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Here are 1-3 brief analogies for Wheeler Real Estate Investment Trust (WHLR):

• Kimco Realty for grocery-anchored strip malls in smaller, non-major metro areas.
• Simon Property Group, but for grocery-anchored strip malls instead of large enclosed shopping malls.

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• Retail Property Leasing: Providing commercial retail spaces, primarily within grocery-anchored shopping centers, for rent to various businesses.
• Property Management: Managing and maintaining its portfolio of retail properties, including tenant relations, operations, and upkeep, to ensure optimal performance and tenant satisfaction.

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Wheeler Real Estate Investment Trust (WHLR) primarily sells to other companies. Its major customers are the tenants that lease retail space in its properties, primarily grocery-anchored shopping centers. Based on annualized base rent as of December 31, 2023, WHLR's top customer companies include:

• Food Lion (A brand under Ahold Delhaize; public company symbol: AD.AS on Euronext Amsterdam, ADR on OTCQX for U.S. investors)
• Publix Super Markets, Inc. (Private company)
• The Kroger Co. (Public company symbol: KR)
• Harris Teeter, LLC (A subsidiary of The Kroger Co.; public company symbol: KR)
• BI-LO, LLC (Primarily a private company, though many stores have closed or been rebranded from this entity)
• Piggly Wiggly (Primarily independent, private operators for this brand)
• Walmart Inc. (Public company symbol: WMT), primarily through its Walmart Neighborhood Market brand
• The TJX Companies, Inc. (Public company symbol: TJX)
• Lowe's Companies, Inc. (Public company symbol: LOW), primarily through its Lowe's Home Centers, LLC entity
• Tractor Supply Company (Public company symbol: TSCO)

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• Grant Thornton LLP
• Hogan Lovells US LLP
• KeyCorp (KEY)
• Truist Financial Corporation (TFC)

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M. Andrew Franklin, Chief Executive Officer and President

Andy Franklin joined Wheeler Real Estate Investment Trust in June 2014 as an Asset Manager. He progressed through various roles, including Senior Vice President of Asset Management, Senior Vice President of Operations, and Chief Operating Officer, before being appointed interim Chief Executive Officer in July 2021. He officially became the Chief Executive Officer and President in October 2021. Mr. Franklin brought over 20 years of industry experience to WHLR. Following Wheeler's acquisition of Cedar Realty Trust in August 2022, he also assumed the role of Chief Executive Officer and President of Cedar Realty Trust, Inc.

Crystal Plum, Corporate Secretary and Chief Financial Officer

Crystal Plum joined Wheeler Real Estate Investment Trust in 2016 as the Vice President of Financial Reporting. She was appointed Chief Financial Officer, effective February 12, 2020. She also serves as the Corporate Secretary.

Rebecca Schiefer, Director of Accounting

Rebecca Schiefer joined WHLR in 2003, bringing over 18 years of commercial accounting experience to the company.

Denbeigh Marchant, Vice President of Leasing

Denbeigh Marchant started with WHLR in 2008 as a Leasing Associate and now oversees the company's leasing operations as Vice President of Leasing.

Wesley Forehand, Vice President of Portfolio Management

Wesley Forehand joined the WHLR team in 2011 as the organization's Acquisitions Analyst and quickly advanced to Vice President of Portfolio Management.

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The key risks to Wheeler Real Estate Investment Trust (WHLR) include its high financial leverage, the risk of delisting from Nasdaq, and significant stock price volatility and shareholder dilution.

1. High Financial Leverage and Significant Debt Load: Wheeler Real Estate Investment Trust operates with a substantial debt load relative to its equity, indicating high financial leverage. As of September 30, 2025, the company's debt-to-equity ratio was reported at a sky-high 519.1%. This significant debt is not well covered by operating cash flow, and its interest payments are barely covered by its earnings before interest and taxes (EBIT), with an interest coverage ratio of only 1x. This financial structure makes the company highly vulnerable to rising interest rates, which directly increase borrowing costs and reduce potential profits.
2. Risk of Delisting from Nasdaq: In June 2024, Wheeler Real Estate Investment Trust received a notice from Nasdaq regarding non-compliance with its minimum Publicly Held Shares requirement. This triggered a potential delisting of the company's common stock from the Nasdaq Capital Market.
3. Stock Price Volatility and Shareholder Dilution: WHLR's stock has experienced extreme price volatility and a dramatic decline in value over several years. The company has undergone multiple reverse stock splits, which have historically diluted shareholder value. There is also a potential for further dilution due to the issuance of convertible preferred shares.

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Wheeler Real Estate Investment Trust (WHLR) primarily focuses on owning, leasing, and managing income-producing retail properties, with a significant emphasis on grocery-anchored shopping centers. These properties are located across the Mid-Atlantic, Northeast, and Southeast regions of the United States.

The addressable market for shopping centers in the United States is substantial. The global shopping centers market size is estimated at USD 7,395,596.29 million (approximately USD 7.4 trillion) in 2025. The United States holds the largest regional market share, accounting for over 19% of this global total. Based on these figures, the estimated addressable market for shopping centers in the U.S. is approximately USD 1.4 trillion (19% of USD 7.4 trillion) in 2025.

The U.S. hosts a mature shopping center ecosystem with over 116,000 shopping centers distributed across metropolitan, suburban, and rural areas.

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1. Portfolio Optimization and Focus on High-Performing Assets: Wheeler Real Estate Investment Trust is strategically optimizing its portfolio through dispositions of non-core assets to concentrate on high-performing, grocery-anchored retail properties. While property sales may lead to short-term revenue fluctuations, the long-term goal is to enhance the overall quality and performance of the remaining portfolio, leading to increased revenue from more desirable properties through improved occupancy and rental rates. The resilience of "same-center properties" also indicates a focus on maximizing the performance of existing key assets.
2. Aggressive Leasing Strategies and Occupancy Enhancement: The company is focused on increasing its operating income through intensive leasing strategies. This includes actively backfilling vacant anchor spaces, proactively replacing tenants who are in default of their lease terms, and delivering currently leased but unoccupied space to generate revenue. Renewing existing leases at higher rates is also a component of this strategy to boost future lease revenue.
3. Value-Added Property Improvements: WHLR allocates capital to make value-added improvements to its retail properties. These investments are specifically aimed at increasing rental income, extending long-term leases with anchor tenants, and improving overall property occupancy. Such capital expenditures are expected to enhance the market position of its properties and directly contribute to revenue growth.
4. Growth in Base Rent and Tenant Reimbursements: Recent financial reports highlight that revenue growth has been driven by increases in tenant reimbursements and base rent. The company's ability to pass along a greater share of operating expenses to tenants and maintain or achieve higher rental rates upon lease renewals demonstrates a continued emphasis on these fundamental aspects as consistent contributors to revenue.

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Share Repurchases

• During the nine months ended September 30, 2025, Cedar Realty Trust, a subsidiary of Wheeler Real Estate Investment Trust, repurchased and retired 620,069 shares of Cedar Series C Preferred Stock for an aggregate of $10.1 million.

Share Issuance

• For the nine months ended September 30, 2025, the company issued 578,800 shares of its Common Stock to unaffiliated holders in exchange for 140,600 shares of Series D Preferred Stock and 208,200 shares of Series B Preferred Stock.
• As of November 5, 2025, Wheeler Real Estate Investment Trust had cumulatively redeemed 1,746,481 Series D preferred shares by issuing approximately 575,000 common shares.
• On September 16, 2025, Wheeler Real Estate Investment Trust agreed to issue 253,000 shares of common stock in exchange for 11,000 shares of Series D Cumulative Convertible Preferred Stock and 22,000 shares of Series B Convertible Preferred Stock, with no cash proceeds received by the company.

Inbound Investments

• On March 28, 2024, the company received $1.0 million of $2.5 million in deferred loan proceeds under the Timpany Plaza Loan Agreement.

Outbound Investments

• In August 2022, Wheeler Real Estate Investment Trust acquired Cedar Realty Trust, making Cedar a subsidiary of the company. This acquisition expanded Wheeler's portfolio to include 75 retail shopping centers and 4 undeveloped land parcels as of December 31, 2022.

Capital Expenditures

• For the nine months ended September 30, 2025, Wheeler Real Estate Investment Trust invested $12.5 million in tenant improvements and capital expenditures into its properties.
• Expenditures for real estate improvements were approximately $18.7 million for the nine months ended September 30, 2024.