EX-99.1

Exhibit 99.1

LOGO

SUPPLEMENTAL FINANCIAL INFORMATION

MARCH 31, 2013

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

March 31, 2013

(unaudited)

TABLE OF CONTENTS


Earnings Press Release			3-5

Financial Information
Condensed Consolidated Balance Sheets			6
Condensed Consolidated Statements of Operations			7
Supporting Schedules to Consolidated Statements			8
Funds From Operations and Additional Disclosures			9
Earnings Before Interest, Taxes, Depreciation and Amortization			10
Summary of Outstanding Debt			11-12
Summary of Debt Maturities			13

Portfolio Information
Real Estate Summary			14-16
Leasing Activity			17
Tenant Concentration			18
Lease Expirations			19
Same-Property Net Operating Income			20
Dispositions			21
Summary of Real Estate Held For Sale/Conveyance			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, 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, 2012 and Form 10-Q for the quarter ended March 31, 2013.

CEDAR REALTY TRUST, INC. REPORTS

FIRST QUARTER 2013 RESULTS

Port Washington, New York – May 9, 2013 – Cedar Realty Trust, Inc. (NYSE: CDR) today reported its financial results for the first quarter ended March 31, 2013.

First Quarter 2013 Highlights

•	Operating FFO of $0.12 per diluted share.

•	Same-property NOI increased 1.2% for the quarter, excluding the timing impact of replacing a dark anchor at Oakland Commons.

•	Signed new and renewal leases for a total of 225,000 square feet.

•	Positive leasing spreads of 8.2% on a cash basis (new leases increased 12.3% and renewals increased 7.3%).

•	Total portfolio 92.8% leased and same-property portfolio 94.0% leased.

“We are pleased with our results for the first quarter. We continue to execute on our repositioning strategy which has resulted in continued divestitures and de-levering. Furthermore, our keen focus on operations has resulted in solid earnings and strong leasing results,” commented Bruce Schanzer, President and CEO of Cedar.

Financial Results

Operating FFO for first quarter 2013 was $8.7 million or $0.12 per diluted share, compared to $7.9 million or $0.11 per diluted share for the same period in 2012.

Net loss attributable to common shareholders for first quarter 2013 was $(0.9) million or $(0.02) per diluted share, compared to a net loss of $(9.3) million or $(0.14) per diluted share for the same period in 2012. The net loss for first quarter 2012 included accelerated depreciation at a redevelopment property of $6.2 million, and an accelerated write-off of deferred financing costs of $2.6 million.

Portfolio Results

Same-property NOI increased by 1.2% for first quarter of 2013 compared to the same period in 2012, excluding the timing impact associated with replacing the dark anchor at Oakland Commons with a Wal-Mart Neighborhood Market. Results for 2013 include a significant amount of snow removal costs. If snow removal costs for 2013 and 2012 were comparable, same-property NOI for first quarter 2013 would have increased by 1.8%.

In first quarter 2013, the Company signed 40 leases for approximately 225,000 square feet. On a comparable space basis, the Company leased 163,000 square feet at a positive lease spread of 8.2% on a cash basis (new leases increased 12.3% and renewals increased 7.3%).

The Company’s total portfolio, excluding properties held for sale, was 92.8% leased at March 31, 2013, compared to 92.7% at December 31, 2012 and 91.3% at March 31, 2012. The

Company’s same-property portfolio was 94.0% leased at March 31, 2013, compared to 93.6% at December 31, 2012 and 93.4% at March 31, 2012.

Balance Sheet Activity

In February 2013, the Company issued an additional 2.3 million shares of its 7.25% Series B Cumulative Redeemable Preferred Stock for gross proceeds of $56.5 million. In addition, during first quarter 2013, the Company sold approximately 221,000 shares of its 7.25% Series B Cumulative Redeemable Preferred Stock under the at-the-market equity program at a weighted average price of $24.52 per share, and realized net proceeds of approximately $5.2 million. The aggregate net proceeds from these transactions were used to redeem the remaining 1.4 million shares of its 8.875% Series A Cumulative Redeemable Preferred Stock for a total cash outlay of $35.4 million, and to reduce amounts outstanding under the Company’s corporate credit facility.

As of March 31, 2013, the Company had $73.4 million of borrowing availability under its secured revolving line of credit. If the Company added its recently unencumbered properties to the line of credit borrowing base, this borrowing availability would increase to approximately $130 million.

2013 Guidance

The Company reaffirms its previously-announced 2013 Operating FFO guidance range of $0.46 to $0.49 per diluted share.

Quarterly Dividends

As previously announced, the Company will pay a cash dividend of $0.05 per share on the Company’s common stock and $0.453125 per share on the Company’s 7.25% Series B Cumulative Redeemable Preferred Stock on May 20, 2013 to shareholders of record as of the close of business on May 10, 2013.

Funds From Operations Reconciliation

The Company reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO is a widely-recognized non-GAAP financial measure for REITs that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. The Company’s computation of FFO, as detailed in the attached schedule, is in accordance with NAREIT’s pronouncements. The Company also presents “Operating FFO”, which excludes certain items that are not indicative of the results provided by the Company’s consolidated portfolio and that affect the comparability of the Company’s period-over-period performance, as also detailed in the attached schedule.

Supplemental Financial Information Package

The Company has issued “Supplemental Financial Information” for the period ended March 31, 2013. 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, May 9, 2013, at 5:00 PM (ET) to discuss the first quarter 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 May 9, 2013, until midnight (ET) on May 23, 2013. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 412376 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 and operation of primarily grocery-anchored shopping centers straddling the Washington DC to Boston corridor. The Company’s portfolio (excluding properties treated as “held for sale”) is comprised of 67 properties, with approximately 10 million square feet of GLA.

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

Statements made in this press release that are not strictly historical are “forward-looking” statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and outcomes to differ materially from those expressed or implied in forward-looking statements. Please refer to the documents filed by Cedar Realty Trust, Inc. with the SEC, specifically the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, which identifies important risk factors that could cause actual results to differ from those contained in forward-looking statements.

Contact Information:

Cedar Realty Trust, Inc.

Investor Relations

Brad Cohen

(203) 682-8211

CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets


	March 31,			December 31,
	2013			2012
Assets:
Real estate
Land	$	282,714,000		$	282,318,000
Buildings and improvements		1,179,887,000			1,178,111,000

		1,462,601,000			1,460,429,000
Less accumulated depreciation		(246,730,000	)		(237,751,000	)

Real estate, net		1,215,871,000			1,222,678,000
Real estate held for sale/conveyance		76,828,000			77,858,000
Cash and cash equivalents		4,888,000			7,522,000
Restricted cash		12,371,000			13,752,000
Receivables		19,801,000			18,289,000
Other assets and deferred charges, net		27,971,000			29,804,000

Total assets	$	1,357,730,000		$	1,369,903,000

Liabilities and equity:
Mortgage loans payable	$	566,248,000		$	605,216,000
Mortgage loans payable—real estate held for sale/conveyance		21,552,000			23,258,000
Secured credit facilities		165,200,000			156,000,000
Accounts payable and accrued liabilities		26,617,000			28,179,000
Unamortized intangible lease liabilities		29,202,000			30,508,000
Unamortized intangible lease liabilities—real estate held for sale/conveyance		4,992,000			4,992,000

Total liabilities		813,811,000			848,153,000

Noncontrolling interest—limited partners’ mezzanine OP Units		645,000			623,000
Commitments and contingencies		—			—
Equity:
Cedar Realty Trust, Inc. shareholders’ equity:
Preferred stock		190,661,000			163,669,000
Common stock and other shareholders’ equity		345,097,000			349,987,000

Total Cedar Realty Trust, Inc. shareholders’ equity		535,758,000			513,656,000

Noncontrolling interests:
Minority interests in consolidated joint ventures		6,075,000			6,081,000
Limited partners’ OP Units		1,441,000			1,390,000

Total noncontrolling interests		7,516,000			7,471,000

Total equity		543,274,000			521,127,000

Total liabilities and equity	$	1,357,730,000		$	1,369,903,000

CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations


	Three months ended March 31,
	2013			2012
Revenues:
Rents	$	28,445,000		$	26,624,000
Expense recoveries		8,295,000			6,941,000
Other		223,000			819,000

Total revenues		36,963,000			34,384,000

Property operating expenses:
Operating, maintenance and management		7,066,000			6,370,000
Real estate and other property-related taxes		4,597,000			4,380,000

Total property operating expenses		11,663,000			10,750,000

Property operating income		25,300,000			23,634,000

Other expenses:
General and administrative		3,270,000			3,625,000
Employee termination costs		106,000			—
Impairment reversal		(1,100,000	)		—
Depreciation and amortization		9,822,000			15,698,000

Total other expenses		12,098,000			19,323,000

Operating income		13,202,000			4,311,000

Non-operating income and expense:
Interest expense		(9,102,000	)		(10,156,000	)
Early extinguishment of debt costs		(85,000	)		(2,607,000	)
Interest income		—			62,000
Equity in income of unconsolidated joint venture		—			445,000
Gain on sale		346,000			—

Total non-operating income and expense		(8,841,000	)		(12,256,000	)

Income (loss) from continuing operations		4,361,000			(7,945,000	)

Discontinued operations:
(Loss) income from operations		(509,000	)		1,482,000
Impairment reversals, net		—			1,138,000
Gain on sales		—			457,000

Total discontinued operations		(509,000	)		3,077,000

Net income (loss)		3,852,000			(4,868,000	)

Less, net loss (income) loss attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		6,000			(1,046,000	)
Limited partners’ interest in Operating Partnership		3,000			105,000

Total net loss (income) loss attributable to noncontrolling interests		9,000			(941,000	)

Net income (loss) attributable to Cedar Realty Trust, Inc.		3,861,000			(5,809,000	)
Preferred stock dividends		(3,607,000	)		(3,531,000	)
Preferred stock redemption costs		(1,166,000	)		—

Net loss attributable to common shareholders	$	(912,000	)	$	(9,340,000	)

Per common share attributable to common shareholders (basic and diluted):
Continuing operations	$	(0.01	)	$	(0.17	)
Discontinued operations		(0.01	)		0.03

	$	(0.02	)	$	(0.14	)

Weighted average number of common shares—basic and diluted		68,339,000			67,535,000

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements


Balance Sheets	March 31,		December 31,
	2013		2012
Construction in process (included in buildings and improvements)	$	6,019,000	$	6,699,000

Receivables
Rents and other tenant receivables, net	$	4,709,000	$	3,317,000
Straight-line rents		14,834,000		14,353,000
Other		258,000		619,000

	$	19,801,000	$	18,289,000

Other assets and deferred charges, net
Lease origination costs	$	15,111,000	$	15,158,000
Financing costs		4,978,000		5,686,000
Prepaid expenses		4,529,000		5,196,000
Leasehold improvements, furniture and fixtures		1,096,000		1,161,000
Investments related to deferred compensation liabilities		393,000		450,000
Deposits		132,000		152,000
Other		1,732,000		2,001,000

	$	27,971,000	$	29,804,000


Statements of Operations	Three months ended March 31,
	2013		2012
Rents
Base rents	$	26,570,000	$	24,762,000
Percentage rent		131,000		290,000
Straight-line rents		501,000		314,000
Amortization of intangible lease liabilities		1,243,000		1,258,000

	$	28,445,000	$	26,624,000

Other revenues
RioCan management fees (a)	$	191,000	$	646,000
Other		32,000		173,000

	$	223,000	$	819,000

(a)	On October 10, 2012, the Company exited the 20% Cedar / 80% RioCan joint venture that owned 22 retail shopping-center properties. Effective January 31, 2013, the Company’s property management agreement for the sold properties terminated.

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures


	Three months ended March 31,
	2013			2012
Net loss attributable to common shareholders	$	(912,000	)	$	(9,340,000	)
Real estate depreciation and amortization		9,729,000			15,680,000
Limited partners’ interest		(3,000	)		(105,000	)
Impairment reversals, net		(1,100,000	)		(1,138,000	)
Gain on sales		(346,000	)		(457,000	)
Consolidated minority interests:
Share of (loss) income		(6,000	)		1,046,000
Share of FFO		(417,000	)		(1,414,000	)
Unconsolidated joint venture:
Share of income		—			(445,000	)
Share of FFO		—			1,469,000

Funds From Operations (“FFO”)		6,945,000			5,296,000
Adjustments for items affecting comparability:
Employee termination costs		106,000			—
Preferred stock redemption costs		1,166,000			—
Early extinguishment of debt costs		522,000			2,607,000
Share-based compensation mark-to-market adjustments		—			30,000

Operating Funds From Operations (“Operating FFO”)	$	8,739,000		$	7,933,000

FFO per diluted share:	$	0.10		$	0.07

Operating FFO per diluted share:	$	0.12		$	0.11

Weighted average number of diluted common shares:
Common shares		71,944,000			70,565,000
OP Units		281,000			810,000

		72,225,000			71,375,000

Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	491,000		$	397,000
Amortization of intangible lease liabilities		1,079,000			1,326,000
Non-real estate amortization		557,000			630,000
Share-based compensation, net		721,000			794,000
Maintenance capital expenditures (a)		709,000			328,000
Lease related expenditures (b)		555,000			512,000
Development and redevelopment capital expenditures		3,388,000			2,782,000
Capitalized interest and financing costs		298,000			295,000

(a)	Consists of payments for building and site improvements.

(b)	Consists of payments for tenant improvements and leasing commissions.

CEDAR REALTY TRUST, INC.

Earnings Before Interest, Taxes, Depreciation and Amortization


	Three months ended March 31,
	2013			2012
EBITDA Calculation
Income (loss) from continuing operations	$	4,361,000		$	(7,945,000	)
Add (deduct):
Interest expense (including early extinguishment of debt costs)		9,187,000			12,763,000
Depreciation and amortization		9,822,000			15,698,000
Minority interests share of consolidated joint venture EBITDA		(925,000	)		(3,090,000	)
Discontinued operations:
Income from operations		(509,000	)		1,482,000
Interest expense (including early extinguishment of debt costs)		931,000			1,989,000
Depreciation and amortization		—			49,000
Pro-rata share attributable to Cedar/RioCan joint venture:
Depreciation and amortization		—			1,023,000
Interest expense		—			887,000

EBITDA		22,867,000			22,856,000
Adjustments for items affecting comparability:
Employee termination costs		106,000			—
Gain on sales		(346,000	)		—
Impairment reversal		(1,100,000	)		—
Share-based compensation mark-to-market adjustments		—			30,000

Adjusted EBITDA	$	21,527,000		$	22,886,000


Pro-rata share of net debt (a)
Pro-rata share of debt	$	720,622,000		$	815,704,000
Pro-rata share of unrestricted cash and cash equivalents		(4,160,000	)		(9,897,000	)

	$	716,462,000		$	805,807,000

Pro-rata fixed charges (a)
Interest expense (b)	$	8,727,000		$	10,992,000
Preferred stock dividends		3,607,000			3,531,000
Scheduled mortgage repayments		2,333,000			2,640,000

	$	14,667,000		$	17,163,000

Debt and Coverage Ratios
Net debt to Adjusted EBITDA (c)		8.3	x		8.7	x
Interest coverage ratio (Based on Adjusted EBITDA)		2.5	x		2.1	x
Fixed charge coverage ratio (Based on Adjusted EBITDA)		1.5	x		1.3	x

(a)	Includes properties “held for sale/conveyance”.

(b)	Excludes early extinguishment of debt costs.

(c)

For the purposes of this computation, this ratio has been adjusted to exclude, where applicable, (i) management fee income relating to the terminated Cedar/RioCan joint venture, (ii) the results and debt related to four properties in the process of being conveyed to their respective lenders, and (iii) the results of properties sold during each of the respective periods as the related debt is no longer outstanding at the end of such period.

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of March 31, 2013


	Percent			Maturity		Interest			Stated
Property	Owned			Date		rate (a)			contract amounts
Fixed-rate mortgages:
Port Richmond Village		100	%		Aug 2013		6.5	%	$	13,791,000
Timpany Plaza		100	%		Jan 2014		6.1	%		7,711,000
Trexler Mall		100	%		May 2014		5.5	%		20,001,000
Coliseum Marketplace		100	%		Jul 2014		6.1	%		11,241,000
Fieldstone Marketplace		100	%		Jul 2014		6.0	%		17,284,000
King’s Plaza		100	%		Jul 2014		6.0	%		7,349,000
Liberty Marketplace		100	%		Jul 2014		6.1	%		8,400,000
Yorktowne Plaza		100	%		Jul 2014		6.0	%		19,224,000
Mechanicsburg Center		100	%		Nov 2014		5.5	%		8,634,000
Elmhurst Square Shopping Center		100	%		Dec 2014		5.4	%		3,788,000
New London Mall		40	%		Apr 2015		4.9	%		27,365,000
Carbondale Plaza		100	%		May 2015		6.4	%		4,746,000
Oak Ridge Shopping Center		100	%		May 2015		5.5	%		3,277,000
Pine Grove Plaza		100	%		Sep 2015		5.0	%		5,423,000
Groton Shopping Center		100	%		Oct 2015		5.3	%		11,424,000
Southington Center		100	%		Nov 2015		5.1	%		5,431,000
Jordan Lane		100	%		Dec 2015		5.5	%		12,319,000
Oakland Mills		100	%		Jan 2016		5.5	%		4,632,000
Smithfield Plaza		100	%		May 2016		6.2	%		6,774,000
Franklin Village Plaza		100	%		Aug 2016		4.1	%		42,784,000
West Bridgewater		100	%		Sep 2016		6.2	%		10,543,000
Carman’s Plaza		100	%		Oct 2016		6.2	%		33,500,000
Hamburg Square		100	%		Oct 2016		6.1	%		4,905,000
Meadows Marketplace		100	%		Nov 2016		5.6	%		9,775,000
San Souci Plaza		40	%		Dec 2016		6.2	%		27,200,000
Camp Hill Shopping Center		100	%		Jan 2017		5.5	%		64,025,000
Golden Triangle		100	%		Feb 2018		6.0	%		19,965,000
Gold Star Plaza		100	%		May 2019		7.3	%		1,675,000
Swede Square		100	%		Nov 2020		5.5	%		10,272,000
Colonial Commons		100	%		Feb 2021		5.5	%		27,147,000
Townfair Center		100	%		Jul 2021		5.2	%		15,963,000
Virginia Little Creek		100	%		Sep 2021		8.0	%		316,000
The Point		100	%		Nov 2022		4.5	%		29,841,000
Metro Square		100	%		Nov 2029		7.5	%		8,460,000

Total Fixed-Rate Mortgages					3.9 years		5.5	%	$	505,185,000

					*weighted average*

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt (Continued)

As of March 31, 2013


	Percent			Maturity			Interest			Stated
Property	Owned			Date			rate (a)			contract amounts
Variable-rate mortgage:
Upland Square		100	%(b)		Oct 2013	(c)		3.0	%		60,184,000

Total mortgages at stated contract amounts					3.5 years			5.3	%		565,369,000
					*weighted average*
Unamortized discount/premium											879,000

Total mortgage debt (including unamortized discount/premium)											566,248,000

Corporate Credit Facility:
Revolving facility					Jan 2015	(c)		2.8	%		90,200,000
Term loan					Jan 2016	(c)		2.8	%		75,000,000

					2.3 years			2.8	%		165,200,000

					*weighted average*
Total Debt (excluding debt on properties held for sale/conveyance)					3.3 years			4.7	%	$	731,448,000

					*weighted average*
Pro-rata share of total debt reconciliation:
Total debt (excluding debt on properties held for sale/conveyance)										$	731,448,000
Less pro-rata share attributable to joint venture minority interests											(32,378,000	)
Plus pro-rata share attributable to properties held for sale/conveyance (d)											21,552,000

Pro-rata share of total debt										$	720,622,000


Fixed to variable rate debt ratio:
Fixed debt										$	495,238,000		68.7	%
Variable debt											225,384,000		31.3	%

										$	720,622,000		100.0	%

(a)	For variable rate debt, rate in effect as of March 31, 2013.

(b)	Although the ownership percentage for this joint venture is 60%, the Company has included 100% of this joint venture’s debt and results of operations in its pro-rata calculations, based on partnership earnings promotes, a loan guaranty, and/or other terms of the related joint venture agreement.

(c)	Each of these loans is subject to a one-year extension option.

(d)	See “Summary of Real Estate Held For Sale / Conveyance”.

CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of March 31, 2013


	Scheduled		Balloon			Credit
Year	Amortization		Payments			Facility			Total (a)
2013	$	6,477,000	$	73,352,000	(b)	$	—		$	79,829,000
2014		6,988,000		100,656,000			—			107,644,000
2015		5,823,000		67,720,000			90,200,000	(c)		163,743,000
2016		4,691,000		135,014,000			75,000,000	(c)		214,705,000
2017		2,896,000		60,478,000			—			63,374,000
2018		2,389,000		31,941,000			—			34,330,000
2019		2,078,000		—			—			2,078,000
2020		2,025,000		8,849,000			—			10,874,000
2021		1,277,000		22,383,000			—			23,660,000
2022		1,039,000		24,323,000			—			25,362,000
Thereafter		4,498,000		472,000			—			4,970,000

	$	40,181,000	$	525,188,000		$	165,200,000			730,569,000

Unamortized discount/premium 879,000

									$	731,448,000

(a)	Excludes debt on properties held for sale/conveyance.

(b)	Includes $59.7 million due in October 2013, subject to a one-year extension option.

(c)	Each of the amounts due in 2015 and 2016 is subject to a one-year extension option.

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of March 31, 2013


													Average
			Percent			Year				Percent			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		117,186		84.3	%	$	11.66	TJ Maxx		30,000
Jordan Lane		CT		100	%		2005		177,504		99.2	%		10.89	Stop & Shop		60,632
															CW Price		39,280
															Retro Fitness		20,283
New London Mall		CT		40	%		2009		259,293		94.2	%		14.29	Shop Rite		64,017
															Marshalls		30,354
															Homegoods		25,432
															Petsmart		23,500
															AC Moore		20,932
Oakland Commons		CT		100	%		2007		90,100		100.0	%		6.37	Wal-Mart		54,911
															Bristol Ten Pin		35,189
Southington Center		CT		100	%		2003		155,842		98.5	%		6.95	Wal-Mart		95,482
															NAMCO		20,000
The Brickyard		CT		100	%		2004		249,200		68.7	%		7.71	Home Depot		103,003
															Kohl’s		58,966

Total Connecticut									1,049,125		89.0	%		10.19

Maryland
Kenley Village		MD		100	%		2005		51,894		72.3	%		8.59	Food Lion		29,000
Metro Square		MD		100	%		2008		71,896		100.0	%		18.98	Shoppers Food Warehouse		58,668
Oakland Mills		MD		100	%		2005		58,224		100.0	%		13.52	Food Lion		43,470
San Souci Plaza		MD		40	%		2009		264,134		79.0	%		10.34	Shoppers Food Warehouse		61,466
															Marshalls		27,000
															Maximum Health and Fitness		15,612
St. James Square		MD		100	%		2005		39,903		100.0	%		11.51	Food Lion		33,000
Valley Plaza		MD		100	%		2003		190,939		100.0	%		4.98	K-Mart		95,810
															Ollie’s Bargain Outlet		41,888
															Tractor Supply		32,095
Yorktowne Plaza		MD		100	%		2007		158,982		92.3	%		13.53	Food Lion		37,692

Total Maryland									835,972		90.2	%		10.65

Massachusetts
Fieldstone Marketplace		MA		100	%		2005/2012		193,970		95.2	%		11.32	Shaw’s		68,000
															Flagship Cinema		41,975
															New Bedford Wine and Spirits		15,180
Franklin Village Plaza		MA		100	%		2004/2012		304,366		91.8	%		20.53	Stop & Shop		75,000
															Marshalls		26,890
															Team Fitness		15,807
Kings Plaza		MA		100	%		2007		168,243		92.7	%		6.15	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		79.9	%		9.06	Hannaford Brothers		42,598
															Dollar Tree		16,798
The Shops at Suffolk Downs		MA		100	%		2005		121,251		86.8	%		12.77	Stop & Shop		74,977
Timpany Plaza		MA		100	%		2007		183,775		98.1	%		6.93	Stop & Shop		59,947
															Big Lots		28,027
															Gardner Theater		27,576
Webster Plaza (fka Price Chopper Plaza)		MA		100	%		2007		101,824		82.7	%		10.89	Price Chopper		58,545
West Bridgewater Plaza		MA		100	%		2007		133,039		96.9	%		8.78	Shaw’s		57,315
															Big Lots		25,000
															Planet Fitness		15,000

Total Massachusetts									1,308,927		91.7	%		11.80

New Jersey
Carll’s Corner		NJ		100	%		2007		129,582		88.5	%		8.99	Acme Markets		55,000
															Peebles		18,858
Pine Grove Plaza		NJ		100	%		2003		86,089		90.2	%		11.29	Peebles		24,963
Washington Center Shoppes		NJ		100	%		2001		157,394		93.4	%		8.87	Acme Markets		66,046
															Planet Fitness		20,742

Total New Jersey									373,065		91.0	%		9.47

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of March 31, 2013


													Average
			Percent			Year				Percent			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		194,082		91.8	%		17.29	Pathmark		52,211

															Extreme Fitness		27,598
															Home Goods		25,806
															Department of Motor Vehicle		19,310
Pennsylvania
Academy Plaza		PA		100	%		2001		137,662		90.3	%		13.72	Acme Markets		50,918
Camp Hill		PA		100	%		2002		470,117		99.3	%		13.57	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		120,689		100.0	%		6.75	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		466,233		84.5	%		12.83	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		100	% (b)		2008		133,717		93.0	%		20.06	Giant Foods		78,815
Fairview Commons		PA		100	%		2007		42,314		53.3	%		9.68	Family Dollar		10,789
Fairview Plaza		PA		100	%		2003		71,979		100.0	%		12.39	Giant Foods		61,637
Fort Washington Center		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		98.2	%		12.49	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	%		11.89	Giant Foods		32,000
Hamburg Square		PA		100	%		2004		99,580		96.4	%		6.52	Redner’s		56,780
															Peebles		19,683
Huntingdon Plaza		PA		100	%		2004		142,845		71.9	%		4.97	Sears		26,150
															Peebles		22,060
Lake Raystown Plaza		PA		100	%		2004		142,559		95.7	%		12.32	Giant Foods		63,835
															Tractor Supply		32,711
Liberty Marketplace		PA		100	%		2005		68,200		89.4	%		17.56	Giant Foods		55,000
Meadows Marketplace		PA		100	%		2004/2012		91,518		100.0	%		15.50	Giant Foods		67,907
Mechanicsburg Center		PA		100	%		2005		51,500		100.0	%		21.78	Giant Foods		51,500
Newport Plaza		PA		100	%		2003		64,489		100.0	%		11.55	Giant Foods		43,400
Northside Commons		PA		100	%		2008		64,710		96.1	%		9.90	Redner’s Market		48,519
Palmyra Shopping Center		PA		100	%		2005		111,051		94.5	%		6.52	Weis Markets		46,912
															Goodwill		18,104
Port Richmond Village		PA		100	%		2001		154,908		91.9	%		12.35	Thriftway		40,000
															Pep Boys		20,615
															City Stores, Inc.		15,200
River View Plaza		PA		100	%		2003		226,786		89.8	%		18.88	United Artists		77,700
															Avalon Carpet		25,000
															Pep Boys		22,000
															Staples		18,000
South Philadelphia		PA		100	%		2003		283,415		78.7	%		14.65	Shop Rite		54,388
															Ross Dress For Less		31,349
															L.A. Fitness		31,000
															Modell’s		20,000

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of March 31, 2013


													Average
			Percent			Year				Percent			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		100.0	%		16.44	LA Fitness		37,200
The Commons		PA		100	%		2004		203,426		85.1	%		9.32	Bon-Ton		54,500
															Shop ‘n Save		52,654
															TJ Maxx		24,404
The Point		PA		100	%		2000		268,037		97.1	%		12.42	Burlington Coat Factory		76,665
															Giant Foods		76,627
															AC Moore		24,890
															Staples		24,000
Townfair Center		PA		100	%		2004		218,662		100.0	%		9.01	Lowe’s Home Centers		95,173
															Giant Eagle		83,821
															Michael’s Store		17,592
Trexler Mall		PA		100	%		2005		339,279		88.7	%		9.78	Kohl’s		88,248
															Bon-Ton		62,000
															Lehigh Wellness Partners		30,594
															Trexlertown Fitness Club		28,870
															Marshall’s		28,488
Trexlertown Plaza		PA		100	%		2006		313,929		80.4	%		13.30	Giant Foods		78,335
															Redner’s		47,900
															Big Lots		33,824
															Sears		22,500
															Tractor Supply		19,097
Upland Square		PA		100	%(b)		2007		391,578		94.8	%		16.79	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									5,239,343		91.3	%		12.66

Virginia
Annie Land Plaza		VA		100	%		2006		42,500		97.2	%		9.47	Food Lion		29,000
Coliseum Marketplace		VA		100	%		2005		105,998		100.0	%		16.02	Farm Fresh		57,662
															Michael’s		23,981
Elmhurst Square		VA		100	%		2006		66,250		88.1	%		9.41	Food Lion		38,272
Fredericksburg Way		VA		100	%		2005		63,000		100.0	%		18.47	Ukrop’s Supermarket		63,000
General Booth Plaza		VA		100	%		2005		71,639		96.6	%		12.95	Farm Fresh		53,758
Glen Allen Shopping Center		VA		100	%		2005		63,328		100.0	%		6.61	Martin’s		63,328
Kempsville Crossing		VA		100	%		2005		94,477		96.1	%		11.16	Farm Fresh		73,878
Oak Ridge Shopping Center		VA		100	%		2006		38,700		100.0	%		10.56	Food Lion		33,000
Smithfield Plaza		VA		100	%		2005/2008		134,664		96.4	%		9.28	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
Virginia Little Creek		VA		100	%		2005		69,620		100.0	%		11.12	Farm Fresh		66,120

Total Virginia									817,392		97.5	%		11.47

Total (92.8% leased at March 31, 2013)									9,817,906		91.5	%	$	11.98

(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)

Although the ownership percentages for these joint ventures is 60%, the Company has included 100% of these joint ventures’ debt and results of operations in its pro-rata calculations, based on partnership earnings promotes, loan guaranties, and/or other terms of the related joint venture agreements.

CEDAR REALTY TRUST, INC.

Leasing Activity


	Leases Signed		Square Feet		New Rent Per. Sq. Ft (a)		Prior Rent Per. Sq. Ft (a)		Cash Basis % Change			Tenant Improvements Per. Sq. Ft (b)		Average Lease Term (Yrs)
Total Comparable Leases
1st Quarter 2013		36		162,700	$	13.80	$	12.75		8.2	%	$	5.29		5.3
4th Quarter 2012		37		175,200	$	16.27	$	15.02		8.3	%	$	2.27		5.3
3rd Quarter 2012		34		176,000	$	12.56	$	11.29		11.3	%	$	2.06		5.6
2nd Quarter 2012		41		122,000	$	12.59	$	12.22		3.0	%	$	5.38		3.9

Total (c)		148		635,900	$	13.91	$	12.87		8.1	%	$	3.58		5.1

New Leases - Comparable
1st Quarter 2013		10		39,300	$	11.32	$	10.07		12.3	%	$	21.93		7.5
4th Quarter 2012		11		45,400	$	18.41	$	16.72		10.1	%	$	8.75		7.7
3rd Quarter 2012		7		22,500	$	16.18	$	12.62		28.2	%	$	16.15		8.4
2nd Quarter 2012		10		47,600	$	11.74	$	12.42		-5.4	%	$	13.79		5.9

Total (c)		38		154,800	$	14.23	$	13.11		8.5	%	$	14.72		7.2

Renewals - Comparable
1st Quarter 2013		26		123,400	$	14.59	$	13.60		7.3	%	$	0.00		4.6
4th Quarter 2012		26		129,800	$	15.52	$	14.43		7.6	%	$	0.00		4.5
3rd Quarter 2012		27		153,500	$	12.03	$	11.09		8.5	%	$	0.00		5.1
2nd Quarter 2012		31		74,400	$	13.13	$	12.10		8.6	%	$	0.00		2.5

Total		110		481,100	$	13.80	$	12.79		7.9	%	$	0.00		4.4

Total Comparable and Non-Comparable
1st Quarter 2013		40		225,400	$	12.12		N/A		N/A		$	6.34		6.5
4th Quarter 2012		40		189,500	$	16.03		N/A		N/A		$	2.32		5.6
3rd Quarter 2012		37		184,900	$	12.78		N/A		N/A		$	4.06		5.8
2nd Quarter 2012		44		136,800	$	13.11		N/A		N/A		$	5.36		4.5

Total		161		736,600	$	13.48		N/A		N/A		$	4.55		5.7

(a)	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 tenant allowance and landlord work. Excludes first generation space.

(c)	For spaces vacant less than 12 months, the results for the trailing four quarters are as follows:


	Leases Signed		Square Feet		Cash Basis % Change
Total Comparable Leases		127		551,700		10.2	%
New Leases—Comparable		17		70,600		25.6	%

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of March 31, 2013


Tenant	Number of stores		GLA		% of GLA			Annualized base rent		Annualized base rent per sq. ft.		Percentage annualized base rents
Top twenty tenants (a):
Giant Foods		14		912,000		9.3	%	$	13,789,000	$	15.12		12.8	%
LA Fitness		7		282,000		2.9	%		4,447,000		15.77		4.1	%
Farm Fresh		6		364,000		3.7	%		3,909,000		10.74		3.6	%
Stop & Shop		4		271,000		2.8	%		2,805,000		10.35		2.6	%
Dollar Tree		19		194,000		2.0	%		1,944,000		10.02		1.8	%
Food Lion		7		243,000		2.5	%		1,925,000		7.92		1.8	%
Staples		5		104,000		1.1	%		1,701,000		16.36		1.6	%
Shop Rite		2		118,000		1.2	%		1,695,000		14.36		1.6	%
Redner’s		4		202,000		2.1	%		1,514,000		7.50		1.4	%
United Artist		1		78,000		0.8	%		1,425,000		18.27		1.3	%
Shaw’s		2		125,000		1.3	%		1,389,000		11.11		1.3	%
Shoppers Food Warehouse		2		120,000		1.2	%		1,237,000		10.31		1.1	%
Ukrop’s		1		63,000		0.6	%		1,163,000		18.46		1.1	%
Kohl’s Department Store		2		149,000		1.5	%		1,113,000		7.47		1.0	%
Marshall’s		5		143,000		1.5	%		1,110,000		7.76		1.0	%
Carmike Cinema		1		45,000		0.5	%		1,034,000		22.98		1.0	%
TJ Maxx		4		106,000		1.1	%		1,007,000		9.50		0.9	%
Giant Eagle		1		84,000		0.9	%		922,000		10.98		0.9	%
Wal-Mart		2		150,000		1.5	%		838,000		5.59		0.8	%
Dick’s Sporting Goods		1		56,000		0.6	%		812,000		14.50		0.8	%

Sub-total top twenty tenants		90		3,809,000		38.8	%		45,779,000		12.02		42.5	%
Remaining tenants		822		5,179,000		52.8	%		61,929,000		11.96		57.5	%

Sub-total all tenants (b)		912		8,988,000		91.5	%	$	107,708,000	$	11.98		100.0	%

Vacant space		N/A		830,000		8.5	%

Total		912		9,818,000		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), (2) Farm Fresh, Shop ‘n Save (GLA of 53,000; annualized base rent of $412,000), Shoppers Food Warehouse, and Acme Markets (GLA of 172,000; annualized base rent of $756,000), and (3) Marshall’s, TJ Maxx and Home Goods (GLA of 51,000; annualized base rent of $568,000).

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


	GLA		% of GLA			Annualized base rent		Annualized base rent per sq. ft.		Percentage annualized base rents
Large tenants		6,303,000		70.1	%	$	63,704,000	$	10.11		59.1	%
Small tenants		2,685,000		29.9	%		44,004,000		16.39		40.9	%

Total		8,988,000		100.0	%	$	107,708,000	$	11.98		100.0	%

CEDAR REALTY TRUST, INC.

Lease Expirations

As of March 31, 2013


Year of lease expiration	Number of leases expiring		GLA expiring		Percentage of GLA expiring			Annualized expiring base rents		Annualized expiring base rents per sq. ft.		Percentage of annualized expiring base rents
Month-To-Month		40		137,000		1.5	%	$	1,615,000	$	11.79		1.5	%
2013		83		233,000		2.6	%		4,091,000		17.56		3.8	%
2014		147		1,269,000		14.1	%		12,185,000		9.60		11.3	%
2015		143		1,266,000		14.1	%		13,655,000		10.79		12.7	%
2016		124		940,000		10.5	%		10,454,000		11.12		9.7	%
2017		116		919,000		10.2	%		12,030,000		13.09		11.2	%
2018		74		748,000		8.3	%		10,033,000		13.41		9.3	%
2019		29		343,000		3.8	%		4,131,000		12.04		3.8	%
2020		37		897,000		10.0	%		8,469,000		9.44		7.9	%
2021		35		416,000		4.6	%		6,217,000		14.94		5.8	%
2022		20		139,000		1.5	%		1,894,000		13.63		1.8	%
2023		17		170,000		1.9	%		2,117,000		12.45		2.0	%
Thereafter		47		1,511,000		16.8	%		20,817,000		13.78		19.3	%

All tenants		912		8,988,000		100.0	%	$	107,708,000	$	11.98		100.0	%

Vacant space		N/A		830,000		N/A

Total portfolio		912		9,818,000		N/A

CEDAR REALTY TRUST, INC.

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

Same-Property NOI (a) (b)


	Three months ended March 31,
	2013			2012
Base Rents	$	21,573,000		$	21,636,000
Expense Recoveries		6,952,000			6,167,000

Total Revenues		28,525,000			27,803,000
Operating expenses		8,974,000			8,291,000

NOI	$	19,551,000		$	19,512,000

Occupied		93.4	%		93.4	%
Leased		94.0	%		93.4	%
Number of same properties		61			61
NOI growth, excluding dark anchor impact (c)		1.2%

(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 properties classified as “held for sale/conveyance”.

(b)	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.

(c)

Excludes the down time impact prior to Wal-Mart taking possession of the space at Oakland Commons, located in Bristol, CT. Results for 2013 were also negatively impacted by significantly higher snow removal costs. If snow removal costs for 2013 were the same as 2012, same-property NOI for first quarter 2013 would have increased to 1.8%.

CEDAR REALTY TRUST, INC.

Dispositions

Date

Sales

Property

Location

GLA

Sold

Price

Quarter ended March 31, 2013

East Chestnut

Lancaster, PA

21,180

1/3/2013

3,100,000

Huntingdon Plaza land parcel

Huntingdon, PA

N/A

3/29/2013

390,000

Subsequent to March 31, 2013

Columbia Mall

Bloomsburg, PA

352,544

4/17/2013

2,775,000

Total

6,265,000

CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale/Conveyance

As of March 31, 2013


													Debt
											Average		Stated
			Percent					Percent			base rent per		contract		Maturity		Interest
Property Description	State		owned			GLA		occupied			leased sq. ft.		amounts		Date		rate
Ohio Discount Drug Mart Portfolio
Gahanna Discount Drug Mart Plaza (a)		OH		100	%		48,667		82.3	%	$	13.90	$	4,791,000		Nov 2016		10.8	%(b)
Westlake Discount Drug Mart Plaza (a)		OH		100	%		55,775		88.0	%		5.83		3,109,000		Dec 2016		10.6	%(b)

Single-Tenant/Triple-Net-Lease Properties
McCormick Place (a)		OH		100	%		46,000		100.0	%		4.50		2,547,000		Aug 2017		11.1	%(b)

Malls
Columbia Mall (c)		PA		100	%		352,544		83.9	%		4.54
Shore Mall (e)		NJ		100	%		338,098		98.5	%		7.66

Other Non-Core Assets
Dunmore Shopping Center		PA		100	%		101,080		89.2	%		6.34
Heritage Crossing (c)		PA		100	%(d)		28,098		100.0	%		23.74
Oakhurst Plaza		PA		100	%		111,869		66.2	%		13.30
Roosevelt II (a)		PA		100	%		180,088		0.0	%		—		11,105,000		Mar 2012		6.5	%

Total Properties Held for Sale/Conveyance							1,262,219		75.8	%	$	7.50	$	21,552,000

Land Parcels Previously Acquired for Development
Five land parcels in Pennsylvania		PA		100	%		74 acres
Shore Mall		NJ		100	%		50 acres

Total Land Parcels Previously Acquired for Development							124 acres

(a)	These properties are in the process of being conveyed to their respective lenders, either through short sale, foreclosure, or deed-in-lieu of foreclosure processes.

(b)	Until the conveyances of the properties are completed, interest is being recorded (but not paid) at the default interest rates noted above which are approximately 500 basis points higher than the stated rates.

(c)	Properties sold subsequent to March 31, 2013. See “Dispositions”.

(d)	Although the ownership percentage for this joint venture is stated at 60%, the Company has included 100% of this joint venture’s results of operations in its-pro-rata calculations, based on the terms of the related joint venture agreement.

(e)	Property is in the process of being demalled. The above statistics reflect the completion of this demalling.

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 prepared 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 impairment charges, 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). 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 “Operating 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, early extinguishment of debt costs, mark-to-market adjustments related to share-based compensation, and preferred stock redemption costs.

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 prepared 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 share-based compensation, management transition charges and employee termination costs, gain on sales of real estate, and impairment charges/reversals. 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.