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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 001-31817

 

CEDAR REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

 

Maryland

42-1241468

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

44 South Bayles Avenue, Port Washington, New York 11050-3765

(Address of principal executive offices)     (Zip Code)

(516) 767-6492

(Registrant's telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Name of each exchange on which registered

Trading Symbol(s)

Common Stock, $0.06 par value

New York Stock Exchange

CDR

7-1/4% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value

New York Stock Exchange

CDRpB

6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value

New York Stock Exchange

CDRpC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

  

Smaller reporting company

 

 

 

 

 

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

At October 27, 2020, there were 89,308,796 shares of Common Stock, $0.06 par value, outstanding.

 

 

1


CEDAR REALTY TRUST, INC.

INDEX

 

Forward-Looking Statements

3

 

 

Part I. Financial Information

 

 

 

 

 

Item 1.

 

Financial Statements (unaudited)

 

 

 

 

 

 

 

Consolidated Balance Sheets – September 30, 2020 and December 31, 2019

4

 

 

 

 

 

 

Consolidated Statements of Operations – Three and nine months ended September 30, 2020 and 2019

5

 

 

 

 

 

 

Consolidated Statements of Comprehensive (Loss) – Three and nine months ended September 30, 2020          and 2019

 

6

 

 

 

Consolidated Statements of Equity – Nine months ended September 30, 2020 and 2019

7-10

 

 

 

 

 

 

Consolidated Statements of Cash Flows – Three and nine months ended September 30, 2020 and 2019

11

 

 

 

 

 

 

Notes to Consolidated Financial Statements – September 30, 2020

12-21

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition And Results of Operations

22-30

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

30-31

 

 

 

 

Item 4.

 

Controls and Procedures

31

 

 

Part II. Other Information

 

 

 

 

 

Item 1.

 

Legal Proceedings

32

 

 

 

 

Item 1A.

 

Risk Factors

32

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

32

 

 

 

 

Item 3.

 

Defaults Upon Senior Securities

32

 

 

 

 

Item 4.

 

Mine Safety Disclosures

32

 

 

 

 

Item 5.

 

Other Information

32

 

 

 

 

Item 6.

 

Exhibits

32

 

 

 

 

Signatures

33

 

 

 

2


Forward-Looking Statements

 

Certain statements made in this Current Report on Form 10-Q 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, INC.

CONSOLIDATED BALANCE SHEETS

(unaudited)

 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Real estate:

 

 

 

 

 

 

 

 

Land

 

$

285,082,000

 

 

$

293,456,000

 

Buildings and improvements

 

 

1,235,746,000

 

 

 

1,221,750,000

 

 

 

 

1,520,828,000

 

 

 

1,515,206,000

 

Less accumulated depreciation

 

 

(419,363,000

)

 

 

(389,861,000

)

Real estate, net

 

 

1,101,465,000

 

 

 

1,125,345,000

 

 

 

 

 

 

 

 

 

 

Real estate held for sale

 

 

20,137,000

 

 

 

13,230,000

 

Cash and cash equivalents

 

 

3,568,000

 

 

 

2,747,000

 

Receivables

 

 

23,052,000

 

 

 

22,164,000

 

Other assets and deferred charges, net

 

 

50,118,000

 

 

 

42,139,000

 

TOTAL ASSETS

 

$

1,198,340,000

 

 

$

1,205,625,000

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Mortgage loan payable

 

$

45,635,000

 

 

$

46,370,000

 

Finance lease obligation

 

 

5,346,000

 

 

 

5,364,000

 

Unsecured revolving credit facility

 

 

120,900,000

 

 

 

106,000,000

 

Unsecured term loans

 

 

473,372,000

 

 

 

472,841,000

 

Accounts payable and accrued liabilities

 

 

62,207,000

 

 

 

50,502,000

 

Unamortized intangible lease liabilities

 

 

9,270,000

 

 

 

10,473,000

 

Total liabilities

 

 

716,730,000

 

 

 

691,550,000

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Cedar Realty Trust, Inc. shareholders' equity:

 

 

 

 

 

 

 

 

Preferred stock

 

 

159,541,000

 

 

 

159,541,000

 

Common stock  ($0.06 par value, 150,000,000 shares authorized, 89,311,000 and 89,020,000 shares, issued and outstanding, respectively)

 

 

5,359,000

 

 

 

5,341,000

 

Treasury stock  (2,956,000 and 3,068,000 shares, respectively, at cost)

 

 

(15,191,000

)

 

 

(16,311,000

)

Additional paid-in capital

 

 

874,299,000

 

 

 

872,724,000

 

Cumulative distributions in excess of net income

 

 

(525,119,000

)

 

 

(503,725,000

)

Accumulated other comprehensive (loss)

 

 

(21,047,000

)

 

 

(7,009,000

)

Total Cedar Realty Trust, Inc. shareholders' equity

 

 

477,842,000

 

 

 

510,561,000

 

Noncontrolling interests:

 

 

 

 

 

 

 

 

Minority interests in consolidated joint ventures

 

 

895,000

 

 

 

435,000

 

Limited partners'  OP Units

 

 

2,873,000

 

 

 

3,079,000

 

Total noncontrolling interests

 

 

3,768,000

 

 

 

3,514,000

 

Total equity

 

 

481,610,000

 

 

 

514,075,000

 

TOTAL LIABILITIES AND EQUITY

 

$

1,198,340,000

 

 

$

1,205,625,000

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements

 

4


CEDAR REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

30,890,000

 

 

$

35,490,000

 

 

$

94,466,000

 

 

$

107,391,000

 

Other

 

 

285,000

 

 

 

422,000

 

 

 

7,814,000

 

 

 

1,064,000

 

Total revenues

 

 

31,175,000

 

 

 

35,912,000

 

 

 

102,280,000

 

 

 

108,455,000

 

EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating, maintenance and management

 

 

5,579,000

 

 

 

6,321,000

 

 

 

18,808,000

 

 

 

20,450,000

 

Real estate and other property-related taxes

 

 

5,253,000

 

 

 

5,178,000

 

 

 

15,353,000

 

 

 

15,475,000

 

General and administrative

 

 

3,925,000

 

 

 

4,886,000

 

 

 

12,833,000

 

 

 

15,102,000

 

Depreciation and amortization

 

 

10,035,000

 

 

 

10,547,000

 

 

 

38,208,000

 

 

 

31,022,000

 

Total expenses

 

 

24,792,000

 

 

 

26,932,000

 

 

 

85,202,000

 

 

 

82,049,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sales

 

 

679,000

 

 

 

-

 

 

 

679,000

 

 

 

2,942,000

 

Impairment charges

 

 

-

 

 

 

-

 

 

 

(7,607,000

)

 

 

-

 

Total other

 

 

679,000

 

 

 

-

 

 

 

(6,928,000

)

 

 

2,942,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

 

7,062,000

 

 

 

8,980,000

 

 

 

10,150,000

 

 

 

29,348,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON-OPERATING INCOME AND EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(5,658,000

)

 

 

(6,033,000

)

 

 

(16,853,000

)

 

 

(17,868,000

)

Total non-operating income and expenses

 

 

(5,658,000

)

 

 

(6,033,000

)

 

 

(16,853,000

)

 

 

(17,868,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS)

 

 

1,404,000

 

 

 

2,947,000

 

 

 

(6,703,000

)

 

 

11,480,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (income) loss attributable to noncontrolling interests:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minority interests in consolidated joint ventures

 

 

(144,000

)

 

 

(166,000

)

 

 

(460,000

)

 

 

(415,000

)

Limited partners' interest in Operating Partnership

 

 

7,000

 

 

 

(1,000

)

 

 

87,000

 

 

 

(20,000

)

Total net (income) attributable to noncontrolling interests

 

 

(137,000

)

 

 

(167,000

)

 

 

(373,000

)

 

 

(435,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

1,267,000

 

 

 

2,780,000

 

 

 

(7,076,000

)

 

 

11,045,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

(2,688,000

)

 

 

(2,688,000

)

 

 

(8,064,000

)

 

 

(8,064,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS

 

$

(1,421,000

)

 

$

92,000

 

 

$

(15,140,000

)

 

$

2,981,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

(0.02

)

 

$

(0.00

)

 

$

(0.18

)

 

$

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares - basic and diluted

 

 

86,526,000

 

 

 

86,262,000

 

 

 

86,469,000

 

 

 

86,367,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements

 

5


CEDAR REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)

(unaudited)

 

 

 

Three months ended September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

1,404,000

 

 

$

2,947,000

 

 

$

(6,703,000

)

 

$

11,480,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on change in fair value of cash flow hedges

 

 

1,480,000

 

 

 

(3,099,000

)

 

 

(14,122,000

)

 

 

(17,137,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

 

2,884,000

 

 

 

(152,000

)

 

 

(20,825,000

)

 

 

(5,657,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive (income) attributable to noncontrolling interests

 

 

(146,000

)

 

 

(149,000

)

 

 

(289,000

)

 

 

(331,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) attributable to Cedar Realty Trust, Inc.

 

$

2,738,000

 

 

$

(301,000

)

 

$

(21,114,000

)

 

$

(5,988,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements

 

 

6


 

CEDAR REALTY TRUST, INC.

Consolidated Statement of Equity

Nine months ended September 30, 2020

(unaudited)

 

 

 

Cedar Realty Trust, Inc. Shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Treasury

 

 

Additional

 

 

distributions

 

 

other

 

 

 

 

 

 

 

Preferred stock

 

 

Common stock

 

 

stock,

 

 

paid-in

 

 

in excess of

 

 

comprehensive

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

at cost

 

 

capital

 

 

net income

 

 

income

 

 

Total

 

Balance, December 31, 2019

 

 

6,450,000

 

 

$

159,541,000

 

 

 

89,020,000

 

 

$

5,341,000

 

 

$

(16,311,000

)

 

$

872,724,000

 

 

$

(503,725,000

)

 

$

(7,009,000

)

 

$

510,561,000

 

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,246,000

)

 

 

 

 

 

(2,246,000

)

Unrealized (loss) on change in fair value of cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14,924,000

)

 

 

(14,924,000

)

Share-based compensation, net

 

 

 

 

 

 

 

 

305,000

 

 

 

19,000

 

 

 

1,006,000

 

 

 

(159,000

)

 

 

 

 

 

 

 

 

866,000

 

Common stock sales, net of issuance expenses

 

 

 

 

 

 

 

 

2,000

 

 

 

 

 

 

 

 

 

5,000

 

 

 

 

 

 

 

 

 

5,000

 

Preferred stock dividends

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,688,000

)

 

 

 

 

 

(2,688,000

)

Distributions to common shareholders/noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,468,000

)

 

 

 

 

 

(4,468,000

)

Reallocation adjustment of limited partners' interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,000

 

 

 

 

 

 

 

 

 

5,000

 

Balance, March 31, 2020

 

 

6,450,000

 

 

 

159,541,000

 

 

 

89,327,000

 

 

 

5,360,000

 

 

 

(15,305,000

)

 

 

872,575,000

 

 

 

(513,127,000

)

 

 

(21,933,000

)

 

 

487,111,000

 

Net (loss) income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,097,000

)

 

 

 

 

 

(6,097,000

)

Unrealized (loss) on change in fair value of cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(585,000

)

 

 

(585,000

)

Share-based compensation, net