EX-99.1

Exhibit 99.1

LOGO

SUPPLEMENTAL FINANCIAL INFORMATION

MARCH 31, 2015

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

March 31, 2015

(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
2015 Acquisitions and Dispositions			21
Summary of Real Estate Held For Sale			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 and Form 10-Q for the quarter ended March 31, 2015.

CEDAR REALTY TRUST REPORTS

FIRST QUARTER 2015 RESULTS

Port Washington, New York – May 5, 2015 – Cedar Realty Trust, Inc. (NYSE:CDR) today reported results for the first quarter ended March 31, 2015.

Operating Highlights

•

Operating funds from operations (Operating FFO) of $0.13 per diluted share

•

Same-property net operating income (NOI) increased 2.0% including redevelopments and 1.2% excluding redevelopments

•

Signed 33 new and renewal leases for 312,900 square feet

•

Comparable cash-basis lease spreads of 8.3%

•

Total portfolio 93.1% leased and same-property portfolio 93.7% leased at quarter-end

Summary of Previously-Announced Activities

•

On January 12, 2015, the Company issued 5.75 million common shares for net proceeds of $41.9 million

•

On January 23, 2015, the Company acquired Lawndale Plaza located in Philadelphia, Pennsylvania for $25.2 million

•

On February 5, 2015, the Company closed $100 million of new unsecured term loans ($50 million five-year term loan borrowed at closing and $50 million seven-year term loan to be drawn by July 1, 2015), effectively prefunding all 2015 mortgage debt maturities

•

On February 5, 2015, the Company extended the maturity dates of its unsecured revolving credit facility from August 1, 2016 to February 5, 2019 and its previously outstanding $50 million term loan from August 1, 2018 to February 5, 2020

•

On February 27, 2015, the Company acquired the remaining 60% interest in New London Mall located in New London, Connecticut for $27.3 million resulting in the property now being wholly-owned

“During the first quarter of 2015, we continued to advance our long-term business plan. Our acquisitions, solid leasing results, equity offering and debt refinancing activities all strengthen the Company’s foundation that is being established to deliver long-term shareholder value creation,” commented Bruce Schanzer, President and CEO.

Financial Results

Operating FFO for first quarter 2015 was $10.6 million or $0.13 per diluted share, compared to $10.3 million or $0.13 per diluted share for the same period in 2014. NAREIT-defined FFO for first quarter 2015 was $10.1 million or $0.12 per diluted share, compared to $7.3 million or $0.09 per diluted share for the same period in 2014. The principal differences between Operating FFO and NAREIT-defined FFO are acquisition costs and debt extinguishment amounts.

Net loss attributable to common shareholders for first quarter 2015 was $(123,000) or $(0.00) per diluted share, compared to $(1.8) million or $(0.03) per diluted share for the same period in 2014.

Portfolio Results

Same-property NOI for the quarter increased 2.0% including redevelopments and 1.2% excluding redevelopments. Results for 2015 included higher snow removal costs.

During first quarter 2015, the Company signed 33 leases for 312,900 square feet. On a comparable space basis, the Company leased 285,500 square feet at a positive lease spread of 8.3% on a cash basis (new leases increased 12.1% and renewals increased 7.3%).

The Company’s total portfolio, excluding properties held for sale, was 93.1% leased at March 31, 2015, compared to 93.1% at December 31, 2014 and 93.5% at March 31, 2014. The Company’s same-property portfolio was 93.7% leased at March 31, 2015, compared to 93.9% at December 31, 2014 and 94.0% at March 31, 2014.

Balance Sheet

As of March 31, 2015, the Company had $184.0 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization (EBITDA) of 7.4 times. Additionally, as previously announced, the Company has effectively prefunded its 2015 mortgage maturities with $100 million of unsecured term loans.

2015 Guidance

The Company reaffirms its previously-announced 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.

Quarterly Dividends

The Company will pay a cash dividend of $0.05 per share on the Company’s common stock and $0.453125 per share on the Company’s 7.25% Series B Cumulative Redeemable Preferred Stock on May 20, 2015 to shareholders of record as of the close of business on May 8, 2015.

Non-GAAP Financial Measures

NAREIT-defined 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 in understanding financial performance and provides a relevant basis for comparison among REITs. The Company also presents Operating Funds From Operations (Operating FFO), which excludes certain items that are not indicative of the operating results provided by the Company’s core portfolio and that affect the comparability of the Company’s period-over-period performance. A reconciliation of net income (loss) attributable to common shareholders to FFO and Operating FFO for the three months ended March 31, 2015 and 2014 is detailed in the attached schedule.

Supplemental Financial Information Package

The Company has issued “Supplemental Financial Information” for the period ended March 31, 2015. 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, May 5, 2015, at 5:00 PM (ET) to discuss the first quarter results. The conference call can be accessed by dialing (877) 705-6003 or (1) (201) 493-6725 for international participants. A live webcast of the conference call will be available online on the Company’s website at www.cedarrealtytrust.com.

A replay of the call will be available from 8:00 PM (ET) on May 5, 2015, until midnight (ET) on May 19, 2015. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13603949 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 9.3 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


	March 31,			December 31,
	2015			2014
ASSETS
Real estate
Land	$	315,807,000		$	312,868,000
Buildings and improvements		1,183,270,000			1,163,305,000

		1,499,077,000			1,476,173,000
Less accumulated depreciation		(274,456,000	)		(267,211,000	)

Real estate, net		1,224,621,000			1,208,962,000
Real estate held for sale		16,749,000			16,508,000
Cash and cash equivalents		3,771,000			3,499,000
Restricted cash		7,845,000			7,859,000
Receivables		21,308,000			18,405,000
Other assets and deferred charges, net		32,643,000			31,546,000

TOTAL ASSETS	$	1,306,937,000		$	1,286,779,000


LIABILITIES AND EQUITY
Mortgage loans payable	$	361,267,000		$	393,388,000
Unsecured revolving credit facility		48,000,000			72,000,000
Unsecured term loans		250,000,000			200,000,000
Accounts payable and accrued liabilities		24,563,000			22,364,000
Unamortized intangible lease liabilities		23,674,000			23,776,000

Total liabilities		707,504,000			711,528,000


Noncontrolling interest - limited partners’ mezzanine OP Units		389,000			396,000


Equity:
Preferred stock		190,661,000			190,661,000
Common stock and other shareholders’ equity		406,667,000			378,891,000
Minority interests in consolidated joint ventures		(655,000	)		2,872,000
Limited partners’ OP Units		2,371,000			2,431,000

Total equity		599,044,000			574,855,000


TOTAL LIABILITIES AND EQUITY	$	1,306,937,000		$	1,286,779,000

CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations


	Three months ended March 31,
	2015			2014

PROPERTY REVENUES
Rents	$	28,962,000		$	28,540,000
Expense recoveries		9,621,000			9,117,000
Other		52,000			55,000

Total property revenues		38,635,000			37,712,000

PROPERTY OPERATING EXPENSES
Operating, maintenance and management		8,344,000			8,168,000
Real estate and other property-related taxes		4,687,000			4,551,000

Total property operating expenses		13,031,000			12,719,000


PROPERTY OPERATING INCOME		25,604,000			24,993,000


OTHER EXPENSES AND INCOME
General and administrative		3,919,000			3,524,000
Acquisition costs		499,000			2,870,000
Depreciation and amortization		9,508,000			9,448,000
Impairment charges		1,109,000			88,000

Total other expenses and income		15,035,000			15,930,000


OPERATING INCOME		10,569,000			9,063,000


NON-OPERATING INCOME AND EXPENSES
Interest expense		(7,278,000	)		(8,071,000	)
Early extinguishment of debt costs		(57,000	)		(88,000	)

Total non-operating income and expense		(7,335,000	)		(8,159,000	)


INCOME FROM CONTINUING OPERATIONS		3,234,000			904,000


DISCONTINUED OPERATIONS
Income from operations		12,000			864,000
Impairment reversals/(charges), net		153,000			(58,000	)

Total income from discontinued operations		165,000			806,000


NET INCOME		3,399,000			1,710,000


Add, net loss attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		78,000			66,000
Limited partners’ interest in Operating Partnership		2,000			11,000

Total net loss attributable to noncontrolling interests		80,000			77,000


NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		3,479,000			1,787,000

Preferred stock dividends		(3,602,000	)		(3,602,000	)

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(123,000	)	$	(1,815,000	)


PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)
Continuing operations	$	(0.01	)	$	(0.04	)
Discontinued operations		0.01			0.01

	$	(0.00	)	$	(0.03	)


Weighted average number of common shares - basic and diluted		80,719,000			74,620,000

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

Balance Sheets


	March 31,		December 31,
	2015		2014

Construction in process (included in buildings and improvements)	$	7,049,000	$	11,032,000


Receivables
Rents and other tenant receivables, net	$	6,201,000	$	3,479,000
Straight-line rents		15,107,000		14,926,000

	$	21,308,000	$	18,405,000

Other assets and deferred charges, net
Lease origination costs	$	18,101,000	$	18,180,000
Financing costs		6,416,000		4,256,000
Prepaid expenses		6,964,000		6,689,000
Other		1,162,000		2,421,000

	$	32,643,000	$	31,546,000

Statements of Operations


	Three months ended March 31,
	2015		2014
Rents
Base rents	$	27,792,000	$	27,091,000
Percentage rent		144,000		121,000
Straight-line rents		196,000		187,000
Amortization of intangible lease liabilities, net		830,000		1,141,000

	$	28,962,000	$	28,540,000

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures


	Three months ended March 31,
	2015			2014

Net loss attributable to common shareholders	$	(123,000	)	$	(1,815,000	)
Real estate depreciation and amortization		9,427,000			9,361,000
Limited partners’ interest		(2,000	)		(11,000	)
Impairment charges, net		956,000			146,000
Consolidated minority interests:
Share of loss		(78,000	)		(66,000	)
Share of FFO		(126,000	)		(307,000	)

Funds From Operations (“FFO”)		10,054,000			7,308,000
Adjustments for items affecting comparability:
Acquisition costs		499,000			2,870,000
Early extinguishment of debt costs		57,000			88,000

Operating Funds From Operations (“Operating FFO”)	$	10,610,000		$	10,266,000


FFO per diluted share:	$	0.12		$	0.09


Operating FFO per diluted share:	$	0.13		$	0.13


Weighted average number of diluted common shares:
Common shares		84,302,000			78,289,000
OP Units		393,000			480,000

		84,695,000			78,769,000


Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	198,000		$	196,000
Amortization of intangible lease liabilities		804,000			1,080,000
Non-real estate amortization		502,000			684,000
Share-based compensation, net		804,000			790,000
Maintenance capital expenditures (a)		312,000			413,000
Lease related expenditures (b)		508,000			809,000
Development and redevelopment capital expenditures		1,159,000			2,404,000
Capitalized interest and financing costs		163,000			201,000

(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 March 31,
	2015			2014
EBITDA Calculation

Income from continuing operations	$	3,234,000		$	904,000
Add (deduct):
Interest expense (including early extinguishment of debt costs)		7,335,000			8,159,000
Depreciation and amortization		9,508,000			9,448,000
Minority interests share of consolidated joint venture EBITDA		(442,000	)		(816,000	)
Discontinued operations:
Income from operations		12,000			864,000
Interest expense		—			401,000

EBITDA		19,647,000			18,960,000
Adjustments for items affecting comparability:
Impairment charges		1,109,000			88,000
Acquisition costs		499,000			2,870,000

Adjusted EBITDA	$	21,255,000		$	21,918,000


Pro-rata share of net debt (a)
Pro-rata share of debt	$	642,947,000		$	743,669,000
Pro-rata share of unrestricted cash and cash equivalents		(3,685,000	)		(4,043,000	)

	$	639,262,000		$	739,626,000


Pro-rata fixed charges (a)
Interest expense (b)	$	6,689,000		$	7,547,000
Preferred stock dividends		3,602,000			3,602,000
Scheduled mortgage repayments		1,541,000			2,302,000

	$	11,832,000		$	13,451,000


Debt and Coverage Ratios
Net debt to Adjusted EBITDA (c)		7.4x			7.9x
Interest coverage ratio (based on Adjusted EBITDA)		3.2x			2.9x
Fixed charge coverage ratio (based on Adjusted EBITDA)		1.8x			1.6x

(a)	Includes properties “held for sale”.

(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 (ii) lease termination income.

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of March 31, 2015


			Interest
Property	Maturity Date		Rate			Amounts
Fixed-rate mortgages:
Pine Grove Plaza		Sep 2015		5.0	%	$	5,162,000
Groton Shopping Center		Oct 2015		5.3	%		11,007,000
Quartermaster Plaza		Oct 2015		5.3	%		41,493,000
Southington Center		Nov 2015		5.1	%		5,174,000
Jordan Lane		Dec 2015		5.5	%		11,777,000
Oakland Mills		Jan 2016		5.5	%		4,429,000
Franklin Village Plaza		Aug 2016		4.1	%		41,130,000
West Bridgewater Plaza		Sep 2016		6.2	%		10,234,000
Carman’s Plaza		Oct 2016		6.2	%		33,500,000
Hamburg Square		Oct 2016		6.1	%		4,706,000
Meadows Marketplace		Nov 2016		5.6	%		9,378,000
San Souci Plaza (a)		Dec 2016		6.2	%		27,200,000
Camp Hill		Jan 2017		5.5	%		62,215,000
Golden Triangle		Feb 2018		6.0	%		19,222,000
Gold Star Plaza		May 2019		7.3	%		1,211,000
Swede Square		Nov 2020		5.5	%		9,956,000
Colonial Commons		Feb 2021		5.5	%		26,129,000
The Point		Nov 2022		4.5	%		28,871,000
Metro Square		Nov 2029		7.5	%		7,935,000

Total fixed-rate mortgages		*weighted average*		5.4	%		360,729,000
Net unamortized premium							538,000

Total mortgage debt, net							361,267,000


Unsecured debt:
Variable-rate (b):
Revolving credit facility (c)		Feb 2019		1.5	%		48,000,000
Term loan (d)		Feb 2020		1.5	%		50,000,000
Term loan		Feb 2020		1.6	%		50,000,000

Fixed-rate:
Term loan (e)		Feb 2019		2.9	%		75,000,000
Term loan (e)		Feb 2021		4.0	%		75,000,000
Term loan ($50.0 million to be borrowed by July 1, 2015) (f)		Feb 2022		—			—

Total unsecured debt		*weighted average*		2.5	%		298,000,000


Total debt		*weighted average*		4.1	%	$	659,267,000


Pro-rata share of total debt reconciliation:
Total debt						$	659,267,000
Less pro-rata share attributable to joint venture minority interest							(16,320,000	)

Pro-rata share of total debt						$	642,947,000


Fixed to variable rate-debt ratio:
Fixed-rate debt				77.0	%	$	494,947,000
Variable-rate debt				23.0	%		148,000,000

				100.0	%	$	642,947,000

(a)	The Company has a 40% ownership interest in this joint venture.

(b)	For variable-rate debt, rate in effect as of March 31, 2015.

(c)	Subject to a one-year extension option.

(d)	Beginning on July 1, 2015 through maturity, the Company has a forward interest rate swap that effectively converts this variable rate debt to a fixed rate of 2.8%.

(e)	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.

(f)	Beginning on July 1, 2015 through maturity, the Company has a forward interest rate swap that effectively converts this variable rate debt to a fixed rate of 3.3%.

CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of March 31, 2015


	Secured Debt				Unsecured Debt
	Scheduled		Balloon		Revolving			Term
Year	Amortization		Payments		Credit Facility			Loans		Total

2015	$	4,220,000	$	73,844,000	$	—		$	—	$	78,064,000
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		—		48,000,000	(a)		75,000,000		125,036,000
2020		1,981,000		8,849,000		—			100,000,000		110,830,000
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


	$	23,825,000	$	336,904,000	$	48,000,000		$	250,000,000		658,729,000


Net unamortized premium											538,000


										$	659,267,000

(a)	Subject to a one-year extension option.

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of March 31, 2015


								Average
	Year				Percent			base rent per		Major Tenants (a)
Property Description	acquired		GLA		occupied			leased sq. ft.		Name	GLA
Connecticut
Big Y Shopping Center		2013		101,105		100.0	%	$	22.75	Big Y		63,817
Brickyard Plaza		2004		227,193		85.4	%		8.69	Home Depot		103,003
										Kohl’s		58,966
										Michaels		21,429
Groton Shopping Center		2007		117,186		88.0	%		11.53	TJ Maxx		30,000
										Goodwill		21,306
Jordan Lane		2005		177,504		96.6	%		11.22	Stop & Shop		60,632
										CW Price		39,280
										Retro Fitness		20,283
New London Mall		2009		259,566		91.8	%		15.12	Shop Rite		64,017
										Marshalls		30,627
										Home Goods		25,432
										Petsmart		23,500
										A.C. Moore		20,932
Oakland Commons		2007		90,100		100.0	%		6.37	Walmart		54,911
										Bristol Ten Pin		35,189
Southington Center		2003		155,842		98.5	%		7.24	Walmart		95,482
										NAMCO		20,000

Total Connecticut				1,128,496		93.2	%		11.78


Maryland
Metro Square		2008		71,896		100.0	%		19.39	Shoppers Food Warehouse		58,668
Oakland Mills		2005		58,224		100.0	%		14.05	Food Lion		43,470
San Souci Plaza (b)		2009		264,134		79.3	%		10.46	Shoppers Food Warehouse		61,466
										Marshalls		27,000
										Maximum Health and Fitness		15,612
Valley Plaza		2003		190,939		100.0	%		5.12	K-Mart		95,810
										Ollie’s Bargain Outlet		41,888
										Tractor Supply		32,095
Yorktowne Plaza		2007		158,982		87.3	%		13.79	Food Lion		37,692

Total Maryland				744,175		90.0	%		10.90


Massachusetts
Fieldstone Marketplace		2005/2012		193,970		94.0	%		10.57	Shaw’s		68,000
										Flagship Cinema		41,975
										New Bedford Wine and Spirits		15,180
Franklin Village Plaza		2004/2012		303,096		90.6	%		20.77	Stop & Shop		75,000
										Marshalls		26,890
										Team Fitness		15,807
Kings Plaza		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		2006		102,459		98.2	%		8.98	Hannaford Brothers		42,598
										Planet Fitness		18,830
										Dollar Tree		16,798
The Shops at Suffolk Downs		2005		121,320		98.8	%		13.59	Stop & Shop		74,977
Timpany Plaza		2007		183,775		98.9	%		7.45	Stop & Shop		59,947
										Big Lots		28,027
										Gardner Theater		27,576
Webster Plaza		2007		101,824		100.0	%		10.25	Price Chopper		58,545
West Bridgewater Plaza		2007		133,039		78.1	%		9.78	Shaw’s		57,315
										Planet Fitness		15,000

Total Massachusetts				1,307,726		93.7	%		11.93

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of March 31, 2015


								Average
	Year				Percent			base rent per		Major Tenants (a)
Property Description	acquired		GLA		occupied			leased sq. ft.		Name	GLA
New Jersey
Carll’s Corner		2007		129,582		84.7	%		8.79	Acme Markets		55,000
										Peebles		18,858
Pine Grove Plaza		2003		86,089		95.1	%		11.59	Peebles		24,963
Washington Center Shoppes		2001		157,394		92.6	%		9.38	Acme Markets		66,046
										Planet Fitness		20,742

Total New Jersey				373,065		90.4	%		9.73


New York
Carman’s Plaza		2007		194,082		75.6	%		19.47	Pathmark		52,211

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

Pennsylvania
Academy Plaza		2001		137,415		91.4	%		14.51	Acme Markets		50,918
Camp Hill		2002		461,560		99.3	%		14.18	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		2011		461,914		90.0	%		13.82	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 (c)		2008		133,717		93.7	%		20.06	Giant Foods		78,815
Fairview Commons		2007		42,314		56.2	%		10.20	Family Dollar		10,789
Fort Washington Center		2002		41,000		100.0	%		21.83	LA Fitness		41,000
Gold Star Plaza		2006		71,720		93.3	%		8.73	Redner’s		48,920
Golden Triangle		2003		202,943		94.6	%		12.75	LA Fitness		44,796
										Marshalls		30,000
										Staples		24,060
										Just Cabinets		18,665
										Aldi		15,242
Halifax Plaza		2003		51,510		100.0	%		12.66	Giant Foods		32,000
Hamburg Square		2004		99,580		95.2	%		6.47	Redner’s		56,780
										Peebles		19,683
Lawndale Plaza		2015		93,282		97.7	%		18.06	Shop Rite		63,342
Maxatawny Marketplace		2011		58,339		100.0	%		12.21	Giant Foods		53,914
Meadows Marketplace		2004/2012		91,518		100.0	%		15.69	Giant Foods		67,907
Mechanicsburg Center		2005		51,500		100.0	%		22.57	Giant Foods		51,500
Newport Plaza		2003		64,489		100.0	%		11.76	Giant Foods		43,400
Northside Commons		2008		69,136		100.0	%		10.10	Redner’s		53,019
Palmyra Shopping Center		2005		111,051		94.5	%		6.86	Weis Markets		46,912
										Goodwill		18,104
Port Richmond Village		2001		154,908		88.4	%		14.10	Thriftway		40,000
										Pep Boys		20,615
Quartermaster Plaza		2014		456,364		91.4	%		14.38	Home Depot		150,000
										BJ’s Wholesale Club		117,718
										Planet Fitness		23,146
										Staples		20,388
										Petsmart		19,089

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of March 31, 2015


								Average
	Year				Percent			base rent per		Major Tenants (a)
Property Description	acquired		GLA		occupied			leased sq. ft.		Name	GLA
Pennsylvania (continued)
River View Plaza		2003		226,786		90.2	%		19.77	United Artists		77,700
										Avalon Carpet		25,000
										Pep Boys		22,000
										Staples		18,000
South Philadelphia		2003		283,415		85.4	%		14.33	Shop Rite		54,388
										Ross Dress For Less		31,349
										LA Fitness		31,000
										Modell’s		20,000
Swede Square		2003		100,816		97.0	%		17.44	LA Fitness		37,200
The Commons		2004		203,426		87.5	%		8.19	Bon-Ton		54,500
										Shop ‘n Save		52,654
										TJ Maxx		24,404
The Point		2000		268,037		97.1	%		12.59	Burlington Coat Factory		76,665
										Giant Foods		76,627
										A.C. Moore		24,890
										Staples		24,000
Trexler Mall		2005		337,297		88.2	%		9.73	Kohl’s		88,248
										Bon-Ton		62,000
										Lehigh Wellness Partners		33,227
										Oxyfit Gym		28,870
										Marshalls		28,488
Trexlertown Plaza		2006		313,929		87.8	%		12.08	Giant Foods		78,335
										Hobby Lobby		57,512
										Redner’s		47,900
										Big Lots		33,824
										Tractor Supply		19,097
Upland Square		2007		394,598		94.1	%		17.71	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				4,982,564		92.5	%		13.85


Virginia
Coliseum Marketplace		2005		106,648		100.0	%		16.26	Farm Fresh		57,662
										Michaels		23,981
Elmhurst Square		2006		66,250		86.3	%		9.48	Food Lion		38,272
Fredericksburg Way		2005		63,000		100.0	%		18.47	Ukrop’s Supermarket		63,000
General Booth Plaza		2005		71,639		96.6	%		14.04	Farm Fresh		53,758
Glen Allen Shopping Center		2005		63,328		100.0	%		7.14	Giant Foods		63,328
Kempsville Crossing		2005		79,512		98.4	%		10.64	Walmart		41,975
										Farm Fresh		16,938
Oak Ridge Shopping Center		2006		38,700		92.2	%		10.69	Food Lion		33,000
Suffolk Plaza		2005		67,216		100.0	%		9.90	Farm Fresh		67,216

Total Virginia				556,293		97.2	%		12.48


Total (93.1% leased at March 31, 2015)				9,286,401		92.4	%	$	12.94

(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)	The Company has a 40% ownership interest in this joint venture.

(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
1st Quarter 2015		30		285,500	$	9.65	$	8.91		8.3	%	$	4.67		5.4
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

Total		151		1,038,400	$	13.62	$	12.48		9.1	%	$	2.40		5.3


New Leases - Comparable
1st Quarter 2015		8		53,800	$	11.43	$	10.20		12.1	%	$	24.80		7.8
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

Total		27		148,700	$	13.49	$	12.26		10.0	%	$	16.74		8.3


Renewals - Comparable
1st Quarter 2015		22		231,700	$	9.24	$	8.61		7.3	%	$	0.00		4.8
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

Total		124		889,700	$	13.64	$	12.52		9.0	%	$	0.00		4.9


Total Comparable and Non-Comparable
1st Quarter 2015		33		312,900	$	10.03		N/A		N/A		$	4.26		5.9
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

Total		166		1,113,500	$	13.83		N/A		N/A		$	2.51		5.6

(a)	New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq. ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.

(b)	Includes tenant allowance and landlord work. Excludes first generation space.

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of March 31, 2015


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	%	$	11,736,000	$	14.95		10.6	%
LA Fitness		7		282,000		3.0	%		4,732,000		16.78		4.3	%
Shop Rite		3		182,000		2.0	%		2,945,000		16.18		2.7	%
Stop & Shop		4		271,000		2.9	%		2,815,000		10.39		2.5	%
Farm Fresh		4		196,000		2.1	%		2,235,000		11.40		2.0	%
Home Depot		2		253,000		2.7	%		2,101,000		8.30		1.9	%
Dollar Tree		19		190,000		2.0	%		2,014,000		10.60		1.8	%
Staples		6		125,000		1.3	%		2,002,000		16.02		1.8	%
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 Artist		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		1.3	%		1,431,000		11.45		1.3	%
Big Y		1		64,000		0.7	%		1,404,000		21.94		1.3	%
Shoppers Food Warehouse		2		120,000		1.3	%		1,237,000		10.31		1.1	%
Walmart		3		192,000		2.1	%		1,193,000		6.21		1.1	%
Ukrop’s Supermarket		1		63,000		0.7	%		1,163,000		18.46		1.0	%
Food Lion		4		152,000		1.6	%		1,118,000		7.36		1.0	%
Kohl’s		2		147,000		1.6	%		1,113,000		7.57		1.0	%
Carmike Cinema		1		45,000		0.5	%		1,034,000		22.98		0.9	%

Sub-total top twenty tenants		85		3,765,000		40.5	%		46,385,000		12.32		41.8	%

Remaining tenants		783		4,812,000		51.8	%		64,627,000		13.43		58.2	%

Sub-total all tenants (b)		868		8,577,000		92.4	%	$	111,012,000	$	12.94		100.0	%


Vacant space		N/A		709,000		7.6	%

Total		868		9,286,000		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		6,009,000		70.1	%	$	64,803,000	$	10.78		58.4	%
Small tenants		2,568,000		29.9	%		46,209,000		17.99		41.6	%

Total		8,577,000		100.0	%	$	111,012,000	$	12.94		100.0	%

CEDAR REALTY TRUST, INC.

Lease Expirations

As of March 31, 2015


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		61		290,000		3.4	%	$	3,144,000	$	10.84		2.8	%
2015		79		493,000		5.7	%		5,736,000		11.63		5.2	%
2016		138		784,000		9.1	%		10,884,000		13.88		9.8	%
2017		117		844,000		9.8	%		11,688,000		13.85		10.5	%
2018		105		873,000		10.2	%		13,140,000		15.05		11.8	%
2019		108		885,000		10.3	%		11,064,000		12.50		10.0	%
2020		96		1,445,000		16.8	%		15,696,000		10.86		14.1	%
2021		42		562,000		6.6	%		7,260,000		12.92		6.5	%
2022		25		172,000		2.0	%		2,472,000		14.37		2.2	%
2023		19		154,000		1.8	%		1,776,000		11.53		1.6	%
2024		27		520,000		6.1	%		7,152,000		13.75		6.4	%
2025		17		412,000		4.8	%		5,916,000		14.36		5.3	%
Thereafter		34		1,143,000		13.3	%		15,084,000		13.19		13.6	%


All tenants		868		8,577,000		100.0	%	$	111,012,000	$	12.94		100.0	%


Vacant space		N/A		709,000		N/A


Total portfolio		868		9,286,000		N/A

CEDAR REALTY TRUST, INC.

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

Same-Property NOI (a)


	Three months ended March 31,
	2015			2014
Base Rents	$	22,545,000		$	22,444,000
Expense Recoveries		8,141,000			7,707,000

Total Revenues		30,686,000			30,151,000
Operating expenses		10,506,000			10,218,000

NOI	$	20,180,000		$	19,933,000


Occupied		93.0	%		93.9	%
Leased		93.7	%		94.0	%
Average base rent	$	13.04		$	12.83

Number of same properties		52			52

NOI growth		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.

2015 Acquisitions and Dispositions

Acquisitions

Location

GLA

Date
Acquired

Purchase
Price

New London Mall (a)

New London, CT

259,566

1/23/2015

27,314,000

Lawndale Plaza

Philadelphia, PA

93,282

2/27/2015

25,189,000

52,503,000

Disposition

Location

GLA

Date
Sold

Sales
Price

Huntingdon Plaza

Huntingdon, PA

142,845

2/2/2015

2,200,000

(a)	Represents the remaining 60% ownership interest, giving the Company a 100% ownership interest in this property.

CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale

As of March 31, 2015


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
Kenley Village	MD		100	%		2,173,000		51,894		71.4	%		9.00
Liberty Marketplace	PA		100	%		13,084,000		68,200		98.2	%		18.04


Total Real Estate Held for Sale					$	16,749,000		212,265		92.4	%	$	9.14

CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

Funds From Operations (“FFO”)

FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The National Association of Real Estate Investment Trusts generally defines FFO as net income attributable to common shareholders (determined in accordance with GAAP), excluding gains (losses) from sales of real estate properties, impairment provisions on real estate properties, plus real estate related depreciation and amortization, and adjustments for partnerships and joint ventures to reflect FFO on the same basis. The Company considers FFO to be an appropriate measure of its financial performance because 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 other depreciable assets.

The Company also considers Operating Funds From Operations (“Operating FFO”) to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition costs, amounts relating to early extinguishment of debt and preferred stock redemption costs. The Company believes Operating FFO further assists in comparing the Company’s financial performance to other REITs and the Company’s performance across reporting periods on a consistent basis by excluding such items.

FFO and Operating FFO should be reviewed with GAAP net income when trying to understand the Company’s operating performance. FFO and Operating FFO do not represent cash generated from operating activities and should not be considered as an alternative to net income attributable to common shareholders or to cash flow from operating activities. The Company’s computation of FFO and Operating FFO may differ from the computations utilized by other REITs and, accordingly, may not by comparable to such REITs.

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

EBITDA is a widely-recognized supplemental non-GAAP financial measure. The Company computes EBITDA as net income from continuing operations, plus interest expense, amortization of deferred financing costs, and depreciation and amortization. The Company believes EBITDA provides additional information with respect to the Company’s performance and ability to meet its future debt service requirements.

The Company also considers “Adjusted EBITDA” to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition costs and impairment provisions. The Company believes Adjusted EBITDA further assists in comparing the Company’s financial performance to other companies and the Company’s performance across reporting periods on a consistent basis by excluding such items.

EIBITDA and Adjusted EBITDA should be reviewed with GAAP net income when trying to understand the Company’s operating performance. EBITDA and Adjusted EBITDA do not represent cash generated from operating activities and should not be considered as an alternative to net income attributable to common shareholders or to cash flow from operating activities. The Company’s computation of EBITDA and Adjusted EBITDA may differ from the computations utilized by other companies and, accordingly, may not by comparable to such companies.