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.

 

2


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.

 

3


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.

 

4


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.

 

5


Forward-Looking Statements

Statements made in this press release that are not strictly historical are “forward-looking” statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and outcomes to differ materially from those expressed or implied in forward-looking statements. Please refer to the documents filed by Cedar Realty Trust, Inc. with the SEC, specifically the Company’s Annual Report on Form 10-K for the year ended December 31, 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

 

     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   
  

 

 

   

 

 

 

 

7


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   
  

 

 

   

 

 

 

 

8


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   
  

 

 

    

 

 

 

 

9


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.

 

10


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.

 

11


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%.

 

12


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.

 

13


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         
     

 

 

    

 

 

   

 

 

       

 

14


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   

 

15


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.

 

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

                   

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.

 

17


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
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

 

18


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   
  

 

 

    

 

 

    

 

 

         

 

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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.

 

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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.

 

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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   
       

 

 

    

 

 

    

 

 

   

 

 

 

 

22


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.

 

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