Wheeler Real Estate Investment Trust, Inc.

Business focus

• Real estate investment trust owning and operating income-producing retail properties, with a primary emphasis on grocery-anchored centers.
• Portfolio concentrated in the Northeast United States.

Portfolio and occupancy

• Properties owned: 12 retail properties
• Total gross leasable area (GLA): 1.9 million square feet
• Leased and occupied: 92.4% leased and 92.4% occupied (as of December 31, 2025)
• Undeveloped land: 1 parcel, 1.35 acres (South Philadelphia parcel)

Corporate and ownership structure

• Organized as a Maryland corporation (since 1984) and elected to be taxed as a REIT under the Internal Revenue Code.
• Operating structure: umbrella partnership through an Operating Partnership (Delaware) that conducts substantially all business and holds most assets.
• Ownership: the Company owns a 100% interest in and is the sole general partner of the Operating Partnership.
• The Company is a subsidiary of Wheeler Real Estate Investment Trust, Inc. (WHLR).
• Preferred stock: outstanding 7.25% Series B and 6.50% Series C Cumulative Redeemable Preferred Stock, trading on the NYSE.
• Management and services: WHLR provides management services; the Company outsources its information technology function to a third-party provider via WHLR. WHLR’s employees provide services to the Company.

Revenue and tenants (operating portfolio)

• Annualized base rent (portfolio): $19,559,000
• Base rent per square foot: $10.90
• Leased/occupied space: 1,794,541 occupied square feet out of 1,943,176 leasable square feet
• Number of tenants: 187

Top 10 tenants by annualized base rent:

• Kohl’s (Discount Retailer): $1,049,000 (5.4%); 147,000 sf; $7.14 psf

• Lehigh Valley Health (Health): $819,000 (4.2%); 44,000 sf; $18.61 psf

• Redner’s Grocery (Grocery): $757,000 (3.9%); 106,000 sf; $7.14 psf

• TJX Companies (Discount Retailer): $743,000 (3.8%); 133,000 sf; $5.59 psf

• Home Depot (Home Improvement): $742,000 (3.8%); 103,000 sf; $7.20 psf

• Urban Air (Entertainment): $624,000 (3.2%); 61,000 sf; $10.23 psf

• Dollar Tree (Discount Retailer): $588,000 (3.0%); 77,000 sf; $7.64 psf

• Michaels (Hobby/Craft): $557,000 (2.8%); 45,000 sf; $12.38 psf

• LA Fitness (Gym): $515,000 (2.6%); 45,000 sf; $11.44 psf

• Onelife Fitness (Gym): $505,000 (2.6%); 58,000 sf; $8.71 psf

• Combined base rent for top 10 tenants: $6,899,000 (35.3% of total base rent); 819,000 sf (42.1% of occupied SF)

Lease terms and expirations

• Anchor tenants: typically 10–25 year initial terms with renewal options.
• Smaller-store leases: often about five years.

Annualized base rent expiring by year (as of 12/31/2025):

• 2026: $533,000
• 2027: $2,092,000
• 2028: $3,118,000
• 2029: $2,419,000
• 2030: $3,275,000
• 2031: $2,064,000
• 2032: $1,162,000
• 2033: $1,472,000
• 2034: $1,362,000
• Thereafter: $2,060,000

These expirations cover the portfolio’s 187 leases and approximately 1.94 million square feet.

Property management and operations

• Property management and leasing services provided under a management agreement with WHLR (Wheeler Real Estate Company Management Agreement).
• Leases generally pass through a substantial portion of operating costs, real estate taxes, insurance, and related expenses (typical triple net characteristics).

Risks and insurance

• The portfolio is subject to environmental, health, safety, tax, and other laws.
• Insurance coverage is in place (property, liability, business interruption, etc.); coverage terms and adequacy depend on policy provisions and may change.