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About Cedar Realty Trust, Inc.
Cedar Realty Trust, Inc. (NYSE:CDRPB), a wholly-owned subsidiary of Wheeler Real Estate Investment Trust, Inc., is a Maryland-based real estate investment trust (REIT) specializing in the ownership and operation of income-producing retail properties. The company focuses primarily on grocery-anchored shopping centers located in the Northeast United States, a niche within the commercial real estate market known for its relative stability and resilience.
Core Business Model
As a REIT, Cedar Realty Trust generates revenue predominantly through rental income from its portfolio of retail properties. The company's properties, which include approximately 15-17 shopping centers with a total gross leasable area (GLA) of 2.3-2.6 million square feet, are designed to attract a mix of tenants, with grocery stores serving as anchor tenants. This strategic focus on grocery-anchored centers ensures a steady flow of foot traffic, benefiting other tenants and enhancing the overall appeal of its properties.
Market Position and Competitive Landscape
Cedar Realty Trust operates in the competitive retail-focused REIT sector, where it distinguishes itself through its targeted approach to grocery-anchored shopping centers. This focus positions the company to capitalize on the essential nature of grocery shopping, which tends to be less affected by economic downturns compared to other retail segments. However, the company faces competition from larger REITs with more diversified portfolios, as well as challenges from the evolving retail landscape, including the growth of e-commerce.
Strategic Financial Management
The company has demonstrated a proactive approach to capital management through initiatives such as modified Dutch auction tender offers for its preferred shares. These tender offers allow Cedar Realty Trust to repurchase shares at specified price ranges, optimizing its capital structure and potentially reducing costs associated with preferred dividends. Such actions reflect a commitment to enhancing shareholder value while maintaining financial flexibility.
Challenges and Opportunities
While Cedar Realty Trust benefits from the stability of grocery-anchored centers, it also faces risks associated with its relatively small portfolio size, which may expose it to concentration risks. Additionally, macroeconomic factors such as inflation, interest rate fluctuations, and consumer spending trends can impact its operations. Nonetheless, the company's focused strategy and expertise in managing retail properties position it to navigate these challenges effectively.
Conclusion
Cedar Realty Trust, Inc. exemplifies a specialized approach to commercial real estate investment, leveraging its expertise in grocery-anchored shopping centers to deliver value to tenants and shareholders. By maintaining a disciplined focus on its core market and employing strategic financial management, the company remains well-positioned within the retail-focused REIT sector.
Cedar Realty Trust (NYSE:CDRpB, CDRpC) has announced concurrent tender offers to purchase preferred stock shares for up to $9.5 million total. The company is offering to buy:
- Up to 584,615 shares of 6.50% Series C Preferred Stock at $16.25 per share
- Up to 535,211 shares of 7.25% Series B Preferred Stock at $17.75 per share
The tender offers will run from February 21, 2025 to March 21, 2025. If the total purchase price exceeds $9.5 million, Series C shares will be prioritized before Series B shares. The company will use available cash for the purchases. The offers are not contingent on financing or minimum tender amounts.
Cedar Realty Trust has announced dividend payments for its preferred stock series. The company will pay $0.453125 per share on its 7.25% Series B Cumulative Redeemable Preferred Stock and $0.40625 per share on its 6.50% Series C Cumulative Redeemable Preferred Stock. Both dividends will be paid on February 20, 2025, to shareholders of record as of February 10, 2025.
Cedar Realty Trust (NYSE:CDRpB, CDRpC) has completed its modified 'Dutch auction' tender offer to repurchase its 6.50% Series C Cumulative Redeemable Preferred Stock. The company accepted all 645,276 Series C Shares that were properly tendered at or below the final purchase price of $15.75 per share.
The total purchase amount was approximately $10.16 million, excluding fees and expenses. This represents about 15.3% of the Company's outstanding Series C Shares as of January 30, 2025. The tender offer, which expired on January 28, 2025, had an initial target of up to $12.5 million in aggregate value, with a price range between $13.75 and $15.75 per share.
The company maintains the option to purchase additional Series C Shares in the future, subject to various factors including cash availability, financing terms, and regulatory restrictions.
Cedar Realty Trust (NYSE:CDRpB, CDRpC) announced preliminary results of its modified 'Dutch auction' tender offer for its 6.50% Series C Cumulative Redeemable Preferred Stock. The company offered to repurchase up to $12.5 million of shares at prices between $13.75 and $15.75 per share.
Based on preliminary counts by Computershare, approximately 645,276 Series C Shares were properly tendered at or below $15.75 per share. The company expects to purchase these shares at an estimated price of $15.75 per share, totaling approximately $10.16 million.
The final number of shares to be purchased and price per share are subject to verification by Computershare. The company may purchase additional Series C Shares in the future, depending on factors including cash availability, financing terms, dividend payments, and other strategic objectives.
Cedar Realty Trust (NYSE:CDRpB, NYSE:CDRpC) announced that its tender offer to repurchase up to $12.50 million of shares of its outstanding 6.50% Series C Cumulative Redeemable Preferred Stock will expire at 5:00 P.M., New York City Time on January 28, 2025.
Stockholders with questions about the tender offer can contact Georgeson (information agent) toll-free at (866) 735-3807, while banks and brokers can reach Computershare Inc. (depositary) at (800) 736-3001. The company emphasized that this communication is purely informational and not a recommendation to buy or sell securities.
Cedar Realty Trust has released the federal income tax treatment details for its 2024 preferred share distributions. For Series B Preferred Stock (CDRpB), quarterly distributions of $0.453125 per share were made on February 20, May 20, August 20, and November 20, 2024, totaling $1.812500 per share annually. For Series C Preferred Stock (CDRpC), quarterly distributions of $0.406250 per share were made on the same dates, totaling $1.625000 per share annually. All distributions for both series were classified as nondividend distributions, with no ordinary or Section 199A dividends.
Cedar Realty Trust (NYSE:CDRpB, CDRpC) has announced a 'modified Dutch auction' tender offer to purchase up to $12,500,000 of its outstanding 6.50% Series C Cumulative Redeemable Preferred Stock. The offer price range is set between $13.75 and $15.75 per Series C Share.
The tender offer will run from December 27, 2024, to January 28, 2025. The company will determine the lowest price within the specified range that allows it to purchase the targeted amount of shares. All purchased shares will be acquired at the same final price, paid in cash.
If the tender offer is oversubscribed, shares will be purchased on a pro rata basis. The offer is not contingent on financing or minimum tender requirements but is subject to other terms and conditions.
Cedar Realty Trust announced the final results of its modified 'Dutch auction' tender offer to repurchase shares of its 6.50% Series C Cumulative Redeemable Preferred Stock. The company accepted 688,670 Series C Shares at a final purchase price of $14.00 per share, representing approximately 14% of outstanding Series C Shares. The total purchase amount was $9.6 million, excluding fees and expenses. The company may purchase additional shares in the future, subject to various factors and a mandatory 10-business-day waiting period after the tender offer expiration.
Cedar Realty Trust announced preliminary results of its modified 'Dutch auction' tender offer to repurchase up to $9 million of its 6.50% Series C Cumulative Redeemable Preferred Stock. Based on preliminary counts, approximately 671,355 Series C Shares were properly tendered at or below the estimated purchase price of $14.35 per share. The company expects to purchase about 627,178 Series C Shares. Due to oversubscription, purchases will be prorated among holders. Final results and payments will be announced after the guaranteed delivery period and confirmation process.
Cedar Realty Trust has announced dividend payments for its preferred stock. The company's Board of Directors has declared:
- A cash dividend of $0.453125 per share on the 7.25% Series B Cumulative Redeemable Preferred Stock
- A cash dividend of $0.40625 per share on the 6.50% Series C Cumulative Redeemable Preferred Stock
Both dividends are payable on November 20, 2024, to shareholders of record as of the close of business on November 8, 2024. Cedar Realty Trust trades under the ticker symbols CDRpB and CDRpC on the NYSE.
FAQ
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What is a modified Dutch auction tender offer?
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