cdr-ex991

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.

Port Washington, New York – August 4, 2016 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the second quarter ended June 30, 2016. Net income attributable to common shareholders was $0.01 per diluted share compared with $0.02 per diluted share for the comparable 2015 period. Other highlights include:

“Our recently completed forward common share offering along with our undrawn $100 million unsecured term loan not only strengthens our balance sheet but also provides us support and flexibility to continue advancing our capital migration and redevelopment efforts to build a leading shopping center REIT,” commented Bruce Schanzer, CEO.

Net income attributable to common shareholders for the second quarter of 2016 was $1.3 million or $0.01 per diluted share, compared to $1.9 million or $0.02 per diluted share for the same period in 2015. Net loss attributable to common shareholders for the six months ended June 30, 2016 was ($0.7 million) or ($0.01) per diluted share, compared to net income of $1.8 million or $0.02 per diluted share for the same period in 2015.

NAREIT-defined FFO for the second quarter of 2016 was $12.1 million or $0.14 per diluted share, compared to $11.6 million or $0.14 per diluted share for the same period in 2015. NAREIT-defined FFO for the six months ended June 30, 2016 was $19.5 million or $0.23 per diluted share, compared to $21.6 million or $0.25 per diluted share for the same period in 2015. Operating FFO for the second quarter of 2016 was $12.6 million or $0.15 per diluted share, compared to $11.6 million or $0.14 per diluted share for the same period in 2015. Operating FFO for the six months ended June 30, 2016 was $24.6 million or $0.29 per diluted share, compared to $22.2 million or $0.26 per diluted share for the same period in 2015. The principal differences between Operating FFO and FFO are acquisition costs, redevelopment costs and management transition costs.

Same-property NOI for the second quarter of 2016 increased 1.5% excluding redevelopments and 0.6% including redevelopments, compared to the same period in 2015.

During the second quarter of 2016, the Company signed 33 leases for 137,800 square feet. On a comparable space basis, the Company leased 131,600 square feet at a positive lease spread of 8.4% on a cash basis (new leases increased 24.9% and renewals increased 6.5%). During the six months ended June 30, 2016, the Company signed 97 leases for 483,700 square feet. On a comparable space basis, the Company leased 451,000 square feet at a positive lease spread of 8.4% on a cash basis (new leases increased 7.0% and renewals increased 8.5%).

The Company’s total portfolio, excluding properties held for sale, was 91.2% leased at June 30, 2016, compared to 91.6% at March 31, 2016 and 93.2% at June 30, 2015. The Company’s same-property portfolio was 91.6% leased at June 30, 2016, compared to 91.9% at March 31, 2016 and 93.6% at June 30, 2015.

As of June 30, 2016, the Company had $168.0 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 August 1, 2016, the Company completed a public offering of 5,750,000 common shares on a forward basis, which is expected to result in approximately $44.2 million of net proceeds, before adjustments for dividends paid and other administrative costs prior to settlement. The Company expects to physically settle the forward sale agreement in full, which settlement is expected to occur on one or more dates no later than approximately 12 months after the date of the related offering.

The Company raised the low end of its previously-announced 2016 Operating FFO guidance to a new range of $0.55 to $0.56 per diluted share and updated its NAREIT-defined FFO to a new range of $0.49 to $0.50 per diluted share. The difference between Operating FFO and NAREIT-defined FFO guidance for 2016 is principally attributable to acquisition costs, redevelopment costs and management transition costs.

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 August 22, 2016, to shareholders of record as of the close of business on August 12, 2016.

NAREIT-defined FFO (FFO) is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. 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. A reconciliation of net income (loss) attributable to common shareholders to FFO and Operating FFO for the three and six months ended June 30, 2016 and 2015 is detailed in the attached schedule.

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. EBITDA 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.

with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI. The Company considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company’s properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year. Same property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure.

The Company has issued “Supplemental Financial Information” for the period ended June 30, 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.

The Company will host a conference call today, August 4, 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 August 4, 2016, until midnight (ET) on August 18, 2016. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13638535 for the telephonic replay. A replay of the Company’s webcast will be available on the Company’s website for a limited time.

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.

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.

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
PROPERTY REVENUES
Rents	$	29,897,000		$	29,196,000		$	59,027,000		$	58,158,000
Expense recoveries		7,471,000			7,414,000			16,429,000			17,035,000
Other		504,000			132,000			667,000			184,000
Total property revenues		37,872,000			36,742,000			76,123,000			75,377,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		5,636,000			5,657,000			12,791,000			14,001,000
Real estate and other property-related taxes		4,941,000			4,965,000			9,821,000			9,652,000
Total property operating expenses		10,577,000			10,622,000			22,612,000			23,653,000

PROPERTY OPERATING INCOME		27,295,000			26,120,000			53,511,000			51,724,000

OTHER EXPENSES AND INCOME
General and administrative		3,975,000			3,652,000			9,322,000			7,571,000
Acquisition costs		527,000			-			3,124,000			499,000
Depreciation and amortization		10,972,000			9,721,000			20,633,000			19,229,000
Gain on sale		-			-			(59,000	)		-
Impairment charges		-			124,000			-			1,233,000
Total other expenses and income		15,474,000			13,497,000			33,020,000			28,532,000

OPERATING INCOME		11,821,000			12,623,000			20,491,000			23,192,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(7,128,000	)		(7,207,000	)		(14,133,000	)		(14,485,000	)
Early extinguishment of debt costs		102,000			-			13,000			(57,000	)
Total non-operating income and expense		(7,026,000	)		(7,207,000	)		(14,120,000	)		(14,542,000	)

INCOME FROM CONTINUING OPERATIONS		4,795,000			5,416,000			6,371,000			8,650,000

Discontinued operations		-			-			-			165,000

NET INCOME		4,795,000			5,416,000			6,371,000			8,815,000

Attributable to noncontrolling interests		93,000			101,000			180,000			181,000

NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		4,888,000			5,517,000			6,551,000			8,996,000

Preferred stock dividends		(3,602,000	)		(3,602,000	)		(7,204,000	)		(7,204,000	)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	1,286,000		$	1,915,000		$	(653,000	)	$	1,792,000


NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)
Continuing operations	$	0.01		$	0.02		$	(0.01	)	$	0.02
Discontinued operations		0.00			0.00			0.00			0.00
	$	0.01		$	0.02		$	(0.01	)	$	0.02

Weighted average number of common shares - basic and diluted		81,677,000			81,488,000			81,667,000			81,103,000

Balance Sheets	June 30,		December 31,
	2016		2015
Construction in process (included in buildings and improvements)	$	8,137,000	$	6,146,000

Receivables
Rents and other tenant receivables, net	$	2,184,000	$	2,439,000
Straight-line rents		15,210,000		15,473,000
	$	17,394,000	$	17,912,000

Other assets and deferred charges, net
Lease origination costs	$	19,149,000	$	18,394,000
Revolving credit facility issuance costs		1,902,000		2,288,000
Prepaid expenses		3,698,000		6,104,000
Other		2,000,000		2,410,000
	$	26,749,000	$	29,196,000

Statements of Operations	Three months ended June 30,				Six months ended June 30,
	2016		2015		2015			2014
Rents
Base rents	$	28,902,000	$	28,063,000	$	57,587,000		$	55,855,000
Percentage rent		183,000		210,000		260,000			354,000
Straight-line rents		87,000		93,000		(230,000	)		289,000
Amortization of intangible lease liabilities, net		725,000		830,000		1,410,000			1,660,000
	$	29,897,000	$	29,196,000	$	59,027,000		$	58,158,000

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
Net income (loss) attributable to common shareholders	$	1,286,000		$	1,915,000		$	(653,000	)	$	1,792,000
Real estate depreciation and amortization		10,930,000			9,657,000			20,548,000			19,084,000
Limited partners' interest		7,000			10,000			-			8,000
Impairment charges		-			124,000			-			1,080,000
Gain on sales		-			-			(59,000	)		-
Consolidated minority interests:
Share of loss		(100,000	)		(111,000	)		(180,000	)		(189,000	)
Share of FFO		(47,000	)		(42,000	)		(112,000	)		(168,000	)
Funds From Operations ("FFO") applicable to diluted common shares		12,076,000			11,553,000			19,544,000			21,607,000
Adjustments for items affecting comparability:
Acquisition costs (a)		527,000			-			3,124,000			499,000
Financing costs (b)		(102,000	)		-			(13,000	)		57,000
Redevelopment costs (c)		83,000			-			476,000			-
Management transition costs (d)		-			-			1,427,000			-
Operating Funds From Operations ("Operating FFO") applicable to diluted common shares	$	12,584,000		$	11,553,000		$	24,558,000		$	22,163,000

FFO per diluted common share:	$	0.14		$	0.14		$	0.23		$	0.25

Operating FFO per diluted common share:	$	0.15		$	0.14		$	0.29		$	0.26

Weighted average number of diluted common shares:
Common shares		85,342,000			85,022,000			85,278,000			84,662,000
OP Units		352,000			393,000			352,000			393,000
		85,694,000			85,415,000			85,630,000			85,055,000

Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	89,000		$	92,000		$	(225,000	)	$	290,000
Amortization of intangible lease liabilities		699,000			804,000			1,358,000			1,608,000
Non-real estate amortization		432,000			466,000			868,000			968,000
Share-based compensation, net		830,000			901,000			1,340,000			1,705,000
Maintenance capital expenditures (e)		418,000			472,000			819,000			784,000
Lease related expenditures (f)		1,019,000			666,000			1,687,000			1,174,000
Development and redevelopment capital expenditures		1,724,000			1,791,000			3,212,000			2,950,000
Capitalized interest and financing costs		177,000			81,000			348,000			244,000

	Three months ended June 30,						Six months ended June 30,
	2016			2015			2016			2015
EBITDA Calculation
Income from continuing operations	$	4,795,000		$	5,416,000		$	6,371,000		$	8,650,000
Add (deduct):
Interest expense (including early extinguishment of debt costs)		7,026,000			7,207,000			14,120,000			14,542,000
Depreciation and amortization		10,972,000			9,721,000			20,633,000			19,229,000
Minority interests share of consolidated joint venture EBITDA		(306,000	)		(301,000	)		(630,000	)		(743,000	)
Discontinued operations		-			-			-			12,000
EBITDA		22,487,000			22,043,000			40,494,000			41,690,000
Adjustments for items affecting comparability:
Acquisition costs		527,000			-			3,124,000			499,000
Redevelopment costs (a)		83,000			-			476,000			-
Management transition costs		-			-			1,427,000			-
Gain on sales		-			-			(59,000	)		-
Impairment charges		-			124,000			-			1,233,000
Adjusted EBITDA	$	23,097,000		$	22,167,000		$	45,462,000		$	43,422,000

Pro-rata share of net debt (b)
Pro-rata share of debt	$	676,207,000		$	634,821,000		$	676,207,000		$	634,821,000
Pro-rata share of debt issuance costs		3,859,000		$	3,381,000		$	3,859,000		$	3,381,000
Pro-rata share of unrestricted cash and cash equivalents		(2,563,000	)		(8,279,000	)		(2,563,000	)		(8,279,000	)
	$	677,503,000		$	629,923,000		$	677,503,000		$	629,923,000

Pro-rata fixed charges (b)
Interest expense (c)	$	6,637,000		$	6,616,000		$	13,143,000		$	13,305,000
Preferred stock dividends		3,602,000			3,602,000			7,204,000			7,204,000
Scheduled mortgage repayments		1,119,000			1,473,000			2,454,000			3,014,000
	$	11,358,000		$	11,691,000		$	22,801,000		$	23,523,000

Debt and Coverage Ratios
Net debt to Adjusted EBITDA (d)		7.4	x		7.1	x		7.5	x		7.2	x
Interest coverage ratio (based on Adjusted EBITDA)		3.5	x		3.4	x		3.5	x		3.3	x
Fixed charge coverage ratio (based on Adjusted EBITDA)		2.0	x		1.9	x		2.0	x		1.8	x

	Maturity	Interest
Property	Date	Rate		Amounts
Fixed-rate mortgages:
Carman's Plaza	Oct 2016		6.2%	$	33,500,000		(a)
Hamburg Square	Oct 2016		6.1%		4,569,000		(a)
Meadows Marketplace	Nov 2016		5.6%		9,107,000		(a)
San Souci Plaza (b)	Dec 2016		6.2%		27,200,000		(a)
Camp Hill	Jan 2017		5.5%		60,993,000		(a)
Golden Triangle	Feb 2018		6.0%		18,711,000
Swede Square	Nov 2020		5.5%		9,742,000
Colonial Commons	Feb 2021		5.5%		25,438,000
Shoppes at Arts District	Apr 2022		5.2%		8,451,000
East River Park	Sep 2022		3.9%		20,158,000
The Point	Nov 2022		4.5%		28,224,000
Franklin Village Plaza	Jun 2026		3.9%		50,000,000
Metro Square	Nov 2029		7.5%		7,566,000
Total fixed-rate mortgages	weighted average		5.2%		303,659,000

Unsecured debt:
Variable-rate (c):
Revolving credit facility (d)	Feb 2019		1.8%		92,000,000
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		2.7%		392,000,000

Unamortized premium					727,000
Unamortized mortgage and term loan issuance costs					(3,899,000	)

Total debt	weighted average		3.8%	$	692,487,000

Pro-rata share of total debt reconciliation:
Total debt				$	692,487,000
Less pro-rata share attributable to joint venture minority interest					(16,280,000	)
Pro-rata share of total debt				$	676,207,000

Fixed to variable rate debt ratio:
Fixed-rate debt			79.1%	$	534,761,000
Variable-rate debt			20.9%		141,446,000
			100.0%	$	676,207,000

								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	%		8.72	Home Depot		103,003
										Kohl's		58,966
										Michaels		21,429
Groton Shopping Center		2007		121,825		76.6	%		12.26	TJ Maxx		30,000
										Goodwill		21,306
Jordan Lane		2005		177,504		99.2	%		11.45	Stop & Shop		60,632
										Fallas		39,280
										Cardio Fitness		20,283
New London Mall		2009		259,566		94.4	%		14.90	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				1,133,510		92.9	%		11.89

Maryland / Washington DC
East River Park		2015		150,107		93.2	%		21.19	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	Weis Markets		43,470
San Souci Plaza (b)		2009		264,134		79.4	%		10.71	Shoppers Food Warehouse		61,466
										Marshalls		27,000
										Maximum Health and Fitness		15,612
Shoppes at Arts District		2016		35,676		100.0	%		35.17	Busboys and Poets		9,889
										Yes! Organic Market		7,169
Valley Plaza		2003		190,939		95.8	%		5.60	K-Mart		95,810
										Ollie's Bargain Outlet		41,888
										Tractor Supply		32,095
Yorktowne Plaza		2007		158,982		89.3	%		13.12	Food Lion		37,692
Total Maryland / Washington DC				929,958		90.4	%		13.82

Massachusetts
Fieldstone Marketplace	2005/2012			193,970		94.0	%		8.99	Shaw's		68,000
										Flagship Cinema		41,975
										New Bedford Wine and Spirits		15,180
Franklin Village Plaza	2004/2012			303,096		88.9	%		21.37	Stop & Shop		75,000
										Marshalls		26,890
										Team Fitness		15,807
Kings Plaza		2007		168,243		95.2	%		6.85	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	%		9.79	Big Y		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	%		7.55	Tops		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		90.4	%		12.08

								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	%		8.93	Acme Markets		55,000
										Peebles		18,858
Glenwood Village		2016		63,844		86.7	%		18.72	Super Foodtown		28,505
Pine Grove Plaza		2003		86,089		91.9	%		11.17	Peebles		24,963
Washington Center Shoppes		2001		157,394		93.1	%		9.75	Acme Markets		66,046
										Planet Fitness		20,742
Total New Jersey				436,909		90.6	%		11.05

New York
Carman's Plaza		2007		193,736		52.1	%		20.16	Home Goods		25,806
										Department of Motor Vehicle		19,310

Pennsylvania
Academy Plaza		2001		137,415		87.9	%		14.51	Acme Markets		50,918
Camp Hill		2002		464,765		98.2	%		14.82	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	%		14.44	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	%		20.19	Giant Foods		78,815
Fairview Commons		2007		52,964		68.1	%		10.78	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	%		13.48	LA Fitness		44,796
										Marshalls		30,000
										Staples		24,060
										Just Cabinets		18,665
										Aldi		15,242
Halifax Plaza		2003		51,510		100.0	%		12.87	Giant Foods		32,000
Hamburg Square		2004		99,580		86.9	%		6.44	Redner's		56,780
										Peebles		19,683
Lawndale Plaza		2015		93,040		100.0	%		18.33	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	%		12.60	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	%		7.37	Weis Markets		46,912
										Goodwill		18,104
Port Richmond Village		2001		154,908		80.8	%		14.47	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

								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		236,734		84.8	%		20.13	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	%		18.06	LA Fitness		37,200
The Commons		2004		203,426		66.1	%		11.02	Bon-Ton		54,500
										TJ Maxx		24,404
The Point		2000		268,037		96.0	%		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	%		9.83	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	%		13.63	Giant Foods		78,335
										Hobby Lobby		57,512
										Big Lots		33,824
										Tractor Supply		19,097
Upland Square		2007		399,948		93.9	%		18.14	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				5,018,913		90.4	%		14.37

Virginia
Coliseum Marketplace		2005		106,648		100.0	%		16.81	Farm Fresh		57,662
										Michaels		23,981
Elmhurst Square		2006		66,250		87.1	%		9.78	Food Lion		38,272
Fredericksburg Way		2005		63,000		100.0	%		19.58	Ukrop's Supermarket		63,000
General Booth Plaza		2005		71,639		96.6	%		14.01	Farm Fresh		53,758
Glen Allen Shopping Center		2005		63,328		100.0	%		7.14	Publix		63,328
Kempsville Crossing		2005		79,512		92.7	%		11.35	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		96.5	%		12.86

Total (91.2% leased at June 30, 2016)				9,577,045		90.3	%	$	13.52

											Tenant		Average
	Leases		Square		New Rent		Prior Rent		Cash Basis		Improvements		Lease
	Signed		Feet		Per. Sq. Ft (a)		Per. Sq. Ft (b)		% Change		Per. Sq. Ft (c)		Term (Yrs)
Total Comparable Leases
2nd Quarter 2016		30		131,600	$	15.65	$	14.52		8.4%	$	1.73		4.9
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
Total		147		986,900	$	13.30	$	12.13		9.7%	$	2.73		4.5


New Leases - Comparable
2nd Quarter 2016		5		13,400	$	12.44	$	9.95		24.9%	$	16.95		5.8
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
Total		24		115,300	$	13.69	$	12.83		6.7%	$	23.38		6.2


Renewals - Comparable
2nd Quarter 2016		25		118,200	$	16.01	$	15.04		6.5%	$	0.00		4.7
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
Total		123		871,600	$	13.25	$	12.03		10.1%	$	0.00		4.3


Total Comparable and Non-Comparable
2nd Quarter 2016		33		137,800	$	16.39	N/A		N/A		$	1.65		5.1
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
Total		157		1,048,400	$	13.49	N/A		N/A		$	3.32		5.0

	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		11		722,000		7.5	%	$	11,488,000	$	15.91		9.8	%
LA Fitness		7		282,000		2.9	%		4,859,000		17.23		4.2	%
Shop Rite		3		182,000		1.9	%		2,945,000		16.18		2.5	%
Stop & Shop		3		211,000		2.2	%		2,786,000		13.20		2.4	%
Dollar Tree		22		224,000		2.3	%		2,377,000		10.61		2.0	%
Farm Fresh		4		196,000		2.0	%		2,264,000		11.55		1.9	%
Home Depot		2		253,000		2.6	%		2,101,000		8.30		1.8	%
Staples		6		125,000		1.3	%		2,040,000		16.32		1.7	%
Big Y		2		106,000		1.1	%		1,926,000		18.17		1.6	%
BJ's Wholesale Club		1		118,000		1.2	%		1,683,000		14.26		1.4	%
Marshalls		6		170,000		1.8	%		1,465,000		8.62		1.3	%
United Artist		1		78,000		0.8	%		1,454,000		18.64		1.2	%
Shaw's		2		125,000		1.3	%		1,431,000		11.45		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	%
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	%
Planet Fitness		4		78,000		0.8	%		954,000		12.23		0.8	%
Sub-total top twenty tenants		86		3,596,000		37.5	%		46,768,000		13.01		40.0	%
Remaining tenants		805		5,049,000		52.7	%		70,153,000		13.89		60.0	%
Sub-total all tenants (b)		891		8,645,000		90.3	%	$	116,921,000	$	13.52		100.0	%
Vacant space	N/A			932,000		9.7	%
Total		891		9,577,000		100.0	%

(1) Giant Foods, Stop & Shop, and Food Lion (GLA of 109,000; annualized base rent of $814,000), (2) Farm Fresh and Shoppers Food Warehouse, (3) Dollar Tree and Family Dollar (GLA of 37,000; annualized base rent of $396,000), (4) Marshalls, Home Goods and TJ Maxx (GLA of 79,000; annualized base rent of $764,000), and (5) Shaw's and Acme Markets (GLA of 172,000; annualized base rent of $794,000).

										Annualized		Percentage
	Number				Percentage			Annualized		expiring		of annualized
Year of lease	of leases		GLA		of GLA			expiring		base rents		expiring
expiration	expiring		expiring		expiring			base rents		per sq. ft.		base rents
Month-To-Month		62		236,000		2.7	%	$	3,552,000	$	15.05		3.0	%
2016		47		189,000		2.2	%		2,844,000		15.05		2.4	%
2017		131		945,000		10.9	%		12,804,000		13.55		11.0	%
2018		120		979,000		11.3	%		14,160,000		14.46		12.1	%
2019		118		889,000		10.3	%		11,328,000		12.74		9.7	%
2020		127		1,602,000		18.5	%		19,536,000		12.19		16.7	%
2021		106		982,000		11.4	%		13,920,000		14.18		11.9	%
2022		41		283,000		3.3	%		4,176,000		14.76		3.6	%
2023		19		156,000		1.8	%		1,572,000		10.08		1.3	%
2024		30		581,000		6.7	%		7,716,000		13.28		6.6	%
2025		31		523,000		6.0	%		7,548,000		14.43		6.5	%
2026		25		204,000		2.4	%		3,228,000		15.82		2.8	%
Thereafter		34		1,076,000		12.4	%		14,537,000		13.50		12.4	%
All tenants		891		8,645,000		100.0	%	$	116,921,000	$	13.52		100.0	%
Vacant space	N/A			932,000	N/A
Total portfolio		891		9,577,000	N/A

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

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.

EBITDA 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.

Same-property NOI is a widely recognized supplemental non-GAAP financial measure for REITs. Properties are included in same-property NOI if they are 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. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI. The Company considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company’s properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year.

Same-property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure. Same-property NOI should not be considered as an alternative to consolidated operating income prepared in accordance with GAAP or as a measure of liquidity. The Company’s computations of same-property NOI may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

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

	June 30,			December 31,
	2016			2015
ASSETS
Real estate, at cost	$	1,594,753,000		$	1,550,027,000
Less accumulated depreciation		(319,621,000	)		(300,832,000	)
Real estate, net		1,275,132,000			1,249,195,000
Real estate held for sale		-			14,402,000
Cash and cash equivalents		2,660,000			2,083,000
Restricted cash		4,099,000			5,592,000
Receivables		17,394,000			17,912,000
Other assets and deferred charges, net		26,749,000			29,196,000
TOTAL ASSETS	$	1,326,034,000		$	1,318,380,000

LIABILITIES AND EQUITY
Liabilities:
Mortgage loans payable	$	303,319,000		$	298,089,000
Unsecured revolving credit facility		92,000,000			78,000,000
Unsecured term loans		297,168,000			297,731,000
Accounts payable and accrued liabilities		32,397,000			23,831,000
Unamortized intangible lease liabilities		21,741,000			23,187,000
Total liabilities		746,625,000			720,838,000

Equity:
Preferred stock		190,661,000			190,661,000
Common stock and other shareholders' equity		387,512,000			405,389,000
Noncontrolling interests		1,236,000			1,492,000
Total equity		579,409,000			597,542,000

TOTAL LIABILITIES AND EQUITY	$	1,326,034,000		$	1,318,380,000

	Secured Debt					Unsecured Debt
	Scheduled		Balloon			Revolving			Term
Year	Amortization		Payments			Credit Facility			Loans		Total
2016	$	2,474,000	$	74,272,000	(a)	$	-		$	-	$	76,746,000
2017		3,860,000		60,478,000	(a)		-			-		64,338,000
2018		3,616,000		18,007,000			-			-		21,623,000
2019		3,754,000		-			92,000,000	(b)		75,000,000		170,754,000
2020		3,910,000		8,849,000			-			100,000,000		112,759,000
2021		3,253,000		22,367,000			-			75,000,000		100,620,000
2022		2,799,000		47,597,000			-			50,000,000		100,396,000
Thereafter		8,760,000		39,663,000			-			-		48,423,000
	$	32,426,000	$	271,233,000		$	92,000,000		$	300,000,000		695,659,000
Unamortized premium												727,000
Unamortized mortgage and term loan issuance costs												(3,899,000	)
											$	692,487,000

	Three months ended June 30,
	2016		2015
Base Rents	$	25,954,000	$	25,744,000
Expense Recoveries		6,540,000		6,452,000
Total Revenues		32,494,000		32,196,000
Operating expenses		9,011,000		9,049,000
NOI	$	23,483,000	$	23,147,000

Occupied		91.1%		92.5%
Leased		91.6%		93.6%
Average base rent	$	13.49	$	13.20
Number of same properties	55		55
NOI growth	1.5%

	Six months ended June 30,
	2016		2015
Base Rents	$	50,968,000	$	50,664,000
Expense Recoveries		14,415,000		15,144,000
Total Revenues		65,383,000		65,808,000
Operating expenses		19,258,000		20,351,000
NOI	$	46,125,000	$	45,457,000

Occupied		91.0%		92.5%
Leased		91.5%		93.5%
Average base rent	$	13.43	$	13.14
Number of same properties	54		54
NOI growth	1.5%