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, including in relation to 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; 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; availability, terms and deployment of capital; substantial dilution of our common stock, par value $0.01 ("Common Stock") and steep decline in its market value resulting from the exercise by the holders of our Series D Cumulative Convertible Preferred Stock (the "Series D Preferred Stock") of their redemption rights and downward adjustment of the conversion price on our outstanding 7.00% Subordinated Convertible Notes due 2031 (the "Convertible Notes"), each of which has already occurred and is anticipated to continue; 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; 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 risk that shareholder litigation in connection with the merger transaction with Cedar (as defined below) may result in significant indemnification costs; tax audits and other regulatory inquiries; the Company's ability to maintain

WHLR | Financial & Operating Data			2

---

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 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 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; competitive risks; 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-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"), the one-for-five reverse stock split effected on September 22, 2025 (the "September 2025 Reverse Stock Split") and the one-for-two reverse stock split effected on November 28, 2025 (the "November 2025 Reverse Stock Split"; and together with the January 2025 Reverse Stock Split, March 2025 Reverse Stock Split, May 2025 Reverse Stock Split and September 2025 Reverse Stock Split, the "2025 Reverse Stock Splits"); and the one-for-three reverse stock split effected on January 16, 2026 (the "January 2026 Reverse Stock Split") and the one-for-three reverse stock split effected on April 17, 2026 (the "April 2026 Reverse Stock Split"; and together with the January 2026 Reverse Stock Split and the 2025 Reverse Stock Splits, 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 government shutdowns; 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 March 31, 2026, 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 March 31, 2026.
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 ("Same-Property"). 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" and, together with the Cedar Series B Preferred Stock, the "Cedar 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
Patrick Gundlach - CAO
Board of Directors						Board of Directors
Stefani D. Carter (Chair)						Gary Skoien (Chair)
E.J. Borrack						E.J. Borrack
Robert Brady						M. Andrew Franklin
Gregory P. Hannon						Paula Poskon
Rebecca Musser
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 March 31, 2026 (consolidated amounts unless otherwise noted)

Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s)			$	(5,266)
Basic and diluted loss per share			$	(14.55)
FFO available to common stockholders (in 000s)			$	(1,255)
FFO per common share			$	(3.47)
AFFO (in 000s)			$	2,160
AFFO per common share			$	5.97
Assets and Leverage
Real Estate, net of $126.3 million accumulated depreciation (in 000s)			$	480,163
Cash and Cash Equivalents (in 000s)			$	23,592
Total Assets (in 000s)			$	594,007
Total Debt (in 000s)			$	475,179
Debt to Total Assets			80.0		%
Debt to Gross Asset Value			66.1		%

Ticker			Shares Outstanding at March 31, 2026						First Quarter stock price range						Stock Price at March 31, 2026
WHLR			535,338						$2.72-$20.25						$	2.78
WHLRP			2,659,916						$5.01-$7.70						$	6.95
WHLRD			1,648,952						$34.68-$40.50						$	38.40
CDRpB			857,237						$17.92-$22.49						$	21.65
CDRpC			1,935,222						$16.56-$22.11						$	21.60
Common Stock market capitalization (in 000s)															$	1,488

Portfolio Summary
GLA in sq. ft.			5,002,831						1,943,176
Occupancy Rate			94.4		%				93.0		%
Leased Rate			95.2		%				93.1		%
Annualized Base Rent (in 000s)			$	50,678					$	19,931
Total number of leases signed or renewed			43						7
Total sq. ft. leases signed or renewed			364,666						20,847

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			7

---

Financial and Operating Results

Today, WHLR reported its financial and operating results for the three months ended March 31, 2026. For the three months ended March 31, 2026 and 2025, WHLR's net loss attributable to WHLR's common stockholders resulted in basic loss per share of $(14.55) and $(14,215.77), respectively.

"Our first quarter results reflect the continued strength of our operating platform. Same-Property NOI grew 7.9% year-over-year, underpinned by a 9.0% renewal rent spread across 315,721 square feet and a 67.1% spread on new leases at WHLR, 27.3% renewal spread and occupancy growth of 630 basis points at Cedar; as combined portfolio occupancy reached 94.0%, a 270 basis point improvement over the prior year period. Notably, total revenues remained resilient at $24.0 million despite the deliberate disposition of four properties during the quarter, a testament to the underlying strength of our Same-Property portfolio.

On the balance sheet, we took meaningful steps to reduce leverage and improve our capital structure. We retired the Tuckernuck loan in full, applied disposition proceeds toward targeted paydowns of the June 2022 Term Loan, and continued to retire Cedar Preferred Stock; actions that collectively lower our cost of capital, reduce future dividend obligations, and position the Company for more durable long-term cash flow generation. We will continue to recycle non-core assets strategically, redeploying capital to strengthen the balance sheet and enhance value for our stakeholders.”

–M. Andrew Franklin, Chief Executive Officer and President

2026 FIRST QUARTER HIGHLIGHTS

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

LEASING

•The Company's real estate portfolio:

•was 94.0% occupied, a 270 basis point increase from 91.3%;

•was 94.6% leased, a 260 basis point increase from 92.0%; and

•includes 28 properties that are 100% leased.

•WHLR Quarter-To-Date Leasing Activity

•Executed 35 lease renewals, totaling 315,721 square feet at a weighted average increase of $0.74 per square foot, representing an increase of 9.0% over in-place rental rates.

•Signed 8 new leases, totaling 48,945 square feet with a weighted average rental rate of $13.20 per square foot, representing a new rent spread of 67.1%.

•The WHLR portfolio, excluding Cedar, was:

◦94.4% occupied, a 110 basis point increase from 93.3%; and

◦95.2% leased, a 100 basis point increase from 94.2%.

•CDR Quarter-To-Date Leasing Activity

•Executed 3 lease renewals, totaling 6,412 square feet at a weighted average increase of $9.02 per square foot, representing an increase of 27.3% over in-place rental rates.

•Signed 4 new leases, totaling 14,435 square feet with a weighted average rental rate of $14.85 per square foot, representing a new rent spread of (10.2)%.

•The Cedar portfolio was:

◦93.0% occupied, a 630 basis point increase from 86.7%; and

◦93.1% leased, a 620 basis point increase from 86.9%.

•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 3.2%, compared to 4.8%. At March 31, 2026, 20.6% 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 & LEASING

•Same-Property NOI increased by 7.9% or $1.1 million. Same-Property NOI was impacted by:

•$1.5 million increase in property revenue; partially offset by

•$0.4 million increase in property expense.

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			8

---

•The following table sets forth information regarding Same-Property leasing activity:

						% Leased									% Occupied
Real Estate Portfolio						2026			2025						2026			2025
Company						94.6		%	93.1		%				94.0		%	92.4		%
WHLR(1)						95.2		%	94.0		%				94.4		%	93.1		%
CDR						93.1		%	90.6		%				93.0		%	90.6		%

(1) Excludes the Cedar real estate portfolio.

OPERATIONS

•Total revenue of $24.0 million decreased by 1.4% or $0.3 million, primarily a result of:

•$1.4 million decrease in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to properties that were sold;

•$0.4 million decrease in market lease amortization and straight line rent; partially offset by

•$1.5 million increase in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to Same-Properties.

•Total operating expenses of $16.4 million decreased by 8.5% or $1.5 million, primarily a result of:

•$1.0 million decrease in depreciation and amortization;

•$1.0 million decrease in operating expenses attributable to properties that were sold;

•$0.1 million decrease in professional fees; partially offset by

•$0.2 million increase in repairs and maintenance;

•$0.2 million increase in real estate taxes and insurance; and

•$0.2 million increase in salaries.

FINANCIAL

•FFO was $(1.3) million as compared to $(0.8) million.

•AFFO was $2.2 million as compared to $0.4 million.

CAPITAL MARKETS

•The Company effected a one-for-three reverse stock split on January 16, 2026.

•In February 2026, the Warrants were amended and restated. The Amended and Restated Warrants were exercisable, in whole or in part (and at any time), for an aggregate number of shares of Common Stock representing 12% of the Common Stock outstanding on the date of any exercise (less the aggregate number of shares of Common Stock previously issued as a result of any partial exercise) at an exercise price of $0.01 per share. The Amended and Restated Warrants were exercised in whole on March 24, 2026, and the Company issued 57,358 shares of Common Stock upon the exercise of the Amended and Restated Warrants for net proceeds of $2 thousand, resulting in a $0.2 million loss, which is the excess amount of fair value of the Amended and Restated Warrants issued over the net proceeds received, included in "other expense" on the condensed consolidated statements of operations.

•The Company issued 185,886 shares of its Common Stock to unaffiliated holders in exchange for 27,351 shares of the Company's Series D Preferred Stock and 54,702 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 $0.5 million for the three months ended March 31, 2026, recognized as a deemed contribution within accumulated deficit in the consolidated balance sheet, with such deemed contributions included as a component of net loss attributable to common shareholders.

•The Company recognized a non-operating loss of $3.4 million in net changes in fair value of derivative liabilities, primarily related to the conversion price on the Convertible Notes relative to market trade prices of the Convertible Notes and Common Stock.

•The Company entered into four subscription agreements with certain investors pursuant to which the Company issued an aggregate 187,000 shares of its Series D Preferred Stock in consideration for an aggregate 294,000 shares of Cedar Series C Preferred Stock held by such investors. Immediately following the closing of each transaction, the Company contributed the acquired Cedar Series C Preferred Stock to Cedar and those shares were retired. The fair value of the Cedar Series C Preferred Stock received and retired is compared to its carrying value, and as a result the Company recognized $2.6 million in deemed distributions included as a component of net loss attributable to common shareholders.

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			9

---

						March 31, 2026									December 31, 2025									September 30, 2025									June 30, 2025									March 31, 2025
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						535,338									210,610									52,600									12,158									933
WHLRP						2,659,916			$66.5						2,714,618			$67.9						2,887,818			$72.2						3,096,018			$77.4						3,218,718			$80.5
WHLRD						1,648,952			$67.5						1,507,205			$63.2						1,576,557			$66.0						1,776,179			$72.7						1,903,921			$77.3
CDRpB						857,237			$21.4						857,237			$21.4						857,237			$21.4						857,237			$21.4						1,449,609			$36.2
CDRpC						1,935,222			$48.4						2,229,222			$55.7						2,287,466			$57.2						2,907,535			$72.7						2,907,535			$72.7

(1) Liquidation value in millions.

DISPOSITIONS

•On January 21, 2026, the company sold Moncks Corner, located in Mocks Corner, South Carolina, for $1.4 million, generating a gain of $0.7 million and net proceeds of $1.4 million.

•On January 21, 2026, the company sold Ridgeland, located in Ridgeland, South Carolina, for $1.9 million, generating a gain of $1.3 million and net proceeds of $1.9 million.

•On February 19, 2026, the company sold an outparcel at St. George Plaza, located in St. George, South Carolina, for $1.1 million, generating a loss of $2.0 thousand and net proceeds of $1.0 million.

•On March 10, 2026, the company sold Darien Shopping Center, located in Darien, George, for $1.7 million, generating a gain of $0.6 million and net proceeds of $1.6 million.

OTHER

•The Company recognized non-operating expenses of $1.0 million, which primarily consisted of:

•$0.5 million in fees paid in connection with the Amended and Restated Warrants;

•$0.2 million loss on the exercise of the Amended and Restated Warrants;

•$0.3 million in other capital structure costs including the registration of the offer and sale of the shares of our Common Stock issuable upon exercise of the Amended and Restate Warrants and expenses incurred in connection with the Reverse Stock Splits.

BALANCE SHEET

•Cash and cash equivalents totaled $23.6 million, compared to $23.7 million at December 31, 2025.

•Restricted cash totaled $24.4 million, compared to $25.0 million at December 31, 2025. The funds at March 31, 2026 are held in lender reserves primarily for the purpose of tenant improvements, lease commissions, real estate taxes, insurance expenses and includes $6.0 million to secure the April 2025 Cedar Bridge Loan.

•Debt totaled $475.2 million, compared to $482.8 million at December 31, 2025, and the decrease is primarily a result of scheduled loan payments, including the $4.4 million payoff of the Tuckernuck loan and sales proceeds used to paydown the June 2022 Term Loan.

•The Company's weighted average interest rate on property level debt was 5.5% with a term of 6.5 years, compared to 5.5% with a term of 6.6 years at December 31, 2025. The weighted average interest rate on all debt was 5.6% with a term of 6.3 years, compared to 5.5% with a term of 6.5 years at December 31, 2025. See page 17 for further details on interest expense.

•Real estate, net of assets held for sale totaled $480.2 million compared to $484.7 million as of December 31, 2025.

•Assets held for sale total $1.9 million and includes Surrey Plaza, located in Hawkinsville, Georgia, as the Company has committed to a plan to sell the property.

•The Company invested $1.9 million in tenant improvements and capital expenditures into its properties.

DIVIDENDS

•Total cumulative dividends in arrears for WHLR's Series D Preferred Stock were $26.3 million or $15.95 per share as of March 31, 2026.

•During the three months ended March 31, 2026, Cedar paid dividends of $1.3 million.

•On April 27, 2026, 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, 2026 to shareholders of record of the Cedar Series B Preferred Stock and Cedar Series C Preferred Stock, as applicable, on May 8, 2026.

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			10

---

SERIES D PREFERRED STOCK - REDEMPTIONS

•Holders of the Series D Preferred Stock have the right to request that the Company redeem any or all their shares of Series D Preferred Stock monthly. The Company has been settling redemptions of the Series D Preferred Stock in shares of Common Stock. The redemption price for any redemption notice received on or before the 25th day of any month is paid on the 5th day of the following month or, if such date is not a business day, on the next succeeding business day. Since September 2023, the Company has processed approximately 407 redemption requests, collectively redeeming approximately 1.8 million shares of Series D Preferred Stock.

RELATED PARTY

•The Company performs property management and leasing services for Cedar, a subsidiary of the Company. During the three months ended March 31, 2026, Cedar paid the Company $0.2 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 $11.5 million and $11.3 million as of March 31, 2026 and December 31, 2025, respectively, and have been eliminated for consolidation purposes.

•As of March 31, 2026, the net asset value of the Company’s investment in Stilwell Activist Investments, L.P., a Delaware limited partnership, was $23.7 million, which includes $20.5 million of subscriptions. For the three months ended March 31, 2026, the Company recorded unrealized holding losses of $0.7 million through other comprehensive (loss) income, net of $0.1 million investment fees. For more information, see Note 4 in our Quarterly Report on Form 10-Q for the period ended March 31, 2026.

SUBSEQUENT EVENTS

•The Company had received requests to redeem 18,945 shares of Series D Preferred Stock subsequent to March 31, 2026. Accordingly, the Company issued 370,765 shares of Common Stock in settlement of an aggregate redemption price of approximately $0.8 million.

•The Company has entered into a subscription agreement with a certain investor pursuant to which the Company issued 66,666 shares of its Series D Preferred Stock. The issuances were made in consideration for 90,000 shares of Cedar Series C Preferred Stock and 10,000 shares of Cedar Series B Preferred Stock, held by such investor. Immediately following the closing of the transaction, the Company contributed the acquired Cedar Preferred Stock to Cedar and those shares were retired.

•The Company effected a one-for-three reverse stock split on April 17, 2026.

•On April 2, 2026, the Company completed the sale of Surrey Plaza, located in Hawkinsville, Georgia, for the contract price of $2.5 million and used the proceeds to pay down $1.3 million of the June 2022 Term Loan and $27 thousand loan prepayment premium.

•On May 5, 2026, the Company completed the sale of Tuckernuck, located in Richmond, Virginia, for the contract price of $12.0 million.

•The Company agreed to issue an aggregate amount of 136,516 shares of Common Stock to four unaffiliated holders of the Company’s securities in separate exchanges for an aggregate amount of 5,197 shares of the Series D Preferred Stock and 10,394 shares of the Series B Preferred Stock.

•As a result of the May 2026 Series D Preferred Stock redemptions the conversion price was further adjusted for the Convertible Notes to approximately $1.03 per share of the Company’s Common Stock (approximately 24.34 shares of Common Stock for each $25.00 of principal amount of the Convertible Notes being converted).

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 3/31/2026 unless otherwise stated			11

---

Consolidated Balance Sheets

$ in 000s, except par value and share data

			March 31, 2026						December 31, 2025
			(unaudited)
ASSETS:
Real estate:
Land and land improvements			$	122,745					$	123,444
Buildings and improvements			483,745						484,068
			606,490						607,512
Less accumulated depreciation			(126,327)						(122,837)
Real estate, net			480,163						484,675
Cash and cash equivalents			23,592						23,656
Restricted cash			24,428						24,973
Receivables, net			16,107						15,759
Investment securities - related party			23,676						24,406
Assets held for sale			1,863						4,549
Above market lease intangibles, net			648						706
Operating lease right-of-use assets			7,504						7,546
Deferred costs and other assets, net			16,026						15,464
Total Assets			$	594,007					$	601,734
LIABILITIES:
Loans payable, net			$	461,068					$	468,157
Liabilities associated with assets held for sale			—						1,383
Below market lease intangibles, net			6,952						7,370
Derivative liabilities			10,613						7,243
Operating lease liabilities			8,177						8,221
Series D Preferred Stock redemptions			214						30
Accounts payable, accrued expenses and other liabilities			15,582						14,639
Total Liabilities			502,606						507,043
Commitments and contingencies
Series D Cumulative Convertible Preferred Stock			67,314						63,204
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; 2,659,916 and 2,714,618 shares, respectively, issued and outstanding; $66.5 million and $67.9 million aggregate liquidation preference, respectively)			35,586						36,296
Common Stock ($0.01 par value, 200,000,000 shares authorized, 535,338 and 210,610 shares, respectively, issued and outstanding)			5						2
Additional paid-in capital			314,151						311,981
Accumulated deficit			(356,145)						(350,879)
Accumulated other comprehensive income			1,651						2,381
Total Shareholders’ (Deficit) Equity			(4,299)						234
Noncontrolling interests			28,386						31,253
Total Equity			24,087						31,487
Total Liabilities and Equity			$	594,007					$	601,734

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			12

---

Consolidated Statements of Operations

$ in 000s, except share and per share data

			Three Months Ended March 31,
			2026						2025
REVENUE:
Rental revenues			$	23,878					$	24,181
Other revenues			129						173
Total Revenue			24,007						24,354
OPERATING EXPENSES:
Property operations			8,409						8,963
Depreciation and amortization			5,232						6,231
Corporate general & administrative			2,736						2,706
Total Operating Expenses			16,377						17,900
Gain on disposal of properties, net			2,557						5,688
Operating Income			10,187						12,142
Interest income			153						242
Interest expense			(7,294)						(8,093)
Net changes in fair value of derivative liabilities			(3,370)						(2,310)
Gain on preferred stock redemptions			179						818
Other expense			(1,026)						(400)
Net (Loss) Income Before Income Taxes			(1,171)						2,399
Income tax expense			—						(26)
Net (Loss) Income			(1,171)						2,373
Less: Net income attributable to noncontrolling interests			1,226						1,864
Net (Loss) Income Attributable to Wheeler REIT			(2,397)						509
Preferred Stock dividends - undeclared			(1,555)						(1,878)
Deemed contribution related to issuance of Series D Preferred Stock			827						—
Deemed contribution related to preferred stock exchanges			495						3,027
Deemed distribution related to noncontrolling interests			(2,636)						(8,510)
Net Loss Attributable to Wheeler REIT Common Shareholders			$	(5,266)					$	(6,852)
Loss per share:
Basic and Diluted			$	(14.55)					$	(14,215.77)
Weighted-average number of shares:
Basic and Diluted			361,988						482

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			13

---

Reconciliation of Non-GAAP Measures

Same-Property Net Operating Income

$ in 000s

			Three Months Ended March 31,
			2026						2025
Operating Income			$	10,187					$	12,142
Add (deduct):
Gain on disposal of properties, net			(2,557)						(5,688)
Corporate general & administrative			2,736						2,706
Depreciation and amortization			5,232						6,231
Straight-line rents			(334)						(399)
Above (below) market lease amortization, net			(360)						(740)
Other non-property revenue			(2)						(3)
NOI related to properties not defined as Same-Property			62						(380)
Same-Property Net Operating Income			$	14,964					$	13,869
Property revenues			$	23,277					$	21,748
Property expenses			8,313						7,879
Same-Property Net Operating Income			$	14,964					$	13,869

WHLR | Financial & Operating Data | as of 3/31/2026 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,
			2026						2025
Net (Loss) Income			$	(1,171)					$	2,373
Depreciation and amortization of real estate assets			5,232						6,231
Gain on disposal of properties, net			(2,557)						(5,688)
FFO			1,504						2,916
Preferred stock dividends - undeclared			(1,555)						(1,878)
Dividends on noncontrolling interests preferred stock			(1,226)						(1,864)
Preferred stock accretion adjustments			22						22
FFO available to common stockholders			(1,255)						(804)
Other non-recurring and non-cash expenses (1)			714						541
Net changes in fair value of derivative liabilities			3,370						2,310
Gain on Preferred Stock redemptions			(179)						(818)
Straight-line rental revenue, net straight-line expense			(356)						(417)
Deferred financing cost amortization			573						708
Above (below) market lease amortization, net			(360)						(740)
Recurring capital expenditures tenant improvement reserves			(347)						(376)
AFFO			$	2,160					$	404
Weighted Average Common Shares			361,988						482
FFO per Common Share			$	(3.47)					$	(1,668.05)
AFFO per Common Share			$	5.97					$	838.17

(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, 2026.

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			15

---

Reconciliation of Non-GAAP Measures (continued)

EBITDA

$ in 000s

						Three Months Ended March 31,
						2026						2025
Net (Loss) Income						$	(1,171)					$	2,373
Add back:
			Depreciation and amortization (1)			4,872						5,491
			Interest expense (2)			7,294						8,093
			Income tax expense			—						26
EBITDA						10,995						15,983
Adjustments for items affecting comparability:
			Net change in FMV of derivative liabilities			3,370						2,310
			Other non-recurring and non-cash expenses (3)			651						—
			Gain on Preferred Stock redemptions			(179)						(818)
			Gain on disposal of properties, net			(2,557)						(5,688)
Adjusted EBITDA						$	12,280					$	11,787

(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, 2026.

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			16

---

Debt Summary

$ in 000s

Property/Description						Monthly Payment						Interest Rate						Maturity						March 31, 2026						December 31, 2025
Variable-rate:
August 2025 Cedar Credit Facility						Interest only						n/a						August 2027						$	—					$	—
April 2025 Cedar Bridge Loan						Interest only						5.0%						February 2028						5,966						5,966
Fixed-rate:
Tuckernuck						$	32,202					5.0%						March 2026						—						4,460
Timpany Plaza						$	79,858					7.3%						September 2028						11,382						11,415
Village of Martinsville						$	89,664					4.3%						July 2029						13,727						13,849
Laburnum Square						$	37,842					4.3%						September 2029						7,465						7,499
Rivergate (1)						$	100,222					4.3%						September 2031						16,481						16,605
Convertible Notes						Interest only						7.0%						December 2031						29,353						29,353
June 2022 Term Loan						Interest only						4.3%						July 2032						69,323						72,030
JANAF						Interest only						5.3%						July 2032						60,000						60,000
October 2022 Cedar Term Loan						Interest only						5.3%						November 2032						100,441						100,441
Patuxent Crossing/Coliseum Marketplace						Interest only						6.4%						January 2033						25,000						25,000
May 2023 Term Loan 1						$	373,981					6.2%						June 2033						60,562						60,744
May 2023 Term Loan 2						Interest only						6.2%						June 2033						53,070						53,070
June 2024 Term Loan						Interest only						6.8%						July 2034						22,409						22,409
Total Principal Balance																								475,179						482,841
Unamortized deferred financing cost																								(14,111)						(14,684)
Total Loans Payable, net																								$	461,068					$	468,157

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

Interest Expense

$ in 000s

			Three Months Ended March 31,																		Three Months Ended Changes
			2026						2025																		Dollar						Percent
Property debt interest - excluding Cedar debt			$	4,137					$	4,324																	$	(187)					(4.3)		%
Convertible Notes interest			514						540																		(26)						(4.8)		%
Loan prepayment premium			63						541																		(478)						(88.4)		%
Amortization of deferred financing costs			573						708																		(135)						(19.1)		%
Variable-rate lines of credit (1)			84						—																		84						n/a
Property debt interest - Cedar			1,923						1,980																		(57)						(2.9)		%
Total Interest Expense			$	7,294					$	8,093																	$	(799)					(9.9)		%

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

WHLR | Financial & Operating Data | as of 3/31/2026 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, 2026			$	1,496					0.3		%
December 31, 2027			2,861						0.6		%
December 31, 2028			22,945						4.8		%
December 31, 2029			25,342						5.3		%
December 31, 2030			6,519						1.4		%
December 31, 2031			49,444						10.4		%
Thereafter			366,572						77.2		%
Total principal repayments and debt maturities			$	475,179					100.0		%

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			18

---

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			$	1,352		$	8.90
Beaver Ruin Village						Lilburn, GA						27			74,038			91.4		%	91.4		%	67,637			1,321			19.53
Beaver Ruin Village II						Lilburn, GA						4			34,925			100.0		%	100.0		%	34,925			507			14.51
Brook Run Shopping Center						Richmond, VA						13			147,738			80.7		%	80.7		%	119,176			898			7.54
Bryan Station						Lexington, KY						9			54,277			94.5		%	94.5		%	51,275			632			12.33
Cardinal Plaza						Henderson, NC						10			50,000			100.0		%	100.0		%	50,000			541			10.81
Chesapeake Square						Onley, VA						13			108,982			90.9		%	90.9		%	99,006			777			7.85
Clover Plaza						Clover, SC						10			45,575			100.0		%	100.0		%	45,575			520			11.40
Conyers Crossing						Conyers, GA						12			170,475			97.1		%	97.1		%	165,600			1,011			6.11
Crockett Square						Morristown, TN						4			107,122			100.0		%	100.0		%	107,122			1,023			9.55
Cypress Shopping Center						Boiling Springs, SC						19			80,435			100.0		%	100.0		%	80,435			825			10.25
Folly Road						Charleston, SC						5			47,794			100.0		%	100.0		%	47,794			781			16.34
Forrest Gallery						Tullahoma, TN						28			214,451			91.2		%	91.2		%	195,642			1,532			7.83
Fort Howard Shopping Center						Rincon, GA						20			113,652			100.0		%	100.0		%	113,652			1,326			11.67
Freeway Junction						Stockbridge, GA						17			156,834			85.4		%	84.4		%	132,391			1,316			9.94
Franklin Village						Kittanning, PA						25			151,821			98.8		%	72.9		%	110,619			1,238			11.19
Franklinton Square						Franklinton, NC						14			65,366			95.3		%	95.3		%	62,300			622			9.98
Georgetown						Georgetown, SC						1			29,572			74.5		%	74.5		%	22,032			215			9.75
Grove Park Shopping Center						Orangeburg, SC						14			93,265			94.8		%	94.8		%	88,375			737			8.34
Harrodsburg Marketplace						Harrodsburg, KY						9			60,048			94.0		%	94.0		%	56,448			501			8.88
JANAF						Norfolk, VA						110			796,624			90.3		%	90.3		%	719,156			10,050			13.97
Laburnum Square						Richmond, VA						20			109,387			97.4		%	97.4		%	106,587			1,057			9.92
Ladson Crossing						Ladson, SC						15			52,607			100.0		%	100.0		%	52,607			541			10.29
LaGrange Marketplace						LaGrange, GA						12			76,594			89.0		%	89.0		%	68,200			465			6.82
Lake Greenwood Crossing						Greenwood, SC						8			43,618			100.0		%	100.0		%	43,618			423			9.70
Litchfield Market Village						Pawleys Island, SC						27			86,717			100.0		%	100.0		%	86,717			1,227			14.15
Lumber River Village						Lumberton, NC						11			66,781			100.0		%	100.0		%	66,781			526			7.88
Nashville Commons						Nashville, NC						12			56,100			100.0		%	100.0		%	56,100			698			12.44
New Market Crossing						Mt. Airy, NC						13			117,076			100.0		%	100.0		%	117,076			1,087			9.28
Parkway Plaza						Brunswick, GA						5			52,365			84.8		%	84.8		%	44,385			485			10.93
Pierpont Centre						Morgantown, WV						15			111,162			98.4		%	98.4		%	109,433			1,185			10.83
Port Crossing						Harrisonburg, VA						8			65,365			100.0		%	100.0		%	65,365			880			13.46
Riverbridge Shopping Center						Carrollton, GA						11			91,188			96.9		%	96.9		%	88,375			782			8.85
Rivergate Shopping Center						Macon, GA						25			193,960			93.6		%	93.6		%	181,502			3,046			16.78
Sangaree Plaza						Summerville, SC						10			66,948			100.0		%	100.0		%	66,948			761			11.37
Shoppes at Myrtle Park						Bluffton, SC						14			56,609			99.3		%	99.3		%	56,189			709			12.62
South Park						Mullins, SC						4			60,734			96.9		%	96.9		%	58,834			413			7.02
South Square						Lancaster, SC						6			44,350			81.0		%	81.0		%	35,900			313			8.71
St. George Plaza						St. George, SC						8			59,174			100.0		%	100.0		%	59,174			434			7.34
Sunshine Plaza						Lehigh Acres, FL						22			111,189			100.0		%	100.0		%	111,189			1,180			10.61
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			1,332			9.41
Tuckernuck						Richmond, VA						18			93,391			100.0		%	100.0		%	93,391			1,140			12.21
Twin City Commons						Batesburg-Leesville, SC						5			47,680			100.0		%	100.0		%	47,680			491			10.31
Village of Martinsville						Martinsville, VA						22			288,254			100.0		%	100.0		%	288,254			2,389			8.29
Waterway Plaza						Little River, SC						10			49,750			100.0		%	100.0		%	49,750			570			11.45
Westland Square						West Columbia, SC						12			62,735			100.0		%	100.0		%	62,735			552			8.79
						WHLR TOTAL						723			5,002,831			95.2		%	94.4		%	4,722,053			$	50,678		$	10.73

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			19

---

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						12			227,598			100.0		%	100.0		%	227,598			$	2,140		$	9.40
Coliseum Marketplace						Hampton, VA						10			106,648			100.0		%	100.0		%	106,648			1,308			12.27
Fairview Commons						New Cumberland, PA						11			50,485			82.6		%	82.6		%	41,705			535			12.82
Gold Star Plaza						Shenandoah, PA						6			71,720			97.8		%	97.8		%	70,120			664			9.46
Golden Triangle						Lancaster, PA						20			202,790			90.8		%	90.0		%	182,440			2,813			15.42
Hamburg Square						Hamburg, PA						7			102,058			100.0		%	100.0		%	102,058			735			7.20
Patuxent Crossing						California, MD						28			264,068			78.9		%	78.9		%	208,209			1,900			9.13
Pine Grove Plaza						Brown Mills, NJ						17			79,306			89.9		%	89.9		%	71,306			883			12.39
Southington Center						Southington, CT						9			155,842			96.2		%	96.2		%	149,903			1,134			7.56
Timpany Plaza						Gardner, MA						18			182,820			82.9		%	82.9		%	151,460			1,645			10.86
Trexler Mall						Trexlertown, PA						25			342,541			99.7		%	99.7		%	341,544			4,023			11.78
Washington Center Shoppes						Sewell, NJ						31			157,300			98.1		%	98.1		%	154,300			2,151			13.94
						CDR TOTAL						194			1,943,176			93.1		%	93.0		%	1,807,291			$	19,931		$	11.03
COMBINED TOTAL												917			6,946,007			94.6		%	94.0		%	6,529,344			$	70,609		$	10.81

Undeveloped Land

Company

Location

Parcel Size (in acres)

Brook Run Properties

WHLR

Richmond, VA

2.00

Courtland Commons

WHLR

Courtland, VA

1.04

South Philadelphia parcel

CDR

Philadelphia, PA

1.35

Property Statistics Summary Consolidated

						Three Months Ended
						March 31, 2026						December 31, 2025						September 30, 2025						June 30, 2025						March 31, 2025
Number of Centers						59						62						66						66						69
Leasable Square Feet						6,946,007						7,018,837						7,436,018						7,436,018						7,517,677
Percentage Leased						94.6%						94.3%						92.4%						92.0%						92.0%
Percentage Occupied						94.0%						93.3%						91.8%						91.6%						91.3%
ABR (in 000's)						$70,609						$70,008						$72,104						$71,606						$71,757
Renewal Rent Spread						10.4%						11.2%						10.6%						12.9%						12.5%
New Rent Spread						37.6%						30.4%						19.7%						14.2%						38.1%
Capital and Tenant Improvements (in 000's)						$1,878						$4,563						$6,335						$4,131						$2,077

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			20

---

Property Summary (continued)

WHLR | Financial & Operating Data | as of 3/31/2026 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						$	4,179					5.9		%				484,000						7.0		%				$	8.63
Kroger Co (1)						Grocery						2,137						3.0		%				239,000						3.4		%				8.94
Dollar Tree						Discount Retailer						1,506						2.1		%				177,000						2.5		%				8.51
TJX Companies (2)						Discount Retailer						1,275						1.8		%				195,000						2.8		%				6.54
Planet Fitness						Gym						1,274						1.8		%				134,000						1.9		%				9.51
Lowes Foods (3)						Grocery						1,236						1.8		%				130,000						1.9		%				9.51
Aldi (4)						Grocery						1,072						1.5		%				106,000						1.5		%				10.11
Kohl's						Discount Retailer						1,049						1.5		%				147,000						2.1		%				7.14
Lehigh Valley Health						Health						819						1.2		%				43,000						0.6		%				19.05
Goodwill						Discount Retailer						806						1.1		%				88,000						1.3		%				9.16
												$	15,353					21.7		%				1,743,000						25.0		%				$	8.81

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

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

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

(4) 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						—						416,663						6.0		%				—		%				$	—					—		%				$	—
MTM						8						10,458						0.2		%				0.2		%				138						0.2		%				13.20
2026						75						206,852						3.0		%				3.2		%				3,063						4.3		%				14.81
2027						159						636,837						9.2		%				9.8		%				7,909						11.2		%				12.42
2028						149						999,649						14.4		%				15.3		%				9,703						13.7		%				9.71
2029						153						908,515						13.1		%				13.9		%				10,381						14.7		%				11.43
2030						131						1,199,189						17.3		%				18.4		%				11,124						15.8		%				9.28
2031						97						882,778						12.7		%				13.5		%				9,634						13.6		%				10.91
2032						37						427,384						6.2		%				6.5		%				4,050						5.7		%				9.48
2033						21						286,817						4.1		%				4.4		%				3,074						4.4		%				10.72
2034						33						341,191						4.9		%				5.2		%				3,676						5.2		%				10.77
2035 & thereafter						54						629,674						8.9		%				9.6		%				7,857						11.2		%				12.48
Total						917						6,946,007						100.0		%				100.0		%				$	70,609					100.0		%				$	10.81

WHLR | Financial & Operating Data | as of 3/31/2026 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			—			50,326			$	—		—		%	$	—					—			—			$	—		—		%	$	—
MTM			—			—			—			—		%	—						—			—			—			—		%	—
2026			2			42,169			682			24.5		%	16.17						—			—			—			—		%	—
2027			1			24,060			306			11.0		%	12.72						5			149,546			1,221			4.4		%	8.16
2028			1			32,000			125			4.5		%	3.91						14			597,272			3,802			13.6		%	6.37
2029			3			71,939			789			28.3		%	10.97						10			356,858			2,821			10.1		%	7.91
2030			—			—			—			—		%	—						17			851,248			5,396			19.3		%	6.34
2031			1			20,858			66			2.4		%	3.16						14			548,525			4,965			17.8		%	9.05
2032			—			—			—			—		%	—						9			289,853			1,993			7.1		%	6.88
2033			1			43,416			819			29.3		%	18.86						5			187,780			1,440			5.2		%	7.67
2034			—			—			—			—		%	—						7			256,453			2,159			7.7		%	8.42
2035 & thereafter			—			—			—			—		%	—						13			470,262			4,110			14.8		%	8.74
Total			9			284,768			$	2,787		100.0		%	$	11.89					94			3,707,797			$	27,907		100.0		%	$	7.53

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			—			366,337			$	—		—		%	$	—					—			—			$	—		—		%	$	—
MTM			6			10,458			136			0.7		%	13.00						2			—			2			—		%	—
2026			57			119,868			1,605			8.3		%	13.39						16			44,815			776			3.8		%	17.32
2027			109			266,147			4,200			21.8		%	15.78						44			197,084			2,182			10.6		%	11.07
2028			86			195,723			3,166			16.4		%	16.18						48			174,654			2,610			12.6		%	14.94
2029			84			232,603			3,474			18.0		%	14.94						56			247,115			3,297			16.0		%	13.34
2030			70			148,400			2,727			14.2		%	18.38						44			199,541			3,001			14.5		%	15.04
2031			38			94,387			1,589			8.3		%	16.83						44			219,008			3,014			14.6		%	13.76
2032			14			37,407			594			3.1		%	15.88						14			100,124			1,463			7.1		%	14.61
2033			9			16,108			281			1.5		%	17.44						6			39,513			534			2.6		%	13.51
2034			15			38,874			690			3.6		%	17.75						11			45,864			827			4.0		%	18.03
2035 & thereafter			12			27,083			794			4.1		%	29.32						29			132,329			2,953			14.2		%	22.32
Total			500			1,553,395			$	19,256		100.0		%	$	16.22					314			1,400,047			$	20,659		100.0		%	$	14.76

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			23

---

Leasing Summary

WHLR Leasing Renewals and New Leases

			Three Months Ended March 31,
			2026						2025
Renewals:
Leases renewed with rate increase (sq feet)			253,721						147,521
Leases renewed with rate decrease (sq feet)			—						—
Leases renewed with no rate change (sq feet)			62,000						51,668
Total leases renewed (sq feet)			315,721						199,189
Leases renewed with rate increase (count)			34						30
Leases renewed with rate decrease (count)			—						—
Leases renewed with no rate change (count)			1						2
Total leases renewed (count)			35						32
Option exercised (count)			14						4
Renewal Rent Spread (per sq foot)			$	0.74					$	1.40
Renewal Rent Spread			9.0		%				14.2		%
New Leases (1):
New leases (sq feet)			48,945						68,502
New leases (count)			8						8
Weighted average rate (per sq foot)			$	13.20					$	12.56
New Rent Spread			67.1		%				38.1		%

(1)    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 3/31/2026 unless otherwise stated			24

---

Leasing Summary (continued)

CDR Leasing Renewals and New Leases

			Three Months Ended March 31,
			2026						2025
Renewals:
Leases renewed with rate increase (sq feet)			6,412						74,390
Leases renewed with rate decrease (sq feet)			—						—
Leases renewed with no rate change (sq feet)			—						—
Total leases renewed (sq feet)			6,412						74,390
Leases renewed with rate increase (count)			3						8
Leases renewed with rate decrease (count)			—						—
Leases renewed with no rate change (count)			—						—
Total leases renewed (count)			3						8
Option exercised (count)			2						5
Renewal Rent Spread (per sq foot)			$	9.02					$	0.88
Renewal Rent Spread			27.3		%				8.3		%
New Leases(1):
New leases (sq feet)			14,435						—
New leases (count)			4						—
Weighted average rate (per sq foot)			$	14.85					$	—
New Rent Spread (2)			(10.2)		%				—		%

(1)    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.

(2)    The negative New Rent Spread consisted of one 10,000 sq foot lease, while the remaining leases had a positive New Rent Spread.

WHLR | Financial & Operating Data | as of 3/31/2026 unless otherwise stated			25