10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2013

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 001-31817

CEDAR REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

Maryland	42-1241468
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

44 South Bayles Avenue, Port Washington, New York 11050-3765

(Address of principal executive offices) (Zip Code)

(516) 767-6492

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨	Accelerated filer	x
Non-accelerated filer	¨  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: At October 31, 2013, there were 72,286,478 shares of Common Stock, $0.06 par value, outstanding.

CEDAR REALTY TRUST, INC.

INDEX

Forward-Looking Statements	3
Part I. Financial Information
Item 1. Financial Statements
Consolidated Balance Sheets – September 30, 2013 (unaudited) and December 31, 2012	4
Consolidated Statements of Operations (unaudited) – Three and Nine months ended September 30, 2013 and 2012	5
Consolidated Statements of Comprehensive Income (Loss) (unaudited) – Three and Nine months ended September 30, 2013 and 2012	6
Consolidated Statement of Equity (unaudited) – Nine months ended September 30, 2013	7
Consolidated Statements of Cash Flows (unaudited) – Nine months ended September 30, 2013 and 2012	8
Notes to Consolidated Financial Statements (unaudited) – September 30, 2013	9-22
Item 2. Management’s Discussion and Analysis of Financial Condition And Results of Operations	23-34
Item 3. Quantitative and Qualitative Disclosures About Market Risk	34
Item 4. Controls and Procedures	34-35
Part II. Other Information
Item 6. Exhibits	36
Signatures	36

2

Forward-Looking Statements

The information contained in this Form 10-Q is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States. 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 are as set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

3

CEDAR REALTY TRUST, INC.

Consolidated Balance Sheets

	September 30,			December 31,
	2013			2012
	(unaudited)
Assets
Real estate:
Land	$	282,710,000		$	282,318,000
Buildings and improvements		1,185,861,000			1,178,111,000
		1,468,571,000			1,460,429,000
Less accumulated depreciation		(268,309,000	)		(237,751,000	)
Real estate, net		1,200,262,000			1,222,678,000
Real estate held for sale/conveyance		66,079,000			77,858,000
Cash and cash equivalents		5,443,000			7,522,000
Restricted cash		11,174,000			13,752,000
Receivables		20,581,000			18,289,000
Other assets and deferred charges, net		32,870,000			29,804,000
Total assets	$	1,336,409,000		$	1,369,903,000
Liabilities and equity
Mortgage loans payable	$	543,279,000		$	605,216,000
Mortgage loans payable - real estate held for sale/conveyance		18,327,000			23,258,000
Credit facility		180,000,000			156,000,000
Accounts payable and accrued liabilities		27,694,000			28,179,000
Unamortized intangible lease liabilities		26,974,000			30,508,000
Unamortized intangible lease liabilities - real estate held for sale/conveyance		4,115,000			4,992,000
Total liabilities		800,389,000			848,153,000
Noncontrolling interest - limited partners’ mezzanine OP Units		465,000			623,000
Commitments and contingencies		—			—
Equity:
Cedar Realty Trust, Inc. shareholders’ equity:
Preferred stock ($.01 par value, 12,500,000 shares authorized):
Series A ($25.00 per share liquidation value, 0 and 1,410,000, shares authorized, respectively, 0 and 1,408,000 shares, issued and outstanding, respectively)		—			34,882,000
Series B ($25.00 per share liquidation value, 10,000,000 and 7,500,000 shares authorized, respectively, 7,950,000 and 5,429,000 shares, issued and outstanding, respectively)		190,661,000			128,787,000
Common stock ($.06 par value, 150,000,000 shares authorized, 72,289,000 and 71,817,000 shares, issued and outstanding, respectively)		4,337,000			4,309,000
Treasury stock (3,522,000 and 3,822,000 shares, respectively, at cost)		(20,296,000	)		(21,702,000	)
Additional paid-in capital		748,130,000			748,194,000
Cumulative distributions in excess of net income		(392,487,000	)		(378,254,000	)
Accumulated other comprehensive loss		(1,486,000	)		(2,560,000	)
Total Cedar Realty Trust, Inc. shareholders’ equity		528,859,000			513,656,000
Noncontrolling interests:
Minority interests in consolidated joint ventures		5,345,000			6,081,000
Limited partners’ OP Units		1,351,000			1,390,000
Total noncontrolling interests		6,696,000			7,471,000
Total equity		535,555,000			521,127,000
Total liabilities and equity	$	1,336,409,000		$	1,369,903,000

See accompanying notes to consolidated financial statements.

4

CEDAR REALTY TRUST, INC.

Consolidated Statements of Operations

(unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012
Revenues:
Rents	$	28,557,000		$	26,608,000		$	85,315,000		$	80,145,000
Expense recoveries		6,770,000			5,973,000			21,704,000			19,257,000
Other		111,000			908,000			499,000			5,369,000
Total revenues		35,438,000			33,489,000			107,518,000			104,771,000
Expenses:
Operating, maintenance and management		5,740,000			5,295,000			18,324,000			17,162,000
Real estate and other property-related taxes		4,571,000			4,389,000			13,673,000			13,015,000
General and administrative		3,248,000			3,637,000			9,974,000			10,999,000
Employee termination costs		—			1,131,000			106,000			1,131,000
Impairment reversal		—			—			(1,100,000	)		—
Depreciation and amortization		13,494,000			9,254,000			33,079,000			34,721,000
Total expenses		27,053,000			23,706,000			74,056,000			77,028,000
Operating income		8,385,000			9,783,000			33,462,000			27,743,000
Non-operating income and expense:
Interest expense		(8,810,000	)		(9,603,000	)		(27,055,000	)		(29,479,000	)
Early extinguishment of debt costs		—			—			(106,000	)		(2,607,000	)
Interest income		1,000			63,000			3,000			187,000
Equity in income of unconsolidated joint venture		—			411,000			—			1,432,000
Gain on sales		—			402,000			346,000			481,000
Total non-operating income and expense		(8,809,000	)		(8,727,000	)		(26,812,000	)		(29,986,000	)
(Loss) income from continuing operations		(424,000	)		1,056,000			6,650,000			(2,243,000	)
Discontinued operations:
Income from operations		486,000			1,242,000			452,000			3,680,000
Impairment reversals, net		—			—			—			1,138,000
Gain on extinguishment of debt		—			—			1,298,000			—
Gain on sales		—			—			—			750,000
Total discontinued operations		486,000			1,242,000			1,750,000			5,568,000
Net income		62,000			2,298,000			8,400,000			3,325,000
Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		49,000			(2,564,000	)		152,000			(4,272,000	)
Limited partners’ interest in Operating Partnership		12,000			17,000			11,000			114,000
Total net loss (income) attributable to noncontrolling interests		61,000			(2,547,000	)		163,000			(4,158,000	)
Net income (loss) attributable to Cedar Realty Trust, Inc.		123,000			(249,000	)		8,563,000			(833,000	)
Preferred stock dividends		(3,602,000	)		(3,877,000	)		(10,811,000	)		(11,015,000	)
Preferred stock redemption costs		—			(173,000	)		(1,166,000	)		(555,000	)
Net (loss) attributable to common shareholders	$	(3,479,000	)	$	(4,299,000	)	$	(3,414,000	)	$	(12,403,000	)
Per common share attributable to common shareholders (basic and diluted):
Continuing operations	$	(0.06	)	$	(0.05	)	$	(0.09	)	$	(0.20	)
Discontinued operations		0.01			(0.02	)		0.03			0.01
	$	(0.05	)	$	(0.07	)	$	(0.06	)	$	(0.19	)
Amounts attributable to Cedar Realty Trust, Inc. common shareholders, net of noncontrolling interests:
(Loss) from continuing operations	$	(3,963,000	)	$	(2,867,000	)	$	(5,157,000	)	$	(13,389,000	)
Income (loss) from discontinued operations		484,000			(1,432,000	)		1,743,000			986,000
Net (loss)	$	(3,479,000	)	$	(4,299,000	)	$	(3,414,000	)	$	(12,403,000	)
Weighted average number of common shares - basic and diluted		68,365,000			68,232,000			68,350,000			67,932,000

See accompanying notes to consolidated financial statements.

5

CEDAR REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited)

	Three months ended September 30,					Nine months ended September 30,
	2013		2012			2013		2012
Net income	$	62,000	$	2,298,000		$	8,400,000	$	3,325,000
Other comprehensive income:
Unrealized gain on change in fair value of cash flow hedges:
Consolidated		166,000		174,000			1,076,000		483,000
Unconsolidated		—		20,000			—		78,000
Other comprehensive income		166,000		194,000			1,076,000		561,000
Comprehensive income		228,000		2,492,000			9,476,000		3,886,000
Comprehensive loss (income) attributable to noncontrolling interests		61,000		(2,547,000	)		161,000		(4,158,000	)
Comprehensive income (loss) attributable to Cedar Realty Trust, Inc.	$	289,000	$	(55,000	)	$	9,637,000	$	(272,000	)

See accompanying notes to consolidated financial statements.

6

CEDAR REALTY TRUST, INC.

Consolidated Statement of Equity

Nine months ended September 30, 2013

(unaudited)

	Cedar Realty Trust, Inc. Shareholders
	Preferred stock						Common stock										Cumulative			Accumulated
				$25.00							Treasury			Additional			distributions			other
				Liquidation					$0.06		stock,			paid-in			in excess of			comprehensive
	Shares			value			Shares		Par value		at cost			capital			net income			(loss)			Total
Balance, December 31, 2012		6,837,000		$	163,669,000			71,817,000	$	4,309,000	$	(21,702,000	)	$	748,194,000		$	(378,254,000	)	$	(2,560,000	)	$	513,656,000
Net income (loss)		—			—			—		—		—			—			8,563,000			—			8,563,000
Unrealized gain on change in fair value of cash flow hedges		—			—			—		—		—			—			—			1,074,000			1,074,000
Share-based compensation, net		—			—			467,000		28,000		1,406,000			981,000			—			—			2,415,000
Net proceeds from sales of Series B shares		2,521,000			61,874,000			—		—		—			(2,025,000	)		—			—			59,849,000
Redemption of Series A shares		(1,408,000	)		(34,882,000	)		—		—		—			1,056,000			(1,166,000	)		—			(34,992,000	)
Common stock sales and issuance expenses, net		—			—			2,000		—		—			(65,000	)		—			—			(65,000	)
Preferred stock dividends		—			—			—		—		—			—			(10,811,000	)		—			(10,811,000	)
Distributions to common shareholders/ noncontrolling interests		—			—			—		—		—			—			(10,819,000	)		—			(10,819,000	)
Conversions of OP Units into common stock		—			—			3,000		—		—			24,000			—			—			24,000
Reallocation adjustment of limited partners’ interest		—			—			—		—		—			(35,000	)		—			—			(35,000	)
Disposition of noncontrolling interest		—			—			—		—		—			—			—			—			—
Balance, September 30, 2013		7,950,000		$	190,661,000			72,289,000	$	4,337,000	$	(20,296,000	)	$	748,130,000		$	(392,487,000	)	$	(1,486,000	)	$	528,859,000

	Noncontrolling Interests
				Limited
	Minority			partners’
	interests in			interest in
	consolidated			Operating						Total
	joint ventures			Partnership			Total			equity
Balance, December 31, 2012	$	6,081,000		$	1,390,000		$	7,471,000		$	521,127,000
Net income (loss)		(152,000	)		(9,000	)		(161,000	)		8,402,000
Unrealized gain on change in fair value of cash flow hedges		—			2,000			2,000			1,076,000
Share-based compensation, net		—			—			—			2,415,000
Net proceeds from sales of Series B shares		—			—			—			59,849,000
Redemption of Series A shares		—			—			—			(34,992,000	)
Common stock sales and issuance expenses, net		—			—			—			(65,000	)
Preferred stock dividends		—			—			—			(10,811,000	)
Distributions to common shareholders/noncontrolling interests		(665,000	)		(29,000	)		(694,000	)		(11,513,000	)
Conversions of OP Units into common stock		—			(24,000	)		(24,000	)		—
Reallocation adjustment of limited partners’ interest		—			21,000			21,000			(14,000	)
Disposition of noncontrolling interest		81,000			—			81,000			81,000
Balance, September 30, 2013	$	5,345,000		$	1,351,000		$	6,696,000		$	535,555,000

See accompanying notes to consolidated financial statements.

7

CEDAR REALTY TRUST, INC.

Consolidated Statements of Cash Flows

(unaudited)

	Nine months ended September 30,
	2013			2012
Cash flow from operating activities:
Net income	$	8,400,000		$	3,325,000
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of unconsolidated joint venture		—			(1,432,000	)
Distributions from unconsolidated joint venture		—			1,432,000
Impairment reversals, net		(1,100,000	)		(1,138,000	)
Gain on extinguishment of debt		(1,298,000	)		—
Gain on sales		(346,000	)		(1,231,000	)
Straight-line rents		(1,195,000	)		(782,000	)
Provision for doubtful accounts		1,188,000			2,053,000
Depreciation and amortization		33,079,000			34,825,000
Amortization of intangible lease liabilities		(3,409,000	)		(4,164,000	)
Expense and market price adjustments relating to share-based compensation, net		2,692,000			2,614,000
Amortization (including accelerated write-off) of deferred financing costs		1,870,000			4,246,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Rents and other receivables, net		(2,901,000	)		(1,335,000	)
Prepaid expenses and other		(4,454,000	)		(2,025,000	)
Accounts payable and accrued liabilities		1,450,000			294,000
Net cash provided by operating activities		33,976,000			36,682,000
Cash flow from investing activities:
Expenditures for real estate improvements		(14,912,000	)		(22,069,000	)
Net proceeds from sales of real estate		17,381,000			18,775,000
Repayment of note receivable		1,100,000			—
Distributions of capital from unconsolidated joint venture		—			2,895,000
Construction escrows and other		1,707,000			2,589,000
Net cash provided by investing activities		5,276,000			2,190,000
Cash flow from financing activities:
Net advances/(repayments) under credit facility		24,000,000			(73,317,000	)
Mortgage repayments		(65,707,000	)		(53,279,000	)
Payments of debt financing costs		(1,905,000	)		(4,405,000	)
Noncontrolling interests:
Distributions to consolidated joint venture minority interests		(665,000	)		(3,608,000	)
Distributions to limited partners		(40,000	)		(85,000	)
Redemption of OP Units		(160,000	)		—
Common stock sales and issuance expenses, net		(65,000	)		(169,000	)
Net proceeds from sales of preferred stock		59,849,000			124,370,000
Redemption of preferred stock		(34,992,000	)		(12,141,000	)
Preferred stock dividends		(10,827,000	)		(10,084,000	)
Distributions to common shareholders		(10,819,000	)		(10,808,000	)
Net cash (used in) financing activities		(41,331,000	)		(43,526,000	)
Net (decrease) in cash and cash equivalents		(2,079,000	)		(4,654,000	)
Cash and cash equivalents at beginning of period		7,522,000			12,070,000
Cash and cash equivalents at end of period	$	5,443,000		$	7,416,000

See accompanying notes to consolidated financial statements.

8

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

Note 1. Business and Organization

Cedar Realty Trust, Inc. (the “Company”) is a real estate investment trust (“REIT”) that focuses primarily on ownership and operation of grocery-anchored shopping centers straddling the Washington, DC to Boston corridor. At September 30, 2013, the Company owned and managed a portfolio of 67 operating properties (excluding properties “held for sale/conveyance”).

Cedar Realty Trust Partnership, L.P. (the “Operating Partnership”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At September 30, 2013, the Company owned a 99.7% economic interest in, and was the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership (0.3% at September 30, 2013) is represented by Operating Partnership Units (“OP Units”). The carrying amount of such interest is adjusted at the end of each reporting period to an amount equal to the limited partners’ ownership percentage of the Operating Partnership’s net equity. The approximately 248,000 OP Units outstanding at September 30, 2013 are economically equivalent to the Company’s common stock. The holders of OP Units have the right to exchange their OP Units for the same number of shares of the Company’s common stock or, at the Company’s option, for cash.

As used herein, the “Company” refers to Cedar Realty Trust, Inc. and its subsidiaries on a consolidated basis, including the Operating Partnership or, where the context so requires, Cedar Realty Trust, Inc. only.

Note 2. Summary of Significant Accounting Policies

Principles of Consolidation/Basis of Preparation

The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. The financial statements reflect certain reclassifications of prior-period amounts to conform to the 2013 presentation, principally to reflect the sale and/or treatment as “held for sale/conveyance” of certain operating properties and the treatment thereof

9

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

as “discontinued operations”. The reclassifications had no impact on previously-reported net income attributable to common shareholders or earnings per share. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities for which it is the primary beneficiary.

Supplemental Consolidated Statements of Cash Flows Information

	Nine months ended September 30,
	2013		2012
Supplemental disclosure of cash activities:
Cash paid for interest	$	27,646,000	$	33,756,000
Supplemental disclosure of non-cash activities:
Capitalization of interest and deferred financing costs		835,000		1,000,000
Conversions of OP Units into common stock		24,000		7,895,000
Mortgage loans payable assumed by buyers		—		4,148,000

Recently-Issued Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board issued guidance on the presentation and disclosure of reclassification adjustments out of accumulated other comprehensive income (“AOCI”). The standard requires an entity to present information about significant items reclassified out of AOCI by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The guidance was effective beginning January 1, 2013 and applied on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

Note 3. Real Estate

On August 16, 2013, the Company exercised the buy/sell option pursuant to the terms of the 60%-owned joint venture originally formed for the development of the Upland Square project, and the Company’s partner opted not to meet the offered purchase option. The Company acquired the remaining 40% interest in the property on October 31, 2013 for approximately $1.6

10

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

million, reflecting the Company’s preferred interest in the joint venture. The joint venture has historically been consolidated as it was deemed to be a variable interest entity and the Company was the primary beneficiary. Further, the Company has historically included 100% of the joint venture’s results of operations in net income (loss) attributable to common shareholders. Accordingly, the transaction will not have a significant effect on the Company’s consolidated financial statements.

On October 14, 2013, an agreement to acquire a grocery-anchored shopping center located in Fairfield County, Connecticut became non-cancelable. The purchase price for the property will be $34.5 million, plus closing costs, of which approximately $33 million will be initially funded from the Company’s credit facility and the balance by the issuance of OP Units (the number of OP Units to be determined at closing and based on the market price of the Company’s common stock). Closing of the transaction is expected in mid-November 2013.

At September 30, 2013, a number of the Company’s shopping center properties were pledged as collateral for mortgage loans payable. See Note 6 – “Debt” for information relating to the amendment, on an unsecured basis, of the Company’s credit facility.

Note 4 – Properties Held For Sale and Related Transactions

The Company conducts a continuing review of the values for all remaining properties “held for sale/conveyance” based on final sales prices and sales contracts entered into. Impairment charges/reversals, if applicable, are based on a comparison of the carrying values of the properties with either (1) actual sales prices less costs to sell for properties sold, or contract amounts for properties in the process of being sold, (2) estimated sales prices based on discounted cash flow analyses, if no contract amounts were as yet being negotiated, as discussed in more detail in Note 5 — “Fair Value Measurements”, (3) an “as is” appraisal with respect to the Philadelphia Redevelopment Property, or (4) with respect to land parcels, estimated sales prices, less cost to sell, based on comparable sales completed in the selected market areas. Prior to the Company’s plan to dispose of properties reclassified to “held for sale/conveyance”, the Company performed recoverability analyses based on the estimated undiscounted cash flows that were expected to result from the real estate investments’ use and eventual disposal. The projected undiscounted cash flows of each property reflected that the carrying value of each real estate investment would be recovered. However, as a result of the properties’ meeting the “held for sale” criteria, such properties were written down to the lower of their carrying value and estimated fair values less costs to sell.

On June 5, 2013, the Company sold, through a short sale, Westlake Discount Drug Mart Plaza for net proceeds of $2.1 million. As of that date, the balance of the mortgage loan payable secured by the sold property, including accrued interest and real estate taxes, totaled $3.4 million. The lender accepted the net proceeds of $2.1 million in full satisfaction of the mortgage loan payable and related accrued interest. As a result, the Company recorded a gain on

11

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

extinguishment of debt of $1.3 million during the second quarter of 2013, which is included in discontinuing operations in the accompanying consolidated statements of operations.

As of September 30, 2013, the Company was in the process of negotiating with the respective lenders to three of its properties (Roosevelt II, Gahanna Discount Drug Mart Plaza, and McCormick Place) to convey the properties either through short sale, foreclosure, or deed-in-lieu of foreclosure processes (mortgage loans payable and accrued interest and real estate taxes aggregated $21.8 million at that date). In connection with these conveyances, each applicable subsidiary borrower has stopped paying monthly mortgage payments and is currently in default on these non-recourse mortgages. At the time of such conveyances, the Company would recognize gains (an aggregate of approximately $11.0 million as of September 30, 2013) based on the excess of the carrying amounts of the liabilities (mortgage principal and any accrued property-related expenses) over the carrying amounts of the properties. With respect to Roosevelt II, the lender has agreed to accept a deed in lieu of foreclosure, which is expected to be completed prior to December 31, 2013.

The following is a summary of the components of income from discontinued operations:

	Three months ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012
Revenues:
Rents	$	1,414,000	$	4,480,000	$	4,863,000	$	14,124,000
Expense recoveries and other		558,000		1,108,000		1,603,000		3,704,000
Total revenues		1,972,000		5,588,000		6,466,000		17,828,000
Expenses:
Operating, maintenance and management		505,000		1,533,000		2,619,000		5,332,000
Real estate and other property-related taxes		592,000		986,000		1,660,000		3,020,000
Depreciation and amortization		—		28,000		—		104,000
Interest		389,000		1,799,000		1,298,000		5,692,000
Early extinguishment of debt costs		—		—		437,000		—
Total expenses		1,486,000		4,346,000		6,014,000		14,148,000
Income from discontinued operations before impairments		486,000		1,242,000		452,000		3,680,000
Impairment reversals, net		—		—		—		1,138,000
Income from discontinued operations	$	486,000	$	1,242,000	$	452,000	$	4,818,000
Gain on extinguishment of debt	$	—	$	—	$	1,298,000	$	—
Gain on sales of discontinued operations	$	—	$	—	$	—	$	750,000

12

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

In April 2011, the Company made a two-year $4.1 million loan to the developers of a site located in Reynoldsburg, Ohio (the developers are members of the group from which the Company acquired substantially all of its drug store/convenience centers). The loan bore interest at 6.25% per annum and was collateralized by a first mortgage on the development parcel and personal guarantees from certain of the borrowers. During the fourth quarter of 2012, the borrowers failed to make a scheduled payment and, as of December 31, 2012, the Company concluded that the loan was unlikely to be paid given (1) the then ability of the developers to find an anchor tenant for the development site, (2) certain use restrictions on the land, and (3) numerous legal judgments against individuals that provided the personal guarantees. As a result, the Company wrote off the loan and accrued interest in the fourth quarter of 2012, resulting in an impairment charge of $4.4 million. Subsequently, on March 28, 2013, the borrowers sold the development land parcel for approximately $1.1 million and, simultaneously, the Company accepted $1.1 million in full satisfaction of the loan. As a result, the Company recorded an impairment reversal of $1.1 million during the first quarter of 2013, which is included in continuing operations in the accompanying consolidated statements of operations.

During the nine months ended September 30, 2013, the Company completed the following transactions related to properties “held for sale/conveyance”:

	Percent				Date		Sales		Gain on
Property	Sold			Location	Sold		Price		Sale
Discontinued operations:
East Chestnut		100	%	Lancaster, PA		1/2/2013	$	3,100,000	$	—
Columbia Mall		100	%	Bloomsburg, PA		4/17/2013	$	2,775,000	$	—
Heritage Crossing		100	%	Limerick, PA		5/9/2013	$	9,400,000	$	—
Westlake Discount Drug Mart Plaza		100	%	Westlake, OH		6/5/2013	$	2,240,000	$	—
Continuing operations:
Huntingdon Plaza land parcel		100	%	Huntingdon, PA		3/29/2013	$	390,000	$	291,000

13

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

Note 5. Fair Value Measurements

The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables, certain other assets, and accounts payable and accrued liabilities approximate fair value. The fair value of the Company’s investments and liabilities related to share-based compensation were determined to be a Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions.

The valuation of the liability for the Company’s interest rate swaps, which is measured on a recurring basis, was determined to be a Level 2 within the valuation hierarchy, and was based on independent values provided by financial institutions. Such valuations were determined using widely accepted valuation techniques, including discounted cash flow analyses, on the expected cash flows of each derivative. The analyses reflect the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves (“significant other observable inputs”). The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded that, as of September 30, 2013, the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”.

Nonfinancial assets and liabilities measured at fair value in the consolidated financial statements consist of real estate held for sale/conveyance, which are measured on a nonrecurring basis, have been determined to be (1) a Level 2 within the valuation hierarchy, where applicable, based on the respective contracts of sale, adjusted for closing costs and expenses, or (2) a Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices, adjusted for closing costs and expenses, determined by discounted cash flow analyses, direct capitalization analyses or a sales comparison approach if no contracts had been concluded. The discounted cash flow and direct capitalization analyses include all estimated cash inflows and outflows over a specific holding period and, where applicable, any estimated debt premiums. These cash flows were comprised of unobservable inputs which included forecasted rental revenues and expenses based upon existing in-place leases, market conditions and expectations for growth. Capitalization rates and discount rates utilized in these analyses were based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties. The sales comparison approach was utilized for certain land values and include comparable sales that were completed in the selected market areas. The comparable sales utilized in these analyses were based upon observable per acre rates that the Company believed to be within a reasonable range of current market rates for the respective properties.

14

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

The Company engaged third party valuation experts to assist with the preparation of certain of its valuations. Other valuations were prepared using internally-developed valuation models. In addition, these valuations are reviewed and approved, during each reporting period, by a diverse group of management, as deemed necessary, including personnel from acquisitions, accounting, finance, operations, development and leasing departments, and the valuations are updated as appropriate.

The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, respectively:

	Assets/Liabilities Measured at Fair Value on a
	Recurring Basis
	September 30, 2013
Description	Level 1		Level 2		Level 3		Total
Investments related to share-based compensation liabilities (a)	$	412,000	$	—	$	—	$	412,000
Share-based compensation liabilities (b)	$	404,000	$	—	$	—	$	404,000
Interest rate swaps liability (b)	$	—	$	752,000	$	—	$	752,000
	December 31, 2012
Description	Level 1		Level 2		Level 3		Total
Investments related to share-based compensation liabilities (a)	$	450,000	$	—	$	—	$	450,000
Share-based compensation liabilities (b)	$	445,000	$	—	$	—	$	445,000
Interest rate swaps liability (b)	$	—	$	1,577,000	$	—	$	1,577,000

(a) Included in other assets in the accompanying consolidated balance sheets.

(b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

The fair value of the Company’s fixed rate mortgage loans was estimated using available market information and discounted cash flows analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of September 30, 2013 and December 31, 2012, the aggregate fair values of the Company’s fixed rate mortgage loans payable, which were determined to be a Level 3 within the valuation hierarchy, were approximately $503.8 million and $565.4 million, respectively; the carrying values of such loans were $483.6 million and $544.8 million, respectively.

15

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

The following tables show the hierarchy for those assets measured at fair value on a non-recurring basis as of September 30, 2013 and December 31, 2012, respectively:

	Assets Measured at Fair Value on a
	Non-Recurring Basis
	September 30, 2013
Asset Description	Level 1		Level 2		Level 3		Total
Real estate held for sale/conveyance	$	—	$	544,000	$	65,535,000	$	66,079,000
	December 31, 2012
Asset Description	Level 1		Level 2		Level 3		Total
Real estate held for sale/conveyance	$	—	$	15,574,000	$	62,219,000	$	77,793,000

The following table details the quantitative information regarding Level 3 assets measured at fair value on a non-recurring basis as of September 30, 2013:

Quantitative Information about Level 3 Fair Value Measurements
	Fair value at		Valuation	Unobservable	Range
	September 30, 2013		Technique	inputs	(weighted average)
Real estate held for sale/conveyance:
Operating retail real estate (six properties)	$	53,473,000	Discounted cash flow	Capitalization rates	7.8% to 11.0% (8.8%)
				Discount rates	9.2% to 12.8% (9.9%)
Land development property		10,477,000	Discounted cash flow	Capitalization rate	7.3%
				Discount rate	7.8%
Land (three parcels)		1,585,000	Sales comparison approach	Price per acre	$25,000 to $154,000 per acre
					($49,000 per acre)
	$	65,535,000

16

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

Note 6. Debt

Credit facility

On August 1, 2013, the Company amended and extended, on an unsecured basis, its credit facility. As amended, the $310 million credit facility is comprised of a three-year $260 million revolving credit facility, expiring on August 1, 2016, and a five-year $50 million term loan, expiring on August 1, 2018. Subject to customary conditions, the revolving credit facility may be extended, at the Company’s option, for two additional one-year periods. Under an accordion feature, the new facility can be increased to $500 million, subject to customary conditions, and lending commitments from participating banks. The new facility contains financial covenants including, but not limited to, maximum debt leverage, maximum secured debt, minimum interest coverage, minimum fixed charge coverage, and minimum net worth. In addition, the new facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. Although the new facility is unsecured, borrowing availability is based on unencumbered property adjusted net operating income, as defined in the agreement. The Company’s failure to comply with the covenants or the occurrence of an event of default under the new facility could result in the acceleration of the related debt. In connection with the transaction, the Company paid fees and legal expenses of approximately $1.7 million.

Borrowings under the new facility are priced at LIBOR plus 195 bps (a weighted average rate of 2.2% per annum at September 30, 2013), and can range from LIBOR plus 165 bps to 225 bps based on the Company’s leverage ratio. As of September 30, 2013, the Company had $130.0 million outstanding under the revolving credit facility and $50.0 million outstanding under the term loan, and had $106.8 million available for additional borrowings.

Mortgage loans payable

During the three and nine months ended September 30, 2013, the Company paid off $13.7 million and $56.4 million of mortgage loans payable, respectively, of which $0 and $37.3 million, respectively, represented prepayments. In this connection, during the three and nine months ended September 30, 2013, the Company incurred charges relating to early extinguishment of debt (prepayment penalties and accelerated amortization of deferred financing costs) of approximately $0 and $543,000 (including $437,000 classified as discontinued operations), respectively.

On November 1, 2013, the Company prepaid a $7.6 million mortgage loan payable, without penalty, that was due to mature in January 2014.

17

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

Derivative financial instruments

At September 30, 2013, the Company had a mortgage loan payable of approximately $12.0 million subject to an interest rate swap. The interest rate swap converted the LIBOR-based variable rate to a fixed rate of 5.2% per annum. At that date, the Company had accrued liabilities of $0.8 million (included in accounts payable and accrued liabilities on the consolidated balance sheet) relating to the fair value of the interest rate swap applicable to the existing mortgage loan payable. Charges and/or credits relating to the changes in the fair value of the interest rate swap are made to accumulated other comprehensive income (loss), noncontrolling interests (minority interests in consolidated joint ventures and limited partners’ interest), or operations (included in interest expense), as appropriate.

The following is a summary of the derivative financial instruments held by the Company at September 30, 2013 and December 31, 2012:

				Notional values								Balance	Fair value
Designation/ Cash flow	Derivative	Count		September 30, 2013		Count		December 31, 2012		Maturity date		sheet location	September 30, 2013		December 31, 2012
Qualifying	Interest rate swaps Consolidated		1	$	11,965,000		3	$	31,417,000		2018	Accrued liabilities Consolidated	$	752,000	$	1,577,000

The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three and nine months ended September 30, 2013 and 2012, respectively:

		Amount of gain recognized in other
		comprehensive income (loss) (effective portion)
Designation/		Three months ended September 30,					Nine months ended September 30,
Cash flow	Derivative	2013			2012		2013			2012
Qualifying	Consolidated	$	166,000	(a)	$	174,000	$	1,076,000	(a)	$	483,000
Qualifying	Cedar/RioCan Joint Venture	$	—		$	20,000	$	—		$	78,000

(a) For the three and nine months ended September 30, 2013, $258,000 and $901,000, respectively, were reclassified from other comprehensive income to interest expense in the consolidated statements of operations.

18

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

As of September 30, 2013, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. Additionally, based on the rates in effect as of September 30, 2013, if a counterparty were to default, the Company would receive a net interest benefit.

Note 7. Commitments and Contingencies

The Company is a party to certain legal actions arising in the normal course of business. Management does not expect there to be adverse consequences from these actions that would be material to the Company’s consolidated financial statements.

Note 8. Shareholders’ Equity

On February 12, 2013, the Company concluded a public offering of 2,000,000 shares of its 7.25% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) at $24.58 per share, and realized net proceeds, after offering expenses, of approximately $47.6 million. On February 12, 2013, the underwriters exercised their over-allotment option to the extent of 300,000 additional shares of the Company’s Series B Preferred Stock, and the Company realized additional net proceeds of $7.1 million.

In addition, during the three months ended March 31, 2013, the Company sold approximately 221,000 shares of its Series B Preferred Stock under the at-the-market equity program at a weighted average price of $24.52 per share, and realized net proceeds, after offering expenses, of approximately $5.2 million.

On March 11, 2013, the Company redeemed the remaining 1,408,000 shares of its 8.875% Series A Cumulative Redeemable Preferred Stock, for a total cash outlay of $35.4 million.

On August 6, 2013, the Company entered into an at-the-market continuous offering program under which it may offer and sell, from time-to-time, up to 10 million shares of its common stock. Through September 30, 2013, no shares had been sold under this program.

19

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

The following table provides a summary of dividends declared and paid per share:

	Three months ended Septemeber 30,				Nine months ended September 30,
	2013		2012		2013		2012
Common stock	$	0.050	$	0.050	$	0.150	$	0.150
Cumulative Redeemable Preferred Stock:
8.875% Series A	$	—	$	0.555	$	0.555	$	1.109
7.250% Series B	$	0.453	$	0.453	$	1.359	$	0.453

On October 28, 2013, the Company’s Board of Directors declared a dividend of $0.05 per share with respect to its common stock. At the same time, the Board declared a dividend of $0.453125 per share with respect to the Company’s Series B Preferred Stock. The distributions are payable on November 20, 2013 to shareholders of record on November 8, 2013.

Note 9. Revenues

Rental revenues for the three and nine months ended September 30, 2013 and 2012, respectively, are comprised of the following:

	Three months ended September 30,				Nine months ended September 30,
	2013		2012		2013		2012
Base rents	$	26,824,000	$	24,905,000	$	80,059,000	$	74,429,000
Percentage rent		316,000		313,000		652,000		774,000
Straight-line rents		301,000		216,000		1,195,000		778,000
Amortization of intangible lease liabilities		1,116,000		1,174,000		3,409,000		4,164,000
Total rents	$	28,557,000	$	26,608,000	$	85,315,000	$	80,145,000

Note 10. Share-Based Compensation

The following tables set forth certain share-based compensation information for the three and nine months ended September 30, 2013 and 2012, respectively:

20

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012 (a)
Share-based compensation:
Expense relating to share grants	$	1,242,000		$	1,149,000		$	3,018,000		$	2,885,000
Adjustments to reflect changes in market price of Company’s common stock		—			—			—			10,000
Amounts capitalized		(98,000	)		(89,000	)		(326,000	)		(281,000	)
Total charged to operations	$	1,144,000		$	1,060,000		$	2,692,000		$	2,614,000

(a) Includes expense relating to grants previously recorded as equity and liability awards.

The Company’s 2012 Stock Incentive Plan (the “2012 Plan”) establishes the procedures for the granting of, among other things, restricted stock awards. During the nine months ended September 30, 2013, there were 584,000 time-based restricted shares issued, with a weighted average grant date fair value of $5.65 per share. At September 30, 2013, approximately 1.8 million shares remained available for grants pursuant to the 2012 Plan.

Note 11. Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such shares have non-forfeitable rights to receive dividends). Unvested restricted shares are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For the three months ended September 30, 2013 and 2012, the Company had 3.9 million and 3.6 million, respectively, of weighted average unvested restricted shares outstanding. For the nine months ended September 30, 2013 and 2012, the Company had 3.8 million and 3.2 million, respectively, of weighted average unvested restricted shares outstanding. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2013 and 2012, respectively:

21

Cedar Realty Trust, Inc.

Notes to Consolidated Financial Statements

September 30, 2013

(unaudited)

	Three months ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012
Numerator
(Loss) income from continuing operations	$	(424,000	)	$	1,056,000		$	6,650,000		$	(2,243,000	)
Preferred stock dividends		(3,602,000	)		(3,877,000	)		(10,811,000	)		(11,015,000	)
Preferred stock redemption costs		—			(173,000	)		(1,166,000	)		(555,000	)
Net loss attributable to noncontrolling interests		63,000			127,000			170,000			424,000
Net earnings allocated to unvested shares		(196,000	)		(178,000	)		(567,000	)		(626,000	)
(Loss) from continuing operations attributable to common shareholders		(4,159,000	)		(3,045,000	)		(5,724,000	)		(14,015,000	)
Results from discontinued operations, net of noncontrolling interests		484,000			(1,432,000	)		1,743,000			986,000
Net (loss) attributable to common shareholders, basic and diluted	$	(3,675,000	)	$	(4,477,000	)	$	(3,981,000	)	$	(13,029,000	)
Denominator
Weighted average number of vested common shares outstanding		68,365,000			68,232,000			68,350,000			67,932,000
(Loss) earnings per common share, basic and fully diluted
Continuing operations	$	(0.06	)	$	(0.05	)	$	(0.09	)	$	(0.20	)
Discontinued operations	$	0.01		$	(0.02	)	$	0.03		$	0.01
	$	(0.05	)	$	(0.07	)	$	(0.06	)	$	(0.19	)

Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. The net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no effect had such amounts been included. The weighted average number of OP Units outstanding was 252,000 and 281,000 for the three months ended September 30, 2013 and 2012, respectively, and 271,000 and 518,000 for the nine months ended September 30, 2013 and 2012, respectively. In addition, warrants for the purchase of OP Units, which expired on May 31, 2012, have been excluded as they were anti-dilutive for all applicable periods.

Note 12. Subsequent Events

In determining subsequent events, management reviewed all activity from October 1, 2013 through the date of filing this Quarterly Report on Form 10-Q.

22

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the Company’s consolidated financial statements and related notes thereto included elsewhere in this report.

Executive Summary

The Company is a fully-integrated real estate investment trust which focuses primarily on ownership and operation of grocery-anchored shopping centers straddling the Washington DC to Boston corridor. At September 30, 2013, the Company owned and managed a portfolio of 67 operating properties (excluding properties “held for sale/conveyance”) totaling approximately 9.8 million square feet of gross leasable area (“GLA”). The portfolio was 92.8% leased and 92.0% occupied at September 30, 2013.

The Company derives substantially all of its revenues from rents and operating expense reimbursements received pursuant to long-term leases. The Company’s operating results therefore depend on the ability of its tenants to make the payments required by the terms of their leases. The Company focuses its investment activities on grocery-anchored community shopping centers. The Company believes that, because of the need of consumers to purchase food and other staple goods and services generally available at such centers, its type of “necessities-based” properties should provide relatively stable revenue flows even during difficult economic times.

23

Results of Operations

Comparison of three months ended September 30, 2013 and 2012

							Change
	2013			2012			Dollars			Percent
Revenues	$	35,438,000		$	33,489,000		$	1,949,000			5.8	%
Property operating expenses		10,311,000			9,684,000			627,000			6.5	%
Property operating income		25,127,000			23,805,000			1,322,000			5.6	%
General and administrative		(3,248,000	)		(3,637,000	)		389,000			-10.7	%
Employee termination costs		—			(1,131,000	)		1,131,000			n/a
Depreciation and amortization		(13,494,000	)		(9,254,000	)		(4,240,000	)		45.8	%
Interest expense		(8,810,000	)		(9,603,000	)		793,000			-8.3	%
Interest income		1,000			63,000			(62,000	)		-98.4	%
Equity in income of unconsolidated joint venture		—			411,000			(411,000	)		-100.0	%
Gain on sale		—			402,000			(402,000	)		n/a
(Loss) income from continuing operations		(424,000	)		1,056,000			(1,480,000	)
Discontinued operations:
Income from operations		486,000			1,242,000			(756,000	)		-60.9	%
Net income		62,000			2,298,000			(2,236,000	)
Net loss (income) attributable to noncontrolling interests		61,000			(2,547,000	)		2,608,000
Net income (loss) attributable to Cedar Realty Trust, Inc.	$	123,000		$	(249,000	)	$	372,000

Properties held in both periods. The Company held 66 properties (excluding properties “held for sale/conveyance”) during the three months ended September 30, 2013 and 2012.

Revenues were higher primarily as a result of (1) rental revenues and expense recoveries at a property acquired in the fourth quarter of 2012 ($1.7 million), and (2) increases in rental revenues and expense recoveries at the Company’s other operating properties ($1.1 million), offset by a decrease in management fee income related to the Cedar/RioCan joint venture ($0.8 million); the management agreement was terminated effective January 31, 2013.

Property operating expenses were higher primarily as a result of (1) property operating expenses at a property acquired in the fourth quarter of 2012 ($0.5 million), and (2) an increase in property operating expenses at the Company’s other operating properties ($0.5 million), offset by a decrease in payroll and related benefits and costs ($0.3 million).

General and administrative expenses were lower primarily as a result of decreases in payroll and related benefits resulting from employee headcount reductions implemented by management in the latter part of 2012.

Employee termination costs in 2012 reflect separation arrangements and terminations of employment agreements relating primarily to employee headcount reduction instituted in

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connection with property dispositions and the exit from the Cedar/RioCan joint venture. Such costs consist of (1) severance and benefits ($0.6 million), (2) accelerated vesting of share-based compensation grants ($0.4 million), and (3) other costs ($0.1 million).

Depreciation and amortization expenses in 2013 reflect the redevelopment and lease up of vacant spaces which required the demolition of certain existing buildings resulting in accelerated depreciation expense ($3.8 million). Otherwise, depreciation and amortization expenses were consistent, reflecting the acquisition of a property in the fourth quarter of 2012, offset by completion of scheduled depreciation and amortization.

Interest expense decreased primarily as a result of (1) a lower overall weighted average interest rate ($0.6 million), and (2) a decrease in the principal balance of outstanding debt ($0.3 million).

Equity in income of unconsolidated joint venture in 2012 relates to the Cedar/RioCan joint venture, which the Company exited in October 2012.

Gain on sale in 2012 relates to the sale of a land parcel treated as “held for sale/conveyance”.

Discontinued operations for 2013 and 2012 include the results of operations, gain on extinguishment of debt, and gain on sales for properties sold or treated as “held for sale/conveyance”, as more fully discussed elsewhere in this report.

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Comparison of nine months ended September 30, 2013 and 2012

							Change
	2013			2012			Dollars			Percent
Revenues	$	107,518,000		$	104,771,000		$	2,747,000			2.6	%
Property operating expenses		31,997,000			30,177,000			1,820,000			6.0	%
Property operating income		75,521,000			74,594,000			927,000			1.2	%
General and administrative		(9,974,000	)		(10,999,000	)		1,025,000			-9.3	%
Employee termination costs		(106,000	)		(1,131,000	)		1,025,000			n/a
Impairment reversal		1,100,000			—			1,100,000			n/a
Depreciation and amortization		(33,079,000	)		(34,721,000	)		1,642,000			-4.7	%
Interest expense		(27,055,000	)		(29,479,000	)		2,424,000			-8.2	%
Early extinguishment of debt costs		(106,000	)		(2,607,000	)		2,501,000			n/a
Interest income		3,000			187,000			(184,000	)		-98.4	%
Equity in income of unconsolidated joint venture		—			1,432,000			(1,432,000	)		-100.0	%
Gain on sales		346,000			481,000			(135,000	)		n/a
Income (loss) from continuing operations		6,650,000			(2,243,000	)		8,893,000
Discontinued operations:
Income from operations		452,000			3,680,000			(3,228,000	)		-87.7	%
Impairment reversals, net		—			1,138,000			(1,138,000	)		n/a
Gain on extinguishment of debt		1,298,000			—			1,298,000			n/a
Gain on sales		—			750,000			(750,000	)		n/a
Net income		8,400,000			3,325,000			5,075,000
Net loss (income) attributable to noncontrolling interests		163,000			(4,158,000	)		4,321,000
Net income (loss) attributable to Cedar Realty Trust, Inc.	$	8,563,000		$	(833,000	)	$	9,396,000

Properties held in both periods. The Company held 66 properties (excluding properties “held for sale/conveyance”) during the nine months ended September 30, 2013 and 2012.

Revenues were higher primarily as a result of (1) rental revenues and expense recoveries at a property acquired in the fourth quarter of 2012 ($5.3 million), (2) increases in rental revenues and expense recoveries at the Company’s other operating properties ($2.1 million), and (3) increases in rental revenues and expense recoveries at re-development properties ($0.2 million), offset by (4) a decrease in lease termination fee income from a tenant which vacated its space during the quarter ended June 30, 2012 ($3.0 million), and (5) a decrease in management fee income relating to the Cedar/RioCan joint venture ($1.8 million); the management agreement was terminated effective January 31, 2013.

Property operating expenses were higher primarily as a result of (1) property operating expenses at a property acquired in the fourth quarter of 2012 ($1.5 million), (2) an increase in snow removal costs ($0.8 million), and (3) an increase in other operating expenses ($0.5

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million), offset by (4) a decrease in payroll and related benefits and costs ($0.9 million), and (5) a decrease in bad debt expense ($0.1 million).

General and administrative expenses were lower primarily as a result of decreases in payroll and related benefits resulting from employee headcount reductions implemented by management in the latter part of 2012.

Employee termination costs in 2012 reflect separation arrangements and terminations of employment agreements relating primarily to employee headcount reduction instituted in connection with property dispositions and the exit from the Cedar/RioCan joint venture. Such costs consist of (1) severance and benefits ($0.6 million), (2) accelerated vesting of share-based compensation grants ($0.4 million), and (3) other costs ($0.1 million).

Impairment reversal in 2013 relates to the partial cash recovery on a loan receivable previously written off, as more fully discussed elsewhere in this report.

Depreciation and amortization expenses reflect the redevelopment and lease up of vacant spaces which required the demolition of certain existing buildings resulting in accelerated depreciation expense (2013 - $3.8 million and 2012 - $6.3 million). In addition, depreciation and amortization expenses increased in 2013 as compared with 2012, primarily as a result of the acquisition of a property in the fourth quarter of 2012 ($2.1 million), offset by the completion of scheduled depreciation and amortization ($1.2 million).

Interest expense decreased primarily as a result of (1) a lower overall weighted average interest rate ($2.1 million), and (2) a decrease in the principal balance of outstanding debt ($0.6 million), offset by a decrease in the amount of interest capitalized ($0.2 million).

Early extinguishment of debt costs in 2013 relates to the write-off of unamortized fees associated with prepaid mortgage loans payable. Early extinguishment of debt costs in 2012 relates to the write-off of unamortized fees associated with the Company’s prior credit facilities.

Equity in income of unconsolidated joint venture in 2012 relates to the Cedar/RioCan joint venture, which the Company exited in October 2012.

Gain on sales in 2013 and 2012 relates to the sale of land parcels treated as “held for sale/conveyance”.

Discontinued operations for 2013 and 2012 include the results of operations, impairment reversals, gain on extinguishment of debt, and gain on sales for properties sold or treated as “held for sale/conveyance”, as more fully discussed elsewhere in this report.

Same-Property Net Operating Income

Same-property net operating income (“same-property NOI”) is a widely-used non-GAAP financial measure for REITs that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful to investors as it provides an indication

27

of the recurring cash generated by the Company’s properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from period to period. Properties are included in same-property NOI if they are 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”. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI.

Same-property NOI should not be considered as an alternative to net income prepared in accordance with GAAP or as a measure of liquidity. Further, same-property NOI is a measure for which there is no standard industry definition and, as such, it is not consistently defined or reported on among the Company’s peers, and thus may not provide an adequate basis for comparison between REITs. The following table reconciles same-property NOI to the Company’s consolidated operating income.

	Three months ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012
Consolidated operating income	$	8,385,000		$	9,783,000		$	33,462,000		$	27,743,000
Add:
General and administrative		3,248,000			3,637,000			9,974,000			10,999,000
Employee termination costs		—			1,131,000			106,000			1,131,000
Impairment reversal		—			—			(1,100,000	)		—
Depreciation and amortization		13,494,000			9,254,000			33,079,000			34,721,000
Corporate costs included in property expenses		1,287,000			1,707,000			3,928,000			4,829,000
Less:
Management fee income		—			(859,000	)		(191,000	)		(2,136,000	)
Straight-line rents		(301,000	)		(216,000	)		(1,195,000	)		(778,000	)
Amortization of intangible lease liabilities		(1,116,000	)		(1,174,000	)		(3,409,000	)		(4,164,000	)
Internal management fees charged to properties		(984,000	)		(879,000	)		(2,798,000	)		(2,591,000	)
Other		6,000			(35,000	)		(287,000	)		(3,046,000	)
Consolidated NOI		24,019,000			22,349,000			71,569,000			66,708,000
Less NOI related to properties not defined as same-property		(4,081,000	)		(3,029,000	)		(12,634,000	)		(8,611,000	)
Same-property NOI	$	19,938,000		$	19,320,000		$	58,935,000		$	58,097,000
Number of same properties		61						61
Same-property occupancy, end of period		93.5	%		92.3	%		93.5	%		92.3	%
Same-property leased, end of period		94.1	%		93.8	%		94.1	%		93.8	%
Same-property average base rent, end of period	$	11.93		$	11.74		$	11.93		$	11.74

Same-property NOI for the comparative three and nine month periods increased by 2.3% and 1.6%, respectively, excluding the re-tenanting impact from replacing the dark anchor at Oakland Commons with a Walmart Neighborhood Market. Same-property NOI growth including this impact was 3.2% and 1.4%, respectively, for the comparative three and nine month periods. The results reflect an increase in average base rent at the properties of $0.19 per square foot.

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Leasing Activity

The following is a summary of the Company’s leasing activity during the nine months ended September 30, 2013:

	Leases signed		GLA		New rent per sq.ft. ($)		Prior rent per sq.ft. ($)		Cash basis % change			Tenant improvements per sq.ft. ($) (a)
Renewals		96		641,800		12.98		11.97		8.4	%		0.00
New Leases - Comparable		25		80,300		15.67		12.88		21.6	%		21.98
New Leases - Non-Comparable		10		80,300		11.42		n/a		n/a			7.37
Total (b)		131		802,400		13.09		n/a		n/a			2.94

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

(b) For the nine months ended September 30, 2013, legal fees and lease commissions averaged a combined total of $2.52 per square foot.

Liquidity and Capital Resources

The Company funds operating expenses and other short-term liquidity requirements, including debt service, tenant improvements, leasing commissions, preferred and common stock dividend distributions and distributions to minority interest partners, if made, primarily from its operations. The Company may also use its credit facility for these purposes. The Company expects to fund long-term liquidity requirements for property acquisitions, redevelopment costs, remaining development costs, capital improvements, joint venture requirements, and maturing debt initially with its credit facility, and ultimately through a combination of issuing and/or assuming additional mortgage debt, the sale of equity securities, the issuance of additional OP Units, and/or the sale of properties. Although the Company believes it has access to secured and unsecured financing, there can be no assurance that the Company will have the availability of mortgage financing on completed development projects, additional construction financing, or proceeds from the refinancing of existing debt.

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Debt is comprised of the following at September 30, 2013:

			Interest rates
Description	Balance outstanding		Weighted - average			Range
Fixed-rate mortgages (a)	$	483,561,000		5.5	%	3.1% - 7.5%
Variable-rate mortgage		59,718,000		3.0	%
Total property-specific mortgages		543,279,000		5.2	%
Credit facility		180,000,000		2.2	%
	$	723,279,000		4.5	%

(a) At September 30, 2013, the Company had a mortgage loan payable of approximately $12.0 million subject to an interest rate swap which converted the LIBOR-based variable rate to a fixed annual rate of 5.2% per annum.

On August 1, 2013, the Company amended and extended, on an unsecured basis, its credit facility. As amended, the $310 million credit facility is comprised of a three-year $260 million revolving credit facility, expiring on August 1, 2016, and a five-year $50 million term loan, expiring on August 1, 2018. Subject to customary conditions, the revolving credit facility may be extended, at the Company’s option, for two additional one-year periods. Under an accordion feature, the new facility can be increased to $500 million, subject to customary conditions, and lending commitments from participating banks. The new facility contains financial covenants including, but not limited to, maximum debt leverage, maximum secured debt, minimum interest coverage, minimum fixed charge coverage, and minimum net worth. In addition, the new facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. Although the new facility is unsecured, borrowing availability is based on unencumbered property adjusted net operating income, as defined in the agreement. The Company’s failure to comply with the covenants or the occurrence of an event of default under the new facility could result in the acceleration of the related debt. In connection with the transaction, the Company paid fees and legal expenses of approximately $1.7 million.

Borrowings under the new facility are priced at LIBOR plus 195 bps (a weighted average rate of 2.2% per annum at September 30, 2013), and can range from LIBOR plus 165 bps to 225 bps based on the Company’s leverage ratio. As of September 30, 2013, the Company had $130.0 million outstanding under the revolving credit facility and $50.0 million outstanding under the term loan, and had $106.8 million available for additional borrowings.

Property-specific mortgage loans payable at September 30, 2013 consisted of fixed-rate notes totaling $483.6 million, with a weighted average interest rate of 5.5%, and a LIBOR-based variable-rate note totaling $59.7 million, with an effective interest rate of 3.0% per annum at that date. For the remainder of 2013, the Company has approximately $2.3 million of scheduled debt

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principal amortization payments. In addition, on November 1, 2013, the Company prepaid a $7.6 million mortgage loan payable, without penalty, that was due to mature in January 2014.

Mortgage loans payable and the credit facility have an overall weighted average interest rate of 4.5% and mature at various dates through 2029. The terms of several of the Company’s mortgage loans payable require the Company to deposit certain replacement and other reserves with its lenders. Such “restricted cash” is generally available only for property-level requirements for which the reserves have been established, and is not available to fund other property-level or Company-level obligations.

In February 2013, the Company concluded a public offering of 2.3 million shares of its Series B Preferred Stock (including 0.3 million shares relating to the exercise by the underwriters of their over-allotment option) and realized net proceeds, after offering expenses, of $54.7 million. In March 2013, the Company redeemed all of the remaining 1.4 million shares of its Series A Preferred Stock, for a total cash outlay of $35.4 million.

On August 6, 2013, the Company entered into an at-the-market continuous offering program under which it may offer and sell, from time-to-time, up to 10 million shares of its common stock. Through September 30, 2013, no shares had been sold under this program.

In order to continue qualifying as a REIT, the Company is required to distribute at least 90% of its “REIT taxable income”, as defined in the Internal Revenue Code of 1986, as amended (the “Code”). The Company paid common stock dividends totaling $0.20 per share during 2012, and will pay common stock dividends totaling $0.20 per share during 2013. While the Company intends to continue paying regular quarterly dividends, future dividend declarations will continue to be at the discretion of the Board of Directors, and will depend on the cash flow and financial condition of the Company, capital requirements, annual distribution requirements under the REIT provisions of the Code, and such other factors as the Board of Directors may deem relevant.

Net Cash Flows

	September 30,
	2013			2012
Cash flows provided by (used in):
Operating activities	$	33,976,000		$	36,682,000
Investing activities	$	5,276,000		$	2,190,000
Financing activities	$	(41,331,000	)	$	(43,526,000	)

Operating Activities

Net cash provided by operating activities, before net changes in operating assets and liabilities, was generally consistent at $39.9 million for the nine months ended September 30, 2013 and $39.7 million for the nine months ended September 30, 2012. Reductions in interest expense and property-level and general and administrative overhead savings resulting from

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employee headcount reductions implemented by management in the latter part of 2012 offset the reduced results from properties sold and the Company’s exit from the Cedar/RioCan joint venture. The comparative net changes in operating assets and liabilities were primarily the result of the payment of annual property/casualty insurance premiums (which had been paid in installments in prior years), and the timing of collections of receivables and payments of accounts payable and accrued liabilities.

Investing Activities

Net cash flows provided by investing activities were primarily the result of the Company’s property disposition activities and expenditures for property improvements. During the nine months ended September 30, 2013, the Company received proceeds from sales of properties treated as discontinued operations ($17.4 million), proceeds released from escrows ($1.7 million), and the repayment of a note receivable ($1.1 million), offset by expenditures for property improvements ($14.9 million). During the nine months ended September 30, 2012, the Company received proceeds from the sale of real estate ($18.8 million), had distributions of capital from an unconsolidated joint venture ($2.9 million), and proceeds released from escrows ($2.6 million), offset by expenditures for property improvements ($22.1 million).

Financing Activities

During the nine months ended September 30, 2013, the Company had repayments of mortgage obligations ($65.7 million), the redemption of the 8.875% Series A Cumulative Redeemable Preferred Stock ($35.0 million), preferred and common stock distributions ($21.6 million), payment of debt financing costs ($1.9 million), distributions to noncontrolling interests (minority interests and limited partners - $ 0.7 million), and a redemption of OP Units ($0.2 million), offset by proceeds from the sale of the 7.25% Series B Cumulative Redeemable Preferred Stock ($59.8 million), and net advances under the credit facility ($24.0 million). During the nine months ended September 30, 2012, the Company had net repayments under the credit facility ($73.3 million), repayments of mortgage obligations ($53.3 million), preferred and common stock distributions ($20.9 million), redemptions and repurchase of the 8.875% Series A Cumulative Redeemable Preferred Stock ($12.1 million), the payment of debt financing costs ($4.4 million), and distributions to noncontrolling interests (minority interests and limited partners - $3.7 million), offset by proceeds from the sale of the 7.25% Series B Cumulative Redeemable Preferred Stock ($124.4 million).

Funds From Operations

Funds From Operations “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

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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, 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 following table sets forth the Company’s calculations of FFO for the three and nine months ended September 30, 2013 and 2012:

	Three months ended September 30,						Nine months ended September 30,
	2013			2012			2013			2012
Net (loss) attributable to common shareholders	$	(3,479,000	)	$	(4,299,000	)	$	(3,414,000	)	$	(12,403,000	)
Add (deduct):
Real estate depreciation and amortization		13,401,000			9,185,000			32,787,000			34,577,000
Limited partners’ interest		(12,000	)		(17,000	)		(11,000	)		(114,000	)
Impairment reversals, net		—			—			(1,100,000	)		(1,138,000	)
Gain on sales		—			(402,000	)		(346,000	)		(1,231,000	)
Consolidated minority interests:
Share of (loss) income		(49,000	)		2,564,000			(152,000	)		4,272,000
Share of FFO		(325,000	)		(1,287,000	)		(1,020,000	)		(4,078,000	)
Unconsolidated joint venture:
Share of income		—			(411,000	)		—			(1,432,000	)
Share of FFO		—			1,433,000			—			4,488,000
FFO	$	9,536,000		$	6,766,000		$	26,744,000		$	22,941,000

Inflation

Inflation has been relatively low in recent years and has not had a significant detrimental impact on the Company’s results of operations. Should inflation rates increase in the future, substantially all of the Company’s tenant leases contain provisions designed to partially mitigate the negative impact of inflation in the near term. Such lease provisions include clauses that require tenants to reimburse the Company for real estate taxes and many of the operating

33

expenses it incurs. Significant inflation rate increases over a prolonged period of time may have a material adverse impact on the Company’s business.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

One of the principal market risks facing the Company is interest rate risk on its credit facilities. The Company may, when advantageous, hedge its interest rate risk by using derivative financial instruments. The Company is not subject to foreign currency risk.

The Company is exposed to interest rate changes primarily through (1) the variable-rate credit facility used to maintain liquidity, fund capital expenditures and redevelopment activities, and expand its real estate investment portfolio, and (2) property-specific variable-rate mortgage financing. The Company’s objectives with respect to interest rate risk are to limit the impact of interest rate changes on operations and cash flows, and to lower its overall borrowing costs. To achieve these objectives, the Company may borrow at fixed rates and may enter into derivative financial instruments such as interest rate swaps, caps, etc., in order to mitigate its interest rate risk on a related variable-rate financial instrument. The Company does not enter into derivative or interest rate transactions for speculative purposes. At September 30, 2013, the Company had a mortgage loan payable of approximately $12.0 million subject to an interest rate swap which converted the LIBOR-based variable rate to a fixed rate of 5.2% per annum. At that date, the Company had accrued liabilities of $0.8 million (included in accounts payable and accrued liabilities on the consolidated balance sheet) relating to the fair value of the interest rate swap applicable to the mortgage loan payable.

At September 30, 2013, long-term debt consisted of fixed-rate mortgage loans payable and variable-rate debt (including the Company’s variable-rate credit facility). The average interest rate on the $483.6 million of fixed-rate indebtedness outstanding was 5.5%, with maturities at various dates through 2029. The average interest rate on the $239.7 million of variable-rate debt (including $180.0 million in advances under the Company’s credit facility) was 2.4%. With respect to the $239.7 million of variable-rate debt outstanding at September 30, 2013, if interest rates either increase or decrease by 1%, the Company’s interest cost would increase or decrease respectively by approximately $2.4 million per annum.

Item 4. Controls and Procedures

The Company maintains disclosure controls and procedures and internal controls designed to ensure that information required to be disclosed in its filings under the Securities Exchange Act of 1934 is reported within the time periods specified in the rules and regulations of the Securities and Exchange Commission (“SEC”). In this regard, the Company has formed a Disclosure Committee currently comprised of several of the Company’s executive officers as well as certain other employees with knowledge of information that may be considered in the SEC reporting process. The Committee has responsibility for the development and assessment of the financial and non-financial information to be included in the reports filed with the SEC, and assists the Company’s Chief Executive Officer and Chief Financial Officer in connection with their certifications contained in the Company’s SEC filings. The Committee meets regularly and reports to the Audit Committee on a quarterly or more frequent basis. The Company’s principal

34

executive and financial officers have evaluated its disclosure controls and procedures as of September 30, 2013, and have determined that such disclosure controls and procedures are effective.

During the three months ended September 30, 2013, there have been no changes in the internal controls over financial reporting or in other factors that have materially affected, or are reasonably likely to materially affect, these internal controls over financial reporting.

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Part II Other Information

Item 6. Exhibits

Exhibit 31	Section 302 Certifications
Exhibit 32	Section 906 Certifications
Exhibit 101.INS	XBRL Instance Document
Exhibit 101.SCH	XBRL Taxonomy Extension Schema Document
Exhibit 101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
Exhibit 101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
Exhibit 101.LAB	XBRL Taxonomy Extension Label Linkbase Document
Exhibit 101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

CEDAR REALTY TRUST, INC.

By:	/s/ BRUCE J. SCHANZER	By:	/s/ PHILIP R. MAYS
Bruce J. Schanzer		Philip R. Mays
President and Chief Executive Officer (Principal executive officer)		Chief Financial Officer (Principal financial officer)

November 7, 2013

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EX-31.1

Exhibit 31.1

CERTIFICATION

I, Bruce J. Schanzer, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Cedar Realty Trust, Inc. (the “Company” or “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2013

/s/ BRUCE J. SCHANZER

Bruce J. Schanzer, Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Philip R. Mays, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Cedar Realty Trust, Inc. (the “Company” or “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 7, 2013

/s/ PHILIP R. MAYS

Philip R. Mays, Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION

I, Bruce J. Schanzer, Chief Executive Officer of Cedar Realty Trust, Inc. (the “Company”), pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, do hereby certify as follows:

1. The Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2013 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

IN WITNESS WHEREOF, I have executed this Certification this 7^th day of November, 2013.

/s/ BRUCE J. SCHANZER

Bruce J. Schanzer, Chief Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION

I, Philip R. Mays, Chief Financial Officer of Cedar Realty Trust, Inc. (the “Company”), pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, do hereby certify as follows:

1. The Quarterly Report on Form 10-Q of the Company for the period ended September 30, 2013, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

IN WITNESS WHEREOF, I have executed this Certification this 7^th day of November, 2013.

/s/ PHILIP R. MAYS

Philip R. Mays, Chief Financial Officer

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Share-Based Compensation

9 Months Ended

Sep. 30, 2013

Share-Based Compensation [Abstract]

Share-Based Compensation

Note 10. Share-Based Compensation

The following tables set forth certain share-based compensation information for the three and nine months ended September 30, 2013 and 2012, respectively:

	Three months ended September 30,		Nine months ended September 30,
	2013	2012	2013	2012 (a)
Share-based compensation:
Expense relating to share grants	$            1,242,000	$            1,149,000	$            3,018,000	$            2,885,000
Adjustments to reflect changes in market price of
Company's common stock	-	-	-	10,000
Amounts capitalized	(98,000)	(89,000)	(326,000)	(281,000)
Total charged to operations	$            1,144,000	$            1,060,000	$            2,692,000	$            2,614,000
(a) Includes expense relating to grants previously recorded as equity and liability awards.

The Company’s 2012 Stock Incentive Plan (the “2012 Plan”) establishes the procedures for the granting of, among other things, restricted stock awards. During the nine months ended September 30, 2013, there were 584,000 time-based restricted shares issued, with a weighted average grant date fair value of $5.65 per share. At September 30, 2013, approximately 1.8 million shares remained available for grants pursuant to the 2012 Plan.

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Consolidated Statements Of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:
Rents	$ 28,557,000	$ 26,608,000	$ 85,315,000	$ 80,145,000
Expense recoveries	6,770,000	5,973,000	21,704,000	19,257,000
Other	111,000	908,000	499,000	5,369,000
Total revenues	35,438,000	33,489,000	107,518,000	104,771,000
Expenses:
Operating, maintenance and management	5,740,000	5,295,000	18,324,000	17,162,000
Real estate and other property-related taxes	4,571,000	4,389,000	13,673,000	13,015,000
General and administrative	3,248,000	3,637,000	9,974,000	10,999,000
Employee termination costs		1,131,000	106,000	1,131,000
Impairment reversal			(1,100,000)
Depreciation and amortization	13,494,000	9,254,000	33,079,000	34,721,000
Total expenses	27,053,000	23,706,000	74,056,000	77,028,000
Operating income	8,385,000	9,783,000	33,462,000	27,743,000
Non-operating income and expense:
Interest expense	(8,810,000)	(9,603,000)	(27,055,000)	(29,479,000)
Early extinguishment of debt costs			(106,000)	(2,607,000)
Interest income	1,000	63,000	3,000	187,000
Equity in income of unconsolidated joint venture		411,000		1,432,000
Gain on sales		402,000	346,000	481,000
Total non-operating income and expense	(8,809,000)	(8,727,000)	(26,812,000)	(29,986,000)
(Loss) income from continuing operations	(424,000)	1,056,000	6,650,000	(2,243,000)
Discontinued operations:
Income from operations	486,000	1,242,000	452,000	3,680,000
Impairment reversals, net				1,138,000
Gain on extinguishment of debt			1,298,000
Gain on sales				750,000
Total discontinued operations	486,000	1,242,000	1,750,000	5,568,000
Net income	62,000	2,298,000	8,400,000	3,325,000
Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures	49,000	(2,564,000)	152,000	(4,272,000)
Limited partners' interest in Operating Partnership	12,000	17,000	11,000	114,000
Total net loss (income) attributable to noncontrolling interests	61,000	(2,547,000)	163,000	(4,158,000)
Net income (loss) attributable to Cedar Realty Trust, Inc.	123,000	(249,000)	8,563,000	(833,000)
Preferred stock dividends	(3,602,000)	(3,877,000)	(10,811,000)	(11,015,000)
Preferred stock redemption costs		(173,000)	(1,166,000)	(555,000)
Net (loss) attributable to common shareholders	(3,479,000)	(4,299,000)	(3,414,000)	(12,403,000)
Per common share attributable to common shareholders (basic and diluted):
Continuing operations	$ (0.06)	$ (0.05)	$ (0.09)	$ (0.20)
Discontinued operations	$ 0.01	$ (0.02)	$ 0.03	$ 0.01
(Loss) earnings per common share, basic and fully diluted	$ (0.05)	$ (0.07)	$ (0.06)	$ (0.19)
Amounts attributable to Cedar Realty Trust, Inc. common shareholders, net of noncontrolling interests:
Loss from continuing operations	(3,963,000)	(2,867,000)	(5,157,000)	(13,389,000)
Income (loss) from discontinued operations	484,000	(1,432,000)	1,743,000	986,000
Net (loss)	$ 3,479,000	$ 4,299,000	$ 3,414,000	$ 12,403,000
Weighted average number of common shares - basic and diluted	68,365,000	68,232,000	68,350,000	67,932,000

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Real Estate

9 Months Ended

Sep. 30, 2013

Real Estate [Abstract]

Real Estate

Note 3. Real Estate

On August 16, 2013, the Company exercised the buy/sell option pursuant to the terms of the 60%-owned joint venture originally formed for the development of the Upland Square project, and the Company’s partner opted not to meet the offered purchase option. The Company acquired the remaining 40% interest in the property on October 31, 2013 for approximately $1.6 million, reflecting the Company’s preferred interest in the joint venture. The joint venture has historically been consolidated as it was deemed to be a variable interest entity and the Company was the primary beneficiary. Further, the Company has historically included 100% of the joint venture’s results of operations in net income (loss) attributable to common shareholders. Accordingly, the transaction will not have a significant effect on the Company’s consolidated financial statements.

On October 14, 2013, an agreement to acquire a grocery-anchored shopping center located in Fairfield County, Connecticut became non-cancelable. The purchase price for the property will be $34.5 million, plus closing costs, of which approximately $33 million will be initially funded from the Company’s credit facility and the balance by the issuance of OP Units (the number of OP Units to be determined at closing and based on the market price of the Company’s common stock). Closing of the transaction is expected in mid-November 2013.

At September 30, 2013, a number of the Company’s shopping center properties  were pledged as collateral for mortgage loans payable. See Note 6 – “Debt” for information relating to the amendment, on an unsecured basis, of the Company’s credit facility.

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Debt (Tables)

9 Months Ended

Sep. 30, 2013

Debt [Abstract]

Summary Of The Derivative Financial Instruments Held

			Notional values				Balance	Fair value
Designation/			September 30,		December 31,	Maturity	sheet	September 30,	December 31,
Cash flow	Derivative	Count	2013	Count	2012	date	location	2013	2012
	Interest						Accrued
	rate swaps						liabilities
Qualifying	Consolidated	1	$         11,965,000	3	$       31,417,000	2018	Consolidated	$              752,000	$         1,577,000

Effect Of The Derivative Financial Instruments On The Consolidated Statements Of Operations And Consolidated Statements Of Equity

		Amount of gain recognized in other
		comprehensive income (loss) (effective portion)
Designation/		Three months ended September 30,			Nine months ended September 30,
Cash flow	Derivative	2013		2012	2013		2012
Qualifying	Consolidated	$              166,000	(a)	$               174,000	$                1,076,000	(a)	$                   483,000
	Cedar/RioCan
Qualifying	Joint Venture	$                          -		$                 20,000	$                              -		$                     78,000
(a) For the three and nine months ended September 30, 2013, $258,000 and $901,000, respectively, were reclassified from other comprehensive income to interest expense in the consolidated statements of operations.

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Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 11. Earnings Per Share

Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares issued pursuant to the Company’s share-based compensation program are considered participating securities, as such shares have non-forfeitable rights to receive dividends). Unvested restricted shares are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For the three months ended September 30, 2013 and 2012, the Company had 3.9 million and 3.6 million, respectively, of weighted average unvested restricted shares outstanding. For the nine months ended September 30, 2013 and 2012, the Company had 3.8 million and 3.2 million, respectively, of weighted average unvested restricted shares outstanding. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2013 and 2012, respectively:

	Three months ended September 30,		Nine months ended September 30,
	2013	2012	2013	2012
Numerator
(Loss) income from continuing operations	$                (424,000)	$              1,056,000	$              6,650,000	$             (2,243,000)
Preferred stock dividends	(3,602,000)	(3,877,000)	(10,811,000)	(11,015,000)
Preferred stock redemption costs	-	(173,000)	(1,166,000)	(555,000)
Net loss attributable to noncontrolling interests	63,000	127,000	170,000	424,000
Net earnings allocated to unvested shares	(196,000)	(178,000)	(567,000)	(626,000)
(Loss) from continuing operations attributable to common
shareholders	(4,159,000)	(3,045,000)	(5,724,000)	(14,015,000)
Results from discontinued operations, net of noncontrolling interests	484,000	(1,432,000)	1,743,000	986,000
Net (loss) attributable to common shareholders, basic and diluted	$             (3,675,000)	$             (4,477,000)	$             (3,981,000)	$           (13,029,000)
Denominator
Weighted average number of vested common shares outstanding	68,365,000	68,232,000	68,350,000	67,932,000
(Loss) earnings per common share, basic and fully diluted
Continuing operations	$                      (0.06)	$                      (0.05)	$                      (0.09)	$                      (0.20)
Discontinued operations	$                       0.01	$                      (0.02)	$                       0.03	$                       0.01
	$                      (0.05)	$                      (0.07)	$                      (0.06)	$                      (0.19)

Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. The net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no effect had such amounts been included. The weighted average number of OP Units outstanding was 252,000 and 281,000 for the three months ended September 30, 2013 and 2012, respectively, and 271,000 and 518,000 for the nine months ended September 30, 2013 and 2012, respectively. In addition, warrants for the purchase of OP Units, which expired on May 31, 2012, have been excluded as they were anti-dilutive for all applicable periods.

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Earnings Per Share (Narrative) (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Abstract]
Weighted average nonvested restricted shares outstanding	3,900,000	3,600,000	3,800,000	3,200,000
Weighted average number of OP units outstanding	252,000	281,000	271,000	518,000

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Fair Value Measurements (Quantitative Information Regarding Level 3 Assets Measured At Fair Value On Non-recurring Basis) (Details) (USD $)					9 Months Ended				9 Months Ended					9 Months Ended
	Sep. 30, 2013 property	Dec. 31, 2012	Sep. 30, 2013 Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2012 Fair Value, Inputs, Level 3 [Member]	Sep. 30, 2013 Fair Value, Inputs, Level 3 [Member] Sales Comparison Approach Valuation Technique [Member] Minimum [Member]	Sep. 30, 2013 Fair Value, Inputs, Level 3 [Member] Sales Comparison Approach Valuation Technique [Member] Maximum [Member]	Sep. 30, 2013 Fair Value, Inputs, Level 3 [Member] Sales Comparison Approach Valuation Technique [Member] Weighted Average [Member]	Sep. 30, 2013 Operating Retail Real Estate [Member] Fair Value, Inputs, Level 3 [Member] property	Sep. 30, 2013 Operating Retail Real Estate [Member] Fair Value, Inputs, Level 3 [Member] Discounted Cash Flow Valuation Technique [Member] Minimum [Member]	Sep. 30, 2013 Operating Retail Real Estate [Member] Fair Value, Inputs, Level 3 [Member] Discounted Cash Flow Valuation Technique [Member] Maximum [Member]	Sep. 30, 2013 Operating Retail Real Estate [Member] Fair Value, Inputs, Level 3 [Member] Discounted Cash Flow Valuation Technique [Member] Weighted Average [Member]	Sep. 30, 2013 Land Development Property [Member] Discounted Cash Flow Valuation Technique [Member]	Sep. 30, 2013 Land Development Property [Member] Fair Value, Inputs, Level 3 [Member]	Sep. 30, 2013 Land [Member] Fair Value, Inputs, Level 3 [Member] item
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Real estate held for sale/conveyance	$ 66,079,000	$ 77,793,000	$ 65,535,000	$ 62,219,000				$ 53,473,000					$ 10,477,000	$ 1,585,000
Capitalization rates									7.80%	11.00%	8.80%	7.30%
Discount rates									9.20%	12.80%	9.90%	7.80%
Price per acre					25,000	154,000	49,000
Number of parcels of land														3
Number of properties	67							6

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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2013

Share-Based Compensation [Abstract]

Schedule Of Share-Based Compensation Information

	Three months ended September 30,		Nine months ended September 30,
	2013	2012	2013	2012 (a)
Share-based compensation:
Expense relating to share grants	$            1,242,000	$            1,149,000	$            3,018,000	$            2,885,000
Adjustments to reflect changes in market price of
Company's common stock	-	-	-	10,000
Amounts capitalized	(98,000)	(89,000)	(326,000)	(281,000)
Total charged to operations	$            1,144,000	$            1,060,000	$            2,692,000	$            2,614,000
(a) Includes expense relating to grants previously recorded as equity and liability awards.

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Revenues (Tables)

9 Months Ended

Sep. 30, 2013

Revenues [Abstract]

Schedule Of Revenues

	Three months ended September 30,		Nine months ended September 30,
	2013	2012	2013	2012
Base rents	$           26,824,000	$           24,905,000	$           80,059,000	$           74,429,000
Percentage rent	316,000	313,000	652,000	774,000
Straight-line rents	301,000	216,000	1,195,000	778,000
Amortization of intangible lease liabilities	1,116,000	1,174,000	3,409,000	4,164,000
Total rents	$           28,557,000	$           26,608,000	$           85,315,000	$           80,145,000

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Share-Based Compensation (Narrative) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Share-Based Compensation [Abstract]
Time-based restricted shares issued	584,000
Weighted-average grant date fair value per share	$ 5.65
Shares available for grant under a Stock Incentive Plan	1,800,000

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Properties Held For Sale and Related Transactions (Schedule Of Transactions Related To Properties Held For Sale/Conveyance) (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales	$ 402,000	$ 346,000	$ 481,000
Discontinued Operations [Member] | East Chestnut [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent Owned		100.00%
Date Sold		Jan. 02, 2013
Sales price		3,100,000
Discontinued Operations [Member] | Columbia Mall [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent Owned		100.00%
Date Sold		Apr. 17, 2013
Sales price		2,775,000
Discontinued Operations [Member] | Heritage Crossing [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent Owned		100.00%
Date Sold		May 09, 2013
Sales price		9,400,000
Discontinued Operations [Member] | Westlake Discount Drug Mart Plaza [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent Owned		100.00%
Date Sold		Jun. 05, 2013
Sales price		2,240,000
Continuing Operations [Member] | Huntingdon Plaza Land Parcel [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percent Owned		100.00%
Date Sold		Mar. 29, 2013
Sales price		390,000
Gain on sales		$ 291,000

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Debt (Mortgage Loans Payable And Derivative Financial Instruments) (Details) (USD $)	3 Months Ended	9 Months Ended			9 Months Ended	0 Months Ended
	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013 Minimum [Member]	Sep. 30, 2013 Discontinued Operations [Member]	Nov. 01, 2013 Mortgage Loan Payable Due January 2014 [Member]
Derivative [Line Items]
Repayment of mortgage loans payable	$ 13,700,000	$ 56,400,000
Prepayments of debt	0	37,300,000				7,600,000
Early extinguishment of debt charges	0	543,000			437,000
Mortgage loans payable subject to interest rate swaps	11,965,000	11,965,000	31,417,000
Liabilities related to the fair value of interest swaps of mortgage loans payable	$ 752,000	$ 752,000	$ 1,577,000
Fixed annual interest rate				5.20%

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Earnings Per Share (Schedule of Calculation of Numerator and Denominator in Earnings Per Share) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Abstract]
(Loss) income from continuing operations	$ (424,000)	$ 1,056,000	$ 6,650,000	$ (2,243,000)
Preferred stock dividends	(3,602,000)	(3,877,000)	(10,811,000)	(11,015,000)
Preferred stock redemption costs		(173,000)	(1,166,000)	(555,000)
Net loss attributable to noncontrolling interests	63,000	127,000	170,000	424,000
Net earnings allocated to unvested shares	(196,000)	(178,000)	(567,000)	(626,000)
(Loss) income from continuing operations attribtuable to common shareholders	(4,159,000)	(3,045,000)	(5,724,000)	(14,015,000)
Results from discontinued operations, net of noncontrolling interests	484,000	(1,432,000)	1,743,000	986,000
Net (loss) attributable to common shareholders, basic and diluted	$ (3,675,000)	$ (4,477,000)	$ (3,981,000)	$ (13,029,000)
Weighted average number of vested common shares outstanding	68,365,000	68,232,000	68,350,000	67,932,000
(Loss) earnings per common share, basic and fully diluted
Continuing operations	$ (0.06)	$ (0.05)	$ (0.09)	$ (0.20)
Discontinued operations	$ 0.01	$ (0.02)	$ 0.03	$ 0.01
(Loss) earnings per common share, basic and fully diluted	$ (0.05)	$ (0.07)	$ (0.06)	$ (0.19)

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Real Estate (Details) (USD $) In Millions, unless otherwise specified	0 Months Ended		9 Months Ended	0 Months Ended
	Oct. 31, 2013 Upland Square Project [Member]	Aug. 16, 2013 Upland Square Project [Member]	Sep. 30, 2013 Upland Square Project [Member]	Oct. 14, 2013 Grocery-Anchored Shopping Center Fairfield County, Connecticut [Member]
Real Estate [Line Items]
Interest in property		60.00%
Acquired interest in property	40.00%
Payments for interest in property	$ 1.6
Percentage of results of operations included in company's net income (loss)			100.00%
Payments to acquire real estate property				34.5
Amount funded by credit facilities				$ 33

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Shareholders' Equity (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	0 Months Ended	3 Months Ended	9 Months Ended		0 Months Ended	3 Months Ended	9 Months Ended		0 Months Ended	9 Months Ended
	Oct. 28, 2013	Sep. 30, 2013	Sep. 30, 2013	Aug. 06, 2013	Oct. 28, 2013 Series B [Member]	Mar. 31, 2013 Series B [Member]	Sep. 30, 2013 Series B [Member]	Feb. 12, 2013 Series B [Member]	Mar. 11, 2013 Series A [Member]	Sep. 30, 2013 Series A [Member]
Class of Stock [Line Items]
Public offering, shares								2,000,000
Dividend rate percentage							7.25%			8.875%
Public offering, per share								$ 24.58
Public offering, realized net proceeds, net offering expenses								$ 47.6
Additional shares issued to underwriters								300,000
Net proceeds realized from issuance of additional shares to underwriters								7.1
ATM equity program, shares issued						221,000
ATM equity program, weighted average price per share						$ 24.52
ATM equity program, realized net proceeds, net offering expenses						5.2
At market continuous offering program, shares authorized				10,000,000
At market continuous offering program, shares sold		0
Shares of Redeemable Preferred Stock redeemed and purchased									1,408,000
Total cash outlay for Redeemable Preferred Stock shares redeemed and purchased									$ 35.4
Common stock, dividends declared	$ 0.05
Preferred stock, dividends declared					$ 0.453125
Dividends payable, date declared			Oct. 28, 2013
Dividends payable, date of record			Nov. 08, 2013
Dividends payable, date to be paid			Nov. 20, 2013

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Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2013

Shareholders' Equity [Abstract]

Schedule Of Dividends Declared And Paid

	Three months ended Septemeber 30,		Nine months ended September 30,
	2013	2012	2013	2012
Common stock	$                 0.050	$                 0.050	$                 0.150	$                 0.150
Cumulative Redeemable Preferred Stock:
8.875% Series A	$                         -	$                 0.555	$                 0.555	$                 1.109
7.250% Series B	$                 0.453	$                 0.453	$                 1.359	$                 0.453

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Consolidated Statement Of Equity (USD $)	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock, At Cost [Member]	Additional Paid-In Capital [Member]	Cumulative Distributions In Excess Of Net Income [Member]	Accumulated Other Comprehensive (Loss) [Member]	Cedar Shopping Centers, Inc. [Member]	Minority Interests In Consolidated Joint Ventures [Member]	Limited Partners' Mezzanine OP Units [Member]	Noncontrolling Interests [Member]	Total
Balance at Dec. 31, 2012	$ 163,669,000	$ 4,309,000	$ (21,702,000)	$ 748,194,000	$ (378,254,000)	$ (2,560,000)	$ 513,656,000	$ 6,081,000	$ 1,390,000	$ 7,471,000	$ 521,127,000
Balance, shares at Dec. 31, 2012	6,837,000	71,817,000
Net income (loss)					8,563,000		8,563,000	(152,000)	(9,000)	(161,000)	8,402,000
Unrealized gain on change in fair value of cash flow hedges						1,074,000	1,074,000		2,000	2,000	1,076,000
Share-based compensation, net		28,000	1,406,000	981,000			2,415,000				2,415,000
Share-based compensation, net, shares		467,000
Net proceeds from sales of Series B shares	61,874,000			(2,025,000)			59,849,000				59,849,000
Net proceeds from sales of Series B shares, shares	2,521,000
Redemption of Series A shares	(34,882,000)			1,056,000	(1,166,000)		(34,992,000)				(34,992,000)
Redemption of Series A shares, shares	(1,408,000)
Common stock sales and issuance expenses, net				(65,000)			(65,000)				(65,000)
Common stock sales and issuance expenses, net, shares		2,000
Preferred stock dividends					(10,811,000)		(10,811,000)				(10,811,000)
Distributions to common shareholders/ noncontrolling interests					(10,819,000)		(10,819,000)		(29,000)	(694,000)	(11,513,000)
Conversions of OP Units into common stock				24,000			24,000		(24,000)	(24,000)
Conversions of OP Units into common stock, shares		3,000
Reallocation adjustment of limited partners' interest				(35,000)			(35,000)		21,000	21,000	(14,000)
Disposition of noncontrolling interest								81,000		81,000	81,000
Balance at Sep. 30, 2013	$ 190,661,000	$ 4,337,000	$ (20,296,000)	$ 748,130,000	$ (392,487,000)	$ (1,486,000)	$ 528,859,000	$ 5,345,000	$ 1,351,000	$ 6,696,000	$ 535,555,000
Balance, shares at Sep. 30, 2013	7,950,000	72,289,000

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Business And Organization

9 Months Ended

Sep. 30, 2013

Business And Organization [Abstract]

Business And Organization

Note 1.  Business and Organization

Cedar Realty Trust, Inc. (the "Company") is a real estate investment trust ("REIT") that focuses primarily on ownership and operation of grocery-anchored shopping centers straddling the Washington, DC to Boston corridor. At September 30, 2013, the Company owned and managed a portfolio of 67 operating properties (excluding properties “held for sale/conveyance”).  

Cedar Realty Trust Partnership, L.P. (the "Operating Partnership") is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At September 30, 2013, the Company owned a 99.7% economic interest in, and was the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership (0.3% at September 30, 2013) is represented by Operating Partnership Units (“OP Units”). The carrying amount of such interest is adjusted at the end of each reporting period to an amount equal to the limited partners’ ownership percentage of the Operating Partnership’s net equity. The approximately 248,000 OP Units outstanding at September 30, 2013 are economically equivalent to the Company’s common stock. The holders of OP Units have the right to exchange their OP Units for the same number of shares of the Company’s common stock or, at the Company’s option, for cash.

As used herein, the "Company" refers to Cedar Realty Trust, Inc. and its subsidiaries on a consolidated basis, including the Operating Partnership or, where the context so requires, Cedar Realty Trust, Inc. only.

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Properties Held For Sale And Related Transactions

9 Months Ended

Sep. 30, 2013

Properties Held For Sale And Related Transactions [Abstract]

Properties Held For Sale And Related Transactions

Note 4 – Properties Held For Sale and Related Transactions

The Company conducts a continuing review of the values for all remaining properties “held for sale/conveyance” based on final sales prices and sales contracts entered into. Impairment charges/reversals, if applicable, are based on a comparison of the carrying values of the properties with either (1)  actual sales prices less costs to sell for properties sold, or contract amounts for properties in the process of being sold, (2) estimated sales prices based on discounted cash flow analyses, if no contract amounts were as yet being negotiated, as discussed in more detail in Note 5 — “Fair Value Measurements”, (3) an “as is” appraisal with respect to the Philadelphia Redevelopment Property, or (4) with respect to land parcels, estimated sales prices, less cost to sell, based on comparable sales completed in the selected market areas. Prior to the Company’s plan to dispose of properties reclassified to “held for sale/conveyance”, the Company performed recoverability analyses based on the estimated undiscounted cash flows that were expected to result from the real estate investments’ use and eventual disposal. The projected undiscounted cash flows of each property reflected that the carrying value of each real estate investment would be recovered. However, as a result of the properties’ meeting the “held for sale” criteria, such properties were written down to the lower of their carrying value and estimated fair values less costs to sell.

On June 5, 2013, the Company sold, through a short sale, Westlake Discount Drug Mart Plaza for net proceeds of $2.1 million. As of that date, the balance of the mortgage loan payable secured by the sold property, including accrued interest and real estate taxes, totaled $3.4 million. The lender accepted the net proceeds of $2.1 million in full satisfaction of the mortgage loan payable and related accrued interest. As a result, the Company recorded a gain on extinguishment of debt of $1.3 million during the second quarter of 2013, which is included in discontinuing operations in the accompanying consolidated statements of operations.

As of September 30, 2013, the Company was in the process of negotiating with the respective lenders to three of its properties (Roosevelt II, Gahanna Discount Drug Mart Plaza, and McCormick Place) to convey the properties either through short sale, foreclosure, or deed-in-lieu of foreclosure processes (mortgage loans payable and accrued interest and real estate taxes aggregated $21.8 million at that date). In connection with these conveyances, each applicable subsidiary borrower has stopped paying monthly mortgage payments and is currently in default on these non-recourse mortgages. At the time of such conveyances, the Company would recognize gains (an aggregate of approximately $11.0 million as of September 30, 2013) based on the excess of the carrying amounts of the liabilities (mortgage principal and any accrued property-related expenses) over the carrying amounts of the properties.With respect to Roosevelt II, the lender has agreed to accept a deed in lieu of foreclosure, which is expected to be completed prior to December 31, 2013.

The following is a summary of the components of income from discontinued operations:

	Three months ended September 30,		Nine months ended September 30,
	2013	2012	2013	2012
Revenues:
Rents	$            1,414,000	$            4,480,000	$            4,863,000	$          14,124,000
Expense recoveries and other	558,000	1,108,000	1,603,000	3,704,000
Total revenues	1,972,000	5,588,000	6,466,000	17,828,000
Expenses:
Operating, maintenance and management	505,000	1,533,000	2,619,000	5,332,000
Real estate and other property-related taxes	592,000	986,000	1,660,000	3,020,000
Depreciation and amortization	-	28,000	-	104,000
Interest	389,000	1,799,000	1,298,000	5,692,000
Early extinguishment of debt costs	-	-	437,000	-
Total expenses	1,486,000	4,346,000	6,014,000	14,148,000
Income from discontinued operations
before impairments	486,000	1,242,000	452,000	3,680,000
Impairment reversals, net	-	-	-	1,138,000
Income from discontinued operations	$               486,000	$            1,242,000	$               452,000	$            4,818,000
Gain on extinguishment of debt	$                          -	$                          -	$            1,298,000	$                          -
Gain on sales of discontinued operations	$                          -	$                          -	$                          -	$               750,000

In April 2011, the Company made a two-year $4.1 million loan to the developers of a site located in Reynoldsburg, Ohio (the developers are members of the group from which the Company acquired substantially all of its drug store/convenience centers). The loan bore interest at 6.25% per annum and was collateralized by a first mortgage on the development parcel and personal guarantees from certain of the borrowers. During the fourth quarter of 2012, the borrowers failed to make a scheduled payment and, as of December 31, 2012, the Company concluded that the loan was unlikely to be paid given (1) the then ability of the developers to find an anchor tenant for the development site, (2) certain use restrictions on the land, and (3) numerous legal judgments against individuals that provided the personal guarantees. As a result, the Company wrote off the loan and accrued interest in the fourth quarter of 2012, resulting in an impairment charge of $4.4 million. Subsequently, on March 28, 2013, the borrowers sold the development land parcel for approximately $1.1 million and, simultaneously, the Company accepted $1.1 million in full satisfaction of the loan. As a result, the Company recorded an impairment reversal of $1.1 million during the first quarter of 2013, which is included in continuing operations in the accompanying consolidated statements of operations.

During the nine months ended September 30, 2013, the Company completed the following transactions related to properties “held for sale/conveyance”:

	Percent		Date	Sales	Gain on
Property	Sold	Location	Sold	Price	Sale
Discontinued operations:
East Chestnut	100%	Lancaster, PA	1/2/2013	$    3,100,000	$            -
Columbia Mall	100%	Bloomsburg, PA	4/17/2013	$    2,775,000	$            -
Heritage Crossing	100%	Limerick, PA	5/9/2013	$    9,400,000	$            -
Westlake Discount Drug Mart Plaza	100%	Westlake, OH	6/5/2013	$    2,240,000	$            -
Continuing operations:
Huntingdon Plaza land parcel	100%	Huntingdon, PA	3/29/2013	$       390,000	$ 291,000

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Summary Of Significant Accounting Policies

9 Months Ended

Sep. 30, 2013

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Principles of Consolidation/Basis of Preparation

The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. The financial statements reflect certain reclassifications of prior-period amounts to conform to the 2013 presentation, principally to reflect the sale and/or treatment as “held for sale/conveyance” of certain operating properties and the treatment thereof as “discontinued operations”. The reclassifications had no impact on previously-reported net income attributable to common shareholders or earnings per share. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities for which it is the primary beneficiary.

Supplemental Consolidated Statements of Cash Flows Information

	Nine months ended September 30,
	2013	2012
Supplemental disclosure of cash activities:
Cash paid for interest	$       27,646,000	$       33,756,000
Supplemental disclosure of non-cash activities:
Capitalization of interest and deferred financing costs	835,000	1,000,000
Conversions of OP Units into common stock	24,000	7,895,000
Mortgage loans payable assumed by buyers	-	4,148,000

Recently-Issued Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board issued guidance on the presentation and disclosure of reclassification adjustments out of accumulated other comprehensive income (“AOCI”). The standard requires an entity to present information about significant items reclassified out of AOCI by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The guidance was effective beginning January 1, 2013 and applied on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

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Debt (Summary Of The Derivative Financial Instruments Held) (Details) (USD $)	Sep. 30, 2013 contract	Dec. 31, 2012 contract
Debt [Abstract]
Count	1	3
Notional values	$ 11,965,000	$ 31,417,000
Fair value	$ 752,000	$ 1,577,000

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Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share

	Three months ended September 30,		Nine months ended September 30,
	2013	2012	2013	2012
Numerator
(Loss) income from continuing operations	$                (424,000)	$              1,056,000	$              6,650,000	$             (2,243,000)
Preferred stock dividends	(3,602,000)	(3,877,000)	(10,811,000)	(11,015,000)
Preferred stock redemption costs	-	(173,000)	(1,166,000)	(555,000)
Net loss attributable to noncontrolling interests	63,000	127,000	170,000	424,000
Net earnings allocated to unvested shares	(196,000)	(178,000)	(567,000)	(626,000)
(Loss) from continuing operations attributable to common
shareholders	(4,159,000)	(3,045,000)	(5,724,000)	(14,015,000)
Results from discontinued operations, net of noncontrolling interests	484,000	(1,432,000)	1,743,000	986,000
Net (loss) attributable to common shareholders, basic and diluted	$             (3,675,000)	$             (4,477,000)	$             (3,981,000)	$           (13,029,000)
Denominator
Weighted average number of vested common shares outstanding	68,365,000	68,232,000	68,350,000	67,932,000
(Loss) earnings per common share, basic and fully diluted
Continuing operations	$                      (0.06)	$                      (0.05)	$                      (0.09)	$                      (0.20)
Discontinued operations	$                       0.01	$                      (0.02)	$                       0.03	$                       0.01
	$                      (0.05)	$                      (0.07)	$                      (0.06)	$                      (0.19)

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Properties Held For Sale and Related Transactions (Narrative) (Details) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended	0 Months Ended	3 Months Ended
	Apr. 30, 2011	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2013 property	Jun. 05, 2013 Westlake Discount Drug Mart Plaza [Member]	Jun. 30, 2013 Westlake Discount Drug Mart Plaza [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of property					$ 2,100,000
Mortgage loans payable and accrued interest for properties under conveyance process				21,800,000	3,400,000
Gain on extinguishment of debt				1,298,000		1,300,000
Number of properties in process of conveying				3
Deferred gain on conveyance				11,000,000
Loan to developers	4,100,000
Interest rate on loan to developers	6.25%
Impairment charge of mortgage loan receivable			4,400,000
Collection on developers loan		1,100,000
Impairment reversal				$ (1,100,000)

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Fair Value Measurements (Schedule Of Assets Measured At A Fair Value On Non-recurring Basis) (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale/conveyance	$ 66,079,000	$ 77,793,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale/conveyance
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale/conveyance	544,000	15,574,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Real estate held for sale/conveyance	$ 65,535,000	$ 62,219,000

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Revenues (Schedule Of Revenues) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues [Abstract]
Base rents	$ 26,824,000	$ 24,905,000	$ 80,059,000	$ 74,429,000
Percentage rent	316,000	313,000	652,000	774,000
Straight-line rents	301,000	216,000	1,195,000	778,000
Amortization of intangible lease liabilities	1,116,000	1,174,000	3,409,000	4,164,000
Total rents	$ 28,557,000	$ 26,608,000	$ 85,315,000	$ 80,145,000

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Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Preferred stock, shares par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	12,500,000	12,500,000
Common stock, shares par value	$ 0.06	$ 0.06
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	72,289,000	71,817,000
Common stock, shares outstanding	72,289,000	71,817,000
Treasury stock, shares	3,522,000	3,822,000
Series A [Member]
Liquidation preference, per share	$ 25.00	$ 25.00
Preferred stock, shares authorized	0	1,410,000
Preferred stock, shares issued	0	1,408,000
Preferred stock, shares outstanding	0	1,408,000
Series B [Member]
Liquidation preference, per share	$ 25.00	$ 25.00
Preferred stock, shares authorized	10,000,000	7,500,000
Preferred stock, shares issued	7,950,000	5,429,000
Preferred stock, shares outstanding	7,950,000	5,429,000

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Commitments And Contingencies

9 Months Ended

Sep. 30, 2013

Commitments And Contingencies [Abstract]

Commitments And Contingencies

Note 7. Commitments and Contingencies

The Company is a party to certain legal actions arising in the normal course of business. Management does not expect there to be adverse consequences from these actions that would be material to the Company's consolidated financial statements.

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Consolidated Statements Of Comprehensive Income (Loss) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Consolidated Statements Of Comprehensive Income (Loss) [Abstract]
Net income	$ 62,000	$ 2,298,000	$ 8,400,000	$ 3,325,000
Other comprehensive income:
Unrealized gain on change in fair value of cash flow hedges - Consolidated	166,000	174,000	1,076,000	483,000
Unrealized gain on change in fair value of cash flow hedges - Unconsolidated		20,000		78,000
Other comprehensive income	166,000	194,000	1,076,000	561,000
Comprehensive income	228,000	2,492,000	9,476,000	3,886,000
Comprehensive loss (income) attributable to noncontrolling interests	61,000	(2,547,000)	161,000	(4,158,000)
Comprehensive income (loss) attributable to Cedar Realty Trust, Inc.	$ 289,000	$ (55,000)	$ 9,637,000	$ (272,000)

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Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
Assets
Land	$ 282,710,000	$ 282,318,000
Buildings and improvements	1,185,861,000	1,178,111,000
Real estate, gross	1,468,571,000	1,460,429,000
Less accumulated depreciation	(268,309,000)	(237,751,000)
Real estate, net	1,200,262,000	1,222,678,000
Real estate held for sale/conveyance	66,079,000	77,858,000
Cash and cash equivalents	5,443,000	7,522,000
Restricted cash	11,174,000	13,752,000
Receivables	20,581,000	18,289,000
Other assets and deferred charges, net	32,870,000	29,804,000
Total assets	1,336,409,000	1,369,903,000
Liabilities and equity
Mortgage loans payable	543,279,000	605,216,000
Mortgage loans payable - real estate held for sale/conveyance	18,327,000	23,258,000
Credit facility	180,000,000	156,000,000
Accounts payable and accrued liabilities	27,694,000	28,179,000
Unamortized intangible lease liabilities	26,974,000	30,508,000
Unamortized intangible lease liabilities - real estate held for sale/conveyance	4,115,000	4,992,000
Total liabilities	800,389,000	848,153,000
Noncontrolling interest - limited partners' mezzanine OP Units	465,000	623,000
Commitments and contingencies
Equity:
Common stock ($.06 par value, 150,000,000 shares authorized, 72,289,000 and 71,817,000 shares, issued and outstanding, respectively)	4,337,000	4,309,000
Treasury stock (3,522,000 and 3,822,000 shares, respectively, at cost)	(20,296,000)	(21,702,000)
Additional paid-in capital	748,130,000	748,194,000
Cumulative distributions in excess of net income	(392,487,000)	(378,254,000)
Accumulated other comprehensive loss	(1,486,000)	(2,560,000)
Total Cedar Realty Trust, Inc. shareholders' equity	528,859,000	513,656,000
Noncontrolling interests:
Minority interests in consolidated joint ventures	5,345,000	6,081,000
Limited partners' OP Units	1,351,000	1,390,000
Total noncontrolling interests	6,696,000	7,471,000
Total equity	535,555,000	521,127,000
Total liabilities and equity	1,336,409,000	1,369,903,000
Series A [Member]
Equity:
Preferred stock		34,882,000
Series B [Member]
Equity:
Preferred stock	$ 190,661,000	$ 128,787,000

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Business And Organization (Details)	9 Months Ended
	Sep. 30, 2013 property
Business And Organization [Abstract]
Number of properties	67
OP units outstanding	248,000
Company's interest in Operating Partnership	99.70%
Limited partners' interest in Operating Partnership	0.30%

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Fair Value Measurements [Abstract]

Schedule Of Assets And Liabilities Measured At A Fair Value On Recurring Basis

		Assets/Liabilities Measured at Fair Value on a
		Recurring Basis
		September 30, 2013
Description		Level 1		Level 2		Level 3		Total
Investments related to share-
based compensation liabilities (a)	$	412,000	$	-	$	-	$	412,000
Share-based compensation liabilities (b)	$	404,000	$	-	$	-	$	404,000
Interest rate swaps liability (b)	$	-	$	752,000	$	-	$	752,000
		December 31, 2012
Description		Level 1		Level 2		Level 3		Total
Investments related to share-
based compensation liabilities (a)	$	450,000	$	-	$	-	$	450,000
Share-based compensation liabilities (b)	$	445,000	$	-	$	-	$	445,000
Interest rate swaps liability (b)	$	-	$	1,577,000	$	-	$	1,577,000
(a) Included in other assets in the accompanying consolidated balance sheets.
(b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

Schedule Of Assets Measured At A Fair Value On Non-recurring Basis

		Assets Measured at Fair Value on a
		Non-Recurring Basis
		September 30, 2013
Asset Description		Level 1		Level 2		Level 3		Total
Real estate held for sale/conveyance	$	-	$	544,000	$	65,535,000	$	66,079,000
		December 31, 2012
Asset Description		Level 1		Level 2		Level 3		Total
Real estate held for sale/conveyance	$	-	$	15,574,000	$	62,219,000	$	77,793,000

Quantitative Information Regarding Level 3 Assets Measured At Fair Value On Non-recurring Basis

Quantitative Information about Level 3 Fair Value Measurements
	Fair value at	Valuation	Unobservable	Range
	September 30, 2013	Technique	inputs	(weighted average)
Real estate held for sale/conveyance:
Operating retail real estate
(six properties)	$                   53,473,000	Discounted cash flow	Capitalization rates	7.8% to 11.0% (8.8%)
			Discount rates	9.2% to 12.8% (9.9%)
Land development property	10,477,000	Discounted cash flow	Capitalization rate	7.3%
			Discount rate	7.8%
Land (three parcels)	1,585,000	Sales comparison approach	Price per acre	$25,000 to $154,000 per acre
				($49,000 per acre)
	$                   65,535,000

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Shareholders' Equity (Schedule Of Dividends Declared And Paid) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Class of Stock [Line Items]
Common stock	$ 0.050	$ 0.050	$ 0.150	$ 0.150
Series A [Member]
Class of Stock [Line Items]
Cumulative Redeemable Preferred Stock		$ 0.555	$ 0.555	$ 1.109
Series B [Member]
Class of Stock [Line Items]
Cumulative Redeemable Preferred Stock	$ 0.453	$ 0.453	$ 1.359	$ 0.453

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Debt (Credit Facility) (Details) (USD $)	0 Months Ended
	Aug. 01, 2013
Line of Credit Facility [Line Items]
Credit facility borrowing capacity	$ 310,000,000
Term loan amount	50,000,000
Debt term	5 years
Fees and legal expenses	1,700,000
Basis spread on borrowings variable rate	1.95%
Weighted-average interest rate	2.20%
Additional borrowing capacity under accordion feature	500,000,000
Term loan, amount outstanding	50,000,000
Remaining borrowing capacity	106,800,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facility borrowing capacity	260,000,000
Debt term	3 years
Revolving credit facility, amount outstanding	$ 130,000,000
Minimum [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate	1.65%
Maximum [Member]
Line of Credit Facility [Line Items]
Basis spread on borrowings variable rate	2.25%

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Fair Value Measurements (Narrative) (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Fair Value Measurements [Abstract]
Fair value of fixed rate mortgage loans payable	$ 503.8	$ 565.4
Carrying value of fixed rate mortgage payable	$ 483.6	$ 544.8

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Fair Value Measurements (Schedule Of Assets And Liabilities Measured At A Fair Value On Recurring Basis) (Details) (USD $)	Sep. 30, 2013		Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments related to share-based compensation liabilities	$ 412,000	[1]	$ 450,000	[1]
Share-based compensation liabilities	404,000	[2]	445,000	[2]
Interest rate swaps liability	752,000	[2]	1,577,000	[2]
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments related to share-based compensation liabilities	412,000	[1]	450,000	[1]
Share-based compensation liabilities	404,000	[2]	445,000	[2]
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps liability	752,000	[2]	1,577,000	[2]
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments related to share-based compensation liabilities		[1]		[1]
Share-based compensation liabilities		[2]		[2]
Interest rate swaps liability		[2]		[2]

[1] Included in other assets in the accompanying consolidated balance sheets.

[2] Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

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Debt

9 Months Ended

Sep. 30, 2013

Debt [Abstract]

Debt

Note 6.  Debt

Credit facility

On August 1, 2013, the Company amended and extended, on an unsecured basis, its credit facility. As amended, the $310 million credit facility is comprised of a three-year $260 million revolving credit facility, expiring on August 1, 2016, and a five-year $50 million term loan, expiring on August 1, 2018.  Subject to customary conditions, the revolving credit facility may be extended, at the Company’s option, for two additional one-year periods. Under an accordion feature, the new facility can be increased to $500 million, subject to customary conditions, and lending commitments from participating banks. The new facility contains financial covenants including, but not limited to, maximum debt leverage, maximum secured debt, minimum interest coverage, minimum fixed charge coverage, and minimum net worth. In addition, the new facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. Although the new facility is unsecured, borrowing availability is based on unencumbered property adjusted net operating income, as defined in the agreement. The Company’s failure to comply with the covenants or the occurrence of an event of default under the new facility could result in the acceleration of the related debt. In connection with the transaction, the Company paid fees and legal expenses of approximately $1.7 million.

Borrowings under the new facility are priced at LIBOR plus 195 bps (a weighted average rate of 2.2% per annum at September 30, 2013), and can range from LIBOR plus 165 bps to 225 bps based on the Company’s leverage ratio. As of September 30, 2013, the Company had $130.0 million outstanding under the revolving credit facility and $50.0 million outstanding under the term loan, and had $106.8 million available for additional borrowings.

Mortgage loans payable

During the three and nine months ended September 30, 2013, the Company paid off $13.7 million and $56.4 million of mortgage loans payable, respectively, of which $0 and $37.3 million, respectively, represented prepayments. In this connection, during the three and nine months ended September 30, 2013, the Company incurred charges relating to early extinguishment of debt (prepayment penalties and accelerated amortization of deferred financing costs) of approximately $0 and $543,000 (including $437,000 classified as discontinued operations), respectively.

On November 1, 2013, the Company prepaid a $7.6 million mortgage loan payable, without penalty, that was due to mature in January 2014.

Derivative financial instruments

At September 30, 2013, the Company had a mortgage loan payable of approximately $12.0 million subject to an interest rate swap. The interest rate swap converted the LIBOR-based variable rate to a  fixed rate of 5.2% per annum. At that date, the Company had accrued liabilities of $0.8 million (included in accounts payable and accrued liabilities on the consolidated balance sheet) relating to the fair value of the interest rate swap applicable to the existing mortgage loan payable. Charges and/or credits relating to the changes in the fair value of the interest rate swap are made to accumulated other comprehensive income (loss), noncontrolling interests (minority interests in consolidated joint ventures and limited partners’ interest), or operations (included in interest expense), as appropriate.

The following is a summary of the derivative financial instruments held by the Company at September 30, 2013 and December 31, 2012:

			Notional values				Balance	Fair value
Designation/			September 30,		December 31,	Maturity	sheet	September 30,	December 31,
Cash flow	Derivative	Count	2013	Count	2012	date	location	2013	2012
	Interest						Accrued
	rate swaps						liabilities
Qualifying	Consolidated	1	$         11,965,000	3	$       31,417,000	2018	Consolidated	$              752,000	$         1,577,000

The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three and nine months ended September 30, 2013 and 2012, respectively:

		Amount of gain recognized in other
		comprehensive income (loss) (effective portion)
Designation/		Three months ended September 30,			Nine months ended September 30,
Cash flow	Derivative	2013		2012	2013		2012
Qualifying	Consolidated	$              166,000	(a)	$               174,000	$                1,076,000	(a)	$                   483,000
	Cedar/RioCan
Qualifying	Joint Venture	$                          -		$                 20,000	$                              -		$                     78,000
(a) For the three and nine months ended September 30, 2013, $258,000 and $901,000, respectively, were reclassified from other comprehensive income to interest expense in the consolidated statements of operations.

As of September 30, 2013, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts. Additionally, based on the rates in effect as of September 30, 2013, if a counterparty were to default, the Company would receive a net interest benefit. 

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Summary Of Significant Accounting Policies (Supplemental Consolidated Statements Of Cash Flows Information) (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Supplemental disclosure of cash activities:
Cash paid for interest	$ 27,646,000	$ 33,756,000
Supplemental disclosure of non-cash activities:
Capitalization of interest and deferred financing costs	835,000	1,000,000
Conversions of OP Units into common stock	24,000	7,895,000
Mortgage loans payable assumed by buyers		$ 4,148,000

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Debt (Effect Of The Derivative Financial Instruments On The Consolidated Statements Of Operations And Consolidated Statements Of Equity) (Details) (USD $)	3 Months Ended			9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012	Sep. 30, 2013		Sep. 30, 2012
Amount of gain (loss) recognized in other comprehensive income (loss) (effective portion)	$ 166,000	[1]	$ 174,000	$ 1,076,000	[1]	$ 483,000
Amount reclassified from other comprehensive income to interest expense	258,000			901,000
Cedar/Rio Can Joint Venture [Member]
Amount of gain (loss) recognized in other comprehensive income (loss) (effective portion)			$ 20,000			$ 78,000

[1] For the three and nine months ended September 30, 2013, $258,000 and $901,000, respectively, were reclassified from other comprehensive income to interest expense in the consolidated statements of operations.

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Revenues

9 Months Ended

Sep. 30, 2013

Revenues [Abstract]

Revenues

Note 9. Revenues

Rental revenues for the three and nine months ended September 30, 2013 and 2012, respectively, are comprised of the following:

	Three months ended September 30,		Nine months ended September 30,
	2013	2012	2013	2012
Base rents	$           26,824,000	$           24,905,000	$           80,059,000	$           74,429,000
Percentage rent	316,000	313,000	652,000	774,000
Straight-line rents	301,000	216,000	1,195,000	778,000
Amortization of intangible lease liabilities	1,116,000	1,174,000	3,409,000	4,164,000
Total rents	$           28,557,000	$           26,608,000	$           85,315,000	$           80,145,000

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Fair Value Measurements

9 Months Ended

Sep. 30, 2013

Fair Value Measurements [Abstract]

Fair Value Measurements

Note 5. Fair Value Measurements

The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables, certain other assets, and accounts payable and accrued liabilities approximate fair value. The fair value of the Company’s investments and liabilities related to share-based compensation were determined to be a Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions.

The valuation of the liability for the Company’s interest rate swaps, which is measured on a recurring basis, was determined to be a Level 2 within the valuation hierarchy, and was based on independent values provided by financial institutions. Such valuations were determined using widely accepted valuation techniques, including discounted cash flow analyses, on the expected cash flows of each derivative. The analyses reflect the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves (“significant other observable inputs”). The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded that, as of September 30, 2013, the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”.

Nonfinancial assets and liabilities measured at fair value in the consolidated financial statements consist of real estate held for sale/conveyance, which are measured on a nonrecurring basis, have been determined to be (1) a Level 2 within the valuation hierarchy, where applicable, based on the respective contracts of sale, adjusted for closing costs and expenses, or (2) a Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices, adjusted for closing costs and expenses, determined by discounted cash flow analyses, direct capitalization analyses or a sales comparison approach if no contracts had been concluded. The discounted cash flow and direct capitalization analyses include all estimated cash inflows and outflows over a specific holding period and, where applicable, any estimated debt premiums. These cash flows were comprised of unobservable inputs which included forecasted rental revenues and expenses based upon existing in-place leases, market conditions and expectations for growth. Capitalization rates and discount rates utilized in these analyses were based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties. The sales comparison approach was utilized for certain land values and include comparable sales that were completed in the selected market areas. The comparable sales utilized in these analyses were based upon observable per acre rates that the Company believed to be within a reasonable range of current market rates for the respective properties.

The Company engaged third party valuation experts to assist with the preparation of certain of its valuations.  Other valuations were prepared using internally-developed valuation models. In addition, these valuations are reviewed and approved, during each reporting period, by a diverse group of management, as deemed necessary, including personnel from acquisitions, accounting, finance, operations, development and leasing departments, and the valuations are updated as appropriate.

The following tables show the hierarchy for those assets measured at fair value on a recurring basis as of September 30, 2013 and December 31, 2012, respectively:

		Assets/Liabilities Measured at Fair Value on a
		Recurring Basis
		September 30, 2013
Description		Level 1		Level 2		Level 3		Total
Investments related to share-
based compensation liabilities (a)	$	412,000	$	-	$	-	$	412,000
Share-based compensation liabilities (b)	$	404,000	$	-	$	-	$	404,000
Interest rate swaps liability (b)	$	-	$	752,000	$	-	$	752,000
		December 31, 2012
Description		Level 1		Level 2		Level 3		Total
Investments related to share-
based compensation liabilities (a)	$	450,000	$	-	$	-	$	450,000
Share-based compensation liabilities (b)	$	445,000	$	-	$	-	$	445,000
Interest rate swaps liability (b)	$	-	$	1,577,000	$	-	$	1,577,000
(a) Included in other assets in the accompanying consolidated balance sheets.
(b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

The fair value of the Company’s fixed rate mortgage loans was estimated using available market information and discounted cash flows analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities.  As of September 30, 2013 and December 31, 2012, the aggregate fair values of the Company’s fixed rate mortgage loans payable, which were determined to be a Level 3 within the valuation hierarchy, were approximately $503.8 million and $565.4 million, respectively; the carrying values of such loans were $483.6 million and $544.8 million, respectively.

The following tables show the hierarchy for those assets measured at fair value on a non-recurring basis as of September 30, 2013 and December 31, 2012, respectively:

		Assets Measured at Fair Value on a
		Non-Recurring Basis
		September 30, 2013
Asset Description		Level 1		Level 2		Level 3		Total
Real estate held for sale/conveyance	$	-	$	544,000	$	65,535,000	$	66,079,000
		December 31, 2012
Asset Description		Level 1		Level 2		Level 3		Total
Real estate held for sale/conveyance	$	-	$	15,574,000	$	62,219,000	$	77,793,000

The following table details the quantitative information regarding Level 3 assets measured at fair value on a non-recurring basis as of September 30, 2013:

Quantitative Information about Level 3 Fair Value Measurements
	Fair value at	Valuation	Unobservable	Range
	September 30, 2013	Technique	inputs	(weighted average)
Real estate held for sale/conveyance:
Operating retail real estate
(six properties)	$                   53,473,000	Discounted cash flow	Capitalization rates	7.8% to 11.0% (8.8%)
			Discount rates	9.2% to 12.8% (9.9%)
Land development property	10,477,000	Discounted cash flow	Capitalization rate	7.3%
			Discount rate	7.8%
Land (three parcels)	1,585,000	Sales comparison approach	Price per acre	$25,000 to $154,000 per acre
				($49,000 per acre)
	$                   65,535,000

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Consolidated Statements Of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flow from operating activities:
Net income	$ 8,400,000	$ 3,325,000
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of unconsolidated joint venture		(1,432,000)
Distributions from unconsolidated joint venture		1,432,000
Impairment reversals, net	(1,100,000)	(1,138,000)
Gain on extinguishment of debt	(1,298,000)
Gain on sales	(346,000)	(1,231,000)
Straight-line rents	(1,195,000)	(782,000)
Provision for doubtful accounts	1,188,000	2,053,000
Depreciation and amortization	33,079,000	34,825,000
Amortization of intangible lease liabilities	(3,409,000)	(4,164,000)
Expense and market price adjustments relating to share-based compensation, net	2,692,000	2,614,000
Amortization (including accelerated write-off) of deferred financing costs	1,870,000	4,246,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Rents and other receivables, net	(2,901,000)	(1,335,000)
Prepaid expenses and other	(4,454,000)	(2,025,000)
Accounts payable and accrued liabilities	1,450,000	294,000
Net cash provided by operating activities	33,976,000	36,682,000
Cash flow from investing activities:
Expenditures for real estate improvements	(14,912,000)	(22,069,000)
Net proceeds from sales of real estate	17,381,000	18,775,000
Repayment of note receivable	1,100,000
Distributions of capital from unconsolidated joint venture		2,895,000
Construction escrows and other	1,707,000	2,589,000
Net cash provided by investing activities	5,276,000	2,190,000
Cash flow from financing activities:
Net advances/(repayments) under credit facility	24,000,000	(73,317,000)
Mortgage repayments	(65,707,000)	(53,279,000)
Payments of debt financing costs	(1,905,000)	(4,405,000)
Noncontrolling interests:
Distributions to consolidated joint venture minority interests	(665,000)	(3,608,000)
Distributions to limited partners	(40,000)	(85,000)
Redemptions of OP Units	(160,000)
Common stock sales and issuance expenses, net	(65,000)	(169,000)
Net proceeds from sales of preferred stock	59,849,000	124,370,000
Redemption of preferred stock	(34,992,000)	(12,141,000)
Preferred stock dividends	(10,827,000)	(10,084,000)
Distributions to common shareholders	(10,819,000)	(10,808,000)
Net cash (used in) financing activities	(41,331,000)	(43,526,000)
Net (decrease) in cash and cash equivalents	(2,079,000)	(4,654,000)
Cash and cash equivalents at beginning of period	7,522,000	12,070,000
Cash and cash equivalents at end of period	$ 5,443,000	$ 7,416,000

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Share-Based Compensation (Schedule Of Share-Based Compensation Information) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Share-Based Compensation [Abstract]
Expense relating to share grants	$ 1,242,000	$ 1,149,000	$ 3,018,000	$ 2,885,000
Adjustments to reflect changes in market price of Company's common stock				10,000
Amounts capitalized	(98,000)	(89,000)	(326,000)	(281,000)
Total charged to operations	$ 1,144,000	$ 1,060,000	$ 2,692,000	$ 2,614,000

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Properties Held For Sale and Related Transactions (Schedule Of The Components Of Income (Loss) From Discontinued Operations) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:
Rents	$ 1,414,000	$ 4,480,000	$ 4,863,000	$ 14,124,000
Expense recoveries and other	558,000	1,108,000	1,603,000	3,704,000
Total revenues	1,972,000	5,588,000	6,466,000	17,828,000
Expenses:
Operating, maintenance and management	505,000	1,533,000	2,619,000	5,332,000
Real estate and other property-related taxes	592,000	986,000	1,660,000	3,020,000
Depreciation and amortization		28,000		104,000
Interest	389,000	1,799,000	1,298,000	5,692,000
Early extinguishment of debt costs			437,000
Total expenses	1,486,000	4,346,000	6,014,000	14,148,000
Income from discontinued operations before impairments	486,000	1,242,000	452,000	3,680,000
Impairment reversals, net				1,138,000
Income from discontinued operations	486,000	1,242,000	452,000	4,818,000
Gain on extinguishment of debt			1,298,000
Gain on sales of discontinued operations				$ 750,000

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Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

Note 12. Subsequent Events

In determining subsequent events, management reviewed all activity from October 1, 2013 through the date of filing this Quarterly Report on Form 10-Q. 

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Shareholders' Equity

9 Months Ended

Sep. 30, 2013

Shareholders' Equity [Abstract]

Shareholders' Equity

Note 8. Shareholders’ Equity

On February 12, 2013, the Company concluded a public offering of 2,000,000 shares of its 7.25% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) at $24.58 per share, and realized net proceeds, after offering expenses, of approximately $47.6 million. On February 12, 2013, the underwriters exercised their over-allotment option to the extent of 300,000 additional shares of the Company’s Series B Preferred Stock, and the Company realized additional net proceeds of $7.1 million.

In addition, during the three months ended March 31, 2013, the Company sold approximately 221,000 shares of its Series B Preferred Stock under the at-the-market equity program at a weighted average price of $24.52 per share, and realized net proceeds, after offering expenses, of approximately $5.2 million.

On March 11, 2013, the Company redeemed the remaining 1,408,000 shares of its 8.875% Series A Cumulative Redeemable Preferred Stock, for a total cash outlay of $35.4 million.

On August 6, 2013, the Company entered into an at-the-market continuous offering program under which it may offer and sell, from time-to-time, up to 10 million shares of its common stock. Through September 30, 2013, no shares had been sold under this program.

The following table provides a summary of dividends declared and paid per share:

	Three months ended Septemeber 30,		Nine months ended September 30,
	2013	2012	2013	2012
Common stock	$                 0.050	$                 0.050	$                 0.150	$                 0.150
Cumulative Redeemable Preferred Stock:
8.875% Series A	$                         -	$                 0.555	$                 0.555	$                 1.109
7.250% Series B	$                 0.453	$                 0.453	$                 1.359	$                 0.453

On October 28, 2013, the Company’s Board of Directors declared a dividend of $0.05 per share with respect to its common stock. At the same time, the Board declared a dividend of $0.453125 per share with respect to the Company’s Series B Preferred Stock. The distributions are payable on November 20, 2013 to shareholders of record on November8, 2013.  

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Properties Held For Sale and Related Transactions (Tables)

9 Months Ended

Sep. 30, 2013

Properties Held For Sale And Related Transactions [Abstract]

Schedule Of The Components Of Income (Loss) From Discontinued Operations

	Three months ended September 30,		Nine months ended September 30,
	2013	2012	2013	2012
Revenues:
Rents	$            1,414,000	$            4,480,000	$            4,863,000	$          14,124,000
Expense recoveries and other	558,000	1,108,000	1,603,000	3,704,000
Total revenues	1,972,000	5,588,000	6,466,000	17,828,000
Expenses:
Operating, maintenance and management	505,000	1,533,000	2,619,000	5,332,000
Real estate and other property-related taxes	592,000	986,000	1,660,000	3,020,000
Depreciation and amortization	-	28,000	-	104,000
Interest	389,000	1,799,000	1,298,000	5,692,000
Early extinguishment of debt costs	-	-	437,000	-
Total expenses	1,486,000	4,346,000	6,014,000	14,148,000
Income from discontinued operations
before impairments	486,000	1,242,000	452,000	3,680,000
Impairment reversals, net	-	-	-	1,138,000
Income from discontinued operations	$               486,000	$            1,242,000	$               452,000	$            4,818,000
Gain on extinguishment of debt	$                          -	$                          -	$            1,298,000	$                          -
Gain on sales of discontinued operations	$                          -	$                          -	$                          -	$               750,000

Schedule Of Transactions Related To Properties Held For Sale/Conveyance

	Percent		Date	Sales	Gain on
Property	Sold	Location	Sold	Price	Sale
Discontinued operations:
East Chestnut	100%	Lancaster, PA	1/2/2013	$    3,100,000	$            -
Columbia Mall	100%	Bloomsburg, PA	4/17/2013	$    2,775,000	$            -
Heritage Crossing	100%	Limerick, PA	5/9/2013	$    9,400,000	$            -
Westlake Discount Drug Mart Plaza	100%	Westlake, OH	6/5/2013	$    2,240,000	$            -
Continuing operations:
Huntingdon Plaza land parcel	100%	Huntingdon, PA	3/29/2013	$       390,000	$ 291,000

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Summary Of Significant Accounting Policies (Policy)

9 Months Ended

Sep. 30, 2013

Summary Of Significant Accounting Policies [Abstract]

Principles Of Consolidation/ Basis Of Preparation

Principles of Consolidation/Basis of Preparation

The accompanying consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. The financial statements reflect certain reclassifications of prior-period amounts to conform to the 2013 presentation, principally to reflect the sale and/or treatment as “held for sale/conveyance” of certain operating properties and the treatment thereof as “discontinued operations”. The reclassifications had no impact on previously-reported net income attributable to common shareholders or earnings per share. The consolidated financial statements in this Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities for which it is the primary beneficiary.

Recently-Issued Accounting Pronouncements

Recently-Issued Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board issued guidance on the presentation and disclosure of reclassification adjustments out of accumulated other comprehensive income (“AOCI”). The standard requires an entity to present information about significant items reclassified out of AOCI by component either on the face of the statement where net income is presented or as a separate disclosure in the notes to the financial statements. The guidance was effective beginning January 1, 2013 and applied on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

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Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 31, 2013
Document And Entity Information [Abstract]
Document type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2013
Entity Registrant Name	CEDAR REALTY TRUST, INC.
Entity Central Index Key	0000761648
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		72,286,478

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Summary Of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2013

Summary Of Significant Accounting Policies [Abstract]

Supplemental Consolidated Statements Of Cash Flows Information

	Nine months ended September 30,
	2013	2012
Supplemental disclosure of cash activities:
Cash paid for interest	$       27,646,000	$       33,756,000
Supplemental disclosure of non-cash activities:
Capitalization of interest and deferred financing costs	835,000	1,000,000
Conversions of OP Units into common stock	24,000	7,895,000
Mortgage loans payable assumed by buyers	-	4,148,000