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Cedar Realty Trust, Inc. (CDRPC), 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. With a strategic emphasis on grocery-anchored shopping centers, Cedar Realty Trust focuses on providing essential retail spaces that cater to the daily needs of communities in the Northeastern United States. The company's portfolio comprises approximately 15-17 properties, encompassing over 2.3 million square feet of gross leasable area.
Business Model and Revenue Streams
As a REIT, Cedar Realty Trust generates the majority of its revenue through rental income from its retail tenants. The company's portfolio is anchored by grocery stores, which act as stable and high-traffic tenants, often attracting complementary businesses such as pharmacies, restaurants, and specialty retailers. This focus on essential retail services positions the company to maintain consistent cash flows, even during economic downturns. Cedar Realty Trust's REIT structure mandates that it distribute a significant portion of its taxable income as dividends, making it an attractive option for income-focused investors.
Market Position and Industry Context
Operating within the retail real estate sector, Cedar Realty Trust addresses the growing demand for conveniently located, community-focused retail spaces. Grocery-anchored centers are particularly resilient to the challenges posed by the rise of e-commerce, as grocery shopping often requires a physical presence. This resilience, combined with the company's focus on the densely populated Northeast region, allows Cedar Realty Trust to maintain a strong market position. However, the company must navigate industry-wide challenges such as tenant turnover, evolving consumer preferences, and competition from larger REITs with more extensive portfolios.
Strategic Initiatives and Financial Management
Cedar Realty Trust actively manages its capital structure through financial strategies such as 'modified Dutch auction' tender offers for its preferred shares. These offers provide liquidity to shareholders while enabling the company to optimize its financial position. By repurchasing shares at strategic price points, Cedar Realty Trust demonstrates a commitment to balancing shareholder interests with long-term financial stability.
Key Differentiators
- Grocery-Anchored Focus: The company's emphasis on grocery-anchored shopping centers ensures consistent foot traffic and tenant stability, making its portfolio less vulnerable to economic fluctuations.
- Regional Expertise: With a concentrated presence in the Northeast, Cedar Realty Trust leverages its deep understanding of local market dynamics to maximize property performance.
- Active Financial Strategies: The company's use of tender offers and other financial tools highlights its proactive approach to capital management.
Competitive Landscape
Cedar Realty Trust operates in a competitive environment alongside other retail-focused REITs. While its relatively small portfolio size may limit economies of scale, it allows for focused asset management and strategic property enhancements. The company's grocery-anchored niche differentiates it from peers that may have a broader or less specialized focus.
Conclusion
In summary, Cedar Realty Trust combines a focused operational strategy with active financial management to deliver value within the retail real estate sector. Its emphasis on grocery-anchored shopping centers positions it as a resilient player in a challenging industry, while its REIT structure and strategic initiatives underscore its commitment to shareholder value. By maintaining a regional focus and leveraging its niche expertise, Cedar Realty Trust continues to adapt to evolving market conditions and tenant needs.
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.
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