Exhibit 99.1

SUPPLEMENTAL FINANCIAL INFORMATION

SEPTEMBER 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

September 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
Summary of Debt Maturities	13
Portfolio Information
Real Estate Summary	14-16
Leasing Activity	17
Tenant Concentration	18
Lease Expirations	19
Same-Property Net Operating Income	20
2014 Acquisitions and Dispositions	21
Summary of Real Estate Held For Sale/Conveyance	22
Non-GAAP Financial Disclosures	23

Forward-Looking Statements

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

2

CEDAR REALTY TRUST REPORTS

THIRD QUARTER 2014 RESULTS

Port Washington, New York – October 30, 2014 – Cedar Realty Trust, Inc. (NYSE:CDR) today reported results for the third quarter ended September 30, 2014.

Highlights

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

• Same-property net operating income (NOI) increased 1.9% including redevelopment properties, and 1.2% excluding redevelopment properties

• Signed 41 new and renewal leases for 187,800 square feet

• Comparable cash-basis lease spreads of 8.8%

• Total portfolio 93.1% leased and same-property portfolio 93.6% leased at quarter-end

• Raised low end of 2014 Operating FFO guidance to a new range of $0.53 to $0.54 per diluted share

“As we mark the third anniversary of the ‘new’ Cedar with this earnings release, we continue to deliver solid current operating results while building a foundation for long-term value creation,” commented Bruce Schanzer, President and CEO. “In particular, we are making significant progress with our capital recycling program aimed at upgrading the quality of our portfolio.”

Financial Results

Operating FFO for third quarter 2014 was $10.8 million or $0.14 per diluted share, compared to $9.5 million or $0.13 per diluted share for the same period in 2013. Operating FFO for nine months ended September 30, 2014 was $32.2 million or $0.41 per diluted share, compared to $27.3 million or $0.38 per diluted share for the same period in 2013.

Net income attributable to common shareholders for third quarter 2014 was $2.2 million or $0.03 per diluted share, compared to net loss of $(3.5) million or $(0.05) per diluted share for the same period in 2013. Net income attributable to common shareholders for nine months ended September 30, 2014 was $13.8 million or $0.18 per diluted share, compared to net loss of $(3.4) million or $(0.06) per diluted share for the same period in 2013.

Portfolio Results

For third quarter 2014, same-property NOI increased 1.9% including redevelopment properties, compared to the same period in 2013. Excluding redevelopment properties, same-property NOI increased 1.2%.

During third quarter 2014, the Company signed 41 leases for 187,800 square feet. On a comparable space basis, the Company leased 173,300 square feet at a positive lease spread of 8.8% on a cash basis (new leases increased 7.4% and renewals increased 8.9%).

3

The Company continues to make progress in its capital recycling efforts directed towards upgrading the quality of its shopping center portfolio. After acquiring Quartermaster Plaza for $92.3 million on March 21, 2014, the Company has sold six properties for aggregate sales proceeds of $78.6 million. The property acquired has 456,000 leasable square feet, a present average base rent of $13.73 per square foot, and a population density of approximately 325,000 people within a three-mile radius, compared to an average of 111,000 leasable square feet, average base rents of $10.06 per square foot, and an average population density of 31,000 people within a three-mile radius for the six sold properties.

The Company’s total portfolio, excluding properties held for sale, was 93.1% leased at September 30, 2014, compared to 93.6% at December 31, 2013 and 92.8% at September 30, 2013. The Company’s same-property portfolio was 93.6% leased at September 30, 2014, compared to 94.2% at December 31, 2013 and 93.9% at September 30, 2013.

Balance Sheet

As of September 30, 2014, the Company has $168.4 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) of 7.4 times. Additionally, thus far in 2014, the Company has repaid approximately $159 million of secured mortgage debt, primarily 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 $0.53 to $0.54 per diluted share from the previous range of $0.52 to $0.54 per diluted share.

Quarterly Dividends

The Company’s Board of Directors has approved a cash dividend of $0.05 per share on its common stock and $0.453125 per share on its 7.25% Series B Cumulative Redeemable Preferred Stock, both payable on November 20, 2014 to shareholders of record as of the close of business on November 10, 2014.

4

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 September 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, October 30, 2014, at 5:00 PM (ET) to discuss the third 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 October 30, 2014, until midnight (ET) on November 13, 2014. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13590070 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 58 properties, with approximately 9.2 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.

5

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

6

CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets

	September 30,			December 31,
	2014			2013
ASSETS
Real estate
Land	$	310,533,000		$	273,505,000
Buildings and improvements		1,148,700,000			1,085,126,000
		1,459,233,000			1,358,631,000
Less accumulated depreciation		(258,243,000	)		(233,082,000	)
Real estate, net		1,200,990,000			1,125,549,000
Real estate held for sale/conveyance		43,756,000			146,084,000
Cash and cash equivalents		4,251,000			3,973,000
Restricted cash		8,076,000			11,063,000
Receivables		20,988,000			17,597,000
Other assets and deferred charges, net		34,444,000			27,660,000
TOTAL ASSETS	$	1,312,505,000		$	1,331,926,000
LIABILITIES AND EQUITY
Mortgage loans payable	$	398,594,000		$	501,043,000
Mortgage loans payable - real estate held for sale/conveyance		6,598,000			38,097,000
Unsecured revolving credit facility		81,000,000			153,500,000
Unsecured term loans		200,000,000			50,000,000
Accounts payable and accrued liabilities		22,322,000			22,666,000
Unamortized intangible lease liabilities		24,780,000			25,509,000
Unamortized intangible lease liabilities - real estate held for sale/conveyance		—			5,463,000
Total liabilities		733,294,000			796,278,000
Noncontrolling interest - limited partners’ mezzanine OP Units		398,000			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		382,747,000			337,016,000
Total Cedar Realty Trust, Inc. shareholders’ equity		573,408,000			527,677,000
Noncontrolling interests:
Minority interests in consolidated joint ventures		2,945,000			4,202,000
Limited partners’ OP Units		2,460,000			3,355,000
Total noncontrolling interests		5,405,000			7,557,000
Total equity		578,813,000			535,234,000
TOTAL LIABILITIES AND EQUITY	$	1,312,505,000		$	1,331,926,000

7

CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
REVENUES
Rents	$	29,182,000		$	27,492,000		$	87,187,000		$	82,115,000
Expense recoveries		7,064,000			6,573,000			23,239,000			21,044,000
Other		15,000			113,000			251,000			499,000
Total revenues		36,261,000			34,178,000			110,677,000			103,658,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		5,747,000			5,590,000			19,994,000			17,737,000
Real estate and other property-related taxes		4,461,000			4,449,000			13,570,000			13,309,000
Total property operating expenses		10,208,000			10,039,000			33,564,000			31,046,000
PROPERTY OPERATING INCOME		26,053,000			24,139,000			77,113,000			72,612,000
OTHER EXPENSES
General and administrative		3,316,000			3,248,000			10,620,000			9,974,000
Employee termination costs		—			—			—			106,000
Acquisition costs		—			—			2,870,000			—
Impairment charges/(reversal)		1,250,000			—			3,057,000			(1,100,000	)
Depreciation and amortization		9,665,000			13,182,000			28,806,000			32,135,000
Total other expenses		14,231,000			16,430,000			45,353,000			41,115,000
OPERATING INCOME		11,822,000			7,709,000			31,760,000			31,497,000
NON-OPERATING INCOME AND EXPENSES
Interest expense		(8,216,000	)		(8,593,000	)		(24,398,000	)		(26,405,000	)
Early extinguishment of debt costs		—			—			(163,000	)		(106,000	)
Gain on sales		2,332,000			—			6,142,000			346,000
Total non-operating income and expense		(5,884,000	)		(8,593,000	)		(18,419,000	)		(26,165,000	)
INCOME (LOSS) FROM CONTINUING OPERATIONS		5,938,000			(884,000	)		13,341,000			5,332,000
DISCONTINUED OPERATIONS
Income from operations		212,000			946,000			2,006,000			1,770,000
Impairment charges, net		(441,000	)		—			(322,000	)		—
Gain on extinguishment of debt obligations		—			—			1,423,000			1,298,000
Gain on sales		—			—			7,963,000			—
Total (loss) income from discontinued operations		(229,000	)		946,000			11,070,000			3,068,000
NET INCOME		5,709,000			62,000			24,411,000			8,400,000
Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		84,000			49,000			297,000			152,000
Limited partners’ interest in Operating Partnership		(8,000	)		12,000			(76,000	)		11,000
Total net loss (income) attributable to noncontrolling interests		76,000			61,000			221,000			163,000
NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		5,785,000			123,000			24,632,000			8,563,000
Preferred stock dividends		(3,602,000	)		(3,602,000	)		(10,806,000	)		(10,811,000	)
Preferred stock redemption costs		—			—			—			(1,166,000	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	2,183,000		$	(3,479,000	)	$	13,826,000		$	(3,414,000	)
PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)
Continuing operations	$	0.03		$	(0.07	)	$	0.03		$	(0.10	)
Discontinued operations		(0.00	)		0.02			0.15			0.04
	$	0.03		$	(0.05	)	$	0.18		$	(0.06	)
Weighted average number of common shares - basic and diluted		75,547,000			68,365,000			75,233,000			68,350,000

8

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

Balance Sheets	September 30,		December 31
	2014		2013
Construction in process (included in buildings and improvements)	$	8,765,000	$	7,728,000
Receivables
Rents and other tenant receivables, net	$	6,096,000	$	3,267,000
Straight-line rents		14,892,000		14,330,000
	$	20,988,000	$	17,597,000
Other assets and deferred charges, net
Lease origination costs	$	18,397,000	$	14,832,000
Financing costs		4,723,000		5,052,000
Prepaid expenses		9,306,000		5,669,000
Other		2,018,000		2,107,000
	$	34,444,000	$	27,660,000
Statements of Operations	Three months ended September 30,				Nine months ended September 30,
	2014		2013		2014		2013
Rents
Base rents	$	27,666,000	$	25,794,000	$	82,690,000	$	76,999,000
Percentage rent		196,000		296,000		451,000		587,000
Straight-line rents		219,000		287,000		697,000		1,123,000
Amortization of intangible lease liabilities		1,101,000		1,115,000		3,349,000		3,406,000
	$	29,182,000	$	27,492,000	$	87,187,000	$	82,115,000

9

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
Net income (loss) attributable to common shareholders	$	2,183,000		$	(3,479,000	)	$	13,826,000		$	(3,414,000	)
Real estate depreciation and amortization		9,583,000			13,401,000			28,553,000			32,787,000
Limited partners’ interest		8,000			(12,000	)		76,000			(11,000	)
Impairment charges/(reversal)		1,691,000			—			3,379,000			(1,100,000	)
Gain on sales		(2,332,000	)		—			(14,105,000	)		(346,000	)
Consolidated minority interests:
Share of (loss)		(84,000	)		(49,000	)		(297,000	)		(152,000	)
Share of FFO		(274,000	)		(325,000	)		(807,000	)		(1,020,000	)
Funds From Operations (“FFO”)		10,775,000			9,536,000			30,625,000			26,744,000
Adjustments for items affecting comparability:
Acquisition costs		—			—			2,870,000			—
Early extinguishment of debt costs, net		—			—			150,000			543,000
Gain on extinguishment of debt obligations		—			—			(1,423,000	)		(1,298,000	)
Employee termination costs		—			—			—			106,000
Preferred stock redemption costs		—			—			—			1,166,000
Operating Funds From Operations (“Operating FFO”)	$	10,775,000		$	9,536,000		$	32,222,000		$	27,261,000
FFO per diluted share:	$	0.14		$	0.13		$	0.39		$	0.37
Operating FFO per diluted share:	$	0.14		$	0.13		$	0.41		$	0.38
Weighted average number of diluted common shares:
Common shares		79,214,000			72,287,000			78,908,000			72,178,000
OP Units		395,000			252,000			447,000			271,000
		79,609,000			72,539,000			79,355,000			72,449,000
Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	222,000		$	298,000		$	716,000		$	1,173,000
Amortization of intangible lease liabilities		1,043,000			1,042,000			3,172,000			3,112,000
Non-real estate amortization		526,000			626,000			1,931,000			1,860,000
Share-based compensation, net		818,000			1,144,000			2,429,000			2,692,000
Maintenance capital expenditures (a)		1,483,000			1,452,000			2,345,000			3,022,000
Lease related expenditures (b)		586,000			982,000			1,988,000			2,012,000
Development and redevelopment capital expenditures		2,924,000			2,542,000			7,279,000			10,568,000
Capitalized interest and financing costs		195,000			248,000			597,000			835,000

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

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

10

CEDAR REALTY TRUST, INC.

Earnings Before Interest, Taxes, Depreciation and Amortization

	Three months ended September 30,						Nine months ended September 30,
	2014			2013			2014			2013
EBITDA Calculation
Income (loss) from continuing operations	$	5,938,000		$	(884,000	)	$	13,341,000		$	5,332,000
Add (deduct):
Interest expense (including early extinguishment of debt costs)		8,216,000			8,593,000			24,561,000			26,511,000
Depreciation and amortization		9,665,000			13,182,000			28,806,000			32,135,000
Minority interests share of consolidated joint venture EBITDA		(793,000	)		(844,000	)		(2,347,000	)		(2,561,000	)
Discontinued operations:
Income from operations		212,000			946,000			2,006,000			1,770,000
Interest expense (including early extinguishment of debt costs)		—			606,000			631,000			2,385,000
Depreciation and amortization		—			312,000			—			944,000
EBITDA		23,238,000			21,911,000			66,998,000			66,516,000
Adjustments for items affecting comparability:
Acquisition costs		—			—			2,870,000			—
Impairment charges/(reversal)		1,250,000			—			3,057,000			(1,100,000	)
Employee termination costs		—			—			—			106,000
Gain on sales		(2,332,000	)		—			(6,142,000	)		(346,000	)
Adjusted EBITDA	$	22,156,000		$	21,911,000		$	66,783,000		$	65,176,000
Pro-rata share of net debt (a)
Pro-rata share of debt	$	653,543,000		$	709,137,000		$	653,543,000		$	709,137,000
Pro-rata share of unrestricted cash and cash equivalents		(3,785,000	)		(4,737,000	)		(3,785,000	)		(4,737,000	)
	$	649,758,000		$	704,400,000		$	649,758,000		$	704,400,000
Pro-rata fixed charges (a)
Interest expense (b)	$	7,420,000		$	8,365,000		$	22,353,492		$	25,718,000
Preferred stock dividends		3,602,000			3,602,000			10,806,000			10,811,000
Scheduled mortgage repayments		1,516,000			2,168,000			5,642,000			6,717,000
	$	12,538,000		$	14,135,000		$	38,801,492		$	43,246,000
Debt and Coverage Ratios
Net debt to Adjusted EBITDA (c)		7.4x			7.8x			7.6x			8.0x
Interest coverage ratio (based on Adjusted EBITDA)		3.0x			2.6x			3.0x			2.5x
Fixed charge coverage ratio (based on Adjusted EBITDA)		1.8x			1.6x			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.

11

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of September 30, 2014

Property	Percent Owned			Maturity Date		Interest Rate (a)			Amounts
Fixed-rate mortgages:
Elmhurst Square		100	%		Dec 2014		5.4	%	$	3,654,000
New London Mall		40	%		Apr 2015		4.9	%		27,365,000
Oak Ridge Shopping Center		100	%		May 2015		5.5	%		3,183,000
Pine Grove Plaza		100	%		Sep 2015		5.0	%		5,231,000
Groton Shopping Center		100	%		Oct 2015		5.3	%		11,118,000
Quartermaster Plaza		100	%		Oct 2015		5.3	%		41,835,000
Southington Center		100	%		Nov 2015		5.1	%		5,242,000
Jordan Lane		100	%		Dec 2015		5.5	%		11,921,000
Oakland Mills		100	%		Jan 2016		5.5	%		4,483,000
Franklin Village Plaza		100	%		Aug 2016		4.1	%		41,556,000
West Bridgewater Plaza		100	%		Sep 2016		6.2	%		10,318,000
Carman’s Plaza		100	%		Oct 2016		6.2	%		33,500,000
Hamburg Square		100	%		Oct 2016		6.1	%		4,758,000
Meadows Marketplace		100	%		Nov 2016		5.6	%		9,484,000
San Souci Plaza		40	%		Dec 2016		6.2	%		27,200,000
Camp Hill		100	%		Jan 2017		5.5	%		62,700,000
Golden Triangle		100	%		Feb 2018		6.0	%		19,417,000
Gold Star Plaza		100	%		May 2019		7.3	%		1,334,000
Swede Square		100	%		Nov 2020		5.5	%		10,040,000
Colonial Commons		100	%		Feb 2021		5.5	%		26,400,000
The Point		100	%		Nov 2022		4.5	%		29,127,000
Metro Square		100	%		Nov 2029		7.5	%		8,072,000
Total fixed-rate mortgages					2.9 years		5.4	%		397,938,000
	weighted average
Net unamortized premium										656,000
Total mortgage debt, net										398,594,000
Unsecured debt:
Revolving credit facility (b)					Aug 2016		2.0	%		81,000,000
Term loan					Aug 2018		1.9	%		50,000,000
Term loan					Feb 2019		3.2	%		75,000,000
Term loan					Feb 2021		4.1	%		75,000,000
Total unsecured debt					4.1 years		2.8	%		281,000,000
	weighted average
Total debt (excluding properties held for sale)					3.4 years		4.3	%	$	679,594,000
	weighted average
Pro-rata share of total debt reconciliation:
Total debt (excluding debt on properties held for sale/conveyance)									$	679,594,000
Less pro-rata share attributable to joint venture minority interests										(32,649,000	)
Plus pro-rata share attributable to properties held for sale/conveyance										6,598,000
Pro-rata share of total debt									$	653,543,000
Fixed to variable rate-debt ratio:
Fixed-rate debt							80.0	%	$	522,543,000
Variable-rate debt							20.0	%		131,000,000
							100.0	%	$	653,543,000

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

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

12

CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of September 30, 2014

	Secured Debt				Unsecured Debt
Year	Scheduled Amortization		Balloon Payments		Revolving Credit Facility			Term Loans		Total
2014	$	1,510,000	$	3,638,000	$	—		$	—	$	5,148,000
2015		5,773,000		104,352,000		—			—		110,125,000
2016		4,220,000		128,564,000		81,000,000	(a)		—		213,784,000
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
	$	26,888,000	$	371,050,000	$	81,000,000		$	200,000,000		678,938,000
Net unamortized premium											656,000
										$	679,594,000

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

13

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of September 30, 2014

Property Description	State	Percent     owned			Year   acquired	GLA		Percent     occupied			Average   base rent per   leased sq. ft.		Major Tenants (a)
													Name	GLA
Connecticut
Big Y Shopping Center	CT		100	%	2013		101,105		100.0	%	$	22.71	Big Y		63,817
Brickyard Plaza	CT		100	%	2004		227,185		75.9	%		7.86	Home Depot		103,003
													Kohl’s		58,966
Groton Shopping Center	CT		100	%	2007		117,186		89.0	%		12.11	TJ Maxx		30,000
													Goodwill		21,306
Jordan Lane	CT		100	%	2005		177,504		99.2	%		11.12	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							1,128,488		91.8	%		11.60
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	%		19.26	Shoppers Food Warehouse		58,668
Oakland Mills	MD		100	%	2005		58,224		100.0	%		13.91	Food Lion		43,470
San Souci Plaza	MD		40	%	2009		264,134		79.3	%		10.77	Shoppers Food Warehouse		61,466
													Marshalls		27,000
													Maximum Health and Fitness		15,612
Valley Plaza	MD		100	%	2003		190,939		100.0	%		5.06	K-Mart		95,810
													Ollie’s Bargain Outlet		41,888
													Tractor Supply		32,095
Yorktowne Plaza	MD		100	%	2007		158,982		88.4	%		13.72	Food Lion		37,692
Total Maryland							796,069		89.1	%		10.84
Massachusetts
Fieldstone Marketplace	MA		100	%	2005/2012		193,970		93.2	%		10.51	Shaw’s		68,000
													Flagship Cinema		41,975
													New Bedford Wine and Spirits		15,180
Franklin Village Plaza	MA		100	%	2004/2012		303,085		92.9	%		20.57	Stop & Shop		75,000
													Marshalls		26,890
													Team Fitness		15,807
Kings Plaza	MA		100	%	2007		168,243		95.2	%		6.49	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	%		8.20	Hannaford Brothers		42,598
													Planet Fitness		18,830
													Dollar Tree		16,798
The Shops at Suffolk Downs	MA		100	%	2005		121,320		100.0	%		13.54	Stop & Shop		74,977
Timpany Plaza	MA		100	%	2007		183,775		100.0	%		7.32	Stop & Shop		59,947
													Big Lots		28,027
													Gardner Theater		27,576
Webster Plaza	MA		100	%	2007		101,824		91.7	%		10.41	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							1,307,715		94.7	%		11.78
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		92.6	%		9.14	Acme Markets		66,046
													Planet Fitness		20,742
Total New Jersey							373,065		90.4	%		9.47

14

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of September 30, 2014

Property Description	State	Percent owned			Year acquired	GLA		Percent occupied			Average base rent per leased sq. ft.		Major Tenants (a)
													Name	GLA
New York
Carman’s Plaza	NY		100	%	2007		194,082		75.0	%		19.39	Pathmark		52,211
													Home Goods		25,806
													Department of Motor Vehicle		19,310
Pennsylvania
Academy Plaza	PA		100	%	2001		137,415		91.4	%		14.33	Acme Markets		50,918
Camp Hill	PA		100	%	2002		461,560		99.3	%		14.07	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
Colonial Commons	PA		100	%	2011		461,914		90.0	%		13.61	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	%		19.95	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	%		12.03	Giant Foods		32,000
Hamburg Square	PA		100	%	2004		99,580		95.2	%		6.44	Redner’s		56,780
													Peebles		19,683
Meadows Marketplace	PA		100	%	2004/2012		91,518		100.0	%		15.64	Giant Foods		67,907
Mechanicsburg Center	PA		100	%	2005		51,500		100.0	%		22.57	Giant Foods		51,500
Newport Plaza	PA		100	%	2003		64,489		100.0	%		11.76	Giant Foods		43,400
Northside Commons	PA		100	%	2008		69,136		100.0	%		9.85	Redner’s		53,019
Palmyra Shopping Center	PA		100	%	2005		111,051		94.5	%		6.71	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		96.9	%		13.73	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	%		19.54	United Artists		77,700
													Avalon Carpet		25,000
													Pep Boys		22,000
													Staples		18,000
South Philadelphia	PA		100	%	2003		283,415		83.1	%		14.46	Shop Rite		54,388
													Ross Dress For Less		31,349
													LA Fitness		31,000
													Modell’s		20,000

15

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of September 30, 2014

Property Description	State	Percent owned			Year acquired	GLA		Percent occupied			Average base rent per leased sq. ft.		Major Tenants (a)
													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	%		8.12	Bon-Ton		54,500
													Shop ‘n Save		52,654
													TJ Maxx		24,404
The Point	PA		100	%	2000		268,037		97.1	%		12.55	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	%		10.02	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		90.5	%		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	%		16.93	Giant Foods		78,900
													Carmike Cinema		45,276
													LA Fitness		42,000
													Best Buy		30,000
													TJ Maxx		25,000
													Bed, Bath & Beyond		24,721
													A.C. Moore		21,600
													Staples		18,336
Total Pennsylvania							4,832,925		93.3	%		13.61
Virginia
Coliseum Marketplace	VA		100	%	2005		106,648		100.0	%		16.26	Farm Fresh		57,662
													Michaels		23,981
Elmhurst Square	VA		100	%	2006		66,250		87.2	%		8.87	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	%		13.93	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		98.3	%		10.69	Walmart		41,610
													Farm Fresh		16,938
Oak Ridge Shopping Center	VA		100	%	2006		38,700		92.2	%		10.69	Food Lion		33,000
Suffolk Plaza	VA		100	%	2005		67,216		100.0	%		9.90	Farm Fresh		67,216
Total Virginia							555,928		97.3	%		12.34
Total (93.1% leased at September 30, 2014)							9,188,272		92.7	%	$	12.73

(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.

16

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
3rd Quarter 2014		36		173,300	$	17.40	$	16.01		8.8	%	$	1.25		5.0
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
Total (c)		169		1,138,600	$	11.83	$	10.90		8.5	%	$	0.81		4.9
New Leases - Comparable
3rd Quarter 2014		5		12,300	$	25.02	$	23.29		7.4	%	$	17.62		7.0
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
Total (c)		27		102,000	$	14.70	$	13.55		8.5	%	$	9.01		8.3
Renewals - Comparable
3rd Quarter 2014		31		161,000	$	16.82	$	15.45		8.9	%	$	0.00		4.8
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
Total		142		1,036,600	$	11.55	$	10.64		8.6	%	$	0.00		4.6
Total Comparable and Non-Comparable
3rd Quarter 2014		41		187,800	$	17.83		N/A		N/A		$	1.30		5.1
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
Total		188		1,257,500	$	12.03		N/A		N/A		$	1.58		5.4

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

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

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

	Leases Signed		Square Feet		Cash Basis % Change
Total Comparable Leases		156		1,100,900		8.6	%
New Leases - Comparable		14		64,400		8.8	%

17

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of September 30, 2014

Tenant	Number of stores		GLA		% of GLA			Annualized base rent		Annualized base rent per sq. ft.		Percentage annualized base rents
Top twenty tenants (a):
Giant Foods		11		732,000		8.0	%	$	11,045,000	$	15.09		10.2	%
LA Fitness		7		282,000		3.1	%		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		2.8	%		2,050,000		8.10		1.9	%
Staples		6		125,000		1.4	%		1,982,000		15.86		1.8	%
Dollar Tree		18		182,000		2.0	%		1,935,000		10.63		1.8	%
Shop Rite		2		118,000		1.3	%		1,744,000		14.78		1.6	%
BJs Wholesale Club		1		118,000		1.3	%		1,607,000		13.62		1.5	%
Redner’s		4		207,000		2.3	%		1,538,000		7.43		1.4	%
United Artists		1		78,000		0.8	%		1,454,000		18.64		1.3	%
Marshalls		6		170,000		1.9	%		1,437,000		8.45		1.3	%
Shaw’s		2		125,000		1.4	%		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		2.0	%		1,314,000		7.26		1.2	%
Shoppers Food Warehouse		2		120,000		1.3	%		1,237,000		10.31		1.1	%
Walmart		3		192,000		2.1	%		1,188,000		6.19		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		1.0	%
Sub-total top twenty tenants		83		3,671,000		40.0	%		44,369,000		12.09		40.9	%
Remaining tenants		790		4,848,000		52.8	%		64,036,000		13.21		59.1	%
Sub-total all tenants (b)		873		8,519,000		92.7	%	$	108,405,000	$	12.73		100.0	%
Vacant space		N/A		669,000		7.3	%
Total		873		9,188,000		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 (GLA of 79,000; annualized base rent of $764,000) 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		5,966,000		70.0	%	$	62,845,000	$	10.53		58.0	%
Small tenants		2,553,000		30.0	%		45,560,000		17.85		42.0	%
Total		8,519,000		100.0	%	$	108,405,000	$	12.73		100.0	%

18

CEDAR REALTY TRUST, INC.

Lease Expirations

As of September 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		45		187,000		2.2	%	$	2,100,000	$	11.23		1.9	%
2014		29		155,000		1.8	%		2,004,000		12.93		1.8	%
2015		130		852,000		10.0	%		10,176,000		11.94		9.4	%
2016		128		832,000		9.8	%		10,512,000		12.63		9.7	%
2017		118		843,000		9.9	%		11,712,000		13.89		10.8	%
2018		104		813,000		9.5	%		12,000,000		14.76		11.1	%
2019		98		873,000		10.2	%		10,104,000		11.57		9.3	%
2020		73		1,256,000		14.7	%		12,876,000		10.25		11.9	%
2021		39		450,000		5.3	%		6,624,000		14.72		6.1	%
2022		23		155,000		1.8	%		2,256,000		14.55		2.1	%
2023		18		152,000		1.8	%		1,740,000		11.45		1.6	%
2024		23		488,000		5.7	%		6,720,000		13.77		6.2	%
Thereafter		45		1,463,000		17.2	%		19,581,000		13.38		18.1	%
All tenants		873		8,519,000		100.0	%	$	108,405,000	$	12.73		100.0	%
Vacant space		N/A		669,000		N/A
Total portfolio		873		9,188,000		N/A

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CEDAR REALTY TRUST, INC.

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

Same-Property NOI (a) (b)

	Three months ended September 30,
	2014			2013
Base Rents	$	21,070,000		$	20,822,000
Expense Recoveries		5,565,000			5,674,000
Total Revenues		26,635,000			26,496,000
Operating expenses		7,818,000			7,901,000
NOI	$	18,817,000		$	18,595,000
Occupied		93.4	%		93.3	%
Leased		93.6	%		93.9	%
Average base rent	$	12.87		$	12.72
Number of same properties		50			50
NOI growth		1.2%

	Nine months ended September 30,
	2014			2013
Base Rents	$	63,016,000		$	61,606,000
Expense Recoveries		18,277,000			17,662,000
Total Revenues		81,293,000			79,268,000
Operating expenses		25,203,000			24,230,000
NOI	$	56,090,000		$	55,038,000
Occupied		93.4	%		93.3	%
Leased		93.6	%		93.9	%
Average base rent	$	12.87		$	12.72
Number of same properties		50			50
NOI growth		1.9%
NOI growth, excluding dark anchor re-tenanting impact		1.2%

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

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

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CEDAR REALTY TRUST, INC.

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
Carbondale Plaza	Carbondale, PA		120,689		7/18/2014		10,700,000
Virginia Little Creek	Norfolk, VA		69,620		8/22/2014		9,850,000
Annie Land Plaza	Lovingston, VA		42,500		9/26/2014		3,500,000
						$	111,261,000

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

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CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale/Conveyance

As of September 30, 2014

Property Description	State	Percent owned			Real estate at book value		GLA		Percent occupied			Average base rent per leased sq. ft.
Included in results from Continuing Operations
Circle Plaza	PA		100	%	$	1,492,000		92,171		100.0	%	$	2.74
Liberty Marketplace	PA		100	%		12,539,000		68,200		98.2	%		18.03
Smithfield Plaza (a)	VA		100	%		11,960,000		134,664		91.9	%		9.40
St. James Square	MD		100	%		3,671,000		39,903		100.0	%		11.73
Various land parcels						1,701,000		N/A		N/A			N/A
						31,363,000		334,938		96.4	%		9.58
Included in results from Discontinued Operations
Huntingdon Plaza	PA		100	%		2,079,000		142,845		64.9	%		4.50
Maxatawny Marketplace	PA		100	%		10,314,000		58,339		97.6	%		12.21
						12,393,000		201,184		74.4	%		7.43
Total Real Estate Held for Sale/Conveyance					$	43,756,000		536,122		88.1	%	$	8.90

(a) Property secures a mortgage loan payable of $6.6 million; property sold on October 21, 2014.

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CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

Use of Funds From Operations (“FFO”)

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

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

The Company also presents “Operating FFO”, which excludes certain items that are not indicative of the results provided by the Company’s operating portfolio and that affect the comparability of the Company’s period-over-period performance, such as 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.

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