Wheeler Real Estate Investment Trust (WHLR) 10-Q 9 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Nov. 08, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
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	Accelerated Filer
Entity Common Stock, Shares Outstanding		67,964,916

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Dec. 31, 2015
ASSETS:
Investment properties, net	$ 292,212,257	$ 238,764,631
Cash and cash equivalents	35,816,636	10,477,576
Restricted cash	10,309,397	7,592,984
Rents and other tenant receivables, net	3,235,105	2,970,380
Due from Related Parties, Current	1,365,950	482,320
Notes Receivable, Related Parties, Noncurrent	12,000,000	0
Goodwill	5,485,823	5,485,823
Assets held for sale	365,880	1,692,473
Above market lease intangible, net	7,718,507	6,517,529
Deferred costs and other assets, net	36,098,994	35,259,526
Total Assets	404,608,549	309,243,242
LIABILITIES:
Loans payable	231,767,262	184,629,082
Liabilities associated with assets held for sale	1,350,000	1,992,318
Below market lease intangible, net	8,718,947	7,721,335
Accounts payable, accrued expenses and other liabilities	10,147,839	7,533,769
Total Liabilities	251,984,048	201,876,504
Commitments and contingencies
EQUITY:
Common stock ($0.01 par value, 150,000,000 and 75,000,000 shares authorized, 67,940,487 and 66,259,673 shares issued and outstanding, respectively)	679,404	662,596
Additional paid-in capital	222,725,476	220,370,984
Accumulated deficit	(160,594,653)	(140,306,846)
Total Shareholders’ Equity	103,974,066	98,264,852
Noncontrolling interests	10,636,178	9,101,886
Total Equity	114,610,244	107,366,738
Total Liabilities and Equity	404,608,549	309,243,242
Series A Preferred Stock [Member]
EQUITY:
Preferred stock	452,971	452,971
Series B Preferred Stock [Member]
EQUITY:
Preferred stock	40,710,868	17,085,147
Series D Preferred Stock [Member]
EQUITY:
Preferred stock	$ 38,014,257	$ 0

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Common stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	75,000,000
Common stock, shares issued (in shares)	67,940,487	66,259,673
Common stock, shares outstanding (in shares)	67,940,487	66,259,673
Series D Preferred Stock [Member]
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized (in shares)	2,500,000	0
Preferred stock, shares issued (in shares)	1,600,000	0
Preferred stock, shares outstanding (in shares)	1,600,000	0
Series A Preferred Stock [Member]
Preferred stock, no par value
Preferred stock, shares authorized (in shares)	4,500	4,500
Preferred stock, shares issued (in shares)	562	562
Preferred stock, shares outstanding (in shares)	562	562
Series B Preferred Stock [Member]
Preferred stock, no par value
Preferred stock, shares authorized (in shares)	5,000,000	3,000,000
Preferred stock, shares issued (in shares)	1,871,244	729,119
Preferred stock, shares outstanding (in shares)	1,871,244	729,119

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUE:
Rental revenues	$ 8,590,439	$ 5,639,218	$ 23,787,801	$ 13,743,870
Asset management fees	163,092	132,335	623,340	465,817
Commissions	589,656	86,682	833,516	307,292
Tenant reimbursements and other revenues	2,567,491	1,371,311	6,887,918	3,864,879
Total Revenue	11,910,678	7,229,546	32,132,575	18,381,858
OPERATING EXPENSES:
Property operations	3,026,594	2,117,237	8,498,715	5,519,195
Non-REIT management and leasing services	695,542	343,393	1,351,640	999,186
Depreciation and amortization	4,994,572	4,881,937	15,306,331	11,722,164
Provision for credit losses	31,330	112,580	196,311	214,316
Corporate general & administrative	1,495,521	4,851,980	6,290,460	10,615,200
Total Operating Expenses	10,243,559	12,307,127	31,643,457	29,070,061
Operating Income (Loss)	1,667,119	(5,077,581)	489,118	(10,688,203)
Interest Income, Operating	299,239	30,407	301,378	113,738
Interest expense	(3,639,414)	(2,328,476)	(9,801,442)	(6,450,461)
Net Loss from Continuing Operations	(1,673,056)	(7,375,650)	(9,010,946)	(17,024,926)
Income from discontinued operations	39,114	217,234	115,463	348,083
Gain on disposal of properties	805	0	688,824	0
Net Income from Discontinued Operations	39,919	217,234	804,287	348,083
Net Loss	(1,633,137)	(7,158,416)	(8,206,659)	(16,676,843)
Less: Net loss attributable to noncontrolling interests	(121,892)	(428,702)	(767,679)	(1,331,294)
Net Loss Attributable to Wheeler REIT	(1,511,245)	(6,729,714)	(7,438,980)	(15,345,549)
Preferred stock dividends	(1,240,811)	(2,279,907)	(2,263,410)	(13,116,232)
Deemed dividend related to beneficial conversion feature of preferred stock	0	(13,124,506)	0	(72,644,506)
Net Loss Attributable to Wheeler REIT Common Shareholders	$ (2,752,056)	$ (22,134,127)	$ (9,702,390)	$ (101,106,287)
Loss per share from continuing operations (basic and diluted):	$ (0.04)	$ (0.35)	$ (0.15)	$ (3.41)
Income per share from discontinued operations:	0	0	0.01	0.01
Loss per share, basic and diluted (in usd per share)	$ (0.04)	$ (0.35)	$ (0.14)	$ (3.40)
Weighted-average number of shares:
Basic and Diluted (in shares)	67,899,504	63,262,408	67,155,184	29,757,718
Dividends declared per common share (in usd per share)	$ 0.05	$ 0.05	$ 0.16	$ 0.18

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Equity - 9 months ended Sep. 30, 2016 - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total Shareholders' Equity [Member]	Noncontrolling Interests [Member]	Common Class B [Member]Common Stock [Member]	Common Class B [Member]Additional Paid-in Capital [Member]	Series A Preferred Stock [Member]Preferred Stock [Member]	Series B Preferred Stock [Member]	Series B Preferred Stock [Member]Preferred Stock [Member]	Series B Preferred Stock [Member]Total Shareholders' Equity [Member]
Beginning balance (in shares) at Dec. 31, 2015		66,259,673				4,055,292			562		729,119
Beginning balance at Dec. 31, 2015	$ 107,366,738	$ 662,596	$ 220,370,984	$ (140,306,846)	$ 98,264,852	$ 9,101,886			$ 452,971		$ 17,085,147
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from Series B (in shares)											1,142,225
Proceeds from Series B										$ 23,384,902	$ 23,384,902	$ 23,384,902
Issuance of common stock under Share Incentive Plan (in shares)		283,304
Conversion of convertible securities into common stock	(1,604,150)	$ (13,970)	$ (1,590,180)		$ (1,604,150)		$ (5)	$ (2,495)			$ (2,500)
Conversion of convertible securities into common stock, shares		(1,397,010)					(500)				(100)
Accretion of preferred stock discount	$ 255,420									$ 243,319	$ 243,319	$ 243,319
Issuance of common stock under Share Incentive Plan	426,500	2,833	423,667		426,500
Noncontrolling interest investments (in shares)						1,696,616
Noncontrolling interest investments	$ 3,499,383					$ 3,499,383
Adjustment for noncontrolling interest in operating partnership			$ 338,150		$ 338,150	(338,150)
Dividends and distributions	(13,708,089)			(12,848,827)	(12,848,827)
Dividends and distributions						(859,262)
Net loss	(8,206,659)			(7,438,980)	(7,438,980)	$ (767,679)
Ending balance (in shares) at Sep. 30, 2016		67,940,487				5,751,908			562		1,871,244
Ending balance at Sep. 30, 2016	$ 114,610,244	$ 679,404	$ 222,725,476	$ (160,594,653)	$ 103,974,066	$ 10,636,178			$ 452,971		$ 40,710,868

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (8,206,659)	$ (16,676,843)
Adjustments to reconcile consolidated net loss to net cash from operating activities:
Depreciation	5,751,164	3,600,673
Amortization	9,555,167	8,121,491
Loan cost amortization	1,464,347	938,383
Above (below) market lease amortization	69,209	566,646
Share-based compensation	426,500	506,000
Gain on sale of properties	(688,824)	0
Provision for credit losses	196,311	214,316
Changes in assets and liabilities, net of acquisitions:
Rent and other tenant receivables, net	(250,604)	(376,411)
Unbilled rent	(220,995)	(183,184)
Increase (Decrease) in Accounts Receivable, Related Parties	(883,630)	85,730
Cash restricted for operating property reserves	(1,256,976)	(1,500,177)
Deferred costs and other assets, net	1,729,506	(393,361)
Accounts payable, accrued expenses and other liabilities	3,320,861	1,996,041
Net operating cash flows provided by discontinued operations	(715)	665,158
Net cash from (used in) operating activities	11,004,662	(2,435,538)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions	(8,679,750)	(62,027,081)
Capital expenditures	(1,586,974)	(263,242)
Origination of notes receivable from related party	(11,000,000)	0
Increase in capital property reserves	(622,268)	(1,728,872)
Increase in restricted cash	(837,169)	0
Proceeds from sale of property held-for-sale	1,385,177	0
Net investing cash flows from discontinued operations	0	914,388
Net cash used in investing activities	(21,340,984)	(63,104,807)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs	(3,571,405)	(2,540,415)
Dividends and distributions paid	(12,653,896)	(10,083,178)
Proceeds from sales of preferred stock, net of expenses	61,387,058	83,415,894
Payments for Repurchase of Convertible Preferred Stock	0	25
Loan proceeds	20,100,000	0
Loan principal payments	(29,575,012)	(7,230,229)
Net financing cash flows used in discontinued operations	(11,363)	(80,172)
Net cash from financing activities	35,675,382	63,481,875
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	25,339,060	(2,058,470)
CASH AND CASH EQUIVALENTS, beginning of period	10,477,576	9,839,841
CASH AND CASH EQUIVALENTS, end of period	35,816,636	7,781,371
Non-Cash Transactions:
Debt incurred for acquisitions	60,320,250	75,652,464
Noncontrolling interests resulting from the issuance of common units	3,499,383	1,574,551
Conversion of senior convertible debt into Series C preferred stock	0	3,000,000
Conversion of senior convertible debt into common stock	1,600,000	0
Accretion of preferred stock discounts	255,420	8,836,695
Deemed dividend related to beneficial conversion feature of preferred stock	0	72,644,506
Notes Issued	1,000,000	0
Other Cash Transactions:
Cash paid for interest	$ 8,258,885	$ 5,979,476

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	9 Months Ended
	Sep. 30, 2016
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", the "REIT", or "Company") 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, 2016 , the Trust, through the Operating Partnership, owned and operated fifty-five centers, one office building, eight undeveloped properties, and one redevelopment project 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. On October 24, 2014, the Trust, through the Operating Partnership, acquired (i) Wheeler Interests, LLC (“WI”), an acquisition and asset management firm, (ii) Wheeler Real Estate, LLC (“WRE”), a real estate leasing, management and administration firm and (iii) WHLR Management, LLC (“WM” and collectively with WI and WRE the “Operating Companies”), a real estate business operations firm, from Jon S. Wheeler, the Company's Chairman and CEO, resulting in the Company becoming an internally-managed REIT. Accordingly, the responsibility for identifying targeted real estate investments, the handling of the disposition of real estate investments our board of directors chooses to sell, administering our day-to-day business operations, including but not limited to, leasing, property management, payroll and accounting functions, acquisitions, asset management and administration are now handled internally. Prior to being acquired by the Company, the Operating Companies served as the external manager for the Company and its properties (the “REIT Properties”) and performed property management and leasing functions for certain related and non-related third parties (the “Non-REIT Properties”). The Company will continue to perform these services for the Non-REIT Properties through the Operating Companies, primarily through WRE. Accordingly, the Company converted WRE to a Taxable REIT Subsidiary (“TRS”) to accommodate serving the Non-REIT Properties since applicable REIT regulations consider the income derived from these services to be “bad” income subject to taxation. The regulations allow for costs incurred by the Company commensurate with the services performed for the Non-REIT Properties to be allocated to a TRS. During January 2014, the Company acquired Wheeler Development, LLC (“WD”) and converted it to a TRS. The Company began performing development activities for both REIT Properties and Non-REIT Properties during 2015. 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, 2015 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 2015 Annual Report filed on Form 10-K for the year ended December 31, 2015 (the “2015 Form 10-K”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Investment Properties The Company records investment properties and related intangibles at cost or fair value upon acquisition less accumulated depreciation and amortization. Investment properties include both acquired and constructed assets. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extends the useful life, increases capacity or improves the efficiency of the asset. All other repair and maintenance costs are expensed as incurred. The Company capitalizes interest on projects during periods of construction until the projects reach the completion point that corresponds with their intended purpose. The Company allocates the purchase price of acquisitions to the various components of the asset based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, the Company may utilize third party valuation specialists. These components typically include buildings, land and any intangible assets related to out-of-market leases, tenant relationships and in-place leases the Company determines to exist. The Company determines fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in the analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases, tenant relationships and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 5 to 40 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Tenant allowances, tenant inducements and tenant improvements are amortized utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The Company also estimates the value of other acquired intangible assets, if any, and amortizes them over the remaining life of the underlying related intangibles. The Company reviews investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable, but at least annually. These circumstances include, but are not limited to, declines in the property’s cash flows, occupancy and fair market value. The Company measures any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization, plus its residual value, is less than the carrying value of the property. To the extent impairment has occurred, the Company charges to income the excess of the carrying value of the property over its estimated fair value. The Company estimates fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. The Company may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. The Company did not record any impairment adjustments to its properties during the three and nine months ended September 30, 2016 and 2015 . Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less or investments easily converted into known amounts of cash to be cash and cash equivalents without a significant cost to the Company. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and cash equivalents and its trade accounts receivable. The Company places its cash and cash equivalents with institutions of high credit quality. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements and tenant security deposits. The Company presents changes in cash restricted for real estate taxes, insurance and tenant security deposits as operating activities in the condensed consolidated statement of cash flows. The Company presents changes in cash restricted for capital improvements as investing activities in the condensed consolidated statement of cash flows. The Company places its cash and cash equivalents and restricted cash on deposit with financial institutions in the United States and the amounts are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250,000 . The Company's credit loss in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions credit worthiness in conjunction with balances on deposit to minimize risk. Tenant Receivables and Unbilled Rent 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, 2016 and December 31, 2015 , the Company’s allowance for uncollectible accounts totaled $419,807 and $411,394 , respectively. During the three and nine months ended September 30, 2016 , the Company recorded bad debt expenses in the amount of $31,330 and $196,311 , 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, 2015 , the Company recorded bad debt expenses in the amount of $112,580 and $214,316 , respectively. During the three and nine months ended September 30, 2016 and 2015 , 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, capitalized legal and marketing costs and tenant relationship intangibles associated with acquisitions. The Company’s lease origination costs consist primarily of the portion of property acquisitions allocated to lease originations and commissions paid in connection with lease originations. Details of these deferred costs, net of amortization, and other assets are as follows: September 30, 2016 December 31, 2015 (unaudited) Lease origination costs, net $ 1,144,027 $ 1,376,652 Leases in place, net 21,965,889 19,091,917 Deposits 366,250 2,012,996 Legal and marketing costs, net 106,596 129,325 Tenant relationships, net 12,073,312 12,060,172 Other 442,920 588,464 Total Deferred Costs and Other Assets, net $ 36,098,994 $ 35,259,526 Amortization of lease origination costs, leases in place and legal and marketing costs represents a component of depreciation and amortization expense. As of September 30, 2016 and December 31, 2015 , the Company’s intangible accumulated amortization totaled $25,722,802 and $16,595,092 , respectively. During the three and nine months ended September 30, 2016 , the Company’s intangible amortization expense totaled $2,996,840 and $9,555,167 , respectively. During the three and nine months ended September 30, 2015 , the Company's intangible amortization expense totaled $3,403,239 and $8,121,491 , respectively. Future amortization of lease origination costs, leases in place, legal and marketing costs and tenant relationships is as follows (unaudited): For the Periods Ending September 30, Lease Origination Costs, net Leases In Place, net Legal & Marketing Costs, net Tenant Relationships, net 2017 $ 315,258 $ 6,164,707 $ 26,731 $ 4,144,113 2018 239,900 4,675,925 21,281 2,940,058 2019 162,301 3,287,248 17,215 1,931,689 2020 113,862 2,158,958 13,214 1,129,893 2021 90,987 1,353,786 10,260 586,277 Thereafter 221,719 4,325,265 17,895 1,341,282 $ 1,144,027 $ 21,965,889 $ 106,596 $ 12,073,312 Revenue Recognition The Company retains substantially all of the risks and benefits of ownership of the investment properties and accounts for its leases as operating leases. The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. Additionally, certain of the lease agreements contain provisions that grant additional rents based on tenants’ sales volumes (contingent or percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements. During the three and nine months ended September 30, 2016 , the Company recognized percentage rents of $57,682 and $214,225 , respectively. During the three and nine months ended September 30, 2015 , the Company recognized percentage rents of $27,179 and $63,326 , respectively. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). The Company includes these reimbursements, along with other revenue derived from late fees and seasonal events, under the Condensed Consolidated Statements of Operations caption "Tenant reimbursements and other revenues." This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. The Company accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by a fraction, the numerator of which is the total number of square feet being leased by the tenant, and the denominator of which is the total square footage of all leasable buildings at the property. The Company also receives escrow payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material for the three and nine months ended September 30, 2016 and 2015 . The Company recognizes lease termination fees in the period that the lease is terminated and collection of the fees is reasonably assured. Upon early lease termination, the Company provides for losses related to unrecovered intangibles and other assets. During the three and nine months ended September 30, 2016 , the Company recognized lease termination fees of $0 and $25,674 , respectively. During the three and nine months ended September 30, 2015 , the Company recognized lease termination fees of $0 and $0 , respectively. 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. As the REIT was formed in November 2012, it is subject to examination by the Internal Revenue Service and state tax authorities from the date of formation. Taxable REIT Subsidiary Cost Allocation The Company’s overall philosophy regarding cost allocation centers around the premise that the Trust exists to acquire, lease and manage properties for the benefit of its investors. Accordingly, a majority of the Company’s operations occur at the property level. Each property must carry its own weight by absorbing the costs associated with generating its revenues. Additionally, leases generally allow the Company to pass through to the tenant most of the costs involved in operating the property, including, but not limited to, the direct costs associated with owning and maintaining the property (landscaping, repairs and maintenance, taxes, insurance, etc.), property management and certain administrative costs. Service vendors bill the majority of the direct costs of operating the properties directly to the REIT Properties and Non-REIT Properties and each property pays them accordingly. The Non-REIT Properties pay WRE property management and/or asset management fees of 3% and 2% of collected revenues, respectively. The Non-REIT Properties also pay WRE leasing commissions based on the total contractual revenues to be generated under the new/renewed lease agreement ( 6% for new leases and 3% for renewals). Non-REIT properties pay development fees of 5% of hard costs. Compensation and benefits paid to employees of the Company represent the largest component of costs incurred to acquire, manage, lease and administer the properties. The Company believes that every employee position exists to either directly or indirectly perform these functions. Therefore, the Company allocates compensation and benefits to the various functions of the Company based on an estimate of how each employee spends their time. The Company allocates actual costs attributed to property management costs to the TRS on a pro rata basis based on total property revenues generated by the Non-REIT Properties. The Company allocates actual leasing costs to the TRS on a pro rata basis based on total leasing commissions generated by the Non-REIT Properties. Currently, the TRS does not acquire properties for third parties so the Company does not allocate acquisition related costs to the TRS. Financial Instruments The carrying amount of financial instruments included in assets and liabilities approximates fair market value due to their immediate or short-term maturity. 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. Advertising Costs The Company expenses advertising and promotion costs as incurred. The Company incurred advertising and promotion costs of $23,002 and $175,887 for the three and nine months ended September 30, 2016 , respectively. The Company incurred advertising and promotion costs of $44,376 and $152,338 for the three and nine months ended September 30, 2015 , respectively. 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 Condensed Consolidated Statements of Operations is presented below: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (unaudited) Acquisition and development costs $ 117,951 $ 1,733,639 $ 903,490 $ 3,167,378 Professional fees 390,540 274,006 1,180,854 1,166,279 Compensation and benefits 392,008 620,749 2,439,977 2,361,664 Corporate administration 301,578 247,621 806,216 806,494 Equity, debt and refinancing costs 60,679 1,826,240 310,547 2,447,890 Travel 153,199 61,993 373,741 363,803 Advertising 23,002 44,376 175,887 152,338 Taxes and licenses 56,564 43,356 99,748 149,354 Total $ 1,495,521 $ 4,851,980 $ 6,290,460 $ 10,615,200 Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the condensed consolidated balance sheets but separate from the Company’s equity. On the condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. 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 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 exchanged for the Company’s common stock $0.01 par value per share (“common stock”). In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital. Recent Accounting Pronouncements In May 2014, the FASB issued 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. In March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, "Revenue from contracts with customers (Topic 606): Identifying Performance Obligations and Licensing," which provides further guidance on identifying performance obligations and intellectual property licensing implementation. In June 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, which relates to assessing collectability, presentation of sales taxes, noncash consideration and completed contracts and contract modifications in transition. Companies are permitted to adopt the ASUs as early as fiscal years beginning after December 15, 2016, but the adoption is required for fiscal years beginning after December 15, 2017. These new standards 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. 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 this ASU as of December 31, 2016 and use its guidance when evaluating whether there is substantial doubt about the Company's ability to continue as a going concern. 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 adopted the ASU effective January 1, 2016 and applied it on a retrospective basis for all debt issuance costs, including those pertaining to the Company’s revolving credit facility. As a result, unamortized debt issuance costs of $4.71 million as of December 31, 2015 have been reclassified from other assets and presented as a deduction of indebtedness in the condensed consolidated balance sheet. 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 adopted the ASU effective January 1, 2016. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." ASU 2016-02 is intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The ASU will require organizations that lease assets referred to as “Lessees” to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new ASU will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases. The leasing standard will be effective for calendar year-end public companies beginning after December 15, 2018. Public companies will be required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption will be permitted for all companies and organizations upon issuance of the standard. For calendar year-end public companies, this means an adoption date of January 1, 2019 and retrospective application to previously issued annual and interim financial statements for 2018 and 2017. Lessees with a large portfolio of leases are likely to see a significant increase in balance sheet assets and liabilities. See Note 8 for the Company’s current lease commitments. The Company is currently evaluating the impact of ASU 2016-02 on its financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This ASU simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for annual periods beginning after December 15, 2016 and early adoption is permitted. The new standard can be applied using either a prospective transition method or a retrospective transition method. The Company will adopt this ASU in 2017 and does not expect the adoption of this ASU to materially impact its financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force).” The ASU addresses eight specific cash flow issues in an effort to reduce diversity in practice. This ASU is effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted. The new standard is to be applied retrospectively for all period presented. The Company will adopt this ASU in 2018 and does not expect the adoption to materially impact its condensed consolidated statements of cash flows. 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. During the first quarter of 2016, the Company identified that in previous filings the change in cash restricted for property reserves and payments for deferred financing costs had been reported as cash flows from operating activities and should have been presented as investing and financing activities, respectively. The Company corrected the previously presented cash flows for these items in the current presentation and in doing so, the condensed consolidated statements of cash flows for the nine months ended September 30, 2015 has been adjusted to increase net cash flows from operating activities by $4.3 million with corresponding decreases in net cash flows from investing and financing activities of $1.7 million and $2.6 million , respectively. The Company has evaluated the effect of the incorrect presentation in prior periods, both qualitatively and quantitatively, and concluded that it did not have a material impact on, nor require amendment of, any previously filed annual or quarterly consolidated financial statements.

Investment Properties

Investment Properties	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Investment properties	Investment Properties Investment properties consist of the following: September 30, 2016 December 31, 2015 (unaudited) Land and land improvements $ 71,835,953 $ 50,777,143 Land held for improvement 11,370,497 12,353,963 Buildings and improvements 227,405,802 188,338,469 Investment properties at cost 310,612,252 251,469,575 Less accumulated depreciation and amortization (18,399,995 ) (12,704,944 ) Investment properties, net $ 292,212,257 $ 238,764,631 The Company’s depreciation expense on investment properties was $1,997,732 and $5,751,164 for the three and nine months ended September 30, 2016 , respectively. The Company's depreciation expense on investment properties was $1,478,698 and $3,600,673 for the three and nine months ended September 30, 2015 , respectively. 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 On April 12, 2016 , the Company completed its acquisition of 14 retail shopping centers located in Georgia and South Carolina (collectively the “A-C Portfolio”) for an aggregate purchase price of $71 million , paid through a combination of cash, debt and the issuance of 888,889 common units in the Operating Partnership. Collectively, the A-C Portfolio properties total 605,358 square feet in leaseable space, and were 92% leased as of the acquisition date by 77 primarily retail tenants. Each property is anchored by either a Bi-Lo, Harris Teeter or Piggly Wiggly grocery store. The A-C Portfolio consists of the following properties: Property Name Location Square Feet Darien Shopping Center Darien, GA 26,001 Devine Street Columbia, SC 38,464 Folly Road Charleston, SC 47,794 Georgetown Georgetown, SC 29,572 Ladson Crossing Ladson, SC 52,607 Lake Greenwood Crossing Greenwood, SC 47,546 Lake Murray Lexington, SC 39,218 Litchfield Market Village Pawleys Island, SC 86,740 Moncks Corner Moncks Corner, SC 26,800 Ridgeland Ridgeland, SC 20,029 Shoppes at Myrtle Park Bluffton, SC 56,380 South Lake Lexington, SC 44,318 South Park Mullins, SC 60,874 St. Matthews St. Matthews, SC 29,015 The following summarizes the consideration paid and the preliminary 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 valuation and purchase price allocation for this acquisition are preliminary, but are expected to be finalized by March 31, 2017. A-C Portfolio Preliminary fair value of assets acquired and liabilities assumed: Investment property (a) $ 58,595,869 Lease intangibles and other assets (b) 12,124,143 Above market leases (c) 2,942,219 Below market leases (c) (2,662,231 ) Preliminary fair value of net assets acquired: $ 71,000,000 Purchase consideration: Consideration paid with cash and debt $ 69,000,000 Consideration paid with common units 2,000,000 Total consideration (d) $ 71,000,000 a. Represents the preliminary fair value of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The preliminary fair value was determined using 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 fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, in place leases and tenant relationships 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 fair value of above/below market leases. The income approach was used to determine the fair value of above/below market leases using market rental rates for similar properties. d. Represents the components of purchase consideration paid. Unaudited pro forma financial information in the aggregate is presented below for the acquisitions of the A-C Portfolio. The unaudited pro forma information presented below includes the effects of the acquisition as if it 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, interest expense related to debt incurred and adjustments attributable to the increase in noncontrolling interests relating to the incremental common units used as consideration in the acquisition of the A-C Portfolio. Three Months Ended Nine Months Ended 2016 2015 2016 2015 Rental revenue $ 8,589,194 $ 7,350,934 $ 25,685,635 $ 18,879,018 Net loss from continuing operations $ (1,597,272 ) $ (7,865,805 ) $ (9,210,053 ) $ (18,495,390 ) Net loss attributable to Wheeler REIT $ (1,441,117 ) $ (7,105,404 ) $ (7,572,955 ) $ (16,420,232 ) Net loss attributable to Wheeler REIT common shareholders $ (2,681,928 ) $ (22,509,817 ) $ (9,836,365 ) $ (102,180,970 ) Basic loss per share $ (0.04 ) $ (0.36 ) $ (0.15 ) $ (3.43 ) Diluted loss per share $ (0.04 ) $ (0.36 ) $ (0.15 ) $ (3.43 )

Notes Receivable Notes receivab

Notes Receivable Notes receivable	9 Months Ended
	Sep. 30, 2016
Notes Receivable [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Notes Receivable The Company, through WD, is performing development services for a related party of the Company, for the redevelopment of Pineland Station Shopping Center in Hilton Head, South Carolina to be known in the future as Sea Turtle Marketplace (“Sea Turtle Development”). Sea Turtle Development is a related party as discussed in Note 10. On September 29, 2016, the Company entered into an $11.0 million note receivable for the partial funding of the Sea Turtle Development and an $1.0 million note receivable in consideration for the sale of 10.39 acres of land owned by the Company. Both promissory notes are collateralized by a 2 nd deed of trust on the property and accrue interest at a rate of 12% annually. Interest only payments at a rate of 8% are due on the notes at the beginning of every calendar quarter starting October 2016. Interest at a rate of 4% accrues and is due at maturity. The notes mature the earlier of September 29, 2021 or the disposition of the property. The balance on the notes receivable at September 30, 2016 is $12.0 million .

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Assets held for sale and discontinued operations	Assets Held for Sale and Discontinued Operations In August 2015, the Company’s management and Board of Directors committed to a plan to sell 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, 2016, the only Freestanding Property remaining available for sale was Ruby Tuesday and Outback Steakhouse at Pierpont Centre. On June 29, 2016, the Company completed its sale of Starbucks/Verizon for a contract price of approximately $2.1 million , resulting in a gain of approximately $689,000 . As of September 30, 2016 and December 31, 2015 , assets held for sale consisted of the following: September 30, 2016 December 31, 2015 (unaudited) Investment properties, net $ 216,792 $ 1,284,888 Rents and other tenant receivables, net — 38,945 Above market lease intangible, net 2,616 2,616 Deferred costs and other assets, net 146,472 366,024 Total assets held for sale $ 365,880 $ 1,692,473 As of September 30, 2016 and December 31, 2015 , liabilities associated with assets held for sale consisted of the following: September 30, 2016 December 31, 2015 (unaudited) Loans payable $ 1,350,000 $ 1,966,806 Below market lease intangible, net — 14,758 Accounts payable, accrued expenses and other liabilities — 10,754 Total liabilities associated with assets held for sale $ 1,350,000 $ 1,992,318 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, 2016 and 2015 : Three Months Ended Nine Months Ended 2016 2015 2016 2015 (unaudited) Revenues $ 53,939 $ 607,379 $ 249,439 $ 1,827,238 Expenses 508 174,218 78,013 789,157 Operating income 53,431 433,161 171,426 1,038,081 Interest expense 14,317 215,927 55,963 689,998 Gain on disposal of properties 805 — 688,824 — Income from discontinued operations $ 39,919 $ 217,234 $ 804,287 $ 348,083

Loans Payable

Loans Payable	9 Months Ended
	Sep. 30, 2016
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, 2016 December 31, 2015 (unaudited) Shoppes at Eagle Harbor $ 25,100 4.34 % March 2018 $ 3,528,895 $ 3,634,085 Monarch Bank Building $ 9,473 4.15 % December 2017 1,334,241 1,376,452 Perimeter Square Interest only 4.06 % August 2026 4,500,000 4,166,406 Riversedge North $ 8,802 6.00 % January 2019 926,444 962,281 Walnut Hill Plaza $ 24,273 5.50 % July 2017 3,464,362 3,535,606 Twin City Commons $ 17,827 4.86 % January 2023 3,184,056 3,225,473 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 5,951,648 6,081,272 Bank Line of Credit Interest only 4.25 % September 2017 3,000,000 — Bank Line of Credit Interest only 3.01 % May 2018 46,127,250 6,873,750 Forrest Gallery $ 50,973 5.40 % September 2023 8,834,660 8,926,712 Tampa Festival $ 50,797 5.56 % September 2023 8,534,790 8,627,294 Winslow Plaza Interest only 4.82 % December 2025 4,620,000 4,620,000 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,609,876 6,625,000 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,632,616 3,677,501 Port Crossing $ 34,788 4.84 % August 2024 6,396,584 6,471,636 LaGrange Marketplace $ 15,065 5.50 % February 2024 2,381,726 2,418,212 Freeway Junction $ 31,265 4.60 % September 2024 8,150,000 8,150,000 DF I-Edenton $ 250,000 1 3.75 % September 2016 — 650,000 DF I-Moyock $ 10,665 5.00 % July 2019 337,169 418,538 Graystone Crossing $ 15,672 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 664,864 732,685 Pierpont Centre Interest only 4.15 % February 2025 8,450,000 8,450,000 Alex City Marketplace Interest only 3.95 % April 2025 5,750,000 5,750,000 Butler Square Interest only 3.90 % May 2025 5,640,000 5,640,000 Brook Run Shopping Center Interest only 4.08 % June 2025 10,950,000 10,950,000 Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400,000 9,400,000 Columbia Fire Station Interest only 8.00 % December 2017 477,788 450,053 Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900,000 5,900,000 Barnett Portfolio Interest only 4.30 % September 2025 8,770,000 8,770,000 Grove Park Shopping Center Interest only 4.52 % October 2025 3,800,000 3,800,000 Parkway Plaza Interest only 4.57 % October 2025 3,500,000 3,500,000 Conyers Crossing Interest only 4.67 % October 2025 5,960,000 5,960,000 Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100,000 7,100,000 Chesapeake Square $ 23,857 4.70 % August 2026 4,594,760 — Revere Loan Interest only 8.00 % April 2017 7,450,000 — Senior convertible notes Interest only 9.00 % December 2018 1,400,000 3,000,000 Senior non-convertible notes Interest only 9.00 % January 2016 — 2,160,000 South Carolina Food Lions note $ 68,320 5.25 % January 2024 12,266,906 12,375,000 Total Principal Balance 238,551,135 189,340,456 Unamortized debt issuance cost (6,783,873 ) (4,711,374 ) Total Loans Payable $ 231,767,262 $ 184,629,082 (1) $250,000 plus accrued interest paid quarterly until maturity. KeyBank Credit Agreement On May 29, 2015, the Operating Partnership entered into a $45.0 million revolving credit line (the "Credit Agreement") with KeyBank National Association ("KeyBank"). Pursuant to the Credit Agreement, outstanding borrowings accrue monthly interest which is paid at a rate of the one-month London Interbank Offer Rate ("LIBOR") plus a margin ranging from 1.75% to 2.50% depending on the Company's consolidated leverage ratio. On April 12, 2016, the Operating Partnership entered into a First Amendment and Joinder Agreement (“First Amendment”) to the Credit Agreement. The First Amendment increased the $45.0 million revolving credit line with KeyBank to $67.2 million and the Company utilized this additional borrowing capacity to acquire the A-C Portfolio. Pursuant to the terms of the First Amendment, the monthly interest of the increased credit facility is adjusted to LIBOR plus a margin of 5.00% until such time that the Company can meet certain repayment and leverage conditions. The Company used Series B proceeds to reduce its borrowings under the Credit Agreement to $46.1 million and the margin reduced back to the stated range of the original Credit Agreement on August 15, 2016. The unutilized amounts available to the Company under the Credit Agreement accrue fees which are paid at a rate of 0.30% . As of September 30, 2016, the Company has borrowed $46.1 million under the Credit Agreement, which is collateralized by the A-C Portfolio acquired on April 12, 2016. At September 30, 2016, the outstanding borrowings are accruing interest at 3.01% . The Credit Agreement contains certain financial covenants that the Company must meet, including minimum leverage, fixed charge coverage and debt service coverage ratios as well as a minimum tangible net worth requirement. The Company was in compliance with the financial covenants as of September 30, 2016. The Credit Agreement also contains certain events of default that if they occur may cause KeyBank to terminate the Credit Agreement and declare amounts owed to become immediately payable. As of September 30, 2016, the Company has not incurred an event of default. Senior Subordinated Debt On January 29, 2016, the Company paid off $2.16 million in senior subordinated debt. Revere Loan Agreement In connection with the closing of the A-C Portfolio, the Operating Partnership, as borrower, and Revere High Yield Fund, LP, a Delaware limited partnership (“Revere”), as lender, entered into a Term Loan Agreement dated as of April 8, 2016 (“Revere Term Loan”) in the principal amount of $8.0 million . The Revere Term Loan has a maturity date of April 30, 2017 and an interest rate of 8% per annum. The Company and certain of its subsidiaries serve as guarantors under the Revere Term Loan. The proceeds of the Revere Term Loan were used as partial consideration for the purchase of the A-C Portfolio. A warrant (“Warrant”) to purchase an aggregate of 6,000,000 shares of the Company’s common stock (under circumstances described below under the section “Revere Warrant Agreement”) serves as collateral for the Revere Term Loan. As of September 30, 2016 , the remaining outstanding amount under the Revere Term Loan is $7.45 million . Revere Warrant Agreement In connection with the Revere Term Loan, the Company and Revere entered into a Warrant Agreement dated as of April 8, 2016 (“Revere Warrant Agreement”), pursuant to which the Company agreed to issue the Warrant to Revere. The terms of the Revere Warrant Agreement provide that solely in the event of an Event of Default (as defined in the Revere Term Loan) under the Revere Term Loan, Revere shall have the right to purchase an aggregate of up to 6,000,000 shares of the Company’s common stock for an exercise price equal to $0.0001 per share. The Warrant is exercisable at any time and from time to time during the period starting on April 8, 2016 and expiring on April 30, 2017 at 11:59 p.m., Virginia Beach, Virginia time, solely in the event of an Event of Default under the Revere Term Loan. The Company will not receive any proceeds from the issuance of the Warrant; rather the Warrant serves as collateral for the Revere Term Loan, the proceeds of which were used as partial consideration for the A-C Portfolio. The issuance of the Warrant is exempt from registration pursuant to the exemption provided by Rule 506 of Regulation D under the Securities Act of 1933, as amended based upon the above facts, because Revere is an accredited investor and because the issuance of the Warrant was a private transaction by the Company and did not involve any public offering. The Warrant is treated as embedded equity and separate disclosure is not necessary. Senior Convertible Notes Amendment Effective as of April 28, 2016, the Company and certain investors: Calapasas West Partners, L.P.; Full Value Partners, L.P.; Full Value Special Situations Fund, L.P.; MCM Opportunity Partners, L.P.; Mercury Partners, L.P.; Opportunity Partners, L.P.; Special Opportunities Fund, Inc.; and Steady Gain Partners, L.P. (collectively the “Bulldog Investors”) amended the convertible 9% senior notes (“Amended Convertible Notes”) to purchase shares of the Company’s common stock. Prior to the amendment, the aggregate principal amount of the Convertible Notes ("Convertible Notes") was $3,000,000 . Pursuant to the terms of the Amended Convertible Notes, upon thirty ( 30 ) calendar days’ notice (“Notice”), the Company may prepay any portion of the outstanding Principal Amount and accrued and unpaid interest, if any, without penalty. In addition, upon Notice the Bulldog Investors may now exercise their right to convert all or any portion of the outstanding Principal Amount and any accrued but unpaid interest into shares of common stock any time prior to the repayment in full of the Amended Convertible Notes. The maximum number of shares of common stock issuable upon conversion of the Amended Convertible Notes is 1,417,079 shares. As of September 30, 2016 , the Bulldog Investors converted approximately $1,600,000 of principal amount into 1,397,010 shares of the Company's common stock. Certain of the Company’s loans payable have covenants with which the Company is required to comply. As of September 30, 2016 , the Company believes it is in compliance with all applicable covenants. Chesapeake Square Refinance On July 11, 2016, the Company executed a promissory note for $4.6 million to refinance the Chesapeake Square collateralized portion of the KeyBank Credit Agreement totaling $3.9 million . The new loan matures on August 1, 2026 with principal due at maturity and bears interest at 4.70% . Perimeter Square Refinance On July 29, 2016, the Company executed a promissory note for $4.5 million to refinance the Perimeter promissory note totaling $4.1 million . The new loan matures on August 6, 2026 with principal due at maturity and bears interest at 4.06% . Debt Maturity The Company’s scheduled principal repayments on indebtedness as of September 30, 2016 are as follows: For the Periods Ending September 30, (unaudited) 2017 $ 16,396,168 2018 53,068,183 2019 4,004,712 2020 9,217,251 2021 1,748,540 Thereafter 154,116,281 Total principal maturities $ 238,551,135

Rentals under Operating Leases

Rentals under Operating Leases	9 Months Ended
	Sep. 30, 2016
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, 2016 are as follows: For the Periods Ending September 30, (unaudited) 2017 $ 32,959,649 2018 28,486,921 2019 22,194,366 2020 16,887,034 2021 11,526,744 Thereafter 30,255,139 Total minimum rentals $ 142,309,853

Equity

Equity	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Equity	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, 2016 , 4,055,292 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, 1,871,244 shares of Series B Convertible Preferred Stock, without par value ("Series B Preferred Stock"), and 1,600,000 shares of Series D Cumulative Convertible Preferred Stock, without par value ("Series D Preferred Stock"), and $1,400,000 of senior convertible debt are eligible to be converted into 28,244,214 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, 2016 . In addition, 6,000,000 shares of the Company's common stock may be issued upon exercise of a warrant, solely in the event of a default under a loan agreement in which we serve as a guarantor. The common units, convertible preferred stock, cumulative 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 declared to holders of common units, common shares and preferred shares as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (unaudited) Common unit and common shareholders $ 3,867,061 $ 3,683,804 $ 11,444,679 $ 6,099,075 Preferred shareholders 1,240,811 2,279,907 2,263,410 13,116,232 Total $ 5,107,872 $ 5,963,711 $ 13,708,089 $ 19,215,307 On September 19, 2016, the Company declared a $0.0175 per share dividend payable on or about October 31, 2016 to shareholders and unitholders of record as of September 30, 2016 . Accordingly, the Company has accrued $1,289,617 as of September 30, 2016 for this dividend. During the three months ended September 30, 2016 , the Company declared quarterly dividends of $1,162,442 to preferred shareholders of record as of September 30, 2016 to be paid on October 15, 2016 . Accordingly, the Company has accrued $1,162,442 as of September 30, 2016 for this dividend. 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 2015 Incentive Plan During the nine months ended September 30, 2016 , the Company issued 283,304 shares to consultants and employees for services rendered to the Company. The market value of these shares at the time of issuance was approximately $426,500 . As of September 30, 2016 , there are 473,804 shares available for issuance under the Company’s 2015 Incentive Plan. 2016 Long-Term Incentive Plan On June 15, 2016 , the Company's shareholders approved the 2016 Long-Term Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan allows for issuance of up to 5,000,000 shares of the Company's common stock to employees, directors, officers and consultants for services rendered to the Company. There were no issuances under the 2016 Incentive Plan in 2016. 2016 Series B Preferred Stock Offering On July 7, 2016 the Company filed a shelf registration statement relating to the potential issuance of up to $50 million of our Series B Preferred Stock. On July 21, 2016, the Company entered into an Equity Distribution Agreement (the "Equity Distribution Agreement") with a third party agent to sell such securities. As of September 30, 2016, the Company has issued 1,142,225 shares of Series B Preferred Stock pursuant to the Equity Distribution Agreement in addition to the 729,119 shares that were currently issued and outstanding. The Series B Preferred Stock has no redemption rights. However, the Series B Preferred Stock is subject to a mandatory conversion once the 20 -trading day volume-weighted average closing price of our common stock, 0.01 par value per share, exceeds $7.25 per share; once this weighted average closing price is met, each share of our Series B Preferred Stock will automatically convert into shares of our common stock at a conversion price equal to $5.00 per share. In addition, holders of our Series B Preferred Stock also have the option, at any time, to convert shares of our Series B Preferred Stock into shares of our common stock at a conversion price of $5.00 per share of common stock. Upon any voluntary or involuntary liquidation, dissolution or winding up of our company, the holders of shares of our Series B Preferred Stock shall be entitled to be paid out of our assets a liquidation preference of $25.00 per share, plus an amount equal to all accumulated, accrued and unpaid dividends to and including the date of payment. The Series Preferred B Stock has no maturity date and will remain outstanding indefinitely unless subject to a mandatory or voluntary conversion as described above. Net proceeds from the Series B Preferred Stock offering totaled $23.4 million which includes the impact of the underwriters’ selling concessions and legal, accounting and other professional fees. 2016 Series D Preferred Stock Offering- Redeemable Preferred Stock In September 2016, the Company, issued and sold 1,600,000 shares of Series D Preferred Stock, liquidation value $25.00 per share (the “Series D Preferred Stock”), in a public offering. Each share of Series D Preferred Stock was sold to investors at an offering price of $25.00 per share. Until September 21, 2023, the holders of the Series D Preferred Stock are entitled to receive cumulative cash dividends at a rate of 8.75% per annum of the $25.00 liquidation preference per share (equivalent to the fixed annual amount of $2.1875 per share) (the “Initial Rate”). Commencing September 21, 2023, the holder’s will be entitled to cumulative cash dividends at an annual dividend rate of the Initial Rate increased by 2% of the liquidation preference per annum on each subsequent anniversary thereafter, subject to a maximum annual dividend rate of 14% . Dividends are payable quarterly in arrears on or before January 15 th , April 15 th , July 15 th and October 15 th of each year. On or after September 21, 2021, the Company, may at its option, redeem the Series D Preferred Stock, for cash at a redemption price of $25 per share, plus an amount equal to all accrued and unpaid dividends, if any, to and including the redemption date. The holder of the Series D Preferred Stock may convert shares at any time into shares of the Company’s common stock at an initial conversion rate of $2.12 per share of common stock. On September 21, 2023, the holders of the Series D Preferred Stock may, at their option, elect to cause the Company to redeem any or all of their shares at a redemption price of $25 per share, plus an amount equal to all accrued and unpaid dividends, if any, to and including the redemption date, payable in cash or in shares of common stock, or any combination thereof, at the holder’s option. The Series D Preferred Stock requires the Company maintain asset coverage of at least 200.00% . Net proceeds from the public offering totaled $38 million , which includes the impact of the underwriters' selling commissions and legal, accounting and other professional fees. Accretion of Series D Preferred Stock discount was $12 thousand for the nine months ended September 30, 2016.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments As of September 30, 2016 , the Amscot property is subject to a ground lease which terminates in 2045 . The ground lease requires the Company to make a fixed annual rental payment and includes escalation clauses and renewal options. The Company incurred ground lease expense of $4,539 and $13,617 for the three and nine months ended September 30, 2016 , respectively, compared to $4,539 and $13,510 for the three and nine months ended September 30, 2015 , respectively. As of September 30, 2016 , the Beaver Ruin Village property is subject to a ground lease which terminates in 2054 . The ground lease requires the Company to make a fixed annual rental payment and includes escalation clauses and renewal options. The Company incurred ground lease expense of $11,428 and $34,284 for the three and nine months ended September 30, 2016 , respectively, compared to $11,428 for the three and nine months ended September 30, 2015 . As of September 30, 2016 , the Beaver Ruin Village II property is subject to a ground lease which terminates in 2056 . The ground lease requires the Company to make a fixed annual rental payment and includes escalation clauses and renewal options. The Company incurred ground lease expense of $4,463 and $13,389 for the three and nine months ended September 30, 2016 , respectively, compared to $4,463 for the three and nine months ended September 30, 2015 . As of September 30, 2016 , the Company leases office space in Charleston, South Carolina, subject to a lease that terminates in 2019 . The lease requires the Company to make a fixed annual rental payment and includes escalation clauses and renewal options. The Company incurred lease expense of $25,524 and $66,832 for the three and nine months ended September 30, 2016 , respectively, compared to $24,910 and $84,709 for the three and nine months ended September 30, 2015 , respectively. As of September 30, 2016 , the Moncks Corner property is subject to a ground lease which terminates in 2040 . The ground lease requires the Company to make a fixed annual rental payment and includes escalation clauses and renewal options. The Company incurred ground lease expense of $30,327 and $56,940 for the three and nine months ended September 30, 2016 , respectively. As of September 30, 2016 , the Devine Street property is subject to a ground lease which terminates in 2035 . The ground lease requires the Company to make a fixed annual rental payment and includes escalation clauses and renewal options. The Company incurred ground lease expense of $62,500 and $117,361 for the three and nine months ended September 30, 2016 , respectively. Future minimum lease payments due under the operating leases, including applicable automatic extension options, are as follows (unaudited): For the Years Ended September 30, 2017 $ 518,974 2018 523,140 2019 518,166 2020 425,924 2021 465,785 Thereafter 10,131,026 $ 12,583,015 Insurance The Company carries comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in its portfolio under a blanket insurance policy, in addition to other coverages, such as trademark and pollution coverage that may be appropriate for certain of its properties. Additionally, the Company carries a directors’, officers’, entity and employment practices liability insurance policy that covers such claims made against the Company and its directors and officers. The Company believes the policy specifications and insured limits are appropriate and adequate for its properties given the relative risk of loss, the cost of the coverage and industry practice; however, its insurance coverage may not be sufficient to fully cover its losses. Concentration of Credit Risk The Company is subject to risks incidental to the ownership and operation of commercial real estate. These risks include, among others, the risks normally associated with changes in the general economic climate, trends in the retail industry, creditworthiness of tenants, competition for tenants and customers, changes in tax laws, interest rates, the availability of financing and potential liability under environmental and other laws. The Company’s portfolio of properties is dependent upon regional and local economic conditions and is geographically concentrated in the Northeast, Mid-Atlantic, Southeast and Southwest, which markets represented approximately 2% , 20% , 75% and 3% , respectively, of the total annualized base rent of the properties in its portfolio as of September 30, 2016 . The Company’s geographic concentration may cause it to be more susceptible to adverse developments in those markets than if it owned a more geographically diverse portfolio. Additionally, the Company’s retail shopping center properties depend on anchor stores or major tenants to attract shoppers and could be adversely affected by the loss of, or a store closure by, one or more of these tenants. Regulatory and Environmental As the owner of the buildings on our properties, the Company could face liability for the presence of hazardous materials (e.g., asbestos or lead) or other adverse conditions (e.g., poor indoor air quality) in its buildings. Environmental laws govern the presence, maintenance, and removal of hazardous materials in buildings, and if the Company does not comply with such laws, it could face fines for such noncompliance. Also, the Company could be liable to third parties (e.g., occupants of the buildings) for damages related to exposure to hazardous materials or adverse conditions in its buildings, and the Company could incur material expenses with respect to abatement or remediation of hazardous materials or other adverse conditions in its buildings. In addition, some of the Company’s tenants routinely handle and use hazardous or regulated substances and wastes as part of their operations at our properties, which are subject to regulation. Such environmental and health and safety laws and regulations could subject the Company or its tenants to liability resulting from these activities. Environmental liabilities could affect a tenant’s ability to make rental payments to the Company, and changes in laws could increase the potential liability for noncompliance. This may result in significant unanticipated expenditures or may otherwise materially and adversely affect the Company’s operations. The Company is not aware of any material contingent liabilities, regulatory matters or environmental matters that may exist. Litigation 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Related party transactions	Related Party Transactions The amounts disclosed below reflect the activity between the Company and Mr. Wheeler's affiliates. September 30, 2016 2015 (unaudited) Amounts paid to affiliates $ 114,817 $ 831,777 Amounts received from affiliates $ 784,510 $ 671,334 Amounts due from affiliates $ 1,365,950 $ 377,601 Notes receivable $ 12,000,000 $ — As discussed in Note 4, the Company has loaned $11.0 million for the partial funding of Pineland Station Shopping Center in Hilton Head, South Carolina to be known in the future as Sea Turtle Development and loaned $1.0 million for the sale of land to be used in the development. The Company is performing development, leasing, property and asset management services for Sea Turtle Development. Development fees of 5% of hard costs incurred are paid to the Company. Leasing, property and asset management fees are consistent with those charged for services provided to non-related properties. Amounts due from affiliates include $294 thousand in accrued interest on the notes receivable and $169 thousand in development fees.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Investment properties	Investment Properties The Company records investment properties and related intangibles at cost or fair value upon acquisition less accumulated depreciation and amortization. Investment properties include both acquired and constructed assets. Improvements and major repairs and maintenance are capitalized when the repair and maintenance substantially extends the useful life, increases capacity or improves the efficiency of the asset. All other repair and maintenance costs are expensed as incurred. The Company capitalizes interest on projects during periods of construction until the projects reach the completion point that corresponds with their intended purpose. The Company allocates the purchase price of acquisitions to the various components of the asset based upon the fair value of each component which may be derived from various observable or unobservable inputs and assumptions. Also, the Company may utilize third party valuation specialists. These components typically include buildings, land and any intangible assets related to out-of-market leases, tenant relationships and in-place leases the Company determines to exist. The Company determines fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends and specific market and economic conditions that may affect the property. Factors considered by management in the analysis of determining the as-if-vacant property value include an estimate of carrying costs during the expected lease-up periods considering market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and estimates of lost rentals at market rates during the expected lease-up periods, tenant demand and other economic conditions. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related expenses. Intangibles related to out-of-market leases, tenant relationships and in-place lease value are recorded as acquired lease intangibles and are amortized as an adjustment to rental revenue or amortization expense, as appropriate, over the remaining terms of the underlying leases. Premiums or discounts on acquired out-of-market debt are amortized to interest expense over the remaining term of such debt. The Company records depreciation on buildings and improvements utilizing the straight-line method over the estimated useful life of the asset, generally 5 to 40 years. The Company reviews depreciable lives of investment properties periodically and makes adjustments to reflect a shorter economic life, when necessary. Tenant allowances, tenant inducements and tenant improvements are amortized utilizing the straight-line method over the term of the related lease or occupancy term of the tenant, if shorter. Amounts allocated to buildings are depreciated over the estimated remaining life of the acquired building or related improvements. The Company amortizes amounts allocated to tenant improvements, in-place lease assets and other lease-related intangibles over the remaining life of the underlying leases. The Company also estimates the value of other acquired intangible assets, if any, and amortizes them over the remaining life of the underlying related intangibles. The Company reviews investment properties for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of investment properties may not be recoverable, but at least annually. These circumstances include, but are not limited to, declines in the property’s cash flows, occupancy and fair market value. The Company measures any impairment of investment property when the estimated undiscounted operating income before depreciation and amortization, plus its residual value, is less than the carrying value of the property. To the extent impairment has occurred, the Company charges to income the excess of the carrying value of the property over its estimated fair value. The Company estimates fair value using unobservable data such as operating income, estimated capitalization rates, or multiples, leasing prospects and local market information. The Company may decide to sell properties that are held for use and the sale prices of these properties may differ from their carrying values. The Company did not record any impairment adjustments to its properties during the three and nine months ended September 30, 2016 and 2015 .
Cash and cash equivalents and restricted cash	Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less or investments easily converted into known amounts of cash to be cash and cash equivalents without a significant cost to the Company. Cash equivalents are carried at cost, which approximates fair value. Cash equivalents consist primarily of bank operating accounts and money markets. Financial instruments that potentially subject the Company to concentrations of credit risk include its cash and cash equivalents and its trade accounts receivable. The Company places its cash and cash equivalents with institutions of high credit quality. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements and tenant security deposits. The Company presents changes in cash restricted for real estate taxes, insurance and tenant security deposits as operating activities in the condensed consolidated statement of cash flows. The Company presents changes in cash restricted for capital improvements as investing activities in the condensed consolidated statement of cash flows. The Company places its cash and cash equivalents and restricted cash on deposit with financial institutions in the United States and the amounts are insured by the Federal Deposit Insurance Company (“FDIC”) up to $250,000 .
Tenant receivables and unbilled rent	Tenant Receivables and Unbilled Rent 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.
Above and below market lease intangibles, net	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	Deferred Costs and Other Assets, net The Company’s deferred costs and other assets consist primarily of leasing commissions, capitalized legal and marketing costs and tenant relationship intangibles associated with acquisitions. The Company’s lease origination costs consist primarily of the portion of property acquisitions allocated to lease originations and commissions paid in connection with lease originations. Details of these deferred costs, net of amortization, and other assets are as follows: September 30, 2016 December 31, 2015 (unaudited) Lease origination costs, net $ 1,144,027 $ 1,376,652 Leases in place, net 21,965,889 19,091,917 Deposits 366,250 2,012,996 Legal and marketing costs, net 106,596 129,325 Tenant relationships, net 12,073,312 12,060,172 Other 442,920 588,464 Total Deferred Costs and Other Assets, net $ 36,098,994 $ 35,259,526 Amortization of lease origination costs, leases in place and legal and marketing costs represents a component of depreciation and amortization expense.
Revenue recognition	Revenue Recognition The Company retains substantially all of the risks and benefits of ownership of the investment properties and accounts for its leases as operating leases. The Company accrues minimum rents on a straight-line basis over the terms of the respective leases which results in an unbilled rent asset or deferred rent liability being recorded on the balance sheet. Additionally, certain of the lease agreements contain provisions that grant additional rents based on tenants’ sales volumes (contingent or percentage rent). Percentage rents are recognized when the tenants achieve the specified targets as defined in their lease agreements. During the three and nine months ended September 30, 2016 , the Company recognized percentage rents of $57,682 and $214,225 , respectively. During the three and nine months ended September 30, 2015 , the Company recognized percentage rents of $27,179 and $63,326 , respectively. The Company’s leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or “CAM” expenses). The Company includes these reimbursements, along with other revenue derived from late fees and seasonal events, under the Condensed Consolidated Statements of Operations caption "Tenant reimbursements and other revenues." This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. The Company accrues reimbursements from tenants for recoverable portions of all these expenses as revenue in the period the applicable expenditures are incurred. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by a fraction, the numerator of which is the total number of square feet being leased by the tenant, and the denominator of which is the total square footage of all leasable buildings at the property. The Company also receives escrow payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes differences between estimated recoveries and the final billed amounts in the subsequent year. These differences were not material for the three and nine months ended September 30, 2016 and 2015 . The Company recognizes lease termination fees in the period that the lease is terminated and collection of the fees is reasonably assured. Upon early lease termination, the Company provides for losses related to unrecovered intangibles and other assets.
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. As the REIT was formed in November 2012, it is subject to examination by the Internal Revenue Service and state tax authorities from the date of formation.
Taxable REIT subsidiary cost allocation	Taxable REIT Subsidiary Cost Allocation The Company’s overall philosophy regarding cost allocation centers around the premise that the Trust exists to acquire, lease and manage properties for the benefit of its investors. Accordingly, a majority of the Company’s operations occur at the property level. Each property must carry its own weight by absorbing the costs associated with generating its revenues. Additionally, leases generally allow the Company to pass through to the tenant most of the costs involved in operating the property, including, but not limited to, the direct costs associated with owning and maintaining the property (landscaping, repairs and maintenance, taxes, insurance, etc.), property management and certain administrative costs. Service vendors bill the majority of the direct costs of operating the properties directly to the REIT Properties and Non-REIT Properties and each property pays them accordingly. The Non-REIT Properties pay WRE property management and/or asset management fees of 3% and 2% of collected revenues, respectively. The Non-REIT Properties also pay WRE leasing commissions based on the total contractual revenues to be generated under the new/renewed lease agreement ( 6% for new leases and 3% for renewals). Non-REIT properties pay development fees of 5% of hard costs. Compensation and benefits paid to employees of the Company represent the largest component of costs incurred to acquire, manage, lease and administer the properties. The Company believes that every employee position exists to either directly or indirectly perform these functions. Therefore, the Company allocates compensation and benefits to the various functions of the Company based on an estimate of how each employee spends their time. The Company allocates actual costs attributed to property management costs to the TRS on a pro rata basis based on total property revenues generated by the Non-REIT Properties. The Company allocates actual leasing costs to the TRS on a pro rata basis based on total leasing commissions generated by the Non-REIT Properties. Currently, the TRS does not acquire properties for third parties so the Company does not allocate acquisition related costs to the TRS.
Financial instruments	Financial Instruments The carrying amount of financial instruments included in assets and liabilities approximates fair market value due to their immediate or short-term maturity.
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.
Advertising costs	Advertising Costs The Company expenses advertising and promotion costs as incurred.
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.
Noncontrolling interests	Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the condensed consolidated balance sheets but separate from the Company’s equity. On the condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. 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 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 exchanged for the Company’s common stock $0.01 par value per share (“common stock”). In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital.
Recent accounting pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued 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. In March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), which clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, "Revenue from contracts with customers (Topic 606): Identifying Performance Obligations and Licensing," which provides further guidance on identifying performance obligations and intellectual property licensing implementation. In June 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients”, which relates to assessing collectability, presentation of sales taxes, noncash consideration and completed contracts and contract modifications in transition. Companies are permitted to adopt the ASUs as early as fiscal years beginning after December 15, 2016, but the adoption is required for fiscal years beginning after December 15, 2017. These new standards 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. 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 this ASU as of December 31, 2016 and use its guidance when evaluating whether there is substantial doubt about the Company's ability to continue as a going concern. 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 adopted the ASU effective January 1, 2016 and applied it on a retrospective basis for all debt issuance costs, including those pertaining to the Company’s revolving credit facility. As a result, unamortized debt issuance costs of $4.71 million as of December 31, 2015 have been reclassified from other assets and presented as a deduction of indebtedness in the condensed consolidated balance sheet. 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 adopted the ASU effective January 1, 2016. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)." ASU 2016-02 is intended to improve financial reporting about leasing transactions. The ASU affects all companies and other organizations that lease assets such as real estate, airplanes, and manufacturing equipment. The ASU will require organizations that lease assets referred to as “Lessees” to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. An organization is to provide disclosures designed to enable users of financial statements to understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements concerning additional information about the amounts recorded in the financial statements. Under the new guidance, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet the new ASU will require both types of leases (i.e. operating and capital) to be recognized on the balance sheet. The FASB lessee accounting model will continue to account for both types of leases. The capital lease will be accounted for in substantially the same manner as capital leases are accounted for under existing GAAP. The operating lease will be accounted for in a manner similar to operating leases under existing GAAP, except that lessees will recognize a lease liability and a lease asset for all of those leases. The leasing standard will be effective for calendar year-end public companies beginning after December 15, 2018. Public companies will be required to adopt the new leasing standard for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption will be permitted for all companies and organizations upon issuance of the standard. For calendar year-end public companies, this means an adoption date of January 1, 2019 and retrospective application to previously issued annual and interim financial statements for 2018 and 2017. Lessees with a large portfolio of leases are likely to see a significant increase in balance sheet assets and liabilities. See Note 8 for the Company’s current lease commitments. The Company is currently evaluating the impact of ASU 2016-02 on its financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” This ASU simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This ASU is effective for annual periods beginning after December 15, 2016 and early adoption is permitted. The new standard can be applied using either a prospective transition method or a retrospective transition method. The Company will adopt this ASU in 2017 and does not expect the adoption of this ASU to materially impact its financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of certain cash receipts and cash payments (a consensus of the Emerging Issues Task Force).” The ASU addresses eight specific cash flow issues in an effort to reduce diversity in practice. This ASU is effective for annual and interim reporting periods beginning after December 15, 2017 and early adoption is permitted. The new standard is to be applied retrospectively for all period presented. The Company will adopt this ASU in 2018 and does not expect the adoption to materially impact its condensed consolidated statements of cash flows. 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	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.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 December 31, 2015 (unaudited) Lease origination costs, net $ 1,144,027 $ 1,376,652 Leases in place, net 21,965,889 19,091,917 Deposits 366,250 2,012,996 Legal and marketing costs, net 106,596 129,325 Tenant relationships, net 12,073,312 12,060,172 Other 442,920 588,464 Total Deferred Costs and Other Assets, net $ 36,098,994 $ 35,259,526
Future amortization of lease origination costs, financing costs and in place leases	Future amortization of lease origination costs, leases in place, legal and marketing costs and tenant relationships is as follows (unaudited): For the Periods Ending September 30, Lease Origination Costs, net Leases In Place, net Legal & Marketing Costs, net Tenant Relationships, net 2017 $ 315,258 $ 6,164,707 $ 26,731 $ 4,144,113 2018 239,900 4,675,925 21,281 2,940,058 2019 162,301 3,287,248 17,215 1,931,689 2020 113,862 2,158,958 13,214 1,129,893 2021 90,987 1,353,786 10,260 586,277 Thereafter 221,719 4,325,265 17,895 1,341,282 $ 1,144,027 $ 21,965,889 $ 106,596 $ 12,073,312
Corporate general and administrative expenses	Corporate General and Administrative Expense A detail for the "corporate general & administrative" line item from the Condensed Consolidated Statements of Operations is presented below: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (unaudited) Acquisition and development costs $ 117,951 $ 1,733,639 $ 903,490 $ 3,167,378 Professional fees 390,540 274,006 1,180,854 1,166,279 Compensation and benefits 392,008 620,749 2,439,977 2,361,664 Corporate administration 301,578 247,621 806,216 806,494 Equity, debt and refinancing costs 60,679 1,826,240 310,547 2,447,890 Travel 153,199 61,993 373,741 363,803 Advertising 23,002 44,376 175,887 152,338 Taxes and licenses 56,564 43,356 99,748 149,354 Total $ 1,495,521 $ 4,851,980 $ 6,290,460 $ 10,615,200

Investment Properties (Tables)

Investment Properties (Tables)	9 Months Ended
	Sep. 30, 2016
Real Estate [Abstract]
Investment properties	Investment properties consist of the following: September 30, 2016 December 31, 2015 (unaudited) Land and land improvements $ 71,835,953 $ 50,777,143 Land held for improvement 11,370,497 12,353,963 Buildings and improvements 227,405,802 188,338,469 Investment properties at cost 310,612,252 251,469,575 Less accumulated depreciation and amortization (18,399,995 ) (12,704,944 ) Investment properties, net $ 292,212,257 $ 238,764,631
Summary of AC portfolio properties	The A-C Portfolio consists of the following properties: Property Name Location Square Feet Darien Shopping Center Darien, GA 26,001 Devine Street Columbia, SC 38,464 Folly Road Charleston, SC 47,794 Georgetown Georgetown, SC 29,572 Ladson Crossing Ladson, SC 52,607 Lake Greenwood Crossing Greenwood, SC 47,546 Lake Murray Lexington, SC 39,218 Litchfield Market Village Pawleys Island, SC 86,740 Moncks Corner Moncks Corner, SC 26,800 Ridgeland Ridgeland, SC 20,029 Shoppes at Myrtle Park Bluffton, SC 56,380 South Lake Lexington, SC 44,318 South Park Mullins, SC 60,874 St. Matthews St. Matthews, SC 29,015
Schedule of preliminary fair values of assets acquired and liabilities assumed	The following summarizes the consideration paid and the preliminary 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 valuation and purchase price allocation for this acquisition are preliminary, but are expected to be finalized by March 31, 2017. A-C Portfolio Preliminary fair value of assets acquired and liabilities assumed: Investment property (a) $ 58,595,869 Lease intangibles and other assets (b) 12,124,143 Above market leases (c) 2,942,219 Below market leases (c) (2,662,231 ) Preliminary fair value of net assets acquired: $ 71,000,000 Purchase consideration: Consideration paid with cash and debt $ 69,000,000 Consideration paid with common units 2,000,000 Total consideration (d) $ 71,000,000 a. Represents the preliminary fair value of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The preliminary fair value was determined using 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 fair value of lease intangibles and other assets. Lease intangibles include leasing commissions, in place leases and tenant relationships 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 fair value of above/below market leases. The income approach was used to determine the fair value of above/below market leases using market rental rates for similar properties. d. Represents the components of purchase consideration paid.
Pro forma financial Information	Unaudited pro forma financial information in the aggregate is presented below for the acquisitions of the A-C Portfolio. The unaudited pro forma information presented below includes the effects of the acquisition as if it 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, interest expense related to debt incurred and adjustments attributable to the increase in noncontrolling interests relating to the incremental common units used as consideration in the acquisition of the A-C Portfolio. Three Months Ended Nine Months Ended 2016 2015 2016 2015 Rental revenue $ 8,589,194 $ 7,350,934 $ 25,685,635 $ 18,879,018 Net loss from continuing operations $ (1,597,272 ) $ (7,865,805 ) $ (9,210,053 ) $ (18,495,390 ) Net loss attributable to Wheeler REIT $ (1,441,117 ) $ (7,105,404 ) $ (7,572,955 ) $ (16,420,232 ) Net loss attributable to Wheeler REIT common shareholders $ (2,681,928 ) $ (22,509,817 ) $ (9,836,365 ) $ (102,180,970 ) Basic loss per share $ (0.04 ) $ (0.36 ) $ (0.15 ) $ (3.43 ) Diluted loss per share $ (0.04 ) $ (0.36 ) $ (0.15 ) $ (3.43 )

Assets Held for Sale and Disc20

Assets Held for Sale and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Summary of financial information of discontinued operations	The following is a summary of the income from discontinued operations for the three and nine months ended September 30, 2016 and 2015 : Three Months Ended Nine Months Ended 2016 2015 2016 2015 (unaudited) Revenues $ 53,939 $ 607,379 $ 249,439 $ 1,827,238 Expenses 508 174,218 78,013 789,157 Operating income 53,431 433,161 171,426 1,038,081 Interest expense 14,317 215,927 55,963 689,998 Gain on disposal of properties 805 — 688,824 — Income from discontinued operations $ 39,919 $ 217,234 $ 804,287 $ 348,083 As of September 30, 2016 and December 31, 2015 , assets held for sale consisted of the following: September 30, 2016 December 31, 2015 (unaudited) Investment properties, net $ 216,792 $ 1,284,888 Rents and other tenant receivables, net — 38,945 Above market lease intangible, net 2,616 2,616 Deferred costs and other assets, net 146,472 366,024 Total assets held for sale $ 365,880 $ 1,692,473 As of September 30, 2016 and December 31, 2015 , liabilities associated with assets held for sale consisted of the following: September 30, 2016 December 31, 2015 (unaudited) Loans payable $ 1,350,000 $ 1,966,806 Below market lease intangible, net — 14,758 Accounts payable, accrued expenses and other liabilities — 10,754 Total liabilities associated with assets held for sale $ 1,350,000 $ 1,992,318

Loans Payable (Tables)

Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 December 31, 2015 (unaudited) Shoppes at Eagle Harbor $ 25,100 4.34 % March 2018 $ 3,528,895 $ 3,634,085 Monarch Bank Building $ 9,473 4.15 % December 2017 1,334,241 1,376,452 Perimeter Square Interest only 4.06 % August 2026 4,500,000 4,166,406 Riversedge North $ 8,802 6.00 % January 2019 926,444 962,281 Walnut Hill Plaza $ 24,273 5.50 % July 2017 3,464,362 3,535,606 Twin City Commons $ 17,827 4.86 % January 2023 3,184,056 3,225,473 Shoppes at TJ Maxx $ 33,880 3.88 % May 2020 5,951,648 6,081,272 Bank Line of Credit Interest only 4.25 % September 2017 3,000,000 — Bank Line of Credit Interest only 3.01 % May 2018 46,127,250 6,873,750 Forrest Gallery $ 50,973 5.40 % September 2023 8,834,660 8,926,712 Tampa Festival $ 50,797 5.56 % September 2023 8,534,790 8,627,294 Winslow Plaza Interest only 4.82 % December 2025 4,620,000 4,620,000 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,609,876 6,625,000 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,632,616 3,677,501 Port Crossing $ 34,788 4.84 % August 2024 6,396,584 6,471,636 LaGrange Marketplace $ 15,065 5.50 % February 2024 2,381,726 2,418,212 Freeway Junction $ 31,265 4.60 % September 2024 8,150,000 8,150,000 DF I-Edenton $ 250,000 1 3.75 % September 2016 — 650,000 DF I-Moyock $ 10,665 5.00 % July 2019 337,169 418,538 Graystone Crossing $ 15,672 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 664,864 732,685 Pierpont Centre Interest only 4.15 % February 2025 8,450,000 8,450,000 Alex City Marketplace Interest only 3.95 % April 2025 5,750,000 5,750,000 Butler Square Interest only 3.90 % May 2025 5,640,000 5,640,000 Brook Run Shopping Center Interest only 4.08 % June 2025 10,950,000 10,950,000 Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400,000 9,400,000 Columbia Fire Station Interest only 8.00 % December 2017 477,788 450,053 Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900,000 5,900,000 Barnett Portfolio Interest only 4.30 % September 2025 8,770,000 8,770,000 Grove Park Shopping Center Interest only 4.52 % October 2025 3,800,000 3,800,000 Parkway Plaza Interest only 4.57 % October 2025 3,500,000 3,500,000 Conyers Crossing Interest only 4.67 % October 2025 5,960,000 5,960,000 Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100,000 7,100,000 Chesapeake Square $ 23,857 4.70 % August 2026 4,594,760 — Revere Loan Interest only 8.00 % April 2017 7,450,000 — Senior convertible notes Interest only 9.00 % December 2018 1,400,000 3,000,000 Senior non-convertible notes Interest only 9.00 % January 2016 — 2,160,000 South Carolina Food Lions note $ 68,320 5.25 % January 2024 12,266,906 12,375,000 Total Principal Balance 238,551,135 189,340,456 Unamortized debt issuance cost (6,783,873 ) (4,711,374 ) Total Loans Payable $ 231,767,262 $ 184,629,082 (1) $250,000 plus accrued interest paid quarterly until maturity.
Summary of Company's Scheduled Principal Repayments on Indebtedness	The Company’s scheduled principal repayments on indebtedness as of September 30, 2016 are as follows: For the Periods Ending September 30, (unaudited) 2017 $ 16,396,168 2018 53,068,183 2019 4,004,712 2020 9,217,251 2021 1,748,540 Thereafter 154,116,281 Total principal maturities $ 238,551,135

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2016
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, 2016 are as follows: For the Periods Ending September 30, (unaudited) 2017 $ 32,959,649 2018 28,486,921 2019 22,194,366 2020 16,887,034 2021 11,526,744 Thereafter 30,255,139 Total minimum rentals $ 142,309,853

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Dividends declared	Dividends were declared to holders of common units, common shares and preferred shares as follows: Three Months Ended Nine Months Ended 2016 2015 2016 2015 (unaudited) Common unit and common shareholders $ 3,867,061 $ 3,683,804 $ 11,444,679 $ 6,099,075 Preferred shareholders 1,240,811 2,279,907 2,263,410 13,116,232 Total $ 5,107,872 $ 5,963,711 $ 13,708,089 $ 19,215,307

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum rental payments due	Future minimum lease payments due under the operating leases, including applicable automatic extension options, are as follows (unaudited): For the Years Ended September 30, 2017 $ 518,974 2018 523,140 2019 518,166 2020 425,924 2021 465,785 Thereafter 10,131,026 $ 12,583,015

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2016
Related Party Transactions [Abstract]
Summary of related party activity	September 30, 2016 2015 (unaudited) Amounts paid to affiliates $ 114,817 $ 831,777 Amounts received from affiliates $ 784,510 $ 671,334 Amounts due from affiliates $ 1,365,950 $ 377,601 Notes receivable $ 12,000,000 $ —

Organization and Basis of Pre26

Organization and Basis of Presentation and Consolidation (Details)	Sep. 30, 2016propertyBuilding
Accounting Policies [Abstract]
Number of real estate properties	55
Number of office buildings | Building	1
Undeveloped land parcels	8

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Common Stock, Par or Stated Value Per Share	$ 0.01		$ 0.01		$ 0.01
Development Fee, Percent Fee			0.00%
Maturity of highly liquid investments			90 days
Insurance coverage amount			$ 250,000
Past due rent charge term			5 days
Allowance for uncollectible accounts	$ 419,807		$ 419,807		$ 411,394
Bad debt expenses	31,330	$ 112,580	196,311	$ 214,316
Recoveries related to tenant receivables			0	0
Finite-lived intangible assets, accumulated amortization	25,722,802		25,722,802		16,595,092
Amortization of intangible assets	2,996,840	3,403,239	9,555,167	8,121,491
Operating leases, income statement, percentage revenue	57,682	27,179	214,225	63,326
Gain (loss) on contract termination	0	0	$ 25,674	0
Minimum percentage of taxable income to be distributed to stockholders (as percent)			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
Operating Leased Assets [Line Items]
Property management fee, percent fee			3.00%
Asset management fee, percent fee			2.00%
Marketing and advertising expense	$ 23,002	$ 44,376	$ 175,887	152,338
Debt instrument, unamortized discount					$ 4,710,000
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Cash Provided by (Used in) Operating Activities			11,004,662	(2,435,538)
Net Cash Provided by (Used in) Financing Activities			35,675,382	63,481,875
Net Cash Provided by (Used in) Investing Activities			$ (21,340,984)	(63,104,807)
Scenario, Adjustment [Member]
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Net Cash Provided by (Used in) Operating Activities				4,300,000
Net Cash Provided by (Used in) Financing Activities				(1,700,000)
Net Cash Provided by (Used in) Investing Activities				$ (2,600,000)
Building and Building Improvements [Member] | Minimum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life			5 years
Building and Building Improvements [Member] | Maximum
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life			40 years
New lease [Member]
Operating Leased Assets [Line Items]
Commission fee, percent fee			6.00%
Renewed lease [Member]
Operating Leased Assets [Line Items]
Commission fee, percent fee			3.00%

Summary of Significant Accoun28

Summary of Significant Accounting Policies - Details of Deferred Costs, Net of Amortization and Other Assets (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Deferred Costs And Other Assets [Line Items]
Lease origination costs, net	$ 1,144,027	$ 1,376,652
Deposits	366,250	2,012,996
Tenant relationships, net	12,073,312	12,060,172
Other	442,920	588,464
Total Deferred Costs and Other Assets, net	36,098,994	35,259,526
Leases in Place, Net [Member]
Deferred Costs And Other Assets [Line Items]
Total Deferred Costs and Other Assets, net	21,965,889	19,091,917
Legal and Marketing Costs, Net [Member]
Deferred Costs And Other Assets [Line Items]
Total Deferred Costs and Other Assets, net	$ 106,596	$ 129,325

Summary of Significant Accoun29

Summary of Significant Accounting Policies - Schedule of Future Amortization of Lease Origination Costs, Financing Costs and in Place Leases (Detail)	Sep. 30, 2016USD ($)
Lease Origination Costs [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,017	$ 315,258
2,018	239,900
2,019	162,301
2,020	113,862
2,021	90,987
Thereafter	221,719
Amortization of Intangible Assets	1,144,027
Leases in Place [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,017	6,164,707
2,018	4,675,925
2,019	3,287,248
2,020	2,158,958
2,021	1,353,786
Thereafter	4,325,265
Amortization of Intangible Assets	21,965,889
Legal and Marketing Costs [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,017	26,731
2,018	21,281
2,019	17,215
2,020	13,214
2,021	10,260
Thereafter	17,895
Amortization of Intangible Assets	106,596
Tenant Relationships [Member]
Future Amortization Of Deferred Costs And Other Assets [Line Items]
2,017	4,144,113
2,018	2,940,058
2,019	1,931,689
2,020	1,129,893
2,021	586,277
Thereafter	1,341,282
Amortization of Intangible Assets	$ 12,073,312

Summary of Significant Accoun30

Summary of Significant Accounting Policies CG&A Schedule (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
CG&A Schedule [Abstract]
Acquisition and development costs	$ 117,951	$ 1,733,639	$ 903,490	$ 3,167,378
Professional fees	390,540	274,006	1,180,854	1,166,279
Compensation and benefits	392,008	620,749	2,439,977	2,361,664
Corporate administration	301,578	247,621	806,216	806,494
Equity, debt and refinancing costs	60,679	1,826,240	310,547	2,447,890
Travel	153,199	61,993	373,741	363,803
Advertising	23,002	44,376	175,887	152,338
Taxes and licenses	56,564	43,356	99,748	149,354
Total	$ 1,495,521	$ 4,851,980	$ 6,290,460	$ 10,615,200

Investment Properties (Detail)

Investment Properties (Detail)	Apr. 12, 2016USD ($)ft²propertyshares	Sep. 30, 2016USD ($)$ / shares	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2016USD ($)$ / shares	Sep. 30, 2015USD ($)$ / shares	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Investment properties at cost		$ 310,612,252		$ 310,612,252		$ 251,469,575
Land held for development		11,370,497		11,370,497		12,353,963
Less accumulated depreciation and amortization		(18,399,995)		(18,399,995)		(12,704,944)
Investment properties, net		292,212,257		292,212,257		238,764,631
Depreciation		1,997,732	$ 1,478,698	5,751,164	$ 3,600,673
A-C Portfolio [Member] [Member]
Real Estate Properties [Line Items]
Number of retail properties acquired | property	14
Acquisition Contract Price	$ 71,000,000
Number of shares issued (in shares) | shares	888,889
Area of grocery-anchored shopping center (in sqft) | ft²	605,358
Percentage Of Real Estate Areas Leased	92.00%
Number Of Tenants At Property Acquisition Date | property	77
Investment property	$ 58,595,869
Below Market Lease, Acquired	(2,662,231)
Preliminary fair value of net assets acquired:	71,000,000
Consideration paid with cash and debt	69,000,000
Consideration paid with common units	2,000,000
Total consideration	71,000,000
Rental revenue		8,589,194	7,350,934	25,685,635	18,879,018
Net loss		(1,597,272)	(7,865,805)	(9,210,053)	(18,495,390)
Net loss attributable to Wheeler REIT		(1,441,117)	(7,105,404)	(7,572,955)	(16,420,232)
Net loss attributable to Wheeler REIT common shareholders		$ (2,681,928)	$ (22,509,817)	$ (9,836,365)	$ (102,180,970)
Basic loss per share (in usd per share) | $ / shares		$ (0.04)	$ (0.36)	$ (0.15)	$ (3.43)
Diluted loss per share (in usd per share) | $ / shares		$ (0.04)	$ (0.36)	$ (0.15)	$ (3.43)
A-C Portfolio [Member] [Member] | Lease intangibles and other assets [Member]
Real Estate Properties [Line Items]
Assets acquired	12,124,143
A-C Portfolio [Member] [Member] | Above Market Leases [Member]
Real Estate Properties [Line Items]
Assets acquired	$ 2,942,219
Darien Shopping Center [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	26,001
Devine Street [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	38,464
Folly Road [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	47,794
Georgetown [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	29,572
Ladson Crossing [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	52,607
Lake Greenwood Crossing [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	47,546
Lake Murray [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	39,218
Litchfield Market Village [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	86,740
Moncks Corner [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	26,800
Ridgeland [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	20,029
Shoppes at Myrtle Park [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	56,380
South Lake [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	44,318
South Park [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	60,874
St. Matthews [Member]
Real Estate Properties [Line Items]
Area of grocery-anchored shopping center (in sqft) | ft²	29,015
Land [Member]
Real Estate Properties [Line Items]
Investment properties at cost		$ 71,835,953		$ 71,835,953		50,777,143
Building and Improvements [Member]
Real Estate Properties [Line Items]
Investment properties at cost		$ 227,405,802		$ 227,405,802		$ 188,338,469

Notes Receivable Notes receiv32

Notes Receivable Notes receivable (Details) $ in Millions	Jun. 29, 2016	Sep. 30, 2016USD ($)	Sep. 29, 2016USD ($)a
Related Party Transaction [Line Items]
Note receivable from related parties		$ 12
Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Note receivable from related parties			$ 11
Area of land for sale | a			10.39
Note receivable, effective interest rate	12.00%
Note receivable, only interest payment rate	8.00%
Note receivable, interest due at maturity rate	4.00%
Consideration for Sale of Land Note
Related Party Transaction [Line Items]
Note receivable from related parties			$ 1
Note receivable, effective interest rate	12.00%
Note receivable, only interest payment rate	8.00%
Note receivable, interest due at maturity rate	4.00%

Assets Held for Sale and Disc33

Assets Held for Sale and Discontinued Operations (Details) - USD ($)	Jun. 29, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Contract price, discontinued operations	$ 2,100,000
Gain (loss) on disposition of real estate, discontinued operations	$ 689,000
Investment properties, net		$ 216,792		$ 216,792		$ 1,284,888
Rents and other tenant receivables, net		0		0		38,945
Above market lease intangible, net		2,616		2,616		2,616
Deferred costs and other assets, net		146,472		146,472		366,024
Total assets held for sale		365,880		365,880		1,692,473
Loans payable		1,350,000		1,350,000		1,966,806
Below market lease intangible, net		0		0		14,758
Accounts payable, accrued expenses and other liabilities		0		0		10,754
Total liabilities associated with assets held for sale		1,350,000		1,350,000		$ 1,992,318
Revenues		53,939	$ 607,379	249,439	$ 1,827,238
Expenses		508	174,218	78,013	789,157
Operating income		53,431	433,161	171,426	1,038,081
Interest expense		14,317	215,927	55,963	689,998
Gain on disposal of properties		805	0	688,824	0
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax		$ 39,919	$ 217,234	$ 804,287	$ 348,083

Loans Payable - Summary of Loan

Loans Payable - Summary of Loans Payable (Detail) - USD ($)	Apr. 28, 2016	Apr. 08, 2016	Sep. 30, 2016	Sep. 30, 2015	Aug. 15, 2016	Jul. 29, 2016	Jul. 11, 2016	Apr. 12, 2016	Dec. 31, 2015	May 29, 2015
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 231,767,262			$ 4,100,000			$ 184,629,082
Secured debt, gross of unamortized debt issuance cost			238,551,135						189,340,456
Deferred Finance Costs, Net			$ (6,783,873)						$ (4,711,374)
Common Stock, Par or Stated Value Per Share			$ 0.01						$ 0.01
Conversion of senior convertible debt into common stock			$ 1,600,000	$ 0
KeyBank [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness							$ 4,600,000
Mortgage Loans Payable, Interest Rate							4.70%
Line of Credit [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Interest Rate		8.00%
Proceeds from issuance of secured debt		$ 8,000,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		6,000,000	6,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 0.0001
Line of Credit [Member] | Vantage South Bank [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 3,000,000						$ 0
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.25%
Line of Credit [Member] | Monarch Bank Line Of Credit [Member]
Debt Instrument [Line Items]
Mortgage Loans Payable, Maturity Period			2017-09
Line of Credit [Member] | KeyBank [Member]
Debt Instrument [Line Items]
Interest rate margin above LIBOR, minimum										1.75%
Interest rate margin above LIBOR, maximum										2.50%
Mortgages and other indebtedness			$ 46,127,250				$ 3,900,000		6,873,750
Proceeds from Issuance of Convertible Preferred Stock			$ 46,100,000		$ 46,100,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			3.01%
Mortgage Loans Payable, Maturity Period			2018-05
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage			0.30%
Line of Credit Facility, Maximum Borrowing Capacity								$ 67,200,000		$ 45,000,000
Line of Credit Facility, Commitment Fee Percentage			3.01%
Line of Credit [Member] | Revere Loan [Member]
Debt Instrument [Line Items]
Proceeds from issuance of secured debt			$ 7,450,000
Senior Convertible Notes [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness	$ 3,000,000		$ 1,400,000						3,000,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate	9.00%		9.00%
Mortgage Loans Payable, Maturity Period			2018-12
Prepayment notice period	30 days
Number of shares issuable upon conversion (in shares)	1,417,079
Conversion of senior convertible debt into common stock			$ 1,600,000
Debt Conversion, Converted Instrument, Shares Issued			1,397,010
Senior Non-Convertible Notes [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 0						2,160,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			9.00%
Mortgage Loans Payable, Maturity Period			2016-01
Debt Instrument, Face Amount			$ 2,160,000
Shoppes at Eagle Harbor [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			3,528,895						3,634,085
Mortgage Loans Payable, Monthly Payment			$ 25,100
Mortgage Loans Payable, Interest Rate			4.34%
Mortgage Loans Payable, Maturity Period			2018-03
Monarch Bank Building [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 1,334,241						1,376,452
Mortgage Loans Payable, Monthly Payment			$ 9,473
Mortgage Loans Payable, Interest Rate			4.15%
Mortgage Loans Payable, Maturity Period			2017-12
Perimeter Square [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 4,500,000			$ 4,500,000			4,166,406
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.06%			4.06%
Mortgage Loans Payable, Maturity Period			2026-08
Riversedge North [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 926,444						962,281
Mortgage Loans Payable, Monthly Payment			$ 8,802
Mortgage Loans Payable, Interest Rate			6.00%
Mortgage Loans Payable, Maturity Period			2019-01
Walnut Hill Plaza [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 3,464,362						3,535,606
Mortgage Loans Payable, Monthly Payment			$ 24,273
Mortgage Loans Payable, Interest Rate			5.50%
Mortgage Loans Payable, Maturity Period			2017-07
Twin City Commons [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 3,184,056						3,225,473
Mortgage Loans Payable, Monthly Payment			$ 17,827
Mortgage Loans Payable, Interest Rate			4.86%
Mortgage Loans Payable, Maturity Period			2023-01
Shoppes at TJ Maxx [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 5,951,648						6,081,272
Mortgage Loans Payable, Monthly Payment			$ 33,880
Mortgage Loans Payable, Interest Rate			3.88%
Mortgage Loans Payable, Maturity Period			2020-05
Forrest Gallery [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 8,834,660						8,926,712
Mortgage Loans Payable, Monthly Payment			$ 50,973
Mortgage Loans Payable, Interest Rate			5.40%
Mortgage Loans Payable, Maturity Period			2023-09
Tampa Festival [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 8,534,790						8,627,294
Mortgage Loans Payable, Monthly Payment			$ 50,797
Mortgage Loans Payable, Interest Rate			5.56%
Mortgage Loans Payable, Maturity Period			2023-09
Winslow Plaza [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 4,620,000						4,620,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.82%
Mortgage Loans Payable, Maturity Period			2025-12
Cypress Shopping Center [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 6,609,876						6,625,000
Mortgage Loans Payable, Monthly Payment			$ 34,360
Mortgage Loans Payable, Interest Rate			4.70%
Mortgage Loans Payable, Maturity Period			2024-07
Harrodsburg Marketplace [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 3,632,616						3,677,501
Mortgage Loans Payable, Monthly Payment			$ 19,112
Mortgage Loans Payable, Interest Rate			4.55%
Mortgage Loans Payable, Maturity Period			2024-09
Port Crossing Shopping Center [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 6,396,584						6,471,636
Mortgage Loans Payable, Monthly Payment			$ 34,788
Mortgage Loans Payable, Interest Rate			4.84%
Mortgage Loans Payable, Maturity Period			2024-08
LaGrange Marketplace [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 2,381,726						2,418,212
Mortgage Loans Payable, Monthly Payment			$ 15,065
Mortgage Loans Payable, Interest Rate			5.50%
Mortgage Loans Payable, Maturity Period			2020-03
Freeway Junction [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 8,150,000						8,150,000
Mortgage Loans Payable, Monthly Payment			$ 31,265
Mortgage Loans Payable, Interest Rate			4.60%
Mortgage Loans Payable, Maturity Period			2024-09
DF I-Edenton [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal			$ 250,000
Mortgages and other indebtedness			0						650,000
Mortgage Loans Payable, Monthly Payment			$ 250,000
Mortgage Loans Payable, Interest Rate			3.75%
Mortgage Loans Payable, Maturity Period			2016-09
DF I-Moyock [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 337,169						418,538
Mortgage Loans Payable, Monthly Payment			$ 10,665
Mortgage Loans Payable, Interest Rate			5.00%
Mortgage Loans Payable, Maturity Period			2019-07
Graystone Crossing [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 4,000,000						4,000,000
Mortgage Loans Payable, Monthly Payment			15,672
Mortgage Loans Payable, Interest Rate			4.55%
Mortgage Loans Payable, Maturity Period			2024-10
Bryan Station [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 4,625,000						4,625,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.52%
Mortgage Loans Payable, Maturity Period			2024-11
Crockett Square [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 6,337,500						6,337,500
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.47%
Mortgage Loans Payable, Maturity Period			2024-12
Harbor Point [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 664,864						732,685
Mortgage Loans Payable, Monthly Payment			$ 11,024
Mortgage Loans Payable, Interest Rate			5.85%
Mortgage Loans Payable, Maturity Period			2016-12
Pierpont Centre [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 8,450,000						8,450,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.15%
Mortgage Loans Payable, Maturity Period			2025-02
Alex City Marketplace [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 5,750,000						5,750,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			3.95%
Mortgage Loans Payable, Maturity Period			2025-04
Butler Square [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 5,640,000						5,640,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			3.90%
Mortgage Loans Payable, Maturity Period			2025-05
Brook Run Shopping Center [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 10,950,000						10,950,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.08%
Mortgage Loans Payable, Maturity Period			2025-06
Beaver Village I and II [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 9,400,000						9,400,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.73%
Mortgage Loans Payable, Maturity Period			2025-07
Columbia Fire Station [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 477,788						450,053
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			8.00%
Mortgage Loans Payable, Maturity Period			2025-07
Sunshine Plaza [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 5,900,000						5,900,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.57%
Mortgage Loans Payable, Maturity Period			2025-08
Barnett Portfolio [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 8,770,000						8,770,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.30%
Mortgage Loans Payable, Maturity Period			2025-09
Grove Park Shopping Center [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 3,800,000						3,800,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.52%
Mortgage Loans Payable, Maturity Period			2025-10
Parkway Plaza Shopping Center [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 3,500,000						3,500,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.57%
Mortgage Loans Payable, Maturity Period			2025-10
Conyers Crossing [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 5,960,000						5,960,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.67%
Mortgage Loans Payable, Maturity Period			2025-10
Ft. Howard Square [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 7,100,000						7,100,000
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			4.57%
Mortgage Loans Payable, Maturity Period			2025-10
Revere Loan [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 7,450,000						0
Mortgage Loans Payable, Monthly Payment			Interest only
Mortgage Loans Payable, Interest Rate			8.00%
South Carolina Food Lions Note [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 12,266,906						12,375,000
Mortgage Loans Payable, Monthly Payment			$ 68,320
Mortgage Loans Payable, Interest Rate			5.25%
Mortgage Loans Payable, Maturity Period			2024-01
Chesapeake Square [Member]
Debt Instrument [Line Items]
Mortgages and other indebtedness			$ 4,594,760						$ 0
Mortgage Loans Payable, Monthly Payment			$ 23,857
Mortgage Loans Payable, Interest Rate			4.70%
Mortgage Loans Payable, Maturity Period			2026-08

Loans Payable - Summary of Comp

Loans Payable - Summary of Company's Scheduled Principal Repayments on Indebtedness (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2,017	$ 16,396,168
2,018	53,068,183
2,019	4,004,712
2,020	9,217,251
2,021	1,748,540
Thereafter	154,116,281
Total principal maturities	$ 238,551,135	$ 189,340,456

Rentals under Operating Lease36

Rentals under Operating Leases - Future Minimum Rentals to be Received under Noncancelable Tenant Operating Leases (Detail)	Sep. 30, 2016USD ($)
Leases [Abstract]
2,017	$ 32,959,649
2,018	28,486,921
2,019	22,194,366
2,020	16,887,034
2,021	11,526,744
Thereafter	30,255,139
Total	$ 142,309,853

Equity - Additional Information

Equity - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)	Jul. 07, 2016USD ($)$ / shares	Jun. 30, 2016shares	Apr. 08, 2016shares	Dec. 31, 2015$ / sharesshares
Equity [Line Items]
Conversion of convertible securities into common stock			$ 1,604,150
Convertible Preferred Stock, Terms of Conversion			P20D
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01		$ 0.01					$ 0.01
Preferred Stock, Redemption Price Per Share | $ / shares	25		$ 25
Potential shares which are antidilutive (in shares) | shares			28,244,214
Dividend payable per share (in dollars per share) | $ / shares	$ 0.0175		$ 0.0175
Dividend accrued	$ 1,289,617		$ 1,289,617
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Maximum Amount					$ 50,000,000
Common unit and common shareholders	3,867,061	$ 3,683,804	11,444,679	$ 6,099,075
Preferred shareholders	1,240,811	2,279,907	2,263,410	13,116,232
Total dividends	5,107,872	$ 5,963,711	13,708,089	$ 19,215,307
Common Stock [Member]
Equity [Line Items]
Conversion of convertible securities into common stock			$ 13,970
Issuance of common stock under Share Incentive Plan (in shares) | shares			283,304
Additional Paid-in Capital [Member]
Equity [Line Items]
Conversion of convertible securities into common stock			$ 1,590,180
Preferred Stock [Member]
Equity [Line Items]
Dividend accrued	$ 1,162,442		$ 1,162,442
Dividend disbursement date	Oct. 15, 2016
2015 Share Incentive Plan [Member]
Equity [Line Items]
Maximum number of shares authorized under Share Incentive Plan (in shares) | shares	1,000,000		1,000,000
Issuance of common stock under Share Incentive Plan (in shares) | shares			283,304
Value of stock issued Share Incentive Plan			$ 426,500
Shares available for issuance under Share Incentive Plan (in shares) | shares	473,804		473,804
2016 Share Incentive Plan [Member]
Equity [Line Items]
Maximum number of shares authorized under Share Incentive Plan (in shares) | shares	5,000,000		5,000,000
Series B Convertible Preferred Stock [Member]
Equity [Line Items]
Preferred stock shares issued (in shares) | shares	1,871,244		1,871,244			729,119
Preferred Stock Adjusted Conversion Price Per Share | $ / shares					$ 7.25
Preferred Stock, Redemption Price Per Share | $ / shares					5
Preferred Stock, Liquidation Preference Per Share | $ / shares					25
Proceeds from Issuance of Convertible Preferred Stock			$ 23,400,000
Series D Cumulative Convertible Preferred Stock [Member]
Equity [Line Items]
Preferred stock shares issued (in shares) | shares	1,600,000		1,600,000
Convertible Preferred Stock Conversion Price | $ / shares			$ 2.12
Preferred Stock, Liquidation Preference Per Share | $ / shares					$ 25
Preferred Stock, Initial Liquidation Preference Per Share | $ / shares	$ 2.1875		$ 2.1875
Preferred Stock, Dividend Over Initial Rate, Percentage			2.00%
Share Price | $ / shares	$ 25		$ 25
Ratio of Asset Coverage to Total Debt	2		2
Proceeds from Issuance of Convertible Preferred Stock			$ 38,000,000
Preferred Stock Redemption Discount			$ 12,000
Series D Preferred Stock [Member]
Equity [Line Items]
Preferred stock shares issued (in shares) | shares	1,600,000		1,600,000					0
Warrant [Member]
Equity [Line Items]
Potential shares which are antidilutive (in shares) | shares			2,635,025
Common Class B [Member] | Common Stock [Member]
Equity [Line Items]
Conversion of convertible securities into common stock			$ 5
Common Class B [Member] | Additional Paid-in Capital [Member]
Equity [Line Items]
Conversion of convertible securities into common stock			$ 2,495
Operating partnership's common units
Equity [Line Items]
Common units outstanding (in shares) | shares			4,055,292
Convertible debt
Equity [Line Items]
Convertible debt	$ 1,400,000		$ 1,400,000
Line of Credit [Member]
Equity [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	6,000,000		6,000,000				6,000,000
Minimum | Series D Cumulative Convertible Preferred Stock [Member]
Equity [Line Items]
Preferred Stock, Dividend Rate, Percentage			8.75%
Maximum | Series D Cumulative Convertible Preferred Stock [Member]
Equity [Line Items]
Preferred Stock, Dividend Rate, Percentage			14.00%
Equity Distribution Agreement | Series B Convertible Preferred Stock [Member]
Equity [Line Items]
Preferred stock shares issued (in shares) | shares	1,142,225		1,142,225

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Northeast [Member]
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent	2.00%		2.00%
Mid Atlantic [Member]
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent	20.00%		20.00%
Southeast [Member]
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent	75.00%		75.00%
Southwest [Member]
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent	3.00%		3.00%
Amscot Building [Member]
Loss Contingencies [Line Items]
Long term ground leases expiration period			2,045
Ground leases expense	$ 4,539	$ 4,539	$ 13,617	$ 13,510
Beaver Ruin Village [Member]
Loss Contingencies [Line Items]
Long term ground leases expiration period			2,054
Ground leases expense	11,428	11,428	$ 34,284	11,428
Beaver Ruin Village II [Member]
Loss Contingencies [Line Items]
Long term ground leases expiration period			2,056
Ground leases expense	4,463	4,463	$ 13,389	4,463
Devine Street [Member]
Loss Contingencies [Line Items]
Long term ground leases expiration period			2,035
Operating leases, rent expense, net	62,500		$ 117,361
Charleston Office [Member]
Loss Contingencies [Line Items]
Long term ground leases expiration period			2,019
Operating leases, rent expense, net	25,524	$ 24,910	$ 66,832	$ 84,709
Moncks Corner [Member]
Loss Contingencies [Line Items]
Long term ground leases expiration period			2,040
Operating leases, rent expense, net	$ 30,327		$ 56,940

Commitments and Contingencies39

Commitments and Contingencies - Future Minimum Lease Payments Due Under Operating Leases (Details)	Sep. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 518,974
2,018	523,140
2,019	518,166
2,020	425,924
2,021	465,785
Thereafter	10,131,026
Total future payments due, operating leases	$ 12,583,015

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Activity (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 29, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Notes Receivable, Related Parties, Noncurrent	$ 12,000,000			$ 0
Note receivable from related parties	$ 12,000,000
Development Fee, Percent Fee	0.00%
Interest Income, Related Party	$ 1,365,950			482,320
Pineland Shopping Center [Member]
Related Party Transaction [Line Items]
Notes Receivable, Related Parties, Noncurrent	$ 12,000,000			$ 0
Development Fee, Percent Fee	0.00%
Wheeler Interests and Affiliates [Member]
Related Party Transaction [Line Items]
Amounts paid to affiliates	$ 114,817	$ 831,777
Amounts received from affiliates	784,510	671,334
Amounts due from affiliates	1,365,950	$ 377,601
Partial Funding of Sea Turtle Development Note
Related Party Transaction [Line Items]
Note receivable from related parties			$ 11,000,000
Consideration for Sale of Land Note
Related Party Transaction [Line Items]
Note receivable from related parties			$ 1,000,000
Accrued Interest Receivable From Notes | Pineland Shopping Center [Member]
Related Party Transaction [Line Items]
Interest Income, Related Party	294,000
Development Fees
Related Party Transaction [Line Items]
Interest Income, Related Party	$ 169,000