A rotary heat regenerator wheel (50) in which one or more performance characteristics, such as heat exchange efficiency and air flow, can be adjusted during manufacturing, during or after installation and/or after use of the regenerator. The wheel (50) comprises removable segments (50a, 50b) having differing performance characteristics. One embodiment of the regenerator wheel (50) includes segments containing both latent (50a) and sensible (50b) heat characteristics.