Exhibit 99.2

Exhibit 99.2

LOGO

Supplemental Financial Information

December 31, 2011

(unaudited)

Cedar Realty Trust, Inc.

44 South Bayles Avenue

Port Washington, NY 11050-3765

Tel: (516) 767-6492 Fax: (516) 767-6497

www.cedarrealtytrust.com

CEDAR REALTY TRUST, INC.

Supplemental Financial Information

December 31, 2011

(unaudited)

TABLE OF CONTENTS


Consolidated Financial Information
Consolidated Balance Sheets		3
Consolidated Statements of Operations		4
Supporting Schedules to Consolidated Statements		5 - 6
Funds from Operations and Additional Disclosures		7
Earnings Before Interest, Taxes, Depreciation and Amortization		8
Summary of Outstanding Debt		9-10
Summaries of Debt Maturities		11

Consolidated Operating Portfolio Information
Real Estate Summary		12-14
Leasing Activity		15
Tenant Concentration		16
Lease Expirations		17
Property Net Operating Income		18
Significant 2011 Acquisitions and Dispositions		19

Unconsolidated Cedar/RioCan Joint Venture
Combined Balance Sheets		21
Combined Statements of Operations		22
Real Estate Summary		23
Summary of Outstanding Debt		24
Summary of Debt Maturities		25
Significant 2011 Acquisitions and Dispositions		26

Properties Held for Sale/Conveyance
Real Estate Summary		28
Summary of Outstanding Debt		29
Summary of Debt Maturities		30

Portfolio Map		31

Non-GAAP Financial Disclosures		32

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, statements made or incorporated by reference herein may include certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements 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 which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. Accordingly, the information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2011.

CEDAR REALTY TRUST, INC.

Consolidated Balance Sheets


	December 31,
	2011			2010
Assets:
Real estate
Land	$	269,479,000		$	261,673,000
Buildings and improvements		1,099,642,000			1,028,443,000

		1,369,121,000			1,290,116,000
Less accumulated depreciation		(197,608,000	)		(157,803,000	)

Real estate, net		1,171,513,000			1,132,313,000
Real estate held for sale/conveyance		206,674,000			348,743,000
Investment in unconsolidated joint ventures		44,743,000			52,466,000
Cash and cash equivalents		12,070,000			14,166,000
Restricted cash		14,707,000			12,493,000
Receivables		26,264,000			26,387,000
Other assets and deferred charges, net		33,893,000			33,867,000
Assets relating to real estate held for sale/conveyance		2,299,000			2,052,000

Total assets	$	1,512,163,000		$	1,622,487,000

Liabilities and equity:
Mortgage loans payable	$	589,027,000		$	550,525,000
Mortgage loans payable—real estate held for sale/conveyance		122,604,000			156,991,000
Secured revolving credit facilities		166,317,000			132,597,000
Accounts payable and accrued liabilities		32,404,000			29,026,000
Unamortized intangible lease liabilities		35,017,000			40,253,000
Liabilities relating to real estate held for sale/conveyance		6,406,000			7,571,000

Total liabilities		951,775,000			916,963,000

Noncontrolling interest—limited partners’ mezzanine OP Units		4,616,000			7,053,000

Commitments and contingencies		—			—

Equity:
Cedar Realty Trust, Inc. shareholders’ equity:
Preferred stock		158,575,000			158,575,000
Common stock and other shareholders’ equity		335,268,000			471,491,000

Total Cedar Realty Trust, Inc. shareholders’ equity		493,843,000			630,066,000

Noncontrolling interests:
Minority interests in consolidated joint ventures		56,511,000			62,050,000
Limited partners’ OP Units		5,418,000			6,355,000

Total noncontrolling interests		61,929,000			68,405,000

Total equity		555,772,000			698,471,000

Total liabilities and equity	$	1,512,163,000		$	1,622,487,000

CEDAR REALTY TRUST, INC.

Consolidated Statements of Operations


	Three months ended December 31,						Years ended December 31,
	2011			2010			2011			2010
Revenues:
Rents	$	26,876,000		$	24,483,000		$	105,452,000		$	102,070,000
Expense recoveries		6,582,000			6,079,000			26,947,000			25,716,000
Other		876,000			1,863,000			3,014,000			3,786,000

Total revenues		34,334,000			32,425,000			135,413,000			131,572,000

Property operating expenses:
Operating, maintenance and management		6,408,000			6,293,000			27,608,000			25,632,000
Real estate and other property-related taxes		4,321,000			3,798,000			16,628,000			16,151,000

Total property operating expenses		10,729,000			10,091,000			44,236,000			41,783,000

Property operating income		23,605,000			22,334,000			91,177,000			89,789,000

Other expenses:
General and administrative		2,970,000			2,799,000			11,085,000			9,537,000
Management transition charges		—			—			6,530,000			—
Impairment charges		(271,000	)		221,000			7,148,000			2,493,000
Acquisition transaction costs and terminated projects		267,000			593,000			1,436,000			3,958,000
Depreciation and amortization		15,406,000			7,930,000			43,250,000			34,872,000

Total other expenses		18,372,000			11,543,000			69,449,000			50,860,000

Operating income		5,233,000			10,791,000			21,728,000			38,929,000

Non-operating income and expense:
Interest expense, including amortization of deferred financing costs		(10,715,000	)		(10,001,000	)		(41,870,000	)		(43,138,000	)
Write-off of deferred financing costs		—			—			—			(2,552,000	)
Interest income		133,000			9,000			349,000			21,000
Unconsolidated joint ventures:
Equity in income (loss)		519,000			(63,000	)		1,671,000			484,000
Write-off of investment		—			—			(7,961,000	)		—
Gain on sale		—			—			130,000			—

Total non-operating income and expense		(10,063,000	)		(10,055,000	)		(47,681,000	)		(45,185,000	)

(Loss) income before discontinued operations		(4,830,000	)		736,000			(25,953,000	)		(6,256,000	)

Discontinued operations:
Income (loss) from operations		2,192,000			(174,000	)		5,013,000			1,724,000
Impairment charges		(1,171,000	)		(36,548,000	)		(88,458,000	)		(39,822,000	)
Gain on sales		382,000			—			884,000			170,000

Total discontinued operations		1,403,000			(36,722,000	)		(82,561,000	)		(37,928,000	)

Net loss		(3,427,000	)		(35,986,000	)		(108,514,000	)		(44,184,000	)

Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		(825,000	)		1,807,000			2,507,000			1,613,000
Limited partners’ interest in Operating Partnership		152,000			794,000			2,446,000			1,282,000

Total net loss (income) attributable to noncontrolling interests		(673,000	)		2,601,000			4,953,000			2,895,000

Net loss attributable to Cedar Realty Trust, Inc.		(4,100,000	)		(33,385,000	)		(103,561,000	)		(41,289,000	)
Preferred distribution requirements		(3,579,000	)		(3,579,000	)		(14,200,000	)		(10,196,000	)

Net loss attributable to common shareholders	$	(7,679,000	)	$	(36,964,000	)	$	(117,761,000	)	$	(51,485,000	)

Per common share attributable to common shareholders (basic and diluted):
Continuing operations	$	(0.13	)	$	(0.01	)	$	(0.61	)	$	(0.24	)
Discontinued operations		0.01		$	(0.55	)	$	(1.18	)	$	(0.57	)

	$	(0.12	)	$	(0.56	)	$	(1.79	)	$	(0.81	)

Weighted average number of common shares outstanding:
Basic		66,804,000			66,374,000			66,387,000			63,843,000

Diluted		66,804,000			66,374,000			66,387,000			63,862,000

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

Balance Sheets Detail


	December 31,			December 31,
	2011			2010
Construction in process (included in building and improvements)	$	24,475,000		$	14,053,000

Investment in unconsolidated joint ventures
Cedar/RioCan	$	44,743,000		$	46,618,000
Philadelphia redevelopment property		—			5,848,000

	$	44,743,000		$	52,466,000

Receivables
Rents and other tenant receivables, net	$	6,882,000		$	7,048,000
Straight-line rents		13,572,000			12,471,000
Other		5,810,000			6,868,000

	$	26,264,000		$	26,387,000

Other assets and deferred charges, net
Lease origination costs	$	14,336,000		$	13,282,000
Financing costs		6,268,000			9,623,000
Prepaid expenses		5,857,000			5,258,000
Investments and cumulative mark-to-market adjustments related to share-based compensation		3,562,000			2,101,000
Property and other deposits		1,430,000			1,527,000
Leasehold improvements, furniture and fixtures		1,035,000			525,000
Other		1,405,000			1,551,000

	$	33,893,000		$	33,867,000

Minority interests in consolidated joint ventures
Operating joint ventures:
New London Mall and San Souci Plaza joint venture		6,805,000			8,240,000
Upland Square joint venture		1,048,000			1,048,000
Homburg joint venture (2 properties)		13,909,000			14,355,000
Held for Sale/Conveyance joint ventures:
Homburg joint venture (7 properties)		34,774,000			36,690,000
CVS at Naugatuck joint venture		56,000			52,000
Heritage Crossing joint venture		(81,000	)		(81,000	)
Columbia Mall joint venture		—			1,746,000

	$	56,511,000		$	62,050,000

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

Statements of Operations Detail


	Three months ended December 31,
	2011		2010
Rents
Base rents	$	24,819,000	$	22,767,000
Percentage rent		371,000		1,455,000
Straight-line rents		274,000		585,000
Amortization of intangible lease liabilities		1,412,000		(324,000	)

	$	26,876,000	$	24,483,000


	Years ended December 31,
	2011		2010
Rents
Base rents	$	97,437,000	$	93,493,000
Percentage rent		1,058,000		906,000
Straight-line rents		1,221,000		1,577,000
Amortization of intangible lease liabilities		5,736,000		6,094,000

	$	105,452,000	$	102,070,000


	Three months ended December 31,
	2011		2010
RioCan management fees
Management fees	$	708,000	$	733,000
Other fees		150,000		1,068,000

	$	858,000	$	1,801,000


	Years ended December 31,
	2011		2010
RioCan management fees
Management fees	$	2,277,000	$	1,235,000
Other fees		478,000		2,349,000

	$	2,755,000	$	3,584,000


	Three months ended December 31,
	2011			2010
Net loss (income) attributable to noncontrolling interests—minority interests in consolidated joint ventures
Held and used:
New London Mall and San Souci Plaza joint venture	$	37,000		$	187,000
Homburg joint venture (2 properties)		(75,000	)		(145,000	)
Held for sale/conveyance:
Homburg joint venture (7 properties)		(778,000	)		(427,000	)
CVS at Naugatuck joint venture		(9,000	)		1,000
Columbia Mall joint venture		—			2,191,000

	$	(825,000	)	$	1,807,000


	Years ended December 31,
	2011			2010
Net loss (income) attributable to noncontrolling interests—minority interests in consolidated joint ventures
Held and used:
New London Mall and San Souci Plaza joint venture	$	488,000		$	902,000
Homburg joint venture (2 properties)		(381,000	)		(470,000	)
Held for sale/conveyance:
Homburg joint venture (7 properties)		391,000			(1,094,000	)
CVS at Naugatuck joint venture		(24,000	)		(17,000	)
Columbia Mall joint venture		2,033,000			2,292,000

	$	2,507,000		$	1,613,000

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures


	Three months ended December 31,						Years ended December 31,
	2011			2010			2011			2010
Net loss attributable to the Company’s common shareholders	$	(7,679,000	)	$	(36,964,000	)	$	(117,761,000	)	$	(51,485,000	)
Real estate depreciation and amortization		15,427,000			10,793,000			48,353,000			46,279,000
Limited partners’ interest		(152,000	)		(794,000	)		(2,446,000	)		(1,282,000	)
Impairment charges and write-off of joint venture interest		900,000			36,769,000			103,567,000			42,315,000
Gain on sales		(382,000	)		—			(884,000	)		(170,000	)
Consolidated minority interest:
Share of income		825,000			(1,807,000	)		(2,507,000	)		(1,613,000	)
Share of FFO		(1,476,000	)		(2,131,000	)		(5,918,000	)		(6,846,000	)
Unconsolidated joint venture:
Share of income		(519,000	)		63,000			(1,671,000	)		(484,000	)
Share of FFO		1,546,000			1,230,000			5,984,000			2,796,000

Funds From Operations (“FFO”)		8,490,000			7,159,000			26,717,000			29,510,000
Adjustments for items affecting comparability:
Management transition charges and employee termination costs		—			—			6,875,000			—
Accelerated write-off of deferred financing costs		—			—			—			2,552,000
Share-based compensation mark-to-market adjustments		(68,000	)		101,000			(808,000	)		(276,000	)
Acquisition transaction costs and terminated projects, including Company share from the Cedar/RioCan joint venture (a)		262,000			1,988,000			1,618,000			6,770,000

Recurring Funds From Operations (“Recurring FFO”)	$	8,684,000		$	9,248,000		$	34,402,000		$	38,556,000

FFO per diluted share:	$	0.12		$	0.11		$	0.38		$	0.45

Recurring FFO per diluted share:	$	0.12		$	0.14		$	0.49		$	0.59

Weighted average number of diluted common shares:
Common shares		69,746,000			66,374,000			68,715,000			63,862,000
OP Units		1,415,000			1,435,000			1,415,000			1,814,000

		71,161,000			67,809,000			70,130,000			65,676,000

Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	357,000		$	245,000		$	1,634,000		$	1,580,000
Amortization of intangible lease liabilities		1,471,000			1,264,000			6,476,000			7,861,000
Non-real estate amortization		997,000			1,520,000			4,399,000			5,653,000
Stock-based compensation other than mark-to-market adjustments		786,000			795,000			5,470,000			3,240,000
Maintenance capital expenditures		1,126,000			1,081,000			3,302,000			3,987,000
Development and redevelopment capital expenditures		7,951,000			8,365,000			33,412,000			22,254,000
Capitalized interest and financing costs		593,000			332,000			2,629,000			2,542,000
NOI attributable to Cedar/RioCan properties prior to dates of transfer		—			—			—			2,463,000

(a)	The amounts for the three and twelve months ended December 31, 2010 are principally fees paid to the Company’s investment advisor related to Cedar/RioCan joint venture transactions. The Company’s share from the Cedar/RioCan joint venture are $0, $892,000, $183,000 and $1,424,000, respectively.

CEDAR REALTY TRUST, INC.

Earnings Before Interest, Taxes, Depreciation and Amortization


	Three months ended December 31,						Years ended December 31,
	2011			2010			2011			2010
EBITDA Calculation
(Loss) income from continuing operations	$	(4,830,000	)	$	736,000		$	(25,953,000	)	$	(6,256,000	)
Add (deduct):
Interest expense and amortization of financing costs, net		10,715,000			10,001,000			41,870,000			43,138,000
Accelerated write-off of deferred financing costs		—			—			—			2,552,000
Depreciation and amortization		15,406,000			7,930,000			43,250,000			34,872,000
Minority interests share of consolidated joint venture EBITDA		(3,165,000	)		(3,526,000	)		(10,844,000	)		(12,605,000	)
Discontinued operations:
Income (loss) from operations		2,192,000			(174,000	)		5,013,000			1,724,000
Interest expense and amortization of financing costs, net		2,237,000			2,466,000			9,255,000			8,647,000
Depreciation and amortization		82,000			2,911,000			5,356,000			11,571,000
Pro-rata share attributable to Cedar/RioCan joint venture:
Depreciation and amortization		1,027,000			1,213,000			4,123,000			1,905,000
Interest expense		833,000			747,000			3,616,000			1,581,000

EBITDA		24,497,000			22,304,000			75,686,000			87,129,000
Adjustments for items affecting comparability:
Share-based compensation mark-to-market adjustments		(68,000	)		101,000			(808,000	)		(276,000	)
Impairment charges and write-off of investment in unconsolidated joint venture		(271,000	)		221,000			15,109,000			2,493,000
Management transition charges and employee termination costs		—			—			6,875,000			—
Acquisition transaction costs and terminated projects, including Company share from the Cedar/RioCan joint venture (a)		262,000			1,813,000			1,618,000			6,070,000

Adjusted EBITDA	$	24,420,000		$	24,439,000		$	98,480,000		$	95,416,000

Adjusted EBITDA annualized (b)	$	97,680,000		$	97,756,000		$	98,480,000		$	95,416,000

Pro-rata share of outstanding debt (c)	$	827,036,000		$	778,327,000		$	827,036,000		$	778,327,000


Fixed charges
Interest expense (d)	$	12,538,000		$	11,357,000		$	49,332,000		$	47,238,000
Interest expense—consolidated minority interests share		(1,671,000	)		(1,687,000	)		(6,654,000	)		(6,285,000	)
Interest expense—unconsolidated Cedar/RioCan joint venture		833,000			747,000			3,616,000			1,581,000

Interest Expense	$	11,700,000		$	10,417,000		$	46,294,000		$	42,534,000
Preferred dividend requirements		3,579,000			3,579,000			14,200,000			10,196,000
Pro-rata share of scheduled mortgage repayments		2,195,000			2,106,000			8,749,000			7,484,000

Fixed charges	$	17,474,000		$	16,102,000		$	69,243,000		$	60,214,000


Debt and Coverage Ratios
Debt to Adjusted EBITDA (b)		8.7	x		8.0	x		8.8	x		8.2	x
Interest coverage ratio (Based on Adjusted EBITDA)		2.1	x		2.3	x		2.1	x		2.2	x
Fixed charge coverage ratio (Based on Adjusted EBITDA)		1.4	x		1.5	x		1.4	x		1.6	x

(a)	The Company’s share from the Cedar/RioCan joint venture are $0, $892,000, $183,000 and $1,424,000, respectively.

(b)	For purposes of the Debt to Adjusted EBITDA ratio, the adjusted EBITDA annualized amounts have been further adjusted to exclude results for properties sold during each of the respective periods ($2,664,000, $372,000, $4,149,000 and $812,000).

(c)	Includes debt from properties “held for sale/conveyance.”

(d)	Includes interest expense from properties “held for sale/conveyance.”

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt


									Stated contract amounts
Property	Percent Owned			Maturity Date		Interest rate (a)			December 31, 2011		December 31, 2010
Fixed-rate mortgages:
Consolidated Properties:
The Point		100	%		Sep 2012		7.6	%	$	16,277,000	$	16,807,000
Carll’s Corner		100	%		Nov 2012		5.6	%		5,656,000		5,786,000
Washington Center Shoppes		100	%		Dec 2012		5.9	%		8,321,000		8,452,000
Fort Washington		100	%		Jan 2013		5.4	%		5,535,000		5,666,000
Fairview Plaza		100	%		Feb 2013		5.7	%		5,254,000		5,370,000
Academy Plaza		100	%		Mar 2013		7.3	%		8,894,000		9,139,000
General Booth Plaza		100	%		Aug 2013		6.1	%		5,070,000		5,166,000
Kempsville Crossing		100	%		Aug 2013		6.1	%		5,724,000		5,841,000
Port Richmond Village		100	%		Aug 2013		6.5	%		14,156,000		14,428,000
Smithfield Plaza		100	%		Aug 2013		6.1	%		3,263,000		3,317,000
Suffolk Plaza		100	%		Aug 2013		6.1	%		4,297,000		4,395,000
Virginia Little Creek		100	%		Aug 2013		6.1	%		4,588,000		4,680,000
Timpany Plaza		100	%		Jan 2014		6.1	%		7,914,000		8,067,000
Trexler Mall		100	%		May 2014		5.5	%		20,567,000		20,993,000
Coliseum Marketplace		100	%		Jul 2014		6.1	%		11,471,000		11,642,000
Fieldstone Marketplace		20	%		Jul 2014		6.0	%		17,662,000		17,945,000
King’s Plaza		100	%		Jul 2014		6.0	%		7,538,000		7,678,000
Liberty Marketplace		100	%		Jul 2014		6.1	%		8,666,000		8,865,000
Yorktowne Plaza		100	%		Jul 2014		6.0	%		19,721,000		20,092,000
Mechanicsburg Giant		100	%		Nov 2014		5.5	%		8,999,000		9,274,000
Elmhurst Square Shopping Center		100	%		Dec 2014		5.4	%		3,892,000		3,970,000
Newport Plaza		100	%		Jan 2015		6.0	%		5,471,000		5,583,000
New London Mall		40	%		Apr 2015		4.9	%		27,365,000		27,365,000
Carbondale Plaza		100	%		May 2015		6.4	%		4,862,000		4,951,000
Oak Ridge Shopping Center		100	%		May 2015		5.5	%		3,351,000		3,407,000
Pine Grove Plaza		100	%		Sep 2015		5.0	%		5,574,000		5,688,000
Groton Shopping Center		100	%		Oct 2015		5.3	%		11,663,000		11,843,000
Southington Shopping Center		100	%		Nov 2015		5.1	%		5,578,000		5,690,000
Jordan Lane		100	%		Dec 2015		5.5	%		12,628,000		12,860,000
Oakland Mills		100	%		Jan 2016		5.5	%		4,748,000		4,835,000
Smithfield Plaza		100	%		May 2016		6.2	%		6,890,000		6,976,000
West Bridgewater		100	%		Sep 2016		6.2	%		10,718,000		10,848,000
Carman’s Plaza		100	%		Oct 2016		6.2	%		33,500,000		33,500,000
Hamburg Commons		100	%		Oct 2016		6.1	%		5,017,000		5,101,000
Meadows Marketplace		20	%		Nov 2016		5.6	%		10,002,000		10,172,000
San Souci Plaza		40	%		Dec 2016		6.2	%		27,200,000		27,200,000
Camp Hill Shopping Center		100	%		Jan 2017		5.5	%		65,000,000		65,000,000
Golden Triangle		100	%		Feb 2018		6.0	%		20,387,000		20,702,000
East Chestnut		100	%		Apr 2018		7.4	%		1,624,000		1,704,000
Townfair Center		100	%		Jul 2021		5.2	%		16,371,000		—
Gold Star Plaza		100	%		May 2019		7.3	%		1,933,000		2,123,000
Kingston Plaza		100	%		Jul 2019		5.3	%		511,000		522,000
Halifax Plaza		100	%		Apr 2020		6.3	%		4,175,000		4,252,000
Swede Square		100	%		Nov 2020		5.5	%		10,453,000		10,588,000
Colonial Commons		100	%		Feb 2021		5.5	%		27,729,000		—
Virginia Little Creek		100	%		Sep 2021		8.0	%		345,000		367,000
Metro Square		100	%		Nov 2029		7.5	%		8,750,000		8,964,000

Total Fixed-Rate Mortgages					4.3 years		5.9	%		525,310,000		487,814,000

					*weighted average*

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt (Continued)


										Stated contract amounts
Property	Percent Owned			Maturity Date			Interest rate (a)			December 31, 2011			December 31, 2010
Variable-rate mortgage:
Upland Square		60	%		Nov 2013			3.0	%		63,768,000			62,577,000

Total mortgages at stated contract amounts					4.1 years			5.6	%		589,078,000			550,391,000
					*weighted average*
Unamortized discount/premium											(51,000	)		134,000

Total mortgage debt (including unamortized discount/premium)											589,027,000			550,525,000

Revolving Credit Facilities:
Stabilized properties					Jan 2012	(b)		5.5	%		74,035,000			29,535,000
Development properties					Jun 2012	(b)		2.4	%		92,282,000			103,062,000

					0.3 years			3.8	%		166,317,000			132,597,000

					*weighted average*
Total Consolidated Debt (Excluding Held for Sale/Conveyance Mortgage Debt)					3.2 years			5.2	%	$	755,344,000			683,122,000

					*weighted average*



Pro-rata share of total debt reconciliation:
Total consolidated debt (excluding held for sale/conveyance mortgage debt)	$	755,344,000		$	683,122,000
Less pro-rata share attributable to consolidated joint venture minority interests		(54,470,000	)		(54,735,000	)
Plus pro-rata share attributable to properties held for sale/conveyance (c)		62,703,000			91,260,000
Plus pro-rata share attributable to the unconsolidated Cedar/RioCan Joint Venture (d)		63,459,000			58,680,000

Pro-rata share of total debt	$	827,036,000		$	778,327,000

Pro-rata share of fixed debt	$	578,051,000		$	562,153,000
Pro-rata share of variable debt	$	248,985,000		$	216,174,000

Pro-rata share of total debt	$	827,036,000		$	778,327,000

Percentage of pro-rata fixed debt		70	%		72	%
Percentage of pro-rata variable debt		30	%		28	%

		100	%		100	%

(a)	For variable rate debt, rate in effect as of December 31, 2011.

(b)

On January 26, 2012, the Company entered into a $300 million secured Credit Facility which amended, restated and consolidated the stabilized and development facilities. The new Credit Facility is comprised of a four-year $75 million term loan (expiring January 2016, subject to a one-year extension option) and a three year $225 million revolving credit facility (expiring January 2015, subject to a one-year extension option).

(c)	See “Summary of Outstanding Debt—Held for Sale Properties.”

(d)	See “Summary of Outstanding Joint Venture Debt.”

CEDAR REALTY TRUST, INC.

Summaries of Debt Maturities

As of December 31, 2011


Consolidated Properties Including Properties Held for Sale
Maturity	Cedar pro-rata share of:										JV Partners pro-rata share of:
schedule by year	Scheduled Amortization		Balloon Payments			Credit Facilities			Total		Scheduled Amortization		Balloon Payments		Total		Total
2012	$	10,057,000	$	61,403,000		$	—		$	71,460,000	$	1,247,000	$	—	$	1,247,000	$	72,707,000
2013		8,992,000		117,107,000	(a)		—			126,099,000		1,442,000		—		1,442,000		127,541,000
2014		6,760,000		89,421,000			—			96,181,000		1,312,000		22,571,000		23,883,000		120,064,000
2015		5,502,000		61,476,000			91,317,000	(b)		158,295,000		951,000		36,783,000		37,734,000		196,029,000
2016		4,730,000		80,657,000			75,000,000	(b)		160,387,000		486,000		31,275,000		31,761,000		192,148,000
2017		3,306,000		67,072,000			—			70,378,000		151,000		17,184,000		17,335,000		87,713,000
2018		2,507,000		32,905,000			—			35,412,000		41,000		—		41,000		35,453,000
2019		2,001,000		1,299,000			—			3,300,000		36,000		892,000		928,000		4,228,000
2020		1,446,000		12,169,000			—			13,615,000		—		—		—		13,615,000
2021		604,000		22,386,000			—			22,990,000		—		—		—		22,990,000
Thereafter		4,983,000		477,000			—			5,460,000		—		—		—		5,460,000

	$	50,888,000	$	546,372,000		$	166,317,000		$	763,577,000	$	5,666,000	$	108,705,000	$	114,371,000	$	877,948,000


Consolidated Properties Excluding Properties Held for Sale
Maturity	Cedar pro-rata share of:										JV Partners pro-rata share of:
schedule by year	Scheduled Amortization		Balloon Payments			Credit Facilities			Total		Scheduled Amortization		Balloon Payments		Total		Total
2012	$	9,066,000	$	29,638,000		$	—		$	38,704,000	$	276,000	$	—	$	276,000	$	38,980,000
2013		7,919,000		117,107,000	(a)		—			125,026,000		302,000		—		302,000		125,328,000
2014		5,629,000		87,154,000			—			92,783,000		151,000		13,502,000		13,653,000		106,436,000
2015		4,396,000		56,385,000			91,317,000	(b)		152,098,000		125,000		16,419,000		16,544,000		168,642,000
2016		3,722,000		71,520,000			75,000,000	(b)		150,242,000		150,000		23,545,000		23,695,000		173,937,000
2017		2,616,000		60,478,000			—			63,094,000		—		—		—		63,094,000
2018		1,980,000		32,905,000			—			34,885,000		—		—		—		34,885,000
2019		1,600,000		407,000			—			2,007,000		—		—		—		2,007,000
2020		1,419,000		12,169,000			—			13,588,000		—		—		—		13,588,000
2021		604,000		22,383,000			—			22,987,000		—		—		—		22,987,000
Thereafter		4,983,000		477,000			—			5,460,000		—		—		—		5,460,000

	$	43,934,000	$	490,623,000		$	166,317,000		$	700,874,000	$	1,004,000	$	53,466,000	$	54,470,000	$	755,344,000

(a)	Includes $62.2 million of property-specific construction financing, due in October 2013, subject to a one-year extension option.

(b)	Reflects the amended, restated and consolidated credit facility concluded on January 26, 2012 ; each of the 2015 and 2016 amounts are subject to a one-year extension option.

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of December 31, 2011


													Average
			Percent			Year				%			base rent per		Major Tenants (a)
Property Description	State		owned			acquired		GLA		occupied			leased sq. ft.		Name	GLA
Connecticut
Groton Shopping Center		CT		100	%		2007		117,986		90.8	%	$	10.96	TJ Maxx		30,000
Jordan Lane		CT		100	%		2005		181,730		97.7	%		10.87	Stop & Shop		60,632
															CW Price		39,280
															Retro Fitness		20,283
New London Mall		CT		40	%		2009		259,293		96.9	%		13.98	Shoprite		64,017
															Marshalls		30,354
															Homegoods		25,432
															Petsmart		23,500
															AC Moore		20,932
Oakland Commons		CT		100	%		2007		89,850		100.0	%		11.02	Shaw’s		54,661
															Bristol Ten Pin		35,189
Southington Shopping Center		CT		100	%		2003		155,842		98.7	%		6.72	Wal-Mart		95,482
															NAMCO		20,000
The Brickyard		CT		100	%		2004		249,553		59.7	%		8.39	Home Depot		103,003
															Syms		38,000

Total Connecticut									1,054,254		88.1	%		10.65

Maryland
Kenley Village		MD		100	%		2005		51,894		76.6	%		9.00	Food Lion		29,000
Metro Square		MD		100	%		2008		71,896		100.0	%		18.68	Shoppers Food Warehouse		58,668
Oakland Mills		MD		100	%		2005		58,224		100.0	%		13.30	Food Lion		43,470
San Souci Plaza		MD		40	%		2009		264,134		86.9	%		10.21	Shoppers Food Warehouse		61,466
															Marshalls		27,000
															Maximum Health and Fitness		15,612
St. James Square		MD		100	%		2005		39,903		100.0	%		11.38	Food Lion		33,000
Valley Plaza		MD		100	%		2003		190,939		97.2	%		4.75	K-Mart		95,810
															Ollie’s Bargain Outlet		41,888
															Tractor Supply		32,095
Yorktowne Plaza		MD		100	%		2007		158,982		96.8	%		13.85	Food Lion		37,692

Total Maryland									835,972		93.2	%		10.64

Massachusetts
Fieldstone Marketplace		MA		20	%		2005		193,970		95.8	%		11.09	Shaw’s		68,000
															Flagship Cinema		41,975
															New Bedford Wine and Spirits		15,180
Kings Plaza		MA		100	%		2007		168,243		95.2	%		6.22	Work Out World		42,997
															CW Price		28,504
															Ocean State Job Lot		20,300
															Savers		19,339
Norwood Shopping Center		MA		100	%		2006		102,459		98.2	%		7.71	Hannaford Brothers		42,598
															Rocky’s Ace Hardware		18,830
															Dollar Tree		16,798
Price Chopper Plaza		MA		100	%		2007		101,824		91.1	%		10.87	Price Chopper		58,545
The Shops at Suffolk Downs		MA		100	%		2005		121,251		86.8	%		12.64	Stop & Shop		74,977
Timpany Plaza		MA		100	%		2007		183,775		91.8	%		6.60	Stop & Shop		59,947
															Big Lots		28,027
															Gardner Theater		27,576
West Bridgewater Plaza		MA		100	%		2007		133,039		96.9	%		8.55	Shaw’s		57,315
															Big Lots		25,000
															Planet Fitness		15,000

Total Massachusetts									1,004,561		93.8	%		8.90

New Jersey
Carll’s Corner		NJ		100	%		2007		129,582		88.5	%		8.92	Acme Markets		55,000
															Peebles		18,858
Pine Grove Plaza		NJ		100	%		2003		86,089		94.4	%		10.44	Peebles		24,963
Washington Center Shoppes		NJ		100	%		2001		157,394		95.6	%		8.86	Acme Markets		66,046
															Planet Fitness		20,742

Total New Jersey									373,065		92.9	%		9.25

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of December 31, 2011


													Average
			Percent			Year				%			base rent per		Major Tenants (a)
Property Description	State		owned			acquired		GLA		occupied			leased sq. ft.		Name	GLA
New York
Carman’s Plaza		NY		100	%		2007		194,806		91.1	%		17.12	Pathmark		52,211
															Extreme Fitness		27,598
															Home Goods		25,806
															Department of Motor Vehicle		19,310
Kingston Plaza		NY		100	%		2006		5,324		100.0	%		26.67	Taco Bell		2,924

Total New York									200,130		91.4	%		17.40

Pennsylvania
Academy Plaza		PA		100	%		2001		151,977		81.3	%		13.20	Acme Markets		50,918
Camp Hill		PA		100	%		2002		472,717		98.8	%		13.44	Boscov’s		167,597
															Giant Foods		92,939
															LA Fitness		45,000
															Orthopedic Inst of PA		40,904
															Barnes & Noble		24,908
															Staples		20,000
Carbondale Plaza		PA		100	%		2004		121,135		91.8	%		6.97	Weis Markets		52,720
															Peebles		18,000
Circle Plaza		PA		100	%		2007		92,171		100.0	%		2.74	K-Mart		92,171
Colonial Commons		PA		100	%		2011		474,765		84.1	%		12.60	Giant Foods		67,815
															Dick’s Sporting Goods		56,000
															L.A. Fitness		41,325
															Ross Dress For Less		30,000
															Marshalls		27,000
															JoAnn Fabrics		25,500
															David’s Furniture		24,970
															Office Max		23,500
Crossroads II		PA		60	% (b)		2008		133,188		91.4	%		19.51	Giant Foods		76,415
East Chestnut		PA		100	%		2005		21,180		100.0	%		15.42	Rite Aid		11,180
Fairview Commons		PA		100	%		2007		59,578		68.9	%		6.87	Giant Foods		17,264
Fairview Plaza		PA		100	%		2003		69,579		100.0	%		12.31	Giant Foods		59,237
Fort Washington		PA		100	%		2002		41,000		100.0	%		19.90	LA Fitness		41,000
Gold Star Plaza		PA		100	%		2006		71,720		82.2	%		8.91	Redner’s		48,920
Golden Triangle		PA		100	%		2003		202,943		97.4	%		12.30	LA Fitness		44,796
															Marshalls		30,000
															Staples		24,060
															Just Cabinets		18,665
															Aldi		15,242
Halifax Plaza		PA		100	%		2003		51,510		100.0	%		11.77	Giant Foods		32,000
Hamburg Commons		PA		100	%		2004		99,580		97.3	%		6.59	Redner’s		56,780
															Peebles		19,683
Huntingdon Plaza		PA		100	%		2004		142,845		68.1	%		5.49	Sears		26,150
															Peebles		22060
Lake Raystown Plaza		PA		100	%		2004		140,159		95.6	%		12.51	Giant Foods		61,435
															Tractor Supply		32,711
Liberty Marketplace		PA		100	%		2005		68,200		91.2	%		17.45	Giant Foods		55,000
Meadows Marketplace		PA		20	%		2004		91,518		100.0	%		15.28	Giant Foods		67,907
Mechanicsburg Giant		PA		100	%		2005		51,500		100.0	%		21.78	Giant Foods		51,500
Newport Plaza		PA		100	%		2003		64,489		100.0	%		11.51	Giant Foods		43,400
Northside Commons		PA		100	%		2008		64,710		96.1	%		9.88	Redner’s Market		48,519
Palmyra Shopping Center		PA		100	%		2005		110,970		89.3	%		5.60	Weis Markets		46,912
															Rite Aid		18,104
Port Richmond Village		PA		100	%		2001		154,908		96.1	%		12.33	Thriftway		40,000
															Pep Boys		20,615
															City Stores, Inc.		15,200
River View Plaza I, II and III		PA		100	%		2003		244,034		83.1	%		18.44	United Artists		77,700
															Avalon Carpet		25,000
															Pep Boys		22,000
															Staples		18,000
South Philadelphia		PA		100	%		2003		283,415		82.3	%		14.02	Shop Rite		54,388
															Ross Dress For Less		31,349
															Bally’s Total Fitness		31,000
															Modell’s		20,000

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of December 31, 2011


													Average
			Percent			Year				%			base rent per		Major Tenants (a)
Property Description	State		owned			acquired		GLA		occupied			leased sq. ft.		Name	GLA
Pennsylvania (continued)
Swede Square		PA		100	%		2003		100,816		95.0	%		15.51	LA Fitness		37,200
The Commons		PA		100	%		2004		203,426		87.5	%		9.84	Bon-Ton		54,500
															Shop ‘n Save		52,654
															TJ Maxx		24,000
The Point		PA		100	%		2000		268,037		99.0	%		12.30	Burlington Coat Factory		76,665
															Giant Foods		73,042
															AC Moore		24,890
															Staples		24,000
Townfair Center		PA		100	%		2004		218,662		99.1	%		8.56	Lowe’s Home Centers		95,173
															Giant Eagle		83,821
															Michael’s Store		17,592
Trexler Mall		PA		100	%		2005		339,363		98.5	%		8.67	Kohl’s		88,248
															Bon-Ton		62,000
															Giant Foods		56,753
															Lehigh Wellness Partners		30,594
															Trexlertown Fitness Club		28,870
Trexlertown Plaza		PA		100	%		2006		316,143		78.1	%		13.18	Giant Foods		78,335
															Redner’s		47,900
															Big Lots		33,824
															Sears		22,500
															Tractor Supply		19,097
Upland Square		PA		60	% (b)		2007		382,578		93.6	%		16.55	Giant Foods		78,900
															Carmike Cinema		45,276
															LA Fitness		42,000
															Best Buy		30,000
															TJ Maxx		25,000
															Bed, Bath & Beyond		24,721
															A.C. Moore		21,600
															Staples		18,336

Total Pennsylvania									5,308,816		91.1	%		12.37

Virginia
Annie Land Plaza		VA		100	%		2006		42,500		97.2	%		9.30	Food Lion		29,000
Coliseum Marketplace		VA		100	%		2005		103,069		80.7	%		15.59	Farm Fresh		57,662
Elmhurst Square		VA		100	%		2006		66,250		89.1	%		9.26	Food Lion		38,272
General Booth Plaza		VA		100	%		2005		73,320		95.1	%		12.53	Farm Fresh		53,758
Kempsville Crossing		VA		100	%		2005		94,477		98.7	%		11.13	Farm Fresh		73,878
Martin’s at Glen Allen		VA		100	%		2005		63,328		100.0	%		6.61	Martin’s		63,328
Oak Ridge Shopping Center		VA		100	%		2006		38,700		100.0	%		10.62	Food Lion		33,000
Smithfield Plaza		VA		100	%		2005/2008		134,664		95.3	%		9.25	Farm Fresh		45,544
															Maxway		21,600
															Peebles		21,600
Suffolk Plaza		VA		100	%		2005		67,216		100.0	%		9.40	Farm Fresh		67,216
Ukrop’s at Fredericksburg		VA		100	%		2005		63,000		100.0	%		17.42	Ukrop’s Supermarket		63,000
Virginia Little Creek		VA		100	%		2005		69,620		100.0	%		11.12	Farm Fresh		66,120

Total Virginia									816,144		95.2	%		11.15

Total Consolidated Properties, Excluding Held for Sale/Conveyance Properties—“Operating Portfolio”									9,592,942		91.6	%		11.54
Total Cedar/RioCan Unconsolidated Joint Venture (c)				20	%				3,708,038		96.9	%		13.24

Total “Managed Portfolio”									13,300,980		93.1	%	$	12.03

(a)	Major tenants are determined as tenants with 15,000 or more sq.ft of GLA, tenants at single-tenant properties, or the largest tenant at a property.

(b)	The Company has included 100% of this joint venture’s debt and results of operations in its pro-rata calculations, based on a loan guaranty and/or the terms of the related joint ventu agreement.

(c)	See “Joint Venture Real Estate Summary”, for details of the Cedar/RioCan portfolio.

CEDAR REALTY TRUST, INC.

Leasing Activity

Renewals (a)


					Contractual		Prior		Annual
Quarter	Leases		Aggregate		Rent Per		Rent Per		Increase		Cash Basis			Average
ended	Signed		GLA		Sq. Ft (b)		Sq. Ft (c)		in Rent		% Increase			Lease Term (c)
12/31/2011		31		82,000	$	16.03	$	15.25	$	64,000		5.1	%		3.4	yrs
9/30/2011		28		203,000		10.53		10.01		104,000		5.1	%		6.2	yrs
6/30/2011		23		64,000		13.05		12.43		40,000		5.0	%		3.7	yrs
3/31/2011		26		359,000		8.96		8.45		183,000		6.0	%		4.2	yrs

		108		708,000	$	10.60	$	10.05	$	391,000		5.6	%		4.6	yrs

New Leases


					Contractual
Quarter	Leases		Aggregate		Rent Per		Average
ended	Signed		GLA		Sq. Ft (b)		Lease Term
12/31/2011		21		146,000	$	15.89		14.5	yrs
9/30/2011		32		183,000		14.02		8.9	yrs
6/30/2011		11		36,000		17.57		7.7	yrs
3/31/2011		11		43,000		11.87		10.4	yrs

		75		408,000	$	14.78		11.0	yrs

Renewal and New Leases


					Contractual
Quarter	Leases		Aggregate		Rent Per		Average
ended	Signed		GLA		Sq. Ft (b)		Lease Term
12/31/2011		52		228,000	$	15.94		10.5	yrs
9/30/2011		60		386,000		12.18		7.5	yrs
6/30/2011		34		100,000		14.68		5.1	yrs
3/31/2011		37		402,000		9.27		4.9	yrs

		183		1,116,000	$	12.13		6.9	yrs

(a)	Includes leases that renewed with no increase pursuant to their terms. The renewal results, excluding such leases with no contractual increase, would have been as follows:


Quarter	Leases		Aggregate		Cash Basis
ended	Signed		GLA		% Increase
12/31/2011		28		73,000		5.5	%
9/30/2011		25		174,000		5.8	%
6/30/2011		20		58,000		6.0	%
3/31/2011		17		303,000		7.4	%

		90		608,000		6.6	%

(b)	Contractual rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term.

(c)	Prior rent per sq. ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.

CEDAR REALTY TRUST, INC.

Tenant Concentration (By Annualized Base Rent)

As of December 31, 2011


	Number									Annualized		Percentage
	of							Annualized		base rent		annualized
Tenant	stores		GLA		% of GLA			base rent		per sq. ft.		base rents
Top twenty tenants (a):
Giant Foods		16		981,000		10.2	%	$	14,144,000	$	14.42		13.9	%
LA Fitness		6		251,000		2.6	%		4,028,000		16.05		4.0	%
Farm Fresh		6		364,000		3.8	%		3,909,000		10.74		3.9	%
Shaw’s		3		180,000		1.9	%		2,323,000		12.91		2.3	%
Food Lion		7		243,000		2.5	%		1,925,000		7.92		1.9	%
Dollar Tree		19		194,000		2.0	%		1,908,000		9.84		1.9	%
Stop & Shop		3		196,000		2.0	%		1,802,000		9.19		1.8	%
Shop Rite		2		118,000		1.2	%		1,695,000		18.80		1.7	%
Staples		5		104,000		1.1	%		1,682,000		16.17		1.7	%
Redner’s		4		202,000		2.1	%		1,514,000		7.50		1.5	%
United Artists		1		78,000		0.8	%		1,456,000		18.67		1.4	%
Shoppers Food Warehouse		2		120,000		1.3	%		1,237,000		10.31		1.2	%
Ukrop’s		1		63,000		0.7	%		1,098,000		17.43		1.1	%
Carmike Cinema		1		45,000		0.5	%		1,034,000		22.98		1.0	%
Rite Aid		7		83,000		0.9	%		995,000		11.99		1.0	%
Giant Eagle		1		84,000		0.9	%		922,000		10.98		0.9	%
Marshalls		4		114,000		1.2	%		819,000		7.18		0.8	%
Dick’s Sporting Goods		1		56,000		0.6	%		812,000		14.50		0.8	%
Home Depot		1		103,000		1.1	%		773,000		7.50		0.8	%
Acme Markets		3		172,000		1.8	%		756,000		4.40		0.7	%

Sub-total top twenty tenants		93		3,751,000		39.1	%		44,832,000		11.95		44.2	%

Remaining tenants		779		5,039,000		52.5	%		56,604,000		11.23		55.8	%

Sub-total all tenants (b)		872		8,790,000		91.6	%	$	101,436,000	$	11.54		100.0	%


Vacant space		N/A		803,000		8.4	%

Total		872		9,593,000		100.0	%

(a)	Several of the tenants listed above share common ownership with other tenants:

(1)	Giant Foods, Stop & Shop, and Martin’s at Glen Allen (GLA of 63,000; annualized base rent of $418,000), and (2) Farm Fresh, Shaw’s, Shop ‘n Save (GLA of 53,000; annualized base rent of $532,000) , Shoppers Food Warehouse, and Acme Markets.

(b)	Comprised of large tenants (greater than 15,000 sq. ft.) and small tenants as follows:


								Annualized		Percentage
						Annualized		base rent		annualized
	GLA		% of GLA			base rent		per sq. ft.		base rents
Large tenants		6,224,000		70.8	%	$	61,853,000	$	9.94		61.0	%
Small tenants		2,566,000		29.2	%		39,583,000		15.43		39.0	%

Total		8,790,000		100.0	%	$	101,436,000	$	11.54		100.0	%

CEDAR REALTY TRUST, INC.

Lease Expirations

As of December 31, 2011


												Percentage
	Number				Percentage			Annualized		Annualized		of annualized
Year of lease	of leases		GLA		of GLA			expiring		expiring base		expiring
expiration	expiring		expiring		expiring			base rents		rents per sq. ft.		base rents
Month-To-Month		18		47,000		0.5	%	$	562,000	$	11.96		0.6	%
2012		107		377,000		4.3	%		4,364,000		11.58		4.3	%
2013		119		520,000		5.9	%		6,985,000		13.43		6.9	%
2014		132		1,185,000		13.5	%		10,642,000		8.98		10.5	%
2015		135		1,267,000		14.4	%		13,465,000		10.63		13.3	%
2016		117		1,025,000		11.7	%		11,112,000		10.84		11.0	%
2017		67		815,000		9.3	%		9,712,000		11.92		9.6	%
2018		36		480,000		5.5	%		6,478,000		13.50		6.4	%
2019		25		330,000		3.8	%		3,745,000		11.35		3.7	%
2020		32		884,000		10.1	%		8,123,000		9.19		8.0	%
2021		29		404,000		4.6	%		5,698,000		14.10		5.6	%
2022		6		40,000		0.5	%		540,000		13.50		0.5	%
Thereafter		49		1,416,000		16.1	%		20,010,000		14.13		19.7	%

All tenants		872		8,790,000		100.0	%	$	101,436,000	$	11.54		100.0	%

Vacant space		N/A		803,000		N/A

Total portfolio		872		9,593,000		N/A

CEDAR REALTY TRUST, INC.

Property Net Operating Income (“NOI”)

Same-Property (a)


	Three months ended December 31,						Percent			Years ended December 31,						Percent
	2011			2010			Change			2011			2010			Change
Rental revenues (b)	$	25,839,000		$	25,441,000			1.6	%	$	103,044,000		$	101,727,000			1.3	%
Operating expenses (c)		7,433,000			7,554,000			-1.6	%		31,194,000			30,667,000			1.7	%

	$	18,406,000		$	17,887,000			2.9	%	$	71,850,000		$	71,060,000			1.1	%

Occupancy		93.3	%		93.0	%					93.3	%		93.0	%
No. of properties		63			63						63			63

(a)	Same properties include only those consolidated properties that were owned and operated for the entirity of both comparative periods, and exclude ground-up developments and redevelopment properties, and properties treated as “held for sale/conveyance”.

(b)	Property revenues exclude the effects of straight-line rent adjustments and amortization of intangible lease liabilities.

(c)	Property operating expenses include intercompany management fee expense.

CEDAR REALTY TRUST, INC.

Significant 2011 Acquisitions and Dispositions

Acquisitions

GLA /

Date

Purchase

Property

Location

Acreage

Acquired

Price

Colonial Commons

Lower Paxton Township, PA

474,765

1/14/2011

49,100,000

Dispositions

GLA /

Date

Sales

Property

Location

Acreage

Sold

Price

Bergstrasse Land

Ephrata, PA

7.7 acres

2/14/2011

1,900,000

Enon Discount Drug Mart Plaza

Enon, OH

42,876

3/30/2011

2,125,000

Hills & Dales Discount Drug Mart Plaza

Canton, OH

33,553

3/30/2011

1,907,000

Fairfield Plaza

Fairfield, CT

72,279

4/15/2011

10,840,000

CVS at Kingston

Kingston, NY

13,013

11/14/2011

5,250,000

CVS at Kinderhook

Kinderhook, NY

13,225

12/8/2011

4,000,000

Shoppes at Salem Run

Fredericksburg, VA

15,100

12/12/2011

1,675,000

Virginia Center Commons

Glen Allen, VA

9,763

12/21/2011

3,550,000

Centerville Discount Drug Mart Plaza

Centerville, OH

49,287

12/28/2011

2,743,000

Clyde Discount Drug Mart Plaza

Clyde, OH

34,592

12/28/2011

1,903,000

FirstMerit Bank at Cuyahoga Falls

Cuyahoga Falls, OH

3,200

12/28/2011

915,000

Lodi Discount Drug Mart Plaza

Lodi, OH

38,576

12/28/2011

2,319,000

Mason Discount Drug Mart Plaza

Mason, OH

52,896

12/28/2011

4,653,000

Ontario Discount Drug Mart Plaza

Ontario, OH

38,623

12/28/2011

2,141,000

Pickerington Discount Drug Mart Plaza

Pickerington, OH

47,810

12/28/2011

4,072,000

Polaris Discount Drug Mart Plaza

Polaris, OH

50,283

12/28/2011

4,370,000

Shelby Discount Drug Mart Plaza

Shelby, OH

36,596

12/28/2011

2,141,000

Total

56,504,000

LOGO

Cedar/RioCan Unconsolidated 20%-Owned Joint Venture

CEDAR REALTY TRUST, INC.

Cedar/RioCan Joint Venture

Combined Balance Sheets


	December 31,
	2011			2010
Assets:
Real estate, net	$	532,071,000		$	524,447,000
Cash and cash equivalents		12,797,000			5,934,000
Restricted cash		3,689,000			4,464,000
Rents and other receivables		2,419,000			2,074,000
Straight-line rents		2,743,000			1,000,000
Deferred charges, net		12,682,000			13,269,000
Other assets		5,549,000			8,514,000

Total assets	$	571,950,000		$	559,702,000

Liabilities and partners’ capital:
Mortgage loans payable	$	317,293,000		$	293,400,000
Due to Cedar		1,203,000			6,036,000
Unamortized intangible lease liabilities		22,182,000			24,573,000
Other liabilities		8,248,000			7,738,000

Total liabilities		348,926,000			331,747,000

Preferred stock		97,000			97,000

Accumulated other comprehensive (loss)		(590,000	)		—

Partners’ capital:
RioCan		178,774,000			181,239,000
Cedar		44,743,000			46,619,000

Total partners’ capital		223,517,000			227,858,000

Total liabilities and partners’ capital	$	571,950,000		$	559,702,000

CEDAR REALTY TRUST, INC.

Cedar/RioCan Joint Venture

Combined Statements of Operations


	Three months ended December 31,
	2011			2010
Revenues	$	15,673,000		$	15,136,000
Property operating and other expenses		(1,304,000	)		(799,000	)
Management fees		(555,000	)		(470,000	)
Real estate taxes		(1,837,000	)		(1,627,000	)
Acquisition transaction costs		(4,000	)		(2,658,000	)
General and administrative		(89,000	)		(467,000	)
Depreciation and amortization		(5,137,000	)		(6,063,000	)
Interest and other non-operating expenses, net		(4,164,000	)		(3,737,000	)

Net income (loss)	$	2,583,000		$	(685,000	)

RioCan		2,064,000			(547,000	)
Cedar		519,000			(138,000	)

	$	2,583,000		$	(685,000	)


	Years ended December 31,
	2011			2010
Revenues	$	62,500,000		$	30,194,000
Property operating and other expenses		(6,631,000	)		(2,636,000	)
Management fees		(2,006,000	)		(973,000	)
Real estate taxes		(7,214,000	)		(3,286,000	)
Acquisition transaction costs		(917,000	)		(7,119,000	)
General and administrative		(308,000	)		(622,000	)
Depreciation and amortization		(20,616,000	)		(9,523,000	)
Interest and other non-operating expenses, net		(18,078,000	)		(7,903,000	)

Net income (loss)	$	6,730,000		$	(1,868,000	)

RioCan		5,384,000			(1,493,000	)
Cedar		1,346,000			(375,000	)

	$	6,730,000		$	(1,868,000	)

CEDAR REALTY TRUST, INC.

Cedar/RioCan Joint Venture

Real Estate Summary — As of December 31, 2011


Property Description	Percent owned by Cedar			State	GLA		% occupied			Average base rent per leased sq. ft.		Major Tenants (a)
												Major Tenants (a)
												Name	GLA
Connecticut
Montville Commons		20	%	CT		117,916		97.5	%	$	15.00	Stop & Shop		63,000
Stop & Shop Plaza		20	%	CT		54,510		100.0	%		16.69	Stop & Shop		54,510

Total Connecticut						172,426		98.3	%		15.54

Maryland
Marlboro Crossroads		20	%	MD		67,975		100.0	%		15.07	Giant Foods		60,951

Massachusetts
Franklin Village Plaza		20	%	MA		304,347		93.2	%		19.72	Stop & Shop		75,000
												Marshalls		26,890
												Team Fitness		15,807
Northwoods Crossing		20	%	MA		159,562		100.0	%		11.70	BJ’s Wholesale Club		115,367
												Tractor Supply		19,097
Raynham Commons		20	%	MA		176,609		97.7	%		11.57	Shaw’s		60,748
												Marshall’s		25,752
												JoAnn Fabrics		15,775

Total Massachusetts						640,518		96.2	%		15.36

New Jersey
Cross Keys Place		20	%	NJ		148,173		100.0	%		16.21	Sports Authority		42,000
												Bed Bath & Beyond		35,005
												AC Moore		21,305
												Old Navy		19,234
												Petco		16,500
Sunrise Plaza		20	%	NJ		261,060		97.1	%		7.63	Home Depot		130,601
												Kohl’s Department Store		96,171
												Staples		20,388

Total New Jersey						409,233		98.2	%		10.79

Pennsylvania
Blue Mountain Commons		20	%	PA		123,353		92.6	%		25.50	Giant Foods		97,707
Columbus Crossing		20	%	PA		142,166		100.0	%		17.21	Super Fresh		61,506
												Old Navy		25,000
												AC Moore		22,000
Creekview Plaza		20	%	PA		136,423		100.0	%		15.36	Giant Foods		48,966
												L.A. Fitness		38,000
												Bed Bath & Beyond		25,000
Exeter Commons		20	%	PA		361,321		97.9	%		12.84	Lowe’s		171,069
												Giant Foods		81,715
												Staples		18,008
Gettysburg Marketplace		20	%	PA		82,784		93.9	%		20.23	Giant Foods		66,674
Loyal Plaza		20	%	PA		293,825		98.3	%		8.06	K-Mart		102,558
												Giant Foods		66,935
												Staples		20,555
Monroe Marketplace		20	%	PA		340,930		96.2	%		10.52	Giant Food		79,500
												Kohl’s Department Store		68,430
												Dick’s Sporting Goods		51,119
												Best Buy		22,504
												Bed Bath & Beyond		21,324
												Michael’s		20,649
												Pet Smart		18,156
Northland Center		20	%	PA		108,260		97.6	%		9.83	Giant Foods		65,075
Pitney Road Plaza		20	%	PA		45,915		100.0	%		19.75	Best Buy		45,915
Sunset Crossing		20	%	PA		74,142		88.7	%		14.52	Giant Foods		54,332
Town Square Plaza		20	%	PA		127,678		100.0	%		13.01	Giant Foods		75,727
												A.C. Moore		21,600
												Pet Smart		18,343
York Marketplace		20	%	PA		305,410		96.1	%		8.53	Lowe’s		125,353
												Giant Foods		74,600
												Office Max		23,500
												Super Shoes		20,000

Total Pennsylvania						2,142,207		97.1	%		12.70

Virginia
New River Valley		20	%	VA		164,663		96.1	%		13.78	Best Buy		30,041
												Ross Stores		30,037
												Bed Bath & Beyond		24,152
												Staples		20,443
												Petsmart		17,878
												Old Navy		15,413
Towne Crossing		20	%	VA		111,016		90.6	%		15.29	Bed Bath & Beyond		40,000
												Michael’s		20,000
Total Virginia						275,679		93.9	%		14.37

Total Cedar/RioCan Joint Venture						3,708,038		96.9	%	$	13.24

(a)	Major tenants are determined as tenants with 15,000 or more sq.ft of GLA.

CEDAR REALTY TRUST, INC.

Cedar/RioCan Joint Venture

Summary of Outstanding Debt


						Stated contract amounts
Property	Maturity Date		Interest rate			December 31, 2011			December 31, 2010
Raynham Commons		Mar 2014		5.6	%	$	14,200,000		$	14,200,000
Columbus Crossing		Jun 2014		6.8	%		16,308,000			16,604,000
Blue Mountain Commons		Jul 2015		5.0	%		17,379,000			17,646,000
Sunset Crossing		Jul 2015		5.0	%		4,167,000			4,231,000
Town Square Plaza		Jul 2015		5.0	%		10,757,000			10,922,000
Creekview Plaza		Oct 2015		4.8	%		14,183,000			14,398,000
Monroe Marketplace		Oct 2015		4.8	%		22,696,000			23,040,000
New River Valley		Oct 2015		4.8	%		14,903,000			15,127,000
Pitney Road Valley		Oct 2015		4.8	%		5,978,000			6,068,000
Sunrise Plaza		Oct 2015		4.8	%		13,491,000			13,695,000
Northwoods Crossing		Feb 2016		6.4	%		14,182,000			—
Franklin Village		Aug 2016		4.1	%		43,751,000			43,500,000
Stop & Shop Plaza		Apr 2017		6.2	%		6,870,000			6,950,000
Exeter Commons		Aug 2020		5.3	%		29,436,000			29,863,000
Cross Keys Place		Dec 2020		5.1	%		14,401,000			14,600,000
Gettysburg Marketplace		Dec 2020		5.0	%		10,765,000			10,918,000
Marlboro Crossroads		Dec 2020		5.1	%		6,781,000			6,875,000
Northland Center		Dec 2020		5.0	%		6,209,000			6,298,000
Towne Crossings		Dec 2020		5.0	%		10,304,000			10,450,000
York Marketplace		Dec 2020		5.0	%		15,836,000			16,060,000
Montville Commons		Jan 2021		5.8	%		10,393,000			—
Loyal Plaza		Jul 2021		5.0	%		14,717,000			12,388,000

Total mortgages at stated contract amounts		5.0 years		5.1	%		317,707,000			293,833,000
		[weighted average]
Unamortized discount							(414,000	)		(433,000	)

Total mortgage debt (including unamortized discount)						$	317,293,000		$	293,400,000

Cedar’s pro-rata share of total debt						$	63,459,000		$	58,680,000

CEDAR REALTY TRUST, INC.

Cedar/RioCan Joint Venture

Summary of Debt Maturities

As of December 31, 2011


Maturity schedule by year	Cedar pro-rata share of:						RioCan pro-rata share of:						Cedar/RioCan Total
Maturity schedule by year	Scheduled Amortization		Balloon Payments		Total		Scheduled Amortization		Balloon Payments		Total		Cedar/RioCan Total
2012	$	971,000	$	—	$	971,000	$	3,884,000	$	—	$	3,884,000	$	4,855,000
2013		1,021,000		—		1,021,000		4,084,000		—		4,084,000		5,105,000
2014		1,040,000		5,941,000		6,981,000		4,160,000		23,763,000		27,923,000		34,904,000
2015		937,000		19,411,000		20,348,000		3,747,000		77,642,000		81,389,000		101,737,000
2016		3,049,000		7,990,000		11,039,000		12,194,000		31,960,000		44,154,000		55,193,000
2017		473,000		1,271,000		1,744,000		1,890,000		5,085,000		6,975,000		8,719,000
2018		465,000		—		465,000		1,861,000		—		1,861,000		2,326,000
2019		503,000		—		503,000		2,014,000		—		2,014,000		2,517,000
2020		385,000		15,758,000		16,143,000		1,541,000		63,034,000		64,575,000		80,718,000
2021		—		4,244,000		4,244,000		—		16,975,000		16,975,000		21,219,000
Thereafter		—		—		—		—		—		—		—

	$	8,844,000	$	54,615,000	$	63,459,000	$	35,375,000	$	218,459,000	$	253,834,000	$	317,293,000

CEDAR REALTY TRUST, INC.

Cedar/RioCan Joint Venture

Significant 2011 Acquisitions and Dispositions

Acquisitions

Property

Location

GLA /
Acreage

Date
Acquired

Purchase
Price

Northwoods Crossing

Taunton, MA

159,562

4/15/2011

23,400,000

Dispositions


Property	Location	GLA / Acreage	Date Sold	Sales Price
None

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Properties Held For Sale/Conveyance

CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale/Conveyance

As of December 31, 2011


											Average
			Percent					%			base rent per		Major Tenants (a)
Property Description	State		owned			GLA		occupied			leased sq. ft.		Name	GLA
Ohio Discount Drug Mart Portfolio
Gahanna Discount Drug Mart Plaza		OH		100	%		48,667		85.7	%		14.10	Discount Drug Mart		24,592
Grove City Discount Drug Mart Plaza		OH		100	%		40,848		64.5	%		11.06	Discount Drug Mart		24,596
Hilliard Discount Drug Mart Plaza		OH		100	%		40,988		80.3	%		10.61	Discount Drug Mart		24,592
Westlake Discount Drug Mart Plaza		OH		100	%		55,775		88.0	%		5.83	BG Storage		24,600
													Discount Drug Mart		24,480

Total Ohio Discount Drug Mart Portfolio							186,278		80.5	%		10.10

Single-Tenant/Triple-Net-Lease Properties
CVS at Bradford		OH		100	%		10,722		100.0	%		12.80	CVS		10,722
CVS at Celina		OH		100	%		10,195		100.0	%		18.54	CVS		10,195
CVS at Erie		OH		100	%		10,125		100.0	%		16.50	CVS		10,125
CVS at Naugatuck		CT		50	%		13,225		100.0	%		35.01	CVS		13,225
CVS at Portage Trail		OH		100	%		10,722		100.0	%		13.00	CVS		10,722
FirstMerit Bank at Akron		OH		100	%		3,200		100.0	%		23.51	FirstMerit Bank		3,200
McCormick Place		OH		100	%		46,000		100.0	%		4.50	Sam Levin Furniture		46,000
Rite Aid at Massillon		OH		100	%		10,125		100.0	%		18.99	Rite Aid		10,125

Total Single-Tenant/Triple-Net-Lease Properties							114,314		100.0	%		13.74

Malls
Columbia Mall		PA		100	%		348,358		86.0	%		4.26	Sears		64,264
													Dunham Sports		61,178
													Bon-Ton		45,000
													J.C. Penny		34,076
Shore Mall		NJ		100	%		459,058		99.4	%		7.44	Boscov’s		172,200
													Burlington Coat Factory		85,000
The Point at Carlisle		PA		100	%		182,859		88.1	%		6.69	Bon-Ton		59,925
													Office Max		22,645
													Dunham Sports		21,300
													Dollar Tree		16,300

Total Malls							990,275		92.6	%		6.27

Other Non-Core Assets
Dunmore Shopping Center		PA		100	%		101,000		66.2	%		3.69	Enyon Furniture Outlet		40,000
													Big Lots		26,902
Heritage Crossing		PA		60	% (b)		39,048		72.0	%		23.59	Walgreens		14,748
Oakhurst Plaza		PA		100	%		111,869		61.9	%		13.14	Gold’s Gym		31,699
Roosevelt II		PA		100	%		180,088		0.0	%		—	Vacant		N/A
Stadium Plaza		MI		100	%		77,688		100.0	%		7.63	Hobby Lobby Stores		54,650

Total Other Non-Core Assets							509,693		47.5	%		9.97

Homburg Joint Venture:
Aston Center		PA		20	%		55,000		100.0	%		25.45	Giant Foods		55,000
Ayr Town Center		PA		20	%		58,000		94.5	%		15.36	Giant Foods		52,400
Parkway Plaza		PA		20	%		111,028		92.6	%		14.59	Giant Foods		71,335
Pennsboro Commons		PA		20	%		107,384		85.4	%		14.61	Giant Foods		66,224
Scott Town Center		PA		20	%		67,933		94.1	%		18.21	Giant Foods		54,333
Spring Meadow Shopping Center		PA		20	%		70,350		100.0	%		20.23	Giant Foods		67,400
Stonehedge Square		PA		20	%		88,677		97.1	%		12.21	Nell’s Market		51,687

Total Homburg Joint Venture							558,372		94.0	%		16.62

Total Properties Held for Sale							2,358,932		82.6	%	$	10.25

Land Parcels Previously Acquired for Development
Seven land parcels in Pennsylvania		PA		100	%		84 acres
Shore Mall		NJ		100	%		50 acres
Trindle Springs		NY		100	%		2 acres
Wyoming		MI		100	%		12 acres

Total Land Parcels Previously Acquired for Development							148 acres

(a)	Major tenants are determined as tenants with 15,000 or more sq.ft. of GLA, tenants at single-tenant properties, or the largest tenant at a property.

(b)	The Company has included 100% of this joint venture’s result of operations in its-pro-rata calculations, based on the terms of the related joint venture agreement.

CEDAR REALTY TRUST, INC.

Properties Held for Sale/Conveyance — Summary of Outstanding Debt


									Stated contract amounts
Property	Percent Owned			Maturity Date		Interest rate (a)			Dec 31, 2011		Dec 31, 2010
Fixed-rate mortgages:
Roosevelt II		100	%		Mar 2012		6.5	% (c)	$	12,865,000	$	12,940,000
Spring Meadow Shopping Center		20	%		Nov 2014		5.9	%		12,053,000		12,279,000
Ayr Town Center		20	%		Jun 2015		5.6	%		6,926,000		7,056,000
Scott Town Center		20	%		Aug 2015		4.9	%		8,521,000		8,697,000
Aston Center		20	%		Nov 2015		5.9	%		12,148,000		12,358,000
Pennsboro Commons		20	%		Mar 2016		5.5	%		10,578,000		10,769,000
Gahanna DDM		100	%		Nov 2016		5.8	% (c)		4,845,000		4,924,000
Westlake DDM		100	%		Dec 2016		5.6	% (c)		3,113,000		3,165,000
CVS at Bradford		100	%		Mar 2017		7.1	%		564,000		649,000
Parkway Plaza		20	%		May 2017		5.5	%		14,300,000		14,300,000
Stonehedge Square		20	%		Jul 2017		6.2	%		8,700,000		8,700,000
CVS at Portage Trail		100	%		Aug 2017		7.8	%		612,000		694,000
McCormick Place		100	%		Aug 2017		6.1	% (c)		2,550,000		2,587,000
CVS at Erie		100	%		Nov 2018		7.1	%		857,000		950,000
CVS at Naugatuck		50	%		Nov 2019		5.3	%		2,348,000		2,402,000
CVS at Celina		100	%		Jan 2020		7.5	%		1,120,000		1,210,000
Rite Aid at Massillon		100	%		Jan 2020		7.7	%		1,111,000		1,201,000
Centerville DDM (b)		100	%		n/a		n/a			—		2,743,000
Clyde DDM (b)		100	%		n/a		n/a			—		1,903,000
CVS at Kingston (b)		100	%		n/a		n/a			—		3,128,000
CVS at Kinderhook (b)		100	%		n/a		n/a			—		2,429,000
Fairfield Plaza (b)		100	%		n/a		n/a			—		5,009,000
Lodi DDM (b)		100	%		n/a		n/a			—		2,319,000
Ontario DDM (b)		100	%		n/a		n/a			—		2,141,000
Pickerington DDM (b)		100	%		n/a		n/a			—		4,072,000
Polaris DDM (b)		100	%		n/a		n/a			—		4,369,000
Shelby DDM (b)		100	%		n/a		n/a			—		2,141,000

Total fixed-rate mortgages					3.9 years		5.8	%		103,211,000		135,135,000
					[weighted average]
Variable-rate mortgage:
Shore Mall		100	%		Sept 2012		5.9	%		18,900,000		21,000,000

Total mortgages at stated contract amounts					3.5 years		5.9	%		122,111,000		156,135,000
					[weighted average]
Unamortized premium										493,000		856,000

Total mortgage debt (including unamortized premium)									$	122,604,000	$	156,991,000

Cedar’s pro-rata share of total debt									$	62,703,000	$	91,260,000

(a)	For variable rate debt, rate in effect as of December 31, 2011.

(b)	Property was sold during 2011.

(c)	With respect to the Company’s plans to convey these properties to their respective lenders, until such conveyances are completed, interest will be recorded (but not paid) at approximately 500 basis points higher than the stated rates.

CEDAR REALTY TRUST, INC.

Properties Held for Sale/Conveyance — Summary of Debt Maturities

As of December 31, 2011


Maturity	Cedar pro-rata share of:						JV Partners pro-rata share of:
schedule by year	Scheduled Amortization		Balloon Payments		Total		Scheduled Amortization		Balloon Payments		Total		Total
2012	$	991,000	$	31,765,000	$	32,756,000	$	971,000	$	—	$	971,000	$	33,727,000
2013		1,073,000		—		1,073,000		1,140,000		—		1,140,000		2,213,000
2014		1,131,000		2,267,000		3,398,000		1,161,000		9,069,000		10,230,000		13,628,000
2015		1,106,000		5,091,000		6,197,000		826,000		20,364,000		21,190,000		27,387,000
2016		1,008,000		9,137,000		10,145,000		336,000		7,730,000		8,066,000		18,211,000
2017		690,000		6,594,000		7,284,000		151,000		17,184,000		17,335,000		24,619,000
2018		527,000		—		527,000		41,000		—		41,000		568,000
2019		401,000		892,000		1,293,000		36,000		892,000		928,000		2,221,000
2020		30,000		—		30,000		—		—		—		30,000
2021		—		—		—		—		—		—		—
Thereafter		—		—		—		—		—		—		—

	$	6,957,000	$	55,746,000	$	62,703,000	$	4,662,000	$	55,239,000	$	59,901,000	$	122,604,000

CEDAR REALTY TRUST, INC.

Portfolio Map

As of December 31, 2011

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CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

Use of Funds From Operations (“FFO”)

FFO is a widely-recognized non-GAAP financial measure for REITs that the Company believes, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, FFO is useful to investors as 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 do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand a REIT’s operating performance. The Company considers FFO an important supplemental measure of its operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs.

The Company computes FFO in accordance with the “White Paper” published by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income applicable to common shareholders (determined in accordance with GAAP), excluding gains or losses from debt restructurings and sales of properties, plus real estate-related depreciation and amortization, and after adjustments for partnerships and joint ventures (which are computed to reflect FFO on the same basis). In addition, NAREIT has recently clarified its computation of FFO so as to exclude impairment charges for all periods presented. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income applicable to common shareholders or to cash flow from operating activities. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

The Company also presents “Recurring FFO”, which excludes certain items that are not indicative of the results provided by the Company’s operating portfolio and that affect the comparability of the Company’s period-over-period performance, such as management transition charges and employee termination costs, the accelerated write-off of deferred financing costs, mark-to-market adjustments related to stock-based compensation, impairment charges, the write-off of the interest in an unconsolidated joint venture, acquisition transaction costs, and costs related to terminated projects.

Use of Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

EBITDA is another widely-recognized non-GAAP financial measure that the Company believes, when considered with financial statements determined in accordance with GAAP, is useful to investors and lenders in understanding financial performance and providing a relevant basis for comparison among other companies, including REITs. While EBITDA should not be considered as a substitute for net income attributable to the Company’s common shareholders, net operating income, cash flow from operating activities, or other income or cash flow data prepared in accordance with GAAP, the Company believes that EBITDA may provide additional information with respect to the Company’s performance or ability to meet its future debt service requirements, capital expenditures and working capital requirements. The Company computes EBITDA by excluding interest expense and amortization of deferred financing costs, and depreciation and amortization, from income from continuing operations.

The Company also presents “Adjusted EBITDA”, which excludes certain items that are not indicative of the results provided by the Company’s operating portfolio and that affect the comparability of the Company’s period-over-period performance, such as mark-to-market adjustments relating to stock-based compensation, impairment charges and the write-off of the interest in an unconsolidated joint venture, management transition charges, and acquisition transaction costs, and costs related to terminated projects. The ratios of debt to Adjusted EBITDA, Adjusted EBITDA to interest expense, and Adjusted EBITDA to fixed charges are additional related measures of financial performance. Because EBITDA from one company to another excludes some, but not all, items that affect net income, the computations of EBITDA may vary from one company to another.