cdr-ex991

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

Port Washington, New York – 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:

“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.”

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.

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.

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.

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.

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.

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.

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.

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.

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.

	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

	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

	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

	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

								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

								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

								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

										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

	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	%

(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).

										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

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

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

Earnings Press Release		4 - 6

Financial Information
Condensed Consolidated Balance Sheets		7
Condensed Consolidated Statements of Operations		8
Supporting Schedules to Consolidated Statements		9
Funds From Operations and Additional Disclosures		10
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


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

	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

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

	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%