Company profile

Ticker
CDR
Exchange
CEO
Bruce J. Schanzer
Employees
Incorporated in
Location
Fiscal year end
Former names
Cedar Income Fund LTD, Cedar Income Fund LTD, Cedar Shopping Centers Inc, Uni Invest Usa LTD
SEC CIK
IRS number
421241468

CDR stock data

(
)

Calendar

14 May 20
9 Jul 20
31 Dec 20

News

Company financial data Financial data

Quarter (USD) Mar 20 Dec 19 Sep 19 Jun 19
Revenue 42.49M 35.63M 35.91M 35.66M
Net income -2.1M -9.91M 2.95M 5.54M
Diluted EPS -0.06 -0.15 0 0.03
Net profit margin -4.94% -27.83% 8.21% 15.55%
Operating income 3.42M -4.27M 8.98M 11.49M
Net change in cash 72.14M 764K -98K 2.06M
Cash on hand 74.88M 2.75M 1.98M 2.08M
Annual (USD) Dec 19 Dec 18 Dec 17 Dec 16
Revenue 144.08M 152.02M 146.01M 151.09M
Net income 1.57M 4.36M 19.65M 8.76M
Diluted EPS -0.12 -0.13 -0.04 -0.08
Net profit margin 1.09% 2.87% 13.46% 5.80%
Operating income 25.08M 31.33M 42.06M 37.92M
Net change in cash 770K -1.73M 820K 799K
Cash on hand 2.75M 1.98M 3.7M 2.88M

Financial data from company earnings reports

Date Owner Security Transaction Code 10b5-1 $Price #Shares $Value #Remaining
4 Feb 20 Philip Mays Common Stock Grant Aquire A No 0 78,358 0 687,382
2 Jan 20 Widmann Roger M Common Stock Grant Aquire A No 0 22,108 0 163,550
2 Jan 20 Steven G Rogers Common Stock Grant Aquire A No 0 22,108 0 69,420
2 Jan 20 Sabrina L. Kanner Common Stock Grant Aquire A No 0 22,108 0 51,212
2 Jan 20 Pamela N Hootkin Common Stock Grant Aquire A No 0 22,108 0 132,819
83.8% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 135 147 -8.2%
Opened positions 11 11
Closed positions 23 13 +76.9%
Increased positions 43 52 -17.3%
Reduced positions 58 49 +18.4%
13F shares
Current Prev Q Change
Total value 429.31M 739.03M -41.9%
Total shares 74.61M 77.63M -3.9%
Total puts 32.5K 13.3K +144.4%
Total calls 200 0 NEW
Total put/call ratio 162.5 Infinity NaN%
Largest owners
Shares Value Change
N Price T Rowe Associates 16.07M $15M +0.4%
BLK BlackRock 13.99M $13.05M -1.4%
Vanguard 9.99M $9.32M +1.4%
LSV Asset Management 3.47M $3.24M +16.5%
STT State Street 3.26M $3.04M +12.8%
Renaissance Technologies 3.02M $2.82M +16.9%
BK Bank Of New York Mellon 1.42M $1.32M -2.9%
NTRS Northern Trust 1.41M $1.31M -1.0%
FMR 1.33M $1.25M -39.5%
Dimensional Fund Advisors 1.28M $1.19M -5.8%
Largest transactions
Shares Bought/sold Change
FMR 1.33M -870.68K -39.5%
LSV Asset Management 3.47M +490.89K +16.5%
Renaissance Technologies 3.02M +437.56K +16.9%
Parametric Portfolio Associates 419.02K -429.78K -50.6%
Panagora Asset Management 471.72K -411.26K -46.6%
STT State Street 3.26M +370.82K +12.8%
Oxford Asset Management 23.2K -357.08K -93.9%
Wedge Capital Management L L P 0 -352.7K EXIT
IVZ Invesco 1.06M -339.64K -24.4%
Charles Schwab Investment Management 558.88K -328.88K -37.0%

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.
  • Our performance and value are subject to risks associated with real estate assets and with the real estate industry.
  • Our success depends on key personnel whose continued service is not guaranteed.
  • 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.
  • As substantially all of our revenues are 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 shareholders.
  • “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, which could harm our business and operating results.
  • The financial covenants in our loan agreements may restrict our operating or acquisition activities, which may harm our financial condition 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 capital migration strategy entails various risks.
  • Competition and saturation in our existing markets may limit our ability for further growth in these geographic regions.
  • Future acquisitions may result in disruptions to our business, may strain management resources and may result in earnings per share and shareholder dilution.
  • Commercial real estate investments are relatively illiquid.
  • 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.
  • 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.
  • We face risks relating to cybersecurity attacks, loss of confidential information and other business disruptions.
  • Future terrorist attacks and shooting incidents could harm the demand for, and the value of, our properties.
  • We could be subject to litigation that may negatively impact our cash flows, financial condition and results of operations.
  • Changes in accounting standards may adversely impact our financial condition and results of operations.
  • 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.
  • Frequent asset sales could trigger adverse tax consequences.
  • Failure to qualify as a domestically-controlled REIT could subject our non-U.S. shareholders to adverse 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.
  • Changes to the federal, state and municipality tax laws could have a significant negative impact on the overall economy, our tenants, and our business.
  • 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 shareholder approval.
  • Future offerings of debt securities, which would be senior to our common and preferred stock, or equity securities, which would dilute the interests of our existing shareholders and may be senior to our existing common stock, may adversely affect the market prices of our common and preferred stock.
Management Discussion
  • Revenues were higher primarily as a result of (1) $7.1 million relating to a dark anchor tenant terminating its lease prior to the contractual expiration in 2020 at Metro Square, and (2) an increase of $0.2 million in rental revenues and expense recoveries attributable to a property acquired in 2019, partially offset by (1) a decrease of $0.6 million in rental revenues and expense recoveries attributable to properties that were sold or held for sale in 2019 and 2018, (2) a decrease of $0.6 million in rental revenues and expense recoveries attributable to redevelopment properties, and (3) a decrease of $0.2 million in straight-line rental revenues attributable to same-center properties.  
  • Property operating expenses were lower primarily as a result of (1) a decrease of $0.2 million in property operating expenses attributable to same-center properties, and (2) a decrease of $0.2 million in property operating expenses attributable to properties that were sold or held for sale in 2020 and 2019, partially offset by an increase of $0.1 million in property operating expenses attributable to a property acquired in 2019.
  • General and administrative costs were higher primarily as a result of an increase in payroll expense and professional fees.
Content analysis ?
Positive
Negative
Uncertain
Constraining
Legalese
Litigous
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