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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

COMMISSION FILE NUMBER: 001-31817

 

CEDAR REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

 

Maryland

42-1241468

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

2529 Virginia Beach Blvd.

Virginia Beach, Virginia

23452

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (757) 627-9088

 

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

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

7-1/4% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value

 

CDRpB

 

New York Stock Exchange

6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value

 

CDRpC

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

At May 5, 2023, there were 13,718,169 shares of Common Stock, $0.06 par value, outstanding.

 

 

 


 

CEDAR REALTY TRUST, INC.

INDEX

 

Forward-Looking Statements

3

 

 

Part I. Financial Information

 

 

 

 

 

Item 1.

 

Financial Statements

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets – March 31, 2023 (unaudited) and December 31, 2022

4

 

 

 

 

 

 

Condensed Consolidated Statements of Operations – Three months ended March 31, 2023 and 2022 (unaudited)

5

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income – Three months ended March 31, 2023 and 2022 (unaudited)

6

 

 

 

 

 

 

Condensed Consolidated Statements of Equity – Three months ended March 31, 2023 and 2022 (unaudited)

7-8

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows – Three months ended March 31, 2023 and 2022 (unaudited)

9

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (unaudited)

10-17

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18-23

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

24

 

 

 

 

Item 4.

 

Controls and Procedures

24

 

 

Part II. Other Information

 

 

 

 

 

Item 1.

 

Legal Proceedings

24

 

 

 

 

Item 1A.

 

Risk Factors

24

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

24

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

24

 

 

 

 

Item 4.

 

Mine Safety Disclosures

25

 

 

 

 

Item 5.

 

Other Information

25

 

 

 

 

Item 6.

 

Exhibits

25

 

 

 

 

Signatures

27

 

2


 

Forward-Looking Statements

Certain statements made in this Current Report on Form 10-Q 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 ability of the Company to successfully integrate its business with Wheeler Real Estate Investment Trust, Inc.; (ii) the risk that shareholder litigation in connection with the Transactions may result in significant costs of defense, indemnification and liability; (iii) 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; (iv) the loss or bankruptcy of the Company’s tenants; (v) 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; (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 and increases in the Company’s borrowing costs as a result of changes in interest rates and other factors; (vii) the impact of the Company's leverage on operating performance; (viii) 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; (ix) risks endemic to real estate and the real estate industry generally; (x) competitive risks; (xi) risks related to the geographic concentration of the Company’s properties in the Northeast; (xii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) the risk that the Company’s insurance coverage may not be sufficient to fully cover its losses; (xiv) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xv) 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, 2022 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.

 

3


 

CEDAR REALTY TRUST, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

March 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Real estate:

 

 

 

 

 

 

Land

 

$

69,111,000

 

 

$

69,111,000

 

Buildings and improvements

 

 

295,479,000

 

 

 

294,999,000

 

 

 

 

364,590,000

 

 

 

364,110,000

 

Less accumulated depreciation

 

 

(159,515,000

)

 

 

(157,468,000

)

Real estate, net

 

 

205,075,000

 

 

 

206,642,000

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

1,654,000

 

 

 

3,899,000

 

Restricted cash

 

 

10,153,000

 

 

 

9,564,000

 

Receivables, net

 

 

5,819,000

 

 

 

6,135,000

 

Other assets and deferred charges, net

 

 

8,881,000

 

 

 

7,924,000

 

TOTAL ASSETS

 

$

231,582,000

 

 

$

234,164,000

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Secured term loans, net

 

$

131,552,000

 

 

$

131,462,000

 

Accounts payable and accrued liabilities

 

 

9,578,000

 

 

 

10,094,000

 

Due to Wheeler Real Estate Investment Trust, Inc.

 

 

7,955,000

 

 

 

7,328,000

 

Unamortized intangible lease liabilities

 

 

2,969,000

 

 

 

3,078,000

 

Total liabilities

 

 

152,054,000

 

 

 

151,962,000

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Preferred stock

 

 

159,541,000

 

 

 

159,541,000

 

Common stock ($0.06 par value, 150,000,000 shares authorized, 13,718,000 shares, issued and outstanding)

 

 

823,000

 

 

 

823,000

 

Additional paid-in capital

 

 

868,323,000

 

 

 

868,323,000

 

Cumulative distributions in excess of net income

 

 

(949,159,000

)

 

 

(946,485,000

)

Total equity

 

 

79,528,000

 

 

 

82,202,000

 

TOTAL LIABILITIES AND EQUITY

 

$

231,582,000

 

 

$

234,164,000

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements

 

4


 

CEDAR REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

Three months ended March 31,

 

 

 

2023

 

 

2022

 

REVENUES

 

 

 

 

 

 

Rental revenues

 

$

8,641,000

 

 

$

8,514,000

 

Other revenues

 

 

282,000

 

 

 

201,000

 

Total revenues

 

 

8,923,000

 

 

 

8,715,000

 

EXPENSES

 

 

 

 

 

 

Operating, maintenance and management

 

 

2,411,000

 

 

 

2,237,000

 

Real estate and other property-related taxes

 

 

1,389,000

 

 

 

1,242,000

 

General and administrative

 

 

712,000

 

 

 

2,911,000

 

Depreciation and amortization

 

 

2,493,000

 

 

 

2,501,000

 

Total expenses

 

 

7,005,000

 

 

 

8,891,000

 

 

 

 

 

 

 

 

OTHER

 

 

 

 

 

 

Transaction costs

 

 

 

 

 

(3,735,000

)

Impairment charges

 

 

 

 

 

(197,000

)

Total other

 

 

 

 

 

(3,932,000

)

 

 

 

 

 

 

 

OPERATING INCOME (LOSS)

 

 

1,918,000

 

 

 

(4,108,000

)

 

 

 

 

 

 

 

NON-OPERATING INCOME AND EXPENSES

 

 

 

 

 

 

Interest expense, net

 

 

(1,904,000

)

 

 

(2,707,000

)

Total non-operating income and expenses

 

 

(1,904,000

)

 

 

(2,707,000

)

 

 

 

 

 

 

 

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

14,000

 

 

 

(6,815,000

)

 

 

 

 

 

 

 

DISCONTINUED OPERATIONS

 

 

 

 

 

 

Income from discontinued operations

 

 

 

 

 

6,248,000

 

Impairment charges

 

 

 

 

 

(510,000

)

Total income from discontinued operations

 

 

 

 

 

5,738,000

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

 

14,000

 

 

 

(1,077,000

)

 

 

 

 

 

 

 

Net loss attributable to noncontrolling interests:

 

 

 

 

 

 

Limited partners' interest in Operating Partnership

 

 

 

 

 

20,000

 

Total net loss attributable to noncontrolling interests

 

 

 

 

 

20,000

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.

 

 

14,000

 

 

 

(1,057,000

)

 

 

 

 

 

 

 

Preferred stock dividends

 

 

(2,688,000

)

 

 

(2,688,000

)

 

 

 

 

 

 

 

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS

 

$

(2,674,000

)

 

$

(3,745,000

)

 

 

 

 

 

 

 

NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):

 

 

 

 

 

 

Continuing operations

 

$

(0.19

)

 

$

(0.71

)

Discontinued operations

 

 

 

 

 

0.43

 

 

 

$

(0.19

)

 

$

(0.28

)

 

 

 

 

 

 

 

Weighted average number of common shares - basic and diluted

 

 

13,718,000

 

 

 

13,285,000

 

 

See accompanying notes to condensed consolidated financial statements

 

5


 

CEDAR REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

 

 

 

Three months ended March 31,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Net income (loss)

 

$

14,000

 

 

$

(1,077,000

)

 

 

 

 

 

 

 

Unrealized gain on change in fair value of cash flow hedges

 

 

 

 

 

8,338,000

 

 

 

 

 

 

 

 

Comprehensive income

 

 

14,000

 

 

 

7,261,000

 

 

 

 

 

 

 

 

Comprehensive (income) attributable to noncontrolling interests

 

 

 

 

 

(29,000

)

 

 

 

 

 

 

 

Comprehensive income attributable to Cedar Realty Trust, Inc.

 

$

14,000

 

 

$

7,232,000

 

 

 

 

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements

 

6


 

CEDAR REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

Three months ended March 31, 2023

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

distributions

 

 

 

 

 

 

Preferred stock

 

 

Common stock

 

 

paid-in

 

 

in excess of

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

capital

 

 

net income

 

 

Equity

 

Balance, December 31, 2022

 

6,450,000

 

 

$

159,541,000

 

 

 

13,718,000

 

 

$

823,000

 

 

$

868,323,000

 

 

$

(946,485,000

)

 

$

82,202,000

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,000

 

 

 

14,000

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,688,000

)

 

 

(2,688,000

)

Balance, March 31, 2023

 

 

6,450,000

 

 

$

159,541,000

 

 

 

13,718,000

 

 

$

823,000

 

 

$

868,323,000

 

 

$

(949,159,000

)

 

$

79,528,000

 

 

See accompanying notes to condensed consolidated financial statements

 

7


 

CEDAR REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

Three months ended March 31, 2022

Continued

(unaudited)

 

 

Cedar Realty Trust, Inc. Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury

 

 

Additional

 

 

distributions

 

 

other

 

 

 

 

 

 

Preferred stock

 

 

Common stock

 

 

stock,

 

 

paid-in

 

 

in excess of

 

 

comprehensive

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

at cost

 

 

capital

 

 

net income

 

 

income

 

 

Total

 

Balance, December 31, 2021

 

6,450,000

 

 

$

159,541,000

 

 

 

13,658,000

 

 

$

820,000

 

 

$

(13,266,000

)

 

$

881,009,000

 

 

$

(582,464,000

)

 

$

(8,258,000

)

 

$

437,382,000

 

Net (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,057,000

)

 

 

 

 

 

(1,057,000

)

Unrealized gain on change in fair value of cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,289,000

 

 

 

8,289,000

 

Share-based compensation, net

 

 

 

 

 

 

 

 

(21,000

)

 

 

(1,000

)

 

 

2,459,000

 

 

 

(2,498,000

)

 

 

 

 

 

 

 

 

(40,000

)

Common stock sales, net of issuance expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

 

 

 

 

 

 

 

 

1,000

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,688,000

)

 

 

 

 

 

(2,688,000

)

Distributions to common shareholders/noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(900,000

)

 

 

 

 

 

(900,000

)

Reallocation adjustment of limited partners' interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,000

)

 

 

 

 

 

 

 

 

(4,000

)

Balance, March 31, 2022

 

 

6,450,000

 

 

$

159,541,000

 

 

 

13,637,000

 

 

$

819,000

 

 

$

(10,807,000

)

 

$

878,508,000

 

 

$

(587,109,000

)

 

$

31,000

 

 

$

440,983,000

 

 

 

 

Noncontrolling Interests

 

 

 

 

 

 

Minority

 

 

Limited

 

 

 

 

 

 

 

 

 

interest in

 

 

partners'

 

 

 

 

 

 

 

 

 

consolidated

 

 

interest in

 

 

 

 

 

 

 

 

 

joint

 

 

Operating

 

 

 

 

 

Total

 

 

 

ventures

 

 

Partnership

 

 

Total

 

 

Equity

 

Balance, December 31, 2021

$

 

$

2,586,000

 

 

$

2,586,000

 

$

439,968,000

 

Net (loss)

 

 

 

 

 

(20,000

)

 

 

(20,000

)

 

 

(1,077,000

)

Unrealized gain on change in fair value of cash flow hedges

 

 

 

 

 

49,000

 

 

 

49,000

 

 

 

8,338,000

 

Share-based compensation, net

 

 

 

 

 

 

 

 

 

 

 

(40,000

)

Common stock sales, net of issuance expenses

 

 

 

 

 

 

 

 

 

 

 

1,000

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

(2,688,000

)

Distributions to common shareholders/noncontrolling interests

 

 

 

 

 

(5,000

)

 

 

(5,000

)

 

 

(905,000

)

Reallocation adjustment of limited partners' interest

 

 

 

 

 

4,000

 

 

 

4,000

 

 

 

 

Balance, March 31, 2022

 

$

 

 

$

2,614,000

 

 

$

2,614,000

 

 

$

443,597,000

 

 

See accompanying notes to condensed consolidated financial statements

8


 

CEDAR REALTY TRUST, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

Three months ended March 31,

 

 

 

2023

 

 

2022

 

OPERATING ACTIVITIES

 

 

 

 

 

 

Net income (loss)

 

$

14,000

 

 

$

(1,077,000

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

Impairment charges

 

 

 

 

 

707,000

 

Straight-line rents and expenses, net

 

 

(191,000

)

 

 

(73,000

)

Provision for doubtful accounts

 

 

(164,000

)

 

 

44,000

 

Depreciation and amortization

 

 

2,493,000

 

 

 

8,263,000

 

Amortization of intangible lease liabilities, net

 

 

(22,000

)

 

 

(269,000

)

Expense relating to share-based compensation, net

 

 

 

 

 

542,000

 

Amortization of deferred financing costs

 

 

90,000

 

 

 

219,000

 

Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:

 

 

 

 

 

 

Rents and other receivables, net

 

 

670,000

 

 

 

(1,169,000

)

Prepaid expenses and other

 

 

(1,309,000

)

 

 

(923,000

)

Accounts payable and accrued liabilities

 

 

(74,000

)

 

 

2,441,000

 

Net cash provided by operating activities

 

 

1,507,000

 

 

 

8,705,000

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

Expenditures for real estate improvements

 

 

(475,000

)

 

 

(9,613,000

)

Contributions to unconsolidated joint venture