Exhibit 99.1

 

SUPPLEMENTAL FINANCIAL INFORMATION

DECEMBER 31, 2013

Cedar Realty Trust, Inc.

44 South Bayles Avenue

Port Washington, NY 11050-3765

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

www.cedarrealtytrust.com

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CEDAR REALTY TRUST, INC.

Supplemental Financial Information

December 31, 2013

(unaudited)

TABLE OF CONTENTS

 

Earnings Press Release			3-6
Financial Information
Condensed Consolidated Balance Sheets			7
Condensed Consolidated Statements of Operations			8
Supporting Schedules to Consolidated Statements			9
Funds From Operations and Additional Disclosures			10
Earnings Before Interest, Taxes, Depreciation and Amortization			11
Summary of Outstanding Debt			12-13
Summary of Debt Maturities			14
Portfolio Information
Real Estate Summary			15-17
Leasing Activity			18
Tenant Concentration			19
Lease Expirations			20
Same-Property Net Operating Income			21
2013 Acquisitions and Dispositions			22
Summary of Real Estate Held For Sale/Conveyance			23
Non-GAAP Financial Disclosures			24

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, 2013.

 

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CEDAR REALTY TRUST REPORTS

FOURTH QUARTER AND FULL YEAR 2013 RESULTS

Port Washington, New York – February 25, 2014 – Cedar Realty Trust, Inc. (NYSE:CDR) today reported results for the fourth quarter and year ended December 31, 2013.

Highlights

 

•

Operating FFO of $0.13 per diluted share for the quarter and $0.50 for the year

 

•

Same-property NOI increased 2.9% for the quarter and 1.8% for the year

 

•

Signed 46 new and renewal leases for 362,000 square feet in the fourth quarter and 177 for 1.2 million square feet for the year

 

•

Comparable cash-basis lease spreads of 7.1% for the fourth quarter and 9.4% for the year

 

•

Total portfolio 93.6% leased and same-property portfolio 94.4% leased at year-end

 

•

Closed on acquisition of a 101,000 square foot grocery-anchored shopping center in Fairfield County, Connecticut

 

•

Announced replacement of dark anchor at Kempsville Crossing with a Walmart Neighborhood Market

 

•

Subsequent to year-end, issued 6.9 million common shares for net proceeds of $41.3 million and closed $150 million of unsecured term loans

 

•

Net debt to EBITDA of 7.5 times after adjustment for the $41.3 million equity offering

 

•

Provided initial 2014 Operating FFO guidance of $0.51 to $0.54 per diluted share

“We are pleased to have successfully achieved in late 2013 the objectives set forth in the two-year strategic plan we launched in late 2011—to have a healthier balance sheet and a focused portfolio of grocery-anchored shopping centers straddling the DC to Boston corridor,” said Bruce Schanzer, President & CEO. “As we embark on 2014, we see these improvements benefitting our shareholders and look forward to continuing to add value by focusing on leasing, redevelopment, capital recycling and active balance sheet management.”

Financial Results

Operating FFO for fourth quarter 2013 was $9.2 million or $0.13 per diluted share, compared to $8.4 million or $0.12 per diluted share for the same period in 2012. Operating FFO for year ended December 31, 2013 was $36.4 million or $0.50 per diluted share. Operating FFO for year ended December 31, 2012 was $35.8 million or $0.50 per diluted share including a favorable benefit of $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.

Net income attributable to common shareholders for fourth quarter 2013 was $2.3 million or $0.03 per diluted share, compared to net income of $22.3 million or $0.31 per diluted share for the same period in 2012. Net income for fourth quarter 2013 included a gain on extinguishment of a debt and related obligations of $9.2 million and impairment charges of $4.0 million. Net income for fourth quarter 2012 included a gain on exiting the Cedar/RioCan joint venture of $30.5 million, impairment charges of $6.9 million, gains on sales of real estate of $4.4 million, and preferred stock redemption costs of $4.4 million.

Net loss attributable to common shareholders for year ended December 31, 2013 was $(1.1) million, or $(0.03) per diluted share, compared to net income of $9.9 million or $0.13 per diluted share for the same period in 2012. Net income for year ended December 31, 2013 included gains on extinguishments of debt obligations of $10.5 million, impairment charges of $2.9 million,

 

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preferred stock redemption and early extinguishment of debt costs of $1.7 million, and gains on sales of real estate of $0.6 million. Net income for year ended December 31, 2012 included a gain on exiting the Cedar/RioCan joint venture of $30.5 million, preferred stock redemption and early debt extinguishment costs of $7.6 million, impairment charges of $5.8 million, gains on sales of real estate of $5.7 million, and $1.2 million of employee termination costs.

Portfolio Results

Same-property NOI increased 2.9% for the fourth quarter of 2013 and 1.8% for the full year 2013 compared to the comparable periods in 2012. These figures include the re-tenanting impact from replacing the dark anchor at Oakland Commons with a Walmart Neighborhood Market. Same-property NOI growth excluding this impact was 1.8% for the fourth quarter of 2013 and 1.9% for the full year of 2013.

During the fourth quarter of 2013, the Company signed 46 leases for 362,000 square feet. On a comparable space basis, the Company leased 291,000 square feet at a positive lease spread of 7.1% on a cash basis (new leases increased 4.7% and renewals increased 7.4%). Fourth quarter leasing results included a 40,000 square foot lease for a Walmart Neighborhood Market replacing the dark anchor at Kempsville Crossing with an anticipated opening date in the latter part of 2014.

For the full year 2013, the Company signed 177 leases for 1.2 million square feet. On a comparable space basis, the Company leased 1.0 million square feet at a positive lease spread of 9.4% on a cash basis (new leases increased 18.3% and renewals increased 8.2%).

The Company’s total portfolio, excluding properties held for sale, was 93.6% leased at December 31, 2013, compared to 92.8% at September 30, 2013 and 92.7% at December 31, 2012. The Company’s same-property portfolio was 94.4% leased at December 31, 2013, compared to 94.1% at September 30, 2013 and 94.5% at December 31, 2012.

Acquisition and Dispositions

During the fourth quarter of 2013, the Company acquired Big Y Shopping Center in Bethel, Connecticut, an affluent suburb in Fairfield County. The 101,000 square foot, fully-occupied, grocery-anchored shopping center was acquired for $34.5 million, unencumbered. The center is anchored by a Big Y World Class Market.

During the fourth quarter of 2013, the Company completed the disposition of three properties, aggregating 393,000 leasable square feet, and two land parcels for total gross proceeds of $32.0 million. For the full year 2013, the Company completed the disposition of seven properties aggregating 851,000 leasable square feet, and three land parcels for total gross proceeds of $49.9 million.

 

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Recent Activities

On January 13, 2014, the Company issued 6.9 million common shares for net proceeds of $41.3 million. The proceeds were initially used to reduce amounts outstanding under the Company’s revolving credit facility.

On February 11, 2014, the Company closed on $150.0 million of unsecured term loans effectively prefunding all of its 2014 mortgage debt maturities. The unsecured term loans consist of a five year $75 million term loan for which the proceeds were drawn at closing and a seven-year $75 million term loan that allows for delayed draws of the proceeds through July 1, 2014. The term loans are priced at LIBOR plus a spread based on the Company’s leverage ratio. The Company entered into forward LIBOR swap agreements that result in an effective fixed interest rate of 3.37% for the five-year term loan and 4.27% for the seven-year term loan beginning July 1, 2014, based on the Company’s leverage ratio at closing.

Balance Sheet

After adjustment for the January 13, 2014 equity offering, the Company’s net debt to EBITDA is 7.5 times and it has approximately $150 million of borrowing available under its revolving credit facility. In late 2011, the Company announced a plan to divest certain non-core assets and reduce its net debt to EBITDA ratio from in excess of 9.0 times to less than 8.0 times. The Company had reduced this ratio to 8.4 times by year-end 2012, 7.9 times by year-end 2013 and 7.5 times after the equity offering.

2014 Guidance

The Company has established its initial 2014 Operating FFO guidance at a range of $0.51 to $0.54 per diluted share. Key assumptions included in this guidance are as follows:

 

•

Increase in same-property NOI of 1% to 2%

 

•

Increase in occupancy of 50 to 100 basis points

 

•

Acquisitions of approximately $100 million

 

•

Dispositions of approximately $100 million

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 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 December 31, 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.

 

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Investor Conference Call

The Company will host a conference call today, February 25, 2014, at 5:00 PM (ET) to discuss the fourth quarter and full year 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 February 25, 2014, until midnight (ET) on March 11, 2014. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13574656 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 65 properties, with approximately 9.4 million square feet of gross leasable area.

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, 2013, 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

Jennifer Bitterman

(516) 944-4561

 

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CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets

 

		December 31,
		2013				2012
ASSETS
Real estate
Land		$	286,518,000			$	276,197,000
Buildings and improvements			1,153,336,000				1,137,205,000
			1,439,854,000				1,413,402,000
Less accumulated depreciation			(251,605,000	)			(229,535,000	)
Real estate, net			1,188,249,000				1,183,867,000
Real estate held for sale/conveyance			81,854,000				117,673,000
Cash and cash equivalents			3,973,000				7,522,000
Restricted cash			11,063,000				13,752,000
Receivables			18,492,000				17,846,000
Other assets and deferred charges, net			28,295,000				29,243,000
TOTAL ASSETS		$	1,331,926,000			$	1,369,903,000
LIABILITIES AND EQUITY
Mortgage loans payable		$	516,292,000			$	589,168,000
Mortgage loans payable—real estate held for sale/conveyance			22,848,000				39,306,000
Unsecured credit facility			203,500,000				—
Secured credit facility			—				156,000,000
Accounts payable and accrued liabilities			22,665,000				28,179,000
Unamortized intangible lease liabilities			26,868,000				30,502,000
Unamortized intangible lease liabilities—real estate held for sale/conveyance			4,104,000				4,998,000
Total liabilities			796,277,000				848,153,000
Noncontrolling interest—limited partners’ mezzanine OP Units			415,000				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			337,016,000				349,987,000
Total Cedar Realty Trust, Inc. shareholders’ equity			527,677,000				513,656,000
Noncontrolling interests:
Minority interests in consolidated joint ventures			4,202,000				6,081,000
Limited partners’ OP Units			3,355,000				1,390,000
Total noncontrolling interests			7,557,000				7,471,000
Total equity			535,234,000				521,127,000
TOTAL LIABILITIES AND EQUITY		$	1,331,926,000			$	1,369,903,000

 

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CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

 

		Three months ended December 31,								Years ended December 31,
		2013				2012				2013				2012
REVENUES
Rents		$	27,682,000			$	27,038,000			$	109,798,000			$	104,187,000
Expense recoveries			7,429,000				6,856,000				28,472,000				25,518,000
Other			55,000				652,000				554,000				6,021,000
Total revenues			35,166,000				34,546,000				138,824,000				135,726,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management			6,444,000				5,710,000				24,183,000				22,342,000
Real estate and other property-related taxes			4,464,000				4,358,000				17,772,000				17,023,000
Total property operating expenses			10,908,000				10,068,000				41,955,000				39,365,000
PROPERTY OPERATING INCOME			24,258,000				24,478,000				96,869,000				96,361,000
OTHER EXPENSES
General and administrative			4,006,000				3,278,000				13,980,000				14,277,000
Management transition charges and employee termination costs			—				41,000				106,000				1,172,000
Impairment (reversals)/charges, net			—				5,779,000				(1,100,000	)			5,779,000
Acquisition transaction costs and terminated projects			182,000				116,000				182,000				116,000
Depreciation and amortization			12,270,000				9,508,000				44,405,000				43,289,000
Total other expenses			16,458,000				18,722,000				57,573,000				64,633,000
OPERATING INCOME			7,800,000				5,756,000				39,296,000				31,728,000
NON-OPERATING INCOME AND EXPENSES
Interest expense			(8,358,000	)			(9,660,000	)			(34,766,000	)			(38,480,000	)
Early extinguishment of debt costs			—				—				(106,000	)			(2,607,000	)
Interest income			1,000				4,000				4,000				191,000
Equity in income of unconsolidated joint venture			—				49,000				—				1,481,000
Gain on exit from unconsolidated joint venture			—				30,526,000				—				30,526,000
Gain on sales			263,000				516,000				609,000				997,000
Total non-operating income and expense			(8,094,000	)			21,435,000				(34,259,000	)			(7,892,000	)
(LOSS) INCOME FROM CONTINUING OPERATIONS			(294,000	)			27,191,000				5,037,000				23,836,000
DISCONTINUED OPERATIONS
Income from operations			919,000				712,000				2,690,000				5,504,000
Impairment charges, net			(3,977,000	)			(1,142,000	)			(3,977,000	)			(4,000	)
Gain on extinguishment of debt obligations			9,154,000				—				10,452,000				—
Gain on sales			—				3,929,000				—				4,679,000
Total income from discontinued operations			6,096,000				3,499,000				9,165,000				10,179,000
NET INCOME			5,802,000				30,690,000				14,202,000				34,015,000
Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures			95,000				(63,000	)			247,000				(4,335,000	)
Limited partners’ interest in Operating Partnership			(12,000	)			(88,000	)			(1,000	)			26,000
Total net loss (income) attributable to noncontrolling interests			83,000				(151,000	)			246,000				(4,309,000	)
NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.			5,885,000				30,539,000				14,448,000				29,706,000
Preferred stock dividends			(3,602,000	)			(3,804,000	)			(14,413,000	)			(14,819,000	)
Preferred stock redemption costs			—				(4,443,000	)			(1,166,000	)			(4,998,000	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS		$	2,283,000			$	22,292,000			$	(1,131,000	)		$	9,889,000
PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)
Continuing operations		$	(0.06	)		$	0.26			$	(0.16	)		$	0.05
Discontinued operations			0.09				0.05				0.13				0.08
		$	0.03			$	0.31			$	(0.03	)		$	0.13
Weighted average number of common shares—basic and diluted			68,474,000				68,278,000				68,381,000				68,017,000

 

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CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

 

		December 31,
Balance Sheets		2013				2012
Construction in process (included in buildings and improvements)		$	7,728,000			$	6,699,000
Receivables
Rents and other tenant receivables, net		$	3,267,000			$	3,317,000
Straight-line rents			15,210,000				13,910,000
Other			15,000				619,000
		$	18,492,000			$	17,846,000
Other assets and deferred charges, net
Lease origination costs		$	15,187,000			$	14,754,000
Financing costs			5,194,000				5,529,000
Prepaid expenses			5,669,000				5,196,000
Leasehold improvements, furniture and fixtures			1,020,000				1,161,000
Other			1,225,000				2,603,000
		$	28,295,000			$	29,243,000

 

		Three months ended December 31,								Years ended December 31,
Statements of Operations		2013				2012				2013				2012
Rents
Base rents		$	26,168,000			$	25,381,000			$	103,166,000			$	96,897,000
Percentage rent			216,000				277,000				804,000				1,001,000
Straight-line rents			263,000				182,000				1,387,000				930,000
Amortization of intangible lease liabilities			1,035,000				1,198,000				4,441,000				5,359,000
		$	27,682,000			$	27,038,000			$	109,798,000			$	104,187,000
Other revenues
RioCan management fees and related leasing commissions (a)		$	—			$	618,000			$	191,000			$	2,754,000
Lease termination income and other			55,000				34,000				363,000				3,267,000
		$	55,000			$	652,000			$	554,000			$	6,021,000

 

(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 December 31,								Years ended December 31,
		2013				2012				2013				2012
Net income (loss) attributable to common shareholders		$	2,283,000			$	22,292,000			$	(1,131,000	)		$	9,889,000
Real estate depreciation and amortization			12,493,000				9,758,000				45,280,000				44,335,000
Limited partners’ interest			12,000				88,000				1,000				(26,000	)
Impairment charges, net			3,977,000				6,921,000				2,877,000				5,783,000
Gain on exit from unconsolidated joint venture			—				(30,526,000	)			—				(30,526,000	)
Gain on sales			(263,000	)			(4,445,000	)			(609,000	)			(5,676,000	)
Consolidated minority interests:
Share of (loss) income			(95,000	)			63,000				(247,000	)			4,335,000
Share of FFO			(283,000	)			(484,000	)			(1,303,000	)			(4,562,000	)
Unconsolidated joint venture:
Share of income			—				(49,000	)			—				(1,481,000	)
Share of FFO			—				158,000				—				4,646,000
Funds From Operations (“FFO”)			18,124,000				3,776,000				44,868,000				26,717,000
Adjustments for items affecting comparability:
Management transition charges and employee termination costs			—				41,000				106,000				1,172,000
Preferred stock redemption costs			—				4,443,000				1,166,000				4,998,000
Gain on extinguishment of debt obligations			(9,154,000	)			—				(10,452,000	)			—
Early extinguishment of debt costs			—				—				543,000				2,607,000
Share-based compensation mark-to-market adjustments			—				—				—				10,000
Acquisition transaction costs , including Company share from the Cedar/RioCan joint venture			182,000				116,000				182,000				309,000
Operating Funds From Operations (“Operating FFO”)		$	9,152,000			$	8,376,000			$	36,413,000			$	35,813,000
FFO per diluted share:		$	0.25			$	0.05			$	0.62			$	0.37
Operating FFO per diluted share:		$	0.13			$	0.12			$	0.50			$	0.50
Weighted average number of diluted common shares:
Common shares			72,283,000				71,876,000				72,204,000				71,338,000
OP Units			375,000				281,000				297,000				459,000
			72,658,000				72,157,000				72,501,000				71,797,000
Additional Disclosures (Pro-Rata Share):
Straight-line rents		$	296,000			$	184,000			$	1,469,000			$	1,250,000
Amortization of intangible lease liabilities			972,000				1,140,000				4,083,000				5,596,000
Non-real estate amortization			371,000				680,000				2,231,000				2,606,000
Share-based compensation, net			1,009,000				947,000				3,701,000				3,551,000
Maintenance capital expenditures (a)			1,578,000				1,215,000				4,600,000				4,237,000
Lease related expenditures (b)			918,000				501,000				2,930,000				2,513,000
Development and redevelopment capital expenditures			3,087,000				3,040,000				13,655,000				17,340,000
Capitalized interest and financing costs			80,000				314,000				915,000				1,314,000

 

(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 December 31,								Years ended December 31,
		2013				2012				2013				2012
EBITDA Calculation
(Loss) income from continuing operations		$	(294,000	)		$	27,191,000			$	5,037,000			$	23,836,000
Add (deduct):
Interest expense (including early extinguishment of debt costs)			8,358,000				9,660,000				34,872,000				41,087,000
Depreciation and amortization			12,270,000				9,508,000				44,405,000				43,289,000
Minority interests share of consolidated joint venture EBITDA			(802,000	)			(1,082,000	)			(3,363,000	)			(10,272,000	)
Discontinued operations:
Income from operations			919,000				712,000				2,690,000				5,504,000
Interest expense (including early extinguishment of debt costs)			511,000				948,000				2,892,000				7,299,000
Depreciation and amortization			314,000				340,000				1,258,000				1,385,000
Pro-rata share attributable to Cedar/RioCan joint venture:
Depreciation and amortization			—				99,000				—				3,154,000
Interest expense			—				73,000				—				2,605,000
EBITDA			21,276,000				47,449,000				87,791,000				117,887,000
Adjustments for items affecting comparability:
Management transition charges and employee termination costs			—				41,000				106,000				1,172,000
Gain on exit from unconsolidated joint venture			—				(30,526,000	)			—				(30,526,000	)
Gain on sales			(263,000	)			(516,000	)			(609,000	)			(997,000	)
Impairment charges/(reversals), net			—				5,779,000				(1,100,000	)			5,779,000
Share-based compensation mark-to-market adjustments			—				—				—				10,000
Acquisition transaction costs , including Company share from the Cedar/RioCan joint venture			182,000				116,000				182,000				309,000
Adjusted EBITDA		$	21,195,000			$	22,343,000			$	86,370,000			$	93,634,000
Pro-rata share of net debt (a)
Pro-rata share of debt		$	710,126,000			$	752,140,000			$	710,126,000			$	752,140,000
Pro-rata share of unrestricted cash and cash equivalents			(2,862,000	)			(9,153,000	)			(2,862,000	)			(9,153,000	)
		$	707,264,000			$	742,987,000			$	707,264,000			$	742,987,000
Pro-rata fixed charges (a)
Interest expense (b)		$	8,110,000			$	9,743,000			$	33,829,000			$	41,730,000
Preferred stock dividends			3,602,000				3,804,000				14,413,000				14,819,000
Scheduled mortgage repayments			2,188,000				2,509,000				8,925,000				9,456,000
		$	13,900,000			$	16,056,000			$	57,167,000			$	66,005,000
Debt and Coverage Ratios
Net debt to Adjusted EBITDA (c)			7.9	x(d)			8.4	x			8.0	x			8.6	x
Interest coverage ratio (based on Adjusted EBITDA)			2.6	x			2.3	x			2.6	x			2.2	x
Fixed charge coverage ratio (based on Adjusted EBITDA)			1.5	x			1.4	x			1.5	x			1.4	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 sold, conveyed, or in the process of being conveyed to their respective lenders, (iii) lease termination income, (iv) employee separation charges, and (v) for the 2012 periods, all EBITDA relating to the Cedar/RioCan joint venture, partially offset by only those corporate overhead savings actually realized.

(d)	This ratio is 7.5x after adjustment for the January 13, 2014 equity offering.

 

11

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CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of December 31, 2013

 

		Percent				Maturity				Interest
Property		Owned				Date				rate (a)				Amounts
Fixed-rate mortgages:
Trexler Mall			100	%			May 2014				5.5	%		$	19,645,000	(b)
Coliseum Marketplace			100	%			Jul 2014				6.1	%			11,097,000	(b)
Fieldstone Marketplace			100	%			Jul 2014				6.0	%			17,046,000	(b)
Kings Plaza			100	%			Jul 2014				6.0	%			7,231,000	(b)
Liberty Marketplace			100	%			Jul 2014				6.1	%			8,231,000	(b)
Yorktowne Plaza			100	%			Jul 2014				6.0	%			18,911,000	(b)
Mechanicsburg Center			100	%			Nov 2014				5.5	%			8,404,000	(b)
Elmhurst Square			100	%			Dec 2014				5.4	%			3,723,000	(b)
New London Mall			40	%			Apr 2015				4.9	%			27,365,000
Oak Ridge Shopping Center			100	%			May 2015				5.5	%			3,231,000
Pine Grove Plaza			100	%			Sep 2015				5.0	%			5,329,000
Groton Shopping Center			100	%			Oct 2015				5.3	%			11,275,000
Southington Center			100	%			Nov 2015				5.1	%			5,339,000
Jordan Lane			100	%			Dec 2015				5.5	%			12,125,000
Oakland Mills			100	%			Jan 2016				5.5	%			4,559,000
Smithfield Plaza			100	%			May 2016				6.2	%			6,702,000
Franklin Village Plaza			100	%			Aug 2016				4.1	%			42,180,000
West Bridgewater Plaza			100	%			Sep 2016				6.2	%			10,434,000
Carman’s Plaza			100	%			Oct 2016				6.2	%			33,500,000
Hamburg Square			100	%			Oct 2016				6.1	%			4,833,000
Meadows Marketplace			100	%			Nov 2016				5.6	%			9,633,000
San Souci Plaza			40	%			Dec 2016				6.2	%			27,200,000
Camp Hill			100	%			Jan 2017				5.5	%			63,382,000
Golden Triangle			100	%			Feb 2018				6.0	%			19,697,000
Gold Star Plaza			100	%			May 2019				7.3	%			1,509,000
Swede Square			100	%			Nov 2020				5.5	%			10,159,000
Colonial Commons			100	%			Feb 2021				5.5	%			26,784,000
Virginia Little Creek			100	%			Sep 2021				8.0	%			297,000
The Point			100	%			Nov 2022				4.5	%			29,492,000
Metro Square			100	%			Nov 2029				7.5	%			8,274,000
Total fixed-rate mortgages			3.2 years								5.5	%		$	457,587,000
							weighted average

 

12

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CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt (Continued)

As of December 31, 2013

 

		Percent				Maturity				Interest
Property		Owned				Date				rate (a)				Amounts
Variable-rate mortgage:
Upland Square			100	%			Oct 2014				2.9	%			58,085,000	(b)
Total mortgages			2.9 years								5.2	%			515,672,000
							weighted average
Net unamortized (discount)/premium															620,000
Total mortgage debt, net															516,292,000
Credit facility:
Revolving facility							Aug 2016				2.3	%			153,500,000
Term loan							Aug 2018				2.3	%			50,000,000
			3.1 years								2.3	%			203,500,000
							weighted average
Total Debt (excluding debt on properties held for sale/conveyance )							3.0 years				4.4	%		$	719,792,000
							weighted average
Pro-rata share of total debt reconciliation:
Total debt (excluding debt on properties held for sale/conveyance)														$	719,792,000
Less pro-rata share attributable to joint venture minority interests															(32,514,000	)
Plus pro-rata share attributable to properties held for sale/conveyance (c)															22,848,000
Pro-rata share of total debt														$	710,126,000
Fixed to variable rate debt ratio:
Fixed debt														$	448,541,000				63.2	%
Variable debt															261,585,000				36.8	%
														$	710,126,000				100.0	%

 

(a)	For variable rate debt, rate in effect as of December 31, 2013.

(b)	To be refinanced with the proceeds from unsecured term loans which closed on February 11, 2014, comprised of a $75.0 million five-year term loan and a $75.0 million seven-year term loan.

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

 

13

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CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of December 31, 2013

 

		Secured Debt								Unsecured Debt
		Scheduled				Balloon				Revolving				Term
Year		Amortization				Payments				Credit Facility				Loan				Total (a)
2014		$	7,503,000			$	150,176,000	(b)		$	—			$	—			$	157,679,000
2015			5,406,000				63,192,000				—				—				68,598,000
2016			4,291,000				135,014,000				153,500,000	(c)			—				292,805,000
2017			2,474,000				60,478,000				—				—				62,952,000
2018			2,186,000				18,007,000				—				50,000,000				70,193,000
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
2023			524,000				—				—				—				524,000
Thereafter			3,975,000				472,000				—				—				4,447,000
		$	32,778,000			$	482,894,000			$	153,500,000			$	50,000,000				719,172,000
Net unamortized (discount)/premium																			620,000
																		$	719,792,000

 

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

(b)	To be refinanced with the proceeds from unsecured term loans which closed on February 11, 2014, comprised of a $75.0 million five-year term loan and a $75.0 million seven-year term loan.

(c)	Subject to two one-year extension options.

 

14

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CEDAR REALTY TRUST, INC.

Real Estate Summary

As of December 31, 2013

 

																		Average
				Percent				Year						Percent				base rent per				Major Tenants (a)
Property Description		State		owned				acquired		GLA				occupied				leased sq. ft.				Name		GLA
Connecticut
Big Y Shopping Center		CT			100	%		2013			101,105				100.0	%		$	22.69			Big Y			63,817
Groton Shopping Center		CT			100	%		2007			117,186				82.3	%			11.74			TJ Maxx			30,000
Jordan Lane		CT			100	%		2005			177,504				99.2	%			10.98			Stop & Shop			60,632
																						CW Price			39,280
																						Retro Fitness			20,283
New London Mall		CT			40	%		2009			259,566				94.8	%			14.55			Shop Rite			64,017
																						Marshalls			30,627
																						Home Goods			25,432
																						Petsmart			23,500
																						A.C. Moore			20,932
Oakland Commons		CT			100	%		2007			90,100				100.0	%			6.37			Walmart			54,911
																						Bristol Ten Pin			35,189
Southington Center		CT			100	%		2003			155,842				98.5	%			6.99			Walmart			95,482
																						NAMCO			20,000
The Brickyard		CT			100	%		2004			237,596				72.1	%			7.74			Home Depot			103,003
																						Kohl’s			58,966
Total Connecticut											1,138,899				90.8	%			11.52
Maryland
Kenley Village		MD			100	%		2005			51,894				73.7	%			8.88			Food Lion			29,000
Metro Square		MD			100	%		2008			71,896				100.0	%			19.06			Shoppers Food Warehouse			58,668
Oakland Mills		MD			100	%		2005			58,224				100.0	%			13.72			Food Lion			43,470
San Souci Plaza		MD			40	%		2009			264,134				79.5	%			10.22			Shoppers Food Warehouse			61,466
																						Marshalls			27,000
																						Maximum Health and Fitness			15,612
St. James Square		MD			100	%		2005			39,903				100.0	%			11.53			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				93.8	%			13.49			Food Lion			37,692
Total Maryland											835,972				90.7	%			10.65
Massachusetts
Fieldstone Marketplace		MA			100	%		2005/2012			193,970				95.2	%			10.46			Shaw’s			68,000
																						Flagship Cinema			41,975
																						New Bedford Wine and Spirits			15,180
Franklin Village Plaza		MA			100	%		2004/2012			303,461				93.9	%			20.28			Stop & Shop			75,000
																						Marshalls			26,890
																						Team Fitness			15,807
Kings Plaza		MA			100	%		2007			168,243				93.6	%			6.23			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	%			8.92			Hannaford Brothers			42,598
																						Planet Fitness			18,830
																						Dollar Tree			16,798
The Shops at Suffolk Downs		MA			100	%		2005			121,320				97.5	%			12.78			Stop & Shop			74,977
Timpany Plaza		MA			100	%		2007			183,775				98.1	%			6.98			Stop & Shop			59,947
																						Big Lots			28,027
																						Gardner Theater			27,576
Webster Plaza (f/k/a Price Chopper Plaza)		MA			100	%		2007			101,824				80.0	%			10.92			Price Chopper			58,545
West Bridgewater Plaza		MA			100	%		2007			133,039				87.7	%			9.45			Shaw’s			57,315
																						Big Lots			25,000
																						Planet Fitness			15,000
Total Massachusetts											1,308,091				93.6	%			11.72
New Jersey
Carll’s Corner		NJ			100	%		2007			129,582				84.7	%			8.68			Acme Markets			55,000
																						Peebles			18,858
Pine Grove Plaza		NJ			100	%		2003			86,089				90.2	%			11.04			Peebles			24,963
Washington Center Shoppes		NJ			100	%		2001			157,394				94.2	%			9.07			Acme Markets			66,046
																						Planet Fitness			20,742
Total New Jersey											373,065				90.0	%			9.40

 

15

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CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of December 31, 2013

 

																		Average
				Percent				Year						Percent				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	%			17.48			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				91.2	%			14.09			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				95.4	%			7.14			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			461,905				90.8	%			13.22			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
																						Old Navy			15,500
Crossroads II		PA			100	%(b)		2008			133,717				93.0	%			20.14			Giant Foods			78,815
Fairview Commons		PA			100	%		2007			42,314				53.3	%			10.08			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	%			12.89			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	%			11.96			Giant Foods			32,000
Hamburg Square		PA			100	%		2004			99,580				96.4	%			6.53			Redner’s			56,780
																						Peebles			19,683
Liberty Marketplace		PA			100	%		2005			68,200				98.2	%			17.95			Giant Foods			55,000
Meadows Marketplace		PA			100	%		2004/2012			91,518				100.0	%			15.57			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	%			11.71			Giant Foods			43,400
Northside Commons		PA			100	%		2008			69,136				100.0	%			9.49			Redner’s			53,019
Palmyra Shopping Center		PA			100	%		2005			111,051				94.5	%			6.61			Weis Markets			46,912
																						Goodwill			18,104
Port Richmond Village		PA			100	%		2001			154,908				98.2	%			13.12			Thriftway			40,000
																						Pep Boys			20,615
																						City Stores, Inc.			15,200
River View Plaza		PA			100	%		2003			226,786				92.7	%			19.15			United Artists			77,700
																						Avalon Carpet			25,000
																						Pep Boys			22,000
																						Staples			18,000
South Philadelphia		PA			100	%		2003			283,415				82.5	%			14.49			Shop Rite			54,388
																						Ross Dress For Less			31,349
																						LA Fitness			31,000

 

16

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CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of December 31, 2013

 

																		Average
				Percent				Year						Percent				base rent per				Major Tenants (a)
Property Description		State		owned				acquired		GLA				occupied				leased sq. ft.				Name		GLA
																						Modell’s			20,000
Pennsylvania (continued)
Swede Square		PA			100	%		2003			100,816				100.0	%			16.69			LA Fitness			37,200
The Commons		PA			100	%		2004			203,426				87.5	%			7.87			Bon-Ton			54,500
																						Shop ’n Save			52,654
																						TJ Maxx			24,404
The Point		PA			100	%		2000			268,037				96.5	%			12.45			Burlington Coat Factory			76,665
																						Giant Foods			76,627
																						A.C. Moore			24,890
																						Staples			24,000
Trexler Mall		PA			100	%		2005			339,279				89.5	%			9.94			Kohl’s			90,230
																						Bon-Ton			62,000
																						Lehigh Wellness Partners			33,227
																						Trexlertown Fitness Club			28,870
																						Marshalls			28,488
Trexlertown Plaza		PA			100	%		2006			313,929				90.6	%			12.29			Giant Foods			78,335
																						Hobby Lobby			57,512
																						Redner’s			47,900
																						Big Lots			33,824
																						Tractor Supply			19,097
Upland Square		PA			100	%		2007			394,598				94.0	%			16.87			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											4,738,325				93.4	%			13.08
Virginia
Annie Land Plaza		VA			100	%		2006			42,500				97.2	%			9.50			Food Lion			29,000
Coliseum Marketplace		VA			100	%		2005			105,998				100.0	%			16.05			Farm Fresh			57,662
																						Michaels			23,981
Elmhurst Square		VA			100	%		2006			66,250				97.0	%			10.26			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	%			13.05			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			79,209				42.8	%			11.67			Farm Fresh			16,938
Oak Ridge Shopping Center		VA			100	%		2006			38,700				92.2	%			10.59			Food Lion			33,000
Smithfield Plaza		VA			100	%		2005/2008			134,664				93.7	%			9.17			Farm Fresh			45,544
																						Roses Express			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											802,124				92.2	%			11.59
Total (93.6% leased at December 31, 2013)											9,390,558				92.6	%		$	12.31

 

(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 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, loan guaranties, and/or other terms of the related joint venture agreement.

 

17

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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
4th Quarter 2013			40				291,000			$	9.11			$	8.51				7.1	%		$	0.78				4.4
3rd Quarter 2013			52				215,800			$	13.62			$	12.28				10.9	%		$	1.87				4.3
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
Total (c)			161				1,013,100			$	12.08			$	11.05				9.4	%		$	1.97				4.7
New Leases—Comparable
4th Quarter 2013			7				20,300			$	13.17			$	12.58				4.7	%		$	11.18				6.7
3rd Quarter 2013			7				25,300			$	17.24			$	12.58				37.0	%		$	15.95				8.2
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
Total (c)			32				100,600			$	15.16			$	12.82				18.3	%		$	19.80				7.5
Renewals—Comparable
4th Quarter 2013			33				270,700			$	8.81			$	8.20				7.4	%		$	0.00				4.2
3rd Quarter 2013			45				190,500			$	13.14			$	12.24				7.3	%		$	0.00				3.7
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
Total			129				912,500			$	11.74			$	10.85				8.2	%		$	0.00				4.4
Total Comparable and Non-Comparable
4th Quarter 2013			46				361,500			$	9.44				N/A				N/A			$	0.84				5.9
3rd Quarter 2013			54				227,400			$	14.29				N/A				N/A			$	1.77				4.5
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
Total			177				1,163,800			$	11.96				N/A				N/A			$	2.28				5.5

 

(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			145				966,100				9.6	%
New Leases—Comparable			16				53,700				33.2	%

 

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CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of December 31, 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			13				848,000				9.0	%		$	12,759,000			$	15.05				11.9	%
LA Fitness			7				282,000				3.0	%			4,574,000				16.22				4.3	%
Farm Fresh			6				307,000				3.3	%			3,290,000				10.72				3.1	%
Stop & Shop			4				271,000				2.9	%			2,805,000				10.35				2.6	%
Dollar Tree			22				208,000				2.2	%			2,183,000				10.50				2.0	%
Food Lion			7				243,000				2.6	%			1,925,000				7.92				1.8	%
Shop Rite			2				118,000				1.3	%			1,744,000				14.78				1.6	%
Staples			5				104,000				1.1	%			1,729,000				16.63				1.6	%
Redner’s			4				207,000				2.2	%			1,514,000				7.31				1.4	%
United Artists			1				78,000				0.8	%			1,425,000				18.27				1.3	%
Big Y			1				64,000				0.7	%			1,404,000				21.94				1.3	%
Shaw’s			2				125,000				1.3	%			1,389,000				11.11				1.3	%
Shoppers Food Warehouse			2				120,000				1.3	%			1,237,000				10.31				1.2	%
Ukrop’s Supermarket			1				63,000				0.7	%			1,163,000				18.46				1.1	%
Kohl’s			2				149,000				1.6	%			1,113,000				7.47				1.0	%
Marshalls			5				143,000				1.5	%			1,111,000				7.77				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	%
Walmart			2				150,000				1.6	%			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			92				3,687,000				39.3	%			45,056,000				12.22				42.1	%
Remaining tenants			807				5,010,000				53.3	%			62,040,000				12.38				57.9	%
Sub-total all tenants (b)			899				8,697,000				92.6	%		$	107,096,000			$	12.31				100.0	%
Vacant space			N/A				694,000				7.4	%
Total			899				9,391,000				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 $781,000).

(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			6,099,000				70.1	%		$	62,628,000			$	10.27				58.5	%
Small tenants			2,598,000				29.9	%			44,468,000				17.12				41.5	%
Total			8,697,000				100.0	%		$	107,096,000			$	12.31				100.0	%

 

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CEDAR REALTY TRUST, INC.

Lease Expirations

As of December 31, 2013

 

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			42				138,000				1.6	%		$	1,788,000			$	12.96				1.7	%
2014			124				674,000				7.7	%			7,452,000				11.06				7.0	%
2015			143				1,115,000				12.8	%			12,684,000				11.38				11.8	%
2016			130				903,000				10.4	%			10,512,000				11.64				9.8	%
2017			119				925,000				10.6	%			12,396,000				13.40				11.6	%
2018			104				814,000				9.4	%			11,580,000				14.23				10.8	%
2019			60				850,000				9.8	%			8,580,000				10.09				8.0	%
2020			39				943,000				10.8	%			8,868,000				9.40				8.3	%
2021			37				442,000				5.1	%			6,432,000				14.55				6.0	%
2022			23				148,000				1.7	%			2,160,000				14.59				2.0	%
2023			25				235,000				2.7	%			3,336,000				14.20				3.1	%
2024			16				303,000				3.5	%			4,140,000				13.66				3.9	%
Thereafter			37				1,207,000				13.9	%			17,168,000				14.22				16.0	%
All tenants			899				8,697,000				100.0	%		$	107,096,000			$	12.31				100.0	%
Vacant space			N/A				694,000				N/A
Total portfolio			899				9,391,000				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 December 31,
		2013				2012
Base Rents		$	20,938,000			$	20,506,000
Expense Recoveries			6,219,000				5,733,000
Total Revenues			27,157,000				26,239,000
Operating expenses			8,327,000				7,946,000
NOI		$	18,830,000			$	18,293,000
Occupied			94.1	%			93.9	%
Leased			94.4	%			94.5	%
Average base rent		$	12.12			$	11.91
Number of same properties			57				57
NOI growth, excluding dark anchor re-tenanting impact			1.8%
		Years ended December 31,
		2013				2012
Base Rents		$	82,854,000			$	81,582,000
Expense Recoveries			23,716,000				22,083,000
Total Revenues			106,570,000				103,665,000
Operating expenses			32,379,000				30,773,000
NOI		$	74,191,000			$	72,892,000
Occupied			94.1	%			93.9	%
Leased			94.4	%			94.5	%
Average base rent		$	12.12			$	11.91
Number of same properties			57				57
NOI growth, excluding dark anchor re-tenanting impact			1.9%

 

(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.

 

 

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CEDAR REALTY TRUST, INC.

2013 Acquisitions and Dispositions

 

 

Acquisition

Date

Purchase

Property

Location

GLA

Acquired

Price

Big Y Shopping Center

Bethel, CT

101,105

11/18/2013

$

34,500,000

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

Dunmore Shopping Center

Dunmore, PA

101,080

11/8/2013

4,000,000

Upland Square land parcel

Pottstown, PA

N/A

11/8/2013

1,700,000

Roosevelt II

Philadelphia, PA

180,088

11/14/2013

13,878,000

(a)

Oakhurst Plaza

Harrisburg, PA

111,869

12/11/2013

11,000,000

Oregon Pike land parcel

Lancaster, PA

N/A

12/23/2013

1,451,000

Total

$

49,934,000

 

(a)	Lender accepted a deed-in-lieu of foreclosure on the property. Sales price represents mortgage loan payable, accrued interest and other expenses forgiven upon title transfer.

 

 

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CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale/Conveyance

As of December 31, 2013

 

																		Average				Debt
						Percent								Percent				base rent per								Maturity				Interest
Property Description		State				owned				GLA				occupied				leased sq. ft.				Amounts				Date				rate
Gahanna Discount Drug Mart Plaza (a)			OH				100	%			48,667				82.3	%		$	13.90			$	4,659,000				Nov 2016				10.8	%(a)
Harbor Square (f/k/a Shore Mall)			NJ				100	%			344,823				98.6	%			7.49
Huntingdon Plaza			PA				100	%			142,845				71.9	%			4.98
Lake Raystown Plaza			PA				100	%			142,559				95.7	%			12.33
Maxatawny Marketplace			PA				100	%			59,514				93.3	%			12.09
McCormick Place (a)			OH				100	%			46,000				100.0	%			4.50				2,484,000				Aug 2017				11.1	%(a)
Townfair Center			PA				100	%			218,610				100.0	%			8.73				15,705,000				Jul 2018				5.2	%
Total Properties Held for Sale/Conveyance											1,003,018				93.6	%		$	8.61			$	22,848,000

 

(a)	Properties in the process of being conveyed to their respective lenders, either through short sale, foreclosure, or deed-in-lieu of foreclosure processes. Until the conveyances of the properties are completed, interest is being recorded (but not paid) at the default interest rates noted above.

 

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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, preferred stock redemption costs, gain on extinguishment of debt obligations, amounts relating to early extinguishment of debt, share-based compensation mark-to-market adjustments, and acquisition transaction 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 management transition charges and employee termination costs, gain on exit from unconsolidated joint venture, gain on sales of real estate, impairment charges/reversals, share-based compensation mark-to-market adjustments, and acquisition transaction costs. 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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