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 – November 1, 2018 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the third quarter ended September 30, 2018. Net income attributable to common shareholders was $0.04 per diluted share compared with net loss ($0.06) per diluted share for the comparable 2017 period. Other highlights include:

“We continue progressing our portfolio repositioning strategy as our major urban mixed-use redevelopments gain momentum. Notably, our project in Washington, D.C. was significantly advanced with the acquisition of Senator Square which sits directly across Minnesota Avenue from our East River Park shopping center. More generally, we are pleased with our leasing efforts in the face of the secular retail headwinds and our balance sheet management with the unencumbering of four properties via a $75 million term loan financing,” commented Bruce Schanzer, President and Chief Executive Officer.

Net income attributable to common shareholders for the third quarter of 2018 was $3.5 million or $0.04 per diluted share, compared to net loss of ($5.1) million or ($0.06) per diluted share for the same period in 2017. The principal differences in the comparative three-month results are gain on sale, reversal of impairment and early extinguishment of debt charges in 2018 and preferred stock redemption costs in 2017. Net loss attributable to common shareholders for the nine months ended September 30, 2018 was ($12.4) million or ($0.15) per diluted share, compared to net loss of ($5.0) million or ($0.07) per diluted share for the same period in 2017. The principal differences in the comparative nine-month results are lease termination income, impairment charges, gain on sale and preferred stock redemption costs in 2018, and a gain on sale of an outparcel building, preferred stock redemption costs and impairment charges in 2017.

NAREIT-defined FFO for the third quarter of 2018 was $7.5 million or $0.08 per diluted share, compared to $4.6 million or $0.05 per diluted share for the same period in 2017. NAREIT-defined FFO for the nine months ended September 30, 2018 was $33.5 million or $0.36 per diluted share, compared to $27.8 million or $0.32 per diluted share for the same period in 2017. Operating FFO for the third quarter of 2018 was $12.4 million or $0.13 per diluted share, compared to $12.5 million or $0.14 per diluted share for the same period in 2017. Operating FFO for the nine-month period ended September 30, 2018 was $41.9 million or $0.45 per diluted share, compared to $35.9 million or $0.41 per diluted share for the same period in 2017. The principal difference in the comparative nine-month results is lease termination income in 2018. The principal differences between Operating FFO and NAREIT-defined FFO are preferred stock redemption costs and early extinguishment of debt charges.

During the third quarter of 2018, the Company signed 42 leases for 193,200 square feet. On a comparable space basis, the Company leased 191,200 square feet at a positive lease spread of 3.4% on a cash basis (renewals increased 9.4% and new leases decreased 5.3%). During the nine months ended September 30, 2018, the Company signed 125 leases for 1,039,100 square feet. On a comparable space basis, the Company leased 1,014,000 square feet at a negative lease spread of 3.4% on a cash basis (renewals decreased 2.4% and new leases decreased 8.8%).

Excluding six strategic leases signed in early 2018, comparable lease spread for the nine months ended September 30, 2018 would have been 4.4% (renewals increased 6.1% and new leases decreased 2.2%). 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 third quarter of 2018 decreased 0.2% excluding redevelopments and decreased 1.4% including redevelopments, compared to the same period of 2017. Same property NOI for the nine-month period increased 0.5% excluding redevelopments and decreased 0.3% including redevelopments, compared to the same period of 2017.

The Company's total portfolio, excluding properties held for sale, was 91.6% leased at September 30, 2018, compared to 91.7% at June 30, 2018 and 92.7% at September 30, 2017. The Company's same-property portfolio was 92.3% leased at September 30, 2018, compared to 92.3% at June 30, 2018 and 93.7% at September 30, 2017. The Company’s total portfolio and same-property portfolio leased percentages at September 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.

On August 8, 2018, the Company purchased a land parcel adjacent to its Riverview Plaza property, located in Philadelphia, Pennsylvania. The purchase price for the land parcel was $1.0 million, which was comprised of $25,000 in cash and approximately 208,000 OP Units.

On August 21, 2018, the Company entered into a deed of lease for Senator Square, a shopping center located in Washington, D.C. The deed of lease conveys fee title to the buildings to the Company and contains future options to acquire fee title to the land at its then fair-value, with the first such option becoming available between the 25th and the 33rd anniversaries of the lease, depending on certain property benchmarks, with additional purchase options every 10 years thereafter during the lease term. This lease, which expires in August 2117, is presented in the Company’s financial statements as two separate components as follows: (1) a $5.7 million capital lease obligation for the fee interest in the buildings, and (2) an operating lease for the land.

On August 28, 2018, the Company sold Mechanicsburg Center, located in Mechanicsburg, Pennsylvania. The sales price for the property was $16.1 million, which resulted in a gain on sale of $4.9 million.

On September 28, 2018, the Company sold West Bridgewater Plaza, located in West Bridgewater, Massachusetts. The sales price for the property was $3.5 million. An impairment charge of $9.4 million has been recorded in connection with this property during 2018.

As of September 30, 2018, the Company had $135.1 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciation, and amortization for real estate (EBITDAre) of 7.6 times.

On July 24, 2018, the Company closed a new $75.0 million unsecured term loan maturing on July 24, 2025 which was used to repay four mortgages that matured 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 convert the LIBOR rates to a fixed rates through its maturity. As a result, the effective interest rate is 4.6% at September 30, 2018, based on the Company’s leverage ratio.

The principal differences between NAREIT-defined FFO and Operating FFO are 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 nine months ended September 30, 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 September 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, November 1, 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 November 1, 2018, until midnight (ET) on November 15, 2018. The replay dial-in numbers are (844) 512-2921 or (1) (412) 317-6671 for international callers. Please use passcode 13683229 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.

	September 30,			December 31,
	2018			2017
ASSETS
Real estate, at cost	$	1,502,342,000		$	1,534,599,000
Less accumulated depreciation		(353,085,000	)		(341,943,000	)
Real estate, net		1,149,257,000			1,192,656,000
Real estate held for sale		11,348,000			-
Cash and cash equivalents		4,398,000			3,702,000
Restricted cash		-			3,517,000
Receivables		21,905,000			17,193,000
Other assets and deferred charges, net		50,645,000			35,350,000
TOTAL ASSETS	$	1,237,553,000		$	1,252,418,000

LIABILITIES AND EQUITY
Liabilities:
Mortgage loans payable	$	47,545,000		$	127,969,000
Capital lease obligation		5,398,000			-
Unsecured revolving credit facility		102,000,000			55,000,000
Unsecured term loans		471,954,000			397,156,000
Accounts payable and accrued liabilities		25,688,000			24,519,000
Unamortized intangible lease liabilities		14,014,000			17,663,000
Total liabilities		666,599,000			622,307,000

Equity:
Preferred stock		159,541,000			207,508,000
Common stock and other shareholders' equity		408,182,000			420,828,000
Noncontrolling interests		3,231,000			1,775,000
Total equity		570,954,000			630,111,000

TOTAL LIABILITIES AND EQUITY	$	1,237,553,000		$	1,252,418,000

	Three months ended September 30,						Nine months ended September 30,
	2018			2017			2018			2017
PROPERTY REVENUES
Rents	$	28,120,000		$	28,362,000		$	85,732,000		$	84,790,000
Expense recoveries		7,747,000			7,436,000			24,800,000			22,796,000
Other		303,000			600,000			4,556,000			1,285,000
Total property revenues		36,170,000			36,398,000			115,088,000			108,871,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		6,394,000			5,578,000			20,182,000			18,084,000
Real estate and other property-related taxes		5,037,000			4,931,000			15,172,000			14,597,000
Total property operating expenses		11,431,000			10,509,000			35,354,000			32,681,000

PROPERTY OPERATING INCOME		24,739,000			25,889,000			79,734,000			76,190,000

OTHER EXPENSES AND INCOME
General and administrative		3,975,000			4,121,000			12,745,000			12,494,000
Acquisition pursuit costs		-			-			-			156,000
Depreciation and amortization		9,650,000			9,807,000			30,245,000			30,178,000
Gain on sale		(4,864,000	)		-			(4,864,000	)		(7,099,000	)
Impairment (reversals)/charges		(707,000	)		-			20,689,000			9,850,000
Total other expenses and income		8,054,000			13,928,000			58,815,000			45,579,000

OPERATING INCOME		16,685,000			11,961,000			20,919,000			30,611,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(5,551,000	)		(5,544,000	)		(16,468,000	)		(16,638,000	)
Early extinguishment of debt costs		(4,829,000	)		-			(4,829,000	)
Total non-operating income and expense		(10,380,000	)		(5,544,000	)		(21,297,000	)		(16,638,000	)

NET INCOME (LOSS)		6,305,000			6,417,000			(378,000	)		13,973,000

Attributable to noncontrolling interests		(145,000	)		(117,000	)		(353,000	)		(371,000	)

NET INCOME (LOSS) ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		6,160,000			6,300,000			(731,000	)		13,602,000

Preferred stock dividends		(2,688,000	)		(3,535,000	)		(8,175,000	)		(10,739,000	)
Preferred stock redemption costs		-			(7,890,000	)		(3,507,000	)		(7,890,000	)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	3,472,000		$	(5,125,000	)	$	(12,413,000	)	$	(5,027,000	)

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS:
Basic	$	0.04		$	(0.06	)	$	(0.15	)	$	(0.07	)
Diluted	$	0.04		$	(0.06	)	$	(0.15	)	$	(0.07	)

Weighted average number of common shares:
Basic		89,049,000			85,642,000			88,228,000			83,049,000
Diluted		89,875,000			85,642,000			88,228,000			83,049,000

Balance Sheets	September 30,		December 31,
	2018		2017

Construction in process (included in real estate, at cost)	$	20,548,000	$	12,396,000

Receivables
Rents and other tenant receivables, net	$	4,654,000	$	3,118,000
Mortgage note receivable		3,500,000		-
Straight-line rents		13,751,000		14,075,000
	$	21,905,000	$	17,193,000

Other assets and deferred charges, net
Lease origination costs	$	20,904,000	$	19,343,000
Interest rate swap assets		15,755,000		6,394,000
Prepaid expenses		9,961,000		5,377,000
Revolving credit facility issuance costs		1,756,000		2,207,000
Other		2,269,000		2,029,000
	$	50,645,000	$	35,350,000

Statements of Operations	Three months ended September 30,				Nine months ended September 30,
	2018		2017		2018		2017
Rents
Base rents	$	26,878,000	$	27,187,000	$	80,901,000	$	81,398,000
Percentage rent		181,000		259,000		396,000		705,000
Straight-line rents		332,000		291,000		824,000		787,000
Amortization of intangible lease liabilities, net		729,000		625,000		3,611,000		1,900,000
	$	28,120,000	$	28,362,000	$	85,732,000	$	84,790,000

	Three months ended September 30,						Nine months ended September 30,
	2018			2017			2018			2017
Net income (loss) attributable to common shareholders	$	3,472,000		$	(5,125,000	)	$	(12,413,000	)	$	(5,027,000	)
Real estate depreciation and amortization		9,601,000			9,756,000			30,095,000			30,036,000
Limited partners' interest		19,000			(21,000	)		(41,000	)		(22,000	)
Gain on sales		(4,864,000	)		-			(4,864,000	)		(7,099,000	)
Impairment (reversals)/charges		(707,000	)		-			20,689,000			9,850,000
Consolidated minority interests:
Share of income		126,000			138,000			394,000			393,000
Share of FFO		(99,000	)		(125,000	)		(343,000	)		(322,000	)
Funds From Operations ("FFO") applicable to diluted common shares		7,548,000			4,623,000			33,517,000			27,809,000
Adjustments for items affecting comparability:
Preferred stock redemption costs		-			7,890,000			3,507,000			7,890,000
Financing costs (a)		4,829,000			-			4,829,000			-
Acquisition pursuit costs		-			-			-			156,000
Redevelopment costs (b)		-			-			-			37,000
Operating Funds From Operations ("Operating FFO") applicable to diluted common shares	$	12,377,000		$	12,513,000		$	41,853,000		$	35,892,000

FFO per diluted common share:	$	0.08		$	0.05		$	0.36		$	0.32

Operating FFO per diluted common share:	$	0.13		$	0.14		$	0.45		$	0.41

Weighted average number of diluted common shares:
Common shares and equivalents		92,961,000			89,434,000			92,179,000			86,825,000
OP Units		469,000			349,000			388,000			350,000
		93,430,000			89,783,000			92,567,000			87,175,000

Additional Disclosures (c):
Straight-line rents	$	332,000		$	291,000		$	824,000		$	787,000
Amortization of intangible lease liabilities		729,000			625,000			3,611,000			1,900,000
Non-real estate amortization		493,000			377,000			1,191,000			1,184,000
Share-based compensation, net		964,000			860,000			2,801,000			2,693,000
Maintenance capital expenditures (d)		2,129,000			1,548,000			4,097,000			3,212,000
Lease related expenditures (e)		2,686,000			949,000			7,167,000			4,446,000
Development and redevelopment capital expenditures		4,934,000			9,793,000			15,257,000			19,263,000
Capitalized interest and financing costs		398,000			198,000			1,125,000			483,000

	Three months ended September 30,						Nine months ended September 30,
	2018			2017			2018			2017
Net income (loss)	$	6,305,000		$	6,417,000		$	(378,000	)	$	13,973,000
Interest expense		5,551,000			5,544,000			16,468,000			16,638,000
Depreciation and amortization		9,650,000			9,807,000			30,245,000			30,178,000
Gain on sales		(4,864,000	)		-			(4,864,000	)		(7,099,000	)
Impairment (reversals)/charges		(707,000	)		-			20,689,000			9,850,000
EBITDAre		15,935,000			21,768,000			62,160,000			63,540,000
Adjustments for items affecting comparability:
Acquisition pursuit costs		-			-			-			156,000
Financing costs (a)		4,829,000			-			4,829,000			-
Redevelopment costs (b)		-			-			-			37,000
Adjusted EBITDAre	$	20,764,000		$	21,768,000		$	66,989,000		$	63,733,000

Net debt (c)
Debt, excluding issuance costs	$	624,917,000		$	631,458,000		$	624,917,000		$	631,458,000
Capital lease obligation		5,704,000			-			5,704,000			-
Unrestricted cash and cash equivalents		(4,395,000	)		(2,240,000	)		(4,395,000	)		(2,240,000	)
	$	626,226,000		$	629,218,000		$	626,226,000		$	629,218,000

Fixed charges (c)
Interest expense	$	5,502,000		$	5,379,000		$	16,495,000		$	16,005,000
Preferred stock dividends		2,688,000			3,535,000			8,175,000			10,739,000
Scheduled mortgage repayments		587,000			804,000			2,083,000			2,399,000
	$	8,777,000		$	9,718,000		$	26,753,000		$	29,143,000

Debt and Coverage Ratios (d)
Net debt to Adjusted EBITDAre		7.6	x		7.3	x		7.7	x		7.5	x
Interest coverage ratio (based on Adjusted EBITDAre)		3.8	x		4.0	x		3.7	x		4.0	x
Fixed charge coverage ratio (based on Adjusted EBITDAre)		2.4	x		2.2	x		2.3	x		2.2	x

	Maturity	Interest
	Dates	Rates	Amounts
Secured fixed-rate debt:
Franklin Village Plaza mortgage	Jun 2026	3.9%		47,917,000
Senator Square capital lease obligation (a)	Sep 2050	5.3%		5,704,000

Unsecured debt:
Variable-rate (b):
Revolving credit facility (c)	Sep 2021	3.5%		102,000,000
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
Term loan	Jul 2025	4.6%		75,000,000
Total unsecured debt	weighted average	3.4%		577,000,000

Total debt	weighted average	3.4%		630,621,000

Unamortized mortgage, capital lease and term loan issuance costs				(3,724,000	)

Total debt			$	626,897,000

Fixed to variable rate debt ratio:
Fixed-rate debt		75.9%	$	478,621,000
Variable-rate debt		24.1%		152,000,000
		100.0%	$	630,621,000

								Average
	Year				Percent			base rent per		Major Tenants (a)
Property Description	acquired		GLA		occupied			leased sq. ft.		Name	GLA
Connecticut
Bethel Shopping Center		2013		101,105		95.1	%	$	24.08	Big Y		63,817
Brickyard Plaza		2004		227,598		97.0	%		8.45	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	%		11.45	Stop & Shop		60,632
										Fallas		39,280
										Cardio Fitness		20,283
New London Mall		2009		259,566		92.1	%		14.87	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	%		7.72	Walmart		95,482
										NAMCO		20,000
Total Connecticut				1,141,979		96.6	%		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		98.0	%		21.68	Safeway		40,000
										District of Columbia		34,400
Metro Square		2008		71,896		100.0	%		18.11	Shoppers Food Warehouse		58,668
Oakland Mills		2005		58,224		91.0	%		12.06	LA Mart		39,279
San Souci Plaza (b)		2009		264,134		82.6	%		11.15	Shoppers Food Warehouse		61,466
										Marshalls		27,000
										Home Goods		19,688
										Maximum Health and Fitness		15,612
Senator Square		2018		61,687		93.9	%		22.01	Unity Health Care		18,750
Shoppes at Arts District		2016		35,676		100.0	%		35.97	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	%		13.29	Food Lion		37,692
Total Maryland / Washington, D.C.				991,576		89.7	%		14.40

Massachusetts
Fieldstone Marketplace	2005/2012			150,123		92.3	%		11.48	Shaw's		68,000
										Work Out World		32,250
										New Bedford Wine and Spirits		15,180
Franklin Village Plaza	2004/2012			303,524		90.1	%		21.64	Stop & Shop		75,000
										Marshalls		26,890
										Boost Fitness		15,807
Kings Plaza		2007		168,243		95.2	%		7.62	Fun Z Trampoline Park		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		98.7	%		14.14	Stop & Shop		74,977

								Average
	Year				Percent			base rent per		Major Tenants (a)
Property Description	acquired		GLA		occupied			leased sq. ft.		Name	GLA
Massachusetts (continued)
Timpany Plaza		2007		183,775		88.9	%		7.70	Stop & Shop		59,947
										Big Lots		28,027
										Gardner Theater		27,576
Webster Commons		2007		98,984		96.7	%		11.50	Big Lots		37,024
										Planet Fitness		18,681
Total Massachusetts				1,123,725		93.2	%		13.15

New Jersey
Pine Grove Plaza		2003		86,089		90.7	%		11.75	Peebles		24,963
The Shops at Bloomfield Station		2016		63,844		89.9	%		19.43	Super Foodtown		28,505
Washington Center Shoppes		2001		157,394		91.1	%		10.29	Acme Markets		66,046
										Planet Fitness		20,742
Total New Jersey				307,327		90.8	%		12.58

New York
Carman's Plaza		2007		194,181		84.8	%		19.77	24 Hour Fitness		53,404
										Key Foods		32,570
										Department of Motor Vehicle		19,310
Pennsylvania
Academy Plaza		2001		137,415		90.8	%		15.82	Acme Markets		50,918
Camp Hill		2002		423,671		99.7	%		15.13	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	%		13.34	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		93.5	%		19.74	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	%		16.00	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	%		12.25	LA Fitness		44,796
										Marshalls		30,000
										Staples		24,060
										Just Cabinets		18,665
										Aldi		15,242
Halifax Plaza		2003		51,510		100.0	%		13.15	Giant Foods		32,000
Hamburg Square		2004		99,580		67.4	%		6.86	Redner's		56,780
Lawndale Plaza		2015		92,773		98.0	%		18.41	Shop Rite		63,342
Meadows Marketplace	2004/2012			91,518		92.0	%		15.47	Giant Foods		67,907
Newport Plaza		2003		64,489		100.0	%		12.74	Giant Foods		43,400
Northside Commons		2008		69,136		100.0	%		10.15	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		90.4	%		14.49	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)
Riverview Plaza		2003		236,217		85.4	%		21.13	United Artists		77,700
										Avalon Carpet		25,000
										Pep Boys		22,000
										Staples		18,000
South Philadelphia		2003		251,881		83.1	%		14.74	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	%		18.30	LA Fitness		37,200
The Commons		2004		203,309		61.7	%		9.51	Pat Catans		52,654
										TJ Maxx		24,404
The Point		2000		268,037		96.6	%		13.25	Burlington Coat Factory		76,665
										Giant Foods		76,627
										A.C. Moore		24,890
										Staples		24,000
Trexler Mall		2005		337,297		79.3	%		11.24	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	%		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				4,356,884		89.7	%		14.07

Virginia
Coliseum Marketplace		2005		106,648		100.0	%		17.20	Kroger		57,662
										Michaels		23,981
Elmhurst Square		2006		66,254		92.5	%		10.21	Food Lion		38,272
General Booth Plaza		2005		71,639		100.0	%		14.56	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	%		11.60	Walmart		41,975
										Farm Fresh		16,938
Oak Ridge Shopping Center		2006		38,700		92.2	%		11.13	Food Lion		33,000
Suffolk Plaza		2005		67,216		100.0	%		9.90	Kroger		67,216
Total Virginia				493,297		97.2	%		12.25

Total (91.6% leased at September 30, 2018)				8,728,322		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
3rd Quarter 2018		41		191,200	$	12.22	$	11.82	3.4%	$	13.33		7.4
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
Total		157		1,282,500	$	12.63	$	12.91	-2.2%	$	7.52		6.9


New Leases - Comparable
3rd Quarter 2018		16		81,700	$	10.79	$	11.39	-5.3%	$	31.19		8.9
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
Total		54		311,500	$	11.88	$	12.36	-3.9%	$	25.59		8.9


Renewals - Comparable
3rd Quarter 2018		25		109,500	$	13.29	$	12.14	9.4%	$	0.00		6.3
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
Total		103		971,000	$	12.87	$	13.08	-1.6%	$	1.72		6.3


Total Comparable and Non-Comparable
3rd Quarter 2018		42		193,200	$	12.61	N/A		N/A	$	13.19		7.4
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
Total		163		1,310,600	$	12.73	N/A		N/A	$	7.72		6.9

	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		8		538,000		6.2	%	$	8,857,000	$	16.46		8.1	%
Shop Rite		4		250,000		2.9	%		4,159,000		16.64		3.8	%
Stop & Shop		4		271,000		3.1	%		2,966,000		10.94		2.7	%
LA Fitness		5		199,000		2.3	%		2,766,000		13.90		2.5	%
Dollar Tree		22		226,000		2.6	%		2,574,000		11.39		2.4	%
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	%		1,773,000		16.73		1.6	%
BJ's Wholesale Club		1		118,000		1.4	%		1,683,000		14.26		1.5	%
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		1.9	%		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	%		1,237,000		12.49		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		3,488,000		40.0	%		42,768,000		12.26		39.2	%
Remaining tenants		752		4,481,000		51.3	%		66,235,000		14.78		60.8	%
Sub-total all tenants (b)		840		7,969,000		91.3	%	$	109,003,000	$	13.68		100.0	%
Vacant space	N/A			759,000		8.7	%
Total		840		8,728,000		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 $467,000).

										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		45		173,000		2.2	%	$	2,772,000	$	16.02		2.5	%
2018		24		183,000		2.3	%		3,312,000		18.10		3.0	%
2019		113		715,000		9.0	%		9,924,000		13.88		9.1	%
2020		139		1,416,000		17.8	%		17,400,000		12.29		16.0	%
2021		129		978,000		12.3	%		14,688,000		15.02		13.5	%
2022		105		614,000		7.7	%		9,420,000		15.34		8.6	%
2023		71		593,000		7.4	%		8,292,000		13.98		7.6	%
2024		48		788,000		9.9	%		9,420,000		11.95		8.6	%
2025		35		526,000		6.6	%		7,320,000		13.92		6.7	%
2026		28		223,000		2.8	%		3,576,000		16.04		3.3	%
2027		34		319,000		4.0	%		4,236,000		13.28		3.9	%
2028		31		378,000		4.7	%		4,536,000		12.00		4.2	%
Thereafter		38		1,063,000		13.3	%		14,107,000		13.25		12.9	%
All tenants		840		7,969,000		100.0	%	$	109,003,000	$	13.68		100.0	%
Vacant space	N/A			759,000	N/A
Total portfolio		840		8,728,000	N/A

Same-Property NOI (a)	Three months ended September 30,						Nine months ended September 30,
	2018			2017			2018			2017
Base Rents	$	21,450,000		$	21,390,000		$	62,956,000		$	62,554,000
Expense Recoveries		5,964,000			5,724,000			18,273,000			17,218,000
Total Revenues		27,414,000			27,114,000			81,229,000			79,772,000
Operating expenses		8,068,000			7,729,000			24,318,000			23,167,000
Same-Property NOI	$	19,346,000		$	19,385,000		$	56,911,000		$	56,605,000

Occupied	91.9%			92.4%			92.0%			92.6%
Leased	92.3%			93.7%			92.4%			93.9%
Average base rent	$	13.22		$	13.08		$	13.16		$	13.02
Number of same properties	48			48			47			47
Same-Property NOI growth	-0.2%						0.5%


Same-Property NOI Reconciliation (a)	Three months ended September 30,						Nine months ended September 30,
	2018			2017			2018			2017
Operating income	$	16,685,000		$	11,961,000		$	20,919,000		$	30,611,000
Add (deduct):
General and administrative		3,975,000			4,121,000			12,745,000			12,494,000
Acquisition pursuit costs		-			-			-			156,000
Gain on sales		(4,864,000	)		-			(4,864,000	)		(7,099,000	)
Impairment (reversals)/charges		(707,000	)		-			20,689,000			9,850,000
Depreciation and amortization		9,650,000			9,807,000			30,245,000			30,178,000
Straight-line rents		(332,000	)		(291,000	)		(824,000	)		(787,000	)
Amortization of intangible lease liabilities		(729,000	)		(625,000	)		(3,611,000	)		(1,900,000	)
Other adjustments		50,000			(67,000	)		(73,000	)		(157,000	)
NOI related to properties not defined as same-property		(4,382,000	)		(5,521,000	)		(18,315,000	)		(16,741,000	)
Same-Property NOI	$	19,346,000		$	19,385,000		$	56,911,000		$	56,605,000

				Date			Purchase
Acquisitions	Location	GLA		Acquired			Price
Land parcel adjacent to Riverview Plaza	Philadelphia, PA	n/a		8/8/2018			$	1,000,000
Senator Square Buildings	Washington, D.C.		61,687	8/21/2018				5,727,000	(a)
							$	6,727,000

				Date			Sales
Dispositions	Location	GLA		Sold			Price
Mechanicsburg Center	Mechanicsburg, PA		51,500	8/28/2018			$	16,100,000
West Bridgewater Plaza	West Bridgewater, PA		133,039	9/28/2018				3,500,000
							$	19,600,000

							Average
				Percent			base rent per
Real Estate Held for Sale	Location	GLA		occupied			leased sq. ft.
Carll's Corner	Bridgeton, NJ		129,582		39.1	%	$	8.14
Maxatawny Marketplace	Maxatawny, PA		68,730		100.0	%		11.85
			198,312		60.2	%	$	10.27

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 and Maturities		12

Portfolio Information
Real Estate Summary		13 - 15
Leasing Activity		16
Tenant Concentration		17
Lease Expirations		18
Same-Property Net Operating Income		19
Summary of Acquisitions, Dispositions and Real Estate Held for Sale		20

Non-GAAP Financial Disclosures		21


		Revised Guidance
Net (loss) attributable to common shareholders per diluted share		($0.13) - ($0.12)
NAREIT-defined FFO per diluted share		$0.48 - $0.49
Operating FFO per diluted share		$0.58 - $0.59

	Mortgage Loan		Capital Lease		Revolving			Term
Year	Payable		Obligation		Credit Facility			Loans		Amounts
2018	$	243,000	$	8,000	$	-		$	-	$	251,000
2019		995,000		32,000		-			-		1,027,000
2020		1,034,000		33,000		-			-		1,067,000
2021		1,074,000		35,000		102,000,000	(c)		75,000,000		178,109,000
2022		1,116,000		37,000		-			150,000,000		151,153,000
2023		1,160,000		39,000		-			100,000,000		101,199,000
2024		1,206,000		41,000		-			75,000,000		76,247,000
2025		1,253,000		44,000		-			75,000,000		76,297,000
2026		39,836,000		48,000		-			-		39,884,000
Thereafter		-		5,387,000		-			-		5,387,000
	$	47,917,000	$	5,704,000	$	102,000,000		$	475,000,000	$	630,621,000