Exhibit 99.1

Unaudited Pro Forma Consolidated Financial Statements

On June 21, 2021, Cedar Realty Trust, Inc. (the “Company”) completed the sale to an unaffiliated third party of all of the Company’s interests in Cedar-Camp Hill, LLC, an indirect, wholly-owned subsidiary of the Company through which the Company owned the Camp Hill Shopping Center (“Camp Hill”), a 423,671 square foot grocery-anchored shopping center located in Camp Hill, Pennsylvania. The gross sales price for the property was approximately $89.7 million, before customary closing and transaction costs.

The following unaudited pro forma consolidated financial statements of the Company have been prepared to show the pro forma effect of the disposal of Camp Hill by applying pro forma adjustments to our historical combined financial information. The unaudited pro forma consolidated financial statements are based upon the historical consolidated financial statements of the Company included in its Annual Report on Form 10-K for the year ended December 31, 2020, and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021. The pro forma consolidated balance sheet has been presented as if the sale of Camp Hill had occurred as of March 31, 2021. The pro forma consolidated statements of operations for the three months ended March 31, 2021 and for the year ended December 31, 2020 are presented as if the sale of Camp Hill had occurred on January 1, 2020.

The following unaudited pro forma consolidated financial information is intended to provide investors with information about the impact of the sale of Camp Hill by showing how specific transactions might have affected historical financial statements, illustrating the scope of the change in the historical financial position and results of operations. This pro forma financial information should not be viewed as indicative of the Company’s financial results in the future and should be read in conjunction with the Company’s financial statements as filed on Form 10-K for the year ended December 31, 2020 and on Form 10-Q for the three-month period ended March 31, 2021. The adjustments made to historical financial information give effect to events that are directly attributable to the disposition of Camp Hill and are factually supportable.


Cedar Realty Trust, Inc.

Unaudited Pro Forma Consolidated Balance Sheet

As of March 31, 2021

 

     Historical (a)     Transaction (b)     Pro Forma  

ASSETS

      

Real estate:

      

Land

   $ 280,433,000     $ —       $ 280,433,000  

Buildings and improvements

     1,190,060,000       —         1,190,060,000  
  

 

 

   

 

 

   

 

 

 
     1,470,493,000       —         1,470,493,000  

Less accumulated depreciation

     (414,071,000     —         (414,071,000
  

 

 

   

 

 

   

 

 

 

Real estate, net

     1,056,422,000       —         1,056,422,000  

Real estate held for sale

     49,091,000       (39,397,000     9,694,000  

Cash and cash equivalents

     3,138,000       —         3,138,000  

Receivables

     22,818,000       —         22,818,000  

Other assets and deferred charges, net

     48,487,000       (508,000     47,979,000  
  

 

 

   

 

 

   

 

 

 

TOTAL ASSETS

   $ 1,179,956,000       (39,905,000   $ 1,140,051,000  
  

 

 

   

 

 

   

 

 

 

LIABILITIES AND EQUITY

      

Mortgage loan payable

   $ 45,132,000       —       $ 45,132,000  

Finance lease obligation

     5,334,000       —         5,334,000  

Unsecured revolving credit facility

     179,000,000       (37,053,000     141,947,000  

Unsecured term loans

     398,705,000       (50,000,000     348,705,000  

Accounts payable and accrued liabilities

     53,048,000       (937,000     52,111,000  

Unamortized intangible lease liabilities

     8,639,000       (678,000     7,961,000  
  

 

 

   

 

 

   

 

 

 

Total liabilities

     689,858,000       (88,668,000     601,190,000  
  

 

 

   

 

 

   

 

 

 

Commitments and contingencies

     —         —         —    

Equity:

      

Cedar Realty Trust, Inc. shareholders’ equity:

      

Preferred stock

     159,541,000       —         159,541,000  

Common stock

     818,000       —         818,000  

Treasury stock

     (13,961,000     —         (13,961,000

Additional paid-in capital

     879,413,000       —         879,413,000  

Cumulative distributions in excess of net income

     (525,171,000     48,763,000       (476,408,000

Accumulated other comprehensive (loss)

     (14,645,000     —         (14,645,000
  

 

 

   

 

 

   

 

 

 

Total Cedar Realty Trust, Inc. shareholders’ equity

     485,995,000       48,763,000       534,758,000  
  

 

 

   

 

 

   

 

 

 

Noncontrolling interests:

      

Minority interests in consolidated joint ventures

     1,203,000       —         1,203,000  

Limited partners’ OP Units

     2,900,000       —         2,900,000  
  

 

 

   

 

 

   

 

 

 

Total noncontrolling interests

     4,103,000       —         4,103,000  
  

 

 

   

 

 

   

 

 

 

Total equity

     490,098,000       48,763,000       538,861,000  
  

 

 

   

 

 

   

 

 

 

TOTAL LIABILITIES AND EQUITY

   $ 1,179,956,000     $ (39,905,000   $ 1,140,051,000  
  

 

 

   

 

 

   

 

 

 

See notes to unaudited pro forma consolidated financial statements.


Cedar Realty Trust, Inc.

Unaudited Pro Forma Consolidated Statement of Operations

For the three months ended March 31, 2021

 

     Historical (c)     Transaction (d)     Pro Forma  

REVENUES

      

Rental revenues

   $ 33,336,000     $ (2,051,000   $ 31,285,000  

Other

     215,000       (2,000     213,000  
  

 

 

   

 

 

   

 

 

 

Total revenues

     33,551,000       (2,053,000     31,498,000  
  

 

 

   

 

 

   

 

 

 

EXPENSES

      

Operating, maintenance and management

     7,780,000       (346,000     7,434,000  

Real estate and other property-related taxes

     5,120,000       (317,000     4,803,000  

General and administrative

     4,528,000       —         4,528,000  

Depreciation and amortization

     11,211,000       (423,000     10,788,000  
  

 

 

   

 

 

   

 

 

 

Total expenses

     28,639,000       (1,086,000     27,553,000  
  

 

 

   

 

 

   

 

 

 

OTHER

      

Gain on sales

     1,047,000       —         1,047,000  

Impairment charges

     —         —         —    
  

 

 

   

 

 

   

 

 

 

Total other

     1,047,000       —         1,047,000  
  

 

 

   

 

 

   

 

 

 

OPERATING INCOME

     5,959,000       (967,000     4,992,000  

NON-OPERATING INCOME AND EXPENSES

      

Interest expense

     (4,706,000     576,000       (4,130,000
  

 

 

   

 

 

   

 

 

 

Total non-operating income and expenses

     (4,706,000     576,000       (4,130,000
  

 

 

   

 

 

   

 

 

 

NET INCOME (LOSS)

     1,253,000       (391,000     862,000  

Net (income) loss attributable to noncontrolling interests:

      

Minority interests in consolidated joint ventures

     (150,000     —         (150,000

Limited partners’ interest in Operating Partnership

     9,000       2,000       11,000  
  

 

 

   

 

 

   

 

 

 

Total net (income) attributable to noncontrolling interests

     (141,000     2,000       (139,000
  

 

 

   

 

 

   

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.

     1,112,000       (389,000     723,000  

Preferred stock dividends

     (2,688,000     —         (2,688,000
  

 

 

   

 

 

   

 

 

 

NET (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

   $ (1,576,000   $ (389,000   $ (1,965,000
  

 

 

   

 

 

   

 

 

 

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

   $ (0.12   $ (0.03   $ (0.15
  

 

 

   

 

 

   

 

 

 

Weighted average number of common shares - basic and diluted

     13,144,000       13,144,000       13,144,000  
  

 

 

   

 

 

   

 

 

 

See notes to unaudited pro forma consolidated financial statements.


Cedar Realty Trust, Inc.

Unaudited Pro Forma Consolidated Statement of Operations

For the year ended December 31, 2020

 

     Historical (e)     Transaction (f)     Pro Forma  

REVENUES

      

Rental revenues

   $ 127,171,000     $ (8,129,000   $ 119,042,000  

Other

     8,367,000       (14,000     8,353,000  
  

 

 

   

 

 

   

 

 

 

Total revenues

     135,538,000       (8,143,000     127,395,000  
  

 

 

   

 

 

   

 

 

 

EXPENSES

      

Operating, maintenance and management

     25,545,000       (1,345,000     24,200,000  

Real estate and other property-related taxes

     20,051,000       (1,255,000     18,796,000  

General and administrative

     16,865,000       —         16,865,000  

Depreciation and amortization

     48,412,000       (1,701,000     46,711,000  
  

 

 

   

 

 

   

 

 

 

Total expenses

     110,873,000       (4,301,000     106,572,000  
  

 

 

   

 

 

   

 

 

 

OTHER

      

Gain on sales

     4,396,000       —         4,396,000  

Impairment charges

     (7,607,000     —         (7,607,000
  

 

 

   

 

 

   

 

 

 

Total other

     (3,211,000     —         (3,211,000
  

 

 

   

 

 

   

 

 

 

OPERATING INCOME

     21,454,000       (3,842,000     17,612,000  

NON-OPERATING INCOME AND EXPENSES

      

Interest expense

     (21,974,000     2,485,000       (19,489,000
  

 

 

   

 

 

   

 

 

 

Total non-operating income and expenses

     (21,974,000     2,485,000       (19,489,000
  

 

 

   

 

 

   

 

 

 

NET (LOS S ) INCOME

     (520,000     (1,357,000     (1,877,000

Net (income) loss attributable to noncontrolling interests:

      

Minority interests in consolidated joint ventures

     (618,000     —         (618,000

Limited partners’ interest in Operating Partnership

     66,000       7,000       73,000  
  

 

 

   

 

 

   

 

 

 

Total net (income) attributable to noncontrolling interests

     (552,000     7,000       (545,000
  

 

 

   

 

 

   

 

 

 

NET (LOS S ) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.

     (1,072,000     (1,350,000     (2,422,000

Preferred stock dividends

     (10,752,000     —         (10,752,000
  

 

 

   

 

 

   

 

 

 

NET (LOS S ) ATTRIBUTABLE TO COMMON SHAREHOLDERS

   $ (11,824,000   $ (1,350,000   $ (13,174,000
  

 

 

   

 

 

   

 

 

 

NET (LOS S ) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BAS IC AND DILUTED):

   $ (0.92   $ (0.10   $ (1.02
  

 

 

   

 

 

   

 

 

 

Weighted average number of common shares - basic and diluted

     13,104,000       13,104,000       13,104,000  
  

 

 

   

 

 

   

 

 

 

See notes to unaudited pro forma consolidated financial statements.


Cedar Realty Trust, Inc.

Notes to Unaudited Pro Forma Consolidated Financial Statements

Unaudited Pro Forma Consolidated Balance Sheet as of March 31, 2021

 

  (a)

Historical Balances - Reflects the unaudited consolidated balance sheet of the Company as contained in its historical unaudited consolidated financial statements included in its Form 10-Q as of and for the three months ended March 31, 2021 previously filed with the SEC on May 6, 2021.

 

  (b)

Transaction - Represents the de-recognition of carrying amounts at March 31, 2021 for the assets and the related accumulated depreciation and working capital assets and liabilities related to Camp Hill and reflects the net cash proceeds from the sale used to pay down debt.

Unaudited Pro Forma Consolidated Statement of Operations for the three months ended March 31, 2021

 

  (c)

Historical Balances - Reflects the audited consolidated statement of operations of the Company as contained in its historical unaudited consolidated financial statements for the three months included in its Form 10-Q as of and for the three months ended March 31, 2021 previously filed with the SEC on May 6, 2021.

 

  (d)

Transaction - Represents the historical combined revenues and expenses of Camp Hill for the three months ended March 31, 2021 as if the disposition had occurred on January 1, 2020, and the reflect a reduction of interest expense related to the pay down of debt.

Unaudited Pro Forma Consolidated Statement of Operations for the year ended December 31, 2020

 

  (e)

Historical Balances - Reflects the audited consolidated statement of operations of the Company as contained in its historical audited consolidated financial statements included in its Annual Report on Form 10-K as of and for the year ended December 31, 2020 previously filed with the SEC on February 11, 2021.

 

  (f)

Transaction - Represents the historical combined revenues and expenses of Camp Hill for the twelve months ended December 31, 2020 as if the disposition had occurred on January 1, 2020, and the reflect a reduction of interest expense related to pay down of debt.