8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2022

CEDAR REALTY TRUST, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

001-31817	42-1241468
(Commission File Number)	(IRS Employer Identification No.)

928 Carmans Road

Massapequa, New York 11758

(Address of Principal Executive Offices) (Zip Code)

(516) 767-6492

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered	Trading Symbol(s)
Common Stock, $0.06 par value	New York Stock Exchange	CDR
7-1/4% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value	New York Stock Exchange	CDRpB
6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value	New York Stock Exchange	CDRpC

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)  Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Items 2.02 and 7.01.Results of Operations and Financial Condition, and Regulation FD.

 On May 5, 2022, Cedar Realty Trust, Inc. issued a press release announcing its comparative financial results as well as certain supplemental financial information for the three months ended March 31, 2022. The press release and the supplemental financial information are furnished as Exhibit 99.1 and are incorporated herein by reference.

The information in this Current Report on Form 8-K is furnished under Item 2.02 – “Results of Operations and Financial Condition” and Item 7.01 – “Regulation FD Disclosure”. This information, including the exhibits attached hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).  The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act except as expressly set forth by specific reference in any such filing.

 Item 9.01.Financial Statements and Exhibits.

(d) Exhibits.

99.1 Cedar Realty Trust, Inc. Supplemental Financial Information at March  31, 2022 (including press release dated May 5, 2022).

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

CEDAR REALTY TRUST, INC.

/s/ JENNIFER BITTERMAN

Jennifer Bitterman

Executive Vice President, Chief Financial Officer and Treasurer

(Principal Financial Officer)

Dated: May 5, 2022

EX-99.1

CEDAR REALTY TRUST, INC.

Supplemental Financial Information

March 31, 2022

(unaudited)

TABLE OF CONTENTS

Earnings Press Release	5 - 8
Financial Information
Condensed Consolidated Balance Sheets	9
Condensed Consolidated Statements of Operations	10
Supporting Schedules to Consolidated Statements	11
Funds From Operations and Additional Disclosures	12
EBITDA for Real Estate and Additional Disclosures	13
Summary of Outstanding Debt and Maturities	14
Portfolio Information
Real Estate Summary	15 – 17
Tenant Categories	18
Tenant Concentration	19
Lease Expirations	20
Leasing Activity	21
Same-Property Net Operating Income	22
Summary of Real Estate Held for Sale	23
Non-GAAP Financial Disclosures	24

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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, certain statements made or incorporated by reference herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the “Company”) 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 that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the proposed Transactions (as described herein) may not be completed in a timely manner or at all, including the risk that any required approvals, including the approval of the Company’s stockholders, are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the Company or the expected benefits of the proposed Transactions; (ii) the possibility that any or all of the various conditions to the consummation of the Transactions may not be satisfied or waived; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of one or more of the definitive Transaction agreements, including in circumstances which would require the Company to pay a termination fee or other expenses; (iv) the risk that the pending shareholder litigation in connection with the Transactions, or additional lawsuits that may be filed in the future in connection with the Transactions, may result in significant costs of defense, indemnification and liability; (v) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (vi) the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (vii) the loss or bankruptcy of the Company’s tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (viii) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (ix) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company’s share price from prices prior to the spread of the COVID-19 pandemic; (x) financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (xi) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (xii) the impact of the Company’s leverage on operating performance; (xiii) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (xiv) risks endemic to real estate and the real estate industry generally; (xv) competitive risks; (xvi) risks related to the geographic concentration of the Company’s properties in the Washington, D.C. to Boston corridor; (xvii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xviii) the inability of the Company to realize anticipated returns from its redevelopment activities; (xix) uninsured losses; (xx) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xxi) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and other documents that the Company files with the Securities and Exchange Commission from time to time.

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company’s actual results and may be beyond the Company’s control.  New factors emerge from time to time, and

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it is not possible for the Company’s management to predict all such factors or to assess the effects of each factor on the Company’s business. Accordingly, there can be no assurance that the Company’s current expectations will be realized.

  4

CEDAR REALTY TRUST REPORTS

FIRST QUARTER 2022 RESULTS

Massapequa, New York – May 5, 2022 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the first quarter 2022. Net loss attributable to common shareholders was $0.28 per diluted share.  Other highlights include:

Operating Highlights

• NAREIT-defined Funds From Operations (FFO) of $0.38 per diluted share for the quarter

• Operating FFO of $0.65 per diluted share for the quarter

• Collected 97.0% of base rents and monthly charges for the quarter

• Same-property net operating income (NOI) increased 1.7% for the quarter

• Signed 36 new and renewal leases for 221,200 square feet in the quarter

• Comparable cash-basis lease spreads of 23.1% for the quarter

Balance Sheet Highlights

• On February 8, 2022, the Company signed a contract to sell Riverview Plaza for $34 million

• On March 2, 2022, the Company signed a contract to sell its 33-property grocery-anchored portfolio for $840 million

• On March 2, 2022, the Company signed a contract to sell the Company and its remaining assets for $291.3 million

Transaction Agreements

On March 2, 2022, the Company announced that following its previously announced review of strategic alternatives, it had entered into definitive agreements for the sale of the Company and its assets in a series of related all-cash transactions.  Specifically, on March 2, 2022, the Company and certain of its subsidiaries, DRA Fund X-B LLC and KPR Centers LLC entered into an asset purchase and sale agreement to purchase a portfolio of 33 grocery-anchored shopping centers from the Company for a cash purchase price of $840.0 million. This agreement provides that to the extent specified redevelopment assets of the Company are not sold by the Company to third parties prior to the closing, these assets will be acquired for an additional cash purchase price of up to $80.5 million. In addition, on March 2, 2022, the Company entered into an agreement and plan of merger with Wheeler Real Estate Investment Trust, Inc. (“Wheeler”) and certain of its affiliates pursuant to which Wheeler will acquire the balance of the Company’s shopping center assets by way of an all-cash merger transaction that values the remaining portfolio at $291.3 million.  Following completion of the transactions contemplated by the merger agreement, the Company will survive as a wholly-owned subsidiary of Wheeler. The Company’s currently outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock will remain outstanding as shares of preferred stock in the surviving company following the transactions and are expected to remain listed on the New York Stock Exchange.

The two transactions discussed above were unanimously approved by the Company’s Board of Directors and are estimated to generate total net proceeds, after all transaction expenses, of more than $29.00 per share in cash, which will be distributed to shareholders upon completion. The Transactions are expected to close by the end of the second quarter of 2022, subject to satisfaction of customary closing conditions, including approval by the Company’s common stockholders at a special meeting of stockholders to be held on May 27, 2022.

Common Stock Dividends

In connection with the two transactions discussed above, the Company and its Board announced a suspension of its previously announced 2022 common stock dividend policy and that the Company will not pay a dividend on the common stock for the second quarter ending June 30, 2022. The Board will assess future quarterly common dividend declarations going forward.

Financial Results

Net loss attributable to common shareholders for the first quarter of 2022 was $3.7 million or $0.28 per diluted share, compared to net loss of $1.6 million or $0.12 per diluted share for the same period in 2021. The principal differences in the comparative three-month results were gain on sales of properties in 2021, impairment charges on properties held for sale in 2022, transaction costs in 2022, and the acceleration of depreciation relating to the demolition of certain existing buildings at redevelopment properties in 2021.

NAREIT-defined FFO for the first quarter of 2022 was $5.2 million or $0.38 per diluted share, compared to $8.6 million or $0.62 per diluted share for the same period in 2021. Operating FFO for the first quarter of 2022 was $8.9 million or $0.65 per diluted share, compared to $8.6 million or $0.62 per diluted share for the same period in 2021.

  5

Portfolio Update

During the first quarter of 2022, the Company signed 36 leases, for 221,200 square feet. On a comparable space basis, the Company signed 34 leases for 217,800 square feet at a positive lease spread of 23.1% on a cash basis (new leases increased 55.3% and renewals increased 5.9%).

Same-property NOI increased 1.7% for the first quarter of 2022, excluding redevelopments, as compared to the same period in 2021.  

The Company’s total portfolio, excluding properties held for sale, was 91.6% leased at March 31, 2022, compared to 91.0% at December 31, 2021 and 87.8% at March 31, 2021. The Company’s same-property portfolio was 92.7% leased at March 31, 2022, compared to 91.8% at December 31, 2021 and 90.1% at March 31, 2021.

As of March 31, 2022, Carll’s Corner, located in Bridgeton, New Jersey, Riverview Plaza, located in Philadelphia, Pennsylvania, and East River Park and Senator Square, both located in Washington, D.C., have been classified as “real estate held for sale” on the accompanying consolidated balance sheet.

Balance Sheet

On August 30, 2021, the Company amended its existing $300 million unsecured credit facility and $50 million term loan. After the amendment, the new unsecured revolving credit facility is $185 million with an expiration in August 2024. The new unsecured revolving credit facility may be extended, at the Company’s option for two additional one-year periods, subject to customary conditions. Interest on the borrowings under the new unsecured revolving credit facility component can range from LIBOR plus 135 bps to 195 bps (150 bps at March 31, 2022), based on the Company’s leverage ratio. Interest on borrowings under the unsecured credit facility is based on the Company’s leverage ratio. The Company extended its $50 million term note four years with an expiration in August 2026. As of March 31, 2022, the Company had $70.0 million outstanding and $110.1 million available for additional borrowings under its revolving credit facility and was in compliance with all financial covenants.

Non-GAAP Financial Measures

NAREIT-defined FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company considers NAREIT-defined FFO to be an appropriate measure of its financial performance because 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 other depreciable assets. The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. NAREIT-defined FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. A reconciliation of net income (loss) attributable to common shareholders to NAREIT-defined FFO and Operating FFO for the three months ended March 31, 2021 and 2020 is detailed in the attached schedule.

EBITDAre is a recognized supplemental non-GAAP financial measure. The Company presents EBITDAre in accordance with the definition adopted by NAREIT, which generally defines EBITDAre as net income plus interest expense, income tax expense, depreciation, amortization, and impairment write-downs of depreciated property, plus or minus losses and gains on the disposition of depreciated property, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates. The Company believes EBITDAre provides additional information with respect to the Company’s performance and ability to meet its future debt service requirements. The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as management transition, acquisition pursuit and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company’s computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

Same-property NOI is a widely recognized supplemental non-GAAP financial measure for REITs.  Properties are included in same-property NOI if they are owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as held for sale. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI. The Company considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company’s properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year. Same property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure.

  6

Supplemental Financial Information Package

The Company has issued “Supplemental Financial Information” for the period ended March 31, 2022. 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.

About Cedar Realty Trust

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. The Company’s portfolio (excluding properties treated as “held for sale”) comprises 50 properties, with approximately 7.4 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

Certain statements made in this press release that are not strictly historical are  “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the “Company”) 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 that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the proposed Transactions (as described herein) may not be completed in a timely manner or at all, including the risk that any required approvals, including the approval of the Company’s stockholders, are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the Company or the expected benefits of the proposed Transactions; (ii) the possibility that any or all of the various conditions to the consummation of the Transactions may not be satisfied or waived; (iii) the occurrence of any event, change or other circumstance that could give rise to the termination of one or more of the definitive Transaction agreements, including in circumstances which would require the Company to pay a termination fee or other expenses; (iv) the risk that the pending shareholder litigation in connection with the Transactions, or additional lawsuits that may be filed in the future in connection with the Transactions, may result in significant costs of defense, indemnification and liability; (v) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (vi) the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (vii) the loss or bankruptcy of the Company’s tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (viii) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (ix) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company’s share price from prices prior to the spread of the COVID-19 pandemic; (x) financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (xi) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (xii) the impact of the Company’s leverage on operating performance; (xiii) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (xiv) risks endemic to real estate and the real estate industry generally; (xv) competitive risks; (xvi) risks related to the geographic concentration of the Company’s properties in the Washington, D.C. to Boston corridor; (xvii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xviii) the inability of the Company to realize anticipated returns from its redevelopment activities; (xix) uninsured losses; (xx) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xxi) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the years

  7

ended December 31, 2021 and December 31, 2020, when available, and other documents that the Company files with the Securities and Exchange Commission from time to time.

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company’s actual results and may be beyond the Company’s control.  New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors or to assess the effects of each factor on the Company’s business. Accordingly, there can be no assurance that the Company’s current expectations will be realized.

Contact Information:

Cedar Realty Trust, Inc.

Jennifer Bitterman

Executive Vice President, Chief Financial Officer and Treasurer

(516) 944-4561

  8

CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets

	March 31,			December 31,
	2022			2021
ASSETS
Real estate, at cost	$	1,298,676,000		$	1,288,524,000
Less accumulated depreciation		(417,298,000	)		(409,742,000	)
Real estate, net		881,378,000			878,782,000
Real estate held for sale		73,702,000			73,251,000
Investment in unconsolidated joint venture		4,809,000			4,654,000
Cash and cash equivalents		2,093,000			3,039,000
Restricted cash		230,000			230,000
Receivables		22,467,000			21,868,000
Other assets and deferred charges, net		37,412,000			35,070,000
TOTAL ASSETS	$	1,022,091,000		$	1,016,894,000
LIABILITIES AND EQUITY
Liabilities:
Mortgage loan payable, net	$	156,599,000		$	156,821,000
Finance lease obligation		5,307,000			5,314,000
Unsecured revolving credit facility		70,000,000			66,000,000
Unsecured term loans, net		298,998,000			298,903,000
Accounts payable and accrued liabilities		40,072,000			42,099,000
Unamortized intangible lease liabilities		7,518,000			7,789,000
Total liabilities		578,494,000			576,926,000
Equity:
Preferred stock		159,541,000			159,541,000
Common stock and other shareholders' equity		281,442,000			277,841,000
Noncontrolling interests		2,614,000			2,586,000
Total equity		443,597,000			439,968,000
TOTAL LIABILITIES AND EQUITY	$	1,022,091,000		$	1,016,894,000

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CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

	Three months ended March 31,
	2022			2021
PROPERTY REVENUES
Rental revenues	$	30,207,000		$	33,336,000
Other		257,000			215,000
Total property revenues		30,464,000			33,551,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		7,129,000			7,780,000
Real estate and other property-related taxes		4,498,000			5,120,000
Total property operating expenses		11,627,000			12,900,000
PROPERTY OPERATING INCOME		18,837,000			20,651,000
OTHER EXPENSES AND INCOME
General and administrative		2,972,000			4,528,000
Depreciation and amortization		8,263,000			11,211,000
Gain on sales		-			(1,047,000	)
Transaction costs		3,735,000			-
Impairment charges		707,000			-
Total other expenses and income		15,677,000			14,692,000
OPERATING INCOME		3,160,000			5,959,000
NON-OPERATING INCOME AND EXPENSES
Interest expense		(4,237,000	)		(4,706,000	)
Total non-operating income and expense		(4,237,000	)		(4,706,000	)
NET (LOSS) INCOME		(1,077,000	)		1,253,000
Attributable to noncontrolling interests		20,000			(141,000	)
NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		(1,057,000	)		1,112,000
Preferred stock dividends		(2,688,000	)		(2,688,000	)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(3,745,000	)	$	(1,576,000	)
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):	$	(0.28	)	$	(0.12	)
Weighted average number of common shares - basic and diluted		13,285,000			13,144,000

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CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

Balance Sheets	March 31,		December 31,
	2022		2021
Construction in process (included in real estate, at cost)	$	23,973,000	$	20,293,000
Receivables
Rents and other tenant receivables, net (a)	$	7,743,000	$	7,242,000
Mortgage note and other receivable		3,500,000		3,500,000
Straight-line rents		11,224,000		11,126,000
	$	22,467,000	$	21,868,000
Other assets and deferred charges, net
Lease origination costs	$	14,874,000	$	15,233,000
Right-of-use assets		9,762,000		9,861,000
Prepaid expenses		8,115,000		7,255,000
Revolving credit facility issuance costs		1,034,000		1,134,000
Interest rate swap assets		1,161,000		-
Other		2,466,000		1,587,000
	$	37,412,000	$	35,070,000
Accounts payable and accrued liabilities
Accounts payable and accrued liabilities	$	28,797,000	$	23,648,000
Right-of-use liabilities		10,147,000		10,219,000
Interest rate swap liabilities		1,128,000		8,232,000
	$	40,072,000	$	42,099,000
Statements of Operations	Three months ended March 31,
	2022		2021
Rental revenues
Base rents	$	22,116,000	$	24,015,000
Expense recoveries		7,546,000		8,348,000
Percentage rent		175,000		565,000
Straight-line rents		101,000		131,000
Amortization of intangible lease liabilities, net		269,000		277,000
	$	30,207,000	$	33,336,000

(a) Includes $0.1 million of net receivables related to deferred rent as a result of COVID-19 as of March 31, 2022.

  11

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures

	Three months ended March 31,
	2022			2021
Net loss attributable to common shareholders	$	(3,745,000	)	$	(1,576,000	)
Real estate depreciation and amortization		8,257,000			11,193,000
Limited partners' interest		(20,000	)		(9,000	)
Gain on sales		-			(1,047,000	)
Impairment charges		707,000			-
Consolidated minority interests:
Share of income		-			150,000
Share of FFO		-			(113,000	)
Funds From Operations ("FFO") applicable to diluted common shares		5,199,000			8,598,000
Adjustments for items affecting comparability:
Transaction costs (a)		3,735,000			-
Operating Funds From Operations ("Operating FFO") applicable to diluted common shares	$	8,934,000		$	8,598,000
FFO per diluted common share:	$	0.38		$	0.62
Operating FFO per diluted common share:	$	0.65		$	0.62
Weighted average number of diluted common shares:
Common shares and equivalents		13,752,000			13,834,000
OP Units		81,000			81,000
		13,833,000			13,915,000
Additional Disclosures (b):
Straight-line rents	$	101,000		$	131,000
Amortization of intangible lease liabilities		269,000			277,000
Non-real estate amortization		225,000			359,000
Share-based compensation, net		542,000			880,000
Maintenance capital expenditures (c)		380,000			857,000
Lease related expenditures (d)		2,733,000			2,303,000
Development and redevelopment capital expenditures		8,439,000			3,836,000
Capitalized interest and financing costs		715,000			799,000

(a) Includes costs in connection with the previously announced dual-track strategic alternatives process.

(b) These additional disclosures are presented to assist with understanding the Company’s real estate operations and capital requirements.  These amounts should not be considered independently or as a substitute for the Company’s consolidated financial statements reported under GAAP.

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

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

  12

CEDAR REALTY TRUST, INC.

EBITDA for Real Estate (“EBITDAre”) and Additional Disclosures

	Three months ended March 31,
	2022			2021
Net (loss) income	$	(1,077,000	)	$	1,253,000
Interest expense		4,237,000			4,706,000
Depreciation and amortization		8,263,000			11,211,000
Gain on sales		-			(1,047,000	)
Impairment charges		707,000			-
EBITDAre		12,130,000			16,123,000
Adjustments for items affecting comparability:
Transaction costs (a)		3,735,000			-
Adjusted EBITDAre	$	15,865,000		$	16,123,000
Net debt
Debt, excluding issuance costs	$	528,296,000		$	624,381,000
Finance lease obligation		5,587,000			5,622,000
Unrestricted cash and cash equivalents		(2,093,000	)		(3,138,000	)
	$	531,790,000		$	626,865,000
Fixed charges (b)
Interest expense	$	4,696,000		$	5,107,000
Preferred stock dividends		2,688,000			2,688,000
Scheduled mortgage repayments		285,000			269,000
	$	7,669,000		$	8,064,000
Debt and Coverage Ratios (c)
Net debt to Adjusted EBITDAre		8.4	x		9.7	x
Interest coverage ratio (based on Adjusted EBITDAre)		3.4	x		3.2	x
Fixed charge coverage ratio (based on Adjusted EBITDAre)		2.1	x		2.0	x

(a) Includes costs in connection with the previously announced dual-track strategic alternatives process.

(b) Includes properties "held for sale".

(c) For the purposes of these computations, these ratios have been adjusted to include the annualized results of properties acquired, and to exclude, where applicable, (i) the results related to properties sold and (ii) lease termination income.

  13

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt and Maturities

As of March 31, 2022

	Maturity	Interest
	Dates	Rates	Amounts
Secured fixed-rate debt:
Franklin Village Plaza	Jun 2026	3.9%	$	44,296,000
Shops at Suffolk Downs (a)	Jun 2031	3.5%		15,600,000
Trexlertown Plaza (a)	Jun 2031	3.5%		36,100,000
The Point (a)	Jun 2031	3.5%		29,700,000
Christina Crossing (a)	Jun 2031	3.5%		17,000,000
Lawndale Plaza (a)	Jun 2031	3.5%		15,600,000
Senator Square finance lease obligation (b)	Sep 2050	5.3%		5,587,000
Total fixed rate debt	weighted average	3.6%		163,883,000
Unsecured debt:
Variable-rate:
Revolving credit facility (c)	Aug 2024	2.0%		70,000,000
Fixed-rate (d):
Term loan	Apr 2023	3.3%		100,000,000
Term loan	Sep 2024	3.8%		75,000,000
Term loan	Jul 2025	4.7%		75,000,000
Term loan	Aug 2026	3.3%		50,000,000
Total unsecured debt	weighted average	3.4%		370,000,000
Total debt	weighted average	3.5%		533,883,000
Unamortized mortgage, finance lease and term loan issuance costs				(2,979,000	)
Total debt			$	530,904,000
Fixed to variable rate debt ratio:
Fixed-rate debt		86.9%	$	463,883,000
Variable-rate debt		13.1%		70,000,000
		100.0%	$	533,883,000

	Mortgage Loan		Finance Lease		Revolving			Term
Year	Payable		Obligation		Credit Facility			Loans		Amounts
2022	$	841,000	$	28,000	$	-		$	-	$	869,000
2023		1,160,000		39,000		-			100,000,000		101,199,000
2024		1,206,000		41,000		70,000,000	(c)		75,000,000		146,247,000
2025		1,253,000		44,000		-			75,000,000		76,297,000
2026		40,922,000		48,000		-			50,000,000		90,970,000
Thereafter		112,914,000		5,387,000		-			-		118,301,000
	$	158,296,000	$	5,587,000	$	70,000,000		$	300,000,000	$	533,883,000

(a) The mortgages for these properties are cross-collateralized.

(b) Maturity date reflects the first date the Company has the right to acquire the underlying land on the finance lease obligation.

(c) The revolving credit facility is subject to two one-year extensions at the Company's option.

(d) The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company's leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.

  14

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of March 31, 2022

								Average
	Year				Percent			base rent per			Selected
Property Description	acquired		GLA		occupied			leased sq. ft.		Grocer Anchor	Other Anchors
Connecticut
Bethel Shopping Center		2013		101,105		89.1	%	$	24.49	Big Y	Dollar Tree
Brickyard Plaza		2004		227,598		99.2	%		8.94		Home Depot
											Kohl's
											Michaels
											PetSmart
Groton Shopping Center		2007		130,264		100.0	%		12.44	Aldi	TJ Maxx
											Goodwill
											Planet Fitness
											Dollar Tree
											Pet Supplies Plus
Jordan Lane		2005		174,679		92.8	%		11.35	Stop & Shop	Crunch Fitness
											Dollar Tree
											Shopper's World
New London Mall		2009		259,566		96.4	%		13.55	Shop Rite	Marshalls
											Home Goods
											PetSmart
Oakland Commons		2007		90,100		100.0	%		6.37	Walmart	Bristol Ten Pin
Southington Center		2003		155,842		98.5	%		7.56	Walmart	NAMCO
											Southington Wine & Spirit
Total Connecticut				1,139,154		96.8	%		11.63
Delaware
Christina Crossing		2017		119,446		93.8	%		18.65	Shop Rite
Maryland / Washington, D.C.
Oakland Mills		2005		57,008		92.6	%		11.60	LA Mart
Patuxent Crossing (f/k/a San Souci Plaza) (a)		2009		264,134		82.7	%		11.41	McKay's Market and Café	Marshalls
											Home Goods
											World Gym
											JoAnn Fabrics
											Dollar Tree
Shoppes at Arts District		2016		35,676		100.0	%		36.06	Yes! Organic Market	Busboys and Poets
Valley Plaza		2003		190,939		38.0	%		10.95		Tractor Supply
Yorktowne Plaza		2007		136,228		66.9	%		13.91	Food Lion	Dollar Tree
Total Maryland / Washington, D.C.				683,985		68.8	%		13.72
Massachusetts
Fieldstone Marketplace	2005/2012			150,123		83.2	%		12.08	Shaw's	Work Out World
											Dollar Tree
											Family Dollar
Franklin Village Plaza	2004/2012			305,937		89.5	%		19.62	Stop & Shop	Marshalls
											NRG Labs
Kings Plaza		2007		168,243		82.2	%		8.69		Fun Z Trampoline Park
											Ocean State Job Lot
											Savers
											Dollar General
Norwood Shopping Center		2006		100,242		94.0	%		15.10	Big Y	Planet Fitness
											Dollar Tree
The Shops at Suffolk Downs		2005		121,187		98.8	%		14.63	Stop & Shop	Dollar Tree
										Target (c)

  15

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of March 31, 2022

								Average
	Year				Percent			base rent per			Selected
Property Description	acquired		GLA		occupied			leased sq. ft.		Grocer Anchor	Other Anchors
Massachusetts (continued)
Timpany Plaza		2007		182,799		66.1	%		9.98		Big Lots
											Gardner Theater
											Tractor Supply
											Dollar Tree
Webster Commons		2007		98,984		96.7	%		12.19		Big Lots
											Planet Fitness
											CVS
											Aubuchon Hardware
Total Massachusetts				1,127,515		85.8	%		14.09
New Jersey
Pine Grove Plaza		2003		79,306		51.6	%		14.39	Acme Markets (c)	Dollar Tree
The Shops at Bloomfield Station		2016		63,844		86.0	%		17.95	Super Foodtown
Washington Center Shoppes		2001		157,300		92.0	%		11.71	Acme Markets	Planet Fitness
Total New Jersey				300,450		80.0	%		13.59
New York
Carmans Plaza		2007		182,081		76.8	%		21.92	Key Food	Department of Motor Vehicles
											Planet Fitness
											Popcorn Beauty
											Dollar Tree
Pennsylvania
Academy Plaza		2001		136,685		89.5	%		15.39	Acme Markets	Rite Aid
Colonial Commons		2011		410,432		92.0	%		13.54	Giant Foods (d)	Dick's Sporting Goods
											Home Goods
											Ross Dress For Less
											Marshalls
											JoAnn Fabrics
											David's Furniture
											Old Navy
											Dollar Tree
Crossroads II (b)		2008		133,717		97.8	%		20.07	Giant Foods	Dollar Tree
Fairview Commons		2007		52,964		75.3	%		10.79	Grocery Outlet	Dollar Tree
Fishtown Crossing		2001		133,443		88.6	%		19.55	IGA Supermarket	Pep Boys
											Dollar Tree
											Dollar General
Girard Plaza		2019		35,688		100.0	%		16.29	Save A Lot	Dollar General
Gold Star Plaza		2006		71,720		100.0	%		9.09	Redner's	Dollar Tree
Golden Triangle		2003		202,790		98.4	%		12.80		LA Fitness
											Marshalls
											Staples
											Immunotek
											American Freight
											Walgreens
											Dollar Tree
Halifax Plaza		2003		51,510		96.0	%		13.46	Giant Foods	Rite Aid
Hamburg Square		2004		102,058		100.0	%		6.80	Redner's	Chesaco RV
Lawndale Plaza		2015		92,773		100.0	%		18.74	Shop Rite
Meadows Marketplace	2004/2012			91,518		89.8	%		15.93	Giant Foods
Newport Plaza		2003		64,489		97.0	%		13.17	Giant Foods	Rite Aid
Northside Commons		2008		69,136		100.0	%		10.48	Redner's	Dollar Tree
Palmyra Shopping Center		2005		111,051		95.5	%		7.95	Weis Markets	Goodwill

  16

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of March 31, 2022

								Average
	Year				Percent			base rent per				Selected
Property Description	acquired		GLA		occupied			leased sq. ft.			Grocer Anchor	Other Anchors
Pennsylvania (continued)
Quartermaster Plaza		2014		456,154		92.8	%		15.14		BJ's Wholesale Club	Home Depot
												Planet Fitness
												Staples
												PetSmart
												Walgreens
South Philadelphia		2003		202,083		77.3	%		11.69		Shop Rite	Ross Dress for Less
												LA Fitness
												Kid City
Swede Square		2003		100,809		92.6	%		15.87		Grocery Outlet	LA Fitness
The Point		2000		260,625		97.3	%		14.28		Giant Foods	Burlington
												Barton's Home Outlet
												Staples
												Dollar Tree
Trexler Mall		2005		336,687		98.2	%		11.09			Kohl's
												Urban Air
												Lehigh Wellness Partners
												Maxx Fitness
												Marshalls
												Home Goods
												Dollar Tree
Trexlertown Plaza		2006		325,171		98.7	%		14.34		Giant Foods	Hobby Lobby
												Burlington
												Big Lots
												Tractor Supply
Total Pennsylvania				3,441,503		94.1	%		13.76
Virginia
Coliseum Marketplace		2005		106,648		45.9	%		14.27			Michaels
Elmhurst Square		2006		66,254		91.1	%		10.26		Food Lion
General Booth Plaza		2005		71,639		100.0	%		15.38		Food Lion
Kempsville Crossing		2005		82,214		96.7	%		11.19		Walmart	The Iron Asylum
Oak Ridge Shopping Center		2006		38,700		100.0	%		11.10		Food Lion
Total Virginia				365,455		81.9	%		12.50
Total         (91.6% leased at March 31, 2022)				7,359,589		89.3	%	$	13.64	(e)

(a) On October 14, 2021, the Company acquired the 60% minority ownership percentage in the San Souci Plaza joint venture.

(b) The Company has a 60% ownership interest in the Crossroads II joint venture. Based on partnership promotes, additional equity interests, and/or other terms of the related joint venture agreements, the Company currently recognizes the results of operations of these joint ventures in excess of its stated percentage ownership.

(c) Tenant is a shadow anchor and is not included in GLA, percent occupied, and average base rent per leased sq.ft.

(d) Giant Foods retains the leasehold obligation as Hobby Lobby is a subtenant and currently occupying the space.

(e) Average base rent is calculated as the aggregate, annualized contractual minimum rent for all occupied spaces divided by the aggregate GLA of all occupied spaces as of March 31, 2022. Tenant concessions are reflected in this measure except for a limited number of short-term (generally one to three months) free rent concessions provided to new tenants that took occupancy prior to the end of the reporting period but within the concession period. Average base rent would have been $13.09 per square foot if all such free rent concessions were reflected.

  17

CEDAR REALTY TRUST, INC.

Tenant Categories (Based on Annualized Base Rent)

As of March 31, 2022

				Percentage			Percentage	Q1 2022
				of occupied	Annualized		of annualized	percent
Tenant Categories	Examples/Description	GLA		GLA	base rent		base rents	collected
Grocer Anchor	Giant Foods, Shop Rite, Stop & Shop, Big Y, BJ's Wholesale Club, Food Lion, Walmart Neighborhood Market		2,178,000	33.2%	$	27,444,000	30.6%	100%
Limited/Fast Service Restaurants	Panera Bread, Subway, Dunkin, McDonalds, Chipotle		271,000	4.1%		7,212,000	8.0%	93%
Fitness	LA Fitness, Planet Fitness		422,000	6.4%		5,040,000	5.6%	87%
Full Service Restaurants	Chili's, Red Lobster, Busboys and Poets		224,000	3.4%		4,956,000	5.5%	92%
Discount Department Stores	Marshalls, Kohl's, Burlington, Ross Dress For Less, TJ Maxx		493,000	7.5%		3,996,000	4.5%	100%
Dollar/Variety	Dollar Tree, Big Lots, Five Below		468,000	7.1%		4,200,000	4.7%	95%
Medical, Dental and Optical	Medical Centers, Urgent Care, Physical Therapy, Dentists, Optical		158,000	2.4%		3,180,000	3.5%	98%
Personal Care	Nail Salons, Hair Salons, Spas		151,000	2.3%		3,276,000	3.7%	95%
Home Improvement/Hardware	Home Depot, Tractor Supply		366,000	5.6%		2,928,000	3.3%	100%
Banking	Santander Bank, Wells Fargo, Bank of America, Middlesex Savings Bank		52,000	0.8%		1,584,000	1.8%	100%
Wireless and Gaming	AT&T Mobility, T-Mobile, Verizon Wireless, GameStop		82,000	1.2%		2,064,000	2.3%	92%
Pharmacy/Drug Store	Rite Aid, Walgreens, CVS		71,000	1.1%		1,728,000	1.9%	98%
Office Supply	Staples, The UPS Store		81,000	1.2%		1,104,000	1.2%	100%
Beer, Wine and Liquor	Beer, Wine and Liquor Stores		113,000	1.7%		2,028,000	2.3%	95%
Governmental Office	District of Columbia, Department of Motor Vehicle, USPS		37,000	0.6%		936,000	1.0%	98%
Clothing	Old Navy, Carter's, Madrag		91,000	1.4%		1,200,000	1.3%	95%
Home Furnishing	Home Goods, Mattress Firm		195,000	3.0%		2,052,000	2.3%	96%
Automotive Parts and Service	Pep Boys, Advance Auto Parts, AutoZone, Mavis		122,000	1.9%		1,404,000	1.6%	100%
Shoes	Famous Footwear, Shoe City		70,000	1.1%		1,476,000	1.6%	96%
Non-Retail	Various office tenants		64,000	1.0%		1,080,000	1.2%	94%
Sporting and Outdoor Stores	Dicks, NAMCO Pools		95,000	1.4%		1,308,000	1.5%	99%
Hobby Stores	Michaels, Hobby Lobby, JoAnn Fabrics		146,000	2.2%		1,236,000	1.4%	95%
Beauty Supplies	Sally Beauty, Popcorn Beauty, Ulta		53,000	0.8%		1,140,000	1.3%	100%
Pet	PetSmart, Pet Supplies Plus		86,000	1.3%		1,416,000	1.6%	98%
Other	Professional Services, Thrift Stores, Movie Theatre, Cleaners, Education, Books and Other		481,000	7.3%		5,623,000	6.3%	93%
			6,570,000	100.0%	$	89,611,000	100.0%	97%

  18

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of March 31, 2022

	Number									Annualized		Percentage
	of				Percentage			Annualized		base rent		annualized
Tenant	stores		GLA		of GLA			base rent		per sq. ft.		base rents
Top twenty-five tenants (a):
Giant Foods		7		445,000		6.0	%	$	7,477,000	$	16.80		8.3	%
Shop Rite		4		250,000		3.4	%		4,092,000		16.37		4.6	%
Stop & Shop		3		211,000		2.9	%		2,938,000		13.92		3.3	%
Big Y Foods		2		119,000		1.6	%		2,532,000		21.28		2.8	%
Dollar Tree		21		222,000		3.0	%		2,345,000		10.56		2.6	%
Home Depot		2		253,000		3.4	%		1,977,000		7.81		2.2	%
BJ's Wholesale Club		1		118,000		1.6	%		1,760,000		14.92		2.0	%
Planet Fitness		6		119,000		1.6	%		1,681,000		14.13		1.9	%
Marshalls		6		170,000		2.3	%		1,590,000		9.35		1.8	%
Food Lion		4		163,000		2.2	%		1,563,000		9.59		1.7	%
LA Fitness		3		113,000		1.5	%		1,361,000		12.04		1.5	%
Walmart		3		192,000		2.6	%		1,193,000		6.21		1.3	%
Redner's		3		159,000		2.2	%		1,165,000		7.33		1.3	%
Kohl's		2		147,000		2.0	%		1,031,000		7.01		1.2	%
Petsnart		3		63,000		0.9	%		1,008,000		16.00		1.1	%
Home Goods		4		105,000		1.4	%		966,000		9.20		1.1	%
Shaw's		1		68,000		0.9	%		925,000		13.60		1.0	%
Staples		3		68,000		0.9	%		879,000		12.93		1.0	%
Walgreens		2		29,000		0.4	%		875,000		30.17		1.0	%
Dick's Sporting Goods		1		56,000		0.8	%		784,000		14.00		0.9	%
Burlington Coat Factory		2		84,000		1.1	%		760,000		9.05		0.8	%
Lehigh Valley Health		1		33,000		0.4	%		673,000		20.39		0.8	%
Department of Motor Vehicles		1		19,000		0.3	%		669,000		35.21		0.7	%
Grocery Outlet		3		58,000		0.8	%		659,000		11.36		0.7	%
Urban Air		1		61,000		0.8	%		570,000		9.34		0.6	%
Sub-total top twenty-five tenants		89		3,325,000		45.2	%		41,473,000		12.47		46.3	%
Remaining tenants		636		3,245,000		44.1	%		48,138,000		14.83		53.7	%
Sub-total all tenants (b)		725		6,570,000		89.3	%	$	89,611,000	$	13.64		100.0	%
Vacant space	N/A			790,000		10.7	%
Total		725		7,360,000		100.0	%

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

(1) Giant Foods, Stop & Shop and Food Lion, and (2) Marshalls, Home Goods, and TJ Maxx (GLA of 30,000; annualized base rent of $315,000).

(b) Comprised of tenants as follows:

			Percentage					Annualized		Percentage
	Occupied		of occupied			Annualized		base rent		annualized
	GLA		GLA			base rent		per sq. ft.		base rents
Spaces ≥ 10,000 GLA		4,872,000		74.2	%	$	54,134,000	$	11.11		60.4	%
Spaces < 10,000 GLA		1,698,000		25.8	%		35,477,000		20.89		39.6	%
Total		6,570,000		100.0	%	$	89,611,000	$	13.64		100.0	%

  19

CEDAR REALTY TRUST, INC.

Lease Expirations

As of March 31, 2022

Total Portfolio
								Annualized		Percentage
	Number				Percentage			expiring		of annualized
Year of lease	of leases		GLA		of GLA			base rents		expiring
expiration	expiring		expiring		expiring			per sq. ft.		base rents
Month-To-Month		47		139,000		2.1	%	$	18.73		2.9	%
2022		51		182,000		2.8	%		22.12		4.5	%
2023		83		583,000		8.9	%		14.65		9.5	%
2024		111		828,000		12.6	%		14.07		13.0	%
2025		102		1,065,000		16.2	%		12.37		14.7	%
2026		77		586,000		8.9	%		14.29		9.3	%
2027		70		525,000		8.0	%		13.38		7.8	%
2028		35		418,000		6.4	%		10.85		5.1	%
2029		37		604,000		9.2	%		12.90		8.7	%
2030		33		436,000		6.6	%		10.53		5.1	%
2031		30		430,000		6.5	%		17.12		8.2	%
Thereafter		49		774,000		11.8	%		12.84		11.1	%
All tenants		725		6,570,000		100.0	%	$	13.64		100.0	%
Spaces ≥ 10,000 GLA
								Annualized		Percentage
	Number				Percentage			expiring		of annualized
Year of lease	of leases		GLA		of GLA			base rents		expiring
expiration	expiring		expiring		expiring			per sq. ft.		base rents
Month-To-Month		1		21,000		0.4	%	$	5.52		0.2	%
2022		3		65,000		1.3	%		20.15		2.4	%
2023		11		409,000		8.4	%		11.73		8.9	%
2024		20		605,000		12.4	%		11.17		12.5	%
2025		23		775,000		15.9	%		9.71		13.9	%
2026		14		391,000		8.0	%		11.48		8.3	%
2027		16		333,000		6.8	%		11.22		6.9	%
2028		13		350,000		7.2	%		8.67		5.6	%
2029		13		528,000		10.8	%		12.03		11.7	%
2030		10		365,000		7.5	%		8.31		5.6	%
2031		8		348,000		7.1	%		14.59		9.4	%
Thereafter		17		682,000		14.0	%		11.52		14.5	%
All tenants		149		4,872,000		100.0	%	$	11.11		100.0	%
Spaces < 10,000 GLA
								Annualized		Percentage
	Number				Percentage			expiring		of annualized
Year of lease	of leases		GLA		of GLA			base rents		expiring
expiration	expiring		expiring		expiring			per sq. ft.		base rents
Month-To-Month		46		118,000		6.9	%	$	21.08		7.0	%
2022		48		117,000		6.9	%		23.21		7.6	%
2023		72		174,000		10.2	%		21.52		10.5	%
2024		91		223,000		13.1	%		21.91		13.8	%
2025		79		290,000		17.1	%		19.48		15.9	%
2026		63		195,000		11.5	%		19.91		10.9	%
2027		54		192,000		11.3	%		17.13		9.3	%
2028		22		68,000		4.0	%		22.10		4.2	%
2029		24		76,000		4.5	%		18.91		4.0	%
2030		23		71,000		4.2	%		21.90		4.4	%
2031		22		82,000		4.8	%		27.85		6.4	%
Thereafter		32		92,000		5.4	%		22.67		5.9	%
All tenants		576		1,698,000		100.0	%	$	20.89		100.0	%

  20

CEDAR REALTY TRUST, INC.

Leasing Activity (a)

									Cash	Tenant		Average
	Leases		Square		New Rent		Prior Rent		Basis	Improvements		Lease
	Signed		Feet		Per. Sq. Ft (a)		Per. Sq. Ft (a)		% Change	Per. Sq. Ft (b)		Term (Yrs)
Total Comparable Leases
1st Quarter 2022		34		217,800	$	16.87	$	13.70	23.1%	$	34.67		6.3
4th Quarter 2021		50		308,300	$	13.55	$	14.20	-4.6%	$	7.96		6.0
3rd Quarter 2021		29		216,800	$	14.92	$	12.19	22.4%	$	43.36		8.6
2nd Quarter 2021		38		199,300	$	13.72	$	14.32	-4.2%	$	10.82		6.4
Total		151		942,200	$	14.67	$	13.65	7.5%	$	22.88		6.8
New Leases - Comparable
1st Quarter 2022		10		75,600	$	21.34	$	13.74	55.3%	$	99.38		9.8
4th Quarter 2021		15		113,100	$	12.28	$	14.61	-15.9%	$	19.61		7.8
3rd Quarter 2021		10		128,900	$	12.41	$	8.12	52.7%	$	72.93		10.6
2nd Quarter 2021		15		46,100	$	15.99	$	19.66	-18.7%	$	41.35		8.1
Total		50		363,700	$	14.68	$	12.77	14.9%	$	57.84		9.3
Renewals - Comparable
1st Quarter 2022		24		142,200	$	14.49	$	13.68	5.9%	$	0.29		4.5
4th Quarter 2021		35		195,200	$	14.29	$	13.96	2.3%	$	1.21		4.9
3rd Quarter 2021		19		87,900	$	18.61	$	18.16	2.5%	$	0.00		5.7
2nd Quarter 2021		23		153,200	$	13.04	$	12.71	2.6%	$	1.63		5.9
Total		101		578,500	$	14.66	$	14.20	3.3%	$	0.91		5.2
Total Comparable and Non-Comparable
1st Quarter 2022		36		221,200	$	17.13	N/A		N/A	$	37.38		6.4
4th Quarter 2021		54		316,800	$	13.74	N/A		N/A	$	9.76		6.0
3rd Quarter 2021		33		230,200	$	15.72	N/A		N/A	$	44.91		8.7
2nd Quarter 2021		40		209,100	$	14.30	N/A		N/A	$	15.02		6.2
Total		163		977,300	$	15.09	N/A		N/A	$	25.41		6.8

(a) Leases on this schedule represent retail activity only; office leases are not included. 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 costs of tenant specific landlord work and tenant allowances provided to tenants.  Excludes first generation space.

  21

CEDAR REALTY TRUST, INC.

Same-Property Net Operating Income ("Same-Property NOI")

Same-Property NOI (a)	Three months ended March 31,
	2022			2021
Base rents	$	19,147,000		$	19,293,000
Expense recoveries		6,929,000			6,581,000
Total revenues		26,076,000			25,874,000
Operating expenses		9,184,000			9,257,000
Same-Property NOI	$	16,892,000		$	16,617,000
Occupied	91.5%			89.4%
Leased	92.7%			90.1%
Average base rent	$	13.58		$	13.53
Number of same properties	45			45
Same-Property NOI growth	1.7%
Same-Property NOI Reconciliation (a)	Three months ended March 31,
	2022			2021
Operating income	$	3,160,000		$	5,959,000
Add (deduct):
General and administrative		2,972,000			4,528,000
Gain on sales		-			(1,047,000	)
Transaction costs		3,735,000			-
Impairment charges		707,000			-
Depreciation and amortization		8,263,000			11,211,000
Straight-line rents		(101,000	)		(131,000	)
Amortization of intangible lease liabilities		(269,000	)		(277,000	)
Other adjustments		224,000			(22,000	)
NOI related to properties not defined as same-property		(1,799,000	)		(3,604,000	)
Same-Property NOI	$	16,892,000		$	16,617,000

(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 excluding properties classified as "held for sale". 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.

  22

CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale

As of March 31, 2022

					Average
				Percent	base rent per
Real Estate Held for Sale	Location	GLA		occupied	leased sq. ft.
Carll's Corner	Bridgeton, NJ		129,582	21.1%	$	14.24
Riverview Plaza	Philadelphia, PA		108,902	97.4%		18.61
East River Park	Washington, D.C.		150,038	69.4%		18.80
Senator Square	Washington, D.C.		42,941	100.0%		24.23
			431,463	65.0%	$	19.12

  23

CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

Funds From Operations (“FFO”) and Operating Funds From Operations (“Operating FFO”)

FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company presents FFO in accordance with the definition adopted by the National Association of Real Estate Investments Trusts (“NAREIT”). NAREIT generally defines FFO as net income attributable to common shareholders (determined in accordance with GAAP), excluding gains (losses) from sales of real estate properties, impairment write-downs on real estate properties directly attributable to decrease in the value of depreciable real estate, plus real estate related depreciation and amortization, and adjustments for partnerships and joint ventures to reflect FFO on the same basis. The Company considers FFO to be an appropriate measure of its financial performance because 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 other depreciable assets.

The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as non-capitalized acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. FFO and Operating FFO do not represent cash generated from operating activities and should not be considered as an alternative to net income attributable to common shareholders or to cash flow from operating activities. The Company’s computations of FFO and Operating FFO may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre

EBITDAre is a recognized supplemental non-GAAP financial measure. The Company presents EBITDAre in accordance with the definition adopted by NAREIT, which generally defines EBITDAre as net income plus interest expense, income tax expense, depreciation, amortization, and impairment write-downs of depreciated property, plus or minus losses and gains on the disposition of depreciated property, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates. The Company believes EBITDAre provides additional information with respect to the Company’s performance and ability to meet its future debt service requirements.

The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit, management transition, and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company’s computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

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

Same-property NOI is a widely recognized supplemental non-GAAP financial measure for REITs.  Properties are included in same-property NOI if they are owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as held for sale. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI. The Company considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company’s properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year.

Same-property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure. Same-property NOI should not be considered as an alternative to consolidated operating income prepared in accordance with GAAP or as a measure of liquidity. The Company’s computations of same-property NOI may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

  24

XML

Document and Entity Information	May 05, 2022
Document Information [Line Items]
Document Type	8-K
Document Period End Date	May 05, 2022
Entity Registrant Name	CEDAR REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-31817
Entity Tax Identification Number	42-1241468
Entity Address, Address Line One	928 Carmans Road
Entity Address, City or Town	Massapequa
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11758
City Area Code	516
Local Phone Number	767-6492
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0000761648
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.06 par value
Security Exchange Name	NYSE
Trading Symbol	CDR
Series B Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	7-1/4% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Security Exchange Name	NYSE
Trading Symbol	CDRpB
Series C Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Security Exchange Name	NYSE
Trading Symbol	CDRpC