Wheeler Real Estate Investment Trust (WHLR) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,792,713
Entity Central Index Key	0001527541
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS:
Investment properties, net	$ 383,153	$ 386,730
Cash and cash equivalents	24,606	22,898
Restricted cash	21,946	17,521
Rents and other tenant receivables, net	8,447	9,233
Assets held for sale	419	2,047
Above market lease intangibles, net	1,933	2,424
Operating lease right-of-use assets	12,307	12,455
Deferred costs and other assets, net	14,439	11,973
Total Assets	467,250	465,281
LIABILITIES:
Loans payable, net	338,663	333,283
Liabilities associated with assets held for sale	0	3,381
Below market lease intangibles, net	2,950	3,397
Derivative liabilities	6,653	4,776
Operating lease liabilities	12,956	13,040
Accounts payable, accrued expenses and other liabilities	12,207	11,054
Total Liabilities	373,429	368,931
EQUITY:
Common Stock ($0.01 par value, 200,000,000 shares authorized 9,792,713 and 9,720,532 shares issued and outstanding, respectively)	98	97
Additional paid-in capital	234,947	234,229
Accumulated deficit	(283,267)	(274,107)
Total Stockholders’ (Deficit) Equity	(4,527)	1,861
Noncontrolling interests	1,315	1,941
Total (Deficit) Equity	(3,212)	3,802
Total Liabilities and Equity	467,250	465,281
Series D Preferred
LIABILITIES:
Series D Cumulative Convertible Preferred Stock (no par value, 6,000,000 shares authorized, 3,152,392 shares issued and outstanding; $109.21 million and $104.97 million aggregate liquidation value, respectively)	97,033	92,548
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, 2,301,337 and 1,872,448 shares issued and outstanding, respectively; $57.53 million and $46.81 million aggregate liquidation preference, respectively)	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, 2,301,337 and 1,872,448 shares issued and outstanding, respectively; $57.53 million and $46.81 million aggregate liquidation preference, respectively)	$ 43,242	$ 41,189

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	9,792,713	9,720,532
Common stock, shares outstanding (in shares)	9,792,713	9,720,532
Series D Preferred
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	6,000,000	6,000,000
Preferred stock, shares issued (in shares)	3,152,392	3,152,392
Preferred stock, shares outstanding (in shares)	3,152,392	3,152,392
Preferred stock, aggregate liquidation preference	$ 109,210	$ 104,970
Preferred stock, shares authorized (in shares)	6,000,000	6,000,000
Preferred stock shares issued (in shares)	3,152,392	3,152,392
Preferred stock, shares outstanding (in shares)	3,152,392	3,152,392
Series A Preferred Stock
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	4,500	4,500
Preferred stock shares issued (in shares)	562	562
Preferred stock, shares outstanding (in shares)	562	562
Preferred stock, aggregate liquidation preference	$ 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)	2,301,337	1,872,448
Preferred stock, shares outstanding (in shares)	2,301,337	1,872,448
Preferred stock, aggregate liquidation preference	$ 57,530	$ 46,810

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUE:
Rental revenues	$ 15,324	$ 15,290	$ 30,656	$ 29,946
Other revenues	155	200	320	272
Total Revenue	15,479	15,490	30,976	30,218
OPERATING EXPENSES:
Property operations	4,732	4,660	9,982	9,544
Depreciation and amortization	3,625	3,639	7,241	7,355
Impairment of assets held for sale	100	2,200	760	2,200
Corporate general & administrative	1,673	1,607	2,937	3,189
Total Operating Expenses	10,130	12,106	20,920	22,288
(Loss) gain on disposal of properties	0	0	(15)	176
Operating Income	5,349	3,384	10,041	8,106
Interest income	14	0	27	0
Interest expense	(7,501)	(5,215)	(12,129)	(14,176)
Net changes in fair value of derivative liabilities	2,085	(1,234)	(1,877)	(1,581)
Other income	0	0	0	552
Other expense	0	0	(691)	0
Net Loss Before Income Taxes	(53)	(3,065)	(4,629)	(7,099)
Income tax expense	0	(2)	0	(2)
Net Loss	(53)	(3,067)	(4,629)	(7,101)
Less: Net (loss) income attributable to noncontrolling interests	(1)	0	3	15
Net Loss Attributable to Wheeler REIT	(52)	(3,067)	(4,632)	(7,116)
Preferred Stock dividends - undeclared	(2,264)	(2,189)	(4,528)	(4,462)
Deemed contribution related to preferred stock redemption	0	651	0	5,040
Net Loss Attributable to Wheeler REIT Common Stockholders	$ (2,316)	$ (4,605)	$ (9,160)	$ (6,538)
Loss per share:
Basic (in dollars per share)	$ (0.24)	$ (0.47)	$ (0.94)	$ (0.67)
Diluted (in dollars per share)	$ (0.24)	$ (0.47)	$ (0.94)	$ (0.67)
Weighted-average number of shares:
Basic (in shares)	9,734,755	9,707,711	9,727,711	9,706,183
Diluted (in shares)	9,734,755	9,707,711	9,727,711	9,706,183

Condensed Consolidated Statem_2

Condensed Consolidated Statements of (Deficit) Equity - USD ($) $ in Thousands	Total	Total Stockholders’ (Deficit) Equity	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Noncontrolling Interests	Series A Preferred Stock Preferred Stock	Series B Preferred Stock	Series B Preferred Stock Total Stockholders’ (Deficit) Equity	Series B Preferred Stock Preferred Stock
Beginning balance (in shares) at Dec. 31, 2020			9,703,874			224,429	562			1,875,748
Beginning balance at Dec. 31, 2020	$ 16,849	$ 14,918	$ 97	$ 234,061	$ (260,867)	$ 1,931	$ 453			$ 41,174
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount								$ 22	$ 22	$ 22
Conversion of Operating Partnership units to Common Stock (in shares)			2,864			(2,864)
Conversion of Operating Partnership units to Common Stock	0	9		9		$ (9)
Adjustment for noncontrolling interest in operating partnership	0	16		16		(16)
Dividends and distributions	(2,273)	(2,273)			(2,273)
Deemed contribution related to preferred stock redemption	4,389	4,389			4,389
Net (Loss) Income	(4,034)	(4,049)			(4,049)	$ 15
Ending balance (in shares) at Mar. 31, 2021			9,706,738			221,565	562			1,875,748
Ending balance at Mar. 31, 2021	14,953	13,032	$ 97	234,086	(262,800)	$ 1,921	$ 453			$ 41,196
Beginning balance (in shares) at Dec. 31, 2020			9,703,874			224,429	562			1,875,748
Beginning balance at Dec. 31, 2020	16,849	14,918	$ 97	234,061	(260,867)	$ 1,931	$ 453			$ 41,174
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount	309
Deemed contribution related to preferred stock redemption	5,040
Net (Loss) Income	(7,101)
Ending balance (in shares) at Jun. 30, 2021			9,710,414			217,889	562			1,875,748
Ending balance at Jun. 30, 2021	10,370	8,482	$ 97	234,119	(267,405)	$ 1,888	$ 453			$ 41,218
Beginning balance (in shares) at Mar. 31, 2021			9,706,738			221,565	562			1,875,748
Beginning balance at Mar. 31, 2021	14,953	13,032	$ 97	234,086	(262,800)	$ 1,921	$ 453			$ 41,196
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount	22	22								$ 22
Conversion of Operating Partnership units to Common Stock (in shares)			3,676			(3,676)
Conversion of Operating Partnership units to Common Stock	0	18		18		$ (18)
Adjustment for noncontrolling interest in operating partnership	0	15		15		$ (15)
Dividends and distributions	(2,189)	(2,189)			(2,189)
Deemed contribution related to preferred stock redemption	651	651			651
Net (Loss) Income	(3,067)	(3,067)			(3,067)
Ending balance (in shares) at Jun. 30, 2021			9,710,414			217,889	562			1,875,748
Ending balance at Jun. 30, 2021	10,370	8,482	$ 97	234,119	(267,405)	$ 1,888	$ 453			$ 41,218
Beginning balance (in shares) at Dec. 31, 2021			9,720,532			215,343	562			1,872,448
Beginning balance at Dec. 31, 2021	3,802	1,861	$ 97	234,229	(274,107)	$ 1,941	$ 453			$ 41,189
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount	22	22								$ 22
Conversion of Series B Preferred Stock to Common Stock (in shares)			2,561							(4,105)
Conversion of Series B Preferred Stock to Common Stock	0			90						$ (90)
Dividends and distributions	(2,264)	(2,264)			(2,264)
Net (Loss) Income	(4,576)	(4,580)			(4,580)	$ 4
Ending balance (in shares) at Mar. 31, 2022			9,723,093			215,343	562			1,868,343
Ending balance at Mar. 31, 2022	(3,016)	(4,961)	$ 97	234,319	(280,951)	$ 1,945	$ 453			$ 41,121
Beginning balance (in shares) at Dec. 31, 2021			9,720,532			215,343	562			1,872,448
Beginning balance at Dec. 31, 2021	3,802	1,861	$ 97	234,229	(274,107)	$ 1,941	$ 453			$ 41,189
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount	292
Deemed contribution related to preferred stock redemption	0
Net (Loss) Income	(4,629)
Ending balance (in shares) at Jun. 30, 2022			9,792,713			145,723	562			2,301,337
Ending balance at Jun. 30, 2022	(3,212)	(4,527)	$ 98	234,947	(283,267)	$ 1,315	$ 453			$ 43,242
Beginning balance (in shares) at Mar. 31, 2022			9,723,093			215,343	562			1,868,343
Beginning balance at Mar. 31, 2022	(3,016)	(4,961)	$ 97	234,319	(280,951)	$ 1,945	$ 453			$ 41,121
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accretion of Series B Preferred Stock discount		22						$ 22		$ 22
Conversion of Operating Partnership units to Common Stock (in shares)			69,620			(69,620)
Conversion of Operating Partnership units to Common Stock	0	159	$ 1	158		$ (159)
Adjustment for noncontrolling interest in operating partnership	0	470		470		(470)
Paid-in-kind interest, issuance of Series B Preferred Stock (in shares)										432,994
Paid-in-kind interest, issuance of Series B Preferred Stock	2,099	2,099								$ 2,099
Dividends and distributions	(2,264)	(2,264)			(2,264)
Deemed contribution related to preferred stock redemption	0
Net (Loss) Income	(53)	(52)			(52)	$ (1)
Ending balance (in shares) at Jun. 30, 2022			9,792,713			145,723	562			2,301,337
Ending balance at Jun. 30, 2022	$ (3,212)	$ (4,527)	$ 98	$ 234,947	$ (283,267)	$ 1,315	$ 453			$ 43,242

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (53)	$ (3,067)	$ (4,629)	$ (7,101)
Adjustments to reconcile consolidated net loss to net cash provided by operating activities:
Depreciation	2,790	2,700	5,581	5,389
Amortization			1,660	1,966
Loan cost amortization			1,348	4,316
Changes in fair value of derivative liabilities	(2,085)	1,234	1,877	1,581
Above (below) market lease amortization, net			16	5
Paid-in-kind interest			2,099	0
Straight-line expense			16	18
Loss (gain) on disposal of properties	0	0	15	(176)
Credit losses on operating lease receivables	137	(83)	190	36
Impairment of assets held for sale			760	2,200
Net changes in assets and liabilities:
Rents and other tenant receivables, net			832	2,128
Unbilled rent			(234)	(771)
Deferred costs and other assets, net			(2,543)	(1,143)
Accounts payable, accrued expenses and other liabilities			2,963	1,088
Net cash provided by operating activities			9,951	9,536
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment property acquisitions			(1,538)	0
Capital expenditures			(3,495)	(1,316)
Cash received from disposal of properties			1,786	3,937
Net cash (used in) provided by investing activities			(3,247)	2,621
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments for deferred financing costs			(3,729)	(4,724)
Loan proceeds			75,000	46,150
Loan principal payments			(70,384)	(43,175)
Preferred stock redemption			0	(8,337)
Loan prepayment penalty			(1,458)	(687)
Net cash provided by (used in) financing activities			(571)	(10,773)
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			6,133	1,384
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period			40,419	42,768
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period	46,552	44,152	46,552	44,152
Non-Cash Transactions:
Paycheck Protection Program forgiveness			0	552
Initial fair value of warrants			0	2,018
Accretion of Preferred Stock discounts		22	292	309
Deemed contribution related to Preferred Stock discount	0	651	0	5,040
Other Cash Transactions:
Cash paid for interest			8,937	9,506
Cash and cash equivalents	24,606	10,850	24,606	10,850
Restricted cash	21,946	33,302	21,946	33,302
Cash, cash equivalents, and restricted cash	46,552	$ 44,152	46,552	44,152
Common units
Non-Cash Transactions:
Conversion of common units to common stock			159	27
Series B Preferred Stock
Non-Cash Transactions:
Conversion of common units to common stock			$ 90	$ 0
Accretion of Preferred Stock discounts	$ 22

Organization and Basis of Prese

Organization and Basis of Presentation and Consolidation	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022, the Trust owned 99.04% of the Operating Partnership. As of June 30, 2022, the Trust, through the Operating Partnership, owned and operated fifty-seven centers and four undeveloped properties in Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Oklahoma, Tennessee, Kentucky, New Jersey, Pennsylvania and West Virginia. Accordingly, the use of the word “Company” refers to the Trust and its consolidated subsidiaries, except where the context otherwise requires. The Trust through the Operating Partnership owns Wheeler Interests (“WI”) and Wheeler Real Estate, LLC (“WRE”) (collectively the “Operating Companies”). The Operating Companies are Taxable REIT Subsidiaries (“TRS”) to accommodate serving the Non-REIT Properties since applicable REIT regulations consider the income derived from these services to be “bad” income subject to taxation. The regulations allow for costs incurred by the Company commensurate with the services performed for the Non-REIT Properties to be allocated to a TRS. The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (the “Form 10-Q”) are unaudited and the results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for future periods or the year. However, amounts presented in the condensed consolidated balance sheet as of December 31, 2021 are derived from the Company’s audited consolidated financial statements as of that date, but do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. The Company prepared the accompanying condensed consolidated financial statements in accordance with GAAP for interim financial statements. The condensed consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary to reflect a fair statement of the results for the interim periods presented, and all such adjustments are of a normal recurring nature. All material balances and transactions between the consolidated entities of the Company have been eliminated. These condensed consolidated financial statements should be read in conjunction with the Company's 2021 Annual Report filed on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies 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 days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease. As of June 30, 2022 and December 31, 2021, the Company’s allowance for uncollectible tenant receivables totaled $531 thousand and $633 thousand, respectively. 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 June 30, 2022 and December 31, 2021, there were $6.01 million and $5.77 million, respectively, in unbilled rent which is included in "rents and other tenant receivables, net." The below table disaggregates the Company’s revenue by type of service (in thousands, unaudited): Three Months Ended Six Months Ended 2022 2021 2022 2021 Minimum rent $ 11,914 $ 11,332 $ 23,800 $ 22,662 Tenant reimbursements - variable lease revenue 3,275 3,333 6,580 6,426 Percentage rent - variable lease revenue 116 157 233 286 Straight-line rents 156 385 233 608 Lease termination fees 32 125 107 129 Other 123 75 213 143 Total 15,616 15,407 31,166 30,254 Credit (losses) recoveries on operating lease receivables (137) 83 (190) (36) Total $ 15,479 $ 15,490 $ 30,976 $ 30,218 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, unaudited): Three Months Ended June 30, Six Months Ended 2022 2021 2022 2021 Professional fees $ 565 $ 652 $ 972 $ 1,416 Corporate administration 468 392 914 772 Compensation and benefits 376 338 691 575 Advertising costs for leasing activities 165 21 210 41 Other 99 204 150 385 Total $ 1,673 $ 1,607 $ 2,937 $ 3,189 Other Expense Other expense represents expenses which are non-operating in nature. Other expenses were $0 and $691 thousand for the three months and six months ended June 30, 2022, respectively, which consist of legal settlement costs. There we re no other expenses for the three and six months ended June 30, 2021. Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the condensed consolidated balance sheets but separate from the Company’s equity. On the condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Condensed consolidated statements of (deficit) 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 June 2016, the Financial Accounting Standards Board (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. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2022, however the Company is early adopting as of January 1, 2022. In November 2018, the FASB issued ASU 2018-19 to clarify that operating lease receivables, including straight-line rent receivables, recorded by lessors are explicitly excluded from the scope of Topic 326. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. Recent Accounting Pronouncements 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 condensed consolidated financial statements in order to be consistent with the current period presentation. 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 condensed consolidated statements of operations were adjusted as shown below: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 As Previously Reported Adjustment of Series A Preferred and Series B Preferred undeclared Dividends As Adjusted As Previously Reported Adjustment of Series A Preferred and Series B Preferred undeclared Dividends As Adjusted Preferred Stock dividends - undeclared $ (3,251) $ 1,062 $ (2,189) $ (6,592) $ 2,130 $ (4,462) Net Loss Attributable to Wheeler REIT Common Stockholders $ (5,667) $ 1,062 $ (4,605) $ (8,668) $ 2,130 $ (6,538) (Loss) per share, Basic and Diluted $ (0.58) $ 0.11 $ (0.47) $ (0.89) $ 0.22 $ (0.67) No other reclassifications had an effect on net income, total assets, total liabilities or equity.

Real Estate

Real Estate	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Real Estate	Real Estate Investment properties consist of the following (in thousands, unaudited): June 30, 2022 December 31, 2021 Land and land improvements $ 95,864 $ 96,752 Buildings and improvements 359,106 357,606 Investment properties at cost 454,970 454,358 Less accumulated depreciation (71,817) (67,628) Investment properties, net $ 383,153 $ 386,730 The Company’s depreciation expense on investment properties was $2.79 million and $5.58 million for the three and six months ended June 30, 2022, respectively. The Company’s depreciation expense on investment properties was $2.70 million and $5.39 million for the three and six months ended June 30, 2021, 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 June 30, 2022, assets held for sale included Harbor Pointe Associates, LLC, as the Company has committed to a plan to sell the entity, which holds an approximate 5 acre land parcel ("Harbor Pointe Land Parcel"). At December 31, 2021, assets held for sale included Walnut Hill Plaza. 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 expense was $100 thousand and $760 thousand for the three months and six months ended June 30, 2022, respectively, resulting from reducing the carrying value of Harbor Pointe Land Parcel. Impairment expense was $2.20 million and $2.20 million for the three and six months ended June 30, 2021, respectively, resulting from reducing the carrying value of Columbia Fire Station. Assets held for sale and associated liabilities consisted of the following (in thousands, unaudited): June 30, 2022 December 31, 2021 Investment properties, net $ 419 $ 1,824 Rents and other tenant receivables, net — 18 Deferred costs and other assets, net — 205 Total assets held for sale $ 419 $ 2,047 June 30, 2022 December 31, 2021 Loans payable $ — $ 3,145 Accounts payable, accrued expenses and other liabilities — 236 Total liabilities associated with assets held for sale $ — $ 3,381 The following properties were sold during the six months ended June 30, 2022 and 2021 (in thousands, unaudited): Disposal Date Property Contract Price Gain (loss) Net Proceeds January 11, 2022 Walnut Hill Plaza $ 1,986 $ (15) $ 1,786 March 25, 2021 Berkley Shopping Center and Berkley Land Parcel (0.75acres) 4,150 176 3,937

Deferred Costs and Other Assets

Deferred Costs and Other Assets, Net	6 Months Ended
	Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred Costs and Other Assets, Net	Deferred Costs and Other Assets, Net Deferred costs and other assets, net of accumulated amortization are as follows (in thousands, unaudited): June 30, 2022 December 31, 2021 Leases in place, net $ 6,398 $ 7,519 Lease origination costs, net 1,647 1,474 Ground lease sandwich interest, net 1,530 1,667 Tenant relationships, net 673 853 Legal and marketing costs, net 11 14 Acquisition costs 2,109 — Prepaid expenses 1,507 413 Other 564 33 Total deferred costs and other assets, net $ 14,439 $ 11,973 The acquisition costs consist of professional fees incurred associated with the pending acquisition of Cedar Realty Trust, Inc (“Cedar”). As of June 30, 2022 and December 31, 2021, the Company’s intangible accumulated amortization totaled $60.71 million and $62.94 million, respectively. During the three and six months ended June 30, 2022, the Company’s intangible amortization expense totaled $833 thousand and $1.66 million, respectively. During the three and six months ended June 30, 2021, the Company’s intangible amortization expense totaled $941 thousand and $1.97 million, respectively. Future amortization of leases in place, lease origination costs, ground lease sandwich interest, tenant relationships, and legal and marketing costs is as follows (in thousands, unaudited): Leases In Lease Ground Lease Sandwich Interest, net Tenant Legal & Total For the remaining six months ending December 31, 2022 $ 998 $ 130 $ 137 $ 170 $ 3 $ 1,438 December 31, 2023 1,607 255 274 222 5 2,363 December 31, 2024 1,106 223 274 126 3 1,732 December 31, 2025 789 190 274 62 — 1,315 December 31, 2026 417 164 274 11 — 866 December 31, 2027 272 140 274 11 — 697 Thereafter 1,209 545 23 71 — 1,848 $ 6,398 $ 1,647 $ 1,530 $ 673 $ 11 $ 10,259

Loans Payable

Loans Payable	6 Months Ended
	Jun. 30, 2022
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 June 30, December 31, JANAF $ 333,159 4.49 % July 2023 $ 46,125 $ 47,065 JANAF Bravo $ 35,076 5.00 % May 2024 5,875 5,936 Cypress Shopping Center $ 34,360 4.70 % July 2024 5,968 6,031 Port Crossing $ 34,788 4.84 % August 2024 5,710 5,778 Freeway Junction $ 41,798 4.60 % September 2024 7,353 7,431 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,227 3,267 Bryan Station $ 23,489 4.52 % November 2024 4,181 4,226 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre $ 39,435 4.15 % February 2025 7,789 7,861 Shoppes at Myrtle Park $ 33,180 4.45 % February 2025 5,686 5,757 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 (2) 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 4,446 4,483 JANAF BJ's $ 29,964 4.95 % January 2026 4,663 4,725 Tuckernuck $ 32,202 5.00 % March 2026 4,984 5,052 Chesapeake Square $ 23,857 4.70 % August 2026 4,150 4,192 Sangaree/Tri-County $ 32,329 4.78 % December 2026 6,131 6,176 Riverbridge Interest only 4.48 % December 2026 4,000 4,000 Franklin Village $ 45,336 4.93 % January 2027 8,211 8,277 Village of Martinsville $ 89,664 4.28 % July 2029 15,386 15,589 Laburnum Square Interest only 4.28 % September 2029 7,665 7,665 Rivergate (3) $ 100,222 4.25 % September 2031 18,219 18,430 Convertible Notes Interest only 7.00 % December 2031 33,000 33,000 Guggenheim Loan Agreement (4) Interest only 4.25 % July 2032 75,000 — Walnut Hill Plaza $ 26,850 5.50 % March 2023 — 3,145 Litchfield Market Village $ 46,057 5.50 % November 2022 — 7,312 Twin City Commons $ 17,827 4.86 % January 2023 — 2,843 New Market $ 48,747 5.65 % June 2023 — 6,291 Benefit Street Note $ 53,185 5.71 % June 2023 — 6,914 Deutsche Bank Note $ 33,340 5.71 % July 2023 — 5,488 First National Bank $ 24,656 LIBOR + 350 basis points August 2023 — 789 Lumber River $ 10,723 LIBOR + 350 basis points September 2023 — 1,296 Tampa Festival $ 50,797 5.56 % September 2023 — 7,753 Forrest Gallery $ 50,973 5.40 % September 2023 — 8,060 South Carolina Food Lions Note $ 68,320 5.25 % January 2024 — 11,259 Folly Road $ 41,482 4.65 % March 2025 — 7,063 Total Principal Balance (1) 350,877 346,262 Unamortized debt issuance cost (1) (12,214) (9,834) Total Loans Payable, including assets held for sale 338,663 336,428 Less loans payable on assets held for sale, net loan amortization costs — 3,145 Total Loans Payable, net $ 338,663 $ 333,283 (1) Includes loans payable on assets held for sale, see Note 3. (2) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons. (3) October 2026 the interest rate changes to variable interest rate equal to the 5 years U.S. Treasury Rate plus 2.70%, with a floor of 4.25%. (4) Collateralized by 22 properties. Convertible Notes During the three and six months ended June 30, 2022, interest related to the Convertible Notes was $578 thousand and $1.16 million, paid with 432,994 shares of Series B Preferred, which when adjusted for the VWAP discount represents interest expense of $2.10 million for the six months ended June 30, 2022. Walnut Hill Plaza Payoff In conjunction with the Walnut Hill Plaza sale the Company made a $1.79 million principal paydown on the Walnut Hill Plaza loan. On February 17, 2022 the Company paid the remaining loan balance of $1.34 million in full after the sale of Walnut Hill Plaza, as detailed in Note 3. Guggenheim Loan Agreement On June 17, 2022, the Company entered into a term loan agreement (the “Guggenheim Loan Agreement”) with Guggenheim Real Estate, LLC., for $75.00 million at a fixed rate of 4.25% with interest-only payments due monthly. Commencing on August 10, 2027, until the maturity date of July 10, 2032, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time . The Guggenheim Loan Agreement proceeds were used to refinance eleven loans including $1.46 million in defeasance. Debt Maturity The Company’s scheduled principal repayments on indebtedness as of June 30, 2022, including assets held for sale, are as follows (in thousands, unaudited): For the remaining six months ended December 31, 2022 $ 2,207 December 31, 2023 47,774 December 31, 2024 39,512 December 31, 2025 85,483 December 31, 2026 23,531 December 31, 2027 9,313 Thereafter 143,057 Total principal repayments and debt maturities $ 350,877

Derivative Liabilities

Derivative Liabilities	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liabilities	Derivative Liabilities Warrants to purchase shares of common stock outstanding at June 30, 2022 are as follows: Warrants Exercise Price Expiration Date 496,415 $3.120 12/22/2023 510,204 $3.430 3/12/2026 424,242 $4.125 3/12/2026 127,273 $6.875 3/12/2026 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 measuring the warrant liabilities, the Company used the following inputs in its Monte Carlo model. June 30, 2022 December 31, 2021 Common Stock price $2.54 $1.94 Weighted average contractual term to maturity 3.0 years 3.5 years Range of expected market volatility % 76.46% - 89.47% 70.12% - 81.00% Range of risk free interest rate 2.86% - 3.00% 0.72% - 1.16% 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 measuring the embedded derivative liability, the Company used the following inputs in its multinomial lattice model: June 30, 2022 December 31, 2021 Conversion price $6.25 $6.25 Common Stock price $2.54 $1.94 Contractual term to maturity 9.5 years 10.1 years Expected market volatility % 80.00% 80.00% Risk-free interest rate 2.97% 1.51% Traded WHLRL price, % of par 116.00% 113.96% 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, unaudited): Six Months Ended June 30, 2022 Year Ended December 31, 2021 Balance at the beginning of period $ 4,776 $ 594 Issuance of Wilmington Warrant — 2,018 Issuance of embedded derivative — 5,932 Changes in fair value 1,877 (3,768) Balance at ending of period $ 6,653 $ 4,776

Rentals under Operating Leases

Rentals under Operating Leases	6 Months Ended
	Jun. 30, 2022
Leases [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 properties, for each of the six months ending December 31, 2022 and each of the next five years and thereafter, excluding tenant reimbursements and percentage rent based on tenant sales volume, as of June 30, 2022 are as follows (in thousands, unaudited): For the remaining six months ended December 31, 2022 $ 24,136 December 31, 2023 45,911 December 31, 2024 39,186 December 31, 2025 31,939 December 31, 2026 23,876 December 31, 2027 16,701 Thereafter 42,931 Total minimum rents $ 224,680

Equity and Mezzanine Equity

Equity and Mezzanine Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Equity and Mezzanine Equity	Equity and Mezzanine Equity Series A Preferred Stock At June 30, 2022 and December 31, 2021, the Company had 562 shares without par value of Series A Preferred Stock (“Series A Preferred”) issued and outstanding and a $1,000 liquidation preference per share, or $562 thousand in aggregate. Series B Preferred Stock At June 30, 2022 and December 31, 2021, the Company had 2,301,337 and 1,872,448 shares, issued and outstanding, respectively, and 5,000,000 authorized shares of Series B Convertible Preferred Stock, without par value (“Series B Preferred”) with a $25.00 liquidation preference per share, or $57.53 million and $46.81 million in aggregate, respectively. Series D Preferred Stock - Redeemable Preferred Stock At June 30, 2022 and December 31, 2021, the Company had 3,152,392 issued and outstanding, and 6,000,000 authorized shares of Series D Cumulative Convertible Preferred Stock, without par value ("Series D Preferred") with a $25.00 liquidation preference per share, and a liquidation value of $109.21 million and $104.97 million in aggregate, respectively. The changes in the carrying value of the Series D Preferred for the six months ended June 30, 2022 and 2021 are as follows (in thousands, unaudited): Series D Preferred Balance December 31, 2021 $ 92,548 Accretion of Preferred Stock discount 125 Undeclared dividends 2,118 Balance March 31, 2022 94,791 Accretion of Preferred Stock discount 124 Undeclared dividends 2,118 Balance June 30, 2022 $ 97,033 Series D Preferred Balance December 31, 2020 $ 95,563 Accretion of Preferred Stock discount 140 Undeclared dividends 2,111 Redemption of Preferred Stock (10,493) Balance March 31, 2021 87,321 Accretion of Preferred Stock discount 125 Undeclared dividends 2,042 Redemption of Preferred Stock (2,882) Balance June 30, 2021 $ 86,606 Earnings per share Basic earnings per share for the Company’s common stockholders 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. The following table summarizes the potential dilution of conversion of common units, Series B Preferred, Series D Preferred, warrants and Convertible Notes into the Company's Common Stock. These have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. June 30, 2022 Outstanding shares Potential Dilutive Shares Common units 145,723 145,723 Series B Preferred Stock 2,301,337 1,438,336 Series D Preferred Stock 3,152,392 6,439,132 Warrants to purchase Common Stock — 1,558,134 Convertible Notes — 25,078,898 Dividends The following table summarizes the Series D Preferred dividends (unaudited, in thousands except for per share amounts): Series D Preferred Record Date/Arrears Date Arrears Per Share For the three months ended June 30, 2022 $ 2,118 $ 0.67 For the six months ended June 30, 2022 $ 4,236 $ 1.34 For the three months ended June 30, 2021 $ 2,042 $ 0.67 For the six months ended June 30, 2021 $ 4,153 $ 1.34 The total cumulative dividends in arrears for Series D Preferred (per share $9.64) as of June 30, 2022 is $30.40 million. There were no dividends declared to holders of Common Stock during the three and six months ended June 30, 2022 and 2021.

Lease Commitments

Lease Commitments	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and 2021, the weighted average remaining lease term of our leases is 30 and 31 years, respectively. Rent expense under the operating lease agreements were $264 thousand and $528 thousand for the three and six months ended June 30, 2022, respectively. The rent expense was $267 thousand and $532 thousand for the three and six months ended June 30, 2021, respectively. Supplemental information related to leases is as follows (in thousands, unaudited): Three Months Ended Six Months Ended 2022 2021 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 226 $ 226 $ 452 $ 451 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 June 30, 2022 and a reconciliation of those cash flows to the operating lease liabilities at June 30, 2022 are as follows (in thousands, unaudited): For the remaining six months ended December 31, 2022 $ 453 December 31, 2023 907 December 31, 2024 909 December 31, 2025 913 December 31, 2026 943 December 31, 2027 946 Thereafter 21,897 Total minimum lease payments (1) 26,968 Discount (14,012) Operating lease liabilities $ 12,956 (1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
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 concentrated in the Southeast, Mid-Atlantic and Northeast, which markets represent approximately 61%, 35% and 4% respectively, of the total annualized base rent of the properties in its portfolio as of June 30, 2022. 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: 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. On March 15, 2022, the Court granted Mr. Kelly $340 thousand with interest thereon at a rate of 6% per annum from the date of termination, April 13, 2020, until paid, plus attorneys' fees and costs in the amount of $311 thousand. On March 31, 2022, $691 thousand was paid to Mr. Kelly. The Company has now fulfilled its obligations pursuant to the Court’s Order in this case. 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”). 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 filed a Motion For Partial Summary Judgment, as to which the Company and the Individual Defendants filed oppositions. The Judge denied the JCP Plaintiffs' Motion and ordered the parties to prepare a joint discovery schedule. The Judge also ordered the parties to engage in mediation with a Magistrate Judge. That mediation is scheduled for August 30, 2022. At this 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 a putative class action on behalf of holders of the Company’s Series B Preferred Stock and Series D Preferred Stock. 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 with respect to accumulated and unpaid dividends. 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. The parties have each filed potentially dispositive motions upon which the court has yet to rule. At this juncture, the outcome of the litigation is uncertain. In Re: Cedar Realty Trust, Inc. Preferred Shareholder Litigation , Case No.: 1:22-cv-1103, in the United States District Court for the District of Maryland (formerly captioned David Sydney, et. al. v. Cedar Realty Trust, Inc., Wheeler Real Estate Investment Trust, Inc. et al .). On April 8, 2022, several purported holders of preferred stock of Cedar Realty Trust, Inc. (“Cedar”) filed a putative class action in the Circuit Court for Montgomery County, Maryland against Cedar, Cedar’s Board of Directors, and the Company arising out of transactions that include the pending acquisition of Cedar by the Company. The defendants removed the case to federal court. The complaint, as amended on May 6, 2022, includes allegations of breach of contract against Cedar with respect to the articles supplementary governing the terms of Cedar’s preferred stock and breach of fiduciary duty against the members of Cedar’s Board of Directors. The plaintiffs allege that Cedar breached their liquidation and conversion rights as set forth in Cedar’s articles supplementary, and that the members of Cedar’s Board of Directors acted in bad faith and breached their fiduciary duty in structuring the transactions that include the merger. The complaint further alleges that the Company tortiously interfered with Cedar’s contract with the owners of Cedar’s preferred stock and aided and abetted the alleged breach of fiduciary duty by Cedar’s Board of Directors. The amended complaint seeks damages in an unspecified amount. Following a hearing, the Court on June 22, 2022, denied plaintiffs’ motion for a preliminary injunction enjoining the merger. By Order dated July 11, 2022, the Court consolidated this case formerly captioned David Sydney, et. al. v. Cedar Realty Trust, Inc., Wheeler Real Estate Investment Trust, Inc. et al with another putative class action brought by a preferred Cedar stockholder (with both cases to use the caption In Re: Cedar Realty Trust, Inc. Preferred Shareholder Litigation ), and set August 24, 2022 for the plaintiffs to file a consolidated amended complaint. At this juncture, the outcome of the litigation is uncertain. 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 June 30, 2022. 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. During the three and six months ended June 30, 2022 the Company did not fund any debt service shortfalls. During the three and six months ended June 30, 2021 the Company funded $0 and $44 thousand, respectively, in debt service shortfalls. No amounts have been accrued for this as of June 30, 2022 as a reasonable estimate of future debt service shortfalls cannot be determined based on variables noted above.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events JANAF Loan Agreement On July 6, 2022, the Company entered into a loan agreement (the “JANAF Loan Agreement”) with CITI Real Estate Funding Inc. for $60.00 million at a fixed interest rate of 5.31% with interest-only payments through maturity, July 6, 2032.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Tenant Receivables	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 days. A past due receivable triggers certain events such as notices, fees and other allowable and required actions per the lease.
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.
Use of Estimates	Use of Estimates The Company has made estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reported periods. The Company’s actual results could differ from these estimates.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust. The ownership interests not held by the parent are considered noncontrolling interests. Accordingly, noncontrolling interests have been reported in equity on the condensed consolidated balance sheets but separate from the Company’s equity. On the condensed consolidated statements of operations, the subsidiaries are reported at the consolidated amount, including both the amount attributable to the Company and noncontrolling interests. Condensed consolidated statements of (deficit) 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 June 2016, the Financial Accounting Standards Board (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. This guidance is effective for fiscal years, and for interim reporting periods within those fiscal years, beginning after December 15, 2022, however the Company is early adopting as of January 1, 2022. In November 2018, the FASB issued ASU 2018-19 to clarify that operating lease receivables, including straight-line rent receivables, recorded by lessors are explicitly excluded from the scope of Topic 326. The adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. Recent Accounting Pronouncements 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 condensed consolidated financial statements in order to be consistent with the current period presentation. 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 condensed consolidated statements of operations were adjusted as shown below: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 As Previously Reported Adjustment of Series A Preferred and Series B Preferred undeclared Dividends As Adjusted As Previously Reported Adjustment of Series A Preferred and Series B Preferred undeclared Dividends As Adjusted Preferred Stock dividends - undeclared $ (3,251) $ 1,062 $ (2,189) $ (6,592) $ 2,130 $ (4,462) Net Loss Attributable to Wheeler REIT Common Stockholders $ (5,667) $ 1,062 $ (4,605) $ (8,668) $ 2,130 $ (6,538) (Loss) per share, Basic and Diluted $ (0.58) $ 0.11 $ (0.47) $ (0.89) $ 0.22 $ (0.67) No other reclassifications had an effect on net income, total assets, total liabilities or equity.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Schedule of disaggregation of Company's revenue	The below table disaggregates the Company’s revenue by type of service (in thousands, unaudited): Three Months Ended Six Months Ended 2022 2021 2022 2021 Minimum rent $ 11,914 $ 11,332 $ 23,800 $ 22,662 Tenant reimbursements - variable lease revenue 3,275 3,333 6,580 6,426 Percentage rent - variable lease revenue 116 157 233 286 Straight-line rents 156 385 233 608 Lease termination fees 32 125 107 129 Other 123 75 213 143 Total 15,616 15,407 31,166 30,254 Credit (losses) recoveries on operating lease receivables (137) 83 (190) (36) Total $ 15,479 $ 15,490 $ 30,976 $ 30,218
Schedule of corporate general and administrative expenses	Corporate general & administrative expenses consist of the following (in thousands, unaudited): Three Months Ended June 30, Six Months Ended 2022 2021 2022 2021 Professional fees $ 565 $ 652 $ 972 $ 1,416 Corporate administration 468 392 914 772 Compensation and benefits 376 338 691 575 Advertising costs for leasing activities 165 21 210 41 Other 99 204 150 385 Total $ 1,673 $ 1,607 $ 2,937 $ 3,189
Schedule of prior period reclassification adjustment description.	As a result the condensed consolidated statements of operations were adjusted as shown below: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 As Previously Reported Adjustment of Series A Preferred and Series B Preferred undeclared Dividends As Adjusted As Previously Reported Adjustment of Series A Preferred and Series B Preferred undeclared Dividends As Adjusted Preferred Stock dividends - undeclared $ (3,251) $ 1,062 $ (2,189) $ (6,592) $ 2,130 $ (4,462) Net Loss Attributable to Wheeler REIT Common Stockholders $ (5,667) $ 1,062 $ (4,605) $ (8,668) $ 2,130 $ (6,538) (Loss) per share, Basic and Diluted $ (0.58) $ 0.11 $ (0.47) $ (0.89) $ 0.22 $ (0.67)

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Schedule of investment properties	Investment properties consist of the following (in thousands, unaudited): June 30, 2022 December 31, 2021 Land and land improvements $ 95,864 $ 96,752 Buildings and improvements 359,106 357,606 Investment properties at cost 454,970 454,358 Less accumulated depreciation (71,817) (67,628) Investment properties, net $ 383,153 $ 386,730
Schedule of dispositions	Assets held for sale and associated liabilities consisted of the following (in thousands, unaudited): June 30, 2022 December 31, 2021 Investment properties, net $ 419 $ 1,824 Rents and other tenant receivables, net — 18 Deferred costs and other assets, net — 205 Total assets held for sale $ 419 $ 2,047 June 30, 2022 December 31, 2021 Loans payable $ — $ 3,145 Accounts payable, accrued expenses and other liabilities — 236 Total liabilities associated with assets held for sale $ — $ 3,381 The following properties were sold during the six months ended June 30, 2022 and 2021 (in thousands, unaudited): Disposal Date Property Contract Price Gain (loss) Net Proceeds January 11, 2022 Walnut Hill Plaza $ 1,986 $ (15) $ 1,786 March 25, 2021 Berkley Shopping Center and Berkley Land Parcel (0.75acres) 4,150 176 3,937

Deferred Costs and Other Asse_2

Deferred Costs and Other Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2022
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, unaudited): June 30, 2022 December 31, 2021 Leases in place, net $ 6,398 $ 7,519 Lease origination costs, net 1,647 1,474 Ground lease sandwich interest, net 1,530 1,667 Tenant relationships, net 673 853 Legal and marketing costs, net 11 14 Acquisition costs 2,109 — Prepaid expenses 1,507 413 Other 564 33 Total deferred costs and other assets, net $ 14,439 $ 11,973
Schedule of future amortization of lease origination costs, financing costs and in place leases	Future amortization of leases in place, lease origination costs, ground lease sandwich interest, tenant relationships, and legal and marketing costs is as follows (in thousands, unaudited): Leases In Lease Ground Lease Sandwich Interest, net Tenant Legal & Total For the remaining six months ending December 31, 2022 $ 998 $ 130 $ 137 $ 170 $ 3 $ 1,438 December 31, 2023 1,607 255 274 222 5 2,363 December 31, 2024 1,106 223 274 126 3 1,732 December 31, 2025 789 190 274 62 — 1,315 December 31, 2026 417 164 274 11 — 866 December 31, 2027 272 140 274 11 — 697 Thereafter 1,209 545 23 71 — 1,848 $ 6,398 $ 1,647 $ 1,530 $ 673 $ 11 $ 10,259

Loans Payable (Tables)

Loans Payable (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, December 31, JANAF $ 333,159 4.49 % July 2023 $ 46,125 $ 47,065 JANAF Bravo $ 35,076 5.00 % May 2024 5,875 5,936 Cypress Shopping Center $ 34,360 4.70 % July 2024 5,968 6,031 Port Crossing $ 34,788 4.84 % August 2024 5,710 5,778 Freeway Junction $ 41,798 4.60 % September 2024 7,353 7,431 Harrodsburg Marketplace $ 19,112 4.55 % September 2024 3,227 3,267 Bryan Station $ 23,489 4.52 % November 2024 4,181 4,226 Crockett Square Interest only 4.47 % December 2024 6,338 6,338 Pierpont Centre $ 39,435 4.15 % February 2025 7,789 7,861 Shoppes at Myrtle Park $ 33,180 4.45 % February 2025 5,686 5,757 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 (2) 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 4,446 4,483 JANAF BJ's $ 29,964 4.95 % January 2026 4,663 4,725 Tuckernuck $ 32,202 5.00 % March 2026 4,984 5,052 Chesapeake Square $ 23,857 4.70 % August 2026 4,150 4,192 Sangaree/Tri-County $ 32,329 4.78 % December 2026 6,131 6,176 Riverbridge Interest only 4.48 % December 2026 4,000 4,000 Franklin Village $ 45,336 4.93 % January 2027 8,211 8,277 Village of Martinsville $ 89,664 4.28 % July 2029 15,386 15,589 Laburnum Square Interest only 4.28 % September 2029 7,665 7,665 Rivergate (3) $ 100,222 4.25 % September 2031 18,219 18,430 Convertible Notes Interest only 7.00 % December 2031 33,000 33,000 Guggenheim Loan Agreement (4) Interest only 4.25 % July 2032 75,000 — Walnut Hill Plaza $ 26,850 5.50 % March 2023 — 3,145 Litchfield Market Village $ 46,057 5.50 % November 2022 — 7,312 Twin City Commons $ 17,827 4.86 % January 2023 — 2,843 New Market $ 48,747 5.65 % June 2023 — 6,291 Benefit Street Note $ 53,185 5.71 % June 2023 — 6,914 Deutsche Bank Note $ 33,340 5.71 % July 2023 — 5,488 First National Bank $ 24,656 LIBOR + 350 basis points August 2023 — 789 Lumber River $ 10,723 LIBOR + 350 basis points September 2023 — 1,296 Tampa Festival $ 50,797 5.56 % September 2023 — 7,753 Forrest Gallery $ 50,973 5.40 % September 2023 — 8,060 South Carolina Food Lions Note $ 68,320 5.25 % January 2024 — 11,259 Folly Road $ 41,482 4.65 % March 2025 — 7,063 Total Principal Balance (1) 350,877 346,262 Unamortized debt issuance cost (1) (12,214) (9,834) Total Loans Payable, including assets held for sale 338,663 336,428 Less loans payable on assets held for sale, net loan amortization costs — 3,145 Total Loans Payable, net $ 338,663 $ 333,283 (1) Includes loans payable on assets held for sale, see Note 3. (2) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons. (3) October 2026 the interest rate changes to variable interest rate equal to the 5 years U.S. Treasury Rate plus 2.70%, with a floor of 4.25%. (4) Collateralized by 22 properties.
Schedule of company's scheduled principal repayments on indebtedness	The Company’s scheduled principal repayments on indebtedness as of June 30, 2022, including assets held for sale, are as follows (in thousands, unaudited): For the remaining six months ended December 31, 2022 $ 2,207 December 31, 2023 47,774 December 31, 2024 39,512 December 31, 2025 85,483 December 31, 2026 23,531 December 31, 2027 9,313 Thereafter 143,057 Total principal repayments and debt maturities $ 350,877

Derivative Liabilities (Tables)

Derivative Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of stockholders' equity note, warrants or rights	Warrants to purchase shares of common stock outstanding at June 30, 2022 are as follows: Warrants Exercise Price Expiration Date 496,415 $3.120 12/22/2023 510,204 $3.430 3/12/2026 424,242 $4.125 3/12/2026 127,273 $6.875 3/12/2026
Fair value measurement inputs and valuation techniques	In measuring the warrant liabilities, the Company used the following inputs in its Monte Carlo model. June 30, 2022 December 31, 2021 Common Stock price $2.54 $1.94 Weighted average contractual term to maturity 3.0 years 3.5 years Range of expected market volatility % 76.46% - 89.47% 70.12% - 81.00% Range of risk free interest rate 2.86% - 3.00% 0.72% - 1.16% In measuring the embedded derivative liability, the Company used the following inputs in its multinomial lattice model: June 30, 2022 December 31, 2021 Conversion price $6.25 $6.25 Common Stock price $2.54 $1.94 Contractual term to maturity 9.5 years 10.1 years Expected market volatility % 80.00% 80.00% Risk-free interest rate 2.97% 1.51% Traded WHLRL price, % of par 116.00% 113.96%
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, unaudited): Six Months Ended June 30, 2022 Year Ended December 31, 2021 Balance at the beginning of period $ 4,776 $ 594 Issuance of Wilmington Warrant — 2,018 Issuance of embedded derivative — 5,932 Changes in fair value 1,877 (3,768) Balance at ending of period $ 6,653 $ 4,776

Rentals under Operating Leases

Rentals under Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of 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 properties, for each of the six months ending December 31, 2022 and each of the next five years and thereafter, excluding tenant reimbursements and percentage rent based on tenant sales volume, as of June 30, 2022 are as follows (in thousands, unaudited): For the remaining six months ended December 31, 2022 $ 24,136 December 31, 2023 45,911 December 31, 2024 39,186 December 31, 2025 31,939 December 31, 2026 23,876 December 31, 2027 16,701 Thereafter 42,931 Total minimum rents $ 224,680

Equity and Mezzanine Equity (Ta

Equity and Mezzanine Equity (Tables)	6 Months Ended
	Jun. 30, 2022
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 six months ended June 30, 2022 and 2021 are as follows (in thousands, unaudited): Series D Preferred Balance December 31, 2021 $ 92,548 Accretion of Preferred Stock discount 125 Undeclared dividends 2,118 Balance March 31, 2022 94,791 Accretion of Preferred Stock discount 124 Undeclared dividends 2,118 Balance June 30, 2022 $ 97,033 Series D Preferred Balance December 31, 2020 $ 95,563 Accretion of Preferred Stock discount 140 Undeclared dividends 2,111 Redemption of Preferred Stock (10,493) Balance March 31, 2021 87,321 Accretion of Preferred Stock discount 125 Undeclared dividends 2,042 Redemption of Preferred Stock (2,882) Balance June 30, 2021 $ 86,606
Schedule of potentially dilutive shares	The following table summarizes the potential dilution of conversion of common units, Series B Preferred, Series D Preferred, warrants and Convertible Notes into the Company's Common Stock. These have been excluded from the Company’s diluted earnings per share calculation because their inclusion would be antidilutive. June 30, 2022 Outstanding shares Potential Dilutive Shares Common units 145,723 145,723 Series B Preferred Stock 2,301,337 1,438,336 Series D Preferred Stock 3,152,392 6,439,132 Warrants to purchase Common Stock — 1,558,134 Convertible Notes — 25,078,898
Schedule of summary of preferred stock dividends	The following table summarizes the Series D Preferred dividends (unaudited, in thousands except for per share amounts): Series D Preferred Record Date/Arrears Date Arrears Per Share For the three months ended June 30, 2022 $ 2,118 $ 0.67 For the six months ended June 30, 2022 $ 4,236 $ 1.34 For the three months ended June 30, 2021 $ 2,042 $ 0.67 For the six months ended June 30, 2021 $ 4,153 $ 1.34

Lease Commitments (Tables)

Lease Commitments (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Schedule of ground lease payments and supplemental information related to leases	Supplemental information related to leases is as follows (in thousands, unaudited): Three Months Ended Six Months Ended 2022 2021 2022 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 226 $ 226 $ 452 $ 451
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 June 30, 2022 and a reconciliation of those cash flows to the operating lease liabilities at June 30, 2022 are as follows (in thousands, unaudited): For the remaining six months ended December 31, 2022 $ 453 December 31, 2023 907 December 31, 2024 909 December 31, 2025 913 December 31, 2026 943 December 31, 2027 946 Thereafter 21,897 Total minimum lease payments (1) 26,968 Discount (14,012) Operating lease liabilities $ 12,956

Organization and Basis of Pre_2

Organization and Basis of Presentation and Consolidation (Details)	Jun. 30, 2022 property center
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Percentage of ownership interests in operating partnership	99.04%
Number of real estate properties | center	57
Number of undeveloped real estate properties | property	4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) underlyingAssetClass $ / shares	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares
Property, Plant and Equipment [Line Items]
Past due rent charge term			5 days
Allowance for uncollectible accounts	$ 531,000		$ 531,000		$ 633,000
Number of underlying asset classes | underlyingAssetClass			2
Legal settlement costs	$ 0	$ 0	$ 691,000	$ 0
Common stock, par value per share (in dollars per share) | $ / shares	$ 0.01		$ 0.01		$ 0.01
Rent and other tenant receivables
Property, Plant and Equipment [Line Items]
Recoveries related to tenant receivables	$ 6,010,000		$ 6,010,000		$ 5,770,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Minimum rent	$ 11,914	$ 11,332	$ 23,800	$ 22,662
Non-lease revenues	155	200	320	272
Total	15,616	15,407	31,166	30,254
Credit (losses) recoveries on operating lease receivables	(137)	83	(190)	(36)
Total Revenue	15,479	15,490	30,976	30,218
Tenant reimbursements - variable lease revenue
Disaggregation of Revenue [Line Items]
Variable lease revenue	3,275	3,333	6,580	6,426
Percentage rent - variable lease revenue
Disaggregation of Revenue [Line Items]
Variable lease revenue	116	157	233	286
Straight-line rents
Disaggregation of Revenue [Line Items]
Variable lease revenue	156	385	233	608
Lease termination fees
Disaggregation of Revenue [Line Items]
Non-lease revenues	32	125	107	129
Other
Disaggregation of Revenue [Line Items]
Non-lease revenues	$ 123	$ 75	$ 213	$ 143

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Corporate General and Administrative Expenses ("CG&A") (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Accounting Policies [Abstract]
Professional fees	$ 565	$ 652	$ 972	$ 1,416
Corporate administration	468	392	914	772
Compensation and benefits	376	338	691	575
Advertising costs for leasing activities	165	21	210	41
Other	99	204	150	385
Total	$ 1,673	$ 1,607	$ 2,937	$ 3,189

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Reclassification (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Reclassification [Line Items]
Preferred Stock dividends - undeclared	$ (2,264)	$ (2,189)	$ (4,528)	$ (4,462)
Net Loss Attributable to Wheeler REIT Common Stockholders	$ (2,316)	$ (4,605)	$ (9,160)	$ (6,538)
Basic (in dollars per share)	$ (0.24)	$ (0.47)	$ (0.94)	$ (0.67)
Diluted (in dollars per share)	$ (0.24)	$ (0.47)	$ (0.94)	$ (0.67)
As Previously Reported
Reclassification [Line Items]
Preferred Stock dividends - undeclared		$ (3,251)		$ (6,592)
Net Loss Attributable to Wheeler REIT Common Stockholders		$ (5,667)		$ (8,668)
Basic (in dollars per share)		$ (0.58)		$ (0.89)
Diluted (in dollars per share)		$ (0.58)		$ (0.89)
Adjustment of Series A Preferred and Series B Preferred undeclared Dividends
Reclassification [Line Items]
Preferred Stock dividends - undeclared		$ 1,062		$ 2,130
Net Loss Attributable to Wheeler REIT Common Stockholders		$ 1,062		$ 2,130
Basic (in dollars per share)		$ 0.11		$ 0.22
Diluted (in dollars per share)		$ 0.11		$ 0.22

Real Estate - Investment Proper

Real Estate - Investment Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Real Estate [Line Items]
Investment properties at cost	$ 454,970	$ 454,358
Less accumulated depreciation	(71,817)	(67,628)
Investment properties, net	383,153	386,730
Land and land improvements
Real Estate [Line Items]
Investment properties at cost	95,864	96,752
Buildings and improvements
Real Estate [Line Items]
Investment properties at cost	$ 359,106	$ 357,606

Real Estate - Additional Inform

Real Estate - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) a	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) a	Jun. 30, 2021 USD ($)
Business Acquisition [Line Items]
Depreciation expense	$ 2,790	$ 2,700	$ 5,581	$ 5,389
Impairment of assets held for sale	$ 100	2,200	$ 760	2,200
Harbor Pointe Associates, LLC | Discontinued Operations, Held-for-sale
Business Acquisition [Line Items]
Area of land | a	5		5
Impairment of assets held for sale	$ 100	$ 2,200	$ 760	$ 2,200

Real Estate - Assets Held for S

Real Estate - Assets Held for Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Total assets held for sale	$ 419	$ 2,047
Liabilities
Loans payable	0	3,381
Held-for-sale, Not Discontinued Operations
Assets
Investment properties, net	419	1,824
Rents and other tenant receivables, net	0	18
Deferred costs and other assets, net	0	205
Total assets held for sale	419	2,047
Liabilities
Loans payable	0	3,145
Accounts payable, accrued expenses and other liabilities	0	236
Total liabilities associated with assets held for sale	$ 0	$ 3,381

Real Estate - Dispositions (Det

Real Estate - Dispositions (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Thousands	Jan. 11, 2022 USD ($)	Mar. 25, 2021 USD ($) a
Walnut Hill Plaza
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contract Price	$ 1,986
Gain (loss)	(15)
Net Proceeds	$ 1,786
Berkley Shopping Center and Berkley Land Parcel
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land | a		0.75
Contract Price		$ 4,150
Gain (loss)		176
Net Proceeds		$ 3,937

Deferred Costs and Other Asse_3

Deferred Costs and Other Assets, Net - Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 14,439	$ 11,973
Lease origination costs, net	1,647	1,474
Prepaid expenses	1,507	413
Tenant relationships, net	673	853
Other	564	33
Leases In Place, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	6,398	7,519
Ground Lease Sandwich Interest, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	1,530	1,667
Legal and marketing costs, net
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	11	14
Acquisition costs
Finite-Lived Intangible Assets [Line Items]
Deferred costs and other assets, net	$ 2,109	$ 0

Deferred Costs and Other Asse_4

Deferred Costs and Other Assets, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Finite-lived intangible assets, accumulated amortization	$ 60,710		$ 60,710		$ 62,940
Amortization of intangible assets	$ 833	$ 941	$ 1,660	$ 1,970

Deferred Costs and Other Asse_5

Deferred Costs and Other Assets, Net - Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Finite-Lived Intangible Assets [Line Items]
For the remaining six months ending December 31, 2022	$ 1,438
December 31, 2023	2,363
December 31, 2024	1,732
December 31, 2025	1,315
December 31, 2026	866
December 31, 2027	697
Thereafter	1,848
Total	10,259
Leases In Place, net
Finite-Lived Intangible Assets [Line Items]
For the remaining six months ending December 31, 2022	998
December 31, 2023	1,607
December 31, 2024	1,106
December 31, 2025	789
December 31, 2026	417
December 31, 2027	272
Thereafter	1,209
Total	6,398
Lease Origination Costs, net
Finite-Lived Intangible Assets [Line Items]
For the remaining six months ending December 31, 2022	130
December 31, 2023	255
December 31, 2024	223
December 31, 2025	190
December 31, 2026	164
December 31, 2027	140
Thereafter	545
Total	1,647
Ground Lease Sandwich Interest, net
Finite-Lived Intangible Assets [Line Items]
For the remaining six months ending December 31, 2022	137
December 31, 2023	274
December 31, 2024	274
December 31, 2025	274
December 31, 2026	274
December 31, 2027	274
Thereafter	23
Total	1,530
Tenant Relationships, net
Finite-Lived Intangible Assets [Line Items]
For the remaining six months ending December 31, 2022	170
December 31, 2023	222
December 31, 2024	126
December 31, 2025	62
December 31, 2026	11
December 31, 2027	11
Thereafter	71
Total	673
Legal & Marketing Costs, net
Finite-Lived Intangible Assets [Line Items]
For the remaining six months ending December 31, 2022	3
December 31, 2023	5
December 31, 2024	3
December 31, 2025	0
December 31, 2026	0
December 31, 2027	0
Thereafter	0
Total	$ 11

Loans Payable - Summary of Loan

Loans Payable - Summary of Loans Payable (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Loans payable, net	$ 338,663,000	$ 333,283,000
Total Principal Balance	350,877,000	346,262,000
Unamortized debt issuance cost	(12,214,000)	(9,834,000)
Total Loans Payable, including assets held for sale	338,663,000	336,428,000
Less loans payable on assets held for sale, net loan amortization costs	$ 0	3,145,000
Convertible Notes | Senior Subordinated Convertible Notes
Debt Instrument [Line Items]
Interest Rate	7%
Loans payable, net	$ 33,000,000	33,000,000
JANAF
Debt Instrument [Line Items]
Monthly Payment	$ 333,159
Interest Rate	4.49%
Loans payable, net	$ 46,125,000	47,065,000
JANAF Bravo
Debt Instrument [Line Items]
Monthly Payment	$ 35,076
Interest Rate	5%
Loans payable, net	$ 5,875,000	5,936,000
Cypress Shopping Center
Debt Instrument [Line Items]
Monthly Payment	$ 34,360
Interest Rate	4.70%
Loans payable, net	$ 5,968,000	6,031,000
Port Crossing
Debt Instrument [Line Items]
Monthly Payment	$ 34,788
Interest Rate	4.84%
Loans payable, net	$ 5,710,000	5,778,000
Freeway Junction
Debt Instrument [Line Items]
Monthly Payment	$ 41,798
Interest Rate	4.60%
Loans payable, net	$ 7,353,000	7,431,000
Harrodsburg Marketplace
Debt Instrument [Line Items]
Monthly Payment	$ 19,112
Interest Rate	4.55%
Loans payable, net	$ 3,227,000	3,267,000
Bryan Station
Debt Instrument [Line Items]
Monthly Payment	$ 23,489
Interest Rate	4.52%
Loans payable, net	$ 4,181,000	4,226,000
Crockett Square
Debt Instrument [Line Items]
Interest Rate	4.47%
Loans payable, net	$ 6,338,000	6,338,000
Pierpont Centre
Debt Instrument [Line Items]
Monthly Payment	$ 39,435
Interest Rate	4.15%
Loans payable, net	$ 7,789,000	7,861,000
Shoppes at Myrtle Park
Debt Instrument [Line Items]
Monthly Payment	$ 33,180
Interest Rate	4.45%
Loans payable, net	$ 5,686,000	5,757,000
Alex City Marketplace
Debt Instrument [Line Items]
Interest Rate	3.95%
Loans payable, net	$ 5,750,000	5,750,000
Butler Square
Debt Instrument [Line Items]
Interest Rate	3.90%
Loans payable, net	$ 5,640,000	5,640,000
Brook Run Shopping Center
Debt Instrument [Line Items]
Interest Rate	4.08%
Loans payable, net	$ 10,950,000	10,950,000
Beaver Ruin Village I and II
Debt Instrument [Line Items]
Interest Rate	4.73%
Loans payable, net	$ 9,400,000	9,400,000
Sunshine Shopping Plaza
Debt Instrument [Line Items]
Interest Rate	4.57%
Loans payable, net	$ 5,900,000	5,900,000
Barnett Portfolio
Debt Instrument [Line Items]
Interest Rate	4.30%
Loans payable, net	$ 8,770,000	8,770,000
Fort Howard Shopping Center
Debt Instrument [Line Items]
Interest Rate	4.57%
Loans payable, net	$ 7,100,000	7,100,000
Conyers Crossing
Debt Instrument [Line Items]
Interest Rate	4.67%
Loans payable, net	$ 5,960,000	5,960,000
Grove Park Shopping Center
Debt Instrument [Line Items]
Interest Rate	4.52%
Loans payable, net	$ 3,800,000	3,800,000
Parkway Plaza
Debt Instrument [Line Items]
Interest Rate	4.57%
Loans payable, net	$ 3,500,000	3,500,000
Winslow Plaza
Debt Instrument [Line Items]
Monthly Payment	$ 24,295
Interest Rate	4.82%
Loans payable, net	$ 4,446,000	4,483,000
JANAF BJ's
Debt Instrument [Line Items]
Monthly Payment	$ 29,964
Interest Rate	4.95%
Loans payable, net	$ 4,663,000	4,725,000
Tuckernuck
Debt Instrument [Line Items]
Monthly Payment	$ 32,202
Interest Rate	5%
Loans payable, net	$ 4,984,000	5,052,000
Chesapeake Square
Debt Instrument [Line Items]
Monthly Payment	$ 23,857
Interest Rate	4.70%
Loans payable, net	$ 4,150,000	4,192,000
Sangaree/Tri-County
Debt Instrument [Line Items]
Monthly Payment	$ 32,329
Interest Rate	4.78%
Loans payable, net	$ 6,131,000	6,176,000
Riverbridge
Debt Instrument [Line Items]
Interest Rate	4.48%
Loans payable, net	$ 4,000,000	4,000,000
Franklin Village | Line of Credit
Debt Instrument [Line Items]
Monthly Payment	$ 45,336
Interest Rate	4.93%
Loans payable, net	$ 8,211,000	8,277,000
Village of Martinsville
Debt Instrument [Line Items]
Monthly Payment	$ 89,664
Interest Rate	4.28%
Loans payable, net	$ 15,386,000	15,589,000
Laburnum Square
Debt Instrument [Line Items]
Interest Rate	4.28%
Loans payable, net	$ 7,665,000	7,665,000
Rivergate
Debt Instrument [Line Items]
Monthly Payment	$ 100,222
Interest Rate	4.25%
Loans payable, net	$ 18,219,000	18,430,000
Guggenheim Loan Agreement
Debt Instrument [Line Items]
Interest Rate	4.25%
Loans payable, net	$ 75,000,000	0
Walnut Hill Plaza
Debt Instrument [Line Items]
Monthly Payment	$ 26,850
Interest Rate	5.50%
Loans payable, net	$ 0	3,145,000
Litchfield Market Village
Debt Instrument [Line Items]
Monthly Payment	$ 46,057
Interest Rate	5.50%
Loans payable, net	$ 0	7,312,000
Twin City Commons
Debt Instrument [Line Items]
Monthly Payment	$ 17,827
Interest Rate	4.86%
Loans payable, net	$ 0	2,843,000
New Market
Debt Instrument [Line Items]
Monthly Payment	$ 48,747
Interest Rate	5.65%
Loans payable, net	$ 0	6,291,000
Benefit Street Note | Line of Credit | Benefit Street
Debt Instrument [Line Items]
Monthly Payment	$ 53,185
Interest Rate	5.71%
Loans payable, net	$ 0	6,914,000
Deutsche Bank Note | Line of Credit | Deutsche Bank Note
Debt Instrument [Line Items]
Monthly Payment	$ 33,340
Interest Rate	5.71%
Loans payable, net	$ 0	5,488,000
First National Bank | Line of Credit | First National Bank
Debt Instrument [Line Items]
Monthly Payment	24,656
Loans payable, net	$ 0	789,000
First National Bank | Line of Credit | LIBOR | First National Bank
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Lumber River
Debt Instrument [Line Items]
Monthly Payment	$ 10,723
Loans payable, net	$ 0	1,296,000
Lumber River | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.50%
Tampa Festival
Debt Instrument [Line Items]
Monthly Payment	$ 50,797
Interest Rate	5.56%
Loans payable, net	$ 0	7,753,000
Forrest Gallery
Debt Instrument [Line Items]
Monthly Payment	$ 50,973
Interest Rate	5.40%
Loans payable, net	$ 0	8,060,000
South Carolina Food Lions Note | Line of Credit | South Carolina Food Lions
Debt Instrument [Line Items]
Monthly Payment	$ 68,320
Interest Rate	5.25%
Loans payable, net	$ 0	11,259,000
Folly Road
Debt Instrument [Line Items]
Monthly Payment	$ 41,482
Interest Rate	4.65%
Loans payable, net	$ 0	$ 7,063,000

Loans Payable - Additional Info

Loans Payable - Additional Information (Details)				3 Months Ended		6 Months Ended
	Jun. 17, 2022 USD ($) loan	Feb. 17, 2022 USD ($)	Jan. 11, 2022 USD ($)	Jun. 30, 2022 USD ($) property	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) property shares	Jun. 30, 2021 USD ($)
Debt Instrument [Line Items]
Interest expense				$ 7,501,000	$ 5,215,000	$ 12,129,000	$ 14,176,000
Defeasance						$ 1,458,000	$ 687,000
Guggenheim Loan Agreement
Debt Instrument [Line Items]
Number of collateral real estate properties | property				22		22
Convertible Notes | 7.00% Senior Subordinated Convertible Notes due 2031
Debt Instrument [Line Items]
Interest expense, adjusted for VWAP discount				$ 578,000		$ 1,160,000
Payment of interest expense (in shares) | shares						432,994
Interest expense						$ 2,100,000
Secured Debt | Guggenheim Loan Agreement
Debt Instrument [Line Items]
Interest rate, percent	4.25%
Debt issued	$ 75,000,000
Debt instrument, amortization term	30 years
Number loans refinanced | loan	11
Defeasance	$ 1,460,000
Rivergate
Debt Instrument [Line Items]
Debt term (in years)						5 years
Interest rate, percent				4.25%		4.25%
Rivergate | Minimum
Debt Instrument [Line Items]
Interest rate, percent				4.25%		4.25%
Rivergate | US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate						2.70%
Walnut Hill Plaza
Debt Instrument [Line Items]
Interest rate, percent				5.50%		5.50%
Repayments of debt		$ 1,340,000	$ 1,790,000

Loans Payable - Summary of Comp

Loans Payable - Summary of Company's Scheduled Principal Repayments on Indebtedness (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Debt Disclosure [Abstract]
For the remaining six months ended December 31, 2022	$ 2,207
December 31, 2023	47,774
December 31, 2024	39,512
December 31, 2025	85,483
December 31, 2026	23,531
December 31, 2027	9,313
Thereafter	143,057
Total principal repayments and debt maturities	$ 350,877

Derivative Liabilities - Schedu

Derivative Liabilities - Schedule of Warrants to Purchase Common Stock (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants outstanding	$ 6,653,000	$ 4,776,000
Exercise Price $3.120
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants outstanding	$ 496,415
Conversion price (in dollars per share)	$ 3.120
Exercise Price $3.430
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants outstanding	$ 510,204
Conversion price (in dollars per share)	$ 3.430
Exercise Price $4.125
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants outstanding	$ 424,242
Conversion price (in dollars per share)	$ 4.125
Exercise Price $6.875
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants outstanding	$ 127,273
Conversion price (in dollars per share)	$ 6.875

Derivative Liabilities - Monte

Derivative Liabilities - Monte Carlo Model (Details)	Jun. 30, 2022 $ / shares	Dec. 31, 2021 $ / shares
Common Stock price
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	2.54	1.94
Contractual term to maturity
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, term	3 years	3 years 6 months
Expected market volatility % | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.7646	0.7012
Expected market volatility % | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.8947	0.8100
Risk-free interest rate | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.0286	0.0072
Risk-free interest rate | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Warrants and rights outstanding, measurement input	0.0300	0.0116

Derivative Liabilities - Multin

Derivative Liabilities - Multinomial Lattice Model (Details) - 7.00% Senior Subordinated Convertible Notes due 2031	Jun. 30, 2022 $ / shares	Dec. 31, 2021 $ / shares
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Conversion price (in dollars per share)	$ 6.25	$ 6.25
Common Stock price
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	2.54	1.94
Contractual term to maturity
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	9.5	10.1
Expected market volatility %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.8000	0.8000
Risk-free interest rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0297	0.0151
Traded WHLRL price, % of par
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	1.1600	1.1396

Derivative Liabilities - Change

Derivative Liabilities - Changes in Fair Value of the Derivative Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at the beginning of period	$ 4,776	$ 594
Issuances	0	5,932
Changes in fair value	1,877	(3,768)
Balance at ending of period	6,653	4,776
Wilmington Financing Agreement
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Issuances	$ 0	$ 2,018

Rentals under Operating Lease_2

Rentals under Operating Leases (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Leases [Abstract]
For the remaining six months ended December 31, 2022	$ 24,136
December 31, 2023	45,911
December 31, 2024	39,186
December 31, 2025	31,939
December 31, 2026	23,876
December 31, 2027	16,701
Thereafter	42,931
Total minimum rents	$ 224,680

Equity and Mezzanine Equity - A

Equity and Mezzanine Equity - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Equity [Line Items]
Preferred stock, amount of preferred dividends in arrears			$ 30,400,000
Dividends declared, common stock	$ 0	$ 0	$ 0	$ 0
Series A Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares)	562		562		562
Preferred stock shares issued (in shares)	562		562		562
Preferred stock, liquidation price per share (in dollars per share)	$ 1,000		$ 1,000		$ 1,000
Preferred stock, liquidation preference, value	$ 562,000		$ 562,000		$ 562,000
Preferred stock, shares authorized (in shares)	4,500		4,500		4,500
Series B Preferred Stock
Equity [Line Items]
Preferred stock, shares outstanding (in shares)	2,301,337		2,301,337		1,872,448
Preferred stock shares issued (in shares)	2,301,337		2,301,337		1,872,448
Preferred stock, liquidation price per share (in dollars per share)	$ 25		$ 25		$ 25
Preferred stock, liquidation preference, value	$ 57,530,000		$ 57,530,000		$ 46,810,000
Preferred stock, shares authorized (in shares)	5,000,000		5,000,000		5,000,000
Series D Preferred
Equity [Line Items]
Preferred stock, shares outstanding (in shares)	3,152,392		3,152,392		3,152,392
Preferred stock shares issued (in shares)	3,152,392		3,152,392		3,152,392
Preferred stock, liquidation price per share (in dollars per share)	$ 25		$ 25		$ 25
Preferred stock, shares authorized (in shares)	6,000,000		6,000,000		6,000,000
Preferred stock, liquidation preference, value	$ 109,210,000		$ 109,210,000		$ 104,970,000
Preferred stock, per share amounts of preferred dividends in arrears (in dollars per share)			$ 9.64
Preferred stock, amount of preferred dividends in arrears	$ 2,118,000	$ 2,042,000	$ 4,236,000	$ 4,153,000

Equity and Mezzanine Equity - C

Equity and Mezzanine Equity - Changes in Carrying Value of Series D Preferred (Details) - Series D Preferred - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning Balance	$ 94,791	$ 92,548	$ 87,321	$ 95,563
Accretion of Preferred Stock discount	124	125	125	140
Undeclared dividends	2,118	2,118	2,042	2,111
Redemption of Preferred Stock			(2,882)	(10,493)
Ending Balance	$ 97,033	$ 94,791	$ 86,606	$ 87,321

Equity and Mezzanine Equity -_2

Equity and Mezzanine Equity - Antidilutive Securities Excluded From Calculation of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding (in shares)	2,301,337	1,872,448
Potential dilutive shares (in shares)	1,438,336
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred stock, shares outstanding (in shares)	3,152,392
Potential dilutive shares (in shares)	6,439,132
Common units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common units (in shares)	145,723
Potential dilutive shares (in shares)	145,723
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	1,558,134
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive shares (in shares)	25,078,898

Equity and Mezzanine Equity - D

Equity and Mezzanine Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Arrears			$ 30,400
Series D Preferred
Class of Stock [Line Items]
Arrears	$ 2,118	$ 2,042	$ 4,236	$ 4,153
Per Share (in dollars per share)	$ 0.67	$ 0.67	$ 1.34	$ 1.34

Lease Commitments - Additional

Lease Commitments - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) option	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) option	Jun. 30, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	30 years	31 years	30 years	31 years
Total rent expense | $	$ 264	$ 267	$ 528	$ 532
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, number of renew options | option	1		1
Operating lease term	5 years		5 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease term	50 years		50 years

Lease Commitments - Supplementa

Lease Commitments - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 226	$ 226	$ 452	$ 451

Lease Commitments - Undiscounte

Lease Commitments - Undiscounted Cash Flows of Scheduled Obligations Under Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
For the remaining six months ended December 31, 2022	$ 453
December 31, 2023	907
December 31, 2024	909
December 31, 2025	913
December 31, 2026	943
December 31, 2027	946
Thereafter	21,897
Total minimum lease payments	26,968
Discount	(14,012)
Operating lease liabilities	12,956	$ 13,040
Operating lease options to extend	$ 7,540

Commitments and Contingencies (

Commitments and Contingencies (Details)		3 Months Ended		6 Months Ended
	Mar. 15, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Sep. 01, 2011 USD ($) semi-annualInstallment
Guarantor Subsidiaries | Grove Economic Development Authority | Grove Economic Development Authority Tax Increment Revenue Note | Notes Payable, Other Payables | Harbor Pointe Associates, LLC
Loss Contingencies [Line Items]
Debt issued						$ 2,420,000
Number of semi-annual payment installments | semi-annualInstallment						50
Guarantor obligations, maximum exposure amount						$ 2,110,000
Guarantor obligations, amount funded		$ 0	$ 0	$ 0	$ 44,000
Amounts accrued for guarantor obligations		$ 0		$ 0
Guarantor Subsidiaries | Grove Economic Development Authority | Grove Economic Development Authority Tax Increment Revenue Note | Notes Payable, Other Payables | Harbor Pointe Associates, LLC | Minimum
Loss Contingencies [Line Items]
Interest rate, percent						2.29%
Guarantor Subsidiaries | Grove Economic Development Authority | Grove Economic Development Authority Tax Increment Revenue Note | Notes Payable, Other Payables | Harbor Pointe Associates, LLC | Maximum
Loss Contingencies [Line Items]
Interest rate, percent						14%
David Kelly v. Wheeler Real Estate Investment Trust, Inc. | Settled Litigation
Loss Contingencies [Line Items]
Amount awarded to other party	$ 340,000
Interest awarded, percent	6%
Payments for legal settlements	$ 691,000
David Kelly v. Wheeler Real Estate Investment Trust, Inc. | Settled Litigation | Attorneys' Fees
Loss Contingencies [Line Items]
Payments for legal settlements	$ 311,000
Southeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent		61%		61%
Mid Atlantic
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent		35%		35%
Northeast
Loss Contingencies [Line Items]
Percentage accounted by properties of its annualized base rent		4%		4%

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands		6 Months Ended
	Jul. 06, 2022 USD ($) loan	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Subsequent Event [Line Items]
Loans payable, net		$ 338,663		$ 333,283
Defeasance		1,458	$ 687
JANAF
Subsequent Event [Line Items]
Loans payable, net		$ 46,125		$ 47,065
Interest rate, percent		4.49%
Subsequent Event | JANAF
Subsequent Event [Line Items]
Loans payable, net	$ 60,000
Interest rate, percent	5.31%
Number loans refinanced | loan	3
Defeasance	$ 1,160