Wheeler REIT (NASDAQ: WHLR) posts Q2 2026 profit, high occupancy and heavy debt load

Rhea-AI Filing Summary

Wheeler Real Estate Investment Trust, Inc. reported second-quarter 2026 results highlighted by positive net income and FFO but lower revenue and AFFO. Total revenue was $22.5 million, down 13.9% or $3.6 million, mainly from asset sales and lower Same-Property revenue. Net income attributable to common shareholders was $7.1 million, compared with a loss in the prior-year quarter, helped by a $7.6 million gain on derivative liabilities and gains on property sales.

The portfolio remained largely grocery-anchored and 93.2% occupied and 93.8% leased, with strong rent spreads on new and renewal leases and 25 properties fully leased. Same-Property NOI declined 6.9%, though Same-Property base rent revenue rose 4.1%. AFFO was $2.4 million versus $4.1 million a year earlier. On the balance sheet, debt totaled $471.7 million, or 79.5% of total assets, while cash and cash equivalents increased to $31.9 million. The company completed three property dispositions in the quarter for about $15.8 million in proceeds, retired the Tuckernuck loan, reduced its June 2022 Term Loan, and continued exchanging and redeeming preferred stock, while cumulative dividends in arrears on Series D preferred stock reached $27.1 million.

Positive

• FFO available to common shareholders improved to $8.7 million from a $(3.5) million loss, indicating a meaningful swing to positive funds from operations despite lower revenue.
• Net income attributable to common shareholders reached $7.1 million, versus a prior-year loss of $5.0 million, supported by gains on property sales and a $7.6 million gain from changes in derivative liabilities.

Negative

• Total revenue declined 13.9% to $22.5 million, driven by property sales and lower Same-Property revenue, while Same-Property NOI fell 6.9% or $1.1 million.
• AFFO fell to $2.4 million from $4.1 million, and leverage remained elevated with debt at $471.7 million (79.5% of total assets) and $27.1 million of cumulative Series D preferred dividends in arrears.

Filing Explained

The August 6 filing records 55,176 common shares issued and 1,708,630 more agreed for preferred-stock exchanges; the latter remains pending.

A Form 8-K reports specified material events. This filing reports post-quarter capital actions: a one-for-five reverse stock split completed on July 27, 2026, 55,176 common shares issued for Series D preferred-stock redemptions, and an agreement to issue 1,708,630 common shares in five preferred-stock exchanges.

A reverse split reduces the share count and raises the per-share price proportionally; the split itself does not change company value. The filing describes the 55,176 shares as issued, while the 1,708,630 shares are agreed issuances rather than shares reported as already issued.

When issued, additional common shares increase the total share count and reduce an existing holder's percentage ownership absent offsetting changes. The five agreed exchanges are therefore the key follow-up: the filing does not state that those 1,708,630 shares have been issued.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total Revenue Q2 2026: $22.5 million Net Income to Common Shareholders Q2 2026: $7.1 million AFFO Q2 2026: $2.4 million +5 more

8 metrics

Total Revenue Q2 2026 $22.5 million Three months ended June 30, 2026; decreased 13.9% or $3.6 million year over year

Net Income to Common Shareholders Q2 2026 $7.1 million Net income attributable to Wheeler REIT common shareholders for the quarter

AFFO Q2 2026 $2.4 million Adjusted funds from operations for the three months ended June 30, 2026

Total Debt $471.7 million Outstanding principal balance as of June 30, 2026

Debt to Total Assets 79.5% Leverage ratio as of June 30, 2026

Portfolio Occupancy 93.2% Combined portfolio occupancy at June 30, 2026

Cash and Cash Equivalents $31.9 million Cash balance as of June 30, 2026

Series D Dividends in Arrears $27.1 million Cumulative dividends in arrears on Series D Preferred Stock as of June 30, 2026

Key Terms

Funds from Operations ("FFO"), Adjusted FFO ("AFFO"), Same-Property Net Operating Income ("Same-Property NOI"), Series D Cumulative Convertible Preferred Stock, +2 more

6 terms

Funds from Operations ("FFO") financial

"We use FFO, a non-GAAP measure, as an alternative measure of our operating performance"

Funds from operations ("FFO") is a measure used mainly for real estate companies that adjusts accounting profit to better show recurring cash-generating performance. Think of it as a landlord’s report of rent-like income: it adds back non-cash charges such as depreciation and removes one-time gains from property sales so investors can see the steady, repeatable earnings that matter for dividend coverage and valuation.

Adjusted FFO ("AFFO") financial

"management uses Adjusted FFO ("AFFO"), a non-GAAP measure, for REITs"

Adjusted FFO (AFFO) is a cash-focused measure used mainly by real estate companies to show the recurring cash they generate after subtracting routine maintenance costs, recurring capital expenses, and one-time or non-cash accounting items from reported earnings. Investors treat it like a household budget showing money left over to pay regular dividends or reinvest in the business, so it gives a clearer sense of the sustainable cash available than standard accounting profit.

Same-Property Net Operating Income ("Same-Property NOI") financial

"Same-Property net operating income ("Same-Property NOI") is a widely-used non-GAAP financial measure"

Series D Cumulative Convertible Preferred Stock financial

"Total cumulative dividends in arrears for WHLR's Series D Preferred Stock were $27.1 million"

Convertible Notes financial

"7.00% Subordinated Convertible Notes due 2031 (the "Convertible Notes")"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

Reverse Stock Split financial

"the one-for-four reverse stock split effected on June 17, 2026 (the "June 2026 Reverse Stock Split")"

A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.

Earnings Snapshot

Total revenue: $22.5 million

three and six months ended June 30, 2026

Total revenue $22.5 million decreased 13.9% or $3.6 million year over year

Net income attributable to common shareholders $7.1 million compared with a loss of $5.0 million in the prior-year quarter

FFO available to common stockholders $8.7 million improved from $(3.5) million in the prior-year quarter

AFFO $2.4 million decreased from $4.1 million in the prior-year quarter

Same-Property NOI $15.0 million decreased 6.9% or $1.1 million year over year

Portfolio occupancy 93.2% increased 160 basis points from 91.6%

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Available on EDGAR 08/06/2026 - 04:26 PM Accepted by SEC EDGAR 08/06/2026 - 04:25 PM Learn about SEC filing dates

FAQ

How did Wheeler REIT (WHLR) perform financially in Q2 2026?

Wheeler REIT reported Q2 2026 revenue of $22.5 million, down 13.9%, but net income attributable to common shareholders of $7.1 million versus a loss a year earlier. The quarter also included a $7.6 million gain from changes in derivative liabilities.

What were WHLR’s FFO and AFFO for Q2 2026?

In Q2 2026, Wheeler REIT generated FFO available to common shareholders of $8.7 million, versus a $(3.5) million loss, and AFFO of $2.4 million, down from $4.1 million in the prior-year quarter, reflecting lower revenue and higher certain expenses.

What is Wheeler REIT’s leverage and debt profile as of June 30, 2026?

As of June 30, 2026, Wheeler REIT had total debt of $471.7 million, representing 79.5% of total assets. The weighted average interest rate on all debt was 5.6% with a weighted average term of 6.1 years.

What were WHLR’s occupancy and leasing metrics in Q2 2026?

The combined portfolio was 93.2% occupied and 93.8% leased at June 30, 2026. During Q2, WHLR achieved a 15.6% renewal rent spread and 31.9% new lease spread, while the Cedar portfolio reached 92.1% occupancy with a 67.7% new lease spread.

How is Wheeler REIT managing its capital structure and preferred stock?

Wheeler REIT continued deleveraging by using about $15.8 million of Q2 asset sale proceeds to retire the Tuckernuck loan and pay down the June 2022 Term Loan. It also exchanged preferred stock for common shares, while Series D preferred dividends in arrears totaled $27.1 million.

What property sales did WHLR complete in 2026 year-to-date?

Year-to-date through June 30, 2026, Wheeler REIT executed asset sales totaling $21.6 million in proceeds, including Georgetown in South Carolina, Tuckernuck in Virginia, and Surrey Plaza in Georgia, generating gains and supporting its debt reduction strategy.

What is WHLR’s liquidity position as of June 30, 2026?

As of June 30, 2026, Wheeler REIT held cash and cash equivalents of $31.9 million and restricted cash of $27.9 million. Restricted cash is largely held in lender reserves for tenant improvements, lease commissions, taxes, insurance, and to secure the April 2025 Cedar Bridge Loan.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

  CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (date of earliest event reported): August 6, 2026

 WHEELER REAL ESTATE INVESTMENT TRUST, INC.

(Exact name of registrant as specified in its charter)  

Maryland

001-35713

45-2681082

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(IRS Employer Identification No.)

2529 Virginia Beach Blvd. Virginia Beach, VA						23452
(Address of principal executive offices)						(Zip code)

Registrant’s telephone number, including area code: (757) 627-9088

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions: 

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value per share

WHLR

Nasdaq Capital Market

Series B Convertible Preferred Stock

WHLRP

Nasdaq Capital Market

Series D Cumulative Convertible Preferred Stock

WHLRD

Nasdaq Capital Market

7.00% Subordinated Convertible Notes due 2031

WHLRL

Nasdaq Capital Market

Item 2.02 Results of Operations and Financial Condition.

On August 6, 2026, Wheeler Real Estate Investment Trust, Inc. (the “Company”) issued a press release announcing that it had reported its financial and operating results for the three and six months ended June 30, 2026. A copy of the Company's press release is hereby furnished as Exhibit 99.1 to this report on Form 8-K.

The information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" with the Securities and Exchange Commission ("SEC") nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended (the "Securities Act"), unless specified otherwise.

Item 7.01 Regulation FD Disclosure.

On June 30, 2026, the Company made publicly available certain supplemental financial information for the three and six months ended June 30, 2026 on its investor relations website, https://ir.whlr.us/.

This supplemental financial information is hereby furnished as Exhibit 99.2 to this Current Report on Form 8-K. The information contained in this Current Report on Form 8-K, including Exhibit 99.2, shall not be deemed "filed" with the SEC nor incorporated by reference in any registration statement filed by the Company under the Securities Act unless specified otherwise. The information found on, or otherwise accessible through, the Company's website is not incorporated into, and does not form a part of, this Current Report on Form 8-K or any other report or document the Company files with or furnishes to the SEC.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are included with this Report:

Exhibit No.

99.1			Press release, dated August 6, 2026.
99.2			Supplemental financial information for the three and six months ended June 30, 2026.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

WHEELER REAL ESTATE INVESTMENT TRUST, INC.
By:						/s/ M. Andrew Franklin
						Name: M. Andrew Franklin
						Title: Chief Executive Officer and President

Dated: August 6, 2026

Exhibit 99.1

WHEELER REAL ESTATE INVESTMENT TRUST, INC.

ANNOUNCES THE RELEASE OF ITS

SECOND QUARTER 2026 FINANCIAL AND OPERATING RESULTS

VIRGINIA BEACH, VA – August 6, 2026 – Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) (the "Company") announced today that it has reported its financial and operating results for the three and six months ended June 30, 2026 with the filing of its Quarterly Report on Form 10-Q (the "Form 10-Q") with the Securities and Exchange Commission. In addition, the Company has posted supplemental information to its website regarding its financial and operating results for the three and six months ended June 30, 2026. Both the Form 10-Q and the supplemental information can be accessed by visiting the Company's investor relations website at https://ir.whlr.us/.

Contact

Investor Relations: (757) 627-9088

ABOUT WHEELER REAL ESTATE INVESTMENT TRUST, INC.

Headquartered in Virginia Beach, Virginia, Wheeler Real Estate Investment Trust, Inc. is a fully integrated, self-managed commercial real estate investment trust (REIT) that owns, leases and operates income-producing retail properties with a primary focus on grocery-anchored centers. For more information on the Company, please visit www.whlr.us.

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, 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; geopolitical conditions, such as war and tariffs, that may impact macroeconomic conditions generally; changes to accounting rules, tax rates and similar matters; the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration; the Company’s ability to re-lease its properties on the same or better terms in the event of non-renewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; litigation risks generally; the risk that shareholder litigation in connection with the Cedar Acquisition (as defined below) may result in significant indemnification costs; tax

WHLR | Financial & Operating Data 2

audits and other regulatory inquiries; 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 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"), the one-for-three reverse stock split effected on April 17, 2026 (the "April 2026 Reverse Stock Split"), the one-for-four reverse stock split effected on June 17, 2026 (the "June 2026 Reverse Stock Split"), and the one-for-five reverse stock split effected on July 27, 2026 (the "July 2026 Reverse Stock Split"; and together with the January 2026 Reverse Stock Split, the April 2026 Reverse Stock Split, the June 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 June 30, 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 June 30, 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						Brian Rohman
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 June 30, 2026 (consolidated amounts unless otherwise noted)

Financial Results
Net income attributable to Wheeler REIT common stockholders (in 000s)			$	7,147
Basic earnings per share			$	102.49
Diluted earnings per share			$	0.24
FFO available to common stockholders (in 000s)			$	8,735
FFO per common share			$	125.27
AFFO (in 000s)			$	2,439
AFFO per common share			$	34.98
Assets and Leverage
Real Estate, net of $126.2 million accumulated depreciation (in 000s)			$	466,814
Cash and Cash Equivalents (in 000s)			$	31,873
Total Assets (in 000s)			$	593,376
Total Debt (in 000s)			$	471,697
Debt to Total Assets			79.5		%
Debt to Gross Asset Value			66.1		%

Ticker			Shares Outstanding at June 30, 2026						Second Quarter stock price range						Stock Price at June 30, 2026
WHLR			167,781						$6.15-$57.22						$	6.25
WHLRP			2,575,368						$5.16-$12.08						$	10.00
WHLRD			1,737,197						$34.98-$39.00						$	35.99
CDRpB			842,287						$18.27-$22.49						$	18.90
CDRpC			1,808,172						$16.60-$21.94						$	17.60
Common Stock market capitalization (in 000s)															$	1,049

Portfolio Summary
GLA in sq. ft.			4,837,188						1,943,176
Occupancy Rate			93.6		%				92.1		%
Leased Rate			94.4		%				92.1		%
Annualized Base Rent (in 000s)			$	48,612					$	19,825
Total number of leases signed or renewed			28						3
Total sq. ft. leases signed or renewed			75,031						7,060

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 7

Financial and Operating Results

Today, WHLR reported its financial and operating results for the three and six months ended June 30, 2026. For the three months ended June 30, 2026 and 2025, WHLR's net income (loss) attributable to WHLR's common stockholders resulted in basic earnings (loss) per share of $102.49 and $(17,105.08), respectively. For the six months ended June 30, 2026 and 2025, WHLR's net income (loss) attributable to WHLR's common stockholders resulted in basic earnings (loss) per share of $42.69 and $(74,830.19), respectively.

"Our second quarter results reflect continued discipline in leasing execution alongside further progress on our capital recycling strategy. WHLR delivered a 15.6% renewal rent spread across 59,456 square feet and a 31.9% spread on new leases, while Cedar achieved a 12.9% renewal spread and a 67.7% new lease spread, driving combined portfolio occupancy to 93.2%, a 160 basis point improvement over the prior year period, and combined leased rate to 93.8%. While Same-Property NOI declined 6.9% on lower property expense reimbursement revenue, Same-Property base rent revenue increased 4.1%.

On the balance sheet, we continued to strengthen our capital structure and reduce leverage. We completed the sale of three assets for combined proceeds of approximately $15.8 million, applying the proceeds toward the full retirement of the Tuckernuck loan and further paydown of the June 2022 Term Loan, while continuing to retire Cedar Preferred Stock through additional exchange transactions. These actions reduced total debt to $471.7 million from $482.8 million at year-end 2025, lowering our cost of capital and future dividend obligations. We remain focused on disciplined capital recycling and deleveraging to strengthen the balance sheet and drive long-term value for our stakeholders.”

–M. Andrew Franklin, Chief Executive Officer and President

2026 SECOND QUARTER HIGHLIGHTS

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

LEASING

•The Company's real estate portfolio:

•was 93.2% occupied, a 160 basis point increase from 91.6%;

•was 93.8% leased, a 180 basis point increase from 92.0%; and

•includes 25 properties that are 100% leased.

•WHLR Quarter-To-Date Leasing Activity

•Executed 20 lease renewals, totaling 59,456 square feet at a weighted average increase of $2.37 per square foot, representing an increase of 15.6% over in-place rental rates.

•Signed 8 new leases, totaling 15,575 square feet with a weighted average rental rate of $22.65 per square foot, representing a new rent spread of 31.9%.

•The WHLR portfolio, excluding Cedar, was:

◦93.6% occupied, a 40 basis point decrease from 94.0%; and

◦94.4% leased, a 20 basis point increase from 94.2%.

•CDR Quarter-To-Date Leasing Activity

•Executed 2 lease renewals, totaling 5,460 square feet at a weighted average increase of $2.66 per square foot, representing an increase of 12.9% over in-place rental rates.

•Signed 1 new lease, totaling 1,600 square feet with a weighted average rental rate of $15.50 per square foot, representing a new rent spread of 67.7%.

•The Cedar portfolio was:

◦92.1% occupied, a 590 basis point increase from 86.2%; and

◦92.1% leased, a 510 basis point increase from 87.0%.

•The Company’s GLA, which is subject to leases that expire over the next six months and includes month-to-month leases, decreased to approximately 1.9%, compared to 2.0%. At June 30, 2026, 24.4% 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 & LEASING

•Same-Property NOI decreased by 6.9% or $1.1 million. Same-Property NOI was impacted by:

•$1.1 million decrease in property revenue.

WHLR | Financial & Operating Data | as of 6/30/2026 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						93.8		%	93.1		%				93.2		%	92.7		%
WHLR(1)						94.4		%	94.0		%				93.6		%	93.8		%
CDR						92.1		%	90.7		%				92.1		%	90.1		%

(1) Excludes the Cedar real estate portfolio.

OPERATIONS

•Total revenue of $22.5 million decreased by 13.9% or $3.6 million, primarily a result of:

•$1.5 million decrease in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to properties that were sold;

•$1.1 million decrease in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to Same-Properties; and

•$1.0 million decrease in market lease amortization and straight line rent.

•Total operating expenses of $16.9 million increased by 3.2% or $0.5 million, primarily a result of:

•$1.6 million increase in impairment recorded for Rivergate Shopping Center, located in Macon, Georgia; and

•$0.5 million increase in professional fees; partially offset by

•$0.9 million decrease in operating expenses attributable to properties that were sold; and

•$0.7 million decrease in depreciation and amortization.

FINANCIAL

•FFO was $8.7 million as compared to $(3.5) million.

•AFFO was $2.4 million as compared to $4.1 million.

CAPITAL MARKETS

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

•The Company issued 109,923 shares of its Common Stock to unaffiliated holders in exchange for 29,394 shares of the Company's Series D Preferred Stock and 84,548 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 $0.6 million for the three months ended June 30, 2026, 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 attributable to common shareholders.

•The Company recognized a non-operating gain of $7.6 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 two subscription agreements with certain investors pursuant to which the Company issued an aggregate 94,666 shares of its Series D Preferred Stock in consideration for an aggregate 14,950 shares of Cedar Series B and 127,050 shares of Cedar Series C Preferred Stock held by such investors. Immediately following the closing of each transaction, the Company contributed the acquired Cedar Preferred Stock to Cedar and those shares were retired. The fair value of the Cedar Preferred Stock received and retired is compared to its carrying value, and as a result the Company recognized $1.4 million in deemed distributions included as a component of net income attributable to common shareholders.

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 9

						June 30, 2026									March 31, 2026									December 31, 2025									September 30, 2025									June 30, 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						167,781									26,766									10,530									2,630									607
WHLRP						2,575,368			$64.4						2,659,916			$66.5						2,714,618			$67.9						2,887,818			$72.2						3,096,018			$77.4
WHLRD						1,737,197			$70.5						1,648,952			$67.5						1,507,205			$63.2						1,576,557			$66.0						1,776,179			$72.7
CDRpB						842,287			$21.1						857,237			$21.4						857,237			$21.4						857,237			$21.4						857,237			$21.4
CDRpC						1,808,172			$45.2						1,935,222			$48.4						2,229,222			$55.7						2,287,466			$57.2						2,907,535			$72.7

(1) Liquidation value in millions.

DISPOSITIONS

•On May 27, 2026, the company sold Georgetown, located in Georgetown, South Carolina, for $2.1 million, generating a loss of $0.4 million and net proceeds of $2.0 million.

•On May 5, 2026, the company sold Tuckernuck, located in Richmond, Virginia, for $12.0 million, generating a gain of $4.7 million and net proceeds of $11.5 million.

•On April 2, 2026, the company sold Surrey Plaza, located in Hawkinsville, Georgia, for $2.5 million, generating a gain of $0.6 million and net proceeds of $2.4 million.

OTHER

•The Company recognized non-operating expenses of $0.7 million, which primarily consisted of:

•$0.4 million related to the Aquino Settlement and is recorded as a liability on the condensed consolidated balance sheet as of June 30, 2026, for more information, see Note 8 in our Quarterly Report on Form 10-Q for the period ended June 30, 2026; and

•$0.3 million in other capital structure costs including the registration of our Common Stock to issue in settlement of Series D Preferred Stock redemptions and Reverse Stock Splits.

2026 YEAR-TO-DATE HIGHLIGHTS

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

LEASING

•WHLR Year-To-Date Leasing Activity

•Executed 55 lease renewals totaling 375,177 square feet at a weighted average increase of $1.00 per square foot, representing an increase of 10.7% over in-place rental rates.

•Signed 16 new leases totaling 64,520 square feet with a weighted average rental rate of $15.48 per square foot, representing a new rent spread of 52.7%.

•CDR Year-To-Date Leasing Activity

•Executed 5 lease renewals totaling 11,872 square feet at a weighted average increase of $6.09 per square foot, representing an increase of 22.3% over in-place rental rates.

•Signed 5 new leases totaling 16,035 square feet with a weighted average rental rate of $14.92 per square foot, representing a new rent spread of (5.6)%.

SAME-PROPERTY NET OPERATING INCOME

•Same-Property NOI decreased by 0.3% or $0.1 million. Same-Property NOI was impacted by:

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

•$0.4 million increase in property revenue.

OPERATIONS

•Total revenue of $46.5 million decreased by 7.9% or $4.0 million, primarily a result of:

•$3.0 million decrease in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to properties that were sold; and

•$1.4 million decrease in market lease amortization and straight line rent; partially offset by

•$0.4 million increase in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to Same-Properties.

•Total operating expenses of $33.2 million decreased by 2.9% or $1.0 million, primarily a result of:

•$1.9 million decrease in operating expenses attributable to properties that were sold; and

•$1.7 million decrease in depreciation and amortization; partially offset by

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 10

•$1.6 million increase in impairment recorded for Rivergate Shopping Center, located in Macon, Georgia;

•$0.3 million increase in professional fees;

•$0.2 million increase in insurance;

•$0.2 million increase in real estate taxes;

•$0.1 million increase in repairs and maintenance; and

•$0.1 million increase in salaries.

FINANCIAL

•FFO was $7.5 million as compared to $(4.3) million.

•AFFO was $5.1 million as compared to $5.0 million.

CAPITAL MARKETS

•The Company effected a one-for-three, a one-for-three and a one-for-four reverse stock split on January 16, 2026, April 17, 2026 and June 17, 2026, respectively.

•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 2,867 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 119,215 shares of its Common Stock to unaffiliated holders in exchange for 56,745 shares of the Company's Series D Preferred Stock and 139,250 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 $1.1 million for the six months ended June 30, 2026, 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 attributable to common shareholders.

•The Company recognized a non-operating gain of $4.2 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 six subscription agreements with certain investors pursuant to which the Company issued an aggregate 281,666 shares of its Series D Preferred Stock in consideration for an aggregate 14,950 shares of Cedar Series B Preferred Stock and 421,050 shares of Cedar Series C Preferred Stock held by such investors. Immediately following the closing of each transaction, the Company contributed the acquired Cedar Preferred Stock to Cedar and those shares were retired. The fair value of the Cedar Preferred Stock received and retired is compared to its carrying value, and as a result the Company recognized $4.1 million in deemed distributions included as a component of net income attributable to common shareholders.

DISPOSITIONS

•The Company executed a series of strategic asset sales, totaling $21.6 million in proceeds, including transactions across South Carolina, Georgia, and Virginia. These sales generated meaningful gains which supported ongoing deleveraging efforts.

OTHER

•The Company recognized non-operating expenses of $1.7 million, which primarily consisted of:

•$0.7 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 Restated Warrants, the registration of our Common Stock to issue in settlement of Series D Preferred Stock redemptions and expenses incurred in connection with the Reverse Stock Splits;

•$0.4 million related to the Aquino Settlement, for more information, see Note 8 in our Quarterly Report on Form 10-Q for the period ended June 30, 2026;

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

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

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 11

BALANCE SHEET

•Cash and cash equivalents totaled $31.9 million, compared to $23.7 million at December 31, 2025.

•Restricted cash totaled $27.9 million, compared to $25.0 million at December 31, 2025. The funds at June 30, 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 $471.7 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 6.2 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 6.1 years, compared to 5.6% with a term of 6.5 years at December 31, 2025. See page 19 for further details on interest expense.

•Real estate, net of assets held for sale totaled $466.8 million compared to $484.7 million as of December 31, 2025.

•The Company invested $4.3 million in tenant improvements and capital expenditures into its properties.

DIVIDENDS

•Total cumulative dividends in arrears for WHLR's Series D Preferred Stock were $27.1 million or $15.60 per share as of June 30, 2026.

•During the six months ended June 30, 2026, Cedar paid dividends of $2.4 million.

•On July 30, 2026, the Cedar announced that the 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 August 20, 2026 to shareholders of record of the Cedar Series B Preferred Stock and Cedar Series C Preferred Stock, as applicable, on August 10, 2026.

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 427 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 and six months ended June 30, 2026, Cedar paid the Company $0.5 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 $11.5 million and $11.3 million as of June 30, 2026 and December 31, 2025, respectively, and have been eliminated for consolidation purposes.

•As of June 30, 2026, the net asset value of the Company’s investment in Stilwell Activist Investments, L.P., a Delaware limited partnership ("SAI"), was $30.0 million, which includes $25.5 million of subscriptions. On May 28, 2026, the Company subscribed for an additional investment in the amount of $5.0 million for limited partnership interests in SAI. For the six months ended June 30, 2026, the Company recorded unrealized holding gains of $0.6 million through other comprehensive income, net of $0.3 million investment fees. For more information, see Note 4 in our Quarterly Report on Form 10-Q for the period ended June 30, 2026.

SUBSEQUENT EVENTS

•The Company had received requests to redeem 8,200 shares of Series D Preferred Stock subsequent to June 30, 2026. Accordingly, the Company issued 55,176 shares of Common Stock in settlement of an aggregate redemption price of approximately $0.3 million.

•The Company agreed to issue an aggregate amount of 1,708,630 shares of Common Stock to five unaffiliated holders of the Company’s securities in separate exchanges for an aggregate amount of 21,681 shares of the Series D Preferred Stock and 247,535 shares of the Series B Preferred Stock.

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 12

•The Company effected a one-for-five reverse stock split on July 27, 2026.

•On August 3, 2026, the Company paid $0.4 million for the Aquino Settlement.

ADDITIONAL INFORMATION

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

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 13

Consolidated Balance Sheets

$ in 000s, except par value and share data

			June 30, 2026						December 31, 2025
			(unaudited)
ASSETS:
Real estate:
Land and land improvements			$	119,880					$	123,444
Buildings and improvements			473,150						484,068
			593,030						607,512
Less accumulated depreciation			(126,216)						(122,837)
Real estate, net			466,814						484,675
Cash and cash equivalents			31,873						23,656
Restricted cash			27,914						24,973
Receivables, net			14,255						15,759
Investment securities - related party			29,958						24,406
Assets held for sale			—						4,549
Above market lease intangibles, net			589						706
Operating lease right-of-use assets			7,461						7,546
Deferred costs and other assets, net			14,512						15,464
Total Assets			$	593,376					$	601,734
LIABILITIES:
Loans payable, net			$	458,109					$	468,157
Liabilities associated with assets held for sale			—						1,383
Below market lease intangibles, net			6,534						7,370
Derivative liabilities			3,047						7,243
Operating lease liabilities			8,132						8,221
Series D Preferred Stock redemptions			335						30
Accounts payable, accrued expenses and other liabilities			14,342						14,639
Total Liabilities			490,499						507,043
Commitments and contingencies
Series D Cumulative Convertible Preferred Stock			70,199						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; 2,575,368 and 2,714,618 shares, respectively, issued and outstanding; $64.4 million and $67.9 million aggregate liquidation preference, respectively)			34,476						36,296
Common Stock ($0.01 par value, 200,000,000 shares authorized, 167,781 and 10,530 shares, respectively, issued and outstanding)			2						—
Additional paid-in capital			316,831						311,983
Accumulated deficit			(348,998)						(350,879)
Accumulated other comprehensive income			2,933						2,381
Total Shareholders’ Equity			5,697						234
Noncontrolling interests			26,981						31,253
Total Equity			32,678						31,487
Total Liabilities and Equity			$	593,376					$	601,734

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 14

Consolidated Statements of Operations

$ in 000s, except share and per share data

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
REVENUE:
Rental revenues			$	22,024					$	25,656					$	45,902					$	49,837
Other revenues			452						445						581						618
Total Revenue			22,476						26,101						46,483						50,455
OPERATING EXPENSES:
Property operations			6,851						7,741						15,260						16,678
Depreciation and amortization			5,089						5,778						10,321						12,009
Impairment charges			1,590						—						1,590						—
Corporate general & administrative			3,323						2,817						6,059						5,549
Total Operating Expenses			16,853						16,336						33,230						34,236
Gain on disposal of properties, net			4,885						5,189						7,442						10,877
Operating Income			10,508						14,954						20,695						27,096
Interest income			207						202						360						444
Interest expense			(7,960)						(8,692)						(15,254)						(16,785)
Net changes in fair value of derivative liabilities			7,566						(6,427)						4,196						(8,737)
Loss on conversion of Convertible Notes			—						(902)						—						(902)
Gain on preferred stock redemptions			111						228						290						1,046
Other expense			(684)						(363)						(1,710)						(763)
Net Income (Loss) Before Income Taxes			9,748						(1,000)						8,577						1,399
Income tax expense			(2)						—						(2)						(26)
Net Income (Loss)			9,746						(1,000)						8,575						1,373
Less: Net income attributable to noncontrolling interests			1,107						1,447						2,333						3,311
Net Income (Loss) Attributable to Wheeler REIT			8,639						(2,447)						6,242						(1,938)
Preferred Stock dividends - undeclared			(1,719)						(1,632)						(3,274)						(3,510)
Deemed contribution related to issuance of Series D Preferred Stock			1,033						553						1,860						553
Deemed contribution related to preferred stock exchanges			642						2,491						1,137						5,518
Deemed distribution related to noncontrolling interests			(1,448)						(4,011)						(4,084)						(12,521)
Net Income (Loss) Attributable to Wheeler REIT Common Shareholders			$	7,147					$	(5,046)					$	1,881					$	(11,898)
Earnings (loss) per share:
Basic			$	102.49					$	(17,105.08)					$	42.69					$	(74,830.19)
Diluted			$	0.24					$	(17,105.08)					$	(0.11)					$	(74,830.19)
Weighted-average number of shares:
Basic			69,731						295						44,058						159
Diluted			4,980,601						295						2,162,605						159

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 15

Reconciliation of Non-GAAP Measures

Same-Property Net Operating Income

$ in 000s

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Operating Income			$	10,508					$	14,954					$	20,695					$	27,096
Add (deduct):
Gain on disposal of properties, net			(4,885)						(5,189)						(7,442)						(10,877)
Corporate general & administrative			3,323						2,817						6,059						5,549
Impairment charges			1,590						—						1,590						—
Depreciation and amortization			5,089						5,778						10,321						12,009
Straight-line rents			(116)						(748)						(450)						(1,147)
Above (below) market lease amortization, net			(360)						(685)						(720)						(1,425)
Other non-property revenue			(21)						(55)						(23)						(58)
NOI related to properties not defined as Same-Property			(174)						(818)						(431)						(1,471)
Same-Property Net Operating Income			$	14,954					$	16,054					$	29,599					$	29,676
Property revenues			$	21,707					$	22,791					$	44,500					$	44,063
Property expenses			6,753						6,737						14,901						14,387
Same-Property Net Operating Income			$	14,954					$	16,054					$	29,599					$	29,676

WHLR | Financial & Operating Data | as of 6/30/2026 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 June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Net Income (Loss)			$	9,746					$	(1,000)					$	8,575					$	1,373
Depreciation and amortization of real estate assets			5,089						5,778						10,321						12,009
Impairment charges			1,590						—						1,590						—
Gain on disposal of properties, net			(4,885)						(5,189)						(7,442)						(10,877)
FFO			11,540						(411)						13,044						2,505
Preferred stock dividends - undeclared			(1,719)						(1,632)						(3,274)						(3,510)
Dividends on noncontrolling interests preferred stock			(1,107)						(1,447)						(2,333)						(3,311)
Preferred stock accretion adjustments			21						22						43						44
FFO available to common stockholders			8,735						(3,468)						7,480						(4,272)
Other non-recurring and non-cash expenses (1)			415						27						1,129						568
Net changes in fair value of derivative liabilities			(7,566)						6,427						(4,196)						8,737
Loss on conversion of Convertible Notes			—						902						—						902
Gain on Preferred Stock redemptions			(111)						(228)						(290)						(1,046)
Straight-line rental revenue, net straight-line expense			(138)						(767)						(494)						(1,184)
Deferred financing cost amortization			523						769						1,096						1,477
Paid-in-kind interest			1,272						1,466						1,786						2,006
Above (below) market lease amortization, net			(360)						(685)						(720)						(1,425)
Recurring capital expenditures tenant improvement reserves			(331)						(368)						(678)						(744)
AFFO			$	2,439					$	4,075					$	5,113					$	5,019
Weighted Average Common Shares			69,731						295						44,058						159
FFO per Common Share			$	125.27					$	(11,755.93)					$	169.78					$	(26,867.92)
AFFO per Common Share			$	34.98					$	13,813.56					$	116.05					$	31,566.04

(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 and six months ended June 30, 2026.

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 17

Reconciliation of Non-GAAP Measures (continued)

EBITDA

$ in 000s

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Net Income (Loss)						$	9,746					$	(1,000)					$	8,575					$	1,373
Add back:
			Depreciation and amortization (1)			4,729						5,093						9,601						10,584
			Interest expense (2)			7,960						8,692						15,254						16,785
			Income tax expense			2						—						2						26
EBITDA						22,437						12,785						33,432						28,768
Adjustments for items affecting comparability:
			Net change in FMV of derivative liabilities			(7,566)						6,427						(4,196)						8,737
			Other non-recurring and non-cash expenses (3)			357						—						1,007						—
			Impairment charges			1,590						—						1,590						—
			Loss on conversion of Convertible Notes			—						902						—						902
			Gain on Preferred Stock redemptions			(111)						(228)						(290)						(1,046)
			Gain on disposal of properties, net			(4,885)						(5,189)						(7,442)						(10,877)
Adjusted EBITDA						$	11,822					$	14,697					$	24,101					$	26,484

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

(2) Includes loan cost amortization.

(3) Other non-recurring expenses are described in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Quarterly Report on Form 10-Q for the period ended June 30, 2026.

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 18

Debt Summary

$ in 000s

Property/Description						Monthly Payment						Interest Rate						Maturity						June 30, 2026						December 31, 2025
Variable-rate:
August 2025 Cedar Credit Facility						Interest only						n/a						August 2027						$	—					$	—
April 2025 Cedar Bridge Loan						Interest only						4.9%						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						11,354						11,415
Village of Martinsville						$	89,664					4.3%						July 2029						13,608						13,849
Laburnum Square						$	37,842					4.3%						September 2029						7,433						7,499
Rivergate (1)						$	100,222					4.3%						September 2031						16,356						16,605
Convertible Notes						Interest only						7.0%						December 2031						29,353						29,353
June 2022 Term Loan (2)						Interest only						4.3%						July 2032						66,331						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						60,376						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																								471,697						482,841
Unamortized deferred financing cost																								(13,588)						(14,684)
Total Loans Payable, net																								$	458,109					$	468,157

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

(2) Commencing on August 10, 2027, until the maturity date of July 10, 2032, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount at that time.

Interest Expense

$ in 000s

			Three Months Ended June 30,												Six Months Ended June 30,												Three Months Ended Changes												Six Months Ended Changes
			2026						2025						2026						2025						Dollar						Percent						Dollar						Percent
Property debt interest - excluding Cedar debt			$	4,097					$	4,343					$	8,234					$	8,667					$	(246)					(5.7)		%				$	(433)					(5.0)		%
Convertible Notes interest (1)			1,272						1,466						1,786						2,006						(194)						(13.2)		%				(220)						(11.0)		%
Loan prepayment premium			60						32						123						573						28						87.5		%				(450)						(78.5)		%
Amortization of deferred financing costs			523						769						1,096						1,477						(246)						(32.0)		%				(381)						(25.8)		%
Variable-rate lines of credit (2)			65						136						149						136						(71)						(52.2)		%				13						9.6		%
Property debt interest - Cedar			1,943						1,946						3,866						3,926						(3)						(0.2)		%				(60)						(1.5)		%
Total Interest Expense			$	7,960					$	8,692					$	15,254					$	16,785					$	(732)					(8.4)		%				$	(1,531)					(9.1)		%

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

(2) Includes the April 2025 Cedar Bridge Loan.

WHLR | Financial & Operating Data | as of 6/30/2026 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 six months ending December 31, 2026			$	1,005					0.2		%
December 31, 2027			2,915						0.6		%
December 31, 2028			23,080						4.9		%
December 31, 2029			25,482						5.4		%
December 31, 2030			6,665						1.4		%
December 31, 2031			49,596						10.5		%
Thereafter			362,954						77.0		%
Total principal repayments and debt maturities			$	471,697					100.0		%

WHLR | Financial & Operating Data | as of 6/30/2026 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			$	1,358		$	8.94
Beaver Ruin Village						Lilburn, GA						26			74,038			86.6		%	86.6		%	64,137			1,273			19.84
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			901			7.56
Bryan Station						Lexington, KY						9			54,277			94.5		%	94.5		%	51,275			632			12.33
Cardinal Plaza						Henderson, NC						9			50,000			97.0		%	97.0		%	48,500			520			10.72
Chesapeake Square						Onley, VA						12			108,982			84.6		%	84.6		%	92,174			718			7.79
Clover Plaza						Clover, SC						10			45,575			100.0		%	100.0		%	45,575			521			11.44
Conyers Crossing						Conyers, GA						13			170,475			99.4		%	99.4		%	169,425			1,104			6.51
Crockett Square						Morristown, TN						4			107,122			100.0		%	100.0		%	107,122			1,023			9.55
Cypress Shopping Center						Boiling Springs, SC						18			80,435			98.3		%	98.3		%	79,035			800			10.13
Folly Road						Charleston, SC						5			47,794			100.0		%	100.0		%	47,794			781			16.34
Forrest Gallery						Tullahoma, TN						27			214,451			90.7		%	90.7		%	194,442			1,517			7.80
Fort Howard Shopping Center						Rincon, GA						20			113,652			100.0		%	100.0		%	113,652			1,326			11.67
Freeway Junction						Stockbridge, GA						16			156,834			86.5		%	86.5		%	135,632			1,367			10.08
Franklin Village						Kittanning, PA						26			151,821			98.6		%	74.0		%	112,319			1,264			11.25
Franklinton Square						Franklinton, NC						14			65,366			95.3		%	95.3		%	62,300			624			10.01
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			8.87
JANAF						Norfolk, VA						110			796,624			90.3		%	90.3		%	718,978			10,092			14.04
Laburnum Square						Richmond, VA						20			109,387			97.4		%	97.4		%	106,587			1,067			10.01
Ladson Crossing						Ladson, SC						15			52,607			100.0		%	100.0		%	52,607			537			10.20
LaGrange Marketplace						LaGrange, GA						11			76,594			87.1		%	87.1		%	66,700			444			6.66
Lake Greenwood Crossing						Greenwood, SC						8			43,618			100.0		%	100.0		%	43,618			427			9.79
Litchfield Market Village						Pawleys Island, SC						27			86,717			100.0		%	100.0		%	86,717			1,229			14.17
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			12.45
New Market Crossing						Mt. Airy, NC						13			117,076			100.0		%	100.0		%	117,076			1,104			9.43
Parkway Plaza						Brunswick, GA						5			52,365			84.8		%	84.8		%	44,385			486			10.95
Pierpont Centre						Morgantown, WV						14			111,162			97.0		%	97.0		%	107,835			1,164			10.80
Port Crossing						Harrisonburg, VA						8			65,365			100.0		%	100.0		%	65,365			881			13.48
Riverbridge Shopping Center						Carrollton, GA						11			91,188			96.9		%	96.9		%	88,375			786			8.90
Rivergate Shopping Center						Macon, GA						22			193,960			80.2		%	80.2		%	155,533			2,527			16.25
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			710			12.63
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			326			9.07
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			1,181			10.62
Tampa Festival						Tampa, FL						22			141,580			100.0		%	100.0		%	141,580			1,339			9.46
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			2,390			8.29
Waterway Plaza						Little River, SC						10			49,750			100.0		%	100.0		%	49,750			573			11.52
Westland Square						West Columbia, SC						12			62,735			100.0		%	100.0		%	62,735			552			8.79
						WHLR TOTAL						691			4,837,188			94.4		%	93.6		%	4,529,039			$	48,612		$	10.73

WHLR | Financial & Operating Data | as of 6/30/2026 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						12			227,598			100.0		%	100.0		%	227,598			$	2,141		$	9.41
Coliseum Marketplace						Hampton, VA						10			106,648			100.0		%	100.0		%	106,648			1,309			12.28
Fairview Commons						New Cumberland, PA						12			50,485			82.6		%	82.6		%	41,705			545			13.06
Gold Star Plaza						Shenandoah, PA						7			71,720			100.0		%	100.0		%	71,720			693			9.66
Golden Triangle						Lancaster, PA						21			202,790			90.8		%	90.8		%	184,125			2,862			15.55
Hamburg Square						Hamburg, PA						7			102,058			100.0		%	100.0		%	102,058			736			7.21
Patuxent Crossing						California, MD						28			264,068			78.9		%	78.9		%	208,209			1,908			9.16
Pine Grove Plaza						Brown Mills, NJ						17			79,306			89.9		%	89.9		%	71,306			885			12.41
Southington Center						Southington, CT						7			155,842			83.4		%	83.4		%	129,903			885			6.81
Timpany Plaza						Gardner, MA						18			182,820			82.9		%	82.9		%	151,460			1,647			10.88
Trexler Mall						Trexlertown, PA						25			342,541			99.7		%	99.7		%	341,544			4,022			11.78
Washington Center Shoppes						Sewell, NJ						31			157,300			98.1		%	98.1		%	154,300			2,192			14.21
						CDR TOTAL						195			1,943,176			92.1		%	92.1		%	1,790,576			$	19,825		$	11.07
COMBINED TOTAL												886			6,780,364			93.8		%	93.2		%	6,319,615			$	68,437		$	10.83

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
						June 30, 2026						March 31, 2026						December 31, 2025						September 30, 2025						June 30, 2025
Number of Centers						56						59						62						66						66
Leasable Square Feet						6,780,364						6,946,007						7,018,837						7,436,018						7,436,018
Percentage Leased						93.8%						94.6%						94.3%						92.4%						92.0%
Percentage Occupied						93.2%						94.0%						93.3%						91.8%						91.6%
ABR (in 000's)						$68,437						$70,609						$70,008						$72,104						$71,606
Renewal Rent Spread						15.3%						10.4%						11.2%						10.6%						12.9%
New Rent Spread						33.8%						37.6%						30.4%						19.7%						14.2%
Capital and Tenant Improvements (in 000's)						$2,392						$1,878						$4,563						$6,335						$4,131

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 22

Property Summary (continued)

WHLR | Financial & Operating Data | as of 6/30/2026 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						$	3,992					5.8		%				455,000						6.7		%				$	8.77
Kroger Co (1)						Grocery						2,137						3.1		%				239,000						3.5		%				8.94
Dollar Tree						Discount Retailer						1,379						2.0		%				166,000						2.4		%				8.31
TJX Companies (2)						Discount Retailer						1,275						1.9		%				195,000						2.9		%				6.54
Planet Fitness						Gym						1,274						1.9		%				134,000						2.0		%				9.51
Lowes Foods (3)						Grocery						1,236						1.8		%				130,000						1.9		%				9.51
Aldi (4)						Grocery						1,072						1.6		%				106,000						1.6		%				10.11
Kohl's						Discount Retailer						1,049						1.5		%				147,000						2.2		%				7.14
Lehigh Valley Health						Health						819						1.2		%				43,000						0.6		%				19.05
Goodwill						Discount Retailer						806						1.2		%				88,000						1.3		%				9.16
												$	15,039					22.0		%				1,703,000						25.1		%				$	8.83

(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						—						460,749						6.8		%				—		%				$	—					—		%				$	—
MTM						7						13,392						0.2		%				0.2		%				139						0.2		%				10.38
2026						53						115,495						1.7		%				1.8		%				1,701						2.5		%				14.73
2027						151						571,090						8.4		%				9.0		%				7,101						10.4		%				12.43
2028						145						964,757						14.2		%				15.3		%				9,429						13.8		%				9.77
2029						156						902,514						13.3		%				14.3		%				10,427						15.2		%				11.55
2030						125						1,158,233						17.1		%				18.3		%				10,755						15.7		%				9.29
2031						100						889,257						13.1		%				14.1		%				9,804						14.3		%				11.02
2032						39						440,979						6.5		%				7.0		%				4,303						6.3		%				9.76
2033						22						293,791						4.3		%				4.6		%				3,137						4.6		%				10.68
2034						32						330,623						4.9		%				5.2		%				3,549						5.2		%				10.73
2035 & thereafter						56						639,484						9.5		%				10.2		%				8,092						11.8		%				12.65
Total						886						6,780,364						100.0		%				100.0		%				$	68,437					100.0		%				$	10.83

WHLR | Financial & Operating Data | as of 6/30/2026 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			—			92,495			$	—		—		%	$	—					—			—			$	—		—		%	$	—
MTM			—			—			—			—		%	—						—			—			—			—		%	—
2026			—			—			—			—		%	—						—			—			—			—		%	—
2027			1			24,060			306			14.5		%	12.72						4			117,146			987			3.6		%	8.43
2028			1			32,000			125			5.9		%	3.91						13			575,240			3,587			13.2		%	6.24
2029			3			71,939			789			37.5		%	10.97						10			356,858			2,821			10.3		%	7.91
2030			—			—			—			—		%	—						16			822,248			5,209			19.1		%	6.34
2031			1			20,858			66			3.1		%	3.16						14			548,525			4,965			18.2		%	9.05
2032			—			—			—			—		%	—						9			289,853			1,993			7.3		%	6.88
2033			1			43,416			819			39.0		%	18.86						5			187,780			1,440			5.3		%	7.67
2034			—			—			—			—		%	—						7			256,453			2,159			7.9		%	8.42
2035 & thereafter			—			—			—			—		%	—						13			470,262			4,110			15.1		%	8.74
Total			7			284,768			$	2,105		100.0		%	$	10.95					91			3,624,365			$	27,271		100.0		%	$	7.52

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			—			368,254			$	—		—		%	$	—					—			—			$	—		—		%	$	—
MTM			7			13,392			139			0.7		%	10.38						—			—			—			—		%	—
2026			41			84,102			1,164			6.3		%	13.84						12			31,393			537			2.6		%	17.11
2027			103			243,210			3,739			20.1		%	15.37						43			186,674			2,069			10.1		%	11.08
2028			85			188,866			3,219			17.3		%	17.04						46			168,651			2,498			12.2		%	14.81
2029			87			226,006			3,515			18.9		%	15.55						56			247,711			3,302			16.1		%	13.33
2030			66			141,400			2,594			14.0		%	18.35						43			194,585			2,952			14.4		%	15.17
2031			40			104,116			1,809			9.7		%	17.37						45			215,758			2,964			14.5		%	13.74
2032			13			34,941			560			3.0		%	16.03						17			116,185			1,750			8.5		%	15.06
2033			10			23,082			344			1.9		%	14.90						6			39,513			534			2.6		%	13.51
2034			15			38,874			690			3.7		%	17.75						10			35,296			700			3.4		%	19.83
2035 & thereafter			12			27,083			793			4.4		%	29.28						31			142,139			3,189			15.6		%	22.44
Total			479			1,493,326			$	18,566		100.0		%	$	16.50					309			1,377,905			$	20,495		100.0		%	$	14.87

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 25

Leasing Summary

WHLR Leasing Renewals and New Leases

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Renewals:
Leases renewed with rate increase (sq feet)			59,456						66,492						313,177						214,013
Leases renewed with rate decrease (sq feet)			—						—						—						—
Leases renewed with no rate change (sq feet)			—						32,000						62,000						83,668
Total leases renewed (sq feet)			59,456						98,492						375,177						297,681
Leases renewed with rate increase (count)			20						24						54						54
Leases renewed with rate decrease (count)			—						—						—						—
Leases renewed with no rate change (count)			—						1						1						3
Total leases renewed (count)			20						25						55						57
Option exercised (count)			4						5						18						9
Renewal Rent Spread (per sq foot)			$	2.37					$	1.37					$	1.00					$	1.39
Renewal Rent Spread			15.6		%				13.6		%				10.7		%				14.0		%
New Leases:
New leases (sq feet)			15,575						22,893						64,520						91,395
New leases (count)			8						10						16						18
Weighted average rate (per sq foot)			$	22.65					$	14.40					$	15.48					$	13.02
New Rent Spread			31.9		%				40.8		%				52.7		%				38.8		%

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 26

Leasing Summary (continued)

CDR Leasing Renewals and New Leases

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Renewals:
Leases renewed with rate increase (sq feet)			5,460						76,059						11,872						150,449
Leases renewed with rate decrease (sq feet)			—						—						—						—
Leases renewed with no rate change (sq feet)			—						1,375						—						1,375
Total leases renewed (sq feet)			5,460						77,434						11,872						151,824
Leases renewed with rate increase (count)			2						5						5						13
Leases renewed with rate decrease (count)			—						—						—						—
Leases renewed with no rate change (count)			—						1						—						1
Total leases renewed (count)			2						6						5						14
Option exercised (count)			1						2						3						7
Renewal Rent Spread (per sq foot)			$	2.66					$	0.42					$	6.09					$	0.65
Renewal Rent Spread			12.9		%				10.6		%				22.3		%				8.9		%
New Leases:
New leases (sq feet)			1,600						16,702						16,035						16,702
New leases (count)			1						5						5						5
Weighted average rate (per sq foot)			$	15.50					$	21.89					$	14.92					$	21.89
New Rent Spread (1)			67.7		%				(2.4)		%				(5.6)		%				(2.4)		%

(1)    The negative New Rent Spread consisted of one 10,000 sq foot lease and one 1,600 sq foot lease, while the remaining leases had a positive New Rent Spread.

WHLR | Financial & Operating Data | as of 6/30/2026 unless otherwise stated 27

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EX-99.1 3.6 KB
• EX-99.2 EX-99.2 1.0 MB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.1 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 16.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 28.5 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 16.9 KB