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Last $7.23 USD
Change Today -0.29 / -3.86%
Volume 444.6K
CDR On Other Exchanges
Symbol
Exchange
New York
As of 4:15 PM 03/6/15 All times are local (Market data is delayed by at least 15 minutes).

cedar realty trust inc (CDR) Snapshot

Open
$7.43
Previous Close
$7.52
Day High
$7.43
Day Low
$7.21
52 Week High
01/28/15 - $8.36
52 Week Low
03/20/14 - $5.70
Market Cap
614.0M
Average Volume 10 Days
292.4K
EPS TTM
$0.07
Shares Outstanding
84.9M
EX-Date
02/6/15
P/E TM
99.4x
Dividend
$0.20
Dividend Yield
2.77%
Current Stock Chart for CEDAR REALTY TRUST INC (CDR)

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cedar realty trust inc (CDR) Details

Cedar Realty Trust, Inc. is an independent equity real estate investment trust. The firm is primarily engaged in ownership, operation, development, and redevelopment of properties. It invests in the real estate markets of the United States predominantly in mid- Atlantic and Northeast coastal states. The firm primarily invests in supermarket-anchored shopping centers. It benchmarks the performance of its portfolio against the NAREIT All Equity REIT Index and the Russell 2000 Index. Cedar Realty Trust, Inc. was founded in 1984 and is based in Port Washington, New York.

69 Employees
Last Reported Date: 02/20/15
Founded in 1984

cedar realty trust inc (CDR) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $1.7M
Chief Financial Officer
Total Annual Compensation: $781.3K
Compensation as of Fiscal Year 2013.

cedar realty trust inc (CDR) Key Developments

Cedar Realty Trust, Inc. Announces Appointment of Michael Winters as Chief Investment Officer

Cedar Realty Trust, Inc. announced that Michael Winters will be promoted to Chief Investment Officer, effective immediately. Michael joined the company in 2003 as Vice President of Acquisitions and has more than 20 years of acquisition experience in the shopping center industry.

Cedar Realty Trust, Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Announces Impairment Charges for the Fourth Quarter of 2014; Provides Earnings Guidance for the Year 2015

Cedar Realty Trust, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported total property revenues were $36,665,000 compared to $35,416,000 for the same period a year ago. Property operating income was $25,859,000 compared to $24,312,000 for the same period a year ago. Operating income was $12,415,000 compared to $7,821,000 for the same period a year ago. Income from continuing operations was $3,850,000 compared to loss from operations of $536,000for the same period a year ago. Net income attributable to the company was $4,350,000 compared to $5,885,000 for the same period a year ago. Net income attributable to common shareholders was $748,000 or $0.01 per basic and diluted share compared to $2,283,000 or $0.03 per basic and diluted share for the same period a year ago. Basic and diluted earnings per share attributable to common shareholders from continuing operations was $0.00 compared to basic and diluted loss per share attributable to common shareholders of $0.06 for the same period a year ago. Funds from operations was $9,649,000 or $0.12 per diluted share compared to $18,124,000 or $0.25 per share for the same period a year ago. Operating funds from operations was $10,324,000 or $0.12 per diluted share compared to $9,152,000 or $0.25 per diluted share for the same period a year ago. EBITDA was $21,565,000 compared to $20,980,000 for the same period a year ago. Adjusted EBITDA was $21,379,000 compared to $21,195,000 for the same period a year ago. For the full year, the company reported total property revenues were $148,184,000 compared to $139,598,000 for the same period a year ago. Property operating income was $103,398,000 compared to $97,279,000 for the same period a year ago. Operating income was $50,737,000 compared to $39,387,000 for the same period a year ago. Income from continuing operations was $17,611,000 compared to $4,519,000 for the same period a year ago. Net income attributable to the company was $28,981,000 compared to $14,448,000 for the same period a year ago. Net income attributable to common shareholders was $14,573,000 or $0.18 per basic and diluted share compared to net loss attributable to common shareholders of $1,131,000 or $0.03 per basic and diluted share for the same period a year ago. Basic and diluted earnings per share attributable to common shareholders from continuing operations was $0.04 compared to basic and diluted loss per share attributable to common shareholders of $0.17 for the same period a year ago. Funds from operations was $40,273,000 or $0.51 per diluted share compared to $44,868,000 or $0.62 per share for the same period a year ago. Operating funds from operations was $42,545,000 or $0.54 per diluted share compared to $36,413,000 or $0.50 per diluted share for the same period a year ago. EBITDA was $88,556,000 compared to $86,863,000 for the same period a year ago. Adjusted EBITDA was $88,161,000 compared to $86,370,000 for the same period a year ago. Pro-rata share of net debt as at December 31, 2014 was $629,672,000 compared to $707,264,000 as at December 31, 2013. The company reported net impairment charges of $85,000 for the fourth quarter of 2014 compared to $296,000 for the same period a year ago. The company established its initial 2015 guidance at a range of $0.51 to $0.54 per diluted share for operating FFO and a range of $0.50 to $0.53 per diluted share for NAREIT-defined FFO. The principal difference in 2015 guidance between Operating FFO and NAREIT-defined FFO is acquisition costs.

Cedar Realty Trust, Inc. Closes $100 Million of New Term Loans and Amends $310 Million Credit Facility

Cedar Realty Trust, Inc. announced the closing of $100 million of new unsecured term loans consisting of a five-year $50 million term loan and a seven-year $50 million term loan. The new five-year term loan is initially priced at LIBOR plus 145 bps with the entire proceeds drawn at closing. The new seven-year term loan is initially priced at LIBOR plus 170 bps and allows for delayed draws of the proceeds through July 1, 2015. The amended credit facility extends the maturity date of the company's $260 million revolving facility from August 1, 2016 to February 5, 2019 and the maturity date for its existing $50 million term loan from August 1, 2018 to February 5, 2020. Initial pricing for the amended revolving facility and the existing $50 million term loan is LIBOR plus 150 bps and LIBOR plus 145 bps, respectively, a reduction of 25 bps and 10 bps, respectively. The revolving facility may be extended for one additional year, and under an accordion feature the entire credit facility may be increased to $750 million, subject to customary conditions and lending commitments. The new term loans and amended credit facility require compliance with various covenants and restrictions, and interest rates are subject to adjustment within a pricing grid based on the company's leverage ratio. The company's bank group for its $100 million of new term loans included KeyBank National Association, as Administrative Agent, and Capital One, N.A., Regions Bank, and Manufacturers and Traders Trust Company as Co-Lead Arrangers. Other banks included TD Bank, N.A., as Documentation Agent, Bank of America, N.A., BB&T Capital Markets, and Raymond James Bank, N.A. The company's bank group for its amended $310 million credit facility included KeyBank National Association, as administrative agent, and Bank of America, N.A., as syndication agent. Capital One, N.A., Manufacturers and Traders Trust Company and Regions Bank acted as Co-Documentation agents. Other banks in the syndicate include TD Bank, N.A., Raymond James Bank, N.A., and Goldman Sachs Bank USA.

 

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