EX-99.1

Exhibit 99.1

LOGO

SUPPLEMENTAL FINANCIAL INFORMATION

DECEMBER 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

December 31, 2013

(unaudited)

TABLE OF CONTENTS


Earnings Press Release			3-6

Financial Information
Condensed Consolidated Balance Sheets			7
Condensed Consolidated Statements of Operations			8
Supporting Schedules to Consolidated Statements			9
Funds From Operations and Additional Disclosures			10
Earnings Before Interest, Taxes, Depreciation and Amortization			11
Summary of Outstanding Debt			12-13
Summary of Debt Maturities			14

Portfolio Information
Real Estate Summary			15-17
Leasing Activity			18
Tenant Concentration			19
Lease Expirations			20
Same-Property Net Operating Income			21
2013 Acquisitions and Dispositions			22
Summary of Real Estate Held For Sale/Conveyance			23

Non-GAAP Financial Disclosures			24

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, 2013.

CEDAR REALTY TRUST REPORTS

FOURTH QUARTER AND FULL YEAR 2013 RESULTS

Port Washington, New York – February 25, 2014 – Cedar Realty Trust, Inc. (NYSE:CDR) today reported results for the fourth quarter and year ended December 31, 2013.

Highlights

•

Operating FFO of $0.13 per diluted share for the quarter and $0.50 for the year

•

Same-property NOI increased 2.9% for the quarter and 1.8% for the year

•

Signed 46 new and renewal leases for 362,000 square feet in the fourth quarter and 177 for 1.2 million square feet for the year

•

Comparable cash-basis lease spreads of 7.1% for the fourth quarter and 9.4% for the year

•

Total portfolio 93.6% leased and same-property portfolio 94.4% leased at year-end

•

Closed on acquisition of a 101,000 square foot grocery-anchored shopping center in Fairfield County, Connecticut

•

Announced replacement of dark anchor at Kempsville Crossing with a Walmart Neighborhood Market

•

Subsequent to year-end, issued 6.9 million common shares for net proceeds of $41.3 million and closed $150 million of unsecured term loans

•

Net debt to EBITDA of 7.5 times after adjustment for the $41.3 million equity offering

•

Provided initial 2014 Operating FFO guidance of $0.51 to $0.54 per diluted share

“We are pleased to have successfully achieved in late 2013 the objectives set forth in the two-year strategic plan we launched in late 2011—to have a healthier balance sheet and a focused portfolio of grocery-anchored shopping centers straddling the DC to Boston corridor,” said Bruce Schanzer, President & CEO. “As we embark on 2014, we see these improvements benefitting our shareholders and look forward to continuing to add value by focusing on leasing, redevelopment, capital recycling and active balance sheet management.”

Financial Results

Operating FFO for fourth quarter 2013 was $9.2 million or $0.13 per diluted share, compared to $8.4 million or $0.12 per diluted share for the same period in 2012. Operating FFO for year ended December 31, 2013 was $36.4 million or $0.50 per diluted share. Operating FFO for year ended December 31, 2012 was $35.8 million or $0.50 per diluted share including a favorable benefit of $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.

Net income attributable to common shareholders for fourth quarter 2013 was $2.3 million or $0.03 per diluted share, compared to net income of $22.3 million or $0.31 per diluted share for the same period in 2012. Net income for fourth quarter 2013 included a gain on extinguishment of a debt and related obligations of $9.2 million and impairment charges of $4.0 million. Net income for fourth quarter 2012 included a gain on exiting the Cedar/RioCan joint venture of $30.5 million, impairment charges of $6.9 million, gains on sales of real estate of $4.4 million, and preferred stock redemption costs of $4.4 million.

Net loss attributable to common shareholders for year ended December 31, 2013 was $(1.1) million, or $(0.03) per diluted share, compared to net income of $9.9 million or $0.13 per diluted share for the same period in 2012. Net income for year ended December 31, 2013 included gains on extinguishments of debt obligations of $10.5 million, impairment charges of $2.9 million,

preferred stock redemption and early extinguishment of debt costs of $1.7 million, and gains on sales of real estate of $0.6 million. Net income for year ended December 31, 2012 included a gain on exiting the Cedar/RioCan joint venture of $30.5 million, preferred stock redemption and early debt extinguishment costs of $7.6 million, impairment charges of $5.8 million, gains on sales of real estate of $5.7 million, and $1.2 million of employee termination costs.

Portfolio Results

Same-property NOI increased 2.9% for the fourth quarter of 2013 and 1.8% for the full year 2013 compared to the comparable periods in 2012. These figures include the re-tenanting impact from replacing the dark anchor at Oakland Commons with a Walmart Neighborhood Market. Same-property NOI growth excluding this impact was 1.8% for the fourth quarter of 2013 and 1.9% for the full year of 2013.

During the fourth quarter of 2013, the Company signed 46 leases for 362,000 square feet. On a comparable space basis, the Company leased 291,000 square feet at a positive lease spread of 7.1% on a cash basis (new leases increased 4.7% and renewals increased 7.4%). Fourth quarter leasing results included a 40,000 square foot lease for a Walmart Neighborhood Market replacing the dark anchor at Kempsville Crossing with an anticipated opening date in the latter part of 2014.

For the full year 2013, the Company signed 177 leases for 1.2 million square feet. On a comparable space basis, the Company leased 1.0 million square feet at a positive lease spread of 9.4% on a cash basis (new leases increased 18.3% and renewals increased 8.2%).

The Company’s total portfolio, excluding properties held for sale, was 93.6% leased at December 31, 2013, compared to 92.8% at September 30, 2013 and 92.7% at December 31, 2012. The Company’s same-property portfolio was 94.4% leased at December 31, 2013, compared to 94.1% at September 30, 2013 and 94.5% at December 31, 2012.

Acquisition and Dispositions

During the fourth quarter of 2013, the Company acquired Big Y Shopping Center in Bethel, Connecticut, an affluent suburb in Fairfield County. The 101,000 square foot, fully-occupied, grocery-anchored shopping center was acquired for $34.5 million, unencumbered. The center is anchored by a Big Y World Class Market.

During the fourth quarter of 2013, the Company completed the disposition of three properties, aggregating 393,000 leasable square feet, and two land parcels for total gross proceeds of $32.0 million. For the full year 2013, the Company completed the disposition of seven properties aggregating 851,000 leasable square feet, and three land parcels for total gross proceeds of $49.9 million.

Recent Activities

On January 13, 2014, the Company issued 6.9 million common shares for net proceeds of $41.3 million. The proceeds were initially used to reduce amounts outstanding under the Company’s revolving credit facility.

On February 11, 2014, the Company closed on $150.0 million of unsecured term loans effectively prefunding all of its 2014 mortgage debt maturities. The unsecured term loans consist of a five year $75 million term loan for which the proceeds were drawn at closing and a seven-year $75 million term loan that allows for delayed draws of the proceeds through July 1, 2014. The term loans are priced at LIBOR plus a spread based on the Company’s leverage ratio. The Company entered into forward LIBOR swap agreements that result in an effective fixed interest rate of 3.37% for the five-year term loan and 4.27% for the seven-year term loan beginning July 1, 2014, based on the Company’s leverage ratio at closing.

Balance Sheet

After adjustment for the January 13, 2014 equity offering, the Company’s net debt to EBITDA is 7.5 times and it has approximately $150 million of borrowing available under its revolving credit facility. In late 2011, the Company announced a plan to divest certain non-core assets and reduce its net debt to EBITDA ratio from in excess of 9.0 times to less than 8.0 times. The Company had reduced this ratio to 8.4 times by year-end 2012, 7.9 times by year-end 2013 and 7.5 times after the equity offering.

2014 Guidance

The Company has established its initial 2014 Operating FFO guidance at a range of $0.51 to $0.54 per diluted share. Key assumptions included in this guidance are as follows:

•

Increase in same-property NOI of 1% to 2%

•

Increase in occupancy of 50 to 100 basis points

•

Acquisitions of approximately $100 million

•

Dispositions of approximately $100 million

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 December 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, February 25, 2014, at 5:00 PM (ET) to discuss the fourth quarter and full year results. The conference call can be accessed by dialing (877) 705-6003 or (1) (201) 493-6725 for international participants. A live webcast of the conference call will be available online on the Company’s website at www.cedarrealtytrust.com.

A replay of the call will be available from 8:00 PM (ET) on February 25, 2014, until midnight (ET) on March 11, 2014. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13574656 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 65 properties, with approximately 9.4 million square feet of gross leasable area.

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

Forward-Looking Statements

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, 2013, 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

Jennifer Bitterman

(516) 944-4561

CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets


	December 31,
	2013			2012
ASSETS
Real estate
Land	$	286,518,000		$	276,197,000
Buildings and improvements		1,153,336,000			1,137,205,000

		1,439,854,000			1,413,402,000
Less accumulated depreciation		(251,605,000	)		(229,535,000	)

Real estate, net		1,188,249,000			1,183,867,000
Real estate held for sale/conveyance		81,854,000			117,673,000
Cash and cash equivalents		3,973,000			7,522,000
Restricted cash		11,063,000			13,752,000
Receivables		18,492,000			17,846,000
Other assets and deferred charges, net		28,295,000			29,243,000

TOTAL ASSETS	$	1,331,926,000		$	1,369,903,000

LIABILITIES AND EQUITY
Mortgage loans payable	$	516,292,000		$	589,168,000
Mortgage loans payable—real estate held for sale/conveyance		22,848,000			39,306,000
Unsecured credit facility		203,500,000			—
Secured credit facility		—			156,000,000
Accounts payable and accrued liabilities		22,665,000			28,179,000
Unamortized intangible lease liabilities		26,868,000			30,502,000
Unamortized intangible lease liabilities—real estate held for sale/conveyance		4,104,000			4,998,000

Total liabilities		796,277,000			848,153,000

Noncontrolling interest—limited partners’ mezzanine OP Units		415,000			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		337,016,000			349,987,000

Total Cedar Realty Trust, Inc. shareholders’ equity		527,677,000			513,656,000

Noncontrolling interests:
Minority interests in consolidated joint ventures		4,202,000			6,081,000
Limited partners’ OP Units		3,355,000			1,390,000

Total noncontrolling interests		7,557,000			7,471,000

Total equity		535,234,000			521,127,000

TOTAL LIABILITIES AND EQUITY	$	1,331,926,000		$	1,369,903,000

CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations


	Three months ended December 31,						Years ended December 31,
	2013			2012			2013			2012
REVENUES
Rents	$	27,682,000		$	27,038,000		$	109,798,000		$	104,187,000
Expense recoveries		7,429,000			6,856,000			28,472,000			25,518,000
Other		55,000			652,000			554,000			6,021,000

Total revenues		35,166,000			34,546,000			138,824,000			135,726,000

PROPERTY OPERATING EXPENSES
Operating, maintenance and management		6,444,000			5,710,000			24,183,000			22,342,000
Real estate and other property-related taxes		4,464,000			4,358,000			17,772,000			17,023,000

Total property operating expenses		10,908,000			10,068,000			41,955,000			39,365,000

PROPERTY OPERATING INCOME		24,258,000			24,478,000			96,869,000			96,361,000

OTHER EXPENSES
General and administrative		4,006,000			3,278,000			13,980,000			14,277,000
Management transition charges and employee termination costs		—			41,000			106,000			1,172,000
Impairment (reversals)/charges, net		—			5,779,000			(1,100,000	)		5,779,000
Acquisition transaction costs and terminated projects		182,000			116,000			182,000			116,000
Depreciation and amortization		12,270,000			9,508,000			44,405,000			43,289,000

Total other expenses		16,458,000			18,722,000			57,573,000			64,633,000

OPERATING INCOME		7,800,000			5,756,000			39,296,000			31,728,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(8,358,000	)		(9,660,000	)		(34,766,000	)		(38,480,000	)
Early extinguishment of debt costs		—			—			(106,000	)		(2,607,000	)
Interest income		1,000			4,000			4,000			191,000
Equity in income of unconsolidated joint venture		—			49,000			—			1,481,000
Gain on exit from unconsolidated joint venture		—			30,526,000			—			30,526,000
Gain on sales		263,000			516,000			609,000			997,000

Total non-operating income and expense		(8,094,000	)		21,435,000			(34,259,000	)		(7,892,000	)

(LOSS) INCOME FROM CONTINUING OPERATIONS		(294,000	)		27,191,000			5,037,000			23,836,000

DISCONTINUED OPERATIONS
Income from operations		919,000			712,000			2,690,000			5,504,000
Impairment charges, net		(3,977,000	)		(1,142,000	)		(3,977,000	)		(4,000	)
Gain on extinguishment of debt obligations		9,154,000			—			10,452,000			—
Gain on sales		—			3,929,000			—			4,679,000

Total income from discontinued operations		6,096,000			3,499,000			9,165,000			10,179,000

NET INCOME		5,802,000			30,690,000			14,202,000			34,015,000

Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		95,000			(63,000	)		247,000			(4,335,000	)
Limited partners’ interest in Operating Partnership		(12,000	)		(88,000	)		(1,000	)		26,000

Total net loss (income) attributable to noncontrolling interests		83,000			(151,000	)		246,000			(4,309,000	)

NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		5,885,000			30,539,000			14,448,000			29,706,000
Preferred stock dividends		(3,602,000	)		(3,804,000	)		(14,413,000	)		(14,819,000	)
Preferred stock redemption costs		—			(4,443,000	)		(1,166,000	)		(4,998,000	)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	2,283,000		$	22,292,000		$	(1,131,000	)	$	9,889,000

PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)
Continuing operations	$	(0.06	)	$	0.26		$	(0.16	)	$	0.05
Discontinued operations		0.09			0.05			0.13			0.08

	$	0.03		$	0.31		$	(0.03	)	$	0.13

Weighted average number of common shares—basic and diluted		68,474,000			68,278,000			68,381,000			68,017,000

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements


	December 31,
Balance Sheets	2013		2012
Construction in process (included in buildings and improvements)	$	7,728,000	$	6,699,000
Receivables
Rents and other tenant receivables, net	$	3,267,000	$	3,317,000
Straight-line rents		15,210,000		13,910,000
Other		15,000		619,000

	$	18,492,000	$	17,846,000

Other assets and deferred charges, net
Lease origination costs	$	15,187,000	$	14,754,000
Financing costs		5,194,000		5,529,000
Prepaid expenses		5,669,000		5,196,000
Leasehold improvements, furniture and fixtures		1,020,000		1,161,000
Other		1,225,000		2,603,000

	$	28,295,000	$	29,243,000


	Three months ended December 31,				Years ended December 31,
Statements of Operations	2013		2012		2013		2012
Rents
Base rents	$	26,168,000	$	25,381,000	$	103,166,000	$	96,897,000
Percentage rent		216,000		277,000		804,000		1,001,000
Straight-line rents		263,000		182,000		1,387,000		930,000
Amortization of intangible lease liabilities		1,035,000		1,198,000		4,441,000		5,359,000

	$	27,682,000	$	27,038,000	$	109,798,000	$	104,187,000

Other revenues
RioCan management fees and related leasing commissions (a)	$	—	$	618,000	$	191,000	$	2,754,000
Lease termination income and other		55,000		34,000		363,000		3,267,000

	$	55,000	$	652,000	$	554,000	$	6,021,000

(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 December 31,						Years ended December 31,
	2013			2012			2013			2012
Net income (loss) attributable to common shareholders	$	2,283,000		$	22,292,000		$	(1,131,000	)	$	9,889,000
Real estate depreciation and amortization		12,493,000			9,758,000			45,280,000			44,335,000
Limited partners’ interest		12,000			88,000			1,000			(26,000	)
Impairment charges, net		3,977,000			6,921,000			2,877,000			5,783,000
Gain on exit from unconsolidated joint venture		—			(30,526,000	)		—			(30,526,000	)
Gain on sales		(263,000	)		(4,445,000	)		(609,000	)		(5,676,000	)
Consolidated minority interests:
Share of (loss) income		(95,000	)		63,000			(247,000	)		4,335,000
Share of FFO		(283,000	)		(484,000	)		(1,303,000	)		(4,562,000	)
Unconsolidated joint venture:
Share of income		—			(49,000	)		—			(1,481,000	)
Share of FFO		—			158,000			—			4,646,000

Funds From Operations (“FFO”)		18,124,000			3,776,000			44,868,000			26,717,000
Adjustments for items affecting comparability:
Management transition charges and employee termination costs		—			41,000			106,000			1,172,000
Preferred stock redemption costs		—			4,443,000			1,166,000			4,998,000
Gain on extinguishment of debt obligations		(9,154,000	)		—			(10,452,000	)		—
Early extinguishment of debt costs		—			—			543,000			2,607,000
Share-based compensation mark-to-market adjustments		—			—			—			10,000
Acquisition transaction costs , including Company share from the Cedar/RioCan joint venture		182,000			116,000			182,000			309,000

Operating Funds From Operations (“Operating FFO”)	$	9,152,000		$	8,376,000		$	36,413,000		$	35,813,000

FFO per diluted share:	$	0.25		$	0.05		$	0.62		$	0.37

Operating FFO per diluted share:	$	0.13		$	0.12		$	0.50		$	0.50

Weighted average number of diluted common shares:
Common shares		72,283,000			71,876,000			72,204,000			71,338,000
OP Units		375,000			281,000			297,000			459,000

		72,658,000			72,157,000			72,501,000			71,797,000

Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	296,000		$	184,000		$	1,469,000		$	1,250,000
Amortization of intangible lease liabilities		972,000			1,140,000			4,083,000			5,596,000
Non-real estate amortization		371,000			680,000			2,231,000			2,606,000
Share-based compensation, net		1,009,000			947,000			3,701,000			3,551,000
Maintenance capital expenditures (a)		1,578,000			1,215,000			4,600,000			4,237,000
Lease related expenditures (b)		918,000			501,000			2,930,000			2,513,000
Development and redevelopment capital expenditures		3,087,000			3,040,000			13,655,000			17,340,000
Capitalized interest and financing costs		80,000			314,000			915,000			1,314,000

(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 December 31,						Years ended December 31,
	2013			2012			2013			2012
EBITDA Calculation
(Loss) income from continuing operations	$	(294,000	)	$	27,191,000		$	5,037,000		$	23,836,000
Add (deduct):
Interest expense (including early extinguishment of debt costs)		8,358,000			9,660,000			34,872,000			41,087,000
Depreciation and amortization		12,270,000			9,508,000			44,405,000			43,289,000
Minority interests share of consolidated joint venture EBITDA		(802,000	)		(1,082,000	)		(3,363,000	)		(10,272,000	)
Discontinued operations:
Income from operations		919,000			712,000			2,690,000			5,504,000
Interest expense (including early extinguishment of debt costs)		511,000			948,000			2,892,000			7,299,000
Depreciation and amortization		314,000			340,000			1,258,000			1,385,000
Pro-rata share attributable to Cedar/RioCan joint venture:
Depreciation and amortization		—			99,000			—			3,154,000
Interest expense		—			73,000			—			2,605,000

EBITDA		21,276,000			47,449,000			87,791,000			117,887,000
Adjustments for items affecting comparability:
Management transition charges and employee termination costs		—			41,000			106,000			1,172,000
Gain on exit from unconsolidated joint venture		—			(30,526,000	)		—			(30,526,000	)
Gain on sales		(263,000	)		(516,000	)		(609,000	)		(997,000	)
Impairment charges/(reversals), net		—			5,779,000			(1,100,000	)		5,779,000
Share-based compensation mark-to-market adjustments		—			—			—			10,000
Acquisition transaction costs , including Company share from the Cedar/RioCan joint venture		182,000			116,000			182,000			309,000

Adjusted EBITDA	$	21,195,000		$	22,343,000		$	86,370,000		$	93,634,000

Pro-rata share of net debt (a)
Pro-rata share of debt	$	710,126,000		$	752,140,000		$	710,126,000		$	752,140,000
Pro-rata share of unrestricted cash and cash equivalents		(2,862,000	)		(9,153,000	)		(2,862,000	)		(9,153,000	)

	$	707,264,000		$	742,987,000		$	707,264,000		$	742,987,000

Pro-rata fixed charges (a)
Interest expense (b)	$	8,110,000		$	9,743,000		$	33,829,000		$	41,730,000
Preferred stock dividends		3,602,000			3,804,000			14,413,000			14,819,000
Scheduled mortgage repayments		2,188,000			2,509,000			8,925,000			9,456,000

	$	13,900,000		$	16,056,000		$	57,167,000		$	66,005,000

Debt and Coverage Ratios
Net debt to Adjusted EBITDA (c)		7.9	x(d)		8.4	x		8.0	x		8.6	x
Interest coverage ratio (based on Adjusted EBITDA)		2.6	x		2.3	x		2.6	x		2.2	x
Fixed charge coverage ratio (based on Adjusted EBITDA)		1.5	x		1.4	x		1.5	x		1.4	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 sold, conveyed, or in the process of being conveyed to their respective lenders, (iii) lease termination income, (iv) employee separation charges, and (v) for the 2012 periods, all EBITDA relating to the Cedar/RioCan joint venture, partially offset by only those corporate overhead savings actually realized.

(d)	This ratio is 7.5x after adjustment for the January 13, 2014 equity offering.

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of December 31, 2013


	Percent			Maturity		Interest
Property	Owned			Date		rate (a)			Amounts
Fixed-rate mortgages:
Trexler Mall		100	%		May 2014		5.5	%	$	19,645,000	(b)
Coliseum Marketplace		100	%		Jul 2014		6.1	%		11,097,000	(b)
Fieldstone Marketplace		100	%		Jul 2014		6.0	%		17,046,000	(b)
Kings Plaza		100	%		Jul 2014		6.0	%		7,231,000	(b)
Liberty Marketplace		100	%		Jul 2014		6.1	%		8,231,000	(b)
Yorktowne Plaza		100	%		Jul 2014		6.0	%		18,911,000	(b)
Mechanicsburg Center		100	%		Nov 2014		5.5	%		8,404,000	(b)
Elmhurst Square		100	%		Dec 2014		5.4	%		3,723,000	(b)
New London Mall		40	%		Apr 2015		4.9	%		27,365,000
Oak Ridge Shopping Center		100	%		May 2015		5.5	%		3,231,000
Pine Grove Plaza		100	%		Sep 2015		5.0	%		5,329,000
Groton Shopping Center		100	%		Oct 2015		5.3	%		11,275,000
Southington Center		100	%		Nov 2015		5.1	%		5,339,000
Jordan Lane		100	%		Dec 2015		5.5	%		12,125,000
Oakland Mills		100	%		Jan 2016		5.5	%		4,559,000
Smithfield Plaza		100	%		May 2016		6.2	%		6,702,000
Franklin Village Plaza		100	%		Aug 2016		4.1	%		42,180,000
West Bridgewater Plaza		100	%		Sep 2016		6.2	%		10,434,000
Carman’s Plaza		100	%		Oct 2016		6.2	%		33,500,000
Hamburg Square		100	%		Oct 2016		6.1	%		4,833,000
Meadows Marketplace		100	%		Nov 2016		5.6	%		9,633,000
San Souci Plaza		40	%		Dec 2016		6.2	%		27,200,000
Camp Hill		100	%		Jan 2017		5.5	%		63,382,000
Golden Triangle		100	%		Feb 2018		6.0	%		19,697,000
Gold Star Plaza		100	%		May 2019		7.3	%		1,509,000
Swede Square		100	%		Nov 2020		5.5	%		10,159,000
Colonial Commons		100	%		Feb 2021		5.5	%		26,784,000
Virginia Little Creek		100	%		Sep 2021		8.0	%		297,000
The Point		100	%		Nov 2022		4.5	%		29,492,000
Metro Square		100	%		Nov 2029		7.5	%		8,274,000

Total fixed-rate mortgages		3.2 years					5.5	%	$	457,587,000

					*weighted average*

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt (Continued)

As of December 31, 2013


	Percent			Maturity		Interest
Property	Owned			Date		rate (a)			Amounts
Variable-rate mortgage:
Upland Square		100	%		Oct 2014		2.9	%		58,085,000	(b)

Total mortgages		2.9 years					5.2	%		515,672,000
					*weighted average*
Net unamortized (discount)/premium										620,000

Total mortgage debt, net										516,292,000

Credit facility:
Revolving facility					Aug 2016		2.3	%		153,500,000
Term loan					Aug 2018		2.3	%		50,000,000

		3.1 years					2.3	%		203,500,000

					*weighted average*
Total Debt (excluding debt on properties held for sale/conveyance )					3.0 years		4.4	%	$	719,792,000

					*weighted average*
Pro-rata share of total debt reconciliation:
Total debt (excluding debt on properties held for sale/conveyance)									$	719,792,000
Less pro-rata share attributable to joint venture minority interests										(32,514,000	)
Plus pro-rata share attributable to properties held for sale/conveyance (c)										22,848,000

Pro-rata share of total debt									$	710,126,000

Fixed to variable rate debt ratio:
Fixed debt									$	448,541,000		63.2	%
Variable debt										261,585,000		36.8	%

									$	710,126,000		100.0	%

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

(b)	To be refinanced with the proceeds from unsecured term loans which closed on February 11, 2014, comprised of a $75.0 million five-year term loan and a $75.0 million seven-year term loan.

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

CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of December 31, 2013


	Secured Debt					Unsecured Debt
	Scheduled		Balloon			Revolving			Term
Year	Amortization		Payments			Credit Facility			Loan		Total (a)
2014	$	7,503,000	$	150,176,000	(b)	$	—		$	—	$	157,679,000
2015		5,406,000		63,192,000			—			—		68,598,000
2016		4,291,000		135,014,000			153,500,000	(c)		—		292,805,000
2017		2,474,000		60,478,000			—			—		62,952,000
2018		2,186,000		18,007,000			—			50,000,000		70,193,000
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
2023		524,000		—			—			—		524,000
Thereafter		3,975,000		472,000			—			—		4,447,000

	$	32,778,000	$	482,894,000		$	153,500,000		$	50,000,000		719,172,000

Net unamortized (discount)/premium												620,000

											$	719,792,000

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

(b)	To be refinanced with the proceeds from unsecured term loans which closed on February 11, 2014, comprised of a $75.0 million five-year term loan and a $75.0 million seven-year term loan.

(c)	Subject to two one-year extension options.

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of December 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
Big Y Shopping Center	CT		100	%	2013		101,105		100.0	%	$	22.69	Big Y		63,817
Groton Shopping Center	CT		100	%	2007		117,186		82.3	%		11.74	TJ Maxx		30,000
Jordan Lane	CT		100	%	2005		177,504		99.2	%		10.98	Stop & Shop		60,632
													CW Price		39,280
													Retro Fitness		20,283
New London Mall	CT		40	%	2009		259,566		94.8	%		14.55	Shop Rite		64,017
													Marshalls		30,627
													Home Goods		25,432
													Petsmart		23,500
													A.C. Moore		20,932
Oakland Commons	CT		100	%	2007		90,100		100.0	%		6.37	Walmart		54,911
													Bristol Ten Pin		35,189
Southington Center	CT		100	%	2003		155,842		98.5	%		6.99	Walmart		95,482
													NAMCO		20,000
The Brickyard	CT		100	%	2004		237,596		72.1	%		7.74	Home Depot		103,003
													Kohl’s		58,966

Total Connecticut							1,138,899		90.8	%		11.52

Maryland
Kenley Village	MD		100	%	2005		51,894		73.7	%		8.88	Food Lion		29,000
Metro Square	MD		100	%	2008		71,896		100.0	%		19.06	Shoppers Food Warehouse		58,668
Oakland Mills	MD		100	%	2005		58,224		100.0	%		13.72	Food Lion		43,470
San Souci Plaza	MD		40	%	2009		264,134		79.5	%		10.22	Shoppers Food Warehouse		61,466
													Marshalls		27,000
													Maximum Health and Fitness		15,612
St. James Square	MD		100	%	2005		39,903		100.0	%		11.53	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		93.8	%		13.49	Food Lion		37,692

Total Maryland							835,972		90.7	%		10.65

Massachusetts
Fieldstone Marketplace	MA		100	%	2005/2012		193,970		95.2	%		10.46	Shaw’s		68,000
													Flagship Cinema		41,975
													New Bedford Wine and Spirits		15,180
Franklin Village Plaza	MA		100	%	2004/2012		303,461		93.9	%		20.28	Stop & Shop		75,000
													Marshalls		26,890
													Team Fitness		15,807
Kings Plaza	MA		100	%	2007		168,243		93.6	%		6.23	Work Out World		42,997
													CW Price		28,504
													Ocean State Job Lot		20,300
													Savers		19,339
Norwood Shopping Center	MA		100	%	2006		102,459		98.2	%		8.92	Hannaford Brothers		42,598
													Planet Fitness		18,830
													Dollar Tree		16,798
The Shops at Suffolk Downs	MA		100	%	2005		121,320		97.5	%		12.78	Stop & Shop		74,977
Timpany Plaza	MA		100	%	2007		183,775		98.1	%		6.98	Stop & Shop		59,947
													Big Lots		28,027
													Gardner Theater		27,576
Webster Plaza (f/k/a Price Chopper Plaza)	MA		100	%	2007		101,824		80.0	%		10.92	Price Chopper		58,545
West Bridgewater Plaza	MA		100	%	2007		133,039		87.7	%		9.45	Shaw’s		57,315
													Big Lots		25,000
													Planet Fitness		15,000

Total Massachusetts							1,308,091		93.6	%		11.72

New Jersey
Carll’s Corner	NJ		100	%	2007		129,582		84.7	%		8.68	Acme Markets		55,000
													Peebles		18,858
Pine Grove Plaza	NJ		100	%	2003		86,089		90.2	%		11.04	Peebles		24,963
Washington Center Shoppes	NJ		100	%	2001		157,394		94.2	%		9.07	Acme Markets		66,046
													Planet Fitness		20,742

Total New Jersey							373,065		90.0	%		9.40

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of December 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	%		17.48	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		91.2	%		14.09	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		95.4	%		7.14	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		461,905		90.8	%		13.22	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
													Old Navy		15,500
Crossroads II	PA		100	%(b)	2008		133,717		93.0	%		20.14	Giant Foods		78,815
Fairview Commons	PA		100	%	2007		42,314		53.3	%		10.08	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	%		12.89	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	%		11.96	Giant Foods		32,000
Hamburg Square	PA		100	%	2004		99,580		96.4	%		6.53	Redner’s		56,780
													Peebles		19,683
Liberty Marketplace	PA		100	%	2005		68,200		98.2	%		17.95	Giant Foods		55,000
Meadows Marketplace	PA		100	%	2004/2012		91,518		100.0	%		15.57	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	%		11.71	Giant Foods		43,400
Northside Commons	PA		100	%	2008		69,136		100.0	%		9.49	Redner’s		53,019
Palmyra Shopping Center	PA		100	%	2005		111,051		94.5	%		6.61	Weis Markets		46,912
													Goodwill		18,104
Port Richmond Village	PA		100	%	2001		154,908		98.2	%		13.12	Thriftway		40,000
													Pep Boys		20,615
													City Stores, Inc.		15,200
River View Plaza	PA		100	%	2003		226,786		92.7	%		19.15	United Artists		77,700
													Avalon Carpet		25,000
													Pep Boys		22,000
													Staples		18,000
South Philadelphia	PA		100	%	2003		283,415		82.5	%		14.49	Shop Rite		54,388
													Ross Dress For Less		31,349
													LA Fitness		31,000

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of December 31, 2013


											Average
		Percent			Year			Percent			base rent per		Major Tenants (a)
Property Description	State	owned			acquired	GLA		occupied			leased sq. ft.		Name	GLA
													Modell’s		20,000
Pennsylvania (continued)
Swede Square	PA		100	%	2003		100,816		100.0	%		16.69	LA Fitness		37,200
The Commons	PA		100	%	2004		203,426		87.5	%		7.87	Bon-Ton		54,500
													Shop ’n Save		52,654
													TJ Maxx		24,404
The Point	PA		100	%	2000		268,037		96.5	%		12.45	Burlington Coat Factory		76,665
													Giant Foods		76,627
													A.C. Moore		24,890
													Staples		24,000
Trexler Mall	PA		100	%	2005		339,279		89.5	%		9.94	Kohl’s		90,230
													Bon-Ton		62,000
													Lehigh Wellness Partners		33,227
													Trexlertown Fitness Club		28,870
													Marshalls		28,488
Trexlertown Plaza	PA		100	%	2006		313,929		90.6	%		12.29	Giant Foods		78,335
													Hobby Lobby		57,512
													Redner’s		47,900
													Big Lots		33,824
													Tractor Supply		19,097
Upland Square	PA		100	%	2007		394,598		94.0	%		16.87	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							4,738,325		93.4	%		13.08


Virginia
Annie Land Plaza	VA		100	%	2006		42,500		97.2	%		9.50	Food Lion		29,000
Coliseum Marketplace	VA		100	%	2005		105,998		100.0	%		16.05	Farm Fresh		57,662
													Michaels		23,981
Elmhurst Square	VA		100	%	2006		66,250		97.0	%		10.26	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	%		13.05	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		79,209		42.8	%		11.67	Farm Fresh		16,938
Oak Ridge Shopping Center	VA		100	%	2006		38,700		92.2	%		10.59	Food Lion		33,000
Smithfield Plaza	VA		100	%	2005/2008		134,664		93.7	%		9.17	Farm Fresh		45,544
													Roses Express		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							802,124		92.2	%		11.59

Total (93.6% leased at December 31, 2013)							9,390,558		92.6	%	$	12.31

(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 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, loan guaranties, and/or other terms of the related joint venture agreement.

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
4th Quarter 2013		40		291,000	$	9.11	$	8.51		7.1	%	$	0.78		4.4
3rd Quarter 2013		52		215,800	$	13.62	$	12.28		10.9	%	$	1.87		4.3
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

Total (c)		161		1,013,100	$	12.08	$	11.05		9.4	%	$	1.97		4.7

New Leases—Comparable
4th Quarter 2013		7		20,300	$	13.17	$	12.58		4.7	%	$	11.18		6.7
3rd Quarter 2013		7		25,300	$	17.24	$	12.58		37.0	%	$	15.95		8.2
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

Total (c)		32		100,600	$	15.16	$	12.82		18.3	%	$	19.80		7.5

Renewals—Comparable
4th Quarter 2013		33		270,700	$	8.81	$	8.20		7.4	%	$	0.00		4.2
3rd Quarter 2013		45		190,500	$	13.14	$	12.24		7.3	%	$	0.00		3.7
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

Total		129		912,500	$	11.74	$	10.85		8.2	%	$	0.00		4.4

Total Comparable and Non-Comparable
4th Quarter 2013		46		361,500	$	9.44		N/A		N/A		$	0.84		5.9
3rd Quarter 2013		54		227,400	$	14.29		N/A		N/A		$	1.77		4.5
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

Total		177		1,163,800	$	11.96		N/A		N/A		$	2.28		5.5

(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		145		966,100		9.6	%
New Leases—Comparable		16		53,700		33.2	%

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of December 31, 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		13		848,000		9.0	%	$	12,759,000	$	15.05		11.9	%
LA Fitness		7		282,000		3.0	%		4,574,000		16.22		4.3	%
Farm Fresh		6		307,000		3.3	%		3,290,000		10.72		3.1	%
Stop & Shop		4		271,000		2.9	%		2,805,000		10.35		2.6	%
Dollar Tree		22		208,000		2.2	%		2,183,000		10.50		2.0	%
Food Lion		7		243,000		2.6	%		1,925,000		7.92		1.8	%
Shop Rite		2		118,000		1.3	%		1,744,000		14.78		1.6	%
Staples		5		104,000		1.1	%		1,729,000		16.63		1.6	%
Redner’s		4		207,000		2.2	%		1,514,000		7.31		1.4	%
United Artists		1		78,000		0.8	%		1,425,000		18.27		1.3	%
Big Y		1		64,000		0.7	%		1,404,000		21.94		1.3	%
Shaw’s		2		125,000		1.3	%		1,389,000		11.11		1.3	%
Shoppers Food Warehouse		2		120,000		1.3	%		1,237,000		10.31		1.2	%
Ukrop’s Supermarket		1		63,000		0.7	%		1,163,000		18.46		1.1	%
Kohl’s		2		149,000		1.6	%		1,113,000		7.47		1.0	%
Marshalls		5		143,000		1.5	%		1,111,000		7.77		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	%
Walmart		2		150,000		1.6	%		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		92		3,687,000		39.3	%		45,056,000		12.22		42.1	%
Remaining tenants		807		5,010,000		53.3	%		62,040,000		12.38		57.9	%

Sub-total all tenants (b)		899		8,697,000		92.6	%	$	107,096,000	$	12.31		100.0	%

Vacant space		N/A		694,000		7.4	%

Total		899		9,391,000		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 $781,000).

(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		6,099,000		70.1	%	$	62,628,000	$	10.27		58.5	%
Small tenants		2,598,000		29.9	%		44,468,000		17.12		41.5	%

Total		8,697,000		100.0	%	$	107,096,000	$	12.31		100.0	%

CEDAR REALTY TRUST, INC.

Lease Expirations

As of December 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		42		138,000		1.6	%	$	1,788,000	$	12.96		1.7	%
2014		124		674,000		7.7	%		7,452,000		11.06		7.0	%
2015		143		1,115,000		12.8	%		12,684,000		11.38		11.8	%
2016		130		903,000		10.4	%		10,512,000		11.64		9.8	%
2017		119		925,000		10.6	%		12,396,000		13.40		11.6	%
2018		104		814,000		9.4	%		11,580,000		14.23		10.8	%
2019		60		850,000		9.8	%		8,580,000		10.09		8.0	%
2020		39		943,000		10.8	%		8,868,000		9.40		8.3	%
2021		37		442,000		5.1	%		6,432,000		14.55		6.0	%
2022		23		148,000		1.7	%		2,160,000		14.59		2.0	%
2023		25		235,000		2.7	%		3,336,000		14.20		3.1	%
2024		16		303,000		3.5	%		4,140,000		13.66		3.9	%
Thereafter		37		1,207,000		13.9	%		17,168,000		14.22		16.0	%

All tenants		899		8,697,000		100.0	%	$	107,096,000	$	12.31		100.0	%

Vacant space		N/A		694,000		N/A

Total portfolio		899		9,391,000		N/A

CEDAR REALTY TRUST, INC.

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

Same-Property NOI (a) (b)


	Three months ended December 31,
	2013			2012
Base Rents	$	20,938,000		$	20,506,000
Expense Recoveries		6,219,000			5,733,000

Total Revenues		27,157,000			26,239,000
Operating expenses		8,327,000			7,946,000

NOI	$	18,830,000		$	18,293,000

Occupied		94.1	%		93.9	%
Leased		94.4	%		94.5	%
Average base rent	$	12.12		$	11.91
Number of same properties		57			57
NOI growth, excluding dark anchor re-tenanting impact		1.8%

	Years ended December 31,
	2013			2012
Base Rents	$	82,854,000		$	81,582,000
Expense Recoveries		23,716,000			22,083,000

Total Revenues		106,570,000			103,665,000
Operating expenses		32,379,000			30,773,000

NOI	$	74,191,000		$	72,892,000

Occupied		94.1	%		93.9	%
Leased		94.4	%		94.5	%
Average base rent	$	12.12		$	11.91
Number of same properties		57			57
NOI growth, excluding dark anchor re-tenanting impact		1.9%

(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.

CEDAR REALTY TRUST, INC.

2013 Acquisitions and Dispositions

Acquisition

Date

Purchase

Property

Location

GLA

Acquired

Price

Big Y Shopping Center

Bethel, CT

101,105

11/18/2013

34,500,000

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

Dunmore Shopping Center

Dunmore, PA

101,080

11/8/2013

4,000,000

Upland Square land parcel

Pottstown, PA

N/A

11/8/2013

1,700,000

Roosevelt II

Philadelphia, PA

180,088

11/14/2013

13,878,000

(a)

Oakhurst Plaza

Harrisburg, PA

111,869

12/11/2013

11,000,000

Oregon Pike land parcel

Lancaster, PA

N/A

12/23/2013

1,451,000

Total

49,934,000

(a)	Lender accepted a deed-in-lieu of foreclosure on the property. Sales price represents mortgage loan payable, accrued interest and other expenses forgiven upon title transfer.

CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale/Conveyance

As of December 31, 2013


											Average		Debt
			Percent					Percent			base rent per				Maturity		Interest
Property Description	State		owned			GLA		occupied			leased sq. ft.		Amounts		Date		rate
Gahanna Discount Drug Mart Plaza (a)		OH		100	%		48,667		82.3	%	$	13.90	$	4,659,000		Nov 2016		10.8	%(a)
Harbor Square (f/k/a Shore Mall)		NJ		100	%		344,823		98.6	%		7.49
Huntingdon Plaza		PA		100	%		142,845		71.9	%		4.98
Lake Raystown Plaza		PA		100	%		142,559		95.7	%		12.33
Maxatawny Marketplace		PA		100	%		59,514		93.3	%		12.09
McCormick Place (a)		OH		100	%		46,000		100.0	%		4.50		2,484,000		Aug 2017		11.1	%(a)
Townfair Center		PA		100	%		218,610		100.0	%		8.73		15,705,000		Jul 2018		5.2	%

Total Properties Held for Sale/Conveyance							1,003,018		93.6	%	$	8.61	$	22,848,000

(a)	Properties in the process of being conveyed to their respective lenders, either through short sale, foreclosure, or deed-in-lieu of foreclosure processes. Until the conveyances of the properties are completed, interest is being recorded (but not paid) at the default interest rates noted above.

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, preferred stock redemption costs, gain on extinguishment of debt obligations, amounts relating to early extinguishment of debt, share-based compensation mark-to-market adjustments, and acquisition transaction 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 management transition charges and employee termination costs, gain on exit from unconsolidated joint venture, gain on sales of real estate, impairment charges/reversals, share-based compensation mark-to-market adjustments, and acquisition transaction costs. 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.