EX-99.1

Leases
Signed

Square
Feet

Cash Basis
% Change

Total Comparable Leases

New Leases - Comparable

EX-99.1 2 d768668dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

SUPPLEMENTAL FINANCIAL INFORMATION

JUNE 30, 2014

Cedar Realty Trust, Inc.

44 South Bayles Avenue

Port Washington, NY 11050-3765

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

www.cedarrealtytrust.com

CEDAR REALTY TRUST, INC.

Supplemental Financial Information

June 30, 2014

(unaudited)

TABLE OF CONTENTS


Earnings Press Release		3-6

Financial Information
Condensed Consolidated Balance Sheets		7
Condensed Consolidated Statements of Operations		8
Supporting Schedules to Consolidated Statements		9
Funds From Operations and Additional Disclosures		10
Earnings Before Interest, Taxes, Depreciation and Amortization		11
Summary of Outstanding Debt		12-13
Summary of Debt Maturities		14

Portfolio Information
Real Estate Summary		15-17
Leasing Activity		18
Tenant Concentration		19
Lease Expirations		20
Same-Property Net Operating Income		21
2014 Acquisitions and Dispositions		22
Summary of Real Estate Held For Sale/Conveyance		23

Non-GAAP Financial Disclosures		24

Forward-Looking Statements

The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). In addition, statements made or incorporated by reference herein may include certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. Accordingly, the information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2013 and Form 10-Q for the quarter ended June 30, 2014.

CEDAR REALTY TRUST REPORTS

SECOND QUARTER 2014 RESULTS

Port Washington, New York – August 6, 2014 – Cedar Realty Trust, Inc. (NYSE:CDR) today reported results for the second quarter ended June 30, 2014.

Highlights

—

Operating funds from operations (FFO) of $0.14 per diluted share

—

Same-property net operating income (NOI) increased 2.0%

—

Signed 61 new and renewal leases for 380,000 square feet

—

Comparable cash-basis lease spreads of 8.9%

—

Total portfolio 93.3% leased and same-property portfolio 93.8% leased at quarter-end

—

Raised low end of 2014 Operating FFO guidance to a new range of $0.52 to $0.54 per diluted share

“In addition to our consistent operating results, we are pleased with the improving quality of our shopping center portfolio,” commented Bruce Schanzer, President and CEO. “As a result of our capital recycling efforts, we have disposed of four properties for $65.3 million with an average three-mile population density of 22,000 and acquired a property for $92.3 million with a three-mile population density of 325,000. These ongoing portfolio improvements will enable us to drive increases in shareholder value.”

Financial Results

Operating FFO for second quarter 2014 was $11.2 million or $0.14 per diluted share, compared to $9.0 million or $0.12 per diluted share for the same period in 2013. Operating FFO for six months ended June 30, 2014 was $21.4 million or $0.27 per diluted share, compared to $17.7 million or $0.24 per diluted share for the same period in 2013.

Net income attributable to common shareholders for second quarter 2014 was $13.5 million or $0.17 per diluted share, compared to net income of $977,000 or $0.01 per diluted share for the same period in 2013. Net income attributable to common shareholders for six months ended June 30, 2014 was $11.6 million or $0.15 per diluted share, compared to net income of $65,000 or $0.00 per diluted share for the same period in 2013.

Portfolio Results

Same-property NOI increased 2.0% for second quarter 2014 compared to the same period in 2013. This figure includes the impact of re-leasing the dark anchor at Oakland Commons with a Walmart Neighborhood Market. Same-property NOI growth, excluding the re-leasing impact was 1.0%.

During second quarter 2014, the Company signed 61 leases for 380,000 square feet. On a comparable space basis, the Company leased 355,000 square feet at a positive lease spread of 8.9% on a cash basis (new leases increased 8.0% and renewals increased 9.0%).

The Company continues to make progress in its capital recycling efforts, directed towards upgrading the quality of its shopping center portfolio. On March 21, 2014, the Company completed the $92.3 million acquisition of Quartermaster Plaza, with 456,000 leasable square feet, a present average base rent of $13.90 per square foot, and a population density of approximately 325,000 people within a three-mile radius. Further, commencing in the second quarter of 2014 through the recent sale of Carbondale Plaza on July 18, 2014, the Company has sold four properties for an aggregate of $65.3 million, having an average of 138,000 leasable square feet per property, an average base rent of $9.85 per square foot, and an average population density of approximately 22,000 people within a three-mile radius.

The Company’s total portfolio, excluding properties held for sale, was 93.3% leased at June 30, 2014, compared to 93.6% at December 31, 2013 and 92.7% at June 30, 2013. The Company’s same-property portfolio was 93.8% leased at June 30, 2014, compared to 94.3% at December 31, 2013 and 93.8% at June 30, 2013.

Balance Sheet

As of June 30, 2014, the Company has $165.8 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) of 7.7 times. Additionally, thus far in 2014, the Company has repaid approximately $135 million of secured mortgage debt with proceeds from the Company’s previously-announced $150 million in unsecured term loans, thereby improving balance sheet flexibility.

2014 Guidance

The Company raised the low end of its 2014 Operating FFO guidance to a new range of $0.52 to $0.54 per diluted share from the previous range of $0.51 to $0.54 per diluted share.

Quarterly Dividends

As previously announced, the Company will pay a cash dividend of $0.05 per share on the Company’s common stock and $0.453125 per share on the Company’s 7.25% Series B Cumulative Redeemable Preferred Stock on August 20, 2014 to shareholders of record as of the close of business on August 8, 2014.

Funds From Operations Reconciliation

The Company reports FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT). FFO is a widely-recognized non-GAAP financial measure for REITs that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. The Company’s computation of FFO, as detailed in the attached schedule, is in accordance with

NAREIT’s pronouncements. The Company also presents “Operating FFO”, which excludes certain items that are not indicative of the results provided by the Company’s consolidated portfolio and that affect the comparability of the Company’s period-over-period performance, as also detailed in the attached schedule.

Supplemental Financial Information Package

The Company has issued “Supplemental Financial Information” for the period ended June 30, 2014. Such information has been filed today as an exhibit to Form 8-K and will also be available on the Company’s website at www.cedarrealtytrust.com.

Investor Conference Call

The Company will host a conference call today, August 6, 2014, at 5:00 PM (ET) to discuss the second quarter results. The conference call can be accessed by dialing (877) 705-6003 or (1) (201) 493-6725 for international participants. A live webcast of the conference call will be available online on the Company’s website at www.cedarrealtytrust.com.

A replay of the call will be available from 8:00 PM (ET) on August 6, 2014, until midnight (ET) on August 20, 2014. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13583882 for the telephonic replay. A replay of the Company’s webcast will be available on the Company’s website for a limited time.

About Cedar Realty Trust

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership and operation of primarily grocery-anchored shopping centers straddling the Washington DC to Boston corridor. The Company’s portfolio (excluding properties treated as “held for sale”) is comprised of 60 properties, with approximately 9.4 million square feet of gross leasable area.

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

Forward-Looking Statements

Statements made in this press release that are not strictly historical are “forward-looking” statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and outcomes to differ materially from those expressed or implied in forward-looking statements. Please refer to the documents filed by Cedar Realty Trust, Inc. with the SEC, specifically the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, which identifies important risk factors that could cause actual results to differ from those contained in forward-looking statements.

Contact Information:

Cedar Realty Trust, Inc.

Investor Relations

Jennifer Bitterman

(516) 944-4561

CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets


	June 30		December 31
	2014		2013
ASSETS
Real estate
Land	$	313,774,000	$	276,747,000
Buildings and improvements		1,160,294,000		1,101,084,000

		1,474,068,000		1,377,831,000
Less accumulated depreciation		(253,558,000)		(236,784,000)

Real estate, net		1,220,510,000		1,141,047,000
Real estate held for sale/conveyance		51,607,000		129,945,000
Cash and cash equivalents		4,037,000		3,973,000
Restricted cash		10,297,000		11,063,000
Receivables		19,581,000		18,100,000
Other assets and deferred charges, net		28,488,000		27,798,000

TOTAL ASSETS	$	1,334,520,000	$	1,331,926,000


LIABILITIES AND EQUITY
Mortgage loans payable	$	425,245,000	$	509,308,000
Mortgage loans payable - real estate held for sale/conveyance		6,618,000		29,832,000
Unsecured revolving credit facility		76,500,000		153,500,000
Unsecured term loans		200,000,000		50,000,000
Accounts payable and accrued liabilities		19,277,000		22,666,000
Unamortized intangible lease liabilities		25,911,000		25,509,000
Unamortized intangible lease liabilities - real estate held for sale/conveyance		1,092,000		5,463,000

Total liabilities		754,643,000		796,278,000


Noncontrolling interest - limited partners’ mezzanine OP Units		409,000		414,000

Commitments and contingencies		-		-

Equity:
Cedar Realty Trust, Inc. shareholders’ equity:
Preferred stock		190,661,000		190,661,000
Common stock and other shareholders’ equity		382,525,000		337,016,000

Total Cedar Realty Trust, Inc. shareholders’ equity		573,186,000		527,677,000

Noncontrolling interests:
Minority interests in consolidated joint ventures		3,329,000		4,202,000
Limited partners’ OP Units		2,953,000		3,355,000

Total noncontrolling interests		6,282,000		7,557,000

Total equity		579,468,000		535,234,000

TOTAL LIABILITIES AND EQUITY	$	1,334,520,000	$	1,331,926,000

CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations


	Three months ended June 30,				Six months ended June 30,
	2014		2013		2014		2013
REVENUES
Rents	$	29,633,000	$	27,295,000	$	58,005,000	$	54,624,000
Expense recoveries		7,255,000		6,463,000		16,175,000		14,470,000
Other		181,000		163,000		236,000		386,000

Total revenues		37,069,000		33,921,000		74,416,000		69,480,000

PROPERTY OPERATING EXPENSES
Operating, maintenance and management		6,221,000		5,354,000		14,247,000		12,147,000
Real estate and other property-related taxes		4,602,000		4,394,000		9,109,000		8,860,000

Total property operating expenses		10,823,000		9,748,000		23,356,000		21,007,000


PROPERTY OPERATING INCOME		26,246,000		24,173,000		51,060,000		48,473,000


OTHER EXPENSES
General and administrative		3,780,000		3,456,000		7,304,000		6,726,000
Employee termination costs		-		-		-		106,000
Acquisition costs		-		-		2,870,000		-
Impairment charges/(reversal)		1,725,000		-		1,807,000		(1,100,000)
Depreciation and amortization		9,693,000		9,452,000		19,141,000		18,953,000

Total other expenses		15,198,000		12,908,000		31,122,000		24,685,000


OPERATING INCOME		11,048,000		11,265,000		19,938,000		23,788,000


NON-OPERATING INCOME AND EXPENSES
Interest expense		(8,124,000)		(8,925,000)		(16,182,000)		(17,812,000)
Early extinguishment of debt costs		(62,000)		(21,000)		(163,000)		(106,000)
Gain on sales		3,810,000		-		3,810,000		346,000

Total non-operating income and expense		(4,376,000)		(8,946,000)		(12,535,000)		(17,572,000)


INCOME FROM CONTINUING OPERATIONS		6,672,000		2,319,000		7,403,000		6,216,000


DISCONTINUED OPERATIONS
Income from operations		751,000		869,000		1,794,000		824,000
Impairment reversals, net		183,000		-		119,000		-
Gain on extinguishment of debt obligations		1,423,000		1,298,000		1,423,000		1,298,000
Gain on sales		7,963,000		-		7,963,000		-

Total income from discontinued operations		10,320,000		2,167,000		11,299,000		2,122,000


NET INCOME		16,992,000		4,486,000		18,702,000		8,338,000


Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		147,000		97,000		213,000		103,000
Limited partners’ interest in Operating Partnership		(79,000)		(4,000)		(68,000)		(1,000)

Total net loss (income) attributable to noncontrolling interests		68,000		93,000		145,000		102,000


NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		17,060,000		4,579,000		18,847,000		8,440,000

Preferred stock dividends		(3,602,000)		(3,602,000)		(7,204,000)		(7,209,000)
Preferred stock redemption costs		-		-		-		(1,166,000)


NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	13,458,000	$	977,000	$	11,643,000	$	65,000


PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)
Continuing operations	$	0.03	$	(0.02)	$	(0.00)	$	(0.03)
Discontinued operations		0.14		0.03		0.15		0.03

	$	0.17	$	0.01	$	0.15	$	(0.00)


Weighted average number of common shares - basic and diluted		75,531,000		68,345,000		75,076,000		68,342,000

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements


Balance Sheets	June 30		December 31
	2014		2013

Construction in process (included in buildings and improvements)	$	9,342,000	$	7,728,000

Receivables
Rents and other tenant receivables, net	$	4,332,000	$	3,282,000
Straight-line rents		15,249,000		14,818,000

	$	19,581,000	$	18,100,000

Other assets and deferred charges, net
Lease origination costs	$	18,827,000	$	14,832,000
Financing costs		5,193,000		5,052,000
Prepaid expenses		3,003,000		5,669,000
Other		1,465,000		2,245,000

	$	28,488,000	$	27,798,000


Statements of Operations	Three months ended June 30,				Six months ended June 30,
	2014		2013		2014		2013
Rents
Base rents	$	28,100,000	$	25,692,000	$	55,023,000	$	51,206,000
Percentage rent		134,000		175,000		255,000		291,000
Straight-line rents		292,000		379,000		479,000		836,000
Amortization of intangible lease liabilities		1,107,000		1,049,000		2,248,000		2,291,000

	$	29,633,000	$	27,295,000	$	58,005,000	$	54,624,000

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures


	Three months ended June 30,				Six months ended June 30,
	2014		2013		2014		2013
Net income attributable to common shareholders	$	13,458,000	$	977,000	$	11,643,000	$	65,000
Real estate depreciation and amortization		9,609,000		9,657,000		18,970,000		19,386,000
Limited partners’ interest		79,000		4,000		68,000		1,000
Impairment charges/(reversal)		1,542,000		-		1,688,000		(1,100,000)
Gain on sales		(11,773,000)		-		(11,773,000)		(346,000)
Consolidated minority interests:
Share of (loss)		(147,000)		(97,000)		(213,000)		(103,000)
Share of FFO		(226,000)		(278,000)		(533,000)		(695,000)

Funds From Operations (“FFO”)		12,542,000		10,263,000		19,850,000		17,208,000
Adjustments for items affecting comparability:
Acquisition costs		-		-		2,870,000		-
Early extinguishment of debt costs, net		62,000		21,000		150,000		543,000
Gain on extinguishment of debt obligations		(1,423,000)		(1,298,000)		(1,423,000)		(1,298,000)
Employee termination costs		-		-		-		106,000
Preferred stock redemption costs		-		-		-		1,166,000

Operating Funds From Operations (“Operating FFO”)	$	11,181,000	$	8,986,000	$	21,447,000	$	17,725,000


FFO per diluted share:	$	0.16	$	0.14	$	0.25	$	0.24


Operating FFO per diluted share:	$	0.14	$	0.12	$	0.27	$	0.24


Weighted average number of diluted common shares:
Common shares		79,223,000		72,301,000		78,756,000		72,122,000
OP Units		465,000		281,000		472,000		281,000

		79,688,000		72,582,000		79,228,000		72,403,000


Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	298,000	$	387,000	$	495,000	$	878,000
Amortization of intangible lease liabilities		1,049,000		991,000		2,129,000		2,070,000
Non-real estate amortization		720,000		677,000		1,405,000		1,234,000
Share-based compensation, net		821,000		827,000		1,611,000		1,548,000
Maintenance capital expenditures (a)		449,000		861,000		862,000		1,570,000
Lease related expenditures (b)		593,000		475,000		1,402,000		1,030,000
Development and redevelopment capital expenditures		1,951,000		4,638,000		4,355,000		8,026,000
Capitalized interest and financing costs		201,000		289,000		402,000		587,000

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

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

CEDAR REALTY TRUST, INC.

Earnings Before Interest, Taxes, Depreciation and Amortization


	Three months ended June 30,				Six months ended June 30,
	2014		2013		2014		2013
EBITDA Calculation

Income from continuing operations	$	6,672,000	$	2,319,000	$	7,403,000	$	6,216,000
Add (deduct):
Interest expense (including early extinguishment of debt costs)		8,186,000		8,946,000		16,345,000		17,918,000
Depreciation and amortization		9,693,000		9,452,000		19,141,000		18,953,000
Minority interests share of consolidated joint venture EBITDA		(738,000)		(792,000)		(1,554,000)		(1,717,000)
Discontinued operations:
Income from operations		751,000		869,000		1,794,000		824,000
Interest expense (including early extinguishment of debt costs)		230,000		631,000		631,000		1,777,000
Depreciation and amortization		-		311,000		-		632,000

EBITDA		24,794,000		21,736,000		43,760,000		44,603,000
Adjustments for items affecting comparability:
Acquisition costs		-		-		2,870,000		-
Impairment charges/(reversal)		1,725,000		-		1,807,000		(1,100,000)
Employee termination costs		-		-		-		106,000
Gain on sales		(3,810,000)		-		(3,810,000)		(346,000)

Adjusted EBITDA	$	22,709,000	$	21,736,000	$	44,627,000	$	43,263,000


Pro-rata share of net debt (a)
Pro-rata share of debt	$	675,759,000	$	703,201,000	$	675,759,000	$	703,201,000
Pro-rata share of unrestricted cash and cash equivalents		(3,494,000)		(3,935,000)		(3,494,000)		(3,935,000)

	$	672,265,000	$	699,266,000	$	672,265,000	$	699,266,000


Pro-rata fixed charges (a)
Interest expense (b)	$	7,386,000	$	8,711,000	$	14,934,132	$	17,353,000
Preferred stock dividends		3,602,000		3,602,000		7,204,000		7,209,000
Scheduled mortgage repayments		1,824,000		2,216,000		4,126,000		4,549,000

	$	12,812,000	$	14,529,000	$	26,264,132	$	29,111,000


Debt and Coverage Ratios
Net debt to Adjusted EBITDA (c)		7.7x		8.0x		7.7x		8.1x
Interest coverage ratio (based on Adjusted EBITDA)		3.1x		2.5x		3.0x		2.5x
Fixed charge coverage ratio (based on Adjusted EBITDA)		1.8x		1.5x		1.7x		1.5x

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

(b) Excludes early extinguishment of debt costs.

(c) For the purposes of this computation, this ratio has been adjusted to include annualizing the results of properties acquired, and to exclude, where applicable, (i) the results and debt related to properties sold and conveyed, (ii) management fee income relating to the terminated Cedar/RioCan joint venture, and (iii) lease termination income.

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of June 30, 2014


Property	Percent Owned		Maturity Date		Interest Rate (a)	Amounts
Fixed-rate mortgages:

Fieldstone Marketplace		100%		Jul 2014	6.0%	$	16,878,000

Mechanicsburg Center		100%		Nov 2014	5.5%		8,243,000

Elmhurst Square		100%		Dec 2014	5.4%		3,677,000

New London Mall		40%		Apr 2015	4.9%		27,365,000

Oak Ridge Shopping Center		100%		May 2015	5.5%		3,199,000

Pine Grove Plaza		100%		Sep 2015	5.0%		5,264,000

Groton Shopping Center		100%		Oct 2015	5.3%		11,170,000

Quartermaster Plaza		100%		Oct 2015	5.3%		41,993,000

Southington Center		100%		Nov 2015	5.1%		5,274,000

Jordan Lane		100%		Dec 2015	5.5%		11,989,000

Oakland Mills		100%		Jan 2016	5.5%		4,508,000

Franklin Village Plaza		100%		Aug 2016	4.1%		41,766,000

West Bridgewater Plaza		100%		Sep 2016	6.2%		10,356,000

Carman’s Plaza		100%		Oct 2016	6.2%		33,500,000

Hamburg Square		100%		Oct 2016	6.1%		4,783,000

Meadows Marketplace		100%		Nov 2016	5.6%		9,533,000

San Souci Plaza		40%		Dec 2016	6.2%		27,200,000

Camp Hill		100%		Jan 2017	5.5%		62,924,000

Golden Triangle		100%		Feb 2018	6.0%		19,511,000

Gold Star Plaza		100%		May 2019	7.3%		1,393,000

Swede Square		100%		Nov 2020	5.5%		10,079,000

Colonial Commons		100%		Feb 2021	5.5%		26,527,000

The Point		100%		Nov 2022	4.5%		29,247,000

Metro Square		100%		Nov 2029	7.5%		8,143,000

Total fixed-rate mortgages				3.0 years	5.4%	$	424,522,000

				*weighted average*

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt (Continued)

As of June 30, 2014

Property

Maturity

Date

Interest

Rate (a)

Amounts

Total fixed-rate mortgages

3.0 years

5.4%

424,522,000

weighted average

Net unamortized premium

723,000

Total mortgage debt, net

425,245,000

Unsecured debt:

Revolving credit facility (b)

Aug 2016

2.2%

76,500,000

Term loan

Aug 2018

2.0%

50,000,000

Term loan (c)

Feb 2019

3.4%

75,000,000

Term loan (d)

Feb 2021

4.3%

75,000,000

4.4 years

3.0%

276,500,000

weighted average

Total Debt (excluding debt on properties held for sale/conveyance)

3.5 years

4.5%

701,745,000

weighted average

Pro-rata share of total debt reconciliation:

Total debt (excluding debt on properties held for sale/conveyance)

701,745,000

Less pro-rata share attributable to joint venture minority interests

(32,604,000)

Plus pro-rata share attributable to properties held for sale/conveyance

6,618,000

Pro-rata share of total debt

675,759,000

Fixed to variable rate-debt ratio:

Fixed-rate debt (e)

549,259,000

81.3%

Variable-rate debt

126,500,000

18.7%

675,759,000

100.0%

(a) For variable-rate debt, rate in effect as of June 30, 2014.

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

(c) Reflects the forward interest rate swap that effectively converts this variable-rate debt to a fixed-rate debt of 3.4% beginning on July 1, 2014 through maturity.

(d) Reflects the forward interest rate swap that effectively converts this variable-rate debt to a fixed-rate debt of 4.3% beginning on July 1, 2014 through maturity.

(e) Includes $150,000,000 of term loans (See notes c and d above).

CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of June 30, 2014


	Secured Debt				Unsecured Debt
Year	Scheduled Amortization		Balloon Payments		Revolving Credit Facility				Term Loans		Total

2014	$	3,082,000	$	28,650,000	$	-			$	-	$	31,732,000
2015		5,773,000		104,352,000		-				-		110,125,000
2016		4,220,000		128,564,000		76,500,000	(a	)		-		209,284,000
2017		2,439,000		60,478,000		-				-		62,917,000
2018		2,148,000		18,007,000		-				50,000,000		70,155,000
2019		2,036,000		-		-				75,000,000		77,036,000
2020		1,981,000		8,849,000		-				-		10,830,000
2021		1,244,000		22,367,000		-				75,000,000		98,611,000
2022		1,039,000		24,323,000		-				-		25,362,000
2023		524,000		-		-				-		524,000
Thereafter		3,974,000		472,000		-				-		4,446,000


	$	28,460,000	$	396,062,000	$	76,500,000			$	200,000,000		701,022,000


Net unamortized premium												723,000


											$	701,745,000

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

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of June 30, 2014


								Average
		Percent	Year			Percent		base rent per		Major Tenants (a)
Property Description	State	owned	acquired	GLA		occupied		leased sq. ft.		Name	GLA
Connecticut
Big Y Shopping Center	CT	100%	2013		101,105		100.0%	$	22.69	Big Y		63,817
Brickyard Plaza	CT	100%	2004		237,596		72.6%		7.86	Home Depot		103,003
										Kohl’s		58,966
Groton Shopping Center	CT	100%	2007		117,186		89.0%		11.21	TJ Maxx		30,000
										Goodwill		21,306
Jordan Lane	CT	100%	2005		177,504		99.2%		11.06	Stop & Shop		60,632
										CW Price		39,280
										Retro Fitness		20,283
New London Mall	CT	40%	2009		259,566		91.8%		14.62	Shop Rite		64,017
										Marshalls		30,627
										Home Goods		25,432
										Petsmart		23,500
										A.C. Moore		20,932
Oakland Commons	CT	100%	2007		90,100		100.0%		6.37	Walmart		54,911
										Bristol Ten Pin		35,189
Southington Center	CT	100%	2003		155,842		98.5%		7.08	Walmart		95,482
										NAMCO		20,000

Total Connecticut					1,138,899		91.0%		11.50


Maryland
Kenley Village	MD	100%	2005		51,894		73.7%		8.94	Food Lion		29,000
Metro Square	MD	100%	2008		71,896		100.0%		19.18	Shoppers Food Warehouse		58,668
Oakland Mills	MD	100%	2005		58,224		100.0%		13.79	Food Lion		43,470
San Souci Plaza	MD	40%	2009		264,134		78.7%		10.25	Shoppers Food Warehouse		61,466
										Marshalls		27,000
										Maximum Health and Fitness		15,612
Valley Plaza	MD	100%	2003		190,939		100.0%		4.98	K-Mart		95,810
										Ollie’s Bargain Outlet		41,888
										Tractor Supply		32,095
Yorktowne Plaza	MD	100%	2007		158,982		88.4%		13.67	Food Lion		37,692

Total Maryland					796,069		88.9%		10.63


Massachusetts
Fieldstone Marketplace	MA	100%	2005/2012		193,970		94.0%		10.61	Shaw’s		68,000
										Flagship Cinema		41,975
										New Bedford Wine and Spirits		15,180
Franklin Village Plaza	MA	100%	2004/2012		303,461		91.2%		20.39	Stop & Shop		75,000
										Marshalls		26,890
										Team Fitness		15,807
Kings Plaza	MA	100%	2007		168,243		93.6%		6.37	Work Out World		42,997
										CW Price		28,504
										Ocean State Job Lot		20,300
										Savers		19,339
Norwood Shopping Center	MA	100%	2006		102,459		98.2%		8.17	Hannaford Brothers		42,598
										Planet Fitness		18,830
										Dollar Tree		16,798
The Shops at Suffolk Downs	MA	100%	2005		121,320		100.0%		13.49	Stop & Shop		74,977
Timpany Plaza	MA	100%	2007		183,775		98.1%		7.17	Stop & Shop		59,947
										Big Lots		28,027
										Gardner Theater		27,576
Webster Plaza	MA	100%	2007		101,824		80.0%		10.93	Price Chopper		58,545
West Bridgewater Plaza	MA	100%	2007		133,039		87.7%		9.24	Shaw’s		57,315
										Big Lots		25,000
										Planet Fitness		15,000

Total Massachusetts					1,308,091		93.0%		11.75


New Jersey
Carll’s Corner	NJ	100%	2007		129,582		84.7%		8.70	Acme Markets		55,000
										Peebles		18,858
Pine Grove Plaza	NJ	100%	2003		86,089		95.1%		11.10	Peebles		24,963
Washington Center Shoppes	NJ	100%	2001		157,394		92.0%		9.07	Acme Markets		66,046
										Planet Fitness		20,742

Total New Jersey					373,065		90.2%		9.45

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of June 30, 2014


									Average
		Percent	Year				Percent		base rent per		Major Tenants (a)
Property Description	State	owned	acquired		GLA		occupied		leased sq. ft.		Name	GLA

New York
Carman’s Plaza	NY	100%		2007		194,082		89.2%		17.81	Pathmark		52,211

											Extreme Fitness		27,598
											Home Goods		25,806
											Department of Motor Vehicle		19,310

Pennsylvania
Academy Plaza	PA	100%		2001		137,592		91.2%		14.22	Acme Markets		50,918
Camp Hill	PA	100%		2002		470,117		99.3%		13.73	Boscov’s		167,597
											Giant Foods		92,939
											LA Fitness		45,000
											Orthopedic Inst of PA		40,904
											Barnes & Noble		24,908
											Staples		20,000
Circle Plaza	PA	100%		2007		92,171		100.0%		2.74	K-Mart		92,171
Colonial Commons	PA	100%		2011		461,905		88.6%		13.36	Giant Foods		67,815
											Dick’s Sporting Goods		56,000
											LA Fitness		41,325
											Ross Dress For Less		30,000
											Marshalls		27,000
											JoAnn Fabrics		25,500
											David’s Furniture		24,970
											Office Max		23,500
											Old Navy		15,500
Crossroads II	PA	100% (b)		2008		133,717		96.1%		19.94	Giant Foods		78,815
Fairview Commons	PA	100%		2007		42,314		56.2%		9.19	Family Dollar		10,789
Fort Washington Center	PA	100%		2002		41,000		100.0%		21.83	LA Fitness		41,000
Gold Star Plaza	PA	100%		2006		71,720		82.2%		8.97	Redner’s		48,920
Golden Triangle	PA	100%		2003		202,943		98.2%		12.91	LA Fitness		44,796
											Marshalls		30,000
											Staples		24,060
											Just Cabinets		18,665
											Aldi		15,242
Halifax Plaza	PA	100%		2003		51,510		100.0%		11.98	Giant Foods		32,000
Hamburg Square	PA	100%		2004		99,580		95.2%		6.44	Redner’s		56,780
											Peebles		19,683
Liberty Marketplace	PA	100%		2005		68,200		98.2%		18.00	Giant Foods		55,000
Meadows Marketplace	PA	100%		2004/2012		91,518		100.0%		15.59	Giant Foods		67,907
Mechanicsburg Center	PA	100%		2005		51,500		100.0%		21.78	Giant Foods		51,500
Newport Plaza	PA	100%		2003		64,489		100.0%		11.74	Giant Foods		43,400
Northside Commons	PA	100%		2008		69,136		100.0%		9.50	Redner’s		53,019
Palmyra Shopping Center	PA	100%		2005		111,051		94.5%		6.69	Weis Markets		46,912
											Goodwill		18,104
Port Richmond Village	PA	100%		2001		154,908		98.2%		13.65	Thriftway		40,000
											Pep Boys		20,615
											Shop of New Sorts Thrift Store		15,200
Quartermaster Plaza	PA	100%		2014		456,364		98.0%		13.90	Home Depot		150,000
											BJ’s Wholesale Club		117,718
											Conway Stores, Inc.		25,200
											Planet Fitness		23,146
											Staples		20,388
											Petsmart		19,089
River View Plaza	PA	100%		2003		226,786		88.5%		19.48	United Artists		77,700
											Avalon Carpet		25,000
											Pep Boys		22,000
											Staples		18,000
South Philadelphia	PA	100%		2003		283,415		80.9%		14.52	Shop Rite		54,388
											Ross Dress For Less		31,349
											LA Fitness		31,000
											Modell’s		20,000

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of June 30, 2014


								Average
		Percent	Year			Percent		base rent per		Major Tenants (a)
Property Description	State	owned	acquired	GLA		occupied		leased sq. ft.		Name	GLA
Pennsylvania (continued)
Swede Square	PA	100%	2003		100,816		100.0%		17.19	LA Fitness		37,200
The Commons	PA	100%	2004		203,426		87.5%		8.10	Bon-Ton		54,500
										Shop ‘n Save		52,654
										TJ Maxx		24,404
The Point	PA	100%	2000		268,037		97.1%		12.54	Burlington Coat Factory		76,665
										Giant Foods		76,627
										A.C. Moore		24,890
										Staples		24,000
Trexler Mall	PA	100%	2005		339,279		90.2%		10.01	Kohl’s		90,230
										Bon-Ton		62,000
										Lehigh Wellness Partners		33,227
										Oxyfit Gym		28,870
										Marshalls		28,488
Trexlertown Plaza	PA	100%	2006		313,929		88.4%		12.22	Giant Foods		78,335
										Hobby Lobby		57,512
										Redner’s		47,900
										Big Lots		33,824
										Tractor Supply		19,097
Upland Square	PA	100%	2007		394,598		94.4%		16.95	Giant Foods		78,900
										Carmike Cinema		45,276
										LA Fitness		42,000
										Best Buy		30,000
										TJ Maxx		25,000
										Bed, Bath & Beyond		24,721
										A.C. Moore		21,600
										Staples		18,336

Total Pennsylvania					5,002,021		93.2%		13.40

Virginia
Coliseum Marketplace	VA	100%	2005		106,648		100.0%		16.13	Farm Fresh		57,662
										Michaels		23,981
Elmhurst Square	VA	100%	2006		66,250		89.6%		9.73	Food Lion		38,272
Fredericksburg Way	VA	100%	2005		63,000		100.0%		18.47	Ukrop’s Supermarket		63,000
General Booth Plaza	VA	100%	2005		71,639		96.6%		13.84	Farm Fresh		53,758
Glen Allen Shopping Center	VA	100%	2005		63,328		100.0%		6.61	Giant Foods		63,328
Kempsville Crossing	VA	100%	2005		79,147		45.8%		13.13	Farm Fresh		16,938
Oak Ridge Shopping Center	VA	100%	2006		38,700		92.2%		10.59	Food Lion		33,000
Suffolk Plaza	VA	100%	2005		67,216		100.0%		9.90	Farm Fresh		67,216

Total Virginia					555,928		90.1%		12.70


Total (93.3% leased at June 30, 2014)					9,368,155		92.2%	$	12.61

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

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

CEDAR REALTY TRUST, INC.

Leasing Activity


	Leases Signed	Square Feet	New Rent Per. Sq. Ft (a)	Prior Rent Per. Sq. Ft (a)	Cash Basis % Change	Tenant Improvements Per. Sq. Ft (b)	Average Lease Term (Yrs)


Total Comparable Leases
2nd Quarter 2014	55	355,000	$13.29	$12.21	8.9%	$0.67	5.5
1st Quarter 2014	38	319,300	$9.68	$8.86	9.2%	$0.74	4.7
4th Quarter 2013	40	291,000	$9.11	$8.51	7.1%	$0.78	4.4
3rd Quarter 2013	52	215,800	$13.62	$12.28	10.9%	$1.87	4.3

Total (c)	185	1,181,100	$11.34	$10.41	8.9%	$0.94	4.8


New Leases - Comparable
2nd Quarter 2014	11	62,000	$11.72	$10.86	8.0%	$3.85	9.1
1st Quarter 2014	4	7,400	$26.60	$22.45	18.5%	$31.70	7.4
4th Quarter 2013	7	20,300	$13.17	$12.58	4.7%	$11.18	6.7
3rd Quarter 2013	7	25,300	$17.24	$12.58	37.0%	$15.95	8.2

Total (c)	29	115,000	$14.16	$12.29	15.2%	$9.61	8.4


Renewals - Comparable
2nd Quarter 2014	44	293,000	$13.62	$12.49	9.0%	$0.00	4.7
1st Quarter 2014	34	311,900	$9.27	$8.54	8.6%	$0.00	4.6
4th Quarter 2013	33	270,700	$8.81	$8.20	7.4%	$0.00	4.2
3rd Quarter 2013	45	190,500	$13.14	$12.24	7.3%	$0.00	3.7

Total	156	1,066,100	$11.04	$10.20	8.2%	$0.00	4.4


Total Comparable and Non-Comparable
2nd Quarter 2014	61	380,000	$13.41	N/A	N/A	$1.38	5.8
1st Quarter 2014	40	328,200	$9.95	N/A	N/A	$2.79	4.8
4th Quarter 2013	46	361,500	$9.44	N/A	N/A	$0.84	5.9
3rd Quarter 2013	54	227,400	$14.29	N/A	N/A	$1.77	4.5

Total	201	1,297,100	$11.58	N/A	N/A	$1.66	5.3

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

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

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of June 30, 2014


	Number								Annualized		Percentage
	of						Annualized		base rent		annualized
Tenant	stores		GLA		% of GLA		base rent		per sq. ft.		base rents
Top twenty tenants (a):
Giant Foods		12		787,000		8.4%	$	12,054,000	$	15.32		11.1%
LA Fitness		7		282,000		3.0%		4,653,000		16.50		4.3%
Stop & Shop		4		271,000		2.9%		2,805,000		10.35		2.6%
Farm Fresh		4		196,000		2.1%		2,235,000		11.40		2.1%
Home Depot		2		253,000		2.7%		2,050,000		8.10		1.9%
Staples		6		125,000		1.3%		1,982,000		15.86		1.8%
Dollar Tree		18		182,000		1.9%		1,929,000		10.60		1.8%
Shop Rite		2		118,000		1.3%		1,744,000		14.78		1.6%
BJ’s Wholesale Club		1		118,000		1.3%		1,607,000		13.62		1.5%
Redner’s		4		207,000		2.2%		1,514,000		7.31		1.4%
United Artists		1		78,000		0.8%		1,454,000		18.64		1.3%
Shaw’s		2		125,000		1.3%		1,431,000		11.45		1.3%
Big Y		1		64,000		0.7%		1,404,000		21.94		1.3%
Food Lion		5		181,000		1.9%		1,314,000		7.26		1.2%
Shoppers Food Warehouse		2		120,000		1.3%		1,237,000		10.31		1.1%
Marshalls		5		143,000		1.5%		1,187,000		8.30		1.1%
Ukrop’s Supermarket		1		63,000		0.7%		1,163,000		18.46		1.1%
Kohl’s		2		149,000		1.6%		1,113,000		7.47		1.0%
Carmike Cinema		1		45,000		0.5%		1,034,000		22.98		0.9%
TJ Maxx		4		106,000		1.1%		1,001,000		9.44		0.9%

Sub-total top twenty tenants		84		3,613,000		38.6%		44,911,000		12.43		41.2%

Remaining tenants		791		5,022,000		53.6%		63,969,000		12.74		58.8%

Sub-total all tenants (b)		875		8,635,000		92.2%	$	108,880,000	$	12.61		100.0%


Vacant space		N/A		733,000		7.8%

Total		875		9,368,000		100.0%

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

(1) Giant Foods and Stop & Shop, (2) Farm Fresh, Shoppers Food Warehouse, and Shop ‘n Save (GLA of 53,000; annualized base rent of $120,000), (3) Marshalls, TJ Maxx and Home Goods (GLA of 51,000; annualized base rent of $609,000), and (4) Shaw’s and Acme Markets (GLA of 172,000; annualized base rent of $781,000).

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


	GLA		% of GLA		Annualized base rent		Annualized base rent per sq. ft.		Percentage annualized base rents
Large tenants		6,107,000		70.7%	$	63,957,000	$	10.47		58.7%
Small tenants		2,528,000		29.3%		44,923,000		17.78		41.3%

Total		8,635,000		100.0%	$	108,880,000	$	12.61		100.0%

CEDAR REALTY TRUST, INC.

Lease Expirations

As of June 30, 2014


Year of lease expiration	Number of leases expiring		GLA expiring		Percentage of GLA expiring		Annualized expiring base rents		Annualized expiring base rents per sq. ft.		Percentage of annualized expiring base rents

Month-To-Month		41		159,000		1.8%	$	1,740,000	$	10.94		1.6%
2014		53		226,000		2.6%		3,288,000		14.55		3.0%
2015		138		952,000		11.0%		11,232,000		11.80		10.3%
2016		129		850,000		9.8%		10,680,000		12.56		9.8%
2017		116		838,000		9.7%		11,568,000		13.80		10.6%
2018		107		824,000		9.5%		12,192,000		14.80		11.2%
2019		95		991,000		11.5%		10,416,000		10.51		9.6%
2020		55		1,129,000		13.1%		10,932,000		9.68		10.0%
2021		37		443,000		5.1%		6,504,000		14.68		6.0%
2022		23		155,000		1.8%		2,256,000		14.55		2.1%
2023		20		210,000		2.4%		2,832,000		13.49		2.6%
2024		21		478,000		5.5%		6,444,000		13.48		5.9%
Thereafter		40		1,380,000		16.0%		18,796,000		13.61		17.3%


All tenants		875		8,635,000		100.0%	$	108,880,000	$	12.61		100.0%


Vacant space		N/A		733,000		N/A


Total portfolio		875		9,368,000		N/A

CEDAR REALTY TRUST, INC.

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

Same-Property NOI (a) (b)


	Three months ended June 30,
	2014		2013
Base Rents	$	21,286,000	$	20,832,000
Expense Recoveries		5,676,000		5,492,000

Total Revenues		26,962,000		26,324,000
Operating expenses		8,053,000		7,793,000

NOI	$	18,909,000	$	18,531,000


Occupied		93.5%		93.2%
Leased		93.8%		93.8%
Average base rent		$12.70		$12.59

Number of same properties		52		52

NOI growth		2.0%
NOI growth, excluding dark anchor re-tenanting impact		1.0%

	Six months ended June 30,
	2014		2013
Base Rents	$	42,677,000	$	41,501,000
Expense Recoveries		12,867,000		12,128,000

Total Revenues		55,544,000		53,629,000
Operating expenses		17,614,000		16,572,000

NOI	$	37,930,000	$	37,057,000


Occupied		93.5%		93.2%
Leased		93.8%		93.8%
Average base rent		$12.70		$12.59

Number of same properties		52		52

NOI growth		2.4%
NOI growth, excluding dark anchor re-tenanting impact		1.3%

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

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

CEDAR REALTY TRUST, INC.

2014 Acquisitions and Dispositions

Acquisition

Location

GLA

Date

Acquired

Purchase

Price

Quartermaster Plaza

Philadelphia, PA

456,364

3/21/2014

92,300,000

Disposition

Location

GLA

Date

Sold

Sales

Price

Harbor Square (f/k/a Shore Mall)

Egg Harbor, NJ

344,823

2/25/2014

25,000,000

McCormick Place

Olmstead, OH

46,000

5/6/2014

2,679,000

(a)

Gahanna Discount Drug Mart Plaza

Columbus, OH

48,667

5/27/2014

4,982,000

(a)

Fairview Plaza

New Cumberland, PA

71,979

5/27/2014

12,450,000

Townfair Center

Indiana, PA

218,610

5/29/2014

22,600,000

Lake Raystown Plaza

Huntingdon, PA

142,559

6/25/2014

19,500,000

87,211,000

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

CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale/Conveyance

As of June 30, 2014


			Real estate						Average
		Percent	at book				Percent		base rent per
Property Description	State	owned	value		GLA		occupied		leased sq. ft.

Included in results from Continuing Operations

Annie Land Plaza	VA	100%	$	3,644,000		42,500		97.2%		$9.50

Carbondale Plaza (a)	PA	100%		10,841,000		120,689		95.4%		7.27

Smithfield Plaza (b)	VA	100%		11,818,000		134,664		91.9%		9.12

St. James Square	MD	100%		3,671,000		39,903		100.0%		11.71

Virginia Little Creek	VA	100%		7,383,000		69,620		100.0%		12.07

Various land parcels				1,422,000		N/A		N/A		N/A

				38,779,000		407,376		95.6%		9.41


Included in results from Discontinued Operations

Huntingdon Plaza	PA	100%		2,520,000		142,845		64.9%		4.49

Maxatawny Marketplace	PA	100%		10,308,000		56,914		100.0%		12.21

				12,828,000		199,759		74.9%		7.42


Total Real Estate Held for Sale/Conveyance			$	51,607,000		607,135		88.8%		$8.86

(a) Property sold on July 18, 2014.

(b) Property secures a mortgage loan payable of $6.6 million, with a stated interest rate of 6.2%, maturing in May 2016.

CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

Use of Funds From Operations (“FFO”)

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

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

The Company also presents “Operating FFO”, which excludes certain items that are not indicative of the results provided by the Company’s operating portfolio and that affect the comparability of the Company’s period-over-period performance, such as acquisition costs, amounts relating to early extinguishment of debt, gain on extinguishment of debt obligations, employee termination costs, and preferred stock redemption costs.

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

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

The Company also presents “Adjusted EBITDA”, which excludes certain items that are not indicative of the results provided by the Company’s operating portfolio and that affect the comparability of the Company’s period-over-period performance, such as acquisition costs, impairment charges/reversals, employee termination costs, and gain on sales of real estate. The ratios of debt to Adjusted EBITDA, Adjusted EBITDA to interest expense, and Adjusted EBITDA to fixed charges are additional related measures of financial performance. Because EBITDA from one company to another excludes some, but not all, items that affect net income, the computations of EBITDA may vary from one company to another.