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Cedar Realty Trust (CDR)

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
CEO
Bruce Schanzer
Employees
Incorporated
Location
Fiscal year end
Former names
CEDAR INCOME FUND LTD, CEDAR INCOME FUND LTD /MD/, CEDAR SHOPPING CENTERS INC, UNI INVEST USA LTD
SEC CIK
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

Calendar

4 May 22
20 May 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
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

Beta Read what these cash burn values mean

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
61.8% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 98 74 +32.4%
Opened positions 42 11 +281.8%
Closed positions 18 5 +260.0%
Increased positions 22 26 -15.4%
Reduced positions 25 25
13F shares Current Prev Q Change
Total value 233.11M 184.38M +26.4%
Total shares 8.44M 7.34M +14.9%
Total puts 54K 45K +20.0%
Total calls 162K 121.7K +33.1%
Total put/call ratio 0.3 0.4 -9.9%
Largest owners Shares Value Change
Ewing Morris & Co. Investment Partners 1.1M $30.43M 0.0%
LSV Asset Management 657.66K $18.18M -1.0%
Mangrove Partners 604.51K $16.71M NEW
Vanguard 497.58K $13.75M +1.2%
TROW T. Rowe Price 485.77K $13.43M -77.7%
Beryl Capital Management 452.89K $12.52M NEW
JPM JPMorgan Chase & Co. 397.2K $10.98M +2778.4%
K2 Principal Fund 361.96K $10.01M +359.2%
Ergoteles 273.87K $7.57M NEW
BLK Blackrock 265.69K $7.35M -1.3%
Largest transactions Shares Bought/sold Change
TROW T. Rowe Price 485.77K -1.69M -77.7%
Mangrove Partners 604.51K +604.51K NEW
Beryl Capital Management 452.89K +452.89K NEW
JPM JPMorgan Chase & Co. 397.2K +383.4K +2778.4%
K2 Principal Fund 361.96K +283.13K +359.2%
Ergoteles 273.87K +273.87K NEW
GS Goldman Sachs 259.47K +259.47K NEW
Weiss Asset Management 192.02K +192.02K NEW
Gabelli Funds 144.5K +144.5K NEW
Madison Avenue Partners 0 -139.7K EXIT

Financial report summary

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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

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