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Press Release: Cedar Realty Trust Reports Fourth -3-

· 02/04/2021 16:05
CEDAR REALTY TRUST, INC. Condensed Consolidated Balance Sheets (unaudited) December 31, 2020 2019 ASSETS Real estate, at cost $ 1,527,478,000 $ 1,515,206,000 Less accumulated depreciation (428,569,000) (389,861,000) Real estate, net 1,098,909,000 1,125,345,000 Real estate held for sale 9,498,000 13,230,000 Cash and cash equivalents 1,637,000 2,747,000 Receivables 21,952,000 22,164,000 Other assets and deferred charges, net 45,255,000 42,139,000 TOTAL ASSETS $ 1,177,251,000 $ 1,205,625,000 LIABILITIES AND EQUITY Liabilities: Mortgage loan payable, net $ 45,385,000 $ 46,370,000 Finance lease obligation 5,340,000 5,364,000 Unsecured revolving credit facility 175,000,000 106,000,000 Unsecured term loans, net 398,549,000 472,841,000 Accounts payable and accrued liabilities 56,580,000 50,502,000 Unamortized intangible lease liabilities 8,939,000 10,473,000 Total liabilities 689,793,000 691,550,000 Equity: Preferred stock 159,541,000 159,541,000 Common stock and other shareholders' equity 323,957,000 351,020,000 Noncontrolling interests 3,960,000 3,514,000 Total equity 487,458,000 514,075,000 TOTAL LIABILITIES AND EQUITY $ 1,177,251,000 $ 1,205,625,000 CEDAR REALTY TRUST, INC. Condensed Consolidated Statements of Operations (unaudited) Three months ended December 31, Years ended December 31, 2020 2019 2020 2019 PROPERTY REVENUES Rental revenues $ 32,705,000 $ 35,328,000 $ 127,171,000 $ 142,719,000 Other 553,000 300,000 8,367,000 1,364,000 Total property revenues 33,258,000 35,628,000 135,538,000 144,083,000 PROPERTY OPERATING EXPENSES Operating, maintenance and management 6,737,000 7,143,000 25,545,000 27,593,000 Real estate and other property-related taxes 4,698,000 5,279,000 20,051,000 20,754,000 Total property operating expenses 11,435,000 12,422,000 45,596,000 48,347,000 PROPERTY OPERATING INCOME 21,823,000 23,206,000 89,942,000 95,736,000 OTHER EXPENSES AND INCOME General and administrative 4,032,000 3,702,000 16,865,000 18,804,000 Depreciation and amortization 10,204,000 14,839,000 48,412,000 45,861,000 Gain on sales (3,717,000) - (4,396,000) (2,942,000) Impairment charges - 8,938,000 7,607,000 8,938,000 Total other expenses and income 10,519,000 27,479,000 68,488,000 70,661,000 OPERATING INCOME 11,304,000 (4,273,000) 21,454,000 25,075,000 NON-OPERATING INCOME AND EXPENSES Interest expense (5,121,000) (5,641,000) (21,974,000) (23,509,000) Total non-operating income and expense (5,121,000) (5,641,000) (21,974,000) (23,509,000) NET INCOME (LOSS) 6,183,000 (9,914,000) (520,000) 1,566,000 Attributable to noncontrolling interests (179,000) (55,000) (552,000) (490,000) NET INCOME (LOSS) ATTRIBUTABLE TO CEDAR REALTY TRUST, INC. 6,004,000 (9,969,000) (1,072,000) 1,076,000 Preferred stock dividends (2,688,000) (2,688,000) (10,752,000) (10,752,000) NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS $ 3,316,000 $ (12,657,000) $ (11,824,000) $ (9,676,000) NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED): $ 0.25 $ (0.98) $ (0.92) $ (0.78) Weighted average number of common shares - basic and diluted 13,112,000 13,070,000 13,104,000 13,082,000 CEDAR REALTY TRUST, INC. Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Funds From Operations and Operating Funds From Operations (unaudited) Three months ended December 31, Years ended December 31, 2020 2019 2020 2019 Net income (loss) attributable to common shareholders $ 3,316,000 $ (12,657,000) $ (11,824,000) $ (9,676,000) Real estate depreciation and amortization 10,182,000 14,793,000 48,297,000 45,677,000 Limited partners' interest 21,000 (77,000) (66,000) (57,000) Gain on sales (3,717,000) - (4,396,000) (2,942,000) Impairment charges - 8,938,000 7,607,000 8,938,000 Consolidated minority interests: Share of income 158,000 132,000 618,000 547,000 Share of FFO (112,000) (98,000) (388,000) (414,000) Funds From Operations ("FFO") applicable to diluted common shares 9,848,000 11,031,000 39,848,000 42,073,000 Adjustments for items affecting comparability: Reversal of management transition costs - (1,500,000) - (1,500,000) Redevelopment costs - 196,000 483,000 196,000 Operating Funds From Operations ("Operating FFO") applicable to diluted common shares $ 9,848,000 $ 9,727,000 $ 40,331,000 $ 40,769,000 FFO per diluted common share: $ 0.71 $ 0.80 $ 2.88 $ 3.05 Operating FFO per diluted common share: $ 0.71 $ 0.71 $ 2.91 $ 2.95 Weighted average number of diluted common shares: Common shares and equivalents 13,759,000 13,715,000 13,758,000 13,728,000 OP Units 81,000 81,000 81,000 83,000 13,840,000 13,796,000 13,839,000 13,811,000

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company's actual results and may be beyond the Company's control. New factors emerge from time to time, and it is not possible for the Company's management to predict all such factors or to assess the effects of each factor on the Company's business. Accordingly, there can be no assurance that the Company's current expectations will be realized.

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SOURCE Cedar Realty Trust, Inc.

/CONTACT: Cedar Realty Trust, Inc., Philip R. Mays, Senior Executive Vice President, Chief Financial Officer and Treasurer, (516) 944-4572

/Web site: http://www.cedarrealtytrust.com

(END) Dow Jones Newswires

February 04, 2021 16:05 ET (21:05 GMT)