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Here are a couple of analogies to describe Wheeler Real Estate Investment Trust (WHLR):

• WHLR is like a smaller, more focused Simon Property Group, but instead of grand malls, they specialize in owning the local shopping centers anchored by grocery stores.
• Think of them as the landlord for dozens of community shopping centers, much like Public Storage is the landlord for self-storage facilities.

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• Retail Property Leasing: Offering commercial retail spaces for rent to businesses, primarily in grocery-anchored shopping centers.
• Commercial Property Management: Managing and maintaining their owned retail properties, including tenant relations and operational oversight.

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Wheeler Real Estate Investment Trust (WHLR) sells primarily to other companies, which are its tenants that lease retail space in its properties. As a real estate investment trust focused on owning and operating income-producing retail properties, particularly grocery-anchored centers, its major customers are the retail businesses that occupy these centers.

Based on their contributions to Wheeler Real Estate Investment Trust's Annualized Base Rent (ABR), the following are some of its major customer companies:

• Food Lion (Parent company: Ahold Delhaize, OTCQX: ADRNY)
• Publix (Private company)
• Kroger (NYSE: KR)
• Harris Teeter (Parent company: Kroger, NYSE: KR)
• TJX Companies (NYSE: TJX)
• Dollar Tree (NASDAQ: DLTR)
• Burlington Stores (NYSE: BURL)

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Woods Rogers PLC

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M. Andrew Franklin, Chief Executive Officer

Background: M. Andrew Franklin joined Wheeler Real Estate Investment Trust (WHLR) in 2014 and was appointed Chief Executive Officer in 2021. He brings over 20 years of industry experience, and as CEO, he managed the strategic acquisition of Cedar Realty Trust. Prior to joining WHLR, Mr. Franklin was a Partner with Broad Reach Retail Partners, where he was responsible for day-to-day operations and oversaw the management of leasing, asset, property, and construction. His previous experience also includes serving as an Acquisitions Officer for Phillips Edison and Company and as a Principal at PPM Consulting.

Patrick Gundlach, Chief Accounting Officer and Treasurer

Background: Patrick Gundlach was appointed Chief Accounting Officer and Treasurer for Wheeler Real Estate Investment Trust, effective March 14, 2026, during the search for a new Chief Financial Officer. He has been with the company since 2018, having previously served as Director of Financial Reporting. Mr. Gundlach is a certified public accountant and holds a Bachelor of Business Administration in Accounting from James Madison University.

Denbeigh Marchant, Vice President of Leasing

Background: Denbeigh Marchant joined WHLR in 2008 as a Leasing Associate and currently oversees the company's leasing team.

Wesley Forehand, Vice President of Portfolio Management

Background: Wesley Forehand became part of the WHLR team in 2011, starting as an Acquisitions Analyst.

Rebecca Schiefer, Director of Accounting

Background: Rebecca Schiefer joined WHLR in 2003, contributing over 18 years of commercial accounting experience to the organization.

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Here are the key risks to Wheeler Real Estate Investment Trust (symbol: WHLR):

1. High Financial Leverage and Interest Rate Risk: Wheeler Real Estate Investment Trust operates with significant financial leverage, evidenced by a high debt-to-equity ratio of 519.1%. This substantial debt load creates considerable financial risk, particularly in a "higher-for-longer interest rate environment" as the cost of servicing this debt can negatively impact the company's financial performance and stability.
2. Stock Volatility and Market Underperformance: The company's stock has demonstrated high volatility and a history of significant decline, falling from approximately $53 to just a few cents over the years, which has adversely affected investors. It also shows a below-average probability of outperforming the market and generally lags behind industry peers in fundamental metrics.
3. Tenant Concentration and Broader Retail Sector Headwinds: While primarily focused on grocery-anchored centers, which are generally resilient, the company faces risks associated with tenant bankruptcies, such as the Chapter 11 filing by a tenant like Big Lots, which could affect rental income. The broader retail sector also continues to experience a shift to e-commerce, which, while less impactful on grocery stores, can still affect the performance and occupancy of non-grocery tenants within WHLR's portfolio.

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1. Increased Occupancy and Rental Income from Existing Portfolio: Wheeler Real Estate Investment Trust is focused on enhancing its portfolio by increasing occupancy rates and securing new tenants for vacant spaces, including anchor positions within its properties. The company has demonstrated success in this area, with its real estate portfolio being 92.0% occupied as of September 30, 2024, an increase from 90.9%. By Q1 2025, the portfolio expanded to 79 properties, comprising 75 retail centers and four undeveloped land parcels, covering over 8.14 million leasable square feet across the Mid-Atlantic, Southeast, and Northeast. This ongoing effort to lease unoccupied spaces and fill vacancies is a direct driver of revenue growth.
2. Rental Rate Growth: The company has effectively increased rental rates on both renewed and new leases, contributing to revenue growth. In 2024, Wheeler REIT renewed 969,150 square feet of leases with an average rate increase of 9.48%. Additionally, new leases totaling 230,953 square feet were signed with a notable 21.35% increase over prior rates. This ability to command higher rents for its properties will continue to drive revenue growth.
3. Strategic Acquisitions: Wheeler Real Estate Investment Trust actively expands its portfolio through strategic acquisitions. A significant example is the 2022 acquisition of Cedar Realty Trust, which added 19 shopping centers and substantially increased WHLR's presence in the Northeast. While the company also engages in strategic dispositions to optimize its asset base, a continued focus on acquiring income-producing retail properties in key markets will serve as a driver of revenue expansion.
4. Focus on Necessity-Based, Grocery-Anchored Retail: Wheeler REIT's foundational strategy of concentrating on essential, grocery-anchored retail properties provides a stable revenue base and contributes to consistent growth. This focus ensures reliable consumer traffic, which in turn supports steady rental income and offers opportunities for incremental increases in demand for space and rental rates over time, even during varying economic cycles.

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Share Repurchases

• Wheeler Real Estate Investment Trust has actively reduced its outstanding preferred stock through exchanges. On February 26, 2026, the company issued 60,000 shares of common stock in exchange for 2,000 shares of Series D Cumulative Convertible Preferred Stock and 4,000 shares of Series B Convertible Preferred Stock, which were then retired and canceled.
• On February 9, 2026, Wheeler issued 439,300 shares of common stock to two unaffiliated holders in exchange for 19,100 shares of Series D Cumulative Convertible Preferred Stock and 38,200 shares of Series B Convertible Preferred Stock, which were subsequently retired and cancelled.
• In September 2025, the company issued 253,000 shares of common stock in exchange for 11,000 shares of Series D Preferred Stock and 22,000 shares of Series B Preferred Stock, which were retired and cancelled.

Share Issuance

• Wheeler Real Estate Investment Trust frequently issues common stock in exchange for its outstanding preferred shares. These cashless exchanges retire preferred stock and increase the common stock outstanding.
• In March 2026, Wheeler issued 80,000 shares of Series D Preferred Stock to an unaffiliated investor in exchange for 120,000 shares of 6.50% Series C Cumulative Redeemable Preferred Stock of its subsidiary, Cedar Realty Trust, Inc., which were then contributed to Cedar and retired.
• As of August 5, 2025, the company had issued approximately 712,000 shares of its Common Stock in settlement of 371 redemption requests, collectively redeeming 1,688,474 shares of Series D Preferred Stock.

Outbound Investments

• The company engaged in asset dispositions during 2025, generating substantive net proceeds as part of its strategy to recycle capital, strengthen liquidity, and improve portfolio quality.