Exhibit 99.2

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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 Schedules			18
Leasing Summary			20
Definitions			22

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 adverse effect of any future pandemic, endemic or outbreak of infectious disease, and mitigation efforts to control their spread, the use of and demand for retail space; 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; anticipated substantial dilution of our common stock, and steep decline in their market value, after September 21, 2023 that may result from the exercise by the holders of our Series D Cumulative Convertible Preferred Stock of their redemption rights; the degree and nature of our competition; changes in governmental regulations, accounting rules, tax rates and similar matters; the ability and willingness of the tenants of Wheeler Real Estate Trust, Inc. (the "Company" or "WHLR") and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; the ability and willingness of the Company's tenants of to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the similar or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; litigation risks; increases in the Company’s financing and other costs as a result of changes in interest rates and other factors; inability to successfully integrate the acquisition of Cedar Realty Trust, Inc.; 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”); the ability of our operating partnership, Wheeler REIT, L.P. and each of our other partnerships and limited liability companies to be classified

WHLR | Financial & Operating Data			2

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as partnerships or disregarded entities for federal income tax purposes; 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.

The forward-looking statements are based on management's beliefs, assumptions and expectations 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

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Company Overview

Headquartered in Virginia Beach, Virginia, Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) is a fully-integrated, self-managed commercial real estate investment company focused on owning, leasing 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, Series D cumulative convertible preferred stock, and 7% Subordinated Convertible Notes due 2031, trade publicly on NASDAQ under the symbols “WHLR”, “WHLRP”, "WHLRD", and "WHLRL", respectively.

Cedar Realty Trust, Inc. ("CDR" or "Cedar") is a subsidiary of WHLR. CDR's 7-1/4% Series B cumulative redeemable preferred stock ("CDR Series B Preferred") and 6-1/2% Series C cumulative redeemable preferred stock ("CDR Series C Preferred") trade publicly on the New York Stock Exchange ("NYSE") under the symbols "CDRpB" and "CDRpC", respectively and represent a noncontrolling interest to WHLR.

Accordingly, the use of the word "Company" refers to WHLR and its consolidated subsidiaries, which includes Cedar, except where the context otherwise requires.

Corporate Headquarters
Wheeler Real Estate Investment Trust, Inc.
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						Board of Directors
Stefani D. Carter (Chair)						Kerry G. Campbell (Chair)
Michelle D. Bergman						E. J. Borrack
E. J. Borrack						M. Andrew Franklin
Kerry G. Campbell						Paula Poskon
Saverio M. Flemma						Crystal Plum
Megan Parisi
Joseph D. Stilwell
Stock Transfer Agent and Registrar						Stock Transfer Agent and Registrar
Computershare Trust Company, N.A. 150 Royall Street, Suite 101 Canton, MA 02021 www.computershare.com						American Stock Transfer & Trust Co. 6201 15th Ave Brooklyn, NY 11219 www.amstock.com
Investor Relations Representative
investorrelations@whlr.us Office: (757) 627-9088

        

WHLR | Financial & Operating Data			4

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Financial and Portfolio Overview

For the Three Months Ended March 31, 2023 (consolidated amounts unless otherwise noted)

Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s)			$	(5,365)
Net loss per basic and diluted shares			$	(0.55)
Funds from operations available to common stockholders and Operating Partnership (OP) unitholders (FFO) (in 000s) (1)			$	2,252
FFO per common share and OP unit			$	0.23
Adjusted FFO (AFFO) (in 000s) (1)			$	1,344
AFFO per common share and OP unit			$	0.14
Assets and Leverage
Investment Properties, net of $82.4 million accumulated depreciation (in 000s)			$	560,913
Cash and Cash Equivalents (in 000s)			$	24,817
Total Assets (in 000s)			$	681,153
Total Debt (in 000s)			$	481,859
Debt to Total Assets			70.74		%
Debt to Gross Asset Value			62.75		%
Market Capitalization
Common shares outstanding			9,800,211
OP units outstanding			144,942
Total common shares and OP units			9,945,153

Ticker			Shares Outstanding at March 31, 2023						First Quarter stock price range						Stock price as of March 31, 2023
WHLR			9,800,211						$1.10-$1.90						$	1.27
WHLRP			3,379,142						$1.26-$2.33						$	1.61
WHLRD			3,148,148						$11.23-$13.97						$	12.55
CDRpB			1,450,000						$13.23-$18.00						$	15.38
CDRpC			5,000,000						$10.85-$14.28						$	11.78
Common Stock market capitalization (in 000s)															12,446

Portfolio Summary
Total Leasable Area (GLA) in sq. ft.			5,309,977						2,862,550
Occupancy Rate			94.5		%				84.8		%
Leased Rate (2)			95.8		%				87.2		%
Annualized Base Rent (in 000s)			$	49,126					$	24,934
Total number of leases signed or renewed			47						9
Total sq. ft. leases signed or renewed			312,007						100,571

(1)    See page 22 for the Company's definition of this non-GAAP measurement and reasons for using it.

(2)    Reflects leases executed through March 31, 2023 that commence subsequent to the end of the current reporting period.

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			5

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Financial and Operating Results

Today, WHLR reported its financial and operating results for the three months ended March 31, 2023. For the three months ended March 31, 2023 and 2022, WHLR's net loss attributable to WHLR's common stock, $0.01 par value per share ("Common Stock") stockholders was $(0.55) per share and $(0.70) per share, respectively.

2023 FIRST QUARTER HIGHLIGHTS

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

LEASING

•The Company's real estate portfolio, excluding Cedar was 95.8% leased, a 0 basis point change from 95.8%.

•The Company's real estate portfolio, excluding Cedar was 94.5% occupied, an 80 basis point increase from 93.7%.

•The Company invested $4.2 million in capital expenditures into the properties.

•The Company's real estate portfolio includes 36 properties that are 100% leased.

•WHLR Quarter-To-Date Leasing Activity

•Executed 38 lease renewals totaling 262,787 square feet at a weighted-average increase of $0.66 per square foot, representing an increase of 6.89% over in-place rental rates.

•Signed 9 new leases totaling 49,220 square feet with a weighted-average rental rate of $16.14 per square foot.

•CDR Quarter-To-Date Leasing Activity

•Executed 6 lease renewals totaling 58,171 square feet at a weighted-average increase of $0.40 per square foot, representing an increase of 3.96% over in-place rental rates.

•Signed 3 new leases totaling 42,400 square feet with a weighted-average rental rate of $13.07 per square foot.

•The Cedar portfolio was 87.2% leased, a 100 basis point increase from 86.2% as of December 31, 2022.

•The Cedar portfolio was 84.8% occupied, a 250 basis point increase from 82.3% occupied as of December 31, 2022.

•The Company’s gross leasable area ("GLA"), which is subject to leases that expire over the next three months and includes month-to-month leases, decreased to approximately 4.97%, compared to 5.01%. At March 31, 2023, 49.23% of this expiring GLA is subject to renewal options (a lease expiration schedule can be found on page 18 and provides additional details on the Company's leases).

•As of March 31, 2023, the Company signed leases representing $1.9 million of annualized base rent ("ABR"), whereby rent will commence within the next twelve months.

OPERATIONS

•Total revenue increased by 68.2% or $10.6 million primarily a result of the Cedar Acquisition.

•Total operating expenses increased by 80.6% or $8.7 million primarily a result of the Cedar Acquisition.

FINANCIAL

•Funds from operations ("FFO") of $2.3 million, or $0.23 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 $(2.4) million, or $(0.24) per share.

•Adjusted Funds from Operations ("AFFO") of $0.14 per share of the Company's Common Stock and Common Unit in our operating partnership, Wheeler REIT, L.P., as compared to $0.24 per share.

SAME STORE

•Same store Net Operating Income ("NOI"), which excludes the impact of the Cedar portfolio, increased by 4.2% primarily due to strong leasing activity.

CAPITAL MARKETS

•Interest expense was $6.5 million and $4.6 million for the three months ended March 31, 2023 and 2022, respectively, representing an increase of 40.0%, see page 14 for further details.

Other

•The Company recognized non-operating expenses of $2.4 million, a result of costs incurred on the Exchange Offer that expired in January 2023.

BALANCE SHEET

•Cash and cash equivalents totaled $24.8 million, compared to $28.5 million at December 31, 2022.

•Restricted cash totaled $27.3 million, compared to $27.4 million at December 31, 2022. The funds at March 31, 2023 are held in lender reserves primarily for the purpose of tenant improvements, lease commissions, real estate taxes and insurance expenses.

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			6

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•Debt totaled $481.9 million, compared to $482.4 million at December 31, 2022.

•WHLR's weighted-average interest rate on property level debt, excluding Cedar, was 4.58% with a term of 6.0 years, compared to 4.58% with a term of 6.2 years at December 31, 2022. The weighted-average interest rate on all debt was 4.99% with a term of 7.2 years, compared to 4.99% with a term of 7.4 years at December 31, 2022.

•Net investment properties totaled $560.9 million compared to $561.0 million as of December 31, 2022.

DIVIDENDS

•Total cumulative dividends in arrears for WHLR's Series D Preferred were $11.66 per share as of March 31, 2023, with $0.67 per share attributable to the three months ended March 31, 2023.

•On April 20, 2023 Cedar declared dividends of $0.453125 and $0.406250 per share with respect to the CDR Series B Preferred and CDR Series C Preferred, respectively. The distributions are payable on May 22, 2023 to shareholders of record on May 10, 2023.

SUBSEQUENT EVENTS

•On May 5, 2023 the Company entered into a loan agreement for $61.1 million at a fixed rate of 6.194% and interest-only payments due monthly through June 2025. Commencing in July 2025, until the maturity date of June 1, 2033, monthly principal and interest payments will be $0.4 million. Loan proceeds were used to refinance 12 properties.

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 3/31/2023 unless otherwise stated			7

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Consolidated Balance Sheets

$ in 000s, except par value and share data

			March 31, 2023						December 31, 2022
			(unaudited)
ASSETS:
Investment properties:
Land and land improvements			$	145,382					$	144,537
Buildings and improvements			497,889						494,668
			643,271						639,205
Less accumulated depreciation			(82,358)						(78,225)
Investment properties, net			560,913						560,980
Cash and cash equivalents			24,817						28,491
Restricted cash			27,304						27,374
Rents and other tenant receivables, net			11,772						13,544
Above market lease intangibles, net			2,862						3,134
Operating lease right-of-use assets			15,056						15,133
Deferred costs and other assets, net			38,429						35,880
Total Assets			$	681,153					$	684,536
LIABILITIES:
Loans payable, net			$	467,060					$	466,029
Below market lease intangibles, net			22,289						23,968
Derivative liabilities			5,259						7,111
Operating lease liabilities			16,429						16,478
Accounts payable, accrued expenses and other liabilities			20,660						18,398
Total Liabilities			531,697						531,984
Series D Cumulative Convertible Preferred Stock (no par value, 6,000,000 shares authorized, 3,148,148 and 3,152,392 shares issued and outstanding, respectively; $115.4 million and $113.4 million aggregate liquidation value, respectively)			103,621						101,518
EQUITY:
Series A Preferred Stock (no par value, 4,500 shares authorized, 562 shares issued and outstanding; $0.6 million in aggregate liquidation value)			453						453
Series B Convertible Preferred Stock (no par value, 5,000,000 authorized, 3,379,142 shares issued and outstanding, respectively; $84.5 million aggregate liquidation preference)			44,933						44,911
Common Stock ($0.01 par value, 200,000,000 shares authorized 9,800,211 and 9,793,957 shares issued and outstanding, respectively)			98						98
Additional paid-in capital			235,120						234,993
Accumulated deficit			(300,982)						(295,617)
Total Stockholders’ Deficit			(20,378)						(15,162)
Noncontrolling interests			66,213						66,196
Total Equity			45,835						51,034
Total Liabilities and Equity			$	681,153					$	684,536

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			8

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Consolidated Statements of Operations

$ in 000s, except share and per share data

			Three Months Ended March 31,
			2023						2022
REVENUE:
Rental revenues			$	25,500					$	15,332
Other revenues			566						165
Total Revenue			26,066						15,497
OPERATING EXPENSES:
Property operations			8,955						5,250
Depreciation and amortization			7,466						3,616
Impairment of assets held for sale			—						660
Corporate general & administrative			3,071						1,264
Total Operating Expenses			19,492						10,790
Loss on disposal of properties			—						(15)
Operating Income			6,574						4,692
Interest income			47						13
Interest expense			(6,477)						(4,628)
Net changes in fair value of derivative liabilities			1,852						(3,962)
Other expense			(2,405)						(691)
Net Loss			(409)						(4,576)
Less: Net income attributable to noncontrolling interests			2,692						4
Net Loss Attributable to Wheeler REIT			(3,101)						(4,580)
Preferred Stock dividends - undeclared			(2,264)						(2,264)
Net Loss Attributable to Wheeler REIT Common Stockholders			$	(5,365)					$	(6,844)
Loss per share:
Basic and Diluted			$	(0.55)					$	(0.70)
Weighted-average number of shares:
Basic and Diluted			9,794,026						9,720,589

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			9

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Reconciliation of Non-GAAP Measures

FFO and AFFO (1)

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

						Three Months Ended March 31,
						2023						2022
Net Loss						$	(409)					$	(4,576)
Depreciation and amortization of real estate assets						7,466						3,616
Impairment of assets held for sale						—						660
Loss on disposal of properties						—						15
FFO						7,057						(285)
Preferred stock dividends - undeclared						(2,264)						(2,264)
Dividends on noncontrolling interests preferred stock						(2,688)						—
Preferred stock accretion adjustments						147						146
FFO available to common stockholders and common unitholders						2,252						(2,403)
Other non-recurring and non-cash expenses (2)						2,673						677
Net changes in fair value of derivative liabilities						(1,852)						3,962
Straight-line rental revenue, net straight-line expense						(403)						(69)
Loan cost amortization						479						420
Above (below) market lease amortization						(1,396)						23
Recurring capital expenditures and tenant improvement reserves						(409)						(270)
AFFO						$	1,344					$	2,340
Weighted Average Common Shares						9,794,026						9,720,589
Weighted Average Common Units						144,942						215,343
Total Common Shares and Units						9,938,968						9,935,932
FFO per Common Share and Common Units						$	0.23					$	(0.24)
AFFO per Common Share and Common Units						$	0.14					$	0.24

(1)    See page 22 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, 2023.

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			10

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Reconciliation of Non-GAAP Measures (continued)

Same Store Property Net Operating Income (1)

$ in 000s

			Three Months Ended March 31,
			2023						2022
Operating Income			$	6,574					$	4,692
Adjustments:
Loss on disposal of properties			—						15
Corporate general & administrative			3,071						1,264
Impairment of assets held for sale			—						660
Depreciation and amortization			7,466						3,616
Straight-line rents			(346)						(77)
Above (below) market lease amortization			(1,396)						23
Other non-property revenue			(245)						(7)
NOI related to non-same store properties (2)			(4,735)						(218)
Same Store Property Net Operating Income			$	10,389					$	9,968
Property revenues			$	15,562					$	15,143
Property expenses			5,173						5,175
Same Store Property Net Operating Income			$	10,389					$	9,968

(1)    See page 23 for the Company's definition of this non-GAAP measurement and reasons for using it.

(2)     The company excluded the CDR portfolio and sold properties from the calculation of same store property NOI since they were not owned during all periods presented in their entirety.

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			11

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Reconciliation of Non-GAAP Measures (continued)

EBITDA (4)

$ in 000s

						Three Months Ended March 31,
						2023						2022
Net Loss						$	(409)					$	(4,576)
Add back:			Depreciation and amortization (1)			6,070						3,639
			Interest expense (2)			6,477						4,628
EBITDA						12,138						3,691
Adjustments for items affecting comparability:
			Net changes in FMV of derivative liabilities			(1,852)						3,962
			Other non-recurring and non-cash expenses (3)			2,665						667
			Impairment of assets held for sale			—						660
			Loss on disposal of properties			—						15
Adjusted EBITDA						$	12,951					$	8,995

(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 Annual Report on Form 10-Q for the period ended March 31, 2023.

(4)    See page 22 for the Company's definition of this non-GAAP measurement and reasons for using it.

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			12

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Debt Summary

$ in 000s

Property/Description						Monthly Payment						Interest Rate						Maturity						March 31, 2023						December 31, 2022
Cypress Shopping Center						$	34,360					4.70		%				July 2024						$	5,870					$	5,903
Port Crossing						$	34,788					4.84		%				August 2024						5,605						5,641
Freeway Junction						$	41,798					4.60		%				September 2024						7,231						7,273
Harrodsburg Marketplace						$	19,112					4.55		%				September 2024						3,165						3,186
Bryan Station						$	23,489					4.52		%				November 2024						4,112						4,136
Crockett Square						Interest only						4.47		%				December 2024						6,338						6,338
Pierpont Centre						$	39,435					4.15		%				February 2025						7,678						7,716
Shoppes at Myrtle Park						$	33,180					4.45		%				February 2025						5,578						5,615
Alex City Marketplace						Interest only						3.95		%				April 2025						5,750						5,750
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 (1)						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						4,389						4,409
Tuckernuck						$	32,202					5.00		%				March 2026						4,879						4,915
Chesapeake Square						$	23,857					4.70		%				August 2026						4,083						4,106
Sangaree/Tri-County						$	32,329					4.78		%				December 2026						6,061						6,086
Riverbridge						Interest only						4.48		%				December 2026						4,000						4,000
Franklin Village						$	45,336					4.93		%				January 2027						8,108						8,144
Village of Martinsville						$	89,664					4.28		%				July 2029						15,074						15,181
Laburnum Square						Interest only						4.28		%				September 2029						7,665						7,665
Rivergate (2)						$	100,222					4.25		%				September 2031						17,893						18,003
Convertible Notes						Interest only						7.00		%				December 2031						33,000						33,000
Guggenheim Loan Agreement (3)						Interest only						4.25		%				July 2032						75,000						75,000
JANAF Loan Agreement (4)						Interest only						5.31		%				July 2032						60,000						60,000
Guggenheim-Cedar Loan Agreement (5)						Interest only						5.25		%				November 2032						110,000						110,000
Patuxent Crossing/Coliseum Marketplace Loan Agreement						Interest only						6.35		%				January 2033						25,000						25,000
Total Principal Balance																								481,859						482,447
Unamortized debt issuance cost																								(14,799)						(16,418)
Total Loans Payable, net																								$	467,060					$	466,029

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

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

(3) Collateralized by 22 properties.

(4) Collateralized by JANAF properties.

(5) Collateralized by 10 Cedar Properties.

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			13

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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, 2023						$	1,755					0.36		%
December 31, 2024						33,690						6.99		%
December 31, 2025						79,697						16.54		%
December 31, 2026						19,347						4.02		%
December 31, 2027						9,440						1.96		%
December 31, 2028						3,805						0.79		%
Thereafter						334,125						69.34		%
Total principal repayments and debt maturities						$	481,859					100.00		%

Interest Expense

$ in 000s

			Three Months Ended March 31,																		Three Months Ended Changes
			2023						2022																		Change						% Change
Property debt interest - excluding Cedar Debt			$	3,606					$	3,630																	$	(24)					(0.7)		%
Convertible Notes interest			578						578																		—						—		%
Amortization of deferred financing costs			479						420																		59						14.0		%
Property debt interest - Cedar			1,814						—																		1,814						100.0		%
Total Interest Expense			$	6,477					$	4,628																	$	1,849					40.0		%

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			14

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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
WHLR
Alex City Marketplace						Alexander City, AL						19			151,843			100.0		%	100.0		%	151,843			$	1,273		$	8.38
Amscot Building						Tampa, FL						1			2,500			100.0		%	100.0		%	2,500			83			33.00
Beaver Ruin Village						Lilburn, GA						29			74,038			94.7		%	94.7		%	70,148			1,274			18.16
Beaver Ruin Village II						Lilburn, GA						4			34,925			100.0		%	100.0		%	34,925			465			13.32
Brook Run Shopping Center						Richmond, VA						20			147,738			87.8		%	87.8		%	129,710			1,138			8.77
Brook Run Properties (3)						Richmond, VA						—			—			—		%	—		%	—			—			—
Bryan Station						Lexington, KY						9			54,277			94.5		%	94.5		%	51,275			597			11.65
Cardinal Plaza						Henderson, NC						9			50,000			100.0		%	100.0		%	50,000			504			10.09
Chesapeake Square						Onley, VA						14			108,982			99.1		%	99.1		%	108,016			838			7.76
Clover Plaza						Clover, SC						10			45,575			100.0		%	100.0		%	45,575			382			8.39
Courtland Commons (3)						Courtland, VA						—			—			—		%	—		%	—			—			—
Conyers Crossing						Conyers, GA						12			170,475			99.4		%	97.1		%	165,600			904			5.46
Crockett Square						Morristown, TN						4			107,122			100.0		%	100.0		%	107,122			978			9.13
Cypress Shopping Center						Boiling Springs, SC						17			80,435			59.9		%	41.2		%	33,175			470			14.16
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			735			15.37
Forrest Gallery						Tullahoma, TN						28			214,451			90.0		%	90.0		%	193,024			1,426			7.39
Fort Howard Shopping Center						Rincon, GA						20			113,652			100.0		%	100.0		%	113,652			1,273			11.20
Freeway Junction						Stockbridge, GA						17			156,834			97.5		%	97.5		%	152,984			1,325			8.66
Franklin Village						Kittanning, PA						25			151,821			98.0		%	98.0		%	148,773			1,393			9.36
Franklinton Square						Franklinton, NC						15			65,366			100.0		%	100.0		%	65,366			596			9.12
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			761			8.16
Harbor Point (3)						Grove, OK						—			—			—		%	—		%	—			—			—
Harrodsburg Marketplace						Harrodsburg, KY						8			60,048			91.0		%	91.0		%	54,648			385			7.05
JANAF (4)						Norfolk, VA						119			798,086			95.5		%	95.0		%	758,072			9,043			11.93
Laburnum Square						Richmond, VA						20			109,405			99.1		%	99.1		%	108,445			1,005			9.26
Ladson Crossing						Ladson, SC						16			52,607			100.0		%	100.0		%	52,607			551			10.47
LaGrange Marketplace						LaGrange, GA						14			76,594			93.7		%	93.7		%	71,800			450			6.26
Lake Greenwood Crossing						Greenwood, SC						8			43,618			100.0		%	100.0		%	43,618			364			8.35
Lake Murray						Lexington, SC						5			39,218			100.0		%	100.0		%	39,218			274			6.98
Litchfield Market Village						Pawleys Island, SC						24			86,740			94.8		%	94.8		%	82,202			1,029			12.52
Lumber River Village						Lumberton, NC						11			66,781			100.0		%	100.0		%	66,781			474			7.09
Moncks Corner						Moncks Corner, SC						1			26,800			100.0		%	100.0		%	26,800			330			12.31
Nashville Commons						Nashville, NC						12			56,100			100.0		%	100.0		%	56,100			646			11.52
New Market Crossing						Mt. Airy, NC						12			117,076			100.0		%	100.0		%	117,076			1,035			8.84
Parkway Plaza						Brunswick, GA						4			52,365			81.7		%	81.7		%	42,785			453			10.58
Pierpont Centre						Morgantown, WV						15			111,162			98.4		%	98.4		%	109,437			1,057			9.66
Port Crossing						Harrisonburg, VA						7			65,365			100.0		%	95.9		%	62,715			813			12.97
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			798			8.75
Rivergate Shopping Center						Macon, GA						23			193,960			85.5		%	85.5		%	165,788			2,397			14.46
Sangaree Plaza						Summerville, SC						10			66,948			100.0		%	100.0		%	66,948			716			10.70
Shoppes at Myrtle Park						Bluffton, SC						12			56,601			95.5		%	93.6		%	52,980			612			11.55
South Lake						Lexington, SC						10			44,318			97.3		%	97.3		%	43,118			242			5.61
South Park						Mullins, SC						4			60,734			96.9		%	96.9		%	58,834			379			6.43
South Square						Lancaster, SC						6			44,350			80.9		%	80.9		%	35,900			303			8.44
St. George Plaza						St. George, SC						8			59,174			100.0		%	100.0		%	59,174			401			6.78
Sunshine Plaza						Lehigh Acres, FL						23			111,189			100.0		%	100.0		%	111,189			1,114			10.02
Surrey Plaza						Hawkinsville, GA						4			42,680			100.0		%	100.0		%	42,680			258			6.05

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			15

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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			141,580			98.9		%	66.7		%	94,380			$	933		$	9.89
Tri-County Plaza						Royston, GA						8			67,577			92.0		%	92.0		%	62,177			445			7.15
Tuckernuck						Richmond, VA						17			93,440			98.6		%	98.6		%	92,173			1,040			11.28
Twin City Commons						Batesburg-Leesville, SC						5			47,680			100.0		%	100.0		%	47,680			488			10.23
Village of Martinsville						Martinsville, VA						22			288,254			100.0		%	100.0		%	288,254			2,364			8.20
Waterway Plaza						Little River, SC						10			49,750			100.0		%	100.0		%	49,750			503			10.12
Westland Square						West Columbia, SC						10			62,735			75.5		%	75.5		%	47,390			424			8.94
Winslow Plaza						Sicklerville, NJ						18			40,695			100.0		%	100.0		%	40,695			658			16.17
						WHLR TOTAL						773			5,309,977			95.8		%	94.5		%	5,017,215			$	49,126		$	9.79
CDR
Brickyard Plaza						Berlin, CT						9			227,598			97.8		%	97.0		%	220,821			1,976			8.95
Carll's Corner						Bridgeton, NJ						5			129,582			27.5		%	21.1		%	27,324			400			14.63
Coliseum Marketplace						Hampton, VA						10			106,648			100.0		%	100.0		%	106,648			1,162			10.89
Fairview Commons						New Cumberland, PA						10			52,964			77.5		%	77.5		%	41,064			449			10.93
Fieldstone Marketplace						New Bedford, MA						9			193,970			70.9		%	70.9		%	137,569			1,636			11.90
Gold Star Plaza						Shenandoah, PA						6			71,720			97.8		%	97.8		%	70,120			641			9.14
Golden Triangle						Lancaster, PA						19			202,790			98.4		%	98.4		%	199,605			2,611			13.08
Hamburg Square						Hamburg, PA						7			102,058			100.0		%	100.0		%	102,058			684			6.70
Kings Plaza						New Bedford, MA						16			168,243			82.2		%	82.2		%	138,239			1,227			8.87
Oakland Commons						Bristol, CT						2			90,100			100.0		%	100.0		%	90,100			574			6.37
Oregon Avenue						Philadelphia, PA						1			20,380			100.0		%	5.8		%	1,180			40			34.21
Patuxent Crossing						California, MD						29			264,068			83.9		%	83.9		%	221,515			2,224			10.04
Pine Grove Plaza						Brown Mills, NJ						13			79,306			78.1		%	78.1		%	61,966			736			11.87
South Philadelphia						Philadelphia, PA						10			221,511			90.1		%	71.8		%	159,131			1,445			9.08
Southington Center						Southington, CT						11			155,842			100.0		%	100.0		%	155,842			1,293			8.30
Timpany Plaza						Gardner, MA						14			182,799			63.3		%	63.3		%	115,735			1,116			9.64
Trexler Mall						Trexlertown, PA						23			336,687			98.2		%	98.2		%	330,634			3,687			11.15
Washington Center Shoppes						Sewell, NJ						28			157,300			94.0		%	94.0		%	147,856			1,814			12.27
Webster Commons						Webster, MA						9			98,984			100.0		%	100.0		%	98,984			1,219			12.32
						CDR TOTAL						231			2,862,550			87.2		%	84.8		%	2,426,391			$	24,934		$	10.28
						COMBINED TOTAL						1,004			8,172,527			92.8		%	91.1		%	7,443,606			$	74,060		$	9.95

(1)    Reflects leases executed through March 31, 2023 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 3/31/2023 unless otherwise stated			16

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Property Summary (continued)

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			17

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Top Ten Tenants by Annualized Base Rent

Tenants									Category						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						Grocery						$	4,435					6.00		%				549,000						6.72		%				$	8.08
			Kroger Co (1)						Grocery						2,097						2.84		%				239,000						2.92		%				8.77
			Dollar Tree (2)						Discount Retailer						2,061						2.79		%				244,000						2.99		%				8.45
			Piggly Wiggly						Grocery						1,509						2.04		%				203,000						2.48		%				7.43
			Planet Fitness						Gym						1,497						2.03		%				140,000						1.71		%				10.69
			TJX Companies (4)						Discount Retailer						1,186						1.61		%				195,000						2.39		%				6.08
			Lowes Foods (3)						Grocery						1,181						1.60		%				130,000						1.59		%				9.08
			Big Lots						Discount Retailer						1,100						1.49		%				171,000						2.09		%				6.43
			Kohl's						Discount Retailer						1,031						1.40		%				147,000						1.80		%				7.01
			Winn Dixie						Grocery						984						1.33		%				134,000						1.64		%				7.34
															$	17,081					23.13		%				2,152,000						26.33		%				$	7.94

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

(2) Dollar Tree 17 / Family Dollar 7

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

(4) Marshall's 4 / HomeGoods 2 / TJ Maxx 1

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						—						728,921						8.92		%				—		%				$	—					—		%				$	—
MTM						16						62,983						0.77		%				0.85		%				827						1.12		%				13.13
2023						78						343,165						4.20		%				4.61		%				3,807						5.14		%				11.09
2024						163						858,092						10.50		%				11.53		%				9,183						12.40		%				10.70
2025						167						1,056,014						12.92		%				14.19		%				10,678						14.42		%				10.11
2026						155						907,527						11.10		%				12.19		%				9,955						13.44		%				10.97
2027						140						700,250						8.57		%				9.41		%				8,307						11.22		%				11.86
2028						95						1,183,267						14.48		%				15.9		%				9,937						13.42		%				8.40
2029						54						485,306						5.94		%				6.52		%				4,643						6.27		%				9.57
2030						34						531,752						6.51		%				7.14		%				3,915						5.29		%				7.36
2031						29						397,046						4.86		%				5.33		%				3,884						5.24		%				9.78
2032 & thereafter						73						918,204						11.23		%				12.33		%				8,924						12.04		%				9.72
Total						1,004						8,172,527						100.00		%				100.00		%				$	74,060					100.00		%				$	9.95

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			18

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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			—			228,444			$	—		—		%	$	—					—			—			$	—		—		%	$	—
Month-to-Month			1			20,300			117			3.79		%	5.76						—			—			—			—		%	—
2023			1			33,227			673			21.79		%	20.25						4			127,516			773			2.63		%	6.06
2024			1			32,000			125			4.05		%	3.91						10			417,569			3,308			11.27		%	7.92
2025			2			57,297			455			14.73		%	7.94						13			520,075			3,699			12.60		%	7.11
2026			1			20,152			97			3.14		%	4.81						14			456,864			3,822			13.02		%	8.37
2027			3			69,819			629			20.36		%	9.01						5			149,546			1,221			4.16		%	8.16
2028			—			—			—			—		%	—						21			868,983			5,978			20.37		%	6.88
2029			3			71,939			772			24.99		%	10.73						6			174,928			1,014			3.46		%	5.80
2030			—			—			—			—		%	—						8			452,724			2,498			8.51		%	5.52
2031			1			20,858			60			1.94		%	2.88						5			250,354			2,304			7.85		%	9.20
2032+			2			66,189			161			5.21		%	2.43						17			671,752			4,729			16.13		%	7.04
Total			15			620,225			$	3,089		100.00		%	$	7.88					103			4,090,311			$	29,346		100.00		%	$	7.17

(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			—			500,477			$	—		—		%	$	—					—			—			$	—		—		%	$	—
Month-to-Month			13			32,433			464			2.58		%	14.31						2			10,250			246			1.04		%	—
2023			47			120,227			1,486			8.27		%	12.36						26			62,195			875			3.70		%	14.07
2024			97			201,112			2,822			15.71		%	14.03						55			207,411			2,928			12.37		%	14.12
2025			95			237,212			3,129			17.42		%	13.19						57			241,430			3,395			14.35		%	14.06
2026			81			204,347			2,818			15.69		%	13.79						59			226,164			3,218			13.60		%	14.23
2027			80			224,501			3,401			18.94		%	15.15						52			256,384			3,056			12.91		%	11.92
2028			36			112,170			1,542			8.59		%	13.75						38			202,114			2,417			10.21		%	11.96
2029			15			39,975			482			2.68		%	12.06						30			198,464			2,375			10.04		%	11.97
2030			13			28,738			516			2.87		%	17.96						13			50,290			901			3.81		%	17.92
2031			5			12,623			187			1.04		%	14.81						18			113,211			1,333			5.63		%	11.77
2032+			22			68,908			1,114			6.21		%	16.17						32			111,355			2,920			12.34		%	26.22
Total			504			1,782,723			$	17,961		100.00		%	$	14.01					382			1,679,268			$	23,664		100.00		%	$	14.09

WHLR | Financial & Operating Data | as of 3/31/2023 unless otherwise stated			19

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Leasing Summary

WHLR Leasing Renewals and New Leases

			Three Months Ended  March 31,
			2023						2022
Renewals(1):
Leases renewed with rate increase (sq feet)			237,555						66,348
Leases renewed with rate decrease (sq feet)			—						5,328
Leases renewed with no rate change (sq feet)			25,232						20,329
Total leases renewed (sq feet)			262,787						92,005
Leases renewed with rate increase (count)			35						20
Leases renewed with rate decrease (count)			—						2
Leases renewed with no rate change (count)			3						12
Total leases renewed (count)			38						34
Option exercised (count)			7						2
Weighted average on rate increases (per sq foot)			$	0.73					$	1.15
Weighted average on rate decreases (per sq foot)			$	—					$	(2.13)
Weighted average rate on all renewals (per sq foot)			$	0.66					$	0.71
Weighted average change over prior rates			6.89		%				5.86		%
New Leases(1) (2):
New leases (sq feet)			49,220						68,919
New leases (count)			9						23
Weighted average rate (per sq foot)			$	16.14					$	13.09

(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 3/31/2023 unless otherwise stated			20

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Leasing Summary (continued)

CDR Leasing Renewals and New Leases

			Three Months Ended March 31,
			2023
Renewals(1):
Leases renewed with rate increase (sq feet)			56,171
Leases renewed with rate decrease (sq feet)			—
Leases renewed with no rate change (sq feet)			2,000
Total leases renewed (sq feet)			58,171
Leases renewed with rate increase (count)			5
Leases renewed with rate decrease (count)			—
Leases renewed with no rate change (count)			1
Total leases renewed (count)			6
Option exercised (count)			2
Weighted average on rate increases (per sq foot)			$	0.42
Weighted average on rate decreases (per sq foot)			$	—
Weighted average rate on all renewals (per sq foot)			$	0.40
Weighted average change over prior rates			3.96		%
New Leases(1) (2):
New leases (sq feet)			42,400
New leases (count)			3
Weighted average rate (per sq foot)			$	13.07

(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 3/31/2023 unless otherwise stated			21

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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 items 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 3/31/2023 unless otherwise stated			22

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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 charges, involuntary conversion, interest expense, interest income, provision for income taxes, market lease amortization, 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 3/31/2023 unless otherwise stated			23