Exhibit 99.1 

 

 

LOGO

 

SUPPLEMENTAL FINANCIAL INFORMATION

DECEMBER 31, 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

December 31, 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, 2014.

 

2


CEDAR REALTY TRUST REPORTS FOURTH

QUARTER AND FULL YEAR 2014 RESULTS

Port Washington, New York – February 19, 2015 – Cedar Realty Trust, Inc. (NYSE:CDR) today reported results for the fourth quarter and year ended December 31, 2014.

Highlights

 

  Operating funds from operations (Operating FFO) of $0.13 per diluted share for the quarter and $0.54 for the year

 

  Same-property net operating income (NOI) for the quarter increased 2.6% including redevelopments and 1.9% excluding redevelopments. Same property NOI for the year increased 1.6% including redevelopments and 1.8% excluding redevelopments.

 

  Signed 31 new and renewal leases for 232,800 square feet in the quarter and 173 new and renewal leases for 1.13 million square feet for the year

 

  Comparable cash-basis lease spreads of 10.3% for the quarter and 9.3% for the year

 

  Total portfolio 93.3% leased and same-property portfolio 93.7% leased at year-end

 

  During the year, completed a $92.3 million acquisition and $128.1 million of dispositions

 

  Subsequent to year-end, issued 5.75 million common shares for net proceeds of $41.9 million, closed $100 million of new unsecured term loans, and extended maturity dates of existing credit facility

 

  Net debt to EBITDA of 6.9 times after adjusting for the aforementioned $41.9 million equity offering

 

  Provided initial 2015 Operating FFO guidance of $0.51 to $0.54 per diluted share

“2014 was another solid year for Cedar as we effectively executed on a number of our long-term strategic objectives including continued capital migration into stronger markets and assets, ongoing improvements to our capital structure and further solid leasing results from our high quality portfolio of grocery-anchored shopping centers,” commented Bruce Schanzer, President and CEO.

Financial Results

Operating FFO for fourth quarter 2014 was $10.3 million or $0.13 per diluted share, compared to $9.2 million or $0.13 per diluted share for the same period in 2013. Operating FFO for full year 2014 was $42.5 million or $0.54 per diluted share, compared to $36.4 million or $0.50 per diluted share for the same period in 2013.

NAREIT-defined FFO for fourth quarter 2014 was $9.6 million or $0.12 per diluted share, compared to $18.1 million or $0.25 per diluted share for the same period in 2013. NAREIT-defined FFO for full year 2014 was $40.3 million or $0.51 per diluted share, compared to $44.9 million or $0.62 per diluted share for the same period in 2013. The principal differences between Operating FFO and NAREIT-defined FFO are acquisition costs, debt extinguishment amounts and preferred stock redemption costs.

 

3


Net income attributable to common shareholders for fourth quarter 2014 was $0.7 million or $0.01 per diluted share, compared to $2.3 million or $0.03 per diluted share for the same period in 2013. Net income attributable to common shareholders for full year 2014 was $14.6 million or $0.18 per diluted share, compared to net loss of $(1.1) million or $(0.03) per diluted share for the same period in 2013.

The principal differences between Operating FFO and NAREIT-defined FFO are acquisition costs, debt extinguishment amounts and preferred stock redemption costs.

Portfolio Results

Same-property NOI for the quarter increased 2.6% including redevelopments and 1.9% excluding redevelopments. Same property NOI for the year increased 1.6% including redevelopments and 1.8% excluding redevelopments.

During fourth quarter 2014, the Company signed 31 leases for 232,800 square feet. On a comparable space basis, the Company leased 224,600 square feet at a positive lease spread of 10.3% on a cash basis (new leases increased 12.9% and renewals increased 10.0%). For full year 2014, the Company signed 173 leases for 1.13 million square feet. On a comparable space basis, the Company leased 1.07 million square feet at a positive lease spread of 9.3% on a cash basis (new leases increased 10.2% and renewals increased 9.2%).

The Company’s total portfolio, excluding properties held for sale, was 93.3% leased at December 31, 2014, compared to 93.1% at September 30, 2014 and 93.6% at December 31, 2013. The decreases in year-over-year leased percentages reflect the Company’s capital migration efforts, whereby it disposed of properties having less desirable demographics but which had high average leased percentages. The Company’s same-property portfolio was 93.7% leased at December 31, 2014, compared to 93.5% at September 30, 2014 and 93.9% at December 31, 2013.

Acquisitions and Dispositions

During the fourth quarter, the Company sold two operating properties and a land parcel for aggregate proceeds of $16.8 million. For the full year, the Company acquired Quartermaster Plaza for $92.3 million and sold eleven operating properties and a land parcel for aggregate proceeds of $128.1 million.

Recent Activities

On January 12, 2015, the Company issued 5.75 million common shares for net proceeds of $41.9 million. The proceeds were initially used to reduce amounts outstanding under the Company’s revolving credit facility.

On February 5, 2015, the Company closed on $100.0 million of unsecured term loans effectively prefunding all of its 2015 mortgage debt maturities. The new unsecured term loans consist of a

 

4


five-year $50 million term loan, all the proceeds of which were drawn at closing, and a seven-year $50 million term loan that allows for delayed draws of the proceeds through July 1, 2015. The term loans are priced at LIBOR plus a spread based on the Company’s leverage ratio. The Company also entered into forward LIBOR swap agreements that result in an effective fixed interest rate of 2.9% for the five-year term loan and 3.4% for the seven-year term loan beginning July 1, 2015, based on the Company’s leverage ratio at closing.

Additionally, on February 5, 2015, the Company amended its unsecured credit facility extending the maturity date of its $260 million revolving facility from August 1, 2016 to February 5, 2019 and the maturity date for its existing $50 million term loan from August 1, 2018 to February 5, 2020. Initial pricing for the amended revolving facility and the existing $50 million term loan is LIBOR plus 150 bps and LIBOR plus 145 bps, respectively, a reduction of 25 bps and 10 bps, respectively.

Balance Sheet

As of December 31, 2014, the Company had $187.7 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization (EBITDA) of 7.4 times. Reflecting the January 12, 2015 equity offering, net debt to EBITDA is 6.9 times. Additionally, during 2014, the Company repaid approximately $169 million of secured mortgage debt, primarily with proceeds from $150 million of unsecured term loans which closed in February 2014.

2015 Guidance

The Company has established its initial 2015 guidance at a range of $0.51 to $0.54 per diluted share for Operating FFO and a range of $0.50 to $0.53 per diluted share for NAREIT-defined FFO. The principal difference in 2015 guidance between Operating FFO and NAREIT-defined FFO is acquisition costs. The Company will discuss assumptions surrounding guidance on today’s conference call.

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, as defined by NAREIT, 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.

 

5


Supplemental Financial Information Package

The Company has issued “Supplemental Financial Information” for the period ended December 31, 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, February 19, 2015, 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 19, 2015, until midnight (ET) on March 5, 2015. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13597830 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 59 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.

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, 2014, 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.

Philip R. Mays

Chief Financial Officer

(516) 944-4572

 

6


CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets

 

     December 31,  
     2014     2013  

ASSETS

    

Real estate

    

Land

   $ 312,868,000      $ 288,864,000   

Buildings and improvements

     1,163,305,000        1,162,087,000   
  

 

 

   

 

 

 
  1,476,173,000      1,450,951,000   

Less accumulated depreciation

  (267,211,000   (251,605,000
  

 

 

   

 

 

 

Real estate, net

  1,208,962,000      1,199,346,000   

Real estate held for sale/conveyance

  16,508,000      70,757,000   

Cash and cash equivalents

  3,499,000      3,973,000   

Restricted cash

  7,859,000      11,063,000   

Receivables

  18,405,000      18,492,000   

Other assets and deferred charges, net

  31,546,000      28,295,000   
  

 

 

   

 

 

 

TOTAL ASSETS

$ 1,286,779,000    $ 1,331,926,000   
  

 

 

   

 

 

 

LIABILITIES AND EQUITY

Mortgage loans payable

$ 393,388,000    $ 539,140,000   

Unsecured revolving credit facility

  72,000,000      153,500,000   

Unsecured term loans

  200,000,000      50,000,000   

Accounts payable and accrued liabilities

  22,364,000      22,666,000   

Unamortized intangible lease liabilities

  23,776,000      30,972,000   
  

 

 

   

 

 

 

Total liabilities

  711,528,000      796,278,000   
  

 

 

   

 

 

 

Noncontrolling interest - limited partners’ mezzanine OP Units

  396,000      414,000   
  

 

 

   

 

 

 

Equity:

Preferred stock

  190,661,000      190,661,000   

Common stock and other shareholders’ equity

  378,891,000      337,016,000   

Minority interests in consolidated joint ventures

  2,872,000      4,202,000   

Limited partners’ OP Units

  2,431,000      3,355,000   
  

 

 

   

 

 

 

Total equity

  574,855,000      535,234,000   
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

$ 1,286,779,000    $ 1,331,926,000   
  

 

 

   

 

 

 

 

7


CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

 

     Three months ended December 31,     Years ended December 31,  
     2014     2013     2014     2013  

PROPERTY REVENUES

        

Rents

   $ 28,803,000      $ 27,849,000      $ 116,505,000      $ 110,353,000   

Expense recoveries

     7,826,000        7,512,000        31,392,000        28,691,000   

Other

     36,000        55,000        287,000        554,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total property revenues

  36,665,000      35,416,000      148,184,000      139,598,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

PROPERTY OPERATING EXPENSES

Operating, maintenance and management

  6,321,000      6,602,000      26,604,000      24,418,000   

Real estate and other property-related taxes

  4,485,000      4,502,000      18,182,000      17,901,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total property operating expenses

  10,806,000      11,104,000      44,786,000      42,319,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

PROPERTY OPERATING INCOME

  25,859,000      24,312,000      103,398,000      97,279,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

OTHER EXPENSES AND INCOME

General and administrative

  3,736,000      4,006,000      14,356,000      13,980,000   

Employee termination costs

  —        —        —        106,000   

Acquisition costs

  —        182,000      2,870,000      182,000   

Depreciation and amortization

  9,894,000      12,270,000      38,700,000      44,405,000   

Gain on sales

  (271,000   (263,000   (6,413,000   (609,000

Impairment charges/(reversal), net

  85,000      296,000      3,148,000      (172,000
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other expenses and income

  13,444,000      16,491,000      52,661,000      57,892,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

OPERATING INCOME

  12,415,000      7,821,000      50,737,000      39,387,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

NON-OPERATING INCOME AND EXPENSES

Interest expense

  (7,890,000   (8,357,000   (32,301,000   (34,762,000

Early extinguishment of debt costs

  (675,000   —        (825,000   (106,000
  

 

 

   

 

 

   

 

 

   

 

 

 

Total non-operating income and expense

  (8,565,000   (8,357,000   (33,126,000   (34,868,000
  

 

 

   

 

 

   

 

 

   

 

 

 

INCOME (LOSS) FROM CONTINUING OPERATIONS

  3,850,000      (536,000   17,611,000      4,519,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

DISCONTINUED OPERATIONS

Income from operations

  68,000      865,000      1,647,000      2,280,000   

Impairment reversals/(charges), net

  363,000      (3,681,000   47,000      (3,049,000

Gain on extinguishment of debt obligations

  —        9,154,000      1,423,000      10,452,000   

Gain on sales

  —        —        7,963,000      —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Total income from discontinued operations

  431,000      6,338,000      11,080,000      9,683,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME

  4,281,000      5,802,000      28,691,000      14,202,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

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

Minority interests in consolidated joint ventures

  73,000      95,000      370,000      247,000   

Limited partners’ interest in Operating Partnership

  (4,000   (12,000   (80,000   (1,000
  

 

 

   

 

 

   

 

 

   

 

 

 

Total net loss attributable to noncontrolling interests

  69,000      83,000      290,000      246,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.

  4,350,000      5,885,000      28,981,000      14,448,000   

Preferred stock dividends

  (3,602,000   (3,602,000   (14,408,000   (14,413,000

Preferred stock redemption costs

  —        —        —        (1,166,000
  

 

 

   

 

 

   

 

 

   

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

$ 748,000    $ 2,283,000    $ 14,573,000    $ (1,131,000
  

 

 

   

 

 

   

 

 

   

 

 

 

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

Continuing operations

$ 0.00    $ (0.06 $ 0.04    $ (0.17

Discontinued operations

  0.01      0.09      0.14      0.14   
  

 

 

   

 

 

   

 

 

   

 

 

 
$ 0.01    $ 0.03    $ 0.18    $ (0.03
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of common shares - basic and diluted

  75,547,000      68,474,000      75,311,000      68,381,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

8


CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

Balance Sheets

 

     December 31  
     2014      2013  

Construction in process (included in buildings and improvements)

   $ 11,032,000       $ 7,728,000   
  

 

 

    

 

 

 

Receivables

Rents and other tenant receivables, net

$ 3,479,000    $ 3,282,000   

Straight-line rents

  14,926,000      15,210,000   
  

 

 

    

 

 

 
$ 18,405,000    $ 18,492,000   
  

 

 

    

 

 

 

Other assets and deferred charges, net

Lease origination costs

$ 18,180,000    $ 15,187,000   

Financing costs

  4,256,000      5,194,000   

Prepaid expenses

  6,689,000      5,234,000   

Other

  2,421,000      2,680,000   
  

 

 

    

 

 

 
$ 31,546,000    $ 28,295,000   
  

 

 

    

 

 

 

Statements of Operations

 

     Three months ended December 31,      Years ended December 31,  
     2014      2013      2014      2013  

Rents

           

Base rents

   $ 27,535,000       $ 26,334,000       $ 110,739,000       $ 103,721,000   

Percentage rent

     232,000         216,000         683,000         804,000   

Straight-line rents

     63,000         264,000         761,000         1,387,000   

Amortization of intangible lease liabilities, net

     973,000         1,035,000         4,322,000         4,441,000   
  

 

 

    

 

 

    

 

 

    

 

 

 
$ 28,803,000    $ 27,849,000    $ 116,505,000    $ 110,353,000   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

9


CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures

 

     Three months ended December 31,     Years ended December 31,  
     2014     2013     2014     2013  

Net income (loss) attributable to common shareholders

   $ 748,000      $ 2,283,000      $ 14,573,000      $ (1,131,000

Real estate depreciation and amortization

     9,812,000        12,493,000        38,365,000        45,280,000   

Limited partners’ interest

     4,000        12,000        80,000        1,000   

Impairment (reversals)/charges

     (278,000     3,977,000        3,101,000        2,877,000   

Gain on sales

     (271,000     (263,000     (14,376,000     (609,000

Consolidated minority interests:

        

Share of (loss)

     (73,000     (95,000     (370,000     (247,000

Share of FFO

     (293,000     (283,000     (1,100,000     (1,303,000
  

 

 

   

 

 

   

 

 

   

 

 

 

Funds From Operations (“FFO”)

  9,649,000      18,124,000      40,273,000      44,868,000   

Adjustments for items affecting comparability:

Early extinguishment of debt costs, net

  675,000      —        825,000      543,000   

Acquisition costs

  —        182,000      2,870,000      182,000   

Gain on extinguishment of debt obligations

  —        (9,154,000   (1,423,000   (10,452,000

Employee termination costs

  —        —        —        106,000   

Preferred stock redemption costs

  —        —        —        1,166,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating Funds From Operations (“Operating FFO”)

$ 10,324,000    $ 9,152,000    $ 42,545,000    $ 36,413,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

FFO per diluted share:

$ 0.12    $ 0.25    $ 0.51    $ 0.62   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating FFO per diluted share:

$ 0.13    $ 0.13    $ 0.54    $ 0.50   
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average number of diluted common shares:

Common shares

  79,213,000      72,283,000      78,985,000      72,204,000   

OP Units

  393,000      375,000      433,000      297,000   
  

 

 

   

 

 

   

 

 

   

 

 

 
  79,606,000      72,658,000      79,418,000      72,501,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Additional Disclosures (Pro-Rata Share):

Straight-line rents

$ 69,000    $ 296,000    $ 785,000    $ 1,469,000   

Amortization of intangible lease liabilities

  915,000      972,000      4,087,000      4,083,000   

Non-real estate amortization

  519,000      371,000      2,450,000      2,231,000   

Share-based compensation, net

  1,102,000      1,009,000      3,531,000      3,701,000   

Maintenance capital expenditures (a)

  1,454,000      1,578,000      3,799,000      4,600,000   

Lease related expenditures (b)

  819,000      918,000      2,807,000      2,930,000   

Development and redevelopment capital expenditures

  4,095,000      3,087,000      11,374,000      13,655,000   

Capitalized interest and financing costs

  161,000      80,000      757,000      915,000   

 

(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 December 31,     Years ended December 31,  
     2014     2013     2014     2013  

EBITDA Calculation

        

Income (loss) from continuing operations

   $ 3,850,000      $ (536,000   $ 17,611,000      $ 4,519,000   

Add (deduct):

        

Interest expense (including early extinguishment of debt costs)

     8,565,000        8,358,000        33,126,000        34,872,000   

Depreciation and amortization

     9,894,000        12,270,000        38,700,000        44,405,000   

Minority interests share of consolidated joint venture EBITDA

     (812,000     (802,000     (3,159,000     (3,363,000

Discontinued operations:

        

Income from operations

     68,000        865,000        1,647,000        2,280,000   

Interest expense (including early extinguishment of debt costs)

     —          511,000        631,000        2,892,000   

Depreciation and amortization

     —          314,000        —          1,258,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

  21,565,000      20,980,000      88,556,000      86,863,000   

Adjustments for items affecting comparability:

Impairment charges/(reversal), net

  85,000      296,000      3,148,000      (172,000

Gain on sales

  (271,000   (263,000   (6,413,000   (609,000

Acquisition costs

  —        182,000      2,870,000      182,000   

Employee termination costs

  —        —        —        106,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

$ 21,379,000    $ 21,195,000    $ 88,161,000    $ 86,370,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Pro-rata share of net debt (a)

Pro-rata share of debt

$ 632,694,000    $ 710,126,000    $ 632,694,000    $ 710,126,000   

Pro-rata share of unrestricted cash and cash equivalents

  (3,022,000   (2,862,000   (3,022,000   (2,862,000
  

 

 

   

 

 

   

 

 

   

 

 

 
$ 629,672,000    $ 707,264,000    $ 629,672,000    $ 707,264,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Pro-rata fixed charges (a)

Interest expense (b)

$ 7,063,000    $ 8,110,000    $ 29,421,000    $ 33,829,000   

Preferred stock dividends

  3,602,000      3,602,000      14,408,000      14,413,000   

Scheduled mortgage repayments

  1,519,000      2,188,000      7,161,000      8,925,000   
  

 

 

   

 

 

   

 

 

   

 

 

 
$ 12,184,000    $ 13,900,000    $ 50,990,000    $ 57,167,000   
  

 

 

   

 

 

   

 

 

   

 

 

 

Debt and Coverage Ratios

Net debt to Adjusted EBITDA (c)

  7.4x  (d)    7.9x      7.4x      8.0x   

Interest coverage ratio (based on Adjusted EBITDA)

  3.0x      2.6x      3.0x      2.6x   

Fixed charge coverage ratio (based on Adjusted EBITDA)

  1.8x      1.5x      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 the annualized 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.
(d) This ratio is 6.9x after adjustment for the January 12, 2015 equity offering.

 

11


CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of December 31, 2014

 

Property

   Percent
Owned
   

Maturity Date

   Interest
Rate (a)
    Amounts  

Fixed-rate mortgages:

         

New London Mall

     40 % (b)    Apr 2015      4.9   $ 27,365,000  (c) 

Oak Ridge Shopping Center

     100   May 2015      5.5     3,166,000  (c) 

Pine Grove Plaza

     100   Sep 2015      5.0     5,197,000  (c) 

Groton Shopping Center

     100   Oct 2015      5.3     11,064,000  (c) 

Quartermaster Plaza

     100   Oct 2015      5.3     41,668,000  (c) 

Southington Center

     100   Nov 2015      5.1     5,209,000  (c) 

Jordan Lane

     100   Dec 2015      5.5     11,851,000  (c) 

Oakland Mills

     100   Jan 2016      5.5     4,457,000   

Franklin Village Plaza

     100   Aug 2016      4.1     41,344,000   

West Bridgewater Plaza

     100   Sep 2016      6.2     10,277,000   

Carman’s Plaza

     100   Oct 2016      6.2     33,500,000   

Hamburg Square

     100   Oct 2016      6.1     4,732,000   

Meadows Marketplace

     100   Nov 2016      5.6     9,432,000   

San Souci Plaza

     40   Dec 2016      6.2     27,200,000   

Camp Hill

     100   Jan 2017      5.5     62,464,000   

Golden Triangle

     100   Feb 2018      6.0     19,320,000   

Gold Star Plaza

     100   May 2019      7.3     1,273,000   

Swede Square

     100   Nov 2020      5.5     9,999,000   

Colonial Commons

     100   Feb 2021      5.5     26,267,000   

The Point

     100   Nov 2022      4.5     29,001,000   

Metro Square

     100   Nov 2029      7.5     8,004,000   
         

 

 

 

Total fixed-rate mortgages

weighted average   5.4   392,790,000   

Net unamortized premium

  598,000   
         

 

 

 

Total mortgage debt, net

  393,388,000   
         

 

 

 

Unsecured debt:

Variable-rate:

Revolving credit facility (d)

Aug 2016   1.9   72,000,000   

Term loan (e)

Aug 2018   1.9   50,000,000   

Fixed-rate (f):

Term loan

Feb 2019   3.2   75,000,000   

Term loan

Feb 2021   4.1   75,000,000   
         

 

 

 

Total unsecured debt

weighted average   2.8   272,000,000   
         

 

 

 

Total debt

weighted average   4.3 $ 665,388,000   
         

 

 

 

Pro-rata share of total debt reconciliation:

Total debt

$ 665,388,000   

Less pro-rata share attributable to joint venture minority interests

  (32,694,000
         

 

 

 

Pro-rata share of total debt

$ 632,694,000   
         

 

 

 

Fixed to variable rate-debt ratio:

Fixed-rate debt

  80.7 $ 510,694,000   

Variable-rate debt

  19.3   122,000,000   
       

 

 

   

 

 

 
  100.0 $ 632,694,000   
       

 

 

   

 

 

 
(a) For variable-rate debt, rate in effect as of December 31, 2014.
(b) On January 23, 2015, the Company acquired the remaining 60% interest in this joint venture, giving the Company a 100% ownership interest in this property.
(c) To be refinanced with the proceeds from unsecured term loans which closed on February 5, 2015, comprised of a $50.0 million five-year term loan and a $50.0 million seven-year term loan.
(d) As amended on February 5, 2015, now due in February 2019, subject to a one-year extension option.
(e) As amended on February 5, 2015, now due in February 2020.
(f) The Company has entered into forward interest rate swap agreements which convert the LIBOR rates to fixed rates for the full term of the loans.

 

12


CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of December 31, 2014

 

     Secured Debt     Unsecured Debt        

Year

   Scheduled
Amortization
     Balloon
Payments
    Revolving
Credit Facility
    Term
Loans
    Total  

2015

   $ 5,773,000       $ 104,352,000  (a)    $ —        $ —        $ 110,125,000   

2016

     4,220,000         128,564,000        —          —          132,784,000   

2017

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

2018

     2,148,000         18,007,000        —          —          20,155,000   

2019

     2,036,000         —          72,000,000  (b)      75,000,000        149,036,000   

2020

     1,981,000         8,849,000        —          50,000,000  (b)      60,830,000   

2021

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

2022

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

Thereafter

     4,498,000         472,000        —          —          4,970,000   
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 
$ 25,378,000    $ 367,412,000    $ 72,000,000    $ 200,000,000      664,790,000   
  

 

 

    

 

 

   

 

 

   

 

 

   

Net unamortized premium

  

  598,000   
           

 

 

 
$ 665,388,000   
           

 

 

 

 

(a) To be substantially refinanced with the proceeds from unsecured term loans which closed on February 5, 2015, comprised of a $50.0 million five-year term loan and a $50.0 million seven-year term loan.
(b) Maturity dates reflect amendment on February 5, 2015. Additionally, the revolving credit facility is subject to a one-year extension option.

 

13


CEDAR REALTY TRUST, INC.

Real Estate Summary

As of December 31, 2014

 

                                  Average              
          Percent     Year           Percent     base rent per     

Major Tenants (a)

 

Property Description

        owned     acquired    GLA      occupied     leased sq. ft.     

Name

   GLA  

Connecticut

                     

Big Y Shopping Center

        100   2013      101,105         100.0   $ 22.75      

Big Y

     63,817   

Brickyard Plaza

        100   2004      227,193         85.4     8.43      

Home Depot

     103,003   
                  

Kohl’s

     58,966   
                  

Michaels

     21,429   

Groton Shopping Center

        100   2007      117,186         89.0     11.60      

TJ Maxx

     30,000   
                  

Goodwill

     21,306   

Jordan Lane

        100   2005      177,504         96.6     11.10      

Stop & Shop

     60,632   
                  

CW Price

     39,280   
                  

Retro Fitness

     20,283   

New London Mall

        40 % (b)    2009      259,566         91.8     14.75      

Shop Rite

     64,017   
                  

Marshalls

     30,627   
                  

Home Goods

     25,432   
                  

Petsmart

     23,500   
                  

A.C. Moore

     20,932   

Oakland Commons

        100   2007      90,100         100.0     6.37      

Walmart

     54,911   
                  

Bristol Ten Pin

     35,189   

Southington Center

        100   2003      155,842         98.5     7.08      

Walmart

     95,482   
                  

NAMCO

     20,000   
          

 

 

    

 

 

   

 

 

       

Total Connecticut

             1,128,496         93.3     11.61         
          

 

 

    

 

 

   

 

 

       

Maryland

                     

Kenley Village

        100   2005      51,894         71.4     8.82      

Food Lion

     29,000   

Metro Square

        100   2008      71,896         100.0     19.26      

Shoppers Food Warehouse

     58,668   

Oakland Mills

        100   2005      58,224         100.0     13.99      

Food Lion

     43,470   

San Souci Plaza

        40   2009      264,134         79.3     10.32      

Shoppers Food Warehouse

     61,466   
                  

Marshalls

     27,000   
                  

Maximum Health and Fitness

     15,612   

Valley Plaza

        100   2003      190,939         100.0     5.06      

K-Mart

     95,810   
                  

Ollie’s Bargain Outlet

     41,888   
                  

Tractor Supply

     32,095   

Yorktowne Plaza

        100   2007      158,982         88.4     13.72      

Food Lion

     37,692   
          

 

 

    

 

 

   

 

 

       

Total Maryland

             796,069         89.0     10.71         
          

 

 

    

 

 

   

 

 

       

Massachusetts

                     

Fieldstone Marketplace

        100   2005/2012      193,970         94.0     10.53      

Shaw’s

     68,000   
                  

Flagship Cinema

     41,975   
                  

New Bedford Wine and Spirits

     15,180   

Franklin Village Plaza

        100   2004/2012      303,085         92.6     20.35      

Stop & Shop

     75,000   
                  

Marshalls

     26,890   
                  

Team Fitness

     15,807   

Kings Plaza

        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

        100   2006      102,459         98.2     8.96      

Hannaford Brothers

     42,598   
                  

Planet Fitness

     18,830   
                  

Dollar Tree

     16,798   

The Shops at Suffolk Downs

        100   2005      121,320         100.0     13.62      

Stop & Shop

     74,977   

Timpany Plaza

        100   2007      183,775         100.0     7.45      

Stop & Shop

     59,947   
                  

Big Lots

     28,027   
                  

Gardner Theater

     27,576   

Webster Plaza

        100   2007      101,824         91.7     10.41      

Price Chopper

     58,545   

West Bridgewater Plaza

        100   2007      133,039         96.9     8.46      

Shaw’s

     57,315   
                  

Big Lots

     25,000   
                  

Planet Fitness

     15,000   
          

 

 

    

 

 

   

 

 

       

Total Massachusetts

             1,307,715         95.7     11.71         
          

 

 

    

 

 

   

 

 

       

New Jersey

                     

Carll’s Corner

        100   2007      129,582         84.7     8.79      

Acme Markets

     55,000   
                  

Peebles

     18,858   

Pine Grove Plaza

        100   2003      86,089         95.1     11.04      

Peebles

     24,963   

Washington Center Shoppes

        100   2001      157,394         92.6     9.29      

Acme Markets

     66,046   
                  

Planet Fitness

     20,742   
          

 

 

    

 

 

   

 

 

       

Total New Jersey

             373,065         90.4     9.55         
          

 

 

    

 

 

   

 

 

       

 

14


CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of December 31, 2014

 

                             Average              
     Percent     Year           Percent     base rent per     

Major Tenants (a)

 

Property Description

   owned     acquired    GLA      occupied     leased sq. ft.     

Name

   GLA  

New York

                  

Carman’s Plaza

     100   2007      194,082         75.0     19.41      

Pathmark

     52,211   
       

 

 

    

 

 

   

 

 

       
               

Home Goods

     25,806   
               

Department of Motor Vehicle

     19,310   

Pennsylvania

                  

Academy Plaza

     100   2001      137,415         91.4     14.36      

Acme Markets

     50,918   

Camp Hill

     100   2002      461,560         99.3     14.07      

Boscov’s

     159,040   
               

Giant Foods

     92,939   
               

LA Fitness

     45,000   
               

Orthopedic Inst of PA

     40,904   
               

Barnes & Noble

     24,908   
               

Staples

     20,000   

Colonial Commons

     100   2011      461,914         90.0     13.79      

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

     100 % (c)    2008      133,717         93.7     19.84      

Giant Foods

     78,815   

Fairview Commons

     100   2007      42,314         56.2     10.11      

Family Dollar

     10,789   

Fort Washington Center

     100   2002      41,000         100.0     21.83      

LA Fitness

     41,000   

Gold Star Plaza

     100   2006      71,720         82.2     8.97      

Redner’s

     48,920   

Golden Triangle

     100   2003      202,943         95.4     12.77      

LA Fitness

     44,796   
               

Marshalls

     30,000   
               

Staples

     24,060   
               

Just Cabinets

     18,665   
               

Aldi

     15,242   

Halifax Plaza

     100   2003      51,510         100.0     12.61      

Giant Foods

     32,000   

Hamburg Square

     100   2004      99,580         95.2     6.47      

Redner’s

     56,780   
               

Peebles

     19,683   

Maxatawny Marketplace

     100   2011      58,339         100.0     12.21      

Giant Foods

     53,914   

Meadows Marketplace

     100   2004/2012      91,518         100.0     15.64      

Giant Foods

     67,907   

Mechanicsburg Center

     100   2005      51,500         100.0     22.57      

Giant Foods

     51,500   

Newport Plaza

     100   2003      64,489         100.0     11.76      

Giant Foods

     43,400   

Northside Commons

     100   2008      69,136         100.0     9.85      

Redner’s

     53,019   

Palmyra Shopping Center

     100   2005      111,051         94.5     6.73      

Weis Markets

     46,912   
               

Goodwill

     18,104   

Port Richmond Village

     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

     100   2014      456,364         96.9     13.99      

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

     100   2003      226,786         90.2     19.72      

United Artists

     77,700   
               

Avalon Carpet

     25,000   
               

Pep Boys

     22,000   
               

Staples

     18,000   

South Philadelphia

     100   2003      283,415         83.1     14.49      

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 December 31, 2014

 

                             Average              
     Percent     Year           Percent     base rent per     

Major Tenants (a)

 

Property Description

   owned     acquired    GLA      occupied     leased sq. ft.     

Name

   GLA  

Pennsylvania (continued)

                  

Swede Square

     100   2003      100,816         97.0     17.43      

LA Fitness

     37,200   

The Commons

     100   2004      203,426         87.5     8.13      

Bon-Ton

     54,500   
               

Shop ’n Save

     52,654   
               

TJ Maxx

     24,404   

The Point

     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

     100   2005      339,279         90.2     9.68      

Kohl’s

     90,230   
               

Bon-Ton

     62,000   
               

Lehigh Wellness Partners

     33,227   
               

Oxyfit Gym

     28,870   
               

Marshalls

     28,488   

Trexlertown Plaza

     100   2006      313,929         89.3     12.09      

Giant Foods

     78,335   
               

Hobby Lobby

     57,512   
               

Redner’s

     47,900   
               

Big Lots

     33,824   
               

Tractor Supply

     19,097   

Upland Square

     100   2007      394,598         94.4     17.03      

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

          4,891,264         93.2     13.63         
       

 

 

    

 

 

   

 

 

       

Virginia

                  

Coliseum Marketplace

     100   2005      106,648         100.0     16.26      

Farm Fresh

     57,662   
               

Michaels

     23,981   

Elmhurst Square

     100   2006      66,250         85.5     9.38      

Food Lion

     38,272   

Fredericksburg Way

     100   2005      63,000         100.0     18.47      

Ukrop’s Supermarket

     63,000   

General Booth Plaza

     100   2005      71,639         96.6     13.97      

Farm Fresh

     53,758   

Glen Allen Shopping Center

     100   2005      63,328         100.0     6.61      

Giant Foods

     63,328   

Kempsville Crossing

     100   2005      79,512         98.4     10.64      

Walmart

     41,975   
               

Farm Fresh

     16,938   

Oak Ridge Shopping Center

     100   2006      38,700         92.2     10.69      

Food Lion

     33,000   

Suffolk Plaza

     100   2005      67,216         100.0     9.90      

Farm Fresh

     67,216   
       

 

 

    

 

 

   

 

 

       

Total Virginia

          556,293         97.1     12.40         
       

 

 

    

 

 

   

 

 

       

Total (93.3% leased at December 31, 2014)

          9,246,984         92.9   $ 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, based on GLA.
(b) On January 23, 2015, the Company acquired the remaining 60% interest in this joint venture, giving the Company a 100% ownership interest in this property.
(c) 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

                   

4th Quarter 2014

     30         224,600       $ 16.26       $ 14.74         10.3   $ 3.11         5.3   

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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total

  159      1,072,200    $ 13.50    $ 12.36      9.3 $ 1.30      5.1   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

New Leases - Comparable

4th Quarter 2014

  3      20,600    $ 17.27    $ 15.29      12.9 $ 33.94      7.4   

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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total

  23      102,300    $ 15.52    $ 14.09      10.2 $ 13.59      8.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Renewals - Comparable

4th Quarter 2014

  27      204,000    $ 16.16    $ 14.68      10.0 $ 0.00      5.1   

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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total

  136      969,900    $ 13.29    $ 12.17      9.2 $ 0.00      4.8   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total Comparable and Non-Comparable

4th Quarter 2014

  31      232,800    $ 16.38      N/A      N/A    $ 3.00      5.5   

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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total

  173      1,128,800    $ 13.75      N/A      N/A    $ 2.11      5.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

(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.

 

17


CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of December 31, 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

     12         785,000         8.5   $ 11,703,000       $ 14.91         10.7

LA Fitness

     7         282,000         3.0     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         2.0

Home Depot

     2         253,000         2.7     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     1,945,000         10.69         1.8

Shop Rite

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

BJ’s Wholesale Club

     1         118,000         1.3     1,683,000         14.26         1.5

Redner’s

     4         207,000         2.2     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         1.8     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         0.9
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Sub-total top twenty tenants

  84      3,724,000      40.3   45,113,000      12.11      41.3

Remaining tenants

  786      4,869,000      52.7   64,233,000      13.19      58.7
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Sub-total all tenants (b)

  870      8,593,000      92.9 $ 109,346,000    $ 12.73      100.0
          

 

 

    

 

 

    

 

 

 

Vacant space

  N/A      654,000      7.1
  

 

 

    

 

 

    

 

 

         

Total

  870      9,247,000      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:

 

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

Large tenants

     6,068,000         70.6   $ 64,084,000       $ 10.56         58.6

Small tenants

     2,525,000         29.4     45,262,000         17.93         41.4
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total

  8,593,000      100.0 $ 109,346,000    $ 12.73      100.0
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

 

18


CEDAR REALTY TRUST, INC.

Lease Expirations

As of December 31, 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

     51         231,000         2.7   $ 2,484,000       $ 10.75         2.3

2015

     121         746,000         8.7     8,568,000         11.49         7.8

2016

     138         880,000         10.2     11,196,000         12.72         10.2

2017

     117         843,000         9.8     11,736,000         13.92         10.7

2018

     102         809,000         9.4     11,952,000         14.77         10.9

2019

     104         892,000         10.4     10,620,000         11.91         9.7

2020

     85         1,379,000         16.0     14,640,000         10.62         13.4

2021

     39         449,000         5.2     6,588,000         14.67         6.0

2022

     24         163,000         1.9     2,388,000         14.65         2.2

2023

     19         154,000         1.8     1,776,000         11.53         1.6

2024

     24         516,000         6.0     7,068,000         13.70         6.5

2025

     14         402,000         4.7     5,604,000         13.94         5.1

Thereafter

     32         1,129,000         13.1     14,726,000         13.04         13.5
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

All tenants

  870      8,593,000      100.0 $ 109,346,000    $ 12.73      100.0
          

 

 

    

 

 

    

 

 

 

Vacant space

  N/A      654,000      N/A   
  

 

 

    

 

 

    

 

 

         

Total portfolio

  870      9,247,000      N/A   
  

 

 

    

 

 

    

 

 

         

 

19


CEDAR REALTY TRUST, INC.

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

Same-Property NOI (a)

 

     Three months ended December 31,  
     2014     2013  

Base Rents

   $ 22,046,000      $ 21,760,000   

Expense Recoveries

     6,499,000        6,467,000   
  

 

 

   

 

 

 

Total Revenues

  28,545,000      28,227,000   

Operating expenses

  8,823,000      8,870,000   
  

 

 

   

 

 

 

NOI

$ 19,722,000    $ 19,357,000   
  

 

 

   

 

 

 

Occupied

  93.2   93.6

Leased

  93.7   93.9

Average base rent

$ 12.72    $ 12.59   

Number of same properties

  52      52   

NOI growth

  1.9%   
     Years ended December 31,  
     2014     2013  

Base Rents

   $ 84,156,000      $ 82,436,000   

Expense Recoveries

     24,406,000        23,907,000   
  

 

 

   

 

 

 

Total Revenues

  108,562,000      106,343,000   

Operating expenses

  33,524,000      32,634,000   
  

 

 

   

 

 

 

NOI

$ 75,038,000    $ 73,709,000   
  

 

 

   

 

 

 

Occupied

  93.3   93.8

Leased

  93.8   94.2

Average base rent

$ 12.87    $ 12.71   

Number of same properties

  50      50   

NOI growth

  1.8%   

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”. 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   

Smithfield Plaza

   Smithfield, VA      134,664         10/21/2014         12,350,000   

Blue Mountain Commons land parcel

   Harrisburg, PA      N/A         10/22/2014         350,000   

St. James Square

   Hagerstown, MA      39,903         11/5/2014         4,125,000   
           

 

 

 
$ 128,086,000   
           

 

 

 

 

(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 December 31, 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     13,084,000         68,200         98.2     18.04   
       

 

 

    

 

 

    

 

 

   

 

 

 
  14,576,000      160,371      99.3   9.18   
       

 

 

    

 

 

    

 

 

   

 

 

 

Included in results from Discontinued Operations

Huntingdon Plaza (a)

PA   100   1,932,000      142,845      64.9   4.50   
       

 

 

    

 

 

    

 

 

   

 

 

 

Total Real Estate Held for Sale/Conveyance

$ 16,508,000      303,216      83.1 $ 7.46   
       

 

 

    

 

 

    

 

 

   

 

 

 

 

(a) Property sold on February 2, 2015.

 

22


CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

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.

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