Wheeler Real Estate Investment Trust (Wheeler REIT) owns and operates a portfolio of 62 grocery-anchored retail shopping centers, totaling roughly 7M leasable square feet, in secondary and tertiary markets across the Mid-Atlantic, Southeast, and Northeast U.S. Wheeler REIT targets necessity-based retail — properties anchored by grocery stores and tenants selling everyday consumer goods and services — which Wheeler REIT argues are less sensitive to economic cycles. The portfolio was 94.3% occupied as of year-end 2025, with the Mid-Atlantic and Southeast together accounting for roughly 92% of annualized base rent. Wheeler REIT is structured as a REIT, meaning it distributes the majority of its taxable income to shareholders. Revenue is primarily base rent from retail tenants, driven by number of properties owned, occupancy rates, and rental rates per square foot. Many leases are structured as triple-net or partial triple-net arrangements, where tenants reimburse Wheeler REIT for property operating expenses, insurance, and real estate taxes, limiting direct property-level cost exposure. No single tenant accounts for more than roughly 6% of annualized base rent, and the top 10 tenants collectively represent about 22.5% of annualized base rent. Wheeler REIT's strategy focuses on optimizing its existing portfolio through lease management, selective capital improvements, and capital recycling — selling non-core assets to pay down debt. A key balance sheet priority is reducing preferred stock obligations, including repurchasing Cedar preferred stock at a discount to liquidation value following its 2022 Cedar Realty merger.