CEDAR REALTY TRUST, INC.

Supplemental Financial Information

December 31, 2017

(unaudited)

TABLE OF CONTENTS

 

Earnings Press Release

 

4 - 6

 

 

 

Financial Information

 

 

Condensed Consolidated Balance Sheets  

 

7

Condensed Consolidated Statements of Operations

 

8

Supporting Schedules to Consolidated Statements

 

9

Funds From Operations and Additional Disclosures

 

10

EBITDA and Additional Disclosures

 

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

 

 

 

 


 

Forward-Looking Statements

The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). In addition, certain statements made or incorporated by reference herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and outcomes to differ materially from those expressed or implied in forward-looking statements. Factors which could cause actual results to differ materially from current expectations include, among others: adverse general economic conditions in the United States and uncertainty in the credit and retail markets; financing risks, such as the inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, tenant bankruptcies, adverse impact of internet sales demand, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; risks endemic to real estate and the real estate industry generally; the impact of the Company’s level of indebtedness on operating performance; inability of tenants to meet their rent and other lease obligations; adverse impact of new technology and e-commerce developments on the Company’s tenants; competitive risk; risks related to the geographic concentration of the Company’s properties in the Washington D.C. to Boston corridor; the effects of natural and other disasters; and the inability of the Company to realize anticipated returns from its redevelopment activities. Please refer to the documents filed by Cedar Realty Trust, Inc. with the SEC, specifically the Company’s most recent Annual Report on Form 10-K, as it may be updated or supplemented in the Company’s Quarterly Reports on Form 10-Q and the Company’s other filings with the SEC, which identify additional risk factors that could cause actual results to differ from those contained in forward-looking statements.


 

 

 


 

 

CEDAR REALTY TRUST REPORTS FOURTH QUARTER

AND FULL YEAR 2017 RESULTS

 

 

Port Washington, New York – February 8, 2018 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the fourth quarter and full year 2017. Net income (loss) attributable to common shareholders was $0.03 and $(0.04) per diluted share for the fourth quarter and full year 2017, respectively.  Other highlights include:

 

Highlights

 

NAREIT-defined funds from operations (FFO) of $0.13 per diluted share for the quarter and $0.45 for the year.

Operating funds from operations (Operating FFO) of $0.14 per diluted share for the quarter and $0.55 for the year

Signed 38 new and renewal leases for 271,500 square feet in the quarter and 139 new and renewal leases for 996,900 square feet for the year

Comparable cash-basis lease spreads of 3.3% for the quarter and 5.4% for the year

 

o

Excluding one lease for 2,300 square feet, the comparable cash-basis lease spreads would have been 7.7% for the quarter and 6.6% for the year

Total portfolio 92.9% leased and same-property portfolio 93.4% leased at year-end

Same-property net operating income (NOI) excluding redevelopment properties increased 0.1% for the quarter and decreased 1.3% for the year

 

Previously-Announced Events

 

Concluded a public offering of 2,000,000 shares of 6 ½% Series C Preferred Stock on December 15, 2017

Redeemed 2,000,000 shares of 7 ¼% Series B Preferred Stock on January 12, 2018

 

“We continue to effectively navigate the evolving retail landscape and forge ahead with our redevelopment strategy in densely-populated urban markets to enhance the quality and growth profile of our portfolio,” commented Bruce Schanzer, CEO.

 

Financial Results

 

Net income attributable to common shareholders for the fourth quarter of 2017 was $2.6 million or $0.03 per diluted share, compared to net loss of $(0.5) million or $(0.01) per diluted share for the same period in 2016. Net loss attributable to common shareholders for the full year 2017 was $(2.4) million or $(0.04) per diluted share, compared to net loss of $(5.5) million or $(0.08) per diluted share for the same period in 2016. The principal differences in the comparative three-month results are early extinguishment of debt costs, impairment charges, and preferred stock dividends. The principal differences in the comparative full year results are impairment charges, acquisition pursuit, management transition, preferred stock redemption and early extinguishment of debt costs.

 

NAREIT-defined FFO for the fourth quarter of 2017 was $12.2 million or $0.13 per diluted share, compared to $9.3 million or $0.11 per diluted share for the same period in 2016. NAREIT-defined FFO for the full year 2017 was $40.0 million or $0.45 per diluted share, compared to $41.1 million or $0.48 per diluted share for the same period in 2016. Operating FFO for the fourth quarter of 2017 was $12.4 million or $0.14 per diluted share, compared to $12.1 million or $0.14 per diluted share for the same period in 2016. Operating FFO for the full year 2017 was $48.3 million or $0.55 per diluted share, compared to $49.2 million or $0.57 per diluted share for the same period in 2016. The principal differences between Operating FFO and FFO are acquisition pursuit, preferred stock redemption, redevelopment, management transition and early extinguishment of debt costs.

 

Portfolio Results

 

During the fourth quarter of 2017, the Company signed 38 leases for 271,500 square feet. On a comparable space basis, the Company leased 268,500 square feet at a positive lease spread of 3.3% on a cash basis (new leases increased 2.7% and renewals increased 3.9%). Excluding one lease for 2,300 square feet, on a comparable space basis the Company lease spread would have been 7.7% (new leases increased 11.6% and renewals increased 3.9%), During the full year 2017, the Company signed 139 leases for 996,900 square feet. On a comparable space basis, the Company leased 958,800 square feet at a positive lease spread of 5.4% on a cash basis (new leases increased 4.7% and renewals increased 5.7%). Excluding one lease for 2,300 square feet, on a comparable basis the Company’s lease spread would have been 6.6% (new leases increased 9.0% and renewals increased 5.7%).

 

Same-property NOI for the fourth quarter of 2017 increased 0.1% excluding redevelopments and increased 0.5% including redevelopments, compared to the same period in 2016. Same property NOI for the year decreased (1.3)% excluding redevelopments and (0.9)% including redevelopments.

 

 

 

 


 

The Company’s total portfolio, excluding properties held for sale, was 92.9% leased at December 31, 2017, compared to 92.7% at September 30, 2017 and 91.9% at December 31, 2016. The Company’s same-property portfolio was 93.4% leased at December 31, 2017, compared to 93.4% at September 30, 2017 and 93.1% at December 31, 2016.

 

Balance Sheet

 

Debt

 

As of December 31, 2017, the Company had $177.2 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization (EBITDA) of 6.9 times.  Reflecting the early January 2018 redemption of shares of Series B Preferred Stock, net debt to EBITDA would be 7.5 times.

 

Equity

 

On December 15, 2017, the Company concluded a public offering of 2,000,000 shares of Series C Preferred Stock at $25.00 per share and realized net proceeds, after offering expenses, of approximately $48.1 million.

 

On January 12, 2018, the Company redeemed 2,000,000 shares of Series B Preferred Stock at a price of $25.00 per share for an aggregate of  $50.0 million, plus all accrued and unpaid dividends up to (but excluding) the redemption date.

 

2018 Guidance

 

The Company’s initial 2018 guidance is as follows:

 

Net income attributable to common shareholders per diluted share

$0.04 to $0.06

NAREIT-defined FFO per diluted share

$0.48 to $0.50

Operating FFO per diluted share

$0.53 to $0.55

The guidance is based, in part, on the following assumptions:

 

Same-property NOI excluding redevelopment properties will be relatively flat from 2017 to 2018.

Bon-Ton bankruptcy impact of approximately $0.01 per share

Incremental third-party fees related to shareholder activism and ongoing litigation in connection with the termination of the former Chief Operating Officer aggregating approximately $0.01 per share

No acquisitions or dispositions included in guidance; guidance range will be updated quarterly for any closings

 

Non-GAAP Financial Measures

 

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 months and full years ended December 31, 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.

 

Supplemental Financial Information Package

 

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

 

Investor Conference Call

 

The Company will host a conference call today, February 8, 2018, 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 February 8, 2018, until midnight (ET) on February 22, 2018. The replay dial-in numbers are (844) 512-2921 or (1) (412) 317-6671 for international callers. Please use passcode 13674810 for the telephonic replay. A replay of the Company’s webcast will be available on the Company’s website for a limited time.

 

About Cedar Realty Trust

 

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership, 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.

 

Forward-Looking Statements

 

Statements made in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and outcomes to differ materially from those expressed or implied in forward-looking statements. Factors which could cause actual results to differ materially from current expectations include, among others:  adverse general economic conditions in the United States and uncertainty in the credit and retail markets; financing risks, such as the inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, tenant bankruptcies, adverse impact of internet sales demand, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; risks endemic to real estate and the real estate industry generally; the impact of the Company's level of indebtedness on operating performance; inability of tenants to meet their rent and other lease obligations; adverse impact of new technology and e-commerce developments on the Company's tenants; competitive risk; risks related to the geographic concentration of the Company's properties in the Washington D.C. to Boston corridor; the effects of natural and other disasters; and the inability of the Company to realize anticipated returns from its redevelopment activities. Please refer to the documents filed by Cedar Realty Trust, Inc. with the SEC, specifically the Company's Annual Report on Form 10-K for the year ended December 31, 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.

 

Contact Information:

Cedar Realty Trust, Inc.

Philip R. Mays

Executive Vice President, Chief Financial Officer and Treasurer

(516) 944-4572

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets

 

 

 

December 31,

 

 

 

2017

 

 

2016

 

ASSETS

 

 

 

 

 

 

 

 

Real estate, at cost

 

$

1,534,599,000

 

 

$

1,496,429,000

 

Less accumulated depreciation

 

 

(341,943,000

)

 

 

(313,070,000

)

Real estate, net

 

 

1,192,656,000

 

 

 

1,183,359,000

 

Cash and cash equivalents

 

 

3,702,000

 

 

 

2,882,000

 

Restricted cash

 

 

3,517,000

 

 

 

2,880,000

 

Receivables

 

 

17,193,000

 

 

 

14,894,000

 

Other assets and deferred charges, net

 

 

35,350,000

 

 

 

29,506,000

 

TOTAL ASSETS

 

$

1,252,418,000

 

 

$

1,233,521,000

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgage loans payable

 

$

127,969,000

 

 

$

138,243,000

 

Unsecured revolving credit facility

 

 

55,000,000

 

 

 

72,000,000

 

Unsecured term loans

 

 

397,156,000

 

 

 

397,502,000

 

Accounts payable and accrued liabilities

 

 

24,519,000

 

 

 

23,463,000

 

Unamortized intangible lease liabilities

 

 

17,663,000

 

 

 

20,316,000

 

Total liabilities

 

 

622,307,000

 

 

 

651,524,000

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Preferred stock

 

 

207,508,000

 

 

 

190,661,000

 

Common stock and other shareholders' equity

 

 

420,828,000

 

 

 

390,079,000

 

Noncontrolling interests

 

 

1,775,000

 

 

 

1,257,000

 

Total equity

 

 

630,111,000

 

 

 

581,997,000

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

 

$

1,252,418,000

 

 

$

1,233,521,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

 

 

 

 

Three months ended December 31,

 

 

Years ended December 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

PROPERTY REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rents

 

$

28,486,000

 

 

$

28,912,000

 

 

$

113,276,000

 

 

$

118,098,000

 

Expense recoveries

 

 

8,424,000

 

 

 

8,084,000

 

 

 

31,220,000

 

 

 

32,036,000

 

Other

 

 

227,000

 

 

 

174,000

 

 

 

1,512,000

 

 

 

952,000

 

Total property revenues

 

 

37,137,000

 

 

 

37,170,000

 

 

 

146,008,000

 

 

 

151,086,000

 

PROPERTY OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating, maintenance and management

 

 

6,668,000

 

 

 

6,552,000

 

 

 

24,752,000

 

 

 

24,898,000

 

Real estate and other property-related taxes

 

 

4,980,000

 

 

 

4,777,000

 

 

 

19,577,000

 

 

 

19,617,000

 

Total property operating expenses

 

 

11,648,000

 

 

 

11,329,000

 

 

 

44,329,000

 

 

 

44,515,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PROPERTY OPERATING INCOME

 

 

25,489,000

 

 

 

25,841,000

 

 

 

101,679,000

 

 

 

106,571,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSES AND INCOME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

4,413,000

 

 

 

4,514,000

 

 

 

16,907,000

 

 

 

18,154,000

 

Acquisition pursuit costs

 

 

-

 

 

 

9,000

 

 

 

156,000

 

 

 

3,426,000

 

Depreciation and amortization

 

 

9,937,000

 

 

 

9,741,000

 

 

 

40,115,000

 

 

 

40,787,000

 

Gain on sale

 

 

-

 

 

 

-

 

 

 

(7,099,000

)

 

 

(59,000

)

Impairment (reversals)/charges

 

 

(312,000

)

 

 

77,000

 

 

 

9,538,000

 

 

 

6,347,000

 

Total other expenses and income

 

 

14,038,000

 

 

 

14,341,000

 

 

 

59,617,000

 

 

 

68,655,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

11,451,000

 

 

 

11,500,000

 

 

 

42,062,000

 

 

 

37,916,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-OPERATING INCOME AND EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(5,561,000

)

 

 

(5,760,000

)

 

 

(22,199,000

)

 

 

(26,529,000

)

Early extinguishment of debt costs

 

 

(210,000

)

 

 

(2,586,000

)

 

 

(210,000

)

 

 

(2,623,000

)

Total non-operating income and expense

 

 

(5,771,000

)

 

 

(8,346,000

)

 

 

(22,409,000

)

 

 

(29,152,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

 

5,680,000

 

 

 

3,154,000

 

 

 

19,653,000

 

 

 

8,764,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Attributable to noncontrolling interests

 

 

(139,000

)

 

 

(75,000

)

 

 

(510,000

)

 

 

179,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.

 

 

5,541,000

 

 

 

3,079,000

 

 

 

19,143,000

 

 

 

8,943,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

(2,913,000

)

 

 

(3,602,000

)

 

 

(13,652,000

)

 

 

(14,408,000

)

Preferred stock redemption costs

 

 

-

 

 

 

-

 

 

 

(7,890,000

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

 

$

2,628,000

 

 

$

(523,000

)

 

$

(2,399,000

)

 

$

(5,465,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

0.03

 

 

$

(0.01

)

 

$

(0.04

)

 

$

(0.08

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic and diluted

 

 

87,526,000

 

 

 

81,676,000

 

 

 

84,168,000

 

 

 

81,672,000

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

 

 

Balance Sheets

 

December 31,

 

 

 

 

 

 

 

 

 

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

Construction in process (included in buildings and improvements)

 

$

12,396,000

 

 

$

10,999,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Receivables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rents and other tenant receivables, net

 

$

3,118,000

 

 

$

1,710,000

 

 

 

 

 

 

 

 

 

Straight-line rents

 

 

14,075,000

 

 

 

13,184,000

 

 

 

 

 

 

 

 

 

 

 

$

17,193,000

 

 

$

14,894,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other assets and deferred charges, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease origination costs

 

$

19,343,000

 

 

$

17,717,000

 

 

 

 

 

 

 

 

 

Revolving credit facility issuance costs

 

 

2,207,000

 

 

 

1,554,000

 

 

 

 

 

 

 

 

 

Prepaid expenses

 

 

5,377,000

 

 

 

4,872,000

 

 

 

 

 

 

 

 

 

Other

 

 

8,423,000

 

 

 

5,363,000

 

 

 

 

 

 

 

 

 

 

 

$

35,350,000

 

 

$

29,506,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Statements of Operations

 

Three months ended December 31,

 

 

Years ended December 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Rents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Base rents

 

$

27,600,000

 

 

$

27,922,000

 

 

$

108,998,000

 

 

$

114,655,000

 

Percentage rent

 

 

191,000

 

 

 

233,000

 

 

 

896,000

 

 

 

654,000

 

Straight-line rents

 

 

77,000

 

 

 

111,000

 

 

 

864,000

 

 

 

38,000

 

Amortization of intangible lease liabilities, net

 

 

618,000

 

 

 

646,000

 

 

 

2,518,000

 

 

 

2,751,000

 

 

 

$

28,486,000

 

 

$

28,912,000

 

 

$

113,276,000

 

 

$

118,098,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures

 

 

 

 

Three months ended December 31,

 

 

Years ended December 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net income (loss) attributable to common shareholders

 

$

2,628,000

 

 

$

(523,000

)

 

$

(2,399,000

)

 

$

(5,465,000

)

Real estate depreciation and amortization

 

 

9,886,000

 

 

 

9,698,000

 

 

 

39,922,000

 

 

 

40,616,000

 

Limited partners' interest

 

 

9,000

 

 

 

(2,000

)

 

 

(13,000

)

 

 

(17,000

)

Gain on sales

 

 

-

 

 

 

-

 

 

 

(7,099,000

)

 

 

(59,000

)

Impairment (reversals)/charges

 

 

(312,000

)

 

 

77,000

 

 

 

9,538,000

 

 

 

6,347,000

 

Consolidated minority interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share of income/(loss)

 

 

130,000

 

 

 

77,000

 

 

 

523,000

 

 

 

(162,000

)

Share of FFO

 

 

(118,000

)

 

 

(43,000

)

 

 

(440,000

)

 

 

(193,000

)

Funds From Operations ("FFO") applicable to diluted common shares

 

 

12,223,000

 

 

 

9,284,000

 

 

 

40,032,000

 

 

 

41,067,000

 

Adjustments for items affecting comparability:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition pursuit costs (a)

 

 

-

 

 

 

9,000

 

 

 

156,000

 

 

 

3,426,000

 

Financing costs (b)

 

 

210,000

 

 

 

2,586,000

 

 

 

210,000

 

 

 

2,623,000

 

Redevelopment costs (c)

 

 

-

 

 

 

187,000

 

 

 

37,000

 

 

 

698,000

 

Management transition costs (d)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,427,000

 

Preferred stock redemption costs

 

 

-

 

 

 

-

 

 

 

7,890,000

 

 

 

-

 

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

 

$

12,433,000

 

 

$

12,066,000

 

 

$

48,325,000

 

 

$

49,241,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO per diluted common share:

 

$

0.13

 

 

$

0.11

 

 

$

0.45

 

 

$

0.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating FFO per diluted common share:

 

$

0.14

 

 

$

0.14

 

 

$

0.55

 

 

$

0.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of diluted common shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

91,317,000

 

 

 

85,318,000

 

 

 

87,948,000

 

 

 

85,303,000

 

OP Units

 

 

348,000

 

 

 

352,000

 

 

 

350,000

 

 

 

352,000

 

 

 

 

91,665,000

 

 

 

85,670,000

 

 

 

88,298,000

 

 

 

85,655,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Disclosures (Pro-Rata Share):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Straight-line rents

 

$

77,000

 

 

$

110,000

 

 

$

854,000

 

 

$

40,000

 

Amortization of intangible lease liabilities

 

 

618,000

 

 

 

620,000

 

 

 

2,492,000

 

 

 

2,647,000

 

Non-real estate amortization

 

 

546,000

 

 

 

607,000

 

 

 

1,730,000

 

 

 

1,930,000

 

Share-based compensation, net

 

 

859,000

 

 

 

785,000

 

 

 

3,552,000

 

 

 

2,930,000

 

Maintenance capital expenditures (e)

 

 

2,173,000

 

 

 

1,690,000

 

 

 

5,385,000

 

 

 

3,215,000

 

Lease related expenditures (f)

 

 

1,182,000

 

 

 

1,086,000

 

 

 

5,628,000

 

 

 

4,344,000

 

Development and redevelopment capital expenditures

 

 

3,221,000

 

 

 

2,533,000

 

 

 

22,484,000

 

 

 

10,572,000

 

Capitalized interest and financing costs

 

 

200,000

 

 

 

202,000

 

 

 

683,000

 

 

 

743,000

 

 

(a)

In 2017, represents costs associated with acquisitions which the Company chose not to continue to pursue. In 2016, represents costs directly associated with acquiring properties that were expensed pursuant to GAAP such as transfer taxes, brokerage fees and legal expenses.

(b)

Represents early extinguishment of debt costs.

(c)

Includes redevelopment project costs expensed pursuant to GAAP such as certain demolition and lease termination costs.

(d)

Costs and estimated expenses associated with the Chief Operating Officer transition.

(e)

Consists of payments for building and site improvements.

(f)

Consists of payments for tenant improvements and leasing commissions.

 

 

 

 


 

CEDAR REALTY TRUST, INC.

EBITDA and Additional Disclosures

 

 

 

 

Three months ended December 31,

 

 

Years ended December 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net income

 

$

5,680,000

 

 

$

3,154,000

 

 

$

19,653,000

 

 

$

8,764,000

 

Interest expense (including early extinguishment of debt costs)

 

 

5,771,000

 

 

 

8,346,000

 

 

 

22,409,000

 

 

 

29,152,000

 

Depreciation and amortization

 

 

9,937,000

 

 

 

9,741,000

 

 

 

40,115,000

 

 

 

40,787,000

 

EBITDA

 

 

21,388,000

 

 

 

21,241,000

 

 

 

82,177,000

 

 

 

78,703,000

 

Adjustments for items affecting comparability:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition pursuit costs (a)

 

 

-

 

 

 

9,000

 

 

 

156,000

 

 

 

3,426,000

 

      Redevelopment costs (b)

 

 

-

 

 

 

187,000

 

 

 

37,000

 

 

 

698,000

 

Management transition costs (c)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,427,000

 

Gain on sales

 

 

-

 

 

 

-

 

 

 

(7,099,000

)

 

 

(59,000

)

Impairment (reversals) / charges

 

 

(312,000

)

 

 

77,000

 

 

 

9,538,000

 

 

 

6,347,000

 

Adjusted EBITDA

 

$

21,076,000

 

 

$

21,514,000

 

 

$

84,809,000

 

 

$

90,542,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro-rata share of net debt (d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro-rata share of debt

 

$

580,125,000

 

 

$

607,745,000

 

 

$

580,125,000

 

 

$

607,745,000

 

Pro-rata share of debt issuance costs

 

 

3,405,000

 

 

 

3,210,000

 

 

 

3,405,000

 

 

 

3,210,000

 

Pro-rata share of unrestricted cash and cash equivalents

 

 

(3,702,000

)

 

 

(2,882,000

)

 

 

(3,702,000

)

 

 

(2,882,000

)

 

 

$

579,828,000

 

 

$

608,073,000

 

 

$

579,828,000

 

 

$

608,073,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pro-rata fixed charges (d)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (e)

 

$

5,228,000

 

 

$

5,376,000

 

 

$

21,233,000

 

 

$

25,426,000

 

Preferred stock dividends

 

 

2,913,000

 

 

 

3,602,000

 

 

 

13,652,000

 

 

 

14,408,000

 

Scheduled mortgage repayments

 

 

793,000

 

 

 

938,000

 

 

 

2,388,000

 

 

 

4,578,000

 

 

 

$

8,934,000

 

 

$

9,916,000

 

 

$

37,273,000

 

 

$

44,412,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt and Coverage Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net debt to Adjusted EBITDA (f)

 

 

6.9

x

 

 

7.3

x

 

 

7.0

x

 

 

7.1

x

Interest coverage ratio (based on Adjusted EBITDA)

 

 

4.0

x

 

 

4.0

x

 

 

4.0

x

 

 

3.6

x

Fixed charge coverage ratio (based on Adjusted EBITDA)

 

 

2.4

x

 

 

2.2

x

 

 

2.3

x

 

 

2.0

x

 

(a)

In 2017, represents costs associated with acquisitions which the Company chose not to continue to pursue. In 2016, represents costs directly associated with acquiring properties that were expensed pursuant to GAAP such as transfer taxes, brokerage fees and legal expenses.

(b)

Includes redevelopment project costs expensed pursuant to GAAP such as certain demolition and lease termination costs.

(c)

Costs and estimated expenses associated with the Chief Operating Officer transition.

(d)

Includes properties "held for sale".

(e)

Excludes early extinguishment of debt costs.

(f)

For the purposes of this computation, this ratio has been adjusted to include the annualized results of properties acquired, and to exclude, where applicable, (i) the results related to properties sold, and (ii) lease termination income. Additionally, reflecting the January 2018 redemption of Series B Preferred Stock for $50.0 million, net debt to adjusted EBITDA would have been 7.5x and 7.6x for the three months and year ended December 31, 2017, respectively.

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of December 31, 2017

 

 

 

 

Maturity

 

Interest

 

 

 

 

 

 

Property

 

Date

 

Rate

 

 

Amounts

 

 

Fixed-rate mortgages:

 

 

 

 

 

 

 

 

 

 

 

Colonial Commons

 

Feb 2021

 

5.5%

 

 

$

24,536,000

 

 

Shoppes at Arts District

 

Apr 2022

 

5.2%

 

 

 

8,223,000

 

 

East River Park

 

Sep 2022

 

3.9%

 

 

 

19,211,000

 

 

The Point

 

Nov 2022

 

4.5%

 

 

 

27,393,000

 

 

Franklin Village Plaza

 

Jun 2026

 

3.9%

 

 

 

48,631,000

 

 

Total fixed-rate mortgages

 

weighted average

 

4.4%

 

 

 

127,994,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured debt:

 

 

 

 

 

 

 

 

 

 

 

Variable-rate (a):

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (b)

 

Sep 2021

 

2.8%

 

 

 

55,000,000

 

 

Term loan

 

Sep 2022

 

2.9%

 

 

 

50,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-rate (c):

 

 

 

 

 

 

 

 

 

 

 

Term loan

 

Feb 2021

 

3.6%

 

 

 

75,000,000

 

 

Term loan

 

Feb 2022

 

3.0%

 

 

 

50,000,000

 

 

Term loan

 

Sep 2022

 

2.8%

 

 

 

50,000,000

 

 

Term loan

 

Apr 2023

 

3.2%

 

 

 

100,000,000

 

 

Term loan

 

Sep 2024

 

3.3%

 

 

 

75,000,000

 

 

Total unsecured debt

 

weighted average

 

3.1%

 

 

 

455,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total debt

 

weighted average

 

3.4%

 

 

 

582,994,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unamortized premium

 

 

 

536,000

 

 

Unamortized mortgage and term loan issuance costs

 

 

 

(3,405,000

)

 

 

 

 

 

 

 

 

Total debt

 

 

$

580,125,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed to variable rate debt ratio:

 

 

 

 

 

 

 

 

 

 

 

Fixed-rate debt

 

 

 

82.0%

 

 

$

477,994,000

 

 

Variable-rate debt

 

 

 

18.0%

 

 

 

105,000,000

 

 

 

 

 

 

100.0%

 

 

$

582,994,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

For variable-rate debt, rate in effect as of December 31, 2017.

(b)

Subject to a one-year extension at the Company's option.

(c)

The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company's leverage ratio, for which the Company has interest rate swaps which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of December 31, 2017

 

 

 

 

Secured Debt

 

 

Unsecured Debt

 

 

 

 

 

 

 

Scheduled

 

 

Balloon

 

 

Revolving

 

 

Term

 

 

 

 

 

Year

 

Amortization

 

 

Payments

 

 

Credit Facility

 

 

Loans

 

 

Total

 

2018

 

$

3,017,000

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

3,017,000

 

2019

 

 

3,154,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,154,000

 

2020

 

 

3,289,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,289,000

 

2021

 

 

2,802,000

 

 

 

22,367,000

 

 

 

55,000,000

 

(a)

 

75,000,000

 

 

 

155,169,000

 

2022

 

 

2,313,000

 

 

 

47,597,000

 

 

 

-

 

 

 

150,000,000

 

 

 

199,910,000

 

2023

 

 

1,160,000

 

 

 

-

 

 

 

-

 

 

 

100,000,000

 

 

 

101,160,000

 

2024

 

 

1,206,000

 

 

 

-

 

 

 

-

 

 

 

75,000,000

 

 

 

76,206,000

 

2025

 

 

1,253,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,253,000

 

2026

 

 

645,000

 

 

 

39,191,000

 

 

 

-

 

 

 

-

 

 

 

39,836,000

 

 

 

$

18,839,000

 

 

$

109,155,000

 

 

$

55,000,000

 

 

$

400,000,000

 

 

 

582,994,000

 

Unamortized premium

 

536,000

 

Unamortized mortgage and term loan issuance costs

 

(3,405,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

580,125,000

 

 

(a)

The revolving credit facility is subject to a one-year extension at the Company's option.

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

 

$

23.03

 

 

Big Y

 

 

63,817

 

Brickyard Plaza

 

 

2004

 

 

 

227,598

 

 

 

94.8

%

 

 

8.99

 

 

Home Depot

 

 

103,003

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kohl's

 

 

58,966

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Michaels

 

 

21,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Petsmart

 

 

20,405

 

Groton Shopping Center

 

 

2007

 

 

 

130,264

 

 

 

100.0

%

 

 

12.28

 

 

TJ Maxx

 

 

30,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

21,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aldi

 

 

17,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet Fitness

 

 

17,500

 

Jordan Lane

 

 

2005

 

 

 

177,504

 

 

 

97.5

%

 

 

11.47

 

 

Stop & Shop

 

 

60,632

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fallas

 

 

39,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cardio Fitness

 

 

20,283

 

New London Mall

 

 

2009

 

 

 

259,566

 

 

 

92.1

%

 

 

14.85

 

 

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

 

 

 

92.1

%

 

 

7.28

 

 

Walmart

 

 

95,482

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAMCO

 

 

20,000

 

Total Connecticut

 

 

 

 

 

 

1,141,979

 

 

 

95.7

%

 

 

11.91

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delaware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Christina Crossing

 

 

2017

 

 

 

119,353

 

 

 

80.3

%

 

 

17.46

 

 

Shop Rite

 

 

68,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maryland / Washington, D.C.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

East River Park

 

 

2015

 

 

 

150,038

 

 

 

98.0

%

 

 

20.99

 

 

Safeway

 

 

40,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

District of Columbia

 

 

34,400

 

Metro Square

 

 

2008

 

 

 

71,896

 

 

 

100.0

%

 

 

18.36

 

 

Shoppers Food Warehouse

 

 

58,668

 

Oakland Mills

 

 

2005

 

 

 

58,224

 

 

 

92.6

%

 

 

10.88

 

 

Weis Markets

 

 

43,470

 

San Souci Plaza (b)

 

 

2009

 

 

 

264,134

 

 

 

82.6

%

 

 

11.03

 

 

Shoppers Food Warehouse

 

 

61,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marshalls

 

 

27,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Goods

 

 

19,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maximum Health and Fitness

 

 

15,612

 

Shoppes at Arts District

 

 

2016

 

 

 

35,676

 

 

 

96.8

%

 

 

34.86

 

 

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

%

 

 

13.59

 

 

Food Lion

 

 

37,692

 

Total Maryland / Washington, D.C.

 

 

 

 

 

 

929,889

 

 

 

90.6

%

 

 

13.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Massachusetts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fieldstone Marketplace

 

2005/2012

 

 

 

117,873

 

 

 

90.2

%

 

 

12.99

 

 

Shaw's

 

 

68,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Bedford Wine and Spirits

 

 

15,180

 

Franklin Village Plaza

 

2004/2012

 

 

 

303,524

 

 

 

89.6

%

 

 

21.57

 

 

Stop & Shop

 

 

75,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marshalls

 

 

26,890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boost Fitness

 

 

15,807

 

Kings Plaza

 

 

2007

 

 

 

168,243

 

 

 

95.2

%

 

 

6.97

 

 

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

%

 

 

14.16

 

 

Stop & Shop

 

 

74,977

 

Timpany Plaza

 

 

2007

 

 

 

183,775

 

 

 

92.7

%

 

 

7.83

 

 

Tops

 

 

59,947

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Big Lots

 

 

28,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gardner Theater

 

 

27,576

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

 

 

11.49

 

 

Big Lots

 

 

37,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet Fitness

 

 

18,681

 

West Bridgewater Plaza

 

 

2007

 

 

 

133,039

 

 

 

87.5

%

 

 

7.64

 

 

Shaw's

 

 

57,315

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pump N Jump

 

 

25,000

 

Total Massachusetts

 

 

 

 

 

 

1,224,514

 

 

 

93.2

%

 

 

12.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carll's Corner

 

 

2007

 

 

 

129,582

 

 

 

46.3

%

 

 

11.18

 

 

Peebles

 

 

18,858

 

Pine Grove Plaza

 

 

2003

 

 

 

86,089

 

 

 

90.7

%

 

 

11.67

 

 

Peebles

 

 

24,963

 

The Shops at Bloomfield Station

 

 

2016

 

 

 

63,844

 

 

 

89.9

%

 

 

18.74

 

 

Super Foodtown

 

 

28,505

 

Washington Center Shoppes

 

 

2001

 

 

 

157,394

 

 

 

93.6

%

 

 

9.96

 

 

Acme Markets

 

 

66,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet Fitness

 

 

20,742

 

Total New Jersey

 

 

 

 

 

 

436,909

 

 

 

78.4

%

 

 

12.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carman's Plaza

 

 

2007

 

 

 

193,736

 

 

 

65.0

%

 

 

19.80

 

 

Key Foods

 

 

32,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Goods

 

 

25,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Department of Motor Vehicle

 

 

19,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Academy Plaza

 

 

2001

 

 

 

137,415

 

 

 

88.4

%

 

 

15.66

 

 

Acme Markets

 

 

50,918

 

Camp Hill

 

 

2002

 

 

 

423,671

 

 

 

99.7

%

 

 

15.08

 

 

Boscov's

 

 

159,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Giant Foods

 

 

92,939

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LA Fitness

 

 

45,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Barnes & Noble

 

 

24,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Staples

 

 

20,000

 

Colonial Commons

 

 

2011

 

 

 

408,642

 

 

 

91.9

%

 

 

13.64

 

 

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

%

 

 

19.87

 

 

Giant Foods

 

 

78,815

 

Fairview Commons

 

 

2007

 

 

 

52,964

 

 

 

66.7

%

 

 

11.55

 

 

Grocery Outlet

 

 

16,650

 

Fort Washington Center

 

 

2002

 

 

 

41,000

 

 

 

100.0

%

 

 

21.83

 

 

LA Fitness

 

 

41,000

 

Gold Star Plaza

 

 

2006

 

 

 

71,720

 

 

 

100.0

%

 

 

9.20

 

 

Redner's

 

 

48,920

 

Golden Triangle

 

 

2003

 

 

 

202,790

 

 

 

95.5

%

 

 

13.79

 

 

LA Fitness

 

 

44,796

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marshalls

 

 

30,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Staples

 

 

24,060

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Just Cabinets

 

 

18,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aldi

 

 

15,242

 

Halifax Plaza

 

 

2003

 

 

 

51,510

 

 

 

100.0

%

 

 

13.05

 

 

Giant Foods

 

 

32,000

 

Hamburg Square

 

 

2004

 

 

 

99,580

 

 

 

67.4

%

 

 

6.85

 

 

Redner's

 

 

56,780

 

Lawndale Plaza

 

 

2015

 

 

 

93,040

 

 

 

100.0

%

 

 

18.03

 

 

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

%

 

 

15.69

 

 

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

 

 

 

89.5

%

 

 

7.56

 

 

Weis Markets

 

 

46,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

18,104

 

Port Richmond Village

 

 

2001

 

 

 

126,778

 

 

 

96.5

%

 

 

14.74

 

 

Thriftway

 

 

40,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pep Boys

 

 

20,615

 

Quartermaster Plaza

 

 

2014

 

 

 

456,602

 

 

 

92.9

%

 

 

14.47

 

 

Home Depot

 

 

150,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BJ's Wholesale Club

 

 

117,718

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet Fitness

 

 

23,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Staples

 

 

20,388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Petsmart

 

 

19,089

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

 

 

20.99

 

 

United Artists

 

 

77,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalon Carpet

 

 

25,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pep Boys

 

 

22,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Staples

 

 

18,000

 

South Philadelphia

 

 

2003

 

 

 

251,881

 

 

 

87.6

%

 

 

14.80

 

 

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

%

 

 

18.34

 

 

LA Fitness

 

 

37,200

 

The Commons

 

 

2004

 

 

 

203,309

 

 

 

90.4

%

 

 

9.88

 

 

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

%

 

 

10.11

 

 

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

 

 

 

325,750

 

 

 

77.1

%

 

 

14.41

 

 

Giant Foods

 

 

78,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hobby Lobby

 

 

57,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Big Lots

 

 

33,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tractor Supply

 

 

19,097

 

Total Pennsylvania

 

 

 

 

 

 

4,470,369

 

 

 

91.9

%

 

 

14.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Virginia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coliseum Marketplace

 

 

2005

 

 

 

106,648

 

 

 

100.0

%

 

 

17.11

 

 

Farm Fresh

 

 

57,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Michaels

 

 

23,981

 

Elmhurst Square

 

 

2006

 

 

 

66,254

 

 

 

92.5

%

 

 

10.41

 

 

Food Lion

 

 

38,272

 

General Booth Plaza

 

 

2005

 

 

 

71,639

 

 

 

100.0

%

 

 

14.47

 

 

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

%

 

 

11.55

 

 

Walmart

 

 

41,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Farm Fresh

 

 

16,938

 

Oak Ridge Shopping Center

 

 

2006

 

 

 

38,700

 

 

 

92.2

%

 

 

11.01

 

 

Food Lion

 

 

33,000

 

Suffolk Plaza

 

 

2005

 

 

 

67,216

 

 

 

100.0

%

 

 

9.90

 

 

Farm Fresh

 

 

67,216

 

Total Virginia

 

 

 

 

 

 

493,297

 

 

 

97.2

%

 

 

12.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total                      (92.9% leased at December 31, 2017)

 

 

 

9,010,046

 

 

 

91.3

%

 

$

13.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

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

(b)

Although the ownership percentage for these joint ventures are 40% and 60%, respectively,  the Company has included 100% of these joint ventures’ results of operations in its pro-rata calculations, based on partnership promotes, additional equity interests, and/or other terms of the related joint venture agreements.

 

 

 


 

CEDAR REALTY TRUST, INC.

Leasing Activity (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4th Quarter 2017

 

 

37

 

 

 

268,500

 

 

$

12.02

 

 

$

11.63

 

 

3.3%

 

 

$

12.21

 

 

 

6.2

 

3rd Quarter 2017

 

 

23

 

 

 

135,500

 

 

$

15.20

 

 

$

14.54

 

 

4.5%

 

 

$

  2.22

 

 

 

5.0

 

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

 

Total

 

 

131

 

 

 

958,800

 

 

$

13.10

 

 

$

12.43

 

 

5.4%

 

 

$

  8.82

 

 

 

5.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Leases - Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4th Quarter 2017

 

 

21

 

 

 

135,400

 

 

$

12.34

 

 

$

12.01

 

 

2.7%

 

 

$

24.22

 

 

 

8.8

 

3rd Quarter 2017

 

 

8

 

 

 

17,400

 

 

$

16.57

 

 

$

17.47

 

 

-5.2%

 

 

$

17.29

 

 

 

5.5

 

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

 

Total

 

 

41

 

 

 

256,800

 

 

$

13.27

 

 

$

12.68

 

 

4.7%

 

 

$

32.92

 

 

 

8.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals - Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4th Quarter 2017

 

 

16

 

 

 

133,100

 

 

$

11.69

 

 

$

11.25

 

 

3.9%

 

 

$

0.00

 

 

 

3.4

 

3rd Quarter 2017

 

 

15

 

 

 

118,100

 

 

$

15.00

 

 

$

14.11

 

 

6.3%

 

 

$

0.00

 

 

 

4.9

 

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

 

Total

 

 

90

 

 

 

702,000

 

 

$

13.04

 

 

$

12.33

 

 

5.7%

 

 

$

0.00

 

 

 

3.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Comparable and Non-Comparable

 

4th Quarter 2017

 

 

38

 

 

 

271,500

 

 

$

12.07

 

 

N/A

 

 

N/A

 

 

$

12.37

 

 

 

6.3

 

3rd Quarter 2017

 

 

24

 

 

 

138,000

 

 

$

15.11

 

 

N/A

 

 

N/A

 

 

$

  2.18

 

 

 

5.0

 

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

 

Total

 

 

139

 

 

 

996,900

 

 

$

13.23

 

 

N/A

 

 

N/A

 

 

$

  9.47

 

 

 

5.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Leases on this schedule represent retail activity only; office leases are not included.

(b)

New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq. ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.

(c)

Includes costs of tenant specific landlord work and tenant allowances provided to tenants.  Excludes first generation space.

(d)

For spaces vacant less than 12 months, the results for the trailing four quarters are as follows:

 

 

Leases

 

 

Square

 

 

Cash Basis

 

 

 

Signed

 

 

Feet

 

 

% Change

 

Total Comparable Leases

 

 

111

 

 

 

825,800

 

 

5.1%

 

New Leases - Comparable

 

 

21

 

 

 

123,800

 

 

1.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of December 31 2017

 

 

 

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

 

 

 

9.6

%

Shop Rite

 

 

4

 

 

 

250,000

 

 

 

2.8

%

 

 

4,159,000

 

 

 

16.64

 

 

 

3.7

%

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

 

 

 

226,000

 

 

 

2.5

%

 

 

2,430,000

 

 

 

10.75

 

 

 

2.2

%

Farm Fresh

 

 

4

 

 

 

196,000

 

 

 

2.2

%

 

 

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

%

 

 

1,750,000

 

 

 

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

%

 

 

1,497,000

 

 

 

8.81

 

 

 

1.3

%

Shaw's

 

 

2

 

 

 

125,000

 

 

 

1.4

%

 

 

1,481,000

 

 

 

11.85

 

 

 

1.3

%

Home Goods

 

 

5

 

 

 

131,000

 

 

 

1.5

%

 

 

1,335,000

 

 

 

10.19

 

 

 

1.2

%

Shoppers Food Warehouse

 

 

2

 

 

 

120,000

 

 

 

1.3

%

 

 

1,267,000

 

 

 

10.56

 

 

 

1.1

%

Planet Fitness

 

 

5

 

 

 

99,000

 

 

 

1.1

%

 

 

1,202,000

 

 

 

12.14

 

 

 

1.1

%

Walmart

 

 

3

 

 

 

192,000

 

 

 

2.1

%

 

 

1,193,000

 

 

 

6.21

 

 

 

1.1

%

Redner's

 

 

3

 

 

 

159,000

 

 

 

1.8

%

 

 

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

 

 

90

 

 

 

3,592,000

 

 

 

39.9

%

 

 

45,827,000

 

 

 

12.76

 

 

 

41.2

%

Remaining tenants

 

 

767

 

 

 

4,638,000

 

 

 

51.5

%

 

 

65,349,000

 

 

 

14.09

 

 

 

58.8

%

Sub-total all tenants (b)

 

 

857

 

 

 

8,230,000

 

 

 

91.3

%

 

$

111,176,000

 

 

$

13.51

 

 

 

100.0

%

Vacant space

 

N/A

 

 

 

780,000

 

 

 

8.7

%

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

857

 

 

 

9,010,000

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Several of the tenants listed above share common ownership with other tenants:

(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 8,000; annualized base rent of $34,000), (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).

(b)

Comprised of large tenants (15,000 or more GLA) and small tenants as follows:

 

 

 

 

 

 

 

Percentage

 

 

 

 

 

 

Annualized

 

 

Percentage

 

 

 

Occupied

 

 

of occupied

 

 

Annualized

 

 

base rent

 

 

annualized

 

 

 

GLA

 

 

GLA

 

 

base rent

 

 

per sq. ft.

 

 

base rents

 

Large tenants

 

 

5,751,000

 

 

 

69.9

%

 

$

62,564,000

 

 

$

10.88

 

 

 

56.3

%

Small tenants

 

 

2,479,000

 

 

 

30.1

%

 

 

48,612,000

 

 

 

19.61

 

 

 

43.7

%

Total

 

 

8,230,000

 

 

 

100.0

%

 

$

111,176,000

 

 

$

13.51

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Lease Expirations

As of December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

54

 

 

 

232,000

 

 

 

2.8

%

 

$

2,880,000

 

 

$

12.41

 

 

 

2.6

%

2018

 

 

114

 

 

 

773,000

 

 

 

9.4

%

 

 

12,444,000

 

 

 

16.10

 

 

 

11.2

%

2019

 

 

137

 

 

 

1,055,000

 

 

 

12.8

%

 

 

13,212,000

 

 

 

12.52

 

 

 

11.9

%

2020

 

 

126

 

 

 

1,494,000

 

 

 

18.2

%

 

 

17,388,000

 

 

 

11.64

 

 

 

15.6

%

2021

 

 

122

 

 

 

1,004,000

 

 

 

12.2

%

 

 

14,724,000

 

 

 

14.67

 

 

 

13.2

%

2022

 

 

100

 

 

 

655,000

 

 

 

8.0

%

 

 

9,648,000

 

 

 

14.73

 

 

 

8.7

%

2023

 

 

42

 

 

 

372,000

 

 

 

4.5

%

 

 

4,560,000

 

 

 

12.26

 

 

 

4.1

%

2024

 

 

33

 

 

 

595,000

 

 

 

7.2

%

 

 

8,004,000

 

 

 

13.45

 

 

 

7.2

%

2025

 

 

30

 

 

 

485,000

 

 

 

5.9

%

 

 

6,684,000

 

 

 

13.78

 

 

 

6.0

%

2026

 

 

28

 

 

 

223,000

 

 

 

2.7

%

 

 

3,552,000

 

 

 

15.93

 

 

 

3.2

%

2027

 

 

32

 

 

 

327,000

 

 

 

4.0

%

 

 

4,308,000

 

 

 

13.17

 

 

 

3.9

%

2028

 

 

9

 

 

 

134,000

 

 

 

1.6

%

 

 

1,620,000

 

 

 

12.09

 

 

 

1.5

%

Thereafter

 

 

30

 

 

 

881,000

 

 

 

10.7

%

 

 

12,152,000

 

 

 

13.80

 

 

 

10.9

%

All tenants

 

 

857

 

 

 

8,230,000

 

 

 

100.0

%

 

$

111,176,000

 

 

$

13.51

 

 

 

100.0

%

Vacant space

 

N/A

 

 

 

780,000

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

Total portfolio

 

 

857

 

 

 

9,010,000

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Same-Property Net Operating Income ("Same-property NOI")

Same-Property NOI (a)

 

 

 

Three months ended December 31,

 

 

 

2017

 

 

2016

 

Base Rents

 

$

22,684,000

 

 

$

22,554,000

 

Expense Recoveries

 

 

6,755,000

 

 

 

6,438,000

 

Total Revenues

 

 

29,439,000

 

 

 

28,992,000

 

Operating expenses

 

 

8,926,000

 

 

 

8,506,000

 

NOI

 

$

20,513,000

 

 

$

20,486,000

 

 

 

 

 

 

 

 

 

 

Occupied

 

  92.5%

 

 

92.0%

 

Leased

 

 

93.4%

 

 

93.1%

 

Average base rent

 

$

13.25

 

 

$

13.34

 

Number of same properties

 

52

 

 

52

 

 

NOI growth

 

0.1%

 

 

 

 

 

Years ended December 31,

 

 

 

2017

 

 

2016

 

Base Rents

 

$

87,022,000

 

 

$

86,952,000

 

Expense Recoveries

 

 

24,602,000

 

 

 

24,530,000

 

Total Revenues

 

 

111,624,000

 

 

 

111,482,000

 

Operating expenses

 

 

32,358,000

 

 

 

31,168,000

 

NOI

 

$

79,266,000

 

 

$

80,314,000

 

 

 

 

 

 

 

 

 

 

Occupied

 

  92.5%

 

 

92.0%

 

Leased

 

 

93.4%

 

 

93.6%

 

Average base rent

 

$

13.10

 

 

$

13.17

 

Number of same properties

 

50

 

 

50

 

 

NOI growth

 

-1.3%

 

 

 

(a)

Same-property NOI includes properties that were owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and excluding properties classified as "held for sale". Same-property NOI (i) excludes non-cash revenues such as straight-line rent adjustments and amortization of intangible lease liabilities, (ii) reflects internal management fees charged to properties, and (iii) excludes infrequent items, such as lease termination fee income.

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Summary of Acquisitions and Dispositions

 

 

 

 

 

 

 

 

 

 

Date

 

Purchase

 

 

Acquisitions

 

Location

 

GLA

 

 

Acquired

 

Price

 

 

Christina Crossing

 

Wilmington, DE

 

 

119,353

 

 

2/22/2017

 

$

27,902,000

 

(a)

Parcel adjacent to South Philadelphia Shopping Center

 

Philadelphia, PA

 

 

20,380

 

 

7/6/2017

 

 

3,300,000

 

 

 

 

 

 

 

 

 

 

 

 

$

31,202,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Date

 

Sales

 

 

Dispositions

 

Location

 

GLA

 

 

Sold

 

Price

 

 

Outparcel Building adjacent to Camp Hill

 

Camp Hill, PA

 

 

40,904

 

 

2/1/2017

 

$

10,650,000

 

 

Fredericksburg Way

 

Fredericksburg, VA

 

 

63,000

 

 

12/29/2017

 

 

2,200,000

 

 

 

 

 

 

 

 

 

 

 

 

$

12,850,000

 

 

 

 

(a)

The seller has the potential to earn up to an additional $1.4 million if they complete certain leases for new tenants.

 

 

 


 

CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

Funds From Operations (“FFO”) and Operating Funds From Operations (“Operating FFO”)

FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company presents FFO in accordance with the definition adopted by the National Association of Real Estate Investments Trusts (“NAREIT”). NAREIT generally defines FFO as net income attributable to common shareholders (determined in accordance with GAAP), excluding gains (losses) from sales of real estate properties, impairment provisions on real estate properties, plus real estate related depreciation and amortization, and adjustments for partnerships and joint ventures to reflect FFO on the same basis. The Company considers FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets.

The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition 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

 

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

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.