Exhibit 99.2

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Table of Contents
			Page
Glossary of Terms			3
Company Overview			6
Financial and Portfolio Overview			7
Financial and Operating Results			8
Financial Summary
Consolidated Balance Sheets			11
Consolidated Statements of Operations			12
Reconciliation of Non-GAAP Measures			13
Debt Summary			16
Portfolio Summary
Property Summary			18
Top Ten Tenants by Annualized Base Rent and Lease Expiration Schedules			21
Leasing Summary			23

Cautionary Note on 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 use of and demand for retail space; general and economic business conditions, including those affecting the ability of individuals to spend in retail shopping centers and/or the rate and other terms on which we are able to lease our properties; the loss or bankruptcy of the Company's tenants; the state of the U.S. economy generally, or specifically in the Mid-Atlantic, Southeast and Northeast where our properties are geographically concentrated; consumer spending and confidence trends; availability, terms and deployment of capital; substantial dilution of our common stock, par value $0.01 ("Common Stock") and steep decline in its market value resulting from the exercise by the holders of our Series D Cumulative Convertible Preferred Stock (the "Series D Preferred Stock") of their redemption rights and downward adjustment of the conversion price on our outstanding 7.00% Subordinated Convertible Notes due 2031 (the "Convertible Notes"), each of which has already occurred and is anticipated to continue; our ability to register sufficient shares of our Common Stock to cover redemptions of all Series D Preferred Stock tendered to us by the holders thereof; the degree and nature of our competition; changes in governmental regulations, accounting rules, tax rates and similar matters; adverse economic or real estate developments in our markets of the Mid-Atlantic, Southeast and Northeast; the ability and willingness of the Company’s tenants 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 to renew their leases with the Company upon expiration; the Company’s ability to re-lease its properties on the same or better terms in the event of non-renewal 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; the risk that shareholder litigation in connection with the Cedar Acquisition (as defined herein) and as recently filed by one of the Company's shareholders, Daniel Khoshaba, may result in significant costs of defense, indemnification and liability, and divert management's attention away from running our business; financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market

WHLR | Financial & Operating Data			2

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volatility or instability and increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; the impact of the Company’s leverage on operating performance; our ability to successfully execute strategic or necessary asset acquisitions and divestitures; risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; risks endemic to real estate and the real estate industry generally; the adverse effect any future pandemic, endemic or outbreak of infectious diseases, and mitigation efforts, including government-imposed lockdowns, to control their spread; risks to our information systems - or those of our tenants or vendors - from service interruption, misappropriation of data, breaches of security or information technology, or other cyber-related attacks; competitive risks; risks related to the geographic concentration of the Company’s properties in the Mid-Atlantic, Southeast and Northeast; the Company’s ability to regain compliance with the listing standards of the Nasdaq Capital Market ("Nasdaq") and maintain its listing thereon; the effects on the trading market of our Common Stock of the August 2023 one-for-ten reverse stock split of our Common Stock (which we refer to as the "Reverse Stock Split") and any reverse stock splits the Company may effect in the future;damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; the risk that an uninsured loss on the Company’s properties or a loss that exceeds the limits of the Company’s insurance policies could subject the Company to lost capital or revenue on those properties; the risk that continued increases in the cost of necessary insurance could negatively impact the Company's profitability; 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 ability of our operating partnership, Wheeler REIT, L.P., and each of our other partnerships and limited liability companies to be classified as partnerships or disregarded entities for federal income tax purposes; the impact of e-commerce on our tenants’ business; and the inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws.

The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on the Company. 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. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company’s actual results and may be beyond the Company’s control. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors or to assess the effects of each factor on the Company’s business. Accordingly, there can be no assurance that the Company’s current expectations will be realized.

Glossary of Terms

Term						Definition
Adjusted FFO ("AFFO")						We believe the computation of FFO in accordance with Nareit's definition includes certain items that are not indicative of the results provided by our operating portfolio and affect the comparability of our period-over-period performance. These items include, but are not limited to, legal settlements, non-cash share-based compensation expense, non-cash amortization on loans and acquisition costs. Therefore, in addition to FFO, management uses Adjusted FFO ("AFFO"), a non-GAAP measure, for REITs., which we define to exclude such items. Management believes that these adjustments are appropriate in determining AFFO as they are not indicative of the operating performance of our assets. In addition, we believe that AFFO is a useful supplemental measure for the investing community to use in comparing us to other REITs as many REITs provide some form of adjusted or modified FFO. However, there can be no assurance that AFFO presented by us is comparable to the adjusted or modified FFO of other REITs.
Anchor						Lease occupying 20,000 square feet or more.
Annualized Base Rent ("ABR")						Monthly base rent on occupied space as of the end of the current reporting period multiplied by twelve months excluding the impact of tenant concessions and rent abatements.

WHLR | Financial & Operating Data			3

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Term						Definition

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")						A 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.
Funds from Operations ("FFO")						We use funds from operations ("FFO"), a non-GAAP measure, as an alternative measure of our operating performance, specifically as it relates to results of operations and liquidity. We compute FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999, April 2002 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 us, 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 our 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. Accordingly, we believe FFO provides a valuable alternative measurement tool to GAAP when presenting our operating results.
Gross Leasable Area ("GLA")						The total amount of leasable space in an investment property.
Ground Lease						A signed lease agreement in which a lessee has contractual rights to the property during the lease period.
Leased Rate / % Leased						The space committed to lessee under a signed lease agreement as a percentage of gross leasable area executed through March 31, 2024.
Local Tenant						Tenant with presence in one state with 10 or less locations.
National / Regional Tenant						Tenant with presence in multiple states or single state presence with more than 10 locations
Occupancy Rate / % Occupied						The space delivered to a tenant under a signed lease agreement as a percentage of gross leasable area through March 31, 2024.
Rent Spread:
New Rent Spread						Weighted average change over the gross value of the new lease, annualized per square foot, compared to the annualized base rent per square foot of the prior tenant.
Renewal Rent         Spread						Weighted average change over the gross value of the renewed lease, annualized per square foot, compared to the annualized base rent per square foot of the prior rate.
Same-Property						Properties owned during all periods presented herein.

WHLR | Financial & Operating Data			4

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Term						Definition

Same-Property Net Operating Income ("Same-Property NOI")						Same-Property net operating income ("Same-Property NOI") is a widely-used non-GAAP financial measure for REITs. The Company believes that Same-Property NOI is a useful measure of the Company's property operating performance. The Company defines Same-Property NOI as property revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes). Because Same-Property 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 and impairment charges, 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 Same-Property NOI to evaluate its operating performance since Same-Property 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. Properties are included in Same-Property NOI if they are owned and operated for the entirety of both periods being compared. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from Same-Property NOI. The most directly comparable GAAP financial measure is consolidated operating income. Same-Property NOI should not be considered as an alternative to consolidated operating income prepared in accordance with GAAP or as a measure of liquidity. Further, Same-Property NOI is a measure for which there is no standard industry definition and, as such, it is not consistently defined or reported on among the Company's peers, and thus may not provide an adequate basis for comparison among REITs.
SOFR						Secured Overnight Financing Rate
Undeveloped Property						Vacant land without GLA.

WHLR | Financial & Operating Data			5

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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 ("Convertible Notes") 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)
E.J. Borrack						E.J. Borrack
Kerry G. Campbell						M. Andrew Franklin
Robert Brady						Crystal Plum
Megan Parisi						Paula Poskon
Dennis Pollack
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						Equiniti Trust Company, LLC 6201 15th Ave Brooklyn, NY 11219 https://equiniti.com/us/ast-access
Investor Relations Representative
investorrelations@whlr.us Office: (757) 627-9088

        

WHLR | Financial & Operating Data			6

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Financial and Portfolio Overview

All per share amounts, OP units and shares outstanding, warrants, and conversion features of the Convertible Notes for all periods presented reflect our one-for-ten reverse stock split (the "Reverse Stock Split"), which was effective August 17, 2023.

For the Three Months Ended March 31, 2024 (consolidated amounts unless otherwise noted)

Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s)			$	(10,749)
Net loss per basic and diluted shares			$	(0.17)
FFO available to common stockholders and Operating Partnership (OP) unitholders (in 000s)			$	(4,116)
FFO per common share and OP unit			$	(0.07)
AFFO (in 000s)			$	205
AFFO per common share and OP unit			$	—
Assets and Leverage
Investment Properties, net of $99.2 million accumulated depreciation (in 000s)			$	544,101
Cash and Cash Equivalents (in 000s)			$	17,732
Total Assets (in 000s)			$	667,614
Total Debt (in 000s)			$	497,013
Debt to Total Assets			74.45		%
Debt to Gross Asset Value			64.16		%
Market Capitalization
Common shares outstanding			68,023,718
OP units outstanding			13,323
Total common shares and OP units			68,037,041

Ticker			Shares Outstanding at March 31, 2024						First Quarter stock price range						Stock Price at March 31, 2024
WHLR			68,023,718						$0.15-$0.33						$	0.16
WHLRP			3,379,142						$1.11-$1.94						$	1.62
WHLRD			2,505,897						$13.00-$15.82						$	15.11
CDRpB			1,450,000						$12.74-$17.50						$	16.12
CDRpC			5,000,000						$11.30-$14.03						$	12.62
Common Stock market capitalization (in 000s)															$	10,884

Portfolio Summary
GLA in sq. ft.			5,309,936						2,832,141
Occupancy Rate			94.3		%				85.3		%
Leased Rate			95.7		%				89.5		%
Annualized Base Rent (in 000s)			$	50,608					$	25,585
Total number of leases signed or renewed			38						7
Total sq. ft. leases signed or renewed			117,264						47,972

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			7

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Financial and Operating Results

Today, WHLR reported its financial and operating results for the three months ended March 31, 2024. For the three months ended March 31, 2024 and 2023, WHLR's net loss attributable to WHLR's common stock, $0.01 par value per share ("Common Stock") stockholders was $(0.17) per share and $(5.48) per share, respectively.

2024 FIRST QUARTER HIGHLIGHTS

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

LEASING

•The Company's real estate portfolio was 91.2% occupied, a 10 basis point increase from 91.1%.

•The Company's real estate portfolio was 93.5% leased, a 70 basis point increase from 92.8%.

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

•WHLR Quarter-To-Date Leasing Activity

•Executed 28 lease renewals totaling 94,915 square feet at a weighted average increase of $0.85 per square foot, representing an increase of 7.62% over in-place rental rates.

•Signed 10 new leases totaling 22,349 square feet with a weighted average rental rate of $11.87 per square foot, representing a new rent spread of 19.2%.

•The new rent spread for 2023 was 74.9%, which included splitting a 35,086 square foot unit for an apparel tenant into two separate units, a Burlington Stores and Five Below at our JANAF shopping center.

•The WHLR portfolio, excluding Cedar was 94.3% occupied, a 20 basis point decrease from 94.5%.

•The WHLR portfolio, excluding Cedar was 95.7% leased, a 10 basis point decrease from 95.8%.

•CDR Quarter-To-Date Leasing Activity

•Executed 3 lease renewals totaling 32,267 square feet at a weighted average increase of $0.61 per square foot, representing an increase of 3.07% over in-place rental rates.

•Signed 4 new leases totaling 15,705 square feet with a weighted average rental rate of $16.58 per square foot, representing a new rent spread of (12.5%).

•The new rent spread for 2023 was 75.3%

•The Cedar portfolio was 85.3% occupied, a 50 basis point increase from 84.8%.

•The Cedar portfolio was 89.5% leased, a 230 basis point increase from 87.2%

•The Company’s GLA, which is subject to leases that expire over the next nine months and includes month-to-month leases, increased to approximately 5.8%, compared to 5.0%. At March 31, 2024, 43.4% of this expiring GLA is subject to renewal options (a lease expiration schedule can be found on page 21 and provides additional details on the Company's leases).

OPERATIONS

•Total revenue of $25.9 million decreased by 0.7% or $0.2 million, primarily a result of:

•$0.5 million decrease in market lease amortization; and

•$0.2 million decrease in non-property revenue; partially offset by

•$0.3 million increase in base rent; and

•$0.2 million increase in tenant reimbursements.

•Total operating expenses of $18.4 million decreased by 5.6% or $1.1 million, primarily a result of:

•$0.9 million decrease in depreciation and amortization primarily as a result of the purchase price allocation of lease intangibles due to the timing of the Cedar Acquisition;

•$0.3 million decrease in corporate general and administrative expenses primarily as a result of (1) a decrease of $0.2 million in legal fees due to bringing certain legal services in-house and (2) a decrease of $0.1 million in agent commissions; and

•$0.1 million decrease in marketing expense for non-recurring rebrand signage due to the Cedar Acquisition; partially offset by

•$0.2 million increase in insurance.

FINANCIAL

•FFO was $(4.1) million, or $(0.07) per share of the Company's Common Stock and OP units in our operating partnership, Wheeler REIT, L.P., as compared to FFO of $2.3 million, or $2.27 per share.

•AFFO was $0.0 per share of the Company's Common Stock and OP Units in our operating partnership, Wheeler REIT, L.P., as compared to $(1.07) per share.

SAME-PROPERTY NET OPERATING INCOME

•Same-Property NOI increased by 2.72% or $0.4 million. Same-Property NOI was impacted by:

•$0.5 million increase in property revenue; partially offset by

•$0.1 million increase in property expense.

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			8

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CAPITAL MARKETS

•On February 29, 2024, the Company entered into a revolving credit agreement with KeyBank National Association to draw up to $9.5 million (the "Cedar Revolving Credit Agreement"). The interest rate under the Cedar Revolving Credit Agreement is the daily SOFR, plus applicable margins of 0.10% plus 2.75%. Interest payments are due monthly, and any outstanding principal is due at maturity on February 28, 2025. The Cedar Revolving Credit Agreement may be extended, at the Company's option, for up to two additional three-month periods, subject to customary conditions. The Cedar Revolving Credit Agreement is collateralized by 6 properties, consisting of Carll's Corner, Fieldstone Marketplace, Oakland Commons, Kings Plaza, Oregon Avenue and South Philadelphia, and proceeds will be used for capital expenditures and tenant improvements for such properties.

•On March 28, 2024, the Company received $1.0 million of $2.5 million in deferred loan proceeds under the Timpany Plaza Loan Agreement following the Company's satisfaction of certain lease-related contingencies. The Company anticipates receiving the $1.5 million balance of the deferred loan proceeds upon the satisfaction of certain other lease-related contingencies.

•On January 17, 2024, the Company paid down $0.6 million of the Convertible Notes through an open market purchase of 23,280 units at a total purchase price of $1.3 million. As a result of these transactions the Company recognized a $0.7 million loss included in non-operating expenses.

•As of March 31, 2024, the Conversion Price for the Convertible Notes was approximately $0.12 per share of the Company’s Common Stock (approximately 209.84 shares of Common Stock for each $25.00 of principal amount of the Convertible Notes being converted).

•Recognized a non-operating loss of $5.5 million in net changes in fair value of derivative liabilities, primarily due to adjustments in valuation assumptions associated with the embedded derivatives within the Convertible Notes.

•Assets held for sale, total $24.1 million, and include South Philadelphia, located in Philadelphia, Pennsylvania, as the Company has committed to a plan to sell components of the property.

•Interest expense was $7.4 million and $6.5 million for the three months ended March 31, 2024 and 2023, respectively, representing an increase of 14.3%. The increase in property debt interest was $0.8 million, which includes (1) an increase of $0.6 million due to an increase in the overall average interest rate and (2) an increase of $0.2 million in the average principal balance. See page 17 for further details.

•Loans payable increased $1.4 million compared to December 31, 2023 and were impacted by:

•$1.4 million increase from the Cedar Revolving Credit Agreement;

•$1.0 million increase from the Timpany Plaza loan agreement draw; offset by

•$0.6 million repurchase of debt securities; and

•$0.4 million monthly principal payments.

OTHER

•The Company recognized non-operating expenses of $0.7 million, which primarily consisted of capital structure costs to repurchase Convertible Notes.

•On December 7, 2023, the Company received a letter from the listing qualifications staff of Nasdaq notifying the Company that based on the Common Stock’s bid price closing below $1.00 per share for 30 consecutive business days, the Company no longer complied with Nasdaq’s bid price rule and that it had a 180-day compliance period until June 4, 2024 to regain compliance.

BALANCE SHEET

•Cash and cash equivalents totaled $17.7 million, compared to $18.4 million at December 31, 2023.

•Restricted cash totaled $20.8 million, compared to $21.4 million at December 31, 2023. The funds at March 31, 2024 are held in lender reserves primarily for the purpose of tenant improvements, lease commissions, real estate taxes and insurance expenses.

•Debt totaled $497.0 million, compared to $495.6 million at December 31, 2023.

•The Company's weighted average interest rate on property level debt, excluding Cedar, was 5.20% with a term of 7.7 years, compared to 5.20% with a term of 8.0 years at December 31, 2023. The weighted average interest rate on all debt was 5.43% with a term of 7.9 years, compared to 5.42% with a term of 8.2 years at December 31, 2023.

•Real estate, net of assets held for sale totaled $544.1 million compared to $565.1 million as of December 31, 2023.

•The Company invested $4.1 million in tenant improvements and capital expenditures into the properties.

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			9

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DIVIDENDS

•Total cumulative dividends in arrears for WHLR's Series D Preferred Stock were $33.3 million or $13.28 per share as of March 31, 2024.

•On January 23, 2024, the Company announced, Cedar’s Board of Directors declared a dividend of $0.453125 and $0.406250 per share with respect to the Cedar’s Series B Preferred Stock and Series C Preferred Stock, respectively. The dividends were paid on February 20, 2024 to shareholders of record on February 9, 2024.

•On April 22, 2024, the Company announced, Cedar’s Board of Directors declared a dividend of $0.453125 and $0.406250 per share with respect to the Cedar’s Series B Preferred Stock and Series C Preferred Stock, respectively. The dividends are payable on May 20, 2024 to shareholders of record on May 10, 2024.

SERIES D PREFERRED STOCK - REDEEMABLE PREFERRED STOCK

•At March 31, 2024 and December 31 2023, the Company had 2,505,897 and 2,590,458 issued shares, respectively and 6,000,000 authorized shares of Series D Preferred Stock, without par value with a $25.00 liquidation preference per share, or $95.9 million and $97.1 million in aggregate liquidation value, respectively.

•During the three months ended March 31, 2024, the Company processed redemptions for an aggregate of 84,561 shares of Series D Preferred Stock from the holders thereof. Accordingly, the Company issued 14,253,931 shares of Common Stock in settlement of an aggregate Redemption Price of approximately $3.2 million.

•The value of the Common Stock issued to holders redeeming their Series D Preferred Stock is the volume weighted average price per share of our Common Stock for the ten consecutive trading days immediately preceding, but not including, the Holder Redemption Date as reported on Nasdaq (the "VWAP"). As of March 31, 2024, the Company has realized a gain of $0.2 million in the aggregate due to the closing price of the Common Stock on the last VWAP date differing from the VWAP used to calculate the shares issued in each redemption round.

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 3/31/2024 unless otherwise stated			10

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Consolidated Balance Sheets

$ in 000s, except par value and share data

			March 31, 2024						December 31, 2023
			(unaudited)
ASSETS:
Real estate:
Land and land improvements			$	138,867					$	149,908
Buildings and improvements			504,439						510,812
			643,306						660,720
Less accumulated depreciation			(99,205)						(95,598)
Real estate, net			544,101						565,122
Cash and cash equivalents			17,732						18,404
Restricted cash			20,782						21,403
Receivables, net			11,733						13,126
Investment securities - related party			10,579						10,685
Assets held for sale			24,101						—
Above market lease intangibles, net			1,909						2,114
Operating lease right-of-use assets			9,397						9,450
Deferred costs and other assets, net			27,280						28,028
Total Assets			$	667,614					$	668,332
LIABILITIES:
Loans payable, net			$	478,205					$	477,574
Liabilities associated with assets held for sale			1,181						—
Below market lease intangibles, net			16,508						17,814
Derivative liabilities			9,160						3,653
Operating lease liabilities			10,280						10,329
Series D Preferred Stock redemptions			—						369
Accounts payable, accrued expenses and other liabilities			19,289						17,065
Total Liabilities			534,623						526,804
Commitments and contingencies
Series D Cumulative Convertible Preferred Stock			95,899						96,705
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; $84.5 million aggregate liquidation preference)			45,020						44,998
Common Stock ($0.01 par value, 200,000,000 shares authorized, 68,023,718 and 53,769,787 shares issued and outstanding, respectively)			680						538
Additional paid-in capital			260,419						257,572
Accumulated deficit			(335,603)						(324,854)
Total Shareholders’ Deficit			(29,031)						(21,293)
Noncontrolling interests			66,123						66,116
Total Equity			37,092						44,823
Total Liabilities and Equity			$	667,614					$	668,332

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			11

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Consolidated Statements of Operations

$ in 000s, except share and per share data

			Three Months Ended March 31,
			2024						2023
REVENUE:
Rental revenues			$	25,695					$	25,500
Other revenues			177						566
Total Revenue			25,872						26,066
OPERATING EXPENSES:
Property operations			9,050						8,955
Depreciation and amortization			6,598						7,466
Corporate general & administrative			2,746						3,071
Total Operating Expenses			18,394						19,492
Operating Income			7,478						6,574
Interest income			63						47
Loss on investment securities, net			(106)						—
Interest expense			(7,405)						(6,477)
Net changes in fair value of derivative liabilities			(5,507)						1,852
Gain on preferred stock redemptions			213						—
Other expense			(742)						(2,405)
Net Loss			(6,006)						(409)
Less: Net income attributable to noncontrolling interests			2,701						2,692
Net Loss Attributable to Wheeler REIT			(8,707)						(3,101)
Preferred stock dividends - undeclared			(2,042)						(2,264)
Net Loss Attributable to Wheeler REIT Common Shareholders			$	(10,749)					$	(5,365)
Loss per share
Basic and Diluted			$	(0.17)					$	(5.48)
Weighted-average number of shares:
Basic and Diluted			62,952,191						979,403

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			12

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Reconciliation of Non-GAAP Measures

Same-Property Net Operating Income

$ in 000s

			Three Months Ended March 31,
			2024						2023
Operating Income			$	7,478					$	6,574
Add (deduct):
Corporate general & administrative			2,746						3,071
Depreciation and amortization			6,598						7,466
Straight-line rents			(370)						(346)
Above (below) market lease amortization, net			(913)						(1,396)
Other non-property revenue			(3)						(41)
NOI related to properties not defined as same-property			—						(204)
Same Store Property Net Operating Income			$	15,536					$	15,124

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			13

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Reconciliation of Non-GAAP Measures (continued)

FFO and AFFO

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

			Three Months Ended March 31,
			2024						2023
Net Loss			$	(6,006)					$	(409)
Depreciation and amortization of real estate assets			6,598						7,466
FFO			592						7,057
Preferred stock dividends - undeclared			(2,042)						(2,264)
Dividends on noncontrolling interests preferred stock			(2,688)						(2,688)
Preferred stock accretion adjustments			22						147
FFO available to common stockholders and common unitholders			(4,116)						2,252
Other non-recurring and non-cash expenses (1)			—						268
Loss on investment securities, net			106						—
Net changes in fair value of derivative liabilities			5,507						(1,852)
Gain on preferred stock redemptions			(213)						—
Straight-line rental revenue, net straight-line expense			(387)						(403)
Deferred financing cost amortization			628						479
Above (below) market lease amortization, net			(913)						(1,396)
Recurring capital expenditures tenant improvement reserves			(407)						(409)
AFFO			$	205					$	(1,061)
Weighted Average Common Shares			62,952,191						979,403
Weighted Average OP Units			13,323						14,494
Total Common Shares and OP Units			62,965,514						993,897
FFO per Common Share and OP Units			$	(0.07)					$	2.27
AFFO per Common Share and OP Units			$	—					$	(1.07)

(1)    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, 2024.

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			14

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Reconciliation of Non-GAAP Measures (continued)

EBITDA

$ in 000s

						Three Months Ended March 31,
						2024						2023
Net Loss						$	(6,006)					$	(409)
Add back:			Depreciation and amortization (1)			5,685						6,070
			Interest expense (2)			7,405						6,477
			Income tax expense			—						—
EBITDA						7,084						12,138
Adjustments for items affecting comparability:
			Net change in FMV of derivative liabilities			5,507						(1,852)
			Other non-recurring and non-cash expenses (3)			—						259
			Gain on preferred stock redemptions			(213)						—
			Loss on investment securities, net			106						—
Adjusted EBITDA						$	12,484					$	10,545

(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, 2024.

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			15

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Debt Summary

$ in 000s

Property/Description						Monthly Payment						Interest Rate						Maturity						March 31, 2024						December 31, 2023
Cypress Shopping Center						$	34,360					4.70%						July 2024						$	5,735					$	5,769
Cedar Revolving Credit Agreement						Interest only						8.16% (3)						February 2025						1,387						—
Conyers Crossing						Interest only						4.67%						October 2025						5,960						5,960
Winslow Plaza						$	24,295					4.82%						December 2025						4,311						4,331
Tuckernuck						$	32,202					5.00%						March 2026						4,734						4,771
Chesapeake Square						$	23,857					4.70%						August 2026						3,989						4,014
Sangaree/Tri-County						$	32,329					4.78%						December 2026						5,966						5,990
Timpany Plaza						Interest only						7.27%						September 2028						10,060						9,060
Village of Martinsville						$	89,664					4.28%						July 2029						14,646						14,755
Laburnum Square						Interest only						4.28%						September 2029						7,665						7,665
Rivergate (1)						$	100,222					4.25%						September 2031						17,442						17,557
Convertible Notes						Interest only						7.00%						December 2031						30,948						31,530
Term loan, 22 properties						Interest only						4.25%						July 2032						75,000						75,000
JANAF (2)						Interest only						5.31%						July 2032						60,000						60,000
Cedar term loan, 10 properties						Interest only						5.25%						November 2032						110,000						110,000
Patuxent Crossing/Coliseum Marketplace						Interest only						6.35%						January 2033						25,000						25,000
Term loan, 12 properties						Interest only						6.19%						June 2033						61,100						61,100
Term loan, 8 properties						Interest only						6.24%						June 2033						53,070						53,070
Total Principal Balance																								497,013						495,572
Unamortized deferred financing cost																								(17,815)						(17,998)
Total Loans Payable, including assets held for sale																								479,198						477,574
Less loans payable on assets held for sale, net loan amortization costs																								993						—
Total Loans Payable, net																								$	478,205					$	477,574

(1) In October 2026, the interest rate under this loan resets based on the 5-year U.S. Treasury Rate, plus 2.70%, with a floor of 4.25%.

(2) Collateralized by JANAF properties.

(3) Daily SOFR, plus applicable margins of 0.10%, plus 2.75%.

Total Debt

$ in 000s

Scheduled principal repayments and maturities by year			Amount						% Total Principal Payments and Maturities
For the remaining nine months ending December 31, 2024			$	6,836					1.4		%
December 31, 2025			13,623						2.7		%
December 31, 2026			16,177						3.3		%
December 31, 2027			2,958						0.6		%
December 31, 2028			14,194						2.9		%
December 31, 2029			24,339						4.9		%
Thereafter			418,886						84.2		%
Total principal repayments and debt maturities			$	497,013					100.0		%

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			16

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Debt Summary (continued)

Interest Expense

$ in 000s

			Three Months Ended March 31,																		Three Months Ended Changes
			2024						2023																		Dollar						Percent
Property debt interest - excluding Cedar debt			$	4,201					$	3,606																	$	595					16.5		%
Convertible Notes interest			543						578																		(35)						(6.1)		%
Amortization of deferred financing costs			628						479																		149						31.1		%
Property debt interest - Cedar			2,033						1,814																		219						12.1		%
Total Interest Expense			$	7,405					$	6,477																	$	928					14.3		%

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			17

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Property Summary

Property						Location						Number of Tenants			Total Leasable Square Feet			Percentage Leased			Percentage Occupied			Total SF Occupied			Annualized Base Rent (in 000's)			Annualized Base Rent per Occupied Sq. Foot
WHLR
Alex City Marketplace						Alexander City, AL						19			151,843			100.0		%	100.0		%	151,843			$	1,282		$	8.44
Amscot Building						Tampa, FL						1			2,500			100.0		%	100.0		%	2,500			83			33.00
Beaver Ruin Village						Lilburn, GA						28			74,038			89.6		%	89.6		%	66,336			1,242			18.72
Beaver Ruin Village II						Lilburn, GA						4			34,925			100.0		%	100.0		%	34,925			493			14.11
Brook Run Shopping Center						Richmond, VA						19			147,738			93.4		%	93.4		%	137,954			1,225			8.88
Bryan Station						Lexington, KY						9			54,277			94.5		%	94.5		%	51,275			608			11.86
Cardinal Plaza						Henderson, NC						10			50,000			100.0		%	100.0		%	50,000			517			10.34
Chesapeake Square						Onley, VA						14			108,982			92.1		%	92.1		%	100,406			780			7.77
Clover Plaza						Clover, SC						10			45,575			100.0		%	100.0		%	45,575			384			8.42
Conyers Crossing						Conyers, GA						14			170,475			100.0		%	100.0		%	170,475			1,021			5.99
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			58.2		%	58.2		%	46,775			604			12.92
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
Folly Road						Charleston, SC						5			47,794			100.0		%	100.0		%	47,794			737			15.41
Forrest Gallery						Tullahoma, TN						27			214,451			91.3		%	91.3		%	195,677			1,478			7.55
Fort Howard Shopping Center						Rincon, GA						20			113,652			100.0		%	100.0		%	113,652			1,297			11.41
Freeway Junction						Stockbridge, GA						18			156,834			98.2		%	98.2		%	154,034			1,353			8.78
Franklin Village						Kittanning, PA						24			151,821			93.3		%	93.3		%	141,573			1,367			9.65
Franklinton Square						Franklinton, NC						14			65,366			97.7		%	97.7		%	63,866			587			9.18
Georgetown						Georgetown, SC						2			29,572			100.0		%	100.0		%	29,572			267			9.04
Grove Park Shopping Center						Orangeburg, SC						14			93,265			94.8		%	94.8		%	88,375			709			8.03
Harrodsburg Marketplace						Harrodsburg, KY						8			60,048			91.0		%	91.0		%	54,648			466			8.52
JANAF						Norfolk, VA						115			798,086			93.1		%	93.1		%	743,213			9,561			12.86
Laburnum Square						Richmond, VA						20			109,405			98.2		%	98.2		%	107,405			1,023			9.52
Ladson Crossing						Ladson, SC						15			52,607			100.0		%	97.2		%	51,107			541			10.59
LaGrange Marketplace						LaGrange, GA						14			76,594			93.7		%	93.7		%	71,800			462			6.44
Lake Greenwood Crossing						Greenwood, SC						8			43,618			100.0		%	100.0		%	43,618			411			9.43
Lake Murray						Lexington, SC						4			39,218			100.0		%	15.3		%	6,000			97			16.18
Litchfield Market Village						Pawleys Island, SC						26			86,740			100.0		%	100.0		%	86,717			1,105			12.74
Lumber River Village						Lumberton, NC						11			66,781			100.0		%	100.0		%	66,781			503			7.54
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			666			11.87
New Market Crossing						Mt. Airy, NC						13			117,076			100.0		%	100.0		%	117,076			1,045			8.93
Parkway Plaza						Brunswick, GA						5			52,365			84.8		%	84.8		%	44,385			480			10.81
Pierpont Centre						Morgantown, WV						15			111,162			98.5		%	98.5		%	109,437			1,064			9.72
Port Crossing						Harrisonburg, VA						8			65,365			100.0		%	100.0		%	65,365			865			13.23
Ridgeland						Ridgeland, SC						1			20,029			100.0		%	100.0		%	20,029			140			7.00
Riverbridge Shopping Center						Carrollton, GA						11			91,188			96.9		%	96.9		%	88,375			751			8.50
Rivergate Shopping Center						Macon, GA						26			193,960			87.5		%	87.5		%	169,716			2,398			14.13
Sangaree Plaza						Summerville, SC						10			66,948			100.0		%	100.0		%	66,948			718			10.73
Shoppes at Myrtle Park						Bluffton, SC						14			56,609			99.3		%	99.3		%	56,189			688			12.24
South Lake						Lexington, SC						11			44,318			100.0		%	100.0		%	44,318			261			5.88
South Park						Mullins, SC						4			60,734			96.9		%	96.9		%	58,834			401			6.82
South Square						Lancaster, SC						6			44,350			81.0		%	81.0		%	35,900			305			8.49
St. George Plaza						St. George, SC						9			59,174			100.0		%	100.0		%	59,174			466			7.87
Sunshine Plaza						Lehigh Acres, FL						22			111,189			100.0		%	98.7		%	109,689			1,112			10.14
Surrey Plaza						Hawkinsville, GA						4			42,680			100.0		%	100.0		%	42,680			258			6.05

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			18

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Property Summary (continued)

Property						Location						Number of Tenants			Total Leasable Square Feet			Percentage Leased			Percentage Occupied			Total SF Occupied			Annualized Base Rent (in 000's)			Annualized Base Rent per Occupied Sq. Foot
Tampa Festival						Tampa, FL						21			141,580			100.0		%	74.9		%	105,980			$	1,028		$	9.70
Tri-County Plaza						Royston, GA						7			67,577			90.7		%	90.7		%	61,277			434			7.08
Tuckernuck						Richmond, VA						16			93,391			96.9		%	96.9		%	90,462			1,056			11.67
Twin City Commons						Batesburg-Leesville, SC						5			47,680			100.0		%	100.0		%	47,680			490			10.27
Village of Martinsville						Martinsville, VA						22			288,254			100.0		%	100.0		%	288,254			2,442			8.47
Waterway Plaza						Little River, SC						10			49,750			100.0		%	100.0		%	49,750			505			10.16
Westland Square						West Columbia, SC						12			62,735			100.0		%	100.0		%	62,735			535			8.53
Winslow Plaza						Sicklerville, NJ						18			40,695			100.0		%	100.0		%	40,695			669			16.43
						WHLR TOTAL						779			5,309,936			95.7		%	94.3		%	5,009,131			$	50,608		$	10.10
CDR
Brickyard Plaza						Berlin, CT						10			227,598			97.8		%	97.8		%	222,598			$	2,029		$	9.12
Carll's Corner						Bridgeton, NJ						6			116,532			20.7		%	20.7		%	24,154			290			12.01
Coliseum Marketplace						Hampton, VA						9			106,648			94.9		%	94.9		%	101,198			1,237			12.22
Fairview Commons						New Cumberland, PA						11			50,485			87.8		%	87.8		%	44,335			515			11.62
Fieldstone Marketplace						New Bedford, MA						9			193,970			77.3		%	36.7		%	71,139			750			10.55
Gold Star Plaza						Shenandoah, PA						6			71,720			97.8		%	97.8		%	70,120			642			9.16
Golden Triangle						Lancaster, PA						19			202,790			98.4		%	98.4		%	199,605			2,818			14.12
Hamburg Square						Hamburg, PA						7			102,058			100.0		%	100.0		%	102,058			689			6.75
Kings Plaza						New Bedford, MA						17			168,243			98.5		%	98.5		%	165,743			1,473			8.89
Oakland Commons						Bristol, CT						2			90,100			100.0		%	100.0		%	90,100			574			6.37
Oregon Avenue (1)						Philadelphia, PA						—			—			—		%	—		%	—			—			—
Patuxent Crossing						California, MD						27			264,068			81.6		%	81.6		%	215,589			2,658			12.33
Pine Grove Plaza						Brown Mills, NJ						13			79,306			77.6		%	77.6		%	61,526			742			12.05
South Philadelphia						Philadelphia, PA						11			221,157			85.2		%	73.0		%	161,414			1,590			9.85
Southington Center						Southington, CT						11			155,842			100.0		%	100.0		%	155,842			1,293			8.30
Timpany Plaza						Gardner, MA						15			182,799			81.8		%	74.3		%	135,735			1,301			9.58
Trexler Mall						Trexlertown, PA						23			342,541			99.7		%	99.7		%	341,544			3,762			11.01
Washington Center Shoppes						Sewell, NJ						30			157,300			97.5		%	97.5		%	153,320			1,944			12.68
Webster Commons						Webster, MA						9			98,984			100.0		%	100.0		%	98,984			1,278			12.91
						CDR TOTAL						235			2,832,141			89.5		%	85.3		%	2,415,004			$	25,585		$	10.59
						COMBINED TOTAL						1,014			8,142,077			93.5		%	91.2		%	7,424,135			$	76,193		$	10.26

(1) Includes property where a redevelopment opportunity exists.

Undeveloped Land

Company

Location

Parcel Size (in acres)

Brook Run Properties

WHLR

Richmond, VA

2.00

Courtland Commons

WHLR

Courtland, VA

1.04

Edenton Commons

WHLR

Edenton, NC

52.93

Harbor Point

WHLR

Grove, OK

4.65

St. George Land

WHLR

St. George, SC

2.51

South Philadelphia (Parcels G&H)

CDR

Philadelphia, PA

2.85

Webster Commons

CDR

Webster, MA

0.55

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			19

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Property Summary (continued)

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			20

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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						Annualized Base Rent Per Occupied Square Foot
			Food Lion						Grocery						$	4,476					5.87		%				549,000						6.74		%				$	8.15
			Dollar Tree (1)						Discount Retailer						2,211						2.90		%				255,000						3.13		%				8.67
			Kroger Co (2)						Grocery						2,097						2.75		%				239,000						2.94		%				8.77
			TJX Companies (3)						Discount Retailer						1,721						2.26		%				195,000						2.39		%				8.83
			Planet Fitness						Gym						1,497						1.96		%				140,000						1.72		%				10.69
			Piggly Wiggly						Grocery						1,363						1.79		%				170,000						2.09		%				8.02
			Lowes Foods (4)						Grocery						1,223						1.61		%				130,000						1.60		%				9.41
			Big Lots						Discount Retailer						1,107						1.45		%				171,000						2.10		%				6.47
			Kohl's						Discount Retailer						1,049						1.38		%				147,000						1.81		%				7.14
			Winn Dixie						Grocery						984						1.29		%				134,000						1.65		%				7.34
															$	17,728					23.26		%				2,130,000						26.17		%				$	8.32

(1) Dollar Tree 18 / Family Dollar 7

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

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

(4) 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						—						717,942						8.82		%				—		%				$	—					—		%				$	—
MTM						17						76,835						0.94		%				1.03		%				653						0.86		%				8.50
2024						98						394,976						4.85		%				5.32		%				4,168						5.47		%				10.55
2025						160						899,187						11.04		%				12.11		%				9,394						12.33		%				10.45
2026						166						869,427						10.68		%				11.71		%				9,636						12.65		%				11.08
2027						157						727,418						8.93		%				9.80		%				9,160						12.02		%				12.59
2028						145						1,346,740						16.54		%				18.14		%				12,588						16.52		%				9.35
2029						92						800,466						9.83		%				10.78		%				8,059						10.58		%				10.07
2030						45						648,308						7.96		%				8.73		%				5,227						6.86		%				8.06
2031						34						460,887						5.66		%				6.21		%				4,537						5.95		%				9.84
2032						33						419,668						5.15		%				5.65		%				3,669						4.82		%				8.74
2033 & thereafter						67						780,223						9.60		%				10.52		%				9,102						11.94		%				11.67
Total						1,014						8,142,077						100.00		%				100.00		%				$	76,193					100.00		%				$	10.26

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			21

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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			—			218,418			$	—		—		%	$	—					—			—			$	—		—		%	$	—
MTM			2			54,564			297			9.34		%	5.44						—			—			—			—		%	—
2024			1			32,000			125			3.93		%	3.91						3			99,718			591			2.00		%	5.93
2025			2			57,297			455			14.31		%	7.94						10			392,913			2,888			9.76		%	7.35
2026			1			20,152			97			3.05		%	4.81						13			427,864			3,603			12.18		%	8.42
2027			3			69,819			629			19.78		%	9.01						5			149,546			1,505			5.09		%	10.06
2028			1			23,876			116			3.65		%	4.86						22			905,141			6,443			21.78		%	7.12
2029			2			48,789			517			16.26		%	10.60						12			417,755			3,223			10.90		%	7.72
2030			—			—			—			—		%	—						9			509,504			2,810			9.50		%	5.52
2031			1			20,858			60			1.89		%	2.88						6			280,528			2,478			8.38		%	8.83
2032			—			—			—			—		%	—						9			302,568			1,961			6.63		%	6.48
2033+			3			109,605			884			27.79		%	8.07						13			505,734			4,077			13.78		%	8.06
Total			16			655,378			$	3,180		100.00		%	$	7.28					102			3,991,271			$	29,579		100.00		%	$	7.41

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			—			499,524			$	—		—		%	$	—					—			—			$	—		—		%	$	—
MTM			15			22,271			356			1.92		%	15.98						—			—			—			—		%	—
2024			61			158,434			1,868			10.06		%	11.79						33			104,824			1,584			6.37		%	15.11
2025			95			228,159			2,999			16.15		%	13.14						53			220,818			3,052			12.27		%	13.82
2026			99			230,063			3,167			17.06		%	13.77						53			191,348			2,769			11.14		%	14.47
2027			95			247,457			3,768			20.29		%	15.23						54			260,596			3,258			13.10		%	12.50
2028			67			159,937			2,669			14.37		%	16.69						55			257,786			3,360			13.51		%	13.03
2029			31			99,231			1,208			6.51		%	12.17						47			234,691			3,111			12.51		%	13.26
2030			16			34,156			694			3.74		%	20.32						20			104,648			1,723			6.93		%	16.46
2031			5			10,578			181			0.97		%	17.11						22			148,923			1,818			7.31		%	12.21
2032			12			48,586			599			3.23		%	12.33						12			68,514			1,109			4.46		%	16.19
2033+			19			49,343			1,060			5.70		%	21.48						32			115,541			3,081			12.40		%	26.67
Total			515			1,787,739			$	18,569		100.00		%	$	14.41					381			1,707,689			$	24,865		100.00		%	$	14.56

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			22

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Leasing Summary

WHLR Leasing Renewals and New Leases

			Three Months Ended March 31,
			2024						2023
Renewals(1):
Leases renewed with rate increase (sq feet)			59,115						237,555
Leases renewed with rate decrease (sq feet)			4,000						—
Leases renewed with no rate change (sq feet)			31,800						25,232
Total leases renewed (sq feet)			94,915						262,787
Leases renewed with rate increase (count)			25						35
Leases renewed with rate decrease (count)			1						—
Leases renewed with no rate change (count)			2						3
Total leases renewed (count)			28						38
Option exercised (count)			3						7
Weighted average on rate increases (per sq foot)			$	1.38					$	0.73
Weighted average on rate decreases (per sq foot)			$	(0.13)					$	—
Weighted average rate (per sq foot)			$	0.85					$	0.66
Renewal Rent Spread			7.62		%				6.89		%
New Leases(1) (2):
New leases (sq feet)			22,349						47,370
New leases (count)			10						8
Weighted average rate (per sq foot)			$	11.87					$	15.46
New Rent Spread			19.14		%				74.93		%

(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 square feet and weighted average rate (per square foot) on new leases.

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			23

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Leasing Summary (continued)

CDR Leasing Renewals and New Leases

			Three Months Ended March 31,
			2024						2023
Renewals(1):
Leases renewed with rate increase (sq feet)			32,267						56,171
Leases renewed with rate decrease (sq feet)			—						—
Leases renewed with no rate change (sq feet)			—						2,000
Total leases renewed (sq feet)			32,267						58,171
Leases renewed with rate increase (count)			3						5
Leases renewed with rate decrease (count)			—						—
Leases renewed with no rate change (count)			—						1
Total leases renewed (count)			3						6
Option exercised (count)			2						2
Weighted average on rate increases (per sq foot)			$	0.61					$	0.42
Weighted average on rate decreases (per sq foot)			$	—					$	—
Weighted average rate (per sq foot)			$	0.61					$	0.40
Renewal Rent Spread			3.07		%				3.96		%
New Leases(1) (2):
New leases (sq feet)			15,705						3,800
New leases (count)			4						2
Weighted average rate (per sq foot)			$	16.58					$	19.72
New Rent Spread			(12.46)		%				75.28		%

(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 square feet and weighted average rate (per square foot) on new leases.

WHLR | Financial & Operating Data | as of 3/31/2024 unless otherwise stated			24