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CEDAR REALTY TRUST, INC.

Supplemental Financial Information

June 30, 2013

(unaudited)

TABLE OF CONTENTS

 

Earnings Press Release			3-5
Financial Information
Condensed Consolidated Balance Sheets			6
Condensed Consolidated Statements of Operations			7
Supporting Schedules to Consolidated Statements			8
Funds From Operations and Additional Disclosures			9
Earnings Before Interest, Taxes, Depreciation and Amortization			10
Summary of Outstanding Debt			11-12
Summary of Debt Maturities			13
Portfolio Information
Real Estate Summary			14-16
Leasing Activity			17
Tenant Concentration			18
Lease Expirations			19
Same-Property Net Operating Income			20
Dispositions			21
Summary of Real Estate Held For Sale/Conveyance			22
Non-GAAP Financial Disclosures			23

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, 2012 and Form 10-Q for the quarter ended June 30, 2013.

 

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CEDAR REALTY TRUST, INC. REPORTS

SECOND QUARTER 2013 RESULTS

Port Washington, New York – August 6, 2013 – Cedar Realty Trust, Inc. (NYSE: CDR) today reported its financial results for the quarter ended June 30, 2013.

Second Quarter 2013 Highlights

 

•

Operating FFO of $0.12 per diluted share.

 

•

Same-property NOI increased 2.4% for the quarter including redevelopment and expansion properties, and 1.4% excluding redevelopment and expansion properties. These figures exclude the timing impact of replacing a dark anchor.

 

•

Signed new and renewal leases for a total of 350,000 square feet.

 

•

Positive leasing spreads of 10.3% on a cash basis (new leases increased 17.8% and renewals increased 9.7%).

 

•

Total portfolio 92.7% leased and same-property portfolio 93.9% leased.

 

•

Closed on a new unsecured $310 million credit facility on August 1, 2013.

Bruce Schanzer, President and CEO of Cedar, stated, “Our results represent consistent operating performance, highlighted by positive leasing spreads and momentum. We continue to focus on our core competencies of leasing and operations, while committing additional resources toward repositioning our portfolio through acquisitions, non-core dispositions and redevelopment activities. Together, these efforts should result in the creation of additional growth and long-term shareholder value.”

Financial Results

Operating FFO for second quarter 2013 was $9.0 million or $0.12 per diluted share, compared to $11.2 million or $0.16 per diluted share for the same period in 2012. Operating FFO for six months ended June 30, 2013 was $17.7 million or $0.24 per diluted share, compared to $19.2 million or $0.27 per diluted share for the same period in 2012. Operating FFO for second quarter and six months ended June 30, 2012 included $3.4 million, or $0.05 per diluted share, of termination related income in connection with replacing a dark anchor at the Company’s Oakland Commons shopping center in Bristol, Connecticut.

Net income attributable to common shareholders for second quarter 2013 was $1.0 million or $0.01 per diluted share, compared to $1.2 million or $0.01 per diluted share for the same period in 2012. Net income attributable to common shareholders for six months ended June 30, 2013 was $65,000 or $0.00 per diluted share, compared to a net loss of $(8.1) million or $(0.13) per diluted share for the same period in 2012.

Portfolio Results

For second quarter 2013, same-property NOI increased 2.4% including redevelopment and expansion properties, and 1.4% excluding redevelopment and expansion properties, compared to the same period in 2012. These figures exclude the timing impact associated with replacing the dark anchor at Oakland Commons with a Walmart Neighborhood Market.

 

3

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The Company signed 37 leases for approximately 350,000 square feet in second quarter of 2013. On a comparable space basis, the Company leased 344,000 square feet at a positive lease spread of 10.3% on a cash basis (new leases increased 17.8% and renewals increased 9.7%).

The Company’s total portfolio, excluding properties held for sale, was 92.7% leased and 92.0% occupied at June 30, 2013. The Company’s same-property portfolio was 93.9% leased and 93.4% occupied at June 30, 2013. Other than a 50 basis points increase in total portfolio occupancy, these percentages are generally consistent with the prior quarter.

Balance Sheet Activity

The Company previously announced its plan to divest certain non-core assets in order to improve its geographic and asset type focus and reduce its debt to EBITDA ratio from in excess of 9.0 times to less than 8.0 times. As of June 30, 2013, the Company reported net debt to EBITDA ratio of 8.0 times and had realized $107 million of its targeted $150 million of net proceeds from dispositions.

New Credit Facility

On August 1, 2013, the Company closed on a new $310 million unsecured credit facility. The new facility is comprised of a three-year $260 million revolving credit facility, expiring in August 2016 (subject to two one-year extension options), and a five-year $50 million term loan, expiring in August 2018. Borrowings under the new facility are initially priced at LIBOR plus 195 bps (a weighted average rate of 2.2% per annum) and, at the closing, the Company had approximately $117 million available for additional borrowings.

2013 Guidance

The Company raised the low end of its 2013 Operating FFO guidance to an updated range of $0.47 to $0.49 per diluted share from $0.46 to $0.49 per diluted share.

Quarterly Dividends

As previously announced, the Company will pay a cash dividend of $0.05 per share on the Company’s common stock and $0.453125 per share on the Company’s 7.25% Series B Cumulative Redeemable Preferred Stock on August 20, 2013 to shareholders of record as of the close of business on August 9, 2013.

Funds From Operations Reconciliation

The Company reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO is a widely-recognized non-GAAP financial measure for REITs that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. The Company’s computation of FFO, as detailed in the attached schedule, is in accordance with NAREIT’s pronouncements. The Company also presents “Operating FFO”, which excludes certain items that are not indicative of the results provided by the Company’s consolidated portfolio and that

 

4

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affect the comparability of the Company’s period-over-period performance, as also detailed in the attached schedule.

Supplemental Financial Information Package

The Company has issued “Supplemental Financial Information” for the period ended June 30, 2013. Such information has been filed today as an exhibit to Form 8-K and will also be available on the Company’s website at www.cedarrealtytrust.com.

Investor Conference Call

The Company will host a conference call today, August 6, 2013, at 5:00 PM (ET) to discuss the second quarter results. The conference call can be accessed by dialing (877) 705-6003 or (1) (201) 493-6725 for international participants. A live webcast of the conference call will be available online on the Company’s website at www.cedarrealtytrust.com.

A replay of the call will be available from 8:00 PM (ET) on August 6, 2013, until midnight (ET) on August 20, 2013. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 417096 for the telephonic replay. A replay of the Company’s webcast will be available on the Company’s website for a limited time.

About Cedar Realty Trust

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership and operation of primarily grocery-anchored shopping centers straddling the Washington DC to Boston corridor. The Company’s portfolio (excluding properties treated as “held for sale”) is comprised of 67 properties, with approximately 10 million square feet of GLA.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company’s website at www.cedarrealtytrust.com.

Forward-Looking Statements

Statements made in this press release that are not strictly historical are “forward-looking” statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and outcomes to differ materially from those expressed or implied in forward-looking statements. Please refer to the documents filed by Cedar Realty Trust, Inc. with the SEC, specifically the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, which identifies important risk factors that could cause actual results to differ from those contained in forward-looking statements.

Contact Information:

Cedar Realty Trust, Inc.

Investor Relations

Brad Cohen

(203) 682-8211

 

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CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets

 

		June 30, 2013				December 31, 2012
Assets:
Real estate
Land		$	282,714,000			$	282,318,000
Buildings and improvements			1,182,461,000				1,178,111,000
			1,465,175,000				1,460,429,000
Less accumulated depreciation			(255,656,000	)			(237,751,000	)
Real estate, net			1,209,519,000				1,222,678,000
Real estate held for sale/conveyance			65,026,000				77,858,000
Cash and cash equivalents			4,995,000				7,522,000
Restricted cash			12,098,000				13,752,000
Receivables			19,299,000				18,289,000
Other assets and deferred charges, net			24,767,000				29,804,000
Total assets		$	1,335,704,000			$	1,369,903,000
Liabilities and equity:
Mortgage loans payable		$	559,223,000			$	605,216,000
Mortgage loans payable—real estate held for sale/conveyance			18,401,000				23,258,000
Credit facility			158,000,000				156,000,000
Accounts payable and accrued liabilities			25,161,000				28,179,000
Unamortized intangible lease liabilities			28,121,000				30,508,000
Unamortized intangible lease liabilities—real estate held for sale/conveyance			4,115,000				4,992,000
Total liabilities			793,021,000				848,153,000
Noncontrolling interest—limited partners’ mezzanine OP Units			644,000				623,000
Commitments and contingencies			—				—
Equity:
Cedar Realty Trust, Inc. shareholders’ equity:
Preferred stock			190,661,000				163,669,000
Common stock and other shareholders’ equity			343,894,000				349,987,000
Total Cedar Realty Trust, Inc. shareholders’ equity			534,555,000				513,656,000
Noncontrolling interests:
Minority interests in consolidated joint ventures			6,059,000				6,081,000
Limited partners’ OP Units			1,425,000				1,390,000
Total noncontrolling interests			7,484,000				7,471,000
Total equity			542,039,000				521,127,000
Total liabilities and equity		$	1,335,704,000			$	1,369,903,000

 

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CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

 

		Three months ended June 30,								Six months ended June 30,
		2013				2012				2013				2012
Revenues:
Rents		$	28,532,000			$	26,913,000			$	56,977,000			$	53,537,000
Expense recoveries			6,674,000				6,343,000				14,969,000				13,284,000
Other			165,000				3,642,000				388,000				4,461,000
Total revenues			35,371,000				36,898,000				72,334,000				71,282,000
Property operating expenses:
Operating, maintenance and management			5,557,000				5,496,000				12,623,000				11,866,000
Real estate and other property-related taxes			4,526,000				4,249,000				9,123,000				8,629,000
Total property operating expenses			10,083,000				9,745,000				21,746,000				20,495,000
Property operating income			25,288,000				27,153,000				50,588,000				50,787,000
Other expenses:
General and administrative			3,456,000				3,737,000				6,726,000				7,362,000
Employee termination costs			—				—				106,000				—
Impairment reversal			—				—				(1,100,000	)			—
Depreciation and amortization			9,763,000				9,768,000				19,585,000				25,467,000
Total other expenses			13,219,000				13,505,000				25,317,000				32,829,000
Operating income			12,069,000				13,648,000				25,271,000				17,958,000
Non-operating income and expense:
Interest expense			(9,143,000	)			(9,721,000	)			(18,245,000	)			(19,876,000	)
Early extinguishment of debt costs			(21,000	)			—				(106,000	)			(2,607,000	)
Interest income			2,000				62,000				2,000				124,000
Equity in income of unconsolidated joint venture			—				576,000				—				1,021,000
Gain on sale			—				79,000				346,000				79,000
Total non-operating income and expense			(9,162,000	)			(9,004,000	)			(18,003,000	)			(21,259,000	)
Income (loss) from continuing operations			2,907,000				4,644,000				7,268,000				(3,301,000	)
Discontinued operations:
Income (loss) from operations			281,000				958,000				(228,000	)			2,440,000
Impairment reversals, net			—				—				—				1,138,000
Gain on extinguishment of debt			1,298,000				—				1,298,000				—
Gain on sales			—				293,000				—				750,000
Total discontinued operations			1,579,000				1,251,000				1,070,000				4,328,000
Net income			4,486,000				5,895,000				8,338,000				1,027,000
Less, net loss (income) loss attributable to noncontrolling interests:
Minority interests in consolidated joint ventures			97,000				(662,000	)			103,000				(1,708,000	)
Limited partners’ interest in Operating Partnership			(4,000	)			(8,000	)			(1,000	)			97,000
Total net loss (income) loss attributable to noncontrolling interests			93,000				(670,000	)			102,000				(1,611,000	)
Net income (loss) attributable to Cedar Realty Trust, Inc.			4,579,000				5,225,000				8,440,000				(584,000	)
Preferred stock dividends			(3,602,000	)			(3,607,000	)			(7,209,000	)			(7,138,000	)
Preferred stock redemption costs			—				(382,000	)			(1,166,000	)			(382,000	)
Net income (loss) attributable to common shareholders		$	977,000			$	1,236,000			$	65,000			$	(8,104,000	)
Per common share attributable to common shareholders (basic and diluted):
Continuing operations		$	(0.01	)		$	0.01			$	(0.02	)		$	(0.16	)
Discontinued operations			0.02				0.00				0.02				0.03
		$	0.01			$	0.01			$	0.00			$	(0.13	)
Weighted average number of common shares—basic and diluted			68,345,000				68,038,000				68,342,000				67,787,000

 

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CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

Balance Sheets

 

		June 30, 2013				December 31, 2012
Construction in process (included in buildings and improvements)		$	6,844,000			$	6,699,000
Receivables
Rents and other tenant receivables, net		$	4,054,000			$	3,317,000
Straight-line rents			15,230,000				14,353,000
Other			15,000				619,000
		$	19,299,000			$	18,289,000
Other assets and deferred charges, net
Lease origination costs		$	15,026,000			$	15,158,000
Financing costs			4,373,000				5,686,000
Prepaid expenses			2,573,000				5,196,000
Leasehold improvements, furniture and fixtures			1,049,000				1,161,000
Other			1,746,000				2,603,000
		$	24,767,000			$	29,804,000

Statements of Operations

 

		Three months ended June 30,								Six months ended June 30,
		2013				2012				2013				2012
Rents
Base rents		$	26,883,000			$	24,761,000			$	53,453,000			$	49,523,000
Percentage rent			206,000				174,000				337,000				464,000
Straight-line rents			393,000				246,000				894,000				560,000
Amortization of intangible lease liabilities			1,050,000				1,732,000				2,293,000				2,990,000
		$	28,532,000			$	26,913,000			$	56,977,000			$	53,537,000
Other revenues
RioCan management fees (a)		$	—			$	631,000			$	191,000			$	1,277,000
Lease termination income and other			165,000				3,011,000				197,000				3,184,000
		$	165,000			$	3,642,000			$	388,000			$	4,461,000

 

(a)	On October 10, 2012, the Company exited the 20% Cedar / 80% RioCan joint venture that owned 22 retail shopping-center properties. Effective January 31, 2013, the Company’s property management agreement for the sold properties terminated.

 

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CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures

 

		Three months ended June 30,								Six months ended June 30,
		2013				2012				2013				2012
Net income (loss) income attributable to common shareholders		$	977,000			$	1,236,000			$	65,000			$	(8,104,000	)
Real estate depreciation and amortization			9,657,000				9,712,000				19,386,000				25,392,000
Limited partners’ interest			4,000				8,000				1,000				(97,000	)
Impairment reversals, net			—				—				(1,100,000	)			(1,138,000	)
Gain on sales			—				(372,000	)			(346,000	)			(829,000	)
Consolidated minority interests:
Share of (loss) income			(97,000	)			662,000				(103,000	)			1,708,000
Share of FFO			(278,000	)			(1,377,000	)			(695,000	)			(2,791,000	)
Unconsolidated joint venture:
Share of income			—				(576,000	)			—				(1,021,000	)
Share of FFO			—				1,587,000				—				3,056,000
Funds From Operations (“FFO”)			10,263,000				10,880,000				17,208,000				16,176,000
Adjustments for items affecting comparability:
Employee termination costs			—				—				106,000				—
Preferred stock redemption costs			—				382,000				1,166,000				382,000
Gain on extinguishment of debt			(1,298,000	)			—				(1,298,000	)			—
Early extinguishment of debt costs			21,000				—				543,000				2,607,000
Share-based compensation mark-to-market adjustments			—				(20,000	)			—				10,000
Operating Funds From Operations (“Operating FFO”)		$	8,986,000			$	11,242,000			$	17,725,000			$	19,175,000
FFO per diluted share:		$	0.14			$	0.15			$	0.24			$	0.23
Operating FFO per diluted share:		$	0.12			$	0.16			$	0.24			$	0.27
Weighted average number of diluted common shares:
Common shares			72,301,000				71,136,000				72,122,000				70,850,000
OP Units			281,000				462,000				281,000				637,000
			72,582,000				71,598,000				72,403,000				71,487,000
Additional Disclosures (Pro-Rata Share):
Straight-line rents		$	387,000			$	288,000			$	878,000			$	685,000
Amortization of intangible lease liabilities			991,000				1,879,000				2,070,000				3,205,000
Non-real estate amortization			677,000				678,000				1,234,000				1,308,000
Share-based compensation, net			827,000				750,000				1,548,000				1,544,000
Maintenance capital expenditures (a)			861,000				541,000				1,570,000				869,000
Lease related expenditures (b)			475,000				754,000				1,030,000				1,266,000
Development and redevelopment capital expenditures			4,638,000				5,233,000				8,026,000				8,015,000
Capitalized interest and financing costs			289,000				450,000				587,000				745,000

 

(a)	Consists of payments for building and site improvements.

(b)	Consists of payments for tenant improvements and leasing commissions.

 

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CEDAR REALTY TRUST, INC.

Earnings Before Interest, Taxes, Depreciation and Amortization

 

		Three months ended June 30,								Six months ended June 30,
		2013				2012				2013				2012
EBITDA Calculation
Income (loss) from continuing operations		$	2,907,000			$	4,644,000			$	7,268,000			$	(3,301,000	)
Add (deduct):
Interest expense (including early extinguishment of debt costs)			9,164,000				9,721,000				18,351,000				22,483,000
Depreciation and amortization			9,763,000				9,768,000				19,585,000				25,467,000
Minority interests share of consolidated joint venture EBITDA			(792,000	)			(3,023,000	)			(1,717,000	)			(6,113,000	)
Discontinued operations:
Income from operations			281,000				958,000				(228,000	)			2,440,000
Interest expense (including early extinguishment of debt costs)			415,000				1,914,000				1,346,000				3,894,000
Depreciation and amortization			—				28,000				—				76,000
Pro-rata share attributable to Cedar/RioCan joint venture:
Depreciation and amortization			—				1,011,000				—				2,034,000
Interest expense			—				844,000				—				1,731,000
EBITDA			21,738,000				25,865,000				44,605,000				48,711,000
Adjustments for items affecting comparability:
Employee termination costs			—				—				106,000				—
Gain on sales			—				—				(346,000	)			—
Impairment reversal			—				—				(1,100,000	)			—
Share-based compensation mark-to-market adjustments			—				(20,000	)			—				10,000
Adjusted EBITDA		$	21,738,000			$	25,845,000			$	43,265,000			$	48,721,000
Pro-rata share of net debt (a)
Pro-rata share of debt		$	703,201,000			$	805,471,000			$	703,201,000			$	805,471,000
Pro-rata share of unrestricted cash and cash equivalents			(3,935,000	)			(8,184,000	)			(3,935,000	)			(8,184,000	)
		$	699,266,000			$	797,287,000			$	699,266,000			$	797,287,000
Pro-rata fixed charges (a)
Interest expense (b)		$	8,711,000			$	10,691,000			$	17,353,000			$	21,670,000
Preferred stock dividends			3,602,000				3,607,000				7,209,000				7,138,000
Scheduled mortgage repayments			2,216,000				2,576,000				4,549,000				5,216,000
		$	14,529,000			$	16,874,000			$	29,111,000			$	34,024,000
Debt and Coverage Ratios
Net debt to Adjusted EBITDA (c)			8.0	x			8.6	x			8.1	x			8.6	x
Interest coverage ratio (based on Adjusted EBITDA)			2.5	x			2.1	x			2.5	x			2.1	x
Fixed charge coverage ratio (based on Adjusted EBITDA)			1.5	x			1.4	x			1.5	x			1.3	x

 

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

(b)	Excludes early extinguishment of debt costs.

(c)

For the purposes of this computation, this ratio has been adjusted to exclude, where applicable, (i) management fee income relating to the terminated Cedar/RioCan joint venture, (ii) the results and debt related to properties in the process of being conveyed to their respective lenders, (iii) 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 (iv) lease termination income.

 

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CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of June 30, 2013

 

Property		Percent Owned				Maturity Date				Interest rate (a)				Amounts
Fixed-rate mortgages:
Port Richmond Village			100	%			Aug 2013				6.5	%		$	13,715,000
Timpany Plaza			100	%			Jan 2014				6.1	%			7,668,000
Trexler Mall			100	%			May 2014				5.5	%			19,885,000
Coliseum Marketplace			100	%			Jul 2014				6.1	%			11,195,000
Fieldstone Marketplace			100	%			Jul 2014				6.0	%			17,207,000
King’s Plaza			100	%			Jul 2014				6.0	%			7,311,000
Liberty Marketplace			100	%			Jul 2014				6.1	%			8,345,000
Yorktowne Plaza			100	%			Jul 2014				6.0	%			19,122,000
Mechanicsburg Center			100	%			Nov 2014				5.5	%			8,558,000
Elmhurst Square Shopping Center			100	%			Dec 2014				5.4	%			3,767,000
New London Mall			40	%			Apr 2015				4.9	%			27,365,000
Oak Ridge Shopping Center			100	%			May 2015				5.5	%			3,262,000
Pine Grove Plaza			100	%			Sep 2015				5.0	%			5,393,000
Groton Shopping Center			100	%			Oct 2015				5.3	%			11,375,000
Southington Center			100	%			Nov 2015				5.1	%			5,401,000
Jordan Lane			100	%			Dec 2015				5.5	%			12,255,000
Oakland Mills			100	%			Jan 2016				5.5	%			4,608,000
Smithfield Plaza			100	%			May 2016				6.2	%			6,751,000
Franklin Village Plaza			100	%			Aug 2016				4.1	%			42,585,000
West Bridgewater			100	%			Sep 2016				6.2	%			10,508,000
Carman’s Plaza			100	%			Oct 2016				6.2	%			33,500,000
Hamburg Square			100	%			Oct 2016				6.1	%			4,881,000
Meadows Marketplace			100	%			Nov 2016				5.6	%			9,729,000
San Souci Plaza			40	%			Dec 2016				6.2	%			27,200,000
Camp Hill Shopping Center			100	%			Jan 2017				5.5	%			63,817,000
Golden Triangle			100	%			Feb 2018				6.0	%			19,877,000
Gold Star Plaza			100	%			May 2019				7.3	%			1,621,000
Swede Square			100	%			Nov 2020				5.5	%			10,235,000
Colonial Commons			100	%			Feb 2021				5.5	%			27,029,000
Townfair Center			100	%			Jul 2021				5.2	%			15,880,000
Virginia Little Creek			100	%			Sep 2021				8.0	%			310,000
The Point			100	%			Nov 2022				4.5	%			29,727,000
Metro Square			100	%			Nov 2029				7.5	%			8,399,000
Total Fixed-Rate Mortgages							3.7 years				5.5	%		$	498,481,000
							weighted average

 

11

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CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt (Continued)

As of June 30, 2013

 

Property		Percent Owned				Maturity Date				Interest rate (a)				Amounts
Variable-rate mortgage:
Upland Square			100	%(b)			Oct 2014				3.0	%			59,951,000
Total mortgages							3.4 years				5.3	%			558,432,000
							weighted average
Unamortized discount/premium															791,000
Total mortgage debt, net															559,223,000
Credit facility, as amended (c):
Revolving facility							Aug 2016				2.2	%			108,000,000
Term loan							Aug 2018				2.2	%			50,000,000
							3.7 years				2.2	%			158,000,000
							weighted average
Total Debt (excluding debt on properties held for sale/conveyance )							3.5 years				4.6	%		$	717,223,000
							weighted average
Pro-rata share of total debt reconciliation:
Total debt (excluding debt on properties held for sale/conveyance)														$	717,223,000
Less pro-rata share attributable to joint venture minority interests															(32,423,000	)
Plus pro-rata share attributable to properties held for sale/conveyance (d)															18,401,000
Pro-rata share of total debt														$	703,201,000
Fixed to variable rate debt ratio:
Fixed debt														$	485,250,000				69.0	%
Variable debt															217,951,000				31.0	%
														$	703,201,000				100.0	%

 

(a)	For variable rate debt, rate in effect as of June 30, 2013.

(b)	Although the ownership percentage 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)	Reflects the terms and amounts of the Company’s new credit facility, which was amended and extended, on an unsecured basis, on August 1, 2013. The interest rate on the prior facility, as of June 30, 2013, was 2.8% per annum.

(d)	See “Summary of Real Estate Held For Sale/Conveyance”.

 

12

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CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of June 30, 2013

 

Year		Scheduled Amortization				Balloon Payments				Credit Facility				Total (a)
2013		$	4,210,000			$	13,690,000			$	—			$	17,900,000
2014			7,865,000				159,335,000				—				167,200,000
2015			5,786,000				63,192,000				—				68,978,000
2016			4,691,000				135,014,000				108,000,000	(b)			247,705,000
2017			2,896,000				60,478,000				—				63,374,000
2018			2,389,000				31,941,000				50,000,000	(b)			84,330,000
2019			2,078,000				—				—				2,078,000
2020			2,025,000				8,849,000				—				10,874,000
2021			1,277,000				22,383,000				—				23,660,000
2022			1,039,000				24,323,000				—				25,362,000
Thereafter			4,499,000				472,000				—				4,971,000
		$	38,755,000			$	519,677,000			$	158,000,000				716,432,000
Unamortized discount/premium															791,000
														$	717,223,000

 

(a)	Excludes debt on properties held for sale/conveyance.

(b)	Reflects the terms and amounts of the amended credit facility. The amount due in 2016 is subject to two one-year extension options.

 

13

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CEDAR REALTY TRUST, INC.

Real Estate Summary

As of June 30, 2013

 

				Percent				Year								Percent				Average 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				117,186				84.3	%		$	11.66			TJ Maxx			30,000
Jordan Lane		CT			100	%			2005				177,504				99.2	%			10.92			Stop & Shop			60,632
																								CW Price			39,280
																								Retro Fitness			20,283
New London Mall		CT			40	%			2009				259,293				93.8	%			14.39			Shop Rite			64,017
																								Marshalls			30,354
																								Home Goods			25,432
																								Petsmart			23,500
																								A.C. Moore			20,932
Oakland Commons		CT			100	%			2007				90,100				100.0	%			6.37			Wal-Mart			54,911
																								Bristol Ten Pin			35,189
Southington Center		CT			100	%			2003				155,842				98.5	%			6.99			Wal-Mart			95,482
																								NAMCO			20,000
The Brickyard		CT			100	%			2004				249,200				68.7	%			7.71			Home Depot			103,003
																								Kohl’s			58,966
Total Connecticut													1,049,125				88.9	%			10.23
Maryland
Kenley Village		MD			100	%			2005				51,894				72.3	%			8.60			Food Lion			29,000
Metro Square		MD			100	%			2008				71,896				100.0	%			18.98			Shoppers Food Warehouse			58,668
Oakland Mills		MD			100	%			2005				58,224				100.0	%			13.52			Food Lion			43,470
San Souci Plaza		MD			40	%			2009				264,134				82.2	%			10.12			Shoppers Food Warehouse			61,466
																								Marshalls			27,000
																								Maximum Health and Fitness			15,612
St. James Square		MD			100	%			2005				39,903				100.0	%			11.51			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				92.3	%			13.58			Food Lion			37,692
Total Maryland													835,972				91.2	%			10.59
Massachusetts
Fieldstone Marketplace		MA			100	%			2005/2012				193,970				95.2	%			11.46			Shaw’s			68,000
																								Flagship Cinema			41,975
																								New Bedford Wine and Spirits			15,180
Franklin Village Plaza		MA			100	%			2004/2012				304,366				92.6	%			20.47			Stop & Shop			75,000
																								Marshalls			26,890
																								Team Fitness			15,807
Kings Plaza		MA			100	%			2007				168,243				93.6	%			6.20			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				79.9	%			9.07			Hannaford Brothers			42,598
																								Dollar Tree			16,798
The Shops at Suffolk Downs		MA			100	%			2005				121,251				88.0	%			12.98			Stop & Shop			74,977
Timpany Plaza		MA			100	%			2007				183,775				98.1	%			6.93			Stop & Shop			59,947
																								Big Lots			28,027
																								Gardner Theater			27,576
Webster Plaza (fka Price Chopper Plaza)		MA			100	%			2007				101,824				82.7	%			10.92			Price Chopper			58,545
West Bridgewater Plaza		MA			100	%			2007				133,039				87.7	%			9.32			Shaw’s			57,315
																								Big Lots			25,000
																								Planet Fitness			15,000
Total Massachusetts													1,308,927				91.2	%			11.93
New Jersey
Carll’s Corner		NJ			100	%			2007				129,582				88.5	%			9.07			Acme Markets			55,000
																								Peebles			18,858
Pine Grove Plaza		NJ			100	%			2003				86,089				88.9	%			11.32			Peebles			24,963
Washington Center Shoppes		NJ			100	%			2001				157,394				93.4	%			8.87			Acme Markets			66,046
																								Planet Fitness			20,742
Total New Jersey													373,065				90.7	%			9.49

 

14

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CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of June 30, 2013

 

				Percent				Year								Percent				Average 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				194,082				91.8	%			17.43			Pathmark			52,211
																								Extreme Fitness			27,598
																								Home Goods			25,806
																								Department of Motor Vehicle			19,310
Pennsylvania
Academy Plaza		PA			100	%			2001				137,592				90.4	%			13.74			Acme Markets			50,918
Camp Hill		PA			100	%			2002				470,117				99.3	%			13.70			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				120,689				100.0	%			6.75			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				466,233				84.4	%			12.88			Giant Foods			67,815
																								Dick’s Sporting Goods			56,000
																								LA 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				133,717				93.0	%			20.08			Giant Foods			78,815
Fairview Commons		PA			100	%			2007				42,314				53.3	%			9.23			Family Dollar			10,789
Fairview Plaza		PA			100	%			2003				71,979				100.0	%			12.45			Giant Foods			61,637
Fort Washington Center		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	%			12.83			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	%			11.92			Giant Foods			32,000
Hamburg Square		PA			100	%			2004				99,580				96.4	%			6.52			Redner’s			56,780
																								Peebles			19,683
Huntingdon Plaza		PA			100	%			2004				142,845				71.9	%			4.98			Sears			26,150
																								Peebles			22,060
Lake Raystown Plaza		PA			100	%			2004				142,559				95.7	%			12.33			Giant Foods			63,835
																								Tractor Supply			32,711
Liberty Marketplace		PA			100	%			2005				68,200				96.5	%			17.03			Giant Foods			55,000
Meadows Marketplace		PA			100	%			2004/2012				91,518				100.0	%			15.50			Giant Foods			67,907
Mechanicsburg Center		PA			100	%			2005				51,500				100.0	%			21.78			Giant Foods			51,500
Newport Plaza		PA			100	%			2003				64,489				100.0	%			11.56			Giant Foods			43,400
Northside Commons		PA			100	%			2008				69,136				97.7	%			9.34			Redner’s			53,019
Palmyra Shopping Center		PA			100	%			2005				111,051				94.5	%			6.55			Weis Markets			46,912
																								Goodwill			18,104
Port Richmond Village		PA			100	%			2001				154,908				93.3	%			12.60			Thriftway			40,000
																								Pep Boys			20,615
																								City Stores, Inc.			15,200
River View Plaza		PA			100	%			2003				226,786				89.8	%			18.93			United Artists			77,700
																								Avalon Carpet			25,000
																								Pep Boys			22,000
																								Staples			18,000
South Philadelphia		PA			100	%			2003				283,415				78.7	%			14.68			Shop Rite			54,388
																								Ross Dress For Less			31,349
																								LA Fitness			31,000
																								Modell’s			20,000

 

15

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CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of June 30, 2013

 

				Percent				Year								Percent				Average 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				100.0	%			16.46			LA Fitness			37,200
The Commons		PA			100	%			2004				203,426				85.1	%			7.72			Bon-Ton			54,500
																								Shop ’n Save			52,654
																								TJ Maxx			24,404
The Point		PA			100	%			2000				268,037				96.5	%			12.41			Burlington Coat Factory			76,665
																								Giant Foods			76,627
																								A.C. Moore			24,890
																								Staples			24,000
Townfair Center		PA			100	%			2004				218,610				100.0	%			8.95			Lowe’s Home Centers			95,173
																								Giant Eagle			83,821
																								Michaels			17,592
Trexler Mall		PA			100	%			2005				339,279				88.7	%			9.78			Kohl’s			90,230
																								Bon-Ton			62,000
																								Lehigh Wellness Partners			30,594
																								Trexlertown Fitness Club			28,870
																								Marshalls			28,488
Trexlertown Plaza		PA			100	%			2006				313,929				91.5	%			12.31			Giant Foods			78,335
																								Hobby Lobby			57,512
																								Redner’s			47,900
																								Big Lots			33,824
																								Tractor Supply			19,097
Upland Square		PA			100	% (b)			2007				391,578				94.8	%			16.86			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													5,243,647				92.1	%			12.58
Virginia
Annie Land Plaza		VA			100	%			2006				42,500				97.2	%			9.47			Food Lion			29,000
Coliseum Marketplace		VA			100	%			2005				105,998				100.0	%			16.04			Farm Fresh			57,662
																								Michaels			23,981
Elmhurst Square		VA			100	%			2006				66,250				87.2	%			9.28			Food Lion			38,272
Fredericksburg Way		VA			100	%			2005				63,000				100.0	%			18.47			Ukrop’s Supermarket			63,000
General Booth Plaza		VA			100	%			2005				71,639				96.6	%			12.96			Farm Fresh			53,758
Glen Allen Shopping Center		VA			100	%			2005				63,328				100.0	%			6.61			Giant Foods			63,328
Kempsville Crossing		VA			100	%			2005				94,477				96.1	%			11.16			Farm Fresh			73,878
Oak Ridge Shopping Center		VA			100	%			2006				38,700				100.0	%			10.56			Food Lion			33,000
Smithfield Plaza		VA			100	%			2005/2008				134,664				96.4	%			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
Virginia Little Creek		VA			100	%			2005				69,620				100.0	%			11.12			Farm Fresh			66,120
Total Virginia													817,392				97.5	%			11.47
Total (92.7% leased at June 30, 2013)													9,822,210				92.0	%		$	11.96

 

(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.

 

16

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CEDAR REALTY TRUST, INC.

Leasing Activity

 

																						Tenant				Average
		Leases				Square				New Rent				Prior Rent				Cash Basis				Improvements				Lease
		Signed				Feet				Per. Sq. Ft (a)				Per. Sq. Ft (a)				% Change				Per. Sq. Ft (b)				Term (Yrs)
Total Comparable Leases
2nd Quarter 2013			33				343,600			$	12.82			$	11.62				10.3	%		$	1.45				4.9
1st Quarter 2013			36				162,700			$	13.80			$	12.75				8.2	%		$	5.29				5.3
4th Quarter 2012			37				175,200			$	16.27			$	15.02				8.3	%		$	2.27				5.3
3rd Quarter 2012			34				176,000			$	12.56			$	11.29				11.3	%		$	2.06				5.6
Total (c)			140				857,500			$	13.66			$	12.46				9.6	%		$	2.47				5.2
New Leases—Comparable
2nd Quarter 2013			8				15,700			$	24.02			$	20.39				17.8	%		$	31.84				7.7
1st Quarter 2013			10				39,300			$	11.32			$	10.07				12.3	%		$	21.93				7.5
4th Quarter 2012			11				45,400			$	18.41			$	16.72				10.1	%		$	8.75				7.7
3rd Quarter 2012			7				22,500			$	16.18			$	12.62				28.2	%		$	16.15				8.4
Total (c)			36				122,900			$	16.45			$	14.31				14.9	%		$	17.27				7.7
Renewals—Comparable
2nd Quarter 2013			25				327,900			$	12.28			$	11.20				9.7	%		$	0.00				4.8
1st Quarter 2013			26				123,400			$	14.59			$	13.60				7.3	%		$	0.00				4.6
4th Quarter 2012			26				129,800			$	15.52			$	14.43				7.6	%		$	0.00				4.5
3rd Quarter 2012			27				153,500			$	12.03			$	11.09				8.5	%		$	0.00				5.1
Total			104				734,600			$	13.19			$	12.15				8.6	%		$	0.00				4.8
Total Comparable and Non-Comparable
2nd Quarter 2013			37				349,500			$	12.95				N/A				N/A			$	1.49				4.9
1st Quarter 2013			40				225,400			$	12.12				N/A				N/A			$	6.34				6.5
4th Quarter 2012			40				189,500			$	16.03				N/A				N/A			$	2.32				5.6
3rd Quarter 2012			37				184,900			$	12.78				N/A				N/A			$	4.06				5.8
Total			154				949,300			$	13.33				N/A				N/A			$	3.31				5.6

 

(a)	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.

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

(c)	For spaces vacant less than 12 months, the results for the trailing four quarters are as follows:

 

		Leases				Square				Cash Basis
		Signed				Feet				% Change
Total Comparable Leases			122				786,500				9.8	%
New Leases—Comparable			18				51,900				26.6	%

 

17

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CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of June 30, 2013

 

		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				9.3	%		$	13,789,000			$	15.12				12.8	%
LA Fitness			7				282,000				2.9	%			4,574,000				16.22				4.2	%
Farm Fresh			6				364,000				3.7	%			3,909,000				10.74				3.6	%
Stop & Shop			4				271,000				2.8	%			2,805,000				10.35				2.6	%
Dollar Tree			19				194,000				2.0	%			1,944,000				10.02				1.8	%
Food Lion			7				243,000				2.5	%			1,925,000				7.92				1.8	%
Staples			5				104,000				1.1	%			1,701,000				16.36				1.6	%
Shop Rite			2				118,000				1.2	%			1,695,000				14.36				1.6	%
Redner’s			4				207,000				2.1	%			1,514,000				7.31				1.4	%
United Artist			1				78,000				0.8	%			1,425,000				18.27				1.3	%
Shaw’s			2				125,000				1.3	%			1,389,000				11.11				1.3	%
Shoppers Food Warehouse			2				120,000				1.2	%			1,237,000				10.31				1.1	%
Ukrop’s			1				63,000				0.6	%			1,163,000				18.46				1.1	%
Kohl’s			2				149,000				1.5	%			1,113,000				7.47				1.0	%
Marshalls			5				143,000				1.5	%			1,110,000				7.76				1.0	%
Carmike Cinema			1				45,000				0.5	%			1,034,000				22.98				1.0	%
TJ Maxx			4				106,000				1.1	%			1,007,000				9.50				0.9	%
Giant Eagle			1				84,000				0.9	%			922,000				10.98				0.9	%
Wal-Mart			2				150,000				1.5	%			838,000				5.59				0.8	%
Dick’s Sporting Goods			1				56,000				0.6	%			812,000				14.50				0.8	%
Sub-total top twenty tenants			90				3,814,000				38.8	%			45,906,000				12.04				42.5	%
Remaining tenants			820				5,218,000				53.1	%			62,158,000				11.91				57.5	%
Sub-total all tenants (b)			910				9,032,000				92.0	%		$	108,064,000			$	11.96				100.0	%
Vacant space			N/A				790,000				8.0	%
Total			910				9,822,000				100.0	%

 

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

(1) Giant Foods and Stop & Shop, (2) Farm Fresh, Shoppers Food Warehouse, and Shop ’n Save (GLA of 53,000; annualized base rent of $120,000), (3) Marshalls, TJ Maxx and Home Goods (GLA of 51,000; annualized base rent of $583,000), and (4) Shaw’s and Acme Markets (GLA of 172,000; annualized base rent of $756,000).

(b)	Comprised of large tenants (15,000 or more GLA) and small tenants as follows:

 

														Annualized				Percentage
										Annualized				base rent				annualized
		GLA				% of GLA				base rent				per sq. ft.				base rents
Large tenants			6,425,000				71.1	%		$	64,327,000			$	10.01				59.5	%
Small tenants			2,607,000				28.9	%			43,737,000				16.78				40.5	%
Total			9,032,000				100.0	%		$	108,064,000			$	11.96				100.0	%

 

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CEDAR REALTY TRUST, INC.

Lease Expirations

As of June 30, 2013

 

																						Percentage
		Number								Percentage				Annualized				Annualized				of annualized
Year of lease		of leases				GLA				of GLA				expiring				expiring base				expiring
expiration		expiring				expiring				expiring				base rents				rents per sq. ft.				base rents
Month-To-Month			22				60,000				0.7	%		$	697,000			$	11.62				0.6	%
2013			73				222,000				2.5	%			3,703,000				16.68				3.4	%
2014			147				1,021,000				11.3	%			9,784,000				9.58				9.1	%
2015			144				1,210,000				13.4	%			13,150,000				10.87				12.2	%
2016			121				927,000				10.3	%			10,437,000				11.26				9.7	%
2017			116				920,000				10.2	%			12,028,000				13.07				11.1	%
2018			87				777,000				8.6	%			10,623,000				13.67				9.8	%
2019			38				627,000				6.9	%			6,969,000				11.11				6.4	%
2020			39				963,000				10.7	%			9,026,000				9.37				8.4	%
2021			37				419,000				4.6	%			6,348,000				15.15				5.9	%
2022			20				139,000				1.5	%			1,894,000				13.63				1.8	%
2023			20				233,000				2.6	%			2,585,000				11.09				2.4	%
Thereafter			46				1,514,000				16.8	%			20,820,000				13.75				19.3	%
All tenants			910				9,032,000				100.0	%		$	108,064,000			$	11.96				100.0	%
Vacant space			N/A				790,000				N/A
Total portfolio			910				9,822,000				N/A

 

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CEDAR REALTY TRUST, INC.

Same-Property Net Operating Income (“Same-property NOI”)

Same-Property NOI (a) (b)

 

		Three months ended June 30,
		2013				2012
Base Rents		$	21,875,000			$	21,515,000
Expense Recoveries			5,617,000				5,583,000
Total Revenues			27,492,000				27,098,000
Operating expenses			8,041,000				7,842,000
NOI		$	19,451,000			$	19,256,000
Occupied			93.4	%			92.5	%
Leased			93.9	%			93.8	%
Number of same properties			61				61
NOI growth, excluding dark anchor impact (c)			1.4%
		Six months ended June 30,
		2013				2012
Base Rents		$	43,562,000			$	43,101,000
Expense Recoveries			12,457,000				11,733,000
Total Revenues			56,019,000				54,834,000
Operating expenses			17,016,000				16,058,000
NOI		$	39,003,000			$	38,776,000
Occupied			93.4	%			92.5	%
Leased			93.9	%			93.8	%
Number of same properties			61				61
NOI growth, excluding dark anchor impact (c)			1.3%

 

(a)	Same- property NOI includes properties that were owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as “held for sale/conveyance”.

(b)	Same-property NOI (i) excludes non-cash revenues such as straight-line rent adjustments and amortization of intangible lease liabilities, (ii) reflects internal management fees charged to properties, and (iii) excludes infrequent items, such as lease termination fee income.

(c)

Excludes the down time impact prior to Wal-Mart taking possession of the space at Oakland Commons, located in Bristol, CT. Results for the six months ended June 30, 2013 were also negatively impacted by significantly higher snow removal costs. If snow removal costs for 2013 were the same as 2012, same-property NOI for the six months ended June 30, 2013 would have increased to 1.6%.

 

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CEDAR REALTY TRUST, INC.

Dispositions

 

Date

Sales

Property

Location

GLA

Sold

Price

East Chestnut

Lancaster, PA

21,180

1/3/2013

$

3,100,000

Huntingdon Plaza land parcel

Huntingdon, PA

N/A

3/29/2013

390,000

Columbia Mall

Bloomsburg, PA

352,544

4/17/2013

2,775,000

Heritage Crossing

Limerick, PA

28,098

5/9/2013

9,400,000

Westlake Discount Drug Mart

Westlake, OH

55,775

6/5/2013

2,240,000

Total

$

17,905,000

 

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CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale/Conveyance

As of June 30, 2013

 

																		Average				Debt
						Percent								Percent				base rent per								Maturity				Interest
Property Description		State				owned				GLA				occupied				leased sq. ft.				Amounts				Date				rate
Ohio Discount Drug Mart Portfolio
Gahanna Discount Drug Mart Plaza (a)			OH				100	%			48,667				82.3	%		$	13.90			$	4,749,000				Nov 2016				10.8	%(b)
Single-Tenant/Triple-Net-Lease Property
McCormick Place (a)			OH				100	%			46,000				100.0	%			4.50				2,547,000				Aug 2017				11.1	%(b)
Mall
Shore Mall (c)			NJ				100	%			344,179				98.6	%			7.46
Other Non-Core Assets
Dunmore Shopping Center			PA				100	%			101,080				89.2	%			6.34
Maxatawny Marketplace			PA				100	%			59,514				89.2	%			12.09
Oakhurst Plaza			PA				100	%			111,869				66.2	%			15.02
Roosevelt II (a)			PA				100	%			180,088				0.0	%			—				11,105,000				Mar 2012				6.5	%
Total Properties Held for Sale/Conveyance											891,397				72.1	%		$	8.75			$	18,401,000
Land Parcels Previously Acquired for Development
Four land parcels in Pennsylvania			PA				100	%			42 acres
Shore Mall			NJ				100	%			50 acres
Total Land Parcels Previously Acquired for Development											92 acres

 

(a)	Properties in the process of being conveyed to their respective lenders, either through short sale, foreclosure, or deed-in-lieu of foreclosure processes.

(b)	Until the conveyances of the properties are completed, interest is being recorded (but not paid) at the default interest rates noted above which are approximately 500 basis points higher than the stated rates.

(c)	Property in the process of being demalled. The above statistics reflect the completion of demalling.

 

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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 prepared 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, amounts relating to early extinguishment of debt, mark-to-market adjustments related to share-based compensation, and preferred stock redemption costs.

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 prepared 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 related to share-based compensation, management transition charges and employee termination costs, gain on sales of real estate, and impairment charges/reversals. 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.

 

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