Wheeler Real Estate Investment Trust (WHLR) 10-K 28 Feb 22 2020 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 24, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-35713
Entity Registrant Name	WHEELER REAL ESTATE INVESTMENT TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-2681082
Entity Address, Address Line One	2529 Virginia Beach Blvd.
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23452
City Area Code	757
Local Phone Number	627-9088
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 36,779,197
Entity Common Stock, Shares Outstanding		9,720,532
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for its 2022 Meeting to be filed with the Securities and Exchange Commission not later than 120 days after the end of the year covered by this Annual Report are incorporated by reference into Part III of this Annual Report.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001527541
Common Stock, $0.01 par value per share
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	WHLR
Security Exchange Name	NASDAQ
Series B Convertible Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series B Convertible Preferred Stock
Trading Symbol	WHLRP
Security Exchange Name	NASDAQ
Series D Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Series D Cumulative Convertible Preferred Stock
Trading Symbol	WHLRD
Security Exchange Name	NASDAQ
7.00% Senior Subordinated Convertible Notes due 2031
Document Information [Line Items]
Title of 12(b) Security	7.00% Senior Subordinated Convertible Notes due 2031
Trading Symbol	WHLRL
Security Exchange Name	NASDAQ

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Name	Cherry Bekaert LLP
Auditor Location	Virginia Beach, Virginia
Auditor Firm ID	677

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
ASSETS:
Investment properties, net	$ 386,730	$ 392,664
Cash and cash equivalents	22,898	7,660
Restricted cash	17,521	35,108
Rents and other tenant receivables, net	9,233	9,153
Assets held for sale	2,047	13,072
Above market lease intangibles, net	2,424	3,547
Operating lease right-of-use assets	12,455	12,745
Deferred costs and other assets, net	11,973	15,430
Total Assets	465,281	489,379
LIABILITIES:
Loans payable, net	333,283	334,266
Liabilities associated with assets held for sale	3,381	13,124
Below market lease intangibles, net	3,397	4,554
Derivative liabilities	4,776	594
Operating lease liabilities	13,040	13,200
Accounts payable, accrued expenses and other liabilities	11,054	11,229
Total Liabilities	368,931	376,967
EQUITY:
Common Stock ($0.01 par value, 200,000,000 and 18,750,000 shares authorized, respectively, 9,720,532 and 9,703,874 shares issued and outstanding, respectively)	97	97
Additional paid-in capital	234,229	234,061
Accumulated deficit	(274,107)	(260,867)
Total Stockholders’ Equity	1,861	14,918
Noncontrolling interests	1,941	1,931
Total Equity	3,802	16,849
Total Liabilities and Equity	465,281	489,379
Series D Preferred Stock
LIABILITIES:
Series D Cumulative Convertible Preferred Stock (no par value, 6,000,000 and 4,000,000 shares authorized, respectively, 3,152,392 and 3,529,293 shares issued and outstanding, respectively; $104.97 million and $109.13 million aggregate liquidation value, respectively)	92,548	95,563
Series A Preferred Stock
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding), Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,748 shares issued and outstanding; $46.90 million aggregate liquidation preference)	453	453
Series B Preferred Stock
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding), Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,748 shares issued and outstanding; $46.90 million aggregate liquidation preference)	$ 41,189	$ 41,174

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	18,750,000
Common stock, shares issued (in shares)	9,720,532	9,703,874
Common stock, shares outstanding (in shares)	9,720,532	9,703,874
Series D Preferred Stock
Cumulative convertible preferred stock, no par value (in dollars per share)	$ 0	$ 0
Cumulative convertible preferred stock, shares authorized (in shares)	6,000,000	4,000,000
Cumulative convertible preferred stock, shares issued (in shares)	3,152,392	3,529,293
Cumulative convertible preferred stock, aggregate liquidation preference	$ 104,970	$ 109,130
Preferred stock, shares authorized (in shares)	6,000,000
Series A Preferred Stock
Cumulative convertible preferred stock, shares outstanding (in shares)	562
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	4,500
Preferred stock, shares issued (in shares)	562	562
Preferred stock outstanding (in shares)	562	562
Preferred stock, liquidation preference value	$ 562	$ 562
Series B Preferred Stock
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	1,872,448	1,875,748
Preferred stock outstanding (in shares)	1,872,448	1,875,748
Preferred stock, liquidation preference value	$ 46,810	$ 46,900

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
REVENUE:
Rental revenues	$ 60,368	$ 60,039
Other revenues	942	964
Total Revenue	61,310	61,003
OPERATING EXPENSES:
Property operations	19,618	18,886
Depreciation and amortization	14,797	17,291
Impairment of assets held for sale	2,300	600
Corporate general & administrative	7,140	5,831
Total Operating Expenses	43,855	42,608
Gain on disposal of properties	2,055	23
Operating Income	19,510	18,418
Interest income	34	1
Interest expense	(33,028)	(17,093)
Net changes in fair value of derivative liabilities	3,768	0
Other income	552	0
Other expense	(185)	(1,039)
Net (Loss) Income Before Income Taxes	(9,349)	287
Income tax expense	(2)	0
Net (Loss) Income	(9,351)	287
Less: Net income attributable to noncontrolling interests	92	42
Net (Loss) Income Attributable to Wheeler REIT	(9,443)	245
Preferred Stock dividends - undeclared	(8,837)	(10,258)
Deemed contribution related to Preferred Stock discount	5,040	726
Net Loss Attributable to Wheeler REIT Common Stockholders	$ (13,240)	$ (9,287)
Loss per share:
Basic (in dollars per share)	$ (1.36)	$ (0.96)
Diluted (in dollars per share)	$ (1.36)	$ (0.96)
Weighted-average number of shares:
Basic (in shares)	9,711,944	9,698,274
Diluted (in shares)	9,711,944	9,698,274

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($)	Total	Total Stockholders’ Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests	Series A Preferred StockPreferred Stock	Series B Preferred StockPreferred Stock
Beginning balance (in shares) at Dec. 31, 2019			9,694,284			234,019	562	1,875,748
Beginning balance at Dec. 31, 2019	$ 26,007,000	$ 23,927,000	$ 97,000	$ 233,870,000	$ (251,580,000)	$ 2,080,000	$ 453,000	$ 41,087,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount	87,000	87,000						$ 87,000
Conversion of operating partnership units to Common Stock (in shares)			9,590			(9,590)
Conversion of operating partnership units to Common Stock	0	21,000		21,000		$ (21,000)
Adjustment for noncontrolling interest in operating partnership	0	170,000		170,000		(170,000)
Dividends and distributions	(10,258,000)	(10,258,000)			(10,258,000)
Deemed contribution related to Preferred Stock discount	726,000	726,000			726,000
Net (Loss) Income	287,000	245,000			245,000	$ 42,000
Ending balance (in shares) at Dec. 31, 2020			9,703,874			224,429	562	1,875,748
Ending balance at Dec. 31, 2020	16,849,000	14,918,000	$ 97,000	234,061,000	(260,867,000)	$ 1,931,000	$ 453,000	$ 41,174,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount	87,000	87,000						$ 87,000
Conversion of operating partnership units to Common Stock (in shares)			9,086			(9,086)
Conversion of operating partnership units to Common Stock	0	33,000		33,000		$ (33,000)
Issuance of common stock under Share Incentive Plan (in shares)			5,000
Issuance of Common Stock under Share Incentive Plan	14,000	14,000		14,000
Adjustment for noncontrolling interest in operating partnership	0	49,000		49,000		(49,000)
Conversion of preferred stock to common stock (in shares)								(3,300)
Conversion of Series B Preferred Stock to Common Stock	0		$ 2,572	72,000				$ (72,000)
Dividends and distributions	(8,837,000)	(8,837,000)			(8,837,000)
Deemed contribution related to Preferred Stock discount	5,040,000	5,040,000			5,040,000
Net (Loss) Income	(9,351,000)	(9,443,000)			(9,443,000)	$ 92,000
Ending balance (in shares) at Dec. 31, 2021			9,720,532			215,343	562	1,872,448
Ending balance at Dec. 31, 2021	$ 3,802,000	$ 1,861,000	$ 97,000	$ 234,229,000	$ (274,107,000)	$ 1,941,000	$ 453,000	$ 41,189,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$ (9,351)	$ 287
Adjustments to reconcile consolidated net (loss) income to net cash provided by operating activities:
Depreciation	11,072	11,317
Amortization	3,725	5,974
Loan cost amortization	12,710	1,097
Net changes in fair value of derivative liabilities	(3,768)	0
Above (below) market lease amortization, net	13	(461)
Paid-in-kind interest	1,610	0
Straight-line expense	35	184
Share-based compensation	14	0
Gain on disposal of properties	(2,055)	(23)
Credit losses on operating lease receivables	239	1,131
Impairment of assets held for sale	2,300	600
Net changes in assets and liabilities:
Rent and other tenant receivables, net	1,001	(2,402)
Unbilled rent	(1,220)	(1,076)
Deferred costs and other assets, net	(427)	(661)
Accounts payable, accrued expenses and other liabilities	1,143	(187)
Net cash provided by operating activities	17,041	15,780
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(6,412)	(2,271)
Cash received from disposal of properties	11,513	4,508
Net cash provided by investing activities	5,101	2,237
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs	(7,813)	(3,143)
Loan proceeds	97,650	38,350
Loan principal payments	(105,305)	(31,493)
Paycheck Protection Program proceeds	0	552
Preferred stock redemption	(8,336)	(1,106)
Payments of loan prepayment penalties	(687)	0
Net cash (used in) provided by financing activities	(24,491)	3,160
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(2,349)	21,177
CASH, CASH EQUIVALENTS AND RESTRICTED CASH , beginning of year	42,768	21,591
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of year	40,419	42,768
Non-cash Transactions:
Paycheck Protection Program forgiveness	552	0
Initial fair value of warrants	2,018	594
Initial fair value of derivative liability at issuance of convertible notes	5,932	0
Accretion of Preferred Stock discounts	600	677
Deemed contribution related to Preferred Stock discount	5,040	726
Other Cash Transactions:
Cash paid for taxes	2	15
Cash paid for interest	18,973	15,889
Cash and cash equivalents	22,898	7,660
Restricted cash	17,521	35,108
Cash, cash equivalents, and restricted cash	40,419	42,768
Common units
Non-cash Transactions:
Conversion of common units and preferred stock to common stock	33	21
Series B Preferred Stock
Non-cash Transactions:
Conversion of common units and preferred stock to common stock	$ 72	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [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”, the “Company”, "we", "our" or "us") 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. At December 31, 2021, the Company owned 98.59% of the Operating Partnership. As of December 31, 2021, the Trust, through the Operating Partnership, owned and operated fifty-eight centers and four undeveloped properties. Ten of these properties are located in Virginia, three are located in Florida, six are located in North Carolina, twenty-two are located in South Carolina, twelve are located in Georgia, two are located in Kentucky, two are located in Tennessee, one is located in New Jersey, one is located in Alabama, one is located in West Virginia, one is located in Oklahoma and one is located in Pennsylvania. The Company’s portfolio had total gross rentable space of approximately 5,478,855 square feet and a leased level of approximately 94.2% at December 31, 2021. Accordingly, the use of the word “Company”, "we", "our" or "us" refers to the Trust and its consolidated subsidiaries, except where the context otherwise requires. The Company includes the Trust, the Operating Partnership, the entities included in the REIT formation and the entities acquired since November 2012. The Company prepared the accompanying consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, or GAAP. All material balances and transactions between the consolidated entities of the Company have been eliminated. The Company owns, leases and operates income producing grocery-anchored centers, neighborhood centers, community centers and free-standing retail properties with a strategy to acquire high quality retail properties that generate attractive risk-adjusted returns. The Company targeted competitively protected properties in communities that have stable demographics and have historically exhibited pro-business jurisdictions. The Company considers competitively protected properties to be located in the most prominent shopping districts in their respective markets, ideally situated at major “Main and Main” intersections. The Company generally leases its properties to national and regional supermarket chains and selects retailers that offer necessity and value oriented services and items and generate regular consumer traffic. The Company’s tenants carry goods and offer services that are less impacted by fluctuations in the broader U.S. economy and consumers’ disposable income, which it believes generates more predictable property-level cash flows.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Investment Properties The Company records investment properties and related intangibles at fair value upon acquisition. 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 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 at fair value 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. 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. 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 future operating income before depreciation and amortization, plus its residual value, is less than the carrying value of the property. Estimated undiscounted operating income before depreciation and amortization include renewal and renegotiations of current leases, estimates of new leases on vacant spaces, estimates of operating costs and fluctuating market conditions. The renewal and renegotiations of leases in some cases must be approved by additional third parties outside the control of the Company and the tenant. If such renewed or renegotiated leases are approved at amounts below current estimates, then impairment adjustments may be necessary in the future. 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 for vacant spaces and local market information. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 3 inputs. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets Held For Sale and Discontinued Operations The Company may decide to sell properties that are held for use. The Company records these properties 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. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell an impairment expense is recognized. The Company estimates fair value, less estimated closing costs based on similar real estate sales transactions. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 and 3 inputs. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. See Note 3 for additional details on impairment of assets held for sale for the years ended December 31, 2021 and 2020. Assets held for sale are presented as discontinued operations in all periods presented if the disposition represents a strategic shift that has, or will have, a major effect on the Company's financial position or results of operations. This includes the net gain (or loss) upon disposal of property held for sale, the property's operating results, depreciation and interest expense. Conditional Asset Retirement Obligation A conditional asset retirement obligation represents a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement depends on a future event that may or may not be within the Company’s control. Currently, the Company does not have any conditional asset retirement obligations. However, any such obligations identified in the future would result in the Company recording a liability if the fair value of the obligation can be reasonably estimated. Environmental studies conducted at the time the Company acquired its properties did not reveal any material environmental liabilities, and the Company is unaware of any subsequent environmental matters that would have created a material liability. The Company believes that its properties are currently in material compliance with applicable environmental, as well as non-environmental, statutory and regulatory requirements. The Company did not record any conditional asset retirement obligation liabilities as of December 31, 2021 and 2020. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments purchased with an original maturity of 90 days or less to be cash and cash equivalents. 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, leasing costs, tenant security deposits and funds restricted by lender for redemption of Series D Preferred. The Company places its cash and cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company ("FDIC") up to $250 thousand. The Company's 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 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 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, leases in place, capitalized legal and marketing costs, tenant relationships and ground lease sandwich interest 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 to third parties in connection with lease originations. The Company generally records amortization of lease origination costs on a straight-line basis over the terms of the related leases. Amortization of deferred costs and other assets represents a component of depreciation and amortization expense. Paycheck Protection Program The Company received proceeds of $552 thousand (the "PPP funds") pursuant to the Paycheck Protection Program (the "PPP") under the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. The PPP funds were received in the form of a promissory note, dated April 24, 2020 (the “Promissory Note”), between the Company and KeyBank as the lender. Under the terms of the CARES Act, the Promissory Note was forgiven during the year ended December 31, 2021 and the corresponding forgiveness of the liability was recorded as "other income" on the consolidated statements of operations. Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants and convertible notes, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. The assumptions used in these fair value estimates are based on the three-level valuation hierarchy for fair value measurement and represent Level 3 inputs. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Debt Issuance Costs The Company may incur debt issuance costs in connection with raising funds through debt. These costs may be paid in the form of cash, or equity (such as warrants and convertible notes). These costs are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets. Operating Partnership Purchase of Stock The Operating Partnership purchased 71,343 shares of the Series D Preferred on September 22, 2020 from an unaffiliated investor at $15.50 per share. The Company considers the purchase of the REIT's equity securities to be retired in the consolidated financial statements. See Note 8 for additional details. Revenue Recognition Lease Contract Revenue The Company has two classes of underlying assets relating to rental revenue activity, retail and office space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue. 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. At December 31, 2021 and 2020, there were $5.77 million and $4.48 million, respectively, in unbilled rent which is included in "rents and other tenant receivables, net." Additionally, certain 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 as variable lease income. 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). This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. These reimbursements are considered nonlease components which the Company combines with the lease component. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by the tenant's pro-rata percentage of square footage to total square footage of the property. The Company also receives monthly payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income. Additionally, the Company has tenants who pay real estate taxes directly to the taxing authority. The Company excludes these Company costs paid directly by the tenant to third parties on the Company’s behalf from both variable revenue payments recognized and the associated property operating expenses. The Company does not evaluate whether certain sales taxes and other similar taxes are the Company’s costs or tenants' costs. Instead, the Company accounts for these costs as tenant costs. The Company recognizes lease termination fees, which are included in "other revenues" on the consolidated statements of operations, in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company records losses related to unrecovered intangibles and other assets. Beginning in April 2020, the Company received certain rent relief requests, most often in the form of rent deferral requests, as a result of COVID-19. The Company evaluated each tenant rent relief request on an individual basis, considering a number of factors. Not all tenant requests ultimately result in concessions or modification of agreements, nor is the Company forgoing its contractual rights under its lease agreements. The Financial Accounting Standards Board (the "FASB") issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. The Lease Modification Q&A clarifies that entities may elect to treat qualifying lease concessions as if they were based on enforceable rights and obligations, and may choose to apply or not to apply modification accounting to those qualifying concessions. Qualifying concessions must be in response to COVID-19 and not have a substantial increase in the lessee’s obligation or the lessor’s rights under the contract. The Company has elected not to apply ASC 842 modification guidance for concessions that did not increase the lease term, generally these concessions do not impact the overall economics of the lease. Concessions that extend the lease term are accounted for under ASC 842, lease modification guidance. The below table disaggregates the Company’s revenue by type of service for the years ended December 31, 2021 and 2020 (in thousands): Years Ended December 31, 2021 2020 Minimum rent $ 45,896 $ 46,349 Tenant reimbursements - variable lease revenue 13,120 13,273 Straight-line rents 1,060 1,155 Percentage rent - variable lease revenue 531 393 Lease termination fees 139 178 Other 803 786 Total 61,549 62,134 Credit losses on operating lease receivables (239) (1,131) Total $ 61,310 $ 61,003 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 stockholders and meet certain other asset and income tests, as well as other requirements. 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 fails to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes and has determined that the Company had no uncertain income tax positions. 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. Corporate General and Administrative Expense Corporate general & administrative expenses consist of the following (in thousands): Years Ended December 31, 2021 2020 Professional fees $ 3,116 $ 2,466 Corporate administration (1) 1,771 1,240 Compensation and benefits 1,465 1,589 Capital and debt financing costs 438 291 Advertising costs for leasing activities 119 117 Other 231 128 Total $ 7,140 $ 5,831 (1) Includes $169 thousand in annual rental payments for the year ended December 31, 2021 for the Company's office space headquarters that had a sale leaseback in December 2020. Other Expense Other expense represents costs which are non-operating in nature. Other expenses were $185 thousand for the year ended December 31, 2021, and consist of legal settlement costs. Other expenses were $1.04 million for the year ended December 31, 2020, and include legal settlement costs and reimbursement of 2019 proxy costs, see Note 11 for additional details. Lease Commitments The Company determines if an arrangement is a lease at inception. Operating leases, in which the Company is the lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU assets include any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend the lease when it is reasonably certain that the company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elects the practical expedient to combine lease and associated nonlease components. The lease components are the majority of its leasing arrangements and the Company accounts for the combined component as an operating lease. In the event the Company modifies existing ground leases or enters into new ground leases, such leases may be classified as finance leases. 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 consolidated balance sheets but separate from the Company’s equity. On the consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ 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 $0.01 par value per share common stock ("Common Stock"). In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital. Recently Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entities Own Equity (Subtopic 815-40).” This ASU simplifies accounting for convertible instruments by eliminating two of the three models in ASC 470-20 that require separating embedded conversion features from convertible instruments. In addition, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer available. The guidance is effective for fiscal years beginning after December 15, 2021. We adopted this guidance effective January 1, 2021 under the modified retrospective adoption approach. There was no effect to the opening balance of retained earnings at the date of adoption. The comparative information has not been restated and continues to be presented according to accounting standards in effect for those periods. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)". This update modifies the disclosure requirements on fair value measurements in Topic 820 with several removals, modifications and additions for disclosures, which includes both prospective and retrospective disclosures. The guidance adds prospective disclosures related to the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements including measurement uncertainty disclosures to communicate the uncertainty in the measurement as of the reporting date. The Company adopted this ASU as of January 1, 2020. The adoption did not have material impact on its consolidated financial statements upon adoption of the guidance and there were no retrospective disclosures necessary. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s estimate of expected credit losses and the reasons for those changes. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2022, per FASB's issuance of ASU 2019-10, "Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates." The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements. 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 The Company has reclassified certain prior period amounts in the accompanying consolidated financial statements in order to be consistent with the current period presentation. The consolidated statements of operations reported within prior year's Form 10-K, fiscal year ended December 31, 2020, presented net loss attributable to Wheeler REIT Common Stockholders and basic and diluted loss per share amounts of $13.56 million and $1.40 per share, respectively. On November 3, 2021, common stockholders of the Company voted to amend the Company’s Charter to remove the cumulative dividend rights of the Series A Preferred and Series B Preferred. As a result, the net loss attributable to Wheeler REIT Common Stockholders and basic and diluted loss per share amounts have been restated to conform with this amendment, resulting in net loss attributable to Wheeler REIT Common Stockholders and basic and diluted loss per share amounts of $9.29 million and $0.96 per share, respectively, for the year ended December 31, 2020. No other reclassifications had an effect on net income, total assets, total liabilities or equity. The revenue from interest income was reclassified from interest expense on the consolidated statements of operations for consistency with current period presentation.

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate	Real Estate Investment properties consist of the following (in thousands): December 31, 2021 2020 Land and land improvements $ 96,752 $ 97,117 Buildings and improvements 357,606 354,738 Investment properties at cost 454,358 451,855 Less accumulated depreciation (67,628) (59,191) Investment properties, net $ 386,730 $ 392,664 The Company’s depreciation expense on investment properties was $11.07 million and $11.32 million for the years ended December 31, 2021 and 2020, respectively. A significant portion of the Company’s land, buildings and improvements serve as collateral for its mortgage loans. Accordingly, restrictions exist as to the encumbered property's transferability, use and other common rights typically associated with property ownership. Assets Held for Sale and Dispositions At December 31, 2021, assets held for sale included Walnut Hill Plaza, as the Company has committed to a plan to sell the property. At December 31, 2020, assets held for sale included Columbia Fire Station, Berkley Shopping Center, a 0.75 acre land parcel at Berkley (the "Berkley Land Parcel") and two outparcels at Rivergate Shopping Center. Impairment expenses on assets held for sale are a result of reducing the carrying value for the amount that exceeded the property's fair value less estimated selling costs. The valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 inputs. Impairment expenses for the years ended December 31, 2021 and 2020 are as follows (in thousands): Years Ended December 31, 2021 2020 Walnut Hill Plaza $ 100 $ — Columbia Fire Station 2,200 600 Total $ 2,300 $ 600 As of December 31, 2021 and 2020, assets held for sale and associated liabilities consist of the following (in thousands): December 31, 2021 2020 Investment properties, net $ 1,824 $ 12,593 Rents and other tenant receivables, net 18 132 Above market leases, net — 153 Deferred costs and other assets, net 205 194 Total assets held for sale $ 2,047 $ 13,072 December 31, 2021 2020 Loans payable $ 3,145 $ 12,838 Below market leases, net — 25 Accounts payable, accrued expenses and other liabilities 236 261 Total liabilities associated with assets held for sale $ 3,381 $ 13,124 The following properties were sold during the years ended December 31, 2021 and 2020 (in thousands): Disposal Property Contract Price Gain (Loss) Net Proceeds November 17, 2021 Columbia Fire Station $ 4,250 $ (88) $ 3,903 August 31, 2021 Rivergate Shopping Center Out Parcel 3,700 1,915 3,451 July 9, 2021 Tulls Creek Land Parcel (1.28 acres) 250 52 222 March 25, 2021 Berkley Shopping Center and Berkley Land Parcel (0.75 acres) 4,150 176 3,937 December 31, 2020 Riversedge North 3,000 49 2,843 January 21, 2020 St. Matthews 1,775 (26) 1,665

Deferred Costs

Deferred Costs	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs	Deferred Costs Deferred costs and other assets, net of accumulated amortization are as follows (in thousands): December 31, 2021 2020 Leases in place, net $ 7,519 $ 10,233 Ground lease sandwich interest, net 1,667 1,941 Lease origination costs, net 1,474 1,334 Tenant relationships, net 853 1,308 Legal and marketing costs, net 14 22 Other 446 592 Total deferred costs and other assets, net $ 11,973 $ 15,430 As of December 31, 2021 and 2020, the Company’s intangible accumulated amortization totaled $62.94 million and $60.33 million, respectively. During the years ended December 31, 2021 and 2020, the Company’s intangible amortization expense totaled $3.73 million and $5.97 million, respectively. Future amortization of leases in place, ground lease sandwich interest, lease origination costs, tenant relationships, and legal and marketing costs is as follows (in thousands): For the Years Ended December 31, Leases in Ground lease sandwich interest, net Lease Tenant Legal & Total 2022 $ 2,092 $ 274 $ 230 $ 349 $ 6 $ 2,951 2023 1,612 274 213 222 5 2,326 2024 1,111 274 194 126 3 1,708 2025 794 274 160 62 — 1,290 2026 422 274 136 11 — 843 Thereafter 1,488 297 541 83 — 2,409 $ 7,519 $ 1,667 $ 1,474 $ 853 $ 14 $ 11,527

Loans Payable

Loans Payable	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Loans Payable	Loans Payable The Company’s loans payable consist of the following (in thousands, except monthly payment): Property/Description Monthly Payment Interest Maturity December 31, December 31, Litchfield Market Village $ 46,057 5.50 % November 2022 $ 7,312 $ 7,418 Twin City Commons $ 17,827 4.86 % January 2023 2,843 2,915 Walnut Hill Plaza $ 26,850 5.50 % March 2023 3,145 3,287 New Market $ 48,747 5.65 % June 2023 6,291 6,508 Benefit Street Note (3) $ 53,185 5.71 % June 2023 6,914 7,145 Deutsche Bank Note (2) $ 33,340 5.71 % July 2023 5,488 5,567 JANAF $ 333,159 4.49 % July 2023 47,065 48,875 First National Bank (6) (7) $ 24,656 LIBOR + 350 basis points August 2023 789 1,045 Lumber River (7) $ 10,723 LIBOR + 350 basis points September 2023 1,296 1,367 Tampa Festival $ 50,797 5.56 % September 2023 7,753 7,920 Forrest Gallery $ 50,973 5.40 % September 2023 8,060 8,226 South Carolina Food Lions Note (5) $ 68,320 5.25 % January 2024 11,259 11,473 JANAF Bravo $ 35,076 5.00 % May 2024 5,936 6,263 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,031 6,163 Port Crossing $ 34,788 4.84 % August 2024 5,778 5,909 Freeway Junction $ 41,798 4.60 % September 2024 7,431 7,582 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,267 3,343 Bryan Station $ 23,489 4.52 % November 2024 4,226 4,312 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre $ 39,435 4.15 % February 2025 7,861 8,001 Shoppes at Myrtle Park $ 33,180 4.45 % February 2025 5,757 5,892 Folly Road $ 41,482 4.65 % March 2025 7,063 7,223 Alex City Marketplace Interest only 3.95 % April 2025 5,750 5,750 Butler Square Interest only 3.90 % May 2025 5,640 5,640 Brook Run Shopping Center Interest only 4.08 % June 2025 10,950 10,950 Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400 9,400 Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900 5,900 Barnett Portfolio (4) Interest only 4.30 % September 2025 8,770 8,770 Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100 7,100 Conyers Crossing Interest only 4.67 % October 2025 5,960 5,960 Grove Park Shopping Center Interest only 4.52 % October 2025 3,800 3,800 Parkway Plaza Interest only 4.57 % October 2025 3,500 3,500 Winslow Plaza $ 24,295 4.82 % December 2025 4,483 4,553 JANAF BJ's $ 29,964 4.95 % January 2026 4,725 4,844 Tuckernuck $ 32,202 5.00 % March 2026 5,052 5,193 Chesapeake Square $ 23,857 4.70 % August 2026 4,192 4,279 Berkley/Sangaree/Tri-County Interest only 4.78 % December 2026 6,176 9,400 Riverbridge Interest only 4.48 % December 2026 4,000 4,000 Franklin Village $ 45,336 4.93 % January 2027 8,277 8,404 Village of Martinsville $ 89,664 4.28 % July 2029 15,589 15,979 Laburnum Square Interest only 4.28 % September 2029 7,665 7,665 Rivergate $ 100,222 4.25 % September 2031 18,430 21,164 Convertible Notes Interest only 7.00 % December 2031 33,000 — Columbia Fire Station Interest only 14.00 % July 2021 — 3,893 Powerscourt Financing Agreement Interest only 13.50 % March 2023 — 25,000 Total Principal Balance (1) 346,262 353,916 Unamortized debt issuance cost (1) (9,834) (6,812) Total Loans Payable, including assets held for sale 336,428 347,104 Less loans payable on assets held for sale, net loan amortization costs 3,145 12,838 Total Loans Payable, net $ 333,283 $ 334,266 (1) Includes loans payable on assets held for sale, see Note 3. (2) Collateralized by LaGrange Marketplace, Ridgeland and Georgetown. (3) Collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park. (4) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons. (5) Collateralized by Clover Plaza, South Square, St. George, Waterway Plaza and Westland Square. (6) Collateralized by Surrey Plaza and Amscot Building. (7) Certain loans bear interest at a variable interest rate equal to LIBOR or another index rate, subject to a floor, in each case plus or minus a specified margin. Rights Offering and Convertible Notes On July 22, 2021, the Company commenced the rights offering (the “Rights Offering”) for the purchase of up to $30.00 million in aggregate principal amount of the Company’s 7.00% senior subordinated convertible notes due 2031 (the “Convertible Notes”). On August 13, 2021, the Rights Offering expired. Pursuant to the Rights Offering, the Company distributed to holders of its Common Stock, as of 5:00 p.m. New York City time on June 1, 2021 (the “Record Date”), non-transferable subscription rights to purchase Convertible Notes. Each holder of the Company’s Common Stock as of the Record Date received one right for each eight shares of the Company’s Common Stock owned, and each right entitled a holder to purchase $25.00 principal amount of Convertible Notes. The Rights Offering was made pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission. The aggregate principal amount of Convertible Notes issued in the Rights Offering was $30.00 million. The Rights Offering was backstopped by Magnetar Structured Credit Fund, LP, Magnetar Longhorn Fund LP, Magnetar Lake Credit Fund LLC, Purpose Alternative Credit Fund – F LLC, Purpose Alternative Credit Fund – T LLC, and AY2 Capital LLC (each individually, a “Backstop Party” and, collectively, the “Backstop Parties”) in the amount of $2.19 million in aggregate principal. On October 12, 2021, the Backstop Parties and their assignee elected to exercise their “accordion right” in full and purchased from the Company an additional $3.00 million in aggregate principal amount of the Company’s Convertible Notes. The Convertible Notes contain debt issuance costs aggregating $7.10 million which is being amortized over the life of the Convertible Notes. On August 13, 2021, the Company, as Issuer, and Wilmington Savings Fund Society, FSB., as Trustee, entered into an Indenture governing the terms of the Convertible Notes (the "Indenture"). The Convertible Notes bear interest at a rate of 7.00% per annum. Interest on the Convertible Notes is payable semi-annually in arrears on June 30 and December 31 of each year, commencing on December 31, 2021. The Convertible Notes are subordinate and junior in right of payment to the Company's obligations to the holders of senior indebtedness, and that in the case of any insolvency, receivership, conservatorship, reorganization, readjustment of debt, marshalling of assets and liabilities or similar proceedings or any liquidation or winding-up of or relating to the Company as a whole, whether voluntary or involuntary, all obligations to holders of senior indebtedness shall be entitled to be paid in full before any payment shall be made on account of the principal or interest on the Convertible Notes. Interest on the Convertible Notes is payable, at the Company's election: (a) in cash; (b) in shares of Series B Preferred; (c) in shares of Series D Preferred; or (d) in any combination of (a), (b), and/or (c). For purposes of determining the value of Series B Preferred and Series D Preferred paid as interest on the Convertible Notes, each share of Series B Preferred and Series D Preferred shall be deemed to have a value equal to the product of (x) the average of the VWAPs (as defined in the Indenture) for the Series B Preferred or the Series D Preferred, as the case may be, for the 15 consecutive trading days ending on the third business day immediately preceding the relevant interest payment date, and (y) 0.55. During the year ended December 31, 2021, interest related to the Convertible Notes was $886 thousand and paid with 113,709 shares of Series D Preferred, which when adjusted for the VWAP discount represents interest expense of $1.61 million. The Convertible Notes are convertible, in whole or in part, at any time, at the option of the holders of the Convertible Notes, into shares of the Company’s Common Stock at a conversion price of $6.25 per share of the Company’s Common Stock (the “Conversion Price”); provided, however, that if at any time after September 21, 2023, holders of the Series D Preferred have required the Company to redeem (payable in cash or stock) in the aggregate at least 100,000 shares of Series D Preferred, then the Conversion Price will be adjusted to the lower of (i) 55% of the Conversion Price or (ii) a 45% discount to the lowest price at which any Series D Preferred was converted into the Common Stock. Upon a change of control, each Convertible Note will mandatorily convert into shares of the Company’s Common Stock equal to: (i) the principal amount of each Convertible Note divided by (ii) the product of (x) the average of the per share volume-weighted average prices for the Common Stock for the 15 consecutive trading days ending on the third business day immediately preceding the date of such change of control, and (y) 0.55. After January 1, 2024, the Company may redeem the Convertible Notes at any time (in whole or in part) at the Company's option at a redemption price equal to 100% of the principal amount thereof plus accrued and unpaid interest as of the redemption date (the "Redemption Price"). The Redemption Price may be paid: (a) in cash; (b) in shares of Common Stock; or (c) in any combination of (a) and (b). Powerscourt Financing Agreement On December 22, 2020, the Company entered into a financing agreement (the "Powerscourt Financing Agreement") with Powerscourt Investments XXII, LP, as administrative agent and collateral agent. The Powerscourt Financing Agreement provides for a term loan in the aggregate principal of $25.00 million. The proceeds of the Powerscourt Financing Agreement are intended for the following: (i) to paydown the Company’s indebtedness on the KeyBank Credit Agreement, (ii) to redeem certain shares of the Company’s Series D Preferred, and (iii) to pay fees and expenses in connection with the transactions contemplated by the Powerscourt Financing Agreement. The Powerscourt Financing Agreement is at a rate of 13.50% and matures on March 31, 2023 with quarterly interest only payments beginning on January 15, 2021. In conjunction with the Powerscourt Financing Agreement, the Company issued to Powerscourt XXII, LP a warrant (the "Powerscourt Warrant") to purchase 496,415 shares of Common Stock for $3.12 per share (the "Powerscourt Warrant Agreement"). The Powerscourt Warrant is exercisable at the option of its holder in whole or in part into shares of Common Stock from time to time on or after December 22, 2020 (the "Effective Date") and before the date that is the 36-month anniversary of the Effective Date. Additionally, the Company entered into a registration rights agreement with the holders from time to time of the Powerscourt Warrant, dated as of December 22, 2020 (the “Powerscourt Registration Rights Agreement”), accordingly, the Company registered the resale of the common stock underlying the Powerscourt Warrant on a Form S-11 Registration Statement which became effective on May 25, 2021. On March 12, 2021, the Company paid in full the $25.00 million Powerscourt Financing Agreement. The Powerscourt Warrant Agreement and the Powerscourt Registration Rights Agreement remain as of December 31, 2021. Wilmington Financing Agreement On March 12, 2021, the Company entered into a financing agreement (the "Wilmington Financing Agreement") as borrower, certain subsidiaries of the Company from time to time party thereto, as guarantors (together with the Company, the "Loan Parties"), the lenders from time to time party thereto, and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent. The Wilmington Financing Agreement provided for a term loan in the aggregate principal amount of $35.00 million. The proceeds of the Wilmington Financing Agreement were intended for the following: (i) to payoff the Company's indebtedness on the Powerscourt Financing Agreement, (ii) to fund the redemption of certain shares of the Company's 8.75% Series D Preferred and (iii) to pay fees and expenses in connection with the transactions contemplated by the Wilmington Financing Agreement. The Wilmington Financing Agreement is at a rate of 8.00% and matures in March 2026 with quarterly interest only payments beginning on April 15, 2021. Any payment or repayment of principal will be made with a premium equal to 5% of the amount repaid or prepaid, a total of $1.75 million. The obligations of the Company under the Wilmington Financing Agreement were secured by liens on certain assets of the Company and certain of the Company's subsidiaries, including mortgages on the properties within the Company's portfolio. The Wilmington Financing Agreement also contains covenants that restrict, among other things the ability of the Company and its subsidiaries to create liens, incur indebtedness, make certain investments, merge or consolidate, dispose of assets, pay certain dividends and make certain other restricted payments or certain equity issuances, change the nature of their businesses, enter into certain transactions with affiliates and change their governing documents. Pursuant to the Wilmington Financing Agreement, the Company issued to the holders from time to time party thereto a warrant (the "Wilmington Warrant") to purchase in the aggregate, 1,061,719 shares of Common Stock in three tranches: warrants to purchase an aggregate of 510,204 shares at an exercise price of $3.430 per share ("Tranche A"); warrants to purchase an aggregate of 424,242 shares at an exercise price of $4.125 per share ("Tranche B"); and warrants to purchase an aggregate of 127,273 shares at an exercise price of $6.875 per share ("Tranche C") (the "Wilmington Warrant Agreement"). The Wilmington Warrant is exercisable at the option of its holder in whole or in part into shares of Common Stock from time to time on or after March 12, 2021 (the "Effective Date") and before the maturity date of the Wilmington Financing Agreement. In connection with the Wilmington Financing Agreement, the Company entered into a registration rights agreement with the holders from time to time of the Wilmington Warrants, dated as of March 12, 2021 (the "Wilmington Registration Rights Agreement"), accordingly, the Company registered the resale of the common stock underlying the Wilmington Warrant on a Form S-11 Registration Statement which became effective on May 25, 2021. On December 21, 2021, the principal balance on the Wilmington Financing Agreement was paid in full. The Wilmington Warrant Agreement and the Wilmington Registration Rights Agreement remain as of December 31, 2021. KeyBank Credit Agreement The KeyBank Credit Agreement was paid in full as of December 22, 2020. The KeyBank Credit Agreement had the following activity during the year ended December 31, 2020: • Entered into the Second Amendment to the KeyBank Credit Agreement (the "Second Amendment") on January 24, 2020, effective December 21, 2019, and the Company began making monthly principal payments of $350 thousand on November 1, 2019. The Second Amendment, among other provisions, requires a pledge of additional collateral of $15.00 million in residual equity interests and staggered maturity dates with an ultimate maturity of June 30, 2020; • Entered into a Third Amendment to the KeyBank Credit Agreement (the "Third Amendment") on July 21, 2020. The Third Amendment, among other provisions, reduces the pledge of additional collateral by two properties and extends the maturity to December 31, 2020; • The KeyBank Credit Agreement had principal paydowns as noted below: ◦ $1.78 million paydown from St. Matthews sale proceeds on January 21, 2020; ◦ $5.75 million paydown from Shoppes at Myrtle Park refinancing proceeds on January 23, 2020; and ◦ $2.50 million paydown from cash released to the Company from restricted cash accounts on May 20, 2020; ◦ $1.00 million paydown on November 12, 2020; ◦ $3.00 million final paydown from Powerscourt Financing Agreement proceeds on December 22, 2020. Shoppes at Myrtle Park Refinance On January 23, 2020, the Company refinanced the Shoppes at Myrtle Park collateralized portion of the KeyBank Credit Agreement for $6.00 million at a fixed interest rate of 4.45%. The loan matures in February 2025 with monthly principal and interest payments of $33 thousand. Folly Road Refinance On March 23, 2020, the Company executed a promissory note for $7.35 million for the refinancing of Folly Road at a rate of 4.65%. The loan matures in March 2025 with monthly principal and interest payments of $41 thousand. First National Bank Amendment On October 14, 2020, the Company entered into the Second Amendment to extend the $1.13 million First National Bank Loan to March 15, 2021 with monthly principal and interest payments of $25 thousand. The First National Bank Loan will bear interest at LIBOR plus 350 basis points with a minimum interest rate set at 4.25%. On September 22, 2021, the Company entered into the Fourth Amendment to extend the $875 thousand First National Bank Loan to August 15, 2023 with monthly principal and interest payments of $25 thousand. The First National Bank Loan will bear interest at LIBOR plus 350 basis points with a minimum interest rate set at 4.25%. Lumber River Extensions On October 14, 2020, the Company entered into the Third Amendment to extend the $1.39 million Lumber River Loan to April 10, 2021 with monthly principal and interest payments of $11 thousand. The Lumber River Loan will bear interest at LIBOR plus 350 basis points with a minimum interest rate set at 4.25%. On September 22, 2021, the Company entered into the Fifth Amendment to extend the $1.31 million Lumber River Loan to September 10, 2023 with monthly principal and interest payments of $11 thousand. The Lumber River Loan will bear interest at LIBOR plus 350 basis points with a minimum interest rate set at 4.25%. Walnut Hill Plaza Amendment On July 15, 2020, the Company entered into the Third Amendment to reduce the Walnut Hill Plaza loan by $443 thousand to $3.30 million using proceeds from restricted cash reserves and received three months of forbearance on principal payments. On October 16, 2020, the Company entered into the Fourth Amendment to receive forbearance on principal payments through December 29, 2020 and extend the maturity date to March 2023. Tuckernuck Extension and Refinance On November 1, 2020, the Company entered into a Second Amended Forbearance Agreement to extend the Tuckernuck Loan to February 1, 2021 with monthly principal and interest payments of $34 thousand. On February 2, 2021, the Company refinanced the Tuckernuck Loan for $5.15 million at a rate of 5.00%. The loan matures on March 1, 2026 with monthly principal and interest payments of $32 thousand. Rivergate Extensions and Refinance On November 19, 2020, the Company entered into an agreement to extend the maturity date from October 20, 2020 to April 20, 2021 with monthly principal payments of $48 thousand plus accrued and unpaid interest. On May 28, 2021, the Company entered into an agreement with Synovus Bank to extend the maturity date from April 21, 2021 to October 20, 2021 with monthly principal payments of $60 thousand plus accrued and unpaid interest. The Rivergate Loan will bear interest at the Synovus Bank's prime rate less 0.25% with a floor of 3.00%. On August 31, 2021 a $3.54 million principal payment was made in conjunction with the outparcel sale. On September 30, 2021, the Company refinanced the Rivergate Loan for $18.50 million at a rate of 4.25%. The loan matures on September 30, 2031 with monthly principal and interest payments of $100 thousand through September 2026 at which time monthly principal and interest payments begin based on a 20-year amortization and an interest rate change to 5 year U.S. Treasury Rate plus 2.70% with a floor of 4.25%. Riversedge North Payoff On December 31, 2020, the principal balance on the Riversedge North loan was paid in full with the sale of the property, as detailed in Note 3. Columbia Fire Station Extension and Payoff Effective September 3, 2020, the Company extended the Columbia Fire Station promissory note ("Columbia Fire Station Loan") to December 3, 2020, with the monthly principal payment increasing $20 thousand for a total monthly principal and interest payment of $46 thousand beginning on October 3, 2020. On December 7, 2020, the Company received a letter demanding payment in full from Pinnacle Bank for all amounts due under Columbia Fire Station Loan and the interest rate increased to 14%, the default rate. On December 29, 2020, Pinnacle Bank filed a suit against the Company, guarantor. On January 21, 2021, the Company entered into a Forbearance Agreement (the "Forbearance Agreement") with Pinnacle Bank at an interest rate of 14% and made a $500 thousand principal payment. The Forbearance Agreement, among other provisions, extends the maturity date of the Columbia Fire Station Loan to July 21, 2021 and waives all defaults and late fees existing prior to the Forbearance Agreement. On July 21, 2021, the principal balance on the Columbia Fire Station Loan was paid in full. Berkley/Sangaree/Tri-County Paydown On March 25, 2021, the Company made a $3.22 million principal payment on the Berkley/Sangaree/Tri-County loan with the sale of the Berkley Shopping Center, as detailed in Note 3, and paid $687 thousand in defeasance. JANAF Bravo Refinance On May 5, 2021, the Company refinanced the JANAF Bravo Loan for $6.00 million at a rate of 5.00%. The loan matures on May 5, 2024 with monthly principal and interest payments of $35 thousand. Debt Maturities The Company’s scheduled principal repayments on indebtedness as of December 31, 2021, including assets held for sale, are as follows (in thousands): For the years ended December 31, 2022 $ 13,567 2023 89,288 2024 50,490 2025 92,016 2026 23,531 Thereafter 77,370 Total principal repayments and debt maturities $ 346,262

Derivative Liabilities

Derivative Liabilities	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liabilities	Derivative Liabilities Fair Value of Warrants The Company utilized the Monte Carlo simulation model to calculate the fair value of the Powerscourt Warrant and Wilmington Warrant (collectively, the "Warrant Agreements"). Significant observable and unobservable inputs include stock price, conversion price, risk-free rate, term, likelihood of an event of contractual conversion and expected volatility. The Monte Carlo simulation is a Level 3 valuation technique because it requires the development of significant internal assumptions in addition to observable market indicators. The Warrant Agreements contain terms and features that give rise to derivative liability classification. In determining the initial fair value of the Powerscourt Warrant, the Company used the following inputs in its Monte Carlo model; exercise price of $3.12 per share , Common Stock price $2.75, contractual term to maturity 3.0 years, expected Common Stock volatility 72.00% and risk-free interest rate 0.17%. In determining the initial fair value of the Wilmington Warrant, the Company used the following inputs in its Monte Carlo model; exercise price of each of the three tranches within the Wilmington Warrant Agreement as described in Note 5, Common Stock price $3.75, contractual term to maturity 5.0 years, expected Common Stock volatility 54.72% and risk-free interest rate 0.91%. In measuring the warrant liability at December 31, 2021 and 2020, the Company used the following inputs in its Monte Carlo Model: For the Years Ended December 31, 2021 2020 Range of exercise prices $3.120 - $6.875 $3.12 Common Stock price $1.94 $2.75 Weighted average contractual term to maturity 3.5 years 3.0 years Range of expected market volatility % 70.12% - 81.00% 72.00% Range of risk-free interest rate 0.72% - 1.16% 0.17% Fair Value of Conversion Features Related to Convertible Notes The Company identified certain embedded derivatives related to the conversion features of the Convertible Notes. In accordance with ASC 815-40, Derivatives and Hedging Activities , the embedded conversion options contained within the Convertible Notes were accounted for as derivative liabilities at the date of issuance and shall be adjusted to fair value through each reporting date. The Company utilized a multinomial lattice model to calculate the fair value of the embedded derivatives. Significant observable and unobservable inputs include, conversion price, stock price, dividend rate, expected volatility, risk-free rate and term. The multinomial lattice model is a Level 3 valuation technique because it requires the development of significant internal assumptions in addition to observable market indicators. In determining the initial fair value of the embedded derivatives, the Company used the following inputs in its multinomial lattice model; initial conversion price within the Convertible Notes was $6.25, Common Stock price of $2.94, dividend rate of 0%, expected Common Stock volatility 50.00%, risk-free interest rate 1.53% and contractual term to maturity was 10.3 years. In measuring the embedded derivative liability at December 31, 2021, the Company used the following inputs in its multinomial lattice model: Conversion price $6.25 Common Stock price $1.94 Contractual term to maturity 10.1 years Expected market volatility % 80.00% Risk-free interest rate 1.51% The following table sets forth a summary of the changes in fair value of the Company's derivative liabilities, which include both the warrant liabilities and embedded derivative liability (in thousands): Balance December 31, 2019 $ — Issuance of Powerscourt Warrant 594 Balance December 31, 2020 594 Issuance of Wilmington Warrant 2,018 Issuance of embedded derivative 5,932 Changes in fair value (3,768) Balance December 31, 2021 $ 4,776

Rentals under Operating Leases

Rentals under Operating Leases	12 Months Ended
	Dec. 31, 2021
Lessor Disclosure [Abstract]
Rentals under Operating Leases	Rentals under Operating Leases Future minimum rents to be received under noncancelable tenant operating leases, excluding rents on assets held for sale, for each of the next five years and thereafter, excluding tenant reimbursements and percentage rent based on tenant sales volume, as of December 31, 2021 are as follows (in thousands): For the years ended December 31, 2022 $ 47,232 2023 43,305 2024 35,993 2025 28,701 2026 20,382 Thereafter 51,921 Total minimum rents $ 227,534

Equity and Mezzanine Equity

Equity and Mezzanine Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity and Mezzanine Equity	Equity and Mezzanine Equity The Company has authority to issue 215,000,000 shares of stock, consisting of 200,000,000 shares of $0.01 par value Common Stock (“Common Stock”) and 15,000,000 shares of preferred stock of which 5,000,000 shares have been classified as no par value Series B Preferred Stock (“Series B Preferred”), 6,000,000 shares as Series D Cumulative Convertible Preferred Stock ("Series D Preferred") and 4,500 shares of Series A Preferred Stock ("Series A Preferred"). Substantially all of our business is conducted through the Company’s Operating Partnership. The Trust is the sole general partner of the Operating Partnership and owned a 98.59% and 98.53% interest in the Operating Partnership as of December 31, 2021 and 2020, respectively. Limited partners in the Operating Partnership have the right to redeem their common units for cash or, at our option, common shares at a ratio of one common unit for one common share. Distributions to common unit holders are paid at the same rate per unit as dividends per share to the Trust’s common stockholders. As of December 31, 2021 and 2020, there were 15,227,758 of common units outstanding with the Trust owning 15,012,415 and 15,003,329, respectively, of these common units. Series A Preferred Stock At December 31, 2021 and 2020, the Company had 562 shares without par value Series A Preferred issued and outstanding and a $1,000 liquidation preference per share, or $562 thousand in aggregate. The Company has the right to redeem the 562 shares of Series A Preferred, on a pro rata basis, at any time at a price equal to 103% of the purchase price for the Series A Preferred. Series B Preferred Stock At December 31, 2021 and 2020, the Company had 1,872,448 and 1,875,748 shares, issued and outstanding, respectively, without par value Series B Preferred with a $25.00 liquidation preference per share, or $46.81 million and $46.90 million, respectively. Holders of Series B Preferred shares have the right to receive, only when and as authorized by the Board of Directors and declared by the Company, out of funds legally available for the payment of dividends, cash dividends, at a rate of 9% per annum of the $25 liquidation preference per share. The Series B Preferred has no redemption rights. However, the Series B Preferred is subject to a mandatory conversion once the 20-trading day volume-weighted average closing price of our Common Stock, exceeds $58 per share; once this weighted average closing price is met, each share of our Series B Preferred will automatically convert into shares of our Common Stock at a conversion price equal to $40.00 per share of Common Stock. In addition, holders of our Series B Preferred also have the option, at any time, to convert shares of our Series B Preferred into shares of our Common Stock at a conversion price of $40.00 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 shall be entitled to be paid out of our assets a liquidation preference of $25.00 per share. The Series B Preferred has no maturity date and will remain outstanding indefinitely unless subject to a mandatory or voluntary conversion as described above. Series D Preferred Stock - Redeemable Preferred Stock and Tender Offers At December 31, 2021 and 2020, the Company had 3,152,392 and 3,529,293 issued and outstanding, respectively, of Series D Preferred, without par value with a $25.00 liquidation preference per share, and a liquidation value of $104.97 million and $109.13 million in aggregate, respectively. Until September 21, 2023, the holders of the Series D Preferred 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, for cash at a redemption price of $25.00 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 may convert shares at any time into shares of the Company’s Common Stock at an initial conversion rate of $16.96 per share of Common Stock. On September 21, 2023, the holders of the Series D Preferred may, at their option, elect to cause the Company to redeem any or all of their shares at a redemption price of $25.00 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 Company's option. The Series D Preferred requires the Company maintain asset coverage of at least 200%. If we fail to maintain asset coverage of at least 200% calculated by determining the percentage value of (i) our total assets plus accumulated depreciation and accumulated amortization minus our total liabilities and indebtedness as reported in our financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) (exclusive of the book value of any Redeemable and Term Preferred Stock (defined below)) over (ii) the aggregate liquidation preference, plus an amount equal to all accrued and unpaid dividends, of outstanding shares of our Series D Preferred and any outstanding shares of term preferred stock or preferred stock providing for a fixed mandatory redemption date or maturity date (collectively referred to as “Redeemable and Term Preferred Stock”) on the last business day of any calendar quarter (“Asset Coverage Ratio”), and such failure is not cured by the close of business on the date that is 30 calendar days following the filing date of our Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, for that quarter, or the “Asset Coverage Cure Date,” then we will be required to redeem, within 90 calendar days of the Asset Coverage Cure Date, shares of Redeemable and Term Preferred Stock, which may include Series D Preferred, at least equal to the lesser of (i) the minimum number of shares of Redeemable and Term Preferred Stock that will result in us having a coverage ratio of at least 200% and (ii) the maximum number of shares of Redeemable and Term Preferred Stock that can be redeemed solely out of funds legally available for such redemption. In connection with any redemption for failure to maintain the Asset Coverage Ratio, we may, in our sole option, redeem any shares of Redeemable and Term Preferred Stock we select, including on a non-pro rata basis. We may elect not to redeem any Series D Preferred to cure such failure as long as we cure our failure to meet the Asset Coverage Ratio by or on the Asset Coverage Cure Date. If shares of Series D Preferred are to be redeemed for failure to maintain the Asset Coverage Ratio, such shares will be redeemed solely in cash at a redemption price equal to $25.00 per share plus an amount equal to all accrued but unpaid dividends, if any, on such shares (whether or not declared) to and including the redemption date. Dividends on the Series D Preferred cumulate from the end of the most recent dividend period for which dividends have been paid. Dividends on the Series D Preferred cumulate whether or not (i) we have earnings, (ii) there are funds legally available for the payment of such dividends and (iii) such dividends are authorized by our Board of Directors or declared by us. Dividends on the Series D Preferred do not bear interest. If the Company, fails to pay any dividend within three Holders of shares of the Series D Preferred have no voting rights. Pursuant to the Company's Articles Supplementary, if dividends on the Series D Preferred are in arrears for six or more consecutive quarterly periods (a "Preferred Dividend Default"), the number of directors on our Board of Directors will automatically be increased by two, and holders of shares of the Series D Preferred and the holders of Series A Preferred and Series B Preferred (the Series A Preferred and Series B Preferred together, being the "Parity Preferred Stock"), shall be entitled to vote for the election of two additional directors ("Series D Preferred Directors"). A Preferred Dividend Default occurred on April 15, 2020. The election of such directors will take place upon the written request of the holders of record of at least 20% of the Series D Preferred and Parity Preferred Stock. The Board of Directors is not permitted to fill the vacancies on the Board of Directors as a result of the failure of the holders of 20% of the Series D Preferred and Parity Preferred Stock to deliver such written request for the election of the Series D Preferred Directors. The Series D Preferred Directors may serve on our Board of Directors, until all unpaid dividends on such Series D Preferred and Parity Preferred Stock, if any, have been paid or declared a sum sufficient for the payment thereof set apart for payment. On September 22, 2020, the Operating Partnership purchased 71,343 shares of Series D Preferred at $15.50 per share. These shares are deemed to be retired on the consolidated financial statements. The book value of the shares purchased included both accreted and unaccreted issuance costs and dividends in arrears totaling $1.83 million. The Company through “modified Dutch auction” tender offers on the Series D Preferred accepted for purchase 387,097 shares at a purchase price of $15.50 per share, for an aggregate cost of $6.00 million on March 12, 2021 and 103,513 shares of Series D Preferred at a purchase price of $18.00 per share, for an aggregate cost of $1.86 million on May 15, 2021, both excluding fees and expenses. The changes in the carrying value of the Series D Preferred for the years ended December 31, 2021 and 2020 is as follows (in thousands): Series D Preferred Balance December 31, 2019 $ 87,225 Accretion of Preferred Stock discount 590 Undeclared dividends 9,581 Redemption of Preferred Stock (1,833) Balance December 31, 2020 95,563 Accretion of Preferred Stock discount 513 Undeclared dividends 8,237 Paid-in-kind interest, issuance of Preferred Stock 1,610 Redemption of Preferred Stock (13,375) Balance December 31, 2021 $ 92,548 Earnings per share Basic earnings per share for the Company’s common stockholder is calculated by dividing income (loss) from continuing operations, excluding amounts attributable to preferred stockholders and the net income (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 stockholders, excluding amounts attributable to preferred stockholders and the net income (loss) attributable to noncontrolling interests, by the weighted-average number of common shares including any dilutive shares. As of December 31, 2021 and 2020, the below shares are able to be converted to Common Stock. The common units, Series B Preferred, Series D Preferred, warrants and Convertible Notes have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. December 31, 2021 December 31, 2020 Outstanding shares Potential Dilutive Shares Outstanding shares Potential Dilutive Shares Common units 215,343 215,343 224,429 224,429 Series B Preferred Stock 1,872,448 1,170,280 1,875,748 1,172,343 Series D Preferred Stock 3,152,392 6,189,366 3,529,293 5,202,378 Warrants to purchase Common Stock — 1,558,134 — 496,415 Convertible Notes — 31,801,297 — — Dividends On November 3, 2021, common stockholders of the Company voted to amend the Company’s Charter to remove the cumulative dividend rights of the Series A Preferred and Series B Preferred. The following table summarizes the Series D Preferred dividends (in thousands except for per share amounts): Series D Preferred Record Date/Arrears Date Arrears Per Share For the year ended December 31, 2021 $ 8,167 $ 2.59 For the year ended December 31, 2020 $ 9,488 $ 2.69 There were no dividends declared to holders of Common Stock for the years ended December 31, 2021 and 2020. The total cumulative dividends in arrears for Series D Preferred (per share $8.30) as of December 31, 2021 is $26.16 million. 2015 Long-Term Incentive Plan On June 4, 2015, the Company's stockholders approved the 2015 Long-Term Incentive Plan (the "2015 Incentive Plan"). The 2015 Incentive Plan allows for issuance of up to 125,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. The 2015 Incentive Plan replaced the 2012 Stock Incentive Plan. As of December 31, 2021, there are 41,104 shares available for issuance under the Company’s 2015 Incentive Plan and there were no shares issued in 2021 or 2020. 2016 Long-Term Incentive Plan On June 15, 2016, the Company's stockholders approved the 2016 Long-Term Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan allows for issuance of up to 625,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. For the Years Ended December 31, Shares Issued Market Value (in thousands) 2021 5,000 $ 14 2020 — — As of December 31, 2021, there are 127,707 shares available for issuance under the Company’s 2016 Incentive Plan. Cancellation of Stock Appreciation Rights Agreement Effective July 5, 2021, Daniel Khoshaba resigned as the President and Chief Executive Officer of the Company and as a member of the Board of Directors and as a member of the Executive Committee of our Board of Directors. Upon Mr. Khoshaba’s cessation of employment with the Company, all of his rights under that certain Stock Appreciation Rights Agreement, dated August 4, 2020, by and between Mr. Khoshaba and the Company (the “SAR Agreement”), were forfeited for no consideration.

Lease Commitments

Lease Commitments	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Lease Commitments	Lease Commitments The Company has ground leases and leases its corporate headquarters; both are accounted for as operating leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 5 to 50 years. As of December 31, 2021 and 2020, the weighted average remaining lease term of our leases is 31 and 32 years, respectively. The following properties are subject to leases which require the Company to make the following fixed annual rental payments and variable lease payments and include escalation clauses and renewal options as follows (in thousands): For the Years Ended December 31, 2021 2020 Expiration Amscot $ 26 $ 25 2045 Beaver Ruin Village 54 54 2054 Beaver Ruin Village II 22 22 2056 Moncks Corner 121 121 2040 Devine Street (1) 396 396 2051 JANAF (2) 268 282 2069 Riversedge corporate headquarters office space, Virginia Beach, VA 169 — 2030 Total rent expense $ 1,056 $ 900 (1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051. (2) Includes $118 thousand and $131 thousand in variable percentage rent, during the years ended December 31, 2021 and 2020, respectively. Supplemental information related to leases is as follows (in thousands): For the Years Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 902 $ 583 Leased assets obtained in exchange for new operating lease liabilities $ — $ 1,285 Undiscounted cash flows of our scheduled obligations for future minimum lease payments due under the operating leases, including applicable automatic extension options and options reasonably certain of being exercised, as of December 31, 2021 and a reconciliation of those cash flows to the operating lease liabilities at December 31, 2021 are as follows (in thousands): For the years ended December 31, 2022 $ 905 2023 907 2024 909 2025 913 2026 943 Thereafter 22,843 Total minimum lease payments (1) 27,420 Discount (14,380) Operating lease liabilities $ 13,040 (1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised. On December 31, 2020, the Company sold its corporate headquarters in Virginia Beach to an unrelated party for approximately $2.84 million, net of costs to sell, and simultaneously leased the building for 10 years at an annual base rent of $265 thousand, plus taxes and other operating and maintenance expenses. The transaction qualified for sale leaseback accounting in accordance with ASC 842 and the Company used the incremental borrowing rate associated with the previous loan on the office building of 5.77% for purposes of calculating the lease liability. The lease agreement includes an option for five years and the Company recognized only the initial term of the lease as part of its ROU asset and lease liability. As a result of this transaction, a gain of $49 thousand was recognized, which is included in "gain on disposal of properties" on the consolidated statements of operations with the remaining gain of $725 thousand deferred over the life of the lease.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Insurance The Company carries comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in its portfolio under an 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 located in the Southeast, Mid-Atlantic and Northeast, which markets represented approximately 62%, 34% and 4%, respectively, of the total annualized base rent of the properties in its portfolio as of December 31, 2021. 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. In addition, the below legal proceedings are in process. Jon Wheeler v. Wheeler Real Estate Investment Trust, Inc., Circuit Court for the City of Virginia Beach, Virginia. Former CEO, Jon Wheeler, alleged that his employment was improperly terminated and that he was owed severance and bonus payments pursuant to his Employment Agreement. In 2020, The Court found in favor of Jon Wheeler on his claim that his employment was terminated without cause. The Court denied Mr. Wheeler’s claims for a bonus and that his termination of employment was wrongful as a violation of public policy. The Court awarded the Company $5 thousand on its counterclaim. At a hearing on September 4, 2020 on Jon Wheeler’s motion for the award of attorneys’ fees, costs, and pre-judgment interest, the Court awarded Mr. Wheeler the requested costs, but awarded no attorneys’ fees and no pre-judgment interest. In total, Mr. Wheeler was awarded $520 thousand. In October 2020, the Company settled with Mr. Wheeler for $500 thousand. Mr. Wheeler preserved his right to appeal the Court’s denial of an award of attorneys’ fees of $375 thousand and pre-judgment interest of $63 thousand. On June 16, 2021, the Supreme Court granted Mr. Wheeler an appeal on his first assignment of error (i.e., the Circuit Court’s refusal to award Mr. Wheeler any attorneys’ fees) but denied the appeal as to Mr. Wheeler’s claim for prejudgment interest. The parties settled in the amount of $185 thousand on July 28, 2021. David Kelly v. Wheeler Real Estate Investment Trust, Inc., Circuit Court for the City of Virginia Beach, Virginia. Former CEO David Kelly filed suit on May 28, 2020, alleging breach of his employment contract. Mr. Kelly claims that his employment was improperly terminated, that he is owed severance pay and related benefits pursuant to his employment agreement, and seeks damages of $400 thousand, plus unpaid bonuses and benefits, pre- and post-judgment interest, attorneys’ fees, and costs. The Company is defending the action on the grounds that Mr. Kelly’s employment was properly terminated for cause and no severance is owed to him. Trial is set for March 2022. At this juncture, the outcome of the matter cannot be predicted. JCP Investment Partnership LP, et al v. Wheeler Real Estate Investment Trust, Inc., United States District Court for the District of Maryland. On March 22, 2021, JCP Investment Partnership, LP, a Texas limited partnership and stockholder of the Company, JCP Investment Partners, LP, a Texas limited partnership and stockholder of the Company, JCP Investment Holdings, LLC, a Texas limited liability company and stockholder of the Company, and JCP Investment Management, LLC, a Texas limited liability company and stockholder of the Company (collectively, the “JCP Plaintiffs”), filed suit against the Company and certain current and former directors and former officers of the Company (the “Individual Defendants”), in the United States District Court for the District of Maryland. The complaint alleges that the Company amended provisions of its Articles Supplementary in 2018 governing the issuance of the Company’s Series D Preferred in violation of Maryland corporate law and without obtaining the consent of preferred stockholders and, therefore, the court should declare the Company’s said amendment invalid, enjoin further purportedly unauthorized amendments, and either compel the Company to redeem the JCP Plaintiffs' stock or enter judgment for monetary damages the JCP Plaintiffs purportedly sustained based on the Company’s alleged breach of its contractual duties to redeem the JCP Plaintiffs’ Series D Preferred. The complaint also alleges certain violations of Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder, and alleges that the Individual Defendants violated Section 20(a) of the Exchange Act. The JCP Plaintiffs are each purportedly a holder of the Company’s Series D Preferred. The complaint seeks damages, interest, attorneys’ fees, other costs and expenses, and such other relief as the court may deem just and equitable. The Company has filed an answer to the complaint denying any liability. The Individual Defendants filed a motion to dismiss the complaint, which was denied. The JCP Plaintiffs have filed a Motion For Partial Summary Judgment, as to which the Company and the Individual Defendants filed oppositions. The Court has not yet ruled on the Motion. At this early juncture, the outcome of the litigation is uncertain. Steamboat Capital Partners Master Fund, LP and Steamboat Capital Partners II, LP v. Wheeler Real Estate Investment Trust, Inc., Steamboat Capital Partners Master Fund, LP and Steamboat Capital Partners II, LP v. Wheeler Real Estate Investment Trust, Inc., Circuit Court for Baltimore County, Maryland. On October 25, 2021, Steamboat Capital Partners Master Fund, LP, a Cayman Islands exempted limited partnership and stockholder of the Company, and Steamboat Capital Partners II, LP, a Delaware limited partnership and stockholder of the Company, filed suit against the Company in the Circuit Court for Baltimore County, Maryland. The complaint alleges that the Company's rights offering of convertible debt to the Company's common stockholders, and the notes issued pursuant to the rights offering, breached the provisions of the Company's governing documents and violated the rights of the holders of the Series B Preferred and Series D Preferred. Plaintiffs seek relief as follows: require the Company to pay all dividends accrued, as of the date of the rights offering, on the Series B Preferred and Series D Preferred, and prohibit the Company from paying interest on the notes held by the Company's common stockholders (upon exercise of the rights) until all accrued dividends on the Series B Preferred and Series D Preferred are paid. Plaintiffs also seek a declaration that the rights offering by the Company to its common stockholders, which resulted in the issuance of notes, when accrued Series B Preferred dividends and Series D Preferred dividends had not been fully paid, breached the provisions of the Company's governing documents. In addition, the complaint contends that the Company's amendment of its charter to remove the cumulative nature of dividends from the Series B Preferred cannot be applied retroactively. A trial date is set for May 2023. At this juncture, the outcome of the matter cannot be predicted. Harbor Pointe Tax Increment Financing On September 1, 2011, the Grove Economic Development Authority issued the Grove Economic Development Authority Tax Increment Revenue Note, Taxable Series 2011 in the amount of $2.42 million, bearing a variable interest rate of 2.29%, not to exceed 14% and payable in 50 semi-annual installments. The proceeds of the bonds were to provide funding for the construction of public infrastructure and other site improvements and to be repaid by incremental additional property taxes generated by development. Harbor Pointe Associates, LLC, then owned by an affiliate of former CEO, Jon Wheeler, entered into an Economic Development Agreement with the Grove Economic Development Authority for this infrastructure development and in the event the ad valorem taxes were insufficient to cover annual debt service, Harbor Pointe Associates, LLC would reimburse the Grove Economic Development Authority (the “Harbor Pointe Agreement”). In 2014, Harbor Pointe Associates, LLC was acquired by the Company. The total debt service shortfall over the life of the bond is uncertain as it is based on ad valorem taxes, assessed property values, property tax rates, LIBOR and future potential development ranging until 2036. The Company’s future total principal obligation under the Harbor Pointe Agreement will be no more than $2.11 million, the principal amount of the bonds, as of December 31, 2021. In addition, the Company may have an interest obligation on the note based on the principal balance and LIBOR rates in effect at future payment dates. The Company funded approximately $87 thousand and $0 thousand, during the years ended December 31, 2021 and 2020, respectively, in debt service shortfalls. No amounts have been accrued for this as of December 31, 2021 as a reasonable estimate of future debt service shortfalls cannot be determined based on variables noted above. Tax Protection Agreement In 2016, in connection with the acquisition of Berkley and Sangaree/Tri-County, the Operating Partnership entered into a tax protection agreement that obligates the Operating Partnership to reimburse Jon Wheeler, the Company's former CEO, for his tax liabilities resulting from the recognition of certain taxable income or gain in the event the Operating Partnership takes certain action prior to November 10, 2023 with respect to Sangaree Plaza, Tri-County Plaza and Berkley. No liability was recorded as of December 31, 2021.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The related party amounts below reflect the activity between the Company and its affiliates for the years ended December 31, 2021 and 2020 (in thousands): 2021 2020 Amounts paid to affiliates $ 402 $ 106 Reimbursement of Proxy Solicitation Expenses The Company agreed to reimburse the Stilwell Value Partners VII, L.P., Stilwell Activist Fund, L.P., Stilwell Activist Investments, L.P., Stilwell Value LLC and Joseph Stilwell (collectively, the “Stilwell Group”), for expenses it incurred in connection with the 2019 Stilwell Solicitation. At the 2019 annual meeting, our stockholders elected three nominees designated by the Stilwell Group to the Board of Directors. The Stilwell Group disclosed in the Stilwell Solicitation that it intended to seek reimbursement of the expenses it incurred in connection with such solicitation. This reimbursement was recorded on the consolidated statements of operations as "other expense". During the years ended December 31, 2021 and 2020, the Company reimbursed the Stilwell Group $369 thousand and $70 thousand, respectively, for these costs. As of December 31, 2021, the Company had reimbursed the Stilwell Group in full for these expenses.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Walnut Hill Plaza On January 11, 2022, the Company sold Walnut Hill Plaza for a contract price of $1.99 million, resulting in a paydown of $1.79 million on the Walnut Hill Plaza Loan. On February 17, 2022, the Company paid the remaining loan balance of $1.34 million in full.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II-Valuation and Qualifying Accounts	Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule II-Valuation and Qualifying Accounts December 31, 2021 Description Balance at Charged to Deductions Balance at (in thousands) Allowance for doubtful accounts: Year Ended December 31, 2021 $ 994 $ 239 $ (600) $ 633 Year Ended December 31, 2020 $ 3,293 $ 1,131 $ (3,430) $ 994

Schedule III-Real Estate and Ac

Schedule III-Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III-Real Estate and Accumulated Depreciation	Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule III-Real Estate and Accumulated Depreciation December 31, 2021 Initial Cost Costs Capitalized Gross Amount at which Carried Property Name Land Building and Improvements Carrying Land Building and Total (in thousands) Amscot Building $ — $ 462 $ 31 $ — $ — $ 493 $ 493 Lumber River Village 800 4,487 158 — 942 4,503 5,445 Surrey Plaza 381 1,857 196 — 381 2,052 2,433 Tuckernuck 2,115 6,719 1,261 — 2,171 7,925 10,096 Twin City Commons 800 3,041 134 — 800 3,175 3,975 Walnut Hill Plaza (1) 634 2,414 1,353 — 634 3,767 4,401 Tampa Festival 4,653 6,691 905 — 4,695 7,554 12,249 Forrest Gallery 3,015 7,455 1,054 — 3,015 8,509 11,524 Winslow Plaza 1,325 3,684 228 — 1,370 3,867 5,237 Clover Plaza 356 1,197 29 — 356 1,226 1,582 St. George Plaza 706 1,264 90 — 752 1,308 2,060 South Square 353 1,911 328 — 479 2,112 2,591 Westland Square 887 1,710 150 — 901 1,846 2,747 Waterway Plaza 1,280 1,248 214 — 1,299 1,443 2,742 Cypress Shopping Center 2,064 4,579 301 — 2,064 4,880 6,944 Harrodsburg Marketplace 1,431 2,485 85 — 1,515 2,486 4,001 Port Crossing Shopping Center 792 6,921 224 — 792 7,145 7,937 LaGrange Marketplace 390 2,648 306 — 430 2,914 3,344 DF I-Courtland (1) 196 — — — 196 — 196 DF I-Edenton (1) 746 — — — 746 — 746 Freeway Junction 1,521 6,755 89 — 1,521 6,844 8,365 Bryan Station 1,658 2,756 338 — 1,808 2,945 4,753 Crockett Square 1,546 6,834 183 — 1,565 6,998 8,563 Harbor Point (1) 1,538 — (359) — 1,179 — 1,179 Pierpont Centre 484 9,221 192 — 686 9,210 9,896 Brook Run Properties 300 — 8 — 300 8 308 Alex City Marketplace 454 7,837 1,820 — 716 9,395 10,111 Butler Square 1,024 6,401 314 — 1,024 6,714 7,738 Brook Run Shopping Center 2,209 12,919 695 — 2,377 13,446 15,823 Beaver Ruin Village 2,604 8,284 117 — 2,619 8,386 11,005 Beaver Ruin Village II 1,153 2,809 5 — 1,153 2,814 3,967 Chesapeake Square 895 4,112 1,045 — 1,269 4,783 6,052 Sunshine Plaza 1,183 6,368 539 — 1,268 6,822 8,090 Barnett Portfolio 3,107 8,912 422 — 3,243 9,198 12,441 Grove Park 722 4,590 121 — 790 4,642 5,432 Parkway Plaza 772 4,230 32 — 778 4,256 5,034 Fort Howard Square 1,890 7,350 314 — 1,952 7,602 9,554 Conyers Crossing 2,034 6,820 239 — 2,034 7,059 9,093 Darien Shopping Center 188 1,054 (17) — 188 1,037 1,225 Devine Street 365 1,941 (4) — 365 1,937 2,302 Folly Road 5,992 4,527 24 — 5,992 4,551 10,543 Georgetown 742 1,917 126 — 753 2,031 2,784 Initial Cost Costs Capitalized Gross Amount at which Carried Property Name Land Building and Improvements Carrying Land Building and Total Ladson Crossing $ 2,981 $ 3,920 $ 83 — $ 3,052 $ 3,933 $ 6,985 Lake Greenwood Crossing 550 2,499 41 — 550 2,540 3,090 Lake Murray 447 1,537 36 — 447 1,573 2,020 Litchfield I 568 929 76 — 572 1,001 1,573 Litchfield II 568 936 31 — 572 963 1,535 Litchfield Market Village 2,970 4,716 217 — 3,046 4,857 7,903 Moncks Corner — 1,109 9 — — 1,118 1,118 Ridgeland 203 376 — — 203 376 579 Shoppes at Myrtle Park 3,182 5,360 824 — 3,182 6,184 9,366 South Lake 804 2,025 952 — 804 2,977 3,781 South Park 943 2,967 114 — 1,005 3,019 4,024 Sangaree 2,302 2,922 668 — 2,503 3,389 5,892 Tri-County 411 3,421 376 — 635 3,573 4,208 Riverbridge 774 5,384 — — 774 5,384 6,158 Laburnum Square 3,735 5,929 232 — 3,826 6,069 9,895 Franklin Village 2,608 9,426 134 — 2,674 9,494 12,168 Village at Martinsville 5,208 12,879 692 — 5,228 13,552 18,780 New Market Crossing 993 5,216 363 — 1,042 5,530 6,572 Rivergate Shopping Center 1,537 29,177 1,168 — 1,688 30,195 31,883 JANAF 8,267 66,549 867 — 8,467 67,216 75,683 Totals $ 94,356 $ 343,687 $ 20,173 $ — $ 97,388 $ 360,826 $ 458,214 (1) Net of impairment expenses. Wheeler Real Estate Investment Trust, Inc. and Subsidiaries Schedule III-Real Estate and Accumulated Depreciation Property Name Encumbrances Accumulated Date of Date Depreciation (in thousands) Amscot Building (2) $ 253 5/15/2004 5-40 years Lumber River Village $ 1,296 1,276 11/16/2012 5-40 years Surrey Plaza (2) 586 12/21/2012 5-40 years Tuckernuck 5,052 2,237 11/16/2012 5-40 years Twin City Commons 2,843 899 12/18/2012 5-40 years Walnut Hill Plaza 3,145 2,576 12/14/2007 5-15 years Tampa Festival 7,753 2,149 8/26/2013 5-40 years Forrest Gallery 8,060 2,526 8/29/2013 5-40 years Winslow Plaza 4,483 1,091 12/19/2013 5-40 years Clover Plaza 1,915 277 12/23/2013 5-40 years St. George Plaza 2,414 301 12/23/2013 5-40 years South Square 1,966 413 12/23/2013 5-40 years Westland Square 2,508 385 12/23/2013 5-40 years Waterway Plaza 2,456 315 12/23/2013 5-40 years Cypress Shopping Center 6,031 1,037 7/1/2014 5-40 years Harrodsburg Marketplace 3,267 560 7/1/2014 5-40 years Port Crossing Shopping Center 5,778 2,070 7/3/2014 5-40 years LaGrange Marketplace (6) 673 7/25/2014 5-40 years DF I-Courtland (undeveloped land) — 8/15/2014 N/A Edenton Commons (undeveloped land) — 8/15/2014 N/A Freeway Junction 7,431 1,492 9/4/2014 5-40 years Bryan Station 4,226 669 10/2/2014 5-40 years Crockett Square 6,338 1,592 11/5/2014 5-40 years Harbor Point (undeveloped land) — 11/21/2014 N/A Pierpont Centre 7,861 1,916 1/14/2015 5-40 years Brook Run Properties (undeveloped land) — 3/27/2015 N/A Alex City Marketplace 5,750 2,015 4/1/2015 5-40 years Butler Square 5,640 1,226 4/15/2015 5-40 years Brook Run Shopping Center 10,950 4,116 6/2/2015 5-40 years Beaver Ruin Village (3) 1,518 7/1/2015 5-40 years Beaver Ruin Village II (3) 511 7/1/2015 5-40 years Chesapeake Square 4,192 1,182 7/10/2015 5-40 years Sunshine Plaza 5,900 1,300 7/21/2015 5-40 years Barnett Portfolio 8,770 1,818 8/21/2015 5-40 years Grove Park 3,800 972 9/9/2015 5-40 years Parkway Plaza 3,500 807 9/15/2015 5-40 years Fort Howard Square 7,100 1,364 9/30/2015 5-40 years Conyers Crossing 5,960 1,485 9/30/2015 5-40 years Darien Shopping Center 153 4/12/2016 5-40 years Devine Street 300 4/12/2016 5-40 years Property Name Encumbrances Accumulated Date of Date Depreciation (in thousands) Folly Road $ 7,063 $ 734 4/12/2016 5-40 years Georgetown (6) 328 4/12/2016 5-40 years Ladson Crossing (5) 660 4/12/2016 5-40 years Lake Greenwood Crossing (5) 417 4/12/2016 5-40 years Lake Murray 275 4/12/2016 5-40 years Litchfield I (4) 186 4/12/2016 5-40 years Litchfield II (4) 157 4/12/2016 5-40 years Litchfield Market Village (4) 820 4/12/2016 5-40 years Moncks Corner 196 4/12/2016 5-40 years Ridgeland (6) 78 4/12/2016 5-40 years Shoppes at Myrtle Park 5,757 1,147 4/12/2016 5-40 years South Lake 404 4/12/2016 5-40 years South Park (5) 480 4/12/2016 5-40 years Sangaree (1) 802 11/10/2016 5-40 years Tri-County (1) 662 11/10/2016 5-40 years Riverbridge 4,000 875 11/15/2016 5-40 years Laburnum Square 7,665 983 12/7/2016 5-40 years Franklin Village 8,277 1,338 12/12/2016 5-40 years Village at Martinsville 15,589 2,255 12/16/2016 5-40 years New Market Crossing 6,291 855 12/20/2016 5-40 years Rivergate Shopping Center 18,430 4,261 12/21/2016 5-40 years JANAF Shopping Center 57,726 7,785 1/18/2018 5-40 years Totals $ 69,758 (1) Properties secure a $6.2 million mortgage note. (2) Properties secure a $789 thousand mortgage note. (3) Properties secure a $9.4 million mortgage note. (4) Properties secure a $7.3 million mortgage note. (5) Properties secure a $6.9 million mortgage note. (6) Properties secure a $5.5 million mortgage note. Schedule III-Real Estate and Accumulated Depreciation (Continued) 2021 2020 (in thousands) Balance at beginning of period $ 464,814 $ 468,499 Additions during the period: Acquisitions — — Improvements 4,997 3,066 Impairments (2,300) (600) Disposals (9,297) (6,151) Balance at end of period $ 458,214 $ 464,814

Summary of Significant Accoun_2

Summary of Significant Accounting Policies - Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Investment Properties	Investment Properties The Company records investment properties and related intangibles at fair value upon acquisition. 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 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 at fair value 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. 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.
Assets Held for Sale and DIscontinued Operations	Assets Held For Sale and Discontinued Operations The Company may decide to sell properties that are held for use. The Company records these properties 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. Properties classified as held for sale are reported at the lower of their carrying value or their fair value, less estimated costs to sell. When the carrying value exceeds the fair value, less estimated costs to sell an impairment expense is recognized. The Company estimates fair value, less estimated closing costs based on similar real estate sales transactions. These valuation assumptions are based on the three-level valuation hierarchy for fair value measurement and represent Level 2 and 3 inputs. Level 2 inputs are quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets in markets that are not active; and inputs other than quoted prices. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. See Note 3 for additional details on impairment of assets held for sale for the years ended December 31, 2021 and 2020. Assets held for sale are presented as discontinued operations in all periods presented if the disposition represents a strategic shift that has, or will have, a major effect on the Company's financial position or results of operations. This includes the net gain (or loss) upon disposal of property held for sale, the property's operating results, depreciation and interest expense.
Conditional Asset Retirement Obligation	Conditional Asset Retirement Obligation
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 to be cash and cash equivalents. 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, leasing costs, tenant security deposits and funds restricted by lender for redemption of Series D Preferred. The Company places its cash and cash equivalents and restricted cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Company ("FDIC") up to $250 thousand. The Company's 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	Tenant Receivables five
Above and Below Market Lease Intangibles, Net	Above and Below Market Lease Intangibles, netThe 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, leases in place, capitalized legal and marketing costs, tenant relationships and ground lease sandwich interest 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 to third parties in connection with lease originations. The Company generally records amortization of lease origination costs on a straight-line basis over the terms of the related leases. Amortization of deferred costs and other assets represents a component of depreciation and amortization expense.
Paycheck Protection Program	Paycheck Protection Program The Company received proceeds of $552 thousand (the "PPP funds") pursuant to the Paycheck Protection Program (the "PPP") under the Coronavirus Aid, Relief and Economic Security (“CARES”) Act.
Derivative Financial Instruments	Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including stock purchase warrants and convertible notes, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the consolidated statements of operations. The assumptions used in these fair value estimates are based on the three-level valuation hierarchy for fair value measurement and represent Level 3 inputs. Level 3 inputs are unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Debt Issuance Costs	Debt Issuance Costs The Company may incur debt issuance costs in connection with raising funds through debt. These costs may be paid in the form of cash, or equity (such as warrants and convertible notes). These costs are amortized to interest expense over the life of the debt. If a conversion of the underlying debt occurs, a proportionate share of the unamortized amounts is immediately expensed. Debt issuance costs are presented as a direct deduction from the carrying value of the associated debt liability in the consolidated balance sheets.
Lease Contract Revenue	Lease Contract Revenue The Company has two classes of underlying assets relating to rental revenue activity, retail and office space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue. 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. At December 31, 2021 and 2020, there were $5.77 million and $4.48 million, respectively, in unbilled rent which is included in "rents and other tenant receivables, net." Additionally, certain 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 as variable lease income. 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). This significantly reduces the Company’s exposure to increases in costs and operating expenses resulting from inflation or other outside factors. These reimbursements are considered nonlease components which the Company combines with the lease component. The Company calculates the tenant’s share of operating costs by multiplying the total amount of the operating costs by the tenant's pro-rata percentage of square footage to total square footage of the property. The Company also receives monthly payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income. Additionally, the Company has tenants who pay real estate taxes directly to the taxing authority. The Company excludes these Company costs paid directly by the tenant to third parties on the Company’s behalf from both variable revenue payments recognized and the associated property operating expenses. The Company does not evaluate whether certain sales taxes and other similar taxes are the Company’s costs or tenants' costs. Instead, the Company accounts for these costs as tenant costs. The Company recognizes lease termination fees, which are included in "other revenues" on the consolidated statements of operations, in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company records losses related to unrecovered intangibles and other assets. Beginning in April 2020, the Company received certain rent relief requests, most often in the form of rent deferral requests, as a result of COVID-19. The Company evaluated each tenant rent relief request on an individual basis, considering a number of factors. Not all tenant requests ultimately result in concessions or modification of agreements, nor is the Company forgoing its contractual rights under its lease agreements. The Financial Accounting Standards Board (the "FASB") issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of COVID-19. The Lease Modification Q&A clarifies that entities may elect to treat qualifying lease concessions as if they were based on enforceable rights and obligations, and may choose to apply or not to apply modification accounting to those qualifying concessions. Qualifying concessions must be in response to COVID-19 and not have a substantial increase in the lessee’s obligation or the lessor’s rights under the contract. The Company has elected not to apply ASC 842 modification guidance for concessions that did not increase the lease term, generally these concessions do not impact the overall economics of the lease. Concessions that extend the lease term are accounted for under ASC 842, lease modification guidance.
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 stockholders and meet certain other asset and income tests, as well as other requirements. 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 fails to qualify. If the Company loses its REIT status it could not elect to be taxed as a REIT for five Management has evaluated the effect of the guidance provided by GAAP on Accounting for Uncertainty of Income Taxes
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
Lease Commitments	Lease Commitments The Company determines if an arrangement is a lease at inception. Operating leases, in which the Company is the lessee, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on our consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and the lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU assets include any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend the lease when it is reasonably certain that the company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elects the practical expedient to combine lease and associated nonlease components. The lease components are the majority of its leasing arrangements and the Company accounts for the combined component as an operating lease. In the event the Company modifies existing ground leases or enters into new ground leases, such leases may be classified as finance leases.
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 consolidated balance sheets but separate from the Company’s equity. On the consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Consolidated statements of equity include beginning balances, activity for the period and ending balances for stockholders’ 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 $0.01 par value per share common stock ("Common Stock"). In accordance with GAAP, any changes in the value from period to period are charged to additional paid-in capital.
Recently Adopted Accounting Standards and Recent Accounting Pronouncements	Recently Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entities Own Equity (Subtopic 815-40).” This ASU simplifies accounting for convertible instruments by eliminating two of the three models in ASC 470-20 that require separating embedded conversion features from convertible instruments. In addition, ASU 2020-06 requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer available. The guidance is effective for fiscal years beginning after December 15, 2021. We adopted this guidance effective January 1, 2021 under the modified retrospective adoption approach. There was no effect to the opening balance of retained earnings at the date of adoption. The comparative information has not been restated and continues to be presented according to accounting standards in effect for those periods. In August 2018, the FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)". This update modifies the disclosure requirements on fair value measurements in Topic 820 with several removals, modifications and additions for disclosures, which includes both prospective and retrospective disclosures. The guidance adds prospective disclosures related to the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements including measurement uncertainty disclosures to communicate the uncertainty in the measurement as of the reporting date. The Company adopted this ASU as of January 1, 2020. The adoption did not have material impact on its consolidated financial statements upon adoption of the guidance and there were no retrospective disclosures necessary. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. The Company will also be required to disclose information about how it developed the allowances, including changes in the factors that influenced the Company’s estimate of expected credit losses and the reasons for those changes. The guidance would be effective for interim and annual reporting periods beginning after December 15, 2022, per FASB's issuance of ASU 2019-10, "Financial Instruments-Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates." The Company is currently in the process of evaluating the impact the adoption of the guidance will have on its consolidated financial statements. 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 The Company has reclassified certain prior period amounts in the accompanying consolidated financial statements in order to be consistent with the current period presentation. The consolidated statements of operations reported within prior year's Form 10-K, fiscal year ended December 31, 2020, presented net loss attributable to Wheeler REIT Common Stockholders and basic and diluted loss per share amounts of $13.56 million and $1.40 per share, respectively. On November 3, 2021, common stockholders of the Company voted to amend the Company’s Charter to remove the cumulative dividend rights of the Series A Preferred and Series B Preferred. As a result, the net loss attributable to Wheeler REIT Common Stockholders and basic and diluted loss per share amounts have been restated to conform with this amendment, resulting in net loss attributable to Wheeler REIT Common Stockholders and basic and diluted loss per share amounts of $9.29 million and $0.96 per share, respectively, for the year ended December 31, 2020. No other reclassifications had an effect on net income, total assets, total liabilities or equity. The revenue from interest income was reclassified from interest expense on the consolidated statements of operations for consistency with current period presentation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of disaggregation of Company's revenue	The below table disaggregates the Company’s revenue by type of service for the years ended December 31, 2021 and 2020 (in thousands): Years Ended December 31, 2021 2020 Minimum rent $ 45,896 $ 46,349 Tenant reimbursements - variable lease revenue 13,120 13,273 Straight-line rents 1,060 1,155 Percentage rent - variable lease revenue 531 393 Lease termination fees 139 178 Other 803 786 Total 61,549 62,134 Credit losses on operating lease receivables (239) (1,131) Total $ 61,310 $ 61,003
Schedule of corporate general and administrative expense	Corporate general & administrative expenses consist of the following (in thousands): Years Ended December 31, 2021 2020 Professional fees $ 3,116 $ 2,466 Corporate administration (1) 1,771 1,240 Compensation and benefits 1,465 1,589 Capital and debt financing costs 438 291 Advertising costs for leasing activities 119 117 Other 231 128 Total $ 7,140 $ 5,831

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Schedule of investment properties	Investment properties consist of the following (in thousands): December 31, 2021 2020 Land and land improvements $ 96,752 $ 97,117 Buildings and improvements 357,606 354,738 Investment properties at cost 454,358 451,855 Less accumulated depreciation (67,628) (59,191) Investment properties, net $ 386,730 $ 392,664
Schedule of Impaired Long-Lived Assets Held and Used by Asset	Impairment expenses for the years ended December 31, 2021 and 2020 are as follows (in thousands): Years Ended December 31, 2021 2020 Walnut Hill Plaza $ 100 $ — Columbia Fire Station 2,200 600 Total $ 2,300 $ 600
Schedule of dispositions	As of December 31, 2021 and 2020, assets held for sale and associated liabilities consist of the following (in thousands): December 31, 2021 2020 Investment properties, net $ 1,824 $ 12,593 Rents and other tenant receivables, net 18 132 Above market leases, net — 153 Deferred costs and other assets, net 205 194 Total assets held for sale $ 2,047 $ 13,072 December 31, 2021 2020 Loans payable $ 3,145 $ 12,838 Below market leases, net — 25 Accounts payable, accrued expenses and other liabilities 236 261 Total liabilities associated with assets held for sale $ 3,381 $ 13,124 The following properties were sold during the years ended December 31, 2021 and 2020 (in thousands): Disposal Property Contract Price Gain (Loss) Net Proceeds November 17, 2021 Columbia Fire Station $ 4,250 $ (88) $ 3,903 August 31, 2021 Rivergate Shopping Center Out Parcel 3,700 1,915 3,451 July 9, 2021 Tulls Creek Land Parcel (1.28 acres) 250 52 222 March 25, 2021 Berkley Shopping Center and Berkley Land Parcel (0.75 acres) 4,150 176 3,937 December 31, 2020 Riversedge North 3,000 49 2,843 January 21, 2020 St. Matthews 1,775 (26) 1,665

Deferred Costs (Tables)

Deferred Costs (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of details of deferred costs, net of amortization and other assets	Deferred costs and other assets, net of accumulated amortization are as follows (in thousands): December 31, 2021 2020 Leases in place, net $ 7,519 $ 10,233 Ground lease sandwich interest, net 1,667 1,941 Lease origination costs, net 1,474 1,334 Tenant relationships, net 853 1,308 Legal and marketing costs, net 14 22 Other 446 592 Total deferred costs and other assets, net $ 11,973 $ 15,430
Schedule of future amortization of lease origination costs, financing costs and in place leases	Future amortization of leases in place, ground lease sandwich interest, lease origination costs, tenant relationships, and legal and marketing costs is as follows (in thousands): For the Years Ended December 31, Leases in Ground lease sandwich interest, net Lease Tenant Legal & Total 2022 $ 2,092 $ 274 $ 230 $ 349 $ 6 $ 2,951 2023 1,612 274 213 222 5 2,326 2024 1,111 274 194 126 3 1,708 2025 794 274 160 62 — 1,290 2026 422 274 136 11 — 843 Thereafter 1,488 297 541 83 — 2,409 $ 7,519 $ 1,667 $ 1,474 $ 853 $ 14 $ 11,527

Loans Payable (Tables)

Loans Payable (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of loans payable	The Company’s loans payable consist of the following (in thousands, except monthly payment): Property/Description Monthly Payment Interest Maturity December 31, December 31, Litchfield Market Village $ 46,057 5.50 % November 2022 $ 7,312 $ 7,418 Twin City Commons $ 17,827 4.86 % January 2023 2,843 2,915 Walnut Hill Plaza $ 26,850 5.50 % March 2023 3,145 3,287 New Market $ 48,747 5.65 % June 2023 6,291 6,508 Benefit Street Note (3) $ 53,185 5.71 % June 2023 6,914 7,145 Deutsche Bank Note (2) $ 33,340 5.71 % July 2023 5,488 5,567 JANAF $ 333,159 4.49 % July 2023 47,065 48,875 First National Bank (6) (7) $ 24,656 LIBOR + 350 basis points August 2023 789 1,045 Lumber River (7) $ 10,723 LIBOR + 350 basis points September 2023 1,296 1,367 Tampa Festival $ 50,797 5.56 % September 2023 7,753 7,920 Forrest Gallery $ 50,973 5.40 % September 2023 8,060 8,226 South Carolina Food Lions Note (5) $ 68,320 5.25 % January 2024 11,259 11,473 JANAF Bravo $ 35,076 5.00 % May 2024 5,936 6,263 Cypress Shopping Center $ 34,360 4.70 % July 2024 6,031 6,163 Port Crossing $ 34,788 4.84 % August 2024 5,778 5,909 Freeway Junction $ 41,798 4.60 % September 2024 7,431 7,582 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,267 3,343 Bryan Station $ 23,489 4.52 % November 2024 4,226 4,312 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre $ 39,435 4.15 % February 2025 7,861 8,001 Shoppes at Myrtle Park $ 33,180 4.45 % February 2025 5,757 5,892 Folly Road $ 41,482 4.65 % March 2025 7,063 7,223 Alex City Marketplace Interest only 3.95 % April 2025 5,750 5,750 Butler Square Interest only 3.90 % May 2025 5,640 5,640 Brook Run Shopping Center Interest only 4.08 % June 2025 10,950 10,950 Beaver Ruin Village I and II Interest only 4.73 % July 2025 9,400 9,400 Sunshine Shopping Plaza Interest only 4.57 % August 2025 5,900 5,900 Barnett Portfolio (4) Interest only 4.30 % September 2025 8,770 8,770 Fort Howard Shopping Center Interest only 4.57 % October 2025 7,100 7,100 Conyers Crossing Interest only 4.67 % October 2025 5,960 5,960 Grove Park Shopping Center Interest only 4.52 % October 2025 3,800 3,800 Parkway Plaza Interest only 4.57 % October 2025 3,500 3,500 Winslow Plaza $ 24,295 4.82 % December 2025 4,483 4,553 JANAF BJ's $ 29,964 4.95 % January 2026 4,725 4,844 Tuckernuck $ 32,202 5.00 % March 2026 5,052 5,193 Chesapeake Square $ 23,857 4.70 % August 2026 4,192 4,279 Berkley/Sangaree/Tri-County Interest only 4.78 % December 2026 6,176 9,400 Riverbridge Interest only 4.48 % December 2026 4,000 4,000 Franklin Village $ 45,336 4.93 % January 2027 8,277 8,404 Village of Martinsville $ 89,664 4.28 % July 2029 15,589 15,979 Laburnum Square Interest only 4.28 % September 2029 7,665 7,665 Rivergate $ 100,222 4.25 % September 2031 18,430 21,164 Convertible Notes Interest only 7.00 % December 2031 33,000 — Columbia Fire Station Interest only 14.00 % July 2021 — 3,893 Powerscourt Financing Agreement Interest only 13.50 % March 2023 — 25,000 Total Principal Balance (1) 346,262 353,916 Unamortized debt issuance cost (1) (9,834) (6,812) Total Loans Payable, including assets held for sale 336,428 347,104 Less loans payable on assets held for sale, net loan amortization costs 3,145 12,838 Total Loans Payable, net $ 333,283 $ 334,266 (1) Includes loans payable on assets held for sale, see Note 3. (2) Collateralized by LaGrange Marketplace, Ridgeland and Georgetown. (3) Collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park. (4) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons. (5) Collateralized by Clover Plaza, South Square, St. George, Waterway Plaza and Westland Square. (6) Collateralized by Surrey Plaza and Amscot Building. (7) Certain loans bear interest at a variable interest rate equal to LIBOR or another index rate, subject to a floor, in each case plus or minus a specified margin.
Schedule of Company's scheduled principal repayments on indebtedness	The Company’s scheduled principal repayments on indebtedness as of December 31, 2021, including assets held for sale, are as follows (in thousands): For the years ended December 31, 2022 $ 13,567 2023 89,288 2024 50,490 2025 92,016 2026 23,531 Thereafter 77,370 Total principal repayments and debt maturities $ 346,262

Derivative Liabilities (Tables)

Derivative Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Value Measurement Inputs and Valuation Techniques	In measuring the warrant liability at December 31, 2021 and 2020, the Company used the following inputs in its Monte Carlo Model: For the Years Ended December 31, 2021 2020 Range of exercise prices $3.120 - $6.875 $3.12 Common Stock price $1.94 $2.75 Weighted average contractual term to maturity 3.5 years 3.0 years Range of expected market volatility % 70.12% - 81.00% 72.00% Range of risk-free interest rate 0.72% - 1.16% 0.17% In measuring the embedded derivative liability at December 31, 2021, the Company used the following inputs in its multinomial lattice model: Conversion price $6.25 Common Stock price $1.94 Contractual term to maturity 10.1 years Expected market volatility % 80.00% Risk-free interest rate 1.51%
Summary of the changes in fair value of the Company's derivative liabilities	The following table sets forth a summary of the changes in fair value of the Company's derivative liabilities, which include both the warrant liabilities and embedded derivative liability (in thousands): Balance December 31, 2019 $ — Issuance of Powerscourt Warrant 594 Balance December 31, 2020 594 Issuance of Wilmington Warrant 2,018 Issuance of embedded derivative 5,932 Changes in fair value (3,768) Balance December 31, 2021 $ 4,776

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Lessor Disclosure [Abstract]
Future minimum rentals to be received under noncancelable tenant operating leases	Future minimum rents to be received under noncancelable tenant operating leases, excluding rents on assets held for sale, for each of the next five years and thereafter, excluding tenant reimbursements and percentage rent based on tenant sales volume, as of December 31, 2021 are as follows (in thousands): For the years ended December 31, 2022 $ 47,232 2023 43,305 2024 35,993 2025 28,701 2026 20,382 Thereafter 51,921 Total minimum rents $ 227,534

Equity and Mezzanine Equity (Ta

Equity and Mezzanine Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Changes in Carrying Value of Series D Preferred	The changes in the carrying value of the Series D Preferred for the years ended December 31, 2021 and 2020 is as follows (in thousands): Series D Preferred Balance December 31, 2019 $ 87,225 Accretion of Preferred Stock discount 590 Undeclared dividends 9,581 Redemption of Preferred Stock (1,833) Balance December 31, 2020 95,563 Accretion of Preferred Stock discount 513 Undeclared dividends 8,237 Paid-in-kind interest, issuance of Preferred Stock 1,610 Redemption of Preferred Stock (13,375) Balance December 31, 2021 $ 92,548
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	As of December 31, 2021 and 2020, the below shares are able to be converted to Common Stock. The common units, Series B Preferred, Series D Preferred, warrants and Convertible Notes have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. December 31, 2021 December 31, 2020 Outstanding shares Potential Dilutive Shares Outstanding shares Potential Dilutive Shares Common units 215,343 215,343 224,429 224,429 Series B Preferred Stock 1,872,448 1,170,280 1,875,748 1,172,343 Series D Preferred Stock 3,152,392 6,189,366 3,529,293 5,202,378 Warrants to purchase Common Stock — 1,558,134 — 496,415 Convertible Notes — 31,801,297 — —
Schedule of Dividends Declared	The following table summarizes the Series D Preferred dividends (in thousands except for per share amounts): Series D Preferred Record Date/Arrears Date Arrears Per Share For the year ended December 31, 2021 $ 8,167 $ 2.59 For the year ended December 31, 2020 $ 9,488 $ 2.69
Share-based Payment Arrangement Cost	On June 15, 2016, the Company's stockholders approved the 2016 Long-Term Incentive Plan (the "2016 Incentive Plan"). The 2016 Incentive Plan allows for issuance of up to 625,000 shares of the Company's Common Stock to employees, directors, officers and consultants for services rendered to the Company. For the Years Ended December 31, Shares Issued Market Value (in thousands) 2021 5,000 $ 14 2020 — —

Lease Commitments (Tables)

Lease Commitments (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Ground Lease Payments and Supplemental Information Related to Leases	The following properties are subject to leases which require the Company to make the following fixed annual rental payments and variable lease payments and include escalation clauses and renewal options as follows (in thousands): For the Years Ended December 31, 2021 2020 Expiration Amscot $ 26 $ 25 2045 Beaver Ruin Village 54 54 2054 Beaver Ruin Village II 22 22 2056 Moncks Corner 121 121 2040 Devine Street (1) 396 396 2051 JANAF (2) 268 282 2069 Riversedge corporate headquarters office space, Virginia Beach, VA 169 — 2030 Total rent expense $ 1,056 $ 900 (1) Lease options are exercised through 2035 with options which are reasonably certain to be exercised through 2051. (2) Includes $118 thousand and $131 thousand in variable percentage rent, during the years ended December 31, 2021 and 2020, respectively. Supplemental information related to leases is as follows (in thousands): For the Years Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 902 $ 583 Leased assets obtained in exchange for new operating lease liabilities $ — $ 1,285
Schedule of Undiscounted Cash Flows of Scheduled Obligations for Under Operating Leases	Undiscounted cash flows of our scheduled obligations for future minimum lease payments due under the operating leases, including applicable automatic extension options and options reasonably certain of being exercised, as of December 31, 2021 and a reconciliation of those cash flows to the operating lease liabilities at December 31, 2021 are as follows (in thousands): For the years ended December 31, 2022 $ 905 2023 907 2024 909 2025 913 2026 943 Thereafter 22,843 Total minimum lease payments (1) 27,420 Discount (14,380) Operating lease liabilities $ 13,040 (1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Summary of related party activity	The related party amounts below reflect the activity between the Company and its affiliates for the years ended December 31, 2021 and 2020 (in thousands): 2021 2020 Amounts paid to affiliates $ 402 $ 106

Organization and Basis of Pre_2

Organization and Basis of Presentation and Consolidation (Details)	12 Months Ended
	Dec. 31, 2021ft²centerProperty	Dec. 31, 2020
Real Estate Properties [Line Items]
Ownership interest of operating partnership	98.59%	98.53%
Number of properties | center	58
Number of undeveloped real estate properties	4
Total net rentable space in Company's portfolio | ft²	5,478,855
Leased level	94.20%
VIRGINIA
Real Estate Properties [Line Items]
Number of properties	10
FLORIDA
Real Estate Properties [Line Items]
Number of properties	3
NORTH CAROLINA
Real Estate Properties [Line Items]
Number of properties	6
SOUTH CAROLINA
Real Estate Properties [Line Items]
Number of properties	22
GEORGIA
Real Estate Properties [Line Items]
Number of properties	12
KENTUCKY
Real Estate Properties [Line Items]
Number of properties	2
TENNESSEE
Real Estate Properties [Line Items]
Number of properties	2
NEW JERSEY
Real Estate Properties [Line Items]
Number of properties	1
ALABAMA
Real Estate Properties [Line Items]
Number of properties	1
WEST VIRGINIA
Real Estate Properties [Line Items]
Number of properties	1
OKLAHOMA
Real Estate Properties [Line Items]
Number of properties	1
PENNSYLVANIA
Real Estate Properties [Line Items]
Number of properties	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	Sep. 22, 2020$ / sharesshares	Dec. 31, 2021USD ($)assetClass$ / shares	Dec. 31, 2020USD ($)$ / shares	Apr. 24, 2020USD ($)
Property, Plant and Equipment [Line Items]
Asset retirement obligation		$ 0	$ 0
Maturity of highly liquid investments		90 days
Insurance coverage provided to a depositor's other deposit accounts held at an FDIC-insured institution		$ 250,000
Past due rent charge term		5 days
Allowance for uncollectible accounts		$ 633,000	994,000
Shares purchased and retired (in shares) | shares	71,343
Stock repurchased and retired (in dollars per share) | $ / shares	$ 15.50
Number of underlying asset classes | assetClass		2
Minimum percentage of taxable income to be distributed to stockholders		90.00%
Term of disqualification to be taxed as a REIT due to loss of REIT status		5 years
Other nonoperating expense		$ 185,000	$ 1,039,000
Common stock, par value (in dollars per share) | $ / shares		$ 0.01	$ 0.01
KeyBank
Property, Plant and Equipment [Line Items]
Proceeds received from the Paycheck Protection Program				$ 552,000
Rent and other tenant receivables
Property, Plant and Equipment [Line Items]
Unbilled rent asset, net		$ 5,770,000	$ 4,480,000
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life of buildings and improvements		5 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful life of buildings and improvements		40 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues	$ 942	$ 964
Subtotal	61,549	62,134
Credit losses on operating lease receivables	(239)	(1,131)
Total Revenue	61,310	61,003
Minimum rent
Disaggregation of Revenue [Line Items]
Revenues	45,896	46,349
Tenant reimbursements - variable lease revenue
Disaggregation of Revenue [Line Items]
Revenues	13,120	13,273
Percentage Rent - variable lease revenue
Disaggregation of Revenue [Line Items]
Variable lease revenue	531	393
Straight-line rents
Disaggregation of Revenue [Line Items]
Straight-line rents	1,060	1,155
Lease termination fees
Disaggregation of Revenue [Line Items]
Revenues	139	178
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 803	$ 786

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - CG&A Schedule (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CG&A Schedule [Abstract]
Professional fees	$ 3,116	$ 2,466
Corporate administration	1,771	1,240
Compensation and benefits	1,465	1,589
Capital and debt financing costs	438	291
Advertising costs for leasing activities	119	117
Other	231	128
Total	7,140	5,831
Property, Plant and Equipment [Line Items]
Annual rental payments	902	$ 583
Office Building
Property, Plant and Equipment [Line Items]
Annual rental payments	$ 169

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reclassification [Line Items]
Net loss attributable to Wheeler REIT Common stock holders, basic and diluted	$ (13,240)	$ (9,287)
Basic (in dollars per share)	$ (1.36)	$ (0.96)
Diluted (in dollars per share)	$ (1.36)	$ (0.96)
Removal of cumulative dividend rights
Reclassification [Line Items]
Net loss attributable to Wheeler REIT Common stock holders, basic and diluted		$ 9,290
Basic (in dollars per share)		$ 0.96
Diluted (in dollars per share)		$ 0.96
Previously Reported | Removal of cumulative dividend rights
Reclassification [Line Items]
Net loss attributable to Wheeler REIT Common stock holders, basic and diluted		$ 13,560
Basic (in dollars per share)		$ 1.40
Diluted (in dollars per share)		$ 1.40

Real Estate Investment Properti

Real Estate Investment Properties - Investment Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Investment properties at cost	$ 454,358	$ 451,855
Less accumulated depreciation	(67,628)	(59,191)
Investment properties, net	386,730	392,664
Land and land improvements
Real Estate Properties [Line Items]
Investment properties at cost	96,752	97,117
Buildings and improvements
Real Estate Properties [Line Items]
Investment properties at cost	$ 357,606	$ 354,738

Real Estate - Additional Inform

Real Estate - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)aoutparcel
Real Estate Properties [Line Items]
Depreciation | $	$ 11,072	$ 11,317
Berkley
Real Estate Properties [Line Items]
Area of land | a		0.75
Rivergate Shopping Center
Real Estate Properties [Line Items]
Number of outparcels | outparcel		2

Real Estate Impairment - Impair

Real Estate Impairment - Impairment Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of assets held for sale	$ 2,300	$ 600
Walnut Hill Plaza
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of assets held for sale	100	0
Columbia Fire Station
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of assets held for sale	$ 2,200	$ 600

Real Estate - Assets Held for S

Real Estate - Assets Held for Sale and Associated Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real Estate Properties [Line Items]
Total assets held for sale	$ 2,047	$ 13,072
Loans payable	3,381	13,124
Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Investment properties, net	1,824	12,593
Rents and other tenant receivables, net	18	132
Above market leases, net	0	153
Deferred costs and other assets, net	205	194
Total assets held for sale	2,047	13,072
Loans payable	3,145	12,838
Below market leases, net	0	25
Accounts payable, accrued expenses and other liabilities	236	261
Total liabilities associated with assets held for sale	$ 3,381	$ 13,124

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) $ in Thousands	Nov. 17, 2021USD ($)	Aug. 31, 2021USD ($)	Jul. 09, 2021USD ($)a	Mar. 25, 2021USD ($)a	Dec. 31, 2020USD ($)a	Jan. 21, 2020USD ($)
Tulls Creek Land Parcel
Real Estate [Line Items]
Area of land | a			1.28
Berkley Shopping Center and Berkley Land Parcel
Real Estate [Line Items]
Area of land | a				0.75
Berkley
Real Estate [Line Items]
Area of land | a					0.75
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Columbia Fire Station
Real Estate [Line Items]
Contract Price	$ 4,250
Gain (Loss)	(88)
Net Proceeds	$ 3,903
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Rivergate Shopping Center Out Parcel
Real Estate [Line Items]
Contract Price		$ 3,700
Gain (Loss)		1,915
Net Proceeds		$ 3,451
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Tulls Creek Land Parcel
Real Estate [Line Items]
Contract Price			$ 250
Gain (Loss)			52
Net Proceeds			$ 222
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Berkley Shopping Center and Berkley Land Parcel
Real Estate [Line Items]
Contract Price				$ 4,150
Gain (Loss)				176
Net Proceeds				$ 3,937
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Riversedge North
Real Estate [Line Items]
Contract Price					$ 3,000
Gain (Loss)					49
Net Proceeds					$ 2,843
Disposal Group, Disposed of by Sale, Not Discontinued Operations | St. Matthews
Real Estate [Line Items]
Contract Price						$ 1,775
Gain (Loss)						(26)
Net Proceeds						$ 1,665

Deferred Costs and Other Assets

Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 11,973	$ 15,430
Lease origination costs, net	1,474	1,334
Tenant relationships, net	853	1,308
Other	446	592
Leases in place, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	7,519	10,233
Ground lease sandwich interest, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	1,667	1,941
Legal & marketing costs, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 14	$ 22

Deferred Costs Additional Detai

Deferred Costs Additional Details (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Finite-lived intangible assets, accumulated amortization	$ 62,940	$ 60,330
Amortization of intangible assets	$ 3,730	$ 5,970

Deferred Costs Future Amortizat

Deferred Costs Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2021USD ($)
Finite-Lived Intangible Assets [Line Items]
2022	$ 2,951
2023	2,326
2024	1,708
2025	1,290
2026	843
Thereafter	2,409
Total	11,527
Leases in place, net
Finite-Lived Intangible Assets [Line Items]
2022	2,092
2023	1,612
2024	1,111
2025	794
2026	422
Thereafter	1,488
Total	7,519
Ground lease sandwich interest, net
Finite-Lived Intangible Assets [Line Items]
2022	274
2023	274
2024	274
2025	274
2026	274
Thereafter	297
Total	1,667
Lease origination costs, net
Finite-Lived Intangible Assets [Line Items]
2022	230
2023	213
2024	194
2025	160
2026	136
Thereafter	541
Total	1,474
Tenant relationships, net
Finite-Lived Intangible Assets [Line Items]
2022	349
2023	222
2024	126
2025	62
2026	11
Thereafter	83
Total	853
Legal & marketing costs, net
Finite-Lived Intangible Assets [Line Items]
2022	6
2023	5
2024	3
2025	0
2026	0
Thereafter	0
Total	$ 14

Loans Payable - Summary of Loan

Loans Payable - Summary of Loans Payable (Details) - USD ($)	Sep. 30, 2021	Sep. 22, 2021	May 28, 2021	May 05, 2021	Mar. 25, 2021	Mar. 12, 2021	Jan. 21, 2021	Nov. 19, 2020	Oct. 14, 2020	Sep. 03, 2020	Jul. 15, 2020	Mar. 23, 2020	Jan. 23, 2020	Dec. 31, 2021	Aug. 13, 2021	Jul. 22, 2021	Dec. 31, 2020	Dec. 22, 2020	Dec. 07, 2020
Debt Instrument [Line Items]
Loans payable, net														$ 333,283,000			$ 334,266,000
Total principal balance														346,262,000			353,916,000
Unamortized debt issuance cost														(9,834,000)			(6,812,000)
Total Loans Payable, including assets held for sale														336,428,000			347,104,000
Less loans payable on assets held for sale, net loan amortization costs														$ 3,145,000			12,838,000
Convertible Debt | Senior Subordinated Convertible Notes
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														7.00%
Loans payable, net														$ 33,000,000			0
Convertible Debt | 7.00% Senior Subordinated Convertible Notes due 2031
Debt Instrument [Line Items]
Debt interest rate															7.00%	7.00%
First National Bank
Debt Instrument [Line Items]
Monthly payment, amount		$ 25,000							$ 25,000
Debt interest rate		4.25%							4.25%
First National Bank | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage		3.50%							3.50%
Powerscourt Financing Agreement
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														13.50%
Loans payable, net														$ 0			25,000,000
Powerscourt Financing Agreement | Line of Credit
Debt Instrument [Line Items]
Monthly payment, amount						$ 25,000,000
Debt interest rate																		13.50%
Litchfield Market Village
Debt Instrument [Line Items]
Monthly payment, amount														$ 46,057
Debt interest rate														5.50%
Loans payable, net														$ 7,312,000			7,418,000
Twin City Commons
Debt Instrument [Line Items]
Monthly payment, amount														$ 17,827
Debt interest rate														4.86%
Loans payable, net														$ 2,843,000			2,915,000
Walnut Hill Plaza
Debt Instrument [Line Items]
Monthly payment, amount											$ 443,000			$ 26,850
Debt interest rate														5.50%
Loans payable, net											$ 3,300,000			$ 3,145,000			3,287,000
New Market
Debt Instrument [Line Items]
Monthly payment, amount														$ 48,747
Debt interest rate														5.65%
Loans payable, net														$ 6,291,000			6,508,000
Benefit Street Note | Benefit Street Note | Line of Credit
Debt Instrument [Line Items]
Monthly payment, amount														$ 53,185
Debt interest rate														5.71%
Loans payable, net														$ 6,914,000			7,145,000
Deutsche Bank Note | Deutsche Bank Note | Line of Credit
Debt Instrument [Line Items]
Monthly payment, amount														$ 33,340
Debt interest rate														5.71%
Loans payable, net														$ 5,488,000			5,567,000
JANAF
Debt Instrument [Line Items]
Monthly payment, amount														$ 333,159
Debt interest rate														4.49%
Loans payable, net														$ 47,065,000			48,875,000
First National Bank | First National Bank | Line of Credit
Debt Instrument [Line Items]
Monthly payment, amount														24,656
Loans payable, net														$ 789,000			1,045,000
First National Bank | First National Bank | Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage														3.50%
Lumber River
Debt Instrument [Line Items]
Monthly payment, amount														$ 10,723
Loans payable, net														$ 1,296,000			1,367,000
Lumber River | Line of Credit | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage														3.50%
Tampa Festival
Debt Instrument [Line Items]
Monthly payment, amount														$ 50,797
Debt interest rate														5.56%
Loans payable, net														$ 7,753,000			7,920,000
Forrest Gallery
Debt Instrument [Line Items]
Monthly payment, amount														$ 50,973
Debt interest rate														5.40%
Loans payable, net														$ 8,060,000			8,226,000
South Carolina Food Lions Note | South Carolina Food Lions | Line of Credit
Debt Instrument [Line Items]
Monthly payment, amount														$ 68,320
Debt interest rate														5.25%
Loans payable, net														$ 11,259,000			11,473,000
JANAF Bravo
Debt Instrument [Line Items]
Monthly payment, amount				$ 35,000										$ 35,076
Debt interest rate				5.00%										5.00%
Loans payable, net				$ 6,000,000										$ 5,936,000			6,263,000
Cypress Shopping Center
Debt Instrument [Line Items]
Monthly payment, amount														$ 34,360
Debt interest rate														4.70%
Loans payable, net														$ 6,031,000			6,163,000
Port Crossing
Debt Instrument [Line Items]
Monthly payment, amount														$ 34,788
Debt interest rate														4.84%
Loans payable, net														$ 5,778,000			5,909,000
Freeway Junction
Debt Instrument [Line Items]
Monthly payment, amount														$ 41,798
Debt interest rate														4.60%
Loans payable, net														$ 7,431,000			7,582,000
Harrodsburg Marketplace
Debt Instrument [Line Items]
Monthly payment, amount														$ 19,112
Debt interest rate														4.55%
Loans payable, net														$ 3,267,000			3,343,000
Bryan Station
Debt Instrument [Line Items]
Monthly payment, amount														$ 23,489
Debt interest rate														4.52%
Loans payable, net														$ 4,226,000			4,312,000
Crockett Square
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														4.47%
Loans payable, net														$ 6,338,000			6,338,000
Pierpont Centre
Debt Instrument [Line Items]
Monthly payment, amount														$ 39,435
Debt interest rate														4.15%
Loans payable, net														$ 7,861,000			8,001,000
Shoppes at Myrtle Park
Debt Instrument [Line Items]
Monthly payment, amount													$ 33,000	$ 33,180
Debt interest rate													4.45%	4.45%
Loans payable, net													$ 6,000,000	$ 5,757,000			5,892,000
Folly Road
Debt Instrument [Line Items]
Monthly payment, amount												$ 41,000		$ 41,482
Debt interest rate												4.65%		4.65%
Loans payable, net												$ 7,350,000		$ 7,063,000			7,223,000
Alex City Marketplace
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														3.95%
Loans payable, net														$ 5,750,000			5,750,000
Butler Square
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														3.90%
Loans payable, net														$ 5,640,000			5,640,000
Brook Run Shopping Center
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														4.08%
Loans payable, net														$ 10,950,000			10,950,000
Beaver Village I and II
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														4.73%
Loans payable, net														$ 9,400,000			9,400,000
Sunshine Shopping Center
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														4.57%
Loans payable, net														$ 5,900,000			5,900,000
Barnett Portfolio
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														4.30%
Loans payable, net														$ 8,770,000			8,770,000
Fort Howard Shopping Center
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														4.57%
Loans payable, net														$ 7,100,000			7,100,000
Conyers Crossing
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														4.67%
Loans payable, net														$ 5,960,000			5,960,000
Grove Park Shopping Center
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														4.52%
Loans payable, net														$ 3,800,000			3,800,000
Parkway Plaza
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														4.57%
Loans payable, net														$ 3,500,000			3,500,000
Winslow Plaza
Debt Instrument [Line Items]
Monthly payment, amount														$ 24,295
Debt interest rate														4.82%
Loans payable, net														$ 4,483,000			4,553,000
JANAF BJ's
Debt Instrument [Line Items]
Monthly payment, amount														$ 29,964
Debt interest rate														4.95%
Loans payable, net														$ 4,725,000			4,844,000
Tuckernuck
Debt Instrument [Line Items]
Monthly payment, amount														$ 32,202
Debt interest rate														5.00%
Loans payable, net														$ 5,052,000			5,193,000
Chesapeake Square
Debt Instrument [Line Items]
Monthly payment, amount														$ 23,857
Debt interest rate														4.70%
Loans payable, net														$ 4,192,000			4,279,000
Berkley/Sangaree/Tri-County
Debt Instrument [Line Items]
Monthly payment, amount					$ 3,220,000
Monthly payment, interest only														Interest only
Debt interest rate														4.78%
Loans payable, net														$ 6,176,000			9,400,000
Riverbridge
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														4.48%
Loans payable, net														$ 4,000,000			4,000,000
Franklin Village
Debt Instrument [Line Items]
Monthly payment, amount														$ 45,336
Debt interest rate														4.93%
Loans payable, net														$ 8,277,000			8,404,000
Village of Martinsville
Debt Instrument [Line Items]
Monthly payment, amount														$ 89,664
Debt interest rate														4.28%
Loans payable, net														$ 15,589,000			15,979,000
Laburnum Square
Debt Instrument [Line Items]
Monthly payment, interest only														Interest only
Debt interest rate														4.28%
Loans payable, net														$ 7,665,000			7,665,000
Rivergate
Debt Instrument [Line Items]
Monthly payment, amount	$ 100,000		$ 60,000					$ 48,000						$ 100,222
Debt interest rate	4.25%													4.25%
Debt spread over variable basis percentage	2.70%
Loans payable, net	$ 18,500,000													$ 18,430,000			21,164,000
Columbia Fire Station
Debt Instrument [Line Items]
Monthly payment, amount							$ 500,000			$ 46,000
Monthly payment, interest only														Interest only
Debt interest rate							14.00%							14.00%					14.00%
Loans payable, net														$ 0			$ 3,893,000

Loans Payable - Additional Info

Loans Payable - Additional Information (Details)	Sep. 30, 2021USD ($)	Sep. 22, 2021USD ($)	Aug. 31, 2021USD ($)	Aug. 13, 2021USD ($)d$ / sharesshares	May 28, 2021USD ($)	May 05, 2021USD ($)	Mar. 25, 2021USD ($)	Mar. 12, 2021USD ($)	Feb. 02, 2021USD ($)	Jan. 21, 2021USD ($)	Dec. 22, 2020USD ($)$ / sharesshares	Nov. 19, 2020USD ($)	Nov. 12, 2020USD ($)	Nov. 01, 2020USD ($)	Oct. 14, 2020USD ($)	Sep. 03, 2020USD ($)	Jul. 15, 2020USD ($)	May 20, 2020USD ($)	Mar. 23, 2020USD ($)	Jan. 23, 2020USD ($)	Jan. 21, 2020USD ($)	Dec. 21, 2019USD ($)	Jan. 01, 2019	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)	Oct. 12, 2021USD ($)	Jul. 22, 2021USD ($)	Mar. 11, 2021$ / sharesshares	Dec. 07, 2020
Debt Instrument [Line Items]
Interest expense																								$ 33,028,000	$ 17,093,000
Loans payable, net																								333,283,000	334,266,000
Payments of loan prepayment penalties																								$ 687,000	0
Series D Preferred Stock
Debt Instrument [Line Items]
Preferred stock cumulative dividend rate per annum																							10.75%
Minimum | Series D Preferred Stock
Debt Instrument [Line Items]
Preferred stock cumulative dividend rate per annum								8.75%																8.75%
Powerscourt Financing Agreement
Debt Instrument [Line Items]
Debt interest rate																								13.50%
Common stock shares under warrants issued (in shares) | shares											496,415
Exercise price of warrants (in dollars per share) | $ / shares											$ 3.12
Loans payable, net																								$ 0	25,000,000
Wilmington Financing Agreement
Debt Instrument [Line Items]
Common stock shares under warrants issued (in shares) | shares																												1,061,719
Wilmington Financing Agreement | Wilmington Agreement Group 1
Debt Instrument [Line Items]
Common stock shares under warrants issued (in shares) | shares																												510,204
Exercise price of warrants (in dollars per share) | $ / shares																												$ 3.430
Wilmington Financing Agreement | Wilmington Agreement Group 2
Debt Instrument [Line Items]
Common stock shares under warrants issued (in shares) | shares																												424,242
Exercise price of warrants (in dollars per share) | $ / shares																												$ 4.125
Wilmington Financing Agreement | Wilmington Agreement Group 3
Debt Instrument [Line Items]
Common stock shares under warrants issued (in shares) | shares																												127,273
Exercise price of warrants (in dollars per share) | $ / shares																												$ 6.875
First National Bank
Debt Instrument [Line Items]
Debt interest rate		4.25%													4.25%
Debt periodic payment		$ 25,000													$ 25,000
Maximum line of credit borrowing capacity		$ 875,000													$ 1,130,000
First National Bank | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage		3.50%													3.50%
Line of Credit | Powerscourt Financing Agreement
Debt Instrument [Line Items]
Debt interest rate											13.50%
Debt periodic payment								$ 25,000,000
Line of Credit | Wilmington Financing Agreement
Debt Instrument [Line Items]
Debt interest rate								8.00%
Loans payable, net								$ 35,000,000
Premium, percentage of principal payment								5.00%
Unamortized premium								$ 1,750,000
Line of Credit | KeyBank
Debt Instrument [Line Items]
Debt periodic payment											$ 3,000,000		$ 1,000,000					$ 2,500,000		$ 5,750,000	$ 1,780,000	$ 350,000
Line of Credit | KeyBank | Commercial Real Estate
Debt Instrument [Line Items]
Borrowings under line of credit																						$ 15,000,000
Secured Debt | Powerscourt Financing Agreement
Debt Instrument [Line Items]
Debt issued											$ 25,000,000
7.00% Senior Subordinated Convertible Notes due 2031
Debt Instrument [Line Items]
Conversion price (in dollars per share) | $ / shares																								$ 6.25
7.00% Senior Subordinated Convertible Notes due 2031 | Convertible Debt
Debt Instrument [Line Items]
Debt issued				$ 30,000,000																							$ 30,000,000
Debt interest rate				7.00%																							7.00%
Common stock shares under warrants issued (in shares) | shares				0.125
Common stock shares under warrants issued (in dollars per share) | $ / shares				$ 25
Threshold consecutive trading days | d				15
Interest multiplier				0.55
Interest expense																								$ 886,000
Payment of interest expense (in shares) | shares																								113,709
Interest expense, adjusted for VWAP discount																								$ 1,610,000
Conversion price (in dollars per share) | $ / shares				$ 6.25
Number of shares required to be redeemed in aggregate (in shares) | shares				100,000
Discount on conversion, percent				55.00%
Conversion price discount, percent				45.00%
Redemption price percentage				100.00%
Backstop Parties | 7.00% Senior Subordinated Convertible Notes due 2031 | Convertible Debt
Debt Instrument [Line Items]
Debt issued				$ 2,190,000																						$ 3,000,000
Debt issuance aggregated costs																										$ 7,100,000
Shoppes at Myrtle Park
Debt Instrument [Line Items]
Debt interest rate																				4.45%				4.45%
Debt periodic payment																				$ 33,000				$ 33,180
Loans payable, net																				$ 6,000,000				$ 5,757,000	5,892,000
Folly Road
Debt Instrument [Line Items]
Debt interest rate																			4.65%					4.65%
Debt periodic payment																			$ 41,000					$ 41,482
Loans payable, net																			$ 7,350,000					$ 7,063,000	7,223,000
Lumber River Plaza
Debt Instrument [Line Items]
Debt interest rate		4.25%													4.25%
Debt periodic payment		$ 11,000													$ 11,000
Loans payable, net		$ 1,310,000													$ 1,390,000
Lumber River Plaza | LIBOR
Debt Instrument [Line Items]
Debt spread over variable basis percentage		3.50%													3.50%
Walnut Hill Plaza
Debt Instrument [Line Items]
Debt interest rate																								5.50%
Debt periodic payment																	$ 443,000							$ 26,850
Loans payable, net																	$ 3,300,000							$ 3,145,000	3,287,000
Tuckernuck
Debt Instrument [Line Items]
Debt interest rate									5.00%
Debt periodic payment									$ 32,000					$ 34,000
Loans payable, net									$ 5,150,000
Rivergate
Debt Instrument [Line Items]
Debt interest rate	4.25%																							4.25%
Debt periodic payment	$ 100,000				$ 60,000							$ 48,000												$ 100,222
Loans payable, net	$ 18,500,000																							$ 18,430,000	21,164,000
Debt spread over variable basis percentage	2.70%
Floor rate	4.25%
Monthly principal payment			$ 3,540,000
Term of credit facility	20 years
Rivergate | Prime Rate
Debt Instrument [Line Items]
Debt spread over variable basis percentage					0.25%
Floor rate					3.00%
Columbia Fire Station
Debt Instrument [Line Items]
Debt interest rate										14.00%														14.00%					14.00%
Debt periodic payment										$ 500,000						$ 46,000
Loans payable, net																								$ 0	3,893,000
Monthly principal payment																$ 20,000
Berkley/Sangaree/Tri-County
Debt Instrument [Line Items]
Debt interest rate																								4.78%
Debt periodic payment							$ 3,220,000
Loans payable, net																								$ 6,176,000	9,400,000
Payments of loan prepayment penalties							$ 687,000
JANAF Bravo
Debt Instrument [Line Items]
Debt interest rate						5.00%																		5.00%
Debt periodic payment						$ 35,000																		$ 35,076
Loans payable, net						$ 6,000,000																		$ 5,936,000	$ 6,263,000

Loans Payable - Scheduled Princ

Loans Payable - Scheduled Principal Repayments on Indebtedness (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 13,567
2023	89,288
2024	50,490
2025	92,016
2026	23,531
Thereafter	77,370
Total principal maturities	$ 346,262	$ 353,916

Derivative Liabilities - Narrat

Derivative Liabilities - Narrative (Details)	Dec. 31, 2021$ / shares	Sep. 30, 2021	Dec. 31, 2020$ / shares
7.00% Senior Subordinated Convertible Notes due 2031
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input, expected term	10 years 3 months 18 days
Conversion price (in dollars per share)	$ 6.25
Common Stock price
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs			2,750
Common Stock price | 7.00% Senior Subordinated Convertible Notes due 2031
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	2.94
Derivative liability, measurement input	1.94
Dividend rate | 7.00% Senior Subordinated Convertible Notes due 2031
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input		0
Range of expected market volatility %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs			0.7200
Range of expected market volatility % | 7.00% Senior Subordinated Convertible Notes due 2031
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	0.5000
Derivative liability, measurement input	0.8000
Range of risk-free interest rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs			0.0017
Range of risk-free interest rate | 7.00% Senior Subordinated Convertible Notes due 2031
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	0.0153
Derivative liability, measurement input	0.0151
Weighted average contractual term to maturity
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input, expected term	3 years 6 months		3 years
Weighted average contractual term to maturity | 7.00% Senior Subordinated Convertible Notes due 2031
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	10.1
Range of exercise prices
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs			3.12
Powerscourt Financing Agreement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input, expected term	3 years
Powerscourt Financing Agreement | Common Stock price
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	2.75
Powerscourt Financing Agreement | Range of expected market volatility %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	0.7200
Powerscourt Financing Agreement | Range of risk-free interest rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	0.0017
Powerscourt Financing Agreement | Range of exercise prices
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	3.12
Wilmington Financing Agreement
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input, expected term	5 years
Wilmington Financing Agreement | Common Stock price
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	3.75
Wilmington Financing Agreement | Range of expected market volatility %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	0.5472
Wilmington Financing Agreement | Range of risk-free interest rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	0.0091

Derivative Liabilities - Monte

Derivative Liabilities - Monte Carlo Model (Details)	Dec. 31, 2021$ / shares	Dec. 31, 2020$ / shares
Range of exercise prices
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs		3.12
Range of exercise prices | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	3.120
Range of exercise prices | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	6.875
Common Stock price
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs		2,750
Weighted average contractual term to maturity
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement input, expected term	3 years 6 months	3 years
Range of expected market volatility %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs		0.7200
Range of expected market volatility % | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	0.7012
Range of expected market volatility % | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	0.8100
Range of risk-free interest rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs		0.0017
Range of risk-free interest rate | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	0.0072
Range of risk-free interest rate | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Measurement inputs	0.0116

Derivative Liabilities - Multin

Derivative Liabilities - Multinomial Lattice Model (Details) - 7.00% Senior Subordinated Convertible Notes due 2031	Dec. 31, 2021$ / shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Conversion price (in dollars per share)	$ 6.25
Common Stock price
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	1.94
Weighted average contractual term to maturity
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	10.1
Range of expected market volatility %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.8000
Range of risk-free interest rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0151

Derivative Liabilities - Change

Derivative Liabilities - Changes in fair value of the Company's derivative liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Liability value, beginning balance	$ 594	$ 0
Issuances derivative liability	5,932
Changes in fair value	(3,768)
Liability value, ending balance	4,776	594
Powerscourt Financing Agreement
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Issuances derivative liability		$ 594
Wilmington Financing Agreement
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Issuances derivative liability	$ 2,018

Rentals under Operating Lease_2

Rentals under Operating Leases (Details) $ in Thousands	Dec. 31, 2021USD ($)
Lessor Disclosure [Abstract]
2022	$ 47,232
2023	43,305
2024	35,993
2025	28,701
2026	20,382
Thereafter	51,921
Total minimum rents	$ 227,534

Equity and Mezzanine Equity - A

Equity and Mezzanine Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	May 15, 2021USD ($)$ / sharesshares	Mar. 12, 2021USD ($)shares	Sep. 22, 2020USD ($)$ / sharesshares	Jan. 01, 2019	Dec. 31, 2021USD ($)qtrholder$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Jun. 15, 2016shares	Jun. 04, 2015shares
Equity [Line Items]
Authority to issue stock (in shares)					215,000,000
Shares of common stock authorized (in shares)					200,000,000	18,750,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Ownership interest of operating partnership					98.59%	98.53%
Units to stock conversion ratio					1
Common units outstanding (in shares)					15,012,415	15,003,329
Shares purchased and retired (in shares)			71,343
Stock repurchased and retired (in dollars per share) | $ / shares			$ 15.50
Value of stock repurchased and retired | $			$ 1,830
Dividends declared to holders of common stock (in dollars per share) | $ / shares					$ 0	$ 0
Common Stock
Equity [Line Items]
Issuance of common stock under Share Incentive Plan (in shares)					5,000
Trust Owning
Equity [Line Items]
Common units outstanding (in shares)					15,227,758	15,227,758
Exchange of Stock for Stock | Maximum
Equity [Line Items]
Shares of common stock authorized (in shares)					200,000,000
Preferred stock, shares authorized (in shares)					15,000,000
Series B Preferred Stock
Equity [Line Items]
Preferred stock, shares authorized (in shares)					5,000,000	5,000,000
Preferred stock, shares issued (in shares)					1,872,448	1,875,748
Preferred stock outstanding (in shares)					1,872,448	1,875,748
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares					$ 25	$ 25
Preferred stock, liquidation preference value | $					$ 46,810	$ 46,900
Preferred stock cumulative dividend rate per annum					9.00%
Terms of conversion					20 days
Adjusted conversion price of preferred to common (in usd per share) | $ / shares					$ 58
Redemption price per (in dollars per share) | $ / shares					$ 40
Series D Preferred Stock
Equity [Line Items]
Preferred stock, shares authorized (in shares)					6,000,000
Per share amounts of preferred dividends in arrears (in dollars per share) | $ / shares					$ 8.30
Series A Preferred Stock
Equity [Line Items]
Preferred stock, shares authorized (in shares)					4,500
Preferred stock, shares issued (in shares)					562	562
Preferred stock outstanding (in shares)					562	562
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares					$ 1,000	$ 1,000
Preferred stock, liquidation preference value | $					$ 562	$ 562
Preferred stock shares redeemed (in shares)					562
Percentage of price at which common stock is sold in secondary offering					103.00%
Series D Preferred Stock
Equity [Line Items]
Preferred stock, shares issued (in shares)					3,152,392	3,529,293
Preferred stock outstanding (in shares)					3,152,392	3,529,293
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares					$ 25	$ 25
Preferred stock, liquidation preference value | $					$ 104,970	$ 109,130
Preferred stock cumulative dividend rate per annum				10.75%
Redemption price per (in dollars per share) | $ / shares					$ 25
Initial liquidation preference per share (in dollars per share) | $ / shares					$ 2.1875
Dividend over initial rate					2.00%
Secondary offering common (in dollars per share) | $ / shares					$ 16.96
Ratio of asset coverage to total debt					200.00%
Period to pay dividends after payment date					3 days
Liquidation preference per share per annum | $ / shares					$ 0.50
Minimum consecutive quarterly periods for dividends in arrears | qtr					6
Increase in number or holders of shares | holder					2
Percentage of holders of shares outstanding					20.00%
Series D Preferred Stock | Maximum
Equity [Line Items]
Preferred stock cumulative dividend rate per annum					14.00%
Series D Preferred Stock | Minimum
Equity [Line Items]
Preferred stock cumulative dividend rate per annum		8.75%			8.75%
Series D Preferred Stock | Modified Dutch Auction
Equity [Line Items]
Number of shares issued in transaction (in shares)	103,513	387,097
Sale of stock, price per share (in dollars per share) | $ / shares	$ 18
Sale of stock, consideration received on transaction | $	$ 1,860	$ 6,000
Common Stock | 2015 Incentive Plan
Equity [Line Items]
Number of shares authorized under Share Incentive Plan (in shares)								125,000
Shares available for issuance under the Company’s Share Incentive Plan (in shares)					41,104
Issuance of common stock under Share Incentive Plan (in shares)					0	0
Common Stock | 2016 Incentive Plan
Equity [Line Items]
Number of shares authorized under Share Incentive Plan (in shares)							625,000
Shares available for issuance under the Company’s Share Incentive Plan (in shares)					127,707
Issuance of common stock under Share Incentive Plan (in shares)					5,000,000	0

Equity and Mezzanine Equity - C

Equity and Mezzanine Equity - Changes in Carrying Value of Series D Preferred (Details) - Series D Cumulative Convertible Preferred Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Series D Preferred, Beginning Balance	$ 95,563	$ 87,225
Accretion of Preferred Stock discount	513	590
Undeclared dividends	8,237	9,581
Paid-in-kind interest, issuance of Preferred Stock	1,610
Redemption of Preferred Stock	(13,375)	(1,833)
Series D Preferred, Ending Balance	$ 92,548	$ 95,563

Equity and Mezzanine Equity -_2

Equity and Mezzanine Equity - Antidiluted Securities Excluded From Calculation of Earning Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common units outstanding (in shares)	15,012,415	15,003,329
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock outstanding (in shares)	1,872,448	1,875,748
Potential dilutive shares (in shares)	1,170,280	1,172,343
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock outstanding (in shares)	3,152,392	3,529,293
Potential dilutive shares (in shares)	6,189,366	5,202,378
Common units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common units outstanding (in shares)	215,343	224,429
Potential dilutive shares (in shares)	215,343	224,429
Warrants to purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	1,558,134	496,415
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	31,801,297	0

Equity and Mezzanine Equity - D

Equity and Mezzanine Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Arrears	$ 26,160
Series D Cumulative Convertible Preferred Stock
Class of Stock [Line Items]
Arrears	$ 8,167	$ 9,488
Per Share	$ 2.59	$ 2.69

Equity and Mezzanine Equity - L

Equity and Mezzanine Equity - Long Term Incentive Plans (Details) - 2016 Incentive Plan - Common Stock - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Shares Issued (in shares)	5,000,000	0
Market Value	$ 14	$ 0

Lease Commitments - Additional

Lease Commitments - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2020	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	32 years	32 years	31 years
Riversedge North
Lessee, Lease, Description [Line Items]
Debt interest rate	5.77%	5.77%
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Riversedge North
Lessee, Lease, Description [Line Items]
Net Proceeds	$ 2,843	$ 2,843
Lease term		10 years
Annual base rent	265	$ 265
Gain recognized on disposal	49
Remaining gain	$ 725	$ 725
Minimum
Lessee, Lease, Description [Line Items]
Operating lease term			5 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term			50 years

Lease Commitments - Payments fo

Lease Commitments - Payments for Ground Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Lessor, Lease, Description [Line Items]
Total rent expense	$ 1,056	$ 900
Amscot
Lessor, Lease, Description [Line Items]
Total rent expense	$ 26	25
Expiration Year	2045
Beaver Ruin Village
Lessor, Lease, Description [Line Items]
Total rent expense	$ 54	54
Expiration Year	2054
Beaver Ruin Village II
Lessor, Lease, Description [Line Items]
Total rent expense	$ 22	22
Expiration Year	2056
Moncks Corner
Lessor, Lease, Description [Line Items]
Total rent expense	$ 121	121
Expiration Year	2040
Devine Street
Lessor, Lease, Description [Line Items]
Total rent expense	$ 396	396
Expiration Year	2051
JANAF
Lessor, Lease, Description [Line Items]
Total rent expense	$ 268	282
Expiration Year	2069
Ground leases variable percentage rent	$ 118	131
Riversedge corporate headquarters office space, Virginia Beach, VA
Lessor, Lease, Description [Line Items]
Total rent expense	$ 169	$ 0
Expiration Year	2030

Lease Commitments - Supplementa

Lease Commitments - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 902	$ 583
Leased assets obtained in exchange for new operating lease liabilities	$ 0	$ 1,285

Lease Commitments Undiscounted

Lease Commitments Undiscounted Cash Flows of Scheduled Obligations Under Operations Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2022	$ 905
2023	907
2024	909
2025	913
2026	943
Thereafter	22,843
Total minimum lease payments	27,420
Discount	(14,380)
Operating lease liabilities	13,040	$ 13,200
Operating lease options to extend	$ 7,540

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jul. 28, 2021USD ($)	Sep. 04, 2020USD ($)	May 28, 2020USD ($)	Oct. 31, 2020USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 01, 2011USD ($)installment
Grove Economic Development Authority | Grove Economic Development Authority Tax Increment Revenue Note | Harbor Pointe Associates, LLC | Notes Payable, Other Payables | Guarantor Subsidiaries
Loss Contingencies [Line Items]
Debt issued							$ 2,420,000
Number of semi-annual payment installments | installment							50
Gaurantor obligations, maximum exposure amount							$ 2,110,000
Guarantor obligations funded					$ 87,000	$ 0
Amounts accrued for guarantor obligations					$ 0
Grove Economic Development Authority | Grove Economic Development Authority Tax Increment Revenue Note | Harbor Pointe Associates, LLC | Notes Payable, Other Payables | Guarantor Subsidiaries | Minimum
Loss Contingencies [Line Items]
Debt interest rate							2.29%
Grove Economic Development Authority | Grove Economic Development Authority Tax Increment Revenue Note | Harbor Pointe Associates, LLC | Notes Payable, Other Payables | Guarantor Subsidiaries | Maximum
Loss Contingencies [Line Items]
Debt interest rate							14.00%
David Kelly v. Wheeler Real Estate Investment Trust, Inc.
Loss Contingencies [Line Items]
Loss contingency, amount of damages sought			$ 400,000
Pending Litigation | Jon Wheeler v Wheeler Real Estate Investment Trust, Inc
Loss Contingencies [Line Items]
Amount awarded from other party						$ 5,000
Loss contingency, damages awarded, value		$ 520,000
Amount awarded to other party	$ 185,000			$ 500,000
Pending Litigation | Jon Wheeler v Wheeler Real Estate Investment Trust, Inc | Attorneys' Fees
Loss Contingencies [Line Items]
Loss contingency, amount of damages sought				375,000
Pending Litigation | Jon Wheeler v Wheeler Real Estate Investment Trust, Inc | Pre-judgement Interest
Loss Contingencies [Line Items]
Loss contingency, amount of damages sought				$ 63,000
Southeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent					62.00%
Northeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent					4.00%
Mid Atlantic
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent					34.00%

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Wheeler Interests and Affiliates
Related Party Transaction [Line Items]
Amounts paid to affiliates	$ 402	$ 106

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stilwell Group
Related Party Transaction [Line Items]
Amounts paid to affiliates	$ 369	$ 70

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Feb. 17, 2022	Jan. 11, 2022	Dec. 22, 2020	Nov. 12, 2020	May 20, 2020	Jan. 23, 2020	Jan. 21, 2020	Dec. 21, 2019
KeyBank | Line of Credit
Subsequent Event [Line Items]
Debt periodic payment			$ 3,000	$ 1,000	$ 2,500	$ 5,750	$ 1,780	$ 350
Subsequent Event | KeyBank | Line of Credit
Subsequent Event [Line Items]
Debt periodic payment	$ 1,340	$ 1,790
Subsequent Event | Walnut Hill Plaza
Subsequent Event [Line Items]
Cash received from disposal of properties-discontinued operations		$ 1,990

Schedule II-Valuation and Qua_2

Schedule II-Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	$ 994	$ 3,293
Charged to Costs and Expense	239	1,131
Deductions from Reserves	(600)	(3,430)
Balance at End of Year	$ 633	$ 994

Schedule III-Real Estate and _2

Schedule III-Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Initial Cost
Land	$ 94,356
Building and Improvements	343,687
Costs Capitalized Subsequent to Acquisition
Improvements (net)	20,173
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	97,388
Building and Improvements	360,826
Total	458,214	$ 464,814
Accumulated Depreciation	69,758
Loans payable, net	333,283	334,266
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at beginning of period	464,814	468,499
Acquisitions	0	0
Improvements	4,997	3,066
Impairments	(2,300)	(600)
Disposals	(9,297)	(6,151)
Balance at end of period	458,214	$ 464,814
Amscot
Initial Cost
Land	0
Building and Improvements	462
Costs Capitalized Subsequent to Acquisition
Improvements (net)	31
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	0
Building and Improvements	493
Total	493
Accumulated Depreciation	$ 253
Date of Construction	May 15, 2004
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 493
Amscot | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Amscot | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Lumber River Plaza
Initial Cost
Land	$ 800
Building and Improvements	4,487
Costs Capitalized Subsequent to Acquisition
Improvements (net)	158
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	942
Building and Improvements	4,503
Total	5,445
Encumbrances	1,296
Accumulated Depreciation	$ 1,276
Date Acquired	Nov. 16, 2012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,445
Lumber River Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Lumber River Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Surrey Plaza
Initial Cost
Land	$ 381
Building and Improvements	1,857
Costs Capitalized Subsequent to Acquisition
Improvements (net)	196
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	381
Building and Improvements	2,052
Total	2,433
Accumulated Depreciation	$ 586
Date Acquired	Dec. 21, 2012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,433
Surrey Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Surrey Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Tuckernuck
Initial Cost
Land	$ 2,115
Building and Improvements	6,719
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,261
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	2,171
Building and Improvements	7,925
Total	10,096
Encumbrances	5,052
Accumulated Depreciation	$ 2,237
Date Acquired	Nov. 16, 2012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 10,096
Tuckernuck | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Tuckernuck | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Twin City Commons
Initial Cost
Land	$ 800
Building and Improvements	3,041
Costs Capitalized Subsequent to Acquisition
Improvements (net)	134
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	800
Building and Improvements	3,175
Total	3,975
Encumbrances	2,843
Accumulated Depreciation	$ 899
Date Acquired	Dec. 18, 2012
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,975
Twin City Commons | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Twin City Commons | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Walnut Hill Plaza
Initial Cost
Land	$ 634
Building and Improvements	2,414
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,353
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	634
Building and Improvements	3,767
Total	4,401
Encumbrances	3,145
Accumulated Depreciation	$ 2,576
Date Acquired	Dec. 14, 2007
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,401
Walnut Hill Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Walnut Hill Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	15 years
Tampa Festival
Initial Cost
Land	$ 4,653
Building and Improvements	6,691
Costs Capitalized Subsequent to Acquisition
Improvements (net)	905
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	4,695
Building and Improvements	7,554
Total	12,249
Encumbrances	7,753
Accumulated Depreciation	$ 2,149
Date Acquired	Aug. 26, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 12,249
Tampa Festival | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Tampa Festival | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Forrest Gallery
Initial Cost
Land	$ 3,015
Building and Improvements	7,455
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,054
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	3,015
Building and Improvements	8,509
Total	11,524
Encumbrances	8,060
Accumulated Depreciation	$ 2,526
Date Acquired	Aug. 29, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 11,524
Forrest Gallery | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Forrest Gallery | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Winslow Plaza
Initial Cost
Land	$ 1,325
Building and Improvements	3,684
Costs Capitalized Subsequent to Acquisition
Improvements (net)	228
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,370
Building and Improvements	3,867
Total	5,237
Encumbrances	4,483
Accumulated Depreciation	$ 1,091
Date Acquired	Dec. 19, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,237
Winslow Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Winslow Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Clover Plaza
Initial Cost
Land	$ 356
Building and Improvements	1,197
Costs Capitalized Subsequent to Acquisition
Improvements (net)	29
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	356
Building and Improvements	1,226
Total	1,582
Encumbrances	1,915
Accumulated Depreciation	$ 277
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,582
Clover Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Clover Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
St George Plaza
Initial Cost
Land	$ 706
Building and Improvements	1,264
Costs Capitalized Subsequent to Acquisition
Improvements (net)	90
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	752
Building and Improvements	1,308
Total	2,060
Encumbrances	2,414
Accumulated Depreciation	$ 301
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,060
St George Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
St George Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
South Square
Initial Cost
Land	$ 353
Building and Improvements	1,911
Costs Capitalized Subsequent to Acquisition
Improvements (net)	328
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	479
Building and Improvements	2,112
Total	2,591
Encumbrances	1,966
Accumulated Depreciation	$ 413
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,591
South Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
South Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Westland Square
Initial Cost
Land	$ 887
Building and Improvements	1,710
Costs Capitalized Subsequent to Acquisition
Improvements (net)	150
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	901
Building and Improvements	1,846
Total	2,747
Encumbrances	2,508
Accumulated Depreciation	$ 385
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,747
Westland Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Westland Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Waterway Plaza
Initial Cost
Land	$ 1,280
Building and Improvements	1,248
Costs Capitalized Subsequent to Acquisition
Improvements (net)	214
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,299
Building and Improvements	1,443
Total	2,742
Encumbrances	2,456
Accumulated Depreciation	$ 315
Date Acquired	Dec. 23, 2013
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,742
Waterway Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Waterway Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Cypress Shopping Center
Initial Cost
Land	$ 2,064
Building and Improvements	4,579
Costs Capitalized Subsequent to Acquisition
Improvements (net)	301
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	2,064
Building and Improvements	4,880
Total	6,944
Encumbrances	6,031
Accumulated Depreciation	$ 1,037
Date Acquired	Jul. 1, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,944
Cypress Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Cypress Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Harrodsburg Marketplace
Initial Cost
Land	$ 1,431
Building and Improvements	2,485
Costs Capitalized Subsequent to Acquisition
Improvements (net)	85
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,515
Building and Improvements	2,486
Total	4,001
Encumbrances	3,267
Accumulated Depreciation	$ 560
Date Acquired	Jul. 1, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,001
Harrodsburg Marketplace | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Harrodsburg Marketplace | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Port Crossing
Initial Cost
Land	$ 792
Building and Improvements	6,921
Costs Capitalized Subsequent to Acquisition
Improvements (net)	224
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	792
Building and Improvements	7,145
Total	7,937
Encumbrances	5,778
Accumulated Depreciation	$ 2,070
Date Acquired	Jul. 3, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,937
Port Crossing | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Port Crossing | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
LaGrange Marketplace
Initial Cost
Land	$ 390
Building and Improvements	2,648
Costs Capitalized Subsequent to Acquisition
Improvements (net)	306
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	430
Building and Improvements	2,914
Total	3,344
Accumulated Depreciation	$ 673
Date Acquired	Jul. 25, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,344
LaGrange Marketplace | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
LaGrange Marketplace | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
DF I-Courtland (undeveloped land)
Initial Cost
Land	$ 196
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements (net)	0
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	196
Building and Improvements	0
Total	196
Accumulated Depreciation	$ 0
Date Acquired	Aug. 15, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 196
Edenton Commons (undeveloped land)
Initial Cost
Land	746
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements (net)	0
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	746
Building and Improvements	0
Total	746
Accumulated Depreciation	$ 0
Date Acquired	Aug. 15, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 746
Freeway Junction
Initial Cost
Land	1,521
Building and Improvements	6,755
Costs Capitalized Subsequent to Acquisition
Improvements (net)	89
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,521
Building and Improvements	6,844
Total	8,365
Encumbrances	7,431
Accumulated Depreciation	$ 1,492
Date Acquired	Sep. 4, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,365
Freeway Junction | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Freeway Junction | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Bryan Station
Initial Cost
Land	$ 1,658
Building and Improvements	2,756
Costs Capitalized Subsequent to Acquisition
Improvements (net)	338
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,808
Building and Improvements	2,945
Total	4,753
Encumbrances	4,226
Accumulated Depreciation	$ 669
Date Acquired	Oct. 2, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,753
Bryan Station | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Bryan Station | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Crockett Square
Initial Cost
Land	$ 1,546
Building and Improvements	6,834
Costs Capitalized Subsequent to Acquisition
Improvements (net)	183
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,565
Building and Improvements	6,998
Total	8,563
Encumbrances	6,338
Accumulated Depreciation	$ 1,592
Date Acquired	Nov. 5, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,563
Crockett Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Crockett Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Harbor Point
Initial Cost
Land	$ 1,538
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements (net)	(359)
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,179
Building and Improvements	0
Total	1,179
Accumulated Depreciation	$ 0
Date Acquired	Nov. 21, 2014
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,179
Pierpont Centre
Initial Cost
Land	484
Building and Improvements	9,221
Costs Capitalized Subsequent to Acquisition
Improvements (net)	192
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	686
Building and Improvements	9,210
Total	9,896
Encumbrances	7,861
Accumulated Depreciation	$ 1,916
Date Acquired	Jan. 14, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,896
Pierpont Centre | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Pierpont Centre | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Brook Run Properties (undeveloped land)
Initial Cost
Land	$ 300
Building and Improvements	0
Costs Capitalized Subsequent to Acquisition
Improvements (net)	8
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	300
Building and Improvements	8
Total	308
Accumulated Depreciation	$ 0
Date Acquired	Mar. 27, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 308
Alex City Marketplace
Initial Cost
Land	454
Building and Improvements	7,837
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,820
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	716
Building and Improvements	9,395
Total	10,111
Encumbrances	5,750
Accumulated Depreciation	$ 2,015
Date Acquired	Apr. 1, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 10,111
Alex City Marketplace | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Alex City Marketplace | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Butler Square
Initial Cost
Land	$ 1,024
Building and Improvements	6,401
Costs Capitalized Subsequent to Acquisition
Improvements (net)	314
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,024
Building and Improvements	6,714
Total	7,738
Encumbrances	5,640
Accumulated Depreciation	$ 1,226
Date Acquired	Apr. 15, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,738
Butler Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Butler Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Brook Run Shopping Center
Initial Cost
Land	$ 2,209
Building and Improvements	12,919
Costs Capitalized Subsequent to Acquisition
Improvements (net)	695
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	2,377
Building and Improvements	13,446
Total	15,823
Encumbrances	10,950
Accumulated Depreciation	$ 4,116
Date Acquired	Jun. 2, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 15,823
Brook Run Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Brook Run Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Beaver Ruin Village
Initial Cost
Land	$ 2,604
Building and Improvements	8,284
Costs Capitalized Subsequent to Acquisition
Improvements (net)	117
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	2,619
Building and Improvements	8,386
Total	11,005
Accumulated Depreciation	$ 1,518
Date Acquired	Jul. 1, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 11,005
Beaver Ruin Village | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Beaver Ruin Village | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Beaver Ruin Village II
Initial Cost
Land	$ 1,153
Building and Improvements	2,809
Costs Capitalized Subsequent to Acquisition
Improvements (net)	5
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,153
Building and Improvements	2,814
Total	3,967
Accumulated Depreciation	$ 511
Date Acquired	Jul. 1, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,967
Beaver Ruin Village II | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Beaver Ruin Village II | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Chesapeake Square
Initial Cost
Land	$ 895
Building and Improvements	4,112
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,045
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,269
Building and Improvements	4,783
Total	6,052
Encumbrances	4,192
Accumulated Depreciation	$ 1,182
Date Acquired	Jul. 10, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,052
Chesapeake Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Chesapeake Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Sunshine Shopping Center
Initial Cost
Land	$ 1,183
Building and Improvements	6,368
Costs Capitalized Subsequent to Acquisition
Improvements (net)	539
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,268
Building and Improvements	6,822
Total	8,090
Encumbrances	5,900
Accumulated Depreciation	$ 1,300
Date Acquired	Jul. 21, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 8,090
Sunshine Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Sunshine Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Barnett Portfolio
Initial Cost
Land	$ 3,107
Building and Improvements	8,912
Costs Capitalized Subsequent to Acquisition
Improvements (net)	422
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	3,243
Building and Improvements	9,198
Total	12,441
Encumbrances	8,770
Accumulated Depreciation	$ 1,818
Date Acquired	Aug. 21, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 12,441
Barnett Portfolio | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Barnett Portfolio | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Grove Park Shopping Center
Initial Cost
Land	$ 722
Building and Improvements	4,590
Costs Capitalized Subsequent to Acquisition
Improvements (net)	121
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	790
Building and Improvements	4,642
Total	5,432
Encumbrances	3,800
Accumulated Depreciation	$ 972
Date Acquired	Sep. 9, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,432
Grove Park Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Grove Park Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Parkway Plaza
Initial Cost
Land	$ 772
Building and Improvements	4,230
Costs Capitalized Subsequent to Acquisition
Improvements (net)	32
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	778
Building and Improvements	4,256
Total	5,034
Encumbrances	3,500
Accumulated Depreciation	$ 807
Date Acquired	Sep. 15, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,034
Parkway Plaza | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Parkway Plaza | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Fort Howard Square
Initial Cost
Land	$ 1,890
Building and Improvements	7,350
Costs Capitalized Subsequent to Acquisition
Improvements (net)	314
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,952
Building and Improvements	7,602
Total	9,554
Encumbrances	7,100
Accumulated Depreciation	$ 1,364
Date Acquired	Sep. 30, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,554
Fort Howard Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Fort Howard Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Conyers Crossing
Initial Cost
Land	$ 2,034
Building and Improvements	6,820
Costs Capitalized Subsequent to Acquisition
Improvements (net)	239
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	2,034
Building and Improvements	7,059
Total	9,093
Encumbrances	5,960
Accumulated Depreciation	$ 1,485
Date Acquired	Sep. 30, 2015
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,093
Conyers Crossing | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Conyers Crossing | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Darien Shopping Center
Initial Cost
Land	$ 188
Building and Improvements	1,054
Costs Capitalized Subsequent to Acquisition
Improvements (net)	(17)
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	188
Building and Improvements	1,037
Total	1,225
Accumulated Depreciation	$ 153
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,225
Darien Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Darien Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Devine Street
Initial Cost
Land	$ 365
Building and Improvements	1,941
Costs Capitalized Subsequent to Acquisition
Improvements (net)	(4)
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	365
Building and Improvements	1,937
Total	2,302
Accumulated Depreciation	$ 300
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,302
Devine Street | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Devine Street | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Folly Road
Initial Cost
Land	$ 5,992
Building and Improvements	4,527
Costs Capitalized Subsequent to Acquisition
Improvements (net)	24
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	5,992
Building and Improvements	4,551
Total	10,543
Encumbrances	7,063
Accumulated Depreciation	$ 734
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 10,543
Folly Road | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Folly Road | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Georgetown
Initial Cost
Land	$ 742
Building and Improvements	1,917
Costs Capitalized Subsequent to Acquisition
Improvements (net)	126
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	753
Building and Improvements	2,031
Total	2,784
Accumulated Depreciation	$ 328
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,784
Georgetown | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Georgetown | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Ladson Crossing
Initial Cost
Land	$ 2,981
Building and Improvements	3,920
Costs Capitalized Subsequent to Acquisition
Improvements (net)	83
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	3,052
Building and Improvements	3,933
Total	6,985
Accumulated Depreciation	$ 660
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,985
Ladson Crossing | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Ladson Crossing | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Lake Greenwood Crossing
Initial Cost
Land	$ 550
Building and Improvements	2,499
Costs Capitalized Subsequent to Acquisition
Improvements (net)	41
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	550
Building and Improvements	2,540
Total	3,090
Accumulated Depreciation	$ 417
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,090
Lake Greenwood Crossing | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Lake Greenwood Crossing | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Lake Murray
Initial Cost
Land	$ 447
Building and Improvements	1,537
Costs Capitalized Subsequent to Acquisition
Improvements (net)	36
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	447
Building and Improvements	1,573
Total	2,020
Accumulated Depreciation	$ 275
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 2,020
Lake Murray | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Lake Murray | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Litchfield I
Initial Cost
Land	$ 568
Building and Improvements	929
Costs Capitalized Subsequent to Acquisition
Improvements (net)	76
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	572
Building and Improvements	1,001
Total	1,573
Accumulated Depreciation	$ 186
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,573
Litchfield I | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Litchfield I | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Litchfield II
Initial Cost
Land	$ 568
Building and Improvements	936
Costs Capitalized Subsequent to Acquisition
Improvements (net)	31
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	572
Building and Improvements	963
Total	1,535
Accumulated Depreciation	$ 157
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,535
Litchfield II | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Litchfield II | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Litchfield Market Village
Initial Cost
Land	$ 2,970
Building and Improvements	4,716
Costs Capitalized Subsequent to Acquisition
Improvements (net)	217
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	3,046
Building and Improvements	4,857
Total	7,903
Accumulated Depreciation	$ 820
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 7,903
Litchfield Market Village | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Litchfield Market Village | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Moncks Corner
Initial Cost
Land	$ 0
Building and Improvements	1,109
Costs Capitalized Subsequent to Acquisition
Improvements (net)	9
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	0
Building and Improvements	1,118
Total	1,118
Accumulated Depreciation	$ 196
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 1,118
Moncks Corner | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Moncks Corner | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Ridgeland
Initial Cost
Land	$ 203
Building and Improvements	376
Costs Capitalized Subsequent to Acquisition
Improvements (net)	0
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	203
Building and Improvements	376
Total	579
Accumulated Depreciation	$ 78
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 579
Ridgeland | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Ridgeland | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Shoppes at Myrtle Park
Initial Cost
Land	$ 3,182
Building and Improvements	5,360
Costs Capitalized Subsequent to Acquisition
Improvements (net)	824
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	3,182
Building and Improvements	6,184
Total	9,366
Encumbrances	5,757
Accumulated Depreciation	$ 1,147
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,366
Shoppes at Myrtle Park | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Shoppes at Myrtle Park | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
South Lake
Initial Cost
Land	$ 804
Building and Improvements	2,025
Costs Capitalized Subsequent to Acquisition
Improvements (net)	952
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	804
Building and Improvements	2,977
Total	3,781
Accumulated Depreciation	$ 404
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 3,781
South Lake | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
South Lake | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
South Park
Initial Cost
Land	$ 943
Building and Improvements	2,967
Costs Capitalized Subsequent to Acquisition
Improvements (net)	114
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,005
Building and Improvements	3,019
Total	4,024
Accumulated Depreciation	$ 480
Date Acquired	Apr. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,024
South Park | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
South Park | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Sangaree
Initial Cost
Land	$ 2,302
Building and Improvements	2,922
Costs Capitalized Subsequent to Acquisition
Improvements (net)	668
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	2,503
Building and Improvements	3,389
Total	5,892
Accumulated Depreciation	$ 802
Date Acquired	Nov. 10, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 5,892
Sangaree | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Sangaree | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Tri-county
Initial Cost
Land	$ 411
Building and Improvements	3,421
Costs Capitalized Subsequent to Acquisition
Improvements (net)	376
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	635
Building and Improvements	3,573
Total	4,208
Accumulated Depreciation	$ 662
Date Acquired	Nov. 10, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 4,208
Tri-county | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Tri-county | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Riverbridge
Initial Cost
Land	$ 774
Building and Improvements	5,384
Costs Capitalized Subsequent to Acquisition
Improvements (net)	0
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	774
Building and Improvements	5,384
Total	6,158
Encumbrances	4,000
Accumulated Depreciation	$ 875
Date Acquired	Nov. 15, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,158
Riverbridge | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Riverbridge | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Laburnum Square
Initial Cost
Land	$ 3,735
Building and Improvements	5,929
Costs Capitalized Subsequent to Acquisition
Improvements (net)	232
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	3,826
Building and Improvements	6,069
Total	9,895
Encumbrances	7,665
Accumulated Depreciation	$ 983
Date Acquired	Dec. 7, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 9,895
Laburnum Square | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Laburnum Square | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Franklin Village
Initial Cost
Land	$ 2,608
Building and Improvements	9,426
Costs Capitalized Subsequent to Acquisition
Improvements (net)	134
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	2,674
Building and Improvements	9,494
Total	12,168
Encumbrances	8,277
Accumulated Depreciation	$ 1,338
Date Acquired	Dec. 12, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 12,168
Franklin Village | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Franklin Village | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Village at Martinsville
Initial Cost
Land	$ 5,208
Building and Improvements	12,879
Costs Capitalized Subsequent to Acquisition
Improvements (net)	692
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	5,228
Building and Improvements	13,552
Total	18,780
Encumbrances	15,589
Accumulated Depreciation	$ 2,255
Date Acquired	Dec. 16, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 18,780
Village at Martinsville | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Village at Martinsville | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
New Market
Initial Cost
Land	$ 993
Building and Improvements	5,216
Costs Capitalized Subsequent to Acquisition
Improvements (net)	363
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,042
Building and Improvements	5,530
Total	6,572
Encumbrances	6,291
Accumulated Depreciation	$ 855
Date Acquired	Dec. 20, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 6,572
New Market | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
New Market | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Rivergate Shopping Center
Initial Cost
Land	$ 1,537
Building and Improvements	29,177
Costs Capitalized Subsequent to Acquisition
Improvements (net)	1,168
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	1,688
Building and Improvements	30,195
Total	31,883
Encumbrances	18,430
Accumulated Depreciation	$ 4,261
Date Acquired	Dec. 21, 2016
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 31,883
Rivergate Shopping Center | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
Rivergate Shopping Center | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
JANAF
Initial Cost
Land	$ 8,267
Building and Improvements	66,549
Costs Capitalized Subsequent to Acquisition
Improvements (net)	867
Carrying Costs	0
Gross Amount at which Carried at End of Period
Land	8,467
Building and Improvements	67,216
Total	75,683
Encumbrances	57,726
Accumulated Depreciation	$ 7,785
Date Acquired	Jan. 18, 2018
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance at end of period	$ 75,683
JANAF | Minimum
Gross Amount at which Carried at End of Period
Depreciation Life	5 years
JANAF | Maximum
Gross Amount at which Carried at End of Period
Depreciation Life	40 years
Sangaree and Tri-County | Mortgages
Gross Amount at which Carried at End of Period
Loans payable, net	$ 6,200
Amscot Builing and Surrey Plaza | Mortgages
Gross Amount at which Carried at End of Period
Loans payable, net	789
Beaver Ruin Village and Beaver Ruin Village II | Mortgages
Gross Amount at which Carried at End of Period
Loans payable, net	9,400
Litchfield I and Litchfield II and Litchfield Market Village | Mortgages
Gross Amount at which Carried at End of Period
Loans payable, net	7,300
Ladson Crossing and Lake Greenwood Crossing and South Park | Mortgages
Gross Amount at which Carried at End of Period
Loans payable, net	6,900
LaGrange Marketplace and Georgetown and Ridgeland | Mortgages
Gross Amount at which Carried at End of Period
Loans payable, net	$ 5,500