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 – November 3, 2016 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the third quarter ended September 30, 2016. Net loss attributable to common shareholders was ($0.05) per diluted share compared with net income attributable to common shareholders of $0.03 per diluted share for the comparable 2015 period. Other highlights include:

“We continue making significant progress on the capital recycling, leasing and redevelopment fronts. With the closing of Upland Square yesterday, we paid down our line and significantly reduced leverage. Additionally, the execution of leases for two of our four vacant anchors, not to mention deals being negotiated for the other two vacant anchor spaces, supports a leasing pipeline that should start delivering meaningful NOI growth in the coming quarters. Lastly, we are making strides on both our in-process large scale redevelopment projects as well as our shadow pipeline and expect they will drive further significant organic earnings growth,” commented Bruce Schanzer, CEO.

Net loss attributable to common shareholders for the third quarter of 2016 was $(4.3) million or $(0.05) per diluted share, compared to net income of $2.6 million or $0.03 per diluted share for the same period in 2015. Net loss attributable to common shareholders for the nine months ended September 30, 2016 was $(4.9) million or $(0.07) per diluted share, compared to net income of $4.4 million or $0.05 per diluted share for the same period in 2015. The principal difference in the comparative three-month results are impairment charges. The principal differences in the comparative nine-month results are impairment charges and acquisition pursuit costs.

NAREIT-defined FFO for the third quarter of 2016 was $12.2 million or $0.14 per diluted share, compared to $11.9 million or $0.14 per diluted share for the same period in 2015. NAREIT-defined FFO for the nine months ended September 30, 2016 was $31.8 million or $0.37 per diluted share, compared to $33.5 million or $0.39 per diluted share for the same period in 2015. Operating FFO for the third quarter of 2016 was $12.6 million or $0.15 per diluted share, compared to $12.0 million or $0.14 per diluted share for the same period in 2015. Operating FFO for the nine months ended September 30, 2016 was $37.2 million or $0.43 per diluted share, compared to $34.1 million or $0.40 per diluted share for the same period in 2015. The principal differences between Operating FFO and FFO are acquisition pursuit, redevelopment and management transition costs.

Same-property NOI for the third quarter of 2016 increased 1.2% excluding redevelopments and 0.1% including redevelopments, compared to the same period in 2015.

During the third quarter of 2016, the Company signed 39 leases for 223,100 square feet. On a comparable space basis, the Company leased 193,000 square feet at a positive lease spread of 10.8% on a cash basis (new leases increased 13.7% and renewals increased 7.6%). During the nine months ended September 30, 2016, the Company signed 136 leases for 706,800 square feet. On a comparable space basis, the Company leased 644,000 square feet at a positive lease spread of 8.9% on a cash basis (new leases increased 11.8% and renewals increased 8.3%).

The Company’s total portfolio, excluding properties held for sale, was 91.7% leased at September 30, 2016, compared to 91.2% at June 30, 2016 and 93.3% at September 30, 2015. The Company’s same-property portfolio was 92.2% leased at September 30, 2016, compared to 91.6% at June 30, 2016 and 93.8% at September 30, 2015.

As of September 30, 2016, the Company had $130.0 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization (EBITDA) of 7.6 times. Reflecting the sale of Upland Square on November 2, 2016, EBITDA would have been 7.2 times. Further, also reflecting the future settlement of the forward equity offering, EBITDA would have been 6.6 times.

On September 30, 2016, the Company drew down on its previously announced $100 million term loan and used the proceeds to repay mortgages. Additionally, the Company entered into a forward interest rate swap agreement which converts the LIBOR rate to a fixed rate for the term loan beginning November 1, 2016 through its maturity. As a result, based on the Company’s current leverage ratio, the effective fixed interest rate will be 3.2%.

On August 1, 2016, the Company entered into a forward sales agreement to issue 5,750,000 common shares for estimated net proceeds of $44.2 million, before adjustments for dividends paid and other administrative costs prior to settlement. To date, there have been no physical settlements regarding this offering. The Company expects to physically settle the agreement in full prior to its expiration on August 1, 2017. The Company does have the right, at its option, to net settle this agreement in shares or cash prior to its expiration, but does not expect to do so.

The Company expects 2016 Operating FFO to be approximately $0.56 per diluted share, which is the high end of its previously announced range. In addition, the Company updated its NAREIT-defined FFO range to $0.50 to $0.51 per diluted share. The difference between Operating FFO and NAREIT-defined FFO guidance for 2016 is principally attributable to acquisition pursuit, redevelopment 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 November 21, 2016, to shareholders of record as of the close of business on November 11, 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 pursuit 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 nine months ended September 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 pursuit 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.

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.

The Company has issued “Supplemental Financial Information” for the period ended September 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, November 3, 2016, at 5:00 PM (ET) to discuss the quarterly 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 November 3, 2016, until midnight (ET) on November 17, 2016. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13645137 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 61 properties, with approximately 9.1 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 September 30,						Nine months ended September 30,
	2016			2015			2016			2015
PROPERTY REVENUES
Rents	$	30,159,000		$	29,209,000		$	89,186,000		$	87,367,000
Expense recoveries		7,523,000			6,852,000			23,952,000			23,887,000
Other		111,000			39,000			778,000			223,000
Total property revenues		37,793,000			36,100,000			113,916,000			111,477,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		5,555,000			5,071,000			18,346,000			19,072,000
Real estate and other property-related taxes		5,019,000			4,717,000			14,840,000			14,369,000
Total property operating expenses		10,574,000			9,788,000			33,186,000			33,441,000

PROPERTY OPERATING INCOME		27,219,000			26,312,000			80,730,000			78,036,000

OTHER EXPENSES AND INCOME
General and administrative		4,318,000			3,696,000			13,640,000			11,267,000
Acquisition pursuit costs		293,000			-			3,417,000			499,000
Depreciation and amortization		10,413,000			9,642,000			31,046,000			28,871,000
Gain on sale		-			-			(59,000	)		-
Impairment charges		6,270,000			(127,000	)		6,270,000			1,106,000
Total other expenses and income		21,294,000			13,211,000			54,314,000			41,743,000

OPERATING INCOME		5,925,000			13,101,000			26,416,000			36,293,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(6,636,000	)		(6,927,000	)		(20,769,000	)		(21,412,000	)
Early extinguishment of debt costs		(50,000	)		(48,000	)		(37,000	)		(105,000	)
Total non-operating income and expense		(6,686,000	)		(6,975,000	)		(20,806,000	)		(21,517,000	)

(LOSS) INCOME FROM CONTINUING OPERATIONS		(761,000	)		6,126,000			5,610,000			14,776,000

Discontinued operations		-			-			-			165,000

NET (LOSS) INCOME		(761,000	)		6,126,000			5,610,000			14,941,000

Attributable to noncontrolling interests		74,000			66,000			254,000			247,000

NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		(687,000	)		6,192,000			5,864,000			15,188,000

Preferred stock dividends		(3,602,000	)		(3,602,000	)		(10,806,000	)		(10,806,000	)

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(4,289,000	)	$	2,590,000		$	(4,942,000	)	$	4,382,000


NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)
Continuing operations	$	(0.05	)	$	0.03		$	(0.07	)	$	0.05
Discontinued operations		0.00			0.00			0.00			0.00
	$	(0.05	)	$	0.03		$	(0.07	)	$	0.05

Weighted average number of common shares - basic and diluted		81,676,000			81,598,000			81,670,000			81,268,000

Balance Sheets	September 30,		December 31,
	2016		2015
Construction in process (included in buildings and improvements)	$	12,019,000	$	6,146,000

Receivables
Rents and other tenant receivables, net	$	2,929,000	$	2,439,000
Straight-line rents		13,021,000		15,473,000
	$	15,950,000	$	17,912,000

Other assets and deferred charges, net
Lease origination costs	$	17,585,000	$	18,394,000
Revolving credit facility issuance costs		1,738,000		2,288,000
Prepaid expenses		9,528,000		6,104,000
Other		1,608,000		2,410,000
	$	30,459,000	$	29,196,000

Statements of Operations	Three months ended September 30,				Nine months ended September 30,
	2016		2015		2016			2015
Rents
Base rents	$	29,147,000	$	28,178,000	$	86,734,000		$	84,032,000
Percentage rent		160,000		215,000		420,000			569,000
Straight-line rents		157,000		90,000		(73,000	)		379,000
Amortization of intangible lease liabilities, net		695,000		726,000		2,105,000			2,387,000
	$	30,159,000	$	29,209,000	$	89,186,000		$	87,367,000

	Three months ended September 30,						Nine months ended September 30,
	2016			2015			2016			2015
Net (loss) income attributable to common shareholders	$	(4,289,000	)	$	2,590,000		$	(4,942,000	)	$	4,382,000
Real estate depreciation and amortization		10,370,000			9,592,000			30,918,000			28,676,000
Limited partners' interest		(15,000	)		11,000			(15,000	)		19,000
Impairment charges / (reversals)		6,270,000			(127,000	)		6,270,000			953,000
Gain on sales		-			-			(59,000	)		-
Consolidated minority interests:
Share of loss		(59,000	)		(77,000	)		(239,000	)		(266,000	)
Share of FFO		(38,000	)		(70,000	)		(150,000	)		(238,000	)
Funds From Operations ("FFO") applicable to diluted common shares		12,239,000			11,919,000			31,783,000			33,526,000
Adjustments for items affecting comparability:
Acquisition pursuit costs (a)		293,000			-			3,417,000			499,000
Financing costs (b)		50,000			48,000			37,000			105,000
Redevelopment costs (c)		35,000			-			511,000			-
Management transition costs (d)		-			-			1,427,000			-
Operating Funds From Operations ("Operating FFO") applicable to diluted common shares	$	12,617,000		$	11,967,000		$	37,175,000		$	34,130,000

FFO per diluted common share:	$	0.14		$	0.14		$	0.37		$	0.39

Operating FFO per diluted common share:	$	0.15		$	0.14		$	0.43		$	0.40

Weighted average number of diluted common shares:
Common shares		85,339,000			85,026,000			85,298,000			84,783,000
OP Units		352,000			375,000			352,000			387,000
		85,691,000			85,401,000			85,650,000			85,170,000

Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	155,000		$	91,000		$	(70,000	)	$	381,000
Amortization of intangible lease liabilities		669,000			700,000			2,027,000			2,308,000
Non-real estate amortization		455,000			453,000			1,323,000			1,421,000
Share-based compensation, net		805,000			727,000			2,145,000			2,432,000
Maintenance capital expenditures (e)		706,000			435,000			1,525,000			1,219,000
Lease related expenditures (f)		1,571,000			1,741,000			3,258,000			2,915,000
Development and redevelopment capital expenditures		4,827,000			1,506,000			8,039,000			4,456,000
Capitalized interest and financing costs		193,000			92,000			541,000			336,000

	Three months ended September 30,						Nine months ended September 30,
	2016			2015			2016			2015
EBITDA Calculation
(Loss) income from continuing operations	$	(761,000	)	$	6,126,000		$	5,610,000		$	14,776,000
Add (deduct):
Interest expense (including early extinguishment of debt costs)		6,686,000			6,975,000			20,806,000			21,517,000
Depreciation and amortization		10,413,000			9,642,000			31,046,000			28,871,000
Minority interests share of consolidated joint venture EBITDA		-			(332,000	)		-			(1,075,000	)
Discontinued operations		-			-			-			12,000
EBITDA		16,338,000			22,411,000			57,462,000			64,101,000
Adjustments for items affecting comparability:
Acquisition pursuit costs		293,000			-			3,417,000			499,000
Redevelopment costs (a)		35,000			-			428,000			-
Management transition costs		-			-			1,427,000			-
Gain on sales		-			-			(59,000	)		-
Impairment charges/(reversals)		6,270,000			(127,000	)		6,270,000			1,106,000
Adjusted EBITDA	$	22,936,000		$	22,284,000		$	68,945,000		$	65,706,000

Pro-rata share of net debt (b)
Pro-rata share of debt	$	694,464,000		$	624,105,000		$	694,464,000		$	624,105,000
Pro-rata share of debt issuance costs		3,609,000		$	3,377,000		$	3,609,000		$	3,377,000
Pro-rata share of unrestricted cash and cash equivalents		(4,508,000	)		(2,062,000	)		(4,508,000	)		(2,062,000	)
	$	693,565,000		$	625,420,000		$	693,565,000		$	625,420,000

Pro-rata fixed charges (b)
Interest expense (c)	$	6,389,000		$	6,346,000		$	20,051,000		$	19,652,000
Preferred stock dividends		3,602,000			3,602,000			10,806,000			10,806,000
Scheduled mortgage repayments		1,186,000			1,171,000			3,640,000			4,185,000
	$	11,177,000		$	11,119,000		$	34,497,000		$	34,643,000

Debt and Coverage Ratios
Net debt to Adjusted EBITDA (d)		7.6	x		7.0	x		7.5	x		7.1	x
Interest coverage ratio (based on Adjusted EBITDA)		3.6	x		3.5	x		3.4	x		3.3	x
Fixed charge coverage ratio (based on Adjusted EBITDA)		2.1	x		2.0	x		2.0	x		1.9	x

	Maturity	Interest
Property	Date	Rate		Amounts
Fixed-rate mortgages:
Golden Triangle	Feb 2018		6.0%	$	18,605,000
Swede Square	Nov 2020		5.5%		9,698,000
Colonial Commons	Feb 2021		5.5%		25,296,000
Shoppes at Arts District	Apr 2022		5.2%		8,415,000
East River Park	Sep 2022		3.9%		20,004,000
The Point	Nov 2022		4.5%		28,092,000
Franklin Village Plaza	Jun 2026		3.9%		49,777,000
Metro Square	Nov 2029		7.5%		7,486,000
Total fixed-rate mortgages	weighted average		4.8%		167,373,000

Unsecured debt:
Variable-rate (a):
Revolving credit facility (b)	Feb 2019		1.8%		130,000,000
Term loan	Feb 2020		1.9%		50,000,000

Fixed-rate (c):
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
Term loan (d)	Apr 2023		3.2%		100,000,000
Total unsecured debt	weighted average		2.8%		530,000,000

Unamortized premium					700,000
Unamortized mortgage and term loan issuance costs					(3,609,000	)

Total debt	weighted average		3.2%	$	694,464,000


Fixed to variable rate debt ratio:
Fixed-rate debt			74.2%	$	514,979,000
Variable-rate debt			25.8%		179,485,000
			100.0%	$	694,464,000

								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	%	$	22.96	Big Y		63,817
Brickyard Plaza		2004		227,568		94.2	%		8.90	Home Depot		103,003
										Kohl's		58,966
										Michaels		21,429
										Petsmart		20,375
Groton Shopping Center		2007		121,825		91.3	%		11.98	TJ Maxx		30,000
										Aldi		17,825
										Goodwill		21,306
Jordan Lane		2005		177,504		99.2	%		11.47	Stop & Shop		60,632
										Fallas		39,280
										Cardio Fitness		20,283
New London Mall		2009		259,566		88.1	%		14.64	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		94.8	%		11.75

Maryland / Washington DC
East River Park		2015		150,107		93.2	%		21.25	Safeway		40,000
										District of Columbia		34,400
Metro Square		2008		71,896		100.0	%		20.04	Shoppers Food Warehouse		58,668
Oakland Mills		2005		58,224		100.0	%		14.33	Weis Markets		43,470
San Souci Plaza (b)		2009		264,134		79.0	%		11.21	Shoppers Food Warehouse		61,466
										Marshalls		27,000
										Maximum Health and Fitness		15,612
Shoppes at Arts District		2016		35,676		100.0	%		35.64	Busboys and Poets		9,889
										Yes! Organic Market		7,169
Valley Plaza		2003		190,939		95.8	%		5.61	K-Mart		95,810
										Ollie's Bargain Outlet		41,888
										Tractor Supply		32,095
Yorktowne Plaza		2007		158,982		87.2	%		13.01	Food Lion		37,692
Total Maryland / Washington DC				929,958		89.9	%		13.98

Massachusetts
Fieldstone Marketplace	2005/2012			151,995		92.4	%		11.71	Shaw's		68,000
										New Bedford Wine and Spirits		15,180
Franklin Village Plaza	2004/2012			303,144		90.1	%		21.42	Stop & Shop		75,000
										Marshalls		26,890
										Team Fitness		15,807
Kings Plaza		2007		168,243		95.2	%		6.82	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	%		9.84	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	%		7.69	Tops		59,947
										Big Lots		28,027
										Gardner Theater		27,576
Webster Plaza		2007		98,984		62.6	%		13.84	Planet Fitness		18,681
West Bridgewater Plaza		2007		133,039		94.0	%		8.73	Shaw's		57,315
										Pump N Jump		25,000
										Planet Fitness		15,000
Total Massachusetts				1,262,959		91.5	%		12.62

								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	%		8.99	Acme Markets		55,000
										Peebles		18,858
Glenwood Village		2016		63,844		89.9	%		19.51	Super Foodtown		28,505
Pine Grove Plaza		2003		86,089		91.9	%		11.35	Peebles		24,963
Washington Center Shoppes		2001		157,394		93.1	%		9.76	Acme Markets		66,046
										Planet Fitness		20,742
Total New Jersey				436,909		91.1	%		11.26

New York
Carman's Plaza		2007		193,736		50.6	%		20.04	Home Goods		25,806
										Department of Motor Vehicle		19,310

Pennsylvania
Academy Plaza		2001		137,415		88.8	%		14.57	Acme Markets		50,918
Camp Hill		2002		463,967		98.6	%		14.91	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		97.8	%		14.61	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 (b)		2008		133,717		93.9	%		20.20	Giant Foods		78,815
Fairview Commons		2007		52,964		68.1	%		10.79	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	%		9.13	Redner's		48,920
Golden Triangle		2003		202,790		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	%		12.91	Giant Foods		32,000
Hamburg Square		2004		99,580		88.4	%		6.53	Redner's		56,780
										Peebles		19,683
Lawndale Plaza		2015		93,040		100.0	%		18.36	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	%		15.65	Giant Foods		67,907
Mechanicsburg Center		2005		51,500		100.0	%		22.57	Giant Foods		51,500
Newport Plaza		2003		64,489		100.0	%		12.65	Giant Foods		43,400
Northside Commons		2008		69,136		100.0	%		10.11	Redner's		53,019
Palmyra Shopping Center		2005		111,051		89.7	%		7.45	Weis Markets		46,912
										Goodwill		18,104
Port Richmond Village		2001		154,908		80.8	%		14.52	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		236,217		85.0	%		20.31	United Artists		77,700
										Avalon Carpet		25,000
										Pep Boys		22,000
										Staples		18,000
South Philadelphia		2003		283,415		74.9	%		14.74	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		64.7	%		10.85	Bon-Ton		54,500
										TJ Maxx		24,404
The Point		2000		268,037		96.0	%		12.99	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		73.8	%		13.65	Giant Foods		78,335
										Hobby Lobby		57,512
										Big Lots		33,824
										Tractor Supply		19,097
Total Pennsylvania				4,617,497		90.3	%		14.09

Virginia
Coliseum Marketplace		2005		106,648		100.0	%		16.85	Farm Fresh		57,662
										Michaels		23,981
Elmhurst Square		2006		66,250		87.1	%		9.98	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	%		14.05	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	%		11.39	Walmart		41,975
										Farm Fresh		16,938
Oak Ridge Shopping Center		2006		38,700		92.2	%		10.90	Food Lion		33,000
Suffolk Plaza		2005		67,216		100.0	%		9.90	Farm Fresh		67,216
Total Virginia				556,293		96.5	%		12.91

Total (91.7% leased at September 30, 2016)				9,130,862		90.5	%	$	13.43

											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
3rd Quarter 2016		36		193,000	$	14.61	$	13.27		10.8%	$	12.23		7.5
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
Total		157		1,029,300	$	13.42	$	12.21		10.0%	$	4.32		5.0


New Leases - Comparable
3rd Quarter 2016		8		102,900	$	11.87	$	10.44		13.7%	$	22.93		9.5
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
Total		26		183,100	$	12.81	$	11.60		10.5%	$	24.26		7.6


Renewals - Comparable
3rd Quarter 2016		28		90,100	$	17.74	$	16.49		7.6%	$	0.00		5.2
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
Total		131		846,200	$	13.56	$	12.34		9.9%	$	0.00		4.4


Total Comparable and Non-Comparable
3rd Quarter 2016		39		223,100	$	14.46	N/A		N/A		$	11.72		7.9
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
Total		169		1,117,400	$	13.54	N/A		N/A		$	4.91		5.5

	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		10		643,000		7.0	%	$	10,587,000	$	16.47		9.5	%
LA Fitness		6		240,000		2.6	%		3,994,000		16.64		3.6	%
Shop Rite		3		182,000		2.0	%		2,945,000		16.18		2.7	%
Stop & Shop		3		211,000		2.3	%		2,786,000		13.20		2.5	%
Dollar Tree		22		224,000		2.5	%		2,373,000		10.59		2.1	%
Farm Fresh		4		196,000		2.1	%		2,264,000		11.55		2.0	%
Home Depot		2		253,000		2.8	%		2,101,000		8.30		1.9	%
Big Y		2		106,000		1.2	%		1,926,000		18.17		1.7	%
Staples		5		106,000		1.2	%		1,721,000		16.24		1.6	%
BJ's Wholesale Club		1		118,000		1.3	%		1,683,000		14.26		1.5	%
Marshalls		6		170,000		1.9	%		1,465,000		8.62		1.3	%
United Artist		1		78,000		0.9	%		1,454,000		18.64		1.3	%
Shaw's		2		125,000		1.4	%		1,431,000		11.45		1.3	%
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		2.1	%		1,193,000		6.21		1.1	%
Planet Fitness		5		96,000		1.1	%		1,188,000		12.38		1.1	%
Redner's		3		159,000		1.7	%		1,159,000		7.29		1.0	%
Kohl's		2		147,000		1.6	%		1,113,000		7.57		1.0	%
Petsmart		3		63,000		0.7	%		971,000		15.41		0.9	%
Sub-total top twenty tenants		86		3,492,000		38.2	%		44,854,000		12.84		40.4	%
Remaining tenants		771		4,774,000		52.3	%		66,151,000		13.86		59.6	%
Sub-total all tenants (b)		857		8,266,000		90.5	%	$	111,005,000	$	13.43		100.0	%
Vacant space	N/A			865,000		9.5	%
Total		857		9,131,000		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 29,000; annualized base rent of $259,000), (4) Marshalls, Home Goods (GLA of 111,000; annualized base rent of $958,000) and TJ Maxx (GLA of 54,000; annualized base rent of $501,000), 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		53		280,000		3.4	%	$	3,780,000	$	13.50		3.4	%
2016		25		65,000		0.8	%		1,308,000		20.12		1.2	%
2017		119		898,000		10.9	%		11,844,000		13.19		10.7	%
2018		119		944,000		11.4	%		13,824,000		14.64		12.5	%
2019		117		856,000		10.4	%		10,740,000		12.55		9.7	%
2020		119		1,504,000		18.2	%		17,676,000		11.75		15.9	%
2021		114		973,000		11.8	%		14,004,000		14.39		12.6	%
2022		48		314,000		3.8	%		4,944,000		15.75		4.5	%
2023		20		147,000		1.8	%		1,944,000		13.22		1.8	%
2024		30		581,000		7.0	%		7,716,000		13.28		7.0	%
2025		29		476,000		5.8	%		6,588,000		13.84		5.9	%
2026		26		210,000		2.5	%		3,216,000		15.31		2.9	%
Thereafter		39		1,018,000		12.3	%		13,421,000		13.18		12.1	%
All tenants		857		8,266,000		100.0	%	$	111,005,000	$	13.43		100.0	%
Vacant space	N/A			865,000	N/A
Total portfolio		857		9,131,000	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 pursuit 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 pursuit 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 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
Summary of Acquisitions, Dispositions and Real Estate Held for Sale		21

Non-GAAP Financial Disclosures		22

	September 30,			December 31,
	2016			2015
ASSETS
Real estate, at cost	$	1,504,136,000		$	1,550,027,000
Less accumulated depreciation		(316,378,000	)		(300,832,000	)
Real estate, net		1,187,758,000			1,249,195,000
Real estate held for sale		81,772,000			14,402,000
Cash and cash equivalents		4,508,000			2,083,000
Restricted cash		2,371,000			5,592,000
Receivables		15,950,000			17,912,000
Other assets and deferred charges, net		30,459,000			29,196,000
TOTAL ASSETS	$	1,322,818,000		$	1,318,380,000

LIABILITIES AND EQUITY
Liabilities:
Mortgage loans payable	$	167,129,000		$	298,089,000
Unsecured revolving credit facility		130,000,000			78,000,000
Unsecured term loans		397,335,000			297,731,000
Accounts payable and accrued liabilities		33,417,000			23,831,000
Unamortized intangible lease liabilities		21,004,000			23,187,000
Total liabilities		748,885,000			720,838,000

Equity:
Preferred stock		190,661,000			190,661,000
Common stock and other shareholders' equity		382,121,000			405,389,000
Noncontrolling interests		1,151,000			1,492,000
Total equity		573,933,000			597,542,000

TOTAL LIABILITIES AND EQUITY	$	1,322,818,000		$	1,318,380,000

	Secured Debt				Unsecured Debt
	Scheduled		Balloon		Revolving			Term
Year	Amortization		Payments		Credit Facility			Loans		Total
2016	$	938,000	$	-	$	-		$	-	$	938,000
2017		3,860,000		-		-			-		3,860,000
2018		3,616,000		18,007,000		-			-		21,623,000
2019		3,754,000		-		130,000,000	(a)		75,000,000		208,754,000
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
2023		1,684,000		-		-			100,000,000		101,684,000
Thereafter		7,076,000		39,663,000		-			-		46,739,000
	$	30,890,000	$	136,483,000	$	130,000,000		$	400,000,000		697,373,000
Unamortized premium											700,000
Unamortized mortgage and term loan issuance costs											(3,609,000	)
										$	694,464,000

	Three months ended September 30,
	2016		2015
Base Rents	$	24,327,000	$	24,402,000
Expense Recoveries		6,155,000		5,806,000
Total Revenues		30,482,000		30,208,000
Operating expenses		8,372,000		8,360,000
NOI	$	22,110,000	$	21,848,000

Occupied		91.0%		92.4%
Leased		92.2%		93.8%
Average base rent	$	13.30	$	13.01
Number of same properties	54		54
NOI growth	1.2%

	Nine months ended September 30,
	2016		2015
Base Rents	$	71,566,000	$	71,493,000
Expense Recoveries		19,491,000		19,678,000
Total Revenues		91,057,000		91,171,000
Operating expenses		26,292,000		27,226,000
NOI	$	64,765,000	$	63,945,000

Occupied		90.9%		92.4%
Leased		92.1%		93.4%
Average base rent	$	13.24	$	12.94
Number of same properties	53		53
NOI growth	1.3%