EX-99.1

Exhibit 99.1

LOGO

SUPPLEMENTAL FINANCIAL INFORMATION

JUNE 30, 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

June 30, 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 June 30, 2013.

CEDAR REALTY TRUST, INC. REPORTS

SECOND QUARTER 2013 RESULTS

Port Washington, New York – August 6, 2013 – Cedar Realty Trust, Inc. (NYSE: CDR) today reported its financial results for the quarter ended June 30, 2013.

Second Quarter 2013 Highlights

•

Operating FFO of $0.12 per diluted share.

•

Same-property NOI increased 2.4% for the quarter including redevelopment and expansion properties, and 1.4% excluding redevelopment and expansion properties. These figures exclude the timing impact of replacing a dark anchor.

•

Signed new and renewal leases for a total of 350,000 square feet.

•

Positive leasing spreads of 10.3% on a cash basis (new leases increased 17.8% and renewals increased 9.7%).

•

Total portfolio 92.7% leased and same-property portfolio 93.9% leased.

•

Closed on a new unsecured $310 million credit facility on August 1, 2013.

Bruce Schanzer, President and CEO of Cedar, stated, “Our results represent consistent operating performance, highlighted by positive leasing spreads and momentum. We continue to focus on our core competencies of leasing and operations, while committing additional resources toward repositioning our portfolio through acquisitions, non-core dispositions and redevelopment activities. Together, these efforts should result in the creation of additional growth and long-term shareholder value.”

Financial Results

Operating FFO for second quarter 2013 was $9.0 million or $0.12 per diluted share, compared to $11.2 million or $0.16 per diluted share for the same period in 2012. Operating FFO for six months ended June 30, 2013 was $17.7 million or $0.24 per diluted share, compared to $19.2 million or $0.27 per diluted share for the same period in 2012. Operating FFO for second quarter and six months ended June 30, 2012 included $3.4 million, or $0.05 per diluted share, of termination related income in connection with replacing a dark anchor at the Company’s Oakland Commons shopping center in Bristol, Connecticut.

Net income attributable to common shareholders for second quarter 2013 was $1.0 million or $0.01 per diluted share, compared to $1.2 million or $0.01 per diluted share for the same period in 2012. Net income attributable to common shareholders for six months ended June 30, 2013 was $65,000 or $0.00 per diluted share, compared to a net loss of $(8.1) million or $(0.13) per diluted share for the same period in 2012.

Portfolio Results

For second quarter 2013, same-property NOI increased 2.4% including redevelopment and expansion properties, and 1.4% excluding redevelopment and expansion properties, compared to the same period in 2012. These figures exclude the timing impact associated with replacing the dark anchor at Oakland Commons with a Walmart Neighborhood Market.

The Company signed 37 leases for approximately 350,000 square feet in second quarter of 2013. On a comparable space basis, the Company leased 344,000 square feet at a positive lease spread of 10.3% on a cash basis (new leases increased 17.8% and renewals increased 9.7%).

The Company’s total portfolio, excluding properties held for sale, was 92.7% leased and 92.0% occupied at June 30, 2013. The Company’s same-property portfolio was 93.9% leased and 93.4% occupied at June 30, 2013. Other than a 50 basis points increase in total portfolio occupancy, these percentages are generally consistent with the prior quarter.

Balance Sheet Activity

The Company previously announced its plan to divest certain non-core assets in order to improve its geographic and asset type focus and reduce its debt to EBITDA ratio from in excess of 9.0 times to less than 8.0 times. As of June 30, 2013, the Company reported net debt to EBITDA ratio of 8.0 times and had realized $107 million of its targeted $150 million of net proceeds from dispositions.

New Credit Facility

On August 1, 2013, the Company closed on a new $310 million unsecured credit facility. The new facility is comprised of a three-year $260 million revolving credit facility, expiring in August 2016 (subject to two one-year extension options), and a five-year $50 million term loan, expiring in August 2018. Borrowings under the new facility are initially priced at LIBOR plus 195 bps (a weighted average rate of 2.2% per annum) and, at the closing, the Company had approximately $117 million available for additional borrowings.

2013 Guidance

The Company raised the low end of its 2013 Operating FFO guidance to an updated range of $0.47 to $0.49 per diluted share from $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 August 20, 2013 to shareholders of record as of the close of business on August 9, 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 June 30, 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, August 6, 2013, at 5:00 PM (ET) to discuss the second 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 August 6, 2013, until midnight (ET) on August 20, 2013. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 417096 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


	June 30, 2013			December 31, 2012
Assets:
Real estate
Land	$	282,714,000		$	282,318,000
Buildings and improvements		1,182,461,000			1,178,111,000

		1,465,175,000			1,460,429,000
Less accumulated depreciation		(255,656,000	)		(237,751,000	)

Real estate, net		1,209,519,000			1,222,678,000
Real estate held for sale/conveyance		65,026,000			77,858,000
Cash and cash equivalents		4,995,000			7,522,000
Restricted cash		12,098,000			13,752,000
Receivables		19,299,000			18,289,000
Other assets and deferred charges, net		24,767,000			29,804,000

Total assets	$	1,335,704,000		$	1,369,903,000

Liabilities and equity:
Mortgage loans payable	$	559,223,000		$	605,216,000
Mortgage loans payable—real estate held for sale/conveyance		18,401,000			23,258,000
Credit facility		158,000,000			156,000,000
Accounts payable and accrued liabilities		25,161,000			28,179,000
Unamortized intangible lease liabilities		28,121,000			30,508,000
Unamortized intangible lease liabilities—real estate held for sale/conveyance		4,115,000			4,992,000

Total liabilities		793,021,000			848,153,000

Noncontrolling interest—limited partners’ mezzanine OP Units		644,000			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		343,894,000			349,987,000

Total Cedar Realty Trust, Inc. shareholders’ equity		534,555,000			513,656,000

Noncontrolling interests:
Minority interests in consolidated joint ventures		6,059,000			6,081,000
Limited partners’ OP Units		1,425,000			1,390,000

Total noncontrolling interests		7,484,000			7,471,000

Total equity		542,039,000			521,127,000

Total liabilities and equity	$	1,335,704,000		$	1,369,903,000

CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations


	Three months ended June 30,						Six months ended June 30,
	2013			2012			2013			2012
Revenues:
Rents	$	28,532,000		$	26,913,000		$	56,977,000		$	53,537,000
Expense recoveries		6,674,000			6,343,000			14,969,000			13,284,000
Other		165,000			3,642,000			388,000			4,461,000

Total revenues		35,371,000			36,898,000			72,334,000			71,282,000

Property operating expenses:
Operating, maintenance and management		5,557,000			5,496,000			12,623,000			11,866,000
Real estate and other property-related taxes		4,526,000			4,249,000			9,123,000			8,629,000

Total property operating expenses		10,083,000			9,745,000			21,746,000			20,495,000

Property operating income		25,288,000			27,153,000			50,588,000			50,787,000

Other expenses:
General and administrative		3,456,000			3,737,000			6,726,000			7,362,000
Employee termination costs		—			—			106,000			—
Impairment reversal		—			—			(1,100,000	)		—
Depreciation and amortization		9,763,000			9,768,000			19,585,000			25,467,000

Total other expenses		13,219,000			13,505,000			25,317,000			32,829,000

Operating income		12,069,000			13,648,000			25,271,000			17,958,000

Non-operating income and expense:
Interest expense		(9,143,000	)		(9,721,000	)		(18,245,000	)		(19,876,000	)
Early extinguishment of debt costs		(21,000	)		—			(106,000	)		(2,607,000	)
Interest income		2,000			62,000			2,000			124,000
Equity in income of unconsolidated joint venture		—			576,000			—			1,021,000
Gain on sale		—			79,000			346,000			79,000

Total non-operating income and expense		(9,162,000	)		(9,004,000	)		(18,003,000	)		(21,259,000	)

Income (loss) from continuing operations		2,907,000			4,644,000			7,268,000			(3,301,000	)

Discontinued operations:
Income (loss) from operations		281,000			958,000			(228,000	)		2,440,000
Impairment reversals, net		—			—			—			1,138,000
Gain on extinguishment of debt		1,298,000			—			1,298,000			—
Gain on sales		—			293,000			—			750,000

Total discontinued operations		1,579,000			1,251,000			1,070,000			4,328,000

Net income		4,486,000			5,895,000			8,338,000			1,027,000

Less, net loss (income) loss attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		97,000			(662,000	)		103,000			(1,708,000	)
Limited partners’ interest in Operating Partnership		(4,000	)		(8,000	)		(1,000	)		97,000

Total net loss (income) loss attributable to noncontrolling interests		93,000			(670,000	)		102,000			(1,611,000	)

Net income (loss) attributable to Cedar Realty Trust, Inc.		4,579,000			5,225,000			8,440,000			(584,000	)
Preferred stock dividends		(3,602,000	)		(3,607,000	)		(7,209,000	)		(7,138,000	)
Preferred stock redemption costs		—			(382,000	)		(1,166,000	)		(382,000	)

Net income (loss) attributable to common shareholders	$	977,000		$	1,236,000		$	65,000		$	(8,104,000	)

Per common share attributable to common shareholders (basic and diluted):
Continuing operations	$	(0.01	)	$	0.01		$	(0.02	)	$	(0.16	)
Discontinued operations		0.02			0.00			0.02			0.03

	$	0.01		$	0.01		$	0.00		$	(0.13	)

Weighted average number of common shares—basic and diluted		68,345,000			68,038,000			68,342,000			67,787,000

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

Balance Sheets


	June 30, 2013		December 31, 2012
Construction in process (included in buildings and improvements)	$	6,844,000	$	6,699,000

Receivables
Rents and other tenant receivables, net	$	4,054,000	$	3,317,000
Straight-line rents		15,230,000		14,353,000
Other		15,000		619,000

	$	19,299,000	$	18,289,000

Other assets and deferred charges, net
Lease origination costs	$	15,026,000	$	15,158,000
Financing costs		4,373,000		5,686,000
Prepaid expenses		2,573,000		5,196,000
Leasehold improvements, furniture and fixtures		1,049,000		1,161,000
Other		1,746,000		2,603,000

	$	24,767,000	$	29,804,000

Statements of Operations


	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Rents
Base rents	$	26,883,000	$	24,761,000	$	53,453,000	$	49,523,000
Percentage rent		206,000		174,000		337,000		464,000
Straight-line rents		393,000		246,000		894,000		560,000
Amortization of intangible lease liabilities		1,050,000		1,732,000		2,293,000		2,990,000

	$	28,532,000	$	26,913,000	$	56,977,000	$	53,537,000

Other revenues
RioCan management fees (a)	$	—	$	631,000	$	191,000	$	1,277,000
Lease termination income and other		165,000		3,011,000		197,000		3,184,000

	$	165,000	$	3,642,000	$	388,000	$	4,461,000

(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 June 30,						Six months ended June 30,
	2013			2012			2013			2012
Net income (loss) income attributable to common shareholders	$	977,000		$	1,236,000		$	65,000		$	(8,104,000	)
Real estate depreciation and amortization		9,657,000			9,712,000			19,386,000			25,392,000
Limited partners’ interest		4,000			8,000			1,000			(97,000	)
Impairment reversals, net		—			—			(1,100,000	)		(1,138,000	)
Gain on sales		—			(372,000	)		(346,000	)		(829,000	)
Consolidated minority interests:
Share of (loss) income		(97,000	)		662,000			(103,000	)		1,708,000
Share of FFO		(278,000	)		(1,377,000	)		(695,000	)		(2,791,000	)
Unconsolidated joint venture:
Share of income		—			(576,000	)		—			(1,021,000	)
Share of FFO		—			1,587,000			—			3,056,000

Funds From Operations (“FFO”)		10,263,000			10,880,000			17,208,000			16,176,000
Adjustments for items affecting comparability:
Employee termination costs		—			—			106,000			—
Preferred stock redemption costs		—			382,000			1,166,000			382,000
Gain on extinguishment of debt		(1,298,000	)		—			(1,298,000	)		—
Early extinguishment of debt costs		21,000			—			543,000			2,607,000
Share-based compensation mark-to-market adjustments		—			(20,000	)		—			10,000

Operating Funds From Operations (“Operating FFO”)	$	8,986,000		$	11,242,000		$	17,725,000		$	19,175,000

FFO per diluted share:	$	0.14		$	0.15		$	0.24		$	0.23

Operating FFO per diluted share:	$	0.12		$	0.16		$	0.24		$	0.27

Weighted average number of diluted common shares:
Common shares		72,301,000			71,136,000			72,122,000			70,850,000
OP Units		281,000			462,000			281,000			637,000

		72,582,000			71,598,000			72,403,000			71,487,000

Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	387,000		$	288,000		$	878,000		$	685,000
Amortization of intangible lease liabilities		991,000			1,879,000			2,070,000			3,205,000
Non-real estate amortization		677,000			678,000			1,234,000			1,308,000
Share-based compensation, net		827,000			750,000			1,548,000			1,544,000
Maintenance capital expenditures (a)		861,000			541,000			1,570,000			869,000
Lease related expenditures (b)		475,000			754,000			1,030,000			1,266,000
Development and redevelopment capital expenditures		4,638,000			5,233,000			8,026,000			8,015,000
Capitalized interest and financing costs		289,000			450,000			587,000			745,000

(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 June 30,						Six months ended June 30,
	2013			2012			2013			2012
EBITDA Calculation
Income (loss) from continuing operations	$	2,907,000		$	4,644,000		$	7,268,000		$	(3,301,000	)
Add (deduct):
Interest expense (including early extinguishment of debt costs)		9,164,000			9,721,000			18,351,000			22,483,000
Depreciation and amortization		9,763,000			9,768,000			19,585,000			25,467,000
Minority interests share of consolidated joint venture EBITDA		(792,000	)		(3,023,000	)		(1,717,000	)		(6,113,000	)
Discontinued operations:
Income from operations		281,000			958,000			(228,000	)		2,440,000
Interest expense (including early extinguishment of debt costs)		415,000			1,914,000			1,346,000			3,894,000
Depreciation and amortization		—			28,000			—			76,000
Pro-rata share attributable to Cedar/RioCan joint venture:
Depreciation and amortization		—			1,011,000			—			2,034,000
Interest expense		—			844,000			—			1,731,000

EBITDA		21,738,000			25,865,000			44,605,000			48,711,000
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		—			(20,000	)		—			10,000

Adjusted EBITDA	$	21,738,000		$	25,845,000		$	43,265,000		$	48,721,000

Pro-rata share of net debt (a)
Pro-rata share of debt	$	703,201,000		$	805,471,000		$	703,201,000		$	805,471,000
Pro-rata share of unrestricted cash and cash equivalents		(3,935,000	)		(8,184,000	)		(3,935,000	)		(8,184,000	)

	$	699,266,000		$	797,287,000		$	699,266,000		$	797,287,000

Pro-rata fixed charges (a)
Interest expense (b)	$	8,711,000		$	10,691,000		$	17,353,000		$	21,670,000
Preferred stock dividends		3,602,000			3,607,000			7,209,000			7,138,000
Scheduled mortgage repayments		2,216,000			2,576,000			4,549,000			5,216,000

	$	14,529,000		$	16,874,000		$	29,111,000		$	34,024,000

Debt and Coverage Ratios
Net debt to Adjusted EBITDA (c)		8.0	x		8.6	x		8.1	x		8.6	x
Interest coverage ratio (based on Adjusted EBITDA)		2.5	x		2.1	x		2.5	x		2.1	x
Fixed charge coverage ratio (based on Adjusted EBITDA)		1.5	x		1.4	x		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 properties in the process of being conveyed to their respective lenders, (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, and (iv) lease termination income.

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of June 30, 2013


Property	Percent Owned			Maturity Date		Interest rate (a)			Amounts
Fixed-rate mortgages:
Port Richmond Village		100	%		Aug 2013		6.5	%	$	13,715,000
Timpany Plaza		100	%		Jan 2014		6.1	%		7,668,000
Trexler Mall		100	%		May 2014		5.5	%		19,885,000
Coliseum Marketplace		100	%		Jul 2014		6.1	%		11,195,000
Fieldstone Marketplace		100	%		Jul 2014		6.0	%		17,207,000
King’s Plaza		100	%		Jul 2014		6.0	%		7,311,000
Liberty Marketplace		100	%		Jul 2014		6.1	%		8,345,000
Yorktowne Plaza		100	%		Jul 2014		6.0	%		19,122,000
Mechanicsburg Center		100	%		Nov 2014		5.5	%		8,558,000
Elmhurst Square Shopping Center		100	%		Dec 2014		5.4	%		3,767,000
New London Mall		40	%		Apr 2015		4.9	%		27,365,000
Oak Ridge Shopping Center		100	%		May 2015		5.5	%		3,262,000
Pine Grove Plaza		100	%		Sep 2015		5.0	%		5,393,000
Groton Shopping Center		100	%		Oct 2015		5.3	%		11,375,000
Southington Center		100	%		Nov 2015		5.1	%		5,401,000
Jordan Lane		100	%		Dec 2015		5.5	%		12,255,000
Oakland Mills		100	%		Jan 2016		5.5	%		4,608,000
Smithfield Plaza		100	%		May 2016		6.2	%		6,751,000
Franklin Village Plaza		100	%		Aug 2016		4.1	%		42,585,000
West Bridgewater		100	%		Sep 2016		6.2	%		10,508,000
Carman’s Plaza		100	%		Oct 2016		6.2	%		33,500,000
Hamburg Square		100	%		Oct 2016		6.1	%		4,881,000
Meadows Marketplace		100	%		Nov 2016		5.6	%		9,729,000
San Souci Plaza		40	%		Dec 2016		6.2	%		27,200,000
Camp Hill Shopping Center		100	%		Jan 2017		5.5	%		63,817,000
Golden Triangle		100	%		Feb 2018		6.0	%		19,877,000
Gold Star Plaza		100	%		May 2019		7.3	%		1,621,000
Swede Square		100	%		Nov 2020		5.5	%		10,235,000
Colonial Commons		100	%		Feb 2021		5.5	%		27,029,000
Townfair Center		100	%		Jul 2021		5.2	%		15,880,000
Virginia Little Creek		100	%		Sep 2021		8.0	%		310,000
The Point		100	%		Nov 2022		4.5	%		29,727,000
Metro Square		100	%		Nov 2029		7.5	%		8,399,000

Total Fixed-Rate Mortgages					3.7 years		5.5	%	$	498,481,000

					*weighted average*

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt (Continued)

As of June 30, 2013


Property	Percent Owned			Maturity Date		Interest rate (a)			Amounts
Variable-rate mortgage:
Upland Square		100	%(b)		Oct 2014		3.0	%		59,951,000

Total mortgages					3.4 years		5.3	%		558,432,000
					*weighted average*
Unamortized discount/premium										791,000

Total mortgage debt, net										559,223,000

Credit facility, as amended (c):
Revolving facility					Aug 2016		2.2	%		108,000,000
Term loan					Aug 2018		2.2	%		50,000,000

					3.7 years		2.2	%		158,000,000

					*weighted average*
Total Debt (excluding debt on properties held for sale/conveyance )					3.5 years		4.6	%	$	717,223,000

					*weighted average*
Pro-rata share of total debt reconciliation:
Total debt (excluding debt on properties held for sale/conveyance)									$	717,223,000
Less pro-rata share attributable to joint venture minority interests										(32,423,000	)
Plus pro-rata share attributable to properties held for sale/conveyance (d)										18,401,000

Pro-rata share of total debt									$	703,201,000

Fixed to variable rate debt ratio:
Fixed debt									$	485,250,000		69.0	%
Variable debt										217,951,000		31.0	%

									$	703,201,000		100.0	%

(a)	For variable rate debt, rate in effect as of June 30, 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)	Reflects the terms and amounts of the Company’s new credit facility, which was amended and extended, on an unsecured basis, on August 1, 2013. The interest rate on the prior facility, as of June 30, 2013, was 2.8% per annum.

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

CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of June 30, 2013


Year	Scheduled Amortization		Balloon Payments		Credit Facility			Total (a)
2013	$	4,210,000	$	13,690,000	$	—		$	17,900,000
2014		7,865,000		159,335,000		—			167,200,000
2015		5,786,000		63,192,000		—			68,978,000
2016		4,691,000		135,014,000		108,000,000	(b)		247,705,000
2017		2,896,000		60,478,000		—			63,374,000
2018		2,389,000		31,941,000		50,000,000	(b)		84,330,000
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		4,499,000		472,000		—			4,971,000

	$	38,755,000	$	519,677,000	$	158,000,000			716,432,000

Unamortized discount/premium									791,000

								$	717,223,000

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

(b)	Reflects the terms and amounts of the amended credit facility. The amount due in 2016 is subject to two one-year extension options.

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of June 30, 2013


		Percent			Year				Percent			Average 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	%		10.92	Stop & Shop		60,632
														CW Price		39,280
														Retro Fitness		20,283
New London Mall	CT		40	%		2009		259,293		93.8	%		14.39	Shop Rite		64,017
														Marshalls		30,354
														Home Goods		25,432
														Petsmart		23,500
														A.C. 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	%		6.99	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		88.9	%		10.23

Maryland
Kenley Village	MD		100	%		2005		51,894		72.3	%		8.60	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		82.2	%		10.12	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	%		13.58	Food Lion		37,692

Total Maryland								835,972		91.2	%		10.59

Massachusetts
Fieldstone Marketplace	MA		100	%		2005/2012		193,970		95.2	%		11.46	Shaw’s		68,000
														Flagship Cinema		41,975
														New Bedford Wine and Spirits		15,180
Franklin Village Plaza	MA		100	%		2004/2012		304,366		92.6	%		20.47	Stop & Shop		75,000
														Marshalls		26,890
														Team Fitness		15,807
Kings Plaza	MA		100	%		2007		168,243		93.6	%		6.20	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	%		9.07	Hannaford Brothers		42,598
														Dollar Tree		16,798
The Shops at Suffolk Downs	MA		100	%		2005		121,251		88.0	%		12.98	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	%		10.92	Price Chopper		58,545
West Bridgewater Plaza	MA		100	%		2007		133,039		87.7	%		9.32	Shaw’s		57,315
														Big Lots		25,000
														Planet Fitness		15,000

Total Massachusetts								1,308,927		91.2	%		11.93

New Jersey
Carll’s Corner	NJ		100	%		2007		129,582		88.5	%		9.07	Acme Markets		55,000
														Peebles		18,858
Pine Grove Plaza	NJ		100	%		2003		86,089		88.9	%		11.32	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		90.7	%		9.49

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of June 30, 2013


		Percent			Year				Percent			Average 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	%		17.43	Pathmark		52,211

														Extreme Fitness		27,598
														Home Goods		25,806
														Department of Motor Vehicle		19,310
Pennsylvania
Academy Plaza	PA		100	%		2001		137,592		90.4	%		13.74	Acme Markets		50,918
Camp Hill	PA		100	%		2002		470,117		99.3	%		13.70	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		84.4	%		12.88	Giant Foods		67,815
														Dick’s Sporting Goods		56,000
														LA 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	%		20.08	Giant Foods		78,815
Fairview Commons	PA		100	%		2007		42,314		53.3	%		9.23	Family Dollar		10,789
Fairview Plaza	PA		100	%		2003		71,979		100.0	%		12.45	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	%		12.83	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	%		11.92	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	%		4.98	Sears		26,150
														Peebles		22,060
Lake Raystown Plaza	PA		100	%		2004		142,559		95.7	%		12.33	Giant Foods		63,835
														Tractor Supply		32,711
Liberty Marketplace	PA		100	%		2005		68,200		96.5	%		17.03	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	%		11.56	Giant Foods		43,400
Northside Commons	PA		100	%		2008		69,136		97.7	%		9.34	Redner’s		53,019
Palmyra Shopping Center	PA		100	%		2005		111,051		94.5	%		6.55	Weis Markets		46,912
														Goodwill		18,104
Port Richmond Village	PA		100	%		2001		154,908		93.3	%		12.60	Thriftway		40,000
														Pep Boys		20,615
														City Stores, Inc.		15,200
River View Plaza	PA		100	%		2003		226,786		89.8	%		18.93	United Artists		77,700
														Avalon Carpet		25,000
														Pep Boys		22,000
														Staples		18,000
South Philadelphia	PA		100	%		2003		283,415		78.7	%		14.68	Shop Rite		54,388
														Ross Dress For Less		31,349
														LA Fitness		31,000
														Modell’s		20,000

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of June 30, 2013


		Percent			Year				Percent			Average 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	%		16.46	LA Fitness		37,200
The Commons	PA		100	%		2004		203,426		85.1	%		7.72	Bon-Ton		54,500
														Shop ’n Save		52,654
														TJ Maxx		24,404
The Point	PA		100	%		2000		268,037		96.5	%		12.41	Burlington Coat Factory		76,665
														Giant Foods		76,627
														A.C. Moore		24,890
														Staples		24,000
Townfair Center	PA		100	%		2004		218,610		100.0	%		8.95	Lowe’s Home Centers		95,173
														Giant Eagle		83,821
														Michaels		17,592
Trexler Mall	PA		100	%		2005		339,279		88.7	%		9.78	Kohl’s		90,230
														Bon-Ton		62,000
														Lehigh Wellness Partners		30,594
														Trexlertown Fitness Club		28,870
														Marshalls		28,488
Trexlertown Plaza	PA		100	%		2006		313,929		91.5	%		12.31	Giant Foods		78,335
														Hobby Lobby		57,512
														Redner’s		47,900
														Big Lots		33,824
														Tractor Supply		19,097
Upland Square	PA		100	% (b)		2007		391,578		94.8	%		16.86	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								5,243,647		92.1	%		12.58

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	%		16.04	Farm Fresh		57,662
														Michaels		23,981
Elmhurst Square	VA		100	%		2006		66,250		87.2	%		9.28	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	%		12.96	Farm Fresh		53,758
Glen Allen Shopping Center	VA		100	%		2005		63,328		100.0	%		6.61	Giant Foods		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	%		9.30	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 (92.7% leased at June 30, 2013)								9,822,210		92.0	%	$	11.96

(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


												Tenant		Average
	Leases		Square		New Rent		Prior Rent		Cash Basis			Improvements		Lease
	Signed		Feet		Per. Sq. Ft (a)		Per. Sq. Ft (a)		% Change			Per. Sq. Ft (b)		Term (Yrs)
Total Comparable Leases
2nd Quarter 2013		33		343,600	$	12.82	$	11.62		10.3	%	$	1.45		4.9
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

Total (c)		140		857,500	$	13.66	$	12.46		9.6	%	$	2.47		5.2

New Leases—Comparable
2nd Quarter 2013		8		15,700	$	24.02	$	20.39		17.8	%	$	31.84		7.7
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

Total (c)		36		122,900	$	16.45	$	14.31		14.9	%	$	17.27		7.7

Renewals—Comparable
2nd Quarter 2013		25		327,900	$	12.28	$	11.20		9.7	%	$	0.00		4.8
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

Total		104		734,600	$	13.19	$	12.15		8.6	%	$	0.00		4.8

Total Comparable and Non-Comparable
2nd Quarter 2013		37		349,500	$	12.95		N/A		N/A		$	1.49		4.9
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

Total		154		949,300	$	13.33		N/A		N/A		$	3.31		5.6

(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		Square		Cash Basis
	Signed		Feet		% Change
Total Comparable Leases		122		786,500		9.8	%
New Leases—Comparable		18		51,900		26.6	%

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of June 30, 2013


	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		14		912,000		9.3	%	$	13,789,000	$	15.12		12.8	%
LA Fitness		7		282,000		2.9	%		4,574,000		16.22		4.2	%
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		207,000		2.1	%		1,514,000		7.31		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		2		149,000		1.5	%		1,113,000		7.47		1.0	%
Marshalls		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		3,814,000		38.8	%		45,906,000		12.04		42.5	%
Remaining tenants		820		5,218,000		53.1	%		62,158,000		11.91		57.5	%

Sub-total all tenants (b)		910		9,032,000		92.0	%	$	108,064,000	$	11.96		100.0	%

Vacant space		N/A		790,000		8.0	%

Total		910		9,822,000		100.0	%

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

(1) Giant Foods and Stop & Shop, (2) Farm Fresh, Shoppers Food Warehouse, and Shop ’n Save (GLA of 53,000; annualized base rent of $120,000), (3) Marshalls, TJ Maxx and Home Goods (GLA of 51,000; annualized base rent of $583,000), and (4) Shaw’s and Acme Markets (GLA of 172,000; annualized base rent of $756,000).

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


								Annualized		Percentage
						Annualized		base rent		annualized
	GLA		% of GLA			base rent		per sq. ft.		base rents
Large tenants		6,425,000		71.1	%	$	64,327,000	$	10.01		59.5	%
Small tenants		2,607,000		28.9	%		43,737,000		16.78		40.5	%

Total		9,032,000		100.0	%	$	108,064,000	$	11.96		100.0	%

CEDAR REALTY TRUST, INC.

Lease Expirations

As of June 30, 2013


												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		22		60,000		0.7	%	$	697,000	$	11.62		0.6	%
2013		73		222,000		2.5	%		3,703,000		16.68		3.4	%
2014		147		1,021,000		11.3	%		9,784,000		9.58		9.1	%
2015		144		1,210,000		13.4	%		13,150,000		10.87		12.2	%
2016		121		927,000		10.3	%		10,437,000		11.26		9.7	%
2017		116		920,000		10.2	%		12,028,000		13.07		11.1	%
2018		87		777,000		8.6	%		10,623,000		13.67		9.8	%
2019		38		627,000		6.9	%		6,969,000		11.11		6.4	%
2020		39		963,000		10.7	%		9,026,000		9.37		8.4	%
2021		37		419,000		4.6	%		6,348,000		15.15		5.9	%
2022		20		139,000		1.5	%		1,894,000		13.63		1.8	%
2023		20		233,000		2.6	%		2,585,000		11.09		2.4	%
Thereafter		46		1,514,000		16.8	%		20,820,000		13.75		19.3	%

All tenants		910		9,032,000		100.0	%	$	108,064,000	$	11.96		100.0	%

Vacant space		N/A		790,000		N/A

Total portfolio		910		9,822,000		N/A

CEDAR REALTY TRUST, INC.

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

Same-Property NOI (a) (b)


	Three months ended June 30,
	2013			2012
Base Rents	$	21,875,000		$	21,515,000
Expense Recoveries		5,617,000			5,583,000

Total Revenues		27,492,000			27,098,000
Operating expenses		8,041,000			7,842,000

NOI	$	19,451,000		$	19,256,000

Occupied		93.4	%		92.5	%
Leased		93.9	%		93.8	%
Number of same properties		61			61
NOI growth, excluding dark anchor impact (c)		1.4%

	Six months ended June 30,
	2013			2012
Base Rents	$	43,562,000		$	43,101,000
Expense Recoveries		12,457,000			11,733,000

Total Revenues		56,019,000			54,834,000
Operating expenses		17,016,000			16,058,000

NOI	$	39,003,000		$	38,776,000

Occupied		93.4	%		92.5	%
Leased		93.9	%		93.8	%
Number of same properties		61			61
NOI growth, excluding dark anchor impact (c)		1.3%

(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 the six months ended June 30, 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 the six months ended June 30, 2013 would have increased to 1.6%.

CEDAR REALTY TRUST, INC.

Dispositions

Date

Sales

Property

Location

GLA

Sold

Price

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

Columbia Mall

Bloomsburg, PA

352,544

4/17/2013

2,775,000

Heritage Crossing

Limerick, PA

28,098

5/9/2013

9,400,000

Westlake Discount Drug Mart

Westlake, OH

55,775

6/5/2013

2,240,000

Total

17,905,000

CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale/Conveyance

As of June 30, 2013


											Average		Debt
			Percent					Percent			base rent per				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	$	4,749,000		Nov 2016		10.8	%(b)
Single-Tenant/Triple-Net-Lease Property
McCormick Place (a)		OH		100	%		46,000		100.0	%		4.50		2,547,000		Aug 2017		11.1	%(b)
Mall
Shore Mall (c)		NJ		100	%		344,179		98.6	%		7.46
Other Non-Core Assets
Dunmore Shopping Center		PA		100	%		101,080		89.2	%		6.34
Maxatawny Marketplace		PA		100	%		59,514		89.2	%		12.09
Oakhurst Plaza		PA		100	%		111,869		66.2	%		15.02
Roosevelt II (a)		PA		100	%		180,088		0.0	%		—		11,105,000		Mar 2012		6.5	%

Total Properties Held for Sale/Conveyance							891,397		72.1	%	$	8.75	$	18,401,000

Land Parcels Previously Acquired for Development
Four land parcels in Pennsylvania		PA		100	%		42 acres
Shore Mall		NJ		100	%		50 acres

Total Land Parcels Previously Acquired for Development							92 acres

(a)	Properties 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)	Property in the process of being demalled. The above statistics reflect the completion of 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, amounts relating to early extinguishment of debt, 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 related 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.