cdr-ex991

The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). In addition, certain statements made or incorporated by reference herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, 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, 2020 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.

Massapequa, New York – March 10, 2022 – Cedar Realty Trust, Inc. (NYSE: CDR – the “Company”) today reported results for the fourth quarter and full year 2021. Net loss attributable to common shareholders was $(1.47) per diluted share and $(4.24) per diluted share for the fourth quarter and year ended 2021, respectively. Other highlights include:

Net loss attributable to common shareholders for the fourth quarter of 2021 was $(19.4) million or $(1.47) per diluted share, compared to net income of $3.3 million or $0.25 per diluted share for the same period in 2020. Net loss attributable to common shareholders for the full year 2021 was $(55.9) million or $(4.24) per diluted share, compared to net loss of $(11.8) million or $(0.92) per dilutive share for the same period of 2020. The principal differences in the comparative three-month and full year results were gain on sales of properties in 2021, and impairment (reversal) charges on properties held for sale in 2021 and 2020, a lease termination fee from a property held for sale in 2020, and the acceleration of depreciation relating to the demolition of certain existing buildings at redevelopment properties in 2020.

NAREIT-defined FFO and Operating FFO for the fourth quarter of 2021 was $7.9 million or $0.57 per diluted share, compared to $9.8 million or $0.71 per diluted share for the same period in 2020. The difference between Operating FFO and NAREIT-defined FFO in 2020 was redevelopment costs and financing costs.

NAREIT-defined FFO for the full year 2021 was $33.3 million or $2.40 per diluted share, compared to $39.8 million or $2.88 per dilutive share for the same period in 2020. Operating FFO for the full year 2021 was $33.8 million or $2.43 per diluted share, as compared to $40.3 million or $2.91 per dilutive share for the same period in 2020. The principal differences between the comparative full year NAREIT-defined FFO and Operating FFO results were the effects of COVID-19 and lease termination income in 2020.

During the fourth quarter of 2021, the Company signed 54 leases for 316,800 square feet. On a comparable space basis, the Company signed 35 renewal leases for 195,200 square feet at an increase of 2.3% and 15 new leases for 113,100 square feet at a decrease of 15.9%. During the full year 2021, the Company signed 158 leases for 1,024,300 square feet. On a comparable space basis, the Company signed 98 renewal leases for 580,400 square feet at an increase of 1.8% and 44 new leases for 321,600 square feet at an increase of 3.7%.

Excluding redevelopments, same-property NOI increased 2.8% for the fourth quarter of 2021 and increased 3.4% for the full year 2021, as compared to the same periods of 2020. Including redevelopments same-property NOI decreased 0.6% for the fourth quarter of 2021 and increased 1.8% for the full year 2021, as compared to the same periods of 2020. The year ended December 31, 2020 was significantly impacted by the effects of COVID-19.

The Company’s same-property portfolio was 91.8% leased at December 31, 2021, compared to 91.4% at September 30, 2021 and 92.0% at December 31, 2020. The Company’s total portfolio, excluding properties held for sale, was 91.0% leased at December 31, 2021, compared to 89.8% at September 30, 2021 and 89.1% at December 31, 2020.

During the fourth quarter of 2021, the Company classified Riverview Plaza, located in Philadelphia, Pennsylvania, and East River Park and Senator Square, both located in Washington, D.C., as “real estate held for sale” in the accompanying consolidated balance sheet.

On March 2, 2022, the Company announced that following its previously announced dual-track review of strategic alternatives, the Company has entered into definitive agreements that will result in the sale of the Company and its assets in a series of related all-cash transactions. The Company (1) entered into an agreement to sell a portfolio of 33 grocery-anchored shopping centers for $840.0 million, (2) entered into an agreement to sell the Revelry redevelopment project for $34.0 million, (3) is negotiating a contract for the sale of the Northeast Heights redevelopment project for $46.5 million and (4) entered into an agreement to sell the Company and its remaining assets for $291.3 million. The acquirer of the portfolio of 33 grocery-anchored shopping centers has agreed to backstop the two redevelopment transactions at the aggregate price of $80.5 million if they do not close before the closing of the shopping center portfolio transaction. The contracts to sell the 33 grocery-anchored shopping centers and to sell the Company and its remaining assets require shareholder approval.

As part of the dual-track strategic alternatives process, the Company has determined that certain of the Company’s operating properties would be sold significantly prior to the end of their previously estimated hold periods. The Company recorded $101.7 million in impairment charges.

NAREIT-defined FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company considers NAREIT-defined FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets. The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. NAREIT-defined FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. A reconciliation of net income (loss) attributable to common shareholders to NAREIT-defined FFO and Operating FFO for the three and twelve months ended December 31, 2021 and 2020 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.

considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company’s properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year. Same-property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure.

The Company has issued “Supplemental Financial Information” for the period ended December 31, 2021. 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.

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 50 properties, with approximately 7.3 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.

Certain statements made in 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 years ended December 31, 2020 and December 31, 2019, when available, and other documents that the Company files with the Securities and Exchange Commission from time to time.

	December 31,
	2021			2020
ASSETS
Real estate, at cost	$	1,288,524,000		$	1,527,478,000
Less accumulated depreciation		(409,742,000	)		(428,569,000	)
Real estate, net		878,782,000			1,098,909,000
Real estate held for sale		73,251,000			9,498,000
Investment in unconsolidated joint venture		4,654,000			-
Cash and cash equivalents		3,039,000			1,637,000
Restricted cash		230,000			-
Receivables		21,868,000			21,952,000
Other assets and deferred charges, net		35,070,000			45,255,000
TOTAL ASSETS	$	1,016,894,000		$	1,177,251,000

LIABILITIES AND EQUITY
Liabilities:
Mortgage loan payable, net	$	156,821,000		$	45,385,000
Finance lease obligation		5,314,000			5,340,000
Unsecured revolving credit facility		66,000,000			175,000,000
Unsecured term loans, net		298,903,000			398,549,000
Accounts payable and accrued liabilities		42,099,000			56,580,000
Unamortized intangible lease liabilities		7,789,000			8,939,000
Total liabilities		576,926,000			689,793,000

Equity:
Preferred stock		159,541,000			159,541,000
Common stock and other shareholders' equity		277,841,000			323,957,000
Noncontrolling interests		2,586,000			3,960,000
Total equity		439,968,000			487,458,000

TOTAL LIABILITIES AND EQUITY	$	1,016,894,000		$	1,177,251,000

	Three months ended December 31,						Years ended December 31,
	2021			2020			2021			2020
PROPERTY REVENUES
Rental revenues	$	30,840,000		$	32,705,000		$	126,451,000		$	127,171,000
Other		377,000			553,000			1,099,000			8,367,000
Total property revenues		31,217,000			33,258,000			127,550,000			135,538,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		7,171,000			6,737,000			26,817,000			25,545,000
Real estate and other property-related taxes		4,661,000			4,698,000			19,629,000			20,051,000
Total property operating expenses		11,832,000			11,435,000			46,446,000			45,596,000

PROPERTY OPERATING INCOME		19,385,000			21,823,000			81,104,000			89,942,000

OTHER EXPENSES AND INCOME
General and administrative		4,403,000			4,032,000			18,033,000			16,865,000
Depreciation and amortization		8,476,000			10,204,000			39,454,000			48,412,000
Gain on sales		-			(3,717,000	)		(49,904,000	)		(4,396,000	)
Impairment charges		19,001,000			-			99,888,000			7,607,000
Total other expenses and income		31,880,000			10,519,000			107,471,000			68,488,000

OPERATING INCOME (LOSS)		(12,495,000	)		11,304,000			(26,367,000	)		21,454,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(4,342,000	)		(5,121,000	)		(18,636,000	)		(21,974,000	)
Total non-operating income and expense		(4,342,000	)		(5,121,000	)		(18,636,000	)		(21,974,000	)

NET INCOME (LOSS)		(16,837,000	)		6,183,000			(45,003,000	)		(520,000	)

Attributable to noncontrolling interests		87,000			(179,000	)		(96,000	)		(552,000	)

NET INCOME (LOSS) ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		(16,750,000	)		6,004,000			(45,099,000	)		(1,072,000	)

Preferred stock dividends		(2,688,000	)		(2,688,000	)		(10,752,000	)		(10,752,000	)

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(19,438,000	)	$	3,316,000		$	(55,851,000	)	$	(11,824,000	)

NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):	$	(1.47	)	$	0.25		$	(4.24	)	$	(0.92	)

Weighted average number of common shares - basic and diluted		13,276,000			13,112,000			13,213,000			13,104,000

Balance Sheets	December 31,
	2021			2020

Construction in process (included in real estate, at cost)	$	20,293,000		$	41,699,000

Receivables
Rents and other tenant receivables, net (a)	$	7,242,000		$	6,541,000
Mortgage note and other receivable		3,500,000			3,500,000
Straight-line rents		11,126,000			11,911,000
	$	21,868,000		$	21,952,000

Other assets and deferred charges, net
Lease origination costs	$	15,233,000		$	22,331,000
Right-of-use assets		9,861,000			13,828,000
Prepaid expenses		7,255,000			6,906,000
Revolving credit facility issuance costs		1,134,000			623,000
Other		1,587,000			1,567,000
	$	35,070,000		$	45,255,000

Accounts payable and accrued liabilities
Accounts payable and accrued liabilities	$	23,648,000		$	23,576,000
Right-of-use liabilities		10,219,000			14,077,000
Interest rate swap liabilities		8,232,000			18,927,000
	$	42,099,000		$	56,580,000

Statements of Operations	Three months ended December 31,					Years ended December 31,
	2021			2020		2021		2020
Rental revenues
Base rents	$	22,491,000		$	24,212,000	$	92,738,000	$	95,987,000
Expense recoveries		7,837,000			7,546,000		31,022,000		29,241,000
Percentage rent		342,000			626,000		1,347,000		1,778,000
Straight-line rents		(96,000	)		14,000		270,000		(1,208,000	)
Amortization of intangible lease liabilities, net		266,000			307,000		1,074,000		1,373,000
	$	30,840,000		$	32,705,000	$	126,451,000	$	127,171,000

	Three months ended December 31,						Years ended December 31,
	2021			2020			2021			2020
Net (loss) income attributable to common shareholders	$	(19,438,000	)	$	3,316,000		$	(55,851,000	)	$	(11,824,000	)
Real estate depreciation and amortization		8,463,000			10,182,000			39,380,000			48,297,000
Limited partners' interest		(115,000	)		21,000			(329,000	)		(66,000	)
Gain on sales		-			(3,717,000	)		(49,904,000	)		(4,396,000	)
Impairment charges		19,001,000			-			99,888,000			7,607,000
Consolidated minority interests:
Share of income		28,000			158,000			425,000			618,000
Share of FFO		(24,000	)		(112,000	)		(303,000	)		(388,000	)
Funds From Operations ("FFO") applicable to diluted common shares		7,915,000			9,848,000			33,306,000			39,848,000
Adjustments for items affecting comparability:		-
Redevelopment costs (a)		-			-			230,000			483,000
Financing costs (b)		-			-			215,000			-
Operating Funds From Operations ("Operating FFO") applicable to diluted common shares	$	7,915,000		$	9,848,000		$	33,751,000		$	40,331,000

FFO per diluted common share:	$	0.57		$	0.71		$	2.40		$	2.88

Operating FFO per diluted common share:	$	0.57		$	0.71		$	2.43		$	2.91

Weighted average number of diluted common shares:
Common shares and equivalents		13,778,000			13,759,000			13,814,000			13,758,000
OP Units		81,000			81,000			81,000			81,000
		13,859,000			13,840,000			13,895,000			13,839,000

Additional Disclosures (c):
Straight-line rents	$	(96,000	)	$	14,000		$	270,000		$	(1,208,000	)
Amortization of intangible lease liabilities		266,000			307,000			1,074,000			1,373,000
Non-real estate amortization		169,000			384,000			1,433,000			1,447,000
Share-based compensation, net		534,000			970,000			3,043,000			3,723,000
Maintenance capital expenditures (d)		835,000			1,084,000			3,565,000			7,222,000
Lease related expenditures (e)		1,695,000			3,594,000			8,231,000			9,773,000
Development and redevelopment capital expenditures		8,431,000			4,480,000			19,790,000			27,898,000
Capitalized interest and financing costs		950,000			809,000			3,400,000			2,674,000

	Three months ended December 31,						Years ended December 31,
	2021			2020			2021			2020
Net income (loss)	$	(16,837,000	)	$	6,183,000		$	(45,003,000	)	$	(520,000	)
Interest expense		4,342,000			5,121,000			18,636,000			21,974,000
Depreciation and amortization		8,476,000			10,204,000			39,454,000			48,412,000
Gain on sales		-			(3,717,000	)		(49,904,000	)		(4,396,000	)
Impairment charges		19,001,000			-			99,888,000			7,607,000
EBITDAre		14,982,000			17,791,000			63,071,000			73,077,000
Adjustments for items affecting comparability:
Redevelopment costs (a)		-			-			230,000			483,000
Financing costs (b)		-			-			215,000			-
Adjusted EBITDAre	$	14,982,000		$	17,791,000		$	63,516,000		$	73,560,000

Net debt
Debt, excluding issuance costs	$	524,571,000		$	620,645,000		$	524,571,000		$	620,645,000
Finance lease obligation		5,596,000			5,631,000			5,596,000			5,631,000
Unrestricted cash and cash equivalents		(3,039,000	)		(1,637,000	)		(3,039,000	)		(1,637,000	)
	$	527,128,000		$	624,639,000		$	527,128,000		$	624,639,000

Fixed charges (c)
Interest expense	$	5,037,000		$	5,518,000		$	20,393,000		$	23,165,000
Preferred stock dividends		2,688,000			2,688,000			10,752,000			10,752,000
Scheduled mortgage repayments		285,000			269,000			1,110,000			1,066,000
	$	8,010,000		$	8,475,000		$	32,255,000		$	34,983,000

Debt and Coverage Ratios (d)
Net debt to Adjusted EBITDAre		8.8	x		8.9	x		8.7	x		9.5	x
Interest coverage ratio (based on Adjusted EBITDAre)		3.0	x		3.2	x		2.2	x		2.1	x
Fixed charge coverage ratio (based on Adjusted EBITDAre)		1.9	x		2.1	x		1.4	x		1.4	x

	Maturity	Interest
	Dates	Rates	Amounts
Secured fixed-rate debt:
Franklin Village Plaza	Jun 2026	3.9%	$	44,571,000
Shops at Suffolk Downs (a)	Jun 2031	3.5%		15,600,000
Trexlertown Plaza (a)	Jun 2031	3.5%		36,100,000
The Point (a)	Jun 2031	3.5%		29,700,000
Christina Crossing (a)	Jun 2031	3.5%		17,000,000
Lawndale Plaza (a)	Jun 2031	3.5%		15,600,000
Senator Square finance lease obligation	Sep 2050	5.3%		5,596,000
Total fixed rate debt	weighted average	3.6%		164,167,000

Unsecured debt:
Variable-rate:
Revolving credit facility (b)	Aug 2024	1.6%		66,000,000
Fixed-rate (c):
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
Term loan	Aug 2026	3.3%		50,000,000
Total unsecured debt	weighted average	3.4%		366,000,000

Total debt	weighted average	3.5%		530,167,000

Unamortized mortgage, finance lease and term loan issuance costs				(3,129,000	)

Total debt			$	527,038,000

Fixed to variable rate debt ratio:
Fixed-rate debt		87.6%	$	464,167,000
Variable-rate debt		12.4%		66,000,000
		100.0%	$	530,167,000

								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		89.1	%	$	24.49	Big Y	Dollar Tree
Brickyard Plaza		2004		227,598		99.2	%		8.84		Home Depot
											Kohl's
											Michaels
											PetSmart
Groton Shopping Center		2007		130,264		100.0	%		12.31	Aldi	TJ Maxx
											Goodwill
											Planet Fitness
											Dollar Tree
											Pet Supplies Plus
Jordan Lane		2005		174,679		92.8	%		11.07	Stop & Shop	Crunch Fitness
											Dollar Tree
											Shopper's World
New London Mall		2009		259,566		88.3	%		12.85	Shop Rite	Marshalls
											Home Goods
											PetSmart
Oakland Commons		2007		90,100		100.0	%		6.37	Walmart	Bristol Ten Pin
Southington Center		2003		155,842		98.5	%		7.96	Walmart	NAMCO
											Southington Wine & Spirit
Total Connecticut				1,139,154		94.9	%		11.42

Delaware
Christina Crossing		2017		119,446		93.8	%		19.33	Shop Rite

Maryland / Washington, D.C.
Oakland Mills		2005		57,008		92.6	%		11.57	LA Mart
Patuxent Crossing (f/k/a San Souci Plaza) (a)		2009		264,134		82.7	%		11.59	McKay's Market and Café	Marshalls
											Home Goods
											World Gym
											JoAnn Fabrics
											Dollar Tree
Shoppes at Arts District		2016		35,676		100.0	%		36.06	Yes! Organic Market	Busboys and Poets
Valley Plaza		2003		190,939		27.9	%		10.16		Tractor Supply

Yorktowne Plaza		2007		136,197		57.7	%		13.49	Food Lion	Dollar Tree
Total Maryland / Washington, D.C.				683,954		64.1	%		13.75

Massachusetts
Fieldstone Marketplace	2005/2012			150,123		84.3	%		12.05	Shaw's	Work Out World
											Dollar Tree
											Family Dollar
Franklin Village Plaza	2004/2012			305,937		90.0	%		20.04	Stop & Shop	Marshalls
											NRG Labs
Kings Plaza		2007		168,243		82.2	%		8.69		Fun Z Trampoline Park
											Ocean State Job Lot
											Savers
											Dollar General
Norwood Shopping Center		2006		42,308		85.9	%		8.84	Big Y	Planet Fitness
											Dollar Tree
The Shops at Suffolk Downs		2005		121,187		98.8	%		14.62	Stop & Shop	Dollar Tree
										Target (c)

								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		66.1	%		9.93		Big Lots
											Gardner Theater
											Tractor Supply
											Dollar Tree
Webster Commons		2007		98,984		96.7	%		11.97		Big Lots
											Planet Fitness
											CVS
											Aubuchon Hardware
Total Massachusetts				1,069,581		85.3	%		13.87

New Jersey
Pine Grove Plaza		2003		79,306		49.6	%		14.93	Acme Markets (c)	Dollar Tree
The Shops at Bloomfield Station		2016		63,844		86.0	%		17.83	Super Foodtown
Washington Center Shoppes		2001		157,300		93.1	%		11.81	Acme Markets	Planet Fitness
Total New Jersey				300,450		80.1	%		13.69

New York
Carmans Plaza		2007		182,081		77.4	%		22.00	Key Food	Department of Motor Vehicles
											Planet Fitness
											Popcorn Beauty
											Dollar Tree
Pennsylvania
Academy Plaza		2001		136,685		89.0	%		15.39	Acme Markets	Rite Aid
Colonial Commons		2011		410,432		92.0	%		13.72	Giant Foods (d)	Dick's Sporting Goods
											Home Goods
											Ross Dress For Less
											Marshalls
											JoAnn Fabrics
											David's Furniture
											Old Navy
											Dollar Tree
Crossroads II (b)		2008		133,717		98.7	%		19.76	Giant Foods	Dollar Tree
Fairview Commons		2007		52,964		75.3	%		10.12	Grocery Outlet	Dollar Tree
Fishtown Crossing		2001		131,043		88.4	%		18.49	IGA Supermarket	Pep Boys
											Dollar Tree
											Dollar General
Girard Plaza		2019		35,688		100.0	%		16.29	Save A Lot	Dollar General
Gold Star Plaza		2006		71,720		100.0	%		9.09	Redner's	Dollar Tree
Golden Triangle		2003		202,790		98.4	%		12.77		LA Fitness
											Marshalls
											Staples
											Immunotek
											American Freight
											Walgreens
											Dollar Tree
Halifax Plaza		2003		51,510		100.0	%		13.69	Giant Foods	Rite Aid
Hamburg Square		2004		102,058		100.0	%		6.79	Redner's	Chesaco RV
Lawndale Plaza		2015		92,773		100.0	%		18.73	Shop Rite
Meadows Marketplace	2004/2012			91,518		89.8	%		15.93	Giant Foods
Newport Plaza		2003		64,489		97.0	%		13.17	Giant Foods	Rite Aid
Northside Commons		2008		69,136		100.0	%		10.42	Redner's	Dollar Tree
Palmyra Shopping Center		2005		111,051		93.7	%		7.84	Weis Markets	Goodwill

								Average
	Year				Percent			base rent per				Selected
Property Description	acquired		GLA		occupied			leased sq. ft.			Grocer Anchor	Other Anchors
Pennsylvania (continued)
Quartermaster Plaza		2014		456,154		92.8	%		15.09		BJ's Wholesale Club	Home Depot
												Planet Fitness
												Staples
												PetSmart
												Walgreens
South Philadelphia		2003		191,340		76.0	%		12.16		Shop Rite	Ross Dress for Less
												LA Fitness
												Kid City
Swede Square		2003		100,809		92.6	%		15.73		Grocery Outlet	LA Fitness
The Point		2000		260,625		87.8	%		14.99		Giant Foods	Burlington
												Barton's Home Outlet
												Staples
												Dollar Tree
Trexler Mall		2005		336,687		98.2	%		11.04			Kohl's
												Urban Air
												Lehigh Wellness Partners
												Maxx Fitness
												Marshalls
												Home Goods
												Dollar Tree
Trexlertown Plaza		2006		325,171		98.3	%		14.09		Giant Foods	Hobby Lobby
												Burlington
												Big Lots
												Tractor Supply
Total Pennsylvania				3,428,360		93.3	%		13.75

Virginia
Coliseum Marketplace		2005		106,648		45.9	%		15.15			Michaels
Elmhurst Square		2006		66,254		91.1	%		10.23		Food Lion
General Booth Plaza		2005		71,639		100.0	%		15.37		Food Lion
Kempsville Crossing		2005		79,512		97.7	%		11.10		Walmart	The Iron Asylum
Oak Ridge Shopping Center		2006		38,700		100.0	%		11.09		Food Lion
Total Virginia				362,753		82.0	%		12.61

Total (91.0% leased at December 31, 2021)				7,285,779		88.2	%	$	13.60	(e)

				Percentage			Percentage	Q4 2021
				of occupied	Annualized		of annualized	percent
Tenant Categories	Examples/Description	GLA		GLA	base rent		base rents	collected
Grocer Anchor	Giant Foods, Shop Rite, Stop & Shop, Big Y, BJ's Wholesale Club, Food Lion, Walmart Neighborhood Market		2,103,000	32.7%	$	26,077,000	29.9%	100%
Limited/Fast Service Restaurants	Panera Bread, Subway, Dunkin, McDonalds, Chipotle		264,000	4.1%		7,121,000	8.2%	95%
Fitness	LA Fitness, Planet Fitness		422,000	6.6%		5,033,000	5.8%	78%
Full Service Restaurants	Chili's, Red Lobster, Busboys and Poets		218,000	3.4%		4,747,000	5.4%	90%
Discount Department Stores	Marshalls, Kohl's, Burlington, Ross Dress For Less, TJ Maxx		493,000	7.7%		4,123,000	4.7%	100%
Dollar/Variety	Dollar Tree, Big Lots, Five Below		468,000	7.3%		4,176,000	4.8%	98%
Medical, Dental and Optical	Medical Centers, Urgent Care, Physical Therapy, Dentists, Optical		160,000	2.5%		3,208,000	3.7%	99%
Personal Care	Nail Salons, Hair Salons, Spas		153,000	2.4%		3,298,000	3.8%	98%
Home Improvement/Hardware	Home Depot, Tractor Supply		366,000	5.7%		2,905,000	3.3%	100%
Banking	Santander Bank, Wells Fargo, Bank of America, Middlesex Savings Bank		53,000	0.8%		1,594,000	1.8%	100%
Wireless and Gaming	AT&T Mobility, T-Mobile, Verizon Wireless, GameStop		81,000	1.3%		2,082,000	2.4%	93%
Pharmacy/Drug Store	Rite Aid, Walgreens, CVS		71,000	1.1%		1,731,000	2.0%	97%
Office Supply	Staples, The UPS Store		77,000	1.2%		1,067,000	1.2%	100%
Beer, Wine and Liquor	Beer, Wine and Liquor Stores		116,000	1.8%		1,992,000	2.3%	89%
Governmental Office	District of Columbia, Department of Motor Vehicle, USPS		35,000	0.5%		907,000	1.0%	99%
Clothing	Old Navy, Carter's, Madrag		93,000	1.4%		1,154,000	1.3%	99%
Home Furnishing	Home Goods, Mattress Firm		185,000	2.9%		2,002,000	2.3%	98%
Automotive Parts and Service	Pep Boys, Advance Auto Parts, AutoZone, Mavis		97,000	1.5%		1,243,000	1.4%	100%
Shoes	Famous Footwear, Shoe City		70,000	1.1%		1,439,000	1.6%	100%
Non-Retail	Various office tenants		66,000	1.0%		1,148,000	1.3%	94%
Sporting and Outdoor Stores	Dicks, NAMCO Pools		95,000	1.5%		1,370,000	1.6%	95%
Hobby Stores	Michaels, Hobby Lobby, JoAnn Fabrics		145,000	2.3%		1,261,000	1.4%	100%
Beauty Supplies	Sally Beauty, Popcorn Beauty, Ulta		42,000	0.7%		1,052,000	1.2%	99%
Pet	PetSmart, Pet Supplies Plus		86,000	1.3%		1,252,000	1.4%	100%
Other	Professional Services, Thrift Stores, Movie Theatre, Cleaners, Education, Books and Other		464,000	7.2%		5,365,000	6.1%	95%
			6,423,000	100.0%	$	87,347,000	100.0%	97%

	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		7		445,000		6.1	%	$	7,403,000	$	16.64		8.5	%
Shop Rite		4		250,000		3.4	%		4,092,000		16.37		4.7	%
Stop & Shop		3		211,000		2.9	%		2,938,000		13.92		3.4	%
Dollar Tree		21		222,000		3.0	%		2,327,000		10.48		2.7	%
Home Depot		2		253,000		3.5	%		1,977,000		7.81		2.3	%
BJ's Wholesale Club		1		118,000		1.6	%		1,760,000		14.92		2.0	%
Planet Fitness		6		119,000		1.6	%		1,681,000		14.13		1.9	%
Marshalls		6		170,000		2.3	%		1,576,000		9.27		1.8	%
Food Lion		4		163,000		2.2	%		1,563,000		9.59		1.8	%
Big Y		1		64,000		0.9	%		1,484,000		23.19		1.7	%
LA Fitness		3		113,000		1.6	%		1,361,000		12.04		1.6	%
Walmart		3		192,000		2.6	%		1,193,000		6.21		1.4	%
Redner's		3		159,000		2.2	%		1,165,000		7.33		1.3	%
Kohl's		2		147,000		2.0	%		1,031,000		7.01		1.2	%
Home Goods		4		105,000		1.4	%		1,009,000		9.61		1.2	%
Shaw's		1		68,000		0.9	%		925,000		13.60		1.1	%
Staples		3		68,000		0.9	%		879,000		12.93		1.0	%
Walgreens		2		29,000		0.4	%		875,000		30.17		1.0	%
PetSmart		3		63,000		0.9	%		857,000		13.60		1.0	%
Dick's Sporting Goods		1		56,000		0.8	%		784,000		14.00		0.9	%
Burlington Coat Factory		2		84,000		1.2	%		760,000		9.05		0.9	%
Lehigh Valley Health		1		33,000		0.5	%		673,000		20.39		0.8	%
Department of Motor Vehicles		1		19,000		0.3	%		669,000		35.21		0.8	%
Urban Air		1		61,000		0.8	%		570,000		9.34		0.7	%
Tractor Supply		3		71,000		1.0	%		565,000		7.96		0.6	%
Sub-total top twenty-five tenants		88		3,283,000		45.1	%		40,117,000		12.22		45.9	%
Remaining tenants		629		3,140,000		43.1	%		47,230,000		15.04		54.1	%
Sub-total all tenants (b)		717		6,423,000		88.2	%	$	87,347,000	$	13.60		100.0	%
Vacant space	N/A			863,000		11.8	%
Total		717		7,286,000		100.0	%

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

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		54		175,000		2.7	%	$	16.04		3.2	%
2022		76		295,000		4.6	%		19.56		6.6	%
2023		82		593,000		9.2	%		14.55		9.9	%
2024		104		796,000		12.4	%		14.33		13.1	%
2025		96		1,052,000		16.4	%		12.37		14.9	%
2026		76		580,000		9.0	%		14.16		9.4	%
2027		60		444,000		6.9	%		13.75		7.0	%
2028		35		399,000		6.2	%		11.09		5.1	%
2029		37		610,000		9.5	%		13.07		9.1	%
2030		33		436,000		6.8	%		10.50		5.2	%
2031		29		419,000		6.5	%		16.73		8.0	%
Thereafter		35		624,000		9.7	%		11.89		8.5	%
All tenants		717		6,423,000		100.0	%	$	13.60		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		2		36,000		0.8	%	$	6.72		0.5	%
2022		5		112,000		2.4	%		16.55		3.6	%
2023		12		429,000		9.1	%		11.73		9.7	%
2024		18		588,000		12.4	%		11.29		12.7	%
2025		23		775,000		16.4	%		9.80		14.6	%
2026		15		391,000		8.2	%		11.10		8.3	%
2027		14		286,000		6.0	%		11.31		6.2	%
2028		12		330,000		7.0	%		8.89		5.6	%
2029		13		528,000		11.1	%		12.03		12.2	%
2030		10		365,000		7.7	%		8.31		5.8	%
2031		8		347,000		7.3	%		14.41		9.6	%
Thereafter		12		553,000		11.7	%		10.65		11.3	%
All tenants		144		4,740,000		100.0	%	$	11.01		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		52		139,000		8.3	%	$	18.45		7.3	%
2022		71		183,000		10.9	%		21.40		11.1	%
2023		70		164,000		9.7	%		21.93		10.2	%
2024		86		208,000		12.4	%		22.92		13.5	%
2025		73		277,000		16.5	%		19.57		15.4	%
2026		61		189,000		11.2	%		20.49		11.0	%
2027		46		158,000		9.4	%		18.16		8.2	%
2028		23		69,000		4.1	%		21.61		4.2	%
2029		24		82,000		4.9	%		19.74		4.6	%
2030		23		71,000		4.2	%		21.76		4.4	%
2031		21		72,000		4.3	%		27.89		5.7	%
Thereafter		23		71,000		4.2	%		21.55		4.3	%
All tenants		573		1,683,000		100.0	%	$	20.93		100.0	%

									Cash	Tenant		Average
	Leases		Square		New Rent		Prior Rent		Basis	Improvements		Lease
	Signed		Feet		Per. Sq. Ft (a)		Per. Sq. Ft (a)		% Change	Per. Sq. Ft (b)		Term (Yrs)
Total Comparable Leases
4th Quarter 2021		50		308,300	$	13.55	$	14.20	-4.6%	$	7.96		6.0
3rd Quarter 2021		29		216,800	$	14.92	$	12.19	22.4%	$	43.36		8.6
2nd Quarter 2021		38		199,300	$	13.72	$	14.32	-4.2%	$	10.82		6.4
1st Quarter 2021		25		177,600	$	17.23	$	16.99	1.4%	$	5.46		5.7
Total		142		902,000	$	14.64	$	14.29	2.4%	$	16.61		6.7


New Leases - Comparable
4th Quarter 2021		15		113,100	$	12.28	$	14.61	-15.9%	$	19.61		7.8
3rd Quarter 2021		10		128,900	$	12.41	$	8.12	52.7%	$	72.93		10.6
2nd Quarter 2021		15		46,100	$	15.99	$	19.66	-18.7%	$	41.35		8.1
1st Quarter 2021		4		33,500	$	21.84	$	20.66	5.7%	$	17.91		9.9
Total		44		321,600	$	13.86	$	13.36	3.7%	$	43.92		9.2


Renewals - Comparable
4th Quarter 2021		35		195,200	$	14.29	$	13.96	2.3%	$	1.21		4.9
3rd Quarter 2021		19		87,900	$	18.61	$	18.16	2.5%	$	0.00		5.7
2nd Quarter 2021		23		153,200	$	13.04	$	12.71	2.6%	$	1.63		5.9
1st Quarter 2021		21		144,100	$	16.16	$	16.14	0.1%	$	2.56		4.7
Total		98		580,400	$	15.08	$	14.81	1.8%	$	1.47		5.2


Total Comparable and Non-Comparable
4th Quarter 2021		54		316,800	$	13.74	N/A		N/A	$	9.76		6.0
3rd Quarter 2021		33		230,200	$	15.72	N/A		N/A	$	44.91		8.7
2nd Quarter 2021		40		209,100	$	14.30	N/A		N/A	$	15.02		6.2
1st Quarter 2021		31		268,200	$	16.88	N/A		N/A	$	25.98		8.9
Total		158		1,024,300	$	15.12	N/A		N/A	$	22.98		7.4

Same-Property NOI (a)	Three months ended December 31,						Years ended December 31,
	2021			2020			2021			2020
Base rents	$	19,956,000		$	19,512,000		$	78,377,000		$	75,575,000
Expense recoveries		6,835,000			5,815,000			25,789,000			22,399,000
Total revenues		26,791,000			25,327,000			104,166,000			97,974,000
Operating expenses		9,593,000			8,595,000			36,082,000			32,113,000
Same-Property NOI	$	17,198,000		$	16,732,000		$	68,084,000		$	65,861,000

Occupied	90.9%			90.7%			90.9%			90.7%
Leased	91.8%			92.0%			91.8%			92.0%
Average base rent	$	13.60		$	13.73		$	13.60		$	13.73
Number of same properties	45			45			45			45
Same-Property NOI growth	2.8%						3.4%


Same-Property NOI Reconciliation (a)	Three months ended December 31,						Years ended December 31,
	2021			2020			2021			2020
Operating income (loss)	$	(12,495,000	)	$	11,304,000		$	(26,367,000	)	$	21,454,000
Add (deduct):
General and administrative		4,403,000			4,032,000			18,033,000			16,865,000
Gain on sales		-			(3,717,000	)		(49,904,000	)		(4,396,000	)
Impairment charges		19,001,000			-			99,888,000			7,607,000
Depreciation and amortization		8,476,000			10,204,000			39,454,000			48,412,000
Straight-line rents		96,000			(14,000	)		(270,000	)		1,208,000
Amortization of intangible lease liabilities		(266,000	)		(307,000	)		(1,074,000	)		(1,373,000	)
Other adjustments		29,000			(555,000	)		(269,000	)		(585,000	)
NOI related to properties not defined as same-property		(2,046,000	)		(4,215,000	)		(11,407,000	)		(23,331,000	)
Same-Property NOI	$	17,198,000		$	16,732,000		$	68,084,000		$	65,861,000

				Date	Sales
Dispositions	Location	GLA		Sold	Price
Kempsville Crossing (land parcel)	Virginia Beach, VA		-	2/24/2021	$	1,300,000
The Commons	Dubois, PA		203,309	5/5/2021		9,761,000
Camp Hill Shopping Center	Camp Hill, PA		430,198	6/21/2021		89,662,500
			633,507		$	100,723,500

					Average
				Percent	base rent per
Real Estate Held for Sale	Location	GLA		occupied	leased sq. ft.
Carll's Corner	Bridgeton, NJ		129,582	21.1%	$	14.24
Riverview Plaza	Philadelphia, PA		108,902	97.4%		18.61
East River Park	Washington, D.C.		150,038	69.4%		18.80
Senator Square	Washington, D.C.		42,941	100.0%		24.23
			431,463	65.0%	$	19.12

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 write-downs on real estate properties directly attributable to decreases in the value of depreciable real estate, 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 non-capitalized acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

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

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre

The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit, management transition, and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

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

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

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

Earnings Press Release		4 — 7

Financial Information
Condensed Consolidated Balance Sheets		8
Condensed Consolidated Statements of Operations		9
Supporting Schedules to Consolidated Statements		10
Funds From Operations and Additional Disclosures		11
EBITDA for Real Estate and Additional Disclosures		12
Summary of Outstanding Debt and Maturities		13

Portfolio Information
Real Estate Summary		14 — 16
Tenant Categories		17
Tenant Concentration		18
Lease Expirations		19
Leasing Activity		20
Same-Property Net Operating Income		21
Summary of Dispositions and Real Estate Held for Sale		22

Non-GAAP Financial Disclosures		23

	Mortgage Loan		Finance Lease		Revolving			Term
Year	Payable		Obligation		Credit Facility			Loans		Amounts
2022	$	1,116,000	$	37,000	$	-		$	-	$	1,153,000
2023		1,160,000		39,000		-			100,000,000		101,199,000
2024		1,206,000		41,000		66,000,000	(b)		75,000,000		142,247,000
2025		1,253,000		44,000		-			75,000,000		76,297,000
2026		40,922,000		48,000		-			50,000,000		90,970,000
Thereafter		112,914,000		5,387,000		-			-		118,301,000
	$	158,571,000	$	5,596,000	$	66,000,000		$	300,000,000	$	530,167,000