Wheeler Real Estate Investment Trust (WHLR) investor relations material

Company overview and business model

• Operates as a fully integrated, self-managed REIT focused on income-producing, grocery-anchored retail properties in the Mid-Atlantic, Southeast, and Northeast regions, with 62 properties totaling 6.95 million leasable square feet as of March 31, 2026.

• Portfolio is 94.6% leased, with properties in developed, in-fill areas with strong demographics and diversified economies.

• Business strategy emphasizes necessity-based retail, targeting stable, non-cyclical tenants and secondary/tertiary markets with strong demand.

• Recent years included significant property sales and ongoing portfolio optimization, including recycling capital from non-core assets.

Financial performance and metrics

• Reported net loss attributable to common stockholders of $(3.85) million for 2025 and $(5.27) million for Q1 2026.

• As of March 31, 2026, had approximately $475.2 million in outstanding indebtedness.

• Reverse stock splits were implemented multiple times between 2024 and 2026 to maintain Nasdaq listing compliance and improve marketability.

Use of proceeds and capital allocation

• Will not receive proceeds from the issuance of common stock upon redemption of Series D Preferred Stock; shares are issued in exchange for preferred stock redemptions.

• Capital allocation strategy includes deleveraging, repurchasing preferred stock at discounts, and selective capital investments in property improvements.