Wheeler REIT Series D Preferred

Owns, leases, and operates grocery-anchored and other necessity-oriented retail properties, including neighborhood and community shopping centers, strip centers, and free-standing stores. The portfolio serves secondary and tertiary markets across the Mid-Atlantic, Southeast, and Northeast, with national and regional retailers providing everyday goods and services.

Revenue comes primarily from tenant rent and reimbursements for operating costs, insurance, and real estate taxes. Execution centers on maintaining occupancy, renewing and replacing tenants, controlling property expenses, selectively improving centers, and selling non-core assets to reduce debt or redeploy capital.

Results depend on local retail demand, anchor-tenant traffic, leasing terms, property costs, financing access, and continued REIT qualification. This security is the Series D cumulative convertible preferred stock; accumulated dividends remain unpaid, and holders may request monthly redemption for cash, common shares, or both at the issuer's option.