Exhibit 99.2

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Table of Contents
			Page
Glossary of Terms			4
Company Overview			6
Financial and Portfolio Overview			7
Financial and Operating Results			8
Financial Summary
Consolidated Balance Sheets			13
Consolidated Statements of Operations			14
Reconciliation of Non-GAAP Measures			15
Debt Summary			18
Portfolio Summary
Property Summary			20
Top Ten Tenants by Annualized Base Rent and Lease Expiration Schedules			23
Leasing Summary			25

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 all Series D Preferred Stock redemptions 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 generally; the risk that shareholder litigation in connection with the Cedar Acquisition (as defined herein) and as recently filed by the Company's former CEO, Daniel Khoshaba may result in significant costs of defense, indemnification and liability, and divert management's attention away from running the Company; 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 one-for-10 reverse stock split effected on August 17, 2023 (the "August 2023 Reverse Stock Split"), the one-for-24 reverse stock split effected on May 16, 2024 (the "May 2024 Reverse Stock Split"), the one-for-five reverse stock split effected on June 27, 2024 (the "June 2024 Reverse Stock Split", and collectively with the May 2024 Reverse Stock Split, the “2024 Reverse Stock Splits”) 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 SEC, 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.

WHLR | Financial & Operating Data			3

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Glossary of Terms

Term						Definition
Adjusted FFO ("AFFO")						We believe the computation of funds from operations ("FFO") in accordance with the National Association of Real Estate Investment Trusts' ("Nareit") 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.
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 against other companies, including other 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 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.

WHLR | Financial & Operating Data			4

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Term						Definition
Ground Lease						A lease in which the tenant owns the building but not the land it is built on.
Leased Rate / % Leased						The space committed to lessee under a signed lease agreement as a percentage of gross leasable area executed through June 30, 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 June 30, 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.
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 ("Series D 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
Robert Brady						M. Andrew Franklin
Kerry D. Campbell						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

        

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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 the August 2023 Reverse Stock Split, the May 2024 Reverse Stock Split and the June 2024 Reverse Stock Split.

For the Three Months Ended June 30, 2024 (consolidated amounts unless otherwise noted)

Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s)			$	(7,788)
Net loss per basic and diluted shares			$	(13.74)
FFO available to common stockholders and Operating Partnership (OP) unitholders (in 000s)			$	(3,556)
FFO per common share and OP unit			$	(6.27)
AFFO (in 000s)			$	2,069
AFFO per common share and OP unit			$	3.65
Assets and Leverage
Investment Properties, net of $103.3 million accumulated depreciation (in 000s)			$	541,933
Cash and Cash Equivalents (in 000s)			$	19,609
Total Assets (in 000s)			$	670,315
Total Debt (in 000s)			$	499,193
Debt to Total Assets			74.47		%
Debt to Gross Asset Value			66.03		%
Market Capitalization
Common shares outstanding			566,814
OP units outstanding			75
Total common shares and OP units			566,889

Ticker			Shares Outstanding at June 30, 2024						Second Quarter stock price range						Stock Price at June 30, 2024
WHLR			566,814						$7.35-$29.90						$	15.53
WHLRP			3,379,142						$1.39-$2.78						$	2.25
WHLRD			2,615,573						$15.00-$19.70						$	18.53
CDRpB			1,450,000						$13.20-$16.40						$	13.90
CDRpC			5,000,000						$11.14-$13.05						$	12.11
Common Stock market capitalization (in 000s)															$	8,803

Portfolio Summary
GLA in sq. ft.			5,309,913						2,742,041
Occupancy Rate			93.3		%				86.0		%
Leased Rate			95.6		%				90.1		%
Annualized Base Rent (in 000s)			$	50,170					$	25,432
Total number of leases signed or renewed			49						14
Total sq. ft. leases signed or renewed			273,639						73,069

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			7

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Financial and Operating Results

Today, WHLR reported its financial and operating results for the three and six months ended June 30, 2024. For the three months ended June 30, 2024 and 2023, WHLR's net loss attributable to WHLR's common stock, $0.01 par value per share ("Common Stock") stockholders was $(13.74) per share and $(762.93) per share, respectively. For the six months ended June 30, 2024 and 2023, WHLR's net loss attributable to WHLR's Common Stock stockholders was $(33.97) per share and $(1,420.26) per share, respectively.

2024 SECOND QUARTER HIGHLIGHTS

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

LEASING

•The Company's real estate portfolio was 90.8% occupied, a 10 basis point decrease from 90.9%.

•The Company's real estate portfolio was 93.8% leased, a 120 basis point increase from 92.6%.

•The Company's real estate portfolio includes 33 properties that are 100% leased.

•WHLR Quarter-To-Date Leasing Activity

•Executed 40 lease renewals totaling 188,152 square feet at a weighted average increase of $1.15 per square foot, representing an increase of 10.8% over in-place rental rates.

•Signed 9 new leases totaling 85,487 square feet with a weighted average rental rate of $13.47 per square foot, representing a new rent spread of 29.9%.

•The WHLR portfolio, excluding Cedar, was 93.3% occupied, a 100 basis point decrease from 94.3%.

•The WHLR portfolio, excluding Cedar, was 95.6% leased, a 40 basis point increase from 95.2%.

•CDR Quarter-To-Date Leasing Activity

•Executed 8 lease renewals totaling 38,293 square feet at a weighted average increase of $1.17 per square foot, representing an increase of 9.3% over in-place rental rates.

•Signed 6 new leases totaling 34,776 square feet with a weighted average rental rate of $11.00 per square foot, representing a new rent spread of (3.7)%.

•The Cedar portfolio was 86.0% occupied, a 150 basis point increase from 84.5%.

•The Cedar portfolio was 90.1% leased, a 240 basis point increase from 87.7%

•The Company’s GLA, which is subject to leases that expire over the next six months and includes month-to-month leases, increased to approximately 3.3%, compared to 2.7%. At June 30, 2024, 32.7% of this expiring GLA is subject to renewal options (a lease expiration schedule can be found on page 23 and provides additional details on the Company's leases).

OPERATIONS

•Total revenue of $26.3 million increased by 5.9% or $1.5 million, primarily a result of:

•$1.1 million increase in tenant reimbursements;

•$0.5 million increase in base rent; and

•$0.2 million increase in lease termination fees; partially offset by

•$0.4 million decrease in market lease amortization.

•Total operating expenses of $17.7 million decreased by 4.2% or $0.8 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; and

•$0.4 million decrease in legal fees due to bringing certain legal services in-house; partially offset by

•$0.3 million increase in repairs and maintenance; and

•$0.2 million increase in salaries;

FINANCIAL

•FFO was $(3.6) million, or $(6.27) per share of the Company's Common Stock and OP units in our operating partnership, Wheeler REIT, L.P., as compared to FFO of $1.2 million, or $145.15 per share.

•AFFO was $3.65 per share of the Company's Common Stock and OP Units in our operating partnership, Wheeler REIT, L.P., as compared to $76.38 per share.

SAME-PROPERTY NET OPERATING INCOME

•Same-Property NOI increased by 9.3% or $1.4 million. Same-Property NOI was impacted by:

•$1.7 million increase in property revenue; partially offset by

•$0.3 million increase in property expense.

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			8

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CAPITAL MARKETS

•Recognized a non-operating loss of $5.0 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.

•Interest expense was $8.8 million and $10.2 million for the three months ended June 30, 2024 and 2023, respectively, representing a decrease of 13.8%. See page 19 for further details.

•The Company effected one-for-24 and one-for-five reverse stock splits on May 16, 2024 and June 27, 2024, respectively.

•On June 28, 2024, the Company entered into a term loan agreement (the "Term Loan Agreement, 5 Properties") with Guggenheim Real Estate, LLC, for $25.5 million at a fixed rate of 6.80% with interest-only payments due monthly. Commencing on August 10, 2029, until the maturity date of July 10, 2034, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time. The Term Loan Agreement, 5 Properties' proceeds were used to refinance four loans, including paying $0.4 million in defeasance. The Term Loan Agreement, 5 Properties is collateralized by Cypress Shopping Center, Conyers Crossing, Chesapeake Square, Sangaree Plaza and Tri-County Plaza. As a result of the four loans refinanced, the Company will be refunded $3.5 million from restricted cash.

DISPOSITIONS

•On June 18, 2024, the Company agreed to a settlement with the City of Grove, Oklahoma and the Grove Economic Development Authority of Grove, Oklahoma (collectively, the "City of Grove"), which included the transfer of the Harbor Point Land Parcel and a one-time payment of $160 thousand to the City of Grove in exchange for a release of the Company from all increment taxes and other obligations under the Economic Development Agreement the Company had entered into with the City of Grove and the dismissal of the litigation commenced by the City of Grove against the Company.

•On June 26, 2024, the Company sold Oakland Commons, located in Bristol, Connecticut, for $6.0 million, generating a gain of $3.4 million and net proceeds of $5.7 million.

OTHER

•The Company recognized non-operating expenses of $0.5 million, which primarily consisted of capital structure costs, including legal and other expenses incurred for the 2024 Reverse Stock Splits and the registration of our Common Stock to issue in settlement of Series D Preferred Stock redemption.

• On June 1, 2024, the Company subscribed for an additional investment in the amount of $0.5 million for limited partnership interests in Stilwell Activist Investments, L.P., a Delaware limited partnership ("SAI"). See page 11 for more details.

2024 YEAR-TO-DATE HIGHLIGHTS

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

LEASING

•WHLR Year-To-Date Leasing Activity

•Executed 68 lease renewals totaling 283,067 square feet at a weighted average increase of $1.05 per square foot, representing an increase of 9.7% over in-place rental rates.

•Signed 19 new leases totaling 107,836 square feet with a weighted average rental rate of $13.13 per square foot, representing a new rent spread of 27.8%.

•CDR Year-To-Date Leasing Activity

•Executed 11 lease renewals totaling 70,560 square feet at a weighted average increase of $0.91 per square foot, representing an increase of 5.7% over in-place rental rates.

•Signed 10 new leases totaling 50,481 square feet with a weighted average rental rate of $12.74 per square foot, representing a new rent spread of (7.5)%.

OPERATIONS

•Total revenue of $52.2 million increased by 2.5% or $1.3 million, primarily a result of:

•$1.3 million increase in tenant reimbursements; and

•$0.9 million increase in base rent; partially offset by

•$0.9 million decrease in market lease amortization.

•Total operating expenses of $36.1 million decreased by 5.0% or $1.9 million, primarily a result of:

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			9

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•$1.8 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;

•$0.6 million decrease in legal fees due to bringing certain legal services in-house; and

•$0.2 million decrease in ground rent expense as a result of the 2023 acquisition of a land parcel located on the Company's property Devine Street; partially offset by

•$0.2 million increase in repairs and maintenance;

•$0.2 million increase in insurance;

•$0.1 million increase in utilities; and

•$0.1 million increase in dues and fees.

FINANCIAL

•FFO of $(7.7) million, or $(14.06) per share of the Company's Common Stock and OP Units in our operating partnership, Wheeler REIT, L.P., as compared to FFO of $3.5 million, or $417.02 per share.

•AFFO of $5.16 per share of the Company's Common Stock and OP Units in our operating partnership, Wheeler REIT, L.P., as compared to $18.11 per share.

SAME-PROPERTY NET OPERATING INCOME

•Same-Property NOI increased by 6.0% or $1.8 million. Same-Property NOI was impacted by:

•$2.2 million increase in property revenue; partially offset by

•$0.4 million increase in property expense.

CAPITAL MARKETS

•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.

•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. Upon the disposition of Oakland Commons, the property was released from collateral and the outstanding borrowings were repaid.

•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.

•Assets held for sale total $24.8 million and include South Philadelphia, located in Philadelphia, Pennsylvania, as the Company has committed to a plan to sell components of the property.

•As of June 30, 2024, the Conversion Price for the Convertible Notes was approximately $14.30 per share of the Company’s Common Stock (approximately 1.75 shares of Common Stock for each $25.00 of principal amount of the Convertible Notes being converted).

•Recognized a non-operating loss of $10.5 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.

•Interest expense was $16.2 million and $16.7 million for the six months ended June 30, 2024 and 2023, respectively, representing a decrease of 2.8%. The increase in property debt interest, inclusive of Cedar debt, was $1.3 million a result of (1) an increase of $0.9 million due to an increase in the overall average interest rate and (2) an increase of $0.4 million in the average principal debt balance. See page 19 for further details.

•Loans payable increased $3.6 million compared to December 31, 2023 and were impacted by:

•$3.9 million increase from 2024 loan refinancing activities;

•$3.6 million draw on Cedar Revolving Credit Agreement;

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

•$3.6 million payment on Cedar Revolving Credit Agreement;

•$0.6 million repurchase of debt securities; and

•$0.6 million scheduled loan principal payments on debt.

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			10

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OTHER

•The Company recognized non-operating expenses of $1.2 million, which primarily consisted of capital structure costs, including repurchase of Convertible Notes and legal and other expenses incurred for the 2024 Reverse Stock Splits and the registration of our Common Stock to issue in settlement of Series D Preferred Stock redemptions.

•The Company subscribed for limited partnership interest in SAI in exchange for a $10.5 million capital contribution. As of June 30, 2024, the fair value of the Company’s SAI investment was $11.4 million, which includes the $10.5 subscription. For the six months ended June 30, 2024, the gain on investment securities, net was $0.2 million, net of $0.1 million in fees. This investment is presented on the line "investment securities - related party”, on the consolidated balance sheets, for more information see Note 4 in our Quarterly Report on Form 10-Q for the period ended June 30, 2024.

BALANCE SHEET

•Cash and cash equivalents totaled $19.6 million, compared to $18.4 million at December 31, 2023.

•Restricted cash totaled $22.2 million, compared to $21.4 million at December 31, 2023. The funds at June 30, 2024 are held in lender reserves primarily for the purpose of tenant improvements, lease commissions, real estate taxes and insurance expenses.

•Debt totaled $499.2 million, compared to $495.6 million at December 31, 2023.

•The Company's weighted average interest rate on property level debt, excluding Cedar, was 5.36% with a term of 8.1 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 5.53% with a term of 8.1 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 $541.9 million compared to $565.1 million as of December 31, 2023.

•The Company invested $11.9 million in tenant improvements and capital expenditures into the properties.

DIVIDENDS

•Total cumulative dividends in arrears for WHLR's Series D Preferred Stock were $35.3 million or $13.48 per share as of June 30, 2024.

•During the six months ended June 30, 2024, Cedar paid dividends of $5.4 million.

•On July 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 distributions are payable on August 20, 2024 to shareholders of record of the Series B Preferred Stock and Series C Preferred Stock, as applicable, on August 9, 2024.

SERIES D PREFERRED STOCK - REDEMPTIONS

•At June 30, 2024 and December 31 2023, the Company had 2,615,573 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 $100.6 million and $97.1 million in aggregate liquidation value, respectively.

•During the six months ended June 30, 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 118,783 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 (the "VWAP") 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. During the six months ended June 30, 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.

SUBSEQUENT EVENTS

•For the August 2024 Series D Preferred Stock redemptions, the Company processed 20 redemption requests from holders of its Series D Preferred Stock, collectively redeeming 124,043 shares of Series D Preferred Stock for a redemption price per share of approximately $38.85. The Company settled the aggregate redemption price through the issuance of 657,671 shares of Common Stock. The volume weighted average of the closing sales price, as reported on Nasdaq, per share of Common Stock for the ten consecutive trading days immediately preceding, but not including, the August 5, 2024 Holder Redemption Date was approximately $7.33.

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			11

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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 6/30/2024 unless otherwise stated			12

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Consolidated Balance Sheets

$ in 000s, except par value and share data

			June 30, 2024						December 31, 2023
			(unaudited)
ASSETS:
Real estate:
Land and land improvements			$	138,259					$	149,908
Buildings and improvements			507,016						510,812
			645,275						660,720
Less accumulated depreciation			(103,342)						(95,598)
Real estate, net			541,933						565,122
Cash and cash equivalents			19,609						18,404
Restricted cash			22,155						21,403
Receivables, net			14,471						13,126
Investment securities - related party			11,373						10,685
Assets held for sale			24,829						—
Above market lease intangibles, net			1,747						2,114
Operating lease right-of-use assets			9,344						9,450
Deferred costs and other assets, net			24,854						28,028
Total Assets			$	670,315					$	668,332
LIABILITIES:
Loans payable, net			$	481,239					$	477,574
Liabilities associated with assets held for sale			163						—
Below market lease intangibles, net			13,465						17,814
Derivative liabilities			14,128						3,653
Operating lease liabilities			10,230						10,329
Series D Preferred Stock redemptions			—						369
Accounts payable, accrued expenses and other liabilities			21,114						17,065
Total Liabilities			540,339						526,804
Commitments and contingencies
Series D Cumulative Convertible Preferred Stock			100,640						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)			45,042						44,998
Common Stock ($0.01 par value, 200,000,000 shares authorized, 566,814 and 448,081 shares issued and outstanding, respectively)			5						4
Additional paid-in capital			261,505						258,106
Accumulated deficit			(343,391)						(324,854)
Total Shareholders’ Deficit			(36,386)						(21,293)
Noncontrolling interests			65,722						66,116
Total Equity			29,336						44,823
Total Liabilities and Equity			$	670,315					$	668,332

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			13

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Consolidated Statements of Operations

$ in 000s, except share and per share data

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
REVENUE:
Rental revenues			$	25,894					$	24,583					$	51,589					$	50,083
Other revenues			423						257						600						823
Total Revenue			26,317						24,840						52,189						50,906
OPERATING EXPENSES:
Property operations			8,664						8,342						17,714						17,297
Depreciation and amortization			6,373						7,301						12,971						14,767
Corporate general & administrative			2,641						2,818						5,387						5,889
Total Operating Expenses			17,678						18,461						36,072						37,953
Gain on disposal of properties			2,883						—						2,883						—
Operating Income			11,522						6,379						19,000						12,953
Interest income			60						126						123						173
Gain on investment securities, net			294						31						188						31
Interest expense			(8,778)						(10,179)						(16,183)						(16,656)
Net changes in fair value of derivative liabilities			(4,968)						3,030						(10,475)						4,882
Gain on preferred stock redemptions			—						—						213						—
Other expense			(487)						(635)						(1,229)						(3,040)
Net Loss Before Income Taxes			(2,357)						(1,248)						(8,363)						(1,657)
Income tax expense			(1)						(46)						(1)						(46)
Net Loss			(2,358)						(1,294)						(8,364)						(1,703)
Less: Net income attributable to noncontrolling interests			2,698						2,676						5,399						5,368
Net Loss Attributable to Wheeler REIT			(5,056)						(3,970)						(13,763)						(7,071)
Preferred stock dividends - undeclared			(2,022)						(2,261)						(4,064)						(4,525)
Deemed distribution related to preferred stock redemption value			(710)						—						(710)						—
Net Loss Attributable to Wheeler REIT Common Shareholders			$	(7,788)					$	(6,231)					$	(18,537)					$	(11,596)
Loss per share:
Basic and Diluted			$	(13.74)					$	(762.93)					$	(33.97)					$	(1,420.26)
Weighted-average number of shares:
Basic and Diluted			566,854						8,167						545,728						8,164

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			14

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Reconciliation of Non-GAAP Measures

Same-Property Net Operating Income

$ in 000s

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Operating Income			$	11,522					$	6,379					$	19,000					$	12,953
Add (deduct):
Gain on disposal of properties			(2,883)						—						(2,883)						—
Corporate general & administrative			2,641						2,818						5,387						5,889
Depreciation and amortization			6,373						7,301						12,971						14,767
Straight-line rents			(356)						(373)						(726)						(719)
Above (below) market lease amortization, net			(860)						(1,237)						(1,773)						(2,633)
Other non-property revenue			(10)						(26)						(13)						(55)
NOI related to properties not defined as same-property			(186)						2						(308)						(327)
Same Store Property Net Operating Income			$	16,241					$	14,864					$	31,655					$	29,875

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			15

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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 June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Net Loss			$	(2,358)					$	(1,294)					$	(8,364)					$	(1,703)
Depreciation and amortization of real estate assets			6,373						7,301						12,971						14,767
Gain on disposal of properties			(2,883)						—						(2,883)						—
FFO			1,132						6,007						1,724						13,064
Preferred stock dividends - undeclared			(2,022)						(2,261)						(4,064)						(4,525)
Dividends on noncontrolling interests preferred stock			(2,688)						(2,688)						(5,376)						(5,376)
Preferred stock accretion adjustments			22						145						44						292
FFO available to common stockholders and common unitholders			(3,556)						1,203						(7,672)						3,455
Other non-recurring and non-cash expenses (1)			368						1,767						368						2,035
Gain on investment securities, net			(294)						(31)						(188)						(31)
Net changes in fair value of derivative liabilities			4,968						(3,030)						10,475						(4,882)
Gain on preferred stock redemptions			—						—						(213)						—
Straight-line rental revenue, net straight-line expense			(373)						(301)						(760)						(704)
Deferred financing cost amortization			726						1,242						1,354						1,721
Paid-in-kind interest			1,488						1,428						2,031						2,006
Above (below) market lease amortization, net			(860)						(1,237)						(1,773)						(2,633)
Recurring capital expenditures tenant improvement reserves			(398)						(408)						(805)						(817)
AFFO			$	2,069					$	633					$	2,817					$	150
Weighted Average Common Shares			566,854						8,167						545,728						8,164
Weighted Average OP Units			106						121						109						121
Total Common Shares and OP Units			566,960						8,288						545,837						8,285
FFO per Common Share and OP Units			$	(6.27)					$	145.15					$	(14.06)					$	417.02
AFFO per Common Share and OP Units			$	3.65					$	76.38					$	5.16					$	18.11

(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 six months ended June 30, 2024.

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			16

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Reconciliation of Non-GAAP Measures (continued)

EBITDA

$ in 000s

						Three Months Ended June 30,												Six Months Ended June 30,
						2024						2023						2024						2023
Net Loss						$	(2,358)					$	(1,294)					$	(8,364)					$	(1,703)
Add back:			Depreciation and amortization (1)			5,513						6,064						11,198						12,134
			Interest expense (2)			8,778						10,179						16,183						16,656
			Income tax expense			1						46						1						46
EBITDA						11,934						14,995						19,018						27,133
Adjustments for items affecting comparability:
			Net change in FMV of derivative liabilities			4,968						(3,030)						10,475						(4,882)
			Other non-recurring and non-cash expenses (3)			—						—						—						259
			Gain on preferred stock redemptions			—						—						(213)						—
			Gain on investment securities, net			(294)						(31)						(188)						(31)
			Gain on disposal of properties			(2,883)						—						(2,883)						—
Adjusted EBITDA						$	13,725					$	11,934					$	26,209					$	22,479

(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 June 30, 2024.

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			17

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Debt Summary

$ in 000s

Property/Description						Monthly Payment						Interest Rate						Maturity						June 30, 2024						December 31, 2023
Cypress Shopping Center						$	34,360					4.70%						July 2024						$	—					$	5,769
Cedar Revolving Credit Agreement						Interest only						8.18% (3)						February 2025						—						—
Conyers Crossing						Interest only						4.67%						October 2025						—						5,960
Winslow Plaza						$	24,295					4.82%						December 2025						4,291						4,331
Tuckernuck						$	32,202					5.00%						March 2026						4,696						4,771
Chesapeake Square						$	23,857					4.70%						August 2026						—						4,014
Sangaree/Tri-County						$	32,329					4.78%						December 2026						—						5,990
Timpany Plaza						Interest only						7.27%						September 2028						10,060						9,060
Village of Martinsville						$	89,664					4.28%						July 2029						14,537						14,755
Laburnum Square						Interest only						4.28%						September 2029						7,665						7,665
Rivergate (1)						$	100,222					4.25%						September 2031						17,326						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
Term loan, 5 properties						Interest only						6.80%						July 2034						25,500						—
Total Principal Balance																								499,193						495,572
Unamortized deferred financing cost																								(17,954)						(17,998)
Total Loans Payable, net																								$	481,239					$	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%.

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			18

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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 six months ending December 31, 2024			$	672					0.1		%
December 31, 2025			6,069						1.2		%
December 31, 2026			6,575						1.3		%
December 31, 2027			2,958						0.6		%
December 31, 2028			14,194						2.8		%
December 31, 2029			24,434						4.9		%
Thereafter			444,291						89.1		%
Total principal repayments and debt maturities			$	499,193					100.0		%

Interest Expense

$ in 000s

			Three Months Ended June 30,												Six Months Ended June 30,												Three Months Ended Changes												Six Months Ended Changes
			2024						2023						2024						2023						Dollar						Percent						Dollar						Percent
Property debt interest - excluding Cedar debt			$	4,099					$	3,890					$	8,300					$	7,496					$	209					5.4		%				$	804					10.7		%
Convertible Notes interest (1)			1,488						1,428						2,031						2,006						60						4.2		%				25						1.2		%
Defeasance paid			368						1,758						368						1,758						(1,390)						(79.1)		%				(1,390)						(79.1)		%
Amortization of deferred financing costs			726						1,242						1,354						1,721						(516)						(41.5)		%				(367)						(21.3)		%
Property debt interest - Cedar			2,097						1,861						4,130						3,675						236						12.7		%				455						12.4		%
Total Interest Expense			$	8,778					$	10,179					$	16,183					$	16,656					$	(1,401)					(13.8)		%				$	(473)					(2.8)		%

(1) Includes the fair value adjustment for the paid-in-kind interest.

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			19

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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			$	1,293		$	8.52
Amscot Building						Tampa, FL						1			2,500			100.0		%	100.0		%	2,500			83			33.00
Beaver Ruin Village						Lilburn, GA						29			74,038			94.1		%	94.1		%	69,648			1,299			18.65
Beaver Ruin Village II						Lilburn, GA						4			34,925			100.0		%	100.0		%	34,925			494			14.13
Brook Run Shopping Center						Richmond, VA						17			147,738			91.5		%	91.5		%	135,110			1,180			8.73
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			519			10.38
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			385			8.46
Conyers Crossing						Conyers, GA						14			170,475			100.0		%	100.0		%	170,475			1,014			5.95
Crockett Square						Morristown, TN						4			107,122			100.0		%	100.0		%	107,122			978			9.13
Cypress Shopping Center						Boiling Springs, SC						18			80,435			100.0		%	59.9		%	48,175			633			13.13
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			1,479			7.56
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			1,361			8.84
Franklin Village						Kittanning, PA						24			151,821			95.2		%	93.3		%	141,573			1,367			9.65
Franklinton Square						Franklinton, NC						14			65,366			97.7		%	97.7		%	63,866			590			9.24
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			714			8.08
Harrodsburg Marketplace						Harrodsburg, KY						8			60,048			91.0		%	91.0		%	54,648			466			8.53
JANAF						Norfolk, VA						111			798,086			89.3		%	89.3		%	712,775			9,221			12.94
Laburnum Square						Richmond, VA						20			109,405			98.2		%	98.2		%	107,405			1,024			9.54
Ladson Crossing						Ladson, SC						16			52,607			100.0		%	100.0		%	52,607			571			10.86
LaGrange Marketplace						LaGrange, GA						12			76,594			92.2		%	89.0		%	68,200			420			6.16
Lake Greenwood Crossing						Greenwood, SC						8			43,618			100.0		%	100.0		%	43,618			412			9.44
Lake Murray						Lexington, SC						4			39,218			100.0		%	15.3		%	6,000			98			16.27
Litchfield Market Village						Pawleys Island, SC						26			86,717			100.0		%	100.0		%	86,717			1,107			12.77
Lumber River Village						Lumberton, NC						11			66,781			100.0		%	100.0		%	66,781			507			7.59
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			669			11.92
New Market Crossing						Mt. Airy, NC						13			117,076			100.0		%	100.0		%	117,076			1,048			8.95
Parkway Plaza						Brunswick, GA						5			52,365			84.8		%	84.8		%	44,385			482			10.85
Pierpont Centre						Morgantown, WV						15			111,162			98.5		%	98.5		%	109,437			1,070			9.78
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			755			8.54
Rivergate Shopping Center						Macon, GA						24			193,960			86.5		%	78.1		%	151,513			2,154			14.22
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			691			12.30
South Lake						Lexington, SC						11			44,318			100.0		%	100.0		%	44,318			261			5.90
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			306			8.54
St. George Plaza						St. George, SC						9			59,174			100.0		%	100.0		%	59,174			466			7.87
Sunshine Plaza						Lehigh Acres, FL						23			111,189			100.0		%	100.0		%	111,189			1,145			10.29
Surrey Plaza						Hawkinsville, GA						3			42,680			82.0		%	82.0		%	35,000			222			6.35

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			20

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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			$	1,046		$	9.87
Tri-County Plaza						Royston, GA						8			67,577			96.0		%	96.0		%	64,877			463			7.14
Tuckernuck						Richmond, VA						17			93,391			98.6		%	98.6		%	92,124			1,095			11.89
Twin City Commons						Batesburg-Leesville, SC						5			47,680			100.0		%	100.0		%	47,680			491			10.29
Village of Martinsville						Martinsville, VA						22			288,254			100.0		%	100.0		%	288,254			2,446			8.49
Waterway Plaza						Little River, SC						9			49,750			95.2		%	95.2		%	47,350			495			10.46
Westland Square						West Columbia, SC						12			62,735			100.0		%	100.0		%	62,735			533			8.49
Winslow Plaza						Sicklerville, NJ						17			40,695			97.1		%	97.1		%	39,495			654			16.56
						WHLR TOTAL						772			5,309,913			95.6		%	93.3		%	4,955,740			$	50,170		$	10.12
CDR
Brickyard Plaza						Berlin, CT						11			227,598			100.0		%	100.0		%	227,598			$	2,099		$	9.22
Carll's Corner						Bridgeton, NJ						6			116,532			36.9		%	20.7		%	24,154			298			12.32
Coliseum Marketplace						Hampton, VA						9			106,648			94.9		%	94.9		%	101,198			1,238			12.23
Fairview Commons						New Cumberland, PA						10			50,485			83.6		%	83.6		%	42,221			453			10.74
Fieldstone Marketplace						New Bedford, MA						11			193,970			77.3		%	40.5		%	78,464			827			10.54
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			2,821			14.13
Hamburg Square						Hamburg, PA						7			102,058			100.0		%	100.0		%	102,058			692			6.78
Kings Plaza						New Bedford, MA						17			168,243			98.5		%	98.5		%	165,743			1,473			8.89
Oregon Avenue (1)						Philadelphia, PA						—			—			—		%	—		%	—			—			—
Patuxent Crossing						California, MD						27			264,068			82.6		%	82.6		%	218,067			2,703			12.40
Pine Grove Plaza						Brown Mills, NJ						14			79,306			79.7		%	79.7		%	63,166			772			12.22
South Philadelphia						Philadelphia, PA						14			221,157			86.0		%	76.0		%	168,160			1,705			10.14
Southington Center						Southington, CT						10			155,842			98.5		%	98.5		%	153,507			1,232			8.03
Timpany Plaza						Gardner, MA						17			182,799			82.8		%	81.6		%	149,135			1,487			9.97
Trexler Mall						Trexlertown, PA						23			342,541			99.7		%	99.7		%	341,544			3,764			11.02
Washington Center Shoppes						Sewell, NJ						30			157,300			97.5		%	97.5		%	153,320			1,948			12.71
Webster Commons						Webster, MA						9			98,984			100.0		%	100.0		%	98,984			1,278			12.91
						CDR TOTAL						240			2,742,041			90.1		%	86.0		%	2,357,044			$	25,432		$	10.79
						COMBINED TOTAL						1,012			8,051,954			93.8		%	90.8		%	7,312,784			$	75,602		$	10.34

(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

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 6/30/2024 unless otherwise stated			21

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Property Summary (continued)

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			22

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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						$	4,280					5.66		%				520,000						6.46		%				$	8.23
			Dollar Tree (1)						Discount Retailer						2,211						2.92		%				255,000						3.17		%				8.67
			Kroger Co (2)						Grocery						2,097						2.77		%				239,000						2.97		%				8.77
			TJX Companies (3)						Discount Retailer						1,721						2.28		%				195,000						2.42		%				8.83
			Planet Fitness						Gym						1,518						2.01		%				153,000						1.90		%				9.92
			Piggly Wiggly						Grocery						1,363						1.80		%				170,000						2.11		%				8.02
			Aldi (4)						Grocery						1,359						1.80		%				154,000						1.91		%				8.82
			Lowes Foods (5)						Grocery						1,223						1.62		%				130,000						1.61		%				9.41
			Big Lots						Discount Retailer						1,107						1.46		%				171,000						2.12		%				6.47
			Kohl's						Discount Retailer						1,049						1.39		%				147,000						1.83		%				7.14
															$	17,928					23.71		%				2,134,000						26.50		%				$	8.40

(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) Winn Dixie 3 / Aldi 2

(5) 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						—						739,170						9.18		%				—		%				$	—					—		%				$	—
MTM						9						65,142						0.81		%				0.89		%				443						0.59		%				6.80
2024						63						202,890						2.52		%				2.77		%				2,240						2.96		%				11.04
2025						154						849,631						10.55		%				11.62		%				8,568						11.33		%				10.08
2026						163						862,626						10.71		%				11.8		%				9,535						12.61		%				11.05
2027						165						745,482						9.26		%				10.19		%				9,444						12.49		%				12.67
2028						142						1,289,259						16.01		%				17.63		%				11,988						15.86		%				9.30
2029						122						908,725						11.29		%				12.43		%				9,511						12.58		%				10.47
2030						51						716,525						8.90		%				9.80		%				6,002						7.94		%				8.38
2031						35						463,737						5.76		%				6.34		%				4,586						6.07		%				9.89
2032						32						403,457						5.01		%				5.52		%				3,538						4.68		%				8.77
2033 & thereafter						76						805,310						10.00		%				11.01		%				9,747						12.89		%				12.10
Total						1,012						8,051,954						100.00		%				100.00		%				$	75,602					100.00		%				$	10.34

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			23

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Lease Expiration Schedule (continued)

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			9.36		%	5.44						—			—			—			—		%	—
2024			—			—			—			—		%	—						1			37,500			296			1.02		%	7.89
2025			3			89,297			580			18.27		%	6.50						9			357,613			2,511			8.65		%	7.02
2026			1			20,152			97			3.06		%	4.81						13			427,864			3,603			12.41		%	8.42
2027			3			69,819			629			19.82		%	9.01						5			149,546			1,505			5.18		%	10.06
2028			1			23,876			116			3.65		%	4.86						21			850,230			5,875			20.23		%	6.91
2029			2			48,789			517			16.29		%	10.60						13			450,973			3,323			11.44		%	7.37
2030			—			—			—			—		%	—						10			544,804			3,187			10.97		%	5.85
2031			1			20,858			60			1.89		%	2.88						6			280,528			2,478			8.53		%	8.83
2032			—			—			—			—		%	—						9			302,568			1,961			6.75		%	6.48
2033+			2			74,416			878			27.66		%	11.80						14			534,734			4,301			14.82		%	8.04
Total			15			620,189			$	3,174		100.00		%	$	7.90					101			3,936,360			$	29,040		100.00		%	$	7.38

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			—			520,752			$	—		—		%	$	—					—			—			$	—		—		%	$	—
MTM			7			10,578			146			0.79		%	13.80						—			—			—			—		%	—
2024			43			115,162			1,247			6.71		%	10.83						19			50,228			697			2.81		%	13.88
2025			93			212,651			2,805			15.10		%	13.19						49			190,070			2,672			10.77		%	14.06
2026			99			226,877			3,122			16.81		%	13.76						50			187,733			2,713			10.93		%	14.45
2027			105			268,685			4,098			22.07		%	15.25						52			257,432			3,212			12.94		%	12.48
2028			66			158,937			2,653			14.29		%	16.69						54			256,216			3,344			13.47		%	13.05
2029			46			135,875			1,800			9.69		%	13.25						61			273,088			3,871			15.60		%	14.17
2030			17			35,556			731			3.94		%	20.56						24			136,165			2,084			8.40		%	15.30
2031			8			21,553			348			1.87		%	16.15						20			140,798			1,700			6.85		%	12.07
2032			11			32,375			468			2.52		%	14.46						12			68,514			1,109			4.47		%	16.19
2033+			22			55,168			1,153			6.21		%	20.90						38			140,992			3,415			13.76		%	24.22
Total			517			1,794,169			$	18,571		100.00		%	$	14.58					379			1,701,236			$	24,817		100.00		%	$	14.59

WHLR | Financial & Operating Data | as of 6/30/2024 unless otherwise stated			24

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Leasing Summary

WHLR Leasing Renewals and New Leases

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Renewals(1):
Leases renewed with rate increase (sq feet)			154,149						161,912						213,264						399,467
Leases renewed with rate decrease (sq feet)			—						—						4,000						—
Leases renewed with no rate change (sq feet)			34,003						44,383						65,803						69,615
Total leases renewed (sq feet)			188,152						206,295						283,067						469,082
Leases renewed with rate increase (count)			38						16						63						51
Leases renewed with rate decrease (count)			—						—						1						—
Leases renewed with no rate change (count)			2						3						4						6
Total leases renewed (count)			40						19						68						57
Option exercised (count)			8						6						11						13
Weighted average on rate increases (per sq foot)			$	1.41					$	0.73					$	1.40					$	0.73
Weighted average on rate decreases (per sq foot)			$	—					$	—					$	(0.13)					$	—
Weighted average rate (per sq foot)			$	1.15					$	0.58					$	1.05					$	0.62
Renewal Rent Spread			10.76		%				7.46		%				9.68		%				7.11		%
New Leases(1) (2):
New leases (sq feet)			85,487						25,897						107,836						73,267
New leases (count)			9						13						19						21
Weighted average rate (per sq foot)			$	13.47					$	13.06					$	13.13					$	14.61
New Rent Spread			29.93		%				14.20		%				27.76		%				49.78		%

(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 6/30/2024 unless otherwise stated			25

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Leasing Summary (continued)

CDR Leasing Renewals and New Leases

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Renewals(1):
Leases renewed with rate increase (sq feet)			36,918						13,580						69,185						69,751
Leases renewed with rate decrease (sq feet)			1,375						—						1,375						—
Leases renewed with no rate change (sq feet)			—						5,643						—						7,643
Total leases renewed (sq feet)			38,293						19,223						70,560						77,394
Leases renewed with rate increase (count)			7						3						10						8
Leases renewed with rate decrease (count)			1						—						1						—
Leases renewed with no rate change (count)			—						2						—						3
Total leases renewed (count)			8						5						11						11
Option exercised (count)			2						1						4						3
Weighted average on rate increases (per sq foot)			$	1.48					$	1.41					$	1.07					$	0.61
Weighted average on rate decreases (per sq foot)			$	(7.32)					$	—					$	(7.32)					$	—
Weighted average rate (per sq foot)			$	1.17					$	1.00					$	0.91					$	0.55
Renewal Rent Spread			9.25		%				6.55		%				5.73		%				4.82		%
New Leases(1) (2):
New leases (sq feet)			34,776						26,265						50,481						30,065
New leases (count)			6						3						10						5
Weighted average rate (per sq foot)			$	11.00					$	13.69					$	12.74					$	14.45
New Rent Spread			(3.72)		%				16.62		%				(7.47)		%				23.77		%

(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 6/30/2024 unless otherwise stated			26