Exhibit 99.2

Financial and Operating Results

For the three months ended March 31, 2021

---

Table of Contents
			Page
Company Overview			3
Financial and Portfolio Overview			4
Financial and Operating Results			5
Financial Summary
Consolidated Balance Sheets			8
Consolidated Statements of Operations			9
Reconciliation of Non-GAAP Measures			10
Debt Summary			13
Portfolio Summary
Property Summary			15
Top Ten Tenants by Annualized Base Rent and Lease Expiration Schedule			17
Leasing Summary			18
Definitions			20

Forward-Looking Statements

This document contains forward-looking statements that are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor. These forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks include, without limitation: adverse economic or real estate developments in the retail industry or the markets in which Wheeler Real Estate Investment Trust, Inc. (the "Company" or "WHLR") operates; the extent to which COVID-19 continues to impact the economy; defaults on or non-renewal of leases by tenants; increased interest rates and operating costs; decreased rental rates or increased vacancy rates; the Company's failure to obtain necessary outside financing on favorable terms or at all; the Company's inability to successfully acquire, sell, or operate properties; and the Company's failure to qualify or maintain its status as a REIT. When used in this presentation, the words "continue," "may," "approximately," "potentially," or similar expressions, are intended to identify forward-looking statements.

The forward-looking statements are based on management's beliefs, assumption and expectation of future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. For a description of the risks and uncertainties that could impact the Company's future results, performance or transactions, see the reports filed by the Company with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and annual reports on Form 10-K. The Company disclaims any responsibility to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

WHLR | Financial & Operating Data			2

---

Company Overview

Headquartered in Virginia Beach, VA, Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) is a fully-integrated, self-managed commercial real estate investment company focused on owning and operating income-producing retail properties with a primary focus on grocery-anchored centers. WHLR’s portfolio contains well-located, potentially dominant retail properties in secondary and tertiary markets that generate attractive, risk-adjusted returns. WHLR’s common stock, Series B convertible preferred stock and Series D cumulative convertible preferred stock trade publicly on NASDAQ under the symbols “WHLR”, “WHLRP” and "WHLRD", respectively.

    

Corporate Headquarters
Wheeler Real Estate Investment Trust, Inc.
Riversedge North
2529 Virginia Beach Boulevard Virginia Beach, VA 23452
Phone: (757) 627-9088 Toll Free: (866) 203-4864
Website: www.whlr.us
Executive Management
Daniel Khoshaba - CEO
Crystal Plum - CFO
M. Andrew Franklin - COO
Board of Directors
Stefani D. Carter (Chairman)			Andrew R. Jones
Clayton ("Chip") Andrews			Daniel Khoshaba (CEO)
E. J. Borrack			Paula J. Poskon
Kerry G. Campbell			Joseph D. Stilwell
Investor Relations Representative
Mary Jensen - IRRealized, LLC mjensen@whlr.us Office: (757) 627-9088 Cell: (310) 526-1707
Transfer Agent and Registrar
Computershare Trust Company, N.A. 250 Royall Street Canton, MA 02021 www.computershare.com

WHLR | Financial & Operating Data			3

---

Financial and Portfolio Overview

For the Three Months Ended March 31, 2021

Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s)			$	(3,001)
Net loss per basic and diluted shares			$	(0.31)
Funds from operations available to common stockholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)			$	(3,673)
FFO per common share and OP unit			$	(0.37)
Adjusted FFO (AFFO) (in 000s) (1)			$	87
AFFO per common share and OP unit			$	0.01
Assets and Leverage
Investment Properties, net of $61.25 million accumulated depreciation (in 000s)			$	388,769
Cash and Cash Equivalents (in 000s)			$	9,371
Total Assets (in 000s)			$	483,081
Debt to Total Assets(3)			74.24		%
Debt to Gross Asset Value			61.92		%
Market Capitalization
Common shares outstanding			9,706,738
OP units outstanding			221,565
Total common shares and OP units			9,928,303

			Shares Outstanding at March 31, 2021						First Quarter stock price range						Stock price as of March 31, 2021
Common Stock			9,706,738						$2.56 - $7.36						$	3.75
Series B preferred shares			1,875,748						$10.84 - $14.95						$	11.00
Series D preferred shares			3,142,196						$16.94 - $18.72						$	18.00

Total debt (in 000s)(3)			$	358,627
Common Stock market capitalization (as of March 31, 2021 closing stock price, in 000s)			$	36,400
Portfolio Summary
Total Leasable Area (GLA) in sq. ft.			5,511,881
Occupancy Rate			89.4		%
Leased Rate (2)			91.1		%
Annualized Base Rent (in 000s)			$	47,401
Total number of leases signed or renewed during the first quarter of 2021			59
Total sq. ft. leases signed or renewed during the first quarter of 2021			300,599

(1)    See page 20 for the Company's definition of this non-GAAP measurement and reasons for using it.

(2)    Reflects leases executed through April 5, 2021 that commence subsequent to the end of current period.

(3)    Includes debt associated with assets held for sale.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			4

---

Financial and Operating Results

Today, WHLR reported its financial and operating results for the three months ended March 31, 2021.

2021 FIRST QUARTER HIGHLIGHTS

(all comparisons to the same prior year period unless otherwise noted)

FINANCIAL

•Net loss attributable to WHLR's common stock, $0.01 par value per share ("Common Stock") stockholders of $3.0 million, or ($0.31) per share, as compared to $5.5 million, or ($0.57) per share.

•Funds from operations ("FFO") of ($3.7 million), or ($0.37) per share of the Company's Common Stock and common unit ("Common Unit") in our operating partnership, Wheeler REIT, L.P., as compared to FFO of $61 thousand, or $0.01 per share.

•Adjusted Funds from Operations ("AFFO") of $0.01 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P., as compared to $0.08 per share.

OPERATIONS

•Total revenue decreased by 5.43% or $846 thousand primarily a result of decreases described below in the same store section.

•Total operating expenses decreased by 15.11% or $1.8 million primarily a result of decreases of $1.1 million in depreciation and amortization and $600 thousand impairment of assets held for sale.

LEASING

•The Company's real estate portfolio was 91.1% leased as of March 31, 2021.

•The Company's real estate portfolio is 89.4% occupied, an increase from 87.1% at December 31, 2020 with anchor tenants accounting for 145 basis points of the increase.

•Quarter-To-Date Leasing Activity

•Executed 40 lease renewals totaling 188,005 square feet at a weighted-average increase of $0.38 per square foot, representing an increase of 4.22% over in-place rental rates.

•Signed 19 new leases totaling 112,594 square feet with a weighted-average rental rate of $8.25 per square foot, including 2 anchors.

•The Company’s gross leasable area ("GLA"), which is subject to leases that expire over the next nine months and includes month-to-month leases, decreased to approximately 4.43% at March 31, 2021, compared to 9.33% at March 31, 2020. At March 31, 2021, 22.71% of this expiring GLA is subject to renewal options (a lease expiration schedule can be found on page 17 and provides additional details on the Company's leases).

•As of March 31, 2021, the Company had signed leases representing $616 thousand of annualized base rent ("ABR"). Rent will commence on these leases over the next seven months.

SAME STORE

•Same store Net Operating Income ("NOI") decreased by 9.48% and by 9.15% on a cash basis. Same store results were impacted by a 5.45% decrease in revenue primarily due to three anchor vacancies, which additionally triggered co-tenancy provisions and lease modifications related to tenant bankruptcies. Two of the vacant anchors were backfilled, with rent commencing in 2021. These negative impacts were partially offset by increases in straight-line rental revenues resulting from long-term lease extensions. Additionally, same store property expenses increased by 3.94% primarily driven by insurance and real estate taxes and snow removal, partially offset by decreases in common area maintenance.

CAPITAL MARKETS

•The Company paid in full the $25.0 million, 13.50% Powerscourt Financing Agreement with proceeds from the $35.0 million, 8.00% financing agreement with Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent (the “Wilmington Financing Agreement”) providing a go forward annual interest savings of $575 thousand. The Wilmington Financing Agreement matures on March 12, 2026. The Powerscourt Warrant Agreement and Powerscourt Registration Rights Agreement remain. In conjunction with the Wilmington Financing Agreement, the Company issued to the underlying holders, warrants to purchase an aggregate of 1,061,719 shares of the Company’s Common Stock at various exercise prices. This is recognized as a warrant liability with an initial fair value of $2.0 million.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			5

---

•Recognized a non-operating loss of $347 thousand due to the change in fair market value of the warrant liability, utilizing the Monte Carlo simulation model to calculate fair value.

•Loans payable increased $4.7 million or 1.33% and were impacted by:

•$10.0 million net increase after the Wilmington Financing Agreement was used to payoff the Powerscourt Financing Agreement; partially offset by

•$3.2 million paydown with the sale of Berkley Shopping Center;

•$500 thousand one time principal payment on the Columbia Fire Station loan and

•$1.5 million monthly principal payments.

•At March 31, 2021, assets held for sale include Columbia Fire Station, Surrey Plaza and two outparcels at Rivergate Shopping Center, as the Company has committed to a plan to sell each property.

•In conjunction with the Berkley Shopping Center loan paydown the Company paid $687 thousand in defeasance.

OTHER

•The Company recognized non-operating other income of $552 thousand in Paycheck Protection Program Promissory Note forgiveness.

TENDER OFFER

•Through a "modified Dutch auction" tender offer the Company accepted for purchase 387,097 shares of Series D Preferred at a price of 15.50 per share, for an aggregate cost of $6.00 million, excluding fees and expenses.

•On April 19, 2021, subsequent to the end of the first quarter of 2021, the Company announced a “modified Dutch auction” tender offer to purchase up to $12.00 million in shares of its Series D Preferred at a price not greater than $18.00 nor less than $15.50 per Series D Preferred Share, to the tendering stockholders in cash, less any applicable withholding taxes and without interest. Unless the offer is extended or terminated, the tender offer is scheduled to expire at 12:00 midnight on May 14, 2021.

BALANCE SHEET

•Cash and cash equivalents totaled $9.4 million, compared to $7.7 million at December 31, 2020.

•Restricted cash totaled $34.8 million, compared to $35.1 million at December 31, 2020. These funds are held in lender reserves primarily for the purpose of tenant improvements, lease commissions, real estate taxes, insurance expenses and loan proceeds to be used for redemption of Series D Preferred.

•Total debt was $358.6 million (including debt associated with assets held for sale), compared to $353.9 million at December 31, 2020.

•WHLR's weighted-average interest rate was 5.01% with a term of 3.63 years (including debt associated with assets held for sale), compared to 5.31% with a term of 3.56 years at December 31, 2020.

•Net investment properties totaled $399.3 million (including assets held for sale), compared to $405.3 million as of December 31, 2020.

DIVIDENDS

•The Company had accumulated undeclared dividends of approximately $31.4 million to holders of shares of its Series A Preferred Stock, Series B Preferred Stock, and Series D Preferred Stock. Approximately $3.2 million is attributable to the three months ended March 31, 2021.

SUBSEQUENT EVENTS

•On April 15, 2021, the Company extended the maturity of the First National Bank and Lumber River Loans, collectively $2.3 million, to September and October 2021, respectively, with no changes in interest rate or monthly payments.

•On May 5, 2021, the Company refinanced the JANAF Bravo Loan for $6.00 million at a rate of 5.00%. The loan matures on May 5, 2024 with monthly principal and interest payments of $35 thousand.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			6

---

DISPOSITIONS

•Sold Berkley Shopping Center and Berkley Land Parcel for $4.2 million, generating a gain of $176 thousand and net proceeds of $3.9 million.

ADDITIONAL INFORMATION

The enclosed information should be read in conjunction with the Company's filings with the Securities and Exchange Commission, including, but not limited to, its quarterly and annual filings on Forms 10-Q and 10-K.

These documents are or will be available upon filing via the U.S. Securities and Exchange Commission website (www.sec.gov) or through WHLR’s website at www.whlr.us.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			7

---

Consolidated Balance Sheets

$ in 000s

			March 31, 2021						December 31, 2020
			(unaudited)
ASSETS:
Investment properties, net			$	388,769					$	392,664
Cash and cash equivalents			9,371						7,660
Restricted cash			34,838						35,108
Rents and other tenant receivables, net			7,585						9,153
Assets held for sale			10,859						13,072
Above market lease intangibles, net			3,239						3,547
Operating lease right-of-use assets			12,673						12,745
Deferred costs and other assets, net			15,747						15,430
Total Assets			$	483,081					$	489,379
LIABILITIES:
Loans payable, net			$	338,533					$	334,266
Liabilities associated with assets held for sale			10,939						13,124
Below market lease intangibles, net			4,235						4,554
Warrant liability			2,959						594
Operating lease liabilities			13,161						13,200
Accounts payable, accrued expenses and other liabilities			10,980						11,229
Total Liabilities			380,807						376,967
Series D Cumulative Convertible Preferred Stock (no par value, 4,000,000 shares authorized, 3,142,196 and 3,529,293 shares issued and outstanding, respectively; $99.27 million and $109.13 million aggregate liquidation preference, respectively)			87,321						95,563
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding)			453						453
Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 1,875,748 shares issued and outstanding; $46.90 million aggregate liquidation preference)			41,196						41,174
Common Stock ($0.01 par value, 18,750,000 shares authorized, 9,706,738 and 9,703,874 shares issued and outstanding, respectively)			97						97
Additional paid-in capital			234,086						234,061
Accumulated deficit			(262,800)						(260,867)
Total Stockholders’ Equity			13,032						14,918
Noncontrolling interests			1,921						1,931
Total Equity			14,953						16,849
Total Liabilities and Equity			$	483,081					$	489,379

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			8

---

Consolidated Statements of Operations

$ in 000s

			Three Months Ended March 31,
			2021						2020
REVENUE:
Rental revenues			$	14,656					$	15,355
Other revenues			72						219
Total Revenue			14,728						15,574
OPERATING EXPENSES:
Property operations			4,884						4,723
Depreciation and amortization			3,716						4,799
Impairment of assets held for sale			—						600
Corporate general & administrative			1,582						1,872
Total Operating Expenses			10,182						11,994
Gain (loss) on disposal of properties			176						(26)
Operating Income			4,722						3,554
Interest expense			(8,961)						(4,399)
Net changes in fair value of warrant			(347)						—
Other income			552						—
Other expense			—						(1,024)
Net Loss Before Income Taxes			(4,034)						(1,869)
Income tax expense			—						(8)
Net Loss			(4,034)						(1,877)
Less: Net income (loss) attributable to noncontrolling interests			15						(9)
Net Loss Attributable to Wheeler REIT			(4,049)						(1,868)
Preferred Stock dividends - undeclared			(3,341)						(3,657)
Deemed contribution related to preferred stock redemption			4,389						—
Net Loss Attributable to Wheeler REIT Common Stockholders			$	(3,001)					$	(5,525)
Loss per share:
Basic and Diluted			$	(0.31)					$	(0.57)
Weighted-average number of shares:
Basic and Diluted			9,704,638						9,694,284

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			9

---

Reconciliation of Non-GAAP Measures

FFO and AFFO (1)

$ in 000s

						Three Months Ended March 31,
						2021						2020
Net Loss						$	(4,034)					$	(1,877)
Depreciation and amortization of real estate assets						3,716						4,799
(Gain) loss on disposal of properties						(176)						26
Impairment of assets held for sale						—						600
FFO						(494)						3,548
Preferred stock dividends - undeclared						(3,341)						(3,657)
Preferred stock accretion adjustments						162						170
FFO available to common stockholders and common unitholders						(3,673)						61
Acquisition and development costs						—						1
Capital related costs						128						4
Other non-recurring and non-cash (income) expenses (2)						145						1,024
Net changes in fair value of warrant						347						—
Straight-line rental revenue, net straight-line expense						(214)						(5)
Loan cost amortization						3,642						310
Above (below) market lease amortization						(12)						(273)
Recurring capital expenditures and tenant improvement reserves						(276)						(279)
AFFO						$	87					$	843
Weighted Average Common Shares						9,704,638						9,694,284
Weighted Average Common Units						223,665						234,019
Total Common Shares and Units						9,928,303						9,928,303
FFO per Common Share and Common Units						$	(0.37)					$	0.01
AFFO per Common Share and Common Units						$	0.01					$	0.08

(1)    See page 20 for the Company's definition of this non-GAAP measurement and reasons for using it.

(2)    Other non-recurring expenses are described in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Quarterly Report on Form 10-Q for the three months ended March 31, 2021.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			10

---

Reconciliation of Non-GAAP Measures (continued)

Property Net Operating Income (1)

$ in 000s

			Three Months Ended March 31,
			Same Store												Non-same Store												Total
			2021						2020						2021						2020						2021						2020
			(in thousands, unaudited)
Net Loss			$	(3,546)					$	(1,802)					$	(488)					$	(75)					$	(4,034)					$	(1,877)
Adjustments:
Income tax expense			—						8						—						—						—						8
Other expense			—						1,024						—						—						—						1,024
Other income			(552)						—						—						—						(552)						—
Net changes in fair value of warrant			347						—						—						—						347						—
Interest expense			8,253						4,366						708						33						8,961						4,399
(Gain) loss on disposal of properties			—						—						(176)						26						(176)						26
Corporate general & administrative			1,579						1,868						3						4						1,582						1,872
Impairment of assets held for sale			—						600						—						—						—						600
Depreciation and amortization			3,716						4,767						—						32						3,716						4,799
Other non-property revenue			(13)						(22)						—						—						(13)						(22)
Property Net Operating Income			$	9,784					$	10,809					$	47					$	20					$	9,831					$	10,829
Property revenues			$	14,607					$	15,449					$	108					$	103					$	14,715					$	15,552
Property expenses			4,823						4,640						61						83						4,884						4,723
Property Net Operating Income			$	9,784					$	10,809					$	47					$	20					$	9,831					$	10,829

(1)    See page 21 for the Company's definition of this non-GAAP measurement and reasons for using it.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			11

---

Reconciliation of Non-GAAP Measures (continued)

EBITDA (4)

$ in 000s

						Three Months Ended March 31,
						2021						2020
Net Loss						$	(4,034)					$	(1,877)
Add back:			Depreciation and amortization (1)			3,704						4,526
			Interest Expense (2)			8,961						4,399
			Income tax (benefit) expense			—						8
EBITDA						8,631						7,056
Adjustments for items affecting comparability:
			Acquisition and development costs			—						1
			Capital related costs			128						4
			Change in fair value of warrant			347						—
			Other non-recurring and non-cash expenses (3)			(552)						1,024
			Impairment of assets held for sale			—						600
			(Gain) loss on disposal of properties			(176)						26
Adjusted EBITDA						$	8,378					$	8,711

(1)    Includes above (below) market lease amortization.

(2)    Includes loan cost amortization and prepayment penalty.

(3)    Other non-recurring expenses are described in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Quarterly Report on Form 10-Q for the period ended March 31, 2021.

(4)    See page 20 for the Company's definition of this non-GAAP measurement and reasons for using it.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			12

---

Debt Summary

$ in 000s

Loans Payable:         $358.63 million

Weighted Average Interest Rate:     5.01%

Property/Description						Monthly Payment						Interest Rate						Maturity						March 31, 2021						December 31,  2020
First National Bank (7)						$	24,656					LIBOR + 350 basis points						March 2021						$	982					$	1,045
Lumber River						$	10,723					LIBOR + 350 basis points						April 2021						1,349						1,367
Rivergate						$	103,167					LIBOR + 295 basis points						April 2021						21,021						21,164
JANAF Bravo						$	36,935					4.65		%				April 2021						6,225						6,263
Columbia Fire Station						Interest only						14.00		%				July 2021						3,363						3,893
Litchfield Market Village						$	46,057					5.50		%				November 2022						7,417						7,418
Twin City Commons						$	17,827					4.86		%				January 2023						2,897						2,915
Walnut Hill Plaza						$	26,850					5.50		%				March 2023						3,252						3,287
Powerscourt Financing Agreement (6)						Interest only						13.50		%				March 2023						—						25,000
New Market						$	48,747					5.65		%				June 2023						6,454						6,508
Benefit Street Note (3)						$	53,185					5.71		%				June 2023						7,088						7,145
Deutsche Bank Note (2)						$	33,340					5.71		%				July 2023						5,547						5,567
JANAF						$	333,159					4.49		%				July 2023						48,423						48,875
Tampa Festival						$	50,797					5.56		%				September 2023						7,878						7,920
Forrest Gallery						$	50,973					5.40		%				September 2023						8,184						8,226
South Carolina Food Lions Note (5)						$	68,320					5.25		%				January 2024						11,418						11,473
Cypress Shopping Center						$	34,360					4.70		%				July 2024						6,134						6,163
Port Crossing						$	34,788					4.84		%				August 2024						5,876						5,909
Freeway Junction						$	41,798					4.60		%				September 2024						7,544						7,582
Harrodsburg Marketplace						$	19,112					4.55		%				September 2024						3,324						3,343
Bryan Station						$	23,489					4.52		%				November 2024						4,290						4,312
Crockett Square						Interest only						4.47		%				December 2024						6,338						6,338
Pierpont Centre						$	39,435					4.15		%				February 2025						7,965						8,001
Shoppes at Myrtle Park						$	33,180					4.45		%				February 2025						5,858						5,892
Folly Road						$	41,482					4.65		%				March 2025						7,183						7,223
Alex City Marketplace						Interest only						3.95		%				April 2025						5,750						5,750
Butler Square						Interest only						3.90		%				May 2025						5,640						5,640
Brook Run Shopping Center						Interest only						4.08		%				June 2025						10,950						10,950
Beaver Ruin Village I and II						Interest only						4.73		%				July 2025						9,400						9,400
Sunshine Shopping Plaza						Interest only						4.57		%				August 2025						5,900						5,900
Barnett Portfolio (4)						Interest only						4.30		%				September 2025						8,770						8,770
Fort Howard Shopping Center						Interest only						4.57		%				October 2025						7,100						7,100
Conyers Crossing						Interest only						4.67		%				October 2025						5,960						5,960
Grove Park Shopping Center						Interest only						4.52		%				October 2025						3,800						3,800
Parkway Plaza						Interest only						4.57		%				October 2025						3,500						3,500
Winslow Plaza						$	24,295					4.82		%				December 2025						4,535						4,553
JANAF BJ's						$	29,964					4.95		%				January 2026						4,814						4,844
Tuckernuck						$	32,202					5.00		%				March 2026						5,150						5,193
Wilmington Financing Agreement (6)						Interest only						8.00		%				March 2026						35,000						—
Chesapeake Square						$	23,857					4.70		%				August 2026						4,254						4,279
Berkley/Sangaree/Tri-County						Interest only						4.78		%				December 2026						6,176						9,400
Riverbridge						Interest only						4.48		%				December 2026						4,000						4,000
Franklin Village						$	45,336					4.93		%				January 2027						8,372						8,404
Village of Martinsville						$	89,664					4.28		%				July 2029						15,881						15,979
Laburnum Square						Interest only						4.28		%				September 2029						7,665						7,665
Total Principal Balance (1)																								358,627						353,916
Unamortized debt issuance cost (1)																								(9,349)						(6,812)
Total Loans Payable, including assets held for sale																								349,278						347,104
Less loans payable on assets held for sale, net loan amortization costs																								10,745						12,838
Total Loans Payable, net																								$	338,533					$	334,266

(1) Includes loans payable on assets held for sale.

(2) Collateralized by LaGrange Marketplace, Ridgeland and Georgetown.

(3) Collateralized by Ladson Crossing, Lake Greenwood Crossing and South Park.

(4) Collateralized by Cardinal Plaza, Franklinton Square, and Nashville Commons.

(5) Collateralized by Clover Plaza, South Square, St. George, Waterway Plaza and Westland Square.

(6) Collateralized by Darien Shopping Center, Devine Street, Lake Murray, Moncks Corner and South Lake.

(7) Collateralized by Surrey Plaza and Amscot Building.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			13

---

Debt Summary (continued)

Total Debt

$ in 000s

Scheduled principal repayments and maturities by year						Amount						% Total Principal Payments and Maturities
For the remaining nine months ending December 31, 2021						$	36,815					10.27		%
December 31, 2022						12,675						3.53		%
December 31, 2023						86,970						24.25		%
December 31, 2024						44,340						12.36		%
December 31, 2025						91,530						25.52		%
December 31, 2026						58,025						16.18		%
Thereafter						28,272						7.89		%
Total principal repayments and debt maturities						$	358,627					100.00		%

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			14

---

Property Summary

Property						Location						Number of Tenants (1)			Total Leasable Square Feet			Percentage Leased (1)			Percentage Occupied			Total SF Occupied			Annualized Base Rent (in 000's) (2)			Annualized Base Rent per Occupied Sq. Foot
Alex City Marketplace						Alexander City, AL						17			151,843			96.8		%	96.8		%	147,043			$	1,129		$	7.68
Amscot Building						Tampa, FL						1			2,500			100.0		%	100.0		%	2,500			83			33.00
Beaver Ruin Village						Lilburn, GA						28			74,038			95.2		%	90.4		%	66,948			1,166			17.42
Beaver Ruin Village II						Lilburn, GA						4			34,925			100.0		%	100.0		%	34,925			457			13.08
Brook Run Shopping Center						Richmond, VA						18			147,738			87.0		%	86.2		%	127,283			1,099			8.63
Brook Run Properties (3)						Richmond, VA						—			—			—		%	—		%	—			—			—
Bryan Station						Lexington, KY						10			54,277			100.0		%	100.0		%	54,277			594			10.95
Butler Square						Mauldin, SC						16			82,400			98.2		%	98.2		%	80,950			850			10.50
Cardinal Plaza						Henderson, NC						8			50,000			97.0		%	97.0		%	48,500			478			9.85
Chesapeake Square						Onley, VA						12			108,982			96.5		%	96.5		%	105,182			796			7.57
Clover Plaza						Clover, SC						10			45,575			100.0		%	100.0		%	45,575			377			8.26
Columbia Fire Station						Columbia, SC						1			21,273			14.4		%	14.4		%	3,063			81			26.60
Courtland Commons (3)						Courtland, VA						—			—			—		%	—		%	—			—			—
Conyers Crossing						Conyers, GA						13			170,475			98.0		%	98.0		%	166,975			895			5.36
Crockett Square						Morristown, TN						4			107,122			100.0		%	100.0		%	107,122			970			9.06
Cypress Shopping Center						Boiling Springs, SC						16			80,435			40.8		%	39.5		%	31,775			429			13.49
Darien Shopping Center						Darien, GA						1			26,001			100.0		%	100.0		%	26,001			156			6.00
Devine Street						Columbia, SC						2			38,464			100.0		%	100.0		%	38,464			319			8.28
Edenton Commons (3)						Edenton, NC						—			—			—		%	—		%	—			—			—
Folly Road						Charleston, SC						5			47,794			100.0		%	100.0		%	47,794			731			15.29
Forrest Gallery						Tullahoma, TN						26			214,451			80.3		%	80.3		%	172,124			1,246			7.24
Fort Howard Shopping Center						Rincon, GA						19			113,652			95.1		%	95.1		%	108,120			1,054			9.75
Freeway Junction						Stockbridge, GA						19			156,834			100.0		%	100.0		%	156,834			1,342			8.55
Franklin Village						Kittanning, PA						26			151,821			98.7		%	98.7		%	149,821			1,285			8.58
Franklinton Square						Franklinton, NC						15			65,366			100.0		%	100.0		%	65,366			589			9.02
Georgetown						Georgetown, SC						2			29,572			100.0		%	100.0		%	29,572			267			9.04
Grove Park						Orangeburg, SC						13			93,265			97.7		%	97.7		%	91,121			688			7.55
Harbor Point (3)						Grove, OK						—			—			—		%	—		%	—			—			—
Harrodsburg Marketplace						Harrodsburg, KY						6			60,048			79.0		%	79.0		%	47,448			404			8.52
JANAF (4)						Norfolk, VA						111			798,086			89.7		%	89.7		%	716,224			8,518			11.89
Laburnum Square						Richmond, VA						20			109,405			97.5		%	97.5		%	106,705			985			9.23
Ladson Crossing						Ladson, SC						15			52,607			100.0		%	100.0		%	52,607			507			9.64
LaGrange Marketplace						LaGrange, GA						13			76,594			96.9		%	96.9		%	74,194			430			5.80
Lake Greenwood Crossing						Greenwood, SC						7			47,546			90.1		%	90.1		%	42,818			351			8.19
Lake Murray						Lexington, SC						5			39,218			100.0		%	100.0		%	39,218			254			6.47
Litchfield Market Village						Pawleys Island, SC						19			86,740			88.7		%	87.3		%	75,702			902			11.91
Lumber River Village						Lumberton, NC						10			66,781			84.6		%	84.6		%	56,481			417			7.39
Moncks Corner						Moncks Corner, SC						1			26,800			100.0		%	100.0		%	26,800			323			12.07
Nashville Commons						Nashville, NC						12			56,100			100.0		%	100.0		%	56,100			625			11.14
New Market Crossing						Mt. Airy, NC						10			117,076			88.3		%	88.3		%	103,338			915			8.86
Parkway Plaza						Brunswick, GA						4			52,365			81.7		%	81.7		%	42,785			351			8.20
Pierpont Centre						Morgantown, WV						15			111,162			88.4		%	88.4		%	98,256			914			9.30
Port Crossing						Harrisonburg, VA						8			65,365			97.9		%	97.9		%	64,000			852			13.31
Ridgeland						Ridgeland, SC						1			20,029			100.0		%	100.0		%	20,029			140			7.00
Riverbridge Shopping Center						Carrollton, GA						10			91,188			94.7		%	94.7		%	86,388			690			7.99
Rivergate Shopping Center						Macon, GA						30			201,680			90.2		%	73.8		%	148,905			2,398			16.11
Sangaree Plaza						Summerville, SC						8			66,948			87.4		%	87.4		%	58,498			599			10.24
Shoppes at Myrtle Park						Bluffton, SC						13			56,601			99.3		%	99.3		%	56,181			609			10.83
South Lake						Lexington, SC						6			44,318			93.9		%	16.3		%	7,200			93			12.98
South Park						Mullins, SC						3			60,734			96.9		%	83.2		%	50,509			351			6.95
South Square						Lancaster, SC						6			44,350			81.0		%	81.0		%	35,900			300			8.36
St. George Plaza						St. George, SC						6			59,279			96.2		%	92.3		%	54,719			376			6.86
Sunshine Plaza						Lehigh Acres, FL						23			111,189			100.0		%	100.0		%	111,189			1,077			9.69
Surrey Plaza						Hawkinsville, GA						3			42,680			96.5		%	96.5		%	41,180			247			6.00

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			15

---

Property Summary (continued)

Property						Location						Number of Tenants (1)			Total Leasable Square Feet			Percentage Leased (1)			Percentage Occupied			Total SF Occupied			Annualized Base Rent (in 000's) (2)			Annualized Base Rent per Occupied Sq. Foot
Tampa Festival						Tampa, FL						20			137,987			71.9		%	64.6		%	89,166			$	896		$	10.05
Tri-County Plaza						Royston, GA						7			67,577			94.1		%	94.1		%	63,577			409			6.43
Tuckernuck						Richmond, VA						12			93,624			87.2		%	87.2		%	81,648			841			10.30
Tulls Creek (3)						Moyock, NC						—			—			—		%	—		%	—			—			—
Twin City Commons						Batesburg-Leesville, SC						5			47,680			100.0		%	100.0		%	47,680			480			10.06
Village of Martinsville						Martinsville, VA						19			290,902			96.6		%	96.1		%	279,446			2,124			7.60
Walnut Hill Plaza						Petersburg, VA						6			87,239			38.1		%	38.1		%	33,225			279			8.41
Waterway Plaza						Little River, SC						10			49,750			100.0		%	100.0		%	49,750			497			9.99
Westland Square						West Columbia, SC						11			62,735			95.7		%	95.7		%	60,065			529			8.80
Winslow Plaza						Sicklerville, NJ						18			40,695			100.0		%	100.0		%	40,695			637			15.65
Total Portfolio												759			5,511,881			91.1		%	89.4		%	4,925,961			$	47,401		$	9.62

(1)    Reflects leases executed through April 5, 2021 that commence subsequent to the end of current period.

(2)    Annualized based rent per occupied square foot, assumes base rent as of the end of the current reporting period, excludes the impact of tenant concessions and rent abatements.

(3)    This information is not available because the property is undeveloped.

(4)    Square footage is net of the Company's on-premise management office and net of building square footage whereby the Company only leases the land.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			16

---

Top Ten Tenants by Annualized Base Rent

Total Tenants : 759

Tenants									Annualized Base Rent ($ in 000s)						% of Total Annualized Base Rent						Total Occupied Square Feet						Percent Total Leasable Square Foot						Base Rent Per Occupied Square Foot
1.			Food Lion						$	4,392					9.27		%				551,469						10.01		%				$	7.96
2.			Piggly Wiggly						1,488						3.14		%				202,968						3.68		%				7.33
3.			Kroger (1)						1,355						2.86		%				186,064						3.38		%				7.28
4.			Winn Dixie						887						1.87		%				133,575						2.42		%				6.64
5.			Planet Fitness						837						1.77		%				100,427						1.82		%				8.33
6.			Hobby Lobby						717						1.51		%				114,298						2.07		%				6.27
7.			BJ's Wholesale Club						651						1.37		%				147,400						2.67		%				4.42
8.			KJ's Market						610						1.29		%				75,198						1.36		%				8.11
9.			Dollar Tree						591						1.25		%				70,379						1.28		%				8.40
10.			Harris Teeter (1)						579						1.22		%				39,946						0.72		%				14.49
									$	12,107					25.55		%				1,621,724						29.41		%				$	7.47

(1) These tenants are both owned by The Kroger Company.

Lease Expiration Schedule

Lease Expiration Period						Number of Expiring Leases						Total Expiring Square Footage						% of Total Expiring Square Footage						% of Total Occupied Square Footage Expiring						Expiring Annualized Base Rent (in 000s)						% of Total Annualized Base Rent						Expiring Base Rent Per Occupied Square Foot
Available						—						585,920						10.63		%				—		%				$	—					—		%				$	—
Month-to-Month						12						94,984						1.72		%				1.93		%				587						1.24		%				6.18
2021						67						149,310						2.71		%				3.03		%				2,187						4.61		%				14.65
2022						129						511,959						9.29		%				10.39		%				5,393						11.38		%				10.53
2023						129						863,848						15.67		%				17.54		%				7,562						15.95		%				8.75
2024						118						685,592						12.44		%				13.92		%				6,618						13.96		%				9.65
2025						105						808,251						14.66		%				16.41		%				7,894						16.65		%				9.77
2026						85						739,898						13.42		%				15.02		%				6,856						14.46		%				9.27
2027						30						193,631						3.51		%				3.93		%				2,343						4.94		%				12.10
2028						21						331,609						6.02		%				6.73		%				2,336						4.93		%				7.04
2029						16						114,020						2.07		%				2.31		%				1,158						2.44		%				10.16
2030 and thereafter						47						432,859						7.86		%				8.79		%				4,467						9.44		%				10.32
Total						759						5,511,881						100.00		%				100.00		%				$	47,401					100.00		%				$	9.62

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			17

---

Leasing Summary

Anchor Lease Expiration Schedule (1)

			No Option																		Option
Lease Expiration Nine and Twelve Month Periods Ending December 31,			Number of Expiring Leases			Expiring Occupied Square Footage			Expiring Annualized Based Rent (in 000s)			% of Total Annualized Base Rent			Expiring Base Rent per Square Foot						Number of Expiring Leases			Expiring Occupied Square Footage			Expiring Annualized Based Rent (in 000s)			% of Total Annualized Base Rent			Expiring Base Rent per Square Foot
Available			—			196,572			$	—		—		%	$	—					—			—			$	—		—		%	$	—
Month-to-Month			1			58,473			250			13.03		%	4.28						—			—			—			—		%	—
2021			—			—			—			—		%	—						—			—			—			—		%	—
2022			—			—			—			—		%	—						5			178,882			1,294			7.09		%	7.23
2023			2			43,392			445			23.19		%	10.26						15			523,775			3,323			18.21		%	6.34
2024			1			32,000			125			6.51		%	3.91						8			318,759			2,231			12.23		%	7.00
2025			2			84,633			619			32.26		%	7.31						12			472,936			3,777			20.70		%	7.99
2026			1			20,152			97			5.04		%	4.81						13			429,484			3,476			19.05		%	8.09
2027			—			—			—			—		%	—						2			57,345			447			2.45		%	7.79
2028			—			—			—			—		%	—						7			280,841			1,637			8.97		%	5.83
2029			1			21,213			317			16.53		%	14.94						2			45,700			307			1.68		%	6.72
2030+			1			20,858			66			3.44		%	3.16						6			288,576			1,754			9.62		%	6.08
Total			9			477,293			$	1,919		100.00		%	$	6.84					70			2,596,298			$	18,246		100.00		%	$	7.03

(1) Anchors defined as leases occupying 20,000 square feet or more.

Non-anchor Lease Expiration Schedule

			No Option																		Option
Lease Expiration Nine and Twelve Month Periods Ending December 31,			Number of Expiring Leases			Expiring Occupied Square Footage			Expiring Annualized Based Rent (in 000s)			% of Total Annualized Base Rent			Expiring Base Rent per Square Foot						Number of Expiring Leases			Expiring Occupied Square Footage			Expiring Annualized Based Rent (in 000s)			% of Total Annualized Base Rent			Expiring Base Rent per Square Foot
Available			—			389,348			$	—		—		%	$	—					—			—			$	—		—		%	$	—
Month-to-Month			10			35,461			322			2.56		%	9.08						1			1,050			15			0.10		%	14.29
2021			47			94,880			1,243			9.87		%	13.10						20			54,430			944			6.45		%	17.34
2022			65			139,803			1,817			14.42		%	13.00						59			193,274			2,282			15.59		%	11.81
2023			64			128,486			1,644			13.05		%	12.80						48			168,195			2,150			14.69		%	12.78
2024			66			174,637			2,076			16.48		%	11.89						43			160,196			2,186			14.94		%	13.65
2025			53			114,011			1,668			13.24		%	14.63						38			136,671			1,830			12.50		%	13.39
2026			42			128,062			1,576			12.51		%	12.31						29			162,200			1,707			11.66		%	10.52
2027			11			37,184			655			5.20		%	17.62						17			99,102			1,241			8.48		%	12.52
2028			10			31,652			498			3.95		%	15.73						4			19,116			201			1.37		%	10.51
2029			7			23,850			241			1.91		%	10.10						6			23,257			293			2.00		%	12.60
2030+			16			37,101			860			6.81		%	23.18						24			86,324			1,787			12.22		%	20.70
Total			391			1,334,475			$	12,600		100.00		%	$	13.33					289			1,103,815			$	14,636		100.00		%	$	13.26

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			18

---

Leasing Summary

Leasing Renewals, New Leases and Expirations

			Three Months Ended March 31,
			2021						2020
Renewals(1):
Leases renewed with rate increase (sq feet)			145,173						137,599
Leases renewed with rate decrease (sq feet)			24,873						26,980
Leases renewed with no rate change (sq feet)			17,959						20,578
Total leases renewed (sq feet)			188,005						185,157
Leases renewed with rate increase (count)			27						30
Leases renewed with rate decrease (count)			5						5
Leases renewed with no rate change (count)			8						6
Total leases renewed (count)			40						41
Option exercised (count)			4						5
Weighted average on rate increases (per sq foot)			$	0.68					$	1.70
Weighted average on rate decreases (per sq foot)			$	(1.15)					$	(2.20)
Weighted average rate on all renewals (per sq foot)			$	0.38					$	0.94
Weighted average change over prior rates			4.22		%				8.60		%
New Leases(1) (2):
New leases (sq feet)			112,594						27,622
New leases (count)			19						14
Weighted average rate (per sq foot)			$	8.25					$	13.89
Gross Leasable Area ("GLA") expiring during the next 9 months, including month-to-month leases			4.43		%				9.33		%

(1)    Lease data presented is based on average rate per square foot over the renewed or new lease term.

(2)    The Company does not include ground leases entered into for the purposes of new lease sq feet and weighted average rate (per sq foot) on new leases.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			19

---

Definitions

Funds from Operations (FFO): an alternative measure of a REIT's operating performance, specifically as it relates to results of operations and liquidity. FFO is a measurement that is not in accordance with accounting principles generally accepted in the United States (GAAP). Wheeler computes FFO in accordance with standards established by the Board of Governors of NAREIT in its March 1995 White Paper (as amended in November 1999 and December 2018). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs), plus impairment of real estate related long-lived assets and after adjustments for unconsolidated partnerships and joint ventures.

Most industry analysts and equity REITs, including Wheeler, consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions and excluding depreciation, FFO is a helpful tool that can assist in the comparison of the operating performance of a company’s real estate between periods, or as compared to different companies. Management uses FFO as a supplemental measure to conduct and evaluate the business because there are certain limitations associated with using GAAP net income alone as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time, while historically real estate values have risen or fallen with market conditions.

Adjusted FFO (AFFO): Management believes that the computation of FFO in accordance with NAREIT’s definition includes certain items that are not indicative of the operating performance of the Company’s real estate assets. These items include, but are not limited to, non-recurring expenses, legal settlements, acquisition costs and capital raise costs. Management uses AFFO, which is a non-GAAP financial measure, to exclude such items. Management believes that reporting AFFO in addition to FFO is a useful supplemental measure for the investment community to use when evaluating the operating performance of the Company on a comparative basis. The Company also presents Pro Forma AFFO which shows the impact of certain activities assuming they occurred at the beginning of the year.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA): another widely-recognized non-GAAP financial measure that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful to investors and lenders in understanding financial performance and providing a relevant basis for comparison among other companies, including REITs. While EBITDA should not be considered as a substitute for net income attributable to the Company’s common stockholders, net operating income, cash flow from operating activities, or other income or cash flow data prepared in accordance with GAAP, the Company believes that EBITDA may provide additional information with respect to the Company’s performance or ability to meet its future debt service requirements, capital expenditures and working capital requirements. The Company computes EBITDA by excluding interest expense, net loss attributable to noncontrolling interests, depreciation and amortization and impairment of long-lived assets, from income from continuing operations. The Company also presents Adjusted EBITDA which excludes affecting the comparability of the periods presented, including but not limited to, costs associated with acquisitions and capital related activities.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			20

---

Net Operating Income (NOI): The Company believes that NOI is a useful measure of the Company's property operating performance. The Company defines NOI as property revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes). Because NOI excludes general and administrative expenses, depreciation and amortization, interest expense, interest income, provision for income taxes, gain or loss on sale or capital expenditures and leasing costs, it provides a performance measure, that when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not immediately apparent from net income. The Company uses NOI to evaluate its operating performance since NOI allows the Company to evaluate the impact of factors, such as occupancy levels, lease structure, lease rates and tenant base, have on the Company's results, margins and returns. NOI should not be viewed as a measure of the Company's overall financial performance since it does not reflect general and administrative expenses, depreciation and amortization, impairment of impairment of long-lived assets, involuntary conversion, interest expense, interest income, provision for income taxes, gain or loss on sale or disposition of assets, and the level of capital expenditures and leasing costs necessary to maintain the operating performance of the Company's properties. Other REITs may use different methodologies for calculating NOI, and accordingly, the Company's NOI may not be comparable to that of other REITs.

WHLR | Financial & Operating Data | as of 3/31/2021 unless otherwise stated			21