FORM |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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Large accelerated filer | ¨ | Accelerated filer | ¨ | |||||||||||||||||
ý | Smaller reporting company | |||||||||||||||||||
Emerging growth company |
Page | ||||||||
PART I – FINANCIAL INFORMATION | ||||||||
Item 1. | Financial Statements | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II – OTHER INFORMATION | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
ASSETS: | |||||||||||
Investment properties, net | $ | $ | |||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Rents and other tenant receivables, net | |||||||||||
Assets held for sale | |||||||||||
Above market lease intangibles, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Deferred costs and other assets, net | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES: | |||||||||||
Loans payable, net | $ | $ | |||||||||
Liabilities associated with assets held for sale | |||||||||||
Below market lease intangibles, net | |||||||||||
Derivative liabilities | |||||||||||
Operating lease liabilities | |||||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Total Liabilities | |||||||||||
Series D Cumulative Convertible Preferred Stock ( | |||||||||||
EQUITY: | |||||||||||
Series A Preferred Stock ( | |||||||||||
Series B Convertible Preferred Stock ( | |||||||||||
Common Stock ($ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Total Stockholders’ (Deficit) Equity | ( | ||||||||||
Noncontrolling interests | |||||||||||
Total Equity | |||||||||||
Total Liabilities and Equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
REVENUE: | |||||||||||||||||||||||
Rental revenues | $ | $ | $ | $ | |||||||||||||||||||
Other revenues | |||||||||||||||||||||||
Total Revenue | |||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||
Property operations | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Impairment of assets held for sale | |||||||||||||||||||||||
Corporate general & administrative | |||||||||||||||||||||||
Total Operating Expenses | |||||||||||||||||||||||
(Loss) gain on disposal of properties | ( | ||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Net changes in fair value of derivative liabilities | ( | ( | |||||||||||||||||||||
Other income | |||||||||||||||||||||||
Other expense | ( | ( | ( | ||||||||||||||||||||
Net (Loss) Income Before Income Taxes | ( | ( | ( | ||||||||||||||||||||
Income tax expense | ( | ||||||||||||||||||||||
Net (Loss) Income | ( | ( | ( | ||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | |||||||||||||||||||||||
Net (Loss) Income Attributable to Wheeler REIT | ( | ( | ( | ||||||||||||||||||||
Preferred Stock dividends - undeclared | ( | ( | ( | ( | |||||||||||||||||||
Deemed contribution related to preferred stock redemption | |||||||||||||||||||||||
Net (Loss) Income Attributable to Wheeler REIT Common Stockholders | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
(Loss) income per share: | |||||||||||||||||||||||
Basic and Diluted | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Weighted-average number of shares: | |||||||||||||||||||||||
Basic and Diluted | |||||||||||||||||||||||
Series A | Series B | Total Stockholders’ (Deficit) Equity | Noncontrolling | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Units | Value | (Deficit) Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of Series B Preferred Stock discount | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series B Preferred Stock to Common Stock | — | — | ( | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions | — | — | — | — | — | — | — | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (Loss) Income | — | — | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 (Unaudited) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of Series B Preferred Stock discount | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for noncontrolling interest in operating partnership | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Operating Partnership units to Common Stock | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Paid-in-kind interest, issuance of Series B Preferred Stock | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions | — | — | — | — | — | — | — | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss | — | — | — | — | — | — | — | ( | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 (Unaudited) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of Series B Preferred Stock discount | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for noncontrolling interest in operating partnership | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Operating Partnership units to Common Stock | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests assumed from the acquisition (1) | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions | — | — | — | — | — | — | — | ( | ( | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (Loss) Income | — | — | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 (Unaudited) | $ | $ | $ | $ | $ | ( | $ | ( | $ |
Series A | Series B | Total Stockholders’ (Deficit) Equity | Noncontrolling | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Units | Value | (Deficit) Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of Series B Preferred Stock discount | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of operating partnership units to Common Stock | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for noncontrolling interest in operating partnership | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions | — | — | — | — | — | — | — | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed contribution related to preferred stock redemption | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (Loss) Income | — | — | — | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 (Unaudited) | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of Series B Preferred Stock discount | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of operating partnership units to Common Stock | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for noncontrolling interest in operating partnership | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions | — | — | — | — | — | — | — | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deemed contribution related to preferred stock redemption | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss | — | — | — | — | — | — | — | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2021 (Unaudited) | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of Series B Preferred Stock discount | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of operating partnership units to Common Stock | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of Series B Preferred Stock to Common Stock | — | — | ( | ( | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for noncontrolling interest in operating partnership | — | — | — | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions | — | — | — | — | — | — | — | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2021 (Unaudited) | $ | $ | $ | $ | $ | ( | $ | $ |
For the Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile consolidated net loss to net cash provided by operating activities: | |||||||||||
Depreciation | |||||||||||
Amortization | |||||||||||
Loan cost amortization | |||||||||||
Changes in fair value of derivative liabilities | ( | ||||||||||
Above (below) market lease amortization, net | |||||||||||
Paid-in-kind interest | |||||||||||
Straight-line expense | |||||||||||
Loss (gain) on disposal of properties | ( | ||||||||||
Credit losses on operating lease receivables | |||||||||||
Impairment of assets held for sale | |||||||||||
Net changes in assets and liabilities: | |||||||||||
Rents and other tenant receivables, net | |||||||||||
Unbilled rent | ( | ( | |||||||||
Deferred costs and other assets, net | ( | ||||||||||
Accounts payable, accrued expenses and other liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Investment property acquisitions, net of cash acquired | ( | ||||||||||
Capital expenditures | ( | ( | |||||||||
Cash received from disposal of properties | |||||||||||
Net cash (used in) provided by investing activities | ( | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Payments for deferred financing costs | ( | ( | |||||||||
Loan proceeds | |||||||||||
Loan principal payments | ( | ( | |||||||||
Preferred stock redemption | ( | ||||||||||
Loan prepayment penalty | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | |||||||||||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | $ | $ | |||||||||
Supplemental Disclosures: | |||||||||||
Non-Cash Transactions: | |||||||||||
Paycheck Protection Program forgiveness | $ | $ | |||||||||
Initial fair value of warrants | $ | $ | |||||||||
Initial fair value of derivative liability at issuance of convertible notes | $ | $ | |||||||||
Conversion of common units to common stock | $ | $ | |||||||||
Conversion of Series B Preferred Stock to common stock | $ | $ | |||||||||
Accretion of Preferred Stock discounts | $ | $ | |||||||||
Deemed contribution related to Preferred Stock discount | $ | $ | |||||||||
Other Cash Transactions: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
The following table provides a reconciliation of cash, cash equivalents and restricted cash: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Cash, cash equivalents, and restricted cash | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Minimum rent | $ | $ | $ | $ | |||||||||||||||||||
Tenant reimbursements - variable lease revenue | |||||||||||||||||||||||
Percentage rent - variable lease revenue | |||||||||||||||||||||||
Straight-line rents | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total | |||||||||||||||||||||||
Credit losses on operating lease receivables | ( | ( | ( | ( | |||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Professional fees | $ | $ | $ | $ | |||||||||||||||||||
Compensation and benefits | |||||||||||||||||||||||
Corporate administration | |||||||||||||||||||||||
Advertising costs for leasing activities | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, 2021 | Nine Months Ended September 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 | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Net (Loss) Income Attributable to Wheeler REIT Common Stockholders | $ | ( | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
(Loss) Income per share, Basic and Diluted | $ | ( | $ | $ | $ | ( | $ | $ | ( |
September 30, 2022 | December 31, 2021 | ||||||||||
Land and land improvements | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Investment properties at cost | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Investment properties, net | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Investment properties, net | $ | $ | ||||||||||||
Rents and other tenant receivables, net | ||||||||||||||
Deferred costs and other assets, net | ||||||||||||||
Total assets held for sale | $ | $ |
September 30, 2022 | December 31, 2021 | |||||||||||||
Loans payable | $ | $ | ||||||||||||
Accounts payable, accrued expenses and other liabilities | ||||||||||||||
Total liabilities associated with assets held for sale | $ | $ |
Disposal Date | Property | Contract Price | Gain (loss) | Net Proceeds | ||||||||||||||||||||||
January 11, 2022 | Walnut Hill Plaza | $ | $ | ( | $ | |||||||||||||||||||||
August 31, 2021 | Rivergate Shopping Center Out Parcel | |||||||||||||||||||||||||
July 9, 2021 | Tulls Creek Land Parcel ( | |||||||||||||||||||||||||
March 25, 2021 | Berkley Shopping Center and Berkley Land Parcel ( |
Building and building improvements (a) | $ | |||||||
Land and land improvements (a) | ||||||||
Lease intangibles (b) | ||||||||
Above market lease (c) | ||||||||
Right of use asset adjustment, ground lease (d) | ||||||||
Cash, accounts receivable and other assets | ||||||||
Total assets acquired | ||||||||
Below market lease (c) | ( | |||||||
Lease Liabilities, ground lease (d) | ( | |||||||
Accounts payable and other liabilities | ( | |||||||
Total liabilities acquired | ( | |||||||
Noncontrolling interest (e) | ( | |||||||
Purchase price allocation of net assets acquired, excluding noncontrolling interests | $ | |||||||
Purchase consideration: (f) | ||||||||
Cash merger consideration | $ | |||||||
Capitalized acquisition costs | ||||||||
$ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Rental revenues | $ | $ | $ | $ | |||||||||||||||||||
Net (Loss) Income from continuing operations | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Net (Loss) Income attributable to Wheeler REIT | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Net loss attributable to Wheeler REIT common shareholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Basic loss per share | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Diluted loss per share | $ | ( | $ | ( | $ | ( | $ | ( |
September 30, 2022 | December 31, 2021 | ||||||||||
Leases in place, net | $ | $ | |||||||||
Lease origination costs, net | |||||||||||
Ground lease sandwich interest, net | |||||||||||
Tenant relationships, net | |||||||||||
Legal and marketing costs, net | |||||||||||
Prepaid expenses | |||||||||||
Other | |||||||||||
Total deferred costs and other assets, net | $ | $ |
Leases In Place, net | Lease Origination Costs, net | Ground Lease Sandwich Interest, net | Tenant Relationships, net | Legal & Marketing Costs, net | Total | |||||||||||||||||||||||||||||||||
For the remaining three months ending December 31, 2022 | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
December 31, 2026 | ||||||||||||||||||||||||||||||||||||||
December 31, 2027 | ||||||||||||||||||||||||||||||||||||||
Thereafter | ||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Property/Description | Monthly Payment | Interest Rate | Maturity | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||
KeyBank-Cedar Agreement(5) | Interest only | Variable | August 2023 | $ | $ | |||||||||||||||||||||||||||
Cypress Shopping Center | $ | % | July 2024 | |||||||||||||||||||||||||||||
Port Crossing | $ | % | August 2024 | |||||||||||||||||||||||||||||
Freeway Junction | $ | % | September 2024 | |||||||||||||||||||||||||||||
Harrodsburg Marketplace | $ | % | September 2024 | |||||||||||||||||||||||||||||
Bryan Station | $ | % | November 2024 | |||||||||||||||||||||||||||||
Crockett Square | Interest only | % | December 2024 | |||||||||||||||||||||||||||||
Pierpont Centre | $ | % | February 2025 | |||||||||||||||||||||||||||||
Shoppes at Myrtle Park | $ | % | February 2025 | |||||||||||||||||||||||||||||
Alex City Marketplace | Interest only | % | April 2025 | |||||||||||||||||||||||||||||
Butler Square | Interest only | % | May 2025 | |||||||||||||||||||||||||||||
Brook Run Shopping Center | Interest only | % | June 2025 | |||||||||||||||||||||||||||||
Beaver Ruin Village I and II | Interest only | % | July 2025 | |||||||||||||||||||||||||||||
Sunshine Shopping Plaza | Interest only | % | August 2025 | |||||||||||||||||||||||||||||
Barnett Portfolio (2) | Interest only | % | September 2025 | |||||||||||||||||||||||||||||
Fort Howard Shopping Center | Interest only | % | October 2025 | |||||||||||||||||||||||||||||
Conyers Crossing | Interest only | % | October 2025 | |||||||||||||||||||||||||||||
Grove Park Shopping Center | Interest only | % | October 2025 | |||||||||||||||||||||||||||||
Parkway Plaza | Interest only | % | October 2025 | |||||||||||||||||||||||||||||
Winslow Plaza | $ | % | December 2025 | |||||||||||||||||||||||||||||
Tuckernuck | $ | % | March 2026 | |||||||||||||||||||||||||||||
Chesapeake Square | $ | % | August 2026 | |||||||||||||||||||||||||||||
Sangaree/Tri-County | $ | % | December 2026 | |||||||||||||||||||||||||||||
Riverbridge | Interest only | % | December 2026 | |||||||||||||||||||||||||||||
Franklin Village | $ | % | January 2027 | |||||||||||||||||||||||||||||
Village of Martinsville | $ | % | July 2029 | |||||||||||||||||||||||||||||
Laburnum Square | Interest only | % | September 2029 | |||||||||||||||||||||||||||||
Rivergate (3) | $ | % | September 2031 | |||||||||||||||||||||||||||||
Convertible Notes | Interest only | % | December 2031 | |||||||||||||||||||||||||||||
Guggenheim Loan Agreement (4) | Interest only | % | July 2032 | |||||||||||||||||||||||||||||
JANAF Loan Agreement (6) | Interest only | % | July 2032 | |||||||||||||||||||||||||||||
Walnut Hill Plaza | $ | % | March 2023 | |||||||||||||||||||||||||||||
Litchfield Market Village | $ | % | November 2022 | |||||||||||||||||||||||||||||
Twin City Commons | $ | % | January 2023 | |||||||||||||||||||||||||||||
New Market | $ | % | June 2023 | |||||||||||||||||||||||||||||
Benefit Street Note | $ | % | June 2023 | |||||||||||||||||||||||||||||
Deutsche Bank Note | $ | % | July 2023 | |||||||||||||||||||||||||||||
First National Bank | $ | LIBOR + | August 2023 | |||||||||||||||||||||||||||||
Lumber River | $ | LIBOR + | September 2023 | |||||||||||||||||||||||||||||
Tampa Festival | $ | % | September 2023 | |||||||||||||||||||||||||||||
Forrest Gallery | $ | % | September 2023 | |||||||||||||||||||||||||||||
South Carolina Food Lions Note | $ | % | January 2024 | |||||||||||||||||||||||||||||
Folly Road | $ | % | March 2025 | |||||||||||||||||||||||||||||
JANAF | $ | % | July 2023 | |||||||||||||||||||||||||||||
JANAF Bravo | $ | % | May 2024 | |||||||||||||||||||||||||||||
JANAF BJ's | $ | % | January 2026 | |||||||||||||||||||||||||||||
Total Principal Balance (1) | ||||||||||||||||||||||||||||||||
Unamortized debt issuance cost (1) | ( | ( | ||||||||||||||||||||||||||||||
Total Loans Payable, including assets held for sale | ||||||||||||||||||||||||||||||||
Less loans payable on assets held for sale, net loan amortization costs | ||||||||||||||||||||||||||||||||
Total Loans Payable, net | $ | $ |
For the remaining three months ended December 31, 2022 | $ | ||||
December 31, 2023 | |||||
December 31, 2024 | |||||
December 31, 2025 | |||||
December 31, 2026 | |||||
December 31, 2027 | |||||
Thereafter | |||||
Total principal repayments and debt maturities | $ |
Warrants | Exercise Price | Expiration Date | ||||||||||||
$ | 12/22/2023 | |||||||||||||
$ | 3/12/2026 | |||||||||||||
$ | 3/12/2026 | |||||||||||||
$ | 3/12/2026 | |||||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Common Stock price | $ | $ | |||||||||
Weighted average contractual term to maturity | |||||||||||
Range of expected market volatility % | |||||||||||
Range of risk free interest rate | |||||||||||
September 30, 2022 | December 31, 2021 | ||||||||||
Conversion price | $ | $ | |||||||||
Common Stock price | $ | $ | |||||||||
Contractual term to maturity | |||||||||||
Expected market volatility % | |||||||||||
Risk-free interest rate | |||||||||||
Traded WHLRL price, % of par |
Nine Months Ended September 30, 2022 | Year Ended December 31, 2021 | ||||||||||
Balance at the beginning of period | $ | $ | |||||||||
Issuance of Wilmington Warrant | |||||||||||
Issuance of embedded derivative | |||||||||||
Changes in fair value | ( | ||||||||||
Balance at ending of period | $ | $ |
For the remaining three months ended December 31, 2022 | $ | ||||
December 31, 2023 | |||||
December 31, 2024 | |||||
December 31, 2025 | |||||
December 31, 2026 | |||||
December 31, 2027 | |||||
Thereafter | |||||
Total minimum rents | $ |
Series D Preferred | |||||
Balance December 31, 2021 | $ | ||||
Accretion of Preferred Stock discount | |||||
Undeclared dividends | |||||
Balance March 31, 2022 | |||||
Accretion of Preferred Stock discount | |||||
Undeclared dividends | |||||
Balance June 30, 2022 | |||||
Accretion of Preferred Stock discount | |||||
Undeclared dividends | |||||
Balance September 30, 2022 | $ |
Series D Preferred | |||||
Balance December 31, 2020 | $ | ||||
Accretion of Preferred Stock discount | |||||
Undeclared dividends | |||||
Redemption of Preferred Stock | ( | ||||
Balance March 31, 2021 | |||||
Accretion of Preferred Stock discount | |||||
Undeclared dividends | |||||
Redemption of Preferred Stock | ( | ||||
Balance June 30, 2021 | |||||
Accretion of Preferred Stock discount | |||||
Undeclared dividends | |||||
Balance September 30, 2021 | $ |
September 30, 2022 | ||||||||||||||||||||||||||
Outstanding shares | Potential Dilutive Shares | |||||||||||||||||||||||||
Common units | ||||||||||||||||||||||||||
Series B Preferred Stock | ||||||||||||||||||||||||||
Series D Preferred Stock | ||||||||||||||||||||||||||
Warrants to purchase Common Stock | — | |||||||||||||||||||||||||
Convertible Notes | — |
Series D Preferred | ||||||||||||||
Record Date/Arrears Date | Arrears | Per Share | ||||||||||||
For the three months ended September 30, 2022 | $ | $ | ||||||||||||
For the nine months ended September 30, 2022 | $ | $ | ||||||||||||
For the three months ended September 30, 2021 | $ | $ | ||||||||||||
For the nine months ended September 30, 2021 | $ | $ |
Three Months Ended September 30 | Nine Months Ended September 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ | $ | $ | $ | |||||||||||||||||||
For the remaining three months ended December 31, 2022 | $ | ||||
December 31, 2023 | |||||
December 31, 2024 | |||||
December 31, 2025 | |||||
December 31, 2026 | |||||
December 31, 2027 | |||||
Thereafter | |||||
Total minimum lease payments (1) | |||||
Discount | ( | ||||
Operating lease liabilities | $ |
Disposal Date | Property | Contract Price | Gain (loss) | Net Proceeds | ||||||||||||||||||||||
(in thousands, unaudited) | ||||||||||||||||||||||||||
January 11, 2022 | Walnut Hill Plaza - Petersburg, VA | $ | 1,986 | $ | (15) | $ | 1,786 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Renewals(1)(3): | |||||||||||||||||||||||
Leases renewed with rate increase (sq feet) | 166,594 | 85,429 | 382,802 | 265,231 | |||||||||||||||||||
Leases renewed with rate decrease (sq feet) | 47,538 | 11,920 | 59,027 | 66,343 | |||||||||||||||||||
Leases renewed with no rate change (sq feet) | 143,060 | 28,140 | 217,711 | 88,493 | |||||||||||||||||||
Total leases renewed (sq feet) | 357,192 | 125,489 | 659,540 | 420,067 | |||||||||||||||||||
Leases renewed with rate increase (count) | 31 | 29 | 75 | 71 | |||||||||||||||||||
Leases renewed with rate decrease (count) | 5 | 1 | 10 | 10 | |||||||||||||||||||
Leases renewed with no rate change (count) | 6 | 6 | 24 | 21 | |||||||||||||||||||
Total leases renewed (count) | 42 | 36 | 109 | 102 | |||||||||||||||||||
Option exercised (count) | 5 | 8 | 12 | 16 | |||||||||||||||||||
Weighted average on rate increases (per sq foot) | $ | 1.18 | $ | 0.94 | $ | 1.22 | $ | 0.80 | |||||||||||||||
Weighted average on rate decreases (per sq foot) | $ | (0.70) | $ | (2.34) | $ | (1.15) | $ | (2.23) | |||||||||||||||
Weighted average rate on all renewals (per sq foot) | $ | 0.46 | $ | 0.42 | $ | 0.61 | $ | 0.15 | |||||||||||||||
Weighted average change over prior rates | 5.47 | % | 3.53 | % | 6.61 | % | 1.48 | % | |||||||||||||||
New Leases(1) (2)(3): | |||||||||||||||||||||||
New leases (sq feet) | 84,874 | 91,163 | 183,064 | 317,622 | |||||||||||||||||||
New leases (count) | 18 | 25 | 56 | 62 | |||||||||||||||||||
Weighted average rate (per sq foot) | $ | 11.21 | $ | 10.01 | $ | 11.99 | $ | 8.77 | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended Changes | Nine Months Ended Changes | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | Change | % Change | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
PROPERTY DATA: | |||||||||||||||||||||||||||||||||||||||||||||||
Number of properties owned and leased at period end (1) | 76 | 59 | 76 | 59 | 17 | an increase | 28.81 | % | 17 | an increase | 28.81 | % | |||||||||||||||||||||||||||||||||||
Aggregate gross leasable area at period end (1) | 8,183,345 | 5,500,233 | 8,183,345 | 5,500,233 | 2,683,112 | an increase | 48.78 | % | 2,683,112 | an increase | 48.78 | % | |||||||||||||||||||||||||||||||||||
Ending leased rate at period end (1) | 92.1 | % | 92.2 | % | 92.1 | % | 92.2 | % | (0.1) | % | a decrease | (0.11) | % | (0.1) | % | a decrease | (0.11) | % | |||||||||||||||||||||||||||||
FINANCIAL DATA: | |||||||||||||||||||||||||||||||||||||||||||||||
Rental revenues | $ | 18,486 | $ | 15,000 | $ | 49,142 | $ | 44,946 | $ | 3,486 | an increase | 23.24 | % | $ | 4,196 | an increase | 9.34 | % | |||||||||||||||||||||||||||||
Other revenues | 232 | 508 | 552 | 780 | (276) | a decrease | (54.33) | % | (228) | a decrease | (29.23) | % | |||||||||||||||||||||||||||||||||||
Total Revenue | 18,718 | 15,508 | 49,694 | 45,726 | 3,210 | an increase | 20.70 | % | 3,968 | an increase | 8.68 | % | |||||||||||||||||||||||||||||||||||
OPERATING EXPENSES: | |||||||||||||||||||||||||||||||||||||||||||||||
Property operations | 6,655 | 5,029 | 16,637 | 14,573 | 1,626 | an increase | 32.33 | % | 2,064 | an increase | 14.16 | % | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 4,981 | 3,678 | 12,222 | 11,033 | 1,303 | an increase | 35.43 | % | 1,189 | an increase | 10.78 | % | |||||||||||||||||||||||||||||||||||
Impairment of assets held for sale | — | — | 760 | 2,200 | — | an increase | — | % | (1,440) | a decrease | (65.45) | % | |||||||||||||||||||||||||||||||||||
Corporate general & administrative | 2,498 | 1,756 | 5,434 | 4,945 | 742 | an increase | 42.26 | % | 489 | an increase | 9.89 | % | |||||||||||||||||||||||||||||||||||
Total Operating Expenses | 14,134 | 10,463 | 35,053 | 32,751 | 3,671 | an increase | 35.09 | % | 2,302 | an increase | 7.03 | % | |||||||||||||||||||||||||||||||||||
(Loss) gain on disposal of properties | — | 1,967 | (15) | 2,143 | (1,967) | a decrease | (100.00) | % | (2,158) | a decrease | (100.70) | % | |||||||||||||||||||||||||||||||||||
Operating Income | 4,584 | 7,012 | 14,626 | 15,118 | (2,428) | a decrease | (34.63) | % | (492) | a decrease | (3.25) | % | |||||||||||||||||||||||||||||||||||
Interest income | 15 | 9 | 42 | 9 | 6 | an increase | 66.67 | % | 33 | an increase | 366.67 | % | |||||||||||||||||||||||||||||||||||
Interest expense | (6,949) | (5,637) | (19,079) | (19,813) | (1,312) | a decrease | (23.27) | % | 734 | an increase | 3.70 | % | |||||||||||||||||||||||||||||||||||
Net changes in fair value of derivative liabilities | (656) | 1,884 | (2,533) | 303 | (2,540) | a decrease | (134.82) | % | (2,836) | a decrease | (935.97) | % | |||||||||||||||||||||||||||||||||||
Other income | — | — | — | 552 | — | an increase | — | % | (552) | a decrease | (100.00) | % | |||||||||||||||||||||||||||||||||||
Other expense | — | (185) | (691) | (185) | 185 | an increase | 100.00 | % | (506) | a decrease | (273.51) | % | |||||||||||||||||||||||||||||||||||
Net (Loss) Income Before Income Taxes | (3,006) | 3,083 | (7,635) | (4,016) | (6,089) | a decrease | (197.50) | % | (3,619) | a decrease | (90.11) | % | |||||||||||||||||||||||||||||||||||
Income tax expense | — | — | — | (2) | — | an increase | — | % | 2 | an increase | 100.00 | % | |||||||||||||||||||||||||||||||||||
Net (Loss) Income | (3,006) | 3,083 | (7,635) | (4,018) | (6,089) | a decrease | (197.50) | % | (3,617) | a decrease | (90.02) | % | |||||||||||||||||||||||||||||||||||
Less: Net Income attributable to noncontrolling interests | 1,234 | 57 | 1,237 | 72 | 1,177 | an increase | 2,064.91 | % | 1,165 | an increase | 1,618.06 | % | |||||||||||||||||||||||||||||||||||
Net (Loss) Income Attributable to Wheeler REIT | $ | (4,240) | $ | 3,026 | $ | (8,872) | $ | (4,090) | $ | (7,266) | a decrease | (240.12) | % | $ | (4,782) | a decrease | (116.92) | % |
Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended Changes | Nine Months Ended Changes | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | Change | % Change | Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Property debt interest - excluding KeyBank-Cedar Agreement | $ | 3,715 | $ | 3,751 | $ | 10,940 | $ | 11,413 | $ | (36) | (0.96) | % | $ | (473) | (4.14) | % | |||||||||||||||||||||||||||||||
Convertible Notes interest (1) | 578 | 286 | 2,677 | 286 | 292 | 102.10 | % | 2,391 | 836.01 | % | |||||||||||||||||||||||||||||||||||||
Defeasance paid | 1,156 | — | 2,614 | 687 | 1,156 | 100.00 | % | 1,927 | 280.49 | % | |||||||||||||||||||||||||||||||||||||
Amortization of deferred financing costs | 806 | 884 | 2,154 | 5,200 | (78) | (8.82) | % | (3,046) | (58.58) | % | |||||||||||||||||||||||||||||||||||||
Interest on corporate debt | — | 716 | — | 2,227 | (716) | (100.00) | % | (2,227) | (100.00) | % | |||||||||||||||||||||||||||||||||||||
Property debt interest - KeyBank-Cedar Agreement | 694 | — | 694 | — | 694 | 100.00 | % | 694 | 100.00 | % | |||||||||||||||||||||||||||||||||||||
Total Interest Expense | $ | 6,949 | $ | 5,637 | $ | 19,079 | $ | 19,813 | $ | 1,312 | 23.27 | % | $ | (734) | (3.70) | % |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
Same Store | Non-same Store | Total | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
(in thousands, unaudited) | |||||||||||||||||||||||||||||||||||
Net (Loss) Income | $ | (1,389) | $ | 1,178 | $ | (1,617) | $ | 1,905 | $ | (3,006) | $ | 3,083 | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Other expense | — | 185 | — | — | — | 185 | |||||||||||||||||||||||||||||
Net changes in fair value of derivative liabilities | 656 | (1,884) | — | — | 656 | (1,884) | |||||||||||||||||||||||||||||
Interest expense | 5,850 | 5,543 | 1,099 | 94 | 6,949 | 5,637 | |||||||||||||||||||||||||||||
Interest income | (15) | (9) | — | — | (15) | (9) | |||||||||||||||||||||||||||||
Gain on disposal of properties | — | — | — | (1,967) | — | (1,967) | |||||||||||||||||||||||||||||
Corporate general & administrative | 1,899 | 1,751 | 599 | 5 | 2,498 | 1,756 | |||||||||||||||||||||||||||||
Depreciation and amortization | 3,679 | 3,623 | 1,302 | 55 | 4,981 | 3,678 | |||||||||||||||||||||||||||||
Other non-property revenue | (2) | (6) | — | — | (2) | (6) | |||||||||||||||||||||||||||||
Property Net Operating Income | $ | 10,678 | $ | 10,381 | $ | 1,383 | $ | 92 | $ | 12,061 | $ | 10,473 | |||||||||||||||||||||||
Property revenues | $ | 15,875 | $ | 15,328 | $ | 2,841 | $ | 174 | $ | 18,716 | $ | 15,502 | |||||||||||||||||||||||
Property expenses | 5,197 | 4,947 | 1,458 | 82 | 6,655 | 5,029 | |||||||||||||||||||||||||||||
Property Net Operating Income | $ | 10,678 | $ | 10,381 | $ | 1,383 | $ | 92 | $ | 12,061 | $ | 10,473 |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
Same Store | Non-same Store | Total | |||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||
(in thousands, unaudited) | |||||||||||||||||||||||||||||||||||
Net Loss | $ | (5,981) | $ | (2,736) | $ | (1,654) | $ | (1,282) | $ | (7,635) | $ | (4,018) | |||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Income tax expense | — | 2 | — | — | — | 2 | |||||||||||||||||||||||||||||
Other expense | 691 | 185 | — | — | 691 | 185 | |||||||||||||||||||||||||||||
Net changes in fair value of derivative liabilities | 2,533 | (303) | — | — | 2,533 | (303) | |||||||||||||||||||||||||||||
Interest expense | 17,968 | 18,616 | 1,111 | 1,197 | 19,079 | 19,813 | |||||||||||||||||||||||||||||
Interest income | (42) | (9) | — | — | (42) | (9) | |||||||||||||||||||||||||||||
Loss (gain) on disposal of properties | — | — | 15 | (2,143) | 15 | (2,143) | |||||||||||||||||||||||||||||
Corporate general & administrative | 4,828 | 4,892 | 606 | 53 | 5,434 | 4,945 | |||||||||||||||||||||||||||||
Impairment of assets held for sale | 760 | — | — | 2,200 | 760 | 2,200 | |||||||||||||||||||||||||||||
Depreciation and amortization | 10,920 | 10,867 | 1,302 | 166 | 12,222 | 11,033 | |||||||||||||||||||||||||||||
Other non-property revenue | (18) | (580) | — | — | (18) | (580) | |||||||||||||||||||||||||||||
Property Net Operating Income | $ | 31,659 | $ | 30,934 | $ | 1,380 | $ | 191 | $ | 33,039 | $ | 31,125 | |||||||||||||||||||||||
Property revenues | $ | 46,832 | $ | 45,202 | $ | 2,844 | $ | 496 | $ | 49,676 | $ | 45,698 | |||||||||||||||||||||||
Property expenses | 15,173 | 14,268 | 1,464 | 305 | 16,637 | 14,573 | |||||||||||||||||||||||||||||
Property Net Operating Income | $ | 31,659 | $ | 30,934 | $ | 1,380 | $ | 191 | $ | 33,039 | $ | 31,125 |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
Same Store | Non-same Store | Total | Period Over Period Changes | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||
Net (Loss) Income | $ | (1,389) | $ | 1,178 | $ | (1,617) | $ | 1,905 | $ | (3,006) | $ | 3,083 | $ | (6,089) | (197.50) | % | |||||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets | 3,679 | 3,623 | 1,302 | 55 | 4,981 | 3,678 | 1,303 | 35.43 | % | ||||||||||||||||||||||||||||||||||||||
Impairment of assets held for sale | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Gain on disposal of properties | — | — | — | (1,967) | — | (1,967) | 1,967 | 100.00 | % | ||||||||||||||||||||||||||||||||||||||
FFO | $ | 2,290 | $ | 4,801 | $ | (315) | $ | (7) | $ | 1,975 | $ | 4,794 | $ | (2,819) | (58.80) | % | |||||||||||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
Same Store | Non-same Store | Total | Period Over Period Changes | ||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||
Net Loss | $ | (5,981) | $ | (2,736) | $ | (1,654) | $ | (1,282) | $ | (7,635) | $ | (4,018) | $ | (3,617) | (90.02) | % | |||||||||||||||||||||||||||||||
Depreciation and amortization of real estate assets | 10,920 | 10,867 | 1,302 | 166 | 12,222 | 11,033 | 1,189 | 10.78 | % | ||||||||||||||||||||||||||||||||||||||
Impairment of assets held for sale | 760 | — | — | 2,200 | 760 | 2,200 | (1,440) | (65.45) | % | ||||||||||||||||||||||||||||||||||||||
Loss (gain) on disposal of properties | — | — | 15 | (2,143) | 15 | (2,143) | 2,158 | 100.70 | % | ||||||||||||||||||||||||||||||||||||||
FFO | $ | 5,699 | $ | 8,131 | $ | (337) | $ | (1,059) | $ | 5,362 | $ | 7,072 | $ | (1,710) | (24.18) | % | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
FFO | $ | 1,975 | $ | 4,794 | $ | 5,362 | $ | 7,072 | |||||||||||||||
Preferred Stock dividends - undeclared | (2,264) | (2,198) | (6,792) | (6,649) | |||||||||||||||||||
Dividends on noncontrolling interests preferred stock | (1,225) | — | (1,225) | — | |||||||||||||||||||
Preferred stock accretion adjustments | 146 | 145 | 438 | 454 | |||||||||||||||||||
FFO available to common stockholders and common unitholders | (1,368) | 2,741 | (2,217) | 877 | |||||||||||||||||||
Capital related costs | 1 | 59 | (21) | 343 | |||||||||||||||||||
Other non-recurring and non-cash expense | 1,240 | 209 | 3,409 | 365 | |||||||||||||||||||
Net changes in fair value of derivative liabilities | 656 | (1,884) | 2,533 | (303) | |||||||||||||||||||
Straight-line rental revenue, net straight-line expense | (228) | (281) | (445) | (871) | |||||||||||||||||||
Loan cost amortization | 806 | 884 | 2,154 | 5,200 | |||||||||||||||||||
Paid-in-kind interest | — | — | 2,099 | — | |||||||||||||||||||
Above (below) market lease amortization | 543 | 23 | 559 | 28 | |||||||||||||||||||
Recurring capital expenditures and tenant improvement reserves | (409) | 1 | (948) | (550) | |||||||||||||||||||
AFFO | $ | 1,241 | $ | 1,752 | $ | 7,123 | $ | 5,089 |
Nine Months Ended September 30, | Period Over Period Change | ||||||||||||||||||||||
2022 | 2021 | $ | % | ||||||||||||||||||||
Operating activities | $ | 27,954 | $ | 14,513 | $ | 13,441 | 92.61 | % | |||||||||||||||
Investing activities | $ | (140,106) | $ | 3,819 | $ | (143,925) | (3,768.66) | % | |||||||||||||||
Financing activities | $ | 126,035 | $ | 10,800 | $ | 115,235 | 1,066.99 | % |
September 30, 2022 | December 31, 2021 | ||||||||||
(unaudited) | |||||||||||
Fixed-rate notes (1) | $ | 353,659 | $ | 344,177 | |||||||
Adjustable-rate mortgages | 130,000 | 2,085 | |||||||||
Total debt | $ | 483,659 | $ | 346,262 |
Exhibit | ||||||||
101.INS XBRL | Instance Document (Filed herewith). | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document (Filed herewith). | |||||||
XBRL Taxonomy Extension Calculation Linkbase (Filed herewith). | ||||||||
XBRL Taxonomy Extension Definition Linkbase (Filed herewith). | ||||||||
XBRL Taxonomy Extension Labels Linkbase (Filed herewith). | ||||||||
XBRL Taxonomy Extension Presentation Linkbase (Filed herewith). |
WHEELER REAL ESTATE INVESTMENT TRUST, INC. | |||||||||||||||||
By: | /s/ Crystal Plum | ||||||||||||||||
CRYSTAL PLUM | |||||||||||||||||
Chief Financial Officer | |||||||||||||||||
(Principal Financial Officer and Principal Accounting Officer) | |||||||||||||||||
Date: | November 8, 2022 |
1. | I have reviewed this quarterly report on Form 10-Q of Wheeler Real Estate Investment Trust, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ M. Andrew Franklin | ||
M. Andrew Franklin | ||
Chief Executive Officer and President |
1. | I have reviewed this quarterly report on Form 10-Q of Wheeler Real Estate Investment Trust, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ Crystal Plum | ||
Crystal Plum Chief Financial Officer |
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
2. | Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
November 8, 2022 | |||||
/s/ M. Andrew Franklin | |||||
M. Andrew Franklin | |||||
Chief Executive Officer and President | |||||
/s/ Crystal Plum | |||||
Crystal Plum | |||||
Chief Financial Officer | |||||
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
REVENUE: | ||||
Rental revenues | $ 18,486 | $ 15,000 | $ 49,142 | $ 44,946 |
Other revenues | 232 | 508 | 552 | 780 |
Total Revenue | 18,718 | 15,508 | 49,694 | 45,726 |
OPERATING EXPENSES: | ||||
Property operations | 6,655 | 5,029 | 16,637 | 14,573 |
Depreciation and amortization | 4,981 | 3,678 | 12,222 | 11,033 |
Impairment of assets held for sale | 0 | 0 | 760 | 2,200 |
Corporate general & administrative | 2,498 | 1,756 | 5,434 | 4,945 |
Total Operating Expenses | 14,134 | 10,463 | 35,053 | 32,751 |
(Loss) gain on disposal of properties | 0 | 1,967 | (15) | 2,143 |
Operating Income | 4,584 | 7,012 | 14,626 | 15,118 |
Interest income | 15 | 9 | 42 | 9 |
Interest expense | (6,949) | (5,637) | (19,079) | (19,813) |
Net changes in fair value of derivative liabilities | (656) | 1,884 | (2,533) | 303 |
Other income | 0 | 0 | 0 | 552 |
Other expense | 0 | (185) | (691) | (185) |
Net (Loss) Income Before Income Taxes | (3,006) | 3,083 | (7,635) | (4,016) |
Income tax expense | 0 | 0 | 0 | (2) |
Net (Loss) Income | (3,006) | 3,083 | (7,635) | (4,018) |
Less: Net income attributable to noncontrolling interests | 1,234 | 57 | 1,237 | 72 |
Net (Loss) Income Attributable to Wheeler REIT | (4,240) | 3,026 | (8,872) | (4,090) |
Preferred Stock dividends - undeclared | (2,264) | (2,198) | (6,792) | (6,649) |
Deemed contribution related to preferred stock redemption | 0 | 0 | 0 | 5,040 |
Net (Loss) Income Attributable to Wheeler REIT Common Stockholders | $ (6,504) | $ 828 | $ (15,664) | $ (5,699) |
(Loss) income per share: | ||||
Basic (in dollars per share) | $ (0.66) | $ 0.09 | $ (1.61) | $ (0.59) |
Diluted (in dollars per share) | $ (0.66) | $ 0.09 | $ (1.61) | $ (0.59) |
Weighted-average number of shares: | ||||
Basic (in shares) | 9,792,815 | 9,713,125 | 9,749,651 | 9,708,588 |
Diluted (in shares) | 9,792,815 | 9,713,125 | 9,749,651 | 9,708,588 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net Loss | $ (3,006) | $ 3,083 | $ (7,635) | $ (4,018) |
Adjustments to reconcile consolidated net loss to net cash provided by operating activities: | ||||
Depreciation | 3,390 | 2,800 | 8,966 | 8,193 |
Amortization | 3,256 | 2,840 | ||
Loan cost amortization | 2,154 | 5,200 | ||
Changes in fair value of derivative liabilities | 656 | (1,884) | 2,533 | (303) |
Above (below) market lease amortization, net | 559 | 28 | ||
Paid-in-kind interest | 2,099 | 0 | ||
Straight-line expense | 24 | 26 | ||
Loss (gain) on disposal of properties | 0 | (1,967) | 15 | (2,143) |
Credit losses on operating lease receivables | 77 | 132 | 267 | 168 |
Impairment of assets held for sale | 760 | 2,200 | ||
Net changes in assets and liabilities: | ||||
Rents and other tenant receivables, net | 770 | 1,829 | ||
Unbilled rent | (548) | (1,061) | ||
Deferred costs and other assets, net | 3,074 | (904) | ||
Accounts payable, accrued expenses and other liabilities | 11,660 | 2,458 | ||
Net cash provided by operating activities | 27,954 | 14,513 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Investment property acquisitions, net of cash acquired | (135,510) | 0 | ||
Capital expenditures | (6,382) | (3,791) | ||
Cash received from disposal of properties | 1,786 | 7,610 | ||
Net cash (used in) provided by investing activities | (140,106) | 3,819 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Payments for deferred financing costs | (8,748) | (6,026) | ||
Loan proceeds | 265,000 | 94,650 | ||
Loan principal payments | (127,603) | (68,801) | ||
Preferred stock redemption | 0 | (8,336) | ||
Loan prepayment penalty | (2,614) | (687) | ||
Net cash provided by financing activities | 126,035 | 10,800 | ||
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 13,883 | 29,132 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period | 40,419 | 42,768 | ||
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period | 54,302 | 71,900 | 54,302 | 71,900 |
Non-Cash Transactions: | ||||
Paycheck Protection Program forgiveness | 0 | 552 | ||
Initial fair value of warrants | 0 | 2,018 | ||
Initial fair value of derivative liability at issuance of convertible notes | 0 | 5,393 | ||
Accretion of Preferred Stock discounts | 21 | 438 | 454 | |
Deemed contribution related to Preferred Stock discount | 0 | 0 | 0 | 5,040 |
Other Cash Transactions: | ||||
Cash paid for interest | 14,137 | 14,305 | ||
Cash and cash equivalents | 24,057 | 36,234 | 24,057 | 36,234 |
Restricted cash | 30,245 | 35,666 | 30,245 | 35,666 |
Cash, cash equivalents, and restricted cash | 54,302 | $ 71,900 | 54,302 | 71,900 |
Common units | ||||
Non-Cash Transactions: | ||||
Conversion of common units to common stock | 160 | 30 | ||
Series B Preferred Stock | ||||
Non-Cash Transactions: | ||||
Conversion of common units to common stock | $ 90 | $ 72 | ||
Accretion of Preferred Stock discounts | $ 21 |
Organization and Basis of Presentation and Consolidation |
9 Months Ended |
---|---|
Sep. 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 September 30, 2022, the Trust owned 99.05% of the Operating Partnership. As of September 30, 2022, the Trust, through the Operating Partnership, owned and operated seventy-six centers and four undeveloped properties in Virginia, North Carolina, South Carolina, Georgia, Florida, Alabama, Oklahoma, Tennessee, Kentucky, New Jersey, Pennsylvania, Massachusetts, Maryland, Connecticut 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. The accompanying condensed consolidated financial statements include the accounts of the Company. The Company’s subsidiaries are accounted in accordance with the Consolidation Guidance of the Financial Accounting Standards Board (“FASB”). 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”). Acquisition of Cedar Realty Trust On March 2, 2022, the Company entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Cedar Realty Trust, Inc. (“Cedar”), Cedar Realty Trust Partnership, L.P., (“Cedar OP”), WHLR Merger Sub Inc., a wholly owned subsidiary of the Company, and WHLR OP Merger Sub LLC, a wholly owned subsidiary of Merger Sub I (“Merger Sub II”), pursuant to which the Company agreed to acquire Cedar, including 19 of its shopping center assets, in an all-cash merger transaction consisting, in accordance with the terms of the Merger Agreement, of a payment to Cedar common shareholders of merger consideration of $9.48 per common share (the “Cedar Acquisition”). On August 22, 2022, the Company completed the merger transaction with Cedar. As a result of the merger, the Company acquired all of the outstanding shares of the Cedar's common stock, which ceased to be publicly traded on the New York Stock Exchange ("NYSE"). Cedar’s outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock remain outstanding and continue to trade on the NYSE. Each outstanding share of common stock of Cedar and outstanding common unit of the Cedar OP held by persons other than Cedar immediately prior to the merger were cancelled and converted into the right to receive a cash payment of $9.48 per share or unit. As a result Cedar became a subsidiary of the REIT. During the nine months ended September 30, 2022 the Company incurred acquisition related costs of $5.51 million for the merger. These costs were capitalized as part of the acquisition and are primarily comprised of professional fees and legal fees, see Note 3 included in this Form 10-Q for further details. The condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (the “Form 10-Q”) include Cedar starting from the date of acquisition. We have determined that this acquisition is not a variable interest entity, as defined under the consolidation topic of the Financial Accounting Standards Board (the "FASB"), Accounting Standards Codification, or ASC, and we evaluated such entity under the voting model and concluded we should consolidate the entity. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting rights and that other equity holders do not have substantive participating rights.
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Summary of Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 September 30, 2022 and December 31, 2021, the Company’s allowance for uncollectible tenant receivables totaled $3.81 million 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 September 30, 2022 and December 31, 2021, there were $6.32 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):
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):
Other Expense Other expense represents expenses which are non-operating in nature. Other expenses were $0 and $691 thousand for the three months and nine months ended September 30, 2022, respectively, which consist of legal settlement costs. Other expenses were $185 thousand for the three and nine months ended September 30, 2021, and consist of legal settlement costs. Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust and noncontrolling interest attributable to the acquisition of Cedar. 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. 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. The noncontrolling interest attributable to the acquisition of Cedar represents the fair market value of Cedar's outstanding 7.25% Series B Preferred Stock ("Cedar Series B Preferred") and 6.50% Series C Preferred Stock ("Cedar Series C Preferred") as of August 22, 2022, the date of acquisition. The valuation assumption was based on the three-level valuation hierarchy for fair value measurements and represents Level 1 inputs. Level 1 inputs represent observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. The total cumulative dividends accrued for the Cedar Series B Preferred and Cedar Series C Preferred is $1.22 million as of September 30, 2022 and is included as a reduction to net loss attributable to Wheeler REIT Common Stockholders on the condensed consolidated statements of operations during the nine months ended September 30, 2022. Recently Adopted Accounting Standards In June 2016, the “FASB” issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. 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:
No other reclassifications had an effect on net income, total assets, total liabilities or equity.
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Real Estate |
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Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate Investment properties consist of the following (in thousands, unaudited):
The Company’s depreciation expense on investment properties was $3.39 million and $8.97 million for the three and nine months ended September 30, 2022, respectively. The Company’s depreciation expense on investment properties was $2.80 million and $8.19 million for the three and nine months ended September 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 September 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 $0 and $760 thousand for the three months and nine months ended September 30, 2022, respectively, resulting from reducing the carrying value of Harbor Pointe Land Parcel. Impairment expense was $0 and $2.20 million for the three and nine months ended September 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):
The following properties were sold during the nine months ended September 30, 2022 and 2021 (in thousands, unaudited):
Cedar Acquisition On August 22, 2022, the Company acquired Cedar, a 2.8 million square foot shopping center portfolio consisting of 19 properties located primarily in the Northeast from Virginia to Massachusetts (the "Cedar Portfolio"). The Cedar Portfolio was acquired through the purchase of the issued and outstanding shares of Cedar’s common stock, par value $0.06 per share (“Cedar Common Stock”), and the issued and outstanding common units of Cedar OP held by persons other than Cedar for an aggregate of $135.51 million of cash merger consideration and acquisition costs. The following summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed in conjunction with the acquisition described above in accordance with ASU 2017-01, along with a description of the methods used to determine the purchase price allocation (in thousands, unaudited). In determining the purchase price allocation, the Company considered many factors including, but not limited to, cash flows, market capitalization rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. The following table summarizes the purchase price allocation based on the Company's initial valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands):
a.Represents the purchase price allocation of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The purchase price allocation was determined using following approaches: i.the market approach valuation methodology for land by considering similar transactions in the markets; ii.a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, “go dark” analyses and residual calculations incorporating the land values; and iii.the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the purchase price allocation of lease intangibles and other assets. Lease intangibles include in place leases. The income approach was used to determine the allocation of these intangible assets which included estimated market rates and expenses. c.Represents the purchase price allocation of above and below market leases. The income approach was used to determine the allocation of above/below market leases using market rental rates for similar properties. d.Represents the purchase price allocation of the lease liability and corresponding right of use asset associated with a ground lease. The Company used an incremental borrowing rate of 5.25% for the purpose of calculating the lease liability. e.Represents the fair market value of Cedar's outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock. f.Represents merger consideration and capitalized transaction costs. Unaudited pro forma financial information in the aggregate is presented below for the acquisition of the Cedar properties. The unaudited pro forma information presented below includes the effects of the Cedar Acquisition as if it had been consummated as January 1, 2021. The pro forma results include adjustments for depreciation and amortization associated with acquired tangible and intangible assets, straight-line rent adjustments, interest expense related to debt incurred. The unaudited pro forma financial information is presented for informational purposes only and may not be indicative of the results of operations that would have been achieved if this acquisition had taken place in January 1, 2021 or 2022. (Amounts presented in thousands, except per share figures).
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Deferred Costs and Other Assets, Net |
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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):
As of September 30, 2022 and December 31, 2021, the Company’s intangible accumulated amortization totaled $61.68 million and $62.94 million, respectively. During the three and nine months ended September 30, 2022, the Company’s intangible amortization expense totaled $1.60 million and $3.26 million, respectively. During the three and nine months ended September 30, 2021, the Company’s intangible amortization expense totaled $874 thousand and $2.84 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):
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable | Loans Payable The Company’s loans payable consist of the following (in thousands, except monthly payment):
(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. (5) Interest rate on this term loan consists of the Secured Overnight Financing Rate plus 0.10% plus an applicable margin of 2.5%. Commencing in February 2023, the applicable margin increases to 4.0%. Collateralized by the Cedar Portfolio. (6) Collateralized by JANAF properties. Convertible Notes During the three and nine months ended September 30, 2022, interest related to the Convertible Notes was $578 thousand and $2.68 million. The semi-annual June payment was paid with 432,994 shares of Series B Preferred, which when adjusted to fair value represented an increase of $945 thousand. 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. 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 due monthly through maturity, July 6, 2032. The JANAF Loan Agreement proceeds were used to refinance three loans including $1.16 million in defeasance. KeyBank-Cedar Agreement On August 22, 2022, Cedar entered into a loan agreement (the “KeyBank-Cedar Agreement”) with KeyBank National Association for $130.00 million with interest-only payments due monthly through maturity, August 22, 2023. The interest rate on this term loan consists of the Secured Overnight Financing Rate plus 0.10% plus an applicable margin of 2.5%. Commencing in February 2023, the applicable margin increases to 4.0%. Debt Maturity The Company’s scheduled principal repayments on indebtedness as of September 30, 2022, including assets held for sale, are as follows (in thousands, unaudited):
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Derivative Liabilities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Liabilities | Derivative Liabilities Warrants to purchase shares of common stock outstanding at September 30, 2022 are as follows:
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.
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:
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):
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Rentals under Operating Leases |
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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 the three 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 September 30, 2022 are as follows (in thousands, unaudited):
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Equity and Mezzanine Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Mezzanine Equity | Equity and Mezzanine Equity Series A Preferred Stock At September 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 September 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 September 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 $111.33 million and $104.97 million in aggregate, respectively. The changes in the carrying value of the Series D Preferred for the nine months ended September 30, 2022 and 2021 are as follows (in thousands, unaudited):
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.
Dividends The following table summarizes the Series D Preferred dividends (unaudited, in thousands except for per share amounts):
The total cumulative dividends in arrears for Series D Preferred (per share $10.31) as of September 30, 2022 is $32.52 million. There were no dividends declared to holders of Common Stock, Series A Preferred, Series B Preferred or Series D Preferred during the three and nine months ended September 30, 2022 and 2021.
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Lease Commitments |
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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 September 30, 2022 and 2021, the weighted average remaining lease term of our leases is 34 years and 31 years, respectively. Rent expense under the operating lease agreements were $295 thousand and $823 thousand for the three and nine months ended September 30, 2022, respectively. The rent expense was $268 thousand and $800 thousand for the three and nine months ended September 30, 2021, respectively. The Cedar Portfolio has a ground lease which is accounted for as an operating lease with an expiration in year 2071 and is included in the purchase price allocation discussed in Note 3 of this Form 10-Q. Supplemental information related to leases is as follows (in thousands, unaudited):
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 September 30, 2022 and a reconciliation of those cash flows to the operating lease liabilities at September 30, 2022 are as follows (in thousands, unaudited):
(1) Operating lease payments include $7.54 million related to options to extend lease terms that are reasonably certain of being exercised.
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Commitments and Contingencies |
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Sep. 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 41%, 44% and 15% respectively, of the total annualized base rent of the properties in its portfolio as of September 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 charter (as set forth in the 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. During the mediation process, the Company made no offers of settlement. On or about November 2, 2022, the JCP Plaintiffs entered into a Settlement Agreement resolving all their claims against the Individual Defendants, but to which the Company did not join. Thereafter, the JCP Plaintiffs advised the Company that they had decided to dismiss their claims against the Company, and the JCP Plaintiffs requested pursuant to applicable rule that the Company consent to the filing of a Stipulation of Dismissal. The Company consented, and on November 3, 2022, the Stipulation of Dismissal was filed dismissing with prejudice all of the JCP Plaintiffs’ claims against the Company. 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 each filed potentially dispositive motions. On September 20, 2022, summary judgment concluded in the Company's favor and the plaintiffs did not file an appeal. 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 former Board of Directors, and the Company arising out of transactions that included the then pending acquisition of Cedar by the Company. The defendants removed the case to federal court. The complaint was amended on August 24, 2022 (the “Complaint”) following the Court’s denial of a motion to enjoin the merger. The Complaint 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 former 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 former Board of Directors 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 former Board of Directors. The Complaint seeks damages in an unspecified amount. The Company and Cedar have filed a motion to dismiss the Complaint in its entirety which is not yet fully briefed. At this juncture, the outcome of the litigation is uncertain. Krasner v. Cedar Realty Trust, Inc., et. al., Index Number 613985/2022, in the Supreme Court of the State of New York County of Nassau. On October 14, 2022, a purported holder of preferred stock of Cedar filed a putative class action against Cedar, Cedar’s former Board of Directors, and the Company alleging the same claims asserted in the In Re: Cedar Realty Trust, Inc. Preferred Shareholder Litigation discussed above. The Company and Cedar intend to seek procedural relief precluding this case from proceeding in tandem with that action. 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 September 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 nine months ended September 30, 2022, the Company did not fund any debt service shortfalls. During the three and nine months ended September 30, 2021, the Company funded $0 and $44 thousand, respectively, in debt service shortfalls. No amounts have been accrued for this as of September 30, 2022 as a reasonable estimate of future debt service shortfalls cannot be determined based on variables noted above.
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Related Party Transactions |
9 Months Ended |
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Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsThe Company performs property management and leasing services for Cedar. During the three and nine months ended September 30, 2022, Cedar paid the Company $102 thousand for these services. Related party amounts due to the Company as of September 30, 2022 were $7.36 million, which consists primarily of financing costs, real estate taxes and costs paid on Cedar's behalf at the closing of the KeyBank-Cedar Agreement. These related party amounts have been eliminated for consolidation purposes. |
Subsequent Events |
9 Months Ended |
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Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn October 28, 2022, the Company entered into a loan agreement (the “Guggenheim-Cedar Loan Agreement”) with Guggenheim Real Estate, LLC., for $110.00 million at a fixed rate of 5.25% with interest-only payments due monthly through November 2027. Commencing on December 10, 2027, until the maturity date of November 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-Cedar Loan Agreement proceeds were used to refinance a portion of Cedar’s 19 property portfolio, which as of September 30, 2022, collateralized the KeyBank-Cedar Agreement. |
Summary of Significant Accounting Policies (Policies) |
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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. 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 September 30, 2022 and December 31, 2021, there were $6.32 million and $5.77 million, respectively, in unbilled rent which is included in "rents and other tenant receivables, net."
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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.
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Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests is the portion of equity in the Operating Partnership not attributable to the Trust and noncontrolling interest attributable to the acquisition of Cedar. 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. 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. The noncontrolling interest attributable to the acquisition of Cedar represents the fair market value of Cedar's outstanding 7.25% Series B Preferred Stock ("Cedar Series B Preferred") and 6.50% Series C Preferred Stock ("Cedar Series C Preferred") as of August 22, 2022, the date of acquisition. The valuation assumption was based on the three-level valuation hierarchy for fair value measurements and represents Level 1 inputs. Level 1 inputs represent observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. The total cumulative dividends accrued for the Cedar Series B Preferred and Cedar Series C Preferred is $1.22 million as of September 30, 2022 and is included as a reduction to net loss attributable to Wheeler REIT Common Stockholders on the condensed consolidated statements of operations during the nine months ended September 30, 2022.
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Recently Adopted Accounting Standards and Recent Accounting Pronouncements | Recently Adopted Accounting Standards In June 2016, the “FASB” issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments." This update enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better calculate credit loss estimates. The guidance will apply to most financial assets measured at amortized cost and certain other instruments, such as accounts receivable and loans. The guidance will require that the Company estimate the lifetime expected credit loss with respect to these receivables and record allowances that, when deducted from the balance of the receivables, represent the net amounts expected to be collected. 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.
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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:
No other reclassifications had an effect on net income, total assets, total liabilities or equity.
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Summary of Significant Accounting Policies (Tables) |
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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):
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Schedule of corporate general and administrative expenses | Corporate general & administrative expenses consist of the following (in thousands, unaudited):
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Schedule of prior period reclassification adjustment description. | As a result, the condensed consolidated statements of operations were adjusted as shown below:
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Real Estate (Tables) |
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Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of investment properties | Investment properties consist of the following (in thousands, unaudited):
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Schedule of dispositions | Assets held for sale and associated liabilities consisted of the following (in thousands, unaudited):
The following properties were sold during the nine months ended September 30, 2022 and 2021 (in thousands, unaudited):
Cedar Acquisition On August 22, 2022, the Company acquired Cedar, a 2.8 million square foot shopping center portfolio consisting of 19 properties located primarily in the Northeast from Virginia to Massachusetts (the "Cedar Portfolio"). The Cedar Portfolio was acquired through the purchase of the issued and outstanding shares of Cedar’s common stock, par value $0.06 per share (“Cedar Common Stock”), and the issued and outstanding common units of Cedar OP held by persons other than Cedar for an aggregate of $135.51 million of cash merger consideration and acquisition costs. The following summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed in conjunction with the acquisition described above in accordance with ASU 2017-01, along with a description of the methods used to determine the purchase price allocation (in thousands, unaudited). In determining the purchase price allocation, the Company considered many factors including, but not limited to, cash flows, market capitalization rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. The following table summarizes the purchase price allocation based on the Company's initial valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands):
a.Represents the purchase price allocation of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The purchase price allocation was determined using following approaches: i.the market approach valuation methodology for land by considering similar transactions in the markets; ii.a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, “go dark” analyses and residual calculations incorporating the land values; and iii.the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the purchase price allocation of lease intangibles and other assets. Lease intangibles include in place leases. The income approach was used to determine the allocation of these intangible assets which included estimated market rates and expenses. c.Represents the purchase price allocation of above and below market leases. The income approach was used to determine the allocation of above/below market leases using market rental rates for similar properties. d.Represents the purchase price allocation of the lease liability and corresponding right of use asset associated with a ground lease. The Company used an incremental borrowing rate of 5.25% for the purpose of calculating the lease liability. e.Represents the fair market value of Cedar's outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock. f.Represents merger consideration and capitalized transaction costs. Unaudited pro forma financial information in the aggregate is presented below for the acquisition of the Cedar properties. The unaudited pro forma information presented below includes the effects of the Cedar Acquisition as if it had been consummated as January 1, 2021. The pro forma results include adjustments for depreciation and amortization associated with acquired tangible and intangible assets, straight-line rent adjustments, interest expense related to debt incurred. The unaudited pro forma financial information is presented for informational purposes only and may not be indicative of the results of operations that would have been achieved if this acquisition had taken place in January 1, 2021 or 2022. (Amounts presented in thousands, except per share figures).
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Summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed | The following summarizes the consideration paid and the purchase allocation of assets acquired and liabilities assumed in conjunction with the acquisition described above in accordance with ASU 2017-01, along with a description of the methods used to determine the purchase price allocation (in thousands, unaudited). In determining the purchase price allocation, the Company considered many factors including, but not limited to, cash flows, market capitalization rates, location, occupancy rates, appraisals, other acquisitions and management’s knowledge of the current acquisition market for similar properties. The following table summarizes the purchase price allocation based on the Company's initial valuation, including estimates and assumptions of the acquisition date fair value of the tangible and intangible assets acquired and liabilities assumed (in thousands):
a.Represents the purchase price allocation of the net investment properties acquired which includes land, buildings, site improvements and tenant improvements. The purchase price allocation was determined using following approaches: i.the market approach valuation methodology for land by considering similar transactions in the markets; ii.a combination of the cost approach and income approach valuation methodologies for buildings, including replacement cost evaluations, “go dark” analyses and residual calculations incorporating the land values; and iii.the cost approach valuation methodology for site and tenant improvements, including replacement costs and prevailing quoted market rates. b. Represents the purchase price allocation of lease intangibles and other assets. Lease intangibles include in place leases. The income approach was used to determine the allocation of these intangible assets which included estimated market rates and expenses. c.Represents the purchase price allocation of above and below market leases. The income approach was used to determine the allocation of above/below market leases using market rental rates for similar properties. d.Represents the purchase price allocation of the lease liability and corresponding right of use asset associated with a ground lease. The Company used an incremental borrowing rate of 5.25% for the purpose of calculating the lease liability. e.Represents the fair market value of Cedar's outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock. f.Represents merger consideration and capitalized transaction costs.
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Schedule of unaudited pro forma financial information | The unaudited pro forma financial information is presented for informational purposes only and may not be indicative of the results of operations that would have been achieved if this acquisition had taken place in January 1, 2021 or 2022. (Amounts presented in thousands, except per share figures).
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Deferred Costs and Other Assets, Net (Tables) |
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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):
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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):
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Loans Payable (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans payable | The Company’s loans payable consist of the following (in thousands, except monthly payment):
(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. (5) Interest rate on this term loan consists of the Secured Overnight Financing Rate plus 0.10% plus an applicable margin of 2.5%. Commencing in February 2023, the applicable margin increases to 4.0%. Collateralized by the Cedar Portfolio. (6) Collateralized by JANAF properties.
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Schedule of company's scheduled principal repayments on indebtedness | The Company’s scheduled principal repayments on indebtedness as of September 30, 2022, including assets held for sale, are as follows (in thousands, unaudited):
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Derivative Liabilities (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stockholders' equity note, warrants or rights | Warrants to purchase shares of common stock outstanding at September 30, 2022 are as follows:
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Fair value measurement inputs and valuation techniques | In measuring the warrant liabilities, the Company used the following inputs in its Monte Carlo model.
In measuring the embedded derivative liability, the Company used the following inputs in its multinomial lattice model:
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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):
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Rentals under Operating Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 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 the three 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 September 30, 2022 are as follows (in thousands, unaudited):
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Equity and Mezzanine Equity (Tables) |
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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 nine months ended September 30, 2022 and 2021 are as follows (in thousands, unaudited):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
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Schedule of summary of preferred stock dividends | The following table summarizes the Series D Preferred dividends (unaudited, in thousands except for per share amounts):
|
Lease Commitments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 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):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 September 30, 2022 and a reconciliation of those cash flows to the operating lease liabilities at September 30, 2022 are as follows (in thousands, unaudited):
|
Organization and Basis of Presentation and Consolidation (Details) $ / shares in Units, $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Aug. 22, 2022
shopping_center
$ / shares
|
Mar. 02, 2022
shopping_center
$ / shares
|
Sep. 30, 2022
USD ($)
property
center
|
|
Business Acquisition [Line Items] | |||
Percentage of ownership interests in operating partnership | 99.05% | ||
Number of real estate properties | center | 76 | ||
Number of undeveloped real estate properties | property | 4 | ||
Cedar | |||
Business Acquisition [Line Items] | |||
Number of shopping center | shopping_center | 19 | 19 | |
Share price (in dollars per share) | $ / shares | $ 9.48 | $ 9.48 | |
Business combination, acquisition related costs | $ | $ 5,510 | ||
Cedar | Series B Preferred Stock | |||
Business Acquisition [Line Items] | |||
Preferred stock, dividend rate (as a percent) | 7.25% | 7.25% | |
Cedar | Series C Preferred Stock | |||
Business Acquisition [Line Items] | |||
Preferred stock, dividend rate (as a percent) | 6.50% | 6.50% |
Summary of Significant Accounting Policies - Additional Information (Details) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Aug. 22, 2022 |
Sep. 30, 2022
USD ($)
$ / shares
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
underlying_asset_class
$ / shares
|
Sep. 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 | $ 3,810,000 | $ 3,810,000 | $ 633,000 | |||
Number of underlying asset classes | underlying_asset_class | 2 | |||||
Legal settlement costs | $ 0 | $ 185,000 | $ 691,000 | $ 185,000 | ||
Common stock, par value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||
Cedar | Series B Preferred Stock and Series C Preferred Stock | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Dividends accrued | $ 1,220,000 | $ 1,220,000 | ||||
Cedar | Series B Preferred Stock | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Preferred stock, dividend rate (as a percent) | 7.25% | 7.25% | ||||
Cedar | Series C Preferred Stock | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Preferred stock, dividend rate (as a percent) | 6.50% | 6.50% | ||||
Rent and other tenant receivables | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Recoveries related to tenant receivables | $ 6,320,000 | $ 6,320,000 | $ 5,770,000 |
Summary of Significant Accounting Policies - Disaggregation of Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Minimum rent | $ 14,285 | $ 11,487 | $ 38,085 | $ 34,149 |
Non-lease revenues | 232 | 508 | 552 | 780 |
Total | 18,795 | 15,640 | 49,961 | 45,894 |
Credit losses on operating lease receivables | (77) | (132) | (267) | (168) |
Total Revenue | 18,718 | 15,508 | 49,694 | 45,726 |
Tenant reimbursements - variable lease revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Variable lease revenue | 3,875 | 3,178 | 10,455 | 9,604 |
Percentage rent - variable lease revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Variable lease revenue | 89 | 177 | 322 | 463 |
Straight-line rents | ||||
Disaggregation of Revenue [Line Items] | ||||
Variable lease revenue | 314 | 290 | 547 | 898 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Non-lease revenues | $ 232 | $ 508 | $ 552 | $ 780 |
Summary of Significant Accounting Policies - Corporate General and Administrative Expenses ("CG&A") (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Accounting Policies [Abstract] | ||||
Professional fees | $ 946 | $ 717 | $ 1,918 | $ 2,133 |
Compensation and benefits | 863 | 325 | 1,554 | 900 |
Corporate administration | 598 | 542 | 1,512 | 1,314 |
Advertising costs for leasing activities | 22 | 36 | 232 | 77 |
Other | 69 | 136 | 218 | 521 |
Total | $ 2,498 | $ 1,756 | $ 5,434 | $ 4,945 |
Summary of Significant Accounting Policies - Reclassification (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Reclassification [Line Items] | ||||
Preferred Stock dividends - undeclared | $ (2,264) | $ (2,198) | $ (6,792) | $ (6,649) |
Net (Loss) Income Attributable to Wheeler REIT Common Stockholders | $ (6,504) | $ 828 | $ (15,664) | $ (5,699) |
(Loss) Income per share, basic (in dollars per share) | $ (0.66) | $ 0.09 | $ (1.61) | $ (0.59) |
(Loss) Income per share, diluted (in dollars per share) | $ (0.66) | $ 0.09 | $ (1.61) | $ (0.59) |
As Previously Reported | ||||
Reclassification [Line Items] | ||||
Preferred Stock dividends - undeclared | $ (3,260) | $ (9,852) | ||
Net (Loss) Income Attributable to Wheeler REIT Common Stockholders | $ (234) | $ (8,902) | ||
(Loss) Income per share, basic (in dollars per share) | $ (0.02) | $ (0.92) | ||
(Loss) Income per share, diluted (in dollars per share) | $ (0.02) | $ (0.92) | ||
Adjustment of Series A Preferred and Series B Preferred undeclared Dividends | ||||
Reclassification [Line Items] | ||||
Preferred Stock dividends - undeclared | $ 1,062 | $ 3,203 | ||
Net (Loss) Income Attributable to Wheeler REIT Common Stockholders | $ 1,062 | $ 3,203 | ||
(Loss) Income per share, basic (in dollars per share) | $ 0.11 | $ 0.33 | ||
(Loss) Income per share, diluted (in dollars per share) | $ 0.11 | $ 0.33 |
Real Estate - Investment Properties (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Real Estate [Line Items] | ||
Investment properties at cost | $ 642,698 | $ 454,358 |
Less accumulated depreciation | (75,125) | (67,628) |
Investment properties, net | 567,573 | 386,730 |
Land and land improvements | ||
Real Estate [Line Items] | ||
Investment properties at cost | 138,066 | 96,752 |
Buildings and improvements | ||
Real Estate [Line Items] | ||
Investment properties at cost | $ 504,632 | $ 357,606 |
Real Estate - Additional Information (Details) $ / shares in Units, ft² in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Aug. 22, 2022
USD ($)
ft²
shopping_center
$ / shares
|
Mar. 02, 2022
shopping_center
|
Sep. 30, 2022
USD ($)
a
$ / shares
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
a
$ / shares
|
Sep. 30, 2021
USD ($)
|
Dec. 31, 2021
$ / shares
|
|
Business Acquisition [Line Items] | |||||||
Depreciation expense | $ 3,390,000 | $ 2,800,000 | $ 8,966,000 | $ 8,193,000 | |||
Impairment of assets held for sale | $ 0 | 0 | $ 760,000 | 2,200,000 | |||
Common stock, par value per share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Cedar | |||||||
Business Acquisition [Line Items] | |||||||
Common stock, par value per share (in dollars per share) | $ / shares | $ 0.06 | ||||||
Cedar | |||||||
Business Acquisition [Line Items] | |||||||
Area of land | ft² | 2.8 | ||||||
Number of shopping center | shopping_center | 19 | 19 | |||||
Consideration transferred | $ 135,510,000 | ||||||
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 | $ 0 | $ 0 | $ 760,000 | $ 2,200,000 |
Real Estate - Assets Held for Sale (Details) - USD ($) $ in Thousands |
Sep. 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 (Details) - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Thousands |
Jan. 11, 2022
USD ($)
|
Aug. 31, 2021
USD ($)
|
Jul. 09, 2021
USD ($)
a
|
Mar. 25, 2021
USD ($)
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 | |||
Rivergate Shopping Center Out Parcel | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Contract Price | $ 3,700 | |||
Gain (loss) | 1,915 | |||
Net Proceeds | $ 3,451 | |||
Tulls Creek Land Parcel | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Area of land | a | 1.28 | |||
Contract Price | $ 250 | |||
Gain (loss) | 52 | |||
Net Proceeds | $ 222 | |||
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 |
Real Estate - Assets Acquired and Liabilities Assumed (Details) - Cedar - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Aug. 22, 2022 |
Sep. 30, 2022 |
|
Assets Acquired | ||
Lease intangibles | $ 28,835 | |
Above market lease | 1,756 | |
Right of use asset adjustment, ground lease | 2,913 | |
Cash, accounts receivable and other assets | 14,242 | |
Total assets acquired | 232,626 | |
Liabilities Acquired | ||
(Below) market lease | (24,141) | |
Lease Liabilities, ground lease | (3,552) | |
Accounts payable and other liabilities | (4,578) | |
Total liabilities acquired | (32,271) | |
Noncontrolling interest | (64,845) | |
Purchase price allocation of net assets acquired, excluding noncontrolling interests | 135,510 | |
Purchase consideration | ||
Cash merger consideration | 130,000 | |
Capitalized acquisition costs | 5,510 | |
Consideration transferred | $ 135,510 | |
Incremental borrowing rate | 5.25% | |
Buildings and improvements | ||
Assets Acquired | ||
Property, plant, and equipment | $ 143,802 | |
Land and land improvements | ||
Assets Acquired | ||
Property, plant, and equipment | $ 41,078 | |
Series B Preferred Stock | ||
Purchase consideration | ||
Preferred stock, dividend rate (as a percent) | 7.25% | 7.25% |
Series C Preferred Stock | ||
Purchase consideration | ||
Preferred stock, dividend rate (as a percent) | 6.50% | 6.50% |
Real Estate - Pro Forma Financial Information (Details) - Cedar - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Business Acquisition [Line Items] | ||||
Rental revenues | $ 24,193 | $ 24,453 | $ 72,656 | $ 72,909 |
Net (Loss) Income from continuing operations | (1,454) | 3,500 | (6,360) | (3,940) |
Net (Loss) Income attributable to Wheeler REIT | (1,463) | 3,443 | (6,371) | (4,012) |
Net loss attributable to Wheeler REIT common shareholders | $ (6,415) | $ (1,432) | $ (21,228) | $ (13,685) |
Basic loss per share (in dollars per share) | $ (0.66) | $ (0.15) | $ (2.18) | $ (1.41) |
Diluted loss per share (in dollars per share) | $ (0.66) | $ (0.15) | $ (2.18) | $ (1.41) |
Deferred Costs and Other Assets, Net - Deferred Costs and Other Assets, Net (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Deferred costs and other assets, net | $ 40,674 | $ 11,973 |
Lease origination costs, net | 7,401 | 1,474 |
Tenant relationships, net | 589 | 853 |
Prepaid expenses | 2,586 | 413 |
Other | 398 | 33 |
Leases In Place, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred costs and other assets, net | 27,812 | 7,519 |
Ground Lease Sandwich Interest, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred costs and other assets, net | 1,462 | 1,667 |
Legal and marketing costs, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Deferred costs and other assets, net | $ 426 | $ 14 |
Deferred Costs and Other Assets, Net - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||
Finite-lived intangible assets, accumulated amortization | $ 61,680 | $ 61,680 | $ 62,940 | ||
Amortization of intangible assets | $ 1,600 | $ 874 | $ 3,260 | $ 2,840 |
Deferred Costs and Other Assets, Net - Future Amortization Expense (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
|
---|---|
Finite-Lived Intangible Assets [Line Items] | |
For the remaining three months ending December 31, 2022 | $ 2,877 |
December 31, 2023 | 9,742 |
December 31, 2024 | 6,957 |
December 31, 2025 | 5,178 |
December 31, 2026 | 3,603 |
December 31, 2027 | 2,924 |
Thereafter | 6,409 |
Total | 37,690 |
Leases In Place, net | |
Finite-Lived Intangible Assets [Line Items] | |
For the remaining three months ending December 31, 2022 | 2,359 |
December 31, 2023 | 7,858 |
December 31, 2024 | 5,334 |
December 31, 2025 | 3,802 |
December 31, 2026 | 2,448 |
December 31, 2027 | 1,905 |
Thereafter | 4,106 |
Total | 27,812 |
Lease Origination Costs, net | |
Finite-Lived Intangible Assets [Line Items] | |
For the remaining three months ending December 31, 2022 | 337 |
December 31, 2023 | 1,284 |
December 31, 2024 | 1,136 |
December 31, 2025 | 975 |
December 31, 2026 | 820 |
December 31, 2027 | 700 |
Thereafter | 2,149 |
Total | 7,401 |
Ground Lease Sandwich Interest, net | |
Finite-Lived Intangible Assets [Line Items] | |
For the remaining three months ending December 31, 2022 | 68 |
December 31, 2023 | 274 |
December 31, 2024 | 274 |
December 31, 2025 | 274 |
December 31, 2026 | 274 |
December 31, 2027 | 274 |
Thereafter | 24 |
Total | 1,462 |
Tenant Relationships, net | |
Finite-Lived Intangible Assets [Line Items] | |
For the remaining three months ending December 31, 2022 | 85 |
December 31, 2023 | 222 |
December 31, 2024 | 126 |
December 31, 2025 | 62 |
December 31, 2026 | 11 |
December 31, 2027 | 11 |
Thereafter | 72 |
Total | 589 |
Legal & Marketing Costs, net | |
Finite-Lived Intangible Assets [Line Items] | |
For the remaining three months ending December 31, 2022 | 28 |
December 31, 2023 | 104 |
December 31, 2024 | 87 |
December 31, 2025 | 65 |
December 31, 2026 | 50 |
December 31, 2027 | 34 |
Thereafter | 58 |
Total | $ 426 |
Loans Payable - Summary of Loans Payable (Details) - USD ($) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2022 |
Jul. 06, 2022 |
Jun. 17, 2022 |
Dec. 31, 2021 |
|
Debt Instrument [Line Items] | ||||
Loans payable, net | $ 467,230,000 | $ 333,283,000 | ||
Total Principal Balance | 483,659,000 | 346,262,000 | ||
Unamortized debt issuance cost | (16,429,000) | (9,834,000) | ||
Total Loans Payable, including assets held for sale | 467,230,000 | 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 | 7.00% | |||
Loans payable, net | $ 33,000,000 | 33,000,000 | ||
KeyBank-Cedar Agreement | ||||
Debt Instrument [Line Items] | ||||
Loans payable, net | 130,000,000 | 0 | ||
Cypress Shopping Center | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 34,360 | |||
Interest Rate | 4.70% | |||
Loans payable, net | $ 5,936,000 | 6,031,000 | ||
Port Crossing | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 34,788 | |||
Interest Rate | 4.84% | |||
Loans payable, net | $ 5,677,000 | 5,778,000 | ||
Freeway Junction | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 41,798 | |||
Interest Rate | 4.60% | |||
Loans payable, net | $ 7,314,000 | 7,431,000 | ||
Harrodsburg Marketplace | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 19,112 | |||
Interest Rate | 4.55% | |||
Loans payable, net | $ 3,207,000 | 3,267,000 | ||
Bryan Station | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 23,489 | |||
Interest Rate | 4.52% | |||
Loans payable, net | $ 4,159,000 | 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 | $ 7,753,000 | 7,861,000 | ||
Shoppes at Myrtle Park | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 33,180 | |||
Interest Rate | 4.45% | |||
Loans payable, net | $ 5,651,000 | 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 | $ 4,428,000 | 4,483,000 | ||
Tuckernuck | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 32,202 | |||
Interest Rate | 5.00% | |||
Loans payable, net | $ 4,950,000 | 5,052,000 | ||
Chesapeake Square | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 23,857 | |||
Interest Rate | 4.70% | |||
Loans payable, net | $ 4,129,000 | 4,192,000 | ||
Sangaree/Tri-County | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 32,329 | |||
Interest Rate | 4.78% | |||
Loans payable, net | $ 6,108,000 | 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 | $ 8,178,000 | 8,277,000 | ||
Village of Martinsville | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 89,664 | |||
Interest Rate | 4.28% | |||
Loans payable, net | $ 15,285,000 | 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 | $ 18,111,000 | 18,430,000 | ||
Guggenheim Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4.25% | 4.25% | ||
Loans payable, net | $ 75,000,000 | 0 | ||
JANAF Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5.31% | 5.31% | ||
Loans payable, net | $ 60,000,000 | 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 | ||
JANAF | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 333,159 | |||
Interest Rate | 4.49% | |||
Loans payable, net | $ 0 | 47,065,000 | ||
JANAF Bravo | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 35,076 | |||
Interest Rate | 5.00% | |||
Loans payable, net | $ 0 | 5,936,000 | ||
JANAF BJ's | ||||
Debt Instrument [Line Items] | ||||
Monthly Payment | $ 29,964 | |||
Interest Rate | 4.95% | |||
Loans payable, net | $ 0 | $ 4,725,000 |
Loans Payable - Additional Information (Details) |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Aug. 22, 2022
USD ($)
|
Jul. 06, 2022
USD ($)
loan
|
Jun. 17, 2022
USD ($)
loan
|
Feb. 17, 2022
USD ($)
|
Jan. 11, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
property
|
Sep. 30, 2022
USD ($)
property
shares
|
Sep. 30, 2021
USD ($)
|
|
Debt Instrument [Line Items] | ||||||||
Defeasance | $ 2,614,000 | $ 687,000 | ||||||
Convertible Notes | 7.00% Senior Subordinated Convertible Notes due 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest expense, adjusted for VWAP discount | $ 578,000 | $ 2,680,000 | ||||||
Payment of interest expense (in shares) | shares | 432,994 | |||||||
Interest expense, increase amount | $ 945,000 | |||||||
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% | |||||||
Guggenheim Loan Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, percent | 4.25% | 4.25% | 4.25% | |||||
Number of collateral real estate properties | property | 22 | 22 | ||||||
Debt issued | $ 75,000,000 | |||||||
Debt instrument, amortization term | 30 years | |||||||
Number loans refinanced | loan | 11 | |||||||
Defeasance | $ 1,460,000 | |||||||
KeyBank-Cedar Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, additional margin | 2.50% | 2.50% | ||||||
Debt issued | $ 130,000,000 | |||||||
KeyBank-Cedar Agreement | Commencing in February 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, additional margin | 4.00% | 4.00% | ||||||
KeyBank-Cedar Agreement | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.10% | 0.10% | ||||||
Walnut Hill Plaza | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, percent | 5.50% | 5.50% | ||||||
Repayments of debt | $ 1,340,000 | $ 1,790,000 | ||||||
JANAF Loan Agreement | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate, percent | 5.31% | 5.31% | 5.31% | |||||
Debt issued | $ 60,000,000 | |||||||
Number loans refinanced | loan | 3 | |||||||
Defeasance | $ 1,160,000 |
Loans Payable - Summary of Company's Scheduled Principal Repayments on Indebtedness (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
For the remaining three months ended December 31, 2022 | $ 572 |
December 31, 2023 | 132,343 |
December 31, 2024 | 33,690 |
December 31, 2025 | 85,337 |
December 31, 2026 | 19,347 |
December 31, 2027 | 9,313 |
Thereafter | 203,057 |
Total principal repayments and debt maturities | $ 483,659 |
Derivative Liabilities - Schedule of Warrants to Purchase Common Stock (Details) - USD ($) |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants outstanding | $ 7,309,000 | $ 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 Carlo Model (Details) |
Sep. 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 | 1.30 | 1.94 |
Contractual term to maturity | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, term | 2 years 8 months 12 days | 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 | 0.6458 | 0.7012 |
Expected market volatility % | Maximum | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants and rights outstanding, measurement input | 0.8599 | 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 | 0.0409 | 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 | 0.0420 | 0.0116 |
Derivative Liabilities - Multinomial Lattice Model (Details) - 7.00% Senior Subordinated Convertible Notes due 2031 |
Sep. 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 | 1.30 | 1.94 |
Contractual term to maturity | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative liability, measurement input | 9.3 | 10.1 |
Expected market volatility % | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative liability, measurement input | 1.9500 | 0.8000 |
Risk-free interest rate | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative liability, measurement input | 0.0382 | 0.0151 |
Traded WHLRL price, % of par | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative liability, measurement input | 1.1945 | 1.1396 |
Derivative Liabilities - Changes in Fair Value of the Derivative Liabilities (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 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 | 2,533 | (3,768) |
Balance at ending of period | 7,309 | 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 Leases (Details) $ in Thousands |
Sep. 30, 2022
USD ($)
|
---|---|
Leases [Abstract] | |
For the remaining three months ended December 31, 2022 | $ 17,843 |
December 31, 2023 | 70,410 |
December 31, 2024 | 62,244 |
December 31, 2025 | 52,428 |
December 31, 2026 | 42,066 |
December 31, 2027 | 32,543 |
Thereafter | 82,428 |
Total minimum rents | $ 359,962 |
Equity and Mezzanine Equity - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
Dec. 31, 2021 |
|
Equity [Line Items] | |||||
Preferred stock, amount of preferred dividends in arrears | $ 32,520,000 | ||||
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 | ||
Dividends declared, preferred stock | $ 0 | 0 | $ 0 | 0 | |
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) | $ 25.00 | $ 25.00 | $ 25.00 | ||
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 | ||
Dividends declared, preferred stock | $ 0 | 0 | $ 0 | 0 | |
Series D Preferred Stock | |||||
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) | $ 25.00 | $ 25.00 | $ 25.00 | ||
Preferred stock, shares authorized (in shares) | 6,000,000 | 6,000,000 | 6,000,000 | ||
Preferred stock, liquidation preference, value | $ 111,330,000 | $ 111,330,000 | $ 104,970,000 | ||
Preferred stock, per share amounts of preferred dividends in arrears (in dollars per share) | $ 10.31 | ||||
Preferred stock, amount of preferred dividends in arrears | 2,118,000 | 2,042,000 | $ 6,354,000 | 6,195,000 | |
Dividends declared, preferred stock | $ 0 | $ 0 | $ 0 | $ 0 |
Equity and Mezzanine Equity - Changes in Carrying Value of Series D Preferred (Details) - Series D Preferred - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
|
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||
Beginning Balance | $ 97,033 | $ 94,791 | $ 92,548 | $ 86,606 | $ 87,321 | $ 95,563 |
Accretion of Preferred Stock discount | 125 | 124 | 125 | 124 | 125 | 140 |
Undeclared dividends | 2,118 | 2,118 | 2,118 | 2,042 | 2,042 | 2,111 |
Redemption of Preferred Stock | (2,882) | (10,493) | ||||
Ending Balance | $ 99,276 | $ 97,033 | $ 94,791 | $ 88,772 | $ 86,606 | $ 87,321 |
Equity and Mezzanine Equity - Antidilutive Securities Excluded From Calculation of Earnings Per Share (Details) - shares |
9 Months Ended | |
---|---|---|
Sep. 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) | 6,564,015 | |
Common units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common units (in shares) | 144,942 | |
Potential dilutive shares (in shares) | 144,942 | |
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) | 33,237,579 |
Equity and Mezzanine Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Class of Stock [Line Items] | ||||
Arrears | $ 32,520 | |||
Series D Preferred | ||||
Class of Stock [Line Items] | ||||
Arrears | $ 2,118 | $ 2,042 | $ 6,354 | $ 6,195 |
Per Share (in dollars per share) | $ 0.67 | $ 0.67 | $ 2.01 | $ 2.01 |
Lease Commitments - Additional Information (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022
USD ($)
option
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
option
|
Sep. 30, 2021
USD ($)
|
|
Lessee, Lease, Description [Line Items] | ||||
Weighted-average remaining lease term | 34 years | 31 years | 34 years | 31 years |
Total rent expense | $ | $ 295 | $ 268 | $ 823 | $ 800 |
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 - Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 248 | $ 225 | $ 700 | $ 676 |
Lease Commitments - Undiscounted Cash Flows of Scheduled Obligations Under Operating Leases (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Leases [Abstract] | ||
For the remaining three months ended December 31, 2022 | $ 278 | |
December 31, 2023 | 1,113 | |
December 31, 2024 | 1,115 | |
December 31, 2025 | 1,119 | |
December 31, 2026 | 1,148 | |
December 31, 2027 | 1,152 | |
Thereafter | 30,829 | |
Total minimum lease payments | 36,754 | |
Discount | (20,308) | |
Operating lease liabilities | 16,446 | $ 13,040 |
Operating lease options to extend | $ 7,540 |
Commitments and Contingencies (Details) |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2022
USD ($)
|
Mar. 15, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2021
USD ($)
|
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 | 14.00% | ||||||
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 | 6.00% | ||||||
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 | 41.00% | 41.00% | |||||
Mid Atlantic | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage accounted by properties of its annualized base rent | 44.00% | 44.00% | |||||
Northeast | |||||||
Loss Contingencies [Line Items] | |||||||
Percentage accounted by properties of its annualized base rent | 15.00% | 15.00% |
Related Party Transactions (Details) - Affiliated entity - Property Management and Leasing Services - Cedar $ in Thousands |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
|
Related Party Transaction [Line Items] | ||
Revenue from related parties | $ 102 | $ 102 |
Due from related parties | $ 7,360 | $ 7,360 |
Subsequent Events (Details) |
Oct. 28, 2022
USD ($)
property
|
Aug. 22, 2022
USD ($)
|
---|---|---|
KeyBank-Cedar Agreement | ||
Subsequent Event [Line Items] | ||
Debt issued | $ 130,000,000 | |
Subsequent Event | Guggenheim-Cedar Loan Agreement | ||
Subsequent Event [Line Items] | ||
Debt issued | $ 110,000,000 | |
Interest rate, percent | 5.25% | |
Amortization schedule term | 30 years | |
Subsequent Event | KeyBank-Cedar Agreement | ||
Subsequent Event [Line Items] | ||
Number of collateral real estate properties | property | 19 |
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