EX-99.1

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.

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.

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

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.

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

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

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

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

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.

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.

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.

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.

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

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

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.

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.

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	%

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

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.

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.

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.

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.