cdr-ex991

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

Port Washington, New York – August 2, 2018 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the second quarter ended June 30, 2018. Net income attributable to common shareholders was $0.08 per diluted share compared with net loss ($0.10) per diluted share for the comparable 2017 period. Other highlights include:

“Our successful financing transaction and focus on everyday operating excellence, along with our advancing urban mixed-use redevelopment projects continue to serve as sources of value creation and protection for our shareholders. These efforts and results are a credit to all of Team Cedar,” commented Bruce Schanzer, CEO.

Net income attributable to common shareholders for the second quarter of 2018 was $7.1 million or $0.08 per diluted share, compared to net loss of ($8.1) million or ($0.10) per diluted share for the same period in 2017. The principal differences in the comparative three-month results are lease termination income in 2018 and impairment charges related to properties held for sale 2017. Net loss attributable to common shareholders for the six months ended June 30, 2018 was ($15.9) million or ($0.19) per diluted share, compared to net income of $0.1 million or $0.00 per diluted share for the same period in 2017. The principal differences in the comparative six-month results are lease termination income, impairment charges related to properties held for sale and preferred stock redemption costs in 2018, and gain on sale of an outparcel building and impairment charges in 2017.

NAREIT-defined FFO for the second quarter of 2018 was $17.6 million or $0.19 per diluted share, compared to $11.7 million or $0.14 per diluted share for the same period in 2017. NAREIT-defined FFO for the six months ended June 30, 2018 was $26.0 million or $0.28 per diluted share, compared to $23.2 million or $0.27 per diluted share for the same period in 2017. Operating FFO for the second quarter of 2018 was $17.6 million or $0.19 per diluted share, compared to $11.7 million or $0.14 per diluted share for the same period in 2017. Operating FFO for the six-month period ended June 30, 2018 was $29.5 million or $0.32 per diluted share, compared to $23.4 million or $0.27 per diluted share for the same period in 2017. The principal difference in the comparative three and six-month results is lease termination income. The principal difference between Operating FFO and NAREIT-defined FFO is preferred stock redemption costs.

During the second quarter of 2018, the Company signed 35 leases for 267,200 square feet. On a comparable space basis, the Company leased 244,100 square feet at a positive lease spread of 1.8% on a cash basis (new leases decreased 23.8% and renewals increased 8.1%). During the six months ended June 30, 2018, the Company signed 83 leases for 845,900 square feet. On a comparable space basis, the Company leased 822,800 square feet at a negative lease spread of 4.8% on a cash basis (new leases decreased 11.3% and renewals decreased 4.0%).

Excluding six strategic leases, comparable lease spread for the six months ended June 30, 2018 would have been 4.7% (new leases increased 0.7% and renewals increased 5.4%). These six strategic leases consisted of (a) five anchor renewals in the first quarter of 2018 totaling 303,000 square feet at reduced or flat base rental rates that the Company proactively renewed with extended rental terms, and (b) a new lease in the second quarter of 2018 for 29,000 square feet of unconventional retail space in the rear of a shopping center at a significantly reduced rental rate. These anchor tenants have good credit and generate high foot traffic at their respective properties.

Same-property NOI for the second quarter of 2018 increased 0.7% excluding redevelopments and increased 0.6% including redevelopments, compared to the same period of 2017. Same property NOI for six-month period increased 0.4% excluding redevelopments and 0.5% including redevelopments, compared to the same period of 2017.

The Company's total portfolio, excluding properties held for sale, was 91.7% leased at June 30, 2018, compared to 92.6% at March 31, 2018 and 92.4% at June 30, 2017. The Company's same-property portfolio was 92.0% leased at June 30, 2018, compared to 93.1% at March 31, 2018 and 93.6% at June 30, 2017. The Company’s total portfolio and same-property portfolio leased percentages at June 30, 2018 were negatively impacted 134 basis points and 155 basis points, respectively, as a result of the recent Bon-Ton bankruptcy which resulted in two anchor vacancies in April 2018 within the Company’s portfolio.

In April 2018, the Company accepted a cash payment of $4.3 million in consideration for permitting a dark anchor tenant to terminate its lease prior to the contractual expiration. 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 increased NAREIT-defined FFO and Operating FFO by approximately $5.2 million, after GAAP adjustments for amortization of intangible lease liabilities and straight-line rents, offset by foregone rental payments.

As of June 30, 2018, Carll's Corner, located in Bridgeton, New Jersey, Maxatawny Marketplace, located in Maxatawny, Pennsylvania, 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 the quarter ended March 31, 2018.

As of June 30, 2018, the Company had $109.2 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization for real estate (EBITDAre) of 7.7 times.

On July 24, 2018, the Company closed a new $75.0 million unsecured term loan maturing on July 24, 2025 (none of which was borrowed at closing). Proceeds from the term loan can be drawn at any time from closing until October 24, 2018, and are expected to be used primarily to repay mortgages maturing through November 2022. Interest on borrowings under the term loan can range from LIBOR plus 170 to 225 basis points based on the Company’s leverage ratio. Additionally, the Company entered into forward interest rate swap agreements which will convert the LIBOR rate to a fixed rate through its maturity. As a result, the effective interest rate once the full $75.0 million unsecured term loan is borrowed will be 4.6%, based on the Company’s current leverage ratio.

The principal difference between NAREIT-defined FFO and Operating FFO is early extinguishment of debt and 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 and six months ended June, 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 June 30, 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, August 2, 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 August 2, 2018, until midnight (ET) on August 16, 2018. The replay dial-in numbers are (844) 512-2921 or (1) (412) 317-6671 for international callers. Please use passcode 13680312 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 58 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 June 30,						Six months ended June 30,
	2018			2017			2018			2017
PROPERTY REVENUES
Rents	$	29,451,000		$	28,205,000		$	57,612,000		$	56,428,000
Expense recoveries		7,767,000			7,012,000			17,053,000			15,360,000
Other		4,132,000			482,000			4,253,000			685,000
Total property revenues		41,350,000			35,699,000			78,918,000			72,473,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		5,994,000			5,462,000			13,788,000			12,506,000
Real estate and other property-related taxes		5,056,000			4,921,000			10,135,000			9,666,000
Total property operating expenses		11,050,000			10,383,000			23,923,000			22,172,000

PROPERTY OPERATING INCOME		30,300,000			25,316,000			54,995,000			50,301,000

OTHER EXPENSES AND INCOME
General and administrative		4,276,000			4,237,000			8,770,000			8,373,000
Acquisition pursuit costs		-			-			-			156,000
Depreciation and amortization		10,541,000			9,953,000			20,595,000			20,371,000
Gain on sale		-			-			-			(7,099,000	)
Impairment charges		-			9,850,000			21,396,000			9,850,000
Total other expenses and income		14,817,000			24,040,000			50,761,000			31,651,000

OPERATING INCOME		15,483,000			1,276,000			4,234,000			18,650,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(5,546,000	)		(5,665,000	)		(10,917,000	)		(11,094,000	)
Total non-operating income and expense		(5,546,000	)		(5,665,000	)		(10,917,000	)		(11,094,000	)

NET INCOME (LOSS)		9,937,000			(4,389,000	)		(6,683,000	)		7,556,000

Attributable to noncontrolling interests		(160,000	)		(85,000	)		(208,000	)		(254,000	)

NET INCOME (LOSS) ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		9,777,000			(4,474,000	)		(6,891,000	)		7,302,000

Preferred stock dividends		(2,688,000	)		(3,602,000	)		(5,487,000	)		(7,204,000	)
Preferred stock redemption costs		-			-			(3,507,000	)		-

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	7,089,000		$	(8,076,000	)	$	(15,885,000	)	$	98,000

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Basic	$	0.08		$	(0.10	)	$	(0.19	)	$	(0.00	)
Diluted	$	0.08		$	(0.10	)	$	(0.19	)	$	(0.00	)

Weighted average number of common shares:
Basic		88,011,000			81,771,000			87,817,000			81,753,000
Diluted		88,166,000			81,771,000			87,895,000			81,753,000

Balance Sheets	June 30,		December 31,
	2018		2017
Construction in process (included in real estate, at cost)	$	16,615,000	$	12,396,000

Receivables
Rents and other tenant receivables, net	$	3,714,000	$	3,118,000
Straight-line rents		13,789,000		14,075,000
	$	17,503,000	$	17,193,000

Other assets and deferred charges, net
Lease origination costs	$	19,956,000	$	19,343,000
Interest rate swap assets		13,750,000		6,394,000
Prepaid expenses		3,329,000		5,377,000
Revolving credit facility issuance costs		1,907,000		2,207,000
Other		2,316,000		2,029,000
	$	41,258,000	$	35,350,000

Statements of Operations	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
Rents
Base rents	$	26,865,000	$	27,070,000	$	54,022,000	$	54,210,000
Percentage rent		127,000		244,000		216,000		447,000
Straight-line rents		246,000		255,000		492,000		496,000
Amortization of intangible lease liabilities, net		2,213,000		636,000		2,882,000		1,275,000
	$	29,451,000	$	28,205,000	$	57,612,000	$	56,428,000

	Three months ended June 30,						Six months ended June 30,
	2018			2017			2018			2017
Net income (loss) attributable to common shareholders	$	7,089,000		$	(8,076,000	)	$	(15,885,000	)	$	98,000
Real estate depreciation and amortization		10,490,000			9,905,000			20,494,000			20,280,000
Limited partners' interest		27,000			(33,000	)		(60,000	)		(1,000	)
Gain on sales		-			-			-			(7,099,000	)
Impairment charges		-			9,850,000			21,396,000			9,850,000
Consolidated minority interests:
Share of income		133,000			118,000			268,000			255,000
Share of FFO		(120,000	)		(92,000	)		(244,000	)		(197,000	)
Funds From Operations ("FFO") applicable to diluted common shares		17,619,000			11,672,000			25,969,000			23,186,000
Adjustments for items affecting comparability:
Preferred stock redemption costs		-			-			3,507,000			-
Acquisition pursuit costs		-			-			-			156,000
Redevelopment costs (a)		-			37,000			-			37,000
Operating Funds From Operations ("Operating FFO") applicable to diluted common shares	$	17,619,000		$	11,709,000		$	29,476,000		$	23,379,000

FFO per diluted common share:	$	0.19		$	0.14		$	0.28		$	0.27

Operating FFO per diluted common share:	$	0.19		$	0.14		$	0.32		$	0.27

Weighted average number of diluted common shares:
Common shares and equivalents		91,929,000			85,568,000			91,788,000			85,520,000
OP Units		347,000			351,000			347,000			351,000
		92,276,000			85,919,000			92,135,000			85,871,000

Additional Disclosures (b):
Straight-line rents	$	246,000		$	255,000		$	492,000		$	496,000
Amortization of intangible lease liabilities		2,213,000			636,000			2,882,000			1,275,000
Non-real estate amortization		355,000			405,000			698,000			807,000
Share-based compensation, net		863,000			900,000			1,837,000			1,833,000
Maintenance capital expenditures (c)		959,000			612,000			1,968,000			1,664,000
Lease related expenditures (d)		1,999,000			2,451,000			4,481,000			3,497,000
Development and redevelopment capital expenditures		4,411,000			3,997,000			10,323,000			9,470,000
Capitalized interest and financing costs		369,000			110,000			727,000			285,000

	Three months ended June 30,						Six months ended June 30,
	2018			2017			2018			2017
Net income (loss)	$	9,937,000		$	(4,389,000	)	$	(6,683,000	)	$	7,556,000
Interest expense		5,546,000			5,665,000			10,917,000			11,094,000
Depreciation and amortization		10,541,000			9,953,000			20,595,000			20,371,000
Gain on sales		-			-			-			(7,099,000	)
Impairment charges		-			9,850,000			21,396,000			9,850,000
EBITDAre		26,024,000			21,079,000			46,225,000			41,772,000
Adjustments for items affecting comparability:
Acquisition pursuit costs		-			-			-			156,000
Redevelopment costs (a)		-			37,000			-			37,000
Adjusted EBITDAre	$	26,024,000		$	21,116,000		$	46,225,000		$	41,965,000

Net debt (b)
Debt	$	628,415,000		$	620,963,000		$	628,415,000		$	620,963,000
Debt issuance costs		3,055,000			2,831,000			3,055,000			2,831,000
Unrestricted cash and cash equivalents		(1,625,000	)		(2,937,000	)		(1,625,000	)		(2,937,000	)
	$	629,845,000		$	620,857,000		$	629,845,000		$	620,857,000

Fixed charges (b)
Interest expense	$	5,589,000		$	5,398,000		$	10,993,000		$	10,627,000
Preferred stock dividends		2,688,000			3,602,000			5,487,000			7,204,000
Scheduled mortgage repayments		744,000			794,000			1,496,000			1,595,000
	$	9,021,000		$	9,794,000		$	17,976,000		$	19,426,000

Debt and Coverage Ratios (c)
Net debt to Adjusted EBITDAre		7.7	x		7.4	x		7.7	x		7.5	x
Interest coverage ratio (based on Adjusted EBITDAre)		3.7	x		3.9	x		3.7	x		3.9	x
Fixed charge coverage ratio (based on Adjusted EBITDAre)		2.3	x		2.2	x		2.3	x		2.2	x

	Maturity	Interest
Property	Date	Rate	Amounts
Fixed-rate mortgages:
Colonial Commons	Feb 2021	5.5%	$	24,216,000		(a)
Shoppes at Arts District	Apr 2022	5.2%		8,142,000		(a)
East River Park	Sep 2022	3.9%		18,883,000		(a)
The Point	Nov 2022	4.5%		27,101,000		(a)
Franklin Village Plaza	Jun 2026	3.9%		48,156,000
Total fixed-rate mortgages	weighted average	4.4%		126,498,000

Unsecured debt:
Variable-rate (b):
Revolving credit facility (c)	Sep 2021	3.3%		104,500,000
Term loan	Sep 2022	3.4%		50,000,000

Fixed-rate (d):
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%		504,500,000

Total debt	weighted average	3.5%		630,998,000

Unamortized premium				472,000
Unamortized mortgage and term loan issuance costs				(3,055,000	)

Total debt			$	628,415,000


Fixed to variable rate debt ratio:
Fixed-rate debt		75.5%	$	476,498,000
Variable-rate debt		24.5%		154,500,000
		100.0%	$	630,998,000

								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	%	$	24.00	Big Y		63,817
Brickyard Plaza		2004		227,598		94.8	%		8.43	Home Depot		103,003
										Kohl's		58,966
										Michaels		21,429
										Petsmart		20,405
Groton Shopping Center		2007		130,264		100.0	%		12.29	TJ Maxx		30,000
										Goodwill		21,306
										Aldi		17,664
										Planet Fitness		17,500
Jordan Lane		2005		177,504		97.5	%		11.43	Stop & Shop		60,632
										Fallas		39,280
										Cardio Fitness		20,283
New London Mall		2009		259,566		92.1	%		14.86	Shop Rite		64,017
										Marshalls		30,627
										Home Goods		25,432
										Petsmart		23,500
										A.C. Moore		20,932
Oakland Commons		2007		90,100		100.0	%		6.37	Walmart		54,911
										Bristol Ten Pin		35,189
Southington Center		2003		155,842		98.5	%		7.71	Walmart		95,482
										NAMCO		20,000
Total Connecticut				1,141,979		96.1	%		11.86

Delaware
Christina Crossing		2017		119,353		82.8	%		17.49	Shop Rite		68,621

Maryland / Washington, D.C.
East River Park		2015		150,038		98.7	%		19.85	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	%		12.08	Weis Markets		43,470
San Souci Plaza (b)		2009		264,134		82.6	%		11.08	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	%		35.29	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		76.9	%		13.27	Food Lion		37,692
Total Maryland / Washington, D.C.				929,889		90.1	%		13.51

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		91.3	%		21.60	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	%		10.33	Big Y		42,598
										Planet Fitness		18,830
										Dollar Tree		16,798
The Shops at Suffolk Downs		2005		121,320		100.0	%		14.17	Stop & Shop		74,977
Timpany Plaza		2007		183,775		92.7	%		7.55	Stop & Shop		59,947
										Big Lots		28,027
										Gardner Theater		27,576

								Average
	Year				Percent			base rent per		Major Tenants (a)
Property Description	acquired		GLA		occupied			leased sq. ft.		Name	GLA
Massachusetts (continued)
Webster Commons		2007		98,984		96.7	%		11.50	Big Lots		37,024
										Planet Fitness		18,681
Total Massachusetts				1,091,475		94.1	%		13.22

New Jersey
Pine Grove Plaza		2003		86,089		90.7	%		11.74	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	%		10.28	Acme Markets		66,046
										Planet Fitness		20,742
Total New Jersey				307,327		90.8	%		12.57

New York
Carman's Plaza		2007		194,306		79.3	%		19.62	24 Hour Fitness		53,404
										Key Foods		32,570
										Department of Motor Vehicle	19,310
Pennsylvania
Academy Plaza		2001		137,415		88.8	%		15.93	Acme Markets		50,918
Camp Hill		2002		423,671		99.7	%		15.12	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	%		13.33	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	%		19.78	Giant Foods		78,815
Fairview Commons		2007		52,964		66.7	%		10.85	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	%		12.24	LA Fitness		44,796
										Marshalls		30,000
										Staples		24,060
										Just Cabinets		18,665
										Aldi		15,242
Halifax Plaza		2003		51,510		100.0	%		13.07	Giant Foods		32,000
Hamburg Square		2004		99,580		67.4	%		6.86	Redner's		56,780
Lawndale Plaza		2015		93,040		100.0	%		18.35	Shop Rite		63,342
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	%		12.71	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	%		7.67	Weis Markets		46,912
										Goodwill		18,104
Port Richmond Village		2001		125,578		88.7	%		15.02	Thriftway		40,000
										Pep Boys		20,615
Quartermaster Plaza		2014		456,602		93.5	%		14.52	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	%		21.02	United Artists		77,700
										Avalon Carpet		25,000
										Pep Boys		22,000
										Staples		18,000
South Philadelphia		2003		251,881		85.3	%		14.71	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	%		18.27	LA Fitness		37,200
The Commons		2004		203,309		61.7	%		9.99	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		79.3	%		11.35	Kohl's		88,248
										Lehigh Wellness Partners		33,227
										Maxx Fitness		28,870
										Marshalls		28,488
										Home Goods		28,181
Trexlertown Plaza		2006		325,171		89.5	%		14.00	Giant Foods		78,335
										Hobby Lobby		57,512
										Burlington Coat Factory		40,000
										Big Lots		33,824
										Tractor Supply		19,097
Total Pennsylvania				4,408,651		89.8	%		14.27

Virginia
Coliseum Marketplace		2005		106,648		100.0	%		17.19	Kroger		57,662
										Michaels		23,981
Elmhurst Square		2006		66,254		92.5	%		10.17	Food Lion		38,272
General Booth Plaza		2005		71,639		100.0	%		14.51	Food Lion		53,758
Glen Allen Shopping Center		2005		63,328		100.0	%		7.14	Publix		63,328
Kempsville Crossing		2005		79,512		92.8	%		11.57	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	Kroger		67,216
Total Virginia				493,297		97.2	%		12.22

Total (91.7% leased at June 30, 2018)				8,686,277		91.3	%	$	13.68

										Tenant		Average
	Leases		Square		New Rent		Prior Rent		Cash Basis	Improvements		Lease
	Signed		Feet		Per. Sq. Ft (a)		Per. Sq. Ft (a)		% Change	Per. Sq. Ft (b)		Term (Yrs)
Total Comparable Leases
2nd Quarter 2018 (c)		31		244,100	$	12.60	$	12.38	1.8%	$	5.63		6.6
1st Quarter 2018 (d)		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
Total		139		1,226,800	$	12.98	$	13.26	-2.1%	$	6.00		6.6


New Leases - Comparable
2nd Quarter 2018 (c)		7		47,500	$	9.62	$	12.62	-23.8%	$	28.96		11.9
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
Total		46		247,200	$	12.57	$	13.04	-3.6%	$	23.15		8.6


Renewals - Comparable
2nd Quarter 2018		24		196,600	$	13.32	$	12.33	8.1%	$	0.00		5.3
1st Quarter 2018 (d)		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
Total		93		979,600	$	13.08	$	13.31	-1.8%	$	1.67		6.1


Total Comparable and Non-Comparable
2nd Quarter 2018		35		267,200	$	12.80	N/A		N/A	$	6.62		6.7
1st Quarter 2018		48		578,700	$	13.06	N/A		N/A	$	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
Total		145		1,255,400	$	13.01	N/A		N/A	$	6.24		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		9		589,000		6.8	%	$	10,019,000	$	17.01		9.2	%
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		2.8	%
Stop & Shop		4		271,000		3.1	%		2,966,000		10.94		2.7	%
Dollar Tree		21		215,000		2.5	%		2,298,000		10.69		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		1.4	%		1,683,000		14.26		1.6	%
United Artists		1		78,000		0.9	%		1,538,000		19.72		1.4	%
Kroger		2		125,000		1.4	%		1,528,000		12.22		1.4	%
Marshalls		6		170,000		2.0	%		1,497,000		8.81		1.4	%
Food Lion		4		163,000		1.9	%		1,460,000		8.96		1.3	%
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	%
Sub-total top twenty tenants		88		3,528,000		40.6	%		43,835,000		12.42		40.4	%
Remaining tenants		745		4,405,000		50.7	%		64,701,000		14.69		59.6	%
Sub-total all tenants (b)		833		7,933,000		91.3	%	$	108,536,000	$	13.68		100.0	%
Vacant space	N/A			753,000		8.7	%
Total		833		8,686,000		100.0	%

(1) Giant Foods, Stop & Shop, and Food Lion, (2) Shoppers Food Warehouse and Farm Fresh (GLA of 17,000; annualized base rent of $93,000), and (3) Marshalls, Home Goods, and TJ Maxx (GLA of 54,000; annualized base rent of $529,000).

										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		54		249,000		3.1	%	$	3,348,000	$	13.45		3.1	%
2018		42		265,000		3.3	%		4,092,000		15.44		3.8	%
2019		115		755,000		9.5	%		10,176,000		13.48		9.4	%
2020		129		1,364,000		17.2	%		16,428,000		12.04		15.1	%
2021		127		972,000		12.3	%		14,592,000		15.01		13.4	%
2022		105		617,000		7.8	%		9,456,000		15.33		8.7	%
2023		65		580,000		7.3	%		7,848,000		13.53		7.2	%
2024		45		784,000		9.9	%		10,176,000		12.98		9.4	%
2025		32		510,000		6.4	%		6,960,000		13.65		6.4	%
2026		28		223,000		2.8	%		3,576,000		16.04		3.3	%
2027		33		316,000		4.0	%		4,200,000		13.29		3.9	%
2028		27		388,000		4.9	%		4,656,000		12.00		4.3	%
Thereafter		31		910,000		11.5	%		13,028,000		14.32		12.0	%
All tenants		833		7,933,000		100.0	%	$	108,536,000	$	13.68		100.0	%
Vacant space	N/A			753,000	N/A
Total portfolio		833		8,686,000	N/A

Same-Property NOI (a)	Three months ended June 30,						Six months ended June 30,
	2018			2017			2018			2017
Base Rents	$	22,347,000		$	22,198,000		$	43,918,000		$	43,619,000
Expense Recoveries		6,212,000			5,792,000			13,006,000			12,220,000
Total Revenues		28,559,000			27,990,000			56,924,000			55,839,000
Operating expenses		8,283,000			7,863,000			17,354,000			16,433,000
Same-Property NOI	$	20,276,000		$	20,127,000		$	39,570,000		$	39,406,000

Occupied	91.8%			92.3%			91.9%			92.5%
Leased	92.0%			93.6%			92.0%			93.8%
Average base rent	$	13.18		$	13.02		$	13.12		$	12.96
Number of same properties	51			51			50			50
Same-Property NOI growth	0.7%						0.4%


Same-Property NOI Reconciliation (a)	Three months ended June 30,						Six months ended June 30,
	2018			2017			2018			2017
Operating income	$	15,483,000		$	1,276,000		$	4,234,000		$	18,650,000
Add (deduct):
General and administrative		4,276,000			4,237,000			8,770,000			8,373,000
Acquisition pursuit costs		-			-			-			156,000
Gain on sales		-			-			-			(7,099,000	)
Impairment charges		-			9,850,000			21,396,000			9,850,000
Depreciation and amortization		10,541,000			9,953,000			20,595,000			20,371,000
Straight-line rents		(246,000	)		(255,000	)		(492,000	)		(496,000	)
Amortization of intangible lease liabilities		(2,213,000	)		(636,000	)		(2,882,000	)		(1,275,000	)
Other adjustments		(100,000	)		(23,000	)		(123,000	)		(123,000	)
NOI related to properties not defined as same-property		(7,465,000	)		(4,275,000	)		(11,928,000	)		(9,001,000	)
Same-Property NOI	$	20,276,000		$	20,127,000		$	39,570,000		$	39,406,000

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 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.

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


		Revised Guidance
Net (loss) attributable to common shareholders per diluted share		($0.24) - ($0.23)
NAREIT-defined FFO per diluted share		$0.48 - $0.49
Operating FFO per diluted share		$0.58 - $0.59

	June 30,			December 31,
	2018			2017
ASSETS
Real estate, at cost	$	1,501,996,000		$	1,534,599,000
Less accumulated depreciation		(348,587,000	)		(341,943,000	)
Real estate, net		1,153,409,000			1,192,656,000
Real estate held for sale		13,833,000			-
Cash and cash equivalents		1,625,000			3,702,000
Restricted cash		5,030,000			3,517,000
Receivables		17,503,000			17,193,000
Other assets and deferred charges, net		41,258,000			35,350,000
TOTAL ASSETS	$	1,232,658,000		$	1,252,418,000

LIABILITIES AND EQUITY
Liabilities:
Mortgage loans payable	$	126,453,000		$	127,969,000
Unsecured revolving credit facility		104,500,000			55,000,000
Unsecured term loans		397,462,000			397,156,000
Accounts payable and accrued liabilities		21,791,000			24,519,000
Unamortized intangible lease liabilities		14,696,000			17,663,000
Total liabilities		664,902,000			622,307,000

Equity:
Preferred stock		159,541,000			207,508,000
Common stock and other shareholders' equity		406,406,000			420,828,000
Noncontrolling interests		1,809,000			1,775,000
Total equity		567,756,000			630,111,000

TOTAL LIABILITIES AND EQUITY	$	1,232,658,000		$	1,252,418,000

	Secured Debt					Unsecured Debt
	Scheduled		Balloon			Revolving			Term
Year	Amortization		Payments			Credit Facility			Loans		Total
2018	$	1,521,000	$	-		$	-		$	-	$	1,521,000
2019		3,154,000		-			-			-		3,154,000
2020		3,289,000		-			-			-		3,289,000
2021		2,802,000		22,367,000	(a)		104,500,000	(b)		75,000,000		204,669,000
2022		2,313,000		47,597,000	(a)		-			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
	$	17,343,000	$	109,155,000		$	104,500,000		$	400,000,000		630,998,000
Unamortized premium												472,000
Unamortized mortgage and term loan issuance costs												(3,055,000	)
											$	628,415,000

								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		40.4	%	$	11.66
Maxatawny Marketplace	PA	100%		59,939		100.0	%		12.38
West Bridgewater Plaza	MA	100%		133,039		44.4	%		4.92
				322,560		53.1	%	$	9.59