Wheeler REIT operates a portfolio of 65 grocery-anchored and necessity-based retail properties predominantly in Mid-Atlantic, Southeast, and Northeast U.S. secondary markets. Despite a near 5% decline in revenue in 2025, the company improved operating income by over 15%, driven by enhanced lease management and expense controls via triple net leases. Wheeler actively recycles assets and prudently manages its $483 million debt with staggered maturities, while suspending dividends to preserve liquidity. Going forward, growth hinges on occupancy maintenance, refinancing success, and selective capital expenditures aimed at accretive property enhancements amid ongoing retail real estate volatility.