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 6, 2020 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the fourth quarter and full year 2019. Net loss attributable to common shareholders was $(0.15) per diluted share for the fourth quarter and net loss attributable to common shareholders was $(0.12) per diluted share for the full year 2019. Other highlights include:

Net loss attributable to common shareholders for the fourth quarter of 2019 was $(12.7) million or $(0.15) per diluted share, compared to net income of $1.9 million or $0.02 per diluted share for the same period in 2018. The principal differences in the comparative three-month results were an impairment charge on a property held for sale, and the acceleration of depreciation relating to the demolition of certain existing buildings at redevelopment properties in 2019. Net loss attributable to common shareholders for the full year 2019 was $(9.7) million or $(0.12) per diluted share, compared to net loss of $(10.5) million or $(0.13) per diluted share for the full year 2018. The principal differences in the comparative full year results were an impairment charge on a property held for sale, and the acceleration of depreciation relating to the demolition of certain existing buildings at redevelopment properties in 2019, and impairment charges related to properties held for sale, lease termination income, early extinguishment of debt costs and preferred stock redemption costs in 2018.

NAREIT-defined FFO for the fourth quarter of 2019 was $11.0 million or $0.12 per diluted share, compared to $11.7 million or $0.13 per diluted share for the same period in 2018. Operating FFO for the fourth quarter of 2019 was $9.7 million or $0.11 per diluted share, compared to $11.7 million or $0.13 per diluted share for the same period in 2018. The difference between Operating FFO and NAREIT-defined FFO in 2019 were management transition and redevelopment costs. The principal differences between the comparative three-months Operating FFO results were an increase in in general and administrative expenses as a result of the adoption of the new lease accounting standard and property dispositions in 2019.

NAREIT-defined FFO for the full year 2019 was $42.1 million or $0.46 per diluted share, compared to $45.2 million or $0.49 per diluted share for the same period in 2018. Operating FFO for the full year 2019 was $40.8 million or $0.45 per diluted share, compared to $53.6 million or $0.58 per diluted share for the full year 2018. The differences between Operating FFO and NAREIT-defined FFO were management transition and redevelopment costs in 2019, and preferred stock redemption costs and early extinguishment of debt costs in 2018. The principal difference between the full year Operating FFO results was an increase in general and administrative expenses as a result of the adoption of the new lease accounting standard and property dispositions in 2019, and lease termination income in 2018.

During the fourth quarter of 2019, the Company signed 41 leases for 297,100 square feet. On a comparable space basis, the Company leased 286,200 square feet at a positive lease spread of 1.7% on a cash basis (new leases decreased 12.0% and renewals increased 5.9%). During the full year 2019, the Company signed 162 leases for 1,742,100 square feet. On a comparable space basis, the Company leased 1,716,300 square feet at a positive lease spread of 2.1% on a cash basis (new leases increased 10.1% and renewals increased 0.5%).

Same-property NOI increased 0.1% for the fourth quarter of 2019, and increased 0.3% for the full year 2019, both excluding redevelopments, as compared to the same periods in 2018.

The Company’s total portfolio, excluding properties held for sale, was 93.2% leased at December 31, 2019, compared to 92.3% at September 30, 2019 and 91.0% at December 31, 2018. The Company’s same-property portfolio was 93.2% leased at December 31, 2019, compared to 93.1% at September 30, 2019 and 92.0% at December 31, 2018.

As of December 31, 2019, The Commons, located in Dubois, Pennsylvania, Carll’s Corner, located in Bridgeton, New Jersey and Suffolk Plaza, located in Suffolk, Virginia, have been classified as “real estate held for sale”.

As of December 31, 2019, the Company had $95.6 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization for real estate (EBITDAre) of 8.7 times. Further, the Company has no debt maturities until early 2021.

On December 18, 2018, the Company’s Board of Directors approved a stock repurchase program, which authorized the purchase of 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, through December 18, 2019. During the three months ended March 31, 2019, the Company repurchased 2,050,000 shares at a weighted average price per share of $3.34. There have been no repurchases subsequent to March 31, 2019. Since approval of the plan on December 18, 2018, the Company has repurchased a total of 2,823,000 shares at a weighted average price per share of $3.25.

The principal difference between NAREIT-defined FFO and Operating FFO in the above for 2020 is related to redevelopments.

The following table reconciles the Company’s initial 2020 guidance from net loss attributable to common shareholders per diluted share to NAREIT-defined FFO per diluted share and Operating FFO per diluted share:

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 and full year ended December 31, 2019 and 2018 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 management transition, 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, 2019. 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 6, 2020, 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 February 6, 2020, until midnight (ET) on February 20, 2020. The replay dial-in numbers are (844) 512-2921 or (1) (412) 317-6671 for international callers. Please use passcode 13697868 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 56 properties, with approximately 8.3 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, 2018, 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 December 31,						Years ended December 31,
	2019			2018			2019			2018
PROPERTY REVENUES
Rental revenues	$	35,328,000		$	36,704,000		$	142,719,000		$	147,236,000
Other		300,000			228,000			1,364,000			4,784,000
Total property revenues		35,628,000			36,932,000			144,083,000			152,020,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		7,143,000			7,589,000			27,593,000			27,771,000
Real estate and other property-related taxes		5,279,000			4,951,000			20,754,000			20,123,000
Total property operating expenses		12,422,000			12,540,000			48,347,000			47,894,000

PROPERTY OPERATING INCOME		23,206,000			24,392,000			95,736,000			104,126,000

OTHER EXPENSES AND INCOME
General and administrative		3,702,000			4,170,000			18,804,000			16,915,000
Depreciation and amortization		14,839,000			9,808,000			45,861,000			40,053,000
Gain on sales		-			-			(2,942,000	)		(4,864,000	)
Impairment charges		8,938,000			-			8,938,000			20,689,000
Total other expenses and income		27,479,000			13,978,000			70,661,000			72,793,000

OPERATING (LOSS) INCOME		(4,273,000	)		10,414,000			25,075,000			31,333,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(5,641,000	)		(5,678,000	)		(23,509,000	)		(22,146,000	)
Early extinguishment of debt costs		-			-			-			(4,829,000	)
Total non-operating income and expense		(5,641,000	)		(5,678,000	)		(23,509,000	)		(26,975,000	)

NET (LOSS) INCOME		(9,914,000	)		4,736,000			1,566,000			4,358,000

Attributable to noncontrolling interests		(55,000	)		(116,000	)		(490,000	)		(469,000	)

NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		(9,969,000	)		4,620,000			1,076,000			3,889,000

Preferred stock dividends		(2,688,000	)		(2,688,000	)		(10,752,000	)		(10,863,000	)
Preferred stock redemption costs		-			-			-			(3,507,000	)

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(12,657,000	)	$	1,932,000		$	(9,676,000	)	$	(10,481,000	)

NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):	$	(0.15	)	$	0.02		$	(0.12	)	$	(0.13	)

Weighted average number of common shares - basic and diluted		86,261,000			88,998,000			86,341,000			88,420,000

Balance Sheets	December 31,
	2019			2018

Construction in process (included in real estate, at cost)	$	26,624,000		$	15,151,000

Receivables
Rents and other tenant receivables, net	$	5,061,000		$	4,443,000
Mortgage note receivable		3,500,000			3,500,000
Straight-line rents		13,603,000			14,034,000
	$	22,164,000		$	21,977,000

Other assets and deferred charges, net
Lease origination costs	$	19,947,000		$	21,623,000
Right-of-use assets (a)		13,638,000			-
Interest rate swap assets		136,000			8,871,000
Prepaid expenses		6,048,000			5,790,000
Revolving credit facility issuance costs		1,021,000			1,627,000
Other		1,349,000			2,731,000
	$	42,139,000		$	40,642,000

Accounts payable and accrued liabilities
Accounts payable and accrued liabilities	$	29,544,000		$	24,566,000
Right-of-use liabilities (a)		13,778,000			-
Interest rate swap liabilities		7,180,000			1,576,000
	$	50,502,000		$	26,142,000

Statements of Operations	Three months ended December 31,					Years ended December 31,
	2019			2018		2019		2018
Rental revenues
Base rents	$	26,051,000		$	26,729,000	$	105,041,000	$	107,630,000
Expense recoveries		8,398,000			8,578,000		33,475,000		33,378,000
Percentage rent		271,000			328,000		971,000		725,000
Straight-line rents		(6,000	)		318,000		405,000		1,142,000
Amortization of intangible lease liabilities, net		614,000			751,000		2,827,000		4,361,000
	$	35,328,000		$	36,704,000	$	142,719,000	$	147,236,000

	Three months ended December 31,						Years ended December 31,
	2019			2018			2019			2018
Net (loss) income attributable to common shareholders	$	(12,657,000	)	$	1,932,000		$	(9,676,000	)	$	(10,481,000	)
Real estate depreciation and amortization		14,793,000			9,763,000			45,677,000			39,858,000
Limited partners' interest		(77,000	)		13,000			(57,000	)		(28,000	)
Gain on sales		-			-			(2,942,000	)		(4,864,000	)
Impairment charges		8,938,000			-			8,938,000			20,689,000
Consolidated minority interests:
Share of income		132,000			103,000			547,000			497,000
Share of FFO		(98,000	)		(87,000	)		(414,000	)		(430,000	)
Funds From Operations ("FFO") applicable to diluted common shares		11,031,000			11,724,000			42,073,000			45,241,000
Adjustments for items affecting comparability:
Reversal of management transition costs (a)		(1,500,000	)		-			(1,500,000	)		-
Redevelopment costs (b)		196,000			-			196,000			-
Financing costs (c)		-			-			-			4,829,000
Preferred stock redemption costs		-			-			-			3,507,000
Operating Funds From Operations ("Operating FFO") applicable to diluted common shares	$	9,727,000		$	11,724,000		$	40,769,000		$	53,577,000

FFO per diluted common share:	$	0.12		$	0.13		$	0.46		$	0.49

Operating FFO per diluted common share:	$	0.11		$	0.13		$	0.45		$	0.58

Weighted average number of diluted common shares:
Common shares and equivalents		90,519,000			92,907,000			90,607,000			92,361,000
OP Units		537,000			553,000			547,000			429,000
		91,056,000			93,460,000			91,154,000			92,790,000

Additional Disclosures (d):
Straight-line rents	$	(6,000	)	$	318,000		$	405,000		$	1,142,000
Amortization of intangible lease liabilities		614,000			751,000			2,827,000			4,361,000
Non-real estate amortization		365,000			356,000			1,471,000			1,547,000
Share-based compensation, net		1,039,000			962,000			4,117,000			3,763,000
Maintenance capital expenditures (e)		1,850,000			2,299,000			9,272,000			6,396,000
Lease related expenditures (f)		2,963,000			1,044,000			9,506,000			8,211,000
Development and redevelopment capital expenditures		6,346,000			4,847,000			20,309,000			20,104,000
Capitalized interest and financing costs		462,000			403,000			1,649,000			1,528,000

	Three months ended December 31,						Years ended December 31,
	2019			2018			2019			2018
Net (loss) income	$	(9,914,000	)	$	4,736,000		$	1,566,000		$	4,358,000
Interest expense		5,641,000			5,678,000			23,509,000			22,146,000
Depreciation and amortization		14,839,000			9,808,000			45,861,000			40,053,000
Gain on sales		-			-			(2,942,000	)		(4,864,000	)
Impairment charges		8,938,000			-			8,938,000			20,689,000
EBITDAre		19,504,000			20,222,000			76,932,000			82,382,000
Adjustments for items affecting comparability:
Reversal of management transition costs (a)		(1,500,000	)		-			(1,500,000	)		-
Redevelopment costs (b)		196,000			-			196,000			-
Financing costs (c)		-			-			-			4,829,000
Adjusted EBITDAre	$	18,200,000		$	20,222,000		$	75,628,000		$	87,211,000

Net debt
Debt, excluding issuance costs	$	627,679,000		$	622,674,000		$	627,679,000		$	622,674,000
Finance lease obligation		5,665,000			5,696,000			5,665,000			5,696,000
Unrestricted cash and cash equivalents		(2,747,000	)		(1,977,000	)		(2,747,000	)		(1,977,000	)
	$	630,597,000		$	626,393,000		$	630,597,000		$	626,393,000

Fixed charges (d)
Interest expense	$	5,770,000		$	5,778,000		$	23,812,000		$	22,273,000
Preferred stock dividends		2,688,000			2,688,000			10,752,000			10,863,000
Scheduled mortgage repayments		261,000			251,000			1,027,000			2,334,000
	$	8,719,000		$	8,717,000		$	35,591,000		$	35,470,000

Debt and Coverage Ratios (e)
Net debt to Adjusted EBITDAre		8.7	x		7.8	x		8.4	x		7.7	x
Interest coverage ratio (based on Adjusted EBITDAre)		3.2	x		3.5	x		3.2	x		3.7	x
Fixed charge coverage ratio (based on Adjusted EBITDAre)		2.1	x		2.3	x		2.1	x		2.3	x

	Maturity	Interest
	Dates	Rates	Amounts
Secured fixed-rate debt:
Franklin Village Plaza mortgage	Jun 2026	3.9%		46,679,000
Senator Square finance lease obligation (a)	Sep 2050	5.3%		5,665,000

Unsecured debt (b):
Variable-rate (c):
Revolving credit facility (d)	Sep 2021	3.2%		106,000,000
Term loan	Sep 2022	3.3%		50,000,000

Fixed-rate (e):
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	3.7%		75,000,000
Term loan	Jul 2025	4.6%		75,000,000
Total unsecured debt	weighted average	3.4%		581,000,000

Total debt	weighted average	3.5%		633,344,000

Unamortized mortgage, finance lease and term loan issuance costs				(2,769,000	)

Total debt			$	630,575,000

Fixed to variable rate debt ratio:
Fixed-rate debt		75.4%	$	477,344,000
Variable-rate debt		24.6%		156,000,000
		100.0%	$	633,344,000

								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	%	$	23.39	Big Y		63,817
Brickyard Plaza		2004		227,598		99.2	%		8.75	Home Depot		103,003
										Kohl's		58,966
										Michaels		21,429
										PetSmart		20,405
Groton Shopping Center		2007		130,264		100.0	%		12.42	TJ Maxx		30,000
										Goodwill		21,306
										Aldi		17,664
										Planet Fitness		17,500
Jordan Lane		2005		177,504		74.5	%		12.81	Stop & Shop		60,632
										Crunch Fitness		20,283
New London Mall		2009		259,566		93.4	%		14.97	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	%		7.85	Walmart		95,482
										NAMCO		20,000
Total Connecticut				1,141,979		93.7	%		12.09

Delaware
Christina Crossing		2017		119,446		90.7	%		19.36	Shop Rite		68,621

Maryland / Washington, D.C.
East River Park		2015		150,038		97.4	%		22.03	Safeway		40,000
										District of Columbia		34,400
Metro Square		2008		71,896		100.0	%		18.66	Shoppers Food Warehouse		58,668
Oakland Mills		2005		59,308		89.3	%		11.68	LA Mart		39,279
San Souci Plaza (b)		2009		264,134		82.3	%		11.38	Shoppers Food Warehouse		61,466
										Marshalls		27,000
										Home Goods		19,688
										World Gym		15,612
Senator Square		2018		61,691		100.0	%		21.11	Unity Health Care		18,750
Shoppes at Arts District		2016		35,676		100.0	%		36.76	Busboys and Poets		9,889
										Yes! Organic Market		7,169
Valley Plaza		2003		190,939		100.0	%		5.94	K-Mart		95,810
										Ollie's Bargain Outlet		41,888
										Tractor Supply		32,095
Yorktowne Plaza		2007		138,843		74.6	%		13.31	Food Lion		37,692
Total Maryland / Washington, D.C.				972,525		90.5	%		14.52

Massachusetts
Fieldstone Marketplace	2005/2012			150,123		78.8	%		12.32	Shaw's		68,000
										Work Out World		32,250
Franklin Village Plaza	2004/2012			303,524		90.1	%		21.12	Stop & Shop		75,000
										Marshalls		26,890
										Boost Fitness		15,807
Kings Plaza		2007		168,243		81.0	%		8.63	Fun Z Trampoline Park		42,997
										Ocean State Job Lot		20,300
										Savers		19,339
Norwood Shopping Center		2006		97,756		96.1	%		10.10	Big Y		42,598
										Planet Fitness		18,830
										Dollar Tree		16,798
The Shops at Suffolk Downs		2005		121,187		100.0	%		14.07	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		182,799		67.4	%		9.96	Big Lots		28,027
										Gardner Theater		27,576
										Tractor Supply		19,831
Webster Commons		2007		98,984		96.7	%		11.77	Big Lots		37,024
										Planet Fitness		18,681
Total Massachusetts				1,122,616		85.7	%		13.95

New Jersey
Pine Grove Plaza		2003		86,089		80.9	%		11.84	Peebles		24,963
The Shops at Bloomfield Station		2016		63,844		89.9	%		19.97	Super Foodtown		28,505
Washington Center Shoppes		2001		157,394		89.5	%		10.34	Acme Markets		66,046
										Planet Fitness		20,742
Total New Jersey				307,327		87.2	%		12.80

New York
Carman's Plaza		2007		195,485		85.2	%		19.95	24 Hour Fitness		54,106
										Key Foods		32,570
										Department of Motor Vehicle		19,310
Pennsylvania
Academy Plaza		2001		137,415		90.3	%		15.68	Acme Markets		50,918
Camp Hill		2002		430,198		99.7	%		15.24	Boscov's		159,040
										Giant Foods		92,939
										LA Fitness		45,000
										Barnes & Noble		24,908
										Staples		20,000
Colonial Commons		2011		410,432		98.6	%		13.71	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		95.0	%		20.65	Giant Foods		78,815
Fairview Commons		2007		52,964		75.3	%		10.14	Grocery Outlet		16,650
Fishtown Crossing (f/k/a Port Richmond Village)		2001		120,375		91.8	%		14.82	IGA Supermarket		40,000
										Pep Boys		20,615
Girard Plaza		2019		35,688		100.0	%		15.03	Save A Lot		17,228
Gold Star Plaza		2006		71,720		95.5	%		8.94	Redner's		48,920
Golden Triangle		2003		202,790		87.1	%		13.19	LA Fitness		44,796
										Marshalls		30,000
										Staples		24,060
										Immunotek		15,242
Halifax Plaza		2003		51,510		100.0	%		13.54	Giant Foods		32,000
Hamburg Square		2004		102,058		96.7	%		6.49	Redner's		56,780
										Chesaco RV		31,570
Lawndale Plaza		2015		92,773		100.0	%		18.65	Shop Rite		63,342
Meadows Marketplace	2004/2012			91,518		92.4	%		15.75	Giant Foods		67,907
Newport Plaza		2003		64,489		100.0	%		12.81	Giant Foods		43,400
Northside Commons		2008		69,136		100.0	%		10.20	Redner's		53,019
Palmyra Shopping Center		2005		111,051		89.7	%		7.73	Weis Markets		46,912
										Goodwill		18,104
Quartermaster Plaza		2014		456,602		90.7	%		14.79	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		189,032		100.0	%		20.24	United Artists		77,700
										Avalon Carpet		25,000
										Pep Boys		22,000
										Staples		18,000
South Philadelphia		2003		194,435		93.8	%		13.63	Shop Rite		55,533
										Ross Dress For Less		31,349
										LA Fitness		31,000
										Modell's		20,000
										Kid City		16,623
Swede Square		2003		100,816		85.0	%		18.31	LA Fitness		37,200
The Point		2000		262,620		85.6	%		14.87	Giant Foods		76,627
										Burlington Coat Factory		44,147
										A.C. Moore		24,890
										Staples		24,000
Trexler Mall		2005		337,297		79.6	%		11.22	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		94.5	%		14.09	Giant Foods		78,335
										Hobby Lobby		57,512
										Burlington Coat Factory		40,000
										Big Lots		33,824
										Tractor Supply		19,097
Total Pennsylvania				4,043,807		92.7	%		14.29

Virginia
Coliseum Marketplace		2005		106,648		100.0	%		17.13	Kroger		57,662
										Michaels		23,981
Elmhurst Square		2006		66,254		93.1	%		10.53	Food Lion		38,272
General Booth Plaza		2005		71,639		100.0	%		15.19	Food Lion		53,758
Glen Allen Shopping Center		2005		63,328		100.0	%		7.14	Publix		63,328
Kempsville Crossing		2005		78,162		93.0	%		11.61	Walmart		41,975
										The Iron Asylum		16,938
Oak Ridge Shopping Center		2006		38,700		100.0	%		11.03	Food Lion		33,000
Total Virginia				424,731		97.6	%		12.75

Total (93.2% leased at December 31, 2019)				8,327,916		91.5	%	$	14.02

										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 2019		40		286,200	$	14.64	$	14.40	1.7%	$	11.28		5.3
3rd Quarter 2019		40		576,200	$	9.44	$	8.70	8.5%	$	16.74		8.4
2nd Quarter 2019		35		448,000	$	14.37	$	14.74	-2.5%	$	4.29		5.6
1st Quarter 2019		40		405,900	$	12.08	$	11.81	2.3%	$	6.43		5.7
Total		155		1,716,300	$	12.22	$	11.96	2.1%	$	10.14		6.5


New Leases - Comparable
4th Quarter 2019		12		75,600	$	11.29	$	12.83	-12.0%	$	42.72		9.3
3rd Quarter 2019		14		165,500	$	10.84	$	8.44	28.4%	$	58.28		10.2
2nd Quarter 2019		5		14,200	$	17.73	$	16.19	9.6%	$	58.63		7.8
1st Quarter 2019		11		72,300	$	12.80	$	12.15	5.4%	$	32.25		7.5
Total		42		327,600	$	11.67	$	10.61	10.1%	$	48.96		9.3


Renewals - Comparable
4th Quarter 2019		28		210,600	$	15.84	$	14.96	5.9%	$	0.00		3.9
3rd Quarter 2019		26		410,700	$	8.88	$	8.81	0.9%	$	0.00		7.7
2nd Quarter 2019		30		433,800	$	14.26	$	14.70	-3.0%	$	2.51		5.5
1st Quarter 2019		29		333,600	$	11.92	$	11.74	1.6%	$	0.84		5.3
Total		113		1,388,700	$	12.35	$	12.28	0.5%	$	0.99		5.9


Total Comparable and Non-Comparable
4th Quarter 2019		41		297,100	$	15.08	N/A		N/A	$	13.24		5.5
3rd Quarter 2019		42		579,400	$	9.49	N/A		N/A	$	16.82		8.4
2nd Quarter 2019		37		452,400	$	14.75	N/A		N/A	$	4.25		5.7
1st Quarter 2019		42		413,200	$	12.51	N/A		N/A	$	6.70		5.9
Total		162		1,742,100	$	12.53	N/A		N/A	$	10.55		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		8		538,000		6.5	%	$	9,007,000	$	16.74		8.4	%
Shop Rite		4		252,000		3.0	%		4,401,000		17.46		4.1	%
Stop & Shop		3		211,000		2.5	%		2,786,000		13.20		2.6	%
Dollar Tree		21		224,000		2.7	%		2,391,000		10.67		2.2	%
LA Fitness		4		158,000		1.9	%		2,110,000		13.35		2.0	%
Big Y		2		106,000		1.3	%		2,006,000		18.92		1.9	%
Home Depot		2		253,000		3.0	%		1,977,000		7.81		1.9	%
Staples		5		106,000		1.3	%		1,773,000		16.73		1.7	%
BJ's Wholesale Club		1		118,000		1.4	%		1,760,000		14.92		1.6	%
Marshalls		6		170,000		2.0	%		1,558,000		9.16		1.5	%
United Artists		1		78,000		0.9	%		1,538,000		19.72		1.4	%
Food Lion		4		163,000		2.0	%		1,530,000		9.39		1.4	%
Shoppers Food Warehouse		2		120,000		1.4	%		1,297,000		10.81		1.2	%
Planet Fitness		5		99,000		1.2	%		1,279,000		12.92		1.2	%
Walmart		3		192,000		2.3	%		1,193,000		6.21		1.1	%
Redner's		3		159,000		1.9	%		1,160,000		7.30		1.1	%
Kohl's		2		147,000		1.8	%		1,031,000		7.01		1.0	%
Home Goods		4		105,000		1.3	%		999,000		9.51		0.9	%
PetSmart		3		63,000		0.8	%		971,000		15.41		0.9	%
Shaw's		1		68,000		0.8	%		925,000		13.60		0.9	%
Sub-total top twenty tenants		84		3,330,000		40.0	%		41,692,000		12.52		39.0	%
Remaining tenants		732		4,289,000		51.5	%		65,151,000		15.19		61.0	%
Sub-total all tenants (b)		816		7,619,000		91.5	%	$	106,843,000	$	14.02		100.0	%
Vacant space	N/A			709,000		8.5	%
Total		816		8,328,000		100.0	%

(1) Giant Foods, Stop & Shop and Food Lion, and (2) Marshalls, Home Goods, and TJ Maxx (GLA of 30,000; annualized base rent of $315,000).

										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		50		273,000		3.6	%	$	4,865,000	$	17.82		4.6	%
2020		90		548,000		7.2	%		8,786,000		16.03		8.2	%
2021		134		864,000		11.3	%		14,358,000		16.62		13.4	%
2022		105		593,000		7.8	%		9,705,000		16.37		9.1	%
2023		77		580,000		7.6	%		8,275,000		14.27		7.7	%
2024		92		874,000		11.5	%		11,526,000		13.19		10.8	%
2025		82		1,094,000		14.4	%		14,401,000		13.16		13.5	%
2026		34		283,000		3.7	%		4,571,000		16.15		4.3	%
2027		34		272,000		3.6	%		3,828,000		14.07		3.6	%
2028		36		377,000		4.9	%		4,542,000		12.05		4.3	%
2029		41		700,000		9.2	%		8,948,000		12.78		8.4	%
2030		18		513,000		6.7	%		4,935,000		9.62		4.6	%
Thereafter		23		648,000		8.5	%		8,103,000		12.50		7.6	%
All tenants		816		7,619,000		100.0	%	$	106,843,000	$	14.02		100.0	%
Vacant space	N/A			709,000	N/A
Total portfolio		816		8,328,000	N/A

Same-Property NOI (a)	Three months ended December 31,						Years ended December 31,
	2019			2018			2019			2018
Base Rents	$	21,215,000		$	21,464,000		$	84,605,000		$	85,281,000
Expense Recoveries		6,544,000			6,687,000			26,134,000			25,946,000
Total Revenues		27,759,000			28,151,000			110,739,000			111,227,000
Operating expenses		8,973,000			9,376,000			34,587,000			35,303,000
Same-Property NOI	$	18,786,000		$	18,775,000		$	76,152,000		$	75,924,000

Occupied	91.3%			91.8%			91.3%			91.8%
Leased	93.2%			92.0%			93.2%			92.0%
Average base rent	$	13.48		$	13.26		$	13.48		$	13.26
Number of same properties	47			47			47			47
Same-Property NOI growth	0.1%						0.3%


Same-Property NOI Reconciliation (a)	Three months ended December 31,						Years ended December 31,
	2019			2018			2019			2018
Operating (loss) income	$	(4,273,000	)	$	10,414,000		$	25,075,000		$	31,333,000
Add (deduct):
General and administrative		3,702,000			4,170,000			18,804,000			16,915,000
Gain on sales		-			-			(2,942,000	)		(4,864,000	)
Impairment charges		8,938,000			-			8,938,000			20,689,000
Depreciation and amortization		14,839,000			9,808,000			45,861,000			40,053,000
Straight-line rents		6,000			(318,000	)		(405,000	)		(1,142,000	)
Amortization of intangible lease liabilities		(614,000	)		(751,000	)		(2,827,000	)		(4,361,000	)
Other adjustments		74,000			63,000			(89,000	)		(87,000	)
NOI related to properties not defined as same-property		(3,886,000	)		(4,611,000	)		(16,263,000	)		(22,612,000	)
Same-Property NOI	$	18,786,000		$	18,775,000		$	76,152,000		$	75,924,000

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

EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company’s computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

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

Earnings Press Release		4 - 6

Financial Information
Condensed Consolidated Balance Sheets		7
Condensed Consolidated Statements of Operations		8
Supporting Schedules to Consolidated Statements		9
Funds From Operations and Additional Disclosures		10
EBITDA for Real Estate and Additional Disclosures		11
Summary of Outstanding Debt 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 loss attributable to common shareholders per diluted share		($0.12) – ($0.10)
NAREIT-defined FFO per diluted share		$0.48 – $0.50
Operating FFO per diluted share		$0.49 – $0.51


	Guidance
	per diluted share
	Low	High
Net loss attributable to common shareholders	($0.12)	($0.10)
Real estate depreciation and amortization	$0.53	$0.53
Gain on sales / Impairments, net	$0.07	$.07
NAREIT-defined FFO	$0.48	$0.50
Redevelopment costs expensed pursuant to GAAP	$0.01	$0.01
Operating FFO	$0.49	$0.51

	December 31,
	2019			2018
ASSETS
Real estate, at cost	$	1,515,206,000		$	1,508,682,000
Less accumulated depreciation		(389,861,000	)		(361,969,000	)
Real estate, net		1,125,345,000			1,146,713,000
Real estate held for sale		13,230,000			11,592,000
Cash and cash equivalents		2,747,000			1,977,000
Receivables		22,164,000			21,977,000
Other assets and deferred charges, net		42,139,000			40,642,000
TOTAL ASSETS	$	1,205,625,000		$	1,222,901,000

LIABILITIES AND EQUITY
Liabilities:
Mortgage loan payable	$	46,370,000		$	47,315,000
Finance lease obligation		5,364,000			5,387,000
Unsecured revolving credit facility		106,000,000			100,000,000
Unsecured term loans		472,841,000			472,132,000
Accounts payable and accrued liabilities		50,502,000			26,142,000
Unamortized intangible lease liabilities		10,473,000			13,209,000
Total liabilities		691,550,000			664,185,000

Equity:
Preferred stock		159,541,000			159,541,000
Common stock and other shareholders' equity		351,020,000			395,884,000
Noncontrolling interests		3,514,000			3,291,000
Total equity		514,075,000			558,716,000

TOTAL LIABILITIES AND EQUITY	$	1,205,625,000		$	1,222,901,000

				Date			Purchase
Acquisition	Location	GLA		Acquired			Price
Girard Plaza	Philadelphia, PA		35,688	6/19/2019			$	8,500,000

				Date			Sales
Dispositions	Location	GLA		Sold			Price
Maxatawny Marketplace	Maxatawny, PA		68,730	2/15/2019			$	10,330,000
Fort Washington Center	Fort Washington, PA		41,000	6/26/2019				9,048,000
			109,730				$	19,378,000

							Average
				Percent			base rent per
Real Estate Held for Sale	Location	GLA		occupied			leased sq. ft.
Carll's Corner	Bridgeton, NJ		129,582		42.0	%	$	10.24
Suffolk Plaza	Suffolk, VA		67,216		100.0	%		10.90
The Commons	Dubois, PA		203,309		59.2	%		8.51
			400,107		60.5	%	$	9.56

	Mortgage Loan		Finance Lease		Revolving			Term
Year	Payable		Obligation		Credit Facility			Loans		Amounts
2020	$	1,034,000	$	33,000	$	-		$	-	$	1,067,000
2021		1,074,000		35,000		106,000,000	(d)		75,000,000		182,109,000
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		-		5,388,000		-			-		5,388,000
	$	46,679,000	$	5,665,000	$	106,000,000		$	475,000,000	$	633,344,000