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 – February 7, 2019 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the fourth quarter and full year 2018. Net income attributable to common shareholders was $0.02 per diluted share for the fourth quarter and net loss attributable to common shareholders was $(0.13) per diluted share for the full year 2018. Other highlights include:

“We continue to advance our ambitious redevelopment plans while agilely exploiting the public-private market disconnect by selling lower quality centers and using the proceeds to repurchase our shares. We expect the combination of executing our long-term capital allocation strategy with the opportunistic implementation of our share buy-back will lead to long-term value creation for our shareholders,” commented Bruce Schanzer, President and Chief Executive Officer.

Net income attributable to common shareholders for the fourth quarter of 2018 was $1.9 million or $0.02 per diluted share, compared to net income of $2.6 million or $0.03 per diluted share for the same period in 2017. Net loss attributable to common shareholders for the full year 2018 was $(10.5) million or $(0.13) per diluted share, compared to net loss of $(2.4) million or $(0.04) per diluted share for the same period in 2017. The principal differences in the comparative three-month results are impairment reversals and early extinguishment of debt costs in 2017. The principal differences in the comparative full year results are lease termination income, gain on sales, impairment charges, preferred stock redemption and early extinguishment of debt costs.

NAREIT-defined FFO for the fourth quarter of 2018 was $11.7 million or $0.13 per diluted share, compared to $12.2 million or $0.13 per diluted share for the same period in 2017. NAREIT-defined FFO for the full year 2018 was $45.2 million or $0.49 per diluted share, compared to $40.0 million or $0.45 per diluted share for the same period in 2017. Operating FFO for the fourth quarter of 2018 was $11.7 million or $0.13 per diluted share, compared to $12.4 million or $0.14 per diluted share for the same period in 2017. Operating FFO for the full year 2018 was $53.6 million or $0.58 per diluted share, compared to $48.3 million or $0.55 per diluted share for the same period in 2017. The principal differences between Operating FFO and FFO are preferred stock redemption and early extinguishment of debt costs.

During the fourth quarter of 2018, the Company signed 44 leases for 331,300 square feet. On a comparable space basis, the Company leased 290,800 square feet at a positive lease spread of 6.1% on a cash basis (new leases increased 21.4% and renewals increased 1.0%). During the full year 2018, the Company signed 169 leases for 1,370,400 square feet. On a comparable space basis, the Company leased 1,304,800 square feet at a negative lease spread of (1.4)% on a cash basis (renewals decreased (1.7)% and new leases remained unchanged).

Excluding six strategic leases signed in early 2018, comparable lease spread for the full year 2018 would have been 4.9% (renewals increased 4.7% and new leases 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 net operating income (NOI) decreased (0.3)% for the full year 2018 and decreased (3.0)% for the fourth quarter of 2018. Both the full year and quarter results were impacted by two Bon-Tons vacating and the Company proactively renewing and extending five anchors at reduced or flat base rental rates. Additionally, the quarter was impacted by Weiss vacating at the beginning of the quarter at Oakland Mills and the new grocer not commencing cash rent until late in the first quarter of 2019, along with Fallas vacating.

The Company's total portfolio, excluding properties held for sale, was 91.0% leased at December 31, 2018, compared to 91.6% at September 30, 2018 and 92.9% at December 31, 2017. The Company's same-property portfolio was 91.8% leased at December 31, 2018, compared to 92.3% at September 30, 2018 and 93.3% at December 31, 2017. The decreases in lease percentages are primarily the result of two Bon-Ton spaces (117,000 square feet) vacating in the second quarter of 2018 and two Fallas spaces (68,000 square feet) vacating in the fourth quarter of 2018.

As of December 31, 2018, the Company had $132.2 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization for real estate (EBITDAre) of 7.8 times.

On December 18, 2018, the Company’s Board of Directors approved a stock repurchase program, which authorizes the Company to purchase up to $30.0 million of the Company’s common stock in the open market or through private transactions, subject to market conditions, from time to time, over the next 12 months. The Company has repurchased 2,774,000 shares of common stock for $9.0 million or $3.25 per share (2,002,000 common shares for $6.7 million or $3.33 per share subsequent to year-end).

The principal difference between NAREIT-defined FFO and Operating FFO in the above for 2019 is demolition costs related to redevelopments.

NAREIT-defined FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company considers NAREIT-defined FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets. The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company's performance across reporting periods on a consistent basis by excluding such items. NAREIT-defined FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company's operating performance. A reconciliation of net income (loss) attributable to common shareholders to NAREIT-defined FFO and Operating FFO for the three months ended and full year ended December 31, 2018 and 2017 is detailed in the attached schedule.

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

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

The Company has issued "Supplemental Financial Information" for the period ended December 31, 2018. Such information has been filed today as an exhibit to Form 8-K and will also be available on the Company's website at www.cedarrealtytrust.com.

The Company will host a conference call today, February 7, 2019, at 5:00 PM (ET) to discuss the quarterly and yearly results. The conference call can be accessed by dialing (877) 705-6003 or (1) (201) 493-6725 for international participants. A live webcast of the conference call will be available online on the Company's website at www.cedarrealtytrust.com.

A replay of the call will be available from 8:00 PM (ET) on February 7, 2019, until midnight (ET) on February 21, 2019. The replay dial-in numbers are (844) 512-2921 or (1) (412) 317-6671 for international callers. Please use passcode 13686371 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.

	December 31,
	2018			2017
ASSETS
Real estate, at cost	$	1,508,682,000		$	1,534,599,000
Less accumulated depreciation		(361,969,000	)		(341,943,000	)
Real estate, net		1,146,713,000			1,192,656,000
Real estate held for sale		11,592,000			-
Cash and cash equivalents		1,977,000			3,702,000
Restricted cash		-			3,517,000
Receivables		21,977,000			17,193,000
Other assets and deferred charges, net		40,642,000			35,350,000
TOTAL ASSETS	$	1,222,901,000		$	1,252,418,000

LIABILITIES AND EQUITY
Liabilities:
Mortgage loans payable	$	47,315,000		$	127,969,000
Capital lease obligation		5,387,000			-
Unsecured revolving credit facility		100,000,000			55,000,000
Unsecured term loans		472,132,000			397,156,000
Accounts payable and accrued liabilities		26,142,000			24,519,000
Unamortized intangible lease liabilities		13,209,000			17,663,000
Total liabilities		664,185,000			622,307,000

Equity:
Preferred stock		159,541,000			207,508,000
Common stock and other shareholders' equity		395,884,000			420,828,000
Noncontrolling interests		3,291,000			1,775,000
Total equity		558,716,000			630,111,000

TOTAL LIABILITIES AND EQUITY	$	1,222,901,000		$	1,252,418,000

	Three months ended December 31,						Years ended December 31,
	2018			2017			2018			2017
PROPERTY REVENUES
Rents	$	28,126,000		$	28,486,000		$	113,858,000		$	113,276,000
Expense recoveries		8,578,000			8,424,000			33,378,000			31,220,000
Other		228,000			227,000			4,784,000			1,512,000
Total property revenues		36,932,000			37,137,000			152,020,000			146,008,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		7,589,000			6,668,000			27,771,000			24,752,000
Real estate and other property-related taxes		4,951,000			4,980,000			20,123,000			19,577,000
Total property operating expenses		12,540,000			11,648,000			47,894,000			44,329,000

PROPERTY OPERATING INCOME		24,392,000			25,489,000			104,126,000			101,679,000

OTHER EXPENSES AND INCOME
General and administrative		4,170,000			4,413,000			16,915,000			16,907,000
Acquisition pursuit costs		-			-			-			156,000
Depreciation and amortization		9,808,000			9,937,000			40,053,000			40,115,000
Gain on sale		-			-			(4,864,000	)		(7,099,000	)
Impairment (reversals)/charges		-			(312,000	)		20,689,000			9,538,000
Total other expenses and income		13,978,000			14,038,000			72,793,000			59,617,000

OPERATING INCOME		10,414,000			11,451,000			31,333,000			42,062,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(5,678,000	)		(5,561,000	)		(22,146,000	)		(22,199,000	)
Early extinguishment of debt costs		-			(210,000	)		(4,829,000	)		(210,000	)
Total non-operating income and expense		(5,678,000	)		(5,771,000	)		(26,975,000	)		(22,409,000	)

NET INCOME		4,736,000			5,680,000			4,358,000			19,653,000

Attributable to noncontrolling interests		(116,000	)		(139,000	)		(469,000	)		(510,000	)

NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		4,620,000			5,541,000			3,889,000			19,143,000

Preferred stock dividends		(2,688,000	)		(2,913,000	)		(10,863,000	)		(13,652,000	)
Preferred stock redemption costs		-			-			(3,507,000	)		(7,890,000	)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	1,932,000		$	2,628,000		$	(10,481,000	)	$	(2,399,000	)

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)	$	0.02		$	0.03		$	(0.13	)	$	(0.04	)

Weighted average number of common shares - basic and diluted		88,998,000			87,526,000			88,420,000			84,168,000

Balance Sheets	December 31,
	2018		2017

Construction in process (included in real estate, at cost)	$	15,151,000	$	12,396,000

Receivables
Rents and other tenant receivables, net	$	4,443,000	$	3,118,000
Mortgage note receivable		3,500,000		-
Straight-line rents		14,034,000		14,075,000
	$	21,977,000	$	17,193,000

Other assets and deferred charges, net
Lease origination costs	$	21,623,000	$	19,343,000
Interest rate swap assets		8,871,000		6,394,000
Prepaid expenses		5,790,000		5,377,000
Revolving credit facility issuance costs		1,627,000		2,207,000
Other		2,731,000		2,029,000
	$	40,642,000	$	35,350,000

Statements of Operations	Three months ended December 31,				Years ended December 31,
	2018		2017		2018		2017
Rents
Base rents	$	26,729,000	$	27,600,000	$	107,630,000	$	108,998,000
Percentage rent		328,000		191,000		725,000		896,000
Straight-line rents		318,000		77,000		1,142,000		864,000
Amortization of intangible lease liabilities, net		751,000		618,000		4,361,000		2,518,000
	$	28,126,000	$	28,486,000	$	113,858,000	$	113,276,000

	Three months ended December 31,						Years ended December 31,
	2018			2017			2018			2017
Net income (loss) attributable to common shareholders	$	1,932,000		$	2,628,000		$	(10,481,000	)	$	(2,399,000	)
Real estate depreciation and amortization		9,763,000			9,886,000			39,858,000			39,922,000
Limited partners' interest		13,000			9,000			(28,000	)		(13,000	)
Gain on sales		-			-			(4,864,000	)		(7,099,000	)
Impairment (reversals)/charges		-			(312,000	)		20,689,000			9,538,000
Consolidated minority interests:
Share of income		103,000			130,000			497,000			523,000
Share of FFO		(87,000	)		(118,000	)		(430,000	)		(440,000	)
Funds From Operations ("FFO") applicable to diluted common shares		11,724,000			12,223,000			45,241,000			40,032,000
Adjustments for items affecting comparability:
Preferred stock redemption costs		-			-			3,507,000			7,890,000
Financing costs (a)		-			210,000			4,829,000			210,000
Acquisition pursuit costs		-			-			-			156,000
Redevelopment costs (b)		-			-			-			37,000
Operating Funds From Operations ("Operating FFO") applicable to diluted common shares	$	11,724,000		$	12,433,000		$	53,577,000		$	48,325,000

FFO per diluted common share:	$	0.13		$	0.13		$	0.49		$	0.45

Operating FFO per diluted common share:	$	0.13		$	0.14		$	0.58		$	0.55

Weighted average number of diluted common shares:
Common shares and equivalents		92,907,000			91,317,000			92,361,000			87,948,000
OP Units		553,000			348,000			429,000			350,000
		93,460,000			91,665,000			92,790,000			88,298,000

Additional Disclosures (c):
Straight-line rents	$	318,000		$	77,000		$	1,142,000		$	864,000
Amortization of intangible lease liabilities		751,000			618,000			4,361,000			2,518,000
Non-real estate amortization		356,000			546,000			1,547,000			1,730,000
Share-based compensation, net		962,000			859,000			3,763,000			3,552,000
Maintenance capital expenditures (d)		2,299,000			2,173,000			6,396,000			5,385,000
Lease related expenditures (e)		1,044,000			1,182,000			8,211,000			5,628,000
Development and redevelopment capital expenditures		4,847,000			3,221,000			20,104,000			22,484,000
Capitalized interest and financing costs		403,000			200,000			1,528,000			683,000

	Three months ended December 31,						Years ended December 31,
	2018			2017			2018			2017
Net income	$	4,736,000		$	5,680,000		$	4,358,000		$	19,653,000
Interest expense		5,678,000			5,561,000			22,146,000			22,199,000
Depreciation and amortization		9,808,000			9,937,000			40,053,000			40,115,000
Gain on sales		-			-			(4,864,000	)		(7,099,000	)
Impairment (reversals)/charges		-			(312,000	)		20,689,000			9,538,000
EBITDAre		20,222,000			20,866,000			82,382,000			84,406,000
Adjustments for items affecting comparability:
Acquisition pursuit costs		-			-			-			156,000
Financing costs (a)		-			210,000			4,829,000			210,000
Redevelopment costs (b)		-			-			-			37,000
Adjusted EBITDAre	$	20,222,000		$	21,076,000		$	87,211,000		$	84,809,000

Net debt (c)
Debt, excluding issuance costs	$	622,674,000		$	580,125,000		$	622,674,000		$	580,125,000
Capital lease obligation		5,696,000			-			5,696,000			-
Unrestricted cash and cash equivalents		(1,977,000	)		(3,702,000	)		(1,977,000	)		(3,702,000	)
	$	626,393,000		$	576,423,000		$	626,393,000		$	576,423,000

Fixed charges (c)
Interest expense	$	5,778,000		$	5,228,000		$	22,273,000		$	21,233,000
Preferred stock dividends		2,688,000			2,913,000			10,863,000			13,652,000
Scheduled mortgage repayments		251,000			793,000			2,334,000			2,388,000
	$	8,717,000		$	8,934,000		$	35,470,000		$	37,273,000

Debt and Coverage Ratios (d)
Net debt to Adjusted EBITDAre (f)		7.8	x		6.9	x		7.7	x		6.9	x
Interest coverage ratio (based on Adjusted EBITDAre)		3.5	x		4.0	x		3.7	x		4.0	x
Fixed charge coverage ratio (based on Adjusted EBITDAre)		2.3	x		2.4	x		2.3	x		2.3	x

	Maturity	Interest
	Dates	Rates	Amounts
Secured fixed-rate debt:
Franklin Village Plaza mortgage	Jun 2026	3.9%		47,674,000
Senator Square capital lease obligation (a)	Sep 2050	5.3%		5,696,000

Unsecured debt:
Variable-rate (b):
Revolving credit facility (c)	Sep 2021	3.8%		100,000,000
Term loan	Sep 2022	3.8%		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	3.5%		575,000,000

Total debt	weighted average	3.6%		628,370,000

Unamortized mortgage, capital lease and term loan issuance costs				(3,536,000	)

Total debt			$	624,834,000

Fixed to variable rate debt ratio:
Fixed-rate debt		76.1%	$	478,370,000
Variable-rate debt		23.9%		150,000,000
		100.0%	$	628,370,000

								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	%	$	24.26	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		73.6	%		13.43	Stop & Shop		60,632
										Cardio Fitness		20,283
New London Mall		2009		259,566		92.1	%		14.91	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	%		7.74	Walmart		95,482
										NAMCO		20,000
Total Connecticut				1,141,979		92.9	%		12.15

Delaware
Christina Crossing		2017		119,353		89.4	%		17.53	Shop Rite		68,621

Maryland / Washington, D.C.
East River Park		2015		150,038		98.7	%		21.67	Safeway		40,000
										District of Columbia		34,400
Metro Square		2008		71,896		100.0	%		18.14	Shoppers Food Warehouse		58,668
Oakland Mills		2005		58,224		91.0	%		12.11	LA Mart		39,279
San Souci Plaza (b)		2009		264,134		82.6	%		11.20	Shoppers Food Warehouse		61,466
										Marshalls		27,000
										Home Goods		19,688
										Maximum Health and Fitness		15,612
Senator Square		2018		61,691		100.0	%		20.80	Unity Health Care		18,750
Shoppes at Arts District		2016		35,676		100.0	%		36.01	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		74.7	%		13.39	Food Lion		37,692
Total Maryland / Washington, D.C.				991,580		89.8	%		14.39

Massachusetts
Fieldstone Marketplace	2005/2012			150,123		80.0	%		12.18	Shaw's		68,000
										Work Out World		32,250
Franklin Village Plaza	2004/2012			303,524		90.1	%		21.61	Stop & Shop		75,000
										Marshalls		26,890
										Boost Fitness		15,807
Kings Plaza		2007		168,243		81.9	%		8.59	Fun Z Trampoline Park		42,997
										Ocean State Job Lot		20,300
										Savers		19,339
Norwood Shopping Center		2006		97,756		98.2	%		10.43	Big Y		42,598
										Planet Fitness		18,830
										Dollar Tree		16,798
The Shops at Suffolk Downs		2005		121,320		100.0	%		14.19	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	%		11.52	Big Lots		37,024
										Planet Fitness		18,681
Total Massachusetts				1,123,725		89.7	%		13.54

New Jersey
Pine Grove Plaza		2003		86,089		90.7	%		11.66	Peebles		24,963
The Shops at Bloomfield Station		2016		63,844		86.7	%		19.38	Super Foodtown		28,505
Washington Center Shoppes		2001		157,394		92.9	%		10.14	Acme Markets		66,046
										Planet Fitness		20,742
Total New Jersey				307,327		91.0	%		12.39

New York
Carman's Plaza		2007		195,283		84.9	%		19.96	24 Hour Fitness		54,106
										Key Foods		32,570
										Department of Motor Vehicle		19,310
Pennsylvania
Academy Plaza		2001		137,415		90.8	%		15.54	Acme Markets		50,918
Camp Hill		2002		423,671		99.7	%		15.14	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	%		13.35	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	%		19.77	Giant Foods		78,815
Fairview Commons		2007		52,964		66.7	%		10.63	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	%		9.23	Redner's		48,920
Golden Triangle		2003		202,790		95.5	%		12.21	LA Fitness		44,796
										Marshalls		30,000
										Staples		24,060
										Just Cabinets		18,665
										Aldi		15,242
Halifax Plaza		2003		51,510		100.0	%		13.00	Giant Foods		32,000
Hamburg Square		2004		99,580		67.4	%		6.86	Redner's		56,780
Lawndale Plaza		2015		92,773		98.0	%		18.46	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	%		10.19	Redner's		53,019
Palmyra Shopping Center		2005		111,051		87.5	%		7.49	Weis Markets		46,912
										Goodwill		18,104
Port Richmond Village		2001		125,578		90.4	%		14.69	Thriftway		40,000
										Pep Boys		20,615
Quartermaster Plaza		2014		456,602		93.5	%		14.45	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	%		21.18	United Artists		77,700
										Avalon Carpet		25,000
										Pep Boys		22,000
										Staples		18,000
South Philadelphia		2003		251,881		86.0	%		13.93	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	%		18.36	LA Fitness		37,200
The Commons		2004		203,309		61.7	%		10.01	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	%		11.59	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		92.1	%		14.11	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		90.0	%		14.07

Virginia
Coliseum Marketplace		2005		106,648		100.0	%		17.20	Kroger		57,662
										Michaels		23,981
Elmhurst Square		2006		66,254		93.5	%		10.34	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		94.5	%		11.65	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		97.6	%		12.27

Total (91.0% leased at December 31, 2018)				8,729,428		90.7	%	$	13.78

										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
4th Quarter 2018		40		290,800	$	13.32	$	12.55	6.1%	$	11.96		5.9
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
Total		160		1,304,800	$	12.91	$	13.09	-1.4%	$	7.54		6.8


New Leases - Comparable
4th Quarter 2018		8		84,000	$	13.20	$	10.87	21.4%	$	38.85		8.5
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
Total		41		260,100	$	12.07	$	12.06	0.0%	$	30.58		8.8


Renewals - Comparable
4th Quarter 2018		32		206,800	$	13.36	$	13.22	1.0%	$	1.04		4.9
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
Total		119		1,044,700	$	13.12	$	13.35	-1.7%	$	1.80		6.4


Total Comparable and Non-Comparable
4th Quarter 2018		44		331,300	$	12.75	N/A		N/A	$	15.74		6.5
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
Total		169		1,370,400	$	12.87	N/A		N/A	$	8.74		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	%		4,212,000		16.85		3.9	%
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	%		2,542,000		11.25		2.3	%
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	%		1,129,000		7.68		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	%		42,805,000		12.27		39.2	%
Remaining tenants		755		4,426,000		50.7	%		66,256,000		14.97		60.8	%
Sub-total all tenants (b)		843		7,914,000		90.7	%	$	109,061,000	$	13.78		100.0	%
Vacant space	N/A			815,000		9.3	%
Total		843		8,729,000		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		46		193,000		2.4	%	$	3,168,000	$	16.41		2.9	%
2019		105		703,000		8.9	%		10,320,000		14.68		9.5	%
2020		133		1,343,000		17.0	%		16,812,000		12.52		15.4	%
2021		131		931,000		11.8	%		14,616,000		15.70		13.4	%
2022		106		608,000		7.7	%		9,420,000		15.49		8.6	%
2023		76		609,000		7.7	%		8,496,000		13.95		7.8	%
2024		62		858,000		10.8	%		10,656,000		12.42		9.8	%
2025		40		583,000		7.4	%		7,800,000		13.38		7.2	%
2026		30		263,000		3.3	%		3,804,000		14.46		3.5	%
2027		34		319,000		4.0	%		4,248,000		13.32		3.9	%
2028		34		393,000		5.0	%		4,872,000		12.40		4.5	%
2029		21		481,000		6.1	%		5,772,000		12.00		5.3	%
Thereafter		25		630,000		8.0	%		9,077,000		14.41		8.3	%
All tenants		843		7,914,000		100.0	%	$	109,061,000	$	13.78		100.0	%
Vacant space	N/A			815,000	N/A
Total portfolio		843		8,729,000	N/A

Same-Property NOI (a)	Three months ended December 31,						Years ended December 31,
	2018			2017			2018			2017
Base Rents	$	21,531,000		$	21,757,000		$	84,050,000		$	83,875,000
Expense Recoveries		6,511,000			6,396,000			24,530,000			23,507,000
Total Revenues		28,042,000			28,153,000			108,580,000			107,382,000
Operating expenses		9,030,000			8,559,000			32,921,000			31,532,000
Same-Property NOI	$	19,012,000		$	19,594,000		$	75,659,000		$	75,850,000

Occupied	91.5%			92.8%			91.6%			93.1%
Leased	91.8%			93.3%			91.8%			93.6%
Average base rent	$	13.30		$	13.18		$	13.23		$	13.12
Number of same properties	48			48			47			47
Same-Property NOI growth	-3.0%						-0.3%


Same-Property NOI Reconciliation (a)	Three months ended December 31,						Years ended December 31,
	2018			2017			2018			2017
Operating income	$	10,414,000		$	11,451,000		$	31,333,000		$	42,062,000
Add (deduct):
General and administrative		4,170,000			4,413,000			16,915,000			16,907,000
Acquisition pursuit costs		-			-			-			156,000
Gain on sales		-			-			(4,864,000	)		(7,099,000	)
Impairment (reversals)/charges		-			(312,000	)		20,689,000			9,538,000
Depreciation and amortization		9,808,000			9,937,000			40,053,000			40,115,000
Straight-line rents		(318,000	)		(77,000	)		(1,142,000	)		(864,000	)
Amortization of intangible lease liabilities		(751,000	)		(618,000	)		(4,361,000	)		(2,518,000	)
Other adjustments		172,000			(119,000	)		187,000			(276,000	)
NOI related to properties not defined as same-property		(4,483,000	)		(5,081,000	)		(23,151,000	)		(22,171,000	)
Same-Property NOI	$	19,012,000		$	19,594,000		$	75,659,000		$	75,850,000

				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	%	$	9.76
Maxatawny Marketplace	Maxatawny, PA		68,730		100.0	%		11.85
			198,312		60.2	%	$	10.96

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


		Guidance
Net income attributable to common shareholders per diluted share		$0.02 - $0.04
NAREIT-defined FFO per diluted share		$0.43 - $0.45
Operating FFO per diluted share		$0.44 - $0.46

	Mortgage Loan		Capital Lease		Revolving			Term
Year	Payable		Obligation		Credit Facility			Loans		Amounts
2019	$	995,000	$	32,000	$	-		$	-	$	1,027,000
2020		1,034,000		33,000		-			-		1,067,000
2021		1,074,000		35,000		100,000,000	(c)		75,000,000		176,109,000
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
	$	47,674,000	$	5,696,000	$	100,000,000		$	475,000,000	$	628,370,000