EX-99.1

Exhibit 99.1

LOGO

SUPPLEMENTAL FINANCIAL INFORMATION

DECEMBER 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

December 31, 2015

(unaudited)

TABLE OF CONTENTS


Earnings Press Release			4-6

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, certain statements made or incorporated by reference herein are “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, 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. Factors which could cause actual results to differ materially from current expectations include, among others: adverse general economic conditions in the United States and uncertainty in the credit and retail markets; financing risks, such as the inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, tenant bankruptcies, adverse impact of internet sales demand, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; risks endemic to real estate and the real estate industry generally; the impact of the Company’s level of indebtedness on operating performance; inability of tenants to meet their rent and other lease obligations; adverse impact of new technology and e-commerce developments on the Company’s tenants; competitive risk; risks related to the geographic concentration of the Company’s properties in the Washington D.C. to Boston corridor; the effects of natural and other disasters; and the inability of the Company to realize anticipated returns from its redevelopment activities. Please refer to the documents filed by Cedar Realty Trust, Inc. with the SEC, specifically the Company’s most recent Annual Report on Form 10-K, as it may be updated or supplemented in the Company’s Quarterly Reports on Form 10-Q and the Company’s other filings with the SEC, which identify additional risk factors that could cause actual results to differ from those contained in forward-looking statements.

CEDAR REALTY TRUST REPORTS FOURTH

QUARTER AND FULL YEAR 2015 RESULTS

Port Washington, New York – February 18, 2016 – Cedar Realty Trust, Inc. (the Company) (NYSE:CDR) today reported financial and operating results for the fourth quarter and year ended December 31, 2015.

Operating Highlights

•

Operating funds from operations (Operating FFO) of $0.14 per diluted share for the quarter and $0.54 for the year

•

Same-property net operating income (NOI) for the quarter increased 2.5% including redevelopments and 2.4% excluding redevelopments. Same property NOI for the year increased 2.8% including redevelopments and 1.9% excluding redevelopments

•

Signed 36 new and renewal leases for 415,100 square feet in the quarter and 140 new and renewal leases for 1.1 million square feet for the year

•

Comparable cash-basis lease spreads of 12.0% for the quarter and 9.5% for the year

•

Total portfolio 91.5% leased and same-property portfolio 92.8% leased at year-end

•

Completed $91.5 million of acquisitions during the year

•

Provided initial 2016 Operating FFO guidance of $0.53 to $0.56 per diluted share

“We are pleased with our 2015 financial and operating results,” commented Bruce Schanzer, President and CEO. “Further, we are excited about the continued progress of our capital migration activities that provide a foundation to create and grow long-term shareholder value.”

Financial Results

Operating FFO for the fourth quarter of 2015 was $12.3 million or $0.14 per diluted share, compared to $10.3 million or $0.13 per diluted share for the same period in 2014. Operating FFO for the full year 2015 was $46.4 million or $0.54 per diluted share, compared to $42.5 million or $0.54 per diluted share for the same period in 2014. NAREIT-defined FFO (FFO) for the fourth quarter of 2015 was $11.6 million or $0.14 per diluted share, compared to $9.6 million or $0.12 per diluted share for the same period in 2014. FFO for the full year 2015 was $45.1 million or $0.53 per diluted share, compared to $40.3 million or $0.51 per diluted share for the same period in 2014. The principal differences between Operating FFO and FFO are acquisition costs and debt extinguishment amounts.

Net income attributable to common shareholders for the fourth quarter of 2015 was $3.4 million or $0.04 per diluted share, compared to $0.7 million or $0.01 per diluted share for the same period in 2014. Net income attributable to common shareholders for the full year 2015 was $7.7 million or $0.09 per diluted share, compared to $14.6 million or $0.18 per diluted share for the same period in 2014.

Portfolio Results

Same-property NOI for the quarter increased 2.5% including redevelopments and 2.4% excluding redevelopments. Same property NOI for the year increased 2.8% including redevelopments and 1.9% excluding redevelopments.

During the fourth quarter of 2015, the Company signed 36 leases for 415,100 square feet. On a comparable space basis, the Company leased 387,000 square feet at a positive lease spread of 12.0% on a cash basis (new leases increased 7.1% and renewals increased 13.0%). During the full year 2015, the Company signed 140 leases for 1.1 million square feet. On a comparable space basis, the Company leased 963,500 square feet at a positive lease spread of 9.5% on a cash basis (new leases increased 8.7% and renewals increased 9.7%).

The Company’s total portfolio, excluding properties held for sale, was 91.5% leased at December 31, 2015, compared to 93.3% at September 30, 2015 and 93.3% at December 31, 2014. The Company’s same-property portfolio was 92.8% leased at December 31, 2015, compared to 93.3% at September 30, 2015 and 93.8% at December 31, 2014. The decrease in leased percentages during the fourth quarter of 2015 are the result of four recently vacated anchor spaces.

Acquisitions and Dispositions

During the fourth quarter, the Company acquired East River Park for $39.0 million. For the full year, the Company also acquired Lawndale Plaza for $25.2 million, acquired the remaining 60% interest in New London Mall for $27.3 million and sold three lower quartile properties for aggregate proceeds of $6.3 million. Subsequent to December 31, 2015, the Company sold Liberty Marketplace on February 11, 2016 for $15.0 million.

Balance Sheet

As of December 31, 2015, the Company had $182.0 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization (EBITDA) of 7.2 times. Additionally, during 2015, the Company repaid approximately $110 million of secured mortgage debt, primarily with proceeds from $100 million of unsecured term loans which closed in February 2015.

2016 Guidance

The Company’s initial 2016 financial, operating and transactional guidance is as follows:


Operating FFO per diluted share		$0.53 to $0.56
NAREIT-defined FFO per diluted share		$0.50 to $0.53
Same-property NOI growth		1% to 2%
Same-property NOI growth excluding the recently vacated anchor spaces		2% to 3%
Reduction in NOI from recently vacated anchor spaces		$2 million
Acquisitions		$40 million
Dispositions		$110 million

The principal difference between initial 2016 Operating FFO and NAREIT-defined FFO guidance is acquisition costs.

Non-GAAP Financial Measures

NAREIT-defined FFO (FFO) is a widely-recognized non-GAAP financial measure for REITs that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful 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. FFO and Operating FFO should not be considered as alternatives to net income attributable to common shareholders, the most directly comparable GAAP financial measure. A reconciliation of net income attributable to common shareholders to FFO and Operating FFO for the three months and full year ended December 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 December 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/Webcast

The Company will host a conference call today, February 18, 2016, at 5:00 PM (ET) to discuss the fourth quarter and full year results. The conference call can be accessed by dialing (877) 705-6003 or (1) (201) 493-6725 for international participants. A live webcast of the conference call will be available online on the Company’s website at www.cedarrealtytrust.com.

A replay of the call will be available from 8:00 PM (ET) on February 18, 2016 until midnight (ET) on March 3, 2016. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13627975 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 D.C. to Boston corridor. At December 31, 2015, the Company’s portfolio (excluding properties treated as “held for sale”) comprised 60 properties, with approximately 9.5 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. Factors which could cause actual results to differ materially from current expectations include, among others: adverse general economic conditions in the United States and uncertainty in the credit and retail markets; financing risks, such as the inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, tenant bankruptcies, adverse impact of internet sales demand, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; risks endemic to real estate and the real estate industry generally; the impact of the Company’s level of indebtedness on operating performance; inability of tenants to meet their rent and other lease obligations; adverse impact of new technology and e-commerce developments on the Company’s tenants; competitive risk; risks related to the geographic concentration of the Company’s properties in the Washington D.C. to Boston corridor; the effects of natural and other disasters; and the inability of the Company to realize anticipated returns from its redevelopment activities. Please refer to the documents filed by Cedar Realty Trust, Inc. with the SEC, specifically the Company’s most recent Annual Report on Form 10-K, which identify additional risk factors that could cause actual results to differ from those contained in forward-looking statements.

Contact Information:

Cedar Realty Trust, Inc.

Philip R. Mays

Chief Financial Officer

(516) 944-4572

CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets


	December 31,
	2015			2014
ASSETS
Real estate, at cost	$	1,550,027,000		$	1,476,173,000
Less accumulated depreciation		(300,832,000	)		(267,211,000	)

Real estate, net		1,249,195,000			1,208,962,000
Real estate held for sale		14,402,000			16,508,000
Cash and cash equivalents		2,083,000			3,499,000
Restricted cash		5,592,000			7,859,000
Receivables		17,912,000			18,405,000
Other assets and deferred charges, net		32,398,000			31,546,000

TOTAL ASSETS	$	1,321,582,000		$	1,286,779,000

LIABILITIES AND EQUITY
Liabilities:
Mortgage loans payable	$	299,022,000		$	393,388,000
Unsecured revolving credit facility		78,000,000			72,000,000
Unsecured term loans		300,000,000			200,000,000
Accounts payable and accrued liabilities		23,831,000			22,364,000
Unamortized intangible lease liabilities		23,187,000			23,776,000

Total liabilities		724,040,000			711,528,000

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

Equity:
Preferred stock		190,661,000			190,661,000
Common stock and other shareholders’ equity		405,389,000			378,891,000
Noncontrolling interests		1,492,000			5,303,000

Total equity		597,542,000			574,855,000

TOTAL LIABILITIES AND EQUITY	$	1,321,582,000		$	1,286,779,000

CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations


	Three months ended December 31,						Years ended December 31,
	2015			2014			2015			2014
PROPERTY REVENUES
Rents	$	29,372,000		$	28,803,000		$	116,739,000		$	116,505,000
Expense recoveries		7,947,000			7,826,000			31,834,000			31,392,000
Other		411,000			36,000			634,000			287,000

Total property revenues		37,730,000			36,665,000			149,207,000			148,184,000

PROPERTY OPERATING EXPENSES
Operating, maintenance and management		6,329,000			6,322,000			25,401,000			26,604,000
Real estate and other property-related taxes		4,820,000			4,485,000			19,189,000			18,182,000

Total property operating expenses		11,149,000			10,807,000			44,590,000			44,786,000

PROPERTY OPERATING INCOME		26,581,000			25,858,000			104,617,000			103,398,000

OTHER EXPENSES AND INCOME
General and administrative		3,737,000			3,736,000			15,004,000			14,356,000
Acquisition costs		739,000			—			1,238,000			2,870,000
Depreciation and amortization		9,723,000			9,894,000			38,594,000			38,700,000
Gain on sales		—			(271,000	)		—			(6,413,000	)
Impairment (reversals) / charges		(1,318,000	)		85,000			(212,000	)		3,148,000

Total other expenses and income		12,881,000			13,444,000			54,624,000			52,661,000

OPERATING INCOME		13,700,000			12,414,000			49,993,000			50,737,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(6,860,000	)		(7,890,000	)		(28,272,000	)		(32,301,000	)
Early extinguishment of debt costs		—			(675,000	)		(105,000	)		(825,000	)

Total non-operating income and expense		(6,860,000	)		(8,565,000	)		(28,377,000	)		(33,126,000	)

INCOME FROM CONTINUING OPERATIONS		6,840,000			3,849,000			21,616,000			17,611,000

DISCONTINUED OPERATIONS
Income from operations		—			68,000			12,000			1,647,000
Impairment reversals		—			363,000			153,000			47,000
Gain on extinguishment of debt obligations		—			—			—			1,423,000
Gain on sales		—			—			—			7,963,000

Total income from discontinued operations		—			431,000			165,000			11,080,000

NET INCOME		6,840,000			4,280,000			21,781,000			28,691,000
Attributable to noncontrolling interests		118,000			69,000			365,000			290,000

NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		6,958,000			4,349,000			22,146,000			28,981,000
Preferred stock dividends		(3,602,000	)		(3,602,000	)		(14,408,000	)		(14,408,000	)

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	3,356,000		$	747,000		$	7,738,000		$	14,573,000

NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)
Continuing operations	$	0.04		$	0.00		$	0.09		$	0.04
Discontinued operations		0.00			0.01			0.00			0.14

	$	0.04		$	0.01		$	0.09		$	0.18

Weighted average number of common shares - basic and diluted		81,620,000			75,547,000			81,356,000			75,311,000

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements


	December 31,
Balance Sheets	2015		2014
Construction in process (included in buildings and improvements)	$	6,146,000	$	11,032,000

Receivables
Rents and other tenant receivables, net	$	2,439,000	$	3,479,000
Straight-line rents		15,473,000		14,926,000

	$	17,912,000	$	18,405,000

Other assets and deferred charges, net
Lease origination costs	$	18,394,000	$	18,180,000
Financing costs		5,490,000		4,256,000
Prepaid expenses		6,104,000		6,689,000
Other		2,410,000		2,421,000

	$	32,398,000	$	31,546,000


	Three months ended December 31,				Years ended December 31,
Statements of Operations	2015		2014		2015		2014
Rents
Base rents	$	28,287,000	$	27,535,000	$	112,319,000	$	110,739,000
Percentage rent		220,000		232,000		789,000		683,000
Straight-line rents		127,000		63,000		506,000		761,000
Amortization of intangible lease liabilities, net		738,000		973,000		3,125,000		4,322,000

	$	29,372,000	$	28,803,000	$	116,739,000	$	116,505,000

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures


	Three months ended December 31,						Years ended December 31,
	2015			2014			2015			2014
Net income attributable to common shareholders	$	3,356,000		$	748,000		$	7,738,000		$	14,573,000
Real estate depreciation and amortization		9,678,000			9,812,000			38,354,000			38,365,000
Limited partners’ interest		9,000			4,000			28,000			80,000
Impairment (reversals) / charges		(1,318,000	)		(278,000	)		(365,000	)		3,101,000
Gain on sales		—			(271,000	)		—			(14,376,000	)
Consolidated minority interests:
Share of loss		(127,000	)		(73,000	)		(393,000	)		(370,000	)
Share of FFO		(20,000	)		(293,000	)		(258,000	)		(1,100,000	)

Funds From Operations (“FFO”) applicable to diluted common shares		11,578,000			9,649,000			45,104,000			40,273,000
Adjustments for items affecting comparability:
Acquisition costs		739,000			—			1,238,000			2,870,000
Early extinguishment of debt costs		—			675,000			105,000			825,000
Gain on extinguishment of debt obligations		—			—			—			(1,423,000	)

Operating Funds From Operations (“Operating FFO”) applicable to diluted common shares	$	12,317,000		$	10,324,000		$	46,447,000		$	42,545,000

FFO per diluted common share:	$	0.14		$	0.12		$	0.53		$	0.51

Operating FFO per diluted common share:	$	0.14		$	0.13		$	0.54		$	0.54

Weighted average number of diluted common shares:
Common shares		85,049,000			79,213,000			84,850,000			78,985,000
OP Units		352,000			393,000			378,000			433,000

		85,401,000			79,606,000			85,228,000			79,418,000

Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	126,000		$	296,000		$	507,000		$	785,000
Amortization of intangible lease liabilities		712,000			972,000			3,020,000			4,087,000
Non-real estate amortization		415,000			371,000			1,836,000			2,450,000
Share-based compensation, net		736,000			1,009,000			3,168,000			3,531,000
Maintenance capital expenditures (a)		1,082,000			1,578,000			2,301,000			3,799,000
Lease related expenditures (b)		2,460,000			918,000			5,375,000			2,807,000
Development and redevelopment capital expenditures		3,077,000			3,087,000			7,533,000			11,374,000
Capitalized interest and financing costs		73,000			80,000			409,000			757,000

(a)	Consists of payments for building and site improvements.

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

CEDAR REALTY TRUST, INC.

Earnings Before Interest, Taxes, Depreciation and Amortization


	Three months ended December 31,						Years ended December 31,
	2015			2014			2015			2014
EBITDA Calculation
Income from continuing operations	$	6,840,000		$	3,850,000		$	21,616,000		$	17,611,000
Add (deduct):
Interest expense (including early extinguishment of debt costs)		6,860,000			8,565,000			28,377,000			33,126,000
Depreciation and amortization		9,723,000			9,894,000			38,594,000			38,700,000
Minority interests share of consolidated joint venture EBITDA		(281,000	)		(812,000	)		(1,356,000	)		(3,159,000	)
Discontinued operations:
Income from operations		—			68,000			12,000			1,647,000
Interest expense		—			—			—			631,000

EBITDA		23,142,000			21,565,000			87,243,000			88,556,000
Adjustments for items affecting comparability:
Impairment (reversals) / charges		(1,318,000	)		85,000			(212,000	)		3,148,000
Gain on sales		—			(271,000	)		—			(6,413,000	)
Acquisition costs		739,000			—			1,238,000			2,870,000

Adjusted EBITDA	$	22,563,000		$	21,379,000		$	88,269,000		$	88,161,000

Pro-rata share of net debt (a)
Pro-rata share of debt	$	660,702,000		$	632,694,000		$	660,702,000		$	632,694,000
Pro-rata share of unrestricted cash and cash equivalents		(1,977,000	)		(3,022,000	)		(1,977,000	)		(3,022,000	)

	$	658,725,000		$	629,672,000		$	658,725,000		$	629,672,000

Pro-rata fixed charges (a)
Interest expense (b)	$	6,295,000		$	7,063,000		$	25,948,000		$	29,421,000
Preferred stock dividends		3,602,000			3,602,000			14,408,000			14,408,000
Scheduled mortgage repayments		1,153,000			1,519,000			5,338,000			7,161,000

	$	11,050,000		$	12,184,000		$	45,694,000		$	50,990,000

Debt and Coverage Ratios
Net debt to Adjusted EBITDA (c)		7.2	x		7.4	x		7.3	x		7.4	x
Interest coverage ratio (based on Adjusted EBITDA)		3.6	x		3.0	x		3.4	x		3.0	x
Fixed charge coverage ratio (based on Adjusted EBITDA)		2.0	x		1.8	x		1.9	x		1.7	x

(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 December 31, 2015


Property	Maturity Date		Interest Rate			Amounts
Fixed-rate mortgages:
Franklin Village Plaza		Aug 2016		4.1	%	$	40,474,000
West Bridgewater Plaza		Sep 2016		6.2	%		10,110,000
Carman’s Plaza		Oct 2016		6.2	%		33,500,000
Hamburg Square		Oct 2016		6.1	%		4,625,000
Meadows Marketplace		Nov 2016		5.6	%		9,219,000
San Souci Plaza (a)		Dec 2016		6.2	%		27,200,000
Camp Hill		Jan 2017		5.5	%		61,494,000
Golden Triangle		Feb 2018		6.0	%		18,920,000
Gold Star Plaza		May 2019		7.3	%		1,019,000
Swede Square		Nov 2020		5.5	%		9,829,000
Colonial Commons		Feb 2021		5.5	%		25,721,000
East River Park		Sep 2022		3.9	%		20,462,000
The Point		Nov 2022		4.5	%		28,487,000
Metro Square		Nov 2029		7.5	%		7,719,000

Total fixed-rate mortgages		*weighted average*		5.4	%		298,779,000
Net unamortized premium							243,000

Total mortgage debt, net							299,022,000

Unsecured debt:
Variable-rate (b):
Revolving credit facility (c)		Feb 2019		1.7	%		78,000,000
Term loan		Feb 2020		1.7	%		50,000,000
Fixed-rate (d):
Term loan		Feb 2019		2.9	%		75,000,000
Term loan		Feb 2020		2.8	%		50,000,000
Term loan		Feb 2021		4.0	%		75,000,000
Term loan		Feb 2022		3.3	%		50,000,000

Total unsecured debt		*weighted average*		2.8	%		378,000,000

Total debt		*weighted average*		3.9	%	$	677,022,000

Pro-rata share of total debt reconciliation:
Total debt						$	677,022,000
Less pro-rata share attributable to joint venture minority interest							(16,320,000	)

Pro-rata share of total debt						$	660,702,000

Fixed to variable rate debt ratio:
Fixed-rate debt				80.6	%	$	532,702,000
Variable-rate debt				19.4	%		128,000,000

				100.0	%	$	660,702,000

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

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

(c)	Subject to a one-year extension at the Company’s option.

(d)	The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swaps which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.

CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of December 31, 2015


	Secured Debt				Unsecured Debt
Year	Scheduled Amortization		Balloon Payments		Revolving Credit Facility			Term Loans		Total
2016	$	4,833,000	$	124,216,000	$	—		$	—	$	129,049,000
2017		3,077,000		60,478,000		—			—		63,555,000
2018		2,811,000		18,007,000		—			—		20,818,000
2019		2,725,000		—		78,000,000	(a)		75,000,000		155,725,000
2020		2,696,000		8,849,000		—			100,000,000		111,545,000
2021		1,988,000		22,367,000		—			75,000,000		99,355,000
2022		1,616,000		40,148,000		—			50,000,000		91,764,000
2023		3,818,000		—		—			—		3,818,000
Thereafter		678,000		472,000		—			—		1,150,000

	$	24,242,000	$	274,537,000	$	78,000,000		$	300,000,000		676,779,000

Net unamortized premium											243,000

										$	677,022,000

(a)	The revolving credit facility is subject to a one-year extension at the Company’s option.

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of December 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	%	$	22.87	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		82.5	%		11.87	TJ Maxx		30,000
									Goodwill		21,306
Jordan Lane	2005		177,504		99.2	%		11.30	Stop & Shop		60,632
									Fallas		39,280
									Cardio Fitness		20,283
New London Mall	2009		259,566		94.4	%		15.20	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	%		7.30	Walmart		95,482
									NAMCO		20,000

Total Connecticut			1,128,496		93.6	%		11.88

Maryland / Washington DC
East River Park	2015		150,107		93.2	%		20.90	Safeway		40,000
									District of Columbia		34,400
Metro Square	2008		71,896		100.0	%		19.83	Shoppers Food Warehouse		58,668
Oakland Mills	2005		58,224		100.0	%		14.15	Food Lion		43,470
San Souci Plaza (b)	2009		264,134		78.7	%		10.63	Shoppers Food Warehouse		61,466
									Marshalls		27,000
									Maximum Health and Fitness		15,612
Valley Plaza	2003		190,939		100.0	%		5.27	K-Mart		95,810
									Ollie’s Bargain Outlet		41,888
									Tractor Supply		32,095
Yorktowne Plaza	2007		158,982		86.2	%		13.79	Food Lion		37,692

Total Maryland / Washington DC			894,282		90.1	%		12.76

Massachusetts
Fieldstone Marketplace	2005/2012		193,970		94.0	%		10.65	Shaw’s		68,000
									Flagship Cinema		41,975
									New Bedford Wine and Spirits		15,180
Franklin Village Plaza	2004/2012		303,096		89.0	%		21.00	Stop & Shop		75,000
									Marshalls		26,890
									Team Fitness		15,807
Kings Plaza	2007		168,243		95.2	%		6.76	Work Out World		42,997
									Fallas		28,504
									Ocean State Job Lot		20,300
									Savers		19,339
Norwood Shopping Center	2006		102,459		100.0	%		9.76	Hannaford Brothers		42,598
									Planet Fitness		18,830
									Dollar Tree		16,798
The Shops at Suffolk Downs	2005		121,320		100.0	%		14.02	Stop & Shop		74,977
Timpany Plaza	2007		183,775		98.9	%		7.50	Stop & Shop		59,947
									Big Lots		28,027
									Gardner Theater		27,576
Webster Plaza	2007		101,824		42.5	%		14.11	Aubuchon Hardware		11,825
West Bridgewater Plaza	2007		133,039		78.1	%		9.82	Shaw’s		57,315
									Planet Fitness		15,000

Total Massachusetts			1,307,726		89.1	%		12.35

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of December 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		88.7	%		8.85	Acme Markets		55,000
									Peebles		18,858
Pine Grove Plaza	2003		86,089		91.9	%		10.75	Peebles		24,963
Washington Center Shoppes	2001		157,394		93.1	%		9.64	Acme Markets		66,046
									Planet Fitness		20,742

Total New Jersey			373,065		91.3	%		9.63

New York
Carman’s Plaza	2007		193,736		48.8	%		23.52	Home Goods		25,806

									Department of Motor Vehicle		19,310
Pennsylvania
Academy Plaza	2001		137,415		94.5	%		14.53	Acme Markets		50,918
Camp Hill	2002		464,765		98.2	%		14.59	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		96.8	%		13.72	Giant Foods		67,815
									Dick’s Sporting Goods		56,000
									LA Fitness		41,325
									Home Goods		31,436
									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		93.9	%		20.16	Giant Foods		78,815
Fairview Commons	2007		52,964		68.1	%		11.16	Grocery Outlet		16,650
Fort Washington Center	2002		41,000		100.0	%		21.83	LA Fitness		41,000
Gold Star Plaza	2006		71,720		97.8	%		9.02	Redner’s		48,920
Golden Triangle	2003		202,943		94.6	%		13.17	LA Fitness		44,796
									Marshalls		30,000
									Staples		24,060
									Just Cabinets		18,665
									Aldi		15,242
Halifax Plaza	2003		51,510		100.0	%		12.75	Giant Foods		32,000
Hamburg Square	2004		99,580		86.9	%		6.43	Redner’s		56,780
									Peebles		19,683
Lawndale Plaza	2015		93,040		97.7	%		18.23	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	%		16.07	Giant Foods		67,907
Mechanicsburg Center	2005		51,500		100.0	%		22.57	Giant Foods		51,500
Newport Plaza	2003		64,489		100.0	%		11.81	Giant Foods		43,400
Northside Commons	2008		69,136		100.0	%		10.10	Redner’s		53,019
Palmyra Shopping Center	2005		111,051		89.9	%		7.06	Weis Markets		46,912
									Goodwill		18,104
Port Richmond Village	2001		154,908		87.0	%		14.12	Thriftway		40,000
									Pep Boys		20,615
Quartermaster Plaza	2014		456,602		92.4	%		14.33	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 December 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		88.5	%		19.86	United Artists		77,700
									Avalon Carpet		25,000
									Pep Boys		22,000
									Staples		18,000
South Philadelphia	2003		283,415		74.9	%		14.71	Shop Rite		54,388
									Ross Dress For Less		31,349
									LA Fitness		31,000
									Modell’s		20,000
Swede Square	2003		100,816		95.5	%		17.67	LA Fitness		37,200
The Commons	2004		203,426		65.2	%		11.01	Bon-Ton		54,500
									TJ Maxx		24,404
The Point	2000		268,037		99.0	%		12.63	Burlington Coat Factory		76,665
									Giant Foods		76,627
									A.C. Moore		24,890
									Staples		24,000
Trexler Mall	2005		337,297		96.4	%		9.81	Kohl’s		88,248
									Bon-Ton		62,000
									Lehigh Wellness Partners		33,227
									Oxyfit Gym		28,870
									Marshalls		28,488
									Home Goods		28,181
Trexlertown Plaza	2006		319,529		73.0	%		13.53	Giant Foods		78,335
									Hobby Lobby		57,512
									Big Lots		33,824
									Tractor Supply		19,097
Upland Square	2007		398,098		93.9	%		17.84	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			5,005,515		91.1	%		14.18

Virginia
Coliseum Marketplace	2005		106,648		100.0	%		16.80	Farm Fresh		57,662
									Michaels		23,981
Elmhurst Square	2006		66,250		86.2	%		9.57	Food Lion		38,272
Fredericksburg Way	2005		63,000		100.0	%		19.58	Ukrop’s Supermarket		63,000
General Booth Plaza	2005		71,639		98.3	%		14.18	Farm Fresh		53,758
Glen Allen Shopping Center	2005		63,328		100.0	%		7.14	Giant Foods		63,328
Kempsville Crossing	2005		79,512		92.7	%		11.09	Walmart		41,975
									Farm Fresh		16,938
Oak Ridge Shopping Center	2006		38,700		92.2	%		10.79	Food Lion		33,000
Suffolk Plaza	2005		67,216		100.0	%		9.90	Farm Fresh		67,216

Total Virginia			556,293		96.6	%		12.83

Total (91.5% leased at December 31, 2015)			9,459,113		90.5	%	$	13.35

(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
4th Quarter 2015		33		387,000	$	12.06	$	10.76		12.0	%	$	3.63		4.4
3rd Quarter 2015		26		150,600	$	14.12	$	13.04		8.2	%	$	4.06		5.5
2nd Quarter 2015		41		140,400	$	19.21	$	17.85		7.7	%	$	3.54		4.1
1st Quarter 2015		30		285,500	$	9.65	$	8.91		8.3	%	$	4.67		5.4

Total		130		963,500	$	12.71	$	11.60		9.5	%	$	3.99		4.8

New Leases - Comparable
4th Quarter 2015		7		47,400	$	14.56	$	13.60		7.1	%	$	29.60		4.5
3rd Quarter 2015		6		35,100	$	12.93	$	12.24		5.6	%	$	17.42		8.8
2nd Quarter 2015		12		25,900	$	17.93	$	16.33		9.8	%	$	19.17		6.3
1st Quarter 2015		8		53,800	$	11.43	$	10.20		12.1	%	$	24.80		7.8

Total		33		162,200	$	13.71	$	12.61		8.7	%	$	23.70		6.8

Renewals - Comparable
4th Quarter 2015		26		339,600	$	11.71	$	10.36		13.0	%	$	0.00		4.4
3rd Quarter 2015		20		115,500	$	14.48	$	13.29		9.0	%	$	0.00		4.5
2nd Quarter 2015		29		114,500	$	19.50	$	18.19		7.2	%	$	0.00		3.6
1st Quarter 2015		22		231,700	$	9.24	$	8.61		7.3	%	$	0.00		4.8

Total		97		801,300	$	12.51	$	11.40		9.7	%	$	0.00		4.4

Total Comparable and Non-Comparable
4th Quarter 2015		36		415,100	$	12.14		N/A		N/A		$	5.04		5.2
3rd Quarter 2015		27		154,100	$	14.54		N/A		N/A		$	3.97		5.6
2nd Quarter 2015		44		182,100	$	16.85		N/A		N/A		$	9.28		5.1
1st Quarter 2015		33		312,900	$	10.03		N/A		N/A		$	4.26		5.9

Total		140		1,064,200	$	12.67		N/A		N/A		$	5.38		5.5

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

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

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of December 31, 2015


	Number									Annualized		Percentage
	of							Annualized		base rent		annualized
Tenant	stores		GLA		% of GLA			base rent		per sq. ft.		base rents
Top twenty tenants (a):
Giant Foods		12		785,000		8.3	%	$	11,862,000	$	15.11		10.4	%
LA Fitness		7		282,000		3.0	%		4,859,000		17.23		4.3	%
Shop Rite		3		182,000		1.9	%		2,945,000		16.18		2.6	%
Stop & Shop		4		271,000		2.9	%		2,913,000		10.75		2.5	%
Farm Fresh		4		196,000		2.1	%		2,264,000		11.55		2.0	%
Home Depot		2		253,000		2.7	%		2,101,000		8.30		1.8	%
Staples		6		125,000		1.3	%		2,040,000		16.32		1.8	%
Dollar Tree		19		190,000		2.0	%		2,019,000		10.63		1.8	%
BJ’s Wholesale Club		1		118,000		1.2	%		1,683,000		14.26		1.5	%
United Artists		1		78,000		0.8	%		1,454,000		18.64		1.3	%
Marshalls		6		170,000		1.8	%		1,437,000		8.45		1.3	%
Shaw’s		2		125,000		1.3	%		1,431,000		11.45		1.3	%
Big Y		1		64,000		0.7	%		1,404,000		21.94		1.2	%
Shoppers Food Warehouse		2		120,000		1.3	%		1,267,000		10.56		1.1	%
Ukrop’s Supermarket		1		63,000		0.7	%		1,233,000		19.57		1.1	%
Walmart		3		192,000		2.0	%		1,193,000		6.21		1.0	%
Redners		3		159,000		1.7	%		1,155,000		7.26		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	%
Home Goods		4		111,000		1.2	%		1,080,000		9.73		0.9	%

Sub-total top twenty tenants		87		3,783,000		40.0	%		46,571,000		12.31		40.8	%
Remaining tenants		790		4,775,000		50.5	%		67,678,000		14.17		59.2	%

Sub-total all tenants (b)		877		8,558,000		90.5	%	$	114,249,000	$	13.35		100.0	%

Vacant space		N/A		901,000		9.5	%

Total		877		9,459,000		100.0	%

(a)	Several of the tenants listed above share common ownership with other tenants:

(1) Giant Foods and Stop & Shop, (2) Farm Fresh and Shoppers Food Warehouse, (3) Dollar Tree and Family Dollar (GLA of 47,000; annualized base rent of $468,000), (4) Marshalls, Home Goods and TJ Maxx (GLA of 79,000; annualized base rent of $764,000), (5) Shaw’s and Acme Markets (GLA of 172,000; annualized base rent of $794,000), and (6) Food Lion and Hannaford Brothers (GLA of 43,000; annualized base rent of $522,000).

(b)	Comprised of large tenants (15,000 or more GLA) and small tenants as follows:


			%					Annualized		Percentage
	Occupied		of occupied			Annualized		base rent		annualized
	GLA		GLA			base rent		per sq. ft.		base rents
Large tenants		5,938,000		69.4	%	$	65,653,000	$	11.06		57.5	%
Small tenants		2,620,000		30.6	%		48,596,000		18.55		42.5	%

Total		8,558,000		100.0	%	$	114,249,000	$	13.35		100.0	%

CEDAR REALTY TRUST, INC.

Lease Expirations

As of December 31, 2015


												Percentage
	Number				Percentage			Annualized		Annualized		of annualized
Year of lease expiration	of leases expiring		GLA expiring		of GLA expiring			expiring base rents		expiring base rents per sq. ft.		expiring base rents
Month-To-Month		63		236,000		2.8	%	$	3,120,000	$	13.22		2.7	%
2016		128		557,000		6.5	%		8,376,000		15.04		7.3	%
2017		125		887,000		10.4	%		12,636,000		14.25		11.1	%
2018		113		952,000		11.1	%		13,872,000		14.57		12.1	%
2019		115		940,000		11.0	%		11,580,000		12.32		10.1	%
2020		125		1,596,000		18.6	%		19,068,000		11.95		16.7	%
2021		62		791,000		9.2	%		10,008,000		12.65		8.8	%
2022		28		203,000		2.4	%		3,012,000		14.84		2.6	%
2023		20		159,000		1.9	%		1,920,000		12.08		1.7	%
2024		27		520,000		6.1	%		7,152,000		13.75		6.3	%
2025		26		510,000		6.0	%		7,200,000		14.12		6.3	%
2026		16		174,000		2.0	%		2,508,000		14.41		2.2	%
Thereafter		29		1,033,000		12.1	%		13,797,000		13.36		12.1	%

All tenants		877		8,558,000		100.0	%	$	114,249,000	$	13.35		100.0	%

Vacant space		N/A		901,000		N/A

Total portfolio		877		9,459,000		N/A

CEDAR REALTY TRUST, INC.

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

Same-Property NOI (a)


	Three months ended December 31,
	2015			2014
Base Rents	$	25,985,000		$	25,494,000
Expense Recoveries		7,402,000			7,188,000

Total Revenues		33,387,000			32,682,000
Operating expenses		10,047,000			9,881,000

NOI	$	23,340,000		$	22,801,000

Occupied		91.7	%		93.5	%
Leased		92.8	%		93.8	%
Average base rent	$	13.33		$	13.00
Number of same properties		54			54
NOI growth		2.4%

	Years ended December 31,
	2015			2014
Base Rents	$	90,791,000		$	89,718,000
Expense Recoveries		26,518,000			26,403,000

Total Revenues		117,309,000			116,121,000
Operating expenses		35,684,000			36,042,000

NOI	$	81,625,000		$	80,079,000

Occupied		91.4	%		93.5	%
Leased		92.6	%		93.9	%
Average base rent	$	13.24		$	12.89
Number of same properties		52			52
NOI growth		1.9%

(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”. 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

93,040

2/27/2015

25,189,000

East River Park

Washington, DC

150,107

12/23/2015

39,000,000

91,503,000

Dispositions

Location

GLA

Date
Sold

Sales
Price

Huntingdon Plaza

Huntingdon, PA

142,845

2/2/2015

2,200,000

Kenley Village

Hagerstown, MD

51,894

5/28/2015

2,275,000

Circle Plaza

Shamokin Dam, PA

92,171

7/22/2015

1,800,000

6,275,000

(a)	Represents the acquisition of 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 December 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
Liberty Marketplace (a)	PA		100	%	$	14,402,000		68,200		98.2	%	$	18.05

(a)	Property sold on February 11, 2016.

CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

Funds From Operations (“FFO”) and Operating Funds From Operations (“Operating FFO”)

FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company presents FFO in accordance with the definition adopted by the National Association of Real Estate Investments Trusts (“NAREIT”). NAREIT 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 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 performance across reporting periods on a consistent basis by excluding such items.

FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, 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 computations of FFO and Operating FFO may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

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

EBITDA is a widely recognized supplemental non-GAAP financial measure. The Company computes EBITDA as net income from continuing operations, plus interest expense (including early extinguishment of debt costs), depreciation and amortization, minority interests share of consolidated joint venture EBITDA and discontinued operations. 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 performance across reporting periods on a consistent basis by excluding such items.

EIBITDA and Adjusted EBITDA should be reviewed with GAAP net income from continuing operations, the most directly comparable GAAP financial measure, 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 income from continuing operations or to cash flow from operating activities. The Company’s computations of EBITDA and Adjusted EBITDA may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.