Cedar Realty Trust Announces Preliminary Results of Series B Tender Offer
Cedar Realty Trust (NYSE:CDRPB) has announced the preliminary results of its tender offer for its 7.25% Series B Cumulative Redeemable Preferred Stock. The company offered to purchase up to 563,380 Series B shares at $17.75 per share in cash, with the offer expiring on April 4, 2025.
According to preliminary counts by Computershare, approximately 762,187 Series B shares were properly tendered, indicating the offer was oversubscribed. Cedar Realty expects to purchase 563,380 shares for an aggregate purchase price of approximately $10 million. Due to oversubscription, share purchases will be prorated among holders.
The final results are pending verification by Computershare. The company may purchase additional Series B shares in the future, subject to various factors including cash availability, financing terms, and dividend payment considerations. Legal requirements mandate a 10-business-day waiting period before any additional repurchases.
Cedar Realty Trust (NYSE:CDRPB) ha annunciato i risultati preliminari della sua offerta di acquisto per le azioni privilegiate cumulative rimborsabili di Serie B al 7,25%. L'azienda ha offerto di acquistare fino a 563.380 azioni di Serie B a $17,75 per azione in contante, con l'offerta che scade il 4 aprile 2025.
Secondo i conteggi preliminari di Computershare, circa 762.187 azioni di Serie B sono state correttamente offerte, indicando che l'offerta è stata sovrascritta. Cedar Realty prevede di acquistare 563.380 azioni per un prezzo totale di acquisto di circa $10 milioni. A causa della sovrascrizione, gli acquisti di azioni saranno ripartiti tra i detentori.
I risultati finali sono in attesa di verifica da parte di Computershare. L'azienda potrebbe acquistare ulteriori azioni di Serie B in futuro, soggette a vari fattori, tra cui la disponibilità di liquidità, le condizioni di finanziamento e le considerazioni sui pagamenti dei dividendi. I requisiti legali impongono un periodo di attesa di 10 giorni lavorativi prima di qualsiasi ulteriore riacquisto.
Cedar Realty Trust (NYSE:CDRPB) ha anunciado los resultados preliminares de su oferta de compra para sus acciones preferentes acumulativas redimibles de la Serie B al 7,25%. La compañía ofreció comprar hasta 563,380 acciones de la Serie B a $17.75 por acción en efectivo, con la oferta que expira el 4 de abril de 2025.
Según los conteos preliminares de Computershare, aproximadamente 762,187 acciones de la Serie B fueron correctamente ofrecidas, indicando que la oferta fue sobre suscrita. Cedar Realty espera comprar 563,380 acciones por un precio total de compra de aproximadamente $10 millones. Debido a la sobre suscripción, las compras de acciones se prorratearán entre los tenedores.
Los resultados finales están pendientes de verificación por parte de Computershare. La compañía puede comprar acciones adicionales de la Serie B en el futuro, sujeto a varios factores, incluyendo la disponibilidad de efectivo, los términos de financiamiento y las consideraciones de pago de dividendos. Los requisitos legales exigen un período de espera de 10 días hábiles antes de cualquier recompra adicional.
시더 리얼티 트러스트 (NYSE:CDRPB)는 7.25% 시리즈 B 누적 상환 우선주에 대한 자사 공개 매수의 예비 결과를 발표했습니다. 회사는 주당 $17.75에 최대 563,380주의 시리즈 B 주식을 현금으로 매입하겠다고 제안했으며, 이 제안은 2025년 4월 4일에 만료됩니다.
컴퓨터셰어의 예비 집계에 따르면 약 762,187주의 시리즈 B 주식가 적절하게 제출되어, 제안이 초과 청약되었음을 나타냅니다. 시더 리얼티는 약 $10백만의 총 매입 가격으로 563,380주를 매입할 것으로 예상하고 있습니다. 초과 청약으로 인해 주식 매입은 보유자 간에 비례 배분됩니다.
최종 결과는 컴퓨터셰어의 검증을 기다리고 있습니다. 회사는 향후 여러 요인에 따라 추가 시리즈 B 주식을 매입할 수 있으며, 여기에는 현금 가용성, 자금 조달 조건 및 배당금 지급 고려 사항이 포함됩니다. 법적 요구 사항에 따라 추가 매입 전에 10영업일의 대기 기간이 필요합니다.
Cedar Realty Trust (NYSE:CDRPB) a annoncé les résultats préliminaires de son offre de rachat pour ses actions préférentielles cumulatives remboursables de série B à 7,25%. La société a proposé d'acheter jusqu'à 563 380 actions de série B à 17,75 $ par action en espèces, l'offre expirant le 4 avril 2025.
Selon les comptages préliminaires de Computershare, environ 762 187 actions de série B ont été correctement soumises, indiquant que l'offre a été sursouscrite. Cedar Realty s'attend à acheter 563 380 actions pour un prix d'achat total d'environ 10 millions de dollars. En raison de la sursouscription, les achats d'actions seront proratisés entre les détenteurs.
Les résultats finaux sont en attente de vérification par Computershare. L'entreprise pourrait acheter des actions supplémentaires de série B à l'avenir, sous réserve de divers facteurs, y compris la disponibilité de liquidités, les conditions de financement et les considérations de paiement de dividendes. Les exigences légales imposent une période d'attente de 10 jours ouvrables avant tout rachat supplémentaire.
Cedar Realty Trust (NYSE:CDRPB) hat die vorläufigen Ergebnisse seines Angebots zum Erwerb seiner 7,25% Series B kumulierten rückzahlbaren Vorzugsaktien bekannt gegeben. Das Unternehmen bot an, bis zu 563.380 Series B Aktien zu einem Preis von $17,75 pro Aktie in bar zu kaufen, wobei das Angebot am 4. April 2025 ausläuft.
Nach vorläufigen Zählungen von Computershare wurden etwa 762.187 Series B Aktien ordnungsgemäß angeboten, was darauf hindeutet, dass das Angebot überzeichnet war. Cedar Realty erwartet, 563.380 Aktien zu einem Gesamtpreis von etwa $10 Millionen zu erwerben. Aufgrund der Überzeichnung werden die Aktienkäufe unter den Inhabern anteilig verteilt.
Die endgültigen Ergebnisse stehen noch zur Überprüfung durch Computershare aus. Das Unternehmen kann in Zukunft zusätzliche Series B Aktien erwerben, abhängig von verschiedenen Faktoren, einschließlich der Verfügbarkeit von Bargeld, den Finanzierungsbedingungen und den Überlegungen zu Dividendenzahlungen. Gesetzliche Anforderungen schreiben eine Wartezeit von 10 Geschäftstagen vor, bevor weitere Rückkäufe erfolgen können.
- Company has sufficient cash to execute $10 million share repurchase
- Strong shareholder interest with 35% oversubscription of the tender offer
- Strategic reduction of preferred stock obligations through share repurchase
- Not all tendered shares will be purchased due to oversubscription, requiring proration
- Future share repurchases subject to cash availability and financing constraints
Insights
Cedar Realty Trust's tender offer for its Series B preferred shares reveals important capital allocation decisions. The company is repurchasing
The significant oversubscription (762,187 shares tendered versus 563,380 sought) indicates strong shareholder interest in exiting at this price point. This creates two interpretations: either preferred shareholders have concerns about the REIT's long-term prospects, or they're responding to general interest rate environments affecting fixed-income securities.
From a capital structure perspective, this transaction is strategically sound. By repurchasing these shares at approximately
The company's statement about potentially purchasing additional Series B shares suggests this is part of a broader capital restructuring strategy. By proactively managing its capital structure through discounted repurchases, Cedar is optimizing its weighted average cost of capital while reducing future dividend obligations.
VIRGINIA BEACH, VA / ACCESS Newswire / April 7, 2025 / Cedar Realty Trust, Inc. (NYSE:CDRpB)(NYSE:CDRpC) (the "Company") announced today the preliminary results of its offer to purchase up to 563,380 shares of its
Based on the preliminary count by Computershare Inc. ("Computershare"), the depositary for the Offer, approximately 762,187 Series B Shares were properly tendered and not properly withdrawn as of the expiration of the Offer.
In accordance with the terms and conditions of the Offer, the Company expects to purchase approximately 563,380 Series B Shares, for an aggregate purchase price of approximately
The number of Series B Shares to be purchased are subject to verification by Computershare and subject to change for a number of reasons. The actual number of Series B Shares to be purchased will be announced following the expiration of the guaranteed delivery period and completion of the confirmation process by Computershare. Promptly after the announcement of the final results of the Offer, Computershare will issue payment for the Series B Shares validly tendered and accepted for payment under the Offer and will return Series B Shares tendered and not purchased in the Offer.
The Company may purchase additional Series B Shares in the future. The amount and timing of any such purchases depends on a number of factors, including the availability of cash and/or financing on acceptable terms, the amount and timing of dividend payments, if any, and periods in which the Company is restricted from repurchasing Series B Shares, as well as any decision to use cash for other strategic objectives. Under applicable law, the Company may not repurchase any additional Series B Shares until at least ten business days after the expiration of the Offer.
For all questions relating to the Offer, please call the information agent, Georgeson LLC toll-free at (866) 735-3807; banks and brokers may call the depositary, Computershare Inc., at (800) 736-3001.
About Cedar Realty Trust
Cedar Realty Trust, Inc., a wholly-owned subsidiary of Wheeler Real Estate Investment Trust, Inc., is a Maryland corporation (taxed as a real estate investment trust) that focuses on owning and operating income producing retail properties with a primary focus on grocery-anchored shopping centers in the Northeast. Cedar's portfolio comprises 14 properties, with approximately 2.3 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.whlr.us.
Contact Information:
Cedar Realty Trust, Inc.
(757) 627-9088
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks, uncertainties and other factors which may cause the 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. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company's control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.
Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. You are cautioned to not place undue reliance on forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE: Cedar Realty Trust, Inc.
View the original press release on ACCESS Newswire
FAQ
What is the purchase price per share in Cedar Realty Trust's Series B tender offer?
How many Series B shares did Cedar Realty Trust intend to purchase in the April 2025 tender offer?
Was Cedar Realty Trust's Series B tender offer oversubscribed?
What is the total value of Cedar Realty Trust's Series B share repurchase?
When can Cedar Realty Trust (CDRPB) purchase additional Series B shares after this tender offer?
