CEDAR REALTY TRUST, INC.

Supplemental Financial Information

March 31, 2018

(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 for Real Estate 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 Real Estate Held For Sale

 

        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 FIRST

QUARTER 2018 RESULTS

 

 

Port Washington, New York – May 3, 2018 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the first quarter ended March 31, 2018. Net loss attributable to common shareholders was ($0.26) per diluted share compared to net income of $0.10 per diluted share for the comparable 2017 period.  Other highlights include:

 

Highlights

 

NAREIT-defined funds from operations (FFO) of $0.09 per diluted share

Operating funds from operations (Operating FFO) of $0.13 per diluted share

Same-property net operating income (NOI) was flat compared to the same period in 2017

Signed 48 new and renewal leases for 578,700 square feet in the quarter

Total portfolio 92.6% leased and same-property portfolio 93.7% leased at quarter-end

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

 

“This quarter we renewed a record amount of square footage as we proactively extended the lease terms for five strong anchor tenants,” commented Bruce Schanzer, CEO. “Further, we are advancing our urban mixed-use redevelopments and are excited about the value creation opportunities they represent as we continue to transform Cedar.”

 

Financial Results

 

Net loss attributable to common shareholders for the first quarter of 2018 was ($23.0) million or ($0.26) per diluted share, compared to net income of $8.2 million or $0.10 per diluted share for the same period in 2017. The principal difference in the comparative three-month results are impairment charges related to properties held for sale along with preferred stock redemption costs in 2018 and gain on sale in 2017.

 

NAREIT-defined FFO for the first quarter of 2018 was $8.4 million or $0.09 per diluted share, compared to $11.5 million or $0.13 per diluted share for the same period in 2017. Operating FFO for the first quarter of 2018 was $11.9 million or $0.13 per diluted share, compared to $11.7 million or $0.14 per diluted share for the same period in 2017. The principal difference between Operating FFO and NAREIT-defined FFO is preferred stock redemption costs.

 

Portfolio Update

 

During the first quarter of 2018, the Company signed 48 leases for 578,700 square feet, all of which are comparable, at a negative lease spread of 7.2% on a cash basis. During the quarter, the Company proactively renewed and extended the rental terms for five anchor tenants totaling 303,000 square feet at reduced or flat base rental rates. These anchor tenants have good credit and generate high foot traffic at their respective properties. Excluding these five anchor renewal leases, on a comparable space basis, the Company’s comparable lease spread would have been a positive 2.8%. Same-property NOI for the first quarter of 2018 was flat as compared to the same period in 2017.

 

The Company’s total portfolio, excluding properties held for sale, was 92.6% leased at March 31, 2018, compared to 92.9% at December 31, 2017 and 91.2% at March 31, 2017. The Company’s same-property portfolio was 93.7% leased at March 31, 2018, compared to 93.8% at December 31, 2017 and 93.2% at March 31, 2017.

 

In April 2018, the Company accepted a payment of $4.3 million in consideration for permitting a dark anchor tenant to terminate its lease prior to the contractual expiration, which will be reflected in the quarter ended June 30, 2018. This anchor tenant was located at a property held for sale, and while paying its contractual rent prior to lease termination, it had closed and ceased retail operations at the property. This termination will increase NAREIT-defined FFO and Operating FFO for 2018 by approximately $4.7 million or $0.05 per diluted share, after GAAP adjustments for amortization of intangible lease liabilities and straight-line rents, offset by foregone rental payments for the remainder of 2018.

 

As of March 31, 2018, Carll’s Corner, located in Bridgeton, New Jersey, and West Bridgewater Plaza, located in West Bridgewater, Massachusetts, have been classified as “real estate held for sale”. The Company recorded impairment charges of $21.4 million in connection with these properties during 2018.

 

 

 

 


 

Balance Sheet

 

As of March 31, 2018, the Company had $98.7 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization for real estate (EBITDAre) of 7.9 times. Further, the Company has no debt maturities until early 2021.

 

2018 Guidance

 

The Company updates its previously-announced 2018 guidance as follows:

 

Net (loss) attributable to common shareholders per diluted share

($0.15) to ($0.13)

NAREIT-defined FFO per diluted share

$0.53 to $0.55

Operating FFO per diluted share

$0.58 to $0.60

 

This updated guidance reflects the approximately $0.24 per diluted share of impairment charges related to properties held for sale in the first quarter (excluded from NAREIT-defined FFO and Operating FFO) and the approximately $0.05 per diluted share of lease termination income in April 2018. The principal difference between NAREIT-defined FFO and Operating FFO is preferred stock redemption costs.

 

Non-GAAP Financial Measures

 

NAREIT-defined FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company considers NAREIT-defined 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. NAREIT-defined 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 NAREIT-defined FFO and Operating FFO for the three months ended March 31, 2018 and 2017 is detailed in the attached schedule.

 

EBITDAre is a recognized supplemental non-GAAP financial measure. The Company presents EBITDAre in accordance with the definition adopted by NAREIT, which generally defines EBITDAre as net income plus interest expense, income tax expense, depreciation, amortization, and impairment write-downs of depreciated property, plus or minus losses and gains on the disposition of depreciated property, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates. The Company believes EBITDAre provides additional information with respect to the Company’s performance and ability to meet its future debt service requirements. The Company also considers Adjusted EBITDAre 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 and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre 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 computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

Same-property NOI is a widely recognized supplemental non-GAAP financial measure for REITs.  Properties are included in same-property NOI if they are owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as held for sale. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI. The Company considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company’s properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year. Same property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure.


 

 

 


 

 

Supplemental Financial Information Package

 

The Company has issued “Supplemental Financial Information” for the period ended March 31, 2018. 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, May 3, 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 May 3, 2018, until midnight (ET) on May 17, 2018. The replay dial-in numbers are (844) 512-2921 or (1) (412) 317-6671 for international callers. Please use passcode 13677839 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 59 properties, with approximately 8.7 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, 2017, 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

 

 

 

March 31,

 

 

December 31,

 

 

 

2018

 

 

2017

 

ASSETS

 

 

 

 

 

 

 

 

Real estate, at cost

 

$

1,507,644,000

 

 

$

1,534,599,000

 

Less accumulated depreciation

 

 

(341,101,000

)

 

 

(341,943,000

)

Real estate, net

 

 

1,166,543,000

 

 

 

1,192,656,000

 

Real estate held for sale

 

 

4,120,000

 

 

 

-

 

Cash and cash equivalents

 

 

3,004,000

 

 

 

3,702,000

 

Restricted cash

 

 

3,914,000

 

 

 

3,517,000

 

Receivables

 

 

18,903,000

 

 

 

17,193,000

 

Other assets and deferred charges, net

 

 

42,028,000

 

 

 

35,350,000

 

TOTAL ASSETS

 

$

1,238,512,000

 

 

$

1,252,418,000

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgage loans payable

 

$

127,207,000

 

 

$

127,969,000

 

Unsecured revolving credit facility

 

 

109,500,000

 

 

 

55,000,000

 

Unsecured term loans

 

 

397,309,000

 

 

 

397,156,000

 

Accounts payable and accrued liabilities

 

 

25,338,000

 

 

 

24,519,000

 

Unamortized intangible lease liabilities

 

 

16,952,000

 

 

 

17,663,000

 

Total liabilities

 

 

676,306,000

 

 

 

622,307,000

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Preferred stock

 

 

159,541,000

 

 

 

207,508,000

 

Common stock and other shareholders' equity

 

 

401,021,000

 

 

 

420,828,000

 

Noncontrolling interests

 

 

1,644,000

 

 

 

1,775,000

 

Total equity

 

 

562,206,000

 

 

 

630,111,000

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

 

$

1,238,512,000

 

 

$

1,252,418,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

 

 

 

 

Three months ended March 31,

 

 

 

2018

 

 

2017

 

PROPERTY REVENUES

 

 

 

 

 

 

 

 

Rents

 

$

28,161,000

 

 

$

28,223,000

 

Expense recoveries

 

 

9,286,000

 

 

 

8,348,000

 

Other

 

 

121,000

 

 

 

203,000

 

Total property revenues

 

 

37,568,000

 

 

 

36,774,000

 

PROPERTY OPERATING EXPENSES

 

 

 

 

 

 

 

 

Operating, maintenance and management

 

 

7,794,000

 

 

 

7,044,000

 

Real estate and other property-related taxes

 

 

5,079,000

 

 

 

4,745,000

 

Total property operating expenses

 

 

12,873,000

 

 

 

11,789,000

 

 

 

 

 

 

 

 

 

 

PROPERTY OPERATING INCOME

 

 

24,695,000

 

 

 

24,985,000

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSES AND INCOME

 

 

 

 

 

 

 

 

General and administrative

 

 

4,494,000

 

 

 

4,136,000

 

Acquisition pursuit costs

 

 

-

 

 

 

156,000

 

Depreciation and amortization

 

 

10,054,000

 

 

 

10,418,000

 

Gain on sale

 

 

-

 

 

 

(7,099,000

)

Impairment charges

 

 

21,396,000

 

 

 

-

 

Total other expenses and income

 

 

35,944,000

 

 

 

7,611,000

 

 

 

 

 

 

 

 

 

 

OPERATING (LOSS) INCOME

 

 

(11,249,000

)

 

 

17,374,000

 

 

 

 

 

 

 

 

 

 

NON-OPERATING INCOME AND EXPENSES

 

 

 

 

 

 

 

 

Interest expense

 

 

(5,371,000

)

 

 

(5,429,000

)

Total non-operating income and expense

 

 

(5,371,000

)

 

 

(5,429,000

)

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME

 

 

(16,620,000

)

 

 

11,945,000

 

 

 

 

 

 

 

 

 

 

Attributable to noncontrolling interests

 

 

(48,000

)

 

 

(169,000

)

 

 

 

 

 

 

 

 

 

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

 

 

(16,668,000

)

 

 

11,776,000

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

(2,799,000

)

 

 

(3,602,000

)

Preferred stock redemption costs

 

 

(3,507,000

)

 

 

-

 

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME  ATTRIBUTABLE TO COMMON SHAREHOLDERS

 

$

(22,974,000

)

 

$

8,174,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(0.26

)

 

$

0.10

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic and diluted

 

 

87,623,000

 

 

 

81,734,000

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

 

 

Balance Sheets

 

March 31,

 

 

December 31,

 

 

 

 

2018

 

 

2017

 

 

Construction in process (included in real estate, at cost)

 

$

15,420,000

 

 

$

12,396,000

 

 

 

 

 

 

 

 

 

 

 

 

Receivables

 

 

 

 

 

 

 

 

 

Rents and other tenant receivables, net

 

$

5,152,000

 

 

$

3,118,000

 

 

Straight-line rents

 

 

13,751,000

 

 

 

14,075,000

 

 

 

 

$

18,903,000

 

 

$

17,193,000

 

 

 

 

 

 

 

 

 

 

 

 

Other assets and deferred charges, net

 

 

 

 

 

 

 

 

 

Lease origination costs

 

$

19,374,000

 

 

$

19,343,000

 

 

Revolving credit facility issuance costs

 

 

2,057,000

 

 

 

2,207,000

 

 

Prepaid expenses

 

 

6,582,000

 

 

 

5,377,000

 

 

Other

 

 

14,015,000

 

 

 

8,423,000

 

 

 

 

$

42,028,000

 

 

$

35,350,000

 

 

 

 

 

 

 

 

 

 

 

 

Statements of Operations

 

Three months ended March 31,

 

 

 

 

2018

 

 

2017

 

 

Rents

 

 

 

 

 

 

 

 

 

Base rents

 

$

27,159,000

 

 

$

27,140,000

 

 

Percentage rent

 

 

88,000

 

 

 

203,000

 

 

Straight-line rents

 

 

245,000

 

 

 

241,000

 

 

Amortization of intangible lease liabilities, net

 

 

669,000

 

 

 

639,000

 

 

 

 

$

28,161,000

 

 

$

28,223,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures

 

 

 

 

Three months ended March 31,

 

 

 

2018

 

 

2017

 

Net (loss) income attributable to common shareholders

 

$

(22,974,000

)

 

$

8,174,000

 

Real estate depreciation and amortization

 

 

10,004,000

 

 

 

10,375,000

 

Limited partners' interest

 

 

(87,000

)

 

 

32,000

 

Gain on sales

 

 

-

 

 

 

(7,099,000

)

Impairment charges

 

 

21,396,000

 

 

 

-

 

Consolidated minority interests:

 

 

 

 

 

 

 

 

Share of income

 

 

135,000

 

 

 

137,000

 

Share of FFO

 

 

(124,000

)

 

 

(105,000

)

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

 

 

8,350,000

 

 

 

11,514,000

 

Adjustments for items affecting comparability:

 

 

 

 

 

 

 

 

Preferred stock redemption costs

 

 

3,507,000

 

 

 

-

 

Acquisition pursuit costs

 

 

-

 

 

 

156,000

 

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

 

$

11,857,000

 

 

$

11,670,000

 

 

 

 

 

 

 

 

 

 

FFO per diluted common share:

 

$

0.09

 

 

$

0.13

 

 

 

 

 

 

 

 

 

 

Operating FFO per diluted common share:

 

$

0.13

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

Weighted average number of diluted common shares:

 

 

 

 

 

 

 

 

Common shares

 

 

91,647,000

 

 

 

85,472,000

 

OP Units

 

 

347,000

 

 

 

351,000

 

 

 

 

91,994,000

 

 

 

85,823,000

 

 

 

 

 

 

 

 

 

 

Additional Disclosures (Pro-Rata Share):

 

 

 

 

 

 

 

 

Straight-line rents

 

$

245,000

 

 

$

231,000

 

Amortization of intangible lease liabilities

 

 

669,000

 

 

 

613,000

 

Non-real estate amortization

 

 

343,000

 

 

 

402,000

 

Share-based compensation, net

 

 

974,000

 

 

 

933,000

 

Maintenance capital expenditures (a)

 

 

1,009,000

 

 

 

1,052,000

 

Lease related expenditures (b)

 

 

2,482,000

 

 

 

1,046,000

 

Development and redevelopment capital expenditures

 

 

5,912,000

 

 

 

5,473,000

 

Capitalized interest and financing costs

 

 

358,000

 

 

 

175,000

 

 

(a)

Consists of payments for building and site improvements.

(b)

Consists of payments for tenant improvements and leasing commissions.

 

 

 

 


 

CEDAR REALTY TRUST, INC.

EBITDA for Real Estate (“EBITDAre”) and Additional Disclosures

 

 

 

 

Three months ended March 31,

 

 

 

2018

 

 

2017

 

Net (loss) income

 

$

(16,620,000

)

 

$

11,945,000

 

Interest expense

 

 

5,371,000

 

 

 

5,429,000

 

Depreciation and amortization

 

 

10,054,000

 

 

 

10,418,000

 

Gain on sales

 

 

-

 

 

 

(7,099,000

)

Impairment charges

 

 

21,396,000

 

 

 

-

 

EBITDAre

 

 

20,201,000

 

 

 

20,693,000

 

Adjustments for items affecting comparability:

 

 

 

 

 

 

 

 

Acquisition pursuit costs

 

 

-

 

 

 

156,000

 

Adjusted EBITDAre

 

$

20,201,000

 

 

$

20,849,000

 

 

 

 

 

 

 

 

 

 

Net debt (a)

 

 

 

 

 

 

 

 

Debt

 

$

634,016,000

 

 

$

625,100,000

 

Debt issuance costs

 

 

3,230,000

 

 

 

3,021,000

 

Unrestricted cash and cash equivalents

 

 

(3,004,000

)

 

 

(2,207,000

)

 

 

$

634,242,000

 

 

$

625,914,000

 

 

 

 

 

 

 

 

 

 

Fixed charges (a)

 

 

 

 

 

 

 

 

Interest expense

 

$

5,404,000

 

 

$

5,228,000

 

Preferred stock dividends

 

 

2,799,000

 

 

 

3,602,000

 

Scheduled mortgage repayments

 

 

752,000

 

 

 

801,000

 

 

 

$

8,955,000

 

 

$

9,631,000

 

 

 

 

 

 

 

 

 

 

Debt and Coverage Ratios

 

 

 

 

 

 

 

 

Net debt to Adjusted EBITDAre (b)

 

 

7.9

x

 

 

7.5

x

Interest coverage ratio (based on Adjusted EBITDAre)

 

 

3.7

x

 

 

4.0

x

Fixed charge coverage ratio (based on Adjusted EBITDAre)

 

 

2.3

x

 

 

2.2

x

 

(a)

Includes properties "held for sale".

(b)

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.

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of March 31, 2018

 

 

 

 

Maturity

 

Interest

 

 

 

 

 

 

Property

 

Date

 

Rate

 

 

Amounts

 

 

Fixed-rate mortgages:

 

 

 

 

 

 

 

 

 

 

 

Colonial Commons

 

Feb 2021

 

5.5%

 

 

$

24,373,000

 

 

Shoppes at Arts District

 

Apr 2022

 

5.2%

 

 

 

8,181,000

 

 

East River Park

 

Sep 2022

 

3.9%

 

 

 

19,048,000

 

 

The Point

 

Nov 2022

 

4.5%

 

 

 

27,244,000

 

 

Franklin Village Plaza

 

Jun 2026

 

3.9%

 

 

 

48,396,000

 

 

Total fixed-rate mortgages

 

weighted average

 

4.4%

 

 

 

127,242,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured debt:

 

 

 

 

 

 

 

 

 

 

 

Variable-rate (a):

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (b)

 

Sep 2021

 

3.1%

 

 

 

109,500,000

 

 

Term loan

 

Sep 2022

 

3.1%

 

 

 

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

 

3.2%

 

 

 

509,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total debt

 

weighted average

 

3.4%

 

 

 

636,742,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unamortized premium

 

 

 

504,000

 

 

Unamortized mortgage and term loan issuance costs

 

 

 

(3,230,000

)

 

 

 

 

 

 

 

 

Total debt

 

 

$

634,016,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed to variable rate debt ratio:

 

 

 

 

 

 

 

 

 

 

 

Fixed-rate debt

 

 

 

75.0%

 

 

$

477,242,000

 

 

Variable-rate debt

 

 

 

25.0%

 

 

 

159,500,000

 

 

 

 

 

 

100.0%

 

 

$

636,742,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

For variable-rate debt, rate in effect as of March 31, 2018.

(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 March 31, 2018

 

 

 

 

Secured Debt

 

 

Unsecured Debt

 

 

 

 

 

 

 

Scheduled

 

 

Balloon

 

 

Revolving

 

 

Term

 

 

 

 

 

Year

 

Amortization

 

 

Payments

 

 

Credit Facility

 

 

Loans

 

 

Total

 

2018

 

$

2,265,000

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

2,265,000

 

2019

 

 

3,154,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,154,000

 

2020

 

 

3,289,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,289,000

 

2021

 

 

2,802,000

 

 

 

22,367,000

 

 

 

109,500,000

 

(a)

 

75,000,000

 

 

 

209,669,000

 

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

 

 

 

$

18,087,000

 

 

$

109,155,000

 

 

$

109,500,000

 

 

$

400,000,000

 

 

 

636,742,000

 

Unamortized premium

 

504,000

 

Unamortized mortgage and term loan issuance costs

 

(3,230,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

634,016,000

 

 

(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 March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

95.1

%

 

$

23.98

 

 

Big Y

 

 

63,817

 

Brickyard Plaza

 

 

2004

 

 

 

227,598

 

 

 

94.8

%

 

 

8.41

 

 

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

 

 

 

98.5

%

 

 

8.23

 

 

Walmart

 

 

95,482

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NAMCO

 

 

20,000

 

Total Connecticut

 

 

 

 

 

 

1,141,979

 

 

 

96.1

%

 

 

11.92

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delaware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Christina Crossing

 

 

2017

 

 

 

119,353

 

 

 

80.3

%

 

 

17.52

 

 

Shop Rite

 

 

68,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maryland / Washington, D.C.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

East River Park

 

 

2015

 

 

 

150,038

 

 

 

98.7

%

 

 

21.12

 

 

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

 

 

 

100.0

%

 

 

11.97

 

 

Weis Markets

 

 

43,470

 

San Souci Plaza (b)

 

 

2009

 

 

 

264,134

 

 

 

82.6

%

 

 

11.06

 

 

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

 

 

 

100.0

%

 

 

35.02

 

 

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

 

 

 

80.7

%

 

 

13.02

 

 

Food Lion

 

 

37,692

 

Total Maryland / Washington, D.C.

 

 

 

 

 

 

929,889

 

 

 

90.7

%

 

 

13.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Massachusetts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fieldstone Marketplace

 

2005/2012

 

 

 

117,873

 

 

 

90.2

%

 

 

13.00

 

 

Shaw's

 

 

68,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Bedford Wine and Spirits

 

 

15,180

 

Franklin Village Plaza

 

2004/2012

 

 

 

303,524

 

 

 

90.4

%

 

 

21.66

 

 

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

%

 

 

10.29

 

 

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

 

 

 

60.1

%

 

 

10.49

 

 

Big Lots

 

 

28,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gardner Theater

 

 

27,576

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

 

 

11.60

 

 

Big Lots

 

 

37,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet Fitness

 

 

18,681

 

Total Massachusetts

 

 

 

 

 

 

1,091,475

 

 

 

88.6

%

 

 

13.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pine Grove Plaza

 

 

2003

 

 

 

86,089

 

 

 

90.7

%

 

 

11.71

 

 

Peebles

 

 

24,963

 

The Shops at Bloomfield Station

 

 

2016

 

 

 

63,844

 

 

 

89.9

%

 

 

19.41

 

 

Super Foodtown

 

 

28,505

 

Washington Center Shoppes

 

 

2001

 

 

 

157,394

 

 

 

91.1

%

 

 

10.25

 

 

Acme Markets

 

 

66,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet Fitness

 

 

20,742

 

Total New Jersey

 

 

 

 

 

 

307,327

 

 

 

90.8

%

 

 

12.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carman's Plaza

 

 

2007

 

 

 

194,306

 

 

 

51.8

%

 

 

21.64

 

 

Key Foods

 

 

32,570

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Department of Motor Vehicle

 

 

19,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pennsylvania

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Academy Plaza

 

 

2001

 

 

 

137,415

 

 

 

88.8

%

 

 

15.87

 

 

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

%

 

 

13.16

 

 

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

 

 

 

92.7

%

 

 

19.77

 

 

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

%

 

 

12.22

 

 

LA Fitness

 

 

44,796

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marshalls

 

 

30,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Staples

 

 

24,060

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Just Cabinets

 

 

18,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aldi

 

 

15,242

 

Halifax Plaza

 

 

2003

 

 

 

51,510

 

 

 

100.0

%

 

 

13.06

 

 

Giant Foods

 

 

32,000

 

Hamburg Square

 

 

2004

 

 

 

99,580

 

 

 

67.4

%

 

 

6.85

 

 

Redner's

 

 

56,780

 

Lawndale Plaza

 

 

2015

 

 

 

93,040

 

 

 

100.0

%

 

 

18.34

 

 

Shop Rite

 

 

63,342

 

Maxatawny Marketplace

 

 

2011

 

 

 

59,939

 

 

 

100.0

%

 

 

12.38

 

 

Giant Foods

 

 

53,914

 

Meadows Marketplace

 

2004/2012

 

 

 

91,518

 

 

 

92.0

%

 

 

15.46

 

 

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

%

 

 

10.13

 

 

Redner's

 

 

53,019

 

Palmyra Shopping Center

 

 

2005

 

 

 

111,051

 

 

 

89.5

%

 

 

7.66

 

 

Weis Markets

 

 

46,912

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

18,104

 

Port Richmond Village

 

 

2001

 

 

 

125,578

 

 

 

96.5

%

 

 

14.53

 

 

Thriftway

 

 

40,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pep Boys

 

 

20,615

 

Quartermaster Plaza

 

 

2014

 

 

 

456,602

 

 

 

93.5

%

 

 

14.63

 

 

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 March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

 

 

14.79

 

 

Shop Rite

 

 

54,388

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ross Dress For Less

 

 

31,349

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LA Fitness

 

 

31,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Modell's

 

 

20,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kid City

 

 

16,623

 

Swede Square

 

 

2003

 

 

 

100,816

 

 

 

97.0

%

 

 

18.20

 

 

LA Fitness

 

 

37,200

 

The Commons

 

 

2004

 

 

 

203,309

 

 

 

88.5

%

 

 

9.76

 

 

Bon-Ton

 

 

54,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pat Catans

 

 

52,654

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TJ Maxx

 

 

24,404

 

The Point

 

 

2000

 

 

 

268,037

 

 

 

96.0

%

 

 

13.23

 

 

Burlington Coat Factory

 

 

76,665

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Giant Foods

 

 

76,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A.C. Moore

 

 

24,890

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Staples

 

 

24,000

 

Trexler Mall

 

 

2005

 

 

 

337,297

 

 

 

97.6

%

 

 

10.21

 

 

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

 

 

 

325,171

 

 

 

89.5

%

 

 

13.97

 

 

Giant Foods

 

 

78,335

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hobby Lobby

 

 

57,512

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Burlington Coat Factory

 

 

40,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Big Lots

 

 

33,824

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tractor Supply

 

 

19,097

 

Total Pennsylvania

 

 

 

 

 

 

4,468,590

 

 

 

92.9

%

 

 

14.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Virginia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coliseum Marketplace

 

 

2005

 

 

 

106,648

 

 

 

100.0

%

 

 

17.11

 

 

Farm Fresh

 

 

57,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Michaels

 

 

23,981

 

Elmhurst Square

 

 

2006

 

 

 

66,254

 

 

 

92.5

%

 

 

10.44

 

 

Food Lion

 

 

38,272

 

General Booth Plaza

 

 

2005

 

 

 

71,639

 

 

 

100.0

%

 

 

14.50

 

 

Farm Fresh

 

 

53,758

 

Glen Allen Shopping Center

 

 

2005

 

 

 

63,328

 

 

 

100.0

%

 

 

7.14

 

 

Publix

 

 

63,328

 

Kempsville Crossing

 

 

2005

 

 

 

79,512

 

 

 

92.8

%

 

 

11.56

 

 

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

%

 

 

12.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total                         (92.6% leased at March 31, 2018)

 

 

 

8,746,216

 

 

 

91.6

%

 

$

13.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2018

 

 

48

 

 

 

578,700

 

 

$

13.06

 

 

$

14.08

 

 

-7.2%

 

 

$

4.22

 

 

 

7.2

 

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

 

Total

 

 

140

 

 

 

1,227,300

 

 

$

13.27

 

 

$

13.38

 

 

-0.8%

 

 

$

8.60

 

 

 

6.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Leases - Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2018

 

 

10

 

 

 

46,900

 

 

$

14.73

 

 

$

14.79

 

 

-0.5%

 

 

$

16.34

 

 

 

5.8

 

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

 

Total

 

 

47

 

 

 

276,500

 

 

$

13.30

 

 

$

12.75

 

 

4.3%

 

 

$

32.23

 

 

 

8.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals - Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2018

 

 

38

 

 

 

531,800

 

 

$

12.91

 

 

$

14.02

 

 

-7.9%

 

 

$

3.15

 

 

 

7.3

 

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

 

Total

 

 

93

 

 

 

950,800

 

 

$

13.26

 

 

$

13.56

 

 

-2.2%

 

 

$

1.73

 

 

 

6.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Comparable and Non-Comparable

 

1st Quarter 2018

 

 

48

 

 

 

578,700

 

 

$

13.06

 

 

$

14.08

 

 

-7.2%

 

 

$

4.22

 

 

 

7.2

 

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

 

Total

 

 

148

 

 

 

1,265,400

 

 

$

13.37

 

 

N/A

 

 

N/A

 

 

$

9.13

 

 

 

6.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(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

 

 

117

 

 

 

1,090,000

 

 

-1.9%

 

New Leases - Comparable

 

 

24

 

 

 

139,200

 

 

0.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of March 31, 2018

 

 

 

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

 

 

 

7.4

%

 

$

10,661,000

 

 

$

16.58

 

 

 

9.7

%

Shop Rite

 

 

4

 

 

 

250,000

 

 

 

2.9

%

 

 

4,159,000

 

 

 

16.64

 

 

 

3.8

%

LA Fitness

 

 

5

 

 

 

199,000

 

 

 

2.3

%

 

 

3,005,000

 

 

 

15.10

 

 

 

2.7

%

Stop & Shop

 

 

3

 

 

 

211,000

 

 

 

2.4

%

 

 

2,786,000

 

 

 

13.20

 

 

 

2.5

%

Dollar Tree

 

 

21

 

 

 

215,000

 

 

 

2.5

%

 

 

2,353,000

 

 

 

10.94

 

 

 

2.1

%

Farm Fresh

 

 

4

 

 

 

196,000

 

 

 

2.2

%

 

 

2,264,000

 

 

 

11.55

 

 

 

2.1

%

Big Y

 

 

2

 

 

 

106,000

 

 

 

1.2

%

 

 

2,006,000

 

 

 

18.92

 

 

 

1.8

%

Home Depot

 

 

2

 

 

 

253,000

 

 

 

2.9

%

 

 

1,977,000

 

 

 

7.81

 

 

 

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 Artists

 

 

1

 

 

 

78,000

 

 

 

0.9

%

 

 

1,538,000

 

 

 

19.72

 

 

 

1.4

%

Marshalls

 

 

6

 

 

 

170,000

 

 

 

1.9

%

 

 

1,497,000

 

 

 

8.81

 

 

 

1.4

%

Shoppers Food Warehouse

 

 

2

 

 

 

120,000

 

 

 

1.4

%

 

 

1,267,000

 

 

 

10.56

 

 

 

1.2

%

Planet Fitness

 

 

5

 

 

 

99,000

 

 

 

1.1

%

 

 

1,202,000

 

 

 

12.14

 

 

 

1.1

%

Walmart

 

 

3

 

 

 

192,000

 

 

 

2.2

%

 

 

1,193,000

 

 

 

6.21

 

 

 

1.1

%

Redner's

 

 

3

 

 

 

159,000

 

 

 

1.8

%

 

 

1,159,000

 

 

 

7.29

 

 

 

1.1

%

Kohl's

 

 

2

 

 

 

147,000

 

 

 

1.7

%

 

 

1,113,000

 

 

 

7.57

 

 

 

1.0

%

Home Goods

 

 

4

 

 

 

105,000

 

 

 

1.2

%

 

 

1,044,000

 

 

 

9.94

 

 

 

1.0

%

Petsmart

 

 

3

 

 

 

63,000

 

 

 

0.7

%

 

 

971,000

 

 

 

15.41

 

 

 

0.9

%

Shaw's

 

 

1

 

 

 

68,000

 

 

 

0.8

%

 

 

881,000

 

 

 

12.96

 

 

 

0.8

%

Sub-total top twenty tenants

 

 

87

 

 

 

3,498,000

 

 

 

40.0

%

 

 

44,509,000

 

 

 

12.72

 

 

 

40.6

%

Remaining tenants

 

 

755

 

 

 

4,517,000

 

 

 

51.6

%

 

 

65,010,000

 

 

 

14.39

 

 

 

59.4

%

Sub-total all tenants (b)

 

 

842

 

 

 

8,015,000

 

 

 

91.6

%

 

$

109,519,000

 

 

$

13.66

 

 

 

100.0

%

Vacant space

 

N/A

 

 

 

731,000

 

 

 

8.4

%

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

842

 

 

 

8,746,000

 

 

 

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) Marshalls, Home Goods, and TJ Maxx (GLA of 54,000; annualized base rent of $529,000), and (4) 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

 

 

5,614,000

 

 

 

70.0

%

 

$

61,422,000

 

 

$

10.94

 

 

 

56.1

%

Small tenants

 

 

2,401,000

 

 

 

30.0

%

 

 

48,097,000

 

 

 

20.03

 

 

 

43.9

%

Total

 

 

8,015,000

 

 

 

100.0

%

 

$

109,519,000

 

 

$

13.66

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

Lease Expirations

As of March 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

47

 

 

 

224,000

 

 

 

2.8

%

 

$

2,928,000

 

 

$

13.07

 

 

 

2.7

%

2018

 

 

70

 

 

 

361,000

 

 

 

4.5

%

 

 

5,976,000

 

 

 

16.55

 

 

 

5.5

%

2019

 

 

126

 

 

 

903,000

 

 

 

11.3

%

 

 

12,096,000

 

 

 

13.40

 

 

 

11.0

%

2020

 

 

126

 

 

 

1,348,000

 

 

 

16.8

%

 

 

16,104,000

 

 

 

11.95

 

 

 

14.7

%

2021

 

 

125

 

 

 

995,000

 

 

 

12.4

%

 

 

14,676,000

 

 

 

14.75

 

 

 

13.4

%

2022

 

 

105

 

 

 

669,000

 

 

 

8.3

%

 

 

9,900,000

 

 

 

14.80

 

 

 

9.0

%

2023

 

 

60

 

 

 

552,000

 

 

 

6.9

%

 

 

7,452,000

 

 

 

13.50

 

 

 

6.8

%

2024

 

 

38

 

 

 

656,000

 

 

 

8.2

%

 

 

8,712,000

 

 

 

13.28

 

 

 

8.0

%

2025

 

 

32

 

 

 

511,000

 

 

 

6.4

%

 

 

6,996,000

 

 

 

13.69

 

 

 

6.4

%

2026

 

 

28

 

 

 

223,000

 

 

 

2.8

%

 

 

3,564,000

 

 

 

15.98

 

 

 

3.3

%

2027

 

 

32

 

 

 

315,000

 

 

 

3.9

%

 

 

4,152,000

 

 

 

13.18

 

 

 

3.8

%

2028

 

 

23

 

 

 

338,000

 

 

 

4.2

%

 

 

4,236,000

 

 

 

12.53

 

 

 

3.9

%

Thereafter

 

 

30

 

 

 

920,000

 

 

 

11.5

%

 

 

12,727,000

 

 

 

13.83

 

 

 

11.6

%

All tenants

 

 

842

 

 

 

8,015,000

 

 

 

100.0

%

 

$

109,519,000

 

 

$

13.66

 

 

 

100.0

%

Vacant space

 

N/A

 

 

 

731,000

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

Total portfolio

 

 

842

 

 

 

8,746,000

 

 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

CEDAR REALTY TRUST, INC.

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

Same-Property NOI (a)

 

 

 

Three months ended March 31,

 

 

 

2018

 

 

2017

 

Base Rents

 

$

22,176,000

 

 

$

22,025,000

 

Expense Recoveries

 

 

7,081,000

 

 

 

6,675,000

 

Total Revenues

 

 

29,257,000

 

 

 

28,700,000

 

Operating expenses

 

 

9,445,000

 

 

 

8,892,000

 

NOI

 

$

19,812,000

 

 

$

19,808,000

 

 

 

 

 

 

 

 

 

 

Occupied

 

92.9%

 

 

91.5%

 

Leased

 

93.7%

 

 

93.2%

 

Average base rent

 

$

13.10

 

 

$

13.03

 

Number of same properties

 

51

 

 

51

 

 

NOI growth

 

0.0%

 

 

 

(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 Real Estate Held For Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

Percent

 

 

 

 

 

 

Percent

 

 

base rent per

 

Real Estate Held for Sale

 

State

 

owned

 

 

GLA

 

 

occupied

 

 

leased sq. ft.

 

Carll's Corner

 

NJ

 

100%

 

 

 

129,582

 

 

 

44.4

%

 

$

11.26

 

West Bridgewater Plaza (a)

 

MA

 

100%

 

 

 

133,039

 

 

 

44.4

%

 

 

4.92

 

 

 

 

 

 

 

 

 

 

262,621

 

 

 

44.4

%

 

$

8.05

 

 

(a)

Reflects anchor lease termination of 57,315 of GLA on April 18, 2018.

 

 

 


 

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 for Real Estate (“EBITDAre”) and Adjusted EBITDAre

 

EBITDAre is a recognized supplemental non-GAAP financial measure. The Company presents EBITDAre in accordance with the definition adopted by NAREIT, which generally defines EBITDAre as net income plus interest expense, income tax expense, depreciation, amortization, and impairment write-downs of depreciated property, plus or minus losses and gains on the disposition of depreciated property, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates. The Company believes EBITDAre provides additional information with respect to the Company’s performance and ability to meet its future debt service requirements.

 

The Company also considers Adjusted EBITDAre 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 and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

 

EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre 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 computation of Adjusted EBITDAre 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.