CEDAR REALTY TRUST, INC.

Supplemental Financial Information

March 31, 2020

(unaudited)

TABLE OF CONTENTS

 

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

Tenant Categories

 

16

Tenant Concentration

 

17

Lease Expirations

 

18

Leasing Activity

 

19

Same-Property Net Operating Income

 

20

Summary of Real Estate Held for Sale

 

        21

 

 

 

Non-GAAP Financial Disclosures

 

        22

 

 

 

2

 


 

Forward-Looking Statements

 

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, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) the loss or bankruptcy of the Company’s tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (v) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company’s share price from prices prior to the spread of the COVID-19 pandemic; (vi) financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (viii) the impact of the Company’s leverage on operating performance; (ix) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (x) risks endemic to real estate and the real estate industry generally(xi) competitive risks; (xii) risks related to the geographic concentration of the Company’s properties in the Washington, D.C. to Boston corridor; (xiii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; ; (xiv) the inability of the Company to realize anticipated returns from its redevelopment activities; (xv) uninsured losses; (xvi) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xvii) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and other documents that the Company files with the Securities and Exchange Commission from time to time.

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company’s actual results and may be beyond the Company’s control.  New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors or to assess the effects of each factor on the Company’s business. Accordingly, there can be no assurance that the Company’s current expectations will be realized.

 


 

 

3

 


 

CEDAR REALTY TRUST REPORTS

FIRST QUARTER 2020 RESULTS AND COVID-19 UPDATE

 

Port Washington, New York – May 14, 2020 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the first quarter 2020. Net loss attributable to common shareholders was $(0.06) per diluted share compared to net income of $0.00 per diluted share for the comparable 2019 period.  Other highlights include:

 

First Quarter 2020 Highlights

 

NAREIT-defined funds from operations (FFO) and Operating funds from operations (Operating FFO) of $0.18 per diluted share (includes $0.08 per share of lease termination income)

Same-property net operating income (NOI) increased 0.8% compared to the same period in 2019

Signed 30 new and renewal leases for 309,500 square feet in the quarter

Same-property portfolio 93.2% leased at quarter-end

 

COVID-19 Update (as of May 12, 2020)

 

All shopping centers remain operational

Tenants representing approximately 60% of the Company’s annualized base rent are open and operating, including those operating on a limited basis

Collected 70% of April and 65% of May base rents and monthly charges

In Q1 2020, the Company, out of an abundance of caution, borrowed $75 million on its revolving credit facility to preserve financial flexibility and now has approximately $72 million of cash and no debt maturities until February 2021

The Company’s Board of Directors reduced the regular quarterly common dividend beginning in Q2 2020 to $0.01 per share and will monitor the Company’s financial performance and adjust it at a future time when it is determined to be prudent

The Company has taken action to reduce near-term redevelopment capital and currently expects full year 2020 capital spend for its mixed-use urban redevelopments and value add renovations combined to be approximately $20 million (excluding approximately $7.5 million of capitalized overhead, interest and real estate taxes under GAAP) and the Company is continuing to evaluate ways to further reduce this spend

The Company withdrew its full-year earnings 2020 guidance given the uncertain economic impact resulting from COVID-19

"First and foremost, our thoughts and prayers go out to all of those impacted by COVID-19 along with great appreciation for those operating on the front lines,” said Bruce Schanzer, President and Chief Executive Officer. “From a company perspective, we are gratified that our primarily grocery-anchored shopping center portfolio has performed relatively well during this unprecedented time.  I am proud to say, however, that the relative outperformance we have seen is not just a function of our assets, but is very much a credit to Team Cedar.  I could not be prouder of my colleagues and the way they have helped us navigate through this economic storm.”

Financial Results

Net loss attributable to common shareholders for the first quarter of 2020 was $(4.9) million or $(0.06) per diluted share, compared to net income of $0.2 million or $0.00 per diluted share for the same period in 2019. The principal differences in the comparative three-month results were lease termination income, 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 2020.

 

NAREIT-defined FFO for the first quarter of 2020 was $16.3 million or $0.18 per diluted share, compared to $10.2 million or $0.11 per diluted share for the same period in 2019. Operating FFO for the first quarter of 2020 was $16.7 million or $0.18 per diluted share, compared to $10.2 million or $0.11 per diluted share for the same period in 2019. The difference between Operating FFO and NAREIT-defined FFO in 2020 was redevelopment costs. The principal difference between the comparative three-month Operating FFO results was lease termination income in 2020.

 

Portfolio Update

 

During the first quarter of 2020, the Company signed 30 leases for 309,500 square feet. On a comparable space basis, the Company leased 307,900 square feet at a negative lease spread of (0.4)% on a cash basis (new leases decreased 7.5% and renewals increased 0.9%).

 

Same-property NOI increased 0.8% excluding redevelopment properties compared to the same period in 2019.  

 

The Company’s same-property portfolio was 93.2% leased at March 31, 2020, compared to 93.0% at December 31, 2019 and 91.9% at March 31, 2019. The Company’s total portfolio, excluding properties held for sale, was 91.8% leased at March 31, 2020, compared to 93.2% at December 31, 2019 and 90.5% at March 31, 2019. The sequential decrease in total leased portfolio percentage was driven by proactively recapturing the K-Mart space at Valley Plaza in early 2020 to facilitate a future value-add renovation.

 


 

 

4

 


 

Balance Sheet

 

The Company reported net debt to earnings before interest, taxes, depreciations, and amortization for real estate (EBITDAre) of 8.8 times for the quarter ended March 31, 2020 and was in compliance with all financial covenants.

 

As of March 31, 2020, The Commons, located in Dubois, Pennsylvania, Carll’s Corner, located in Bridgeton, New Jersey,  Suffolk Plaza, located in Suffolk, Virginia, and Metro Square, located in Owings Mills, Maryland, have been classified as “real estate held for sale”.

 

Non-GAAP Financial Measures

 

NAREIT-defined FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company considers NAREIT-defined FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets. The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. NAREIT-defined FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. A reconciliation of net income (loss) attributable to common shareholders to NAREIT-defined FFO and Operating FFO for the three months ended March 31, 2020 and 2019 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.

 

Supplemental Financial Information Package

 

The Company has issued “Supplemental Financial Information” for the period ended March 31, 2020. 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.

 

Investor Conference Call

 

The Company will host a conference call today, May 14, 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 May 14, 2020, until midnight (ET) on May 28, 2020. The replay dial-in numbers are (844) 512-2921 or (1) (412) 317-6671 for international callers. Please use passcode 13702201 for the telephonic replay. A replay of the Company’s webcast will be available on the Company’s website for a limited time.

 


 

 

5

 


 

About Cedar Realty Trust

 

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 55 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.

 

Forward-Looking Statements

 

Certain statements made in this this press release that are not strictly historical 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, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) the loss or bankruptcy of the Company’s tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (v) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company’s share price from prices prior to the spread of the COVID-19 pandemic; (vi) financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (viii) the impact of the Company’s leverage on operating performance; (ix) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (x) risks endemic to real estate and the real estate industry generally(xi) competitive risks; (xii) risks related to the geographic concentration of the Company’s properties in the Washington, D.C. to Boston corridor; (xiii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; ; (xiv) the inability of the Company to realize anticipated returns from its redevelopment activities; (xv) uninsured losses; (xvi) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xvii) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and other documents that the Company files with the Securities and Exchange Commission from time to time.

 

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company’s actual results and may be beyond the Company’s control.  New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors or to assess the effects of each factor on the Company’s business. Accordingly, there can be no assurance that the Company’s current expectations will be realized.

 

Contact Information:

Cedar Realty Trust, Inc.

Philip R. Mays

Executive Vice President, Chief Financial Officer and Treasurer

(516) 944-4572


 

 

6

 


 

CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Real estate, at cost

 

$

1,508,784,000

 

 

$

1,515,206,000

 

Less accumulated depreciation

 

 

(398,367,000

)

 

 

(389,861,000

)

Real estate, net

 

 

1,110,417,000

 

 

 

1,125,345,000

 

Real estate held for sale

 

 

17,073,000

 

 

 

13,230,000

 

Cash and cash equivalents

 

 

74,882,000

 

 

 

2,747,000

 

Receivables

 

 

22,850,000

 

 

 

22,164,000

 

Other assets and deferred charges, net

 

 

43,552,000

 

 

 

42,139,000

 

TOTAL ASSETS

 

$

1,268,774,000

 

 

$

1,205,625,000

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Mortgage loan payable

 

$

46,127,000

 

 

$

46,370,000

 

Finance lease obligation

 

 

5,358,000

 

 

 

5,364,000

 

Unsecured revolving credit facility

 

 

182,000,000

 

 

 

106,000,000

 

Unsecured term loans

 

 

473,018,000

 

 

 

472,841,000

 

Accounts payable and accrued liabilities

 

 

61,654,000

 

 

 

50,502,000

 

Unamortized intangible lease liabilities

 

 

9,966,000

 

 

 

10,473,000

 

Total liabilities

 

 

778,123,000

 

 

 

691,550,000

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Preferred stock

 

 

159,541,000

 

 

 

159,541,000

 

Common stock and other shareholders' equity

 

 

327,570,000

 

 

 

351,020,000

 

Noncontrolling interests

 

 

3,540,000

 

 

 

3,514,000

 

Total equity

 

 

490,651,000

 

 

 

514,075,000

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND EQUITY

 

$

1,268,774,000

 

 

$

1,205,625,000

 

 

 

 

 

 

 

 

 

 

 

 

 

7

 


 

CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

 

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

PROPERTY REVENUES

 

 

 

 

 

 

 

 

Rental revenues

 

$

35,115,000

 

 

$

36,592,000

 

Other

 

 

7,370,000

 

 

 

291,000

 

Total property revenues

 

 

42,485,000

 

 

 

36,883,000

 

PROPERTY OPERATING EXPENSES

 

 

 

 

 

 

 

 

Operating, maintenance and management

 

 

7,721,000

 

 

 

7,967,000

 

Real estate and other property-related taxes

 

 

5,122,000

 

 

 

5,210,000

 

Total property operating expenses

 

 

12,843,000

 

 

 

13,177,000

 

 

 

 

 

 

 

 

 

 

PROPERTY OPERATING INCOME

 

 

29,642,000

 

 

 

23,706,000

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSES AND INCOME

 

 

 

 

 

 

 

 

General and administrative

 

 

5,002,000

 

 

 

4,798,000

 

Depreciation and amortization

 

 

13,747,000

 

 

 

10,129,000

 

Gain on sales

 

 

-

 

 

 

(101,000

)

Impairment charges

 

 

7,474,000

 

 

 

-

 

Total other expenses and income

 

 

26,223,000

 

 

 

14,826,000

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

3,419,000

 

 

 

8,880,000

 

 

 

 

 

 

 

 

 

 

NON-OPERATING INCOME AND EXPENSES

 

 

 

 

 

 

 

 

Interest expense

 

 

(5,517,000

)

 

 

(5,891,000

)

Total non-operating income and expense

 

 

(5,517,000

)

 

 

(5,891,000

)

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME

 

 

(2,098,000

)

 

 

2,989,000

 

 

 

 

 

 

 

 

 

 

Attributable to noncontrolling interests

 

 

(148,000

)

 

 

(107,000

)

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.

 

 

(2,246,000

)

 

 

2,882,000

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

(2,688,000

)

 

 

(2,688,000

)

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS

 

$

(4,934,000

)

 

$

194,000

 

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):

 

$

(0.06

)

 

$

0.00

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic and diluted

 

 

86,370,000

 

 

 

86,580,000

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 


 

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

 

 

Balance Sheets

 

March 31,

 

 

December 31,

 

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

Construction in process (included in real estate, at cost)

 

$

29,696,000

 

 

$

15,151,000

 

 

 

 

 

 

 

 

 

 

 

 

Receivables

 

 

 

 

 

 

 

 

 

Rents and other tenant receivables, net

 

$

5,958,000

 

 

$

5,061,000

 

 

Mortgage note receivable

 

 

3,500,000

 

 

 

3,500,000

 

 

Straight-line rents

 

 

13,392,000

 

 

 

13,603,000

 

 

 

 

$

22,850,000

 

 

$

22,164,000

 

 

 

 

 

 

 

 

 

 

 

 

Other assets and deferred charges, net

 

 

 

 

 

 

 

 

 

Lease origination costs

 

$

19,466,000

 

 

$

19,947,000

 

 

Right-of-use assets

 

 

14,141,000

 

 

 

13,638,000

 

 

Prepaid expenses

 

 

7,634,000

 

 

 

6,048,000

 

 

Revolving credit facility issuance costs

 

 

868,000

 

 

 

1,021,000

 

 

Interest rate swap assets

 

 

-

 

 

 

136,000

 

 

Other

 

 

1,443,000

 

 

 

1,349,000

 

 

 

 

$

43,552,000

 

 

$

42,139,000

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

25,284,000

 

 

$

29,544,000

 

 

Right-of-use liabilities

 

 

14,308,000

 

 

 

13,778,000

 

 

Interest rate swap liabilities

 

 

22,062,000

 

 

 

7,180,000

 

 

 

 

$

61,654,000

 

 

$

50,502,000

 

 

 

 

 

 

 

 

 

 

 

 

Statements of Operations

 

Three months ended March 31,

 

 

 

 

2020

 

 

2019

 

 

Rental revenues

 

 

 

 

 

 

 

 

 

Base rents

 

$

25,762,000

 

 

$

26,401,000

 

 

Expense recoveries

 

 

8,555,000

 

 

 

9,194,000

 

 

Percentage rent

 

 

296,000

 

 

 

182,000

 

 

Straight-line rents

 

 

43,000

 

 

 

224,000

 

 

Amortization of intangible lease liabilities, net

 

 

459,000

 

 

 

591,000

 

 

 

 

$

35,115,000

 

 

$

36,592,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 


 

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures

 

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

Net (loss) income attributable to common shareholders

 

$

(4,934,000

)

 

$

194,000

 

Real estate depreciation and amortization

 

 

13,705,000

 

 

 

10,083,000

 

Limited partners' interest

 

 

(28,000

)

 

 

2,000

 

Gain on sales

 

 

-

 

 

 

(101,000

)

Impairment charges

 

 

7,474,000

 

 

 

-

 

Consolidated minority interests:

 

 

 

 

 

 

 

 

Share of income

 

 

176,000

 

 

 

105,000

 

Share of FFO

 

 

(143,000

)

 

 

(79,000

)

Funds From Operations ("FFO") applicable to diluted common shares

 

 

16,250,000

 

 

 

10,204,000

 

Adjustments for items affecting comparability:

 

 

 

 

 

 

 

 

Redevelopment costs (a)

 

 

483,000

 

 

 

-

 

Operating Funds From Operations ("Operating FFO") applicable  to diluted common shares

 

$

16,733,000

 

 

$

10,204,000

 

 

 

 

 

 

 

 

 

 

FFO per diluted common share:

 

$

0.18

 

 

$

0.11

 

 

 

 

 

 

 

 

 

 

Operating FFO per diluted common share:

 

$

0.18

 

 

$

0.11

 

 

 

 

 

 

 

 

 

 

Weighted average number of diluted common shares:

 

 

 

 

 

 

 

 

Common shares and equivalents

 

 

90,767,000

 

 

 

90,862,000

 

OP Units

 

 

537,000

 

 

 

553,000

 

 

 

 

91,304,000

 

 

 

91,415,000

 

 

 

 

 

 

 

 

 

 

Additional Disclosures (b):

 

 

 

 

 

 

 

 

Straight-line rents

 

$

43,000

 

 

$

224,000

 

Amortization of intangible lease liabilities

 

 

459,000

 

 

 

591,000

 

Non-real estate amortization

 

 

352,000

 

 

 

377,000

 

Share-based compensation, net

 

 

1,014,000

 

 

 

1,015,000

 

Maintenance capital expenditures (c)

 

 

1,708,000

 

 

 

2,826,000

 

Lease related expenditures (d)

 

 

2,308,000

 

 

 

2,303,000

 

Development and redevelopment capital expenditures

 

 

5,766,000

 

 

 

4,071,000

 

Capitalized interest and financing costs

 

 

593,000

 

 

 

258,000

 

 

(a)

Includes redevelopment project costs expensed pursuant to GAAP such as certain demolition and lease termination costs.

(b)

These additional disclosures are presented to assist with understanding the Company’s real estate operations and capital requirements.  These amounts should not be considered independently or as a substitute for the Company’s consolidated financial statements reported under GAAP.

(c)

Consists of payments for building and site improvements.

(d)

Consists of payments for tenant improvements and leasing commissions.

 

 

 

 

10

 


 

CEDAR REALTY TRUST, INC.

EBITDA for Real Estate (“EBITDAre”) and Additional Disclosures

 

 

 

Three months ended March 31,

 

 

 

 

2020

 

 

2019

 

 

Net (loss) income

 

$

(2,098,000

)

 

$

2,989,000

 

 

Interest expense

 

 

5,517,000

 

 

 

5,891,000

 

 

Depreciation and amortization

 

 

13,747,000

 

 

 

10,129,000

 

 

Gain on sales

 

 

-

 

 

 

(101,000

)

 

Impairment charges

 

 

7,474,000

 

 

 

-

 

 

EBITDAre

 

 

24,640,000

 

 

 

18,908,000

 

 

Adjustments for items affecting comparability:

 

 

 

 

 

 

 

 

 

Redevelopment costs (a)

 

 

483,000

 

 

 

-

 

 

Adjusted EBITDAre

 

$

25,123,000

 

 

$

18,908,000

 

 

 

 

 

 

 

 

 

 

 

 

Net debt

 

 

 

 

 

 

 

 

 

Debt, excluding issuance costs

 

$

703,425,000

 

 

$

624,429,000

 

 

Finance lease obligation

 

 

5,656,000

 

 

 

5,688,000

 

 

Unrestricted cash and cash equivalents

 

 

(74,882,000

)

 

 

(25,000

)

 

 

 

$

634,199,000

 

 

$

630,092,000

 

 

 

 

 

 

 

 

 

 

 

 

Fixed charges (b)

 

 

 

 

 

 

 

 

 

Interest expense

 

$

5,765,000

 

 

$

5,805,000

 

 

Preferred stock dividends

 

 

2,688,000

 

 

 

2,688,000

 

 

Scheduled mortgage repayments

 

 

263,000

 

 

 

253,000

 

 

 

 

$

8,716,000

 

 

$

8,746,000

 

 

 

 

 

 

 

 

 

 

 

 

Debt and Coverage Ratios (c)

 

 

 

 

 

 

 

 

 

Net debt to Adjusted EBITDAre

 

 

8.8

x

 

 

8.4

x

 

Interest coverage ratio (based on Adjusted EBITDAre)

 

 

3.1

x

 

 

3.3

x

 

Fixed charge coverage ratio (based on Adjusted EBITDAre)

 

 

2.1

x

 

 

2.2

x

 

 

(a)

Includes redevelopment project costs expensed pursuant to GAAP such as certain demolition and lease termination costs.

(b)

Includes properties "held for sale".

(c)

For the purposes of these computations, these ratios have been adjusted to include the annualized results of properties acquired, and to exclude, where applicable, (i) the results related to properties sold, and (ii) lease termination income.

 

 

 

11

 


 

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt and Maturities

As of March 31, 2020

 

 

Maturity

 

Interest

 

 

 

 

 

 

 

Dates

 

Rates

 

 

Amounts

 

Secured fixed-rate debt:

 

 

 

 

 

 

 

 

 

 

Franklin Village Plaza mortgage

 

Jun 2026

 

3.9%

 

 

$

46,425,000

 

Senator Square finance lease obligation (a)

 

Sep 2050

 

5.3%

 

 

 

5,656,000

 

 

 

 

 

 

 

 

 

 

 

 

Unsecured debt (b):

 

 

 

 

 

 

 

 

 

 

Variable-rate (c):

 

 

 

 

 

 

 

 

 

 

Revolving credit facility (d)

 

Sep 2021

 

2.5%

 

 

 

182,000,000

 

Term loan

 

Sep 2022

 

2.6%

 

 

 

50,000,000

 

 

 

 

 

 

 

 

 

 

 

 

Fixed-rate (e):

 

 

 

 

 

 

 

 

 

 

Term loan

 

Feb 2021

 

3.7%

 

 

 

75,000,000

 

Term loan

 

Feb 2022

 

3.1%

 

 

 

50,000,000

 

Term loan

 

Sep 2022

 

3.3%

 

 

 

50,000,000

 

Term loan

 

Apr 2023

 

3.3%

 

 

 

100,000,000

 

Term loan

 

Sep 2024

 

3.8%

 

 

 

75,000,000

 

Term loan

 

Jul 2025

 

4.7%

 

 

 

75,000,000

 

Total unsecured debt

 

weighted average

 

3.3%

 

 

 

657,000,000

 

 

 

 

 

 

 

 

 

 

 

 

Total debt

 

weighted average

 

3.3%

 

 

 

709,081,000

 

 

 

 

 

 

 

 

 

 

 

 

Unamortized mortgage, finance lease and term loan issuance costs

 

 

 

(2,578,000

)

 

 

 

 

 

 

Total debt

 

 

$

706,503,000

 

 

 

 

 

 

 

Fixed to variable rate debt ratio:

 

 

 

 

 

 

 

 

 

 

Fixed-rate debt

 

 

 

67.3%

 

 

$

477,081,000

 

Variable-rate debt

 

 

 

32.7%

 

 

 

232,000,000

 

 

 

 

 

100.0%

 

 

$

709,081,000

 

 

 

 

Mortgage Loan

 

 

Finance Lease

 

 

Revolving

 

 

Term

 

 

 

 

 

Year

 

Payable

 

 

Obligation

 

 

Credit Facility

 

 

Loans

 

 

Amounts

 

2020

 

$

780,000

 

 

$

24,000

 

 

$

-

 

 

$

-

 

 

$

804,000

 

2021

 

 

1,074,000

 

 

 

35,000

 

 

 

182,000,000

 

(d)

 

75,000,000

 

 

 

258,109,000

 

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

 

 

 

$

46,425,000

 

 

$

5,656,000

 

 

$

182,000,000

 

 

$

475,000,000

 

 

$

709,081,000

 

 

 

(a)

Maturity date reflects the first date the Company has the right to acquire the underlying land on the finance lease obligation.

(b)

During the first quarter of 2020, the weighted average interest rate for the Company’s unsecured credit facilities increased 14 bps (ranging from an increase of 10 bps to 15 bps for each individual borrowing) as a result of a slight increase in the Company’s leverage ratio.

(c)

For variable-rate debt, rate in effect as of March 31, 2020.

(d)

Subject to a one-year extension at the Company's option.

(e)

The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company's leverage ratio, for which the Company has interest rate swaps which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.

 

 

12

 


 

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Year

 

 

 

 

 

 

Percent

 

 

base rent per

 

 

 

 

Selected

Property Description

 

acquired

 

 

GLA

 

 

occupied

 

 

leased sq. ft.

 

 

Grocer Anchor

 

Other Anchors

Connecticut

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bethel Shopping Center

 

 

2013

 

 

 

101,105

 

 

 

95.1

%

 

$

23.38

 

 

Big Y

 

Dollar Tree

Brickyard Plaza

 

 

2004

 

 

 

227,598

 

 

 

99.2

%

 

 

8.75

 

 

 

 

Home Depot

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kohl's

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Michaels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PetSmart

Groton Shopping Center

 

 

2007

 

 

 

130,264

 

 

 

100.0

%

 

 

12.43

 

 

Aldi

 

TJ Maxx

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet Fitness

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pet Supplies Plus

Jordan Lane

 

 

2005

 

 

 

177,504

 

 

 

73.1

%

 

 

12.67

 

 

Stop & Shop

 

Crunch Fitness

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

New London Mall

 

 

2009

 

 

 

259,566

 

 

 

96.1

%

 

 

13.09

 

 

Shop Rite

 

Marshalls

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PetSmart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A.C. Moore

Oakland Commons

 

 

2007

 

 

 

90,100

 

 

 

100.0

%

 

 

6.37

 

 

Walmart

 

Bristol Ten Pin

Southington Center

 

 

2003

 

 

 

155,842

 

 

 

98.5

%

 

 

7.85

 

 

Walmart

 

NAMCO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Southington Wine & Spirit

Total Connecticut

 

 

 

 

 

 

1,141,979

 

 

 

94.1

%

 

 

11.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delaware

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Christina Crossing

 

 

2017

 

 

 

119,446

 

 

 

90.7

%

 

 

19.45

 

 

Shop Rite

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maryland / Washington, D.C.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

East River Park

 

 

2015

 

 

 

150,038

 

 

 

97.4

%

 

 

20.11

 

 

Safeway

 

District of Columbia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CVS

Oakland Mills

 

 

2005

 

 

 

59,308

 

 

 

91.1

%

 

 

12.06

 

 

LA Mart

 

 

Patuxent Crossing (f/k/a San Souci Plaza) (a)

 

 

2009

 

 

 

264,134

 

 

 

82.3

%

 

 

11.46

 

 

McKay's Market and Café

 

Marshalls

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

World Gym

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JOANN Fabrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

Senator Square

 

 

2018

 

 

 

61,691

 

 

 

100.0

%

 

 

21.42

 

 

 

 

Unity Health Care

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

Shoppes at Arts District

 

 

2016

 

 

 

35,676

 

 

 

100.0

%

 

 

36.76

 

 

Yes! Organic Market

 

Busboys and Poets

Valley Plaza

 

 

2003

 

 

 

190,939

 

 

 

49.8

%

 

 

9.60

 

 

 

 

Ollie's Bargain Outlet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tractor Supply

Yorktowne Plaza

 

 

2007

 

 

 

136,197

 

 

 

74.1

%

 

 

13.25

 

 

Food Lion

 

Dollar Tree

Total Maryland / Washington, D.C.

 

 

 

 

 

 

897,983

 

 

 

79.2

%

 

 

15.42

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Massachusetts

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fieldstone Marketplace

 

2005/2012

 

 

 

150,123

 

 

 

84.6

%

 

 

12.15

 

 

Shaw's

 

Work Out World

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Family Dollar

Franklin Village Plaza

 

2004/2012

 

 

 

303,524

 

 

 

89.9

%

 

 

21.19

 

 

Stop & Shop

 

Marshalls

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NRG Labs

Kings Plaza

 

 

2007

 

 

 

168,243

 

 

 

81.0

%

 

 

8.64

 

 

 

 

Fun Z Trampoline Park

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ocean State Job Lot

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Savers

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar General

Norwood Shopping Center

 

 

2006

 

 

 

97,756

 

 

 

96.1

%

 

 

10.15

 

 

Big Y

 

Planet Fitness

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

The Shops at Suffolk Downs

 

 

2005

 

 

 

121,187

 

 

 

100.0

%

 

 

14.15

 

 

Stop & Shop

 

Dollar Tree

 

 

13

 


 

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Year

 

 

 

 

 

 

Percent

 

 

base rent per

 

 

 

 

Selected

Property Description

 

acquired

 

 

GLA

 

 

occupied

 

 

leased sq. ft.

 

 

Grocer Anchor

 

Other Anchors

Massachusetts (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Timpany Plaza

 

 

2007

 

 

 

182,799

 

 

 

65.1

%

 

 

10.11

 

 

 

 

Big Lots

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gardner Theater

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tractor Supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

Webster Commons

 

 

2007

 

 

 

98,984

 

 

 

96.7

%

 

 

11.84

 

 

 

 

Big Lots

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet Fitness

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CVS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aubuchon Hardware

Total Massachusetts

 

 

 

 

 

 

1,122,616

 

 

 

86.1

%

 

 

13.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Jersey

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pine Grove Plaza

 

 

2003

 

 

 

86,089

 

 

 

80.9

%

 

 

11.90

 

 

 

 

Gordmans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

The Shops at Bloomfield Station

 

 

2016

 

 

 

63,844

 

 

 

81.6

%

 

 

19.09

 

 

Super Foodtown

 

 

Washington Center Shoppes

 

 

2001

 

 

 

157,394

 

 

 

89.5

%

 

 

10.45

 

 

Acme Markets

 

Planet Fitness

Total New Jersey

 

 

 

 

 

 

307,327

 

 

 

85.5

%

 

 

12.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Carman's Plaza

 

 

2007

 

 

 

195,485

 

 

 

85.2

%

 

 

19.96

 

 

Key Foods

 

24 Hour Fitness

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Department of Motor Vehicle

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Popcorn Beauty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

Pennsylvania

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Academy Plaza

 

 

2001

 

 

 

137,415

 

 

 

94.1

%

 

 

15.45

 

 

Acme Markets

 

Rite Aid

Camp Hill

 

 

2002

 

 

 

430,198

 

 

 

99.7

%

 

 

15.24

 

 

Giant Foods

 

Boscov's

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LA Fitness

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Barnes & Noble

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Staples

Colonial Commons

 

 

2011

 

 

 

410,432

 

 

 

98.6

%

 

 

13.49

 

 

Giant Foods (b)

 

Dick's Sporting Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ross Dress For Less

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marshalls

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

JoAnn Fabrics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

David's Furniture

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Old Navy

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

Crossroads II (a)

 

 

2008

 

 

 

133,717

 

 

 

95.0

%

 

 

20.74

 

 

Giant Foods

 

Dollar Tree

Fairview Commons

 

 

2007

 

 

 

52,964

 

 

 

75.3

%

 

 

10.14

 

 

Grocery Outlet

 

Dollar Tree

Fishtown Crossing

 

 

2001

 

 

 

120,375

 

 

 

91.8

%

 

 

14.89

 

 

IGA Supermarket

 

Pep Boys

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar General

Girard Plaza

 

 

2019

 

 

 

35,688

 

 

 

100.0

%

 

 

15.77

 

 

Save A Lot

 

Dollar General

Gold Star Plaza

 

 

2006

 

 

 

71,720

 

 

 

95.5

%

 

 

8.94

 

 

Redner's

 

Dollar Tree

Golden Triangle

 

 

2003

 

 

 

202,790

 

 

 

89.9

%

 

 

13.28

 

 

 

 

LA Fitness

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marshalls

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Staples

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Immunotek

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Walgreens

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

Halifax Plaza

 

 

2003

 

 

 

51,510

 

 

 

100.0

%

 

 

13.55

 

 

Giant Foods

 

Rite Aid

Hamburg Square

 

 

2004

 

 

 

102,058

 

 

 

96.7

%

 

 

6.49

 

 

Redner's

 

Chesaco RV

Lawndale Plaza

 

 

2015

 

 

 

92,773

 

 

 

100.0

%

 

 

18.66

 

 

Shop Rite

 

 

Meadows Marketplace

 

2004/2012

 

 

 

91,518

 

 

 

98.2

%

 

 

15.82

 

 

Giant Foods

 

 

Newport Plaza

 

 

2003

 

 

 

64,489

 

 

 

100.0

%

 

 

12.81

 

 

Giant Foods

 

Rite Aid

Northside Commons

 

 

2008

 

 

 

69,136

 

 

 

100.0

%

 

 

10.41

 

 

Redner's

 

Dollar Tree

Palmyra Shopping Center

 

 

2005

 

 

 

111,051

 

 

 

89.7

%

 

 

7.83

 

 

Weis Markets

 

Goodwill

 

 

14

 


 

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Year

 

 

 

 

 

 

Percent

 

 

base rent per

 

 

 

 

Selected

Property Description

 

acquired

 

 

GLA

 

 

occupied

 

 

leased sq. ft.

 

 

Grocer Anchor

 

Other Anchors

Pennsylvania (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quartermaster Plaza

 

 

2014

 

 

 

456,602

 

 

 

94.2

%

 

 

14.75

 

 

BJ's Wholesale Club

 

Home Depot

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Planet Fitness

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Staples

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PetSmart

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Walgreens

Riverview Plaza

 

 

2003

 

 

 

189,032

 

 

 

99.3

%

 

 

20.09

 

 

 

 

United Artists

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Avalon Carpet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pep Boys

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Staples

South Philadelphia

 

 

2003

 

 

 

193,085

 

 

 

76.3

%

 

 

12.32

 

 

Shop Rite

 

Ross Dress For Less

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LA Fitness

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kid City

Swede Square

 

 

2003

 

 

 

100,816

 

 

 

73.9

%

 

 

18.38

 

 

 

 

LA Fitness

The Point

 

 

2000

 

 

 

262,620

 

 

 

86.2

%

 

 

14.98

 

 

Giant Foods

 

Burlington

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A.C. Moore

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Staples

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

Trexler Mall

 

 

2005

 

 

 

337,297

 

 

 

80.5

%

 

 

11.14

 

 

 

 

Kohl's

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lehigh Wellness Partners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Maxx Fitness

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marshalls

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Home Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dollar Tree

Trexlertown Plaza

 

 

2006

 

 

 

325,171

 

 

 

94.5

%

 

 

14.13

 

 

Giant Foods

 

Hobby Lobby

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Burlington

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Big Lots

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tractor Supply

Total Pennsylvania

 

 

 

 

 

 

4,042,457

 

 

 

92.5

%

 

 

14.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Virginia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coliseum Marketplace

 

 

2005

 

 

 

106,648

 

 

 

100.0

%

 

 

17.13

 

 

Kroger

 

Michaels

Elmhurst Square

 

 

2006

 

 

 

66,254

 

 

 

91.4

%

 

 

10.46

 

 

Food Lion

 

 

General Booth Plaza

 

 

2005

 

 

 

71,639

 

 

 

100.0

%

 

 

15.23

 

 

Food Lion

 

 

Glen Allen Shopping Center

 

 

2005

 

 

 

63,328

 

 

 

100.0

%

 

 

7.71

 

 

Publix

 

 

Kempsville Crossing

 

 

2005

 

 

 

79,512

 

 

 

93.1

%

 

 

11.64

 

 

Walmart

 

The Iron Asylum

Oak Ridge Shopping Center

 

 

2006

 

 

 

38,700

 

 

 

100.0

%

 

 

11.03

 

 

Food Lion

 

 

Total Virginia

 

 

 

 

 

 

426,081

 

 

 

97.4

%

 

 

12.84

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total                      (91.8% leased at March 31, 2020)

 

 

 

8,253,374

 

 

 

90.2

%

 

$

14.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Although the ownership percentage for these joint ventures are 40% and 60%, respectively, the Company has included 100% of these joint ventures’ results of operations in its calculations, based on partnership promotes, additional equity interests, and/or other terms of the related joint venture agreements.

 

(b)

Giant Foods retains the leasehold obligation as Hobby Lobby is a subtenant and currently occupying the space.

 

 

15

 


 

CEDAR REALTY TRUST, INC.

Tenant Categories (Based on Annualized Base Rent)

As of March 31, 2020

 

 

 

 

 

 

 

 

Percentage

 

 

 

 

 

 

Percentage

 

 

 

 

 

 

 

 

 

of occupied

 

 

Annualized

 

 

annualized

 

Tenant Categories

 

Examples/Description

 

GLA

 

 

GLA

 

 

base rent

 

 

base rents

 

Grocer Anchor

 

Giant Foods, Shop Rite, Stop & Shop, Big Y, BJ's Wholesale Club, Food Lion, Walmart Neighborhood Market

 

 

2,379,000

 

 

 

32.0

%

 

$

29,136,000

 

 

 

28.0

%

Limited/Fast Service Restaurants

 

Panera Bread, Subway, Dunkin, McDonalds, Chipotle

 

 

275,000

 

 

 

3.7

%

 

 

7,212,000

 

 

 

6.9

%

Fitness

 

LA Fitness, Planet Fitness, 24 Hour Fitness

 

 

507,000

 

 

 

6.8

%

 

 

6,343,000

 

 

 

6.1

%

Full Service Restaurants

 

Chili's, Red Lobster, Busboys and Poets

 

 

233,000

 

 

 

3.1

%

 

 

5,018,000

 

 

 

4.8

%

Dollar/Variety

 

Dollar Tree, Big Lots, Five Below

 

 

494,000

 

 

 

6.6

%

 

 

4,863,000

 

 

 

4.7

%

Discount Department Stores

 

Marshalls, Kohl's, Burlington, Ross Dress For Less, TJ Maxx

 

 

677,000

 

 

 

9.1

%

 

 

4,847,000

 

 

 

4.7

%

Medical, Dental and Optical

 

Medical Centers, Urgent Care, Physical Therapy, Dentists, Optical

 

 

213,000

 

 

 

2.9

%

 

 

4,564,000

 

 

 

4.4

%

Personal Care

 

Nail Salons, Hair Salons, Spas, GNC

 

 

151,000

 

 

 

2.0

%

 

 

3,661,000

 

 

 

3.5

%

Home Improvement/Hardware

 

Home Depot, Tractor Supply

 

 

339,000

 

 

 

4.6

%

 

 

2,658,000

 

 

 

2.6

%

Banking

 

Santander Bank, Wells Fargo, Bank of America, Middlesex Savings Bank

 

 

87,000

 

 

 

1.2

%

 

 

2,643,000

 

 

 

2.5

%

Wireless and Gaming

 

AT&T Mobility, T-Mobile, Verizon Wireless, GameStop

 

 

101,000

 

 

 

1.4

%

 

 

2,428,000

 

 

 

2.3

%

Home Furnishing

 

Homegoods, Mattress Firm

 

 

195,000

 

 

 

2.6

%

 

 

2,269,000

 

 

 

2.2

%

Pharmacy/Drug Store

 

Rite Aid, Walgreens, CVS

 

 

92,000

 

 

 

1.2

%

 

 

2,233,000

 

 

 

2.1

%

Beer, Wine and Liquor

 

Beer, Wine and Liquor Stores

 

 

117,000

 

 

 

1.6

%

 

 

2,146,000

 

 

 

2.1

%

Office Supply

 

Staples, The UPS Store

 

 

122,000

 

 

 

1.6

%

 

 

2,134,000

 

 

 

2.0

%

Hobby Stores

 

Michaels, Hobby Lobby, A.C. Moore, JoAnn Fabrics

 

 

200,000

 

 

 

2.7

%

 

 

2,102,000

 

 

 

2.0

%

Governmental Office

 

District of Columbia, Department of Motor Vehicle, USPS

 

 

74,000

 

 

 

1.0

%

 

 

1,879,000

 

 

 

1.8

%

Clothing

 

Old Navy, Men's Wearhouse, Carter's, Madrag

 

 

111,000

 

 

 

1.5

%

 

 

1,835,000

 

 

 

1.8

%

Movie Theatre

 

United Artists, Gardner Theater

 

 

105,000

 

 

 

1.4

%

 

 

1,731,000

 

 

 

1.7

%

Shoes

 

Famous Footwear, Shoe City, Shoe Carnival

 

 

82,000

 

 

 

1.1

%

 

 

1,707,000

 

 

 

1.6

%

Automotive Parts and Service

 

Pep Boys, Advance Auto Parts, AutoZone, Mavis

 

 

128,000

 

 

 

1.7

%

 

 

1,630,000

 

 

 

1.6

%

Pet

 

PetSmart, Pet Valu, Pet Supplies Plus

 

 

102,000

 

 

 

1.4

%

 

 

1,503,000

 

 

 

1.4

%

Non-Retail

 

Various office tenants

 

 

81,000

 

 

 

1.1

%

 

 

1,429,000

 

 

 

1.4

%

Sporting and Outdoor Stores

 

Dicks, NAMCO Pools

 

 

106,000

 

 

 

1.4

%

 

 

1,374,000

 

 

 

1.3

%

Beauty Supplies

 

Sally Beauty, Popcorn Beauty, Ulta

 

 

55,000

 

 

 

0.7

%

 

 

1,333,000

 

 

 

1.3

%

Other

 

Professional Services, Thrift Stores, Cleaners, Education, Books and Other

 

 

416,000

 

 

 

5.6

%

 

 

5,532,000

 

 

 

5.3

%

 

 

 

 

 

7,442,000

 

 

 

100.0

%

 

$

104,210,000

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16

 


 

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of March 31, 2020

 

 

Number

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized

 

 

Percentage

 

 

 

of

 

 

 

 

 

 

Percentage

 

 

Annualized

 

 

base rent

 

 

annualized

 

Tenant

 

stores

 

 

GLA

 

 

of GLA

 

 

base rent

 

 

per sq. ft.

 

 

base rents

 

Top twenty-five tenants (a):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Giant Foods

 

 

8

 

 

 

538,000

 

 

 

6.5

%

 

$

9,007,000

 

 

$

16.74

 

 

 

8.6

%

Shop Rite

 

 

4

 

 

 

252,000

 

 

 

3.1

%

 

 

4,092,000

 

 

 

16.24

 

 

 

3.9

%

Stop & Shop

 

 

3

 

 

 

211,000

 

 

 

2.6

%

 

 

2,786,000

 

 

 

13.20

 

 

 

2.7

%

Dollar Tree

 

 

21

 

 

 

224,000

 

 

 

2.7

%

 

 

2,414,000

 

 

 

10.78

 

 

 

2.3

%

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

 

 

 

3.1

%

 

 

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

 

 

 

1.7

%

Marshalls

 

 

6

 

 

 

170,000

 

 

 

2.1

%

 

 

1,558,000

 

 

 

9.16

 

 

 

1.5

%

United Artists

 

 

1

 

 

 

78,000

 

 

 

0.9

%

 

 

1,538,000

 

 

 

19.72

 

 

 

1.5

%

Food Lion

 

 

4

 

 

 

163,000

 

 

 

2.0

%

 

 

1,530,000

 

 

 

9.39

 

 

 

1.5

%

Planet Fitness

 

 

5

 

 

 

99,000

 

 

 

1.2

%

 

 

1,283,000

 

 

 

12.96

 

 

 

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

%

 

 

944,000

 

 

 

8.99

 

 

 

0.9

%

Shaw's

 

 

1

 

 

 

68,000

 

 

 

0.8

%

 

 

925,000

 

 

 

13.60

 

 

 

0.9

%

District of Columbia

 

 

1

 

 

 

34,000

 

 

 

0.4

%

 

 

905,000

 

 

 

26.62

 

 

 

0.9

%

24 Hour Fitness

 

 

1

 

 

 

54,000

 

 

 

0.7

%

 

 

889,000

 

 

 

16.46

 

 

 

0.9

%

Walgreens

 

 

2

 

 

 

29,000

 

 

 

0.4

%

 

 

875,000

 

 

 

30.17

 

 

 

0.8

%

Kroger

 

 

1

 

 

 

58,000

 

 

 

0.7

%

 

 

863,000

 

 

 

14.88

 

 

 

0.8

%

PetSmart

 

 

3

 

 

 

63,000

 

 

 

0.8

%

 

 

857,000

 

 

 

13.60

 

 

 

0.8

%

Dick's Sporting Goods

 

 

1

 

 

 

56,000

 

 

 

0.7

%

 

 

784,000

 

 

 

14.00

 

 

 

0.8

%

Burlington Coat Factory

 

 

2

 

 

 

84,000

 

 

 

1.0

%

 

 

760,000

 

 

 

9.05

 

 

 

0.7

%

Sub-total top twenty-five tenants

 

 

90

 

 

 

3,525,000

 

 

 

42.7

%

 

 

45,020,000

 

 

 

12.77

 

 

 

43.2

%

Remaining tenants

 

 

719

 

 

 

3,917,000

 

 

 

47.5

%

 

 

59,190,000

 

 

 

15.11

 

 

 

56.8

%

Sub-total all tenants (b)

 

 

809

 

 

 

7,442,000

 

 

 

90.2

%

 

$

104,210,000

 

 

$

14.00

 

 

 

100.0

%

Vacant space

 

N/A

 

 

 

811,000

 

 

 

9.8

%

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

809

 

 

 

8,253,000

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Several of the tenants listed above share common ownership with other tenants:

(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).

(b)

Comprised of tenants as follows:

 

 

 

 

 

 

Percentage

 

 

 

 

 

 

Annualized

 

 

Percentage

 

 

 

Occupied

 

 

of occupied

 

 

Annualized

 

 

base rent

 

 

annualized

 

 

 

GLA

 

 

GLA

 

 

base rent

 

 

per sq. ft.

 

 

base rents

 

Spaces ≥ 10,000 GLA

 

 

5,497,000

 

 

 

73.9

%

 

$

62,544,000

 

 

$

11.38

 

 

 

60.0

%

Spaces < 10,000 GLA

 

 

1,945,000

 

 

 

26.1

%

 

 

41,666,000

 

 

 

21.42

 

 

 

40.0

%

Total

 

 

7,442,000

 

 

 

100.0

%

 

$

104,210,000

 

 

$

14.00

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 


 

CEDAR REALTY TRUST, INC.

Lease Expirations

As of March 31, 2020

 

 Total Portfolio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized

 

 

Percentage

 

 

 

Number

 

 

 

 

 

 

Percentage

 

 

expiring

 

 

of annualized

 

Year of lease

 

of leases

 

 

GLA

 

 

of GLA

 

 

base rents

 

 

expiring

 

expiration

 

expiring

 

 

expiring

 

 

expiring

 

 

per sq. ft.

 

 

base rents

 

Month-To-Month

 

 

51

 

 

 

271,000

 

 

 

3.6

%

 

$

17.55

 

 

 

4.6

%

2020

 

 

65

 

 

 

389,000

 

 

 

5.2

%

 

 

14.34

 

 

 

5.4

%

2021

 

 

136

 

 

 

752,000

 

 

 

10.1

%

 

 

16.15

 

 

 

11.7

%

2022

 

 

104

 

 

 

570,000

 

 

 

7.7

%

 

 

16.44

 

 

 

9.0

%

2023

 

 

79

 

 

 

580,000

 

 

 

7.8

%

 

 

14.74

 

 

 

8.2

%

2024

 

 

92

 

 

 

784,000

 

 

 

10.5

%

 

 

14.60

 

 

 

11.0

%

2025

 

 

88

 

 

 

1,174,000

 

 

 

15.8

%

 

 

13.39

 

 

 

15.1

%

2026

 

 

34

 

 

 

283,000

 

 

 

3.8

%

 

 

16.25

 

 

 

4.4

%

2027

 

 

37

 

 

 

307,000

 

 

 

4.1

%

 

 

13.95

 

 

 

4.1

%

2028

 

 

37

 

 

 

392,000

 

 

 

5.3

%

 

 

11.86

 

 

 

4.5

%

2029

 

 

43

 

 

 

711,000

 

 

 

9.6

%

 

 

12.94

 

 

 

8.8

%

Thereafter

 

 

43

 

 

 

1,229,000

 

 

 

16.5

%

 

 

11.32

 

 

 

13.4

%

All tenants

 

 

809

 

 

 

7,442,000

 

 

 

100.0

%

 

$

14.00

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Spaces ≥ 10,000 GLA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized

 

 

Percentage

 

 

 

Number

 

 

 

 

 

 

Percentage

 

 

expiring

 

 

of annualized

 

Year of lease

 

of leases

 

 

GLA

 

 

of GLA

 

 

base rents

 

 

expiring

 

expiration

 

expiring

 

 

expiring

 

 

expiring

 

 

per sq. ft.

 

 

base rents

 

Month-To-Month

 

 

5

 

 

 

150,000

 

 

 

2.7

%

 

$

14.53

 

 

 

3.5

%

2020

 

 

8

 

 

 

228,000

 

 

 

4.1

%

 

 

10.24

 

 

 

3.7

%

2021

 

 

13

 

 

 

417,000

 

 

 

7.6

%

 

 

11.13

 

 

 

7.4

%

2022

 

 

14

 

 

 

308,000

 

 

 

5.6

%

 

 

12.88

 

 

 

6.3

%

2023

 

 

13

 

 

 

417,000

 

 

 

7.6

%

 

 

11.38

 

 

 

7.6

%

2024

 

 

19

 

 

 

598,000

 

 

 

10.9

%

 

 

11.67

 

 

 

11.2

%

2025

 

 

26

 

 

 

921,000

 

 

 

16.8

%

 

 

11.26

 

 

 

16.6

%

2026

 

 

8

 

 

 

201,000

 

 

 

3.7

%

 

 

13.03

 

 

 

4.2

%

2027

 

 

10

 

 

 

204,000

 

 

 

3.7

%

 

 

11.53

 

 

 

3.8

%

2028

 

 

10

 

 

 

291,000

 

 

 

5.3

%

 

 

9.47

 

 

 

4.4

%

2029

 

 

16

 

 

 

618,000

 

 

 

11.2

%

 

 

11.97

 

 

 

11.8

%

Thereafter

 

 

19

 

 

 

1,144,000

 

 

 

20.8

%

 

 

10.67

 

 

 

19.5

%

All tenants

 

 

161

 

 

 

5,497,000

 

 

 

100.0

%

 

$

11.38

 

 

 

100.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Spaces < 10,000 GLA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Annualized

 

 

Percentage

 

 

 

Number

 

 

 

 

 

 

Percentage

 

 

expiring

 

 

of annualized

 

Year of lease

 

of leases

 

 

GLA

 

 

of GLA

 

 

base rents

 

 

expiring

 

expiration

 

expiring

 

 

expiring

 

 

expiring

 

 

per sq. ft.

 

 

base rents

 

Month-To-Month

 

 

46

 

 

 

121,000

 

 

 

6.2

%

 

$

21.28

 

 

 

6.2

%

2020

 

 

57

 

 

 

161,000

 

 

 

8.3

%

 

 

20.16

 

 

 

7.8

%

2021

 

 

123

 

 

 

335,000

 

 

 

17.2

%

 

 

22.39

 

 

 

18.0

%

2022

 

 

90

 

 

 

262,000

 

 

 

13.5

%

 

 

20.61

 

 

 

13.0

%

2023

 

 

66

 

 

 

163,000

 

 

 

8.4

%

 

 

23.33

 

 

 

9.1

%

2024

 

 

73

 

 

 

186,000

 

 

 

9.6

%

 

 

24.01

 

 

 

10.7

%

2025

 

 

62

 

 

 

253,000

 

 

 

13.0

%

 

 

21.16

 

 

 

12.8

%

2026

 

 

26

 

 

 

82,000

 

 

 

4.2

%

 

 

24.12

 

 

 

4.7

%

2027

 

 

27

 

 

 

103,000

 

 

 

5.3

%

 

 

18.74

 

 

 

4.6

%

2028

 

 

27

 

 

 

101,000

 

 

 

5.2

%

 

 

18.77

 

 

 

4.6

%

2029

 

 

27

 

 

 

93,000

 

 

 

4.8

%

 

 

19.44

 

 

 

4.3

%

Thereafter

 

 

24

 

 

 

85,000

 

 

 

4.4

%

 

 

20.13

 

 

 

4.1

%

All tenants

 

 

648

 

 

 

1,945,000

 

 

 

100.0

%

 

$

21.42

 

 

 

100.0

%

 

 

18

 


 

CEDAR REALTY TRUST, INC.

Leasing Activity (a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2020

 

 

29

 

 

 

307,900

 

 

$

16.15

 

 

$

16.21

 

 

-0.4%

 

 

$

6.46

 

 

 

6.8

 

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

 

Total

 

 

144

 

 

 

1,618,300

 

 

$

13.00

 

 

$

12.81

 

 

1.5%

 

 

$

10.37

 

 

 

6.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Leases - Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2020

 

 

12

 

 

 

37,600

 

 

$

18.11

 

 

$

19.57

 

 

-7.5%

 

 

$

34.91

 

 

 

7.4

 

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

 

Total

 

 

43

 

 

 

292,900

 

 

$

12.22

 

 

$

11.38

 

 

7.4%

 

 

$

51.28

 

 

 

9.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Renewals - Comparable

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1st Quarter 2020

 

 

17

 

 

 

270,300

 

 

$

15.88

 

 

$

15.74

 

 

0.9%

 

 

$

2.50

 

 

 

6.7

 

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

 

Total

 

 

101

 

 

 

1,325,400

 

 

$

13.17

 

 

$

13.13

 

 

0.4%

 

 

$

1.33

 

 

 

6.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Comparable and Non-Comparable

 

1st Quarter 2020

 

 

30

 

 

 

309,500

 

 

$

16.18

 

 

N/A

 

 

N/A

 

 

$

6.43

 

 

 

6.8

 

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

 

Total

 

 

150

 

 

 

1,638,400

 

 

$

13.22

 

 

N/A

 

 

N/A

 

 

$

10.74

 

 

 

6.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

Leases on this schedule represent retail activity only; office leases are not included. New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq. ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.

(b)

Includes costs of tenant specific landlord work and tenant allowances provided to tenants.  Excludes first generation space.

 

 

 

19

 


 

CEDAR REALTY TRUST, INC.

Same-Property Net Operating Income ("Same-property NOI")

 

 

Same-Property NOI (a)

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

Base Rents

 

$

20,166,000

 

 

$

20,161,000

 

Expense Recoveries

 

 

6,721,000

 

 

 

6,811,000

 

Total Revenues

 

 

26,887,000

 

 

 

26,972,000

 

Operating expenses

 

 

8,937,000

 

 

 

9,162,000

 

Same-Property NOI

 

$

17,950,000

 

 

$

17,810,000

 

 

 

 

 

 

 

 

 

 

Occupied

 

91.2%

 

 

91.4%

 

Leased

 

93.2%

 

 

91.9%

 

Average base rent

 

$

13.64

 

 

$

13.56

 

Number of same properties

 

46

 

 

46

 

Same-Property NOI growth

 

0.8%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Same-Property NOI Reconciliation (a)

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

Operating income

 

$

3,419,000

 

 

$

8,880,000

 

Add (deduct):

 

 

 

 

 

 

 

 

General and administrative

 

 

5,002,000

 

 

 

4,798,000

 

Gain on sales

 

 

-

 

 

 

(101,000

)

Impairment charges

 

 

7,474,000

 

 

 

-

 

Depreciation and amortization

 

 

13,747,000

 

 

 

10,129,000

 

Straight-line rents

 

 

(43,000

)

 

 

(224,000

)

Amortization of intangible lease liabilities

 

 

(459,000

)

 

 

(591,000

)

Other adjustments

 

 

52,000

 

 

 

(50,000

)

NOI related to properties not defined as same-property

 

 

(11,242,000

)

 

 

(5,031,000

)

Same-Property NOI

 

$

17,950,000

 

 

$

17,810,000

 

 

(a)

Same-Property NOI includes properties that were 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 excluding properties classified as "held for sale". Same-Property NOI (i) excludes non-cash revenues such as straight-line rent adjustments and amortization of intangible lease liabilities, (ii) reflects internal management fees charged to properties, and (iii) excludes infrequent items, such as lease termination fee income.

 

 

 

20

 


 

CEDAR REALTY TRUST, INC.

Summary of Real Estate Held For Sale

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

 

$

8.93

 

Metro Square

 

Owings Mills, MD

 

 

71,896

 

 

 

18.4

%

 

 

28.26

 

Suffolk Plaza

 

Suffolk, VA

 

 

67,216

 

 

 

100.0

%

 

 

10.90

 

The Commons

 

Dubois, PA

 

 

203,309

 

 

 

59.2

%

 

 

8.35

 

 

 

 

 

 

472,003

 

 

 

54.1

%

 

$

10.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

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

 

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, 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 Net Operating Income (“Same-Property NOI”)

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.

 

 

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