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, 2017 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the second quarter ended June 30, 2017. Net loss attributable to common shareholders was ($0.10) per diluted share compared with net income of $0.01 per diluted share for the comparable 2016 period. Other highlights include:

“We continued to make great progress this quarter on many fronts, most notably on leasing. Our leasing pipeline remains strong, and we anticipate seeing the fruits of this activity enhance our growth in the quarters to come,” commented Bruce Schanzer, CEO.

Net loss attributable to common shareholders for the second quarter of 2017 was $(8.1) million or $(0.10) per diluted share, compared to net income of $1.3 million or $0.01 per diluted share for the same period in 2016. Net income attributable to shareholders for the six months ended June 30, 2017 was $0.1 million or $0.00 per diluted share, compared to net loss of $(0.7) million or $(0.01) per diluted share for the same period of 2016.

NAREIT-defined FFO for the second quarter of 2017 was $11.7 million or $0.14 per diluted share, compared to $12.1 million or $0.14 per diluted share for the same period in 2016. NAREIT-defined FFO for the six month period ended June 30, 2017 was $23.2 million or $0.27 per diluted share, compared to $19.5 million or $0.23 per diluted share for the same period in 2016. Operating FFO for the second quarter of 2017 was $11.7 million or $0.14 per diluted share, compared to $12.6 million or $0.15 per diluted share for the same period in 2016. Operating FFO for the six months ended June 30, 2017 was $23.4 million or $0.27 per diluted share, compared to $24.6 million or $0.29 per diluted share for the same period in 2016. The principal differences between Operating FFO and FFO are acquisition pursuit, redevelopment, management transition and early extinguishment of debt costs.

During the second quarter of 2017, the Company signed 38 leases for 277,200 square feet. On a comparable space basis, the Company leased 244,600 square feet at a positive lease spread of 8.4% on a cash basis (new leases increased 14.2% and renewals increased 6.2%). During the six months ended June 30, 2017, the Company signed 77 leases for 587,400 square feet. On a comparable space basis, the Company leased 554,800 square feet at a positive lease spread of 6.7% on a cash basis (new leases increased 9.3% and renewals increased 6.0%).

Same-property NOI for the second quarter of 2017 decreased (2.4)% excluding redevelopments and decreased (1.7)% including redevelopments, compared to the same period in 2016. As previously announced, these results are primarily driven by four anchors which vacated in the fourth quarter of 2015 that occupied 211,000 square feet. As of today, the Company has leased approximately 85% of this vacant space at positive lease spreads of approximately 37% versus the prior tenants. The expected rent commencement dates for these new leases range from late 2017 through late 2018.

The Company’s total portfolio, excluding properties held for sale, was 92.4% leased at June 30, 2017, compared to 91.2% at March 31, 2017 and 91.2% at June 30, 2016. The Company’s same-property portfolio was 93.7% leased at June 30, 2017, compared to 92.6% at March 31, 2017 and 93.2% at June 30, 2016.

As of June 30, 2017, the Company had $161.6 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciation, and amortization (EBITDA) of 7.4 times. The Company’s forward sales agreements, entered into on August 1, 2016 for the issuance of 5,750,000 common shares, were settled by August 1, 2017 for net proceeds of approximately $43.2 million, after adjustments for dividends paid and other administrative costs. On July 17, 2017, the Company announced it will redeem 1.5 million shares of Series B Preferred Stock at a price of $25.00 per share for an aggregate $37.5 million, plus all accrued and unpaid dividends up to (but excluding) the redemption date of August 16, 2017.

As of June 30, 2017, Fredericksburg Way, located in Fredericksburg, Virginia, has been classified as “real estate held for sale”. The Company recorded an impairment charge of $9.9 million during the second quarter of 2017 relating to the property.

The Company reaffirms its previously-announced 2017 Operating FFO guidance at a range of $0.53 to $0.55 per diluted share. The Company updated its 2017 guidance for net income attributable to common shareholders to a range of $0.00 to $0.02 per diluted share and for NAREIT-defined FFO to a range of $0.49 to $0.51 per diluted share.

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 six months ended June 30, 2017 and 2016 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 costs. 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 June 30, 2017. 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, 2017, at 11:00 AM (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 2:00 PM (ET) on August 4, 2017, until midnight (ET) on August 18, 2017. The replay dial-in numbers are (844) 512-2921 or (1) (412) 317-6671 for international callers. Please use passcode 13663625 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, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. The Company’s portfolio (excluding properties treated as “held for sale”) comprises 61 properties, with approximately 9.0 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, 2016, 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,
	2017			2016			2017			2016
PROPERTY REVENUES
Rents	$	28,205,000		$	29,897,000		$	56,428,000		$	59,027,000
Expense recoveries		7,012,000			7,471,000			15,360,000			16,429,000
Other		482,000			504,000			685,000			667,000
Total property revenues		35,699,000			37,872,000			72,473,000			76,123,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		5,462,000			5,636,000			12,506,000			12,791,000
Real estate and other property-related taxes		4,921,000			4,941,000			9,666,000			9,821,000
Total property operating expenses		10,383,000			10,577,000			22,172,000			22,612,000

PROPERTY OPERATING INCOME		25,316,000			27,295,000			50,301,000			53,511,000

OTHER EXPENSES AND INCOME
General and administrative		4,237,000			3,975,000			8,373,000			9,322,000
Acquisition pursuit costs		-			527,000			156,000			3,124,000
Depreciation and amortization		9,953,000			10,972,000			20,371,000			20,633,000
Gain on sale		-			-			(7,099,000	)		(59,000	)
Impairment charges		9,850,000			-			9,850,000			-
Total other expenses and income		24,040,000			15,474,000			31,651,000			33,020,000

OPERATING INCOME		1,276,000			11,821,000			18,650,000			20,491,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(5,665,000	)		(7,128,000	)		(11,094,000	)		(14,133,000	)
Early extinguishment of debt costs		-			102,000			-			13,000
Total non-operating income and expense		(5,665,000	)		(7,026,000	)		(11,094,000	)		(14,120,000	)

NET (LOSS) INCOME		(4,389,000	)		4,795,000			7,556,000			6,371,000

Attributable to noncontrolling interests		(85,000	)		93,000			(254,000	)		180,000

NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		(4,474,000	)		4,888,000			7,302,000			6,551,000

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

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(8,076,000	)	$	1,286,000		$	98,000		$	(653,000	)


NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)	$	(0.10	)	$	0.01		$	(0.00	)	$	(0.01	)

Weighted average number of common shares - basic and diluted		81,771,000			81,677,000			81,753,000			81,667,000

Balance Sheets	June 30,		December 31,
	2017		2016
Construction in process (included in buildings and improvements)	$	9,948,000	$	10,999,000

Receivables
Rents and other tenant receivables, net	$	2,139,000	$	1,710,000
Straight-line rents		13,664,000		13,184,000
	$	15,803,000	$	14,894,000

Other assets and deferred charges, net
Lease origination costs	$	18,508,000	$	17,717,000
Revolving credit facility issuance costs		1,184,000		1,554,000
Prepaid expenses		3,277,000		4,872,000
Other		4,717,000		5,363,000
	$	27,686,000	$	29,506,000

Statements of Operations	Three months ended June 30,				Six months ended June 30,
	2017		2016		2017		2016
Rents
Base rents	$	27,070,000	$	28,902,000	$	54,210,000	$	57,587,000
Percentage rent		244,000		183,000		447,000		260,000
Straight-line rents		255,000		87,000		496,000		(230,000	)
Amortization of intangible lease liabilities, net		636,000		725,000		1,275,000		1,410,000
	$	28,205,000	$	29,897,000	$	56,428,000	$	59,027,000

	Three months ended June 30,						Six months ended June 30,
	2017			2016			2017			2016
Net (loss) income attributable to common shareholders	$	(8,076,000	)	$	1,286,000		$	98,000		$	(653,000	)
Real estate depreciation and amortization		9,905,000			10,930,000			20,280,000			20,548,000
Limited partners' interest		(33,000	)		7,000			(1,000	)		-
Gain on sales		-			-			(7,099,000	)		(59,000	)
Impairment charges		9,850,000			-			9,850,000			-
Consolidated minority interests:
Share of income / (loss)		118,000			(100,000	)		255,000			(180,000	)
Share of FFO		(92,000	)		(47,000	)		(197,000	)		(112,000	)
Funds From Operations ("FFO") applicable to diluted common shares		11,672,000			12,076,000			23,186,000			19,544,000
Adjustments for items affecting comparability:
Acquisition pursuit costs (a)		-			527,000			156,000			3,124,000
Financing costs (b)		-			(102,000	)		-			(13,000	)
Redevelopment costs (c)		37,000			83,000			37,000			476,000
Management transition costs (d)		-			-			-			1,427,000
Operating Funds From Operations ("Operating FFO") applicable to diluted common shares	$	11,709,000		$	12,584,000		$	23,379,000		$	24,558,000

FFO per diluted common share:	$	0.14		$	0.14		$	0.27		$	0.23

Operating FFO per diluted common share:	$	0.14		$	0.15		$	0.27		$	0.29

Weighted average number of diluted common shares:
Common shares		85,568,000			85,342,000			85,520,000			85,278,000
OP Units		351,000			352,000			351,000			352,000
		85,919,000			85,694,000			85,871,000			85,630,000

Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	255,000		$	89,000		$	486,000		$	(225,000	)
Amortization of intangible lease liabilities		636,000			699,000			1,249,000			1,358,000
Non-real estate amortization		405,000			432,000			807,000			868,000
Share-based compensation, net		900,000			830,000			1,833,000			1,340,000
Maintenance capital expenditures (e)		612,000			418,000			1,664,000			819,000
Lease related expenditures (f)		2,451,000			1,019,000			3,497,000			1,687,000
Development and redevelopment capital expenditures		3,997,000			1,724,000			9,470,000			3,212,000
Capitalized interest and financing costs		110,000			177,000			285,000			348,000

	Three months ended June 30,						Six months ended June 30,
	2017			2016			2017			2016
EBITDA Calculation
Net (loss) income	$	(4,389,000	)	$	4,795,000		$	7,556,000		$	6,371,000
Add (deduct):
Interest expense (including early extinguishment of debt costs)		5,665,000			7,026,000			11,094,000			14,120,000
Depreciation and amortization		9,953,000			10,972,000			20,371,000			20,633,000
Minority interests share of consolidated joint venture EBITDA		-			(306,000	)		-			(630,000	)
EBITDA		11,229,000			22,487,000			39,021,000			40,494,000
Adjustments for items affecting comparability:
Acquisition pursuit costs (a)		-			527,000			156,000			3,124,000
Redevelopment costs (b)		37,000			83,000			37,000			476,000
Management transition costs (c)		-			-			-			1,427,000
Gain on sales		-			-			(7,099,000	)		(59,000	)
Impairment charges		9,850,000			-			9,850,000			-
Adjusted EBITDA	$	21,116,000		$	23,097,000		$	41,965,000		$	45,462,000

Pro-rata share of net debt (d)
Pro-rata share of debt	$	620,963,000		$	676,207,000		$	620,963,000		$	676,207,000
Pro-rata share of debt issuance costs		2,831,000			3,859,000			2,831,000			3,859,000
Pro-rata share of unrestricted cash and cash equivalents		(2,937,000	)		(2,563,000	)		(2,937,000	)		(2,563,000	)
	$	620,857,000		$	677,503,000		$	620,857,000		$	677,503,000

Pro-rata fixed charges (d)
Interest expense (e)	$	5,398,000		$	6,637,000		$	10,627,000		$	13,143,000
Preferred stock dividends		3,602,000			3,602,000			7,204,000			7,204,000
Scheduled mortgage repayments		794,000			1,119,000			1,595,000			2,454,000
	$	9,794,000		$	11,358,000		$	19,426,000		$	22,801,000

Debt and Coverage Ratios
Net debt to Adjusted EBITDA (f)		7.4	x		7.4	x		7.5	x		7.5	x
Interest coverage ratio (based on Adjusted EBITDA)		3.9	x		3.5	x		3.9	x		3.5	x
Fixed charge coverage ratio (based on Adjusted EBITDA)		2.2	x		2.0	x		2.2	x		2.0	x

	Maturity	Interest
Property	Date	Rate		Amounts
Fixed-rate mortgages:
Colonial Commons	Feb 2021		5.5%	$	24,844,000
Shoppes at Arts District	Apr 2022		5.2%		8,301,000
East River Park	Sep 2022		3.9%		19,533,000
The Point	Nov 2022		4.5%		27,675,000
Franklin Village Plaza	Jun 2026		3.9%		49,096,000
Metro Square	Nov 2029		7.5%		7,243,000
Total fixed-rate mortgages	weighted average		4.6%		136,692,000

Unsecured debt:
Variable-rate (a):
Revolving credit facility (b)	Feb 2019		2.5%		86,500,000
Term loan	Feb 2020		2.5%		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	Apr 2023		3.2%		100,000,000
Total unsecured debt	weighted average		3.0%		486,500,000

Total debt	weighted average		3.4%		623,192,000

Unamortized premium					602,000
Unamortized mortgage and term loan issuance costs					(2,831,000	)

Total debt				$	620,963,000


Fixed to variable rate debt ratio:
Fixed-rate debt			78.1%	$	486,692,000
Variable-rate debt			21.9%		136,500,000
			100.0%	$	623,192,000

								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	%	$	22.86	Big Y		63,817
Brickyard Plaza		2004		227,598		94.2	%		8.92	Home Depot		103,003
										Kohl's		58,966
										Michaels		21,429
										Petsmart		20,405
Groton Shopping Center		2007		122,764		91.9	%		11.94	TJ Maxx		30,000
										Goodwill		21,306
										Aldi		17,664
Jordan Lane		2005		177,504		97.5	%		11.44	Stop & Shop		60,632
										Fallas		39,280
										Cardio Fitness		20,283
New London Mall		2009		259,566		89.3	%		14.68	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				1,134,479		94.9	%		11.76

Delaware
Christina Crossing		2017		119,353		80.3	%		17.45	Shop Rite		68,621

Maryland / Washington, D.C.
East River Park		2015		150,107		97.0	%		21.46	Safeway		40,000
										District of Columbia		34,400
Metro Square		2008		71,896		100.0	%		20.10	Shoppers Food Warehouse		58,668
Oakland Mills		2005		58,224		100.0	%		14.50	Weis Markets		43,470
San Souci Plaza (b)		2009		264,134		75.2	%		10.95	Shoppers Food Warehouse		61,466
										Marshalls		27,000
										Maximum Health and Fitness		15,612
Shoppes at Arts District		2016		35,676		90.5	%		35.64	Busboys and Poets		9,889
										Yes! Organic Market		7,169
Valley Plaza		2003		190,939		95.8	%		5.75	K-Mart		95,810
										Ollie's Bargain Outlet		41,888
										Tractor Supply		32,095
Yorktowne Plaza		2007		158,982		84.0	%		13.36	Food Lion		37,692
Total Maryland / Washington, D.C.				929,958		88.5	%		14.06

Massachusetts
Fieldstone Marketplace	2005/2012			117,873		90.2	%		13.04	Shaw's		68,000
										New Bedford Wine and Spirits		15,180
Franklin Village Plaza	2004/2012			303,524		90.1	%		21.56	Stop & Shop		75,000
										Marshalls		26,890
										Boost Fitness		15,807
Kings Plaza		2007		168,243		95.2	%		6.91	Work Out World		42,997
										Fallas		28,504
										Ocean State Job Lot		20,300
										Savers		19,339
Norwood Shopping Center		2006		97,756		98.2	%		10.23	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		91.6	%		7.67	Tops		59,947
										Big Lots		28,027
										Gardner Theater		27,576

								Average
	Year				Percent			base rent per		Major Tenants (a)
Property Description	acquired		GLA		occupied			leased sq. ft.		Name	GLA
Massachusetts (continued)
Webster Commons		2007		98,984		100.0	%		11.47	Big Lots		37,024
										Planet Fitness		18,681
West Bridgewater Plaza		2007		133,039		94.0	%		9.15	Shaw's		57,315
										Pump N Jump		25,000
										Planet Fitness		15,000
Total Massachusetts				1,224,514		93.9	%		12.75

New Jersey
Carll's Corner		2007		129,582		46.3	%		11.95	Peebles		18,858
Pine Grove Plaza		2003		86,089		95.1	%		11.79	Peebles		24,963
The Shops at Bloomfield Station		2016		63,844		89.9	%		19.69	Super Foodtown		28,505
Washington Center Shoppes		2001		157,394		93.6	%		9.83	Acme Markets		66,046
										Planet Fitness		20,742
Total New Jersey				436,909		79.3	%		12.29

New York
Carman's Plaza		2007		193,736		66.0	%		18.37	Key Foods		32,000
										Home Goods		25,806
										Department of Motor Vehicle		19,310

Pennsylvania
Academy Plaza		2001		137,415		88.4	%		15.44	Acme Markets		50,918
Camp Hill		2002		423,671		99.7	%		15.00	Boscov's		159,040
										Giant Foods		92,939
										LA Fitness		45,000
										Barnes & Noble		24,908
										Staples		20,000
Colonial Commons		2011		408,642		91.7	%		11.89	Giant Foods		67,815
										Dick's Sporting Goods		56,000
										Home Goods		31,436
										Ross Dress For Less		30,000
										Marshalls		27,000
										JoAnn Fabrics		25,500
										David's Furniture		24,970
										Old Navy		15,500
Crossroads II (b)		2008		133,717		90.9	%		19.84	Giant Foods		78,815
Fairview Commons		2007		52,964		66.7	%		10.70	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	%		9.18	Redner's		48,920
Golden Triangle		2003		202,790		95.5	%		13.70	LA Fitness		44,796
										Marshalls		30,000
										Staples		24,060
										Just Cabinets		18,665
										Aldi		15,242
Halifax Plaza		2003		51,510		100.0	%		12.99	Giant Foods		32,000
Hamburg Square		2004		99,580		67.4	%		6.81	Redner's		56,780
Lawndale Plaza		2015		93,040		100.0	%		18.36	Shop Rite		63,342
Maxatawny Marketplace		2011		59,939		100.0	%		12.37	Giant Foods		53,914
Meadows Marketplace	2004/2012			91,518		96.5	%		15.68	Giant Foods		67,907
Mechanicsburg Center		2005		51,500		100.0	%		22.57	Giant Foods		51,500
Newport Plaza		2003		64,489		100.0	%		12.69	Giant Foods		43,400
Northside Commons		2008		69,136		100.0	%		10.12	Redner's		53,019
Palmyra Shopping Center		2005		111,051		91.7	%		7.62	Weis Markets		46,912
										Goodwill		18,104
Port Richmond Village		2001		154,908		79.0	%		14.71	Thriftway		40,000
										Pep Boys		20,615
Quartermaster Plaza		2014		456,602		92.4	%		14.48	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		85.4	%		20.84	United Artists		77,700
										Avalon Carpet		25,000
										Pep Boys		22,000
										Staples		18,000
South Philadelphia		2003		237,486		87.8	%		14.76	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	%		18.28	LA Fitness		37,200
The Commons		2004		203,426		89.3	%		9.83	Bon-Ton		54,500
										Pat Catans		52,654
										TJ Maxx		24,404
The Point		2000		268,037		96.0	%		13.13	Burlington Coat Factory		76,665
										Giant Foods		76,627
										A.C. Moore		24,890
										Staples		24,000
Trexler Mall		2005		337,297		96.4	%		10.08	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		321,129		73.9	%		14.21	Giant Foods		78,335
										Hobby Lobby		57,512
										Big Lots		33,824
										Tractor Supply		19,097
Total Pennsylvania				4,479,600		91.1	%		13.93

Virginia
Coliseum Marketplace		2005		106,648		100.0	%		17.10	Farm Fresh		57,662
										Michaels		23,981
Elmhurst Square		2006		66,254		92.5	%		10.34	Food Lion		38,272
General Booth Plaza		2005		71,639		93.3	%		14.15	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	%		11.50	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				493,297		96.2	%		12.13

Total (92.4% leased at June 30, 2017)				9,011,846		90.7	%	$	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
2nd Quarter 2017		32		244,600	$	14.09	$	12.99		8.4%	$	18.67		6.0
1st Quarter 2017		39		310,200	$	12.34	$	11.74		5.1%	$	0.99		3.8
4th Quarter 2016		39		264,800	$	14.50	$	11.53		25.7%	$	19.40		7.7
3rd Quarter 2016		36		193,000	$	14.61	$	13.27		10.8%	$	12.23		7.5
Total		146		1,012,600	$	13.76	$	12.28		12.1%	$	12.22		6.1


New Leases - Comparable
2nd Quarter 2017		8		76,800	$	13.38	$	11.72		14.2%	$	59.44		9.5
1st Quarter 2017		4		27,200	$	15.50	$	15.66		-1.0%	$	11.29		8.7
4th Quarter 2016		7		121,400	$	12.42	$	7.75		60.2%	$	42.33		11.7
3rd Quarter 2016		8		102,900	$	11.87	$	10.44		13.7%	$	22.93		9.5
Total		27		328,300	$	12.73	$	10.18		25.1%	$	37.68		10.3


Renewals - Comparable
2nd Quarter 2017		24		167,800	$	14.41	$	13.57		6.2%	$	0.00		4.4
1st Quarter 2017		35		283,000	$	12.04	$	11.37		5.9%	$	0.00		3.3
4th Quarter 2016		32		143,400	$	16.25	$	14.72		10.4%	$	0.00		4.4
3rd Quarter 2016		28		90,100	$	17.74	$	16.49		7.6%	$	0.00		5.2
Total		119		684,300	$	14.26	$	13.29		7.3%	$	0.00		4.1


Total Comparable and Non-Comparable
2nd Quarter 2017		38		277,200	$	14.43	N/A		N/A		$	19.75		6.3
1st Quarter 2017		39		310,200	$	12.34	N/A		N/A		$	0.99		3.8
4th Quarter 2016		42		271,400	$	14.59	N/A		N/A		$	18.94		7.8
3rd Quarter 2016		39		223,100	$	14.46	N/A		N/A		$	11.72		7.9
Total		158		1,081,900	$	13.88	N/A		N/A		$	12.51		6.3

	Number									Annualized		Percentage
	of				Percentage			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		7.1	%	$	10,661,000	$	16.58		9.7	%
Shop Rite		4		250,000		2.8	%		4,159,000		16.64		3.8	%
LA Fitness		5		199,000		2.2	%		3,311,000		16.64		3.0	%
Stop & Shop		3		211,000		2.3	%		2,786,000		13.20		2.5	%
Dollar Tree		22		223,000		2.5	%		2,387,000		10.70		2.2	%
Farm Fresh		4		196,000		2.2	%		2,264,000		11.55		2.1	%
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		1.8	%
Staples		5		106,000		1.2	%		1,750,000		16.51		1.6	%
BJ's Wholesale Club		1		118,000		1.3	%		1,683,000		14.26		1.5	%
United Artist		1		78,000		0.9	%		1,538,000		19.72		1.4	%
Marshalls		6		170,000		1.9	%		1,484,000		8.73		1.4	%
Shaw's		2		125,000		1.4	%		1,481,000		11.85		1.3	%
Shoppers Food Warehouse		2		120,000		1.3	%		1,267,000		10.56		1.2	%
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		1.8	%		1,159,000		7.29		1.1	%
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	%
Home Goods		4		111,000		1.2	%		960,000		8.65		0.9	%
Sub-total top twenty tenants		89		3,566,000		39.6	%		45,382,000		12.73		41.3	%
Remaining tenants		754		4,607,000		51.1	%		64,370,000		13.97		58.7	%
Sub-total all tenants (b)		843		8,173,000		90.7	%	$	109,752,000	$	13.43		100.0	%
Vacant space	N/A			839,000		9.3	%
Total		843		9,012,000		100.0	%

(1) Giant Foods, Stop & Shop and Food Lion (GLA of 109,000; annualized base rent of $818,000), (2) Farm Fresh and Shoppers Food Warehouse, (3) Dollar Tree and Family Dollar (GLA of 29,000; annualized base rent of $357,000), (4) Marshalls, Home Goods, and TJ Maxx (GLA of 54,000; annualized base rent of $529,000), and (5) Shaw's and Acme Markets (GLA of 117,000; annualized base rent of $542,000).

										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		49		213,000		2.6	%	$	3,552,000	$	16.68		3.2	%
2017		33		176,000		2.2	%		2,472,000		14.05		2.3	%
2018		127		945,000		11.6	%		14,076,000		14.90		12.8	%
2019		127		968,000		11.8	%		11,988,000		12.38		10.9	%
2020		123		1,503,000		18.4	%		16,944,000		11.27		15.4	%
2021		121		1,001,000		12.2	%		14,652,000		14.64		13.4	%
2022		88		603,000		7.4	%		8,304,000		13.77		7.6	%
2023		28		215,000		2.6	%		2,832,000		13.17		2.6	%
2024		31		582,000		7.1	%		7,788,000		13.38		7.1	%
2025		29		476,000		5.8	%		6,600,000		13.87		6.0	%
2026		28		223,000		2.7	%		3,528,000		15.82		3.2	%
2027		26		287,000		3.5	%		3,768,000		13.13		3.4	%
Thereafter		33		981,000		12.0	%		13,248,000		13.50		12.1	%
All tenants		843		8,173,000		100.0	%	$	109,752,000	$	13.43		100.0	%
Vacant space	N/A			839,000	N/A
Total portfolio		843		9,012,000	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 and Dispositions		21

Non-GAAP Financial Disclosures		22

	June 30,			December 31,
	2017			2016
ASSETS
Real estate, at cost	$	1,514,718,000		$	1,496,429,000
Less accumulated depreciation		(323,925,000	)		(313,070,000	)
Real estate, net		1,190,793,000			1,183,359,000
Real estate held for sale		1,815,000			-
Cash and cash equivalents		2,937,000			2,882,000
Restricted cash		2,536,000			2,880,000
Receivables		15,803,000			14,894,000
Other assets and deferred charges, net		27,686,000			29,506,000
TOTAL ASSETS	$	1,241,570,000		$	1,233,521,000

LIABILITIES AND EQUITY
Liabilities:
Mortgage loans payable	$	136,628,000		$	138,243,000
Unsecured revolving credit facility		86,500,000			72,000,000
Unsecured term loans		397,835,000			397,502,000
Accounts payable and accrued liabilities		25,874,000			23,463,000
Unamortized intangible lease liabilities		18,987,000			20,316,000
Total liabilities		665,824,000			651,524,000

Equity:
Preferred stock		190,661,000			190,661,000
Common stock and other shareholders' equity		383,607,000			390,079,000
Noncontrolling interests		1,478,000			1,257,000
Total equity		575,746,000			581,997,000

TOTAL LIABILITIES AND EQUITY	$	1,241,570,000		$	1,233,521,000

	Three months ended June 30,
	2017		2016
Base Rents	$	22,273,000	$	22,192,000
Expense Recoveries		5,907,000		6,137,000
Total Revenues		28,180,000		28,329,000
Operating expenses		7,881,000		7,538,000
NOI	$	20,299,000	$	20,791,000

Occupied		92.1%		92.5%
Leased		93.7%		93.2%
Average base rent	$	13.16	$	13.16
Number of same properties	52		52
NOI growth	-2.4%

	Six months ended June 30,
	2017		2016
Base Rents	$	44,004,000	$	44,026,000
Expense Recoveries		12,604,000		13,117,000
Total Revenues		56,608,000		57,143,000
Operating expenses		16,563,000		16,252,000
NOI	$	40,045,000	$	40,891,000

Occupied		92.1%		92.5%
Leased		93.8%		93.1%
Average base rent	$	13.05	$	13.05
Number of same properties	51		51
NOI growth	-2.1%

	Secured Debt				Unsecured Debt
	Scheduled		Balloon		Revolving			Term
Year	Amortization		Payments		Credit Facility			Loans		Total
2017	$	1,625,000	$	-	$	-		$	-	$	1,625,000
2018		3,377,000		-		-			-		3,377,000
2019		3,542,000		-		86,500,000	(a)		75,000,000		165,042,000
2020		3,707,000		-		-			100,000,000		103,707,000
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		7,078,000		39,663,000		-			-		46,741,000
	$	27,065,000	$	109,627,000	$	86,500,000		$	400,000,000		623,192,000
Unamortized premium											602,000
Unamortized mortgage and term loan issuance costs											(2,831,000	)
										$	620,963,000