Revenue has contracted by 7.3% year-over-year as of 2026Q1, reflecting ongoing operational instability and the impact of aggressive asset liquidations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 29.18M | 29.83M | 34.55M | 34.63M | 34.01M | 127.55M | 135.54M | 144.08M | 152.02M | 146.01M | 151.09M | 149.21M | 148.18M | 138.82M | 140.58M | 135.41M | 157.16M | 181.71M | 174.48M | 152.92M | 126.49M | 78.94M | 51.14M | 26.51M | 12.99M | 5.1M | 3.22M | 2.52M | 2.57M | 2.47M | 2.22M |
| Revenue Growth % | -12.11% | -13.65% | -0.24% | 1.84% | -73.34% | -5.89% | -5.93% | -5.22% | 4.12% | -3.36% | 1.26% | 0.69% | 6.74% | -1.25% | 3.82% | -13.84% | -13.51% | 4.14% | 14.1% | 20.89% | 60.24% | 54.35% | 92.95% | 104.07% | 154.75% | 58.55% | 27.85% | -1.94% | 3.94% | 11.31% | -10.86% |
| Property Operating Expenses | 14.09M | 26.08M | 13.33M | 13.15M | 14.07M | 46.45M | 45.6M | 48.35M | 47.89M | 44.33M | 44.52M | 44.59M | 44.79M | 41.95M | 40.55M | 44.24M | 51.31M | 59.82M | 49.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 15.09M | 3.75M | 21.22M | 21.48M | 19.94M | 81.1M | 89.94M | 95.74M | 104.13M | 101.68M | 106.57M | 104.62M | 103.4M | 96.87M | 100.03M | 91.18M | 105.86M | 121.89M | 124.97M | 152.92M | 126.49M | 78.94M | 51.14M | 26.51M | 12.99M | 5.1M | 3.22M | 2.52M | 2.57M | 2.47M | 2.22M |
| NOI Margin % | 51.72% | 12.58% | 61.43% | 62.02% | 58.63% | 63.59% | 66.36% | 66.44% | 68.49% | 69.64% | 70.54% | 70.12% | 69.78% | 69.78% | 71.16% | 67.33% | 67.35% | 67.08% | 71.62% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 6.2M | -4.96M | 7.58M | 11.45M | 19.74M | 57.49M | 65.28M | 64.67M | 56.97M | 57.02M | 58.94M | 53.6M | 53.06M | 58.38M | 58.82M | 60.87M | 51.81M | 64.42M | 59.24M | 91.72M | 76.19M | 48M | 31.6M | 48.44M | 8.39M | 3.31M | 2.31M | 2.26M | 2.43M | 2.1M | 1.79M |
| G&A Expenses | 2.51M | 2.57M | 2.3M | 3.19M | 10.1M | 18.03M | 16.86M | 18.8M | 16.91M | 16.91M | 18.15M | 15M | 14.36M | 13.98M | 14.28M | 17.61M | 9.54M | 10.17M | 9.44M | 9.04M | 6.09M | 5.13M | 3.58M | 3.16M | 2M | 163.4K | 97.87K | 124.36K | 126.52K | 119.33K | 106.09K |
| EBITDA | 16.4M | 16.41M | 22.33M | 20.95M | 34.3M | 68.06M | 133.83M | 138.49M | 138.4M | 145.27M | 146M | 88.59M | 89.44M | 83.7M | 78.82M | 63.81M | 84.61M | 75.49M | 102.91M | 103.36M | 85.19M | 47.42M | 29.79M | -16.91M | 1.62M | 2.78M | 1.53M | 749.25K | 622.86K | 830.4K | 863.81K |
| EBITDA Margin % | 56.19% | 55% | 64.62% | 60.49% | 100.86% | 53.36% | 98.74% | 96.12% | 91.04% | 99.49% | 96.63% | 59.37% | 60.36% | 60.29% | 56.07% | 47.12% | 53.83% | 41.54% | 58.98% | 67.59% | 67.34% | 60.07% | 58.25% | -63.78% | 12.48% | 54.57% | 47.52% | 29.79% | 24.28% | 33.65% | 38.96% |
| Depreciation & Amortization | 7.51M | 7.7M | 8.68M | 10.92M | 34.1M | 44.44M | 112.37M | 113.41M | 107.06M | 103.21M | 108.08M | 38.59M | 38.7M | 44.41M | 44.67M | 42.08M | 37.31M | 41.66M | 37.18M | 42.16M | 34.88M | 16.48M | 10.25M | 5.02M | 2.55M | 991.33K | 621.51K | 496.99K | 483.16K | 466.35K | 440.41K |
| D&A / Revenue % | 25.73% | 25.8% | 25.12% | 31.53% | 100.29% | 34.84% | 82.91% | 78.71% | 70.43% | 70.69% | 71.54% | 25.87% | 26.12% | 31.99% | 31.78% | 31.08% | 23.74% | 22.92% | 21.31% | 27.57% | 27.58% | 20.87% | 20.04% | 18.95% | 19.6% | 19.44% | 19.33% | 19.76% | 18.84% | 18.9% | 19.86% |
| Operating Income | 8.89M | 8.71M | 13.65M | 10.03M | 193K | 23.62M | 21.45M | 25.07M | 31.33M | 42.06M | 37.92M | 49.99M | 50.74M | 39.3M | 34.15M | 21.73M | 47.3M | 33.83M | 65.73M | 61.2M | 50.3M | 30.94M | 19.55M | -21.93M | -925K | 1.79M | 906.51K | 252.26K | 139.7K | 364.05K | 423.41K |
| Operating Margin % | 30.46% | 29.2% | 39.5% | 28.96% | 0.57% | 18.52% | 15.83% | 17.4% | 20.61% | 28.81% | 25.1% | 33.51% | 34.24% | 28.31% | 24.29% | 16.05% | 30.09% | 18.62% | 37.67% | 40.02% | 39.77% | 39.19% | 38.22% | -82.73% | -7.12% | 35.13% | 28.19% | 10.03% | 5.45% | 14.75% | 19.1% |
| Interest Expense | 4M | 9.13M | 9.1M | 8.02M | 10.89M | 18.64M | 21.97M | 23.51M | 22.15M | 22.2M | 26.53M | 28.27M | 32.3M | 34.77M | 39.36M | 41.87M | 49.7M | 49.78M | 45.96M | 39.53M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 0.80x | 1.50x | 1.25x | -6.25x | -1.17x | 1.05x | 1.07x | 1.20x | 1.89x | 1.33x | 1.76x | 1.55x | 1.13x | 1.58x | 0.31x | 0.74x | 0.66x | 1.31x | 1.57x | - | - | - | - | - | - | - | - | - | - | - |
| Non-Operating Income | 3.15M | 1.45M | 0 | 0 | 0 | 0 | -1.71M | 0 | 4.83M | 210K | 2.62M | 105K | 825K | 15K | -28.23M | 8.55M | 10.67M | -1.68M | 5.45M | -927K | 758K | 194K | 0 | -31.25M | 0 | 0 | 0 | 0 | 0 | -3.64M | -3.08M |
| Pretax Income | -3.61M | -1.87M | 4.54M | 2.01M | -79.01M | -45M | -520K | 1.57M | 4.36M | 19.65M | 8.76M | 21.62M | 17.61M | 5.04M | 25.38M | -25.95M | -4.44M | -16.67B | 18.38B | 21.97B | 15.34B | 13.21B | 7.86B | 0 | -974K | 3.43M | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -12.36% | -6.27% | 13.16% | 5.8% | -232.35% | -35.28% | -0.38% | 1.09% | 2.87% | 13.46% | 5.8% | 14.49% | 11.88% | 3.63% | 18.05% | -19.17% | -2.82% | -9172.26% | 10531.29% | 14366.15% | 12123.3% | 16737.82% | 15368.37% | 0% | -7.5% | 67.26% | 0% | 0% | 0% | 0% | 0% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 18.73M | 22.53M | 0 | -4.83M | 22.71M | 26.35M | 0 | 0 | 25.36M | 36.51M | 122.32M | 92.01M | 87.83M | 60.93M | -39.19B | -34.93B | -17.71B | 7.85B | -578K | 5.07M | 3.28M | 1.12M | 187.79K | -40.25K | -136.14K | -138.21K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -41.62% | -4331.92% | 0% | -110.81% | 115.55% | 300.66% | 0% | 0% | 503.38% | 143.87% | -471.3% | -2074.1% | -0.53% | 0.33% | -178.38% | -227.8% | -134% | 99.93% | - | -520.12% | 95.66% | - | - | - | - | - |
| Net Income | -3.61M | -1.87M | 4.54M | 2.01M | -24.28M | -63.73M | -23.05M | -22.43M | 3.89M | 19.14M | 8.94M | 22.15M | 28.98M | 14.45M | 29.71M | -103.56M | -41.29M | -16.67M | 18.38M | 21.97M | 15.34M | 13.21M | 7.86M | -21.35M | -468K | -147.72K | -12.08K | 64.47K | 179.95K | 500.19K | 561.62K |
| Net Margin % | -12.36% | -6.27% | 13.16% | 5.8% | -71.4% | -49.97% | -17% | -15.57% | 2.56% | 13.11% | 5.92% | 14.84% | 19.56% | 10.41% | 21.13% | -76.48% | -26.27% | -9.17% | 10.53% | 14.37% | 12.12% | 16.74% | 15.37% | -80.55% | -3.6% | -2.9% | -0.38% | 2.56% | 7.02% | 20.27% | 25.33% |
| Net Income Growth % | -163.65% | -141.17% | 126.46% | 108.27% | 61.91% | -176.56% | -2.73% | -676.83% | -79.68% | 114.06% | -59.62% | -23.58% | 100.59% | -51.36% | 128.68% | -150.82% | -147.73% | -190.7% | -16.36% | 43.26% | 16.06% | 68.1% | 136.81% | -4462.18% | -216.83% | -1122.5% | -118.74% | -64.17% | -64.02% | -10.94% | -27.03% |
| Funds From Operations (FFO) | 3.9M | 5.83M | 13.22M | 12.93M | 9.83M | -19.3M | 89.33M | 90.98M | 110.95M | 122.35M | 117.03M | 60.74M | 67.68M | 58.85M | 74.38M | -61.48M | -3.98M | 24.99M | 55.56M | 64.13M | 50.22M | 29.69M | 18.11M | -16.33M | 2.08M | 843.62K | 609.43K | 561.46K | 663.11K | 966.54K | 1M |
| FFO Margin % | 13.37% | 19.53% | 38.28% | 37.32% | 28.9% | -15.13% | 65.91% | 63.14% | 72.98% | 83.8% | 77.46% | 40.71% | 45.67% | 42.39% | 52.91% | -45.4% | -2.53% | 13.75% | 31.84% | 41.94% | 39.7% | 37.61% | 35.4% | -61.6% | 16% | 16.55% | 18.95% | 22.32% | 25.85% | 39.17% | 45.2% |
| FFO Growth % | -334.7% | -55.94% | 2.32% | 31.54% | 150.93% | -121.6% | -1.82% | -18% | -9.32% | 4.55% | 92.67% | -10.26% | 15% | -20.88% | 220.98% | -1445.09% | -115.92% | -55.02% | -13.37% | 27.7% | 69.14% | 63.97% | 210.9% | -885.76% | 146.32% | 38.43% | 8.54% | -15.33% | -31.39% | -3.54% | -17.16% |
| FFO per Share | 0.28 | 0.42 | 0.96 | 0.94 | 0.73 | -1.46 | 9.64 | 9.81 | 11.97 | 13.20 | 12.62 | 6.55 | 7.30 | 6.35 | 8.02 | -6.63 | -0.43 | 2.70 | 5.99 | 6.92 | 5.42 | 3.20 | 1.95 | -1.76 | 0.22 | 0.09 | 0.07 | 0.06 | 0.07 | 0.10 | 0.11 |
| FFO Payout Ratio % | 0% | 112.51% | 78.95% | 83.19% | 4043.35% | -20.3% | 8% | 19.57% | 16.49% | 14.45% | 14.57% | 27.99% | 23.41% | 24.53% | 19.36% | -40.18% | -564.09% | 20.19% | 72.05% | 64.81% | 12.65% | 21.56% | 78.02% | -6.87% | 49.37% | 0% | 127.82% | 167.18% | 135.45% | 92.93% | 89.64% |
| EPS (Diluted) | -0.26 | 0.79 | 0.14 | -0.64 | -1.81 | -4.82 | -2.49 | -2.42 | 0.42 | 2.06 | 0.96 | 2.39 | 3.13 | 1.56 | 3.20 | -11.17 | -4.45 | -1.80 | 1.98 | 2.37 | 1.65 | 1.43 | 0.85 | -2.30 | -0.05 | -0.02 | -0.00 | 0.01 | 0.02 | 0.05 | 0.06 |
| EPS Growth % | -92.23% | 464.29% | 121.88% | 64.64% | 62.45% | -93.57% | -2.89% | -676.19% | -79.61% | 114.58% | -59.83% | -23.64% | 100.64% | -51.25% | 128.65% | -151.01% | -147.22% | -190.91% | -16.46% | 43.64% | 15.38% | 68.24% | 136.96% | -4454.46% | -217.61% | - | - | -63.92% | -64.07% | -10.89% | -26.99% |
| EPS (Basic) | - | 0.79 | 0.14 | -0.64 | -1.81 | -4.82 | -1.76 | -2.42 | 0.42 | 2.06 | 0.96 | 2.39 | 3.13 | 1.56 | 3.20 | -11.17 | -4.45 | -1.80 | 1.98 | 2.37 | 1.65 | 1.43 | 0.85 | -2.30 | -0.05 | -0.02 | -0.00 | 0.01 | 0.02 | 0.05 | 0.06 |
| Diluted Shares Outstanding | 13.72M | 13.72M | 13.72M | 13.72M | 13.45M | 13.21M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M | 9.27M |
Parent entity liquidity constraints
As reported in recent financial filings, Cedar Realty Trust has experienced a consistent revenue decline, culminating in a 7.3% year-over-year contraction in 2026Q1, which appears to be a direct consequence of the strategic asset disposition program currently being executed under the parent company's oversight.
The persistent downward trend in top-line figures suggests that the portfolio is being actively liquidated rather than managed for organic growth. Investors should monitor whether the remaining grocery-anchored assets can maintain occupancy levels as the scale of the platform continues to diminish.
Based on the provided quarterly data, NOI margins have exhibited extreme volatility, plummeting to a low of 8.5% in 2025Q3 before recovering to 62.3% in 2026Q1, indicating significant operational disruption and potential accounting noise related to the ongoing integration with Wheeler Real Estate Investment Trust.
Such erratic margin performance suggests that property-level expenses are not being managed with the consistency expected of a stable retail REIT. This instability warrants further investigation into whether the current cost structure is sustainable or if it reflects one-time charges associated with the transition.
According to the company's reported figures, FFO per share has fluctuated wildly, dropping from $0.27 in 2025Q4 to $0.11 in 2026Q1, a trend that highlights the precarious nature of cash flow generation for preferred shareholders in the current high-leverage environment.
The inability to maintain a consistent FFO trajectory suggests that the entity's core earnings power is being eroded by corporate-level overhead and debt service requirements. The erratic nature of these results makes it difficult to rely on FFO as a stable indicator of long-term dividend coverage.
As indicated by the negative AFFO of -$3.5 million in 2025Q3 and the subsequent reliance on asset sales, the company's cash flow profile appears fundamentally challenged, raising concerns about the long-term viability of the preferred equity claim within the broader Wheeler corporate structure.
The recurring gap between FFO and AFFO suggests that significant capital is being diverted toward maintenance or non-recurring expenses, which may be masking the true cost of sustaining the portfolio. Investors should be wary of the potential for further cash burn as the remaining assets are liquidated.
Quick answers to the most common questions about buying CDR-PB stock.
For fiscal year 2025, Cedar Realty Trust, Inc. (CDR-PB) reported total revenue of $29.8M. This represents a 1245.6% increase compared to $2.2M in 1996.
Cedar Realty Trust, Inc. (CDR-PB) reported a net loss of $1.9M for the fiscal year ending 2025.
Cedar Realty Trust, Inc. (CDR-PB) reported an operating income of $8.7M, resulting in an operating profit margin of 29.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Cedar Realty Trust, Inc. (CDR-PB) generated $3.8M in gross profit for the year, representing a gross profit margin of 12.6%. This demonstrates the company's core pricing power and production efficiency.