Wheeler Real Estate Investment Trust (WHLR) investor relations material

Executive summary

• Owns and operates 62 properties, including 59 retail shopping centers and 3 undeveloped properties, with geographic concentration in the Mid-Atlantic, Southeast, and Northeast regions as of March 31, 2026.

• Portfolio performance is influenced by regional economic conditions and anchor tenant stability.

• Completed several property dispositions and continued strategic capital allocation through preferred stock exchanges and redemptions.

Financial highlights

• Total revenue for Q1 2026 was $24.0 million, down 1.4% year-over-year, primarily due to property sales.

• Net loss attributable to common shareholders was $5.3 million, compared to a net loss of $6.9 million in Q1 2025.

• Same-Property NOI increased 7.9% year-over-year to $15.0 million, driven by a 7.0% increase in property revenue.

• AFFO for Q1 2026 was $2.2 million, up from $0.4 million in Q1 2025.

• Cash, cash equivalents, and restricted cash totaled $48.0 million at quarter-end.

Outlook and guidance

• Plans to continue asset sales, preferred stock repurchases, and opportunistic exchanges to enhance financial stability and optimize capital allocation.

• Intends to settle Series D Preferred Stock redemptions in common stock, resulting in ongoing dilution.

• Focused on maintaining REIT status and managing leverage conservatively.