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Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust (REIT) dedicated to the ownership, operation, and redevelopment of grocery-anchored shopping centers in high-density urban areas stretching from Washington, D.C. to Boston. The company's diverse portfolio, which excludes properties marked as 'held for sale,' includes 54 properties encompassing approximately 8.2 million square feet of gross leasable area.
Known for their strategic focus on grocery-anchored shopping centers, Cedar Realty Trust aims to provide high-quality retail spaces that meet the daily needs of urban communities. These centers not only enhance local commerce but also contribute to the economic vibrancy of the neighborhoods they serve.
In recent developments, Cedar Realty Trust has been active in updating its financial disclosures. On January 24, 2024, the company announced the federal income tax treatment of its 2023 distributions to holders of its preferred shares. This detailed announcement included information relevant to capital gain distributions, such as the Unrecaptured Section 1250 Gain and Section 897 Capital Gain amounts, as well as disclosures required by Treasury Regulation §1.1061-6(c).
For the year ended December 31, 2023, Cedar Realty Trust reported that all capital gain dividends relate to Section 1231 gains, with both 'The One Year Amounts' and 'Three Year Amounts' being zero. Shareholders are encouraged to consult their tax advisors for specific tax treatment of these dividends.
As a wholly owned subsidiary of Wheeler Real Estate Investment Trust, Inc., Cedar Realty Trust continues to focus on maximizing the value of its retail properties and ensuring strong community connections through strategic property management and redevelopment. The company's commitment to operational excellence and sustainable growth underscores its position as a leading player in the REIT sector.
Cedar Realty Trust (NYSE: CDR) has announced the approval of cash dividends for its preferred stock. Shareholders will receive $0.453125 per share on the 7¼% Series B Cumulative Redeemable Preferred Stock, payable on May 20, 2022, to those on record by the close of business on May 10, 2022. Additionally, a dividend of $0.40625 per share on the 6½% Series C Cumulative Redeemable Preferred Stock is also payable on the same date to shareholders of record. The company focuses on grocery-anchored shopping centers across major urban markets.
Cedar Realty Trust (CDR) reported a net loss of $(19.4) million or $(1.47) per diluted share for Q4 2021, compared to a net income of $3.3 million or $0.25 per diluted share in Q4 2020. For the full year, the net loss totaled $(55.9) million or $(4.24) per diluted share, worsened from $(11.8) million or $(0.92) in 2020. Funds from Operations (FFO) were $0.57 per share for Q4 and $2.40 for the year. The firm reported a 96.7% rent collection rate in Q4. A dual-track process to sell assets resulted in agreements for multiple properties totaling approximately $1.1 billion.
Cedar Realty Trust (CDR) has entered into definitive agreements for a series of all-cash transactions resulting from its strategic review. This includes selling a portfolio of 33 grocery-anchored shopping centers for $840 million and the Revelry redevelopment project for $34 million, along with a planned merger with Wheeler Real Estate Investment Trust (WHLR) valuing remaining assets at $291.3 million. The transactions are expected to yield over $29 per share for shareholders, representing a 16.6% premium to CDR's March 2 closing price. The sales are anticipated to close by Q2 2022, pending shareholder approval.
RLJ Lodging Trust announced the appointment of Robin Zeigler to its Board of Trustees, effective immediately. Ms. Zeigler brings over 25 years of real estate experience, having served as Executive VP at Cedar Realty Investment Trust and previously at Federal Realty Investment Trust. She will also join the Audit Committee and Nominating and Corporate Governance Committee. Ms. Zeigler is set to stand for election at the 2022 Annual Meeting of Shareholders, a move seen as positive amid the ongoing recovery in the lodging sector.
Cedar Realty Trust (NYSE: CDR) reported federal income tax treatment for 2021 distributions to shareholders. Common stock shareholders received a total dividend of $0.264 per share, paid quarterly at $0.066. Series B preferred shareholders received a total of $1.8125 per share, also distributed quarterly at $0.453125. Series C preferred stockholders received $1.625 per share over four distributions, each $0.40625. Shareholders are advised to consult tax advisors regarding the specific treatment of these dividends. All reported amounts are categorized as ordinary dividends with no capital gains.
Cedar Realty Trust, Inc. (NYSE: CDR) has announced a cash dividend of $0.066 per share on its Common Stock and dividends of $0.453125 and $0.40625 per share on its Series B and Series C Cumulative Redeemable Preferred Stock, respectively. All dividends are payable on February 22, 2022 to shareholders of record as of February 11, 2022. Cedar Realty Trust operates grocery-anchored shopping centers across key urban markets, holding a portfolio of 53 properties with approximately 7.6 million square feet of gross leasable area.
Comrit Investments 1, LP, a significant stockholder of New York City REIT (NYSE: NYC), has nominated Sharon Stern for election to the Board at the 2022 Annual Meeting. Comrit criticizes the current Board for its excessive compensation to external advisors and poor performance, with NYC REIT shares depreciating by approximately 60% since listing in August 2020. The current stock trades at an 86% discount to its net asset value (NAV). Comrit argues that independent representation is essential for stockholder value and urges investors to support Stern's candidacy.
Comrit Investments 1, LP has announced its intention to nominate Sharon Stern for election to the Board of New York City REIT, Inc. (NYSE: NYC). Comrit claims its significant stake warrants consideration of its proposals, criticizing the Board for stock price underperformance and governance issues, including an 86% discount to Net Asset Value (NAV). The letter emphasizes concerns over management fees and governance practices tied to AR Global. Comrit believes Stern's expertise in real estate investment will help unlock value for shareholders.
Cedar Realty Trust (CDR) reported a net loss of $(6.28) per diluted share for Q3 2021, totaling $(83.2) million, compared to $(1.4) million in Q3 2020. However, NAREIT-defined Funds From Operations (FFO) reached $0.62 per share, up from $0.58 a year earlier. The company signed 29 leases covering 216,800 square feet, with a same-property NOI increase of 10.5%. CDR’s portfolio was 91.4% leased as of September 30, 2021. The company is exploring a potential sale or merger, leading to $82.7 million in impairment charges.
Cedar Realty Trust (NYSE: CDR) will release its financial results for Q3 2021 after market close on November 4, 2021. The company, focused on grocery-anchored shopping centers in urban markets from Washington, D.C. to Boston, owns 53 properties totaling approximately 7.6 million square feet of gross leasable area. Notably, Cedar will not hold an earnings conference call following the report.
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