Exhibit 99.2

---

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			12
Consolidated Statements of Operations			13
Reconciliation of Non-GAAP Measures			14
Debt Summary			17
Portfolio Summary
Property Summary			19
Top Ten Tenants by Annualized Base Rent and Lease Expiration Schedules			22
Leasing Summary			24

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, but are not limited to: the use of and demand for retail space; general and economic business conditions, including the rate and other terms on which we are able to lease our properties; the loss or bankruptcy of the Company's tenants; the geographic concentration of our properties in the Mid-Atlantic, Southeast and Northeast; consumer spending and confidence trends, including those affecting the ability of individuals to spend in retail shopping centers; 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 (as defined below) on our outstanding 7.00% Subordinated Convertible Notes due 2031 (the "Convertible Notes"), each of which has already occurred and is anticipated to continue; given the volatility in the trading of our Common Stock, whether we have registered and, as necessary, can continue to register sufficient shares of our Common Stock to settle 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, including tariff-related measures; 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 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; the Company's ability to maintain compliance with the financial and other covenants in its debt agreements and under the terms of its Series D Preferred Stock; financing risks, such as the Company’s inability to obtain new financing

WHLR | Financial & Operating Data			2

---

or refinancing on favorable terms as the result of market 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 of 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; the Company’s ability to maintain compliance with the listing standards of the Nasdaq Capital Market ("Nasdaq"); the effects on the trading market of our Common Stock 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"), the one-for-three reverse stock split effected on September 19, 2024 (the "September 2024 Reverse Stock Split", the one-for-two reverse stock split effected on November 18, 2024 (the "November 2024 Reverse Stock Split" and collectively with the May 2024 Reverse Stock Split, June 2024 Reverse Stock Split and September 2024 Reverse Stock Split, the “2024 Reverse Stock Splits”), the one-for-four reverse stock split effected on January 27, 2025 (the "January 2025 Reverse Stock Split"), the one-for-five reverse stock split effected on March 26, 2025 (the "March 2025 Reverse Stock Split" and, together with the 2024 Reverse Stock Splits and the January 2025 Reverse Stock Split, the "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. (the "Operating Partnership"), 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

---

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.
Ground Lease						A lease in which the tenant owns the building but not the land it is built on.

WHLR | Financial & Operating Data			4

---

Term						Definition
Leased Rate / % Leased						The space committed to lessee under a signed lease agreement as a percentage of gross leasable area executed through March 31, 2025.
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, 2025.
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, 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 operating 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

---

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 B Preferred Stock" and, together with the Series D Preferred Stock, the "Preferred Stock"), Series D Preferred Stock, and 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 ("Cedar Series B Preferred Stock") and 6-1/2% Series C cumulative redeemable preferred stock ("Cedar Series C Preferred Stock") 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 G. Campbell						Crystal Plum
Rebecca Musser						Paula Poskon
Megan Parisi						Gary Skoien
Dennis Pollack
Joseph D. Stilwell
Stock Transfer Agent and Registrar
Computershare Trust Company, N.A. 150 Royall Street, Suite 101 Canton, MA 02021 www.computershare.com
Investor Relations Representative
investorrelations@whlr.us Office: (757) 627-9088

        

WHLR | Financial & Operating Data			6

---

Financial and Portfolio Overview

All share and share-related information for all periods presented reflect the Reverse Stock Splits unless otherwise noted.

For the three months ended March 31, 2025 (consolidated amounts unless otherwise noted)

Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s)			$	(6,852)
Net loss per basic and diluted shares			$	(22.41)
FFO available to common stockholders and Operating Partnership (OP) unitholders (in 000s)			$	2,223
FFO per common share			$	7.27
AFFO (in 000s)			$	404
AFFO per common share			$	1.32
Assets and Leverage
Investment Properties, net of $114.6 million accumulated depreciation (in 000s)			$	514,535
Cash and Cash Equivalents (in 000s)			$	19,233
Total Assets (in 000s)			$	624,755
Total Debt (in 000s)			$	489,008
Debt to Total Assets			78.27		%
Debt to Gross Asset Value			65.80		%

Ticker			Shares Outstanding at March 31, 2025						First Quarter stock price range						Stock Price at March 31, 2025
WHLR			589,500						$2.92-$96.00						$	3.16
WHLRP			3,218,718						$2.60-$4.60						$	3.98
WHLRD			1,903,921						$25.25-$34.01						$	30.77
CDRpB			1,449,609						$14.90-$20.51						$	17.65
CDRpC			2,907,535						$13.63-$16.15						$	14.99
Common Stock market capitalization (in 000s)															$	1,863

Portfolio Summary
GLA in sq. ft.			5,264,133						2,253,544
Occupancy Rate			93.3		%				86.7		%
Leased Rate			94.2		%				86.9		%
Annualized Base Rent (in 000s)			$	50,867					$	20,890
Total number of leases signed or renewed			40						8
Total sq. ft. leases signed or renewed			267,691						74,390

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			7

---

Financial and Operating Results

Today, WHLR reported its financial and operating results for the three months ended March 31, 2025. For the three months ended March 31, 2025 and 2024, WHLR's net loss attributable to WHLR's common stock, $0.01 par value per share ("Common Stock") stockholders was $(22.41) per share and $(2,459.16) per share, respectively.

2025 FIRST QUARTER HIGHLIGHTS

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

LEASING

•The Company's real estate portfolio:

•was 91.3% occupied, a 10 basis point increase from 91.2%;

•was 92.0% leased, a 150 basis point decrease from 93.5%; and

•includes 31 properties that are 100% leased.

•WHLR quarter-to-date leasing activity

•Executed 32 lease renewals, totaling 199,189 square feet at a weighted average increase of $1.40 per square foot, representing an increase of 14.2% over in-place rental rates.

•Signed 8 new leases, totaling 68,502 square feet with a weighted average rental rate of $12.56 per square foot, representing a new rent spread of 38.1%.

•The WHLR portfolio, excluding Cedar, was:

◦93.3% occupied, a 100 basis point decrease from 94.3%; and

◦94.2% leased, a 150 basis point decrease from 95.7%.

•CDR quarter-to-date leasing activity

•Executed 8 lease renewals, totaling 74,390 square feet at a weighted average increase of $0.88 per square foot, representing an increase of 8.3% over in-place rental rates.

•Signed no new leases.

•The Cedar portfolio was:

◦86.7% occupied, a 140 basis point increase from 85.3%; and

◦86.9% leased, a 260 basis point decrease from 89.5%.

•The Company’s GLA, which is subject to leases that expire over the next nine months and includes month-to-month leases, decreased to approximately 4.8%, compared to 5.8%. At March 31, 2025, 45.0% of this expiring GLA is subject to renewal options (a lease expiration schedule can be found on page 22 and provides additional details on the Company's leases).

SAME-PROPERTY NET OPERATING INCOME

•Same-Property NOI decreased by 2.2% or $0.3 million. Same-Property NOI was impacted by:

•$0.6 million increase in property expense; partially offset by

•$0.2 million increase in property revenue.

OPERATIONS

•Total revenue of $24.4 million decreased by 5.9% or $1.5 million, primarily a result of:

•$1.6 million decrease in rental revenues and expense recoveries, net of credit adjustments on operating lease receivables, attributable to properties that were sold in 2024 and 2025; and

•$0.1 million decrease in market lease amortization and straight line rent; partially offset by

•$0.2 million increase in rental revenues and expense recoveries, net of credit adjustments on operating lease receivables, attributable to same center properties.

•Total operating expenses of $17.9 million decreased by 2.7% or $0.5 million, primarily a result of:

•$0.4 million decrease in depreciation and amortization;

•$0.3 million decrease in real estate taxes; and

•$0.1 million decrease in repairs and maintenance; all three foregoing decreases were primarily lower due to properties sold in 2024 and 2025; and partially offset by

•$0.3 million increase in grounds and landscaping primarily due to an increase in snow removal.

FINANCIAL

•FFO was $2.2 million, or $7.27 per share of the Company's Common Stock as compared to FFO of $(4.1) million, or $(941.66) per share.

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			8

---

•AFFO was $1.32 per share of the Company's Common Stock as compared to $46.90 per share.

CAPITAL MARKETS

•The Company effected one-for-four and one-for-five reverse stock splits on January 27, 2025 and March 26, 2025, respectively.

•The Company issued 218,282 shares of its Common Stock to unaffiliated holders in exchange for 138,174 shares of the Company's Series D Preferred Stock and 138,174 shares of the Company's Series B Preferred Stock.

•The Company recognized a non-operating loss of $2.3 million in net changes in fair value of derivative liabilities, primarily related to the conversion rate on the Convertible Notes which can only be adjusted downward based on the redemption price(s) of the Series D Preferred Stock relative to market trade prices of the Convertible Notes and Common Stock.

•As of March 31, 2025, the conversion price for the Convertible Notes was approximately $4.56 per share of the Company’s Common Stock (approximately 5.48 shares of Common Stock for each $25.00 of principal amount of the Convertible Notes being converted).

CEDAR CAPITAL MARKETS

•On March 21, 2025, Cedar extended its tender offer to purchase Cedar Series B Preferred Stock and increased the aggregate amount of shares that could be purchased thereunder by $10.0 million, such that up to 563,380 shares of Cedar Series B Preferred Stock could be purchased (the "February 2025 Cedar Series B Offer"). Following the expiration of the February 2025 Cedar Series B Offer on April 4, 2025, Cedar accepted for purchase 592,372 shares of its Cedar Series B Preferred Stock at $17.75 per share for approximately $10.5 million in the aggregate.

•Cedar repurchased and retired 1,301,159 shares of Cedar Series C Preferred Stock in two tender offers. The shares of Cedar Series C Preferred Stock were repurchased for an aggregate of $21.2 million at an average price of $16.29 per share, representing a premium to the carrying value of $6.54 per share. The repurchase of the noncontrolling interests caused the recognition of $8.5 million deemed distributions during the three months ended March 31, 2025.

DISPOSITIONS

•On March 13, 2025, the company sold Oregon Avenue, located in Philadelphia, Pennsylvania, for $3.0 million, generating a gain of $0.1 million and net proceeds of $2.8 million.

•On March 6, 2025, the company sold South Lake, located in Lexington, South Carolina, for $1.9 million, generating a loss of $1.0 million and net proceeds of $1.6 million.

•On February 11, 2025, the company sold Webster Commons, located in Webster, Massachusetts, for $14.5 million, generating a gain of $6.6 million and net proceeds of $13.9 million.

OTHER

•The Company recognized non-operating expenses of $0.4 million, which primarily consisted of capital structure costs, including the registration of our Common Stock to issue in settlement of Series D Preferred Stock redemptions, and expenses incurred in connection with the Reverse Stock Splits and redemptions of the Series D Preferred Stock by holders thereof.

BALANCE SHEET

•Cash and cash equivalents totaled $19.2 million, compared to $43.0 million at December 31, 2024.

•Restricted cash totaled $27.8 million, compared to $17.8 million at December 31, 2024. The funds at March 31, 2025 are held in lender reserves primarily for the purpose of tenant improvements, lease commissions, real estate taxes, insurance expenses and $10.0 million to secure the April 2025 Cedar Bridge Loan.

•Debt totaled $489.0 million, compared to $499.5 million at December 31, 2024, the decrease is a result of a:

•$9.1 million payment on October 2022 Cedar Term Loan related to the sale of Webster Commons;

•$1.0 million payment on the June 2022 Term Loan related to the sale of South Lake; and

•$0.4 million scheduled loan principal payments of debt.

•The Company's weighted average interest rate on property level debt was 5.44% with a term of 7.3 years, compared to 5.44% with a term of 7.6 years at December 31, 2024. The weighted average interest rate on all debt was 5.54% with a term of 7.3 years, compared to 5.53% with a term of 7.5 years at December 31, 2024. The increase in property debt interest was $0.1 million, a result of (1) an increase of $0.1 million due to an

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			9

---

increase in the overall average interest rate, partially offset by (2) a decrease in the average principal debt balance. See page 17 for further details on interest expense.

•Real estate, net of assets held for sale totaled $514.5 million compared to $534.9 million as of December 31, 2024.

•Assets held for sale total $5.8 million and includes Devine Street, located in Columbia, South Carolina, as the Company has committed to a plan to sell the property.

•The Company invested $2.1 million in tenant improvements and capital expenditures into its properties.

DIVIDENDS

•Total cumulative dividends in arrears for WHLR's Series D Preferred Stock were $29.6 million or $15.57 per share as of March 31, 2025.

•During the three months ended March 31, 2025, Cedar paid dividends of $2.1 million.

•On April 29, 2025, Cedar announced that Cedar's Board of Directors declared dividends of $0.453125 and $0.406250 per share with respect to the Cedar Series B Preferred Stock and Cedar Series C Preferred Stock, respectively. The dividends are payable on May 20, 2025 to shareholders of record of the Cedar Series B Preferred Stock and Cedar Series C Preferred Stock, as applicable, on May 9, 2025.

SERIES D PREFERRED STOCK - REDEMPTIONS

•At March 31, 2025 and December 31, 2024, the Company had 1,903,921 and 2,236,046 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 $77.3 million and $88.7 million in aggregate liquidation value, respectively, of which $1.6 million and $4.1 million, respectively, are classified as a liability due to redemption requests received before period end.

•During the three months ended March 31, 2025, the Company processed redemptions of an aggregate of 193,951 shares of Series D Preferred Stock from the holders thereof. Accordingly, the Company issued 305,626 shares of Common Stock in settlement of an aggregate redemption price of approximately $7.8 million.

•The gain on Preferred Stock retirements is a result of the fair market value of the Common Stock issued on redemptions and exchanges of the Company's Preferred Stock, in comparison to the Preferred Stock's carrying value. During the three months ended March 31, 2025, the Company has realized a gain of $3.8 million in the aggregate, as a result of the fair market value of the Common Stock issued in these transactions being less than the carrying value of the Preferred Stock retired.

RELATED PARTY

•The Company performs property management and leasing services for Cedar, a subsidiary of the Company. During the three months ended March 31, 2025, Cedar paid the Company $0.5 million for these services.

•Related party amounts due to WHLR from Cedar for financing and real estate taxes, management fees, leasing commissions, sales commissions and Cost Sharing Agreement allocations were $9.6 million and $9.5 million as of March 31, 2025 and December 31, 2024, respectively, and have been eliminated for consolidation purposes.

•As of March 31, 2025, the net asset value of the Company’s SAI investment was $12.5 million, which includes $10.5 million of subscriptions. For the three months ended March 31, 2025, the unrealized holding gain on investment securities, net was $0.5 million, net of $0.1 million investment fees. Beginning in the first quarter of 2025, the Company is prospectively presenting the SAI Investment's unrealized gains/(losses) within other comprehensive income and its period end value is presented on the line "investment securities - related party,” on the condensed consolidated balance sheets. For more information, see Note 4 in our Quarterly Report on Form 10-Q for the period ended March 31, 2025.

SUBSEQUENT EVENTS

•The Company processed 62,060 shares of Series D Preferred Stock subsequent to March 31, 2025. Accordingly, the Company issued 1,218,287 shares of Common Stock in settlement of an aggregate redemption price of approximately $2.5 million.

•On April 4, 2025, the Company accepted for purchase 592,372 shares of Cedar Series B Preferred Stock that were properly tendered and not properly withdrawn, which included 28,992 shares that the Company elected to purchase pursuant to its ability to purchase up to an additional 2% of its outstanding Cedar Series B Preferred Stock. The aggregate purchase price for the Cedar Series B Preferred Stock purchased in the February 2025 Cedar Series B Offer was approximately $10.5 million, excluding related fees and expenses.

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			10

---

•On April 4, 2025, Cedar entered into a bridge loan agreement with KeyBank National Association for $10.0 million (the "April 2025 Cedar Bridge Loan"). The interest rate under the April 2025 Cedar Bridge Loan is the term SOFR rate plus the applicable margin of 1.30%. Interest payments are due monthly, and any outstanding principal is due at maturity on January 4, 2026. The April 2025 Cedar Bridge Loan is guaranteed by both Cedar and the Operating Partnership, with the guarantee secured by $10.0 million of the Operating Partnership's cash pledged as collateral. Cedar may extend the term of the April 2025 Cedar Bridge Loan, at Cedar's option, for one three-month period, subject to customary conditions.

•On April 10, 2025, the Company agreed to issue a total of 1,437,800 shares of its Common Stock to two unaffiliated holders of its securities in exchange for a total of 102,700 shares of the Company’s Series D Preferred Stock and a total of 102,700 shares of the Company's Series B Preferred Stock.

•On April 25, 2025, the Company agreed to issue a total of 600,000 shares of its Common Stock to two unaffiliated holders of its securities in exchange for a total of 20,000 shares of its Series D Preferred Stock and 20,000 shares of its Series B Preferred Stock.

•On May 1, 2025 the Company completed the sale of Amscot Building, located in Tampa, Florida, for the contract price of $0.6 million.

ADDITIONAL INFORMATION

The enclosed information should be read in conjunction with the Company's filings with the Securities and Exchange Commission, including, but not limited to, its quarterly and annual filings on Forms 10-Q and 10-K. These documents are or will be available upon filing via the U.S. Securities and Exchange Commission website (www.sec.gov) or through WHLR’s website at www.whlr.us.

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			11

---

Consolidated Balance Sheets

$ in 000s, except par value and share data

			March 31, 2025						December 31, 2024
			(unaudited)
ASSETS:
Real estate:
Land and land improvements			$	129,413					$	138,177
Buildings and improvements			499,693						508,957
			629,106						647,134
Less accumulated depreciation			(114,571)						(112,209)
Real estate, net			514,535						534,925
Cash and cash equivalents			19,233						42,964
Restricted cash			27,787						17,752
Receivables, net			14,864						14,692
Investment securities - related party			12,506						12,025
Assets held for sale			5,838						—
Above market lease intangibles, net			1,019						1,285
Operating lease right-of-use assets			9,180						9,235
Deferred costs and other assets, net			19,793						20,824
Total Assets			$	624,755					$	653,702
LIABILITIES:
Loans payable, net			$	472,794					$	482,609
Liabilities associated with assets held for sale			105						—
Below market lease intangibles, net			9,702						11,121
Derivative liabilities			14,295						11,985
Operating lease liabilities			10,076						10,128
Series D Preferred Stock redemptions			1,586						4,074
Accounts payable, accrued expenses and other liabilities			18,079						17,131
Total Liabilities			526,637						537,048
Commitments and contingencies
Series D Cumulative Convertible Preferred Stock			75,665						84,625
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; 3,218,718 and 3,357,142 shares, respectively, issued and outstanding; $80.5 million and $83.9 million aggregate liquidation preference, respectively)			42,966						44,791
Common Stock ($0.01 par value, 200,000,000 shares authorized, 589,500 and 65,622 shares, respectively, issued and outstanding)			5						—
Additional paid-in capital			287,986						276,416
Accumulated deficit			(353,881)						(347,029)
Accumulated other comprehensive income			481						—
Total Shareholders’ Deficit			(21,990)						(25,369)
Noncontrolling interests			44,443						57,398
Total Equity			22,453						32,029
Total Liabilities and Equity			$	624,755					$	653,702

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			12

---

Consolidated Statements of Operations

$ in 000s, except share and per share data

			Three Months Ended March 31,
			2025						2024
REVENUE:
Rental revenues			$	24,181					$	25,695
Other revenues			173						177
Total Revenue			24,354						25,872
OPERATING EXPENSES:
Property operations			8,937						9,050
Depreciation and amortization			6,231						6,598
Corporate general & administrative			2,732						2,746
Total Operating Expenses			17,900						18,394
Gain on disposal of properties, net			5,688						—
Operating Income			12,142						7,478
Interest income			242						63
Loss on investment securities, net			—						(106)
Interest expense			(8,093)						(7,405)
Net changes in fair value of derivative liabilities			(2,310)						(5,507)
Gain on Preferred Stock retirements			3,845						213
Other expense			(400)						(742)
Net Income (Loss) Before Income Taxes			5,426						(6,006)
Income tax expense			(26)						—
Net Income (Loss)			5,400						(6,006)
Less: Net income attributable to noncontrolling interests			1,864						2,701
Net Income (Loss) Attributable to Wheeler REIT			3,536						(8,707)
Preferred stock dividends - undeclared			(1,878)						(2,042)
Deemed distribution related to repurchase of noncontrolling interests			(8,510)						—
Net Loss Attributable to Wheeler REIT Common Shareholders			$	(6,852)					$	(10,749)
Loss per share:
Basic and Diluted			$	(22.41)					$	(2,459.16)
Weighted-average number of shares:
Basic and Diluted			305,692						4,371
COMPREHENSIVE INCOME:
Net Income (Loss)			$	5,400					$	(6,006)
Unrealized holding gain on available for sale securities - related party			481						—
Total other comprehensive income			481						—
Comprehensive Income (Loss) Attributable to the Company			$	5,881					$	(6,006)

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			13

---

Reconciliation of Non-GAAP Measures

Same-Property Net Operating Income

$ in 000s

			Three Months Ended March 31,
			2025						2024
Operating Income			$	12,142					$	7,478
Add (deduct):
Gain on disposal of properties, net			(5,688)						—
Corporate general & administrative			2,732						2,746
Depreciation and amortization			6,231						6,598
Straight-line rents			(399)						(370)
Above (below) market lease amortization, net			(740)						(913)
Other non-property revenue			(3)						(3)
NOI related to properties not defined as same-property			27						(905)
Same-Property Net Operating Income			$	14,302					$	14,631

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			14

---

Reconciliation of Non-GAAP Measures (continued)

FFO and AFFO

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

			Three Months Ended March 31,
			2025						2024
Net Income (Loss)			$	5,400					$	(6,006)
Depreciation and amortization of real estate assets			6,231						6,598
Gain on disposal of properties, net			(5,688)						—
FFO			5,943						592
Preferred stock dividends - undeclared			(1,878)						(2,042)
Dividends on noncontrolling interests preferred stock			(1,864)						(2,688)
Preferred stock accretion adjustments			22						22
FFO available to common stockholders and common unitholders			2,223						(4,116)
Other non-recurring and non-cash expenses (1)			541						—
Loss on investment securities, net			—						106
Net changes in fair value of derivative liabilities			2,310						5,507
Gain on Preferred Stock retirements			(3,845)						(213)
Straight-line rental revenue, net straight-line expense			(417)						(387)
Deferred financing cost amortization			708						628
Above (below) market lease amortization, net			(740)						(913)
Recurring capital expenditures tenant improvement reserves			(376)						(407)
AFFO			$	404					$	205
Weighted Average Common Shares			305,692						4,371
FFO per Common Share			$	7.27					$	(941.66)
AFFO per Common Share			$	1.32					$	46.90

(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, 2025.

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			15

---

Reconciliation of Non-GAAP Measures (continued)

EBITDA

$ in 000s

						Three Months Ended March 31,
						2025						2024
Net Income (Loss)						$	5,400					$	(6,006)
Add back:			Depreciation and amortization (1)			5,491						5,685
			Interest expense (2)			8,093						7,405
			Income tax expense			26						—
EBITDA						19,010						7,084
Adjustments for items affecting comparability:
			Net change in FMV of derivative liabilities			2,310						5,507
			Gain on Preferred Stock redemptions			(3,845)						(213)
			Loss on investment securities, net			—						106
			Gain on disposal of properties, net			(5,688)						—
Adjusted EBITDA						$	11,787					$	12,484

(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, 2025.

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			16

---

Debt Summary

$ in 000s

Property/Description						Monthly Payment						Interest Rate						Maturity						March 31, 2025						December 31, 2024
Winslow Plaza						$	24,295					4.82%						December 2025						$	4,228					$	4,250
Tuckernuck						$	32,202					5.00%						March 2026						4,580						4,619
Timpany Plaza						$	79,858					7.27%						September 2028						11,497						11,527
Village of Martinsville						$	89,664					4.28%						July 2029						14,197						14,313
Laburnum Square						$	37,842					4.28%						September 2029						7,593						7,625
Rivergate (1)						$	100,222					4.25%						September 2031						16,971						17,091
Convertible Notes						Interest only						7.00%						December 2031						30,865						30,865
June 2022 Term Loan						Interest only						4.25%						July 2032						73,966						75,000
JANAF (2)						Interest only						5.31%						July 2032						60,000						60,000
October 2022 Cedar Term Loan						Interest only						5.25%						November 2032						100,441						109,571
Patuxent Crossing/Coliseum Marketplace						Interest only						6.35%						January 2033						25,000						25,000
May 2023 Term Loan 1						Interest only						6.19%						June 2033						61,100						61,100
May 2023 Term Loan 2						Interest only						6.24%						June 2033						53,070						53,070
June 2024 Term Loan						Interest only						6.80%						July 2034						25,500						25,500
Total Principal Balance																								489,008						499,531
Unamortized deferred financing cost																								(16,214)						(16,922)
Total Loans Payable, net																								$	472,794					$	482,609

(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.

Interest Expense

$ in 000s

			Three Months Ended March 31,																		Three Months Ended Changes
			2025						2024																		Dollar						Percent
Property debt interest - excluding Cedar debt			$	4,324					$	4,201																	$	123					2.9		%
Convertible Notes interest (1)			540						543																		(3)						(0.6)		%
Loan prepayment premium			541						—																		541						—		%
Amortization of deferred financing costs			708						628																		80						12.7		%
Property debt interest - Cedar			1,980						2,033																		(53)						(2.6)		%
Total Interest Expense			$	8,093					$	7,405																	$	688					9.3		%

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

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			17

---

Debt Summary (continued)

Total Debt

$ in 000s

Scheduled principal repayments and maturities by year			Amount						% Total Principal Payments and Maturities
For the remaining nine months ending December 31, 2025			$	5,594					1.1		%
December 31, 2026			6,450						1.3		%
December 31, 2027			2,876						0.6		%
December 31, 2028			16,671						3.4		%
December 31, 2029			25,035						5.1		%
December 31, 2030			6,067						1.2		%
Thereafter			426,315						87.3		%
Total principal repayments and debt maturities			$	489,008					100.0		%

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			18

---

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						20			151,843			100.0		%	100.0		%	151,843			$	1,333		$	8.78
Amscot Building						Tampa, FL						1			2,500			100.0		%	100.0		%	2,500			91			36.30
Beaver Ruin Village						Lilburn, GA						27			74,038			90.3		%	90.3		%	66,840			1,265			18.92
Beaver Ruin Village II						Lilburn, GA						4			34,925			100.0		%	100.0		%	34,925			498			14.25
Brook Run Shopping Center						Richmond, VA						17			147,738			91.5		%	91.5		%	135,110			1,191			8.81
Bryan Station						Lexington, KY						9			54,277			94.5		%	94.5		%	51,275			623			12.16
Cardinal Plaza						Henderson, NC						10			50,000			100.0		%	100.0		%	50,000			520			10.40
Chesapeake Square						Onley, VA						13			108,982			90.9		%	90.9		%	99,006			768			7.76
Clover Plaza						Clover, SC						10			45,575			100.0		%	100.0		%	45,575			501			11.00
Conyers Crossing						Conyers, GA						14			170,475			100.0		%	100.0		%	170,475			1,024			6.01
Crockett Square						Morristown, TN						4			107,122			100.0		%	100.0		%	107,122			978			9.13
Cypress Shopping Center						Boiling Springs, SC						19			80,435			100.0		%	100.0		%	80,435			808			10.05
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			769			16.08
Forrest Gallery						Tullahoma, TN						28			214,451			91.2		%	91.2		%	195,642			1,509			7.71
Fort Howard Shopping Center						Rincon, GA						20			113,652			100.0		%	100.0		%	113,652			1,314			11.56
Freeway Junction						Stockbridge, GA						17			156,834			97.6		%	97.6		%	152,984			1,357			8.87
Franklin Village						Kittanning, PA						22			151,821			72.9		%	72.9		%	110,619			1,222			11.05
Franklinton Square						Franklinton, NC						13			65,366			95.3		%	93.0		%	60,800			590			9.71
Georgetown						Georgetown, SC						1			29,572			74.5		%	74.5		%	22,032			215			9.75
Grove Park Shopping Center						Orangeburg, SC						13			93,265			94.2		%	94.2		%	87,851			723			8.23
Harrodsburg Marketplace						Harrodsburg, KY						8			60,048			91.0		%	91.0		%	54,648			467			8.54
JANAF						Norfolk, VA						108			796,624			90.7		%	85.4		%	680,178			8,920			13.11
Laburnum Square						Richmond, VA						20			109,405			98.2		%	98.2		%	107,405			1,035			9.64
Ladson Crossing						Ladson, SC						15			52,607			100.0		%	97.7		%	51,407			565			10.99
LaGrange Marketplace						LaGrange, GA						13			76,594			92.2		%	92.2		%	70,600			467			6.62
Lake Greenwood Crossing						Greenwood, SC						8			43,618			100.0		%	100.0		%	43,618			415			9.52
Lake Murray						Lexington, SC						5			39,218			100.0		%	100.0		%	39,218			365			9.31
Litchfield Market Village						Pawleys Island, SC						24			86,717			96.4		%	93.6		%	81,182			1,113			13.71
Lumber River Village						Lumberton, NC						11			66,781			100.0		%	100.0		%	66,781			519			7.77
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			678			12.08
New Market Crossing						Mt. Airy, NC						13			117,076			100.0		%	100.0		%	117,076			1,053			8.99
Parkway Plaza						Brunswick, GA						5			52,365			84.8		%	84.8		%	44,385			483			10.88
Pierpont Centre						Morgantown, WV						15			111,162			98.5		%	98.5		%	109,437			1,160			10.60
Port Crossing						Harrisonburg, VA						8			65,365			100.0		%	100.0		%	65,365			869			13.29
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			762			8.62
Rivergate Shopping Center						Macon, GA						23			193,960			68.9		%	68.9		%	133,688			2,411			18.03
Sangaree Plaza						Summerville, SC						10			66,948			100.0		%	100.0		%	66,948			743			11.10
Shoppes at Myrtle Park						Bluffton, SC						13			56,609			97.5		%	97.5		%	55,182			677			12.28
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			311			8.65
St. George Plaza						St. George, SC						9			59,174			100.0		%	100.0		%	59,174			470			7.95
Sunshine Plaza						Lehigh Acres, FL						22			111,189			98.2		%	98.2		%	109,186			1,143			10.47
Surrey Plaza						Hawkinsville, GA						4			42,680			100.0		%	100.0		%	42,680			267			6.26
Tampa Festival						Tampa, FL						22			141,580			100.0		%	100.0		%	141,580			1,310			9.25
Tri-County Plaza						Royston, GA						8			67,577			96.0		%	96.0		%	64,877			464			7.15
Tuckernuck						Richmond, VA						18			93,391			100.0		%	100.0		%	93,391			1,130			12.10
Twin City Commons						Batesburg-Leesville, SC						5			47,680			100.0		%	100.0		%	47,680			491			10.30
Village of Martinsville						Martinsville, VA						22			288,254			100.0		%	100.0		%	288,254			2,453			8.51

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			19

---

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
Waterway Plaza						Little River, SC						10			49,750			100.0		%	100.0		%	49,750			451			9.06
Westland Square						West Columbia, SC						11			62,735			85.1		%	85.1		%	53,360			486			9.11
Winslow Plaza						Sicklerville, NJ						18			40,695			100.0		%	100.0		%	40,695			699			17.17
						WHLR TOTAL						752			5,264,133			94.2		%	93.3		%	4,910,528			$	50,867		$	10.36
CDR
Brickyard Plaza						Berlin, CT						11			227,598			100.0		%	100.0		%	227,598			$	2,100		$	9.23
Carll's Corner						Bridgeton, NJ						7			116,532			36.9		%	36.9		%	43,012			451			10.50
Coliseum Marketplace						Hampton, VA						9			106,648			94.9		%	94.9		%	101,198			1,213			11.99
Fairview Commons						New Cumberland, PA						10			50,485			80.3		%	80.3		%	40,555			491			12.09
Fieldstone Marketplace						New Bedford, MA						13			193,836			79.4		%	77.3		%	149,855			1,542			10.29
Gold Star Plaza						Shenandoah, PA						6			71,720			97.8		%	97.8		%	70,120			643			9.17
Golden Triangle						Lancaster, PA						18			202,790			89.2		%	89.2		%	180,940			2,709			14.97
Hamburg Square						Hamburg, PA						7			102,058			100.0		%	100.0		%	102,058			720			7.06
Patuxent Crossing						California, MD						27			264,068			82.3		%	82.3		%	217,267			2,061			9.48
Pine Grove Plaza						Brown Mills, NJ						16			79,306			86.4		%	86.4		%	68,506			841			12.28
Southington Center						Southington, CT						9			155,842			92.1		%	92.1		%	143,507			1,076			7.50
Timpany Plaza						Gardner, MA						17			182,820			67.5		%	67.5		%	123,433			1,386			11.23
Trexler Mall						Trexlertown, PA						23			342,541			98.7		%	98.7		%	337,944			3,822			11.31
Washington Center Shoppes						Sewell, NJ						28			157,300			93.6		%	93.6		%	147,278			1,835			12.46
						CDR TOTAL						201			2,253,544			86.9		%	86.7		%	1,953,271			$	20,890		$	10.69
						COMBINED TOTAL						953			7,517,677			92.0		%	91.3		%	6,863,799			$	71,757		$	10.45

Undeveloped Land

Company

Location

Parcel Size (in acres)

Brook Run Properties

WHLR

Richmond, VA

2.00

Courtland Commons

WHLR

Courtland, VA

1.04

St. George Land

WHLR

St. George, SC

2.51

South Philadelphia parcels

CDR

Philadelphia, PA

4.47

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			20

---

Property Summary (continued)

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			21

---

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						$	4,434					6.18		%				520,000						6.92		%				$	8.53
			Kroger Co (1)						Grocery						2,127						2.96		%				239,000						3.18		%				8.90
			Dollar Tree (2)						Discount Retailer						1,899						2.65		%				247,000						3.29		%				7.69
			Planet Fitness						Gym						1,692						2.36		%				186,000						2.47		%				9.10
			Piggly Wiggly						Grocery						1,363						1.90		%				170,000						2.26		%				8.02
			Lowes Foods (3)						Grocery						1,223						1.70		%				130,000						1.73		%				9.41
			TJX Companies (4)						Discount Retailer						1,216						1.69		%				195,000						2.59		%				6.24
			Aldi (5)						Grocery						1,072						1.49		%				106,000						1.41		%				10.11
			Kohl's						Discount Retailer						1,049						1.46		%				147,000						1.96		%				7.14
			Lehigh Valley Health						Health						803						1.12		%				43,000						0.57		%				18.67
															$	16,878					23.51		%				1,983,000						26.38		%				$	8.51

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

(2) Dollar Tree 18 / Family Dollar 6

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

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

(5) Aldi 3 / Winn Dixie 1

Lease Expiration Schedule

Lease Expiration Period						Number of Expiring Leases						Total Expiring Square Footage						% of Total Expiring Square Footage						% of Total Occupied Square Footage Expiring						Expiring Annualized Base Rent (in 000s)						% of Total Annualized Base Rent						Expiring Base Rent Per Occupied Square Foot
Available						—						653,878						8.70		%				—		%				$	—					—		%				$	—
MTM						7						43,617						0.58		%				0.64		%				339						0.47		%				7.77
2025						82						317,838						4.23		%				4.63		%				3,235						4.51		%				10.18
2026						157						787,218						10.47		%				11.47		%				8,677						12.09		%				11.02
2027						165						689,215						9.17		%				10.04		%				8,452						11.78		%				12.26
2028						138						1,021,034						13.58		%				14.88		%				9,750						13.59		%				9.55
2029						145						927,471						12.34		%				13.51		%				10,497						14.63		%				11.32
2030						93						1,054,328						14.02		%				15.36		%				9,297						12.96		%				8.82
2031						42						476,872						6.34		%				6.95		%				4,919						6.85		%				10.32
2032						33						438,850						5.84		%				6.39		%				3,962						5.52		%				9.03
2033						20						250,321						3.33		%				3.65		%				2,794						3.89		%				11.16
2034 & thereafter						71						857,035						11.40		%				12.48		%				9,835						13.71		%				11.48
Total						953						7,517,677						100.00		%				100.00		%				$	71,757					100.00		%				$	10.45

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			22

---

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			—			188,701			$	—		—		%	$	—					—			—			$	—		—		%	$	—
MTM			1			34,264			180			6.74		%	5.25						—			—			—			—		%	—
2025			1			32,000			125			4.68		%	3.91						2			88,215			593			2.08		%	6.72
2026			1			20,152			97			3.63		%	4.81						11			361,662			2,923			10.25		%	8.08
2027			2			49,769			459			17.18		%	9.22						5			149,546			1,221			4.28		%	8.16
2028			1			23,876			116			4.34		%	4.86						16			637,301			4,187			14.68		%	6.57
2029			2			48,789			517			19.35		%	10.60						12			412,258			3,316			11.63		%	8.04
2030			—			—			—			—		%	—						16			785,202			5,100			17.88		%	6.50
2031			1			20,858			60			2.25		%	2.88						6			280,541			2,674			9.38		%	9.53
2032			1			29,270			315			11.79		%	10.76						9			285,783			1,837			6.44		%	6.43
2033			1			43,416			803			30.04		%	18.50						4			152,484			1,146			4.02		%	7.52
2034+			—			—			—			—		%	—						17			659,036			5,524			19.36		%	8.38
Total			11			491,095			$	2,672		100.00		%	$	8.84					98			3,812,028			$	28,521		100.00		%	$	7.48

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			—			465,177			$	—		—		%	$	—					—			—			$	—		—		%	$	—
MTM			5			9,353			158			0.83		%	16.89						1			—			1			—		%	—
2025			54			123,123			1,483			7.84		%	12.04						25			74,500			1,034			4.78		%	13.88
2026			100			238,886			3,221			17.02		%	13.48						45			166,518			2,436			11.26		%	14.63
2027			112			261,794			4,223			22.31		%	16.13						46			228,106			2,549			11.78		%	11.17
2028			71			173,027			2,782			14.70		%	16.08						50			186,830			2,665			12.32		%	14.26
2029			73			214,250			3,175			16.78		%	14.82						58			252,174			3,489			16.12		%	13.84
2030			35			78,918			1,349			7.13		%	17.09						42			190,208			2,848			13.16		%	14.97
2031			13			30,078			516			2.73		%	17.16						22			145,395			1,669			7.71		%	11.48
2032			13			37,685			563			2.97		%	14.94						10			86,112			1,247			5.76		%	14.48
2033			8			14,908			252			1.33		%	16.90						7			39,513			593			2.74		%	15.01
2034+			25			57,960			1,203			6.36		%	20.76						29			140,039			3,108			14.37		%	22.19
Total			509			1,705,159			$	18,925		100.00		%	$	15.26					335			1,509,395			$	21,639		100.00		%	$	14.34

WHLR | Financial & Operating Data | as of 3/31/2025 unless otherwise stated			23

---

Leasing Summary

WHLR Leasing Renewals and New Leases

			Three Months Ended March 31,
			2025						2024
Renewals(1):
Leases renewed with rate increase (sq feet)			147,521						59,115
Leases renewed with rate decrease (sq feet)			—						4,000
Leases renewed with no rate change (sq feet)			51,668						31,800
Total leases renewed (sq feet)			199,189						94,915
Leases renewed with rate increase (count)			30						25
Leases renewed with rate decrease (count)			—						1
Leases renewed with no rate change (count)			2						2
Total leases renewed (count)			32						28
Option exercised (count)			4						3
Weighted average on rate increases (per sq foot)			$	1.90					$	1.38
Weighted average on rate decreases (per sq foot)			$	—					$	(0.13)
Weighted average rate on all renewals (per sq foot)			$	1.40					$	0.85
Weighted average change over prior rates			14.24		%				7.62		%
New Leases(1) (2):
New leases (sq feet)			68,502						22,349
New leases (count)			8						10
Weighted average rate (per sq foot)			$	12.56					$	11.87
New Rent Spread			38.07		%				19.14		%

(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 3/31/2025 unless otherwise stated			24

---

Leasing Summary (continued)

CDR Leasing Renewals and New Leases

			Three Months Ended March 31,
			2025						2024
Renewals(1):
Leases renewed with rate increase (sq feet)			74,390						32,267
Leases renewed with rate decrease (sq feet)			—						—
Leases renewed with no rate change (sq feet)			—						—
Total leases renewed (sq feet)			74,390						32,267
Leases renewed with rate increase (count)			8						3
Leases renewed with rate decrease (count)			—						—
Leases renewed with no rate change (count)			—						—
Total leases renewed (count)			8						3
Option exercised (count)			5						2
Weighted average on rate increases (per sq foot)			$	0.88					$	0.61
Weighted average on rate decreases (per sq foot)			$	—					$	—
Weighted average rate on all renewals (per sq foot)			$	0.88					$	0.61
Weighted average change over prior rates			8.28		%				3.07		%
New Leases(1) (2):
New leases (sq feet)			—						15,705
New leases (count)			—						4
Weighted average rate (per sq foot)			$	—					$	16.58
New Rent Spread			—		%				(12.46)		%

(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 3/31/2025 unless otherwise stated			25