Exhibit 99.1

 

LOGO

SUPPLEMENTAL FINANCIAL INFORMATION

SEPTEMBER 30, 2014

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

September 30, 2014

(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   

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   

2014 Acquisitions and 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, 2013 and Form 10-Q for the quarter ended September 30, 2014.

 

2


CEDAR REALTY TRUST REPORTS

THIRD QUARTER 2014 RESULTS

Port Washington, New York – October 30, 2014 – Cedar Realty Trust, Inc. (NYSE:CDR) today reported results for the third quarter ended September 30, 2014.

Highlights

 

  Operating funds from operations (FFO) of $0.14 per diluted share

 

  Same-property net operating income (NOI) increased 1.9% including redevelopment properties, and 1.2% excluding redevelopment properties

 

  Signed 41 new and renewal leases for 187,800 square feet

 

  Comparable cash-basis lease spreads of 8.8%

 

  Total portfolio 93.1% leased and same-property portfolio 93.6% leased at quarter-end

 

  Raised low end of 2014 Operating FFO guidance to a new range of $0.53 to $0.54 per diluted share

“As we mark the third anniversary of the ‘new’ Cedar with this earnings release, we continue to deliver solid current operating results while building a foundation for long-term value creation,” commented Bruce Schanzer, President and CEO. “In particular, we are making significant progress with our capital recycling program aimed at upgrading the quality of our portfolio.”

Financial Results

Operating FFO for third quarter 2014 was $10.8 million or $0.14 per diluted share, compared to $9.5 million or $0.13 per diluted share for the same period in 2013. Operating FFO for nine months ended September 30, 2014 was $32.2 million or $0.41 per diluted share, compared to $27.3 million or $0.38 per diluted share for the same period in 2013.

Net income attributable to common shareholders for third quarter 2014 was $2.2 million or $0.03 per diluted share, compared to net loss of $(3.5) million or $(0.05) per diluted share for the same period in 2013. Net income attributable to common shareholders for nine months ended September 30, 2014 was $13.8 million or $0.18 per diluted share, compared to net loss of $(3.4) million or $(0.06) per diluted share for the same period in 2013.

Portfolio Results

For third quarter 2014, same-property NOI increased 1.9% including redevelopment properties, compared to the same period in 2013. Excluding redevelopment properties, same-property NOI increased 1.2%.

During third quarter 2014, the Company signed 41 leases for 187,800 square feet. On a comparable space basis, the Company leased 173,300 square feet at a positive lease spread of 8.8% on a cash basis (new leases increased 7.4% and renewals increased 8.9%).

 

3


The Company continues to make progress in its capital recycling efforts directed towards upgrading the quality of its shopping center portfolio. After acquiring Quartermaster Plaza for $92.3 million on March 21, 2014, the Company has sold six properties for aggregate sales proceeds of $78.6 million. The property acquired has 456,000 leasable square feet, a present average base rent of $13.73 per square foot, and a population density of approximately 325,000 people within a three-mile radius, compared to an average of 111,000 leasable square feet, average base rents of $10.06 per square foot, and an average population density of 31,000 people within a three-mile radius for the six sold properties.

The Company’s total portfolio, excluding properties held for sale, was 93.1% leased at September 30, 2014, compared to 93.6% at December 31, 2013 and 92.8% at September 30, 2013. The Company’s same-property portfolio was 93.6% leased at September 30, 2014, compared to 94.2% at December 31, 2013 and 93.9% at September 30, 2013.

Balance Sheet

As of September 30, 2014, the Company has $168.4 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) of 7.4 times. Additionally, thus far in 2014, the Company has repaid approximately $159 million of secured mortgage debt, primarily with proceeds from the Company’s previously-announced $150 million in unsecured term loans, thereby improving balance sheet flexibility.

2014 Guidance

The Company raised the low end of its 2014 Operating FFO guidance to a new range of $0.53 to $0.54 per diluted share from the previous range of $0.52 to $0.54 per diluted share.

Quarterly Dividends

The Company’s Board of Directors has approved a cash dividend of $0.05 per share on its common stock and $0.453125 per share on its 7.25% Series B Cumulative Redeemable Preferred Stock, both payable on November 20, 2014 to shareholders of record as of the close of business on November 10, 2014.

 

4


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 September 30, 2014. 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, October 30, 2014, at 5:00 PM (ET) to discuss the third 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 October 30, 2014, until midnight (ET) on November 13, 2014. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13590070 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 58 properties, with approximately 9.2 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.

 

5


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

 

6


CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets

 

     September 30,     December 31,  
     2014     2013  

ASSETS

    

Real estate

    

Land

   $ 310,533,000      $ 273,505,000   

Buildings and improvements

     1,148,700,000        1,085,126,000   
  

 

 

   

 

 

 
     1,459,233,000        1,358,631,000   

Less accumulated depreciation

     (258,243,000     (233,082,000
  

 

 

   

 

 

 

Real estate, net

     1,200,990,000        1,125,549,000   

Real estate held for sale/conveyance

     43,756,000        146,084,000   

Cash and cash equivalents

     4,251,000        3,973,000   

Restricted cash

     8,076,000        11,063,000   

Receivables

     20,988,000        17,597,000   

Other assets and deferred charges, net

     34,444,000        27,660,000   
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 1,312,505,000      $ 1,331,926,000   
  

 

 

   

 

 

 

LIABILITIES AND EQUITY

    

Mortgage loans payable

   $ 398,594,000      $ 501,043,000   

Mortgage loans payable - real estate held for sale/conveyance

     6,598,000        38,097,000   

Unsecured revolving credit facility

     81,000,000        153,500,000   

Unsecured term loans

     200,000,000        50,000,000   

Accounts payable and accrued liabilities

     22,322,000        22,666,000   

Unamortized intangible lease liabilities

     24,780,000        25,509,000   

Unamortized intangible lease liabilities - real estate held for sale/conveyance

     —          5,463,000   
  

 

 

   

 

 

 

Total liabilities

     733,294,000        796,278,000   
  

 

 

   

 

 

 

Noncontrolling interest - limited partners’ mezzanine OP Units

     398,000        414,000   

Commitments and contingencies

     —          —     

Equity:

    

Cedar Realty Trust, Inc. shareholders’ equity:

    

Preferred stock

     190,661,000        190,661,000   

Common stock and other shareholders’ equity

     382,747,000        337,016,000   
  

 

 

   

 

 

 

Total Cedar Realty Trust, Inc. shareholders’ equity

     573,408,000        527,677,000   
  

 

 

   

 

 

 

Noncontrolling interests:

    

Minority interests in consolidated joint ventures

     2,945,000        4,202,000   

Limited partners’ OP Units

     2,460,000        3,355,000   
  

 

 

   

 

 

 

Total noncontrolling interests

     5,405,000        7,557,000   
  

 

 

   

 

 

 

Total equity

     578,813,000        535,234,000   
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 1,312,505,000      $ 1,331,926,000   
  

 

 

   

 

 

 

 

7


CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

 

     Three months ended September 30,     Nine months ended September 30,  
     2014     2013     2014     2013  

REVENUES

        

Rents

   $ 29,182,000      $ 27,492,000      $ 87,187,000      $ 82,115,000   

Expense recoveries

     7,064,000        6,573,000        23,239,000        21,044,000   

Other

     15,000        113,000        251,000        499,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenues

     36,261,000        34,178,000        110,677,000        103,658,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

PROPERTY OPERATING EXPENSES

        

Operating, maintenance and management

     5,747,000        5,590,000        19,994,000        17,737,000   

Real estate and other property-related taxes

     4,461,000        4,449,000        13,570,000        13,309,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total property operating expenses

     10,208,000        10,039,000        33,564,000        31,046,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

PROPERTY OPERATING INCOME

     26,053,000        24,139,000        77,113,000        72,612,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

OTHER EXPENSES

        

General and administrative

     3,316,000        3,248,000        10,620,000        9,974,000   

Employee termination costs

     —          —          —          106,000   

Acquisition costs

     —          —          2,870,000        —     

Impairment charges/(reversal)

     1,250,000        —          3,057,000        (1,100,000

Depreciation and amortization

     9,665,000        13,182,000        28,806,000        32,135,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other expenses

     14,231,000        16,430,000        45,353,000        41,115,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

OPERATING INCOME

     11,822,000        7,709,000        31,760,000        31,497,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

NON-OPERATING INCOME AND EXPENSES

        

Interest expense

     (8,216,000     (8,593,000     (24,398,000     (26,405,000

Early extinguishment of debt costs

     —          —          (163,000     (106,000

Gain on sales

     2,332,000        —          6,142,000        346,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-operating income and expense

     (5,884,000     (8,593,000     (18,419,000     (26,165,000
  

 

 

   

 

 

   

 

 

   

 

 

 

INCOME (LOSS) FROM CONTINUING OPERATIONS

     5,938,000        (884,000     13,341,000        5,332,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

DISCONTINUED OPERATIONS

        

Income from operations

     212,000        946,000        2,006,000        1,770,000   

Impairment charges, net

     (441,000     —          (322,000     —     

Gain on extinguishment of debt obligations

     —          —          1,423,000        1,298,000   

Gain on sales

     —          —          7,963,000        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total (loss) income from discontinued operations

     (229,000     946,000        11,070,000        3,068,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME

     5,709,000        62,000        24,411,000        8,400,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Less, net loss (income) attributable to noncontrolling interests:

        

Minority interests in consolidated joint ventures

     84,000        49,000        297,000        152,000   

Limited partners’ interest in Operating Partnership

     (8,000     12,000        (76,000     11,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total net loss (income) attributable to noncontrolling interests

     76,000        61,000        221,000        163,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.

     5,785,000        123,000        24,632,000        8,563,000   

Preferred stock dividends

     (3,602,000     (3,602,000     (10,806,000     (10,811,000

Preferred stock redemption costs

     —          —          —          (1,166,000
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

   $ 2,183,000      $ (3,479,000   $ 13,826,000      $ (3,414,000
  

 

 

   

 

 

   

 

 

   

 

 

 

PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)

        

Continuing operations

   $ 0.03      $ (0.07   $ 0.03      $ (0.10

Discontinued operations

     (0.00     0.02        0.15        0.04   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 0.03      $ (0.05   $ 0.18      $ (0.06
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of common shares - basic and diluted

     75,547,000        68,365,000        75,233,000        68,350,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

8


CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

 

Balance Sheets

   September 30,      December 31         
     2014      2013     

Construction in process (included in buildings and improvements)

   $ 8,765,000       $ 7,728,000      
  

 

 

    

 

 

    

Receivables

        

Rents and other tenant receivables, net

   $ 6,096,000       $ 3,267,000      

Straight-line rents

     14,892,000         14,330,000      
  

 

 

    

 

 

    
   $ 20,988,000       $ 17,597,000      
  

 

 

    

 

 

    

Other assets and deferred charges, net

        

Lease origination costs

   $ 18,397,000       $ 14,832,000      

Financing costs

     4,723,000         5,052,000      

Prepaid expenses

     9,306,000         5,669,000      

Other

     2,018,000         2,107,000      
  

 

 

    

 

 

    
   $ 34,444,000       $ 27,660,000      
  

 

 

    

 

 

    

Statements of Operations

   Three months ended September 30,      Nine months ended September 30,  
     2014      2013      2014      2013  

Rents

           

Base rents

   $ 27,666,000       $ 25,794,000       $ 82,690,000       $ 76,999,000   

Percentage rent

     196,000         296,000         451,000         587,000   

Straight-line rents

     219,000         287,000         697,000         1,123,000   

Amortization of intangible lease liabilities

     1,101,000         1,115,000         3,349,000         3,406,000   
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 29,182,000       $ 27,492,000       $ 87,187,000       $ 82,115,000   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

9


CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures

 

     Three months ended September 30,     Nine months ended September 30,  
     2014     2013     2014     2013  

Net income (loss) attributable to common shareholders

   $ 2,183,000      $ (3,479,000   $ 13,826,000      $ (3,414,000

Real estate depreciation and amortization

     9,583,000        13,401,000        28,553,000        32,787,000   

Limited partners’ interest

     8,000        (12,000     76,000        (11,000

Impairment charges/(reversal)

     1,691,000        —          3,379,000        (1,100,000

Gain on sales

     (2,332,000     —          (14,105,000     (346,000

Consolidated minority interests:

        

Share of (loss)

     (84,000     (49,000     (297,000     (152,000

Share of FFO

     (274,000     (325,000     (807,000     (1,020,000
  

 

 

   

 

 

   

 

 

   

 

 

 

Funds From Operations (“FFO”)

     10,775,000        9,536,000        30,625,000        26,744,000   

Adjustments for items affecting comparability:

        

Acquisition costs

     —          —          2,870,000        —     

Early extinguishment of debt costs, net

     —          —          150,000        543,000   

Gain on extinguishment of debt obligations

     —          —          (1,423,000     (1,298,000

Employee termination costs

     —          —          —          106,000   

Preferred stock redemption costs

     —          —          —          1,166,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating Funds From Operations (“Operating FFO”)

   $ 10,775,000      $ 9,536,000      $ 32,222,000      $ 27,261,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO per diluted share:

   $ 0.14      $ 0.13      $ 0.39      $ 0.37   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating FFO per diluted share:

   $ 0.14      $ 0.13      $ 0.41      $ 0.38   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of diluted common shares:

        

Common shares

     79,214,000        72,287,000        78,908,000        72,178,000   

OP Units

     395,000        252,000        447,000        271,000   
  

 

 

   

 

 

   

 

 

   

 

 

 
     79,609,000        72,539,000        79,355,000        72,449,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Additional Disclosures (Pro-Rata Share):

        

Straight-line rents

   $ 222,000      $ 298,000      $ 716,000      $ 1,173,000   

Amortization of intangible lease liabilities

     1,043,000        1,042,000        3,172,000        3,112,000   

Non-real estate amortization

     526,000        626,000        1,931,000        1,860,000   

Share-based compensation, net

     818,000        1,144,000        2,429,000        2,692,000   

Maintenance capital expenditures (a)

     1,483,000        1,452,000        2,345,000        3,022,000   

Lease related expenditures (b)

     586,000        982,000        1,988,000        2,012,000   

Development and redevelopment capital expenditures

     2,924,000        2,542,000        7,279,000        10,568,000   

Capitalized interest and financing costs

     195,000        248,000        597,000        835,000   

 

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

 

10


CEDAR REALTY TRUST, INC.

Earnings Before Interest, Taxes, Depreciation and Amortization

 

     Three months ended September 30,     Nine months ended September 30,  
     2014     2013     2014     2013  

EBITDA Calculation

        

Income (loss) from continuing operations

   $ 5,938,000      $ (884,000   $ 13,341,000      $ 5,332,000   

Add (deduct):

        

Interest expense (including early extinguishment of debt costs)

     8,216,000        8,593,000        24,561,000        26,511,000   

Depreciation and amortization

     9,665,000        13,182,000        28,806,000        32,135,000   

Minority interests share of consolidated joint venture EBITDA

     (793,000     (844,000     (2,347,000     (2,561,000

Discontinued operations:

        

Income from operations

     212,000        946,000        2,006,000        1,770,000   

Interest expense (including early extinguishment of debt costs)

     —          606,000        631,000        2,385,000   

Depreciation and amortization

     —          312,000        —          944,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     23,238,000        21,911,000        66,998,000        66,516,000   

Adjustments for items affecting comparability:

        

Acquisition costs

     —          —          2,870,000        —     

Impairment charges/(reversal)

     1,250,000        —          3,057,000        (1,100,000

Employee termination costs

     —          —          —          106,000   

Gain on sales

     (2,332,000     —          (6,142,000     (346,000
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 22,156,000      $ 21,911,000      $ 66,783,000      $ 65,176,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Pro-rata share of net debt (a)

        

Pro-rata share of debt

   $ 653,543,000      $ 709,137,000      $ 653,543,000      $ 709,137,000   

Pro-rata share of unrestricted cash and cash equivalents

     (3,785,000     (4,737,000     (3,785,000     (4,737,000
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 649,758,000      $ 704,400,000      $ 649,758,000      $ 704,400,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Pro-rata fixed charges (a)

        

Interest expense (b)

   $ 7,420,000      $ 8,365,000      $ 22,353,492      $ 25,718,000   

Preferred stock dividends

     3,602,000        3,602,000        10,806,000        10,811,000   

Scheduled mortgage repayments

     1,516,000        2,168,000        5,642,000        6,717,000   
  

 

 

   

 

 

   

 

 

   

 

 

 
   $ 12,538,000      $ 14,135,000      $ 38,801,492      $ 43,246,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Debt and Coverage Ratios

        

Net debt to Adjusted EBITDA (c)

     7.4x        7.8x        7.6x        8.0x   

Interest coverage ratio (based on Adjusted EBITDA)

     3.0x        2.6x        3.0x        2.5x   

Fixed charge coverage ratio (based on Adjusted EBITDA)

     1.8x        1.6x        1.7x        1.5x   

 

(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 include annualizing the results of properties acquired, and to exclude, where applicable, (i) the results and debt related to properties sold and conveyed, (ii) management fee income relating to the terminated Cedar/RioCan joint venture, and (iii) lease termination income.

 

11


CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of September 30, 2014

 

Property

   Percent
Owned
    Maturity
Date
     Interest
Rate (a)
    Amounts  

Fixed-rate mortgages:

         

Elmhurst Square

     100     Dec 2014         5.4   $ 3,654,000   

New London Mall

     40     Apr 2015         4.9     27,365,000   

Oak Ridge Shopping Center

     100     May 2015         5.5     3,183,000   

Pine Grove Plaza

     100     Sep 2015         5.0     5,231,000   

Groton Shopping Center

     100     Oct 2015         5.3     11,118,000   

Quartermaster Plaza

     100     Oct 2015         5.3     41,835,000   

Southington Center

     100     Nov 2015         5.1     5,242,000   

Jordan Lane

     100     Dec 2015         5.5     11,921,000   

Oakland Mills

     100     Jan 2016         5.5     4,483,000   

Franklin Village Plaza

     100     Aug 2016         4.1     41,556,000   

West Bridgewater Plaza

     100     Sep 2016         6.2     10,318,000   

Carman’s Plaza

     100     Oct 2016         6.2     33,500,000   

Hamburg Square

     100     Oct 2016         6.1     4,758,000   

Meadows Marketplace

     100     Nov 2016         5.6     9,484,000   

San Souci Plaza

     40     Dec 2016         6.2     27,200,000   

Camp Hill

     100     Jan 2017         5.5     62,700,000   

Golden Triangle

     100     Feb 2018         6.0     19,417,000   

Gold Star Plaza

     100     May 2019         7.3     1,334,000   

Swede Square

     100     Nov 2020         5.5     10,040,000   

Colonial Commons

     100     Feb 2021         5.5     26,400,000   

The Point

     100     Nov 2022         4.5     29,127,000   

Metro Square

     100     Nov 2029         7.5     8,072,000   
         

 

 

 

Total fixed-rate mortgages

       2.9 years         5.4     397,938,000   
     weighted average  

Net unamortized premium

            656,000   
         

 

 

 

Total mortgage debt, net

  

    398,594,000   

Unsecured debt:

         

Revolving credit facility (b)

       Aug 2016         2.0     81,000,000   

Term loan

       Aug 2018         1.9     50,000,000   

Term loan

       Feb 2019         3.2     75,000,000   

Term loan

       Feb 2021         4.1     75,000,000   
         

 

 

 

Total unsecured debt

       4.1 years         2.8     281,000,000   
         

 

 

 
     weighted average  

Total debt (excluding properties held for sale)

       3.4 years         4.3   $ 679,594,000   
         

 

 

 
     weighted average  

Pro-rata share of total debt reconciliation:

         

Total debt (excluding debt on properties held for sale/conveyance)

          $ 679,594,000   

Less pro-rata share attributable to joint venture minority interests

            (32,649,000

Plus pro-rata share attributable to properties held for sale/conveyance

            6,598,000   
         

 

 

 

Pro-rata share of total debt

  

  $ 653,543,000   
         

 

 

 

Fixed to variable rate-debt ratio:

         

Fixed-rate debt

          80.0   $ 522,543,000   

Variable-rate debt

          20.0     131,000,000   
       

 

 

   

 

 

 
          100.0   $ 653,543,000   
       

 

 

   

 

 

 

 

(a) For variable-rate debt, rate in effect as of September 30, 2014.
(b) Subject to two one-year extension options.

 

12


CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of September 30, 2014

 

     Secured Debt      Unsecured Debt         

Year

   Scheduled
Amortization
     Balloon
Payments
     Revolving
Credit Facility
    Term
Loans
     Total  

2014

   $ 1,510,000       $ 3,638,000       $ —        $ —         $ 5,148,000   

2015

     5,773,000         104,352,000         —          —           110,125,000   

2016

     4,220,000         128,564,000         81,000,000 (a)      —           213,784,000   

2017

     2,439,000         60,478,000         —          —           62,917,000   

2018

     2,148,000         18,007,000         —          50,000,000         70,155,000   

2019

     2,036,000         —           —          75,000,000         77,036,000   

2020

     1,981,000         8,849,000         —          —           10,830,000   

2021

     1,244,000         22,367,000         —          75,000,000         98,611,000   

2022

     1,039,000         24,323,000         —          —           25,362,000   

2023

     524,000         —           —          —           524,000   

Thereafter

     3,974,000         472,000         —          —           4,446,000   
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 
   $ 26,888,000       $ 371,050,000       $ 81,000,000      $ 200,000,000         678,938,000   
  

 

 

    

 

 

    

 

 

   

 

 

    

Net unamortized premium

  

     656,000   
             

 

 

 
              $ 679,594,000   
             

 

 

 

 

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

 

13


CEDAR REALTY TRUST, INC.

Real Estate Summary

As of September 30, 2014

 

Property Description

     State          Percent    
owned
    Year
  acquired  
       GLA              Percent    
occupied
    Average
  base rent per  

leased sq. ft.
    

 

Major Tenants (a)

 
                  

Name

       GLA      

Connecticut

                     

Big Y Shopping Center

   CT      100   2013      101,105           100.0   $ 22.71         Big Y      63,817     

Brickyard Plaza

   CT      100   2004      227,185           75.9     7.86         Home Depot      103,003     
                   Kohl’s      58,966     

Groton Shopping Center

   CT      100   2007      117,186           89.0     12.11         TJ Maxx      30,000     
                   Goodwill      21,306     

Jordan Lane

   CT      100   2005      177,504           99.2     11.12         Stop & Shop      60,632     
                   CW Price      39,280     
                   Retro Fitness      20,283     

New London Mall

   CT      40   2009      259,566           91.8     14.62         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     7.08         Walmart      95,482     
                   NAMCO      20,000     
          

 

 

    

 

 

   

 

 

       

Total Connecticut

             1,128,488           91.8     11.60           
          

 

 

    

 

 

   

 

 

       

Maryland

                     

Kenley Village

   MD      100   2005      51,894           73.7     8.94         Food Lion      29,000     

Metro Square

   MD      100   2008      71,896           100.0     19.26         Shoppers Food Warehouse      58,668     

Oakland Mills

   MD      100   2005      58,224           100.0     13.91         Food Lion      43,470     

San Souci Plaza

   MD      40   2009      264,134           79.3     10.77         Shoppers Food Warehouse      61,466     
                   Marshalls      27,000     
                   Maximum Health and Fitness      15,612     

Valley Plaza

   MD      100   2003      190,939           100.0     5.06         K-Mart      95,810     
                   Ollie’s Bargain Outlet      41,888     
                   Tractor Supply      32,095     

Yorktowne Plaza

   MD      100   2007      158,982           88.4     13.72         Food Lion      37,692     
          

 

 

    

 

 

   

 

 

       

Total Maryland

             796,069           89.1     10.84           
          

 

 

    

 

 

   

 

 

       

Massachusetts

                     

Fieldstone Marketplace

   MA      100   2005/2012      193,970           93.2     10.51         Shaw’s      68,000     
                   Flagship Cinema      41,975     
                   New Bedford Wine and Spirits      15,180     

Franklin Village Plaza

   MA      100   2004/2012      303,085           92.9     20.57         Stop & Shop      75,000     
                   Marshalls      26,890     
                   Team Fitness      15,807     

Kings Plaza

   MA      100   2007      168,243           95.2     6.49         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     8.20         Hannaford Brothers      42,598     
                   Planet Fitness      18,830     
                   Dollar Tree      16,798     

The Shops at Suffolk Downs

   MA      100   2005      121,320           100.0     13.54         Stop & Shop      74,977     

Timpany Plaza

   MA      100   2007      183,775           100.0     7.32         Stop & Shop      59,947     
                   Big Lots      28,027     
                   Gardner Theater      27,576     

Webster Plaza

   MA      100   2007      101,824           91.7     10.41         Price Chopper      58,545     

West Bridgewater Plaza

   MA      100   2007      133,039           87.7     9.24         Shaw’s      57,315     
                   Big Lots      25,000     
                   Planet Fitness      15,000     
          

 

 

    

 

 

   

 

 

       

Total Massachusetts

             1,307,715           94.7     11.78           
          

 

 

    

 

 

   

 

 

       

New Jersey

                     

Carll’s Corner

   NJ      100   2007      129,582           84.7     8.70         Acme Markets      55,000     
                   Peebles      18,858     

Pine Grove Plaza

   NJ      100   2003      86,089           95.1     11.10         Peebles      24,963     

Washington Center Shoppes

   NJ      100   2001      157,394           92.6     9.14         Acme Markets      66,046     
                   Planet Fitness      20,742     
          

 

 

    

 

 

   

 

 

       

Total New Jersey

             373,065           90.4     9.47           
          

 

 

    

 

 

   

 

 

       

 

14


CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of September 30, 2014

 

Property Description

   State    Percent
owned
    Year
acquired
   GLA      Percent
occupied
    Average
base rent per

leased sq. ft.
    

 

Major Tenants (a)

 
                  

Name

   GLA  

New York

                     

Carman’s Plaza

   NY      100   2007      194,082         75.0     19.39       Pathmark      52,211   
          

 

 

    

 

 

   

 

 

       
                   Home Goods      25,806   
                   Department of Motor Vehicle      19,310   

Pennsylvania

                     

Academy Plaza

   PA      100   2001      137,415         91.4     14.33       Acme Markets      50,918   

Camp Hill

   PA      100   2002      461,560         99.3     14.07       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   

Colonial Commons

   PA      100   2011      461,914         90.0     13.61       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         96.1     19.95       Giant Foods      78,815   

Fairview Commons

   PA      100   2007      42,314         56.2     9.19       Family Dollar      10,789   

Fort Washington Center

   PA      100   2002      41,000         100.0     21.83       LA Fitness      41,000   

Gold Star Plaza

   PA      100   2006      71,720         82.2     8.97       Redner’s      48,920   

Golden Triangle

   PA      100   2003      202,943         98.2     12.91       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     12.03       Giant Foods      32,000   

Hamburg Square

   PA      100   2004      99,580         95.2     6.44       Redner’s      56,780   
                   Peebles      19,683   

Meadows Marketplace

   PA      100   2004/2012      91,518         100.0     15.64       Giant Foods      67,907   

Mechanicsburg Center

   PA      100   2005      51,500         100.0     22.57       Giant Foods      51,500   

Newport Plaza

   PA      100   2003      64,489         100.0     11.76       Giant Foods      43,400   

Northside Commons

   PA      100   2008      69,136         100.0     9.85       Redner’s      53,019   

Palmyra Shopping Center

   PA      100   2005      111,051         94.5     6.71       Weis Markets      46,912   
                   Goodwill      18,104   

Port Richmond Village

   PA      100   2001      154,908         98.2     13.65       Thriftway      40,000   
                   Pep Boys      20,615   
                   Shop of New Sorts Thrift Store      15,200   

Quartermaster Plaza

   PA      100   2014      456,364         96.9     13.73       Home Depot      150,000   
                   BJ’s Wholesale Club      117,718   
                   Conway Stores, Inc.      25,200   
                   Planet Fitness      23,146   
                   Staples      20,388   
                   Petsmart      19,089   

River View Plaza

   PA      100   2003      226,786         88.5     19.54       United Artists      77,700   
                   Avalon Carpet      25,000   
                   Pep Boys      22,000   
                   Staples      18,000   

South Philadelphia

   PA      100   2003      283,415         83.1     14.46       Shop Rite      54,388   
                   Ross Dress For Less      31,349   
                   LA Fitness      31,000   
                   Modell’s      20,000   

 

15


CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of September 30, 2014

 

Property Description

   State    Percent
owned
    Year
acquired
   GLA      Percent
occupied
    Average
base rent per

leased sq. ft.
    

 

Major Tenants (a)

 
                  

Name

   GLA  

Pennsylvania (continued)

                     

Swede Square

   PA      100   2003      100,816         100.0     17.19       LA Fitness      37,200   

The Commons

   PA      100   2004      203,426         87.5     8.12       Bon-Ton      54,500   
                   Shop ‘n Save      52,654   
                   TJ Maxx      24,404   

The Point

   PA      100   2000      268,037         97.1     12.55       Burlington Coat Factory      76,665   
                   Giant Foods      76,627   
                   A.C. Moore      24,890   
                   Staples      24,000   

Trexler Mall

   PA      100   2005      339,279         90.2     10.02       Kohl’s      90,230   
                   Bon-Ton      62,000   
                   Lehigh Wellness Partners      33,227   
                   Oxyfit Gym      28,870   
                   Marshalls      28,488   

Trexlertown Plaza

   PA      100   2006      313,929         90.5     12.22       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         94.4     16.93       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

             4,832,925         93.3     13.61         
          

 

 

    

 

 

   

 

 

       

Virginia

                     

Coliseum Marketplace

   VA      100   2005      106,648         100.0     16.26       Farm Fresh      57,662   
                   Michaels      23,981   

Elmhurst Square

   VA      100   2006      66,250         87.2     8.87       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     13.93       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      79,147         98.3     10.69       Walmart      41,610   
                   Farm Fresh      16,938   

Oak Ridge Shopping Center

   VA      100   2006      38,700         92.2     10.69       Food Lion      33,000   

Suffolk Plaza

   VA      100   2005      67,216         100.0     9.90       Farm Fresh      67,216   
          

 

 

    

 

 

   

 

 

       

Total Virginia

             555,928         97.3     12.34         
          

 

 

    

 

 

   

 

 

       

Total (93.1% leased at September 30, 2014)

             9,188,272         92.7   $ 12.73         
          

 

 

    

 

 

   

 

 

       

 

(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.

 

16


CEDAR REALTY TRUST, INC.

Leasing Activity

 

     Leases
Signed
     Square
Feet
     New Rent
Per. Sq. Ft (a)
     Prior Rent
Per. Sq. Ft (a)
     Cash Basis
% Change
    Tenant
Improvements
Per. Sq. Ft (b)
     Average
Lease
Term (Yrs)
 

Total Comparable Leases

                   

3rd Quarter 2014

     36         173,300       $ 17.40       $ 16.01         8.8   $ 1.25         5.0   

2nd Quarter 2014

     55         355,000       $ 13.29       $ 12.21         8.9   $ 0.67         5.5   

1st Quarter 2014

     38         319,300       $ 9.68       $ 8.86         9.2   $ 0.74         4.7   

4th Quarter 2013

     40         291,000       $ 9.11       $ 8.51         7.1   $ 0.78         4.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total (c)

     169         1,138,600       $ 11.83       $ 10.90         8.5   $ 0.81         4.9   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

New Leases - Comparable

                   

3rd Quarter 2014

     5         12,300       $ 25.02       $ 23.29         7.4   $ 17.62         7.0   

2nd Quarter 2014

     11         62,000       $ 11.72       $ 10.86         8.0   $ 3.85         9.1   

1st Quarter 2014

     4         7,400       $ 26.60       $ 22.45         18.5   $ 31.70         7.4   

4th Quarter 2013

     7         20,300       $ 13.17       $ 12.58         4.7   $ 11.18         6.7   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total (c)

     27         102,000       $ 14.70       $ 13.55         8.5   $ 9.01         8.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Renewals - Comparable

                   

3rd Quarter 2014

     31         161,000       $ 16.82       $ 15.45         8.9   $ 0.00         4.8   

2nd Quarter 2014

     44         293,000       $ 13.62       $ 12.49         9.0   $ 0.00         4.7   

1st Quarter 2014

     34         311,900       $ 9.27       $ 8.54         8.6   $ 0.00         4.6   

4th Quarter 2013

     33         270,700       $ 8.81       $ 8.20         7.4   $ 0.00         4.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total

     142         1,036,600       $ 11.55       $ 10.64         8.6   $ 0.00         4.6   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total Comparable and Non-Comparable

                   

3rd Quarter 2014

     41         187,800       $ 17.83         N/A         N/A      $ 1.30         5.1   

2nd Quarter 2014

     61         380,000       $ 13.41         N/A         N/A      $ 1.38         5.8   

1st Quarter 2014

     40         328,200       $ 9.95         N/A         N/A      $ 2.79         4.8   

4th Quarter 2013

     46         361,500       $ 9.44         N/A         N/A      $ 0.84         5.9   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total

     188         1,257,500       $ 12.03         N/A         N/A      $ 1.58         5.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

(a) New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq. ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.
(b) Includes tenant allowance and landlord work. Excludes first generation space.
(c) For spaces vacant less than 12 months, the results for the trailing four quarters are as follows:

 

     Leases
Signed
     Square
Feet
     Cash Basis
% Change
 

Total Comparable Leases

     156         1,100,900         8.6

New Leases - Comparable

     14         64,400         8.8

 

17


CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of September 30, 2014

 

Tenant

   Number
of
stores
     GLA      % of GLA     Annualized
base rent
     Annualized
base rent
per sq. ft.
     Percentage
annualized
base rents
 

Top twenty tenants (a):

                

Giant Foods

     11         732,000         8.0   $ 11,045,000       $ 15.09         10.2

LA Fitness

     7         282,000         3.1     4,653,000         16.50         4.3

Stop & Shop

     4         271,000         2.9     2,805,000         10.35         2.6

Farm Fresh

     4         196,000         2.1     2,235,000         11.40         2.1

Home Depot

     2         253,000         2.8     2,050,000         8.10         1.9

Staples

     6         125,000         1.4     1,982,000         15.86         1.8

Dollar Tree

     18         182,000         2.0     1,935,000         10.63         1.8

Shop Rite

     2         118,000         1.3     1,744,000         14.78         1.6

BJs Wholesale Club

     1         118,000         1.3     1,607,000         13.62         1.5

Redner’s

     4         207,000         2.3     1,538,000         7.43         1.4

United Artists

     1         78,000         0.8     1,454,000         18.64         1.3

Marshalls

     6         170,000         1.9     1,437,000         8.45         1.3

Shaw’s

     2         125,000         1.4     1,431,000         11.45         1.3

Big Y

     1         64,000         0.7     1,404,000         21.94         1.3

Food Lion

     5         181,000         2.0     1,314,000         7.26         1.2

Shoppers Food Warehouse

     2         120,000         1.3     1,237,000         10.31         1.1

Walmart

     3         192,000         2.1     1,188,000         6.19         1.1

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

Carmike Cinema

     1         45,000         0.5     1,034,000         22.98         1.0
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Sub-total top twenty tenants

     83         3,671,000         40.0     44,369,000         12.09         40.9

Remaining tenants

     790         4,848,000         52.8     64,036,000         13.21         59.1
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Sub-total all tenants (b)

     873         8,519,000         92.7   $ 108,405,000       $ 12.73         100.0
          

 

 

    

 

 

    

 

 

 

Vacant space

     N/A         669,000         7.3        
  

 

 

    

 

 

    

 

 

         

Total

     873         9,188,000         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 (GLA of 79,000; annualized base rent of $764,000) and Home Goods (GLA of 51,000; annualized base rent of $609,000), 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:

 

     GLA      % of GLA     Annualized
base rent
     Annualized
base rent
per sq. ft.
     Percentage
annualized
base rents
 

Large tenants

     5,966,000         70.0   $ 62,845,000       $ 10.53         58.0

Small tenants

     2,553,000         30.0     45,560,000         17.85         42.0
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total

     8,519,000         100.0   $ 108,405,000       $ 12.73         100.0
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

 

18


CEDAR REALTY TRUST, INC.

Lease Expirations

As of September 30, 2014

 

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

     45         187,000         2.2   $ 2,100,000       $ 11.23         1.9

2014

     29         155,000         1.8     2,004,000         12.93         1.8

2015

     130         852,000         10.0     10,176,000         11.94         9.4

2016

     128         832,000         9.8     10,512,000         12.63         9.7

2017

     118         843,000         9.9     11,712,000         13.89         10.8

2018

     104         813,000         9.5     12,000,000         14.76         11.1

2019

     98         873,000         10.2     10,104,000         11.57         9.3

2020

     73         1,256,000         14.7     12,876,000         10.25         11.9

2021

     39         450,000         5.3     6,624,000         14.72         6.1

2022

     23         155,000         1.8     2,256,000         14.55         2.1

2023

     18         152,000         1.8     1,740,000         11.45         1.6

2024

     23         488,000         5.7     6,720,000         13.77         6.2

Thereafter

     45         1,463,000         17.2     19,581,000         13.38         18.1
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

All tenants

     873         8,519,000         100.0   $ 108,405,000       $ 12.73         100.0
          

 

 

    

 

 

    

 

 

 

Vacant space

     N/A         669,000         N/A           
  

 

 

    

 

 

    

 

 

         

Total portfolio

     873         9,188,000         N/A           
  

 

 

    

 

 

    

 

 

         

 

19


CEDAR REALTY TRUST, INC.

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

Same-Property NOI (a) (b)

 

     Three months ended September 30,  
     2014     2013  

Base Rents

   $ 21,070,000      $ 20,822,000   

Expense Recoveries

     5,565,000        5,674,000   
  

 

 

   

 

 

 

Total Revenues

     26,635,000        26,496,000   

Operating expenses

     7,818,000        7,901,000   
  

 

 

   

 

 

 

NOI

   $ 18,817,000      $ 18,595,000   
  

 

 

   

 

 

 

Occupied

     93.4     93.3

Leased

     93.6     93.9

Average base rent

   $ 12.87      $ 12.72   

Number of same properties

     50        50   

NOI growth

     1.2%   

 

     Nine months ended September 30,  
     2014     2013  

Base Rents

   $ 63,016,000      $ 61,606,000   

Expense Recoveries

     18,277,000        17,662,000   
  

 

 

   

 

 

 

Total Revenues

     81,293,000        79,268,000   

Operating expenses

     25,203,000        24,230,000   
  

 

 

   

 

 

 

NOI

   $ 56,090,000      $ 55,038,000   
  

 

 

   

 

 

 

Occupied

     93.4     93.3

Leased

     93.6     93.9

Average base rent

   $ 12.87      $ 12.72   

Number of same properties

     50        50   

NOI growth

     1.9%   

NOI growth, excluding dark anchor re-tenanting impact

     1.2%   

 

(a) Same-property NOI includes properties that were owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as “held for sale/conveyance”.
(b) Same-property NOI (i) excludes non-cash revenues such as straight-line rent adjustments and amortization of intangible lease liabilities, (ii) reflects internal management fees charged to properties, and (iii) excludes infrequent items, such as lease termination fee income.

 

20


CEDAR REALTY TRUST, INC.

2014 Acquisitions and Dispositions

 

Acquisition

   Location    GLA      Date
Acquired
     Purchase
Price
 

Quartermaster Plaza

   Philadelphia, PA      456,364         3/21/2014       $ 92,300,000   
           

 

 

 

Disposition

   Location    GLA      Date
Sold
     Sales
Price
 

Harbor Square (f/k/a Shore Mall)

   Egg Harbor, NJ      344,823         2/25/2014       $ 25,000,000   

McCormick Place

   Olmstead, OH      46,000         5/6/2014         2,679,000 (a) 

Gahanna Discount Drug Mart Plaza

   Columbus, OH      48,667         5/27/2014         4,982,000 (a) 

Fairview Plaza

   New Cumberland, PA      71,979         5/27/2014         12,450,000   

Townfair Center

   Indiana, PA      218,610         5/29/2014         22,600,000   

Lake Raystown Plaza

   Huntingdon, PA      142,559         6/25/2014         19,500,000   

Carbondale Plaza

   Carbondale, PA      120,689         7/18/2014         10,700,000   

Virginia Little Creek

   Norfolk, VA      69,620         8/22/2014         9,850,000   

Annie Land Plaza

   Lovingston, VA      42,500         9/26/2014         3,500,000   
           

 

 

 
            $ 111,261,000   
           

 

 

 

 

(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.

 

21


CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale/Conveyance

As of September 30, 2014

 

Property Description

   State    Percent
owned
    Real estate
at book
value
     GLA      Percent
occupied
    Average
base rent per
leased sq. ft.
 

Included in results from Continuing Operations

               

Circle Plaza

   PA      100   $ 1,492,000         92,171         100.0   $ 2.74   

Liberty Marketplace

   PA      100     12,539,000         68,200         98.2     18.03   

Smithfield Plaza (a)

   VA      100     11,960,000         134,664         91.9     9.40   

St. James Square

   MD      100     3,671,000         39,903         100.0     11.73   

Various land parcels

          1,701,000         N/A         N/A        N/A   
       

 

 

    

 

 

    

 

 

   

 

 

 
          31,363,000         334,938         96.4     9.58   
       

 

 

    

 

 

    

 

 

   

 

 

 

Included in results from Discontinued Operations

               

Huntingdon Plaza

   PA      100     2,079,000         142,845         64.9     4.50   

Maxatawny Marketplace

   PA      100     10,314,000         58,339         97.6     12.21   
       

 

 

    

 

 

    

 

 

   

 

 

 
          12,393,000         201,184         74.4     7.43   
       

 

 

    

 

 

    

 

 

   

 

 

 

Total Real Estate Held for Sale/Conveyance

        $ 43,756,000         536,122         88.1   $ 8.90   
       

 

 

    

 

 

    

 

 

   

 

 

 

 

(a) Property secures a mortgage loan payable of $6.6 million; property sold on October 21, 2014.

 

22


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 acquisition costs, amounts relating to early extinguishment of debt, gain on extinguishment of debt obligations, employee termination costs, 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 acquisition costs, impairment charges/reversals, employee termination costs, and gain on sales of real estate. 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.

 

23