Cedar Realty Trust

Cedar Realty Trust, Inc.

Company type	Public
Traded as	NYSE: CDR
Founded	1984 (1984)
Headquarters	Port Washington, New York , United States
Number of locations	65 operating properties
Area served	Northeast megalopolis, United States
Number of employees	71 (Dec. 2013)
Website	www.cedarrealtytrust.com
Footnotes / references Headquarters Founded; Area served; Number of locations Employees

Cedar Realty Trust is a publicly traded, American real estate investment trust (REIT) which specifically manages and owns supermarket anchored shopping centers. The company is headquartered in Port Washington, New York and incorporated in Maryland. As of December 2013, the company's primary property footprint was in the Washington, D.C. to Boston metropolitan corridor, where it owned 65 "operating properties" amounting to ~9.4 million sq. ft. of gross leasable area (GLA), and occupied by 899 tenants. Cedar's properties are found in Connecticut, Maryland, Massachusetts, New Jersey, New York, Virginia and Pennsylvania.

Cedar Realty Trust was formerly known as "Cedar Shopping Centers".

Business model

As noted in the opening, Cedar has set itself up as a REIT which is an IRS-recognized taxable structure under which most of its assets must be in and revenue from real estate or related sources. Essentially all of Cedar's revenue comes from rents and payments on long-term leases from tenants of their various properties. As of December 2013, >90% of Cedar's gross leasable area was occupied. Cedar's focus on "grocery-anchored community shopping centers" is predicated on the notion that people need to eat and purchase staples and will continue to need to do so into the future, thus providing a long term stable base for revenues.

Cedar operates under a structure where substantially all of its assets have been contributed to a limited partnership, Cedar Realty Trust Partnership, L.P., which itself is a Delaware corporation. As of December 2013, Cedar was the only partner in the Partnership and owned >99% of the contributed assets.

As of December 2013, the top two tenants in terms of number of occupied locations were Dollar Tree and Giant Foods, with 22 and 13 locations, respectively. Giant Foods also occupied the largest sq. footage overall and generated the most revenue for Cedar, accounting for ~12% of 2013 revenue.

Acquisitions

Among the properties acquired by the company are:

In 2014

• Quartermaster Plaza, 456,000 sq. ft. on 46 acres located in South Philadelphia, Pennsylvania for US$92,300,000, purchased from Forest City Ratnor Companies of Cleveland, Ohio

Before 2014

• South Philadelphia Shopping Center, 283,000 sq. ft. located in South Philadelphia, Pennsylvania, adjacent to Quartermaster Plaza acquired in 2014.

In 2006

• Harbor Square (known as "Shore Mall" at the time of purchase), ~344,800 sq. ft. on 124.6 acres located in Egg Harbor Township, New Jersey for US$36,500,000. The property was originally constructed in 1968.

Divestments

Among the properties sold by the company are:

In 2014

• Harbor Square, to Aetna Realty of New York, for US$25,000,000; the property was originally acquired for $36 million.

See also

• List of public REITs in the United States

References

Bibliography

• "2013 10-K: Cedar Realty Trust, Inc". EDGAR. U.S. Securities and Exchange Commission. February 25, 2014. COMMISSION FILE NUMBER: 001-31817.
• Kostelni, Natalie (February 28, 2014). "Egg Harbor Twp. center sells for $25M". Philadelphia Business Journal. Archived from the original (blog) on March 29, 2014. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
• Van Allen, Peter (March 26, 2014). "South Philly shopping center sells for $92.3 million". Philadelphia Business Journal. Archived from the original (blog) on March 29, 2014. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)

Press releases

• "Cedar Realty Trust, Inc. Reports Third Quarter 2011 Results" (Press release). Cedar Realty Trust. November 9, 2011. {{cite press release}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)