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 54 properties, with approximately 8.2 million square feet of gross leasable area.

Company profile
Ticker
CDR, CDR-PB, CDR-PC
Exchange
Website
CEO
Bruce Schanzer
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
CEDAR INCOME FUND LTD, CEDAR INCOME FUND LTD /MD/, CEDAR SHOPPING CENTERS INC, UNI INVEST USA LTD
SEC CIK
Corporate docs
Subsidiaries
1100R S. Christopher Columbus, LLC • Academy Plaza L.L.C. • Bloomfield Center Urban Renewal, LLC • Cedar 2129 Oregon Avenue, LLC • Cedar 301 40th Street NE, LLC • Cedar-Acquisition 6, LLC • Cedar-Bethel, LLC • Cedar Brickyard, LLC • Cedar Brickyard II, LLC • Cedar-Bristol, LLC ...
IRS number
421241468
CDR stock data
News

Short Volatility Alert: Cedar Realty Trust
16 May 22
Benzinga's Top Ratings Upgrades, Downgrades For March 8, 2022
8 Mar 22
Raymond James Downgrades Cedar Realty Trust to Market Perform
8 Mar 22
Merger Arbitrage Mondays - Healthcare Trust Of America To Combine With Healthcare Realty Trust
7 Mar 22
63 Biggest Movers From Yesterday
4 Mar 22
Press releases
SHAREHOLDER INVESTIGATION: Halper Sadeh LLP Investigates BKI, AOGO, CDR, ZWS, FSI
11 May 22
Bronstein, Gewirtz & Grossman, LLC Notifies Shareholders of Cedar Realty Trust, Inc. (CDR) Investigation
11 May 22
CEDAR REALTY TRUST REPORTS FIRST QUARTER 2022 RESULTS
5 May 22
CEDAR REALTY INVESTOR ALERT - Kuznicki Law PLLC Investigates Proposed Sale of Cedar Realty Trust, Inc. - CDR
4 May 22
SHAREHOLDER INVESTIGATION: Halper Sadeh LLP Investigates XPAX, DKDCA, CDR
26 Apr 22
Calendar
4 May 22
20 May 22
31 Dec 22
Financial summary
Quarter (USD) | Mar 22 | Dec 21 | Sep 21 | Jun 21 | |
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Diluted EPS |
Annual (USD) | Dec 21 | Dec 20 | Dec 19 | Dec 18 | |
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Cost of revenue | |||||
Operating income | |||||
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Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 2.32M | 2.32M | 2.32M | 2.32M | 2.32M | 2.32M |
Cash burn (monthly) | 315.33K | 67.92K | (no burn) | 2.43M | (no burn) | (no burn) |
Cash used (since last report) | 522.4K | 112.51K | n/a | 4.03M | n/a | n/a |
Cash remaining | 1.8M | 2.21M | n/a | -1.7M | n/a | n/a |
Runway (months of cash) | 5.7 | 32.5 | n/a | -0.7 | n/a | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
5 Apr 22 | Bruce J Schanzer | Common Stock | Sell | Dispose S | No | No | 28 | 25,000 | 700K | 378,187 |
1 Apr 22 | Darcy Morris | Common Stock | Grant | Acquire A | No | No | 0 | 497 | 0 | 2,493 |
1 Apr 22 | Gonsalves Gregg A | Common Stock | Grant | Acquire A | No | No | 0 | 497 | 0 | 18,626 |
1 Apr 22 | Steven G Rogers | Common Stock | Grant | Acquire A | No | No | 0 | 497 | 0 | 19,746 |
1 Apr 22 | Abraham Eisenstat | Common Stock | Grant | Acquire A | No | No | 0 | 497 | 0 | 41,829 |
Institutional ownership, Q1 2022
61.8% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 98 |
Opened positions | 42 |
Closed positions | 18 |
Increased positions | 22 |
Reduced positions | 25 |
13F shares | Current |
---|---|
Total value | 233.11M |
Total shares | 8.44M |
Total puts | 54K |
Total calls | 162K |
Total put/call ratio | 0.3 |
Largest owners | Shares | Value |
---|---|---|
Ewing Morris & Co. Investment Partners | 1.1M | $30.43M |
LSV Asset Management | 657.66K | $18.18M |
Mangrove Partners | 604.51K | $16.71M |
Vanguard | 497.58K | $13.75M |
TROW T. Rowe Price | 485.77K | $13.43M |
Beryl Capital Management | 452.89K | $12.52M |
JPM JPMorgan Chase & Co. | 397.2K | $10.98M |
K2 Principal Fund | 361.96K | $10.01M |
Ergoteles | 273.87K | $7.57M |
BLK Blackrock | 265.69K | $7.35M |
Financial report summary
?Risks
- The geographic concentration of our properties in the Washington, D.C. to Boston corridor exposes us to greater economic risks than if the distribution of our properties encompassed a broader region.
- Anchor tenants are crucial to the success of our retail properties and vacated anchor space directly and indirectly affects our rental revenues.
- Our performance and value are subject to risks associated with real estate assets and with the real estate industry.
- As substantially all of our revenue is derived from rental income, failure of tenants to pay rent or delays in arranging leases and occupancy at our properties could seriously harm our operating results and financial condition.
- We face potential material adverse effects from tenant bankruptcies.
- Our development and redevelopment activities may not yield anticipated returns, which would harm our operating results and reduce funds available for distributions to stockholders.
- “New Technology” developments may negatively impact our tenants and our business.
- Competition may impede our ability to renew leases or re‑let spaces as leases expire, as well as impede our further growth, which could harm our business and operating results.
- Mortgage debt obligations could expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.
- Our properties may be subject to impairment charges.
- Our capital migration strategy entails various risks.
- Commercial real estate investments are relatively illiquid.
- Our business could be negatively affected by stockholder activism, which could impact the trading price and volatility of our common stock.
- The level of our indebtedness and any constraints on credit may impede our operating performance, and put us at a competitive disadvantage.
- We may be exposed to additional risks through our hedging activities, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate.
- The financial covenants in our loan agreements may restrict our operating or acquisition activities, which may harm our financial condition and operating results.
- Our strategic alternatives process may not result in a successful corporate transaction or liquidity event.
- As a relatively small public REIT, our general and administrative expenses constitute a larger percentage of our total revenues than those of many of our peers.
- Natural disasters and severe weather conditions could have an adverse impact on our cash flow and operating results.
- Potential losses may not be covered by insurance.
- Future terrorist attacks and shooting incidents could harm the demand for, and the value of, our properties.
- We could incur significant costs related to government regulation and litigation over environmental matters and various other federal, state and local regulatory requirements.
- The Americans with Disabilities Act of 1990 (the “ADA”) could require us to take remedial steps with respect to our properties.
- If we fail to continue to qualify as a REIT, our distributions will not be deductible, and our income will be subject to taxation, thereby reducing earnings available for distribution.
- Complying with REIT requirements may cause us to forego otherwise attractive opportunities and limit our growth opportunities.
- If our Operating Partnership is treated as a corporation for U.S. federal income tax purposes, we will cease to qualify as a REIT.
- Our property taxes could increase due to property tax rate changes or reassessment, which could impact our cash flow.
- Frequent asset sales could trigger adverse tax consequences.
- The partnership audit rules may alter who bears the liability in the event any subsidiary partnership (such as our Operating Partnership) is audited and an adjustment is assessed.
- Failure to qualify as a domestically-controlled REIT could subject our non-U.S. stockholders to adverse U.S. federal income tax consequences.
- We may choose to make distributions in our own stock, in which case you may be required to pay income taxes without receiving any cash dividends.
- Dividends paid by REITs generally do not qualify for reduced tax rates.
- Our charter and Maryland law contain provisions that may delay, defer or prevent a change of control transaction and depress our stock price.
- Our ability to pay dividends is limited by the requirements of Maryland law.
- Our Board of Directors may change our strategy without stockholder approval.
- The rights of stockholders to take action against our directors and officers are limited.
- We face risks relating to cybersecurity attacks, loss of confidential information and other business disruptions.
- Our success depends on key personnel whose continued service is not guaranteed.
- We could be subject to litigation that may negatively impact our cash flows, financial condition and results of operations.
Management Discussion
- Revenues were lower as a result of (1) a decrease of $2.8 million in rental revenues and expense recoveries attributable to properties that were sold or held for sale in 2022 and 2021, (2) a decrease of $0.7 million in rental revenues and expense recoveries attributable to redevelopment properties, partially off-set by (3) an increase of $0.4 million in rental revenues and expense recoveries attributable to same-center properties.
- Property operating expenses were lower as a result of (1) a decrease of $0.5 million in property operating expenses attributable to redevelopment properties and (2) a decrease of $0.9 million in property operating expenses attributable to properties sold or held for sale during 2022 and 2021, partially off-set by (3) an increase of $0.1 million in property operating expenses attributable to same center properties.
- General and administrative costs were lower primarily as a result of (1) a decrease of $1.4 million in payroll related costs predominantly related to the previously announced dual-track strategic alternatives process.
Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. sophomore Bad
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New words:
abetting, absence, acquire, acquired, aiding, al, allege, alleged, asserted, behalf, BofA, breach, case, Circuit, circumstance, Civil, coincide, compensatory, complaint, conducted, consummated, consummation, County, Court, defense, delayed, DRA, duty, Eastern, enjoining, entitled, fee, fiduciary, formation, indemnification, injunction, interference, JLL, KPR, listed, merit, Montgomery, pending, Philadelphia, pre, predominantly, preliminary, premium, preventing, proposed, purported, putative, repayment, Riverview, San, satisfaction, Schedule, shareholder, Souci, Stein, stockholder, subsidiary, supplementary, survive, surviving, Thornburgh, transaction, unanimously, United, Wang, Waterman, Wheeler, Whitfield, xix, xviii, xx, xxi, York
Removed:
accepting, amend, anchor, annualized, began, Camp, computed, continuing, created, dark, delisting, demolition, deposit, disposal, dispose, economy, effected, established, eventual, expensed, exploring, February, final, fully, globally, higher, Hill, incorporation, mature, meet, Metro, Mill, mixed, negotiated, notice, November, NYSE, opposed, outbreak, paying, performed, project, projected, recoverability, recovered, regain, repay, requested, requirement, restricting, retroactive, reverse, September, split, spreading, subsequently, temporary, terminate, terminating, threat, trading, unable, uncollectible, undiscounted, World, written
Financial reports
Current reports
8-K
Departure of Directors or Certain Officers
12 May 22
8-K
Results of Operations and Financial Condition
4 May 22
8-K
Results of Operations and Financial Condition
10 Mar 22
8-K
Cedar Realty Trust Announces Agreements for Sale of Company and Its Assets
3 Mar 22
8-K
Other Events
14 Jan 22
8-K
Results of Operations and Financial Condition
4 Nov 21
8-K
Cedar Realty Trust Announces Dual-Track Review Of Strategic Alternatives To Maximize Shareholder Value
13 Sep 21
8-K
Cedar Realty Trust Names Jennifer Bitterman Chief Financial Officer
13 Sep 21
8-K
Entry into a Material Definitive Agreement
1 Sep 21
8-K
Results of Operations and Financial Condition
29 Jul 21
Registration and prospectus
S-3/A
Shelf registration (amended)
6 May 21
S-3
Shelf registration
11 Feb 21
S-8
Registration of securities for employees
9 Jan 20
424B5
Prospectus supplement for primary offering
13 Dec 17
FWP
Free writing prospectus
12 Dec 17
424B5
Prospectus supplement for primary offering
11 Dec 17
8-A12B
Registration of securities on exchange
17 Aug 17
424B5
Prospectus supplement for primary offering
16 Aug 17
FWP
Free writing prospectus
16 Aug 17
424B5
Prospectus supplement for primary offering
15 Aug 17
Proxies
DEFA14A
Additional proxy soliciting materials
20 May 22
DEFA14A
Additional proxy soliciting materials
12 May 22
DEFM14A
Proxy related to merger
21 Apr 22
PREM14A
Preliminary proxy related to merger
5 Apr 22
DEFA14A
Additional proxy soliciting materials
3 Mar 22
DEF 14A
Definitive proxy
30 Apr 21
DFAN14A
Additional proxy materials by non-management
3 Mar 21
DEFA14A
Additional proxy soliciting materials
2 Mar 21
DFAN14A
Additional proxy materials by non-management
28 Feb 21
DFAN14A
Additional proxy materials by non-management
26 Feb 21
Other
EFFECT
Notice of effectiveness
13 May 21
CORRESP
Correspondence with SEC
9 May 21
UPLOAD
Letter from SEC
18 Feb 21
UPLOAD
Letter from SEC
10 Jun 19
CORRESP
Correspondence with SEC
6 Jun 19
UPLOAD
Letter from SEC
8 May 19
UPLOAD
Letter from SEC
25 Jun 18
CORRESP
Correspondence with SEC
29 May 18
UPLOAD
Letter from SEC
21 May 18
CERTNYS
Certification of approval for NYSE listing
21 Aug 17
Ownership
SC 13G/A
CEDAR REALTY TRUST / PRICE T ROWE ASSOCIATES ownership change
11 Apr 22
4
CEDAR REALTY TRUST / Bruce J Schanzer ownership change
7 Apr 22
4
CEDAR REALTY TRUST / STEVEN G ROGERS ownership change
5 Apr 22
4
CEDAR REALTY TRUST / Richard H Ross ownership change
5 Apr 22
4
CEDAR REALTY TRUST / Abraham Eisenstat ownership change
5 Apr 22
4
CEDAR REALTY TRUST / SABRINA L. KANNER ownership change
5 Apr 22
4
CEDAR REALTY TRUST / Sharon Hochfelder Stern ownership change
5 Apr 22
4
CEDAR REALTY TRUST / Darcy Morris ownership change
5 Apr 22
4
CEDAR REALTY TRUST / Gregg A Gonsalves ownership change
5 Apr 22
SC 13G/A
CEDAR REALTY TRUST / PRICE T ROWE ASSOCIATES ownership change
13 Feb 22
Transcripts
2021 Q2
Earnings call transcript
30 Jul 21
2021 Q1
Earnings call transcript
9 May 21
2020 Q4
Earnings call transcript
5 Feb 21
2020 Q3
Earnings call transcript
29 Oct 20
2020 Q2
Earnings call transcript
10 Aug 20
2020 Q1
Earnings call transcript
14 May 20
2019 Q4
Earnings call transcript
6 Feb 20
2019 Q3
Earnings call transcript
31 Oct 19
2019 Q2
Earnings call transcript
2 Aug 19
2019 Q1
Earnings call transcript
5 May 19
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