Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Document Information [Line Items] | ||
Document type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Entity Registrant Name | CEDAR REALTY TRUST, INC. | |
Entity Central Index Key | 0000761648 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 13,640,374 | |
Entity File Number | 001-31817 | |
Entity Tax Identification Number | 42-1241468 | |
Entity Address, Address Line One | 928 Carmans Road | |
Entity Address, City or Town | Massapequa | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11758 | |
City Area Code | 516 | |
Local Phone Number | 767-6492 | |
Entity Incorporation, State or Country Code | MD | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | CDR | |
Title of 12(b) Security | Common Stock, $0.06 par value | |
Security Exchange Name | NYSE | |
Series B Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | CDRpB | |
Title of 12(b) Security | 7-1/4% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value | |
Security Exchange Name | NYSE | |
Series C Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | CDRpC | |
Title of 12(b) Security | 6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Land | $ 259,968,000 | $ 259,968,000 |
Buildings and improvements | 1,038,708,000 | 1,028,556,000 |
Real estate, gross | 1,298,676,000 | 1,288,524,000 |
Less accumulated depreciation | (417,298,000) | (409,742,000) |
Real estate, net | 881,378,000 | 878,782,000 |
Real estate held for sale | 73,702,000 | 73,251,000 |
Investment in unconsolidated joint venture | 4,809,000 | 4,654,000 |
Cash and cash equivalents | 2,093,000 | 3,039,000 |
Restricted cash | 230,000 | 230,000 |
Receivables | 22,467,000 | 21,868,000 |
Other assets and deferred charges, net | 37,412,000 | 35,070,000 |
TOTAL ASSETS | 1,022,091,000 | 1,016,894,000 |
LIABILITIES AND EQUITY | ||
Mortgage loan payable | 156,599,000 | 156,821,000 |
Finance lease obligation | 5,307,000 | 5,314,000 |
Unsecured revolving credit facility | 70,000,000 | 66,000,000 |
Unsecured term loans | 298,998,000 | 298,903,000 |
Accounts payable and accrued liabilities | 40,072,000 | 42,099,000 |
Unamortized intangible lease liabilities | 7,518,000 | 7,789,000 |
Total liabilities | 578,494,000 | 576,926,000 |
Commitments and contingencies | ||
Equity: | ||
Preferred stock | 159,541,000 | 159,541,000 |
Common stock ($0.06 par value, 150,000,000 shares authorized, 13,637,000 and 13,658,000 shares, issued and outstanding, respectively) | 819,000 | 820,000 |
Treasury stock (333,000 and 387,000 shares, respectively, at cost) | (10,807,000) | (13,266,000) |
Additional paid-in capital | 878,508,000 | 881,009,000 |
Cumulative distributions in excess of net income | (587,109,000) | (582,464,000) |
Accumulated other comprehensive (loss) | 31,000 | (8,258,000) |
Total Cedar Realty Trust, Inc. shareholders' equity | 440,983,000 | 437,382,000 |
Noncontrolling interests: | ||
Limited partners' OP Units | 2,614,000 | 2,586,000 |
Total noncontrolling interests | 2,614,000 | 2,586,000 |
Total equity | 443,597,000 | 439,968,000 |
TOTAL LIABILITIES AND EQUITY | $ 1,022,091,000 | $ 1,016,894,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, shares par value | $ 0.06 | $ 0.06 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 13,637,000 | 13,658,000 |
Common stock, shares outstanding | 13,637,000 | 13,658,000 |
Treasury stock, shares | 333,000 | 387,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
REVENUES | ||
Total revenues | $ 30,464,000 | $ 33,551,000 |
EXPENSES | ||
Operating, maintenance and management | 7,129,000 | 7,780,000 |
Real estate and other property-related taxes | 4,498,000 | 5,120,000 |
General and administrative | 2,972,000 | 4,528,000 |
Depreciation and amortization | 8,263,000 | 11,211,000 |
Total expenses | 22,862,000 | 28,639,000 |
OTHER | ||
Gain on sales | 1,047,000 | |
Transaction costs | (3,735,000) | |
Impairment charges | (707,000) | |
Total other | (4,442,000) | 1,047,000 |
OPERATING INCOME | 3,160,000 | 5,959,000 |
NON-OPERATING INCOME AND EXPENSES | ||
Interest expense | (4,237,000) | (4,706,000) |
Total non-operating income and expenses | (4,237,000) | (4,706,000) |
NET (LOSS) INCOME | (1,077,000) | 1,253,000 |
Net loss (income) attributable to noncontrolling interests: | ||
Minority interests in consolidated joint ventures | (150,000) | |
Limited partners' interest in Operating Partnership | 20,000 | 9,000 |
Total net loss (income) attributable to noncontrolling interests | 20,000 | (141,000) |
NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC. | (1,057,000) | 1,112,000 |
Preferred stock dividends | (2,688,000) | (2,688,000) |
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (3,745,000) | $ (1,576,000) |
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED): | $ (0.28) | $ (0.12) |
Weighted average number of common shares - basic and diluted | 13,285,000 | 13,144,000 |
Rental Revenues [Member] | ||
REVENUES | ||
Total revenues | $ 30,207,000 | $ 33,336,000 |
Other [Member] | ||
REVENUES | ||
Total revenues | $ 257,000 | $ 215,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net (loss) income | $ (1,077,000) | $ 1,253,000 |
Unrealized gain on change in fair value of cash flow hedges | 8,338,000 | 4,197,000 |
Comprehensive income | 7,261,000 | 5,450,000 |
Comprehensive (income) attributable to noncontrolling interests | (29,000) | (167,000) |
Comprehensive income attributable to Cedar Realty Trust, Inc. | $ 7,232,000 | $ 5,283,000 |
Consolidated Statement of Equit
Consolidated Statement of Equity - USD ($) | Total | Limited Partners' Interest In Operating Partnership [Member] | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock, At Cost [Member] | Additional Paid-In Capital [Member] | Cumulative Distributions In Excess Of Net Income [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Cedar Realty Trust, Inc. [Member] | Minority Interests In Consolidated Joint Ventures [Member] | Noncontrolling Interests [Member] |
Balance at Dec. 31, 2020 | $ 487,458,000 | $ 2,907,000 | $ 159,541,000 | $ 812,000 | $ (15,133,000) | $ 879,790,000 | $ (522,696,000) | $ (18,816,000) | $ 483,498,000 | $ 1,053,000 | $ 3,960,000 |
Balance, shares at Dec. 31, 2020 | 6,450,000 | 13,530,000 | |||||||||
Net income (loss) | 1,253,000 | (9,000) | 1,112,000 | 1,112,000 | 150,000 | 141,000 | |||||
Unrealized gain on change in fair value of cash flow hedges | 4,197,000 | 26,000 | 4,171,000 | 4,171,000 | 26,000 | ||||||
Share-based compensation, net | 781,000 | $ 6,000 | 1,172,000 | (397,000) | 781,000 | ||||||
Share-based compensation, net, shares | 99,000 | ||||||||||
Common stock sales, net of issuance expenses | 1,000 | 1,000 | 1,000 | ||||||||
Preferred stock dividends | (2,688,000) | (2,688,000) | (2,688,000) | ||||||||
Distributions to common shareholders/noncontrolling interests | (904,000) | (5,000) | (899,000) | (899,000) | (5,000) | ||||||
Reallocation adjustment of limited partners' interest | (19,000) | 19,000 | 19,000 | (19,000) | |||||||
Balance at Mar. 31, 2021 | 490,098,000 | 2,900,000 | $ 159,541,000 | $ 818,000 | (13,961,000) | 879,413,000 | (525,171,000) | (14,645,000) | 485,995,000 | $ 1,203,000 | 4,103,000 |
Balance, shares at Mar. 31, 2021 | 6,450,000 | 13,629,000 | |||||||||
Balance at Dec. 31, 2021 | 439,968,000 | 2,586,000 | $ 159,541,000 | $ 820,000 | (13,266,000) | 881,009,000 | (582,464,000) | (8,258,000) | 437,382,000 | 2,586,000 | |
Balance, shares at Dec. 31, 2021 | 6,450,000 | 13,658,000 | |||||||||
Net income (loss) | (1,077,000) | (20,000) | (1,057,000) | (1,057,000) | (20,000) | ||||||
Unrealized gain on change in fair value of cash flow hedges | 8,338,000 | 49,000 | 8,289,000 | 8,289,000 | 49,000 | ||||||
Share-based compensation, net | (40,000) | $ (1,000) | 2,459,000 | (2,498,000) | (40,000) | ||||||
Share-based compensation, net, shares | (21,000) | ||||||||||
Common stock sales, net of issuance expenses | 1,000 | 1,000 | 1,000 | ||||||||
Preferred stock dividends | (2,688,000) | (2,688,000) | (2,688,000) | ||||||||
Distributions to common shareholders/noncontrolling interests | (905,000) | (5,000) | (900,000) | (900,000) | (5,000) | ||||||
Reallocation adjustment of limited partners' interest | 4,000 | (4,000) | (4,000) | 4,000 | |||||||
Balance at Mar. 31, 2022 | $ 443,597,000 | $ 2,614,000 | $ 159,541,000 | $ 819,000 | $ (10,807,000) | $ 878,508,000 | $ (587,109,000) | $ 31,000 | $ 440,983,000 | $ 2,614,000 | |
Balance, shares at Mar. 31, 2022 | 6,450,000 | 13,637,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 11 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | |
OPERATING ACTIVITIES | |||
Net (loss) income | $ (1,077,000) | $ 1,253,000 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Gain on sales | (1,047,000) | ||
Impairment charges | 707,000 | ||
Straight-line rents and expenses, net | (73,000) | (103,000) | |
Provision for doubtful accounts | 44,000 | 68,000 | |
Depreciation and amortization | 8,263,000 | 11,211,000 | |
Amortization of intangible lease liabilities, net | (269,000) | (277,000) | |
Expense relating to share-based compensation, net | 542,000 | 880,000 | |
Amortization of deferred financing costs | 219,000 | 342,000 | |
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||
Rents and other receivables | (1,169,000) | (1,845,000) | |
Prepaid expenses and other | (923,000) | (2,234,000) | |
Accounts payable and accrued liabilities | 2,441,000 | 1,294,000 | |
Net cash provided by operating activities | 8,705,000 | 9,542,000 | |
INVESTING ACTIVITIES | |||
Expenditures for real estate improvements | (9,613,000) | (6,949,000) | |
Net proceeds from sales of real estate | 1,248,000 | ||
Contributions to unconsolidated joint venture | (155,000) | $ (4,800,000) | |
Net cash used in investing activities | (9,768,000) | (5,701,000) | |
FINANCING ACTIVITIES | |||
Repayments under revolving credit facility | (2,000,000) | ||
Advances under revolving credit facility | 4,000,000 | 6,000,000 | |
Mortgage repayments | (284,000) | (273,000) | |
Payments of debt financing costs | (6,000) | (2,476,000) | |
Noncontrolling interests: | |||
Distributions to limited partners | (5,000) | (5,000) | |
Common stock sales less issuance expenses, net | 1,000 | ||
Preferred stock dividends | (2,688,000) | (2,688,000) | |
Distributions to common shareholders | (900,000) | (899,000) | |
Net cash provided by (used in) financing activities | 117,000 | (2,340,000) | |
Net (decrease) increase in cash, cash equivalents and restricted cash | (946,000) | 1,501,000 | |
Cash, cash equivalents and restricted cash at beginning of period | 3,269,000 | 1,637,000 | |
Cash, cash equivalents and restricted cash at end of period | 2,323,000 | 3,138,000 | 2,323,000 |
Reconciliation to consolidated balance sheets: | |||
Cash and cash equivalents | 2,093,000 | 3,138,000 | 2,093,000 |
Restricted cash | 230,000 | 230,000 | |
Cash, cash equivalents and restricted cash at end of period | $ 2,323,000 | $ 3,138,000 | $ 2,323,000 |
Business and Organization
Business and Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Business and Organization | Note 1. Business and Organization 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 March 31, 2022, the Company owned and managed a portfolio of 50 operating properties (excluding properties “held for sale”). Cedar Realty Trust Partnership, L.P. (the “Operating Partnership”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At March 31, 2022, 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 March 31, 2022) is represented by partnership units in the Operating Partnership (“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 March 31, 2022 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. Unless specifically noted otherwise, all references to OP Units exclude limited partnership units held by the Company. As used herein, the “Company” refers to Cedar Realty Trust, Inc. and its subsidiaries on a consolidated basis, including the Operating Partnership or, where the context so requires, Cedar Realty Trust, Inc. only. Transaction Agreements On March 2, 2022, the Company announced that following its previously announced review of strategic alternatives, it had entered into definitive agreements for the sale of the Company and its assets in a series of related all-cash transactions. Specifically, on March 2, 2022, the Company and certain of its subsidiaries, DRA Fund X-B LLC and KPR Centers LLC (together with their respective designees, the “Grocery-Anchored Purchasers”) entered into an asset purchase and sale agreement (the “Asset Purchase Agreement”), pursuant to which the Grocery-Anchored Purchasers will acquire a portfolio of 33 grocery-anchored shopping centers from the Company for a cash purchase price of $840.0 million (the “Grocery-Anchored Portfolio Sale”). The Asset Purchase Agreement provides that to the extent specified redevelopment assets (Riverview Plaza, East River Park and Senator Square, which have been classified as “real estate held for sale” as of March 31, 2022) of the Company are not sold by the Company to third parties prior to the closing of the Grocery-Anchored Portfolio Sale, these assets will be acquired by the Grocery-Anchored Purchasers for an additional cash purchase price of up to $80.5 million. In addition, on March 2, 2022, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with Wheeler Real Estate Investment Trust, Inc. (“Wheeler”) and certain of its affiliates pursuant to which, following closing of the Grocery-Anchored Portfolio Sale, Wheeler will acquire the balance of the Company’s shopping center assets by way of an all-cash merger transaction that values the remaining portfolio at $291.3 million. Following completion of the transactions contemplated by the Merger Agreement, the Company will survive as a wholly-owned subsidiary of Wheeler. The Company’s currently outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock will remain outstanding as shares of preferred stock in the surviving company following the transactions and are expected to remain listed on the New York Stock Exchange. The transactions contemplated by the Asset Purchase Agreement and the Merger Agreement are collectively referred to as the “Transactions”. The Transactions were unanimously approved by the Company’s Board of Directors (the “Board”) and are estimated to generate total net proceeds, after all transaction expenses, of more than $29.00 per share in cash, which will be distributed to shareholders upon completion. The Transactions are expected to close by the end of the second quarter of 2022, subject to satisfaction of customary closing conditions, including approval by the Company’s common stockholders at a special meeting of stockholders to be held on May 27, 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. The unaudited consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 20 21 . The unaudited consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities for which it is the primary beneficiary. Supplemental Consolidated Statements of Cash Flows Information Three months ended March 31, 2022 2021 Supplemental disclosure of cash activities: Cash paid for interest $ 4,660,000 $ 5,271,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 715,000 799,000 Buildings and improvements included in accounts payable and accrued liabilities 2,692,000 644,000 Recently Issued and Adopted Accounting Pronouncements In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of a novel strain of coronavirus (“COVID-19”). Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under ASC 842. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company is evaluating its election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. During the three months ended March 31, 2022, the Company provided lease concessions to certain tenants in response to the impact of COVID-19, in the form of rent deferrals. The Company has made an election to account for such lease concessions consistent with how those concessions would be accounted for under ASC 842 if enforceable rights and obligations for those concessions had already existed in the leases. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in our rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than total payments required by the original lease. Substantially all of the Company’s concessions to date provide for a deferral of payments with no substantive changes to the consideration in the original lease. These deferrals affect the timing, but not the amount, of the lease payments. The Company is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Company increases its receivables as tenant payments accrue and continues to recognize rental income. Through March 31, 2022, the Company has entered into lease modifications that deferred approximately $3.5 million, of which $2.4 million relates to deferrals that the Company continued to recognize rental income. In addition, through March 31, 2022, the Company has entered into agreements that waived approximately $2.4 million of rent. |
Real Estate
Real Estate | 3 Months Ended |
Mar. 31, 2022 | |
Real Estate [Abstract] | |
Real Estate | Note 3. Real Estate Investment in Unconsolidated Joint Venture On May 5, 2021, the Company formed a joint venture with Goldman Sachs Urban Investment Group and Asland Capital Partners (the “Joint Venture”) for the construction of an approximately 258,000 square foot six-story commercial building in Washington, D.C. consisting of approximately 240,000 square feet of office space which is 100% leased to the Washington, D.C., Department of General Services (“DGS”) for its headquarters and approximately 18,000 square feet of street-level retail. The term of the lease with DGS is for 20 years and 10 months, to commence upon substantial completion and delivery to the DGS. This building is planned as the first phase of Northeast Heights, a redevelopment of two existing shopping centers, East River Park and Senator Square, into a mixed-use residential, office and retail property. Further, the Joint Venture has secured construction financing from JP Morgan not to exceed $105 million. The construction loan initially bears interest at LIBOR plus 200 basis points and has an initial term of three years with two, one-year extension options subject to customary conditions. The Company has a 10% interest in the joint venture and is a co-general partner along with Asland Capital Partners. The Company has contributed approximately $4.8 million of capital to the Joint Venture as of March 31, 2022. The Company sold approximately $8.0 million of development costs to the Joint Venture as part of its formation on May 5, 2021. The Joint Venture currently estimates that the space will be delivered during the end of the fourth quarter 2022. Upon completion of the building, DGS will be obligated to pay initial annual net rent of approximately $5.4 million per year, subject to a 2.5% annual escalator on each anniversary of rent commencement, plus certain operating costs, property taxes and amortization of tenant improvements together totaling approximately an additional $8.1 million per year, for an aggregate total annual rent of approximately $13.5 million. The lease provides for a free rent period of 10 months immediately following rent commencement. The Lease also provides DGS with a tenant credit of approximately $6.8 million to be applied, at DGS’s election, against either annual rent or any other tenant payment obligations including tenant improvement costs, in excess of the tenant improvement allowance. Pursuant to the lease, the Joint Venture will contribute up to $155 per rentable square foot toward the cost of tenant improvements, to be amortized over 240 months. In addition, the lease provides that the Joint Venture will contribute $9.38 per rentable square foot in additional tenant improvement allowance between the 10th and 12th lease years, upon DGS’s timely election. The obligations of DGS under the Lease are subject to annual budget appropriation. Real Estate Held for Sale As of March 31, 2022, Carll’s Corner, located in Bridgeton, New Jersey, Riverview Plaza, located in Philadelphia, Pennsylvania, and East River Park and Senator Square, both located in Washington, D.C., have been classified as “real estate held for sale” on the accompanying consolidated balance sheet. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables, certain other assets, accounts payable and accrued liabilities, and variable-rate debt approximate their fair value due to their terms and/or short-term nature. The fair value of the Company’s investments and liabilities related to deferred compensation were determined to be Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions. The fair value of the Company’s fixed rate mortgage loan was estimated using available market information and discounted cash flow analyses based on borrowing rates the Company believes it could obtain with a similar term and maturities. As of March 31, 2022 and December 31, 2021, the fair value of the Company’s fixed rate mortgage loan payable, which was determined to be Level 3 within the valuation hierarchy, was $156.5 million and $159.0 million, respectively; the carrying value of such loan was $156.6 million and $156.8 million, respectively. As of March 31, 2022 and December 31, 2021, respectively, the aggregate fair values of the Company’s unsecured revolving credit facility and term loans approximated the carrying values. In addition, the fair values of the Company’s mortgage note receivable and finance lease obligation, which were determined to be Level 3 within the valuation hierarchy, approximated their carrying values as of March 31, 2022 and December 31, 2021, respectively. The valuations of the liabilities for the Company’s interest rate swaps, which are measured on a recurring basis, were determined to be Level 2 within the valuation hierarchy, and were based on independent values provided by financial institutions. Such valuations were determined using widely accepted valuation techniques, including discounted cash flow analyses, on the expected cash flows of each derivative. The analyses reflect the contractual terms of the swaps, including the period to maturity, and user-observable market-based inputs, including interest rate curves (“significant other observable inputs”). The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded that, as of March 31, 2022, the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”. Nonfinancial assets and liabilities measured at fair value in the consolidated financial statements consist of real estate held for sale, which, if applicable, are measured on a nonrecurring basis, and have been determined to be (1) Level 2 within the valuation hierarchy, where applicable, based on the respective contracts of sale, adjusted for closing costs and expenses, or (2) Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices, adjusted for closing costs and expenses, determined by discounted cash flow analyses, income capitalization analyses or a sales comparison approach if no contracts had been concluded. The discounted cash flow and income capitalization analyses include all estimated cash inflows and outflows over a specific holding period and, where applicable, any estimated debt premiums. These cash flows were composed of unobservable inputs which included forecasted rental revenues and expenses based upon existing in-place leases, market conditions and expectations for growth. Capitalization rates and discount rates utilized in these analyses were based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties. The sales comparison approach is utilized for certain land values and includes comparable sales that were completed in the selected market areas. The comparable sales utilized in these analyses were based upon observable per acre rates that the Company believes to be within a reasonable range of current market rates for the respective properties. The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, respectively: March 31, 2022 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 838,000 $ — $ — $ 838,000 Interest rate swaps assets (a) $ — $ 1,161,000 $ — $ 1,161,000 Deferred compensation liabilities (b) $ 861,000 $ — $ — $ 861,000 Interest rate swaps liability (b) $ — $ 1,128,000 $ — $ 1,128,000 December 31, 2021 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 955,000 $ — $ — $ 955,000 Deferred compensation liabilities (b) $ 982,000 $ — $ — $ 982,000 Interest rate swaps liability (b) $ — $ 8,232,000 $ — $ 8,232,000 (a) Included in other assets and deferred charges, net, in the accompanying consolidated balance sheets. (b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. As of March 31, 2022, real estate held for sale on the consolidated balance sheet consisted of four retail properties, totaling $73.7 million, which were determined to be Level 2 assets under the hierarchy, for which the carrying value was below its fair value. |
Mortgage Loans Payable and Unse
Mortgage Loans Payable and Unsecured Credit Facility | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Mortgage Loans Payable and Unsecured Credit Facility | Note 5. Mortgage Loans Payable and Unsecured Credit Facility Debt and finance lease obligations are composed of the following at March 31, 2022: March 31, 2022 Contractual Maturity Balance interest rates Description dates outstanding weighted-average Fixed-rate mortgage Franklin Village Jun 2026 $ 44,296,000 3.9% Shops at Suffolk Downs (a) Jun 2031 15,600,000 3.5% Trexlertown Plaza (a) Jun 2031 36,100,000 3.5% The Point (a) Jun 2031 29,700,000 3.5% Christina Crossing (a) Jun 2031 17,000,000 3.5% Lawndale Plaza (a) Jun 2031 15,600,000 3.5% Senator Square finance lease obligation Sep 2050 5,587,000 5.3% 163,883,000 3.6% Unsecured credit facilities: Variable-rate: Revolving credit facility (b) Aug 2024 70,000,000 2.0% Fixed-rate (c): Term loan Apr 2023 100,000,000 3.3% Term loan Sep 2024 75,000,000 3.8% Term loan Jul 2025 75,000,000 4.7% Term loan Aug 2026 50,000,000 3.3% 533,883,000 3.5% Unamortized issuance costs (2,979,000 ) $ 530,904,000 (a) The mortgages for these properties are cross-collateralized. (b) The revolving credit facility is subject to two one-year (c) The interest rates on these term loans consist of the London Interbank Offered Rate (“LIBOR”) plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt. Unsecured Revolving Credit Facility and Term Loans On August 30, 2021, the Company amended its existing $300 million unsecured credit facility and $50 million term loan. After the amendment, the new unsecured revolving credit facility is $185 million with an expiration in August 2024 one-year August 2026 The Company’s unsecured credit facility and term loans contain financial covenants including, but not limited to, maximum debt leverage, maximum secured debt, minimum fixed charge coverage, and minimum net worth. In addition, the facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. The Company’s failure to comply with the covenants or the occurrence of an event of default under the facilities could result in the acceleration of the related debt and exercise of other lender remedies. Although the credit facility is unsecured, borrowing availability is based on unencumbered property adjusted net operating income for the trailing twelve months, as defined in the agreements. As of March 31, 2022, the Company had $70.0 million outstanding and $110.1 million available for additional borrowings under its revolving credit facility, and was in compliance with all financial covenants. Mortgage Loans Payable On May 5, 2021, the Company closed a non-recourse mortgage for $114.0 million. The mortgage matures June 1, 2031, bears interest at a fixed-rate of 3.49% and requires payment of interest only for the first five years followed by payments of principal and interest based on thirty-year amortization for the remainder of the term. The loan is secured by five shopping centers consisting of Lawndale Plaza, The Shops at Suffolk Downs, Christina Crossing, Trexlertown Plaza, and The Point. These properties had no pre- existing debt and the proceeds from this new loan were used to reduce amounts outstanding under the Company’s revolving credit facility. In the absence of waivers or consents from holders of the Company’s indebtedness, the consummation of the Transactions described in Note 1 will result in a “change of control” under the terms of such indebtedness and would be expected to result in a default or similar event under substantially all of the Company’s outstanding indebtedness, permitting the holders of such indebtedness to accelerate such indebtedness and demand immediate repayment at par, together with the applicable “make-whole” premium, if any. Derivative Financial Instruments The fair values of the interest rate swaps applicable to the unsecured term loans discussed above are included in accounts payable and accrued liabilities on the consolidated balance sheet at March 31, 2022. Charges and/or credits relating to the changes in the fair value of the interest rate swaps are made to accumulated other comprehensive income (loss), limited partners’ interest, or operations (included in interest expense), as applicable. Over time, the unrealized gains and losses recorded in accumulated other comprehensive loss will be reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affect earnings. The Company estimates that approximately $1.7 million of accumulated other comprehensive loss will be reclassified as a charge to earnings within the next twelve months. The following is a summary of the derivative financial instruments held by the Company at March 31, 2022 and December 31, 2021: March 31, 2022 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 2 $ 1,161,000 2023-2025 Other assets and deferred charges, net Qualifying Interest rate swaps 3 $ 1,128,000 2023-2025 Accounts payable and accrued liabilities December 31, 2021 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 5 $ 8,232,000 2023-2025 Accounts payable and accrued liabilities The notional values of the interest rate swaps held by the Company at March 31, 2022 and December 31, 2021 were $300.0 million in each period. The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three months ended March 31, 2022 and 2021, respectively: Gain recognized in other comprehensive (loss) income (effective portion) Designation/ Three months ended March 31, Cash flow Derivative 2022 2021 Qualifying Interest rate swaps $ 6,976,000 $ 2,394,000 (Loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Three months ended March 31, Classification 2022 2021 Continuing Operations $ (1,362,000 ) $ (1,803,000 ) As of March 31, 2022 the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6. Commitments and Contingencies The Company is a party to certain legal actions arising in the normal course of business. Management does not expect there to be adverse consequences from these actions that would be material to the Company’s consolidated financial statements. The Company is the lessee under several ground lease and its executive office lease agreement. As of March 31. 2022, the Company’s weighted average remaining lease term is approximately 30.0 years and the weighted average discount rate used to calculate the Company’s lease liability is approximately 4.8%. Rent expense under the Company’s ground lease and executive office lease agreements was approximately $0.3 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively. As a result of COVID-19, the Company has received numerous rent relief requests, most often in the form of rent deferrals. The Company has evaluated, and continues to evaluate, each tenant rent relief request on an individual basis, considering a number of factors. During the quarters ended March 31, 2022 and December 31, 2021, the Company collected 97% of contractual base rents and monthly tenant reimbursements As described in Note 1, on March 2, 2022, the Company entered into definitive agreements for the Transactions, which contemplate sale of the Company and all of its assets in a series of related all-cash transactions. On April 5, 2022, a purported stockholder of the Company filed a complaint against the Company and the Board in the United States District Court for the Eastern District of New York, entitled Stein v. Cedar Realty Trust, Inc. et. al. Wang v. Cedar Realty Trust, Inc. et. al. Whitfield v. Cedar Realty Trust, Inc. et. al. Waterman v. Cedar Realty Trust, Inc. et. al. Thornburgh v. Cedar Realty Trust, Inc. et. al. On April 8, 2022, several purported holders of the Company’s outstanding preferred stock filed a putative class action complaint against the Company, the Board, and Wheeler in Montgomery County Circuit Court, Maryland (Case No. C-15-CV-22-00152). The complaint alleges on behalf of a putative class of holders of the Company’s preferred stock, among other things, against the Company and the Board, claims for breach of contract with respect to the articles supplementary governing the terms of the Company’s preferred stock, breach of fiduciary duty, and tortious interference and aiding and abetting breach of fiduciary duty against Wheeler. The complaint seeks, among other things, a declaration that holders of the Company’s preferred stock are entitled to a liquidation preference as set forth in the articles supplementary governing the terms of the Company’s preferred stock, compensatory damages, and an injunction enjoining the merger with Wheeler, and an injunction enjoining the distribution to the Company’s common shareholders of the proceeds of any of the Transactions pending a determination of the merits of plaintiffs’ claims. The Company believes that the respective allegations asserted against the Company and other defendants in the lawsuits described above are without merit. Similar lawsuits may be filed in the future in connection with the proposed Transactions. In addition, as described in Note 5, the absence of waivers or consents from holders of the Company’s indebtedness, the consummation of the Transactions will result in a “change of control” under the terms of such indebtedness and would be expected to result in a default or similar event under substantially all of the Company’s outstanding indebtedness, permitting the holders of such indebtedness to accelerate such indebtedness and demand immediate repayment at par, together with the applicable “make-whole” premium, if any. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | Note 7. Shareholders’ Equity Preferred Stock The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock: Series B Series C Preferred Stock Preferred Stock Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 March 31, 2022 December 31, 2021 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 1,450,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 1,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 34,767,000 $ 124,774,000 Dividends The following table provides a summary of dividends declared and paid per share: Three months ended March 31, 2022 2021 Common stock $ 0.066 $ 0.066 7.25% Series B Preferred Stock $ 0.453 $ 0.453 6.50% Series C Preferred Stock $ 0.406 $ 0.406 On April 19, 2022, the Company’s Board of Directors declared dividends of $0.453125 and $0.406250 per share with respect to the Company’s Series B Preferred Stock and Series C Preferred Stock, respectively. The distributions are payable on May 20, 2022 to shareholders of record on May 10, 2022. |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2022 | |
Revenues [Abstract] | |
Revenues | Note 8. Revenues Rental revenues for the three months ended March 31, 2022 and 2021, respectively, comprise the following: Three months ended March 31, 2022 2021 Base rents $ 22,116,000 $ 24,015,000 Expense recoveries 7,546,000 8,348,000 Percentage rent 175,000 565,000 Straight-line rents 101,000 131,000 Amortization of intangible lease liabilities, net 269,000 277,000 Total rents $ 30,207,000 $ 33,336,000 The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. During 2022 and 2021 , the Company’s assessment has specifically included the impact of the COVID-19 pandemic, which represents a material risk to collectability. In the event that collectability with respect to any tenant changes the Company recognizes an adjustment to rental income. The Company’s review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue. T he Company identified various tenants where collection was no longer considered probable. The determination to record revenue on a cash basis and write off any outstanding straight-line receivable from these various tenants reduced net income $ million for the three months ended March 31 , 2022 . In addition, during the three months ended March 31 , 2022 , $ million o f billed charges, consisting of rent and tenant reimbursements, were unpaid, and based on the Company’s determination to record revenue on a cash basis for these tenants, th e se amounts wer e not recorded as revenue for the three months ended March 31 , 2022 . |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share Based Compensation [Abstract] | |
Share-Based Compensation | N ote 9. Share-Based Compensation The following tables set forth certain share-based compensation information for the three months ended March 31, 2022 and 2021, respectively: Three months ended March 31, 2022 2021 Expense relating to share/unit grants $ 584,000 $ 929,000 Amounts capitalized (42,000 ) (49,000 ) Total charged to operations $ 542,000 $ 880,000 Weighted average Shares grant date value Unvested shares/units, December 31, 2021 492,000 $ 23.47 Restricted share grants 4,000 25.11 Vested during period (33,000 ) 24.34 Unvested shares/units, March 31, 2022 463,000 $ 23.42 During the three months ended March 31, 2022 there were 4,000 restricted shares issued, with a weighted average grant date fair value of $25.11 per share. President and CEO Employment Contract On June 15, 2018, the Company’s President and CEO was granted a market performance-based equity award of 227,272 restricted stock units (“RSUs”) and 227,272 dividend equivalent rights (“DERs”) of the Company. Each RSU represents a contingent right to receive one common share if certain market performance criteria are achieved. Each DER accrues and will be deemed to be reinvested into the Company’s common stock for which payment will only be made for the portion of the market performance-based equity award that are earned and vest. During the three years ending June 15, 2021 (the “Interim Performance Period”), a maximum of 113,636 shares were earned. Any portion of the market performance-based equity award that was not earned as of the end of the Interim Performance Period will be carried forward for calculation for the five years ending June 15, 2023 (the “Full Performance Period”). The percentage of the market performance-based equity award to be earned will be determined based on the Company’s annual return on an investment in the Company’s common stock (“TSR”) over the Interim Performance Period and/or over the Full Performance Period as follows: if average annual TSR (1) is below 4%, the percentage of grant earned would be 0%, (2) equals 4%, the percentage of grant earned would be 33.3%, (3) equals 6.5%, the percentage of grant earned would be 66.7%, and (4) equals 10% or above, the percentage of grant earned would be 100%. Linear interpolation shall be applied to determine the percentage of the market performance-based equity award that is earned where the average annual TSR over the performance period falls between the percentages set forth above. Based on market performance for the Interim Performance Period, it was determined the Company’s President and CEO earned 113,636 shares. Accordingly, on July 20, 2021, the Company issued 113,636 common shares to the CEO and paid him $0.3 million for the related DERs. The DERs will accrue and will be deemed to be reinvested into the Company’s common stock and payment with respect to the dividend equivalent rights will be deferred until the end of the Interim Performance Period, or the Full Performance Period, as the case may be, to coincide with the vesting, if any, of the market performance-based equity award. Payment will only be made for the portion of the market performance-based equity award that is earned and vests. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 10. Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares that have non-forfeitable rights to receive dividends issued pursuant to the Company’s share-based compensation program are considered participating securities). Unvested restricted shares that are participating securities are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For the three months ended March 31, 2022 and 2021, the Company had 0.4 million and 0.5 million, respectively, of weighted average unvested restricted shares outstanding that were participating securities. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three months ended March 31, 2022 and 2021: Three months ended March 31, 2022 2021 Numerator Net (loss) income $ (1,077,000 ) $ 1,253,000 Preferred stock dividends (2,688,000 ) (2,688,000 ) Net loss (income) attributable to noncontrolling interests 20,000 (141,000 ) Net earnings allocated to unvested shares (23,000 ) (33,000 ) Net (loss) attributable to vested common shares $ (3,768,000 ) $ (1,609,000 ) Denominator Weighted average number of vested common shares outstanding, basic and diluted 13,285,000 13,144,000 Net (loss) per common share attributable to common shareholders, basic and diluted $ (0.28 ) $ (0.12 ) Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. For the three months ended March 31, 2022 and 2021, no restricted stock units (“RSU’s”) would have been issuable under the Company’s President and CEO market performance-based equity award had the measurement period ended on March 31, 2022, and 2021, respectively, and therefore this market performance-based equity award had no impact in calculation diluted EPS. Net loss (income) attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no dilutive effect had such amounts been included. The weighted average number of OP Units outstanding were 81,000 for the three months ended March 31, 2022 and 2021. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events In determining subsequent events, management reviewed all activity from April 1, 2022 through the date of filing this Quarterly Report on Form 10-Q. Other than those events disclosed in this report, there were no other events or transactions that occurred that would require adjustment to, or disclosure in, the Company’s consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation/Basis of Preparation | Principles of Consolidation/Basis of Preparation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. The unaudited consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 20 21 . The unaudited consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities for which it is the primary beneficiary. |
Supplemental Consolidated Statements of Cash Flows Information | Supplemental Consolidated Statements of Cash Flows Information Three months ended March 31, 2022 2021 Supplemental disclosure of cash activities: Cash paid for interest $ 4,660,000 $ 5,271,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 715,000 799,000 Buildings and improvements included in accounts payable and accrued liabilities 2,692,000 644,000 |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of a novel strain of coronavirus (“COVID-19”). Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under ASC 842. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company is evaluating its election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. During the three months ended March 31, 2022, the Company provided lease concessions to certain tenants in response to the impact of COVID-19, in the form of rent deferrals. The Company has made an election to account for such lease concessions consistent with how those concessions would be accounted for under ASC 842 if enforceable rights and obligations for those concessions had already existed in the leases. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in our rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than total payments required by the original lease. Substantially all of the Company’s concessions to date provide for a deferral of payments with no substantive changes to the consideration in the original lease. These deferrals affect the timing, but not the amount, of the lease payments. The Company is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Company increases its receivables as tenant payments accrue and continues to recognize rental income. Through March 31, 2022, the Company has entered into lease modifications that deferred approximately $3.5 million, of which $2.4 million relates to deferrals that the Company continued to recognize rental income. In addition, through March 31, 2022, the Company has entered into agreements that waived approximately $2.4 million of rent. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Supplemental Consolidated Statements of Cash Flows Information | Supplemental Consolidated Statements of Cash Flows Information Three months ended March 31, 2022 2021 Supplemental disclosure of cash activities: Cash paid for interest $ 4,660,000 $ 5,271,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 715,000 799,000 Buildings and improvements included in accounts payable and accrued liabilities 2,692,000 644,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at a Fair Value on Recurring Basis | The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021, respectively: March 31, 2022 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 838,000 $ — $ — $ 838,000 Interest rate swaps assets (a) $ — $ 1,161,000 $ — $ 1,161,000 Deferred compensation liabilities (b) $ 861,000 $ — $ — $ 861,000 Interest rate swaps liability (b) $ — $ 1,128,000 $ — $ 1,128,000 December 31, 2021 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 955,000 $ — $ — $ 955,000 Deferred compensation liabilities (b) $ 982,000 $ — $ — $ 982,000 Interest rate swaps liability (b) $ — $ 8,232,000 $ — $ 8,232,000 (a) Included in other assets and deferred charges, net, in the accompanying consolidated balance sheets. (b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. |
Mortgage Loans Payable and Un_2
Mortgage Loans Payable and Unsecured Credit Facility (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt and Finance Lease Obligations Related to Continuing Operations | Debt and finance lease obligations are composed of the following at March 31, 2022: March 31, 2022 Contractual Maturity Balance interest rates Description dates outstanding weighted-average Fixed-rate mortgage Franklin Village Jun 2026 $ 44,296,000 3.9% Shops at Suffolk Downs (a) Jun 2031 15,600,000 3.5% Trexlertown Plaza (a) Jun 2031 36,100,000 3.5% The Point (a) Jun 2031 29,700,000 3.5% Christina Crossing (a) Jun 2031 17,000,000 3.5% Lawndale Plaza (a) Jun 2031 15,600,000 3.5% Senator Square finance lease obligation Sep 2050 5,587,000 5.3% 163,883,000 3.6% Unsecured credit facilities: Variable-rate: Revolving credit facility (b) Aug 2024 70,000,000 2.0% Fixed-rate (c): Term loan Apr 2023 100,000,000 3.3% Term loan Sep 2024 75,000,000 3.8% Term loan Jul 2025 75,000,000 4.7% Term loan Aug 2026 50,000,000 3.3% 533,883,000 3.5% Unamortized issuance costs (2,979,000 ) $ 530,904,000 (a) The mortgages for these properties are cross-collateralized. (b) The revolving credit facility is subject to two one-year (c) The interest rates on these term loans consist of the London Interbank Offered Rate (“LIBOR”) plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt. |
Summary of Derivative Financial Instruments Held | The following is a summary of the derivative financial instruments held by the Company at March 31, 2022 and December 31, 2021: March 31, 2022 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 2 $ 1,161,000 2023-2025 Other assets and deferred charges, net Qualifying Interest rate swaps 3 $ 1,128,000 2023-2025 Accounts payable and accrued liabilities December 31, 2021 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 5 $ 8,232,000 2023-2025 Accounts payable and accrued liabilities |
Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity | The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three months ended March 31, 2022 and 2021, respectively: Gain recognized in other comprehensive (loss) income (effective portion) Designation/ Three months ended March 31, Cash flow Derivative 2022 2021 Qualifying Interest rate swaps $ 6,976,000 $ 2,394,000 (Loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Three months ended March 31, Classification 2022 2021 Continuing Operations $ (1,362,000 ) $ (1,803,000 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule of Dividends | The following table provides a summary of dividends declared and paid per share: Three months ended March 31, 2022 2021 Common stock $ 0.066 $ 0.066 7.25% Series B Preferred Stock $ 0.453 $ 0.453 6.50% Series C Preferred Stock $ 0.406 $ 0.406 |
Preferred Stock [Member] | |
Summary of Preferred Stock | The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock: Series B Series C Preferred Stock Preferred Stock Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 March 31, 2022 December 31, 2021 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 1,450,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 1,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 34,767,000 $ 124,774,000 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenues [Abstract] | |
Schedule of Rental Revenues | Rental revenues for the three months ended March 31, 2022 and 2021, respectively, comprise the following: Three months ended March 31, 2022 2021 Base rents $ 22,116,000 $ 24,015,000 Expense recoveries 7,546,000 8,348,000 Percentage rent 175,000 565,000 Straight-line rents 101,000 131,000 Amortization of intangible lease liabilities, net 269,000 277,000 Total rents $ 30,207,000 $ 33,336,000 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share Based Compensation [Abstract] | |
Schedule of Share-Based Compensation Information | The following tables set forth certain share-based compensation information for the three months ended March 31, 2022 and 2021, respectively: Three months ended March 31, 2022 2021 Expense relating to share/unit grants $ 584,000 $ 929,000 Amounts capitalized (42,000 ) (49,000 ) Total charged to operations $ 542,000 $ 880,000 Weighted average Shares grant date value Unvested shares/units, December 31, 2021 492,000 $ 23.47 Restricted share grants 4,000 25.11 Vested during period (33,000 ) 24.34 Unvested shares/units, March 31, 2022 463,000 $ 23.42 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three months ended March 31, 2022 and 2021: Three months ended March 31, 2022 2021 Numerator Net (loss) income $ (1,077,000 ) $ 1,253,000 Preferred stock dividends (2,688,000 ) (2,688,000 ) Net loss (income) attributable to noncontrolling interests 20,000 (141,000 ) Net earnings allocated to unvested shares (23,000 ) (33,000 ) Net (loss) attributable to vested common shares $ (3,768,000 ) $ (1,609,000 ) Denominator Weighted average number of vested common shares outstanding, basic and diluted 13,285,000 13,144,000 Net (loss) per common share attributable to common shareholders, basic and diluted $ (0.28 ) $ (0.12 ) |
Business and Organization (Deta
Business and Organization (Details) $ / shares in Units, $ in Millions | Mar. 02, 2022USD ($)property$ / shares | Mar. 31, 2022propertyshares |
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Number of properties | property | 50 | |
OP units outstanding | shares | 81,000 | |
Series B Preferred Stock [Member] | ||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Preferred stock outstanding percentage | 7.25% | |
Series C Preferred Stock [Member] | ||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Preferred stock outstanding percentage | 6.50% | |
Asset Purchase Agreement [Member] | ||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Number of properties | property | 33 | |
Proceeds from sale of grocery-anchored shopping centers | $ 840 | |
Transactions [Member] | Minimum [Member] | ||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Distribution to shareholders, per share in cash | $ / shares | $ 29 | |
Additional Asset Purchase [Member] | Asset Purchase Agreement [Member] | ||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Proceeds from sale of grocery-anchored shopping centers | $ 80.5 | |
Remaining Assets [Member] | Asset Purchase Agreement [Member] | ||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Proceeds from sale of grocery-anchored shopping centers | $ 291.3 | |
Cedar Realty Trust Partnership L.P [Member] | ||
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items] | ||
Company's interest in Operating Partnership | 99.40% | |
Limited partners' interest in Operating Partnership | 0.60% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Supplemental Consolidated Statements of Cash Flows Information) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Supplemental disclosure of cash activities: | ||
Cash paid for interest | $ 4,660,000 | $ 5,271,000 |
Supplemental disclosure of non-cash activities: | ||
Capitalization of interest and financing costs | 715,000 | 799,000 |
Buildings and improvements included in accounts payable and accrued liabilities | $ 2,692,000 | $ 644,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Accounting Policies [Abstract] | |
Lease rent deferred | $ 3.5 |
Lease rent deferrals continued to recognize rental income | 2.4 |
Lease rent waived | $ 2.4 |
Real Estate (Narrative) (Detail
Real Estate (Narrative) (Details) | May 05, 2021USD ($)ft²ShoppingCenter$ / ft² | Mar. 31, 2022USD ($) | Mar. 31, 2022USD ($) |
Real Estate Properties [Line Items] | |||
Contributed capital to joint venture | $ 155,000 | $ 4,800,000 | |
Investment in Unconsolidated Joint Venture [Member] | |||
Real Estate Properties [Line Items] | |||
Area of commercial building | ft² | 258,000 | ||
Area of commercial space leased percentage | 100.00% | ||
Term of lease | 20 years 10 months | ||
Number of redevelopment of existing shopping centers | ShoppingCenter | 2 | ||
Initial term of construction loan | 3 years | ||
Percentage of interest in joint venture | 10.00% | ||
Development cost sold to Joint Venture | $ 8,000,000 | ||
Initial annual net rent amount to be paid upon completion of building | $ 5,400,000 | ||
Annual escalator percentage to be paid on each anniversary of rent commencement | 2.50% | ||
Operating costs, property taxes and amortization of tenant improvements | $ 8,100,000 | ||
Annual net rent amount to be paid upon completion of building | $ 13,500,000 | ||
Free rent period | 10 months | ||
Tenant credit against either annual rent or any other tenant payment obligations including tenant improvement costs, in excess of tenant improvement allowance | $ 6,800,000 | ||
Amortized over period | 240 months | ||
Investment in Unconsolidated Joint Venture [Member] | Between the 10th and 12th Lease Years [Member] | |||
Real Estate Properties [Line Items] | |||
Additional per rentable square foot tenant improvement allowance to be contributed | $ / ft² | 9.38 | ||
Investment in Unconsolidated Joint Venture [Member] | Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Construction financing maximum amount | $ 105,000,000 | ||
Joint venture contribution to be made per rentable square foot toward cost of tenant improvements | $ / ft² | 155 | ||
Investment in Unconsolidated Joint Venture [Member] | LIBOR Rate [Member] | |||
Real Estate Properties [Line Items] | |||
Construction loan initial interest | LIBOR plus 200 basis | ||
Basis spread on borrowings variable rate | 200.00% | ||
Investment in Unconsolidated Joint Venture [Member] | Office Space [Member] | |||
Real Estate Properties [Line Items] | |||
Area of commercial building | ft² | 240,000 | ||
Investment in Unconsolidated Joint Venture [Member] | Street-Level Retail [Member] | |||
Real Estate Properties [Line Items] | |||
Area of commercial building | ft² | 18,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) | Mar. 31, 2022USD ($)property | Dec. 31, 2021USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of fixed rate mortgage loans payable | $ 156,500,000 | $ 159,000,000 |
Carrying value of fixed rate mortgage payable | $ 156,600,000 | 156,800,000 |
Number of properties | property | 50 | |
Real estate held for sale | $ 73,702,000 | $ 73,251,000 |
Level 2 [Member] | Assets [Member] | Retail Properties [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of properties | property | 4 | |
Real estate held for sale | $ 73,700,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Assets and Liabilities Measured at a Fair Value on Recurring Basis) (Details) - Recurring Basis [Member] - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | $ 838,000 | $ 955,000 |
Interest rate swaps assets | 1,161,000 | |
Deferred compensation liabilities | 861,000 | 982,000 |
Interest rate swaps liability | 1,128,000 | 8,232,000 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments related to deferred compensation liabilities | 838,000 | 955,000 |
Deferred compensation liabilities | 861,000 | 982,000 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps assets | 1,161,000 | |
Interest rate swaps liability | $ 1,128,000 | $ 8,232,000 |
Mortgage Loans Payable and Un_3
Mortgage Loans Payable and Unsecured Credit Facility (Schedule of Debt and Finance Lease Obligations Related to Continuing Operations) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Credit facilities | $ 70,000,000 | $ 66,000,000 |
Unamortized issuance costs | (2,979,000) | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Credit facilities | 70,000,000 | |
Continuing Operations [Member] | ||
Debt Instrument [Line Items] | ||
Total debt gross | 533,883,000 | |
Total debt | $ 530,904,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Total debt gross | $ 163,883,000 | |
Weighted average contractual interest rate | 3.60% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Franklin Village [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2026 | |
Total debt gross | $ 44,296,000 | |
Weighted average contractual interest rate | 3.90% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Shops at Suffolk Downs [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2031 | |
Total debt gross | $ 15,600,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Trexlertown Plaza [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2031 | |
Total debt gross | $ 36,100,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | The Point [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2031 | |
Total debt gross | $ 29,700,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Christina Crossing [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2031 | |
Total debt gross | $ 17,000,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Lawndale Plaza [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 30, 2031 | |
Total debt gross | $ 15,600,000 | |
Weighted average contractual interest rate | 3.50% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Senator Square Finance Lease Obligation [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2050 | |
Total debt gross | $ 5,587,000 | |
Weighted average contractual interest rate | 5.30% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan [Member] | Unsecured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Apr. 30, 2023 | |
Credit facilities | $ 100,000,000 | |
Weighted average contractual interest rate | 3.30% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Two [Member] | Unsecured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Sep. 30, 2024 | |
Credit facilities | $ 75,000,000 | |
Weighted average contractual interest rate | 3.80% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Three [Member] | Unsecured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jul. 31, 2025 | |
Credit facilities | $ 75,000,000 | |
Weighted average contractual interest rate | 4.70% | |
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Four [Member] | Unsecured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Aug. 31, 2026 | |
Credit facilities | $ 50,000,000 | |
Weighted average contractual interest rate | 3.30% | |
Continuing Operations [Member] | Variable Rate Mortgage [Member] | Revolving Credit Facility [Member] | Unsecured Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Aug. 31, 2024 | |
Credit facilities | $ 70,000,000 | |
Weighted average contractual interest rate | 2.00% |
Mortgage Loans Payable and Un_4
Mortgage Loans Payable and Unsecured Credit Facility (Schedule of Debt and Finance Lease Obligations Related to Continuing Operations) (Parenthetical) (Details) - Revolving Credit Facility [Member] | 3 Months Ended |
Mar. 31, 2022Term | |
Debt Instrument [Line Items] | |
Line of credit facility extension allowed period | 1 year |
Line of credit facility extension allowed term | 2 |
Mortgage Loans Payable and Un_5
Mortgage Loans Payable and Unsecured Credit Facility (Narrative) (Details) | Aug. 30, 2021USD ($)Term | May 05, 2021USD ($) | Mar. 31, 2022USD ($)Term | Dec. 31, 2021USD ($) |
Line Of Credit Facility [Line Items] | ||||
Credit facilities | $ 70,000,000 | $ 66,000,000 | ||
Approximate amount of accumulated other comprehensive loss to be reclassified into earnings | 1,700,000 | |||
Interest Rate Swap [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Derivative, notional amount | 300,000,000 | $ 300,000,000 | ||
Non-recourse Mortgage [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Non-recourse mortgage amount | $ 114,000,000 | |||
Maturity date | Jun. 1, 2031 | |||
Interest at fixed-rate | 3.49% | |||
Unsecured Credit Facility [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility borrowing capacity | $ 300,000,000 | |||
Revolving Credit Facility [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility borrowing capacity | $ 110,100,000 | |||
Line of credit facility extension allowed term | Term | 2 | |||
Line of credit facility extension allowed period | 1 year | |||
Basis spread on borrowings variable rate | 1.50% | |||
Credit facilities | $ 70,000,000 | |||
Revolving Credit Facility [Member] | Minimum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Basis spread on borrowings variable rate | 1.35% | |||
Revolving Credit Facility [Member] | Maximum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Basis spread on borrowings variable rate | 1.95% | |||
Revolving Credit Facility [Member] | Unsecured Credit Facility [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility borrowing capacity | $ 185,000,000 | |||
Credit facility expiration date | Aug. 31, 2024 | |||
Line of credit facility extension allowed term | Term | 2 | |||
Line of credit facility extension allowed period | 1 year | |||
Term loan facility [Member] | Unsecured Credit Facility [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility borrowing capacity | $ 50,000,000 | |||
Credit facility expiration date | Aug. 31, 2026 | |||
Line of credit facility extension allowed period | 4 years |
Mortgage Loans Payable and Un_6
Mortgage Loans Payable and Unsecured Credit Facility (Summary of Derivative Financial Instruments Held) (Details) - Interest Rate Swap [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)contract | Dec. 31, 2021USD ($)contract | |
Cash Flow Hedging, Count 2 [Member] | ||
Derivatives Fair Value [Line Items] | ||
Count | contract | 2 | |
Fair value | $ | $ 1,161,000 | |
Cash Flow Hedging, Count 2 [Member] | Minimum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2023 | |
Cash Flow Hedging, Count 2 [Member] | Maximum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2025 | |
Cash Flow Hedging, Count 3 [Member] | ||
Derivatives Fair Value [Line Items] | ||
Count | contract | 3 | |
Fair value | $ | $ 1,128,000 | |
Cash Flow Hedging, Count 3 [Member] | Minimum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2023 | |
Cash Flow Hedging, Count 3 [Member] | Maximum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2025 | |
Cash Flow Hedging, Count 5 [Member] | ||
Derivatives Fair Value [Line Items] | ||
Count | contract | 5 | |
Fair value | $ | $ 8,232,000 | |
Cash Flow Hedging, Count 5 [Member] | Minimum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2023 | |
Cash Flow Hedging, Count 5 [Member] | Maximum [Member] | ||
Derivatives Fair Value [Line Items] | ||
Maturity dates | 2025 |
Mortgage Loans Payable and Un_7
Mortgage Loans Payable and Unsecured Credit Facility (Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Designation/Cash Flow [Member] | Interest Rate Swap [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain recognized in other comprehensive (loss) income (effective portion) | $ 6,976,000 | $ 2,394,000 |
Continuing Operations [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
(Loss) recognized in other comprehensive (loss) income reclassified into earnings (effective portion) | $ (1,362,000) | $ (1,803,000) |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |||
Weighted average remaining lease term | 30 years | ||
Weighted average discount rate | 4.80% | ||
Rent expense | $ 0.3 | $ 0.4 | |
Percentage of contractual base rents and monthly tenant reimbursements collected | 97.00% | 97.00% | |
Lease rent deferred | $ 3.5 | ||
Lease rent waived | $ 2.4 | ||
Weighted average payback period for remaining deferred rent receivable | 10 months |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - $ / shares | Apr. 19, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized | 12,500,000 | ||
Subsequent Event [Member] | |||
Class Of Stock [Line Items] | |||
Dividends payable, date declared | Apr. 19, 2022 | ||
Dividends payable, date to be paid | May 20, 2022 | ||
Dividends payable, date of record | May 10, 2022 | ||
Series B [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized | 1,450,000 | 1,450,000 | |
Series B [Member] | Subsequent Event [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock dividends declared | $ 0.453125 | ||
Series C [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock, shares authorized | 6,450,000 | 6,450,000 | |
Series C [Member] | Subsequent Event [Member] | |||
Class Of Stock [Line Items] | |||
Preferred stock dividends declared | $ 0.406250 |
Shareholders' Equity (Summary o
Shareholders' Equity (Summary of Preferred Stock) (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Class Of Stock [Line Items] | ||
Preferred stock, shares authorized | 12,500,000 | |
Preferred stock | $ 159,541,000 | $ 159,541,000 |
Series B Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Par value | $ 0.01 | |
Liquidation value | $ 25 | |
Preferred stock, shares authorized | 1,450,000 | 1,450,000 |
Shares issued | 1,450,000 | 1,450,000 |
Shares outstanding | 1,450,000 | 1,450,000 |
Preferred stock | $ 34,767,000 | $ 34,767,000 |
Series C Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Par value | $ 0.01 | |
Liquidation value | $ 25 | |
Preferred stock, shares authorized | 6,450,000 | 6,450,000 |
Shares issued | 5,000,000 | 5,000,000 |
Shares outstanding | 5,000,000 | 5,000,000 |
Preferred stock | $ 124,774,000 | $ 124,774,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule of Dividends) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class Of Stock [Line Items] | ||
Common stock | $ 0.066 | $ 0.066 |
Series B Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Cumulative Redeemable Preferred Stock | $ 0.453 | $ 0.453 |
Dividend rate percentage | 7.25% | 7.25% |
Series C Preferred Stock [Member] | ||
Class Of Stock [Line Items] | ||
Cumulative Redeemable Preferred Stock | $ 0.406 | $ 0.406 |
Dividend rate percentage | 6.50% | 6.50% |
Revenues (Schedule of Rental Re
Revenues (Schedule of Rental Revenues) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues [Abstract] | ||
Base rents | $ 22,116,000 | $ 24,015,000 |
Expense recoveries | 7,546,000 | 8,348,000 |
Percentage rent | 175,000 | 565,000 |
Straight-line rents | 101,000 | 131,000 |
Amortization of intangible lease liabilities, net | 269,000 | 277,000 |
Total rents | $ 30,207,000 | $ 33,336,000 |
Revenues (Narrative) (Details)
Revenues (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Revenues [Abstract] | |
Reduction of net income due to recording of revenue on cash basis and write off outstanding straight-line receivable | $ 0.1 |
Unpaid billed charges of rent and tenant reimbursements | 0.4 |
Unrecorded revenue from tenants | $ 0.4 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Share-Based Compensation Information) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation [Abstract] | ||
Expense relating to share/unit grants | $ 584,000 | $ 929,000 |
Amounts capitalized | (42,000) | (49,000) |
Total charged to operations | $ 542,000 | $ 880,000 |
Unvested shares/units, December 31, 2021 | 492,000 | |
Restricted share grants | 4,000 | |
Vested during period | (33,000) | |
Unvested shares/units, March 31, 2022 | 463,000 | |
Unvested shares/unit, December 31, 2021, weighted average grant date fair value | $ 23.47 | |
Restricted share grants, weighted average grant date fair value | 25.11 | |
Vested during period, weighted average grant date fair value | 24.34 | |
Unvested shares/unit, March 31, 2022, weighted average grant date fair value | $ 23.42 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Jul. 20, 2021 | Jun. 15, 2018 | Mar. 31, 2022 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value per share | $ 25.11 | |||
Shares granted under Stock incentive plan | 4,000 | |||
Maximum shares to be earned | 113,636 | |||
Share based compensation average annual total stock holders return, description | The percentage of the market performance-based equity award to be earned will be determined based on the Company’s annual return on an investment in the Company’s common stock (“TSR”) over the Interim Performance Period and/or over the Full Performance Period as follows: if average annual TSR (1) is below 4%, the percentage of grant earned would be 0%, (2) equals 4%, the percentage of grant earned would be 33.3%, (3) equals 6.5%, the percentage of grant earned would be 66.7%, and (4) equals 10% or above, the percentage of grant earned would be 100%. | |||
Common stock, shares issued | 13,637,000 | 13,658,000 | ||
Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted to Company's President | 113,636 | |||
Common stock, shares issued | 113,636 | |||
Dividend equivalent rights paid | $ 0.3 | |||
Market Performance-Based Equity Award [Member] | Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted under Stock incentive plan | 227,272 | |||
Dividend equivalent rights | 227,272 | |||
2017 Plan [Member] | Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued | 4,000 | |||
Weighted-average grant date fair value per share | $ 25.11 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Weighted average nonvested restricted shares outstanding | 400,000 | 500,000 |
Weighted average number of OP units outstanding | 81,000 | 81,000 |
Market Performance-Based Equity Award [Member] | Chief Executive Officer [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Shares issuable under Stock incentive plan | 0 | 0 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Calculation of Numerator and Denominator in Earnings Per Share) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net (loss) income | $ (1,077,000) | $ 1,253,000 |
Preferred stock dividends | (2,688,000) | (2,688,000) |
Net loss (income) attributable to noncontrolling interests | 20,000 | (141,000) |
Net earnings allocated to unvested shares | (23,000) | (33,000) |
Net (loss) attributable to vested common shares | $ (3,768,000) | $ (1,609,000) |
Weighted average number of vested common shares outstanding, basic and diluted | 13,285,000 | 13,144,000 |
Net (loss) per common share attributable to common shareholders, basic and diluted | $ (0.28) | $ (0.12) |