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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-K

 

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

For the fiscal year ended December 31, 2021

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 Number)

 

 

928 Carmans Road, Massapequa, NY

11758

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code:  (516) 767-6492

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

 

 

Securities registered pursuant to Section 12(g) of the Act: None

 

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes      No  

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.   Yes      No  

 

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 has filed a report on and attestation to its management assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 

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

 

Based on the closing sales price on June 30, 2021 of $16.84 per share, the aggregate market value of the voting stock held by non-affiliates of the registrant was approximately $229,494,000.

 

The number of shares outstanding of the registrant’s Common Stock $.06 par value was 13,637,085 on March 1, 2022.

 

DOCUMENTS INCORPORATED BY REFERENCE:

Portions of the registrant’s definitive proxy statement relating to its 2022 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K.

 

Auditor Firm ID:

42

Auditor Name:

Ernst & Young LLP

Auditor Location:

New York, New York

 

 

 

 

 

 


 

 

CEDAR REALTY TRUST, INC.

TABLE OF CONTENTS

 

PART I

1 and 2.

 

Business and Properties

 

4

1A.

 

Risk Factors

 

12

1B.

 

Unresolved Staff Comments

 

27

3.

 

Legal Proceedings

 

27

4.

 

Mine Safety Disclosures

 

27

 

 

 

 

 

PART II

5.

 

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

27

6.

 

Selected Financial Data

 

28

7.

 

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

 

29

7A.

 

Quantitative and Qualitative Disclosures about Market Risk

 

41

8.

 

Financial Statements and Supplementary Data

 

42

9.

 

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

74

9A.

 

Controls and Procedures, including Management Report on Internal Control Over Financial Reporting

 

74

9B.

 

Other Information

 

77

9C.

 

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

 

77

 

 

 

 

 

PART III

10.

 

Directors, Executive Officers and Corporate Governance

 

77

11.

 

Executive Compensation

 

77

12.

 

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

77

13.

 

Certain Relationships and Related Transactions and Director Independence

 

77

14.

 

Principal Accountant Fees and Services

 

77

 

 

 

 

 

PART IV

15.

 

Exhibits and Financial Statement Schedules

 

78

16.

 

Form 10-K Summary

 

81


2


 

 

 

 

 

 

 

 

Forward-Looking Statements

 

Certain statements made in this Annual Report on Form 10-K 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 this report 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


 

Part I.

Items 1 and 2. Business and Properties

Cedar Realty Trust, Inc. (the “Company”) is a real estate investment trust (“REIT”) that focuses primarily on ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. At December 31, 2021, the Company owned and managed a portfolio of 50 operating properties (excluding properties “held for sale”) totaling 7.3 million square feet of gross leasable area (“GLA”). The portfolio was 91.0% leased and 88.2% occupied at December 31, 2021.

The Company, organized in 1984, has elected to be taxed as a real estate investment trust (“REIT”) under applicable provisions of the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT under those provisions, the Company must have a preponderant percentage of its assets invested in, and income derived from, real estate and related sources. The Company’s objectives are to provide to its stockholders a professionally-managed real estate portfolio consisting primarily of grocery-anchored shopping centers from Washington, D.C. to Boston, which will provide substantial cash flow, currently and in the future, taking into account an acceptable modest risk profile, and which will present opportunities for additional growth in income and capital appreciation.

The Company, organized as a Maryland corporation, has established an umbrella partnership structure through the contribution of substantially all of its assets to Cedar Realty Trust Partnership L.P. (the “Operating Partnership”), organized as a limited partnership under the laws of Delaware. The Company conducts substantially all of its business through the Operating Partnership. At December 31, 2021, the Company owned a 99.4% general and limited partnership interest in, and was the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership (0.6% at December 31, 2021) is represented by Operating Partnership Units (“OP Units”). The carrying amount of such interest is adjusted at the end of each reporting period to an amount equal to the limited partners’ ownership percentage of the Operating Partnership’s net equity. The 81,000 OP Units outstanding at December 31, 2021 are economically equivalent to shares of the Company’s common stock. The holders of OP Units have the right to exchange their OP Units for the same number of shares of the Company’s common stock or, at the Company’s option, for cash.

On November 25, 2020, the Company effected a 1-for-6.6 reverse stock split of the issued and outstanding shares of common stock. Each 6.6 shares of the Company's issued and outstanding common stock were combined into one share of the Company's common stock. The number of authorized shares and the par value of the common stock were not changed. In addition, the Company amended the Limited Partnership Agreement of our Operating Partnership to effect a corresponding reverse split of the partnership interests of the Operating Partnership. In accordance with accounting principles generally accepted in the United States (“GAAP”), all shares of common stock, restricted stock units, OP Units and per share/unit information that are presented in this Form 10-K were adjusted to reflect the reverse split on a retroactive basis for all periods presented.

The Company derives substantially all of its revenues from rents and operating expense reimbursements received pursuant to long-term leases. The Company’s operating results therefore depend on the ability of its tenants to make the payments required by the terms of their leases. The Company focuses its investment activities on grocery-anchored shopping centers. The Company believes that, because of the need of consumers to purchase food and other staple goods and services generally available at such centers, its type of “necessities-based” properties should provide relatively stable revenue flows even during difficult economic times.

The Company, the Operating Partnership, their subsidiaries and affiliated partnerships are separate legal entities. For ease of reference, the terms “we”, “our”, “us”, “Company” and “Operating Partnership” (including their respective subsidiaries and affiliates) refer to the business and properties of all these entities, unless the context otherwise requires. The Company’s executive offices are located at 928 Carmans Road, Massapequa, New York 11758 (telephone 516-767-6492). The Company also maintains property management, construction management and/or leasing offices at several of its shopping-center properties. The Company’s website can be accessed at www.cedarrealtytrust.com, where a copy of the Company’s Forms 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (“SEC”) can be obtained free of charge. These SEC filings are added to the website as soon as reasonably practicable. The Company’s Code of Ethics, corporate governance guidelines and committee charters are also available on the website. Information on the website is not part of this Form 10-K.


4


 

 

Real Estate Summary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

 

5


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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