Wheeler Real Estate Investment Trust (WHLR) investor relations material

Executive summary

• Owns and operates 59 properties, including 56 retail shopping centers and 3 undeveloped properties, with a focus on grocery-anchored centers in the Mid-Atlantic, Southeast, and Northeast regions as of June 30, 2026.

• Portfolio is geographically concentrated, making it susceptible to regional economic shifts and anchor tenant risks.

• Completed several property dispositions in 2026, using proceeds to pay down debt and optimize capital allocation.

Financial highlights

• Total revenue for Q2 2026 was $22.5 million, down 13.9% year-over-year; six-month revenue was $46.5 million, down 7.9%.

• Net income for Q2 2026 was $9.7 million, compared to a net loss of $1.0 million in Q2 2025; six-month net income was $8.6 million, up from $1.4 million.

• Same-property NOI for Q2 2026 was $15.0 million, down 6.9% year-over-year; six-month same-property NOI was $29.6 million, down 0.3%.

• FFO available to common stockholders for Q2 2026 was $8.7 million, compared to a loss of $3.5 million in Q2 2025.

• AFFO for Q2 2026 was $2.4 million, down from $4.1 million in Q2 2025.

Outlook and guidance

• Plans to continue exchanging common stock for preferred stock to reduce outstanding securities and enhance financial stability.

• Intends to settle Series D Preferred Stock redemptions in common stock, expecting continued dilution.

• Focused on growing operations through leasing, tenant improvements, and selective asset sales.