Supplemental Operating and Financial Data
for the three months and year ended December 31, 2018
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| Table of Contents | |
| | Page |
| Company Overview | |
| Financial and Portfolio Overview | |
| Financial Summary | |
| Consolidated Balance Sheets | |
| Consolidated Statements of Operations | |
| Reconciliation of Non-GAAP Measures | |
| Debt Summary | |
| Portfolio Summary | |
| Property Summary | |
| Top Ten Tenants by Annualized Base Rent | |
| Leasing Summary | 15 |
| Definitions | |
Forward-Looking Statements
This document contains forward-looking statements that are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks include, without limitation: adverse economic or real estate developments in the retail industry or the markets in which Wheeler Real Estate Investment Trust, Inc. operates; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; Wheeler Real Estate Investment Trust, Inc.'s failure to obtain necessary outside financing on favorable terms or at all; changes in the availability of additional acquisition opportunities; Wheeler Real Estate Investment Trust, Inc.'s inability to successfully complete real estate acquisitions or successfully operate acquired properties and Wheeler Real Estate Investment Trust, Inc.'s failure to qualify or maintain its status as a REIT. For a further list and description of such risks and uncertainties that could impact Wheeler Real Estate Investment Trust, Inc.'s future results, performance or transactions, see the reports filed by Wheeler Real Estate Investment Trust, Inc. with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and annual reports on Form 10-K. Wheeler Real Estate Investment Trust, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 2 |
Company Overview
Headquartered in Virginia Beach, VA, Wheeler Real Estate Investment Trust, Inc. is a fully-integrated, self-managed commercial real estate investment company focused on owning and operating income-producing retail properties with a primary focus on grocery-anchored centers. Wheeler’s portfolio contains well-located, potentially dominant retail properties in secondary and tertiary markets that generate attractive, risk-adjusted returns. Wheeler’s common stock, Series B convertible preferred stock, Series D cumulative convertible preferred stock and common stock warrants trade publicly on the Nasdaq under the symbols “WHLR”, “WHLRP”, "WHLRD" and “WHLRW”, respectively.
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| Corporate Headquarters | |
| Wheeler Real Estate Investment Trust, Inc. | |
| Riversedge North | |
2529 Virginia Beach Boulevard Virginia Beach, VA 23452 | |
Phone: (757) 627-9088 Toll Free: (866) 203-4864 | |
| Website: www.whlr.us | |
| | |
| | |
| Executive Management | |
| David Kelly - President & CEO | |
| Matthew T. Reddy - CFO | |
| M. Andrew Franklin - COO | |
| | |
| Board of Directors | |
| John W. Sweet (Chairman) | Andrew R. Jones |
| Sean F. Armstrong | John P. McAuliffe |
| Stewart J. Brown | Carl B. McGowan, Jr. |
| David Kelly | Jeffrey M. Zwerdling |
| | |
| Investor Relations Contact | Transfer Agent and Registrar |
Mary Jensen investorrelations@whlr.us 2529 Virginia Beach Boulevard Virginia Beach, VA 23452 Phone: (757) 627-9088 www.whlr.us | Computershare Trust Company, N.A. 250 Royall Street Canton, MA 02021 www.computershare.com
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| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 3 |
Financial and Portfolio Overview
For the Three Months Ended December 31, 2018
|
| | | |
| Financial Results | |
| Net loss attributable to Wheeler REIT common shareholders (in 000s) | $ | (15,754 | ) |
| Net loss per basic and diluted shares | $ | (1.66 | ) |
Funds from operations available to common shareholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1) | $ | (497 | ) |
| FFO per common share and OP unit | $ | (0.05 | ) |
Adjusted FFO (AFFO) (in 000s) (1) | $ | 1,455 |
|
| AFFO per common share and OP unit | $ | 0.15 |
|
| | |
| Assets and Leverage | |
| Investment Properties, net of $40.19 million accumulated depreciation (in 000s) | $ | 433,142 |
|
| Cash and Cash Equivalents (in 000s) | $ | 3,544 |
|
| Total Assets (in 000s) | $ | 508,081 |
|
Debt to Total Assets(3) | 72.75 | % |
| Debt to Gross Asset Value | 63.60 | % |
| | |
| Market Capitalization | |
| Common shares outstanding | 9,511,464 |
|
| OP units outstanding | 235,032 |
|
| Total common shares and OP units | 9,746,496 |
|
|
| | | | | | | | |
| | Shares Outstanding at December 31, 2018 | | Fourth Quarter stock price range | | Stock price as of December 31, 2018 |
| Common Stock | 9,511,464 |
| | $0.72 - $4.54 | | $ | 0.89 |
|
| Series B preferred shares | 1,875,748 |
| | $6.20 - $19.20 | | $ | 7.78 |
|
| Series D preferred shares | 3,600,636 |
| | $7.00 - $21.68 | | $ | 9.63 |
|
|
| | | |
Total debt (in 000s)(3) | $ | 369,612 |
|
| Common Stock market capitalization (as of December 31, 2018 closing stock price, in 000s) | $ | 8,465 |
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| | |
| Portfolio Summary | |
| Total Leasable Area (GLA) in sq. ft. | 5,716,471 |
|
| Occupancy Rate | 89.1 | % |
Leased Rate (2) | 89.4 | % |
| Annualized Base Rent (in 000s) | $ | 49,247 |
|
| Total number of leases signed or renewed during the fourth quarter of 2018 | 37 |
|
| Total sq. ft. leases signed or renewed during the fourth quarter of 2018 | 188,179 |
|
(1) See page 18 for the Company's definition of this non-GAAP measurement and reasons for using it.
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| (2) | Reflects leases executed through January 9, 2019 that commence subsequent to the end of the current period. |
(3) Includes debt associated with assets held for sale.
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| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 4 |
Consolidated Balance Sheets
$ in 000s
|
| | | | | | | |
| | December 31, |
| | 2018 | | 2017 |
| ASSETS: | | | |
| Investment properties, net | $ | 433,142 |
| | $ | 375,199 |
|
| Cash and cash equivalents | 3,544 |
| | 3,677 |
|
| Restricted cash | 14,455 |
| | 8,609 |
|
| Rents and other tenant receivables, net | 5,539 |
| | 5,619 |
|
| Notes receivable, net | 5,000 |
| | 6,739 |
|
| Goodwill | — |
| | 5,486 |
|
| Assets held for sale | 8,982 |
| | 9,135 |
|
| Above market lease intangible, net | 7,346 |
| | 8,778 |
|
| Deferred costs and other assets, net | 30,073 |
| | 34,432 |
|
| Total Assets | $ | 508,081 |
| | $ | 457,674 |
|
| LIABILITIES: | | | |
| Loans payable, net | $ | 360,117 |
| | $ | 307,375 |
|
| Liabilities associated with assets held for sale | 4,632 |
| | 792 |
|
| Below market lease intangible, net | 10,045 |
| | 9,616 |
|
| Accounts payable, accrued expenses and other liabilities | 12,077 |
| | 10,579 |
|
| Dividends payable | — |
| | 5,480 |
|
| Total Liabilities | 386,871 |
| | 333,842 |
|
| Commitments and contingencies | — |
| | — |
|
| Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,600,636 and 2,237,000 shares issued and outstanding; $91.98 million and $55.93 million aggregate liquidation preference, respectively) | 76,955 |
| | 53,236 |
|
| | | | |
| EQUITY: | | | |
| Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding) | 453 |
| | 453 |
|
| Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,748 and 1,875,848 shares issued and outstanding, respectively; $46.90 million aggregate liquidation preference) | 41,000 |
| | 40,915 |
|
| Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,511,464 and 8,744,189 shares issued and outstanding, respectively) | 95 |
| | 87 |
|
| Additional paid-in capital | 233,697 |
| | 226,978 |
|
| Accumulated deficit | (233,184 | ) | | (204,925 | ) |
| Total Shareholders’ Equity | 42,061 |
| | 63,508 |
|
| Noncontrolling interests | 2,194 |
| | 7,088 |
|
| Total Equity | 44,255 |
| | 70,596 |
|
| Total Liabilities and Equity | $ | 508,081 |
| | $ | 457,674 |
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| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 5 |
Consolidated Statements of Operations
$ in 000s
|
| | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Years Ended December 31, |
| | 2018 | | 2017 | | 2018 | | 2017 |
| REVENUE: | | | | | | | |
| Rental revenues | $ | 12,589 |
| | $ | 10,891 |
| | $ | 50,952 |
| | $ | 44,156 |
|
| Asset management fees | 46 |
| | 120 |
| | 189 |
| | 927 |
|
| Commissions | 38 |
| | 141 |
| | 140 |
| | 899 |
|
| Tenant reimbursements | 3,258 |
| | 2,905 |
| | 12,595 |
| | 11,032 |
|
| Development and other revenues | 136 |
| | 239 |
| | 1,833 |
| | 1,521 |
|
| Total Revenue | 16,067 |
| | 14,296 |
| | 65,709 |
| | 58,535 |
|
| OPERATING EXPENSES: | | | | | | | |
| Property operations | 4,669 |
| | 3,922 |
| | 18,473 |
| | 15,389 |
|
| Non-REIT management and leasing services | 16 |
| | (598 | ) | | 75 |
| | 927 |
|
| Depreciation and amortization | 6,151 |
| | 5,776 |
| | 27,094 |
| | 26,231 |
|
| Impairment of goodwill | 5,486 |
| | — |
| | 5,486 |
| | — |
|
| Provision for credit losses | 99 |
| | 2,378 |
| | 434 |
| | 2,821 |
|
| Impairment of notes receivable | 1,739 |
| | 5,261 |
| | 1,739 |
| | 5,261 |
|
| Corporate general & administrative | 1,749 |
| | 2,509 |
| | 8,228 |
| | 7,364 |
|
| Other operating expenses | — |
| | — |
| | 250 |
| | — |
|
| Total Operating Expenses | 19,909 |
| | 19,248 |
| | 61,779 |
| | 57,993 |
|
| Gain on disposal of properties | 151 |
| | — |
| | 2,463 |
| | 1,021 |
|
| Operating (Loss) Income | (3,691 | ) | | (4,952 | ) | | 6,393 |
| | 1,563 |
|
| Interest income | 1 |
| | 363 |
| | 4 |
| | 1,443 |
|
| Interest expense | (5,288 | ) | | (4,168 | ) | | (20,228 | ) | | (17,165 | ) |
| Net Loss from Continuing Operations Before Income Taxes | (8,978 | ) | | (8,757 | ) | | (13,831 | ) | | (14,159 | ) |
| Income tax expense (benefit) | 32 |
| | 38 |
| | (40 | ) | | (137 | ) |
| Net Loss from Continuing Operations | (8,946 | ) | | (8,719 | ) | | (13,871 | ) | | (14,296 | ) |
| Discontinued Operations | | | | | | | |
| (Loss) income from discontinued operations | (3,938 | ) | | — |
| | (3,938 | ) | | 16 |
|
| Gain on disposal of properties | — |
| | — |
| | 903 |
| | 1,502 |
|
| Net (Loss) Income from Discontinued Operations | (3,938 | ) | | — |
| | (3,035 | ) | | 1,518 |
|
| Net Loss | (12,884 | ) | | (8,719 | ) | | (16,906 | ) | | (12,778 | ) |
| Less: Net loss attributable to noncontrolling interests | (336 | ) | | (519 | ) | | (406 | ) | | (684 | ) |
| Net Loss Attributable to Wheeler REIT | (12,548 | ) | | (8,200 | ) | | (16,500 | ) | | (12,094 | ) |
| Preferred Stock dividends - declared | (169 | ) | | (2,496 | ) | | (9,790 | ) | | (9,969 | ) |
| Preferred Stock dividends - undeclared | (3,037 | ) | | — |
| | (3,037 | ) | | — |
|
| Net Loss Attributable to Wheeler REIT Common Shareholders | $ | (15,754 | ) | | $ | (10,696 | ) | | $ | (29,327 | ) | | $ | (22,063 | ) |
| | | | | | | | |
| Loss per share from continuing operations (basic and diluted) | $ | (1.25 | ) | | $ | (1.22 | ) | | $ | (2.85 | ) | | $ | (2.70 | ) |
| (Loss) income per share from discontinued operations | (0.41 | ) | | — |
| | (0.32 | ) | | 0.16 |
|
| Total loss per share | $ | (1.66 | ) | | $ | (1.22 | ) | | $ | (3.17 | ) | | $ | (2.54 | ) |
| Weighted-average number of shares: | | | | | | | |
| Basic and Diluted | 9,484,185 |
| | 8,739,455 |
| | 9,256,234 |
| | 8,654,240 |
|
| | | | | | | | |
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| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 6 |
Reconciliation of Non-GAAP Measures
FFO and AFFO (1)
$ in 000s
|
| | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Years Ended December 31, |
| | 2018 | | 2017 | | 2018 | | 2017 |
| Net Loss | $ | (12,884 | ) | | $ | (8,719 | ) | | $ | (16,906 | ) | | $ | (12,778 | ) |
| Depreciation and amortization of real estate assets | 6,151 |
| | 5,776 |
| | 27,094 |
| | 26,231 |
|
| Impairment of goodwill | 5,486 |
| | — |
| | 5,486 |
| | — |
|
| Impairment of land | 3,938 |
| | — |
| | 3,938 |
| | — |
|
| Gain on disposal of properties | (151 | ) | | — |
| | (2,463 | ) | | (1,021 | ) |
| Gain on disposal of properties-discontinued operations | — |
| | — |
| | (903 | ) | | (1,502 | ) |
| FFO | 2,540 |
| | (2,943 | ) | | 16,246 |
| | 10,930 |
|
| Preferred stock dividends-declared | (169 | ) | | (2,496 | ) | | (9,790 | ) | | (9,969 | ) |
| Preferred stock dividends-undeclared | (3,037 | ) | | — |
| | (3,037 | ) | | — |
|
| Preferred stock accretion adjustments | 169 |
| | 204 |
| | 678 |
| | 809 |
|
| FFO available to common shareholders and common unitholders | (497 | ) | | (5,235 | ) | | 4,097 |
| | 1,770 |
|
| Impairment of notes receivable | 1,739 |
| | 5,261 |
| | 1,739 |
| | 5,261 |
|
| Acquisition and development costs | (46 | ) | | 269 |
| | 300 |
| | 1,101 |
|
| Capital related costs | 168 |
| | 195 |
| | 576 |
| | 663 |
|
Other non-recurring and non-cash expenses (2) | — |
| | 117 |
| | 103 |
| | 294 |
|
| Share-based compensation | 213 |
| | 135 |
| | 940 |
| | 870 |
|
| Straight-line rent | (244 | ) | | (146 | ) | | (1,197 | ) | | (712 | ) |
| Loan cost amortization | 681 |
| | 578 |
| | 2,363 |
| | 3,087 |
|
| Accrued interest income | — |
| | 774 |
| | — |
| | 415 |
|
| (Below) above market lease amortization | (274 | ) | | 5 |
| | (695 | ) | | 453 |
|
| Recurring capital expenditures and tenant improvement reserves | (285 | ) | | (245 | ) | | (1,143 | ) | | (941 | ) |
| AFFO | $ | 1,455 |
| | $ | 1,708 |
| | $ | 7,083 |
| | $ | 12,261 |
|
| | | | | | | | |
| Weighted Average Common Shares | 9,484,185 |
| | 8,739,455 |
| | 9,256,234 |
| | 8,654,240 |
|
| Weighted Average Common Units | 259,054 |
| | 639,555 |
| | 389,421 |
| | 702,168 |
|
| Total Common Shares and Units | 9,743,239 |
| | 9,379,010 |
| | 9,645,655 |
| | 9,356,408 |
|
| FFO per Common Share and Common Units | $ | (0.05 | ) | | $ | (0.56 | ) | | $ | 0.42 |
| | $ | 0.19 |
|
| AFFO per Common Share and Common Units | $ | 0.15 |
| | $ | 0.18 |
| | $ | 0.73 |
| | $ | 1.31 |
|
| |
| (1) | See page 18 for the Company's definition of this non-GAAP measurement and reasons for using it. |
| |
| (2) | Other non-recurring expenses are described in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K for the year ended December 31, 2018. |
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| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 7 |
Reconciliation of Non-GAAP Measures (continued)
Property Net Operating Income (1)
$ in 000s
|
| | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Years Ended December 31, |
| | 2018 | | 2017 | | 2018 | | 2017 |
| Net Loss | $ | (12,884 | ) | | $ | (8,719 | ) | | $ | (16,906 | ) | | $ | (12,778 | ) |
| Adjustments: | | | | | | | |
| Net Income from Discontinued Operations | 3,938 |
| | — |
| | 3,035 |
| | (1,518 | ) |
| Income tax (benefit) expense | (32 | ) | | (38 | ) | | 40 |
| | 137 |
|
| Interest expense | 5,288 |
| | 4,168 |
| | 20,228 |
| | 17,165 |
|
| Interest income | (1 | ) | | (363 | ) | | (4 | ) | | (1,443 | ) |
| Gain on disposal of properties | (151 | ) | | — |
| | (2,463 | ) | | (1,021 | ) |
| Other operating expenses | — |
| | — |
| | 250 |
| | — |
|
| Corporate general & administrative | 1,749 |
| | 2,509 |
| | 8,228 |
| | 7,364 |
|
| Impairment of notes receivable | 1,739 |
| | 5,261 |
| | 1,739 |
| | 5,261 |
|
| Provision for credit losses - non-tenant | — |
| | 2,364 |
| | (77 | ) | | 2,364 |
|
| Impairment of goodwill | 5,486 |
| | — |
| | 5,486 |
| | — |
|
| Depreciation and amortization | 6,151 |
| | 5,776 |
| | 27,094 |
| | 26,231 |
|
| Non-REIT management and leasing services | 16 |
| | (598 | ) | | 75 |
| | 927 |
|
| Development income | — |
| | (83 | ) | | — |
| | (537 | ) |
| Asset management and commission revenues | (84 | ) | | (261 | ) | | (329 | ) | | (1,826 | ) |
| Property Net Operating Income | $ | 11,215 |
| | $ | 10,016 |
| | $ | 46,396 |
| | $ | 40,326 |
|
| | | |
|
| | | | |
| Property revenues | $ | 15,983 |
| | $ | 13,952 |
| | $ | 65,380 |
| | $ | 56,172 |
|
| Property expenses | 4,669 |
| | 3,922 |
| | 18,473 |
| | 15,389 |
|
| Provision for credit losses - tenant | 99 |
| | 14 |
| | 511 |
| | 457 |
|
| Property Net Operating Income | $ | 11,215 |
| | $ | 10,016 |
| | $ | 46,396 |
| | $ | 40,326 |
|
| |
| (1) | See page 19 for the Company's definition of this non-GAAP measurement and reasons for using it. |
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| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 8 |
Reconciliation of Non-GAAP Measures (continued)
EBITDA (4)
$ in 000s
|
| | | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Years Ended December 31, |
| | 2018 | | 2017 | | 2018 | | 2017 |
| Net Loss | $ | (12,884 | ) | | $ | (8,719 | ) | | $ | (16,906 | ) | | $ | (12,778 | ) |
| Add back: | Depreciation and amortization (1) | 5,877 |
| | 5,781 |
| | 26,399 |
| | 26,684 |
|
| | Interest Expense (2) | 5,288 |
| | 4,168 |
| | 20,228 |
| | 17,174 |
|
| | Income tax (benefit) expense | (32 | ) | | (38 | ) | | 40 |
| | 137 |
|
| EBITDA | (1,751 | ) | | 1,192 |
| | 29,761 |
| | 31,217 |
|
| Adjustments for items affecting comparability: | | | | | | | |
| | Acquisition and development costs | (46 | ) | | 269 |
| | 300 |
| | 1,101 |
|
| | Capital related costs | 168 |
| | 195 |
| | 576 |
| | 663 |
|
| | Other non-recurring and non-cash expenses (3) | — |
| | 117 |
| | 103 |
| | 294 |
|
| | Impairment of goodwill | 5,486 |
| | — |
| | 5,486 |
| | — |
|
| | Impairment of notes receivable | 1,739 |
| | 5,261 |
| | 1,739 |
| | 5,261 |
|
| | Impairment of land-discontinued operations | 3,938 |
| | — |
| | 3,938 |
| | — |
|
| | Gain on disposal of properties | (151 | ) | | — |
| | (2,463 | ) | | (1,021 | ) |
| | Gain on disposal of properties-discontinued operations | — |
| | — |
| | (903 | ) | | (1,502 | ) |
| Adjusted EBITDA | $ | 9,383 |
| | $ | 7,034 |
| | $ | 38,537 |
| | $ | 36,013 |
|
| |
| (1) | Includes above (below) market lease amortization. |
| |
| (2) | Includes loan cost amortization and amounts associated with discontinued operations. |
| |
| (3) | Other non-recurring expenses are described in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Annual Report on Form 10-K for the period ended December 31, 2018. |
| |
| (4) | See page 18 for the Company's definition of this non-GAAP measurement and reasons for using it. |
|
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| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 9 |
Debt Summary as of December 31, 2018
$ in 000s
| |
| Loans Payable: | $369.61 million |
| |
| Weighted Average Interest Rate: | 4.84% |
| |
| Total Debt to Total Assets: | 72.75% |
|
| | | | | | | | | | | | | | | | | |
| Property/Description | | Monthly Payment | | Interest Rate | | Maturity | | December 31, 2018 | | December 31, 2017 |
| Harbor Pointe (1) | | $ | 11,024 |
| | 5.85 | % | | December 2018 | | $ | 460 |
| | $ | 553 |
|
| Perimeter Square | | Interest only |
| | 5.50 | % | | December 2018 | | 6,250 |
| | 5,382 |
|
| Perimeter Square construction loan | | Interest only |
| | 6.00 | % | | December 2018 | | 247 |
| | — |
|
| KeyBank Line of Credit | | Interest only |
| | Libor + 250 basis points |
| | February 2019 | | 3,830 |
| | 15,532 |
|
| Revere Term Loan | | $ | 109,658 |
| | 10.00 | % | | February 2019 | | 1,059 |
| | 6,808 |
|
| Monarch Bank Building | | $ | 7,340 |
| | 4.85 | % | | June 2019 | | — |
| | 1,266 |
|
| Senior convertible notes | | $ | 234,199 |
| | 9.00 | % | | June 2019 | | 1,369 |
| | 1,369 |
|
| DF I-Moyock (1) | | $ | 10,665 |
| | 5.00 | % | | July 2019 | | 73 |
| | 194 |
|
| Rivergate | | $ | 144,823 |
| | Libor + 295 basis points |
| | December 2019 | | 22,117 |
| | 22,689 |
|
| KeyBank Line of Credit | | Interest only |
| | Libor + 250 basis points |
| | December 2019 | | 48,272 |
| | 52,500 |
|
| LaGrange Marketplace | | $ | 15,065 |
| | Libor + 375 basis points |
| | March 2020 | | — |
| | 2,317 |
|
| Folly Road | | $ | 32,827 |
| | 4.00 | % | | March 2020 | | 6,073 |
| | 6,181 |
|
| Columbia Fire Station construction loan | | $ | 25,452 |
| | 4.00 | % | | May 2020 | | 4,189 |
| | 3,421 |
|
| Shoppes at TJ Maxx | | $ | 33,880 |
| | 3.88 | % | | May 2020 | | 5,539 |
| | 5,727 |
|
| First National Bank Line of Credit | | Interest only |
| | Libor + 300 basis points |
| | September 2020 | | 2,938 |
| | 3,000 |
|
| Lumber River | | $ | 10,723 |
| | Libor + 350 basis points |
| | October 2020 | | 1,448 |
| | 1,500 |
|
| JANAF Bravo | | Interest only |
| | 4.65 | % | | January 2021 | | 6,500 |
| | — |
|
| Walnut Hill Plaza | | $ | 26,850 |
| | 5.50 | % | | September 2022 | | 3,868 |
| | 3,903 |
|
| Riversedge North | | $ | 11,436 |
| | 5.77 | % | | December 2023 | | 1,800 |
| | 863 |
|
| Twin City Commons | | $ | 17,827 |
| | 4.86 | % | | January 2023 | | 3,048 |
| | 3,111 |
|
| Shoppes at Eagle Harbor | | $ | 26,528 |
| | 5.10 | % | | March 2023 | | — |
| | 3,341 |
|
| New Market | | $ | 48,747 |
| | 5.65 | % | | June 2023 | | 6,907 |
| | — |
|
| Benefit Street Note (3) | | $ | 53,185 |
| | 5.71 | % | | June 2023 | | 7,567 |
| | — |
|
| Deutsche Bank Note (2) | | $ | 33,340 |
| | 5.71 | % | | July 2023 | | 5,713 |
| | — |
|
| JANAF | | $ | 333,159 |
| | 4.49 | % | | July 2023 | | 52,253 |
| | — |
|
| Tampa Festival | | $ | 50,797 |
| | 5.56 | % | | September 2023 | | 8,227 |
| | 8,368 |
|
| Forrest Gallery | | $ | 50,973 |
| | 5.40 | % | | September 2023 | | 8,529 |
| | 8,669 |
|
| South Carolina Food Lions Note | | $ | 68,320 |
| | 5.25 | % | | January 2024 | | 11,867 |
| | 12,050 |
|
| Cypress Shopping Center | | $ | 34,360 |
| | 4.70 | % | | July 2024 | | 6,379 |
| | 6,485 |
|
| Port Crossing | | $ | 34,788 |
| | 4.84 | % | | August 2024 | | 6,150 |
| | 6,263 |
|
| Freeway Junction | | $ | 41,798 |
| | 4.60 | % | | September 2024 | | 7,863 |
| | 7,994 |
|
| Harrodsburg Marketplace | | $ | 19,112 |
| | 4.55 | % | | September 2024 | | 3,486 |
| | 3,553 |
|
| Graystone Crossing (1) | | $ | 20,386 |
| | 4.55 | % | | October 2024 | | 3,863 |
| | 3,928 |
|
| Bryan Station | | $ | 23,489 |
| | 4.52 | % | | November 2024 | | 4,472 |
| | 4,547 |
|
| Crockett Square | | Interest only |
| | 4.47 | % | | December 2024 | | 6,338 |
| | 6,338 |
|
| Pierpont Centre | | Interest only |
| | 4.15 | % | | February 2025 | | 8,113 |
| | 8,113 |
|
| Alex City Marketplace | | Interest only |
| | 3.95 | % | | April 2025 | | 5,750 |
| | 5,750 |
|
| Butler Square | | Interest only |
| | 3.90 | % | | May 2025 | | 5,640 |
| | 5,640 |
|
| Brook Run Shopping Center | | Interest only |
| | 4.08 | % | | June 2025 | | 10,950 |
| | 10,950 |
|
| Beaver Ruin Village I and II | | Interest only |
| | 4.73 | % | | July 2025 | | 9,400 |
| | 9,400 |
|
| Sunshine Shopping Plaza | | Interest only |
| | 4.57 | % | | August 2025 | | 5,900 |
| | 5,900 |
|
| Barnett Portfolio | | Interest only |
| | 4.30 | % | | September 2025 | | 8,770 |
| | 8,770 |
|
| Fort Howard Shopping Center | | Interest only |
| | 4.57 | % | | October 2025 | | 7,100 |
| | 7,100 |
|
| Conyers Crossing | | Interest only |
| | 4.67 | % | | October 2025 | | 5,960 |
| | 5,960 |
|
| Grove Park Shopping Center | | Interest only |
| | 4.52 | % | | October 2025 | | 3,800 |
| | 3,800 |
|
| Parkway Plaza | | Interest only |
| | 4.57 | % | | October 2025 | | 3,500 |
| | 3,500 |
|
| Winslow Plaza | | Interest only |
| | 4.82 | % | | December 2025 | | 4,620 |
| | 4,620 |
|
| JANAF BJ's | | $ | 29,964 |
| | 4.95 | % | | January 2026 | | 5,065 |
| | — |
|
| Chesapeake Square | | $ | 23,857 |
| | 4.70 | % | | August 2026 | | 4,434 |
| | 4,507 |
|
| Berkley/Sangaree/Tri-County | | Interest only |
| | 4.78 | % | | December 2026 | | 9,400 |
| | 9,400 |
|
| Riverbridge | | Interest only |
| | 4.48 | % | | December 2026 | | 4,000 |
| | 4,000 |
|
| Franklin | | Interest only |
| | 4.93 | % | | January 2027 | | 8,516 |
| | 8,516 |
|
| Total Principal Balance (1) | | | | | | | | 369,612 |
| | 313,778 |
|
| Unamortized debt issuance cost (1) | | | | | | | | (5,144 | ) | | (5,656 | ) |
| Total Loans Payable, including Assets Held for Sale | | | | | | | | 364,468 |
| | 308,122 |
|
| Less loans payable on assets held for sale, net loan amortization costs | | | | | 4,351 |
| | 747 |
|
| Total Loans Payable, net | | | | | | | | $ | 360,117 |
| | $ | 307,375 |
|
(1) Includes loans payable on assets held for sale.
(2) This loan is collateralized by LaGrange Marketplace, Ridgeland and Georgetown.
(3) This loan is collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park.
|
| |
| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 10 |
Debt Summary as of December 31, 2018 (continued)
Total Debt
$ in 000s
|
| | | | | | | |
| Scheduled principal repayments and maturities by year | | Amount | | % Total Principal Payments and Maturities |
| December 31, 2019 | | 88,036 |
| | 23.82 | % |
| December 31, 2020 | | 23,806 |
| | 6.44 | % |
| December 31, 2021 | | 10,628 |
| | 2.88 | % |
| December 31, 2022 | | 8,152 |
| | 2.21 | % |
| December 31, 2023 | | 84,982 |
| | 22.99 | % |
| Thereafter | | 154,008 |
| | 41.66 | % |
| Total principal repayments and maturities | | $ | 369,612 |
| | 100.00 | % |
| | | | | |
|
| |
| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 11 |
Property Summary as of December 31, 2018
|
| | | | | | | | | | | | | | | | | | | |
| Property | | Location | | Number of Tenants (1) | Total Leasable Square Feet | Percentage Leased (1) | Percentage Occupied | Total SF Occupied | Annualized Base Rent (2) | Annualized Base Rent per Occupied Sq. Foot |
| Alex City Marketplace | | Alexander City, AL | | 19 |
| 147,791 |
| 100.0 | % | 100.0 | % | 147,791 |
| $ | 1,156,565 |
| $ | 7.83 |
|
| Amscot Building (3) | | Tampa, FL | | 1 |
| 2,500 |
| 100.0 | % | 100.0 | % | 2,500 |
| 115,849 |
| 46.34 |
|
| Beaver Ruin Village | | Lilburn, GA | | 27 |
| 74,038 |
| 84.7 | % | 84.7 | % | 62,701 |
| 1,091,836 |
| 17.41 |
|
| Beaver Ruin Village II | | Lilburn, GA | | 4 |
| 34,925 |
| 100.0 | % | 100.0 | % | 34,925 |
| 448,130 |
| 12.83 |
|
| Berkley (4) | | Norfolk, VA | | — |
| — |
| — | % | — | % | — |
| — |
| — |
|
| Berkley Shopping Center | | Norfolk, VA | | 9 |
| 47,945 |
| 39.5 | % | 39.5 | % | 18,940 |
| 232,030 |
| 12.25 |
|
| Brook Run Shopping Center | | Richmond, VA | | 19 |
| 147,738 |
| 92.1 | % | 92.1 | % | 136,102 |
| 1,498,354 |
| 11.01 |
|
| Brook Run Properties (4) | | Richmond, VA | | — |
| — |
| — | % | — | % | — |
| — |
| — |
|
| Bryan Station | | Lexington, KY | | 10 |
| 54,397 |
| 100.0 | % | 100.0 | % | 54,397 |
| 596,441 |
| 10.96 |
|
| Butler Square | | Mauldin, SC | | 15 |
| 82,400 |
| 96.5 | % | 96.5 | % | 79,550 |
| 848,760 |
| 10.67 |
|
| Cardinal Plaza | | Henderson, NC | | 7 |
| 50,000 |
| 94.0 | % | 94.0 | % | 47,000 |
| 449,600 |
| 9.57 |
|
| Chesapeake Square | | Onley, VA | | 12 |
| 108,982 |
| 96.5 | % | 96.5 | % | 105,182 |
| 792,110 |
| 7.53 |
|
| Clover Plaza | | Clover, SC | | 10 |
| 45,575 |
| 100.0 | % | 100.0 | % | 45,575 |
| 363,137 |
| 7.97 |
|
| Columbia Fire Station | | Columbia, SC | | 3 |
| 21,273 |
| 79.0 | % | 79.0 | % | 16,800 |
| 449,884 |
| 26.78 |
|
| Courtland Commons (4) | | Courtland, VA | | — |
| — |
| — | % | — | % | — |
| — |
| — |
|
| Conyers Crossing | | Conyers, GA | | 12 |
| 170,475 |
| 98.3 | % | 98.3 | % | 167,575 |
| 870,171 |
| 5.19 |
|
| Crockett Square | | Morristown, TN | | 4 |
| 107,122 |
| 100.0 | % | 100.0 | % | 107,122 |
| 920,322 |
| 8.59 |
|
| Cypress Shopping Center | | Boiling Springs, SC | | 15 |
| 80,435 |
| 37.8 | % | 37.8 | % | 30,375 |
| 407,147 |
| 13.40 |
|
| Darien Shopping Center | | Darien, GA | | 1 |
| 26,001 |
| 100.0 | % | 100.0 | % | 26,001 |
| 156,006 |
| 6.00 |
|
| Devine Street | | Columbia, SC | | 2 |
| 38,464 |
| 100.0 | % | 100.0 | % | 38,464 |
| 318,500 |
| 8.28 |
|
| Edenton Commons (4) | | Edenton, NC | | — |
| — |
| — | % | — | % | — |
| — |
| — |
|
| Folly Road | | Charleston, SC | | 5 |
| 47,794 |
| 100.0 | % | 100.0 | % | 47,794 |
| 725,840 |
| 15.19 |
|
| Forrest Gallery | | Tullahoma, TN | | 24 |
| 214,451 |
| 93.0 | % | 93.0 | % | 199,504 |
| 1,348,619 |
| 6.76 |
|
| Fort Howard Shopping Center | | Rincon, GA | | 18 |
| 113,652 |
| 93.6 | % | 93.6 | % | 106,320 |
| 879,340 |
| 8.27 |
|
| Freeway Junction | | Stockbridge, GA | | 14 |
| 156,834 |
| 94.6 | % | 94.6 | % | 148,424 |
| 1,084,566 |
| 7.31 |
|
| Franklin Village | | Kittanning, PA | | 29 |
| 151,821 |
| 100.0 | % | 100.0 | % | 151,821 |
| 1,254,274 |
| 8.26 |
|
| Franklinton Square | | Franklinton, NC | | 13 |
| 65,366 |
| 90.7 | % | 90.7 | % | 59,300 |
| 542,253 |
| 9.14 |
|
| Georgetown | | Georgetown, SC | | 2 |
| 29,572 |
| 100.0 | % | 100.0 | % | 29,572 |
| 267,215 |
| 9.04 |
|
| Graystone Crossing | | Tega Cay, SC | | 11 |
| 21,997 |
| 100.0 | % | 92.3 | % | 20,297 |
| 545,353 |
| 26.87 |
|
| Grove Park | | Orangeburg, SC | | 15 |
| 106,557 |
| 87.5 | % | 87.5 | % | 93,265 |
| 737,810 |
| 7.91 |
|
| Harbor Pointe (4) | | Grove, OK | | — |
| — |
| — | % | — | % | — |
| — |
| — |
|
| Harrodsburg Marketplace | | Harrodsburg, KY | | 8 |
| 60,048 |
| 91.0 | % | 91.0 | % | 54,648 |
| 413,640 |
| 7.57 |
|
| JANAF (6) | | Norfolk, VA | | 117 |
| 810,137 |
| 85.9 | % | 84.5 | % | 684,533 |
| 7,819,908 |
| 11.42 |
|
| Jenks Plaza | | Jenks, OK | | 5 |
| 7,800 |
| 100.0 | % | 100.0 | % | 7,800 |
| 165,820 |
| 21.26 |
|
| Laburnum Square | | Richmond, VA | | 21 |
| 109,405 |
| 100.0 | % | 100.0 | % | 109,405 |
| 994,847 |
| 9.09 |
|
| Ladson Crossing | | Ladson, SC | | 15 |
| 52,607 |
| 100.0 | % | 100.0 | % | 52,607 |
| 491,572 |
| 9.34 |
|
| LaGrange Marketplace | | LaGrange, GA | | 13 |
| 76,594 |
| 95.3 | % | 95.3 | % | 72,994 |
| 417,150 |
| 5.71 |
|
| Lake Greenwood Crossing | | Greenwood, SC | | 5 |
| 47,546 |
| 85.0 | % | 85.0 | % | 40,418 |
| 316,490 |
| 7.83 |
|
| Lake Murray | | Lexington, SC | | 5 |
| 39,218 |
| 100.0 | % | 100.0 | % | 39,218 |
| 256,162 |
| 6.53 |
|
| Litchfield Market Village | | Pawleys Island, SC | | 18 |
| 86,740 |
| 86.6 | % | 86.6 | % | 75,103 |
| 911,274 |
| 12.13 |
|
| Lumber River Village | | Lumberton, NC | | 11 |
| 66,781 |
| 98.2 | % | 98.2 | % | 65,581 |
| 446,203 |
| 6.80 |
|
| Moncks Corner | | Moncks Corner, SC | | 1 |
| 26,800 |
| 100.0 | % | 100.0 | % | 26,800 |
| 323,451 |
| 12.07 |
|
| Nashville Commons | | Nashville, NC | | 12 |
| 56,100 |
| 99.9 | % | 99.9 | % | 56,050 |
| 602,724 |
| 10.75 |
|
| New Market Crossing | | Mt. Airy, NC | | 13 |
| 117,076 |
| 96.0 | % | 96.0 | % | 112,368 |
| 976,833 |
| 8.69 |
|
| Parkway Plaza | | Brunswick, GA | | 4 |
| 52,365 |
| 81.7 | % | 81.7 | % | 42,785 |
| 346,979 |
| 8.11 |
|
| Perimeter Square | | Tulsa, OK | | 9 |
| 58,277 |
| 66.6 | % | 66.6 | % | 38,815 |
| 470,601 |
| 12.12 |
|
| Pierpont Centre | | Morgantown, WV | | 17 |
| 122,259 |
| 90.9 | % | 89.3 | % | 109,203 |
| 1,294,704 |
| 11.86 |
|
| Port Crossing | | Harrisonburg, VA | | 9 |
| 65,365 |
| 97.9 | % | 97.9 | % | 64,000 |
| 813,644 |
| 12.71 |
|
| Ridgeland | | Ridgeland, SC | | 1 |
| 20,029 |
| 100.0 | % | 100.0 | % | 20,029 |
| 140,203 |
| 7.00 |
|
| Riverbridge Shopping Center | | Carrollton, GA | | 11 |
| 91,188 |
| 98.5 | % | 98.5 | % | 89,788 |
| 688,391 |
| 7.67 |
|
| Riversedge North (5) | | Virginia Beach, VA | | — |
| — |
| — | % | — | % | — |
| — |
| — |
|
| Rivergate Shopping Center | | Macon, GA | | 31 |
| 201,680 |
| 97.5 | % | 97.5 | % | 196,719 |
| 2,814,797 |
| 14.31 |
|
| Sangaree Plaza | | Summerville, SC | | 9 |
| 66,948 |
| 100.0 | % | 100.0 | % | 66,948 |
| 648,335 |
| 9.68 |
|
|
| |
| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 12 |
Portfolio Summary as of December 31, 2018, (continued)
|
| | | | | | | | | | | | | | | | | | | |
| Property | | Location | | Number of Tenants (1) | Total Leasable Square Feet | Percentage Leased (1) | Occupied Square Foot Percentage | Total SF Occupied | Annualized Base Rent (2) | Annualized Base Rent per Occupied Sq. Foot |
| Shoppes at Myrtle Park | | Bluffton, SC | | 12 |
| 56,601 |
| 76.3 | % | 76.3 | % | 43,204 |
| $ | 489,327 |
| $ | 11.33 |
|
| Shoppes at TJ Maxx | | Richmond, VA | | 16 |
| 93,624 |
| 95.9 | % | 95.9 | % | 89,815 |
| 1,092,673 |
| 12.17 |
|
| South Lake | | Lexington, SC | | 6 |
| 44,318 |
| 14.2 | % | 14.2 | % | 6,300 |
| 89,793 |
| 14.25 |
|
| South Park | | Mullins, SC | | 3 |
| 60,734 |
| 83.2 | % | 83.2 | % | 50,509 |
| 351,189 |
| 6.95 |
|
| South Square | | Lancaster, SC | | 5 |
| 44,350 |
| 74.2 | % | 74.2 | % | 32,900 |
| 272,005 |
| 8.27 |
|
| St. George Plaza | | St. George, SC | | 6 |
| 59,279 |
| 86.5 | % | 86.5 | % | 51,278 |
| 332,439 |
| 6.48 |
|
| St. Matthews | | St. Matthews, SC | | 5 |
| 29,015 |
| 87.2 | % | 87.2 | % | 25,314 |
| 185,508 |
| 7.33 |
|
| Sunshine Plaza | | Lehigh Acres, FL | | 21 |
| 111,189 |
| 96.6 | % | 96.6 | % | 107,396 |
| 987,132 |
| 9.19 |
|
| Surrey Plaza | | Hawkinsville, GA | | 2 |
| 42,680 |
| 78.5 | % | 78.5 | % | 33,500 |
| 211,050 |
| 6.30 |
|
| Tampa Festival | | Tampa, FL | | 17 |
| 137,987 |
| 63.2 | % | 63.2 | % | 87,266 |
| 910,413 |
| 10.43 |
|
| Tri-County Plaza | | Royston, GA | | 6 |
| 67,577 |
| 89.2 | % | 89.2 | % | 60,277 |
| 399,073 |
| 6.62 |
|
| Tulls Creek (4) | | Moyock, NC | | — |
| — |
| — | % | — | % | — |
| — |
| — |
|
| Twin City Commons | | Batesburg-Leesville, SC | | 5 |
| 47,680 |
| 100.0 | % | 100.0 | % | 47,680 |
| 434,093 |
| 9.10 |
|
| Village of Martinsville | | Martinsville, VA | | 18 |
| 297,950 |
| 96.1 | % | 96.1 | % | 286,431 |
| 2,224,821 |
| 7.77 |
|
| Walnut Hill Plaza | | Petersburg, VA | | 6 |
| 87,239 |
| 34.3 | % | 34.3 | % | 29,957 |
| 268,048 |
| 8.95 |
|
| Waterway Plaza | | Little River, SC | | 10 |
| 49,750 |
| 100.0 | % | 100.0 | % | 49,750 |
| 485,140 |
| 9.75 |
|
| Westland Square | | West Columbia, SC | | 10 |
| 62,735 |
| 80.8 | % | 80.8 | % | 50,690 |
| 471,206 |
| 9.30 |
|
| Winslow Plaza | | Sicklerville, NJ | | 16 |
| 40,695 |
| 94.1 | % | 94.1 | % | 38,295 |
| 589,702 |
| 15.40 |
|
| Total Portfolio | | | | 800 |
| 5,716,471 |
| 89.4 | % | 89.1 | % | 5,093,671 |
| $ | 49,247,452 |
| $ | 9.67 |
|
| |
| (1) | Reflects leases executed through January 9, 2019 that commence subsequent to the end of the current period. |
| |
| (2) | Annualized based rent per occupied square foot, assumes base rent as of the end of the current reporting period, excludes the impact of tenant concessions and rent abatements. |
| |
| (3) | We own the Amscot building, but we do not own the land underneath the buildings and instead lease the land pursuant to ground leases. As discussed in the financial statements, these ground leases require us to make annual rental payments and contain escalation clauses and renewal options. |
| |
| (4) | This information is not available because the property is undeveloped. |
| |
| (5) | This property is our corporate headquarters that we 100% occupy. |
| |
| (6) | Square footage is net of management office the Company occupies on premise and buildings on ground lease which the Company only leases the land. |
|
| |
| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 13 |
Top Ten Tenants by Annualized Base Rent as of December 31, 2018
Total Tenants : 800
|
| | | | | | | | | | | | | | | | | | |
| Tenants | | Annualized Base Rent ($ in 000s) | | % of Total Annualized Base Rent | | Total Occupied Square Feet | | Percent Total Leasable Square Foot | | Base Rent Per Occupied Square Foot |
| 1. | BI-LO (1) | | $ | 2,717 |
| | 5.52 | % | | 380,675 |
| | 6.66 | % | | $ | 7.14 |
|
| 2. | Food Lion | | 2,651 |
| | 5.38 | % | | 325,576 |
| | 5.70 | % | | 8.14 |
|
| 3. | Piggly Wiggly | | 1,474 |
| | 2.99 | % | | 191,363 |
| | 3.35 | % | | 7.70 |
|
| 4. | Kroger (2) | | 1,324 |
| | 2.69 | % | | 186,064 |
| | 3.25 | % | | 7.12 |
|
| 5. | Winn Dixie (1) | | 863 |
| | 1.75 | % | | 133,575 |
| | 2.34 | % | | 6.46 |
|
| 6. | Hobby Lobby | | 675 |
| | 1.37 | % | | 114,298 |
| | 2.00 | % | | 5.91 |
|
| 7. | Dollar Tree | | 660 |
| | 1.34 | % | | 87,133 |
| | 1.52 | % | | 7.57 |
|
| 8. | BJ's Wholesale Club | | 594 |
| | 1.21 | % | | 147,400 |
| | 2.58 | % | | 4.03 |
|
| 9. | Harris Teeter (2) | | 578 |
| | 1.17 | % | | 39,946 |
| | 0.70 | % | | 14.47 |
|
| 10. | TJ Maxx | | 574 |
| | 1.17 | % | | 69,783 |
| | 1.22 | % | | 8.23 |
|
| | | | $ | 12,110 |
| | 24.59 | % | | 1,675,813 |
| | 29.32 | % | | $ | 7.23 |
|
(1) These tenants are both owned by Southeastern Grocers.
(2) These tenants are both owned by The Kroger Company.
|
| |
| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 14 |
Leasing Summary as of December 31, 2018
| |
| Total Leasable Area: | 5,716,471 square feet |
| |
| Total Square Footage Occupied: | 5,093,671 square feet |
Lease Expiration Schedule |
| | | | | | | | | | | | | | | | | | | | | | | |
| Lease Expiration Period | | Number of Expiring Leases | | Total Expiring Square Footage | | % of Total Expiring Square Footage | | % of Total Occupied Square Footage Expiring | | Expiring Annualized Base Rent (in 000s) | | % of Total Annualized Base Rent | | Expiring Base Rent Per Occupied Square Foot |
| Available | | — |
| | 622,800 |
| | 10.89 | % | | — | % | | $ | — |
| | — | % | | $ | — |
|
| Month-to-Month | | 16 |
| | 33,491 |
| | 0.59 | % | | 0.66 | % | | 433 |
| | 0.88 | % | | 12.93 |
|
| 2019 | | 133 |
| | 370,966 |
| | 6.49 | % | | 7.28 | % | | 4,642 |
| | 9.43 | % | | 12.51 |
|
| 2020 | | 170 |
| | 1,238,042 |
| | 21.66 | % | | 24.31 | % | | 10,234 |
| | 20.78 | % | | 8.27 |
|
| 2021 | | 138 |
| | 702,359 |
| | 12.29 | % | | 13.79 | % | | 7,060 |
| | 14.33 | % | | 10.05 |
|
| 2022 | | 112 |
| | 462,647 |
| | 8.09 | % | | 9.08 | % | | 5,343 |
| | 10.84 | % | | 11.55 |
|
| 2023 | | 96 |
| | 659,199 |
| | 11.53 | % | | 12.94 | % | | 6,405 |
| | 13.01 | % | | 9.72 |
|
| 2024 | | 42 |
| | 418,792 |
| | 7.33 | % | | 8.22 | % | | 3,553 |
| | 7.21 | % | | 8.48 |
|
| 2025 | | 20 |
| | 312,103 |
| | 5.46 | % | | 6.13 | % | | 2,925 |
| | 5.94 | % | | 9.37 |
|
| 2026 | | 23 |
| | 304,186 |
| | 5.32 | % | | 5.97 | % | | 2,713 |
| | 5.51 | % | | 8.92 |
|
| 2027 | | 12 |
| | 83,850 |
| | 1.47 | % | | 1.65 | % | | 1,023 |
| | 2.08 | % | | 12.20 |
|
| 2028 and thereafter | | 38 |
| | 508,036 |
| | 8.88 | % | | 9.97 | % | | 4,916 |
| | 9.99 | % | | 9.68 |
|
| Total | | 800 |
| | 5,716,471 |
| | 100.00 | % | | 100.00 | % | | $ | 49,247 |
| | 100.00 | % | | $ | 9.67 |
|
|
| |
| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 15 |
Leasing Summary as of December 31, 2018, (continued)
Anchor Lease Expiration Schedule (1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | No Option | | Option |
| Lease Expiration Twelve Month Periods Ending December 31, | Number of Expiring Leases | Expiring Occupied Square Footage | Expiring Annualized Based Rent (in 000s) | % of Total Annualized Base Rent | Expiring Base Rent per Square Foot | | Number of Expiring Leases | Expiring Occupied Square Footage | Expiring Annualized Based Rent (in 000s) | % of Total Annualized Base Rent | Expiring Base Rent per Square Foot |
| Available | — |
| 140,564 |
| $ | — |
| — | % | $ | — |
| | — |
| 45,600 |
| $ | — |
| — | % | $ | — |
|
| Month-to-Month | — |
| — |
| — |
| — | % | — |
| | — |
| — |
| — |
| — | % | — |
|
| 2019 | 1 |
| 21,213 |
| 301 |
| 38.89 | % | 14.18 |
| | 1 |
| 37,500 |
| 296 |
| 1.50 | % | 7.88 |
|
| 2020 | 1 |
| 20,858 |
| 55 |
| 7.11 | % | 2.61 |
| | 17 |
| 778,344 |
| 4,509 |
| 22.79 | % | 5.79 |
|
| 2021 | 2 |
| 43,427 |
| 88 |
| 11.37 | % | 2.03 |
| | 10 |
| 290,769 |
| 2,361 |
| 11.94 | % | 8.12 |
|
| 2022 | — |
| — |
| — |
| — | % | — |
| | 4 |
| 148,663 |
| 1,149 |
| 5.81 | % | 7.73 |
|
| 2023 | 1 |
| 22,032 |
| 215 |
| 27.78 | % | 9.75 |
| | 13 |
| 408,495 |
| 3,059 |
| 15.46 | % | 7.49 |
|
| 2024 | 1 |
| 32,000 |
| 115 |
| 14.85 | % | 3.59 |
| | 6 |
| 252,259 |
| 1,674 |
| 8.46 | % | 6.64 |
|
| 2025 | — |
| — |
| — |
| — | % | — |
| | 6 |
| 256,248 |
| 2,122 |
| 10.73 | % | 8.28 |
|
| 2026 | — |
| — |
| — |
| — | % | — |
| | 6 |
| 221,755 |
| 1,637 |
| 8.28 | % | 7.38 |
|
| 2027 | — |
| — |
| — |
| — | % | — |
| | 1 |
| 24,945 |
| 212 |
| 1.07 | % | 8.50 |
|
| 2028+ | — |
| — |
| — |
| — | % | — |
| | 12 |
| 409,055 |
| 2,763 |
| 13.96 | % | 6.76 |
|
| Total | 6 |
| 280,094 |
| 774 |
| 100.00 | % | $ | 5.54 |
| | 76 |
| 2,873,633 |
| 19,782 |
| 100.00 | % | $ | 7.00 |
|
(1) Anchors defined as leases occupying 20,000 square feet or more.
Non-anchor Lease Expiration Schedule |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | No Option | | Option |
| Lease Expiration Twelve Month Periods Ending December 31, | Number of Expiring Leases | Expiring Occupied Square Footage | Expiring Annualized Based Rent (in 000s) | % of Total Annualized Base Rent | Expiring Base Rent per Square Foot | | Number of Expiring Leases | Expiring Occupied Square Footage | Expiring Annualized Based Rent (in 000s) | % of Total Annualized Base Rent | Expiring Base Rent per Square Foot |
| Available | — |
| 436,636 |
| $ | — |
| — | % | $ | — |
| | — |
| — |
| $ | — |
| — | % | $ | — |
|
| Month-to-Month | 12 |
| 23,901 |
| 323 |
| 2.75 | % | 13.54 |
| | 4 |
| 9,590 |
| 110 |
| 0.65 | % | 11.43 |
|
| 2019 | 77 |
| 154,087 |
| 1,951 |
| 16.60 | % | 12.67 |
| | 54 |
| 158,166 |
| 2,094 |
| 12.36 | % | 13.24 |
|
| 2020 | 100 |
| 259,650 |
| 3,303 |
| 28.11 | % | 12.72 |
| | 52 |
| 179,190 |
| 2,367 |
| 13.97 | % | 13.21 |
|
| 2021 | 67 |
| 156,940 |
| 1,911 |
| 16.26 | % | 12.18 |
| | 59 |
| 211,223 |
| 2,700 |
| 15.94 | % | 12.78 |
|
| 2022 | 39 |
| 81,254 |
| 1,194 |
| 10.16 | % | 14.70 |
| | 69 |
| 232,730 |
| 3,000 |
| 17.71 | % | 12.89 |
|
| 2023 | 38 |
| 81,162 |
| 1,050 |
| 8.93 | % | 12.94 |
| | 44 |
| 147,510 |
| 2,081 |
| 12.29 | % | 14.11 |
|
| 2024 | 18 |
| 36,732 |
| 516 |
| 4.39 | % | 14.03 |
| | 17 |
| 97,801 |
| 1,248 |
| 7.37 | % | 13.72 |
|
| 2025 | 8 |
| 19,841 |
| 299 |
| 2.54 | % | 15.09 |
| | 6 |
| 36,014 |
| 504 |
| 2.98 | % | 14.00 |
|
| 2026 | 6 |
| 14,681 |
| 263 |
| 2.24 | % | 17.84 |
| | 11 |
| 67,750 |
| 813 |
| 4.80 | % | 12.01 |
|
| 2027 | — |
| — |
| — |
| — | % | — |
| | 11 |
| 58,905 |
| 811 |
| 4.79 | % | 13.77 |
|
| 2028+ | 13 |
| 50,433 |
| 942 |
| 8.02 | % | 18.67 |
| | 13 |
| 48,548 |
| 1,211 |
| 7.14 | % | 24.94 |
|
| Total | 378 |
| 1,315,317 |
| 11,752 |
| 100.00 | % | $ | 13.37 |
| | 340 |
| 1,247,427 |
| 16,939 |
| 100.00 | % | $ | 13.58 |
|
|
| |
| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 16 |
Leasing Summary as of December 31, 2018, (continued)
Leasing Renewals, New Leases and Expirations
|
| | | | | | | | | | | | | | | |
| | Three Months Ended December 31, | | Twelve months Ended December 31, |
| | 2018 | | 2017 (2) | | 2018 | | 2017 (2) |
| Renewals(1): | | | | | | | |
| Leases renewed with rate increase (sq feet) | 114,413 |
| | 63,068 |
| | 540,896 |
| | 282,335 |
|
| Leases renewed with rate decrease (sq feet) | 4,215 |
| | — |
| | 43,935 |
| | 70,049 |
|
| Leases renewed with no rate change (sq feet) | 12,972 |
| | 14,430 |
| | 109,139 |
| | 218,077 |
|
| Total leases renewed (sq feet) | 131,600 |
| | 77,498 |
| | 693,970 |
| | 570,461 |
|
| | | | | | | | |
| Leases renewed with rate increase (count) | 22 |
| | 18 |
| | 93 |
| | 78 |
|
| Leases renewed with rate decrease (count) | 2 |
| | — |
| | 8 |
| | 9 |
|
| Leases renewed with no rate change (count) | 5 |
| | 4 |
| | 18 |
| | 25 |
|
| Total leases renewed (count) | 29 |
| | 22 |
| | 119 |
| | 112 |
|
| | | | | | | | |
| Option exercised (count) | 8 |
| | 16 |
| | 31 |
| | 60 |
|
| | | | | | | | |
| Weighted average on rate increases (per sq foot) | $ | 0.82 |
| | $ | 0.75 |
| | $ | 0.93 |
| | $ | 0.92 |
|
| Weighted average on rate decreases (per sq foot) | $ | (5.80 | ) | | $ | — |
| | $ | (2.23 | ) | | $ | (1.18 | ) |
| Weighted average rate (per sq foot) | $ | 0.53 |
| | $ | 0.61 |
| | $ | 0.52 |
| | $ | 0.31 |
|
| Weighted average change over prior rates | 4.83 | % | | 4.47 | % | | 6.05 | % | | 3.35 | % |
| | | | | | | | |
| New Leases (1): | | | | | | | |
| New leases (sq feet) | 56,579 |
| | 41,906 |
| | 290,986 |
| | 160,341 |
|
| New leases (count) | 8 |
| | 11 |
| | 55 |
| | 55 |
|
| Weighted average rate (per sq foot) | $ | 10.38 |
| | $ | 10.37 |
| | $ | 9.06 |
| | $ | 11.95 |
|
| | | | | | | | |
| Gross Leasable Area ("GLA") expiring during the next 12 months, including month-to-month | 7.08 | % | | 9.39 | % | | 7.08 | % | | 9.39 | % |
| |
| (1) | Lease data presented for the three and twelve months ended December 31, 2018 and 2017 is based on average rate per square foot over the renewed or new lease term. |
| |
| (2) | 2017 lease data adjusted to reflect average rate per square foot over the renewed or new lease term for consistency with 2018 presentation. |
|
| |
| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 17 |
Definitions
Funds from Operations (FFO): an alternative measure of a REIT's operating performance, specifically as it relates to results of operations and liquidity. FFO is a measurement that is not in accordance with accounting principles generally accepted in the United States (GAAP). Wheeler computes FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and December 2018). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs), plus impairment of goodwill and real estate related long-lived assets and after adjustments for unconsolidated partnerships and joint ventures.
Most industry analysts and equity REITs, including Wheeler, consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions and excluding depreciation, FFO is a helpful tool that can assist in the comparison of the operating performance of a company’s real estate between periods, or as compared to different companies. Management uses FFO as a supplemental measure to conduct and evaluate the business because there are certain limitations associated with using GAAP net income alone as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time, while historically real estate values have risen or fallen with market conditions.
Adjusted FFO (AFFO): Management believes that the computation of FFO in accordance with NAREIT’s definition includes certain items that are not indicative of the operating performance of the Company’s real estate assets. These items include, but are not limited to, non-recurring expenses, legal settlements, acquisition costs and capital raise costs. Management uses AFFO, which is a non-GAAP financial measure, to exclude such items. Management believes that reporting AFFO in addition to FFO is a useful supplemental measure for the investment community to use when evaluating the operating performance of the Company on a comparative basis. The Company also presents Pro Forma AFFO which shows the impact of certain activities assuming they occurred at the beginning of the year.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA): another widely-recognized non-GAAP financial measure that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful to investors and lenders in understanding financial performance and providing a relevant basis for comparison among other companies, including REITs. While EBITDA should not be considered as a substitute for net income attributable to the Company’s common shareholders, net operating income, cash flow from operating activities, or other income or cash flow data prepared in accordance with GAAP, the Company believes that EBITDA may provide additional information with respect to the Company’s performance or ability to meet its future debt service requirements, capital expenditures and working capital requirements. The Company computes EBITDA by excluding interest expense, net loss attributable to noncontrolling interests, depreciation and amortization and impairment of goodwill, long-lived assets and notes receivable, from income from continuing operations. The Company also presents Adjusted EBITDA which excludes affecting the comparability of the periods presented, including but not limited to, costs associated with acquisitions and capital related activities.
|
| |
| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 18 |
Net Operating Income (NOI): The Company believes that NOI is a useful measure of the Company's property operating performance. The Company defines NOI as property revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes). Because NOI excludes general and administrative expenses, depreciation and amortization, interest expense, interest income, provision for income taxes, gain or loss on sale or capital expenditures and leasing costs, it provides a performance measure, that when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not immediately apparent from net income. The Company uses NOI to evaluate its operating performance since NOI allows the Company to evaluate the impact of factors, such as occupancy levels, lease structure, lease rates and tenant base, have on the Company's results, margins and returns. NOI should not be viewed as a measure of the Company's overall financial performance since it does not reflect general and administrative expenses, depreciation and amortization, impairment of goodwill, impairment of long-lived assets, involuntary conversion, interest expense, interest income, provision for income taxes, gain or loss on sale or disposition of assets, and the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company's properties. Other REITs may use different methodologies for calculating NOI, and accordingly, the Company's NOI may not be comparable to that of other REITs.
|
| |
| Wheeler Real Estate Investment Trust | Supplemental Operating and Financial Data | 19 |
