Wheeler REIT Q3 common shareholder loss hits $5.49M

Same-Property NOI rose 5.8% as portfolio occupancy reached 93.0%, while nine-month revenue declined 6.2%.

Available on EDGAR 11/05/2026 - 04:24 PM EST Accepted by SEC EDGAR 11/05/2026 - 04:23 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Wheeler Real Estate Investment Trust, Inc. (WHLR) reported third-quarter 2026 revenue of $23.2 million, down 2.8% year over year. Net loss attributable to common shareholders was $5.494 million, versus $8.914 million of income a year earlier. Same-Property NOI increased 5.8% to $15.077 million. AFFO was $2.758 million versus $2.040 million, while FFO available to common stockholders was a $3.328 million loss compared with $18.062 million.

Portfolio occupancy was 93.0%, 120 basis points above a year earlier, and the leased rate was 93.8%, up 140 basis points. Renewal and new lease spreads were 20.7% and 149.6%, respectively. Nine-month revenue was $69.6 million, down 6.2% year over year; nine-month FFO available to common stockholders was $4.152 million versus $13.790 million.

Debt totaled $471.2 million as of September 30, 2026, compared with $482.8 million as of December 31, 2025. During the first nine months, WHLR completed asset sales generating $21.6 million in proceeds and exchanged common shares for Series B and Series D preferred shares.

1 point · 0 major

NegativeiHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

1 major · 2 points

How the balance works

Positive

• Moderate pointSame-Property NOI increased 5.8% to $15.077 million in Q3 2026.

Negative

• Major pointCommon shareholders recorded a $5.494 million loss, versus $8.914 million of income.
• Moderate pointNine-month revenue declined 6.2% to $69.6 million.

Filing Explained

The completed redemption settlement increases common shares outstanding, while the agreed exchanges would further dilute existing holders if issued.

This Form 8-K furnishes WHLR's third-quarter results and supplemental information; its subsequent-events disclosure says that after September 30, 2026 it issued 7,688 common shares to settle Series D redemptions and agreed to issue 1,537,396 common shares in exchanges for Series D and Series B preferred shares. The 7,688-share settlement is reported as issued, while the 1,537,396 exchange shares are only described as agreed; if issued, those additional common shares reduce existing holders' percentage ownership.

Separately, October 2026 Series D redemptions adjusted the conversion price on WHLR's 7.00% convertible notes to about $16.36 per common share, with approximately 1.53 common shares deliverable for each $25.00 of principal converted.

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, or exhibit attachments filed with this report.

Key Figures

Total revenue: $23.2 million Net loss attributable to common shareholders: $5.494 million loss Same-Property NOI: $15.077 million +4 more

7 metrics

Total revenue $23.2 million Three months ended September 30, 2026; down 2.8% year over year

Net loss attributable to common shareholders $5.494 million loss Three months ended September 30, 2026; compared with $8.914 million income in 2025

Same-Property NOI $15.077 million Three months ended September 30, 2026; increased 5.8% from $14.244 million in 2025

FFO available to common stockholders $3.328 million loss Three months ended September 30, 2026; compared with $18.062 million in 2025

AFFO $2.758 million Three months ended September 30, 2026; compared with $2.040 million in 2025

Portfolio occupancy 93.0% As of September 30, 2026; 120 basis points above the 2025 quarter

Total debt $471.2 million As of September 30, 2026; compared with $482.8 million as of December 31, 2025

Key Terms

Same-Property Net Operating Income, Adjusted FFO, Funds from Operations, Annualized Base Rent

4 terms

Same-Property Net Operating Income financial

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

Same-property net operating income is the rental income from properties owned throughout the entire comparison period minus the regular operating costs for those same properties, excluding effects from recent purchases, sales or major renovations. Investors use it like a "same-store sales" comparison to judge whether a real estate portfolio is growing revenue and controlling costs on a steady, apples‑to‑apples basis, rather than being boosted by new assets or one-off events.

Adjusted FFO financial

"Adjusted FFO ("AFFO")"

Adjusted funds from operations (FFO) is a measure of how much cash a real estate investment generates from its regular business activities, excluding certain adjustments like accounting items or non-recurring expenses. It provides a clearer picture of the company's ongoing financial health, helping investors understand its true cash-generating ability. Think of it as measuring how much money a store makes from sales, after removing one-time costs or gains, to see its steady income flow.

Funds from Operations financial

"Funds from Operations ("FFO")"

Funds from operations (FFO) measures the cash a real estate-focused company generates from its core property operations by adjusting net income to add back non-cash expenses like building depreciation and removing one-time gains or losses from property sales. Investors use FFO like a household’s monthly take-home pay—it's a clearer view of ongoing cash available to pay dividends, maintain properties and fund growth than raw accounting profit.

Annualized Base Rent financial

"Annualized Base Rent ("ABR")"

Annualized base rent is the total fixed rent a tenant is contractually required to pay over a year, based on the agreed monthly or periodic rate and excluding variable charges like utilities or percentage rent. For investors it acts like a predictable paycheck from a property lease, helping assess steady income, cash flow stability, and the value of real estate holdings much like knowing a subscription’s guaranteed yearly revenue.

Earnings Snapshot

Total revenue: $23.2 million

Three months ended September 30, 2026

Total revenue $23.2 million Down 2.8% year over year

Net loss attributable to Wheeler REIT common shareholders $5.494 million loss Compared with $8.914 million income in the 2025 quarter

Same-Property NOI $15.077 million Increased 5.8% from $14.244 million in 2025

FFO available to common stockholders $3.328 million loss Compared with $18.062 million in 2025

AFFO $2.758 million Compared with $2.040 million in 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were WHLR's Q3 2026 revenue and net result?

WHLR reported $23.2 million in revenue, down 2.8% year over year, and a $5.494 million net loss attributable to common shareholders, compared with $8.914 million of income in the 2025 quarter.

How did WHLR's same-property NOI and occupancy change?

Same-Property NOI increased 5.8%, or $0.8 million, and portfolio occupancy was 93.0%, up 120 basis points from 91.8%.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

0001527541FALSE00015275412026-11-052026-11-050001527541us-gaap:CommonStockMember2026-11-052026-11-050001527541us-gaap:SeriesBPreferredStockMember2026-11-052026-11-050001527541us-gaap:SeriesDPreferredStockMember2026-11-052026-11-050001527541us-gaap:ConvertibleSubordinatedDebtMember2026-11-052026-11-05

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): November 5, 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 November 5, 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 nine months ended September 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 November 5, 2026, the Company made publicly available certain supplemental financial information for the three and nine months ended September 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 November 5, 2026.
99.2			Supplemental financial information for the three and nine months ended September 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: November 5, 2026

Exhibit 99.1

WHEELER REAL ESTATE INVESTMENT TRUST, INC.

ANNOUNCES THE RELEASE OF ITS

THIRD QUARTER 2026 FINANCIAL AND OPERATING RESULTS

VIRGINIA BEACH, VA – November 5, 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 nine months ended September 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 nine months ended September 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; tax audits and other regulatory inquiries; the Company's ability to maintain compliance with the financial and other covenants in its debt

WHLR | Financial & Operating Data 2

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"), the one-for-five reverse stock split effected on July 27, 2026 (the "July 2026 Reverse Stock Split"), the one-for-four reverse stock split effected on August 26, 2026 (the "August 2026 Reverse Stock Split"), the one-for-nine reverse stock split effected on September 21, 2026 (the "September 2026 Reverse Stock Split"), and the one-for-six reverse stock split effected on October 29, 2026 (the "October 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, the July 2026 Reverse Stock Split, the August 2026 Reverse Stock Split, the September 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 Company's inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws.

The forward-looking statements contained in this document are based on our current expectations and beliefs concerning future developments and their potential effects on the Company. For a description of the risks and uncertainties that could impact the Company's future results, performance or transactions, see the reports filed by the Company with the SEC, including its quarterly reports on Form 10-Q and annual reports on Form 10-K. There can be no assurance that future developments affecting the Company will be those that the Company has anticipated. Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company’s actual results and may be beyond the Company’s control. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors or to assess the effects of each factor on the Company’s business. Accordingly, there can be no assurance that the Company’s current expectations will be realized.

WHLR | Financial & Operating Data 3

Glossary of Terms

Term						Definition
Adjusted FFO ("AFFO")						We believe the computation of funds from operations ("FFO") in accordance with the National Association of Real Estate Investment Trusts' ("Nareit") definition includes certain items that are not indicative of the results provided by our operating portfolio and affect the comparability of our period-over-period performance. These items include, but are not limited to, legal settlements, non-cash share-based compensation expense, non-cash amortization on loans and acquisition costs. Therefore, in addition to FFO, management uses Adjusted FFO ("AFFO"), a non-GAAP measure, for REITs, which we define to exclude such items. Management believes that these adjustments are appropriate in determining AFFO as they are not indicative of the operating performance of our assets. In addition, we believe that AFFO is a useful supplemental measure for the investing community to use in comparing us to other REITs as many REITs provide some form of adjusted or modified FFO. However, there can be no assurance that AFFO presented by us is comparable to the adjusted or modified FFO of other REITs.
Anchor						Lease occupying 20,000 square feet or more.
Annualized Base Rent ("ABR")						Monthly base rent on occupied space as of the end of the current reporting period multiplied by twelve months, excluding the impact of tenant concessions and rent abatements.
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")						A widely-recognized non-GAAP financial measure that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful to investors and lenders in understanding financial performance and providing a relevant basis for comparison against other companies, including other REITs. While EBITDA should not be considered as a substitute for net income attributable to the Company’s common stockholders, net operating income, cash flow from operating activities, or other income or cash flow data prepared in accordance with GAAP, the Company believes that EBITDA may provide additional information with respect to the Company’s performance or ability to meet its future debt service requirements, capital expenditures and working capital requirements. The Company computes EBITDA by excluding interest expense, net loss attributable to noncontrolling interests, depreciation and amortization, and impairment of long-lived assets and notes receivable from income from continuing operations. The Company also presents Adjusted EBITDA, which excludes items affecting the comparability of the periods presented, including but not limited to, costs associated with acquisitions and capital related activities.
Funds from Operations ("FFO")						We use FFO, a non-GAAP measure, as an alternative measure of our operating performance, specifically as it relates to results of operations and liquidity. We compute FFO in accordance with standards established by the Board of Governors of Nareit in its March 1995 White Paper (as amended in November 1999, April 2002 and December 2018). As defined by Nareit, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate-related depreciation and amortization (excluding amortization of loan origination costs), plus impairment of real estate related long-lived assets and after adjustments for unconsolidated partnerships and joint ventures. Most industry analysts and equity REITs, including us, consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions and excluding depreciation, FFO is a helpful tool that can assist in the comparison of the operating performance of a company’s real estate between periods, or as compared to different companies. Management uses FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income alone as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time, while historically real estate values have risen or fallen with market conditions. Accordingly, we believe FFO provides a valuable alternative measurement tool to GAAP when presenting our operating results.
Gross Leasable Area ("GLA")						The total amount of leasable space in an investment property.
Ground Lease						A lease in which the tenant owns the building but not the land it is built on.

WHLR | Financial & Operating Data 4

Term						Definition
Leased Rate / % Leased						The space committed to lessee under a signed lease agreement as of September 30, 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 September 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" or "Same-Properties"). 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 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						Jason F. Simone - CFO
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 September 30, 2026 (consolidated amounts unless otherwise noted)

Financial Results
Net loss attributable to Wheeler REIT common stockholders (in 000s)			$	(5,494)
Basic and diluted loss per share			$	(113.37)
FFO available to common stockholders (in 000s)			$	(3,328)
FFO per common share			$	(68.68)
AFFO (in 000s)			$	2,758
AFFO per common share			$	56.91
Assets and Leverage
Real Estate, net of $130.5 million accumulated depreciation (in 000s)			$	463,691
Cash and Cash Equivalents (in 000s)			$	34,466
Total Assets (in 000s)			$	593,677
Total Debt (in 000s)			$	471,199
Debt to Total Assets			79.4		%
Debt to Gross Asset Value			65.6		%

Ticker			Shares Outstanding at September 30, 2026						Third Quarter stock price range						Stock Price at September 30, 2026
WHLR			243,466						$9.90-$1,566.02						$	19.50
WHLRP			1,911,316						$8.05-$12.00						$	8.93
WHLRD			1,632,031						$32.79-$38.88						$	36.25
CDRpB			842,287						$16.01-$19.56						$	16.26
CDRpC			1,808,172						$15.00-$18.03						$	15.14
Common Stock market capitalization (in 000s)															$	4,748

Portfolio Summary
GLA in sq. ft.			4,837,188						1,943,176
Occupancy Rate			93.7		%				91.5		%
Leased Rate			94.7		%				91.5		%
Annualized Base Rent (in 000s)			$	48,829					$	19,711
Total number of leases signed or renewed			41						7
Total sq. ft. leases signed or renewed			149,887						35,419

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 7

Financial and Operating Results

Today, WHLR reported its financial and operating results for the three and nine months ended September 30, 2026. For the three months ended September 30, 2026 and 2025, WHLR's net (loss) income attributable to WHLR's common stockholders resulted in basic (loss) earnings per share of $(113.37) and $2,971,333.33, respectively. For the nine months ended September 30, 2026 and 2025, WHLR's net loss attributable to WHLR's common stockholders resulted in basic loss per share of $(219.45) and $(2,984,000.00), respectively.

“Our third quarter results highlight the resilience of our grocery-anchored, necessity-based portfolio. Total revenue was $23.2 million, down just 2.8% year-over-year despite operating 10 fewer centers and 8.8% less gross leasable area. Same-Property revenue increased $1.4 million, largely offsetting the $1.6 million reduction from properties sold through our capital recycling program. Same-Property NOI grew 5.8%, despite an 8.0% increase in property expenses. Leasing activity remained strong, with combined renewal spreads of 20.7% and new lease spreads of 149.6%, contributing to a 120-basis-point increase in combined occupancy to 93.0% and a combined leased rate of 93.8%.

On the balance sheet, we continued to reduce the burden of our preferred capital. Exchange transactions during the quarter lowered Series B Preferred liquidation value by $16.6 million to $47.8 million, bringing aggregate Series B and Series D liquidation value to $115.7 million from $134.9 million at the end of the second quarter. Combined with total debt of $471.2 million, down from $482.8 million at year-end 2025, these actions strengthen our capital structure and reduce future dividend obligations.

In a rising-cost environment, necessity-driven, value-oriented operators attract consistent traffic, and at an average base rent of $10.87 per square foot, our centers remain an affordable location for them to operate. We also believe our focus on secondary and tertiary markets provides a measure of insulation, as these markets tend to feel cost pressures later and more gradually than larger metros, allowing us to keep capturing rent growth while we continue to improve the quality of our portfolio.”

–M. Andrew Franklin, Chief Executive Officer and President

2026 THIRD QUARTER HIGHLIGHTS

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

LEASING

•The Company's real estate portfolio:

•was 93.0% occupied, a 120 basis point increase from 91.8%;

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

•includes 24 properties that are 100% leased.

•WHLR Quarter-To-Date Leasing Activity (excluding Cedar)

•Executed 35 lease renewals, totaling 128,444 square feet at a weighted average increase of $2.42 per square foot, representing an increase of 23.3% over in-place rental rates.

•Signed 6 new leases, totaling 21,443 square feet with a weighted average rental rate of $18.83 per square foot, representing a new rent spread of 150.6%.

•The WHLR real estate portfolio was:

◦93.7% occupied, a 10 basis point decrease from 93.8%; and

◦94.7% leased, a 60 basis point increase from 94.1%.

•CDR Quarter-To-Date Leasing Activity

•Executed 6 lease renewals, totaling 32,419 square feet at a weighted average increase of $1.90 per square foot, representing an increase of 13.3% over in-place rental rates.

•Signed 1 new lease, totaling 3,000 square feet with a weighted average rental rate of $19.40 per square foot, representing a new rent spread of 142.5%.

•The Cedar real estate portfolio was:

◦91.5% occupied, a 450 basis point increase from 87.0%; and

◦91.5% leased, a 310 basis point increase from 88.4%.

•The Company’s GLA, which is subject to leases that expire over the next three months and includes month-to-month leases, decreased to approximately 0.7%, compared to 1.1%. At September 30, 2026, 7.9% of this

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 8

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 increased by 5.8% or $0.8 million. Same-Property NOI was impacted by:

•$1.4 million increase in property revenue; partially offset by

•$0.6 million increase in property expenses.

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

						% Leased									% Occupied
Real Estate Portfolio						2026			2025						2026			2025
Company						93.8		%	93.5		%				93.0		%	92.8		%
WHLR(1)						94.7		%	93.9		%				93.7		%	93.6		%
CDR						91.5		%	92.4		%				91.5		%	91.0		%

(1) Excludes the Cedar real estate portfolio.

OPERATIONS

•Total revenue of $23.2 million decreased by 2.8% or $0.7 million, primarily a result of:

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

•$0.5 million decrease in market lease amortization and straight line rent; partially offset by

•$1.4 million increase in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to Same-Properties.

•Total operating expenses of $15.2 million decreased by 16.9% or $3.1 million, primarily a result of:

•$2.2 million decrease in impairment recorded for Rivergate Shopping Center, located in Macon, Georgia, and Carll's Corner, located in Bridgeton, New Jersey in 2026 and 2025, respectively;

•$0.8 million decrease in property operating expenses attributable to sold properties;

•$0.6 million decrease in depreciation and amortization;

•$0.1 million decrease in salaries; partially offset by

•$0.2 million increase in real estate taxes;

•$0.2 million increase in utilities; and

•$0.1 million increase in grounds and landscaping.

FINANCIAL

•FFO was $(3.3) million as compared to $18.1 million.

•AFFO was $2.8 million as compared to $2.0 million.

CAPITAL MARKETS

•The Company effected a one-for-five reverse stock split on July 27, 2026, a one-for-four reverse stock split on August 26, 2026 and a one-for-nine reverse stock split on September 21, 2026.

•The Company issued 234,103 shares of its Common Stock to holders of its securities in exchange for 81,666 shares of the Company's Series D Preferred Stock and 664,052 shares of the Company's Series B Preferred Stock.

•The fair value of the Common Stock issued in exchange for Preferred Stock was less than the carrying value of the Preferred Stock retired in those transactions resulting in $3.2 million for the three months ended September 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 (loss) income attributable to common shareholders.

•The Company recognized a non-operating loss of $6.8 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.

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

						September 30, 2026									June 30, 2026									March 31, 2026									December 31, 2025									September 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						243,466									776									123									48									12
WHLRP						1,911,316			$47.8						2,575,368			$64.4						2,659,916			$66.5						2,714,618			$67.9						2,887,818			$72.2
WHLRD						1,632,031			$67.9						1,737,197			$70.5						1,648,952			$67.5						1,507,205			$63.2						1,576,557			$66.0
CDRpB						842,287			$21.1						842,287			$21.1						857,237			$21.4						857,237			$21.4						857,237			$21.4
CDRpC						1,808,172			$45.2						1,808,172			$45.2						1,935,222			$48.4						2,229,222			$55.7						2,287,466			$57.2

(1) Liquidation value in millions.

OTHER

•The Company recognized non-operating expenses of $0.4 million, which primarily consisted of capital structure costs, including expenses incurred in connection with the registration of our Common Stock to issue in settlement of Series D Preferred Stock redemptions, the registration of our Series B Preferred Stock 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 90 lease renewals totaling 503,621 square feet at a weighted average increase of $1.36 per square foot, representing an increase of 14.2% over in-place rental rates.

•Signed 22 new leases totaling 85,963 square feet with a weighted average rental rate of $16.31 per square foot, representing a new rent spread of 72.0%.

•CDR Year-To-Date Leasing Activity

•Executed 11 lease renewals totaling 44,291 square feet at a weighted average increase of $3.03 per square foot, representing an increase of 17.0% over in-place rental rates.

•Signed 6 new leases totaling 19,035 square feet with a weighted average rental rate of $15.62 per square foot, representing a new rent spread of 7.2%.

SAME-PROPERTY NET OPERATING INCOME

•Same-Property NOI increased by 1.7% or $0.8 million. Same-Property NOI was impacted by:

•$1.8 million increase in property revenue; partially offset by

•$1.1 million increase in property expense.

OPERATIONS

•Total revenue of $69.6 million decreased by 6.2% or $4.6 million, primarily a result of:

•$4.5 million decrease in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to sold properties;

•$1.9 million decrease in market lease amortization and straight line rent; partially offset by

•$1.8 million increase in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to Same-Properties.

•Total operating expenses of $48.5 million decreased by 7.8% or $4.1 million, primarily a result of:

•$2.7 million decrease in property operating expenses attributable to sold properties;

•$2.3 million decrease in depreciation and amortization;

•$0.6 million decrease in impairment recorded for Rivergate Shopping Center, located in Macon, Georgia, and Carll's Corner, located in Bridgeton, New Jersey in 2026 and 2025, respectively; partially offset by

•$0.4 million increase in professional fees;

•$0.4 million increase in real estate taxes;

•$0.2 million increase in insurance;

•$0.2 million increase in utilities; and

•$0.2 million increase in repairs and maintenance.

FINANCIAL

•FFO was $4.2 million as compared to $13.8 million.

•AFFO was $7.9 million as compared to $7.1 million.

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 10

CAPITAL MARKETS

•The Company effected a one-for-three, a one-for-three, a one-for-four, a one-for-five, a one-for-four and a one-for-nine reverse stock split on January 16, 2026, April 17, 2026, June 17, 2026, July 27, 2026, August 26, 2026 and September 21, 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 set to expire on March 27, 2026. The Amended and Restated Warrants were exercised in whole on March 24, 2026, and the Company issued 13 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 234,650 shares of its Common Stock to holders of its securities in exchange for 138,411 shares of the Company's Series D Preferred Stock and 803,302 shares of the Company's Series B Preferred Stock.

•The fair 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 $4.3 million for the nine months ended September 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 (loss) income attributable to common shareholders.

•The Company recognized a non-operating loss of $2.6 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 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 (loss) 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 $2.1 million, which primarily consisted of:

•$1.0 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, the registration of our Series B Preferred Stock 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 September 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.

BALANCE SHEET

•Cash and cash equivalents totaled $34.5 million, compared to $23.7 million at December 31, 2025.

•Restricted cash totaled $29.1 million, compared to $25.0 million at December 31, 2025. The funds at September 30, 2026 are held in lender reserves primarily for the purpose of tenant improvements, lease

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 11

commissions, real estate taxes, insurance expenses and includes $6.0 million to secure the April 2025 Cedar Bridge Loan.

•Debt totaled $471.2 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 6.0 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 5.9 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 $463.7 million compared to $484.7 million as of December 31, 2025.

•The Company invested $6.1 million in tenant improvements and capital expenditures into its properties.

DIVIDENDS

•Total cumulative dividends in arrears for WHLR's Series D Preferred Stock were $27.1 million or $16.58 per share as of September 30, 2026.

•During the nine months ended September 30, 2026, Cedar paid dividends of $3.4 million.

•On October 23, 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 November 20, 2026 to shareholders of record of the Cedar Series B Preferred Stock and Cedar Series C Preferred Stock, as applicable, on November 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 442 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 nine months ended September 30, 2026, Cedar paid the Company $0.8 million and $1.5 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 $11.1 million and $11.3 million as of September 30, 2026 and December 31, 2025, respectively, and have been eliminated for consolidation purposes.

•As of September 30, 2026, the net asset value of the Company’s investment in Stilwell Activist Investments, L.P., a Delaware limited partnership ("SAI"), was $30.5 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 nine months ended September 30, 2026, the Company recorded unrealized holding gains of $1.1 million through other comprehensive (loss) income, net of $0.5 million investment fees. For more information, see Note 4 in our Quarterly Report on Form 10-Q for the period ended September 30, 2026.

•The Company had exchanges of its Common Stock for its Series B Preferred Stock and Series D Preferred Stock with SAI, Stilwell Activist Fund, L.P. (“SAF”) and Stilwell Associates, L.P. (“SA”, and together with SAI and SAF, the “Stilwell Investors”). Joseph Stilwell, a member of the Company’s Board of Directors, is the managing member and owner of Stilwell Value LLC, which is the general partner of each of the Stilwell Investors. For more information, See Note 10 in our Quarterly Report on Form 10-Q for the period ended September 30, 2026.

SUBSEQUENT EVENTS

•The Company has processed 5,450 shares of Series D Preferred Stock subsequent to September 30, 2026. Accordingly, the Company has issued 7,688 shares of Common Stock in settlement of an aggregate redemption price of approximately $0.2 million.

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 12

•The Company agreed to issue an aggregate amount of 1,537,396 shares of Common Stock to unaffiliated holders of the Company’s securities in separate exchanges for an aggregate amount of 22,733 shares of the Series D Preferred Stock and 224,841 shares of the Series B Preferred Stock.

•The Company effected a one-for-six reverse stock split on October 29, 2026.

•As a result of the October 2026 Series D Preferred Stock redemptions the conversion price was further adjusted for the Convertible Notes to approximately $16.36 per share of the Company’s Common Stock (approximately 1.53 shares of Common Stock for each $25.00 of principal amount of the Convertible Notes being converted).

•In October 2026, the Company entered into subscription agreements with certain investors pursuant to which the Company issued 50,000 shares of its Series D Preferred Stock. The issuances were made in consideration for 75,000 shares of Cedar Series C Preferred Stock, held by such investors. Immediately following the closing of the transactions, the Company contributed the acquired Cedar Preferred Stock to Cedar and those shares were retired.

•On October 23, 2026, the Company classified Rivergate Shopping Center as held for sale.

•On October 26, 2026, the Company subscribed for an additional investment in the amount of $5.0 million for limited partnership interests in SAI.

ADDITIONAL INFORMATION

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

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 13

Consolidated Balance Sheets

$ in 000s, except par value and share data			September 30, 2026						December 31, 2025
			(unaudited)
ASSETS:
Real estate:
Land and land improvements			$	119,952					$	123,444
Buildings and improvements			474,216						484,068
			594,168						607,512
Less accumulated depreciation			(130,477)						(122,837)
Real estate, net			463,691						484,675
Cash and cash equivalents			34,466						23,656
Restricted cash			29,118						24,973
Receivables, net			13,242						15,759
Investment securities - related party			30,491						24,406
Assets held for sale			—						4,549
Above market lease intangibles, net			533						706
Operating lease right-of-use assets			7,417						7,546
Deferred costs and other assets, net			14,719						15,464
Total Assets			$	593,677					$	601,734
LIABILITIES:
Loans payable, net			$	458,137					$	468,157
Liabilities associated with assets held for sale			—						1,383
Below market lease intangibles, net			6,079						7,370
Derivative liabilities			9,815						7,243
Operating lease liabilities			8,087						8,221
Series D Preferred Stock redemptions			228						30
Accounts payable, accrued expenses and other liabilities			15,115						14,639
Total Liabilities			497,461						507,043
Commitments and contingencies
Series D Cumulative Convertible Preferred Stock			67,637						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 Preferred Stock (no par value, 5,000,000 shares authorized; 1,911,316 and 2,714,618 shares, respectively, issued and outstanding; $47.8 million and $67.9 million aggregate liquidation preference, respectively)			25,595						36,296
Common Stock ($0.01 par value, 200,000,000 shares authorized, 243,466 and 48 shares, respectively, issued and outstanding)			2						—
Additional paid-in capital			326,573						311,983
Accumulated deficit			(354,491)						(350,879)
Accumulated other comprehensive income			3,466						2,381
Total Shareholders’ Equity			1,598						234
Noncontrolling interests			26,981						31,253
Total Equity			28,579						31,487
Total Liabilities and Equity			$	593,677					$	601,734

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 14

Consolidated Statements of Operations

$ in 000s, except share and per share data

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
REVENUE:
Rental revenues			$	22,736					$	23,706					$	68,638					$	73,543
Other revenues			422						115						1,003						733
Total Revenue			23,158						23,821						69,641						74,276
OPERATING EXPENSES:
Property operations			7,566						7,819						22,826						24,497
Depreciation and amortization			5,031						5,612						15,352						17,621
Impairment charges			305						2,490						1,895						2,490
Corporate general & administrative			2,327						2,404						8,386						7,953
Total Operating Expenses			15,229						18,325						48,459						52,561
(Loss) Gain on disposal of properties, net			—						(3)						7,442						10,874
Operating Income			7,929						5,493						28,624						32,589
Interest income			244						290						604						734
Interest expense			(7,192)						(7,853)						(22,446)						(24,638)
Net changes in fair value of derivative liabilities			(6,768)						14,989						(2,572)						6,252
Loss on conversion of Convertible Notes			—						—						—						(902)
Gain on preferred stock redemptions			327						176						617						1,222
Other expense			(398)						(113)						(2,108)						(876)
Net (Loss) Income Before Income Taxes			(5,858)						12,982						2,719						14,381
Income tax expense			(1)						—						(3)						(26)
Net (Loss) Income			(5,859)						12,982						2,716						14,355
Less: Net income attributable to noncontrolling interests			1,116						1,455						3,449						4,766
Net (Loss) Income Attributable to Wheeler REIT			(6,975)						11,527						(733)						9,589
Preferred Stock dividends - undeclared			(1,711)						(1,591)						(4,985)						(5,101)
Deemed contribution related to issuance of Series D Preferred Stock			—						—						1,860						553
Deemed contribution related to preferred stock exchanges			3,192						3,009						4,329						8,527
Deemed distribution related to noncontrolling interests			—						(4,031)						(4,084)						(16,552)
Net (Loss) Income Attributable to Wheeler REIT Common Shareholders			$	(5,494)					$	8,914					$	(3,613)					$	(2,984)
(Loss) Earnings per share:
Basic			$	(113.37)					$	2,971,333.33					$	(219.45)					$	(2,984,000.00)
Diluted			$	(113.37)					$	(67,543.14)					$	(219.45)					$	(2,984,000.00)
Weighted-average number of shares:
Basic			48,459						3						16,464						1
Diluted			48,459						80						16,464						1

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 15

Reconciliation of Non-GAAP Measures

Same-Property Net Operating Income

$ in 000s

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Operating Income			$	7,929					$	5,493					$	28,624					$	32,589
Add (deduct):
Loss (Gain) on disposal of properties, net			—						3						(7,442)						(10,874)
Corporate general & administrative			2,327						2,404						8,386						7,953
Impairment charges			305						2,490						1,895						2,490
Depreciation and amortization			5,031						5,612						15,352						17,621
Straight-line rents			(121)						(466)						(571)						(1,613)
Above (below) market lease amortization, net			(398)						(558)						(1,118)						(1,983)
Other non-property revenue			(17)						(10)						(40)						(68)
NOI related to properties not defined as Same-Property			21						(724)						(410)						(2,195)
Same-Property Net Operating Income			$	15,077					$	14,244					$	44,676					$	43,920
Property revenues			$	22,624					$	21,229					$	67,124					$	65,292
Property expenses			7,547						6,985						22,448						21,372
Same-Property Net Operating Income			$	15,077					$	14,244					$	44,676					$	43,920

WHLR | Financial & Operating Data | as of 9/30/2026 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 September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Net (Loss) Income			$	(5,859)					$	12,982					$	2,716					$	14,355
Depreciation and amortization of real estate assets			5,031						5,612						15,352						17,621
Impairment charges			305						2,490						1,895						2,490
Loss (gain) on disposal of properties, net			—						3						(7,442)						(10,874)
FFO			(523)						21,087						12,521						23,592
Preferred stock dividends - undeclared			(1,711)						(1,591)						(4,985)						(5,101)
Dividends on noncontrolling interests preferred stock			(1,116)						(1,455)						(3,449)						(4,766)
Preferred stock accretion adjustments			22						21						65						65
FFO available to common stockholders			(3,328)						18,062						4,152						13,790
Other non-recurring and non-cash expenses (1)			—						(4)						1,129						569
Net changes in fair value of derivative liabilities			6,768						(14,989)						2,572						(6,252)
Loss on conversion of Convertible Notes			—						—						—						902
Gain on Preferred Stock redemptions			(327)						(176)						(617)						(1,222)
Straight-line rental revenue, net straight-line expense			(143)						(485)						(637)						(1,669)
Deferred financing cost amortization			525						561						1,621						2,038
Paid-in-kind interest			—						—						1,786						2,006
Above (below) market lease amortization, net			(398)						(558)						(1,118)						(1,983)
Recurring capital expenditures tenant improvement reserves			(339)						(371)						(1,017)						(1,115)
AFFO			$	2,758					$	2,040					$	7,871					$	7,064
Weighted Average Common Shares			48,459						3						16,464						1
FFO per Common Share			$	(68.68)					$	6,020,666.67					$	252.19					$	13,790,000.00
AFFO per Common Share			$	56.91					$	680,000.00					$	478.07					$	7,064,000.00

(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 nine months ended September 30, 2026.

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 17

Reconciliation of Non-GAAP Measures (continued)

EBITDA

$ in 000s

						Three Months Ended September 30,												Nine Months Ended September 30,
						2026						2025						2026						2025
Net (Loss) Income						$	(5,859)					$	12,982					$	2,716					$	14,355
Add back:
			Depreciation and amortization (1)			4,633						5,054						14,234						15,638
			Interest expense (2)			7,192						7,853						22,446						24,638
			Income tax expense			1						—						3						26
EBITDA						5,967						25,889						39,399						54,657
Adjustments for items affecting comparability:
			Net change in FMV of derivative liabilities			6,768						(14,989)						2,572						(6,252)
			Other non-recurring and non-cash expenses (3)			—						—						1,007						—
			Impairment charges			305						2,490						1,895						2,490
			Loss on conversion of Convertible Notes			—						—						—						902
			Gain on Preferred Stock redemptions			(327)						(176)						(617)						(1,222)
			Loss (gain) on disposal of properties, net			—						3						(7,442)						(10,874)
Adjusted EBITDA						$	12,713					$	13,217					$	36,814					$	39,701

(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 September 30, 2026.

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 18

Debt Summary

$ in 000s

Property/Description						Monthly Payment						Interest Rate						Maturity						September 30, 2026						December 31, 2025
Variable-rate:
August 2025 Cedar Credit Facility						Interest only						n/a						August 2027						$	—					$	—
April 2025 Cedar Bridge Loan (1)						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						11,325						11,415
Village of Martinsville						$	89,664					4.3%						July 2029						13,488						13,849
Laburnum Square						$	37,842					4.3%						September 2029						7,401						7,499
Rivergate (2)						$	100,222					4.3%						September 2031						16,227						16,605
Convertible Notes						Interest only						7.0%						December 2031						29,353						29,353
June 2022 Term Loan (3)						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						60,188						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																								471,199						482,841
Unamortized deferred financing cost																								(13,062)						(14,684)
Total Loans Payable, net																								$	458,137					$	468,157

(1) Weighted average interest rate for the nine months ended September 30, 2026.

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

(3) 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 September 30,												Nine Months Ended September 30,												Three Months Ended Changes												Nine Months Ended Changes
			2026						2025						2026						2025						Dollar						Percent						Dollar						Percent
Property debt interest - excluding Cedar debt			$	4,111					$	4,331					$	12,345					$	13,002					$	(220)					(5.1)		%				$	(657)					(5.1)		%
Convertible Notes interest (1)			513						513						2,299						2,519						—						—		%				(220)						(8.7)		%
Loan prepayment premium			—						—						123						569						—						n/a						(446)						(78.4)		%
Amortization of deferred financing costs			525						561						1,621						2,038						(36)						(6.4)		%				(417)						(20.5)		%
Variable-rate lines of credit (2)			78						212						227						348						(134)						(63.2)		%				(121)						(34.8)		%
Property debt interest - Cedar			1,965						2,236						5,831						6,162						(271)						(12.1)		%				(331)						(5.4)		%
Total Interest Expense			$	7,192					$	7,853					$	22,446					$	24,638					$	(661)					(8.4)		%				$	(2,192)					(8.9)		%

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

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

WHLR | Financial & Operating Data | as of 9/30/2026 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 three months ending December 31, 2026			$	508					0.1		%
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			362,953						77.1		%
Total principal repayments and debt maturities			$	471,199					100.0		%

WHLR | Financial & Operating Data | as of 9/30/2026 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			86.8		%	86.8		%	64,240			1,283			19.98
Beaver Ruin Village II						Lilburn, GA						4			34,925			100.0		%	100.0		%	34,925			507			14.51
Brook Run Shopping Center						Richmond, VA						14			147,738			81.5		%	81.5		%	120,391			919			7.63
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			719			7.80
Clover Plaza						Clover, SC						10			45,575			100.0		%	100.0		%	45,575			525			11.53
Conyers Crossing						Conyers, GA						14			170,475			100.0		%	100.0		%	170,475			1,135			6.66
Crockett Square						Morristown, TN						4			107,122			100.0		%	100.0		%	107,122			1,028			9.60
Cypress Shopping Center						Boiling Springs, SC						18			80,435			98.3		%	98.3		%	79,035			806			10.20
Folly Road						Charleston, SC						5			47,794			100.0		%	100.0		%	47,794			782			16.36
Forrest Gallery						Tullahoma, TN						27			214,451			90.7		%	90.7		%	194,442			1,520			7.82
Fort Howard Shopping Center						Rincon, GA						20			113,652			100.0		%	100.0		%	113,652			1,327			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			1,265			11.26
Franklinton Square						Franklinton, NC						14			65,366			95.3		%	95.3		%	62,300			622			9.99
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						111			796,624			92.1		%	90.3		%	718,978			10,105			14.05
Laburnum Square						Richmond, VA						20			109,387			97.4		%	97.4		%	106,587			1,070			10.03
Ladson Crossing						Ladson, SC						15			52,607			100.0		%	100.0		%	52,607			599			11.38
LaGrange Marketplace						LaGrange, GA						11			76,594			87.1		%	87.1		%	66,700			445			6.67
Lake Greenwood Crossing						Greenwood, SC						8			43,618			100.0		%	100.0		%	43,618			431			9.89
Litchfield Market Village						Pawleys Island, SC						27			86,717			100.0		%	100.0		%	86,717			1,247			14.38
Lumber River Village						Lumberton, NC						11			66,781			100.0		%	100.0		%	66,781			531			7.95
Nashville Commons						Nashville, NC						12			56,100			100.0		%	100.0		%	56,100			709			12.63
New Market Crossing						Mt. Airy, NC						13			117,076			100.0		%	100.0		%	117,076			1,105			9.44
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			1,177			10.92
Port Crossing						Harrisonburg, VA						8			65,365			100.0		%	100.0		%	65,365			886			13.55
Riverbridge Shopping Center						Carrollton, GA						11			91,188			96.9		%	96.9		%	88,375			787			8.91
Rivergate Shopping Center						Macon, GA						22			193,960			80.2		%	80.2		%	155,533			2,531			16.27
Sangaree Plaza						Summerville, SC						10			66,948			100.0		%	100.0		%	66,948			763			11.40
Shoppes at Myrtle Park						Bluffton, SC						14			56,609			99.3		%	99.3		%	56,189			712			12.68
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			9.08
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			1,213			10.91
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			492			10.31
Village of Martinsville						Martinsville, VA						21			288,254			99.6		%	99.6		%	287,054			2,350			8.19
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						693			4,837,188			94.7		%	93.7		%	4,530,207			$	48,829		$	10.78

WHLR | Financial & Operating Data | as of 9/30/2026 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						11			227,598			96.5		%	96.5		%	219,553			$	2,016		$	9.18
Coliseum Marketplace						Hampton, VA						10			106,648			100.0		%	100.0		%	106,648			1,309			12.28
Fairview Commons						New Cumberland, PA						11			50,485			80.3		%	80.3		%	40,515			524			12.93
Gold Star Plaza						Shenandoah, PA						7			71,720			100.0		%	100.0		%	71,720			694			9.67
Golden Triangle						Lancaster, PA						21			202,790			90.8		%	90.8		%	184,125			2,867			15.57
Hamburg Square						Hamburg, PA						7			102,058			100.0		%	100.0		%	102,058			739			7.24
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			893			12.52
Southington Center						Southington, CT						7			155,842			83.4		%	83.4		%	129,903			885			6.81
Timpany Plaza						Gardner, MA						19			182,820			82.9		%	82.9		%	151,460			1,656			10.93
Trexler Mall						Trexlertown, PA						25			342,541			99.7		%	99.7		%	341,544			4,026			11.79
Washington Center Shoppes						Sewell, NJ						31			157,300			95.6		%	95.6		%	150,428			2,194			14.58
						CDR TOTAL						194			1,943,176			91.5		%	91.5		%	1,777,469			$	19,711		$	11.09
COMBINED TOTAL												887			6,780,364			93.8		%	93.0		%	6,307,676			$	68,540		$	10.87

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
						September 30, 2026						June 30, 2026						March 31, 2026						December 31, 2025						September 30, 2025
Number of Centers						56						56						59						62						66
Leasable Square Feet						6,780,364						6,780,364						6,946,007						7,018,837						7,436,018
Percentage Leased						93.8%						93.8%						94.6%						94.3%						92.4%
Percentage Occupied						93.0%						93.2%						94.0%						93.3%						91.8%
ABR (in 000's)						$68,540						$68,437						$70,609						$70,008						$72,104
Renewal Rent Spread						20.7%						15.3%						10.4%						11.2%						10.6%
New Rent Spread						149.6%						33.8%						37.6%						30.4%						19.7%
Capital and Tenant Improvements (in 000's)						$1,862						$2,392						$1,878						$4,563						$6,335

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 22

Property Summary (continued)

WHLR | Financial & Operating Data | as of 9/30/2026 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						$	3,994					5.8		%				455,000						6.7		%				$	8.78
Kroger Co (1)						Grocery						2,137						3.1		%				239,000						3.5		%				8.94
Dollar Tree						Discount Retailer						1,384						2.0		%				166,000						2.4		%				8.34
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						815						1.2		%				88,000						1.3		%				9.26
												$	15,055					22.0		%				1,703,000						25.1		%				$	8.84

(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						—						472,688						7.0		%				—		%				$	—					—		%				$	—
MTM						7						9,792						0.1		%				0.2		%				130						0.2		%				13.28
2026						25						43,960						0.6		%				0.7		%				727						1.1		%				16.54
2027						142						512,870						7.6		%				8.1		%				6,442						9.4		%				12.56
2028						143						965,289						14.2		%				15.3		%				9,340						13.6		%				9.68
2029						163						922,651						13.6		%				14.6		%				10,644						15.5		%				11.54
2030						127						1,165,408						17.2		%				18.5		%				10,859						15.8		%				9.32
2031						114						907,855						13.4		%				14.4		%				10,241						14.9		%				11.28
2032						50						501,153						7.4		%				7.9		%				4,971						7.3		%				9.92
2033						22						293,791						4.3		%				4.7		%				3,138						4.6		%				10.68
2034						32						330,623						4.9		%				5.2		%				3,601						5.3		%				10.89
2035 & thereafter						62						654,284						9.7		%				10.4		%				8,447						12.3		%				12.91
Total						887						6,780,364						100.0		%				100.0		%				$	68,540					100.0		%				$	10.87

WHLR | Financial & Operating Data | as of 9/30/2026 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						3			96,741			748			2.7		%	7.73
2028			1			32,000			125			5.9		%	3.91						13			575,240			3,587			13.1		%	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			4,973			18.2		%	9.07
2032			—			—			—			—		%	—						10			310,258			2,232			8.2		%	7.19
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			4,119			15.2		%	8.76
Total			7			284,768			$	2,105		100.0		%	$	10.95					91			3,624,365			$	27,288		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			—			380,193			$	—		—		%	$	—					—			—			$	—		—		%	$	—
MTM			7			9,792			130			0.7		%	13.28						—			—			—			—		%	—
2026			21			39,707			639			3.4		%	16.09						4			4,253			88			0.4		%	20.69
2027			101			228,574			3,582			18.9		%	15.67						37			163,495			1,806			8.9		%	11.05
2028			83			181,421			3,068			16.2		%	16.91						46			176,628			2,560			12.7		%	14.49
2029			93			253,444			3,772			19.9		%	14.88						57			240,410			3,262			16.2		%	13.57
2030			68			148,575			2,690			14.2		%	18.11						43			194,585			2,960			14.7		%	15.21
2031			58			135,634			2,519			13.3		%	18.57						41			202,838			2,683			13.3		%	13.23
2032			16			36,826			632			3.3		%	17.16						24			154,069			2,107			10.4		%	13.68
2033			10			23,082			345			1.8		%	14.95						6			39,513			534			2.6		%	13.51
2034			15			38,874			741			3.9		%	19.06						10			35,296			701			3.5		%	19.86
2035 & thereafter			13			27,083			842			4.4		%	31.09						36			156,939			3,486			17.3		%	22.21
Total			485			1,503,205			$	18,960		100.0		%	$	16.88					304			1,368,026			$	20,187		100.0		%	$	14.76

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 25

Leasing Summary

WHLR Leasing Renewals and New Leases

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Renewals:
Leases renewed with rate increase (sq feet)			128,444						91,249						441,621						305,262
Leases renewed with rate decrease (sq feet)			—						—						—						—
Leases renewed with no rate change (sq feet)			—						68,918						62,000						152,586
Total leases renewed (sq feet)			128,444						160,167						503,621						457,848
Leases renewed with rate increase (count)			35						28						89						82
Leases renewed with rate decrease (count)			—						—						—						—
Leases renewed with no rate change (count)			—						4						1						7
Total leases renewed (count)			35						32						90						89
Option exercised (count)			4						6						22						15
Renewal Rent Spread (per sq foot)			$	2.42					$	1.04					$	1.36					$	1.27
Renewal Rent Spread			23.3		%				9.5		%				14.2		%				12.4		%
New Leases:
New leases (sq feet)			21,443						12,833						85,963						104,228
New leases (count)			6						5						22						23
Weighted average rate (per sq foot)			$	18.83					$	21.93					$	16.31					$	13.97
New Rent Spread			150.6		%				13.8		%				72.0		%				36.3		%

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 26

Leasing Summary (continued)

CDR Leasing Renewals and New Leases

			Three Months Ended September 30,												Nine Months Ended September 30,
			2026						2025						2026						2025
Renewals:
Leases renewed with rate increase (sq feet)			32,419						38,669						44,291						189,118
Leases renewed with rate decrease (sq feet)			—						—						—						—
Leases renewed with no rate change (sq feet)			—						1,647						—						3,022
Total leases renewed (sq feet)			32,419						40,316						44,291						192,140
Leases renewed with rate increase (count)			6						8						11						21
Leases renewed with rate decrease (count)			—						—						—						—
Leases renewed with no rate change (count)			—						1						—						2
Total leases renewed (count)			6						9						11						23
Option exercised (count)			1						3						4						10
Renewal Rent Spread (per sq foot)			$	1.90					$	2.12					$	3.03					$	0.96
Renewal Rent Spread			13.3		%				13.6		%				17.0		%				10.6		%
New Leases:
New leases (sq feet)			3,000						35,097						19,035						51,799
New leases (count)			1						4						6						9
Weighted average rate (per sq foot)			$	19.40					$	9.09					$	15.62					$	13.22
New Rent Spread			142.5		%				14.8		%				7.2		%				4.9		%

WHLR | Financial & Operating Data | as of 9/30/2026 unless otherwise stated 27

Filing Exhibits & Attachments

6 documents

Press Releases

• EX-99.1 EX-99.1 3.7 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