Exhibit 99.1 

 

 

 

 

 

LOGO

SUPPLEMENTAL FINANCIAL INFORMATION

MARCH 31, 2016

 

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, 2016

(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   

2016 Acquisitions and Dispositions

     21   

Non-GAAP Financial Disclosures

     22   

 

2


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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, 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.

 

3


CEDAR REALTY TRUST REPORTS

FIRST QUARTER 2016 RESULTS

Port Washington, New York – May 5, 2016 – Cedar Realty Trust, Inc. (NYSE:CDR) today reported results for the first quarter ended March 31, 2016.

Highlights

 

    Operating funds from operations (Operating FFO) of $0.14 per diluted share
    Same-property net operating income (NOI) increased 1.3%
    Signed 64 new and renewal leases for 345,900 square feet
    Comparable cash-basis lease spreads of 8.7%
    Total portfolio 91.6% leased and same-property portfolio 92.0% leased at quarter-end
    On February 11, 2016, the Company sold Liberty Marketplace located in Dubois, Pennsylvania for $15.0 million
    On February 25, 2016, the Company acquired Shoppes at Arts District located in Hyattsville, Maryland for $20.5 million

Previously-Announced and Subsequent Events

 

    On March 17, 2016, Steven G. Rogers was appointed to the Board of Directors as an independent director
    On March 31, 2016, Robin McBride Zeigler joined the Company as Chief Operating Officer
    On April 26, 2016, the Company closed on a $100.0 million seven-year unsecured term loan with proceeds to be drawn by October 26, 2016
    On May 3, 2016, the Company refinanced its existing $40.3 million mortgage loan payable secured by Franklin Village Plaza with a new $50.0 million mortgage loan payable maturing on June 1, 2026
    On May 4, 2016, the Company acquired Glenwood Village located in Bloomfield, New Jersey for $19.5 million

Bruce Schanzer commented, “The first quarter of 2016 was a period of progress on the leasing, redevelopment and capital migration fronts. We continue to systematically make advancements within our core portfolio while enhancing its composition. Additionally, we are making progress with the anchor vacancies that occurred in the fourth quarter of 2015. We remain optimistic these spaces will be re-leased within the coming 12 months with positive spreads on average, while also seeing relatively strong leasing and operating results outside of those situations.” Mr. Schanzer continued “The first quarter of 2016 also marked the arrival of Robin Zeigler as our new COO. We look forward to benefitting from her experience and expertise for many years to come.”

Financial Results

Operating FFO for the first quarter of 2016 was $12.0 million or $0.14 per diluted share, compared to $10.6 million or $0.13 per diluted share for the same period in 2015. NAREIT-defined FFO (FFO) for the first quarter of 2016 was $7.5 million or $0.09 per diluted share, compared to $10.1 million or $0.12 per diluted share for the same period in 2015. The principal differences between Operating FFO and FFO are acquisition costs and management transition costs.

Net loss attributable to common shareholders for the first quarter of 2016 was $(1.9) million or $(0.03) per diluted share, compared to $(123,000) or $(0.00) per diluted share for the same period in 2015.

Portfolio Results

Same-property NOI for the first quarter of 2016 increased 1.3%, both including and excluding redevelopments, compared to the same period in 2015.

 

4


During the first quarter of 2016, the Company signed 64 leases for 345,900 square feet. On a comparable space basis, the Company leased 319,400 square feet at a positive lease spread of 8.7% on a cash basis (renewals increased 9.5% and new leases decreased 1.1%).

The Company’s total portfolio, excluding properties held for sale, was 91.6% leased at March 31, 2016, compared to 91.5% at December 31, 2015 and 93.7% at March 31, 2015. The Company’s same-property portfolio was 92.0% leased at March 31, 2016, compared to 92.2% at December 31, 2015 and 93.5% at March 31, 2015. The decrease in leased percentages from March 31, 2015, are the result of four anchor vacancies that occurred in the fourth quarter of 2015.

Balance Sheet

As of March 31, 2016, the Company had $181.0 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization (EBITDA) of 7.4 times.

On April 26, 2016, the Company closed on a $100.0 million seven-year unsecured term loan. The loan provides for delayed draws of the proceeds through October 26, 2016 (with no proceeds drawn at closing). The term loan is priced at LIBOR plus a spread based on the Company’s leverage ratio. The Company also entered into a forward LIBOR swap agreement that results in an effective fixed interest rate of 3.2% beginning November 1, 2016, based on the Company’s leverage ratio at closing.

On May 3, 2016, the Company refinanced its existing $40.3 million mortgage loan secured by Franklin Village Plaza, originally scheduled to mature on August 1, 2016, with a new $50.0 million mortgage loan that bears interest at 3.9% and matures on June 1, 2026.

2016 Guidance

The Company raised the low end of its previously-announced 2016 Operating FFO guidance to a range of $0.54 to $0.56 per diluted share and updated its NAREIT-defined FFO to a range of $0.48 to $0.50 per diluted share. The principal difference in 2016 guidance between Operating FFO and NAREIT-defined FFO is acquisition costs and management transition 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, 2016 to shareholders of record as of the close of business on May 10, 2016.

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 loss attributable to common shareholders to FFO and Operating FFO for the three months ended March 31, 2016 and 2015 is detailed in the attached schedule.

Supplemental Financial Information Package

The Company has issued “Supplemental Financial Information” for the period ended March 31, 2016. 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.

 

5


Investor Conference Call

The Company will host a conference call today, May 5, 2016, 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, 2016, until midnight (ET) on May 19, 2016. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13632568 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. The Company’s portfolio (excluding properties treated as “held for sale”) comprises 62 properties, with approximately 9.6 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 Annual Report on Form 10-K for the year ended December 31, 2015, 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.

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,  
     2016     2015  

ASSETS

    

Real estate, at cost

   $ 1,573,363,000      $ 1,550,027,000   

Less accumulated depreciation

     (309,692,000     (300,832,000
  

 

 

   

 

 

 

Real estate, net

     1,263,671,000        1,249,195,000   

Real estate held for sale

     —          14,402,000   

Cash and cash equivalents

     1,757,000        2,083,000   

Restricted cash

     5,956,000        5,592,000   

Receivables

     19,364,000        17,912,000   

Other assets and deferred charges, net

     29,139,000        29,196,000   
  

 

 

   

 

 

 

TOTAL ASSETS

   $ 1,319,887,000      $ 1,318,380,000   
  

 

 

   

 

 

 

LIABILITIES AND EQUITY

    

Liabilities:

    

Mortgage loans payable

   $ 304,190,000      $ 298,089,000   

Unsecured revolving credit facility

     79,000,000        78,000,000   

Unsecured term loans

     297,867,000        297,731,000   

Accounts payable and accrued liabilities

     30,076,000        23,831,000   

Unamortized intangible lease liabilities

     22,533,000        23,187,000   
  

 

 

   

 

 

 

Total liabilities

     733,666,000        720,838,000   
  

 

 

   

 

 

 

Equity:

    

Preferred stock

     190,661,000        190,661,000   

Common stock and other shareholders’ equity

     394,196,000        405,389,000   

Noncontrolling interests

     1,364,000        1,492,000   
  

 

 

   

 

 

 

Total equity

     586,221,000        597,542,000   
  

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 1,319,887,000      $ 1,318,380,000   
  

 

 

   

 

 

 

 

7


CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

 

     Three months ended March 31,  
     2016     2015  

PROPERTY REVENUES

    

Rents

   $ 29,130,000      $ 28,962,000   

Expense recoveries

     8,958,000        9,621,000   

Other

     163,000        52,000   
  

 

 

   

 

 

 

Total property revenues

     38,251,000        38,635,000   
  

 

 

   

 

 

 

PROPERTY OPERATING EXPENSES

    

Operating, maintenance and management

     7,155,000        8,344,000   

Real estate and other property-related taxes

     4,880,000        4,687,000   
  

 

 

   

 

 

 

Total property operating expenses

     12,035,000        13,031,000   
  

 

 

   

 

 

 

PROPERTY OPERATING INCOME

     26,216,000        25,604,000   
  

 

 

   

 

 

 

OTHER EXPENSES AND INCOME

    

General and administrative

     5,347,000        3,919,000   

Acquisition costs

     2,597,000        499,000   

Depreciation and amortization

     9,661,000        9,508,000   

Gain on sale

     (59,000     —     

Impairment charges

     —          1,109,000   
  

 

 

   

 

 

 

Total other expenses and income

     17,546,000        15,035,000   
  

 

 

   

 

 

 

OPERATING INCOME

     8,670,000        10,569,000   
  

 

 

   

 

 

 

NON-OPERATING INCOME AND EXPENSES

    

Interest expense

     (7,005,000     (7,278,000

Early extinguishment of debt costs

     (89,000     (57,000
  

 

 

   

 

 

 

Total non-operating income and expense

     (7,094,000     (7,335,000
  

 

 

   

 

 

 

INCOME FROM CONTINUING OPERATIONS

     1,576,000        3,234,000   

Discontinued operations

     —          165,000   
  

 

 

   

 

 

 

NET INCOME

     1,576,000        3,399,000   

Attributable to noncontrolling interests

     87,000        80,000   
  

 

 

   

 

 

 

NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.

     1,663,000        3,479,000   

Preferred stock dividends

     (3,602,000     (3,602,000
  

 

 

   

 

 

 

NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS

   $ (1,939,000   $ (123,000
  

 

 

   

 

 

 

NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)

    

Continuing operations

   $ (0.03   $ (0.01

Discontinued operations

     0.00        0.01   
  

 

 

   

 

 

 
   $ (0.03   $ (0.00
  

 

 

   

 

 

 

Weighted average number of common shares - basic and diluted

     81,656,000        80,719,000   
  

 

 

   

 

 

 

 

8


CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

 

     March 31,      December 31,  

Balance Sheets

   2016      2015  

Construction in process (included in buildings and improvements)

   $ 6,833,000       $ 6,146,000   
  

 

 

    

 

 

 

Receivables

 

Rents and other tenant receivables, net

   $ 4,243,000       $ 2,439,000   

Straight-line rents

     15,121,000         15,473,000   
  

 

 

    

 

 

 
   $ 19,364,000       $ 17,912,000   
  

 

 

    

 

 

 

Other assets and deferred charges, net

  

Lease origination costs

   $ 18,467,000       $ 18,394,000   

Revolving credit facility issuance costs

     2,077,000         2,288,000   

Prepaid expenses

     6,295,000         6,104,000   

Other

     2,300,000         2,410,000   
  

 

 

    

 

 

 
   $ 29,139,000       $ 29,196,000   
  

 

 

    

 

 

 

 

Statements of Operations

   Three months ended March 31,  
   2016     2015  

Rents

  

Base rents

   $ 28,685,000      $ 27,792,000   

Percentage rent

     77,000        144,000   

Straight-line rents

     (317,000     196,000   

Amortization of intangible lease liabilities, net

     685,000        830,000   
  

 

 

   

 

 

 
   $ 29,130,000      $ 28,962,000   
  

 

 

   

 

 

 

 

9


CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures

 

     Three months ended March 31,  
     2016     2015  

Net loss attributable to common shareholders

     $ (1,939,000)        $ (123,000)   

Real estate depreciation and amortization

     9,618,000        9,427,000   

Limited partners’ interest

     (7,000     (2,000

Impairment charges

     —          956,000   

Gain on sales

     (59,000     —     

Consolidated minority interests:

    

Share of loss

     (80,000     (78,000

Share of FFO

     (65,000     (126,000
  

 

 

   

 

 

 

Funds From Operations (“FFO”) applicable to diluted common shares

     7,468,000        10,054,000   

Adjustments for items affecting comparability:

    

Acquisition costs (a)

     2,597,000        499,000   

Financing costs (b)

     89,000        57,000   

Redevelopment costs (c)

     393,000        —     

Management transition costs (d)

     1,427,000        —     
  

 

 

   

 

 

 

Operating Funds From Operations (“Operating FFO”) applicable to diluted common shares

   $ 11,974,000      $ 10,610,000   
  

 

 

   

 

 

 

FFO per diluted common share:

   $ 0.09      $ 0.12   
  

 

 

   

 

 

 

Operating FFO per diluted common share:

   $ 0.14      $ 0.13   
  

 

 

   

 

 

 

Weighted average number of diluted common shares:

    

Common shares

     85,214,000        84,302,000   

OP Units

     352,000        393,000   
  

 

 

   

 

 

 
     85,566,000        84,695,000   
  

 

 

   

 

 

 

Additional Disclosures (Pro-Rata Share):

    

Straight-line rents

   $ (314,000   $ 198,000   

Amortization of intangible lease liabilities

     659,000        804,000   

Non-real estate amortization

     436,000        502,000   

Share-based compensation, net

     510,000        804,000   

Maintenance capital expenditures (e)

     401,000        312,000   

Lease related expenditures (f)

     668,000        508,000   

Development and redevelopment capital expenditures

     1,488,000        1,159,000   

Capitalized interest and financing costs

     171,000        163,000   

 

(a) Represents costs directly associated with acquiring a property that are expensed pursuant to GAAP such as transfer taxes, brokerage fees and legal expenses.
(b) Represents extinguishment of debt costs.
(c) Includes redevelopment project costs expensed pursuant to GAAP such as certain demolition and lease termination costs.
(d) Costs associated with hiring a new Chief Operating Officer and estimated expenses related to termination of prior Chief Operating Officer.
(e) Consists of payments for building and site improvements.
(f) 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,  
     2016     2015  

EBITDA Calculation

    

Income from continuing operations

   $ 1,576,000      $ 3,234,000   

Add (deduct):

    

Interest expense (including early extinguishment of debt costs)

     7,094,000        7,335,000   

Depreciation and amortization

     9,661,000        9,508,000   

Minority interests share of consolidated joint venture EBITDA

     (324,000     (442,000

Discontinued operations

     —          12,000   
  

 

 

   

 

 

 

EBITDA

     18,007,000        19,647,000   

Adjustments for items affecting comparability:

    

Acquisition costs

     2,597,000        499,000   

Redevelopment costs (a)

     393,000        —     

Management transition costs

     1,427,000        —     

Gain on sales

     (59,000     —     

Impairment charges

     —          1,109,000   
  

 

 

   

 

 

 

Adjusted EBITDA

   $ 22,365,000      $ 21,255,000   
  

 

 

   

 

 

 

Pro-rata share of net debt (b)

    

Pro-rata share of debt

   $ 664,778,000      $ 638,819,000   

Pro-rata share of debt issuance costs

     3,803,000      $ 4,128,000   

Pro-rata share of unrestricted cash and cash equivalents

     (1,682,000     (3,685,000
  

 

 

   

 

 

 
   $ 666,899,000      $ 639,262,000   
  

 

 

   

 

 

 

Pro-rata fixed charges (b)

    

Interest expense (c)

   $ 6,507,000      $ 6,689,000   

Preferred stock dividends

     3,602,000        3,602,000   

Scheduled mortgage repayments

     1,335,000        1,541,000   
  

 

 

   

 

 

 
   $ 11,444,000      $ 11,832,000   
  

 

 

   

 

 

 

Debt and Coverage Ratios

    

Net debt to Adjusted EBITDA (d)

     7.4     7.4

Interest coverage ratio (based on Adjusted EBITDA)

     3.4     3.2

Fixed charge coverage ratio (based on Adjusted EBITDA)

     2.0     1.8

 

(a) Includes redevelopment project costs expensed pursuant to GAAP such as certain demolition and lease termination costs.
(b) Includes properties “held for sale”.
(c) Excludes early extinguishment of debt costs.
(d) 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, 2016

 

     Maturity      Interest        

Property

   Date      Rate     Amounts  

Fixed-rate mortgages:

       

Franklin Village Plaza

     Aug 2016         4.1   $ 40,251,000  (a) 

West Bridgewater Plaza

     Sep 2016         6.2     10,066,000  (a) 

Carman’s Plaza

     Oct 2016         6.2     33,500,000  (a) 

Hamburg Square

     Oct 2016         6.1     4,598,000  (a) 

Meadows Marketplace

     Nov 2016         5.6     9,162,000  (a) 

San Souci Plaza (b)

     Dec 2016         6.2     27,200,000  (a) 

Camp Hill

     Jan 2017         5.5     61,240,000  (a) 

Golden Triangle

     Feb 2018         6.0     18,817,000   

Swede Square

     Nov 2020         5.5     9,785,000   

Colonial Commons

     Feb 2021         5.5     25,579,000   

Shoppes at Arts District

     Apr 2022         5.2     8,487,000   

East River Park

     Sep 2022         3.9     20,311,000   

The Point

     Nov 2022         4.5     28,355,000   

Metro Square

     Nov 2029         7.5     7,641,000   
       

 

 

 

Total fixed-rate mortgages

     weighted average         5.3     304,992,000   
       

 

 

 

Unsecured debt:

       

Variable-rate (c):

       

Revolving credit facility (d)

     Feb 2019         1.8     79,000,000   

Term loan

     Feb 2020         1.8     50,000,000   

Fixed-rate (e):

       

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     379,000,000   
       

 

 

 
     Unamortized premium        909,000   

Unamortized mortgage and term loan issuance costs

  

    (3,844,000
       

 

 

 

Total debt

     weighted average         3.9   $ 681,057,000   
       

 

 

 

Pro-rata share of total debt reconciliation:

  

Total debt

  

  $ 681,057,000   

Less pro-rata share attributable to joint venture minority interest

  

    (16,279,000
       

 

 

 

Pro-rata share of total debt

  

  $ 664,778,000   
       

 

 

 

Fixed to variable rate debt ratio:

  

Fixed-rate debt

        80.7   $ 536,370,000   

Variable-rate debt

        19.3     128,408,000   
     

 

 

   

 

 

 
        100.0   $ 664,778,000   
     

 

 

   

 

 

 
(a) These mortgages will primarily be refinanced with (i) a $50 million, ten year mortgage, which closed on May 3, 2016, and (ii) a $100 million seven year unsecured term loan, which closed on April 26, 2016. Proceeds from the term loan can be drawn at anytime prior to October 26, 2016.
(b) The Company has a 40% ownership interest in this joint venture.
(c) For variable-rate debt, rate in effect as of March 31, 2016.
(d) Subject to a one-year extension at the Company’s option.
(e) 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.

 

12


CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of March 31, 2016

 

     Secured Debt     Unsecured Debt         
     Scheduled      Balloon     Revolving     Term         

Year

   Amortization      Payments     Credit Facility     Loans      Total  

2016

   $ 3,415,000       $ 124,216,000  (a)    $ —        $ —         $ 127,631,000   

2017

     2,938,000         60,478,000  (a)      —          —           63,416,000   

2018

     2,659,000         18,007,000        —          —           20,666,000   

2019

     2,759,000         —          79,000,000  (b)      75,000,000         156,759,000   

2020

     2,876,000         8,849,000        —          100,000,000         111,725,000   

2021

     2,179,000         22,367,000        —          75,000,000         99,546,000   

2022

     1,683,000         47,597,000        —          50,000,000         99,280,000   

Thereafter

     4,497,000         472,000        —          —           4,969,000   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 
   $ 23,006,000       $ 281,986,000      $ 79,000,000      $ 300,000,000         683,992,000   
  

 

 

    

 

 

   

 

 

   

 

 

    

 

 

 

Unamortized premium

  

     909,000   

Unamortized mortgage and term loan issuance costs

  

     (3,844,000
            

 

 

 
             $ 681,057,000   
            

 

 

 

 

(a) These mortgages will primarily be refinanced with (i) a $50 million, ten year mortgage, which closed on May 3, 2016, and (ii) a $100 million seven year unsecured term loan, which closed on April 26, 2016. Proceeds from the term loan can be drawn at anytime prior to October 26, 2016.
(b) The revolving credit facility is subject to a one-year extension at the Company’s option.

 

13


CEDAR REALTY TRUST, INC.

Real Estate Summary

As of March 31, 2016

 

                    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     227,568        85.2     8.69       Home Depot      103,003   
           Kohl’s      58,966   
           Michaels      21,429   

Groton Shopping Center

  2007     117,186        79.7     12.25       TJ Maxx      30,000   
           Goodwill      21,306   

Jordan Lane

  2005     177,504        99.2     11.36       Stop & Shop      60,632   
           Fallas      39,280   
           Cardio Fitness      20,283   

New London Mall

  2009     259,566        94.4     15.36       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     7.38       Walmart      95,482   
           NAMCO      20,000   
   

 

 

   

 

 

   

 

 

       

Total Connecticut

      1,128,871        93.3     11.98         
   

 

 

   

 

 

   

 

 

       

Maryland / Washington DC

             

East River Park

  2015     150,107        93.2     21.02       Safeway      40,000   
           District of Columbia      34,400   

Metro Square

  2008     71,896        100.0     19.96       Shoppers Food Warehouse      58,668   

Oakland Mills

  2005     58,224        100.0     14.21       Food Lion      43,470   

San Souci Plaza (b)

  2009     264,134        81.2     10.86       Shoppers Food Warehouse      61,466   
           Marshalls      27,000   
           Maximum Health and Fitness      15,612   

Shoppes at Arts District

  2016     35,676        100.0     34.24       Busboys and Poets      9,889   
           Yes! Organic Market      7,169   

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        88.9     13.46       Food Lion      37,692   
   

 

 

   

 

 

   

 

 

       

Total Maryland / Washington DC

      929,958        91.7     13.68         
   

 

 

   

 

 

   

 

 

       

Massachusetts

             

Fieldstone Marketplace

  2005/2012     193,970        94.0     8.90       Shaw’s      68,000   
           Flagship Cinema      41,975   
           New Bedford Wine and Spirits      15,180   

Franklin Village Plaza

  2004/2012     303,096        89.6     21.08       Stop & Shop      75,000   
           Marshalls      26,890   
           Team Fitness      15,807   

Kings Plaza

  2007     168,243        95.2     6.78       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     9.78       Hannaford Brothers      42,598   
           Planet Fitness      18,830   
           Dollar Tree      16,798   

The Shops at Suffolk Downs

  2005     121,320        100.0     14.14       Stop & Shop      74,977   

Timpany Plaza

  2007     183,775        92.7     7.45       Stop & Shop      59,947   
           Big Lots      28,027   
           Gardner Theater      27,576   

Webster Plaza

  2007     101,824        42.5     14.42       Aubuchon Hardware      11,825   

West Bridgewater Plaza

  2007     133,039        100.0     8.75       Shaw’s      57,315   
           Pump N Jump      25,000   
           Planet Fitness      15,000   
   

 

 

   

 

 

   

 

 

       

Total Massachusetts

      1,307,726        90.6     11.99         
   

 

 

   

 

 

   

 

 

       

 

14


CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of March 31, 2016

 

                       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     8.90       Acme Markets      55,000   
              Peebles      18,858   

Pine Grove Plaza

   2003      86,089         89.5     11.12       Peebles      24,963   

Washington Center Shoppes

   2001      157,394         93.1     9.69       Acme Markets      66,046   
              Planet Fitness      20,742   
     

 

 

    

 

 

   

 

 

       

Total New Jersey

        373,065         90.7     9.75         
     

 

 

    

 

 

   

 

 

       

New York

                

Carman’s Plaza

   2007      193,736         55.0     20.15       Home Goods      25,806   
     

 

 

    

 

 

   

 

 

       
              Department of Motor Vehicle      19,310   

Pennsylvania

                

Academy Plaza

   2001      137,415         87.9     14.65       Acme Markets      50,918   

Camp Hill

   2002      464,765         98.2     14.81       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     14.30       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     20.18       Giant Foods      78,815   

Fairview Commons

   2007      52,964         68.1     11.38       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     9.07       Redner’s      48,920   

Golden Triangle

   2003      202,943         94.6     13.39       LA Fitness      44,796   
              Marshalls      30,000   
              Staples      24,060   
              Just Cabinets      18,665   
              Aldi      15,242   

Halifax Plaza

   2003      51,510         100.0     12.80       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     18.24       Shop Rite      63,342   

Maxatawny Marketplace

   2011      59,939         100.0     12.35       Giant Foods      53,914   

Meadows Marketplace

   2004/2012      91,518         96.5     15.52       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     10.11       Redner’s      53,019   

Palmyra Shopping Center

   2005      111,051         89.9     7.11       Weis Markets      46,912   
              Goodwill      18,104   

Port Richmond Village

   2001      154,908         82.8     14.41       Thriftway      40,000   
              Pep Boys      20,615   

Quartermaster Plaza

   2014      456,602         92.4     14.35       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, 2016

 

                       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     19.99       United Artists      77,700   
              Avalon Carpet      25,000   
              Pep Boys      22,000   
              Staples      18,000   

South Philadelphia

   2003      283,415         74.9     14.72       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     17.91       LA Fitness      37,200   

The Commons

   2004      203,426         66.1     11.01       Bon-Ton      54,500   
              TJ Maxx      24,404   

The Point

   2000      268,037         99.0     12.76       Burlington Coat Factory      76,665   
              Giant Foods      76,627   
              A.C. Moore      24,890   
              Staples      24,000   

Trexler Mall

   2005      337,297         96.4     9.82       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     13.55       Giant Foods      78,335   
              Hobby Lobby      57,512   
              Big Lots      33,824   
              Tractor Supply      19,097   

Upland Square

   2007      399,948         93.9     17.95       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

        5,008,965         90.7     14.31         
     

 

 

    

 

 

   

 

 

       

Virginia

                

Coliseum Marketplace

   2005      106,648         100.0     16.80       Farm Fresh      57,662   
              Michaels      23,981   

Elmhurst Square

   2006      66,250         87.1     9.71       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         96.7     12.84         
     

 

 

    

 

 

   

 

 

       

Total (91.6% leased at March 31, 2016)

        9,498,614         90.7   $ 13.44         
     

 

 

    

 

 

   

 

 

       

 

(a) Major tenants are determined as tenants with 15,000 or more sq.ft of GLA, tenants at single-tenant properties, or the largest tenants 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 (a)

 

     Leases
Signed
     Square
Feet
     New Rent
Per. Sq. Ft (a)
     Prior Rent
Per. Sq. Ft (b)
     Cash Basis
% Change
    Tenant
Improvements
Per. Sq. Ft (c)
     Average
Lease
Term (Yrs)
 

Total Comparable Leases

                   

1st Quarter 2016

     60         319,400       $ 13.52       $ 12.44         8.7   $ 1.43         4.1   

4th Quarter 2015

     31         385,300       $ 11.99       $ 10.69         12.1   $ 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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total

     158         995,700       $ 13.82       $ 12.62         9.6   $ 2.98         4.4   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

New Leases - Comparable

                   

1st Quarter 2016

     7         20,500       $ 14.24       $ 14.40         -1.1   $ 22.28         6.0   

4th Quarter 2015

     6         46,300       $ 14.38       $ 13.41         7.3   $ 30.24         4.6   

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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total

     31         127,800       $ 14.68       $ 13.84         6.1   $ 23.20         6.3   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Renewals - Comparable

                   

1st Quarter 2016

     53         298,900       $ 13.47       $ 12.30         9.5   $ 0.00         4.0   

4th Quarter 2015

     25         339,000       $ 11.66       $ 10.32         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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total

     127         867,900       $ 13.69       $ 12.44         10.1   $ 0.00         4.2   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total Comparable and Non-Comparable

                   

1st Quarter 2016

     64         345,900       $ 13.56         N/A         N/A      $ 1.62         4.5   

4th Quarter 2015

     33         410,600       $ 12.06         N/A         N/A      $ 5.08         5.3   

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   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

Total

     168         1,092,700       $ 13.68         N/A         N/A      $ 4.53         5.0   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

 

 

(a) Leases on this schedule represent retail activity only.
(b) 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.
(c) Includes tenant allowance and landlord work. Excludes first generation space.
(d) For spaces vacant less than 12 months, the results for the trailing four quarters are as follows:

 

     Leases
Signed
     Square
Feet
     Cash Basis
% Change
 

Total Comparable Leases

     142         929,700         11.0

New Leases - Comparable

     15         61,800         23.0

 

17


CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of March 31, 2016

 

     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         10.2

LA Fitness

     7         282,000         3.0     4,859,000         17.23         4.2

Shop Rite

     3         182,000         1.9     2,945,000         16.18         2.5

Stop & Shop

     4         271,000         2.9     2,913,000         10.75         2.5

Dollar Tree

     21         213,000         2.2     2,278,000         10.69         2.0

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

BJ’s Wholesale Club

     1         118,000         1.2     1,683,000         14.26         1.5

Marshalls

     6         170,000         1.8     1,465,000         8.62         1.3

United Artists

     1         78,000         0.8     1,454,000         18.64         1.3

Shaw’s

     2         125,000         1.3     1,431,000         11.45         1.2

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         1.5     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

     86         3,740,000         39.4     46,812,000         12.52         40.4

Remaining tenants

     804         4,878,000         51.4     69,029,000         14.15         59.6
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Sub-total all tenants (b)

     890         8,618,000         90.7   $ 115,841,000       $ 13.44         100.0
          

 

 

    

 

 

    

 

 

 

Vacant space

     N/A         881,000         9.3        
  

 

 

    

 

 

    

 

 

         

Total

     890         9,499,000         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 $482,000), (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:

 

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

Large tenants

     5,963,000         69.2   $ 65,575,000       $ 11.00         56.6

Small tenants

     2,655,000         30.8     50,266,000         18.94         43.4
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

Total

     8,618,000         100.0   $ 115,841,000       $ 13.44         100.0
  

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

 

18


CEDAR REALTY TRUST, INC.

Lease Expirations

As of March 31, 2016

 

                                       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

     57         189,000         2.2   $ 2,808,000       $ 14.86         2.4

2016

     75         304,000         3.5     4,920,000         16.18         4.2

2017

     136         1,003,000         11.6     13,476,000         13.44         11.6

2018

     121         968,000         11.2     13,980,000         14.44         12.1

2019

     118         895,000         10.4     11,352,000         12.68         9.8

2020

     127         1,621,000         18.8     19,860,000         12.25         17.1

2021

     91         953,000         11.1     12,864,000         13.50         11.1

2022

     35         200,000         2.3     3,096,000         15.48         2.7

2023

     20         159,000         1.8     1,608,000         10.11         1.4

2024

     28         551,000         6.4     7,392,000         13.42         6.4

2025

     29         515,000         6.0     7,404,000         14.38         6.4

2026

     22         199,000         2.3     3,036,000         15.26         2.6

Thereafter

     31         1,061,000         12.3     14,045,000         13.25         12.1
  

 

 

    

 

 

    

 

 

   

 

 

    

 

 

    

 

 

 

All tenants

     890         8,618,000         100.0   $ 115,841,000       $ 13.44         100.0
          

 

 

    

 

 

    

 

 

 

Vacant space

     N/A         881,000         N/A           
  

 

 

    

 

 

    

 

 

         

Total portfolio

     890         9,499,000         N/A           
  

 

 

    

 

 

    

 

 

         

 

19


CEDAR REALTY TRUST, INC.

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

Same-Property NOI (a)

 

     Three months ended March 31,  
     2016     2015  

Base Rents

   $ 25,859,000      $ 25,794,000   

Expense Recoveries

     8,236,000        8,956,000   
  

 

 

   

 

 

 

Total Revenues

     34,095,000        34,750,000   

Operating expenses

     10,702,000        11,654,000   
  

 

 

   

 

 

 

NOI

   $ 23,393,000      $ 23,096,000   
  

 

 

   

 

 

 

Occupied

     91.5     92.7

Leased

     92.0     93.5

Average base rent

   $ 13.29      $ 13.04   

Number of same properties

     55        55   

NOI growth

     1.3%   

 

(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.

 

20


CEDAR REALTY TRUST, INC.

2016 Acquisitions and Dispositions

 

Acquisitions

   Location    GLA      Date
Acquired
     Purchase
Price
 

Shoppes at Arts District

   Hyattsville, MD      35,676         2/25/2016       $ 20,500,000   

Glenwood Village

   Bloomfield, NJ      63,844         5/4/2016         19,526,000   
           

 

 

 
            $ 40,026,000   
           

 

 

 

Disposition

   Location    GLA      Date
Sold
     Sales
Price
 

Liberty Marketplace

   Dubois, PA      68,200         2/11/2016       $ 15,000,000   

 

21


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, management transition costs and certain redevelopment 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, gain on sales, impairment provisions and management transition charges. 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.

 

22