Exhibit 99.2

SUPPLEMENTAL

FINANCIAL

INFORMATION

For the three months ended March 31, 2022

---

Table of Contents
			Page
Company Overview			4
Financial and Portfolio Overview			5
Financial and Operating Results			6
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			19
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. When used in this presentation, the words "continue," "may," "approximately," "potentially," or similar expressions, are intended to identify forward-looking statements. 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: the ongoing adverse effect and the ultimate duration of the COVID-19 pandemic, and federal, state, and/or local regulatory guidelines and private business actions to control it, on the financial condition, operating results and cash flows of Wheeler Real Estate Investment Trust, Inc. (the "Company" or "WHLR"), the Company’s tenants and their customers, the use of and demand for retail space, the real estate market in which the Company operates, the U.S. economy, the global economy and the financial markets; the level of rental revenue we achieve from our assets and our ability to collect rents; the state of the U.S. economy generally, or specifically in the Southeast, Mid-Atlantic and Northeast where our properties are geographically concentrated; consumer spending and confidence trends; tenant bankruptcies; availability, terms and deployment of capital; general volatility of the capital markets and the market price of our common and preferred stock; the degree and nature of our competition; changes in governmental regulations, accounting rules, tax rates and similar matters; litigation risks; lease-up risks; increases in the Company’s financing and other costs as a result of changes in interest rates and other factors, including the discontinuation of the London Interbank Offered Rate (“LIBOR”); changes in our ability to obtain and maintain financing; damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; information technology security breaches; the Company’s ability and willingness to maintain its qualification as a real estate investment trust (“REIT”) in light of economic, market, legal, tax and other considerations; the impact of e-commerce on our tenants’ business; and inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws.

WHLR | Financial & Operating Data			2

---

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			3

---

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, retail properties in secondary and tertiary markets that generate attractive, risk-adjusted returns. WHLR’s common stock, Series B convertible preferred stock, Series D cumulative convertible preferred stock, and 7% Senior Subordinated Convertible Notes due 2031, trade publicly on NASDAQ under the symbols “WHLR”, “WHLRP”, "WHLRD", and "WHLRL", 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
M. Andrew Franklin - CEO and President
Crystal Plum - CFO
Board of Directors
Stefani D. Carter (Chair)			Michelle D. Bergman
Saverio M. Flemma			Paula J. Poskon
E. J. Borrack			Joseph D. Stilwell
Kerry G. Campbell
Investor Relations Representative
investorrelations@whlr.us Office: (757) 627-9088
Stock Transfer Agent and Registrar
Computershare Trust Company, N.A. 250 Royall Street Canton, MA 02021 www.computershare.com

WHLR | Financial & Operating Data			4

---

Financial and Portfolio Overview

For the Three Months Ended March 31, 2022

Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s)			$	(6,844)
Net loss per basic and diluted shares			$	(0.70)
Funds from operations available to common stockholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)			$	(2,403)
FFO per common share and OP unit			$	(0.24)
Adjusted FFO (AFFO) (in 000s) (1)			$	2,340
AFFO per common share and OP unit			$	0.24
Assets and Leverage
Investment Properties, net of $70.4 million accumulated depreciation (in 000s)			$	384,327
Cash and Cash Equivalents (in 000s)			$	21,109
Total Assets (in 000s)			$	460,036
Debt to Total Assets			74.24		%
Debt to Gross Asset Value			60.50		%
Market Capitalization
Common shares outstanding			9,723,093
OP units outstanding			215,343
Total common shares and OP units			9,938,436

			Shares Outstanding at March 31, 2022						First Quarter stock price range						Stock price as of March 31, 2022
Common Stock			9,723,093						$1.51-$2.36						$	2.30
Series B preferred shares			1,868,343						$6.08-$7.88						$	6.89
Series D preferred shares			3,152,392						$12.81-$15.55						$	14.40

Total debt (in 000s)			341,548
Common Stock market capitalization (as of March 31, 2022 closing stock price, in 000s)			22,363
Portfolio Summary
Total Leasable Area (GLA) in sq. ft.			5,391,432
Occupancy Rate			93.7		%
Leased Rate (2)			95.8		%
Annualized Base Rent (in 000s)			$	48,853
Total number of leases signed or renewed during the first quarter of 2022			57
Total sq. ft. leases signed or renewed during the first quarter of 2022			160,924

(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 4, 2022 that commence subsequent to the end of current period.

WHLR | Financial & Operating Data | as of 3/31/2022 unless otherwise stated			5

---

Financial and Operating Results

Today, WHLR reported its financial and operating results for the three months ended March 31, 2022. For the three months ended March 31, 2022 and 2021, WHLR's net loss attributable to WHLR's common stock, $0.01 par value per share ("Common Stock") stockholders was ($0.70) per share and ($0.20) per share, respectively.

2022 FIRST QUARTER HIGHLIGHTS

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

LEASING

•The Company's real estate portfolio was 95.8% leased as of March 31, 2022, a 160 basis point increase from 94.2% December 31, 2021.

•The Company's real estate portfolio was 93.7% occupied as of March 31, 2022, a 210 basis point increase from 91.6% at December 31, 2021, with one anchor tenant accounting for 117 basis points of the increase.

•The Company invested $1.5 million in capital expenditures into the properties during the three months ended March 31, 2022.

•Quarter-To-Date Leasing Activity

•Executed 34 lease renewals totaling 92,005 square feet at a weighted-average increase of $1.15 per square foot, representing an increase of 5.86% over in-place rental rates.

•Signed 23 new leases totaling 68,919 square feet with a weighted-average rental rate of $13.09 per square foot.

•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, increased to approximately 5.01% at March 31, 2022, compared to 4.43% at March 31, 2021. At March 31, 2022, 49.21% 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, 2022, the Company signed leases representing $930 thousand of annualized base rent ("ABR"). Rent will commence on these leases within the next twelve months.

OPERATIONS

•Total revenue increased by 5.22% or $769 thousand primarily due to changes described below in the same store section, partially offset by the decrease from sold properties.

•Total operating expenses increased by 5.97% or $608 thousand primarily a result of an increase in impairment expense and higher property operating expenses, partially offset by a decrease in corporate general and administrative ("CG&A") expense and depreciation and amortization. The decrease in CG&A expense is primarily due to $357 thousand decrease in professional fees associated lower legal fees and $152 thousand decrease in capital and debt financing costs partially offset by an increase in compensation and benefits.

FINANCIAL

•Funds from operations ("FFO") of ($2.4) million, or ($0.24) 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 $(2.6) million, or ($0.26) per share.

•Adjusted Funds from Operations ("AFFO") of $0.24 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P., as compared to $0.12 per share.

SAME STORE

•Same store Net Operating Income ("NOI") increased by 4.17% and by 6.13% on a cash basis. Same store results were impacted by a 6.39% increase in revenue due to increased occupancy. Additionally, same store property expenses increased by 11.01% primarily driven by increases in grounds and landscaping.

CAPITAL MARKETS

•Recognized a non-operating loss of $4.0 million due to the change in fair market value of the derivative liabilities. The largest impact on the derivative liabilities' valuation is a result of increased fair market value of the Company's securities associated with each derivative and the 2021 features on Convertible Notes.

•At March 31, 2022, assets held for sale included Harbor Pointe Associates, LLC, which holds an approximate 5 acre land parcel ("Harbor Pointe Land Parcel").

•Recognized $660 thousand in impairment expense on Harbor Pointe Land Parcel.

•Loans payable decreased $4.7 million and were impacted by:

WHLR | Financial & Operating Data | as of 3/31/2022 unless otherwise stated			6

---

•$3.1 million paydown with the sale of Walnut Plaza and final principal payment; and

•$1.6 million monthly principal payments.

DISPOSITIONS

•On January 11, 2022, the Company sold Walnut Hill Plaza for $1.9 million, generating a loss of $15 thousand and net proceeds of $1.8 million, which were used to pay down the loan collateralized by the property.

OTHER

•The Company recognized non-operating expenses of $691 thousand due to legal settlement costs.

•On March 2, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Cedar Realty Trust, Inc., Cedar Realty Trust Partnership, L.P., WHLR Merger Sub Inc., and WHLR OP Merger Sub LLC, pursuant to which the Company agreed to acquire Cedar, including 19 of its shopping center assets, in an all-cash merger transaction (the “Cedar Acquisition”). Cedar Acquisition is conditioned on, among other things, the completion of Cedar’s previously announced sale of 33 grocery-anchored shopping centers and sale of certain redevelopment assets.

The Cedar Acquisition is expected to increase the Company’s presence in the Northeast, and create a total operating portfolio of 76 shopping centers (the majority of which will be grocery-anchored), consisting of approximately 8.3 million square feet of gross leasable area.

BALANCE SHEET

•Cash and cash equivalents totaled $21.1 million, compared to $22.9 million at December 31, 2021.

•Restricted cash totaled $15.7 million, compared to $17.5 million at December 31, 2021. The funds at March 31, 2022 are held in lender reserves primarily for the purpose of tenant improvements, lease commissions, real estate taxes and insurance expenses.

•Debt totaled $341.5 million, compared to $346.3 million at December 31, 2021.

•WHLR's weighted-average interest rate on property level debt was 4.67% with a term of 3.27 years, compared to 4.68% with a term of 3.50 years at December 31, 2021. WHLR's weighted-average interest rate on all debt was 4.89% with a term of 3.90 years, compared to 4.90% with a term of 4.13 years at December 31, 2021.

•Net investment properties totaled $384.3 million compared to $386.7 million as of December 31, 2021.

DIVIDENDS

•The total cumulative dividends in arrears for Series D Preferred (per share $8.97) is $28.3 million, of which $2.1 million is attributable to the three months ended March 31, 2022.

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 3/31/2022 unless otherwise stated			7

---

Consolidated Balance Sheets

$ in 000s, except par value and share data

			March 31, 2022						December 31, 2021
			(unaudited)
ASSETS:
Investment properties, net			$	384,327					$	386,730
Cash and cash equivalents			21,109						22,898
Restricted cash			15,709						17,521
Rents and other tenant receivables, net			8,839						9,233
Assets held for sale			519						2,047
Above market lease intangibles, net			2,185						2,424
Operating lease right-of-use assets			12,381						12,455
Deferred costs and other assets, net			14,967						11,973
Total Assets			$	460,036					$	465,281
LIABILITIES:
Loans payable, net			$	331,143					$	333,283
Liabilities associated with assets held for sale			—						3,381
Below market lease intangibles, net			3,180						3,397
Derivative liabilities			8,738						4,776
Operating lease liabilities			12,999						13,040
Accounts payable, accrued expenses and other liabilities			12,201						11,054
Total Liabilities			368,261						368,931
Series D Cumulative Convertible Preferred Stock (no par value, 6,000,000 shares authorized, 3,152,392 shares issued and outstanding; $107.09 million and $104.97 million aggregate liquidation value, respectively)			94,791						92,548
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, 1,868,343 and 1,872,448 shares issued and outstanding, respectively; $46.71 million and $46.81 million aggregate liquidation preference)			41,121						41,189
Common Stock ($0.01 par value, 200,000,000 shares authorized 9,723,093 and 9,720,532 shares issued and outstanding, respectively)			97						97
Additional paid-in capital			234,319						234,229
Accumulated deficit			(280,951)						(274,107)
Total Stockholders’ Equity			(4,961)						1,861
Noncontrolling interests			1,945						1,941
Total Equity			(3,016)						3,802
Total Liabilities and Equity			$	460,036					$	465,281

WHLR | Financial & Operating Data | as of 3/31/2022 unless otherwise stated			8

---

Consolidated Statements of Operations

$ in 000s, except share and per share data

			Three Months Ended March 31,
			2022						2021
REVENUE:
Rental revenues			$	15,332					$	14,656
Other revenues			165						72
Total Revenue			15,497						14,728
OPERATING EXPENSES:
Property operations			5,250						4,884
Depreciation and amortization			3,616						3,716
Impairment of assets held for sale			660						—
Corporate general & administrative			1,264						1,582
Total Operating Expenses			10,790						10,182
(Loss) gain on disposal of properties			(15)						176
Operating Income			4,692						4,722
Interest income			13						—
Interest expense			(4,628)						(8,961)
Net changes in fair value of derivative liabilities			(3,962)						(347)
Other income			—						552
Other expense			(691)						—
Net Loss			(4,576)						(4,034)
Less: Net income attributable to noncontrolling interests			4						15
Net Loss Attributable to Wheeler REIT			(4,580)						(4,049)
Preferred Stock dividends - undeclared			(2,264)						(2,273)
Deemed contribution related to preferred stock redemption			—						4,389
Net Loss Attributable to Wheeler REIT Common Stockholders			$	(6,844)					$	(1,933)
Loss per share:
Basic and Diluted			$	(0.70)					$	(0.20)
Weighted-average number of shares:
Basic and Diluted			9,720,589						9,704,638

WHLR | Financial & Operating Data | as of 3/31/2022 unless otherwise stated			9

---

Reconciliation of Non-GAAP Measures

FFO and AFFO (1)

$ in 000s, except share, unit and per share data

						Three Months Ended March 31,
						2022						2021
Net Loss						$	(4,576)					$	(4,034)
Depreciation and amortization of real estate assets						3,616						3,716
Impairment of assets held for sale						660						—
Loss (gain) on disposal of properties						15						(176)
FFO						(285)						(494)
Preferred stock dividends - undeclared (3)						(2,264)						(2,273)
Preferred stock accretion adjustments						146						162
FFO available to common stockholders and common unitholders						(2,403)						(2,605)
Capital related costs						(24)						128
Other non-recurring and non-cash expenses (2)						701						145
Net changes in fair value of derivative liabilities						3,962						347
Straight-line rental revenue, net straight-line expense						(69)						(214)
Loan cost amortization						420						3,642
Above (below) market lease amortization						23						(12)
Recurring capital expenditures and tenant improvement reserves						(270)						(276)
AFFO						$	2,340					$	1,155
Weighted Average Common Shares						9,720,589						9,704,638
Weighted Average Common Units						215,343						223,665
Total Common Shares and Units						9,935,932						9,928,303
FFO per Common Share and Common Units						$	(0.24)					$	(0.26)
AFFO per Common Share and Common Units						$	0.24					$	0.12

(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, 2022.

(3)     Restated the 2021 values as a result of the common stockholders of the Company vote to amend the Company’s Charter to remove the cumulative dividend rights of the Series A Preferred and Series B Preferred on November 3, 2021.

WHLR | Financial & Operating Data | as of 3/31/2022 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
			2022						2021						2022						2021						2022						2021
Net Loss			$	(4,539)					$	(3,210)					$	(37)					$	(824)					$	(4,576)					$	(4,034)
Adjustments:
Other expense			691						—						—						—						691						—
Net changes in fair value of derivative liabilities			3,962						347						—						—						3,962						347
Interest expense			4,616						8,059						12						902						4,628						8,961
Interest income			(13)						—						—						—						(13)						—
Loss (gain) on disposal of properties			—						—						15						(176)						15						(176)
Corporate general & administrative			1,257						1,540						7						42						1,264						1,582
Impairment of assets held for sale			660						—						—						—						660						—
Depreciation and amortization			3,616						3,661						—						55						3,616						3,716
Other non-property revenue			(8)						(565)						—						—						(8)						(565)
Property Net Operating Income			$	10,242					$	9,832					$	(3)					$	(1)					$	10,239					$	9,831
Property revenues			$	15,486					$	14,556					$	3					$	159					$	15,489					$	14,715
Property expenses			5,244						4,724						6						160						5,250						4,884
Property Net Operating Income			$	10,242					$	9,832					$	(3)					$	(1)					$	10,239					$	9,831

(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 3/31/2022 unless otherwise stated			11

---

Reconciliation of Non-GAAP Measures (continued)

EBITDA (4)

$ in 000s

						Three Months Ended March 31,
						2022						2021
Net Loss						$	(4,576)					$	(4,034)
Add back:			Depreciation and amortization (1)			3,639						3,704
			Interest expense (2)			4,628						8,961
EBITDA						3,691						8,631
Adjustments for items affecting comparability:
			Capital related costs			(24)						128
			Change in FMV of derivative liabilities			3,962						347
			Other non-recurring and non-cash expenses (3)			691						(552)
			Impairment of assets held for sale			660						—
			Loss (gain) on disposal of properties			15						(176)
Adjusted EBITDA						$	8,995					$	8,378

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

(2)    Includes loan cost amortization.

(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, 2022.

(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 3/31/2022 unless otherwise stated			12

---

Debt Summary

$ in 000s

Loans Payable:         $341.55 million

Weighted Average Interest Rate:     4.89%

Property/Description						Monthly Payment						Interest Rate						Maturity						March 31, 2022						December 31, 2021
Litchfield Market Village						$	46,057					5.50		%				November 2022						$	7,274					$	7,312
Twin City Commons						$	17,827					4.86		%				January 2023						2,824						2,843
New Market						$	48,747					5.65		%				June 2023						6,233						6,291
Benefit Street Note (3)						$	53,185					5.71		%				June 2023						6,853						6,914
Deutsche Bank Note (2)						$	33,340					5.71		%				July 2023						5,466						5,488
JANAF						$	333,159					4.49		%				July 2023						46,592						47,065
First National Bank (6) (7)						$	24,656					LIBOR + 350 basis points						August 2023						723						789
Lumber River (7)						$	10,723					LIBOR + 350 basis points						September 2023						1,277						1,296
Tampa Festival						$	50,797					5.56		%				September 2023						7,708						7,753
Forrest Gallery						$	50,973					5.40		%				September 2023						8,016						8,060
South Carolina Food Lions Note (5)						$	68,320					5.25		%				January 2024						11,201						11,259
JANAF Bravo						$	35,076					5.00		%				May 2024						5,905						5,936
Cypress Shopping Center						$	34,360					4.70		%				July 2024						5,999						6,031
Port Crossing						$	34,788					4.84		%				August 2024						5,744						5,778
Freeway Junction						$	41,798					4.60		%				September 2024						7,391						7,431
Harrodsburg Marketplace						$	19,112					4.55		%				September 2024						3,247						3,267
Bryan Station						$	23,489					4.52		%				November 2024						4,203						4,226
Crockett Square						Interest only						4.47		%				December 2024						6,338						6,338
Pierpont Centre						$	39,435					4.15		%				February 2025						7,825						7,861
Shoppes at Myrtle Park						$	33,180					4.45		%				February 2025						5,721						5,757
Folly Road						$	41,482					4.65		%				March 2025						7,020						7,063
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						4,464						4,483
JANAF BJ's						$	29,964					4.95		%				January 2026						4,694						4,725
Tuckernuck						$	32,202					5.00		%				March 2026						5,018						5,052
Chesapeake Square						$	23,857					4.70		%				August 2026						4,170						4,192
Sangaree/Tri-County						$	32,329					4.78		%				December 2026						6,153						6,176
Riverbridge						Interest only						4.48		%				December 2026						4,000						4,000
Franklin Village						$	45,336					4.93		%				January 2027						8,243						8,277
Village of Martinsville						$	89,664					4.28		%				July 2029						15,486						15,589
Laburnum Square						Interest only						4.28		%				September 2029						7,665						7,665
Rivergate (8)						$	100,222					4.25		%				September 2031						18,325						18,430
Convertible Notes						Interest only						7.00		%				December 2031						33,000						33,000
Walnut Hill Plaza						$	26,850					5.50		%				March 2023						—						3,145
Total Principal Balance (1)																								341,548						346,262
Unamortized debt issuance cost (1)																								(10,405)						(9,834)
Total Loans Payable, including assets held for sale																								331,143						336,428
Less loans payable on assets held for sale, net loan amortization costs																								—						3,145
Total Loans Payable, net																								$	331,143					$	333,283

(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 Surrey Plaza and Amscot Building.

(7) Certain loans bear interest at a variable interest rate equal to LIBOR or another index rate, subject to a floor, in each case plus or minus a specified margin.

(8) October 2026 the interest rate changes to variable interest rate equal to the 5 Year U.S. Treasury Rate plus 2.70%, with a floor of 4.25%.

WHLR | Financial & Operating Data | as of 3/31/2022 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 ended December 31, 2022						$	11,848					3.47		%
December 31, 2023						86,294						25.27		%
December 31, 2024						50,490						14.78		%
December 31, 2025						92,016						26.94		%
December 31, 2026						23,530						6.89		%
December 31, 2027						8,711						2.55		%
Thereafter						68,659						20.10		%
Total principal repayments and debt maturities						$	341,548					100.00		%

WHLR | Financial & Operating Data | as of 3/31/2022 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						19			151,843			100.0		%	100.0		%	151,843			$	1,208		$	7.96
Amscot Building						Tampa, FL						1			2,500			100.0		%	100.0		%	2,500			83			33.00
Beaver Ruin Village						Lilburn, GA						28			74,038			94.1		%	90.0		%	66,613			1,156			17.35
Beaver Ruin Village II						Lilburn, GA						4			34,925			100.0		%	100.0		%	34,925			460			13.18
Brook Run Shopping Center						Richmond, VA						20			147,738			87.8		%	87.8		%	129,710			1,225			9.44
Brook Run Properties (3)						Richmond, VA						—			—			—		%	—		%	—			—			—
Bryan Station						Lexington, KY						10			54,277			100.0		%	100.0		%	54,277			617			11.37
Butler Square						Mauldin, SC						16			82,400			98.2		%	98.2		%	80,950			858			10.60
Cardinal Plaza						Henderson, NC						9			50,000			100.0		%	100.0		%	50,000			502			10.03
Chesapeake Square						Onley, VA						14			108,982			99.1		%	99.1		%	108,016			830			7.68
Clover Plaza						Clover, SC						10			45,575			100.0		%	100.0		%	45,575			379			8.32
Courtland Commons (3)						Courtland, VA						—			—			—		%	—		%	—			—			—
Conyers Crossing						Conyers, GA						14			170,475			100.0		%	100.0		%	170,475			953			5.59
Crockett Square						Morristown, TN						4			107,122			100.0		%	100.0		%	107,122			970			9.06
Cypress Shopping Center						Boiling Springs, SC						17			80,435			41.2		%	41.2		%	33,175			452			13.62
Darien Shopping Center						Darien, GA						1			26,001			100.0		%	100.0		%	26,001			140			5.38
Devine Street						Columbia, SC						1			38,464			89.1		%	89.1		%	34,264			180			5.25
Edenton Commons (3)						Edenton, NC						—			—			—		%	—		%	—			—			—
Folly Road						Charleston, SC						5			47,794			100.0		%	100.0		%	47,794			733			15.33
Forrest Gallery						Tullahoma, TN						27			214,451			91.1		%	80.8		%	173,289			1,293			7.46
Fort Howard Shopping Center						Rincon, GA						19			113,652			100.0		%	95.1		%	108,120			1,062			9.83
Freeway Junction						Stockbridge, GA						16			156,834			99.3		%	96.4		%	151,199			1,290			8.53
Franklin Village						Kittanning, PA						26			151,821			100.0		%	100.0		%	151,821			1,306			8.60
Franklinton Square						Franklinton, NC						15			65,366			100.0		%	100.0		%	65,366			592			9.06
Georgetown						Georgetown, SC						2			29,572			100.0		%	100.0		%	29,572			267			9.04
Grove Park Shopping Center						Orangeburg, SC						14			93,265			100.0		%	100.0		%	93,265			718			7.70
Harbor Point (3)						Grove, OK						—			—			—		%	—		%	—			—			—
Harrodsburg Marketplace						Harrodsburg, KY						8			60,048			91.0		%	91.0		%	54,648			450			8.24
JANAF (4)						Norfolk, VA						118			798,086			95.6		%	93.2		%	743,936			8,865			11.92
Laburnum Square						Richmond, VA						19			109,405			96.9		%	96.9		%	106,045			964			9.09
Ladson Crossing						Ladson, SC						16			52,607			100.0		%	100.0		%	52,607			539			10.26
LaGrange Marketplace						LaGrange, GA						12			76,594			84.3		%	84.3		%	64,600			358			5.54
Lake Greenwood Crossing						Greenwood, SC						8			43,618			100.0		%	100.0		%	43,618			363			8.32
Lake Murray						Lexington, SC						5			39,218			100.0		%	100.0		%	39,218			257			6.56
Litchfield Market Village						Pawleys Island, SC						22			86,740			98.8		%	97.1		%	84,237			980			11.63
Lumber River Village						Lumberton, NC						11			66,781			98.2		%	98.2		%	65,581			455			6.93
Moncks Corner						Moncks Corner, SC						1			26,800			100.0		%	100.0		%	26,800			330			12.31
Nashville Commons						Nashville, NC						11			56,100			100.0		%	92.0		%	51,600			585			11.34
New Market Crossing						Mt. Airy, NC						12			117,076			100.0		%	100.0		%	117,076			1,030			8.80
Parkway Plaza						Brunswick, GA						4			52,365			81.7		%	81.7		%	42,785			354			8.27
Pierpont Centre						Morgantown, WV						16			111,162			95.4		%	95.4		%	106,042			1,058			9.97
Port Crossing						Harrisonburg, VA						8			65,365			100.0		%	100.0		%	65,365			861			13.17
Ridgeland						Ridgeland, SC						1			20,029			100.0		%	100.0		%	20,029			140			7.00
Riverbridge Shopping Center						Carrollton, GA						11			91,188			100.0		%	100.0		%	91,188			766			8.40
Rivergate Shopping Center						Macon, GA						24			193,960			87.0		%	87.0		%	168,816			2,457			14.56
Sangaree Plaza						Summerville, SC						10			66,948			100.0		%	100.0		%	66,948			708			10.58
Shoppes at Myrtle Park						Bluffton, SC						13			56,601			99.1		%	97.3		%	55,084			634			11.52
South Lake						Lexington, SC						10			44,318			97.3		%	97.3		%	43,118			239			5.54
South Park						Mullins, SC						4			60,734			96.9		%	96.9		%	58,834			387			6.58
South Square						Lancaster, SC						6			44,350			80.9		%	80.9		%	35,900			302			8.40
St. George Plaza						St. George, SC						8			59,174			100.0		%	96.3		%	56,999			407			7.14
Sunshine Plaza						Lehigh Acres, FL						22			111,189			99.6		%	99.6		%	110,743			1,073			9.69
Surrey Plaza						Hawkinsville, GA						3			42,680			96.5		%	96.5		%	41,180			247			6.00

WHLR | Financial & Operating Data | as of 3/31/2022 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						19			137,987			97.7		%	64.6		%	89,166			$	912		$	10.23
Tri-County Plaza						Royston, GA						6			67,577			88.8		%	88.8		%	59,977			420			7.00
Tuckernuck						Richmond, VA						17			93,440			100.0		%	98.2		%	91,745			974			10.70
Twin City Commons						Batesburg-Leesville, SC						5			47,680			100.0		%	97.5		%	46,480			464			9.98
Village of Martinsville						Martinsville, VA						21			290,902			97.7		%	97.7		%	284,294			2,320			8.21
Waterway Plaza						Little River, SC						10			49,750			100.0		%	100.0		%	49,750			500			10.06
Westland Square						West Columbia, SC						11			62,735			100.0		%	100.0		%	62,735			534			8.51
Winslow Plaza						Sicklerville, NJ						18			40,695			100.0		%	100.0		%	40,695			646			15.88
												782			5,391,432			95.8		%	93.7		%	5,053,711			$	48,853		$	9.67

(1)    Reflects leases executed through April 4, 2022 that commence subsequent to the end of the current reporting 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 3/31/2022 unless otherwise stated			16

---

Top Ten Tenants by Annualized Base Rent

Total Tenants : 782

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
			Food Lion						$	4,430					9.07		%				551,469						10.23		%				$	8.03
			Kroger Co. (1)						2,097						4.29		%				239,482						4.44		%				8.76
			Piggly Wiggly						1,495						3.06		%				202,968						3.76		%				7.37
			Dollar Tree (2)						1,192						2.44		%				148,605						2.76		%				8.02
			Lowes Foods (3)						1,181						2.42		%				130,036						2.41		%				9.08
			Winn Dixie						887						1.82		%				133,575						2.48		%				6.64
			Planet Fitness						837						1.71		%				100,427						1.86		%				8.33
			Hobby Lobby						717						1.47		%				114,298						2.12		%				6.27
			Big Lots						679						1.39		%				105,674						1.96		%				6.43
			BJ'S Wholesale Club						651						1.33		%				147,400						2.73		%				4.42
									$	14,166					29.00		%				1,873,934						34.75		%				$	7.56

(1) Kroger 4 / Harris Teeter 1 / 3 fuel stations

(2) Dollar Tree 9 / Family Dollar 6

(3) Lowes Foods 1 / KJ's Market 2

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						—						337,721						6.26		%				—		%				$	—					—		%				$	—
MTM						9						21,283						0.39		%				0.42		%				299						0.61		%				14.05
2022						66						249,322						4.62		%				4.93		%				2,456						5.03		%				9.85
2023						134						794,423						14.73		%				15.72		%				7,132						14.60		%				8.98
2024						139						743,355						13.79		%				14.71		%				7,310						14.96		%				9.83
2025						122						868,631						16.11		%				17.19		%				8,710						17.83		%				10.03
2026						118						799,251						14.82		%				15.82		%				8,041						16.46		%				10.06
2027						83						362,811						6.73		%				7.18		%				4,189						8.57		%				11.55
2028						22						336,946						6.25		%				6.67		%				2,426						4.97		%				7.20
2029						22						156,710						2.91		%				3.10		%				1,535						3.14		%				9.80
2030						16						258,565						4.80		%				5.12		%				2,055						4.21		%				7.95
2031 & thereafter						51						462,414						8.59		%				9.14		%				4,700						9.62		%				10.17
Total						782						5,391,432						100.00		%				100.00		%				$	48,853					100.00		%				$	9.67

WHLR | Financial & Operating Data | as of 3/31/2022 unless otherwise stated			17

---

Lease Expiration Schedule (continued)

Anchor Lease Expiration Schedule (1)

			No Option																		Option
Lease Expiration Period			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			—			174,013			$	—		—		%	$	—					—			—			$	—		—		%	$	—
Month-to-Month			—			—			—			—		%	—						—			—			—			—		%	—
2022			—			—			—			—		%	—						2			71,203			435			2.33		%	6.11
2023			2			43,392			420			21.47		%	9.68						13			460,495			2,894			15.48		%	6.28
2024			1			32,000			125			6.39		%	3.91						9			351,977			2,331			12.47		%	6.62
2025			2			84,633			619			31.65		%	7.31						12			472,936			3,782			20.23		%	8.00
2026			1			20,152			97			4.96		%	4.81						13			435,435			3,505			18.75		%	8.05
2027			2			45,759			323			16.50		%	7.06						2			57,345			447			2.39		%	7.79
2028			—			—			—			—		%	—						7			280,841			1,637			8.76		%	5.83
2029			1			21,213			317			16.21		%	14.94						2			45,700			307			1.64		%	6.72
2030			—			—			—			0.01		%	—						3			216,346			1,359			7.27		%	6.28
2031+			1			20,858			55			2.81		%	2.64						8			282,952			1,996			10.68		%	7.05
Total			10			442,020			$	1,956		100.00		%	$	7.30					71			2,675,230			$	18,693		100.00		%	$	6.99

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

Non-anchor Lease Expiration Schedule

			No Option																		Option
Lease Expiration Period			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			—			163,708			$	—		—		%	$	—					—			—			$	—		—		%	$	—
Month-to-Month			9			21,283			299			2.17		%	14.05						—			—			—			—		%	—
2022			44			116,167			1,087			7.88		%	9.36						20			61,952			934			6.48		%	15.08
2023			71			144,646			1,916			13.88		%	13.25						48			145,890			1,902			13.21		%	13.04
2024			80			178,034			2,384			17.27		%	13.39						49			181,344			2,470			17.15		%	13.62
2025			69			166,368			2,245			16.27		%	13.49						39			144,694			2,064			14.33		%	14.26
2026			63			164,375			2,186			15.84		%	13.30						41			179,289			2,253			15.64		%	12.57
2027			49			120,557			1,618			11.72		%	13.42						30			139,150			1,802			12.51		%	12.95
2028			10			34,589			521			3.78		%	15.06						5			21,516			268			1.86		%	12.46
2029			8			26,250			261			1.89		%	9.94						11			63,547			650			4.51		%	10.23
2030			7			23,103			296			2.14		%	12.81						6			19,116			400			2.78		%	20.92
2031+			20			62,918			988			7.16		%	15.70						22			95,686			1,660			11.53		%	17.35
Total			430			1,221,998			$	13,801		100.00		%	$	13.04					271			1,052,184			$	14,403		100.00		%	$	13.69

WHLR | Financial & Operating Data | as of 3/31/2022 unless otherwise stated			18

---

Leasing Summary

Leasing Renewals, New Leases and Expirations

			Three Months Ended March 31,
			2022						2021
Renewals(1):
Leases renewed with rate increase (sq feet)			66,348						145,173
Leases renewed with rate decrease (sq feet)			5,328						24,873
Leases renewed with no rate change (sq feet)			20,329						17,959
Total leases renewed (sq feet)			92,005						188,005
Leases renewed with rate increase (count)			20						27
Leases renewed with rate decrease (count)			2						5
Leases renewed with no rate change (count)			12						8
Total leases renewed (count)			34						40
Option exercised (count)			2						4
Weighted average on rate increases (per sq foot)			$	1.15					$	0.68
Weighted average on rate decreases (per sq foot)			$	(2.13)					$	(1.15)
Weighted average rate on all renewals (per sq foot)			$	0.71					$	0.38
Weighted average change over prior rates			5.86		%				4.22		%
New Leases(1) (2):
New leases (sq feet)			68,919						112,594
New leases (count)			23						19
Weighted average rate (per sq foot)			$	13.09					$	8.25
Gross Leasable Area ("GLA") expiring during the next 9 months, including month-to-month leases			5.01		%				4.43		%

(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 3/31/2022 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 and notes receivable, from income from continuing operations. The Company also presents Adjusted EBITDA which excludes affecting the comparability of the periods presented, including but not limited to, costs associated with acquisitions and capital related activities.

WHLR | Financial & Operating Data | as of 3/31/2022 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 3/31/2022 unless otherwise stated			21