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			14
Consolidated Statements of Operations			15
Reconciliation of Non-GAAP Measures			16
Debt Summary			19
Portfolio Summary
Property Summary			21
Top Ten Tenants by Annualized Base Rent and Lease Expiration Schedules			24
Leasing Summary			26

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; our ability to hire, develop and/or retain talent; changes in applicable laws and governmental regulations, including federal tax law and other regulatory provisions as a result of the One Big Beautiful Bill Act (the “OBBBA”) signed into law on July 4, 2025; changes to 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 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; our ability to repurchase noncontrolling interests and the price and timing of such repurchases; 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; 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 of the one-for-two reverse stock split effected on November 18, 2024 ( the "November 2024 Reverse Stock Split") and the three reverse stock splits effected in 2024 prior to the November 2024 Reverse Stock Split (together with the November 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"), the one-for-seven reverse stock split effected on May 26, 2025 (the "May 2025 Reverse Stock Split"), and the one-for-five reverse stock split effected on September 22, 2025 (the "September 2025 Reverse Stock Split"; and together with the January 2025 Reverse Stock Split, March 2025 Reverse Stock Split and May 2025 Reverse Stock Split , the "2025 Reverse Stock Splits"; the 2025 Reverse Stock Splits and the 2024 Reverse Stock Splits are being referred to collectively as 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; the impact of the current federal government shutdown; 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 of September 30, 2025, expressed as a percentage of Gross Leasable Area.
Local Tenant						Tenant with presence in one state with 10 or less locations.
National / Regional Tenant						Tenant with presence in multiple states or a 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 September 30, 2025.
Rent Spread:
New Rent Spread						Weighted average change over the gross value of a 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 a 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 above (below) market lease amortization, straight-line rents, 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
Gregory P. Hannon						Paula Poskon
Rebecca Musser						Gary Skoien
Megan Parisi
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 September 30, 2025 (consolidated amounts unless otherwise noted)

Financial Results
Net income attributable to Wheeler REIT common stockholders (in 000s)			$	8,914
Basic earnings per share			$	18.37
Diluted loss per share			$	(0.83)
FFO available to common stockholders and Operating Partnership (OP) unitholders (in 000s)			$	18,062
FFO per common share			$	37.23
AFFO (in 000s)			$	2,040
AFFO per common share			$	4.20
Assets and Leverage
Real Estate, net of $121.1 million accumulated depreciation (in 000s)			$	497,053
Cash and Cash Equivalents (in 000s)			$	27,093
Total Assets (in 000s)			$	625,174
Total Debt (in 000s)			$	502,676
Debt to Total Assets			80.4		%
Debt to Gross Asset Value			66.5		%

Ticker			Shares Outstanding at September 30, 2025						Third Quarter stock price range						Stock Price at September 30, 2025
WHLR			946,967						$6.15-$32.00						$	6.26
WHLRP			2,887,818						$3.50-$4.25						$	4.23
WHLRD			1,576,557						$33.25-$38.18						$	36.73
CDRpB			857,237						$15.65-$18.99						$	17.77
CDRpC			2,287,466						$14.80-$16.74						$	16.12
Common Stock market capitalization (in 000s)															$	5,928

Portfolio Summary
GLA in sq. ft.			5,182,474						2,253,544
Occupancy Rate			93.8		%				87.0		%
Leased Rate			94.1		%				88.4		%
Annualized Base Rent (in 000s)			$	50,918					$	21,186
Total number of leases signed or renewed			37						13
Total sq. ft. leases signed or renewed			173,000						75,413

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			7

---

Financial and Operating Results

Today, WHLR reported its financial and operating results for the three and nine months ended September 30, 2025. For the three months ended September 30, 2025 and 2024, WHLR's net income (loss) attributable to WHLR's common stockholders resulted in basic earnings (loss) per share of $18.37 and $(129,727.27), respectively. For the nine months ended September 30, 2025 and 2024, WHLR's net loss attributable to WHLR's Common stockholders resulted in basic loss per share of $(14.77) and $(306,282.49), respectively.

"WHLR’s third-quarter results reflect the Company's disciplined portfolio management, active capital markets transactions, and a focus on leasing and operational efficiency. Same-Property NOI growth of 4.2% reflects the Company's long-term objective to look beyond just ABR growth and mitigate the impact of raising operating costs through improved tenant reimbursement structures. The Company’s ability to execute strategic dispositions, manage leverage, and drive rent growth positions us to navigate ongoing market challenges and pursue value creation for shareholders of both WHLR and Cedar."

–M. Andrew Franklin, Chief Executive Officer and President

2025 THIRD QUARTER HIGHLIGHTS

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

LEASING

•The Company's real estate portfolio:

•was 91.8% occupied, a 20 basis point decrease from 92.0%;

•was 92.4% leased, a 140 basis point decrease from 93.8%; and

•includes 31 properties that are 100% leased.

•WHLR quarter-to-date leasing activity

•Executed 32 lease renewals, totaling 160,167 square feet at a weighted average increase of $1.04 per square foot, representing an increase of 9.5% over in-place rental rates.

•Signed 5 new leases, totaling 12,833 square feet with a weighted average rental rate of $21.93 per square foot, representing a new rent spread of 13.8%.

•The WHLR portfolio, excluding Cedar, was:

◦93.8% occupied, a 100 basis point decrease from 94.8%; and

◦94.1% leased, a 170 basis point decrease from 95.8%.

•CDR quarter-to-date leasing activity

•Executed 9 lease renewals, totaling 40,316 square feet at a weighted average increase of $2.12 per square foot, representing an increase of 13.6% over in-place rental rates.

•Signed 4 new leases, totaling 35,097 square feet with a weighted average rental rate of $9.09 per square foot, representing a new rent spread of 14.8%.

•The Cedar portfolio was:

◦87.0% occupied, a 70 basis point increase from 86.3%; and

◦88.4% leased, a 130 basis point decrease from 89.7%.

•The Company’s GLA, which is subject to leases that expire over the next three months and includes month-to-month leases, decreased to approximately 1.1%, compared to 1.6%. At September 30, 2025, 30.9% of this expiring GLA is subject to renewal options (a lease expiration schedule can be found on page 24 and provides additional details on the Company's leases).

SAME-PROPERTY NET OPERATING INCOME

•Same-Property NOI increased by 3.3% or $0.5 million. Same-Property NOI was impacted by:

•$0.9 million increase in property revenue; partially offset by

•$0.4 million increase in property expense.

OPERATIONS

•Total revenue of $23.8 million decreased by 3.9% or $1.0 million, primarily a result of:

•$1.9 million decrease in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to properties that were sold in 2024 and 2025; partially offset by

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			8

---

•$0.9 million increase in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to same center properties.

•Total operating expenses of $18.3 million increased by 1.9% or $0.3 million, primarily a result of:

•$1.3 million increase in impairment recorded for Carll's Corner, located in Bridgeton, New Jersey, in 2025 compared to impairment recorded for Oregon Avenue, located in Philadelphia, Pennsylvania, in 2024;

•$0.2 million increase in professional fees;

•$0.2 million increase in real estate taxes;

•$0.1 million increase in corporate administration;

•$0.1 million increase in repairs and maintenance; and

•$0.1 million increase in utilities; partially offset by

•$1.1 million decrease in operating expenses attributable to properties that were sold in 2024 and 2025; and

•$0.6 million decrease in depreciation and amortization.

FINANCIAL

•FFO was $18.1 million, or $37.23 per share of the Company's Common Stock as compared to FFO of $(35.0) million, or $(127,280.00) per share.

•AFFO was $4.20 per share of the Company's Common Stock as compared to $3,501.82 per share.

CAPITAL MARKETS

•The Company effected a one-for-five reverse stock split on September 22, 2025.

•The Company issued 578,800 shares of its Common Stock to unaffiliated holders in exchange for 140,600 shares of the Company's Series D Preferred Stock and 208,200 shares of the Company's Series B Preferred Stock.

•The fair market value of the Common Stock issued in exchange for Preferred Stock was less than the carrying value of the Preferred Stock retired in those transactions resulting in $3.0 million for the three months end September 30, 2025, recognized as a deemed contribution within accumulated deficit in the condensed consolidated balance sheet, with such deemed contributions included as a component of net income (loss) attributable to common shareholders.

•The Company recognized a non-operating gain of $15.0 million in net changes in fair value of derivative liabilities, primarily related to the conversion rate on the Convertible Notes relative to market trade prices of the Convertible Notes and Common Stock.

CEDAR CAPITAL MARKETS

•Cedar repurchased and retired 620,069 shares of Cedar Series C Preferred Stock. The shares of Cedar Series C Preferred Stock were repurchased for an aggregate of $10.1 million at an average price of $16.30 per share, representing a premium to the carrying value of $6.55 per share to the carrying value.

2025 YEAR-TO-DATE HIGHLIGHTS

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

LEASING

•WHLR Year-To-Date Leasing Activity

•Executed 89 lease renewals totaling 457,848 square feet at a weighted average increase of $1.27 per square foot, representing an increase of 12.4% over in-place rental rates.

•Signed 23 new leases totaling 104,228 square feet with a weighted average rental rate of $13.97 per square foot, representing a new rent spread of 36.3%.

•CDR Year-To-Date Leasing Activity

•Executed 23 lease renewals totaling 192,140 square feet at a weighted average increase of $0.96 per square foot, representing an increase of 10.6% over in-place rental rates.

•Signed 9 new leases totaling 51,799 square feet with a weighted average rental rate of $13.22 per square foot, representing a new rent spread of 4.9%.

SAME-PROPERTY NET OPERATING INCOME

•Same-Property NOI increased by 4.2% or $1.8 million. Same-Property NOI was impacted by:

•$2.6 million increase in property revenue; partially offset by

•$0.8 million increase in property expense.

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			9

---

OPERATIONS

•Total revenue of $74.3 million decreased by 3.5% or $2.7 million, primarily a result of:

•$5.5 million decrease in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to properties that were sold in 2024 and 2025; partially offset by

•$2.7 million increase in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to same center properties; and

•$0.1 million increase in market lease amortization and straight line rent.

•Total operating expenses of $52.6 million decreased by 2.8% or $1.5 million, primarily a result of:

•$2.6 million decrease in operating expenses attributable to properties that were sold in 2024 and 2025;

•$1.6 million decrease in depreciation and amortization; and

•$0.3 million decrease in property administrative expenses; partially offset by

•$1.3 million increase in impairment recorded for Carll's Corner, located in Bridgeton, New Jersey, in 2025 compared to impairment recorded for South Philadelphia, located in Philadelphia, Pennsylvania, in 2024;

•$0.7 million increase in grounds and landscaping, primarily due to an increasae in snow removal;

•$0.3 million increase in salaries;

•$0.3 million increase in corporate administration;

•$0.2 million increase in utilities; and

•$0.2 million in real estate taxes.

FINANCIAL

•FFO of $13.8 million, or $68.28 per share of the Company's Common Stock as compared to FFO of $(42.7) million, or $(241,096.05) per share.

•AFFO of $34.98 per share of the Company's Common Stock as compared to $21,355.93 per share.

CAPITAL MARKETS

						September 30, 2025									June 30, 2025									March 31, 2025									December 31, 2024									September 30, 2024
Stock class						Number of shares			Liquidation value (1)						Number of shares			Liquidation value (1)						Number of shares			Liquidation value (1)						Number of shares			Liquidation value (1)						Number of shares			Liquidation value (1)
WHLR						946,967									218,932									16,839									1,871									464
WHLRP						2,887,818			$72.2						3,096,018			$77.4						3,218,718			$80.5						3,357,142			$83.9						3,379,142			$84.5
WHLRD (2)						1,576,557			$66.0						1,776,179			$72.7						1,903,921			$77.3						2,236,046			$88.7						2,467,625			$96.9
CDRpB						857,237			$21.4						857,237			$21.4						1,449,609			$36.2						1,449,609			$36.2						1,449,609			$36.2
CDRpC						2,287,466			$57.2						2,907,535			$72.7						2,907,535			$72.7						4,208,694			$105.2						4,922,925			$123.1

(1) Liquidation value in millions.

(2) Aggregate liquidation value shown.

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

•The Company issued 643,258 shares of its Common Stock to unaffiliated holders in exchange for 401,474 shares of the Company's Series D Preferred Stock and 469,074 shares of the Company's Series B Preferred Stock.

•The fair market value of the Common Stock issued in exchange for Preferred Stock was less than the carrying value of the Preferred Stock retired in those transactions resulting in $8.5 million for the nine months ended September 30, 2025, recognized as a deemed contribution within accumulated deficit in the condensed consolidated balance sheet, with such deemed contributions included as a component of net income (loss) attributable to common shareholders.

•The Company issued an aggregate of 107,295 shares of its Common Stock, having an aggregate fair value of $2.4 million, to settle conversion requests of the holders of the Convertible Notes comprising an aggregate principal amount of $1.5 million, which resulted in an aggregate net loss on conversion of Convertible Notes of $0.9 million.

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			10

---

•The Company recognized a non-operating gain of $6.3 million in net changes in fair value of derivative liabilities, primarily related to the conversion rate on the Convertible Notes relative to market trade prices of the Convertible Notes and Common Stock.

•As of September 30, 2025, the conversion price for the Convertible Notes was approximately $4.91 per share of the Company’s Common Stock (approximately 5.09 shares of Common Stock for each $25.00 of principal amount of the Convertible Notes being converted).

CEDAR CAPITAL MARKETS

•Cedar repurchased and retired 592,372 shares of Cedar Series B Preferred Stock in two tender offers. The shares of Cedar Series B Preferred Stock were repurchased for an aggregate of $10.6 million at an average price of $17.87 per share, representing a premium to the carrying value of $6.77 per share.

•Cedar repurchased and retired 1,921,228 shares of Cedar Series C Preferred Stock through a series of repurchase transactions, including tender offers. The shares of Cedar Series C Preferred Stock were repurchased for an aggregate of $31.3 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 $16.6 million in deemed distributions, primarily a result of the Cedar Series C Preferred Stock for $12.6 million and Cedar Series B Preferred Stock for $4.0 million.

DISPOSITIONS

•On June 26, 2025, the Company sold Winslow Plaza, located in Sicklerville, New Jersey, for $8.7 million, generating a gain of $3.8 million and net proceeds of $7.9 million.

•On May 15, 2025, the Company sold Devine Street, located in Columbia, South Carolina, for $7.1 million, generating a gain of $1.1 million and net proceeds of $6.8 million.

•On May 1, 2025, the Company sold Amscot Building, located in Tampa, Florida, for $0.6 million, generating a gain of $0.3 million and net proceeds of $0.5 million.

•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 $0.9 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, 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 $27.1 million, compared to $43.0 million at December 31, 2024.

•Restricted cash totaled $29.8 million, compared to $17.8 million at December 31, 2024. The funds at September 30, 2025 are held in lender reserves, which included $10.0 million secured in an interest bearing account for the April 2025 Cedar Bridge Loan, as well as amounts reserved for the purpose of tenant improvements, lease commissions, real estate taxes, insurance expenses.

•Debt totaled $502.7 million, compared to $499.5 million at December 31, 2024, the increase is a result of a:

•$10.3 million loan proceeds a result of the August 2025 Cedar Credit Facility;

•$10.0 million loan proceeds a result of the April 2025 Cedar Bridge Loan;

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

•$4.2 million payment on Winslow Plaza loan related to the sale of Winslow Plaza;

•$1.5 million conversion of Convertible Notes to Common Stock;

•$1.3 million scheduled loan principal payments of debt; and

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

•The Company's weighted average interest rate on fixed-rate property level debt was 5.5% with a term of 6.9 years, compared to 5.4% with a term of 7.6 years at December 31, 2024. The weighted average interest rate on all debt was 5.6% with a term of 6.7 years, compared to 5.5% with a term of 7.5 years at December 31, 2024. The increase in fixed-rate property debt interest was $0.2 million, a result of (1) an increase of $0.6

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			11

---

million due to an increase in the overall average interest rate, partially offset by (2) a decrease of $0.4 million in the average principal debt balance. See page 19 for further details on interest expense.

•Real estate, net totaled $497.1 million compared to $534.9 million as of December 31, 2024.

•Assets held for sale total $15.8 million and include Carll's Corner, located in Bridgeton, New Jersey, Fieldstone Marketplace, located in New Bedford, Massachusetts, and an undeveloped South Philadelphia land parcel, located in Philadelphia, Pennsylvania as the Company has committed to a plan to sell these properties.

•The Company invested $12.5 million in tenant improvements and capital expenditures into its properties.

DIVIDENDS

•Total cumulative dividends in arrears for WHLR's Series D Preferred Stock were $26.6 million or $16.86 per share as of September 30, 2025.

•During the nine months ended September 30, 2025, Cedar paid dividends of $5.2 million.

•On October 31, 2025, Cedar announced that Cedar 's Board of Directors declared dividends of $0.453125 and $0.40625 per share with respect to Cedar Series B Preferred Stock and Cedar Series C Preferred Stock, respectively. The dividends are payable on November 20, 2025 to shareholders of record of Cedar Series B Preferred Stock and Cedar Series C Preferred Stock, as applicable, on November 10, 2025.

SERIES D PREFERRED STOCK - REDEMPTIONS

•At September 30, 2025 and December 31, 2024, the Series D Preferred Stock had $1.5 million and $4.1 million, respectively, classified as a liability due to redemption requests received before period end.

•During the nine months ended September 30, 2025, the Company processed redemptions of an aggregate of 316,133 shares of Series D Preferred Stock from the holders thereof. Accordingly, the Company issued 194,568 shares of Common Stock in settlement of an aggregate redemption price of approximately $12.8 million.

•The gain on preferred stock redemptions is a result of the fair market value of the Common Stock issued on redemptions of the Company's Series D Preferred Stock, in comparison to the Series D Preferred Stock's carrying value. During the nine months ended September 30, 2025, the Company has realized a gain of $1.2 million in the aggregate.

RELATED PARTY

•The Company performs property management and leasing services for Cedar, a subsidiary of the Company. During the three and nine months ended September 30, 2025, Cedar paid the Company $0.0 million and $0.7 million for these services, respectively.

•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 $10.7 million and $9.5 million as of September 30, 2025 and December 31, 2024, respectively, and have been eliminated for consolidation purposes.

•As of September 30, 2025, the net asset value of the Company’s investment in Stilwell Activist Investments, L.P., a Delaware limited partnership ("SAI") was $14.3 million, which includes $10.5 million of subscriptions. For the nine months ended September 30, 2025, the unrealized holding gain on investment securities, net was $2.2 million, net of $0.5 million investment fees. Beginning in 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 September 30, 2025.

SUBSEQUENT EVENTS

•The Company has processed 46,456 shares of Series D Preferred Stock subsequent to September 30, 2025. Accordingly, the Company has issued 378,673 shares of Common Stock in settlement of an aggregate redemption price of approximately $2.0 million.

•On October 15, 2025, the Company agreed to issue 55,000 shares of its Common Stock to an unaffiliated holder of the Company’s securities in exchange for a total of 5,000 shares of its Series D Preferred Stock and a total of 10,000 shares of its Series B Preferred Stock.

•On October 16, 2025 the Company completed the sale of Lake Murray, located in Lexington, South Carolina, for the contract price of $4.6 million and used the proceeds to pay down $1.9 million of the June 2022 Term Loan and $52 thousand loan prepayment premium.

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			12

---

•On October 29, 2025, the Company completed the sale of an undeveloped South Philadelphia land parcel, located in Philadelphia, Pennsylvania, for $4.4 million.

•On October 31, 2025, the Company completed the sale of Carll's Corner, located in Bridgerton, New Jersey, for $3.7 million.

•On November 3, 2025, the Company completed the sale of Fieldstone Marketplace, located in New Bedford, Massachusetts, for $12.2 million.

•The Company used the proceeds from the South Philadelphia land parcel disposition, Carll's Corner disposition and Fieldstone Marketplace disposition discussed above to pay down $10.3 million of the August 2025 Cedar Credit Facility and $4.0 million of the April Cedar 2025 Bridge Loan, subsequent to September 30, 2025.

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 9/30/2025 unless otherwise stated			13

---

Consolidated Balance Sheets

$ in 000s, except par value and share data

			September 30, 2025						December 31, 2024
			(unaudited)
ASSETS:
Real estate:
Land and land improvements			$	123,256					$	138,177
Buildings and improvements			494,859						508,957
			618,115						647,134
Less accumulated depreciation			(121,062)						(112,209)
Real estate, net			497,053						534,925
Cash and cash equivalents			27,093						42,964
Restricted cash			29,810						17,752
Receivables, net			14,631						14,692
Investment securities - related party			14,250						12,025
Assets held for sale			15,760						—
Above market lease intangibles, net			781						1,285
Operating lease right-of-use assets			8,788						9,235
Deferred costs and other assets, net			17,008						20,824
Total Assets			$	625,174					$	653,702
LIABILITIES:
Loans payable, net			$	487,336					$	482,609
Liabilities associated with assets held for sale			317						—
Below market lease intangibles, net			7,928						11,121
Derivative liabilities			5,733						11,985
Operating lease liabilities			9,658						10,128
Series D Preferred Stock redemptions			1,472						4,074
Accounts payable, accrued expenses and other liabilities			20,322						17,131
Total Liabilities			532,766						537,048
Commitments and contingencies
Series D Cumulative Convertible Preferred Stock			64,523						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; 2,887,818 and 3,357,142 shares, respectively, issued and outstanding; $72.2 million and $83.9 million aggregate liquidation preference, respectively)			38,590						44,791
Common Stock ($0.01 par value, 200,000,000 shares authorized, 946,967 and 1,871 shares, respectively, issued and outstanding)			9						—
Additional paid-in capital			304,801						276,416
Accumulated deficit			(350,013)						(347,029)
Accumulated other comprehensive income			2,225						—
Total Shareholders’ Deficit			(3,935)						(25,369)
Noncontrolling interests			31,820						57,398
Total Equity			27,885						32,029
Total Liabilities and Equity			$	625,174					$	653,702

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			14

---

Consolidated Statements of Operations

$ in 000s, except share and per share data

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
REVENUE:
Rental revenues			$	23,706					$	24,336					$	73,543					$	75,925
Other revenues			115						456						733						1,056
Total Revenue			23,821						24,792						74,276						76,981
OPERATING EXPENSES:
Property operations			7,819						8,488						24,497						26,290
Depreciation and amortization			5,612						6,241						17,621						19,212
Impairment charges			2,490						1,195						2,490						1,195
Corporate general & administrative			2,404						2,057						7,953						7,356
Total Operating Expenses			18,325						17,981						52,561						54,053
(Loss) gain on disposal of properties, net			(3)						7,083						10,874						9,966
Operating Income			5,493						13,894						32,589						32,894
Interest income			290						133						734						256
Gain on investment securities, net - related party			—						591						—						779
Interest expense			(7,853)						(7,851)						(24,638)						(24,034)
Net changes in fair value of derivative liabilities			14,989						(39,299)						6,252						(49,774)
Loss on conversion of Convertible Notes			—						(368)						(902)						(368)
Gain on preferred stock redemptions			176						2,526						1,222						2,739
Other expense			(113)						(257)						(876)						(1,486)
Net Income (Loss) Before Income Taxes			12,982						(30,631)						14,381						(38,994)
Income tax expense			—						—						(26)						(1)
Net Income (Loss)			12,982						(30,631)						14,355						(38,995)
Less: Net income attributable to noncontrolling interests			1,455						2,689						4,766						8,088
Net Income (Loss) Attributable to Wheeler REIT			11,527						(33,320)						9,589						(47,083)
Preferred stock dividends - undeclared			(1,591)						(2,071)						(5,101)						(6,135)
Deemed contribution (distribution) related to preferred stock redemption value			—						—						553						(710)
Deemed contribution related to preferred stock exchanges			3,009						—						8,527						—
Deemed distribution related to repurchase of noncontrolling interests			(4,031)						(284)						(16,552)						(284)
Net Income (Loss) Attributable to Wheeler REIT Common Shareholders			$	8,914					$	(35,675)					$	(2,984)					$	(54,212)
Earnings (loss) per share:
Basic			$	18.37					$	(129,727.27)					$	(14.77)					$	(306,282.49)
Diluted			$	(0.83)					$	(129,727.27)					$	(14.77)					$	(306,282.49)
Weighted-average number of shares:
Basic			485,191						275						201,971						177
Diluted			6,481,698						275						201,971						177

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			15

---

Reconciliation of Non-GAAP Measures

Same-Property Net Operating Income

$ in 000s

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Operating Income			$	5,493					$	13,894					$	32,589					$	32,894
Add (deduct):
Loss (gain) on disposal of properties, net			3						(7,083)						(10,874)						(9,966)
Corporate general & administrative			2,404						2,057						7,953						7,356
Impairment charges			2,490						1,195						2,490						1,195
Depreciation and amortization			5,612						6,241						17,621						19,212
Straight-line rents			(466)						(159)						(1,613)						(885)
Above (below) market lease amortization, net			(558)						(834)						(1,983)						(2,607)
Other non-property revenue			(10)						(5)						(68)						(18)
NOI related to properties not defined as same-property			22						(797)						(263)						(3,157)
Same-Property Net Operating Income			$	14,990					$	14,509					$	45,852					$	44,024
Property revenues			$	22,832					$	21,950					$	69,718					$	67,099
Property expenses			7,842						7,441						23,866						23,075
Same-Property Net Operating Income			$	14,990					$	14,509					$	45,852					$	44,024

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			16

---

Reconciliation of Non-GAAP Measures (continued)

FFO and AFFO

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

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net Income (Loss)			$	12,982					$	(30,631)					$	14,355					$	(38,995)
Depreciation and amortization of real estate assets			5,612						6,241						17,621						19,212
Impairment charges			2,490						1,195						2,490						1,195
Loss (gain) on disposal of properties, net			3						(7,083)						(10,874)						(9,966)
FFO			21,087						(30,278)						23,592						(28,554)
Preferred stock dividends - undeclared			(1,591)						(2,071)						(5,101)						(6,135)
Dividends on noncontrolling interests preferred stock			(1,455)						(2,674)						(4,766)						(8,050)
Preferred stock accretion adjustments			21						21						65						65
FFO available to common stockholders and common unitholders			18,062						(35,002)						13,790						(42,674)
Other non-recurring and non-cash expenses (1)			(4)						—						569						368
Gain on investment securities, net - related party			—						(591)						—						(779)
Net changes in fair value of derivative liabilities			(14,989)						39,299						(6,252)						49,774
Loss on conversion of Convertible Notes			—						368						902						368
Gain on preferred stock redemptions			(176)						(2,526)						(1,222)						(2,739)
Straight-line rental revenue, net straight-line expense			(485)						(176)						(1,669)						(936)
Deferred financing cost amortization			561						803						2,038						2,157
Paid-in-kind interest			—						—						2,006						2,031
Above (below) market lease amortization, net			(558)						(834)						(1,983)						(2,607)
Recurring capital expenditures and tenant improvement reserves			(371)						(378)						(1,115)						(1,183)
AFFO			$	2,040					$	963					$	7,064					$	3,780
Weighted Average Common Shares			485,191						275						201,971						177
FFO per Common Share			$	37.23					$	(127,280.00)					$	68.28					$	(241,096.05)
AFFO per Common Share			$	4.20					$	3,501.82					$	34.98					$	21,355.93

(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 period ended September 30, 2025.

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			17

---

Reconciliation of Non-GAAP Measures (continued)

EBITDA

$ in 000s

						Three Months Ended September 30,												Nine Months Ended September 30,
						2025						2024						2025						2024
Net Income (Loss)						$	12,982					$	(30,631)					$	14,355					$	(38,995)
Add back:			Depreciation and amortization (1)			5,054						5,407						15,638						16,605
			Interest expense (2)			7,853						7,851						24,638						24,034
			Income tax expense			—						—						26						1
EBITDA						25,889						(17,373)						54,657						1,645
Adjustments for items affecting comparability:
			Net change in FMV of derivative liabilities			(14,989)						39,299						(6,252)						49,774
			Impairment charges			2,490						1,195						2,490						1,195
			Loss on conversion of Convertible Notes			—						368						902						368
			Gain on preferred stock redemptions			(176)						(2,526)						(1,222)						(2,739)
			Gain on investment securities, net - related party			—						(591)						—						(779)
			Loss (gain) on disposal of properties, net			3						(7,083)						(10,874)						(9,966)
Adjusted EBITDA						$	13,217					$	13,289					$	39,701					$	39,498

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

(2) Includes loan cost amortization.

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			18

---

Debt Summary

$ in 000s

Property/Description						Monthly Payment						Interest Rate						Maturity						September 30, 2025						December 31, 2024
Variable-rate:
August 2025 Cedar Credit Facility						Interest only						7.03%						August 2027						$	10,250					$	—
April 2025 Cedar Bridge Loan						Interest only						5.52%						February 2028						10,000						—
Fixed-rate:
Winslow Plaza						$	24,295					4.82%						December 2025						—						4,250
Tuckernuck						$	32,202					5.00%						March 2026						4,501						4,619
Timpany Plaza						$	79,858					7.27%						September 2028						11,444						11,527
Village of Martinsville						$	89,664					4.28%						July 2029						13,967						14,313
Laburnum Square						$	37,842					4.28%						September 2029						7,531						7,625
Rivergate (1)						$	100,222					4.25%						September 2031						16,730						17,091
Convertible Notes						Interest only						7.00%						December 2031						29,353						30,865
June 2022 Term Loan						Interest only						4.25%						July 2032						73,966						75,000
JANAF						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						$	373,981					6.19%						June 2033						60,923						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																								502,676						499,531
Unamortized deferred financing cost																								(15,340)						(16,922)
Total Loans Payable, net																								$	487,336					$	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%.

Interest Expense

$ in 000s

			Three Months Ended September 30,												Nine Months Ended September 30,												Three Months Ended Changes												Nine Months Ended Changes
			2025						2024						2025						2024						Dollar						Percent						Dollar						Percent
Property debt interest - excluding Cedar debt			$	4,331					$	4,415					$	13,002					$	12,715					$	(84)					(1.9)		%				$	287					2.3		%
Convertible Notes interest (1)			513						541						2,519						2,572						(28)						(5.2)		%				(53)						(2.1)		%
Loan prepayment premium			—						—						569						368						—						n/a						201						54.6		%
Amortization of deferred financing costs			561						803						2,038						2,157						(242)						(30.1)		%				(119)						(5.5)		%
Variable-rate lines of credit (2)			212						—						348						—						212						n/a						348						n/a
Property debt interest - Cedar			2,236						2,092						6,162						6,222						144						6.9		%				(60)						(1.0)		%
Total Interest Expense			$	7,853					$	7,851					$	24,638					$	24,034					$	2					—		%				$	604					2.5		%

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

(2) Includes the April 2025 Cedar Bridge Loan and the August 2025 Cedar Credit Facility.

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			19

---

Debt Summary (continued)

Total Debt

$ in 000s

Scheduled principal repayments and maturities by year			Amount						% Total Principal Payments and Maturities
For the remaining three months ending December 31, 2025			$	523					0.1		%
December 31, 2026			6,450						1.3		%
December 31, 2027			13,026						2.6		%
December 31, 2028			26,771						5.3		%
December 31, 2029			25,035						5.0		%
December 31, 2030			6,067						1.2		%
Thereafter			424,804						84.5		%
Total principal repayments and debt maturities			$	502,676					100.0		%

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			20

---

Property Summary

Property						Location						# of Tenants			Total Leasable SF			% Leased			% Occupied			Total SF Occupied			ABR (in 000's)			ABR per Occupied SF
WHLR
Alex City Marketplace						Alexander City, AL						20			151,843			100.0		%	100.0		%	151,843			$	1,338		$	8.81
Beaver Ruin Village						Lilburn, GA						28			74,038			93.5		%	93.5		%	69,240			1,343			19.39
Beaver Ruin Village II						Lilburn, GA						4			34,925			100.0		%	100.0		%	34,925			503			14.39
Brook Run Shopping Center						Richmond, VA						15			147,738			89.6		%	89.6		%	132,370			1,171			8.85
Bryan Station						Lexington, KY						9			54,277			94.5		%	94.5		%	51,275			627			12.23
Cardinal Plaza						Henderson, NC						10			50,000			100.0		%	100.0		%	50,000			540			10.80
Chesapeake Square						Onley, VA						13			108,982			90.9		%	90.9		%	99,006			773			7.81
Clover Plaza						Clover, SC						10			45,575			100.0		%	100.0		%	45,575			520			11.40
Conyers Crossing						Conyers, GA						14			170,475			100.0		%	100.0		%	170,475			1,092			6.41
Crockett Square						Morristown, TN						4			107,122			100.0		%	100.0		%	107,122			993			9.27
Cypress Shopping Center						Boiling Springs, SC						19			80,435			100.0		%	100.0		%	80,435			809			10.05
Darien Shopping Center						Darien, GA						1			26,001			100.0		%	100.0		%	26,001			140			5.38
Folly Road						Charleston, SC						5			47,794			100.0		%	100.0		%	47,794			780			16.31
Forrest Gallery						Tullahoma, TN						28			214,451			91.2		%	91.2		%	195,642			1,518			7.76
Fort Howard Shopping Center						Rincon, GA						20			113,652			100.0		%	100.0		%	113,652			1,315			11.57
Freeway Junction						Stockbridge, GA						17			156,834			97.3		%	97.3		%	152,543			1,356			8.89
Franklin Village						Kittanning, PA						22			151,821			72.9		%	72.9		%	110,619			1,224			11.07
Franklinton Square						Franklinton, NC						14			65,366			95.3		%	95.3		%	62,300			616			9.89
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						9			60,048			94.0		%	94.0		%	56,448			497			8.81
JANAF						Norfolk, VA						110			796,624			91.7		%	90.9		%	724,044			9,573			13.22
Laburnum Square						Richmond, VA						20			109,405			96.3		%	96.3		%	105,386			1,016			9.64
Ladson Crossing						Ladson, SC						16			52,607			100.0		%	100.0		%	52,607			588			11.17
LaGrange Marketplace						LaGrange, GA						13			76,594			92.2		%	92.2		%	70,600			485			6.87
Lake Greenwood Crossing						Greenwood, SC						8			43,618			100.0		%	100.0		%	43,618			417			9.55
Lake Murray						Lexington, SC						5			39,218			100.0		%	100.0		%	39,218			366			9.34
Litchfield Market Village						Pawleys Island, SC						26			86,717			97.8		%	97.8		%	84,822			1,177			13.88
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			694			12.37
New Market Crossing						Mt. Airy, NC						13			117,076			100.0		%	100.0		%	117,076			1,055			9.01
Parkway Plaza						Brunswick, GA						5			52,365			84.8		%	84.8		%	44,385			484			10.90
Pierpont Centre						Morgantown, WV						15			111,162			98.4		%	98.4		%	109,433			1,167			10.66
Port Crossing						Harrisonburg, VA						8			65,365			100.0		%	100.0		%	65,365			876			13.40
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			767			8.68
Rivergate Shopping Center						Macon, GA						23			193,960			68.9		%	68.9		%	133,688			2,392			17.89
Sangaree Plaza						Summerville, SC						10			66,948			100.0		%	100.0		%	66,948			761			11.36
Shoppes at Myrtle Park						Bluffton, SC						14			56,609			99.3		%	99.3		%	56,189			702			12.50
South Park						Mullins, SC						3			60,734			83.2		%	83.2		%	50,509			376			7.45
South Square						Lancaster, SC						6			44,350			81.0		%	81.0		%	35,900			312			8.69
St. George Plaza						St. George, SC						9			59,174			100.0		%	100.0		%	59,174			476			8.05
Sunshine Plaza						Lehigh Acres, FL						22			111,189			100.0		%	100.0		%	111,189			1,174			10.55
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			1,321			9.33
Tri-County Plaza						Royston, GA						8			67,577			96.0		%	96.0		%	64,877			466			7.19
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			10.31
Village of Martinsville						Martinsville, VA						21			288,254			94.8		%	94.8		%	273,297			2,275			8.33
Waterway Plaza						Little River, SC						10			49,750			100.0		%	100.0		%	49,750			540			10.86
Westland Square						West Columbia, SC						11			62,735			100.0		%	85.1		%	53,360			488			9.14
						WHLR TOTAL						737			5,182,474			94.1		%	93.8		%	4,861,999			$	50,918		$	10.47

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			21

---

Property Summary (continued)

Property						Location						# of Tenants			Total Leasable SF			% Leased			% Occupied			Total SF Occupied			ABR (in 000's)			ABR per Occupied SF
CDR
Brickyard Plaza						Berlin, CT						11			227,598			100.0		%	100.0		%	227,598			$	2,101		$	9.23
Carll's Corner						Bridgeton, NJ						7			116,532			36.9		%	36.9		%	43,012			457			10.62
Coliseum Marketplace						Hampton, VA						10			106,648			100.0		%	100.0		%	106,648			1,300			12.19
Fairview Commons						New Cumberland, PA						10			50,485			80.3		%	80.3		%	40,555			482			11.88
Fieldstone Marketplace						New Bedford, MA						13			193,836			79.4		%	77.3		%	149,855			1,543			10.30
Gold Star Plaza						Shenandoah, PA						6			71,720			97.8		%	97.8		%	70,120			648			9.24
Golden Triangle						Lancaster, PA						19			202,790			90.0		%	90.0		%	182,440			2,746			15.05
Hamburg Square						Hamburg, PA						7			102,058			100.0		%	100.0		%	102,058			735			7.20
Patuxent Crossing						California, MD						27			264,068			78.2		%	78.2		%	206,609			1,864			9.02
Pine Grove Plaza						Brown Mills, NJ						17			79,306			89.9		%	89.9		%	71,306			884			12.40
Southington Center						Southington, CT						8			155,842			90.8		%	90.8		%	141,540			1,041			7.36
Timpany Plaza						Gardner, MA						17			182,820			82.9		%	67.5		%	123,433			1,394			11.29
Trexler Mall						Trexlertown, PA						24			342,541			99.7		%	99.7		%	341,544			3,911			11.45
Washington Center Shoppes						Sewell, NJ						31			157,300			98.1		%	98.1		%	154,300			2,080			13.48
						CDR TOTAL						207			2,253,544			88.4		%	87.0		%	1,961,018			$	21,186		$	10.80
						COMBINED TOTAL						944			7,436,018			92.4		%	91.8		%	6,823,017			$	72,104		$	10.57

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

Property Statistics Summary Consolidated

						Three Months Ended
						September 30, 2025						June 30, 2025						March 31, 2025						December 31, 2024						September 30, 2024
Number of Centers						66						66						69						72						73
Leasable Square Feet						7,436,018						7,436,018						7,517,677						7,660,979						7,883,598
Percentage Leased						92.4%						92.0%						92.0%						93.1%						93.8%
Percentage Occupied						91.8%						91.6%						91.3%						92.3%						92.0%
ABR (in 000's)						$72,104						$71,606						$71,757						$73,448						$75,157
Renewal Rent Spread						10.6%						12.9%						12.5%						14.5%						7.5%
New Rent Spread						19.7%						14.2%						38.1%						52.5%						22.2%
Capital and Tenant Improvements (in 000's)						$6,335						$4,131						$2,077						$3,868						$6,761

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			22

---

Property Summary (continued)

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			23

---

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						$	4,456					6.2		%				520,000						7.0		%				$	8.57
Kroger Co (1)												Grocery						2,137						3.0		%				239,000						3.2		%				8.94
Planet Fitness												Gym						1,692						2.4		%				186,000						2.5		%				9.10
Dollar Tree (2)												Discount Retailer						1,536						2.1		%				187,000						2.5		%				8.21
Lowes Foods (3)												Grocery						1,223						1.7		%				130,000						1.8		%				9.41
TJX Companies (4)												Discount Retailer						1,216						1.7		%				195,000						2.6		%				6.24
Piggly Wiggly												Grocery						1,183						1.6		%				135,000						1.8		%				8.76
Aldi (5)												Grocery						1,072						1.5		%				106,000						1.4		%				10.11
Kohl's												Discount Retailer						1,049						1.5		%				147,000						2.0		%				7.14
Lehigh Valley Health												Health						803						1.1		%				43,000						0.6		%				18.67
																		$	16,367					22.8		%				1,888,000						25.4		%				$	8.67

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

(2) Dollar Tree 18 (Dollar Tree announced on July 7, 2025 it's sale of Family Dollar)

(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						—						613,001						8.2		%				—		%				$	—					—		%				$	—
MTM						7						13,062						0.2		%				0.2		%				189						0.3		%				14.47
2025						24						68,801						0.9		%				1.0		%				790						1.1		%				11.48
2026						131						618,049						8.3		%				9.1		%				7,076						9.8		%				11.45
2027						164						684,755						9.2		%				10.0		%				8,436						11.7		%				12.32
2028						150						1,077,298						14.5		%				15.8		%				10,225						14.2		%				9.49
2029						145						930,957						12.5		%				13.6		%				10,460						14.5		%				11.24
2030						123						1,177,721						15.8		%				17.3		%				10,694						14.8		%				9.08
2031						62						620,689						8.4		%				9.1		%				6,512						9.0		%				10.49
2032						35						442,772						6.0		%				6.5		%				4,008						5.6		%				9.05
2033						21						251,521						3.4		%				3.7		%				2,825						3.9		%				11.23
2034 & thereafter						82						937,392						12.6		%				13.7		%				10,889						15.1		%				11.62
Total						944						7,436,018						100.0		%				100.0		%				$	72,104					100.0		%				$	10.57

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			24

---

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			—			146,201			$	—		—		%	$	—					—			—			$	—		—		%	$	—
MTM			—			—			—			—		%	—						—			—			—			—		%	—
2025			—			—			—			—		%	—						—			—			—			—		%	—
2026			2			42,321			533			20.4		%	12.59						8			283,276			2,159			7.4		%	7.62
2027			2			49,769			459			17.6		%	9.22						5			149,546			1,221			4.2		%	8.16
2028			2			55,876			241			9.2		%	4.31						16			637,301			4,187			14.4		%	6.57
2029			2			48,789			517			19.8		%	10.60						12			412,258			3,316			11.4		%	8.04
2030			—			—			—			—		%	—						17			851,248			5,352			18.4		%	6.29
2031			1			20,858			60			2.3		%	2.88						9			358,927			3,439			11.8		%	9.58
2032			—			—			—			—		%	—						10			315,053			2,152			7.4		%	6.83
2033			1			43,416			803			30.7		%	18.50						4			152,484			1,152			4.0		%	7.55
2034+			—			—			—			—		%	—						18			711,494			6,069			21.0		%	8.53
Total			10			407,230			$	2,613		100.0		%	$	10.01					99			3,871,587			$	29,047		100.0		%	$	7.50

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			—			466,800			$	—		—		%	$	—					—			—			$	—		—		%	$	—
MTM			6			13,062			188			1.0		%	14.39						1			—			1			—		%	—
2025			17			43,494			400			2.1		%	9.20						7			25,307			390			1.8		%	15.41
2026			84			180,382			2,475			12.9		%	13.72						37			112,070			1,909			9.0		%	17.03
2027			111			263,181			4,269			22.2		%	16.22						46			222,259			2,487			11.7		%	11.19
2028			79			185,364			2,927			15.2		%	15.79						53			198,757			2,870			13.5		%	14.44
2029			72			210,951			3,166			16.5		%	15.01						59			258,959			3,461			16.3		%	13.37
2030			61			125,605			2,323			12.1		%	18.49						45			200,868			3,019			14.2		%	15.03
2031			28			85,778			1,146			6.0		%	13.36						24			155,126			1,867			8.8		%	12.04
2032			14			39,307			583			3.0		%	14.83						11			88,412			1,273			6.0		%	14.40
2033			9			16,108			277			1.4		%	17.20						7			39,513			593			2.8		%	15.01
2034+			26			63,253			1,453			7.6		%	22.97						38			162,645			3,367			15.9		%	20.70
Total			507			1,693,285			$	19,207		100.0		%	$	15.66					328			1,463,916			$	21,237		100.0		%	$	14.51

WHLR | Financial & Operating Data | as of 9/30/2025 unless otherwise stated			25

---

Leasing Summary

WHLR Leasing Renewals and New Leases

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Renewals(1):
Leases renewed with rate increase (sq feet)			91,249						234,941						305,262						448,205
Leases renewed with rate decrease (sq feet)			—						37,985						—						41,985
Leases renewed with no rate change (sq feet)			68,918						59,602						152,586						125,405
Total leases renewed (sq feet)			160,167						332,528						457,848						615,595
Leases renewed with rate increase (count)			28						38						82						101
Leases renewed with rate decrease (count)			—						1						—						2
Leases renewed with no rate change (count)			4						3						7						7
Total leases renewed (count)			32						42						89						110
Option exercised (count)			6						10						15						21
Weighted average on rate increases (per sq foot)			$	1.82					$	0.95					$	1.90					$	1.16
Weighted average on rate decreases (per sq foot)			$	—					$	(0.70)					$	—					$	(0.65)
Weighted average rate on all renewals (per sq foot)			$	1.04					$	0.59					$	1.27					$	0.80
Weighted average change over prior rates			9.5		%				6.5		%				12.4		%				8.1		%
New Leases(1) (2):
New leases (sq feet)			12,833						30,345						104,228						138,181
New leases (count)			5						10						23						29
Weighted average rate (per sq foot)			$	21.93					$	15.48					$	13.97					$	13.65
New Rent Spread			13.8		%				39.0		%				36.3		%				30.4		%

(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 9/30/2025 unless otherwise stated			26

---

Leasing Summary (continued)

CDR Leasing Renewals and New Leases

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Renewals(1):
Leases renewed with rate increase (sq feet)			38,669						80,865						189,118						150,050
Leases renewed with rate decrease (sq feet)			—						—						—						1,375
Leases renewed with no rate change (sq feet)			1,647						15,658						3,022						15,658
Total leases renewed (sq feet)			40,316						96,523						192,140						167,083
Leases renewed with rate increase (count)			8						10						21						20
Leases renewed with rate decrease (count)			—						—						—						1
Leases renewed with no rate change (count)			1						2						2						2
Total leases renewed (count)			9						12						23						23
Option exercised (count)			3						2						10						6
Weighted average on rate increases (per sq foot)			$	2.21					$	1.34					$	0.97					$	1.22
Weighted average on rate decreases (per sq foot)			$	—					$	—					$	—					$	(7.32)
Weighted average rate on all renewals (per sq foot)			$	2.12					$	1.12					$	0.96					$	1.03
Weighted average change over prior rates			13.6		%				10.3		%				10.6		%				7.9		%
New Leases(1) (2):
New leases (sq feet)			35,097						8,290						51,799						58,771
New leases (count)			4						4						9						14
Weighted average rate (per sq foot)			$	9.09					$	16.73					$	13.22					$	13.30
New Rent Spread			14.8		%				(13.4)		%				4.9		%				(8.6)		%

(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 9/30/2025 unless otherwise stated			27