Sunshine Plaza, a 111,189 square foot shopping center located in Lehigh Acres, Florida ("Sunshine Plaza") for a contract price of $10.4 million . Sunshine Plaza was 96% leased as of the acquisition date and is anchored by a Winn-Dixie grocery store. The Company acquired Sunshine Plaza through a combination of cash and debt. Carolina Place On July 24, 2015 , the Company completed its acquisition of Carolina Place consisting of a 2.14 acre parcel of land adjacent to Chesapeake Square for a contract price of $250,000 in cash. The Company acquired the property for potential development and to compliment the adjacent shopping center. Hilton Head Land On August 14, 2015 , the Company completed its acquisition of 10.39 acres located in Hilton Head, South Carolina ("Hilton Head Land") for a contract price of $1.0 million paid in cash. The Company acquired the property for potential development and to compliment an adjacent redevelopment project. Barnett Portfolio On August 21, 2015 , the Company completed its acquisition of Cardinal Plaza, located in Henderson, North Carolina, Franklinton Square, located in Franklinton, North Carolina and Nashville Commons, located in Nashville, North Carolina (collectively known as the "Barnett Portfolio") for a contract price of $15.3 million . The Barnett Porfolio properties total 171,466 square feet, were 91% leased as of the acquisition date and all are anchored by Food Lion grocery stores. The Company acquired the Barnett Portfolio through a combination of cash and debt. Grove Park On September 9, 2015 , the Company completed its acquisition of Grove Park Shopping Center, a 106,557 square foot shopping center located in Orangeburg, South Carolina ("Grove Park") for a contract price of $6.6 million . Grove Park was 90% leased as of the acquisition date and is anchored by a Bi-Lo grocery store. The Company acquired Grove Park through a combination of cash and debt. Parkway Plaza On September 15, 2015 , the Company completed its acquisition of Parkway Plaza Shopping Center, a 52,365 square foot shopping center and 2.1 acres of adjacent undeveloped land located in Brunswick, Georgia ("Parkway Plaza") for a contract price of $6.1 million . Parkway Plaza was 97% leased as of the acquisition date and is anchored by a Winn Dixie grocery store. The Company acquired Parkway Plaza through a combination of cash and debt. Fort Howard Square On September 30, 2015 , the Company completed its acquisition of Fort Howard Square Shopping Center, a 113,652 square foot shopping center located in Rincon, Georgia ("Fort Howard Square") for a contract price of $11.5 million . Fort Howard Square was 95% leased as of the acquisition date and is anchored by nationally recognized tenants Goodwill and Dollar Tree. The Company acquired Fort Howard Square through a combination of cash and debt. Conyers Crossing On September 30, 2015 , the Company completed its acquisition of Conyers Crossing Shopping Center, a 170,475 square foot shopping center located in Conyers, Georgia ("Conyers Crossing") for a contract price of $10.8 million . Conyers Crossing was 99% leased as of the acquisition date and is anchored by nationally recognized tenants Hobby Lobby and Burlington Coat Factory. The Company acquired Conyers Crossing through a combination of cash and debt. The following summarizes the consideration paid and the preliminary estimated fair values of assets acquired and liabilities assumed in conjunction with the acquisitions described above, along with a description of the methods used to determine fair value. In determining fair values, the Company considered many factors including, but not limited to, cash flows, market cap rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. The valuations and purchase price allocations for these acquisitions remain preliminary but are expected to be finalized prior to December 31, 2015 . Total Preliminary estimated fair value of assets acquired and liabilities assumed: Investment property (a) $ 114,211,725 Lease intangibles and other assets (b) 26,827,214 Above market leases (b) 4,166,440 Below market leases (b) (4,021,671 ) Preliminary fair value of net assets acquired $ 141,183,708 Purchase consideration: Consideration paid with cash and debt $ 138,115,158 Consideration paid with common units 3,068,550 Total consideration (c) $ 141,183,708 a. Represents the preliminary estimated fair value of the investment property acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using the following approaches: i. the market approach valuation methodology for land by considering similar transactions in the markets; ii. a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, "go dark" analyses and residual calculations incorporating the land values; and iii. the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the preliminary estimated fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, leases in place, above/below market leases and legal and marketing fees associated with replacing existing leases. The income approach was used to determine the fair value of these intangible assets which included estimated market rates and expenses. It was determined that carrying value approximated fair value for other asset amounts. c. Represents the components of purchase consideration paid. Consideration paid with common units includes units issued for acquisitions and those amounts currently due for acquisitions that, per the original contract, are to be settled by issuing common units subsequent to September 30, 2015 . The Company incurred $3,167,378 in acquisition expenses for the nine months ended September 30, 2015 . These costs are included on the unaudited condensed consolidated statement of operations under the caption "Corporate general & administrative." Please see the corporate general & administrative table in Note 2 for acquisition expenses for all periods presented Unaudited pro forma financial information in the aggregate is presented below for certain acquisitions. The unaudited pro forma information presented below includes the effects of the acquisitions as if they had been consummated as of the beginning of the prior fiscal year. The pro forma results include adjustments for depreciation and amortization associated with acquired tangible and intangible assets, straight-line rent adjustments and interest expense related to debt incurred. Unaudited pro forma financial information has not been presented for Laskin Road, Brook Run Properties, Columbia Fire Station, Carolina Place and the Hilton Head Land as the Company's management has determined that their inclusion would not be meaningful due to the lack of operating history. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Rental revenue $ 6,685,630 $ 5,910,333 $ 19,119,095 $ 16,747,195 Net loss $ (7,582,514 ) $ (5,212,040 ) $ (18,153,485 ) $ (10,766,008 ) Net loss attributable to Wheeler REIT $ (6,913,737 ) $ (4,405,216 ) $ (16,175,631 ) $ (9,140,123 ) Net loss attributable to Wheeler REIT common shareholders $ (22,318,150 ) $ (5,493,278 ) $ (101,936,369 ) $ (10,692,443 ) Basic loss per share $ (0.35 ) $ (0.74 ) $ (3.43 ) $ (1.46 ) Diluted loss per share $ (0.35 ) $ (0.74 ) $ (3.43 ) $ (1.46 )

Goodwill (Notes)

Goodwill (Notes)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	Goodwill As part of the acquisition of Wheeler Interests, LLC, Wheeler Real Estate, LLC and WHLR Management, LLC (the "Operating Companies") on October 24, 2014, the Company recorded preliminary goodwill of $7,004,072 . In June 2015, the Company finalized its valuation of the Operating Companies. In accordance with the valuation, the Company has recorded a fair value discount to the $6,750,000 in common units issued for the acquisition of the Operating Companies due to the one year restriction on their conversion into shares of common stock, and reallocated a portion of goodwill to finite-lived intangibles as follows: Beginning balance, January 1, 2015 $ 7,004,072 Fair value discount on common units issued for acquisition (1,181,250 ) Allocation to finite-lived intangibles (336,999 ) Ending balance, September 30, 2015 $ 5,485,823

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations (Notes)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Assets Held for Sale and Discontinued Operations In August 2015, the Company’s management and Board of Directors committed to a plan to sell Amscot, Monarch Bank, Bixby Commons, Jenks Reasors, Harps at Harbor Point, Starbucks/Verizon and the ground leases for Ruby Tuesday’s and Outback Steakhouse at Pierpont Centre (the “Freestanding Properties”) as part of the Company’s continuous evaluation of strategic alternatives. Accordingly, the Freestanding Properties have been classified as held for sale and the results of their operations have been classified as discontinued operations for all periods presented. Management expects that the sale of the Freestanding Properties will occur within one year and the Company will receive no residual cash flows once the Freestanding Properties are disposed. As of September 30, 2015 and December 31, 2014 , assets held for sale consisted of the following: September 30, 2015 December 31, 2014 (unaudited) Investment properties, net $ 24,902,125 $ 25,110,592 Rents and other tenant receivables, net 120,250 111,382 Deferred costs and other assets, net 3,760,966 3,871,390 Total assets held for sale $ 28,783,341 $ 29,093,364 As of September 30, 2015 and December 31, 2014 , liabilities associated with assets held for sale consisted of the following: September 30, 2015 December 31, 2014 (unaudited) Loans payable $ 21,813,806 $ 20,584,557 Below market lease intangible, net 80,976 84,636 Accounts payable, accrued expenses and other liabilities 48,346 53,788 Total liabilities associated with assets held for sale $ 21,943,128 $ 20,722,981 The condensed consolidated statements of operations reflect reclassifications of rental revenue, property operating expenses, corporate general and administrative expenses and interest expense from continuing operations to income from discontinued operations for all periods presented. All interest expense disclosed below is directly related to the debt incurred to acquire the Freestanding Properties. The following is a summary of the income from discontinued operations for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (unaudited) Revenues $ 700,119 $ 661,416 $ 2,108,949 $ 1,986,334 Expenses 255,131 315,252 886,613 954,119 Operating income 444,988 346,164 1,222,336 1,032,215 Interest expense 238,385 229,086 733,993 681,078 Income from discontinued operations $ 206,603 $ 117,078 $ 488,343 $ 351,137

Loans Payable

Loans Payable	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Loans Payable	Loans Payable The Company’s loans payable consist of the following: Property/Description Monthly Payment Interest Rate Maturity September 30, 2015 December 31, 2014 (unaudited) Shoppes at Eagle Harbor $ 25,100 4.34 % March 2018 $ 3,670,562 $ 3,773,319 Lumber River Plaza $ 18,414 5.65 % May 2015 — 2,894,862 Perimeter Square $ 28,089 6.38 % June 2016 4,198,947 4,294,216 Riversedge North $ 8,802 6.00 % January 2019 973,975 1,007,856 Walnut Hill Plaza $ 24,273 5.50 % July 2017 3,559,055 3,626,945 Twin City Commons $ 17,827 4.86 % January 2023 3,239,229 3,279,076 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 6,123,650 6,248,349 Bank Line of Credit Interest only 4.25 % September 2015 — 2,074,432 Forrest Gallery $ 50,973 5.40 % September 2023 8,957,445 9,045,880 Tampa Festival $ 50,797 5.56 % September 2023 8,658,145 8,746,860 Winslow Plaza Interest only 5.22 % December 2015 5,000,000 5,000,000 Cypress Shopping Center Interest only 4.70 % July 2024 6,625,000 6,625,000 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,692,427 3,735,739 Port Crossing $ 34,788 4.84 % August 2024 6,496,619 6,568,918 LaGrange Marketplace $ 13,813 5.50 % March 2020 2,430,046 2,463,909 Freeway Junction Interest only 4.60 % September 2024 8,150,000 8,150,000 DF I-Courtland $ 1,411 6.50 % January 2019 — 115,728 DF I-Edenton $ 250,000 1 3.75 % September 2016 1,150,000 1,650,000 DF I-Moyock $ 10,665 5.00 % July 2019 445,021 522,430 Graystone Crossing $ 20,386 4.55 % October 2024 4,000,000 4,000,000 Bryan Station Interest only 4.52 % November 2024 4,625,000 4,625,000 Crockett Square Interest only 4.47 % December 2024 6,337,500 6,337,500 Harbor Point $ 11,024 5.85 % December 2016 754,706 1,544,567 Pierpont Centre Interest only 3.95 % February 2025 8,450,000 — Alex City Marketplace Interest only 3.90 % April 2025 5,750,000 — Butler Square Interest only 4.08 % April 2025 5,640,000 — Brook Run Shopping Center Interest only 3.90 % June 2025 10,950,000 — Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400,000 — Columbia Fire Station Interest only 8.00 % December 2017 441,171 — Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900,000 — Barnett Portfolio Interest only 4.30 % September 2025 8,770,000 — Grove Park Shopping Center Interest only 4.52 % October 2025 3,800,000 — Parkway Plaza Interest only 4.57 % October 2025 3,500,000 — Conyers Crossing Interest only 4.67 % October 2025 5,960,000 — Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100,000 — Senior convertible notes Interest only 9.00 % December 2018 3,000,000 6,000,000 Senior non-convertible notes Interest only 9.00 % December 2015 4,000,000 4,000,000 Senior non-convertible notes Interest only 9.00 % January 2016 2,160,000 2,160,000 South Carolina Food Lions note Interest only 5.25 % January 2024 12,375,000 12,375,000 Total Loans Payable $ 186,283,498 $ 120,865,586 (1) $250,000 plus accrued interest paid quarterly until maturity. On May 1, 2015, the Lumber River Plaza note was paid in full from cash on hand. On May 29, 2015, the Operating Partnership entered into a credit agreement (the "Credit Agreeement") with KeyBank National Association ("KeyBank") for a $45,000,000 revolving credit facility. The facility has a three year term and the interest rate will be based on LIBOR. As of September 30, 2015 , the Operating Partnership has not drawn on the revolving credit facility. Debt Maturity The Company’s scheduled principal repayments on indebtedness as of September 30, 2015 are as follows: For the Periods Ending September 30, (unaudited) 2016 $ 17,701,213 2017 5,864,764 2018 5,592,500 2019 5,530,929 2020 9,179,177 Thereafter 142,414,915 Total principal maturities $ 186,283,498

Rentals under Operating Leases

Rentals under Operating Leases	9 Months Ended
	Sep. 30, 2015
Leases [Abstract]
Rentals under Operating Leases	Rentals under Operating Leases Future minimum rentals to be received under noncancelable tenant operating leases for each of the next five years and thereafter, excluding Common Area Maintenance and percentage rent based on tenant sales volume, as of September 30, 2015 are as follows: For the Periods Ending September 30, (unaudited) 2016 $ 26,026,215 2017 23,175,191 2018 18,503,066 2019 13,963,958 2020 9,952,436 Thereafter 16,213,972 Total minimum rentals $ 107,834,838

Equity

Equity	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Equity	Earnings per share Basic earnings per share for the Company’s common shareholders is calculated by dividing income (loss) from continuing operations, excluding amounts attributable to preferred stockholders and the net loss attributable to noncontrolling interests, by the Company’s weighted-average shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing the net income (loss) attributable to common shareholders, excluding amounts attributable to preferred shareholders and the net loss attributable to noncontrolling interests, by the weighted-average number of common shares including any dilutive shares. As of September 30, 2015 , 1,852,316 of the Operating Partnership’s common units outstanding to noncontrolling interests are eligible to be converted into shares of common stock on a one-to-one basis. Additionally, 729,119 shares of Series B convertible preferred stock ("Series B Preferred Stock") and $3,000,000 of senior convertible debt are eligible to be converted into 5,062,674 shares of the Company's common stock and warrants to purchase 2,635,025 shares of the Company's common stock were outstanding at September 30, 2015 . The common units, convertible preferred stock, senior convertible debt and warrants have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. Dividends Dividends were made to holders of common units, common shares and preferred shares as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Common unit and common shareholders $ 3,683,804 $ 996,657 $ 6,099,075 $ 2,930,094 Preferred shareholders 2,279,907 1,088,062 13,116,233 1,552,320 Total $ 5,963,711 $ 2,084,719 $19,215,308 $4,482,414 On September 17, 2015, the Company declared a $0.0175 per share dividend payable on or about October 31, 2015 to shareholders and unitholders of record as of September 30, 2015 . Accordingly, the Company has accrued $1,228,779 as of September 30, 2015 for this dividend. During the three months ended September 30, 2015 , the Company declared quarterly dividends of $422,774 to preferred shareholders of record as of September 30, 2015 to be paid on October 15, 2015 . Accordingly, the Company has accrued $422,774 as of September 30, 2015 for this dividend. Series C Preferred Stock Offering On March 19, 2015 , the Company entered into securities purchase agreements dated as of March 19, 2015 (the “Securities Purchase Agreements”), with certain accredited investors (the “Investors”), pursuant to which, among other things, the Company sold an aggregate of 93,000 shares of Series C Mandatorily Convertible Cumulative Perpetual Preferred Stock, liquidation value $1,000 per share (the “Series C Preferred Stock”), in a private placement (the “Private Placement”) to the Investors in exchange for aggregate consideration of $93,000,000 , consisting of $90,000,000 in cash and the exchange of $3,000,000 in senior convertible debt. Each share of Series C Preferred Stock was sold to the Investors at an offering price of $1,000 per share. Net proceeds from the Private Placement totaled $83,415,894 , which includes the impact of the underwriters' selling commissions and legal, accounting and other professional fees. The Company is using the net offering proceeds to acquire properties and for general working capital. From March 19, 2015 until June 11, 2015 , the holders of Series C Preferred Stock were entitled to receive, when, and if authorized by the Company’s Board of Directors and declared by the Company out of legally available funds, a dividend, on an as converted basis, that mirrors any dividend payable on shares of common stock and also were entitled to share in any other distribution made on the common stock on an as converted basis (other than dividends or other distributions payable in common stock). Any dividends or other distributions on the Series C Preferred Stock during this time period were to be paid, on an as converted basis, pro rata from the date of issuance. The Series C Preferred Stock was automatically converted into shares of common stock on June 11, 2015 , which was the fifth business day following the June 4, 2015 approval by the requisite holders of the common stock of the conversion of the Series C Preferred Stock into Common Stock and the issuance of Common Stock upon such conversion. Each share of Series C Preferred Stock converted into 500 shares of common stock at the conversion price of $2.00 per share. The conversion of the Series C Preferred stock into Common Stock at this rate was considered to be a beneficial conversion feature, which resulted in a deemed distribution of $59,520,000 , which is included in the condensed consolidated statement of equity and also in the condensed consolidated statements of cash flows as a non-cash transaction. Series A and Series B Preferred Stock Exchange Offer On June 15, 2015 , the Company entered into an exchange offer (the “Exchange Offer”) to holders of its Series A Preferred Stock, no par value per share, $1,000 liquidation preference per share (the “Series A Preferred Stock”) and Series B Preferred Stock. The Exchange Offer permitted tendering shareholders to exchange their shares of Series A Preferred Stock or Series B Preferred Stock for an aggregate of up to 20,853,250 of newly issued shares of the Company’s common stock, $0.01 par value per share. Each share of Series A Preferred Stock was exchangeable for 500 shares of common stock, and each share of the Series B Preferred Stock was exchangeable for 12.5 shares of common stock. On July 20, 2015 , the Company completed the Exchange Offer, under which 1,247 shares of Series A Preferred Stock and 865,481 shares of Series B Preferred Stock were tendered for 11,442,002 newly issued shares of the Company's common stock. The Company paid cash in lieu of any fractional shares of common stock upon the exchange of the Series A Preferred Stock and Series B Preferred Stock. The Exchange Offer was considered to be a beneficial conversion feature, which resulted in a deemed distribution of $13,124,506 , which is included in the condensed consolidated statement of equity and also in the condensed consolidated statements of cash flows as a non-cash transaction. On June 1, 2015, in conjunction with the Exchange Offer, the Company increased the number of common stock shares authorized from 75,000,000 to 150,000,000 shares. 2015 Long-Term Incentive Plan On June 4, 2015 , the Company's shareholders approved the 2015 Long-Term Incentive Plan (the "2015 Incentive Plan"). The 2015 Incentive Plan allows for issuance of up to 1,000,000 shares of the Company's common stock to employees, directors, officers and consultants for services rendered to the Company. Equity Issuances under Share Incentive Plan During the nine months ended September 30, 2015 , the Company issued 221,096 shares to consultants for services rendered to the Company. The market value of these shares at the time of issuance was approximately $506,000 . As of September 30, 2015 , there are 856,164 shares available for issuance under the Company’s 2015 Stock Incentive Plan.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is involved in various legal proceedings arising in the ordinary course of its business, including, but not limited to commercial disputes. The Company believes that such litigation, claims and administrative proceedings will not have a material adverse impact on its financial position or its results of operations. The Company records a liability when it considers the loss probable and the amount can be reasonably estimated. On July 10, 2008, one of the Company’s subsidiaries, Perimeter Associates, LLC (“Perimeter”), sued a tenant for breach of contract, guaranty of the contract and fraud related to an executed lease. In response, on August 22, 2008, the defendant filed a counterclaim against Perimeter for breach of contract, unjust enrichment and fraud. On April 8, 2013, the court found in favor of the defendant and assessed damages against Perimeter in the amount of $13,300 . On or about May 8, 2013, Perimeter appealed the judgment of the lower court to the Oklahoma Supreme Court. Subsequent to the initial judgment, the defendant’s attorney applied to the court to be reimbursed for approximately $368,000 in legal fees incurred by the defendant during litigation. On July 9, 2013, the lower court awarded the defendant approximately $267,000 of the defendant’s legal fees. On July 24, 2015, the Oklahoma Court of Civil Appeals affirmed the judgment against Perimeter, resulting in a total award of approximately $352,000 which includes interest and other fees. The Company will appeal the judgment to the Oklahoma Supreme Court. The Company has posted bonds for both judgments and has accrued for the judgments in its financial statements. The Company will continue to vigorously litigate the issues raised upon appeal.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Prior to being acquired by the Company in October 2014, Wheeler Interests, LLC (“Wheeler Interests”), which was controlled by Jon S. Wheeler (“Mr. Wheeler”), the Company’s Chairman and Chief Executive Officer, leased the Company’s Riversedge property under a 10 year operating lease expiring in November 2017, with four five year renewal options available. The lease required monthly base rent payments of $24,000 and provided for annual increases throughout the term of the lease and subsequent option periods. Additionally, Wheeler Interests reimbursed the Company for a portion of the property’s operating expenses and real estate taxes. The following summarizes related party activity as of and for the nine months ended September 30, 2015 and 2014 (unaudited): September 30, 2015 2014 Amounts paid to affiliates $ 247,863 $ 2,798,847 Amounts due from (to) affiliates $ 388,675 $ (193,532 ) Rent and reimbursement income received from Wheeler Interests $ — $ 296,403 Rent and other tenant receivables due from Wheeler Interests $ — $ 509,331

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Sale of Jenks Reasors On October 19, 2015 , the Company completed its sale of Jenks Reasors for a contract price of approximately $12.2 million . As of September 30, 2015 , the carrying of this property was approximately $10.9 million . Sale of Harps at Harbor Point On October 20, 2015 , the Company completed its sale of Harps at Harbor Point for a contract price of approximately $5.0 million . As of September 30, 2015 , the carrying value of this property was approximately $4.3 million . Sale of Bixby Commons On October 27, 2015 , the Company completed its sale of Bixby Commons for a contract price of approximately $11.0 million . As of September 30, 2015 , the carrying value of this property was approximately $10.0 million .

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Rents and Other Tenant Receivables, Net	Rents and Other Tenant Receivables, net Tenant receivables include base rents, tenant reimbursements and receivables attributable to recording rents on a straight-line basis. The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. The Company considers a receivable past due once it becomes delinquent per the terms of the lease. The Company’s standard lease form considers a rent charge past due after five days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of September 30, 2015 and December 31, 2014 , the Company’s allowance for uncollectible accounts totaled $382,681 and $186,517 , respectively. During the three and nine months ended September 30, 2015 , the Company recorded bad debt expenses in the amounts of $112,580 and $214,316 , respectively, related to tenant receivables that were specifically identified as potentially uncollectible based on an assessment of the tenant’s credit-worthiness. During the three and nine months ended September 30, 2014 , the Company recorded bad debt expenses in the amounts of $46,774 and $18,742 , respectively. During the three and nine months ended September 30, 2015 and 2014 , the Company did not realize any recoveries related to tenant receivables previously written off.
Deferred Costs and Other Assets, Net	Deferred Costs and Other Assets, net The Company’s deferred costs and other assets consist primarily of leasing commissions, fees incurred in order to obtain long-term financing, leases in place intangible assets, legal and marketing costs, tenant relationship intangible assets and deposits associated with acquisitions, and various property escrow accounts for real estate taxes, insurance, tenant improvements and replacements. The Company records amortization of financing costs using the straight-line method over the terms of the respective loans or agreements. The Company’s lease origination costs consist primarily of commissions paid in connection with lease originations and renewals. The Company records amortization of lease origination costs on a straight-line basis over the terms of the related leases. The Company’s leases in place intangible asset relates to values assigned leases associated with acquired properties. Leases in place are amortized over the term of the respective leases, while legal and marketing and tenant relationship intangible assets are amortized over their estimated useful lives. Acquisition deposits and escrows relate to advance funding of acquisitions to be completed. Details of these deferred costs, net of amortization, and other assets are as follows: September 30, 2015 December 31, 2014 (unaudited) Lease origination costs, net $ 1,418,570 $ 1,742,333 Leases in place, net 20,888,176 10,522,597 Financing costs, net 4,752,392 3,193,442 Property reserves 7,389,534 4,242,499 Acquisition deposits and escrows 746,400 623,350 Legal and marketing costs, net 137,950 198,169 Tenant relationships, net 13,532,740 4,485,699 Other 466,018 392,617 Total Deferred Costs and Other Assets, net $ 49,331,780 $ 25,400,706 Amortization of lease origination costs, leases in place and legal and marketing costs represents a component of depreciation and amortization expense. The Company reports amortization of financing costs, amortization of premiums, and accretion of discounts as part of interest expense. Future amortization of lease origination costs, leases in place, financing costs, legal and marketing costs and tenant relationships is as follows: For the Periods Ending September 30, Lease Origination Costs Leases In Place Financing Costs Legal & Marketing Costs Tenant Relationships 2016 $ 323,320 $ 6,292,291 $ 914,521 $ 22,962 $ 4,853,942 2017 296,085 4,764,415 711,934 27,433 3,258,110 2018 226,273 3,397,349 555,923 21,281 2,189,374 2019 152,053 2,327,671 440,322 17,215 1,445,695 2020 102,758 1,480,526 433,922 13,214 851,383 Thereafter 318,081 2,625,924 1,695,770 35,845 934,236 $ 1,418,570 $ 20,888,176 $ 4,752,392 $ 137,950 $ 13,532,740
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code and applicable Treasury regulations relating to REIT qualification. In order to maintain this REIT status, the regulations require the Company to distribute at least 90% of its taxable income to shareholders and meet certain other asset and income tests, as well as other requirements. Thus, the Company made no provision for federal income taxes for the REIT in the accompanying condensed consolidated financial statements. If the Company fails to qualify as a REIT, it will be subject to tax at regular corporate rates for the years in which it failed to qualify. If the Company loses its REIT status, it could not elect to be taxed as a REIT for five years unless the Company’s failure to qualify was due to a reasonable cause and certain other conditions were satisfied.
Use of Estimates	Use of Estimates The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported periods. The Company’s actual results could differ from these estimates.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. Accordingly, the Company has reported noncontrolling interests in equity on the September 30, 2015 unaudited condensed consolidated balance sheet but separate from the Company’s shareholders’ equity. On the September 30, 2015 and 2014 unaudited condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. The unaudited condensed consolidated statement of equity includes beginning balances, activity for the period and ending balances for shareholders’ equity, noncontrolling interests and total equity. The noncontrolling interest of the Operating Partnership common unit holders is calculated by multiplying the noncontrolling interest ownership percentage at the balance sheet date by the Operating Partnership’s consolidated net assets (total assets less total liabilities). The noncontrolling interest percentage is calculated at any point in time by dividing the number of units not owned by the Company by the total number of units outstanding. The noncontrolling interest ownership percentage will change as additional units are issued or as units are redeemed for either cash or, if preferred by the Company, common stock. In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital.
Asset Held for Sale	Assets Held For Sale The Company records assets as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year.
New Accounting Pronouncements	Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"). This ASU changes the criteria for reporting discontinued operations while enhancing disclosures in this area. Under this ASU, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have major effect on the Company's operations and financial results. Examples include a disposal of a major geographical area, a major line of business, or a major equity method investment. Additionally, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The adoption of ASU 2014-08 is effective prospectively for reporting periods beginning on or after December 15, 2014. The Company adopted ASU 2014-08 on January 1, 2015 and used its guidance in determining the effect of discontinued operations as disclosed in Note 5. In May 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") 2014-09, “Revenue from Contracts with Customers,” which supersedes the revenue recognition requirements of Accounting Standards Codification (“ASC”) Topic 605, “Revenue Recognition” and most industry-specific guidance on revenue recognition throughout the ASC. The new standard is principles based and provides a five step model to determine when and how revenue is recognized. The core principle of the new standard is that revenue should be recognized when a company transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also requires disclosure of qualitative and quantitative information surrounding the amount, nature, timing and uncertainty of revenues and cash flows arising from contracts with customers. The new standard will be effective for the Company in the first quarter of the year ended December 31, 2018 and can be applied either retrospectively to all periods presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted. The Company is currently evaluating the impact of adoption of the new standard on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements - Going Concern (Subtopic 205-40)." This ASU defines management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and provides guidance on required financial statement footnote disclosures. This ASU is effective for annual periods ending after December 15, 2016. The Company will adopt the ASU in 2016. In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs." This new guidance requires the presentation of unamortized debt issuance costs to be shown in the liabilities section of the consolidated balance sheets as a reduction of the principal amount of the associated debt, rather than as an asset. ASU 2015-03 is effective for fiscal years beginning after December 15, 2015 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a retrospective approach by restating prior period comparative consolidated balance sheets. The Company does not expect the adoption of ASU 2015-03 to materially impact its financial position or results of operations. In September 2015, the FASB issued ASU 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments". This new guidance requires that the acquirer recognizes adjustments to preliminary acquisition values and account for the cumulative effect of any required adjustments in the period in which they are determined. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a prospective approach for adjustments that occur after the effective date. The Company does not expect the adoption of ASU 2015-16 to materially impact its financial position or results of operations. Other accounting standards that have been issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Details of Deferred Costs, Net of Amortization and Other Assets	Details of these deferred costs, net of amortization, and other assets are as follows: September 30, 2015 December 31, 2014 (unaudited) Lease origination costs, net $ 1,418,570 $ 1,742,333 Leases in place, net 20,888,176 10,522,597 Financing costs, net 4,752,392 3,193,442 Property reserves 7,389,534 4,242,499 Acquisition deposits and escrows 746,400 623,350 Legal and marketing costs, net 137,950 198,169 Tenant relationships, net 13,532,740 4,485,699 Other 466,018 392,617 Total Deferred Costs and Other Assets, net $ 49,331,780 $ 25,400,706
Future Amortization of Lease Origination Costs, Financing Costs and in Place Leases	Future amortization of lease origination costs, leases in place, financing costs, legal and marketing costs and tenant relationships is as follows: For the Periods Ending September 30, Lease Origination Costs Leases In Place Financing Costs Legal & Marketing Costs Tenant Relationships 2016 $ 323,320 $ 6,292,291 $ 914,521 $ 22,962 $ 4,853,942 2017 296,085 4,764,415 711,934 27,433 3,258,110 2018 226,273 3,397,349 555,923 21,281 2,189,374 2019 152,053 2,327,671 440,322 17,215 1,445,695 2020 102,758 1,480,526 433,922 13,214 851,383 Thereafter 318,081 2,625,924 1,695,770 35,845 934,236 $ 1,418,570 $ 20,888,176 $ 4,752,392 $ 137,950 $ 13,532,740
Corporate General And Administrative Expense [Table Text Block]	Corporate General and Administrative Expense A detail for the "corporate general & administrative" line item from the Statements of Operations is presented below: Three Months Ended Nine Months Ended 2015 2014 2015 2014 (unaudited) Acquisition costs $ 1,733,639 $ 1,728,907 $ 3,167,378 $ 1,823,587 Professional fees 274,006 704,100 1,166,279 1,843,730 Compensation and benefits 620,463 34,314 2,413,895 134,314 Corporate administration 291,590 347,999 850,137 900,366 Equity, debt and refinancing costs 1,826,240 — 2,447,890 — Travel 61,993 146,088 363,803 269,110 Advertising 44,280 44,526 151,526 104,247 Taxes and licenses 43,356 18,741 149,354 128,374 Total $ 4,895,567 $ 3,024,675 $ 10,710,262 $ 5,203,728

Investment Properties (Tables)

Investment Properties (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Investment Properties	Investment properties consist of the following: September 30, 2015 December 31, 2014 (unaudited) Land $ 52,835,489 $ 31,674,506 Land held for improvement 9,780,355 6,846,918 Buildings and improvements 185,361,332 94,944,020 Investment properties at cost 247,977,176 133,465,444 Less accumulated depreciation and amortization (9,765,410 ) (6,325,050 ) Investment properties, net $ 238,211,766 $ 127,140,394
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following summarizes the consideration paid and the preliminary estimated fair values of assets acquired and liabilities assumed in conjunction with the acquisitions described above, along with a description of the methods used to determine fair value. In determining fair values, the Company considered many factors including, but not limited to, cash flows, market cap rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. The valuations and purchase price allocations for these acquisitions remain preliminary but are expected to be finalized prior to December 31, 2015 . Total Preliminary estimated fair value of assets acquired and liabilities assumed: Investment property (a) $ 114,211,725 Lease intangibles and other assets (b) 26,827,214 Above market leases (b) 4,166,440 Below market leases (b) (4,021,671 ) Preliminary fair value of net assets acquired $ 141,183,708 Purchase consideration: Consideration paid with cash and debt $ 138,115,158 Consideration paid with common units 3,068,550 Total consideration (c) $ 141,183,708 a. Represents the preliminary estimated fair value of the investment property acquired which includes land, buildings, site improvements and tenant improvements. The fair value was determined using the following approaches: i. the market approach valuation methodology for land by considering similar transactions in the markets; ii. a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, "go dark" analyses and residual calculations incorporating the land values; and iii. the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the preliminary estimated fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, leases in place, above/below market leases and legal and marketing fees associated with replacing existing leases. The income approach was used to determine the fair value of these intangible assets which included estimated market rates and expenses. It was determined that carrying value approximated fair value for other asset amounts. c. Represents the components of purchase consideration paid. Consideration paid with common units includes units issued for acquisitions and those amounts currently due for acquisitions that, per the original contract, are to be settled by issuing common units subsequent to September 30, 2015 .
Business Acquisition, Pro Forma Information	Unaudited pro forma financial information in the aggregate is presented below for certain acquisitions. The unaudited pro forma information presented below includes the effects of the acquisitions as if they had been consummated as of the beginning of the prior fiscal year. The pro forma results include adjustments for depreciation and amortization associated with acquired tangible and intangible assets, straight-line rent adjustments and interest expense related to debt incurred. Unaudited pro forma financial information has not been presented for Laskin Road, Brook Run Properties, Columbia Fire Station, Carolina Place and the Hilton Head Land as the Company's management has determined that their inclusion would not be meaningful due to the lack of operating history. Three Months Ended Nine Months Ended 2015 2014 2015 2014 Rental revenue $ 6,685,630 $ 5,910,333 $ 19,119,095 $ 16,747,195 Net loss $ (7,582,514 ) $ (5,212,040 ) $ (18,153,485 ) $ (10,766,008 ) Net loss attributable to Wheeler REIT $ (6,913,737 ) $ (4,405,216 ) $ (16,175,631 ) $ (9,140,123 ) Net loss attributable to Wheeler REIT common shareholders $ (22,318,150 ) $ (5,493,278 ) $ (101,936,369 ) $ (10,692,443 ) Basic loss per share $ (0.35 ) $ (0.74 ) $ (3.43 ) $ (1.46 ) Diluted loss per share $ (0.35 ) $ (0.74 ) $ (3.43 ) $ (1.46 )

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill [Table Text Block]	As part of the acquisition of Wheeler Interests, LLC, Wheeler Real Estate, LLC and WHLR Management, LLC (the "Operating Companies") on October 24, 2014, the Company recorded preliminary goodwill of $7,004,072 . In June 2015, the Company finalized its valuation of the Operating Companies. In accordance with the valuation, the Company has recorded a fair value discount to the $6,750,000 in common units issued for the acquisition of the Operating Companies due to the one year restriction on their conversion into shares of common stock, and reallocated a portion of goodwill to finite-lived intangibles as follows: Beginning balance, January 1, 2015 $ 7,004,072 Fair value discount on common units issued for acquisition (1,181,250 ) Allocation to finite-lived intangibles (336,999 ) Ending balance, September 30, 2015 $ 5,485,823

Assets Held for Sale and Disc22

Assets Held for Sale and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations [Table Text Block]	As of September 30, 2015 and December 31, 2014 , assets held for sale consisted of the following: September 30, 2015 December 31, 2014 (unaudited) Investment properties, net $ 24,902,125 $ 25,110,592 Rents and other tenant receivables, net 120,250 111,382 Deferred costs and other assets, net 3,760,966 3,871,390 Total assets held for sale $ 28,783,341 $ 29,093,364 As of September 30, 2015 and December 31, 2014 , liabilities associated with assets held for sale consisted of the following: September 30, 2015 December 31, 2014 (unaudited) Loans payable $ 21,813,806 $ 20,584,557 Below market lease intangible, net 80,976 84,636 Accounts payable, accrued expenses and other liabilities 48,346 53,788 Total liabilities associated with assets held for sale $ 21,943,128 $ 20,722,981 The following is a summary of the income from discontinued operations for the three and nine months ended September 30, 2015 and 2014 : Three Months Ended Nine Months Ended 2015 2014 2015 2014 (unaudited) Revenues $ 700,119 $ 661,416 $ 2,108,949 $ 1,986,334 Expenses 255,131 315,252 886,613 954,119 Operating income 444,988 346,164 1,222,336 1,032,215 Interest expense 238,385 229,086 733,993 681,078 Income from discontinued operations $ 206,603 $ 117,078 $ 488,343 $ 351,137

Loans Payable (Tables)

Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Summary of Loans Payable	The Company’s loans payable consist of the following: Property/Description Monthly Payment Interest Rate Maturity September 30, 2015 December 31, 2014 (unaudited) Shoppes at Eagle Harbor $ 25,100 4.34 % March 2018 $ 3,670,562 $ 3,773,319 Lumber River Plaza $ 18,414 5.65 % May 2015 — 2,894,862 Perimeter Square $ 28,089 6.38 % June 2016 4,198,947 4,294,216 Riversedge North $ 8,802 6.00 % January 2019 973,975 1,007,856 Walnut Hill Plaza $ 24,273 5.50 % July 2017 3,559,055 3,626,945 Twin City Commons $ 17,827 4.86 % January 2023 3,239,229 3,279,076 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 6,123,650 6,248,349 Bank Line of Credit Interest only 4.25 % September 2015 — 2,074,432 Forrest Gallery $ 50,973 5.40 % September 2023 8,957,445 9,045,880 Tampa Festival $ 50,797 5.56 % September 2023 8,658,145 8,746,860 Winslow Plaza Interest only 5.22 % December 2015 5,000,000 5,000,000 Cypress Shopping Center Interest only 4.70 % July 2024 6,625,000 6,625,000 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,692,427 3,735,739 Port Crossing $ 34,788 4.84 % August 2024 6,496,619 6,568,918 LaGrange Marketplace $ 13,813 5.50 % March 2020 2,430,046 2,463,909 Freeway Junction Interest only 4.60 % September 2024 8,150,000 8,150,000 DF I-Courtland $ 1,411 6.50 % January 2019 — 115,728 DF I-Edenton $ 250,000 1 3.75 % September 2016 1,150,000 1,650,000 DF I-Moyock $ 10,665 5.00 % July 2019 445,021 522,430 Graystone Crossing $ 20,386 4.55 % October 2024 4,000,000 4,000,000 Bryan Station Interest only 4.52 % November 2024 4,625,000 4,625,000 Crockett Square Interest only 4.47 % December 2024 6,337,500 6,337,500 Harbor Point $ 11,024 5.85 % December 2016 754,706 1,544,567 Pierpont Centre Interest only 3.95 % February 2025 8,450,000 — Alex City Marketplace Interest only 3.90 % April 2025 5,750,000 — Butler Square Interest only 4.08 % April 2025 5,640,000 — Brook Run Shopping Center Interest only 3.90 % June 2025 10,950,000 — Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400,000 — Columbia Fire Station Interest only 8.00 % December 2017 441,171 — Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900,000 — Barnett Portfolio Interest only 4.30 % September 2025 8,770,000 — Grove Park Shopping Center Interest only 4.52 % October 2025 3,800,000 — Parkway Plaza Interest only 4.57 % October 2025 3,500,000 — Conyers Crossing Interest only 4.67 % October 2025 5,960,000 — Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100,000 — Senior convertible notes Interest only 9.00 % December 2018 3,000,000 6,000,000 Senior non-convertible notes Interest only 9.00 % December 2015 4,000,000 4,000,000 Senior non-convertible notes Interest only 9.00 % January 2016 2,160,000 2,160,000 South Carolina Food Lions note Interest only 5.25 % January 2024 12,375,000 12,375,000 Total Loans Payable $ 186,283,498 $ 120,865,586 (1) $250,000 plus accrued interest paid quarterly until maturity. On May 1, 2015, the Lumber River Plaza note was paid in full from cash on hand.
Summary of Company's Scheduled Principal Repayments on Indebtedness	The Company’s scheduled principal repayments on indebtedness as of September 30, 2015 are as follows: For the Periods Ending September 30, (unaudited) 2016 $ 17,701,213 2017 5,864,764 2018 5,592,500 2019 5,530,929 2020 9,179,177 Thereafter 142,414,915 Total principal maturities $ 186,283,498

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2015
Leases [Abstract]
Future Minimum Rentals to be Received under Noncancelable Tenant Operating Leases	Future minimum rentals to be received under noncancelable tenant operating leases for each of the next five years and thereafter, excluding Common Area Maintenance and percentage rent based on tenant sales volume, as of September 30, 2015 are as follows: For the Periods Ending September 30, (unaudited) 2016 $ 26,026,215 2017 23,175,191 2018 18,503,066 2019 13,963,958 2020 9,952,436 Thereafter 16,213,972 Total minimum rentals $ 107,834,838

Equity Dividends (Tables)

Equity Dividends (Tables)	9 Months Ended
	Sep. 30, 2015
Dividends Declared [Abstract]
Dividends Declared	Dividends were made to holders of common units, common shares and preferred shares as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Common unit and common shareholders $ 3,683,804 $ 996,657 $ 6,099,075 $ 2,930,094 Preferred shareholders 2,279,907 1,088,062 13,116,233 1,552,320 Total $ 5,963,711 $ 2,084,719 $19,215,308 $4,482,414

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Summary of Related Party Activity	The following summarizes related party activity as of and for the nine months ended September 30, 2015 and 2014 (unaudited): September 30, 2015 2014 Amounts paid to affiliates $ 247,863 $ 2,798,847 Amounts due from (to) affiliates $ 388,675 $ (193,532 ) Rent and reimbursement income received from Wheeler Interests $ — $ 296,403 Rent and other tenant receivables due from Wheeler Interests $ — $ 509,331

Organization and Basis of Pre27

Organization and Basis of Presentation and Consolidation Organizationand Basis Of Presentation and Consolidation (Details)	Sep. 30, 2015propertyBuilding
Accounting Policies [Abstract]
Number of Real Estate Properties	45
Undeveloped land parcels	10
Number Of Office Buildings | Building	1

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Accounting Policies [Abstract]
Past due rent charge term			5 days
Allowance for uncollectible accounts	$ 382,681		$ 382,681		$ 186,517
Bad debt expenses	112,580	$ 46,774	214,316	$ 18,742
Recoveries related to tenant receivables	$ 0	$ 0	$ 0	$ 0
Minimum percentage of taxable income to be distributed to stockholders			90.00%
Provision for federal income taxes			$ 0
Term of disqualification to be taxed as a REIT due to loss of REIT status			5 years

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Details of Deferred Costs, Net of Amortization and Other Assets (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Deferred Costs And Other Assets [Line Items]
Lease origination costs, net	$ 1,418,570	$ 1,742,333
Financing costs, net	4,752,392	3,193,442
Property reserves	7,389,534	4,242,499
Acquisition deposits and escrows	746,400	623,350
Tenant relationships, net	13,532,740	4,485,699
Other	466,018	392,617
Deferred costs	49,331,780	25,400,706
Leases in Place, Net [Member]
Deferred Costs And Other Assets [Line Items]
Deferred costs	20,888,176	10,522,597
Legal and Marketing Costs, Net [Member]
Deferred Costs And Other Assets [Line Items]
Deferred costs	$ 137,950	$ 198,169

Summary of Significant Accoun30

Summary of Significant Accounting Policies - Schedule of Future Amortization of Lease Origination Costs, Financing Costs and in Place Leases (Detail)	Sep. 30, 2015USD ($)
Lease Origination Costs [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,016	$ 323,320
2,017	296,085
2,018	226,273
2,019	152,053
2,020	102,758
Thereafter	318,081
Amortization of Intangible Assets	1,418,570
Leases in Place [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,016	6,292,291
2,017	4,764,415
2,018	3,397,349
2,019	2,327,671
2,020	1,480,526
Thereafter	2,625,924
Amortization of Intangible Assets	20,888,176
Financing Costs [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,016	914,521
2,017	711,934
2,018	555,923
2,019	440,322
2,020	433,922
Thereafter	1,695,770
Amortization of Intangible Assets	4,752,392
Legal and Marketing Costs [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,016	22,962
2,017	27,433
2,018	21,281
2,019	17,215
2,020	13,214
Thereafter	35,845
Amortization of Intangible Assets	137,950
Tenant Relationships [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,016	4,853,942
2,017	3,258,110
2,018	2,189,374
2,019	1,445,695
2,020	851,383
Thereafter	934,236
Amortization of Intangible Assets	$ 13,532,740

Summary of Significant Accoun31

Summary of Significant Accounting Policies CG&A Schedule (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CG&A Schedule [Abstract]
Acquisition costs	$ 1,733,639	$ 1,728,907	$ 3,167,378	$ 1,823,587
Professional fees	274,006	704,100	1,166,279	1,843,730
Compensation and benefits	620,463	34,314	2,413,895	134,314
Corporate administration	291,590	347,999	850,137	900,366
Equity, debt and refinancing costs	1,826,240	0	2,447,890	0
Travel	61,993	146,088	363,803	269,110
Advertising	44,280	44,526	151,526	104,247
Taxes and licenses	43,356	18,741	149,354	128,374
Total	$ 4,895,567	$ 3,024,675	$ 10,710,262	$ 5,203,728

Investment Properties - Investm

Investment Properties - Investment Properties (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Investment properties at cost	$ 247,977,176	$ 133,465,444
Land held for development	9,780,355	6,846,918
Less accumulated depreciation and amortization	(9,765,410)	(6,325,050)
Investment properties, net	238,211,766	127,140,394
Land [Member]
Real Estate Properties [Line Items]
Investment properties at cost	52,835,489	31,674,506
Buildings and Improvements [Member]
Real Estate Properties [Line Items]
Investment properties at cost	$ 185,361,332	$ 94,944,020

Investment Properties Property

Investment Properties Property Acquisitions (Details)

Jul. 10, 2015USD ($)ft²shares

Jun. 02, 2015USD ($)ft²shares

Jan. 09, 2015USD ($)a

Sep. 30, 2015USD ($)

Sep. 29, 2015USD ($)ft²

Sep. 28, 2015USD ($)ft²

Sep. 15, 2015USD ($)ft²a

Sep. 09, 2015USD ($)ft²

Aug. 21, 2015USD ($)ft²

Aug. 14, 2015USD ($)a

Jul. 24, 2015USD ($)a

Jul. 21, 2015USD ($)ft²

Jul. 03, 2015USD ($)a

Jul. 02, 2015USD ($)ft²

Jul. 01, 2015USD ($)ft²

Apr. 15, 2015USD ($)ft²

Apr. 02, 2015USD ($)ft²

Mar. 27, 2015USD ($)a

Jan. 14, 2015USD ($)ft²

Business Acquisition [Line Items]

Acquisition expenses

$ 3,167,378

Common units to be issued

$ 3,068,550

Laskin Road [Member]

Business Acquisition [Line Items]

Area of Land | a

1.5

Acquisition Contract Price

$ 1,600,000

Percentage Of Lease

$ 150,000

Pierpont Centre [Member]

Business Acquisition [Line Items]

Area of Real Estate Property | ft²

122,259

Acquisition Contract Price

$ 13,900,000

Percentage Of Lease

100.00%

Brook Run Properties [Member]

Business Acquisition [Line Items]

Area of Land | a

2

Acquisition Contract Price

$ 300,000

Alex City Marketplace [Member]

Business Acquisition [Line Items]

Area of Real Estate Property | ft²

147,791

Acquisition Contract Price

$ 10,300,000

Percentage Of GLA Currently Leased

86.00%

Butler Square [Member]

Business Acquisition [Line Items]

Area of Real Estate Property | ft²

82,400

Acquisition Contract Price

$ 9,400,000

Percentage Of GLA Currently Leased

100.00%

Brook Run Shopping Center [Member]

Business Acquisition [Line Items]

Area of Real Estate Property | ft²

147,738

Acquisition Contract Price

$ 18,500,000

Percentage Of GLA Currently Leased

92.00%

Common units in Operating Partnership issued in acquisition | shares

574,743

Beaver Ruin Village [Member]

Business Acquisition [Line Items]

Area of Real Estate Property | ft²

74,048

Acquisition Contract Price

$ 12,400,000

Percentage Of GLA Currently Leased

91.00%

Beaver Ruin Village II [Member]

Business Acquisition [Line Items]

Area of Real Estate Property | ft²

34,925

Acquisition Contract Price

$ 4,400,000

Percentage Of GLA Currently Leased

100.00%

Columbia Fire Station [Member]

Business Acquisition [Line Items]

Area of Land | a

1

Acquisition Contract Price

$ 2,400,000

Chesapeake Square [Member]

Business Acquisition [Line Items]

Area of Real Estate Property | ft²

99,848

Acquisition Contract Price

$ 6,300,000

Percentage Of GLA Currently Leased

76.00%

Common units in Operating Partnership issued in acquisition | shares

125,966

Sunshine Plaza [Member]

Business Acquisition [Line Items]

Area of Real Estate Property | ft²

111,189

Acquisition Contract Price

$ 10,400,000

Percentage Of GLA Currently Leased

96.00%

Carolina Place [Member]

Business Acquisition [Line Items]

Area of Land | a

2.14

Acquisition Contract Price

$ 250,000

Hilton Head Land [Member]

Business Acquisition [Line Items]

Area of Land | a

10.39

Acquisition Contract Price

$ 1,000,000

Barnett Portfolio [Member]

Business Acquisition [Line Items]

Area of Real Estate Property | ft²

171,466

Acquisition Contract Price

$ 15,300,000

Percentage Of GLA Currently Leased

91.00%

Grove Park Shopping Center [Member]

Business Acquisition [Line Items]

Area of Real Estate Property | ft²

106,557

Acquisition Contract Price

$ 6,600,000

Percentage Of GLA Currently Leased

90.00%

Parkway Plaza Shopping Center [Member]

Business Acquisition [Line Items]

Area of Land | a

2.1

Area of Real Estate Property | ft²

52,365

Acquisition Contract Price

$ 6,100,000

Percentage Of GLA Currently Leased

97.00%

Ft. Howard Square [Member]

Business Acquisition [Line Items]

Area of Real Estate Property | ft²

113,652

Acquisition Contract Price

$ 11,500,000

Percentage Of GLA Currently Leased

95.00%

Conyers Crossing [Member]

Business Acquisition [Line Items]

Area of Real Estate Property | ft²

170,475

Acquisition Contract Price

$ 10,800,000

Percentage Of GLA Currently Leased

99.00%

Investment Properties Prelimina

Investment Properties Preliminary Fair Value of Assets Acquired and Liabilities Assumed (Details)	9 Months Ended
	Sep. 30, 2015USD ($)
Property Acquisitions [Abstract]
Investment property	$ 114,211,725
Lease intangibles and other assets	26,827,214
Above market leases	4,166,440
Below market leases	(4,021,671)
Preliminary fair value of net assets acquired	141,183,708
Consideration paid with cash and debt	138,115,158
Consideration paid with common units	3,068,550
Total consideration	$ 141,183,708

Investment Properties Pro Forma

Investment Properties Pro Forma Disclosures (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Property Acquisitions [Abstract]
Rental revenue	$ 6,685,630	$ 5,910,333	$ 19,119,095	$ 16,747,195
Net loss	(7,582,514)	(5,212,040)	(18,153,485)	(10,766,008)
Net loss attributable to Wheeler REIT	(6,913,737)	(4,405,216)	(16,175,631)	(9,140,123)
Net loss attributable to Wheeler REIT common shareholders	$ (22,318,150)	$ (5,493,278)	$ (101,936,369)	$ (10,692,443)
Basic loss per share	$ (0.35)	$ (0.74)	$ (3.43)	$ (1.46)
Diluted loss per share	$ (0.35)	$ (0.74)	$ (3.43)	$ (1.46)

Goodwill (Details)

Goodwill (Details) - USD ($)	Oct. 24, 2014	Sep. 30, 2015
Goodwill [Line Items]
Goodwill, beginning balance, January 1, 2015		$ 7,004,072
Fair value discount on common units issued for acquisition		(1,181,250)
Goodwill allocated to finite-lived intangibles		(336,999)
Ending balance, September 30, 2015		5,485,823
Common units issued for the acquisition of the Operating Companies		$ 3,068,550
Operating Companies [Member]
Goodwill [Line Items]
Common units issued for the acquisition of the Operating Companies	$ 6,750,000

Assets Held for Sale and Disc37

Assets Held for Sale and Discontinued Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Long Lived Assets Held-for-sale [Line Items]
Revenues	$ 700,119	$ 661,416	$ 2,108,949	$ 1,986,334
Loans payable	21,813,806		21,813,806		$ 20,584,557
Below market lease intangible, net	80,976		80,976		84,636
Accounts payable, accrued expenses and other liabilities	48,346		48,346		53,788
Investment properties, net	24,902,125		24,902,125		25,110,592
Rents and other tenant receivables, net	120,250		120,250		111,382
Deferred costs and other assets, net	3,760,966		3,760,966		3,871,390
Total assets held for sale	28,783,341		28,783,341		29,093,364
Total liabilities associated with assets held for sale	21,943,128		21,943,128		$ 20,722,981
Expenses	255,131	315,252	886,613	954,119
Operating income	444,988	346,164	1,222,336	1,032,215
Interest expense	238,385	229,086	733,993	681,078
Income from discontinued operations	$ 206,603	$ 117,078	$ 488,343	$ 351,137

Loans Payable - Summary of Loan

Loans Payable - Summary of Loans Payable (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Mortgages and other indebtedness	$ 186,283,498	$ 120,865,586
January 2016 [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	9.00%
Mortgage Loans Payable, Maturity Period	2016-01
Mortgages and other indebtedness	$ 2,160,000	2,160,000
Senior Convertible Notes [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	9.00%
Mortgage Loans Payable, Maturity Period	2018-12
Mortgages and other indebtedness	$ 3,000,000	6,000,000
Senior Non-Convertible Notes [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	9.00%
Mortgage Loans Payable, Maturity Period	2015-12
Mortgages and other indebtedness	$ 4,000,000	4,000,000
Shoppes at Eagle Harbor [Member] | Interest at Fixed Rate of 4.34% [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 25,100
Mortgage Loans Payable, Interest Rate	4.34%
Mortgage Loans Payable, Maturity Period	2018-03
Mortgages and other indebtedness	$ 3,670,562	3,773,319
Lumber River Plaza [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 18,414
Mortgage Loans Payable, Interest Rate	5.65%
Mortgage Loans Payable, Maturity Period	2015-05
Mortgages and other indebtedness	$ 0	2,894,862
Monarch Bank Building [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Maturity Period	2017-12
Perimeter Square [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 28,089
Mortgage Loans Payable, Interest Rate	6.38%
Mortgage Loans Payable, Maturity Period	2016-06
Mortgages and other indebtedness	$ 4,198,947	4,294,216
Riversedge North [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 8,802
Mortgage Loans Payable, Interest Rate	6.00%
Mortgage Loans Payable, Maturity Period	2019-01
Mortgages and other indebtedness	$ 973,975	1,007,856
Walnut Hill Plaza [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 24,273
Mortgage Loans Payable, Interest Rate	5.50%
Mortgage Loans Payable, Maturity Period	2017-07
Mortgages and other indebtedness	$ 3,559,055	3,626,945
Harps at Harbor Point [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Maturity Period	2015-12
Twin City Commons [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 17,827
Mortgage Loans Payable, Interest Rate	4.86%
Mortgage Loans Payable, Maturity Period	2023-01
Mortgages and other indebtedness	$ 3,239,229	3,279,076
Shoppes at TJ Maxx [Member] | Maturity on May 2020 [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 33,880
Mortgage Loans Payable, Interest Rate	3.88%
Mortgage Loans Payable, Maturity Period	2020-05
Mortgages and other indebtedness	$ 6,123,650	6,248,349
Bixby Commons [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Maturity Period	2018-06
Line of Credit [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.25%
Line of Credit, Current	$ 0
Mortgage Loans Payable, Maturity Period	2015-09
Mortgages and other indebtedness		2,074,432
Forrest Gallery [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 50,973
Mortgage Loans Payable, Interest Rate	5.40%
Mortgage Loans Payable, Maturity Period	2023-09
Mortgages and other indebtedness	$ 8,957,445	9,045,880
Jenks Reasors [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Maturity Period	2016-09
Tampa Festival [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 50,797
Mortgage Loans Payable, Interest Rate	5.56%
Mortgage Loans Payable, Maturity Period	2023-09
Mortgages and other indebtedness	$ 8,658,145	8,746,860
Starbucks/Verizon [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Maturity Period	2019-07
Winslow Plaza [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	5.22%
Mortgage Loans Payable, Maturity Period	2015-12
Mortgages and other indebtedness	$ 5,000,000	5,000,000
Cypress Shopping Center [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.70%
Mortgage Loans Payable, Maturity Period	2024-07
Mortgages and other indebtedness	$ 6,625,000	6,625,000
Harrodsburg Marketplace [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	19,112
Mortgage Loans Payable, Interest Rate	4.55%
Mortgage Loans Payable, Maturity Period	2024-09
Mortgages and other indebtedness	$ 3,692,427	3,735,739
Port Crossing Shopping Center [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 34,788
Mortgage Loans Payable, Interest Rate	4.84%
Mortgage Loans Payable, Maturity Period	2024-08
Mortgages and other indebtedness	$ 6,496,619	6,568,918
LaGrange Marketplace [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	13,813
Mortgage Loans Payable, Interest Rate	5.50%
Mortgage Loans Payable, Maturity Period	2020-02
Mortgages and other indebtedness	$ 2,430,046	2,463,909
Freeway Junction [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.60%
Mortgage Loans Payable, Maturity Period	2024-09
Mortgages and other indebtedness	$ 8,150,000	8,150,000
DF I-Courtland [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 1,411
Mortgage Loans Payable, Interest Rate	6.50%
Mortgage Loans Payable, Maturity Period	2019-01
Mortgages and other indebtedness	$ 0	115,728
DF I-Edenton [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Interest Rate	3.75%
Mortgage Loans Payable, Maturity Period	2016-09
Mortgages and other indebtedness	$ 1,150,000	1,650,000
Debt Instrument, Periodic Payment, Principal	250,000
DF I-Moyock [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 10,665
Mortgage Loans Payable, Interest Rate	5.00%
Mortgage Loans Payable, Maturity Period	2019-07
Mortgages and other indebtedness	$ 445,021	522,430
Graystone Crossing [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	20,386
Mortgage Loans Payable, Interest Rate	4.55%
Mortgage Loans Payable, Maturity Period	2024-10
Mortgages and other indebtedness	$ 4,000,000	4,000,000
Bryan Station [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.52%
Mortgage Loans Payable, Maturity Period	2024-11
Mortgages and other indebtedness	$ 4,625,000	4,625,000
Crockett Square [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.47%
Mortgage Loans Payable, Maturity Period	2024-12
Mortgages and other indebtedness	$ 6,337,500	6,337,500
Harbor Point [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	$ 11,024
Mortgage Loans Payable, Interest Rate	5.85%
Mortgage Loans Payable, Maturity Period	2016-12
Mortgages and other indebtedness	$ 754,706	1,544,567
Pierpont Centre [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	3.95%
Mortgage Loans Payable, Maturity Period	2025-02
Mortgages and other indebtedness	$ 8,450,000	0
Alex City Marketplace [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	3.90%
Mortgage Loans Payable, Maturity Period	2025-04
Mortgages and other indebtedness	$ 5,750,000	0
Butler Square [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.08%
Mortgage Loans Payable, Maturity Period	2025-04
Mortgages and other indebtedness	$ 5,640,000	0
Brook Run Shopping Center [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	3.90%
Mortgage Loans Payable, Maturity Period	2025-06
Mortgages and other indebtedness	$ 10,950,000	0
South Carolina Food Lions Note [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	5.25%
Mortgage Loans Payable, Maturity Period	2024-01
Mortgages and other indebtedness	$ 12,375,000	12,375,000
Beaver Ruin Village [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.73%
Mortgage Loans Payable, Maturity Period	2025-07
Mortgages and other indebtedness	$ 9,400,000	0
Beaver Ruin Village II [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Maturity Period
Columbia Fire Station [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	8.00%
Mortgage Loans Payable, Maturity Period	2025-07
Mortgages and other indebtedness	$ 441,171	0
Sunshine Plaza [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.57%
Mortgage Loans Payable, Maturity Period	2025-08
Mortgages and other indebtedness	$ 5,900,000	0
Barnett Portfolio [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.30%
Mortgage Loans Payable, Maturity Period	2025-09
Mortgages and other indebtedness	$ 8,770,000	0
Grove Park Shopping Center [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Monthly Payment	Interest only
Mortgage Loans Payable, Interest Rate	4.52%
Mortgage Loans Payable, Maturity Period	2025-10
Mortgages and other indebtedness	$ 3,800,000	$ 0

Loans Payable - Summary of Comp

Loans Payable - Summary of Company's Scheduled Principal Repayments on Indebtedness (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,015	$ 17,701,213
2,016	5,864,764
2,017	5,592,500
2,018	5,530,929
2,019	9,179,177
Thereafter	142,414,915
Total principal maturities	$ 186,283,498	$ 120,865,586

Rentals under Operating Lease40

Rentals under Operating Leases - Future Minimum Rentals to be Received under Noncancelable Tenant Operating Leases (Detail)	Sep. 30, 2015USD ($)
Leases [Abstract]
2,016	$ 26,026,215
2,017	23,175,191
2,018	18,503,066
2,019	13,963,958
2,020	9,952,436
Thereafter	16,213,972
Total	$ 107,834,838

Equity - Additional Information

Equity - Additional Information (Detail) - USD ($)	Jul. 20, 2015	Mar. 19, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jun. 15, 2015	Jun. 11, 2015	Dec. 31, 2014	Mar. 18, 2014
Equity [Line Items]
Dividend payable per share										$ 0.0175
Dividend accrued			$ 1,228,779		$ 1,228,779
Preferred stock shares issued			729,119		729,119
Deemed dividend related to beneficial conversion feature of preferred stock			$ 13,124,506	$ 0	$ 72,644,506	$ 0
Issuance of common stock under Share Incentive Plan (shares)					221,096
Value of stock issued Share Incentive Plan					$ 506,000
Shares available for issuance under Share Incentive Plan			856,164		856,164
Common Stock, Shares Authorized			150,000,000		150,000,000				75,000,000
Proceeds from sales of preferred stock, net of expenses					$ 83,415,894	37,449,628
Total dividends			$ 5,963,711	2,084,719	19,215,308	4,482,414
Common Stock [Member]
Equity [Line Items]
Common stock dividends			3,683,804	996,657	6,099,075	2,930,094
Preferred Stock [Member]
Equity [Line Items]
Preferred stock dividends			2,279,907	$ 1,088,062	13,116,233	$ 1,552,320
Dividend accrued			$ 422,774		$ 422,774
Dividend disbursement date			Oct. 15, 2015
2015 Share Incentive Plan [Member]
Equity [Line Items]
Maximum number of shares authorized under 2015 Share Incentive Plan			1,000,000		1,000,000
Operating Partnership's Common Units [Member]
Equity [Line Items]
Common units outstanding					1,852,316
Convertible Debt [Member]
Equity [Line Items]
Convertible Debt			$ 3,000,000		$ 3,000,000
Series B Preferred Stock [Member]
Equity [Line Items]
Preferred stock shares issued			1,648,900		1,648,900				1,648,900
Potential shares which are antidilutive					5,062,674
Warrant [Member]
Equity [Line Items]
Potential shares which are antidilutive					2,635,025
Series C Preferred Stock [Member]
Equity [Line Items]
Proceeds from Issuance of Convertible Preferred Stock		$ 83,415,894
Series A Preferred Stock [Member]
Equity [Line Items]
Preferred stock shares issued			4,500		4,500				4,500
Exchange Offer [Member]
Equity [Line Items]
Maximum number of common shares to be issued if all Series A and Series B Preferred shares are exchanged							20,853,250
Common Stock issued through Exchange Offer	11,442,002
Exchange Offer [Member] | Series B Preferred Stock [Member]
Equity [Line Items]
Deemed dividend related to beneficial conversion feature of preferred stock					$ 13,124,506
Number of common shares to be issued per share of preferred stock, if exchanged							12.5
Preferred Shares Tendered for Conversion	865,481
Exchange Offer [Member] | Series A Preferred Stock [Member]
Equity [Line Items]
Preferred Stock, Liquidation Preference Per Share							$ 1,000
Number of common shares to be issued per share of preferred stock, if exchanged							500
Preferred Shares Tendered for Conversion	1,247
Exchange Offer [Member] | Minimum [Member]
Equity [Line Items]
Common Stock, Shares Authorized			75,000,000		75,000,000
Exchange Offer [Member] | Maximum [Member]
Equity [Line Items]
Common Stock, Shares Authorized			150,000,000		150,000,000
Private Placement [Member] | Series C Preferred Stock [Member]
Equity [Line Items]
Preferred stock shares issued		93,000
Preferred stock adjusted closing price		$ 2
Deemed dividend related to beneficial conversion feature of preferred stock					$ 59,520,000
Preferred Stock, Liquidation Preference Per Share		$ 1,000
Number of common shares to be issued per share of preferred stock, if exchanged								500
Proceeds from sales of preferred stock, net of expenses		$ 93,000,000
Proceeds from Issuance of Redeemable Convertible Preferred Stock		90,000,000
Senior convertible debt converted to Series C Preferred Stock		$ 3,000,000
Share Price		$ 1,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	May. 08, 2013	Apr. 08, 2013	Jul. 24, 2015	Jul. 09, 2013
Loss Contingencies [Line Items]
Legal fees sought by defendant	$ 368,000
Damages amount awarded to defendant		$ 13,300
Loss contingency accrual			$ 352,000	$ 267,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Wheeler Interests [Member]	9 Months Ended
	Sep. 30, 2015USD ($)Option
Related Party Transaction [Line Items]
Property provided under the lease	10 years
Number of renewal options available | Option	4
Lease renewal period	5 years
Rent payment	$ 24,000

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Activity (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Wheeler Interests and Affiliates [Member]
Related Party Transaction [Line Items]
Amounts paid to affiliates	$ 247,863	$ 2,798,847
Amounts due from (to) affiliates	388,675	(193,532)
Wheeler Interests [Member]
Related Party Transaction [Line Items]
Rent and reimbursement income received from Wheeler Interests	0	296,403
Rent and other tenant receivables due from Wheeler Interests	$ 0	$ 509,331

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Millions	Oct. 27, 2015USD ($)	Oct. 20, 2015USD ($)	Oct. 19, 2015USD ($)	Jul. 10, 2015USD ($)ft²shares	Jul. 21, 2015USD ($)ft²	Jul. 03, 2015USD ($)a	Jul. 02, 2015USD ($)ft²
Beaver Ruin Village II [Member]
Subsequent Event [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²							34,925
Acquisition Contract Price							$ 4.4
Columbia Fire Station [Member]
Subsequent Event [Line Items]
Acquisition Contract Price						$ 2.4
Area of Land | a						1
Chesapeake Square [Member]
Subsequent Event [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²				99,848
Acquisition Contract Price				$ 6.3
Common units in Operating Partnership issued in acquisition | shares				125,966
Sunshine Plaza [Member]
Subsequent Event [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²					111,189
Acquisition Contract Price					$ 10.4
Bixby Commons [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Sales Price of Disposed Property	$ 11
Percentage Of GLA Currently Leased	$ 10
Harps at Harbor Point [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Sales Price of Disposed Property		$ 5
Percentage Of GLA Currently Leased		$ 4.3
Jenks Reasors [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Sales Price of Disposed Property			$ 12.2
Percentage Of GLA Currently Leased			$ 10.9