CEDAR REALTY TRUST, INC. - FORM 8-K - EX-99.2

Attached files

file	filename
8-K - FORM 8-K - CEDAR REALTY TRUST, INC.	d393449d8k.htm
EX-99.1 - EX-99.1 - CEDAR REALTY TRUST, INC.	d393449dex991.htm

Exhibit 99.2

LOGO

Supplemental Financial Information

June 30, 2012

(unaudited)

Cedar Realty Trust, Inc.

44 South Bayles Avenue

Port Washington, NY 11050-3765

Tel: (516) 767-6492 Fax: (516) 767-6497

www.cedarrealtytrust.com

CEDAR REALTY TRUST, INC.

Supplemental Financial Information

June 30, 2012

(unaudited)

TABLE OF CONTENTS


Consolidated Financial Information
Consolidated Balance Sheets			3
Consolidated Statements of Operations			4
Supporting Schedules to Consolidated Statements			5-6
Funds From Operations and Additional Disclosures			7
Earnings Before Interest, Taxes, Depreciation and Amortization			8
Summary of Outstanding Debt			9-10
Summaries of Debt Maturities			11

Consolidated Operating Portfolio Information
Real Estate Summary			12-14
Leasing Activity			15
Tenant Concentration			16
Lease Expirations			17
Property Net Operating Income			18
Dispositions			19

Unconsolidated Cedar/RioCan Joint Venture
Balance Sheets			21
Statements of Income			22
Real Estate Summary			23-24
Summary of Outstanding Debt			25
Summary of Debt Maturities			26

Properties Held for Sale/Conveyance
Real Estate Summary			28
Summary of Outstanding Debt			29
Summary of Debt Maturities			30

Portfolio Map Excluding Assets Held For Sale			31

Non-GAAP Financial Disclosures			32

Forward-Looking Statements

The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). In addition, statements made or incorporated by reference herein may include certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. Accordingly, the information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2011 and Form 10-Q for the quarter ended June 30, 2012.

CEDAR REALTY TRUST, INC.

Consolidated Balance Sheets


	June 30,			December 31,
	2012			2011
Assets:
Real estate
Land	$	268,934,000		$	268,982,000
Buildings and improvements		1,109,130,000			1,099,456,000

		1,378,064,000			1,368,438,000
Less accumulated depreciation		(221,443,000	)		(197,578,000	)

Real estate, net		1,156,621,000			1,170,860,000
Real estate held for sale/conveyance		191,538,000			207,553,000
Investment in Cedar/RioCan joint venture		43,173,000			44,743,000
Cash and cash equivalents		7,594,000			12,070,000
Restricted cash		15,657,000			14,707,000
Receivables		24,557,000			26,127,000
Other assets and deferred charges, net		26,190,000			33,804,000
Assets relating to real estate held for sale/conveyance		—			2,299,000

Total assets	$	1,465,330,000		$	1,512,163,000

Liabilities and equity:
Mortgage loans payable	$	562,248,000		$	588,516,000
Mortgage loans payable — real estate held for sale/conveyance		113,384,000			123,115,000
Secured credit facilities		179,500,000			166,317,000
Accounts payable and accrued liabilities		25,989,000			32,404,000
Unamortized intangible lease liabilities		32,318,000			35,017,000
Liabilities relating to real estate held for sale/conveyance		6,339,000			6,406,000

Total liabilities		919,778,000			951,775,000

Noncontrolling interest — limited partners’ mezzanine OP Units		658,000			4,616,000

Commitments and contingencies		—			—

Equity:
Cedar Realty Trust, Inc. shareholders’ equity:
Preferred stock		159,564,000			158,575,000
Common stock and other shareholders’ equity		329,422,000			335,268,000

Total Cedar Realty Trust, Inc. shareholders’ equity		488,986,000			493,843,000

Noncontrolling interests:
Minority interests in consolidated joint ventures		54,653,000			56,511,000
Limited partners’ OP Units		1,255,000			5,418,000

Total noncontrolling interests		55,908,000			61,929,000

Total equity		544,894,000			555,772,000

Total liabilities and equity	$	1,465,330,000		$	1,512,163,000

CEDAR REALTY TRUST, INC.

Consolidated Statements of Operations


	Three months ended June 30,						Six months ended June 30,
	2012			2011			2012			2011
Revenues:
Rents	$	26,988,000		$	25,914,000		$	53,683,000		$	51,587,000
Expense recoveries		6,360,000			5,894,000			13,323,000			14,047,000
Other		3,642,000			770,000			4,461,000			1,454,000

Total revenues		36,990,000			32,578,000			71,467,000			67,088,000

Property operating expenses:
Operating, maintenance and management		5,510,000			5,858,000			11,886,000			14,284,000
Real estate and other property-related taxes		4,262,000			4,043,000			8,655,000			8,198,000

Total property operating expenses		9,772,000			9,901,000			20,541,000			22,482,000

Property operating income		27,218,000			22,677,000			50,926,000			44,606,000

Other expenses:
General and administrative		3,737,000			2,691,000			7,362,000			5,205,000
Management transition charges		—			6,350,000			—			6,530,000
Acquisition transaction costs and terminated projects		—			73,000			—			1,242,000
Depreciation and amortization		9,796,000			9,311,000			25,522,000			18,030,000

Total other expenses		13,533,000			18,425,000			32,884,000			31,007,000

Operating income		13,685,000			4,252,000			18,042,000			13,599,000

Non-operating income and expense:
Interest expense, including amortization of deferred financing costs		(9,744,000	)		(10,177,000	)		(19,923,000	)		(20,667,000	)
Accelerated write-off of deferred financing costs		—			—			(2,607,000	)		—
Interest income		62,000			129,000			124,000			177,000
Unconsolidated joint ventures:
Equity in income		576,000			34,000			1,021,000			825,000
Write-off of investment		—			(7,961,000	)		—			(7,961,000	)
Gain on sales		79,000			—			79,000			28,000

Total non-operating income and expense		(9,027,000	)		(17,975,000	)		(21,306,000	)		(27,598,000	)

Income (loss) from continuing operations		4,658,000			(13,723,000	)		(3,264,000	)		(13,999,000	)

Discontinued operations:
Income from operations		944,000			778,000			2,403,000			2,247,000
Impairment (charges)/reversals		—			(12,258,000	)		1,138,000			(22,544,000	)
Gain on sales		293,000			474,000			750,000			474,000

Total discontinued operations		1,237,000			(11,006,000	)		4,291,000			(19,823,000	)

Net income (loss)		5,895,000			(24,729,000	)		1,027,000			(33,822,000	)

Less, net (income) loss attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		(662,000	)		22,000			(1,708,000	)		47,000
Limited partners’ interest in Operating Partnership		(8,000	)		579,000			97,000			839,000

Total net (income) loss attributable to noncontrolling interests		(670,000	)		601,000			(1,611,000	)		886,000

Net income (loss) attributable to Cedar Realty Trust, Inc.		5,225,000			(24,128,000	)		(584,000	)		(32,936,000	)

Preferred stock dividends		(3,607,000	)		(3,540,000	)		(7,138,000	)		(7,041,000	)
Preferred stock redemption costs		(382,000	)		—			(382,000	)		—

Net income (loss) attributable to common shareholders	$	1,236,000		$	(27,668,000	)	$	(8,104,000	)	$	(39,977,000	)

Per common share attributable to common shareholders (basic and diluted):
Continuing operations	$	0.01		$	(0.25	)	$	(0.16	)	$	(0.30	)
Discontinued operations		0.00			(0.16	)		0.03			(0.29	)

	$	0.01		$	(0.41	)	$	(0.13	)	$	(0.59	)

Weighted average number of common shares—basic and diluted		68,038,000			68,099,000			67,787,000			67,664,000

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

Balance Sheets Detail


	June 30,			December 31,
	2012			2011
Construction in process (included in buildings and improvements)	$	12,369,000		$	24,475,000

Receivables
Rents and other tenant receivables, net	$	5,650,000		$	6,882,000
Straight-line rents		13,993,000			13,435,000
Other		4,914,000			5,810,000

	$	24,557,000		$	26,127,000

Other assets and deferred charges, net
Lease origination costs	$	14,204,000		$	14,266,000
Financing costs		6,162,000			6,249,000
Prepaid expenses		2,328,000			5,857,000
Investments related to deferred compensation liabilities		416,000			3,562,000
Property and other deposits		748,000			1,430,000
Leasehold improvements, furniture and fixtures		1,224,000			1,035,000
Other		1,108,000			1,405,000

	$	26,190,000		$	33,804,000

Minority interests in consolidated joint ventures
Operating joint venture properties:
New London Mall and San Souci Plaza		5,871,000			6,805,000
Upland Square		1,048,000			1,048,000
Homburg (two properties)		13,771,000			13,909,000
Held-for-sale joint venture properties:
Homburg (seven properties)		34,044,000			34,774,000
CVS at Naugatuck		—			56,000
Heritage Crossing		(81,000	)		(81,000	)

	$	54,653,000		$	56,511,000

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

Statements of Operations Detail


	Three months ended June 30,						Six months ended June 30,
	2012			2011			2012			2011
Rents
Base rents	$	24,835,000		$	24,060,000		$	49,667,000		$	48,022,000
Percentage rent		174,000			220,000			464,000			384,000
Straight-line rents		247,000			365,000			562,000			746,000
Amortization of intangible lease liabilities		1,732,000			1,269,000			2,990,000			2,435,000

	$	26,988,000		$	25,914,000		$	53,683,000		$	51,587,000

Other revenues
Lease termination fees	$	3,029,000		$	—		$	3,029,000		$	—
RioCan management fees		631,000			452,000			1,277,000			986,000
Miscellaneous		(18,000	)		318,000			155,000			468,000

	$	3,642,000		$	770,000		$	4,461,000		$	1,454,000

Equity in income of unconsolidated joint ventures:
Cedar/RioCan	$	576,000		$	195,000		$	1,021,000		$	523,000
Philadelphia redevelopment project		—			(161,000	)		—			302,000

	$	576,000		$	34,000		$	1,021,000		$	825,000

Net (income) loss attributable to noncontrolling interests—minority interests in consolidated joint ventures
Operating joint venture properties:
New London Mall and San Souci Plaza	$	218,000		$	128,000		$	420,000		$	324,000
Homburg (two properties)		(89,000	)		(91,000	)		(237,000	)		(224,000	)
Held-for-sale joint venture properties:
Homburg (seven properties)		(791,000	)		(247,000	)		(1,567,000	)		(473,000	)
CVS at Naugatuck		—			(8,000	)		(324,000	)		(9,000	)
Columbia Mall		—			240,000			—			429,000

	$	(662,000	)	$	22,000		$	(1,708,000	)	$	47,000

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures


	Three months ended June 30,						Six months ended June 30,
	2012			2011			2012			2011
Net income (loss) attributable to Company’s common shareholders	$	1,236,000		$	(27,668,000	)	$	(8,104,000	)	$	(39,977,000	)
Real estate depreciation and amortization		9,712,000			10,939,000			25,392,000			21,349,000
Limited partners’ interest		8,000			(579,000	)		(97,000	)		(839,000	)
Impairment charges/(reversals)		—			20,247,000			(1,138,000	)		30,533,000
Gain on sales		(372,000	)		(474,000	)		(829,000	)		(502,000	)
Consolidated minority interest:
Share of income (loss)		662,000			(22,000	)		1,708,000			(47,000	)
Share of FFO		(1,377,000	)		(1,476,000	)		(2,791,000	)		(2,980,000	)
Unconsolidated joint ventures:
Share of income		(576,000	)		(34,000	)		(1,021,000	)		(825,000	)
Share of FFO		1,587,000			1,182,000			3,056,000			3,064,000

Funds From Operations (“FFO”)		10,880,000			2,115,000			16,176,000			9,776,000
Adjustments for items affecting comparability:
Management transition charges and employee termination costs		—			6,350,000			—			6,875,000
Accelerated write-off of deferred financing costs		—			—			2,607,000			—
Share-based compensation mark-to-market adjustments		(20,000	)		(551,000	)		10,000			(701,000	)
Preferred stock redemption costs		382,000			—			382,000			—
Acquisition transaction costs and terminated projects, including Company share from the Cedar/RioCan joint venture		—			234,000			—			1,487,000

Operating Funds From Operations (“Operating FFO”)	$	11,242,000		$	8,148,000		$	19,175,000		$	17,437,000

FFO per diluted share:	$	0.15		$	0.03		$	0.23		$	0.14

Operating FFO per diluted share:	$	0.16		$	0.12		$	0.27		$	0.25

Weighted average number of diluted common shares:
Common shares		71,136,000			68,099,000			70,850,000			67,664,000
OP Units		462,000			1,415,000			637,000			1,415,000

		71,598,000			69,514,000			71,487,000			69,079,000

Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	288,000		$	452,000		$	685,000		$	927,000
Amortization of intangible lease liabilities		1,879,000			1,463,000			3,205,000			2,834,000
Lease termination income		3,029,000			—			3,029,000			—
Non-real estate amortization		642,000			1,162,000			1,357,000			2,242,000
Share-based compensation other than mark-to-market adjustments		845,000			787,000			1,736,000			1,766,000
Maintenance capital expenditures		1,295,000			644,000			2,135,000			1,053,000
Development and redevelopment capital expenditures		5,233,000			8,567,000			8,015,000			12,550,000
Capitalized interest and financing costs		450,000			818,000			745,000			1,142,000

CEDAR REALTY TRUST, INC.

Earnings Before Interest, Taxes, Depreciation and Amortization


	Three months ended June 30,						Six months ended June 30,
	2012			2011			2012			2011
EBITDA Calculation

Income (loss) from continuing operations	$	4,658,000		$	(13,723,000	)	$	(3,264,000	)	$	(13,999,000	)
Add (deduct):
Interest expense and amortization of financing costs, net		9,744,000			10,177,000			19,923,000			20,667,000
Accelerated write-off of deferred financing costs		—			—			2,607,000			—
Depreciation and amortization		9,796,000			9,311,000			25,522,000			18,030,000
Minority interests share of consolidated joint venture EBITDA		(3,023,000	)		(3,174,000	)		(6,113,000	)		(6,360,000	)
Discontinued operations:
Income from operations		944,000			778,000			2,403,000			2,247,000
Interest expense and amortization of financing costs, net		1,891,000			2,146,000			3,847,000			4,416,000
Depreciation and amortization		—			1,768,000			21,000			3,604,000
Pro-rata share attributable to Cedar/RioCan joint venture:
Depreciation and amortization		1,011,000			1,035,000			2,034,000			2,028,000
Interest expense		844,000			937,000			1,731,000			1,816,000

EBITDA		25,865,000			9,255,000			48,711,000			32,449,000
Adjustments for items affecting comparability:
Share-based compensation mark-to-market adjustments		(20,000	)		(551,000	)		10,000			(701,000	)
Management transition charges and employee termination costs					6,350,000			—			6,875,000
Write-off of investment in unconsolidated joint venture		—			7,961,000			—			7,961,000
Acquisition transaction costs and terminated projects, including Company share from the Cedar/RioCan joint venture		—			234,000			—			1,487,000

Adjusted EBITDA	$	25,845,000		$	23,249,000		$	48,721,000		$	48,071,000

Pro-rata share of outstanding debt (a)	$	805,471,000		$	843,108,000		$	805,471,000		$	843,108,000

Fixed charges (a)
Interest expense	$	11,476,000		$	11,234,000		$	23,228,000		$	23,082,000
Interest expense — consolidated minority interests share		(1,629,000	)		(1,661,000	)		(3,289,000	)		(3,308,000	)
Interest expense — Cedar/RioCan joint venture		844,000			937,000			1,731,000			1,816,000

Interest Expense		10,691,000			10,510,000			21,670,000			21,590,000
Preferred stock dividends		3,607,000			3,540,000			7,138,000			7,041,000
Pro-rata share of scheduled mortgage repayments		2,576,000			2,246,000			5,216,000			4,483,000

Fixed charges	$	16,874,000		$	16,296,000		$	34,024,000		$	33,114,000

Debt and Coverage Ratios (b)
Debt to Adjusted EBITDA (c)		8.7	x		9.1	x		8.7	x		8.9	x
Interest coverage ratio (Based on Adjusted EBITDA)		2.1	x		2.2	x		2.1	x		2.2	x
Fixed charge coverage ratio (Based on Adjusted EBITDA)		1.4	x		1.4	x		1.3	x		1.5	x

(a)	Includes properties “held for sale/conveyance”.

(b)	Ratios exclude lease termination income.

(c)

The amounts used in the calculation of debt to Adjusted EBITDA ratio have been adjusted to exclude (i) the results of properties sold during each of the respective periods as the related debt is no longer outstanding at the end of such period and (ii) for the 2012 periods, the results and debt related to the four properties in the process of being conveyed to their respective lenders.

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of June 30, 2012


	Percent			Maturity		Interest			Stated
Property	Owned			Date		rate (a)			contract amounts
Fixed-rate mortgages:
Consolidated Properties:
Washington Center Shoppes		100	%		Dec 2012		5.9	%	$	8,253,000
Fort Washington		100	%		Jan 2013		5.4	%		5,466,000
Fairview Plaza		100	%		Feb 2013		5.7	%		5,193,000
Academy Plaza		100	%		Mar 2013		7.3	%		8,766,000
General Booth Plaza		100	%		Aug 2013		6.1	%		5,020,000
Kempsville Crossing		100	%		Aug 2013		6.1	%		5,664,000
Port Richmond Village		100	%		Aug 2013		6.5	%		14,015,000
Smithfield Plaza		100	%		Aug 2013		6.1	%		3,234,000
Suffolk Plaza		100	%		Aug 2013		6.1	%		4,246,000
Virginia Little Creek		100	%		Aug 2013		6.1	%		4,541,000
Timpany Plaza		100	%		Jan 2014		6.1	%		7,835,000
Trexler Mall		100	%		May 2014		5.5	%		20,347,000
Coliseum Marketplace		100	%		Jul 2014		6.1	%		11,382,000
Fieldstone Marketplace		20	%		Jul 2014		6.0	%		17,516,000
King’s Plaza		100	%		Jul 2014		6.0	%		7,465,000
Liberty Marketplace		100	%		Jul 2014		6.1	%		8,563,000
Yorktowne Plaza		100	%		Jul 2014		6.0	%		19,528,000
Mechanicsburg Giant		100	%		Nov 2014		5.5	%		8,857,000
Elmhurst Square Shopping Center		100	%		Dec 2014		5.4	%		3,852,000
New London Mall		40	%		Apr 2015		4.9	%		27,365,000
Carbondale Plaza		100	%		May 2015		6.4	%		4,818,000
Oak Ridge Shopping Center		100	%		May 2015		5.5	%		3,323,000
Pine Grove Plaza		100	%		Sep 2015		5.0	%		5,516,000
Groton Shopping Center		100	%		Oct 2015		5.3	%		11,570,000
Southington Shopping Center		100	%		Nov 2015		5.1	%		5,521,000
Jordan Lane		100	%		Dec 2015		5.5	%		12,508,000
Oakland Mills		100	%		Jan 2016		5.5	%		4,703,000
Smithfield Plaza		100	%		May 2016		6.2	%		6,845,000
West Bridgewater		100	%		Sep 2016		6.2	%		10,651,000
Carman’s Plaza		100	%		Oct 2016		6.2	%		33,500,000
Hamburg Commons		100	%		Oct 2016		6.1	%		4,973,000
Meadows Marketplace		20	%		Nov 2016		5.6	%		9,914,000
San Souci Plaza		40	%		Dec 2016		6.2	%		27,200,000
Camp Hill Shopping Center		100	%		Jan 2017		5.5	%		64,661,000
Golden Triangle		100	%		Feb 2018		6.0	%		20,222,000
East Chestnut		100	%		Apr 2018		7.4	%		1,582,000
Townfair Center		100	%		Jul 2021		5.2	%		16,213,000
Gold Star Plaza		100	%		May 2019		7.3	%		1,833,000
Newport Plaza		100	%		Jan 2020		5.9	%		5,411,000
Halifax Plaza		100	%		Apr 2020		6.3	%		4,135,000
Swede Square		100	%		Nov 2020		5.5	%		10,383,000
Colonial Commons		100	%		Feb 2021		5.5	%		27,504,000
Virginia Little Creek		100	%		Sep 2021		8.0	%		334,000
Metro Square		100	%		Nov 2029		7.5	%		8,637,000

Total Fixed-Rate Mortgages					4.0 years		5.8	%	$	499,065,000

					*weighted average*

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt (Continued)

As of June 30, 2012


Property	Percent Owned			Maturity Date		Interest rate (a)			Stated contract amounts
Variable-rate mortgage:
Upland Square		100	%(b)		Oct 2013		3.0	%		63,326,000

Total mortgages at stated contract amounts					3.7 years		5.5	%		562,391,000
					*weighted average*
Unamortized discount/premium										(143,000	)

Total mortgage debt (including unamortized discount/premium)										562,248,000

Corporate Credit Facility:
Revolving facility					Jan 2015		3.0	%		104,500,000
Term loan					Jan 2016		3.0	%		75,000,000

					3.0 years		3.0	%		179,500,000

					*weighted average*
Total Consolidated Debt (Excluding Held for Sale/Conveyance Mortgage Debt)					3.6 years		4.9	%	$	741,748,000

					*weighted average*
Pro-rata share of total debt reconciliation:
Total consolidated debt (excluding held for sale/conveyance mortgage debt)									$	741,748,000
Less pro-rata share attributable to consolidated joint venture minority interests										(54,334,000	)
Plus pro-rata share attributable to the unconsolidated Cedar/RioCan joint venture (c)										62,979,000
Plus pro-rata share attributable to properties held for sale/conveyance (d)										55,078,000

Pro-rata share of total debt									$	805,471,000

Pro-rata share of fixed debt									$	543,745,000
Pro-rata share of variable debt										261,726,000

Pro-rata share of total debt									$	805,471,000

Percentage of pro-rata fixed debt										67.5	%
Percentage of pro-rata variable debt										32.5	%

										100.0	%

(a)	For variable rate debt, rate in effect as of June 30, 2012.

(b)	Although the ownership percentages for this joint venture is 60%, the Company has included 100% of this joint venture's debt and results of operations in its pro-rata calculations, based on partnership earnings promotes, a loan guaranty, and/or other terms of the related joint venture agreement.

(c)	See “Summary of Outstanding Joint Venture Debt.”

(d)	See “Summary of Outstanding Debt—Held for Sale Properties.”

CEDAR REALTY TRUST, INC.

Summaries of Debt Maturities

As of June 30, 2012


Consolidated Properties Including Properties Held for Sale
Maturity	Cedar pro-rata share of:									JV Partners pro-rata share of:
schedule	Scheduled		Balloon			Credit				Scheduled		Balloon
by year	Amortization		Payments			Facility		Total		Amortization		Payments		Total		Total
2012	$	4,512,000	$	38,200,000	(a)	$	—	$	42,712,000	$	661,000	$	—	$	661,000	$	43,373,000
2013		8,225,000		117,107,000	(b)		—		125,332,000		1,410,000		—		1,410,000		126,742,000
2014		5,943,000		89,421,000			—		95,364,000		1,279,000		22,571,000		23,850,000		119,214,000
2015		4,628,000		61,476,000			104,500,000		170,604,000		916,000		36,783,000		37,699,000		208,303,000
2016		4,575,000		80,657,000	(a)		75,000,000		160,232,000		449,000		31,275,000		31,724,000		191,956,000
2017		2,659,000		67,073,000	(a)		—		69,732,000		112,000		17,184,000		17,296,000		87,028,000
2018		1,964,000		32,905,000			—		34,869,000		—		—		—		34,869,000
2019		1,592,000		—			—		1,592,000		—		—		—		1,592,000
2020		1,419,000		12,169,000			—		13,588,000		—		—		—		13,588,000
2021		604,000		22,383,000			—		22,987,000		—		—		—		22,987,000
Thereafter		5,008,000		472,000			—		5,480,000		—		—		—		5,480,000

	$	41,129,000	$	521,863,000		$	179,500,000	$	742,492,000	$	4,827,000	$	107,813,000	$	112,640,000	$	855,132,000


Consolidated Properties Excluding Properties Held for Sale
Maturity	Cedar pro-rata share of:									JV Partners pro-rata share of:
schedule	Scheduled		Balloon			Credit				Scheduled		Balloon
by year	Amortization		Payments			Facility		Total		Amortization		Payments		Total		Total
2012	$	4,363,000	$	8,195,000		$	—	$	12,558,000	$	140,000	$	—	$	140,000	$	12,698,000
2013		7,906,000		117,107,000	(b)		—		125,013,000		302,000		—		302,000		125,315,000
2014		5,616,000		87,154,000			—		92,770,000		151,000		13,502,000		13,653,000		106,423,000
2015		4,392,000		56,385,000			104,500,000		165,277,000		125,000		16,419,000		16,544,000		181,821,000
2016		3,707,000		71,520,000			75,000,000		150,227,000		150,000		23,545,000		23,695,000		173,922,000
2017		2,600,000		60,478,000			—		63,078,000		—		—		—		63,078,000
2018		1,964,000		32,905,000			—		34,869,000		—		—		—		34,869,000
2019		1,592,000		—			—		1,592,000		—		—		—		1,592,000
2020		1,419,000		12,169,000			—		13,588,000		—		—		—		13,588,000
2021		604,000		22,383,000			—		22,987,000		—		—		—		22,987,000
Thereafter		4,983,000		472,000			—		5,455,000		—		—		—		5,455,000

	$	39,146,000	$	468,768,000		$	179,500,000	$	687,414,000	$	868,000	$	53,466,000	$	54,334,000	$	741,748,000

(a)	Includes amounts relating to properties in the process of being conveyed to their respective lenders (2012- $11.1 million, 2016- $7.9 million and 2017- $2.5 million).

(b)	Includes $62.2 million of property-specific construction financing, due in October 2013, subject to a one-year extension option.

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of June 30, 2012


												Average
		Percent			Year				%			base rent per		Major Tenants (a)
Property Description	State	owned			acquired		GLA		occupied			leased sq. ft.		Name	GLA
Connecticut
Groton Shopping Center	CT		100	%		2007		117,986		89.4	%	$	11.06	TJ Maxx		30,000
Jordan Lane	CT		100	%		2005		181,730		96.8	%		10.87	Stop & Shop		60,632
														CW Price		39,280
														Retro Fitness		20,283
New London Mall	CT		40	%		2009		259,293		91.8	%		14.08	Shoprite		64,017
														Marshalls		30,354
														Homegoods		25,432
														Petsmart		23,500
														AC Moore		20,932
Oakland Commons	CT		100	%		2007		90,100		39.1	%		0.17	Bristol Ten Pin		35,189
Southington Shopping Center	CT		100	%		2003		155,842		100.0	%		6.86	Wal-Mart		95,482
														NAMCO		20,000
The Brickyard	CT		100	%		2004		249,200		44.6	%		7.89	Home Depot		103,003

Total Connecticut								1,054,151		77.9	%		10.20

Maryland
Kenley Village	MD		100	%		2005		51,894		73.7	%		8.77	Food Lion		29,000
Metro Square	MD		100	%		2008		71,896		100.0	%		18.79	Shoppers Food Warehouse		58,668
Oakland Mills	MD		100	%		2005		58,224		100.0	%		13.61	Food Lion		43,470
San Souci Plaza	MD		40	%		2009		264,134		86.4	%		9.65	Shoppers Food Warehouse		61,466
														Marshalls		27,000
														Maximum Health and Fitness		15,612
St. James Square	MD		100	%		2005		39,903		100.0	%		11.40	Food Lion		33,000
Valley Plaza	MD		100	%		2003		190,939		100.0	%		4.98	K-Mart		95,810
														Ollie’s Bargain Outlet		41,888
														Tractor Supply		32,095
Yorktowne Plaza	MD		100	%		2007		158,982		96.3	%		13.80	Food Lion		37,692

Total Maryland								835,972		93.4	%		10.51

Massachusetts
Fieldstone Marketplace	MA		20	%		2005		193,970		95.8	%		11.32	Shaw’s		68,000
														Flagship Cinema		41,975
														New Bedford Wine and Spirits		15,180
Kings Plaza	MA		100	%		2007		168,243		97.2	%		6.09	Work Out World		42,997
														CW Price		28,504
														Ocean State Job Lot		20,300
														Savers		19,339
Norwood Shopping Center	MA		100	%		2006		102,459		98.2	%		7.74	Hannaford Brothers		42,598
														Rocky’s Ace Hardware		18,830
														Dollar Tree		16,798
Price Chopper Plaza	MA		100	%		2007		101,824		91.1	%		10.95	Price Chopper		58,545
The Shops at Suffolk Downs	MA		100	%		2005		121,251		86.8	%		12.70	Stop & Shop		74,977
Timpany Plaza	MA		100	%		2007		183,775		93.1	%		6.72	Stop & Shop		59,947
														Big Lots		28,027
														Gardner Theater		27,576
West Bridgewater Plaza	MA		100	%		2007		133,039		96.9	%		9.04	Shaw’s		57,315
														Big Lots		25,000
														Planet Fitness		15,000

Total Massachusetts								1,004,561		94.4	%		9.01

New Jersey
Carll’s Corner	NJ		100	%		2007		129,582		85.4	%		8.83	Acme Markets		55,000
														Peebles		18,858
Pine Grove Plaza	NJ		100	%		2003		86,089		84.7	%		10.79	Peebles		24,963
Washington Center Shoppes	NJ		100	%		2001		157,394		94.3	%		8.79	Acme Markets		66,046
														Planet Fitness		20,742

Total New Jersey								373,065		89.0	%		9.24

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of June 30, 2012


												Average
		Percent			Year				%			base rent per		Major Tenants (a)
Property Description	State	owned			acquired		GLA		occupied			leased sq. ft.		Name	GLA
New York
Carman’s Plaza	NY		100	%		2007		194,512		91.6	%		16.93	Pathmark		52,211

														Extreme Fitness		27,598
														Home Goods		25,806
														Department of Motor Vehicle		19,310
Pennsylvania
Academy Plaza	PA		100	%		2001		151,977		82.1	%		13.46	Acme Markets		50,918
Camp Hill	PA		100	%		2002		470,117		99.3	%		13.50	Boscov’s		167,597
														Giant Foods		92,939
														LA Fitness		45,000
														Orthopedic Inst of PA		40,904
														Barnes & Noble		24,908
														Staples		20,000
Carbondale Plaza	PA		100	%		2004		121,135		90.0	%		6.78	Weis Markets		52,720
														Peebles		18,000
Circle Plaza	PA		100	%		2007		92,171		100.0	%		2.74	K-Mart		92,171
Colonial Commons	PA		100	%		2011		474,765		84.1	%		12.75	Giant Foods		67,815
														Dick’s Sporting Goods		56,000
														L.A. Fitness		41,325
														Ross Dress For Less		30,000
														Marshalls		27,000
														JoAnn Fabrics		25,500
														David’s Furniture		24,970
														Office Max		23,500
Crossroads II	PA		100	% (b)		2008		133,188		90.5	%		20.00	Giant Foods		78,815
East Chestnut	PA		100	%		2005		21,180		100.0	%		13.39	Rite Aid		11,180
Fairview Commons	PA		100	%		2007		42,314		56.2	%		9.45	Family Dollar		10,789
Fairview Plaza	PA		100	%		2003		71,979		100.0	%		11.94	Giant Foods		61,637
Fort Washington	PA		100	%		2002		41,000		100.0	%		19.90	LA Fitness		41,000
Gold Star Plaza	PA		100	%		2006		71,720		82.2	%		8.91	Redner’s		48,920
Golden Triangle	PA		100	%		2003		202,943		98.2	%		12.47	LA Fitness		44,796
														Marshalls		30,000
														Staples		24,060
														Just Cabinets		18,665
														Aldi		15,242
Halifax Plaza	PA		100	%		2003		51,510		100.0	%		11.81	Giant Foods		32,000
Hamburg Commons	PA		100	%		2004		99,580		97.3	%		6.59	Redner’s		56,780
														Peebles		19,683
Huntingdon Plaza	PA		100	%		2004		142,845		71.9	%		5.32	Sears		26,150
														Peebles		22,060
Lake Raystown Plaza	PA		100	%		2004		142,559		95.7	%		12.31	Giant Foods		63,835
														Tractor Supply		32,711
Liberty Marketplace	PA		100	%		2005		68,200		91.2	%		17.47	Giant Foods		55,000
Meadows Marketplace	PA		20	%		2004		91,518		100.0	%		15.42	Giant Foods		67,907
Mechanicsburg Giant	PA		100	%		2005		51,500		100.0	%		21.78	Giant Foods		51,500
Newport Plaza	PA		100	%		2003		64,489		100.0	%		11.52	Giant Foods		43,400
Northside Commons	PA		100	%		2008		64,710		96.1	%		9.89	Redner's Market		48,519
Palmyra Shopping Center	PA		100	%		2005		111,051		72.9	%		6.28	Weis Markets		46,912
														Rite Aid		18,104
Port Richmond Village	PA		100	%		2001		154,908		96.8	%		12.51	Thriftway		40,000
														Pep Boys		20,615
														City Stores, Inc.		15,200
River View Plaza I, II and III	PA		100	%		2003		244,034		84.1	%		18.59	United Artists		77,700
														Avalon Carpet		25,000
														Pep Boys		22,000
														Staples		18,000
South Philadelphia	PA		100	%		2003		283,415		82.3	%		14.22	Shop Rite		54,388
														Ross Dress For Less		31,349
														Bally’s Total Fitness		31,000
														Modell’s		20,000

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of June 30, 2012


													Average
			Percent			Year				%			base rent per		Major Tenants (a)
Property Description	State		owned			acquired		GLA		occupied			leased sq. ft.		Name	GLA
Pennsylvania (continued)
Swede Square		PA		100	%		2003		100,816		95.0	%		15.99	LA Fitness		37,200
The Commons		PA		100	%		2004		203,426		87.5	%		9.32	Bon-Ton		54,500
															Shop’n Save		52,654
															TJ Maxx		24,404
The Point		PA		100	%		2000		268,037		99.0	%		12.41	Burlington Coat Factory		76,665
															Giant Foods		76,627
															AC Moore		24,890
															Staples		24,000
Townfair Center		PA		100	%		2004		218,662		97.2	%		8.67	Lowe’s Home Centers		95,173
															Giant Eagle		83,821
															Michael’s Store		17,592
Trexler Mall		PA		100	%		2005		339,363		90.2	%		9.58	Kohl’s		88,248
															Bon-Ton		62,000
															Lehigh Wellness Partners		30,594
															Trexlertown Fitness Club		28,870
															Marshall’s		28,591
Trexlertown Plaza		PA		100	%		2006		316,143		78.1	%		13.19	Giant Foods		78,335
															Redner’s		47,900
															Big Lots		33,824
															Sears		22,500
															Tractor Supply		19,097
Upland Square		PA		100	% (b)		2007		391,578		91.8	%		16.79	Giant Foods		78,900
															Carmike Cinema		45,276
															LA Fitness		42,000
															Best Buy		30,000
															TJ Maxx		25,000
															Bed, Bath & Beyond		24,721
															A.C. Moore		21,600
															Staples		18,336

Total Pennsylvania									5,302,833		90.2	%		12.59

Virginia
Annie Land Plaza		VA		100	%		2006		42,500		97.2	%		9.38	Food Lion		29,000
Coliseum Marketplace		VA		100	%		2005		105,998		100.0	%		15.82	Farm Fresh		57,662
															Michael’s		23,981
Elmhurst Square		VA		100	%		2006		66,250		89.1	%		9.30	Food Lion		38,272
General Booth Plaza		VA		100	%		2005		71,639		100.0	%		13.03	Farm Fresh		53,758
Kempsville Crossing		VA		100	%		2005		94,477		97.3	%		11.16	Farm Fresh		73,878
Martin's at Glen Allen		VA		100	%		2005		63,328		100.0	%		6.61	Martin’s		63,328
Oak Ridge Shopping Center		VA		100	%		2006		38,700		100.0	%		10.62	Food Lion		33,000
Smithfield Plaza		VA		100	%		2005/2008		134,664		95.3	%		9.30	Farm Fresh		45,544
															Maxway		21,600
															Peebles		21,600
Suffolk Plaza		VA		100	%		2005		67,216		100.0	%		9.40	Farm Fresh		67,216
Ukrop's at Fredericksburg		VA		100	%		2005		63,000		100.0	%		17.42	Ukrop’s Supermarket		63,000
Virginia Little Creek		VA		100	%		2005		69,620		100.0	%		11.12	Farm Fresh		66,120

Total Virginia									817,392		97.9	%		11.37

Total Consolidated Properties, Excluding Held for Sale/Conveyance Properties — “Operating Portfolio”									9,582,486		90.2	%		11.63
Total Cedar/RioCan Unconsolidated Joint Venture (c)				20	%				3,711,274		96.4	%		13.41

Total “Managed Portfolio”									13,293,760		91.9	%	$	12.15

(a)	Major tenants are determined as tenants with 15,000 or more sq.ft of GLA, tenants at single-tenant properties, or the largest tenant at a property.

(b)	Although the ownership percentages for these joint ventures is 60%, the Company has included 100% of these joint ventures debt and results of operations in its pro-rata calculations, based on partnership earnings promotes, loan guaranties, and/or other terms of the related joint venture agreements.

(c)	See “Joint Venture Real Estate Summary”, for details of the Cedar/RioCan portfolio.

CEDAR REALTY TRUST, INC.

Leasing Activity


	Three months ended			Year to date
	June 30, 2012			June 30, 2012
Renewals (a)
Leases signed		31			58
Square feet		74,000			203,000
New rent per sq.ft (b)	$	13.13		$	12.45
Prior rent per sq. ft (b)	$	12.10		$	11.62
Cash basis % change		8.6	%		7.1	%
Tenant improvements per sq. ft.	$	0.00		$	0.00
Average lease term (years)		2.5			3.9

New Leases
Leases signed		13			24
Square feet		62,000			138,000
New rent per sq.ft (b)	$	13.08		$	12.89
Tenant improvements per sq. ft. (c)	$	11.76		$	6.70
Average lease term (years)		6.7			10.3

Renewals and New Leases
Leases signed		44			82
Square feet		136,000			341,000
New rent per sq.ft (b)	$	13.11		$	12.63
Tenant improvements per sq. ft. (c)	$	5.36		$	2.70
Average lease term (years)		4.5			6.5

(a)	Includes leases that renewed with no increase pursuant to their terms. The renewal results, excluding such leases with no contractual increase, would have been as follows:


	Three months ended			Year to date
	June 30, 2012			June 30, 2012
Leases signed		24			45
Square feet		45,000			157,000
Cash basis % change		11.6	%		8.7	%

(b)	New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq. ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.

(c)	Includes tenant allowance and landlord work. Excludes first generation space.

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of June 30, 2012


	Number									Annualized		Percentage
	of							Annualized		base rent		annualized
Tenant	stores		GLA		% of GLA			base rent		per sq. ft.		base rents
Top twenty tenants (a):
Giant Foods		14		912,000		9.5	%	$	13,759,000	$	15.09		13.7	%
LA Fitness		7		282,000		2.9	%		4,447,000		15.77		4.4	%
Farm Fresh		6		364,000		3.8	%		3,909,000		10.74		3.9	%
Dollar Tree		19		194,000		2.0	%		1,928,000		9.94		1.9	%
Food Lion		7		243,000		2.5	%		1,925,000		7.92		1.9	%
Stop & Shop		3		196,000		2.0	%		1,802,000		9.19		1.8	%
Shop Rite		2		118,000		1.2	%		1,695,000		14.36		1.7	%
Staples		5		104,000		1.1	%		1,692,000		18.80		1.7	%
Redner’s		4		202,000		2.1	%		1,514,000		7.50		1.5	%
United Artists		1		78,000		0.8	%		1,411,000		18.09		1.4	%
Shaw’s		2		125,000		1.3	%		1,389,000		11.11		1.4	%
Shoppers Food Warehouse		2		120,000		1.3	%		1,237,000		10.31		1.2	%
Ukrop’s		1		63,000		0.7	%		1,098,000		17.43		1.1	%
Marshalls		5		143,000		1.5	%		1,097,000		7.67		1.1	%
Carmike Cinema		1		45,000		0.5	%		1,034,000		22.98		1.0	%
Rite Aid		6		65,000		0.7	%		943,000		14.51		0.9	%
Giant Eagle		1		84,000		0.9	%		922,000		10.98		0.9	%
Dick’s Sporting Goods		1		56,000		0.6	%		812,000		14.50		0.8	%
Home Depot		1		103,000		1.1	%		773,000		7.50		0.8	%
Acme Markets		3		172,000		1.8	%		756,000		4.40		0.8	%

Sub-total top twenty tenants		91		3,669,000		38.3	%		44,143,000		12.03		43.9	%
Remaining tenants		768		4,973,000		51.9	%		56,355,000		11.33		56.1	%

Sub-total all tenants (b)		859		8,642,000		90.2	%	$	100,498,000	$	11.63		100.0	%

Vacant space		N/A		940,000		9.8	%

Total		859		9,582,000		100.0	%

(a)	Several of the tenants listed above share common ownership with other tenants:

(1) Giant Foods, Stop & Shop, and Martin’s at Glen Allen (GLA of 63,000; annualized base rent of $418,000), and (2) Farm Fresh, Shaw’s, Shop’n Save (GLA of 53,000; annualized base rent of $532,000) , Shoppers Food Warehouse, and Acme Markets.

(b)	Comprised of large tenants (greater than 15,000 sq. ft.) and small tenants as follows:


						Annualized		Annualized base rent		Percentage annualized
	GLA		% of GLA			base rent		per sq. ft.		base rents
Large tenants		6,091,000		70.5	%	$	60,767,000	$	9.98		60.5	%
Small tenants		2,551,000		29.5	%		39,731,000		15.57		39.5	%

Total		8,642,000		100.0	%	$	100,498,000	$	11.63		100.0	%

CEDAR REALTY TRUST, INC.

Lease Expirations

As of June 30, 2012


Year of lease expiration	Number of leases expiring		GLA expiring		Percentage of GLA expiring			Annualized expiring base rents		Annualized expiring base rents per sq. ft.		Percentage of annualized expiring base rents
Month-To-Month		22		55,000		0.6	%	$	795,000	$	14.45		0.8	%
2012		54		163,000		1.9	%		1,873,000		11.49		1.9	%
2013		120		546,000		6.3	%		7,363,000		13.49		7.3	%
2014		131		1,185,000		13.7	%		10,664,000		9.00		10.6	%
2015		143		1,278,000		14.8	%		13,561,000		10.61		13.5	%
2016		105		878,000		10.2	%		9,367,000		10.67		9.3	%
2017		93		883,000		10.2	%		10,914,000		12.36		10.9	%
2018		40		489,000		5.7	%		6,597,000		13.49		6.6	%
2019		25		335,000		3.9	%		3,856,000		11.51		3.8	%
2020		31		882,000		10.2	%		8,093,000		9.18		8.1	%
2021		30		401,000		4.6	%		5,821,000		14.52		5.8	%
2022		19		131,000		1.5	%		1,666,000		12.72		1.7	%
Thereafter		46		1,416,000		16.4	%		19,928,000		14.07		19.8	%

All tenants		859		8,642,000		100.0	%	$	100,498,000	$	11.63		100.0	%

Vacant space		N/A		940,000		N/A

Total portfolio		859		9,582,000		N/A

CEDAR REALTY TRUST, INC.

Property Net Operating Income (“NOI”)

Same-Property (a)


	Three months ended June 30,						Percent
	2012			2011			Change
Rental revenues and expense recoveries (b)	$	24,827,000		$	24,488,000			1.4	%
Operating expenses (c)		7,111,000			6,969,000			2.0	%

	$	17,716,000		$	17,519,000			1.1	%

Occupancy		92.4	%		92.5	%
No. of properties		60			60

	Six months ended June 30,						Percent
	2012			2011			Change
Rental revenues and expense recoveries (b)	$	50,330,000		$	50,997,000			-1.3	%
Operating expenses (c)		14,580,000			16,127,000			-9.6	%

	$	35,750,000		$	34,870,000			2.5	%

Occupancy		92.4	%		92.5	%
No. of properties		60			60

(a)	Same properties include only those consolidated properties that were owned and operated for the entirety of both comparative periods, and exclude ground-up developments and redevelopment properties, and properties treated as “held for sale/conveyance”.

(b)	Rental revenues and expense recoveries exclude the effects of straight-line rent adjustments, amortization of intangible lease liabilities, and lease termination income.

(c)	Operating expenses include intercompany management fee expense.

CEDAR REALTY TRUST, INC.

Dispositions


	Percent						Date		Sales
Property	owned			Location	GLA		Sold		Price
Hilliard Discount Drug Mart Plaza		100	%	Hilliard, OH		40,988		2/7/2012	$	1,434,000

First Merit Bank at Akron		100	%	Akron, OH		3,200		2/23/2012		633,000

Grove City Discount Drug Mart Plaza		100	%	Grove City, OH		40,848		3/12/2012		1,925,000

CVS at Naugatuck		50	%	Naugatuck, CT		13,225		3/20/2012		3,350,000

CVS at Bradford		100	%	Bradford, PA		10,722		3/30/2012		967,000

CVS at Celina		100	%	Celina, OH		10,195		3/30/2012		1,449,000

CVS at Erie		100	%	Erie, PA		10,125		3/30/2012		1,278,000

CVS at Portage Trail		100	%	Akron, OH		10,722		3/30/2012		1,061,000

Rite Aid at Massillon		100	%	Massillon, OH		10,125		3/30/2012		1,492,000

Kingston Plaza		100	%	Kingston, NY		5,324		4/12/2012		1,182,000

Stadium Plaza		100	%	East Lansing, MI		77,688		5/3/2012		5,400,000

Blue Mountain Commons (land parcel)		100	%	Harrisburg, PA		N/A		6/19/2012		102,000

Oregon Pike (land parcel)		100	%	Lancaster, PA		N/A		6/28/2012		1,100,000


Total									$	21,373,000

LOGO

Cedar/RioCan Unconsolidated 20%-Owned Joint Venture

CEDAR REALTY TRUST, INC.

Cedar/RioCan Joint Venture

Balance Sheets


	June 30,		December 31,
	2012		2011
Assets:
Real estate, net	$	523,159,000	$	532,071,000
Cash and cash equivalents		11,581,000		12,797,000
Restricted cash		3,195,000		3,689,000
Rents and other receivables		1,650,000		2,419,000
Straight-line rents		3,523,000		2,743,000
Deferred charges, net		11,856,000		12,682,000
Other assets		4,144,000		5,549,000

Total assets	$	559,108,000	$	571,950,000

Liabilities and partners’ capital:
Mortgage loans payable	$	314,895,000	$	317,293,000
Due to the Company		527,000		1,203,000
Unamortized intangible lease liabilities		20,451,000		22,182,000
Other liabilities		7,282,000		8,248,000

Total liabilities		343,155,000		348,926,000

Preferred stock		97,000		97,000
Partners’ capital		215,856,000		222,927,000

Total liabilities and partners’ capital	$	559,108,000	$	571,950,000

The Company’s share of partners’ capital	$	43,173,000	$	44,743,000

CEDAR REALTY TRUST, INC.

Cedar/RioCan Joint Venture

Statements of Income


	Three months ended June 30,
	2012			2011
Revenues	$	16,012,000		$	15,296,000
Property operating and other expenses		(1,403,000	)		(1,307,000	)
Management fees		(463,000	)		(483,000	)
Real estate taxes		(1,937,000	)		(1,819,000	)
Acquisition transaction costs		—			(790,000	)
General and administrative		(67,000	)		(61,000	)
Depreciation and amortization		(5,056,000	)		(5,177,000	)
Interest and other non-operating expenses, net		(4,219,000	)		(4,684,000	)

Net income	$	2,867,000		$	975,000

The Company’s share of net income	$	576,000		$	195,000


	Six months ended June 30,
	2012			2011
Revenues	$	31,944,000		$	31,289,000
Property operating and other expenses		(2,968,000	)		(3,966,000	)
Management fees		(1,052,000	)		(950,000	)
Real estate taxes		(3,862,000	)		(3,551,000	)
Acquisition transaction costs		—			(858,000	)
General and administrative		(135,000	)		(132,000	)
Depreciation and amortization		(10,170,000	)		(10,140,000	)
Interest and other non-operating expenses, net		(8,654,000	)		(9,079,000	)

Net income	$	5,103,000		$	2,613,000

The Company’s share of net income	$	1,021,000		$	523,000

CEDAR REALTY TRUST, INC.

Cedar/RioCan Joint Venture

Real Estate Summary–As of June 30, 2012


	Percent							Average
	owned					%		base rent per		Major Tenants (a)
Property Description	by Cedar		State	GLA		occupied		leased sq. ft.		Name	GLA
Connecticut
Montville Commons		20%	CT		117,916		97.5%	$	16.02	Stop & Shop		63,000
Stop & Shop Plaza		20%	CT		54,510		100.0%		16.69	Stop & Shop		54,510

Total Connecticut					172,426		98.3%		16.24

Maryland
Marlboro Crossroads		20%	MD		67,975		100.0%		15.07	Giant Foods		60,951

Massachusetts
Franklin Village Plaza		20%	MA		304,347		92.9%		20.20	Stop & Shop		75,000
										Marshalls		26,890
										Team Fitness		15,807
Northwoods Crossing		20%	MA		159,562		100.0%		11.72	BJ’s Wholesale Club		115,367
										Tractor Supply		19,097
Raynham Commons		20%	MA		176,609		97.7%		11.89	Shaw’s		60,748
										Marshall’s		25,752
										JoAnn Fabrics		15,775

Total Massachusetts					640,518		96.0%		15.67

New Jersey
Cross Keys Place		20%	NJ		148,173		99.1%		16.19	Sports Authority		42,000
										Bed Bath & Beyond		35,005
										AC Moore		21,305
										Old Navy		19,234
										Petco		16,500
Sunrise Plaza		20%	NJ		261,060		97.6%		8.04	Home Depot		130,601
										Kohl’s Department Store		96,171
										Staples		20,388

Total New Jersey					409,233		98.1%		11.02

Pennsylvania
Blue Mountain Commons		20%	PA		123,353		95.5%		25.32	Giant Foods		100,107
Columbus Crossing		20%	PA		142,166		100.0%		17.42	Super Fresh		61,506
										Old Navy		25,000
										AC Moore		22,000
Creekview Plaza		20%	PA		136,423		81.7%		16.53	Giant Foods		48,966
										L.A. Fitness		38,000
										Bed Bath & Beyond		25,000
Exeter Commons		20%	PA		361,321		97.9%		12.84	Lowe’s		171,069
										Giant Foods		84,115
										Staples		18,008
Gettysburg Marketplace		20%	PA		82,784		93.9%		20.25	Giant Foods		66,674
Loyal Plaza		20%	PA		293,825		98.6%		8.17	K-Mart		102,558
										Giant Foods		66,935
										Staples		20,555
Monroe Marketplace		20%	PA		340,930		96.2%		10.52	Giant Foods		79,500
										Kohl’s Department Store		68,430
										Dick’s Sporting Goods		51,119
										Best Buy		22,504
										Michael’s		20,649
										Pet Smart		18,156
Northland Center		20%	PA		111,496		99.1%		10.26	Giant Foods		68,311
Pitney Road Plaza		20%	PA		45,915		100.0%		19.75	Best Buy		45,915

CEDAR REALTY TRUST, INC.

Cedar/RioCan Joint Venture (continued)

Real Estate Summary—As of June 30, 2012


	Percent owned					%		Average base rent per		Major Tenants (a)
Property Description	by Cedar		State	GLA		occupied		leased sq. ft.		Name	GLA
Pennsylvania (continued)
Sunset Crossing		20%	PA		74,142		91.9%		14.45	Giant Foods		54,332
Town Square Plaza		20%	PA		127,678		100.0%		13.02	Giant Foods		75,727
										A.C. Moore		21,600
										Pet Smart		18,343
York Marketplace		20%	PA		305,410		96.5%		8.66	Lowe's		125,353
										Giant Foods		74,600
										Office Max		23,500
										Super Shoes		20,000

Total Pennsylvania					2,145,443		96.4%		12.81

Virginia
New River Valley		20%	VA		164,663		96.1%		13.78	Best Buy		30,041
										Ross Stores		30,037
										Bed Bath & Beyond		24,152
										Staples		20,443
										Petsmart		17,878
										Old Navy		15,413
Towne Crossing		20%	VA		111,016		88.3%		15.07	Bed Bath & Beyond		40,000
										Michael's		20,000

Total Virginia					275,679		93.0%		14.27

Total Cedar/RioCan Joint Venture					3,711,274		96.4%	$	13.41

(a)	Major tenants are determined as tenants with 15,000 or more sq.ft of GLA.

CEDAR REALTY TRUST, INC.

Cedar/RioCan Joint Venture

Summary of Outstanding Debt

As of June 30, 2012


Property	Maturity Date		Interest rate			Stated contract amounts
Raynham Commons		Mar 2014		5.6	%	$	14,200,000
Blue Mountain Commons		Jul 2015		5.0	%		17,240,000
Sunset Crossing		Jul 2015		5.0	%		4,134,000
Town Square Plaza		Jul 2015		5.0	%		10,671,000
Creekview Plaza		Oct 2015		4.8	%		14,072,000
Monroe Marketplace		Oct 2015		4.8	%		22,520,000
New River Valley		Oct 2015		4.8	%		14,785,000
Pitney Road Valley		Oct 2015		4.8	%		5,931,000
Sunrise Plaza		Oct 2015		4.8	%		13,386,000
Northwoods Crossing		Feb 2016		6.4	%		13,991,000
Franklin Village		Aug 2016		4.1	%		43,370,000
Columbus Crossing		Mar 2017		4.5	%		16,154,000
Stop & Shop Plaza		Apr 2017		6.2	%		6,828,000
Exeter Commons		Aug 2020		5.3	%		29,214,000
Cross Keys Place		Dec 2020		5.1	%		14,298,000
Gettysburg Marketplace		Dec 2020		5.0	%		10,686,000
Marlboro Crossroads		Dec 2020		5.1	%		6,732,000
Northland Center		Dec 2020		5.0	%		6,164,000
Towne Crossings		Dec 2020		5.0	%		10,229,000
York Marketplace		Dec 2020		5.0	%		15,720,000
Montville Commons		Jan 2021		5.8	%		10,317,000
Loyal Plaza		Jul 2021		5.0	%		14,613,000

Total mortgages at stated contract amounts		5.3 years		5.0	%		315,255,000
		[weighted average]
Unamortized discount							(360,000	)

Total mortgage debt (including unamortized discount)						$	314,895,000

Cedar’s pro-rata share of total debt						$	62,979,000

CEDAR REALTY TRUST, INC.

Cedar/RioCan Joint Venture

Summary of Debt Maturities

As of June 30, 2012


Maturity	Cedar pro-rata share of:						RioCan pro-rata share of:
schedule by year	Scheduled Amortization		Balloon Payments		Total		Scheduled Amortization		Balloon Payments		Total		Cedar/RioCan Total
2012	$	495,000	$	—	$	495,000	$	1,981,000	$	—	$	1,981,000	$	2,476,000
2013		1,026,000		—		1,026,000		4,105,000		—		4,105,000		5,131,000
2014		1,086,000		2,840,000		3,926,000		4,345,000		11,360,000		15,705,000		19,631,000
2015		1,017,000		19,411,000		20,428,000		4,067,000		77,642,000		81,709,000		102,137,000
2016		627,000		10,495,000		11,122,000		2,509,000		41,979,000		44,488,000		55,610,000
2017		491,000		4,135,000		4,626,000		1,963,000		16,540,000		18,503,000		23,129,000
2018		465,000		—		465,000		1,861,000		—		1,861,000		2,326,000
2019		503,000		—		503,000		2,014,000		—		2,014,000		2,517,000
2020		386,000		15,758,000		16,144,000		1,542,000		63,034,000		64,576,000		80,720,000
2021		—		4,244,000		4,244,000		—		16,974,000		16,974,000		21,218,000
Thereafter		—		—		—		—		—		—		—

	$	6,096,000	$	56,883,000	$	62,979,000	$	24,387,000	$	227,529,000	$	251,916,000	$	314,895,000

LOGO

Properties Held For Sale/Conveyance

CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale/Conveyance

As of June 30, 2012


											Average
		Percent						%			base rent per		Major Tenants (a)
Property Description	State	owned			GLA			occupied			leased sq. ft.		Name	GLA
Ohio Discount Drug Mart Portfolio
Gahanna Discount Drug Mart Plaza	OH		100	%		48,667			82.3	%		13.90	Discount Drug Mart		24,592
Westlake Discount Drug Mart Plaza	OH		100	%		55,775			88.0	%		5.83	BG Storage		24,600
													Discount Drug Mart		24,480

Total Ohio Discount Drug Mart Portfolio						104,442			85.3	%		9.46

Single-Tenant/Triple-Net-Lease Properties
McCormick Place	OH		100	%		46,000			100.0	%		4.50	Sam Levin Furniture		46,000

Malls
Columbia Mall	PA		100	%		348,358			87.2	%		3.77	Sears		64,264
													Dunham Sports		61,178
													Bon-Ton		45,000
													J.C. Penny		34,076
Shore Mall	NJ		100	%		459,058			96.5	%		7.50	Boscov’s		172,200
													Burlington Coat Factory		85,000
The Point at Carlisle	PA		100	%		182,859			87.7	%		6.69	Bon-Ton		59,925
													Office Max		22,645
													Dunham Sports		21,300
													Dollar Tree		16,300

Total Malls						990,275			91.6	%		6.11

Other Non-Core Assets
Dunmore Shopping Center	PA		100	%		101,000			88.6	%		2.87	Enyon Furniture Outlet		40,000
													Big Lots		26,902
Heritage Crossing	PA		100	% (b)		28,098			100.0	%		23.59	Walgreens		14,748
Oakhurst Plaza	PA		100	%		111,869			59.0	%		13.84	Gold’s Gym		28,499
Roosevelt II	PA		100	%		180,088			0.0	%		—	Vacant		N/A

Total Other Non-Core Assets						421,055			43.6	%		9.99

Homburg Joint Venture:
Aston Center	PA		20	%		55,000			100.0	%		25.45	Giant Foods		55,000
Ayr Town Center	PA		20	%		58,000			94.5	%		15.36	Giant Foods		52,400
Parkway Plaza	PA		20	%		111,028			94.6	%		14.41	Giant Foods		71,335
Pennsboro Commons	PA		20	%		109,784			84.6	%		14.21	Giant Foods		66,224
Scott Town Center	PA		20	%		67,933			100.0	%		17.14	Giant Foods		54,333
Spring Meadow Shopping Center	PA		20	%		70,350			100.0	%		20.23	Giant Foods		67,400
Stonehedge Square	PA		20	%		88,677			97.1	%		12.21	Nell’s Market		51,687

Total Homburg Joint Venture						560,772			94.9	%		16.38

Total Properties Held for Sale						2,122,544			82.8	%	$	9.75

Land Parcels Previously Acquired for Development
Seven land parcels in Pennsylvania	PA		100	%		82	acres
Shore Mall	NJ		100	%		50	acres
Trindle Springs	NY		100	%		2	acres
Wyoming	MI		100	%		12	acres

Total Land Parcels Previously Acquired for Development						146	acres

(a)	Major tenants are determined as tenants with 15,000 or more sq.ft. of GLA, tenants at single-tenant properties, or the largest tenant at a property.

(b)	Although the ownership percentage for this joint venture is stated at 60%, the Company has included 100% of this joint venture’s result of operations in its-pro-rata calculations, based on the terms of the related joint venture agreement.

CEDAR REALTY TRUST, INC.

Properties Held for Sale/Conveyance—Summary of Outstanding Debt

As of June 30, 2012


Property	Percent Owned			Maturity Date		Interest rate (a)			Stated contract amounts
Fixed-rate mortgages:
Roosevelt II		100	%		Mar 2012		6.5	% (b)	$	11,105,000
Spring Meadow Shopping Center		20	%		Nov 2014		5.9	%		11,936,000
Ayr Town Center		20	%		Jun 2015		5.6	%		6,859,000
Scott Town Center		20	%		Aug 2015		4.9	%		8,430,000
Aston Center		20	%		Nov 2015		5.9	%		12,040,000
Pennsboro Commons		20	%		Mar 2016		5.5	%		10,479,000
Gahanna DDM		100	%		Nov 2016		5.8	% (b)		4,839,000
Westlake DDM		100	%		Dec 2016		5.6	% (b)		3,109,000
Parkway Plaza		20	%		May 2017		5.5	%		14,287,000
Stonehedge Square		20	%		Jul 2017		6.2	%		8,700,000
McCormick Place		100	%		Aug 2017		6.1	% (b)		2,547,000

Total fixed-rate mortgages					3.9 years		5.8	%		94,331,000
					[weighted average]
Variable-rate mortgage:
Shore Mall		100	%		Sept 2012		5.9	%		18,900,000

Total mortgages at stated contract amounts					3.2 years		5.8	%		113,231,000
					[weighted average]
Unamortized premium										153,000

Total mortgage debt (including unamortized premium)									$	113,384,000

Cedar’s pro-rata share of total debt									$	55,078,000

(a)	For variable rate debt, rate in effect as of June 30, 2012.

(b)	These properties are in the process of being conveyed to their respective lenders; until such conveyances are completed, interest is being recorded (but not paid) at approximately 500 basis points higher than the stated rates.

CEDAR REALTY TRUST, INC.

Properties Held for Sale/Conveyance—Summary of Debt Maturities

As of June 30, 2012


Maturity	Cedar pro-rata share of:							JV Partners pro-rata share of:
schedule by year	Scheduled Amortization		Balloon Payments			Total		Scheduled Amortization		Balloon Payments		Total		Total
2012	$	149,000	$	30,005,000	(a)	$	30,154,000	$	521,000	$	—	$	521,000	$	30,675,000
2013		319,000		—			319,000		1,108,000		—		1,108,000		1,427,000
2014		327,000		2,267,000			2,594,000		1,128,000		9,069,000		10,197,000		12,791,000
2015		245,000		5,091,000			5,336,000		791,000		20,364,000		21,155,000		26,491,000
2016		868,000		9,137,000	(a)		10,005,000		299,000		7,730,000		8,029,000		18,034,000
2017		75,000		6,595,000	(a)		6,670,000		112,000		17,184,000		17,296,000		23,966,000
2018		—		—			—		—		—		—		—
2019		—		—			—		—		—		—		—
2020		—		—			—		—		—		—		—
2021		—		—			—		—		—		—		—
Thereafter		—		—			—		—		—		—		—

	$	1,983,000	$	53,095,000		$	55,078,000	$	3,959,000	$	54,347,000	$	58,306,000	$	113,384,000

(a)	Includes amounts relating to properties in the process of being conveyed to their respective lenders (2012- $11.1 million, 2016- $7.9 million and 2017- $2.5 million).

CEDAR REALTY TRUST, INC.

Portfolio Map Excluding Assets Held For Sale

As of June 30, 2012

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CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

Use of Funds From Operations (“FFO”)

FFO is a widely-recognized non-GAAP financial measure for REITs that the Company believes, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, FFO is useful to investors as it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand a REIT’s operating performance. The Company considers FFO an important supplemental measure of its operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs.

The Company computes FFO in accordance with the “White Paper” published by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income applicable to common shareholders (determined in accordance with GAAP), excluding impairment charges, excluding gains or losses from debt restructurings and sales of properties, plus real estate-related depreciation and amortization, and after adjustments for partnerships and joint ventures (which are computed to reflect FFO on the same basis). FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income applicable to common shareholders or to cash flow from operating activities. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

The Company also presents “Operating FFO”, which excludes certain items that are not indicative of the results provided by the Company’s operating portfolio and that affect the comparability of the Company’s period-over-period performance, such as management transition charges and employee termination costs, the accelerated write-off of deferred financing costs, mark-to-market adjustments related to share-based compensation, preferred stock redemption costs, acquisition transaction costs, and costs related to terminated projects.

Use of Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

EBITDA is another widely-recognized non-GAAP financial measure that the Company believes, when considered with financial statements determined in accordance with GAAP, is useful to investors and lenders in understanding financial performance and providing a relevant basis for comparison among other companies, including REITs. While EBITDA should not be considered as a substitute for net income attributable to the Company’s common shareholders, net operating income, cash flow from operating activities, or other income or cash flow data prepared in accordance with GAAP, the Company believes that EBITDA may provide additional information with respect to the Company’s performance or ability to meet its future debt service requirements, capital expenditures and working capital requirements. The Company computes EBITDA by excluding interest expense and amortization of deferred financing costs, and depreciation and amortization, from income from continuing operations.

The Company also presents “Adjusted EBITDA”, which excludes certain items that are not indicative of the results provided by the Company’s operating portfolio and that affect the comparability of the Company’s period-over-period performance, such as mark-to-market adjustments relating to share-based compensation, management transition charges and employee termination costs, write-off of an investment in an unconsolidated joint venture, acquisition transaction costs, and costs related to terminated projects. The ratios of debt to Adjusted EBITDA, Adjusted EBITDA to interest expense, and Adjusted EBITDA to fixed charges are additional related measures of financial performance. Because EBITDA from one company to another excludes some, but not all, items that affect net income, the computations of EBITDA may vary from one company to another.

Attached files

CEDAR REALTY TRUST, INC. Reports

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