Cedar Realty Trust Announces Preliminary Results of Tender Offer
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, CDRpC) ha annunciato i risultati preliminari della sua offerta di acquisto 'asta olandese' modificata per le sue Azioni Preferenziali Cumulative Rimborsabili di Serie C al 6,50%. L'azienda ha offerto di riacquistare fino a 12,5 milioni di dollari di azioni a prezzi compresi tra 13,75 e 15,75 dollari per azione.
Sulla base delle conte preliminari effettuate da Computershare, circa 645.276 Azioni di Serie C sono state offerte correttamente a 15,75 dollari per azione o meno. L'azienda si aspetta di acquistare queste azioni a un prezzo stimato di 15,75 dollari per azione, per un totale di circa 10,16 milioni di dollari.
Il numero finale di azioni da acquistare e il prezzo per azione sono soggetti a verifica da parte di Computershare. L'azienda potrebbe acquistare ulteriori Azioni di Serie C in futuro, a seconda di fattori come la disponibilità di liquidità, i termini di finanziamento, i pagamenti dei dividendi e altri obiettivi strategici.
Cedar Realty Trust (NYSE:CDRpB, CDRpC) anunció los resultados preliminares de su oferta de recompra modificada mediante 'subasta holandesa' para sus Acciones Preferentes Cumulativas Redimibles de Serie C al 6.50%. La compañía ofreció recomprar hasta 12.5 millones de dólares en acciones a precios entre 13.75 y 15.75 dólares por acción.
Según los conteos preliminares realizados por Computershare, aproximadamente 645,276 Acciones de Serie C fueron ofrecidas correctamente a 15.75 dólares por acción o menos. La compañía espera comprar estas acciones a un precio estimado de 15.75 dólares por acción, totalizando aproximadamente 10.16 millones de dólares.
El número final de acciones a comprar y el precio por acción están sujetos a verificación por parte de Computershare. La compañía podría comprar acciones adicionales de la Serie C en el futuro, dependiendo de factores como la disponibilidad de efectivo, los términos de financiamiento, los pagos de dividendos y otros objetivos estratégicos.
시더 리얼티 트러스트 (NYSE:CDRpB, CDRpC)는 6.50% 시리즈 C 누적 상환 가능 우선주에 대한 수정된 '네덜란드 경매' 입찰 제안의 초기 결과를 발표했습니다. 이 회사는 주당 13.75달러에서 15.75달러 사이의 가격으로 최대 1,250만 달러의 주식을 재매입할 것을 제안했습니다.
컴퓨터셰어에 의한 초기 집계에 따르면, 약 645,276 시리즈 C 주식이 15.75달러 이하의 가격으로 적절하게 제출되었습니다. 이 회사는 이러한 주식을 주당 약 15.75달러에 구매할 것으로 예상하고 있으며, 총액은 약 1,016만 달러에 달합니다.
구매할 최종 주식 수와 주당 가격은 컴퓨터셰어의 검증을 받습니다. 이 회사는 현금 가용성, 금융 조건, 배당금 지급 및 기타 전략적 목표와 같은 요소에 따라 미래에 추가 시리즈 C 주식을 구매할 수 있습니다.
Cedar Realty Trust (NYSE:CDRpB, CDRpC) a annoncé les résultats préliminaires de son offre d'achat modifiée par 'enchère néerlandaise' pour ses Actions Privilégiées Remboursables Cumulatives de Série C à 6,50%. La société a proposé de racheter jusqu'à 12,5 millions de dollars d'actions à des prix variant entre 13,75 et 15,75 dollars par action.
Sur la base des comptages préliminaires réalisés par Computershare, environ 645 276 Actions de Série C ont été correctement offertes à 15,75 dollars par action ou moins. La société s'attend à acheter ces actions à un prix estimé de 15,75 dollars par action, totalisant environ 10,16 millions de dollars.
Le nombre final d'actions à acheter et le prix par action sont soumis à vérification par Computershare. La société pourrait acquérir des Actions de Série C supplémentaires à l'avenir, en fonction de facteurs tels que la disponibilité de liquidités, les conditions de financement, les paiements de dividendes et d'autres objectifs stratégiques.
Cedar Realty Trust (NYSE:CDRpB, CDRpC) hat die vorläufigen Ergebnisse seines modifizierten 'Holländischen Verfahrens' für den Rückkauf seiner 6,50% Serie C kumulativ rückzahlbaren Vorzugsaktien bekannt gegeben. Das Unternehmen bot an, bis zu 12,5 Millionen Dollar an Aktien zu Preisen zwischen 13,75 und 15,75 Dollar pro Aktie zurückzukaufen.
Basierend auf vorläufigen Zählungen von Computershare wurden ungefähr 645.276 Serie C Aktien ordnungsgemäß zu einem Preis von 15,75 Dollar pro Aktie oder darunter angeboten. Das Unternehmen erwartet, diese Aktien zu einem geschätzten Preis von 15,75 Dollar pro Aktie zu kaufen, was insgesamt etwa 10,16 Millionen Dollar ausmacht.
Die endgültige Anzahl der zu kaufenden Aktien und der Preis pro Aktie unterliegen der Überprüfung durch Computershare. Das Unternehmen kann in Zukunft weitere Serie C Aktien kaufen, abhängig von Faktoren wie der Verfügbarkeit von Kapital, Finanzierungsbedingungen, Dividendenauszahlungen und anderen strategischen Zielen.
- Company executing share repurchase program worth $10.16 million
- Strong shareholder participation with 645,276 shares tendered
- Tender offer fell short of maximum $12.5 million target by approximately $2.34 million
- Maximum price point of $15.75 per share needed to attract sufficient participation
Insights
The preliminary results of Cedar Realty Trust's tender offer provide important insights into both the company's capital management strategy and market sentiment. The $15.75 per share purchase price, reaching the upper limit of the proposed range ($13.75-$15.75), suggests strong demand from preferred shareholders seeking to exit their positions. However, the $10.16 million total tender amount, falling short of the $12.5 million maximum, reveals a more nuanced picture.
The tender offer's structure and execution carry several strategic implications:
- The pricing at the range's maximum indicates shareholders demanded a premium for their holdings, reflecting their valuation of the 6.50% dividend yield in the current interest rate environment.
- By repurchasing these preferred shares, Cedar Realty will reduce its annual dividend obligations by approximately
$670,000 , improving its cash flow flexibility. - The company's statement about potential future purchases suggests this tender offer is part of a broader capital optimization strategy, likely aimed at reducing the cost of capital and enhancing financial flexibility.
Notably, the tender offer's completion below the maximum amount could indicate that many preferred shareholders view their current holdings as more valuable than the tender price, particularly given the reliable dividend stream in an uncertain market environment. The company's measured approach to capital restructuring, leaving room for future repurchases, demonstrates prudent financial management while maintaining flexibility for strategic objectives.
VIRGINIA BEACH, VA / ACCESS Newswire / January 29, 2025 / Cedar Realty Trust, Inc. (NYSE:CDRpB)(NYSE:CDRpC) (the "Company") today announced the preliminary results of its modified "Dutch auction" tender offer to repurchase up to an aggregate amount paid of
Based on the preliminary count by Computershare Inc. ("Computershare"), the depositary for the tender offer, approximately 645,276 Series C Shares were properly tendered and not properly withdrawn at or below the estimated purchase price of
In accordance with the terms and conditions of the tender offer, the Company expects to purchase approximately 645,276 Series C Shares at an estimated purchase price of
The number of Series C Shares to be purchased and the price per share are preliminary and are subject to verification by Computershare and subject to change for a number of reasons. The actual number of Series C Shares to be purchased and the final price per share 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, Computershare will issue payment for the Series C Shares validly tendered and accepted for payment under the tender offer and will return Series C Shares tendered and not purchased in the tender offer.
The Company may purchase additional Series C 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 C Shares, as well as any decision to use cash for other strategic objectives. Under applicable law, the Company may not repurchase any additional Series C Shares until at least ten business days after the expiration of the tender offer.
For all questions relating to the tender 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, Inc.
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. The Company's portfolio comprises 16 properties, with approximately 2.4 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.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
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