Equibles

8-K

CEDAR REALTY TRUST, INC. (CDR-PC)

8-K 2021-02-04 For: 2021-02-04
View Original
Added on April 06, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 4, 2021

CEDAR REALTY TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

001-31817 42-1241468
(Commission<br><br><br>File Number) (IRS Employer<br><br><br>Identification No.)

44 South Bayles Avenue

Port Washington, New York 11050

(Address of Principal Executive Offices) (Zip Code)

(516) 767-6492

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Name of each exchange on which registered Trading Symbol(s)
Common Stock, $0.06 par value New York Stock Exchange CDR
7-1/4% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value New York Stock Exchange CDRpB
6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value New York Stock Exchange CDRpC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
--- ---
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
--- ---
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
--- ---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)  Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Items 2.02 and 7.01.Results of Operations and Financial Condition, and Regulation FD.

On February 4, 2021, Cedar Realty Trust, Inc. issued a press release announcing its comparative financial results as well as certain supplemental financial information for the three months ended December 31, 2020. The press release and the supplemental financial information are furnished as Exhibit 99.1 and are incorporated herein by reference.

The information in this Current Report on Form 8-K is furnished under Item 2.02 – “Results of Operations and Financial Condition” and Item 7.01 – “Regulation FD Disclosure”. This information, including the exhibits attached hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).  The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act except as expressly set forth by specific reference in any such filing.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits.

99.1 Cedar Realty Trust, Inc. Supplemental Financial Information at December 31, 2020 (including press release dated February 4, 2020).
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
--- ---

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

CEDAR REALTY TRUST, INC.

/s/ PHILIP R. MAYS

Philip R. Mays

Executive Vice President, Chief Financial Officer and Treasurer

(Principal financial officer)

Dated: February 4, 2021

cdr-ex991_6.htm

CEDAR REALTY TRUST, INC.

Supplemental Financial Information

December 31, 2020

(unaudited)

TABLE OF CONTENTS

Earnings Press Release 4 - 7
Financial Information
Condensed Consolidated Balance Sheets 8
Condensed Consolidated Statements of Operations 9
Supporting Schedules to Consolidated Statements 10
Funds From Operations and Additional Disclosures 11
EBITDA for Real Estate and Additional Disclosures 12
Summary of Outstanding Debt and Maturities 13
Portfolio Information
Real Estate Summary 14 - 16
Tenant Categories 17
Tenant Concentration 18
Lease Expirations 19
Leasing Activity 20
Same-Property Net Operating Income 21
Summary of Dispositions and Real Estate Held for Sale 22
Non-GAAP Financial Disclosures 23

Forward-Looking Statements

The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). In addition, certain statements made or incorporated by reference herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) the loss or bankruptcy of the Company’s tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (v) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company’s share price from prices prior to the spread of the COVID-19 pandemic; (vi) financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (viii) the impact of the Company’s leverage on operating performance; (ix) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (x) risks endemic to real estate and the real estate industry generally(xi) competitive risks; (xii) risks related to the geographic concentration of the Company’s properties in the Washington, D.C. to Boston corridor; (xiii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiv) the inability of the Company to realize anticipated returns from its redevelopment activities; (xv) uninsured losses; (xvi) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xvii) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and other documents that the Company files with the Securities and Exchange Commission from time to time.

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company’s actual results and may be beyond the Company’s control.  New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors or to assess the effects of each factor on the Company’s business. Accordingly, there can be no assurance that the Company’s current expectations will be realized.

CEDAR REALTY TRUST REPORTS

FOURTH QUARTER 2020 RESULTS

Port Washington, New York – February 4, 2021 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the fourth quarter and full year 2020. Net income attributable to common shareholders was $0.25 per diluted share for the fourth quarter and net loss attributable to common shareholders was $(0.92) per diluted share for the full year 2020.  Other highlights include:

Highlights

• Operating Funds from operations (FFO) of $0.71 per diluted share for the quarter and $2.91 for the year
• NAREIT-defined FFO of $0.71 per diluted share for the quarter and $2.88 for the year
--- ---
• Same-property net operating income (NOI) decreased 4.1% for the quarter and 6.8% for the year
--- ---
• Signed 37 new and renewal leases for 222,000 square feet in the quarter and 121 new and renewal leases for 963,000 square feet for the year
--- ---
• Comparable cash-basis lease spreads of 1.5% for the quarter and 0.1% for the year
--- ---
• On October 27, 2020, utilized our revolving credit facility to repay the $75.0 million term loan which was set to mature in February 2021, as we advance the long-term refinancing of the loan which we anticipate closing in early 2021. The revolving credit facility matures in September 2021, and may be extended, at the Company’s option, for an additional one-year period, subject to customary conditions
--- ---
• Same property portfolio was 91.2% leased
--- ---
• On October 8, 2020, sold Glen Allen Shopping Center for $8.5 million, on November 2, 2020, sold Pine Grove outparcel building for $1.1 million, and on December 10, 2020, sold Suffolk Plaza for $7.0 million
--- ---
• On November 27, 2020, the Company completed a 1-for-6.6 reverse stock split of the issued and outstanding common stock
--- ---

COVID-19 Update

The Company took various actions as a result of COVID-19, which were fully detailed in the Company’s First Quarter 2020 Earnings Press Release on May 14, 2020. Deferred and waived base rents and monthly charges are as follows (dollars in millions):

Range
Year ended<br><br><br>December 31, 2020 Deferred / Waived Months Payback<br><br><br>Months Payback<br><br><br>Period
Deferred Rent $3.2 1 to 10 1 to 24 July 2020 to March 2021
(Wtd Avg 4.1) (Wtd Avg 10.4) (Wtd Avg Dec 2020)
Waived Rent $1.5 1 to 11 N/A N/A
(Wtd Avg 4.2)

Financial Results

Net income attributable to common shareholders for the fourth quarter of 2020 was $3.3 million or $0.25 per diluted share, compared to net loss of $12.7 million or $0.98 per diluted share for the same period in 2019. The principal differences in the comparative three-month results were gain on sales of properties in 2020, and an impairment charge on a property held for sale, and the acceleration of depreciation relating to the demolition of certain existing buildings at redevelopment properties in 2019. Net loss attributable to common shareholders for the full year 2020 was $(11.8) million or $(0.92) per diluted share, compared to net loss of $(9.7) million or $(0.78) per diluted share for the full year 2019. The principal differences in the comparative full year results were lease termination income, the acceleration of depreciation relating to the demolition of certain existing buildings at redevelopment properties, and the effects of COVID-19 in 2020, and gain on properties sold and impairment charges in 2020 and 2019.

NAREIT-defined FFO for the fourth quarter of 2020 was $9.8 million or $0.71 per diluted share, compared to $11.0 million or $0.80 per diluted share for the same period in 2019. Operating FFO for the fourth quarter of 2020 was $9.8 million or $0.71 per diluted share, compared to $9.7 million or $0.71 per diluted share for the same period in 2019. The difference between Operating FFO and NAREIT-defined FFO in 2019 were management transition and redevelopment costs.

NAREIT-defined FFO for the full year 2020 was $39.8 million or $2.88 per diluted share, compared to $42.1 million or $3.05 per diluted share for the same period in 2019. Operating FFO for the full year 2020 was $40.3 million or $2.91 per diluted share, compared to $40.8 million or $2.95 per diluted share for the full year 2019.  The differences between Operating FFO and NAREIT-defined FFO were redevelopment costs in 2020 and management transition and redevelopment costs in 2019. The principal difference between the comparative full year Operating FFO results were the effects of COVID-19 and lease termination income in 2020.

Portfolio Update

During the fourth quarter of 2020, the Company signed 37 leases, all on a comparable space basis, for 222,000 square feet at a positive lease spread of 1.5% on a cash basis (new leases decreased 15.6% and renewals increased 2.5%). During the full year 2020, the Company signed 121 leases for 963,000 square feet. On a comparable space basis, the Company leased 952,300 square feet at a positive lease spread of 0.1% on a cash basis (new leases decreased 4.9% and renewals increased 0.9%).

Same-property NOI decreased 4.1% for the fourth quarter of 2020, and decreased 6.8% for the full year 2020, both excluding redevelopments, as compared to the same periods in 2019.

The Company’s total portfolio, excluding properties held for sale, was 89.1% leased at December 31, 2020, compared to 89.8% at September 30, 2020 and 93.2% at December 31, 2019. The Company’s same-property portfolio was 91.2% leased at December 31, 2020, compared to 91.7% at September 30, 2020 and 93.0% at December 31, 2019.

As of December 31, 2020, The Commons, located in Dubois, Pennsylvania and Carll’s Corner, located in Bridgeton, New Jersey, have been classified as “real estate held for sale”.

Balance Sheet Update

Debt

On October 27, 2020, the Company utilized its revolving credit facility to repay the $75.0 million term loan which was set to mature in February 2021. The revolving credit facility matures in September 2021, and may be extended, at the Company’s option, for an additional one-year period, subject to customary conditions.

As of December 31, 2020, the Company had $56.7 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization for real estate (EBITDAre) of 8.9 times.

Equity

On November 27, 2020, the Company effected a 1-for-6.6 reverse stock split of the issued outstanding common stock. Each 6.6 shares of the Company’s issued and outstanding common stock were combined into one share of the Company’s common stock. The number of authorized shares and the par value of the common stock were not changed. In addition, the Company amended the Limited Partnership Agreement of our Operating Partnership to effect a corresponding reverse split of the partnership interests of the Operating Partnership.

2021 Guidance

At this time, the Company is not providing per share net income or FFO guidance.  However, our current 2021 expectations for the key drivers of our earnings are as follows:

• Decrease in lease termination income of approximately $7.5 million. This is substantially driven by the $7.1 million of lease termination income recorded in Q1 2020 related to the Company agreeing to a cash payment in consideration for permitting a dark anchor tenant to terminate its lease prior to the contractual expiration at Metro Square.
• Same-property NOI decreasing approximately 1% to 3% excluding redevelopment properties and 2% to 4% when redevelopment properties are included.
--- ---
• Property NOI decreasing by approximately $2.5 million related to property dispositions closed in 2020. The Company is exploring additional dispositions that, if closed, would further reduce 2021 property NOI.
--- ---
• Interest expense decreasing by approximately $1.7 million compared to 2020 prior to any proactive debt refinancing transactions completed in 2021.  Taking into account the one-year extension option the Company has at its election for its revolving credit facility, the Company has no 2021 debt maturities.  However, the Company is currently advancing the long-term refinancing of a substantial portion of its 2022 debt maturities. Any proactive refinancing will increase interest expense as the proceeds will likely first be used to repay the Company’s revolving credit facility, which currently has a variable interest rate of 1.8%.
--- ---

Non-GAAP Financial Measures

NAREIT-defined FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company considers NAREIT-defined FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets. The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. NAREIT-defined FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. A reconciliation of net income (loss) attributable to common shareholders to NAREIT-defined FFO and Operating FFO for the three and twelve months ended December 31, 2020 and 2019 is detailed in the attached schedule.

EBITDAre is a recognized supplemental non-GAAP financial measure. The Company presents EBITDAre in accordance with the definition adopted by NAREIT, which generally defines EBITDAre as net income plus interest expense, income tax expense, depreciation, amortization, and impairment write-downs of depreciated property, plus or minus losses and gains on the disposition of depreciated property, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates. The Company believes EBITDAre provides additional information with respect to the Company’s performance and ability to meet its future debt service requirements. The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as management transition, acquisition pursuit and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company’s computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

Same-property NOI is a widely recognized supplemental non-GAAP financial measure for REITs.  Properties are included in same-property NOI if they are owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as held for sale. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI. The Company considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company’s properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year. Same property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure.

Supplemental Financial Information Package

The Company has issued “Supplemental Financial Information” for the period ended December 31, 2020. Such information has been filed today as an exhibit to Form 8-K and will also be available on the Company’s website at www.cedarrealtytrust.com.

Investor Conference Call

The Company will host a conference call today, February 4, 2021, at 5:00 PM (ET) to discuss the quarterly results. The conference call can be accessed by dialing (877) 705-6003 or (1) (201) 493-6725 for international participants. A live webcast of the conference call will be available online on the Company’s website at www.cedarrealtytrust.com.

A replay of the call will be available from 8:00 PM (ET) on February 4, 2021, until midnight (ET) on February 18, 2021. The replay dial-in numbers are (844) 512-2921 or (1) (412) 317-6671 for international callers. Please use passcode 13714567 for the telephonic replay. A replay of the Company’s webcast will be available on the Company’s website for a limited time.

About Cedar Realty Trust

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. The Company’s portfolio (excluding properties treated as “held for sale”) comprises 54 properties, with approximately 8.1 million square feet of gross leasable area.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company’s website at www.cedarrealtytrust.com.

Forward-Looking Statements

Certain statements made in this this press release that are not strictly historical are  “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) the loss or bankruptcy of the Company’s tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (v) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company’s share price from prices prior to the spread of the COVID-19 pandemic; (vi) financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (viii) the impact of the Company’s leverage on operating performance; (ix) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (x) risks endemic to real estate and the real estate industry generally(xi) competitive risks; (xii) risks related to the geographic concentration of the Company’s properties in the Washington, D.C. to Boston corridor; (xiii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiv) the inability of the Company to realize anticipated returns from its redevelopment activities; (xv) uninsured losses; (xvi) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xvii) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the years ended December 31, 2019 and December 31, 2020, when available, and other documents that the Company files with the Securities and Exchange Commission from time to time.

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company’s actual results and may be beyond the Company’s control.  New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors or to assess the effects of each factor on the Company’s business. Accordingly, there can be no assurance that the Company’s current expectations will be realized.

Contact Information:

Cedar Realty Trust, Inc.

Philip R. Mays

Senior Executive Vice President, Chief Financial Officer and Treasurer

(516) 944-4572

CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets

December 31,
2020 2019
ASSETS
Real estate, at cost $ 1,527,478,000 $ 1,515,206,000
Less accumulated depreciation (428,569,000 ) (389,861,000 )
Real estate, net 1,098,909,000 1,125,345,000
Real estate held for sale 9,498,000 13,230,000
Cash and cash equivalents 1,637,000 2,747,000
Receivables 21,952,000 22,164,000
Other assets and deferred charges, net 45,255,000 42,139,000
TOTAL ASSETS $ 1,177,251,000 $ 1,205,625,000
LIABILITIES AND EQUITY
Liabilities:
Mortgage loan payable, net $ 45,385,000 $ 46,370,000
Finance lease obligation 5,340,000 5,364,000
Unsecured revolving credit facility 175,000,000 106,000,000
Unsecured term loans, net 398,549,000 472,841,000
Accounts payable and accrued liabilities 56,580,000 50,502,000
Unamortized intangible lease liabilities 8,939,000 10,473,000
Total liabilities 689,793,000 691,550,000
Equity:
Preferred stock 159,541,000 159,541,000
Common stock and other shareholders' equity 323,957,000 351,020,000
Noncontrolling interests 3,960,000 3,514,000
Total equity 487,458,000 514,075,000
TOTAL LIABILITIES AND EQUITY $ 1,177,251,000 $ 1,205,625,000

CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

Three months ended December 31, Years ended December 31,
2020 2019 2020 2019
PROPERTY REVENUES
Rental revenues $ 32,705,000 $ 35,328,000 $ 127,171,000 $ 142,719,000
Other 553,000 300,000 8,367,000 1,364,000
Total property revenues 33,258,000 35,628,000 135,538,000 144,083,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management 6,737,000 7,143,000 25,545,000 27,593,000
Real estate and other property-related taxes 4,698,000 5,279,000 20,051,000 20,754,000
Total property operating expenses 11,435,000 12,422,000 45,596,000 48,347,000
PROPERTY OPERATING INCOME 21,823,000 23,206,000 89,942,000 95,736,000
OTHER EXPENSES AND INCOME
General and administrative 4,032,000 3,702,000 16,865,000 18,804,000
Depreciation and amortization 10,204,000 14,839,000 48,412,000 45,861,000
Gain on sales (3,717,000 ) - (4,396,000 ) (2,942,000 )
Impairment charges - 8,938,000 7,607,000 8,938,000
Total other expenses and income 10,519,000 27,479,000 68,488,000 70,661,000
OPERATING INCOME 11,304,000 (4,273,000 ) 21,454,000 25,075,000
NON-OPERATING INCOME AND EXPENSES
Interest expense (5,121,000 ) (5,641,000 ) (21,974,000 ) (23,509,000 )
Total non-operating income and expense (5,121,000 ) (5,641,000 ) (21,974,000 ) (23,509,000 )
NET INCOME (LOSS) 6,183,000 (9,914,000 ) (520,000 ) 1,566,000
Attributable to noncontrolling interests (179,000 ) (55,000 ) (552,000 ) (490,000 )
NET INCOME (LOSS) ATTRIBUTABLE TO CEDAR REALTY TRUST, INC. 6,004,000 (9,969,000 ) (1,072,000 ) 1,076,000
Preferred stock dividends (2,688,000 ) (2,688,000 ) (10,752,000 ) (10,752,000 )
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 3,316,000 $ (12,657,000 ) $ (11,824,000 ) $ (9,676,000 )
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED): $ 0.25 $ (0.98 ) $ (0.92 ) $ (0.78 )
Weighted average number of common shares - basic and diluted 13,112,000 13,070,000 13,104,000 13,082,000

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

Balance Sheets December 31,
2020 2019
Construction in process (included in real estate, at cost) $ 41,699,000 $ 26,624,000
Receivables
Rents and other tenant receivables, net (a) $ 6,541,000 $ 5,061,000
Mortgage note receivable 3,500,000 3,500,000
Straight-line rents 11,911,000 13,603,000
$ 21,952,000 $ 22,164,000
Other assets and deferred charges, net
Lease origination costs $ 22,331,000 $ 19,947,000
Right-of-use assets 13,828,000 13,638,000
Prepaid expenses 6,906,000 6,048,000
Revolving credit facility issuance costs 623,000 1,021,000
Other 1,567,000 1,485,000
$ 45,255,000 $ 42,139,000
Accounts payable and accrued liabilities
Accounts payable and accrued liabilities $ 23,576,000 $ 29,544,000
Right-of-use liabilities 14,077,000 13,778,000
Interest rate swap liabilities 18,927,000 7,180,000
$ 56,580,000 $ 50,502,000
Statements of Operations Three months ended December 31, Years ended December 31,
2020 2019 2020 2019
Rental revenues
Base rents $ 24,212,000 $ 26,051,000 $ 95,987,000 $ 105,041,000
Expense recoveries 7,546,000 8,398,000 29,241,000 33,475,000
Percentage rent 626,000 271,000 1,778,000 971,000
Straight-line rents 14,000 (6,000 ) (1,208,000 ) 405,000
Amortization of intangible lease liabilities, net 307,000 614,000 1,373,000 2,827,000
$ 32,705,000 $ 35,328,000 $ 127,171,000 $ 142,719,000
(a) Includes $1.9 million of net receivables related to deferred rent as a result of COVID-19 as of December 31, 2020.
--- ---

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures

Three months ended December 31, Years ended December 31,
2020 2019 2020 2019
Net income (loss) attributable to common shareholders $ 3,316,000 $ (12,657,000 ) $ (11,824,000 ) $ (9,676,000 )
Real estate depreciation and amortization 10,182,000 14,793,000 48,297,000 45,677,000
Limited partners' interest 21,000 (77,000 ) (66,000 ) (57,000 )
Gain on sales (3,717,000 ) - (4,396,000 ) (2,942,000 )
Impairment charges - 8,938,000 7,607,000 8,938,000
Consolidated minority interests:
Share of income 158,000 132,000 618,000 547,000
Share of FFO (112,000 ) (98,000 ) (388,000 ) (414,000 )
Funds From Operations ("FFO") applicable to diluted common shares 9,848,000 11,031,000 39,848,000 42,073,000
Adjustments for items affecting comparability:
Reversal of management transition costs (a) - (1,500,000 ) - (1,500,000 )
Redevelopment costs (b) - 196,000 483,000 196,000
Operating Funds From Operations ("Operating FFO") applicable  to diluted common shares $ 9,848,000 $ 9,727,000 $ 40,331,000 $ 40,769,000
FFO per diluted common share: $ 0.71 $ 0.80 $ 2.88 $ 3.05
Operating FFO per diluted common share: $ 0.71 $ 0.71 $ 2.91 $ 2.95
Weighted average number of diluted common shares:
Common shares and equivalents 13,759,000 13,715,000 13,758,000 13,728,000
OP Units 81,000 81,000 81,000 83,000
13,840,000 13,796,000 13,839,000 13,811,000
Additional Disclosures (c):
Straight-line rents $ 14,000 $ (6,000 ) $ (1,208,000 ) $ 405,000
Amortization of intangible lease liabilities 307,000 614,000 1,373,000 2,827,000
Non-real estate amortization 384,000 365,000 1,447,000 1,471,000
Share-based compensation, net 970,000 1,039,000 3,723,000 4,117,000
Maintenance capital expenditures (d) 1,084,000 1,850,000 7,222,000 9,272,000
Lease related expenditures (e) 3,594,000 2,963,000 9,773,000 9,506,000
Development and redevelopment capital expenditures 4,480,000 6,346,000 27,898,000 20,309,000
Capitalized interest and financing costs 809,000 462,000 2,674,000 1,649,000
(a) General and administrative expenses for the three months and full year ended December 31, 2019 were reduced as a result of the reversal of previously accrued expenses associated with the termination of the prior Chief Operating Officer. As original estimated expenses were added back to operating FFO when recorded in 2016, the reversal of such expenses have been deducted from Operating FFO.
--- ---
(b) Includes redevelopment project costs expensed pursuant to GAAP such as certain demolition and lease termination costs.
--- ---
(c) These additional disclosures are presented to assist with understanding the Company’s real estate operations and capital requirements.  These amounts should not be considered independently or as a substitute for the Company’s consolidated financial statements reported under GAAP.
--- ---
(d) Consists of payments for building and site improvements.
--- ---
(e) Consists of payments for tenant improvements and leasing commissions.
--- ---

CEDAR REALTY TRUST, INC.

EBITDA for Real Estate (“EBITDAre”) and Additional Disclosures

Three months ended December 31, Years ended December 31,
2020 2019 2020 2019
Net income (loss) $ 6,183,000 $ (9,914,000 ) $ (520,000 ) $ 1,566,000
Interest expense 5,121,000 5,641,000 21,974,000 23,509,000
Depreciation and amortization 10,204,000 14,839,000 48,412,000 45,861,000
Gain on sales (3,717,000 ) - (4,396,000 ) (2,942,000 )
Impairment charges - 8,938,000 7,607,000 8,938,000
EBITDAre 17,791,000 19,504,000 73,077,000 76,932,000
Adjustments for items affecting comparability:
Reversal of management transition costs (a) - (1,500,000 ) - (1,500,000 )
Redevelopment costs (b) - 196,000 483,000 196,000
Adjusted EBITDAre $ 17,791,000 $ 18,200,000 $ 73,560,000 $ 75,628,000
Net debt
Debt, excluding issuance costs $ 620,645,000 $ 627,679,000 $ 620,645,000 $ 627,679,000
Finance lease obligation 5,631,000 5,665,000 5,631,000 5,665,000
Unrestricted cash and cash equivalents (1,637,000 ) (2,747,000 ) (1,637,000 ) (2,747,000 )
$ 624,639,000 $ 630,597,000 $ 624,639,000 $ 630,597,000
Fixed charges (c)
Interest expense $ 5,518,000 $ 5,770,000 $ 23,165,000 $ 23,812,000
Preferred stock dividends 2,688,000 2,688,000 10,752,000 10,752,000
Scheduled mortgage repayments 269,000 261,000 1,066,000 1,027,000
$ 8,475,000 $ 8,719,000 $ 34,983,000 $ 35,591,000
Debt and Coverage Ratios (d)
Net debt to Adjusted EBITDAre 8.9 x 8.7 x 9.5 x 8.4 x
Interest coverage ratio (based on Adjusted EBITDAre) 3.2 x 3.2 x 2.1 x 3.2 x
Fixed charge coverage ratio (based on Adjusted EBITDAre) 2.1 x 2.1 x 1.4 x 2.1 x
(a) General and administrative expenses for the three months and full year ended December 31, 2019 were reduced as a result of the reversal of previously accrued expenses associated with the termination of the prior Chief Operating Officer. As original estimated expenses were added back to Adjusted EBITDAre when recorded in 2016, the reversal of such expenses have been deducted from Adjusted EBITDAre.
--- ---
(b) Includes redevelopment project costs expensed pursuant to GAAP such as certain demolition and lease termination costs.
--- ---
(c) Includes properties "held for sale".
--- ---
(d) For the purposes of these computations, these ratios have been adjusted to include the annualized results of properties acquired, and to exclude, where applicable, (i) the results related to properties sold, and (ii) lease termination income.
--- ---

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt and Maturities

As of December 31, 2020

Maturity Interest
Dates Rates Amounts
Secured fixed-rate debt:
Franklin Village Plaza mortgage Jun 2026 3.9% $ 45,645,000
Senator Square finance lease obligation (a) Sep 2050 5.3% 5,631,000
Unsecured debt:
Revolving credit facility (b): Sep 2021
Variable-rate (c) 1.8% 100,000,000
Fixed-rate (d) 3.9% 75,000,000
Term loan (c) Sep 2022 1.9% 50,000,000
Term loan (e) Feb 2022 3.3% 50,000,000
Term loan (e) Sep 2022 3.5% 50,000,000
Term loan (e) Apr 2023 3.5% 100,000,000
Term loan (e) Sep 2024 3.9% 75,000,000
Term loan (e) Jul 2025 4.8% 75,000,000
Total unsecured debt weighted average 3.3% 575,000,000
Total debt weighted average 3.4% 626,276,000
Unamortized mortgage, finance lease and term loan issuance costs (2,002,000 )
Total debt $ 624,274,000
Fixed to variable rate debt ratio:
Fixed-rate debt 76.0% $ 476,276,000
Variable-rate debt 24.0% 150,000,000
100.0% $ 626,276,000
Mortgage Loan Finance Lease Revolving Term
--- --- --- --- --- --- --- --- --- --- --- ---
Year Payable Obligation Credit Facility Loans Amounts
2021 $ 1,074,000 $ 35,000 $ 175,000,000 (b) $ - $ 176,109,000
2022 1,116,000 37,000 - 150,000,000 151,153,000
2023 1,160,000 39,000 - 100,000,000 101,199,000
2024 1,206,000 41,000 - 75,000,000 76,247,000
2025 1,253,000 44,000 - 75,000,000 76,297,000
2026 39,836,000 48,000 - - 39,884,000
Thereafter - 5,387,000 - - 5,387,000
$ 45,645,000 $ 5,631,000 $ 175,000,000 $ 400,000,000 $ 626,276,000
(a) Maturity date reflects the first date the Company has the right to acquire the underlying land on the finance lease obligation.
--- ---
(b) Subject to a one-year extension at the Company's option.
--- ---
(c) Variable-rate in effect as of December 31, 2020.
--- ---
(d) This portion of the revolving credit facility has been swapped to a fixed-rate through February 2021, after which time it will revert to the variable- rate under the revolving credit facility.
--- ---
(e) The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company's leverage ratio, for which the Company has interest rate swaps which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.
--- ---

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of December 31, 2020

Average
Year Percent base rent per Selected
Property Description acquired GLA occupied leased sq. ft. Grocer Anchor Other Anchors
Connecticut
Bethel Shopping Center 2013 101,105 95.1 % $ 23.49 Big Y Dollar Tree
Brickyard Plaza 2004 227,598 99.2 % 8.79 Home Depot
Kohl's
Michaels
PetSmart
Groton Shopping Center 2007 130,264 100.0 % 12.29 Aldi TJ Maxx
Goodwill
Planet Fitness
Dollar Tree
Pet Supplies Plus
Jordan Lane 2005 177,504 72.2 % 12.87 Stop & Shop Crunch Fitness
Dollar Tree
New London Mall 2009 259,566 89.5 % 13.16 Shop Rite Marshalls
Home Goods
PetSmart
Oakland Commons 2007 90,100 100.0 % 6.37 Walmart Bristol Ten Pin
Southington Center 2003 155,842 98.5 % 7.90 Walmart NAMCO
Southington Wine & Spirit
Total Connecticut 1,141,979 92.5 % 11.68
Delaware
Christina Crossing 2017 119,446 90.7 % 19.59 Shop Rite
Maryland / Washington, D.C.
East River Park 2015 150,038 91.6 % 20.66 Safeway District of Columbia
CVS
Oakland Mills 2005 57,008 92.6 % 11.59 LA Mart
Patuxent Crossing<br><br><br>(f/k/a San Souci Plaza) (a) 2009 264,134 82.3 % 11.00 McKay's Market and Café Marshalls
Home Goods
World Gym
JOANN Fabrics
Dollar Tree
Senator Square 2018 42,941 100.0 % 28.56 Unity Health Care
Dollar Tree
Shoppes at Arts District 2016 35,676 100.0 % 37.53 Yes! Organic Market Busboys and Poets
Valley Plaza 2003 190,939 49.8 % 9.91 Ollie's Bargain Outlet
Tractor Supply
Yorktowne Plaza 2007 136,197 65.6 % 12.43 Food Lion Dollar Tree
Total Maryland / Washington, D.C. 876,933 76.5 % 15.60
Massachusetts
Fieldstone Marketplace 2005/2012 150,123 84.3 % 12.04 Shaw's Work Out World
Dollar Tree
Family Dollar
Franklin Village Plaza 2004/2012 305,937 86.6 % 21.06 Stop & Shop Marshalls
NRG Labs
Kings Plaza 2007 168,243 82.2 % 8.65 Fun Z Trampoline Park
Ocean State Job Lot
Savers
Dollar General
Norwood Shopping Center 2006 87,406 93.2 % 10.85 Big Y Planet Fitness
Dollar Tree
The Shops at Suffolk Downs 2005 121,187 98.8 % 14.55 Stop & Shop Dollar Tree
Target (b)

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of December 31, 2020

Average
Year Percent base rent per Selected
Property Description acquired GLA occupied leased sq. ft. Grocer Anchor Other Anchors
Massachusetts (continued)
Timpany Plaza 2007 182,799 67.4 % 10.20 Big Lots
Gardner Theater
Tractor Supply
Dollar Tree
Webster Commons 2007 98,984 96.7 % 11.85 Big Lots
Planet Fitness
CVS
Aubuchon Hardware
Total Massachusetts 1,114,679 85.2 % 14.02
New Jersey
Pine Grove Plaza 2003 79,306 42.5 % 15.04 Acme Markets (b) Dollar Tree
The Shops at Bloomfield Station 2016 63,844 84.1 % 19.20 Super Foodtown
Washington Center Shoppes 2001 157,300 92.8 % 11.39 Acme Markets Planet Fitness
Total New Jersey 300,450 77.7 % 13.71
New York
Carman's Plaza 2007 195,485 58.9 % 22.26 Key Foods Department of Motor Vehicle
Popcorn Beauty
Dollar Tree
Pennsylvania
Academy Plaza 2001 137,415 89.3 % 15.76 Acme Markets Rite Aid
Camp Hill 2002 430,198 96.9 % 15.82 Giant Foods Boscov's
LA Fitness
Barnes & Noble
Staples
Colonial Commons 2011 410,432 92.0 % 13.53 Giant Foods (c) Dick's Sporting Goods
Home Goods
Ross Dress For Less
Marshalls
JoAnn Fabrics
David's Furniture
Old Navy
Dollar Tree
Crossroads II (a) 2008 133,717 97.2 % 19.67 Giant Foods Dollar Tree
Fairview Commons 2007 52,964 77.5 % 10.69 Grocery Outlet Dollar Tree
Fishtown Crossing 2001 127,265 88.0 % 17.39 IGA Supermarket Pep Boys
Dollar Tree
Dollar General
Girard Plaza 2019 35,688 100.0 % 16.29 Save A Lot Dollar General
Gold Star Plaza 2006 71,720 95.5 % 8.94 Redner's Dollar Tree
Golden Triangle 2003 202,790 89.2 % 13.22 LA Fitness
Marshalls
Staples
Immunotek
Walgreens
Dollar Tree
Halifax Plaza 2003 51,510 100.0 % 13.65 Giant Foods Rite Aid
Hamburg Square 2004 102,058 96.7 % 6.50 Redner's Chesaco RV
Lawndale Plaza 2015 92,773 100.0 % 18.57 Shop Rite
Meadows Marketplace 2004/2012 91,518 91.3 % 15.95 Giant Foods
Newport Plaza 2003 64,489 100.0 % 12.85 Giant Foods Rite Aid
Northside Commons 2008 69,136 100.0 % 10.41 Redner's Dollar Tree
Palmyra Shopping Center 2005 111,051 87.9 % 7.54 Weis Markets Goodwill

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of December 31, 2020

Average
Year Percent base rent per Selected
Property Description acquired GLA occupied leased sq. ft. Grocer Anchor Other Anchors
Pennsylvania (continued)
Quartermaster Plaza 2014 456,602 89.3 % 14.79 BJ's Wholesale Club Home Depot
Planet Fitness
Staples
PetSmart
Walgreens
Riverview Plaza 2003 113,922 71.2 % 21.82 Pep Boys
Staples
South Philadelphia 2003 193,085 76.3 % 12.06 Shop Rite Ross Dress For Less
LA Fitness
Kid City
Swede Square 2003 100,809 91.1 % 16.86 Grocery Outlet LA Fitness
The Point 2000 262,072 87.0 % 14.72 Giant Foods Burlington
Barton's Home Outlet
Staples
Dollar Tree
Trexler Mall 2005 336,687 98.2 % 11.01 Kohl's
Urban Air
Lehigh Wellness Partners
Maxx Fitness
Marshalls
Home Goods
Dollar Tree
Trexlertown Plaza 2006 325,171 94.5 % 14.26 Giant Foods Hobby Lobby
Burlington
Big Lots
Tractor Supply
Total Pennsylvania 3,973,072 91.5 % 14.12
Virginia
Coliseum Marketplace 2005 106,648 98.6 % 15.13 Kroger Michaels
Elmhurst Square 2006 66,254 89.0 % 9.88 Food Lion
General Booth Plaza 2005 71,639 100.0 % 15.30 Food Lion
Kempsville Crossing 2005 79,512 94.6 % 12.05 Walmart The Iron Asylum
Oak Ridge Shopping Center 2006 38,700 100.0 % 11.05 Food Lion
Total Virginia 362,753 96.4 % 13.16
Total                         (89.1% leased at December 31, 2020) 8,084,797 88.1 % $ 14.04
(a) Although the ownership percentage for these joint ventures are 40% and 60%, respectively, the Company has included 100% of these joint ventures’ results of operations in its calculations, based on partnership promotes, additional equity interests, and/or other terms of the related joint venture agreements.
--- ---
(b) Tenant is a shadow anchor and is not included in GLA, percent occupied, and average base rent per leased sq.ft.
--- ---
(c) Giant Foods retains the leasehold obligation as Hobby Lobby is a subtenant and currently occupying the space.
--- ---

CEDAR REALTY TRUST, INC.

Tenant Categories (Based on Annualized Base Rent)

As of December 31, 2020

Percentage Percentage Q4-2020
of occupied Annualized of annualized percent
Tenant Categories Examples/Description GLA GLA base rent base rents collected
Grocer Anchor Giant Foods, Shop Rite, Stop & Shop, Big Y, BJ's Wholesale Club, Food Lion, Walmart Neighborhood Market 2,337,000 32.8 % $ 29,125,000 29.1 % 99.9 %
Limited/Fast Service Restaurants Panera Bread, Subway, Dunkin, McDonalds, Chipotle 274,000 3.8 % 7,351,000 7.4 % 95.1 %
Fitness LA Fitness, Planet Fitness 447,000 6.3 % 5,492,000 5.5 % 79.8 %
Full Service Restaurants Chili's, Red Lobster, Busboys and Poets 223,000 3.1 % 4,857,000 4.9 % 73.6 %
Discount Department Stores Marshalls, Kohl's, Burlington, Ross Dress For Less, TJ Maxx 652,000 9.2 % 4,849,000 4.9 % 99.1 %
Dollar/Variety Dollar Tree, Big Lots, Five Below 484,000 6.8 % 4,759,000 4.8 % 98.4 %
Medical, Dental and Optical Medical Centers, Urgent Care, Physical Therapy, Dentists, Optical 201,000 2.8 % 4,446,000 4.4 % 94.7 %
Personal Care Nail Salons, Hair Salons, Spas 145,000 2.0 % 3,479,000 3.5 % 92.9 %
Home Improvement/Hardware Home Depot, Tractor Supply 366,000 5.1 % 2,886,000 2.9 % 98.2 %
Banking Santander Bank, Wells Fargo, Bank of America, Middlesex Savings Bank 83,000 1.2 % 2,655,000 2.7 % 99.9 %
Wireless and Gaming AT&T Mobility, T-Mobile, Verizon Wireless, GameStop 91,000 1.3 % 2,417,000 2.4 % 97.4 %
Pharmacy/Drug Store Rite Aid, Walgreens, CVS 92,000 1.3 % 2,286,000 2.3 % 96.4 %
Office Supply Staples, The UPS Store 120,000 1.7 % 2,133,000 2.1 % 100.0 %
Beer, Wine and Liquor Beer, Wine and Liquor Stores 116,000 1.6 % 2,096,000 2.1 % 91.5 %
Governmental Office District of Columbia, Department of Motor Vehicle, USPS 74,000 1.0 % 1,925,000 1.9 % 99.0 %
Clothing Old Navy, Carter's, Madrag 111,000 1.6 % 1,717,000 1.7 % 85.1 %
Home Furnishing Homegoods, Mattress Firm 158,000 2.2 % 1,708,000 1.7 % 98.5 %
Automotive Parts and Service Pep Boys, Advance Auto Parts, AutoZone, Mavis 122,000 1.7 % 1,594,000 1.6 % 99.4 %
Shoes Famous Footwear, Shoe City 72,000 1.0 % 1,469,000 1.5 % 99.2 %
Non-Retail Various office tenants 76,000 1.1 % 1,378,000 1.4 % 96.6 %
Sporting and Outdoor Stores Dicks, NAMCO Pools 95,000 1.3 % 1,367,000 1.4 % 94.3 %
Hobby Stores Michaels, Hobby Lobby, JoAnn Fabrics 155,000 2.2 % 1,332,000 1.3 % 99.4 %
Beauty Supplies Sally Beauty, Popcorn Beauty, Ulta 50,000 0.7 % 1,263,000 1.3 % 99.1 %
Pet PetSmart, Pet Supplies Plus 88,000 1.2 % 1,261,000 1.3 % 95.8 %
Other Professional Services, Thrift Stores, Movie Theatre, Cleaners, Education, Books and Other 488,000 6.9 % 6,115,000 6.1 % 74.3 %
7,120,000 100.0 % $ 99,960,000 100.0 % 94.3 %

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of December 31, 2020

Number Annualized Percentage
of Percentage Annualized base rent annualized
Tenant stores GLA of GLA base rent per sq. ft. base rents
Top twenty-five tenants (a):
Giant Foods 8 538,000 6.7 % $ 9,132,000 $ 16.97 9.1 %
Shop Rite 4 252,000 3.1 % 4,092,000 16.24 4.1 %
Stop & Shop 3 211,000 2.6 % 2,884,000 13.67 2.9 %
Dollar Tree 21 224,000 2.8 % 2,430,000 10.85 2.4 %
LA Fitness 4 158,000 2.0 % 2,110,000 13.35 2.1 %
Big Y 2 106,000 1.3 % 2,006,000 18.92 2.0 %
Home Depot 2 253,000 3.1 % 1,977,000 7.81 2.0 %
Staples 5 106,000 1.3 % 1,812,000 17.09 1.8 %
BJ's Wholesale Club 1 118,000 1.5 % 1,760,000 14.92 1.8 %
Food Lion 4 163,000 2.0 % 1,559,000 9.56 1.6 %
Marshalls 6 170,000 2.1 % 1,447,000 8.51 1.4 %
Planet Fitness 5 99,000 1.2 % 1,283,000 12.96 1.3 %
Walmart 3 192,000 2.4 % 1,193,000 6.21 1.2 %
Redner's 3 159,000 2.0 % 1,160,000 7.30 1.2 %
Kohl's 2 147,000 1.8 % 1,031,000 7.01 1.0 %
Home Goods 4 105,000 1.3 % 1,002,000 9.54 1.0 %
District of Columbia 1 34,000 0.4 % 932,000 27.41 0.9 %
Shaw's 1 68,000 0.8 % 925,000 13.60 0.9 %
Boscovs 1 159,000 2.0 % 877,000 5.52 0.9 %
Walgreens 2 29,000 0.4 % 875,000 30.17 0.9 %
Kroger 1 58,000 0.7 % 863,000 14.88 0.9 %
PetSmart 3 63,000 0.8 % 857,000 13.60 0.9 %
Dick's Sporting Goods 1 56,000 0.7 % 784,000 14.00 0.8 %
CVS 2 20,000 0.2 % 783,000 39.15 0.8 %
Burlington Coat Factory 2 84,000 1.0 % 760,000 9.05 0.8 %
Sub-total top twenty-five tenants 91 3,572,000 44.2 % 44,534,000 12.47 44.6 %
Remaining tenants 693 3,548,000 43.9 % 55,426,000 15.62 55.4 %
Sub-total all tenants (b) 784 7,120,000 88.1 % $ 99,960,000 $ 14.04 100.0 %
Vacant space N/A 965,000 11.9 %
Total 784 8,085,000 100.0 %
(a) Several of the tenants listed above share common ownership with other tenants:
--- ---

(1) Giant Foods, Stop & Shop and Food Lion, and (2) Marshalls, Home Goods, and TJ Maxx (GLA of 30,000; annualized base rent of $315,000).

(b) Comprised of tenants as follows:
Percentage Annualized Percentage
--- --- --- --- --- --- --- --- --- --- --- --- ---
Occupied of occupied Annualized base rent annualized
GLA GLA base rent per sq. ft. base rents
Spaces ≥ 10,000 GLA 5,285,000 74.2 % $ 60,221,000 $ 11.40 60.2 %
Spaces < 10,000 GLA 1,835,000 25.8 % 39,739,000 21.65 39.8 %
Total 7,120,000 100.0 % $ 99,960,000 $ 14.04 100.0 %

CEDAR REALTY TRUST, INC.

Lease Expirations

As of December 31, 2020

Total Portfolio
Annualized Percentage
Number Percentage expiring of annualized
Year of lease of leases GLA of GLA base rents expiring
expiration expiring expiring expiring per sq. ft. base rents
Month-To-Month 45 146,000 2.1 % $ 16.83 2.5 %
2021 112 591,000 8.3 % 17.03 10.1 %
2022 105 549,000 7.7 % 16.84 9.2 %
2023 89 592,000 8.3 % 14.88 8.8 %
2024 97 788,000 11.1 % 14.71 11.6 %
2025 103 1,220,000 17.1 % 13.76 16.8 %
2026 51 496,000 7.0 % 14.94 7.4 %
2027 39 318,000 4.5 % 14.04 4.5 %
2028 33 354,000 5.0 % 11.47 4.1 %
2029 37 663,000 9.3 % 13.10 8.7 %
2030 35 564,000 7.9 % 9.26 5.2 %
Thereafter 38 839,000 11.8 % 13.31 11.2 %
All tenants 784 7,120,000 100.0 % $ 14.04 100.0 %
Spaces ≥ 10,000 GLA
Annualized Percentage
Number Percentage expiring of annualized
Year of lease of leases GLA of GLA base rents expiring
expiration expiring expiring expiring per sq. ft. base rents
Month-To-Month 2 34,000 0.6 % $ 6.74 0.4 %
2021 11 340,000 6.4 % 13.09 7.4 %
2022 12 267,000 5.1 % 12.42 5.5 %
2023 13 417,000 7.9 % 11.52 8.0 %
2024 19 587,000 11.1 % 11.59 11.3 %
2025 26 926,000 17.5 % 11.70 18.0 %
2026 13 381,000 7.2 % 12.34 7.8 %
2027 11 218,000 4.1 % 11.67 4.2 %
2028 10 280,000 5.3 % 9.27 4.3 %
2029 14 583,000 11.0 % 12.11 11.7 %
2030 10 487,000 9.2 % 7.37 6.0 %
Thereafter 14 765,000 14.5 % 12.14 15.4 %
All tenants 155 5,285,000 100.0 % $ 11.40 100.0 %
Spaces < 10,000 GLA
Annualized Percentage
Number Percentage expiring of annualized
Year of lease of leases GLA of GLA base rents expiring
expiration expiring expiring expiring per sq. ft. base rents
Month-To-Month 43 112,000 6.1 % $ 19.89 5.6 %
2021 101 251,000 13.7 % 22.37 14.1 %
2022 93 282,000 15.4 % 21.02 14.9 %
2023 76 175,000 9.5 % 22.89 10.1 %
2024 78 201,000 11.0 % 23.83 12.1 %
2025 77 294,000 16.0 % 20.23 15.0 %
2026 38 115,000 6.3 % 23.55 6.8 %
2027 28 100,000 5.4 % 19.20 4.8 %
2028 23 74,000 4.0 % 19.80 3.7 %
2029 23 80,000 4.4 % 20.25 4.1 %
2030 25 77,000 4.2 % 21.21 4.1 %
Thereafter 24 74,000 4.0 % 25.42 4.7 %
All tenants 629 1,835,000 100.0 % $ 21.65 100.0 %

CEDAR REALTY TRUST, INC.

Leasing Activity (a)

Cash Tenant Average
Leases Square New Rent Prior Rent Basis Improvements Lease
Signed Feet Per. Sq. Ft (a) Per. Sq. Ft (a) % Change Per. Sq. Ft (b) Term (Yrs)
Total Comparable Leases
4th Quarter 2020 37 222,000 $ 19.07 $ 18.78 1.5% $ 0.59 5.4
3rd Quarter 2020 32 240,100 $ 11.27 $ 11.06 1.9% $ 4.24 6.9
2nd Quarter 2020 21 182,300 $ 10.63 $ 11.06 -3.9% $ 2.07 4.6
1st Quarter 2020 29 307,900 $ 16.15 $ 16.21 -0.4% $ 6.46 6.8
Total 119 952,300 $ 14.54 $ 14.52 0.1% $ 3.69 6.1
New Leases - Comparable
4th Quarter 2020 4 8,900 $ 20.57 $ 24.36 -15.6% $ 2.52 7.6
3rd Quarter 2020 8 72,800 $ 9.07 $ 7.46 21.5% $ 13.99 9.1
2nd Quarter 2020 4 12,300 $ 22.60 $ 32.46 -30.4% $ 30.69 6.0
1st Quarter 2020 12 37,600 $ 18.11 $ 19.57 -7.5% $ 34.91 7.4
Total 28 131,600 $ 13.69 $ 14.40 -4.9% $ 20.74 8.3
Renewals - Comparable
4th Quarter 2020 33 213,100 $ 19.01 $ 18.55 2.5% $ 0.51 5.3
3rd Quarter 2020 24 167,300 $ 12.23 $ 12.63 -3.1% $ 0.00 5.9
2nd Quarter 2020 17 170,000 $ 9.77 $ 9.52 2.6% $ 0.00 4.5
1st Quarter 2020 17 270,300 $ 15.88 $ 15.74 0.9% $ 2.50 6.7
Total 91 820,700 $ 14.68 $ 14.54 0.9% $ 0.96 5.7
Total Comparable and Non-Comparable
4th Quarter 2020 37 222,000 $ 19.07 N/A N/A $ 0.59 5.4
3rd Quarter 2020 33 249,200 $ 11.32 N/A N/A $ 5.33 6.8
2nd Quarter 2020 21 182,300 $ 10.63 N/A N/A $ 2.07 4.6
1st Quarter 2020 30 309,500 $ 16.18 N/A N/A $ 6.43 6.8
Total 121 963,000 $ 14.54 N/A N/A $ 3.97 6.1
(a) Leases on this schedule represent retail activity only; office leases are not included. New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq. ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.
--- ---
(b) Includes costs of tenant specific landlord work and tenant allowances provided to tenants.  Excludes first generation space.
--- ---

CEDAR REALTY TRUST, INC.

Same-Property Net Operating Income ("Same-property NOI")

Same-Property NOI (a) Three months ended December 31, Years ended December 31,
2020 2019 2020 2019
Base Rents $ 19,881,000 $ 20,211,000 $ 76,438,000 $ 80,688,000
Expense Recoveries 6,319,000 6,508,000 23,771,000 25,447,000
Total Revenues 26,200,000 26,719,000 100,209,000 106,135,000
Operating expenses 9,097,000 8,887,000 33,561,000 34,634,000
Same-Property NOI $ 17,103,000 $ 17,832,000 $ 66,648,000 $ 71,501,000
Occupied 90.0% 91.0% 90.0% 91.0%
Leased 91.2% 93.0% 91.2% 93.1%
Average base rent $ 13.70 $ 13.79 $ 13.69 $ 13.71
Number of same properties 46 46 45 45
Same-Property NOI growth -4.1% -6.8%
Same-Property NOI Reconciliation (a) Three months ended December 31, Years ended December 31,
2020 2019 2020 2019
Operating income (loss) $ 11,304,000 $ (4,273,000 ) $ 21,454,000 $ 25,075,000
Add (deduct):
General and administrative 4,032,000 3,702,000 16,865,000 18,804,000
Gain on sales (3,717,000 ) - (4,396,000 ) (2,942,000 )
Impairment charges - 8,938,000 7,607,000 8,938,000
Depreciation and amortization 10,204,000 14,839,000 48,412,000 45,861,000
Straight-line rents (14,000 ) 6,000 1,208,000 (405,000 )
Amortization of intangible lease liabilities (307,000 ) (614,000 ) (1,373,000 ) (2,827,000 )
Other adjustments (339,000 ) 42,000 (426,000 ) (571,000 )
NOI related to properties not defined as same-property (4,060,000 ) (4,808,000 ) (22,703,000 ) (20,432,000 )
Same-Property NOI $ 17,103,000 $ 17,832,000 $ 66,648,000 $ 71,501,000
(a) Same-Property NOI includes properties that were owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and excluding properties classified as "held for sale". Same-Property NOI (i) excludes non-cash revenues such as straight-line rent adjustments and amortization of intangible lease liabilities, (ii) reflects internal management fees charged to properties, and (iii) excludes infrequent items, such as lease termination fee income.
--- ---

CEDAR REALTY TRUST, INC.

Summary of Dispositions and Real Estate Held For Sale

As of December 31, 2020

Date Sales
Dispositions Location GLA Sold Price
Metro Square Owings Mills, MD 71,896 7/9/2020 $ 4,288,000
Oakland Mills outparcel building Columbia, MD 2,300 9/17/2020 1,050,000
Glen Allen Shopping Center Glen Allen, VA 63,328 10/8/2020 8,540,000
Pine Grove outparcel building Brown Mills, NJ 6,783 11/2/2020 1,100,000
Suffolk Plaza Suffolk, VA 67,216 12/10/2020 6,950,000
211,523 $ 21,928,000
Average
Percent base rent per
Real Estate Held for Sale Location GLA occupied leased sq. ft.
Carll's Corner Bridgeton, NJ 129,582 21.1 % $ 14.24
The Commons Dubois, PA 203,309 86.0 % 6.56
332,891 60.7 % $ 7.60

CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

Funds From Operations (“FFO”) and Operating Funds From Operations (“Operating FFO”)

FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company presents FFO in accordance with the definition adopted by the National Association of Real Estate Investments Trusts (“NAREIT”). NAREIT generally defines FFO as net income attributable to common shareholders (determined in accordance with GAAP), excluding gains (losses) from sales of real estate properties, impairment provisions on real estate properties, plus real estate related depreciation and amortization, and adjustments for partnerships and joint ventures to reflect FFO on the same basis. The Company considers FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets.

The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. FFO and Operating FFO do not represent cash generated from operating activities and should not be considered as an alternative to net income attributable to common shareholders or to cash flow from operating activities. The Company’s computations of FFO and Operating FFO may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre

EBITDAre is a recognized supplemental non-GAAP financial measure. The Company presents EBITDAre in accordance with the definition adopted by NAREIT, which generally defines EBITDAre as net income plus interest expense, income tax expense, depreciation, amortization, and impairment write-downs of depreciated property, plus or minus losses and gains on the disposition of depreciated property, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates. The Company believes EBITDAre provides additional information with respect to the Company’s performance and ability to meet its future debt service requirements.

The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit, management transition, and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company’s computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

Same-Property Net Operating Income (“Same-Property NOI”)

Same-property NOI is a widely recognized supplemental non-GAAP financial measure for REITs.  Properties are included in same-property NOI if they are owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as held for sale. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI. The Company considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company’s properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year.

Same-property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure. Same-property NOI should not be considered as an alternative to consolidated operating income prepared in accordance with GAAP or as a measure of liquidity. The Company’s computations of same-property NOI may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

23

Report a Problem

Category
Description
Email (optional, for follow-up)