Cedar Realty Trust, Inc. (CDR-PC) 10-Year Financial Performance & Capital Metrics

CDR-PC • • REIT / Real Estate

Real EstateRetail REITsGrocery-Anchored Shopping CentersRegional Grocery-Anchored Focus

AboutCedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. The Company's portfolio (excluding properties treated as "held for sale") comprises 54 properties, with approximately 8.1 million square feet of gross leasable area. As of August 23, 2022, Cedar Realty Trust, Inc. operates as a subsidiary of Wheeler Real Estate Investment Trust, Inc.Show more

Revenue $35M -0.2%
FFO $13M +2.3%
FFO/Share 0.96 +2.3%
FFO Payout 78.95% -5.1%
FFO per Share 0.96 +2.3%
NOI Margin 61.43% -1.0%
FFO Margin 38.28% +2.6%
ROE 7.01% +383.3%
ROA 2.02% +135.1%
Debt/Assets 65.9% +9.3%
Net Debt/EBITDA 5.37 -16.0%
Book Value/Share 4.10 -23.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Sustainable FFO payout ratio of 78.9%
✓High NOI margin of 61.4%
✓Healthy dividend yield of 4.3%
✓Trading near 52-week high

✗Weaknesses

✗High debt to equity ratio of 2.5x
✗Weak 3Y average ROE of 0.3%
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-13.55%

5Y-24.84%

3Y-35.3%

TTM-10.23%

Profit (Net Income) CAGR

10Y-16.91%

5Y-

3Y-

TTM377.37%

EPS CAGR

10Y-8.49%

5Y-

3Y-

TTM258.52%

ROCE

10Y Avg3.2%

5Y Avg3.18%

3Y Avg3.74%

Latest6.54%

Peer Comparison

Regional Grocery-Anchored Focus

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CDR-PBCedar Realty Trust, Inc.	250.49M	18.26	130.43	-0.24%	16.76%	88.23%		2.54
CDR-PCCedar Realty Trust, Inc.	242.95M	17.71	126.50	-0.24%	16.76%	88.23%		2.54
BFSSaul Centers, Inc.	779.97M	31.95	19.60	4.53%	13.83%	8.06%	15.54%	3.06
WHLRWheeler Real Estate Investment Trust, Inc.	3.5M	1.68	0	2.2%	49.2%	53.39%	98.86%	4.32
WHLRDWheeler Real Estate Investment Trust, Inc.	12.58M	38.33	-0.00	2.2%	49.2%	54.24%	27.53%	4.32
WHLRPWheeler Real Estate Investment Trust, Inc.	1.77M	5.40	-0.02	2.2%	49.2%	54.24%	100%	4.32

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	149.21M	151.09M	146.01M	152.02M	144.08M	135.54M	127.55M	34.01M	34.63M	34.55M
Revenue Growth %	0.01%	0.01%	-0.03%	0.04%	-0.05%	-0.06%	-0.06%	-0.73%	0.02%	-0%
Property Operating Expenses	44.59M	44.52M	44.33M	47.89M	48.35M	45.6M	46.45M	14.07M	13.15M	13.33M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	53.6M	58.94M	57.02M	56.97M	64.67M	65.28M	57.49M	19.74M	11.45M	7.58M
G&A Expenses	15M	18.15M	16.91M	16.91M	18.8M	16.86M	18.03M	10.1M	3.19M	2.3M
EBITDA+	88.59M	146M	145.27M	138.4M	138.49M	133.83M	68.06M	34.3M	20.95M	22.33M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	38.59M	108.08M	103.21M	107.06M	113.41M	112.37M	44.44M	34.1M	10.92M	8.68M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	49.99M	37.92M	42.06M	31.33M	25.07M	21.45M	23.62M	193K	10.03M	13.65M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	28.27M	26.53M	22.2M	22.15M	23.51M	21.97M	18.64M	10.89M	8.02M	9.1M
Interest Coverage	1.77x	1.43x	1.89x	1.41x	1.07x	0.98x	1.27x	0.02x	1.25x	1.50x
Non-Operating Income	105K	2.62M	210K	4.83M	0	24.14M	45.39M	-68.31M	0	0
Pretax Income+	21.62M	8.76M	19.65M	4.36M	1.57M	-520K	-45M	-79.01M	2.01M	4.54M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	26.35M	22.71M	-4.83M	0	22.53M	18.73M	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	22.15M	8.94M	19.14M	3.89M	-22.43M	-23.05M	-63.73M	-24.28M	2.01M	4.54M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.24%	-0.6%	1.14%	-0.8%	-6.77%	-0.03%	-1.77%	0.62%	1.08%	1.26%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.1%	0.93%	0.05%	-0.09%	-0.18%	-0.02%	-1.22%	1.51%	0.32%	0.02%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.26	0.10	0.22	0.05	-0.26	-0.27	-4.82	-1.81	-0.64	0.14
EPS Growth %	-0.24%	-0.62%	1.2%	-0.8%	-6.78%	-0.04%	-16.85%	0.62%	0.65%	1.22%
EPS (Basic)	0.26	0.10	0.22	0.05	-0.26	-0.27	-4.82	-1.81	-0.64	0.14
Diluted Shares Outstanding	86.47M	86.47M	86.47M	86.47M	86.34M	86.47M	13.21M	13.45M	13.72M	13.72M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.32B	1.23B	1.25B	1.22B	1.21B	1.18B	1.02B	234.16M	233.08M	216.93M
Asset Growth %	0.03%	-0.07%	0.02%	-0.02%	-0.01%	-0.02%	-0.14%	-0.77%	-0%	-0.07%
Real Estate & Other Assets+	1.25B	1.19B	1.21B	1.17B	1.14B	1.11B	896.69M	208.4M	204.6M	177.51M
PP&E (Net)	532K	431K	393K	359K	13.64M	13.83M	9.91M	2.06M	2.06M	0
Investment Securities	0	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	0	0
Total Current Assets+	46.09M	20.66M	24.41M	35.55M	44.19M	39.99M	105.64M	20.63M	23.77M	38.15M
Cash & Equivalents	2.08M	2.88M	3.7M	1.98M	2.75M	1.64M	3.04M	3.9M	6.52M	23.09M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	19.99M	2.88M	3.52M	11.59M	13.23M	9.5M	757.27M	9.56M	9.39M	7.53M
Intangible Assets	23.19M	20.32M	17.66M	13.21M	10.47M	8.94M	7.79M	3.08M	2.65M	1.26M
Total Liabilities	724.04M	651.52M	622.31M	664.18M	691.55M	689.79M	576.93M	151.96M	159.63M	160.72M
Total Debt+	677.02M	607.75M	580.13M	624.83M	630.58M	638.35M	527.04M	131.46M	140.49M	142.96M
Net Debt	674.94M	604.86M	576.42M	622.86M	627.83M	636.71M	524M	127.56M	133.98M	119.87M
Long-Term Debt	595.82M	604.52M	577.11M	519.45M	519.21M	443.93M	455.72M	131.46M	140.42M	142.85M
Short-Term Borrowings	0	1000K	1000K	1000K	1000K	1000K	1000K	0	0	112K
Capital Lease Obligations	23.19M	20.32M	17.66M	5.39M	5.36M	19.42M	5.31M	159.54M	159.54M	0
Total Current Liabilities+	101.83M	95.46M	79.52M	126.14M	156.5M	231.58M	108.1M	17.42M	16.48M	16.49M
Accounts Payable	0	0	0	0	0	0	42.1M	10.09M	8.38M	7M
Deferred Revenue	0	0	0	0	0	0	-42.1M	-131.46M	0	0
Other Liabilities	0	-68.78M	-69.65M	13.21M	10.47M	8.94M	7.79M	0	2.73M	1.38M
Total Equity+	597.54M	582M	630.11M	558.72M	514.08M	487.46M	439.97M	203.28M	73.46M	56.21M
Equity Growth %	0.04%	-0.03%	0.08%	-0.11%	-0.08%	-0.05%	-0.1%	-0.54%	-0.64%	-0.23%
Shareholders Equity	596.05M	580.74M	628.34M	555.42M	510.56M	483.5M	437.38M	82.2M	73.46M	56.21M
Minority Interest	1.49M	1.26M	1.77M	3.29M	3.51M	3.96M	2.59M	121.08M	0	0
Common Stock	5.1M	390.08M	420.83M	395.88M	351.02M	323.96M	820K	823K	823K	823K
Additional Paid-in Capital	825.98M	829.53M	875.06M	875.57M	872.72M	879.79M	881.01M	868.32M	868.32M	868.95M
Retained Earnings	-404.35M	-426.86M	-446.94M	-475.73M	-503.73M	-522.7M	-582.46M	-946.49M	-955.23M	-953.35M
Preferred Stock	190.66M	190.66M	207.51M	159.54M	159.54M	159.54M	159.54M	159.54M	159.54M	139.79M
Return on Assets (ROA)	0.02%	0.01%	0.02%	0%	-0.02%	-0.02%	-0.06%	-0.04%	0.01%	0.02%
Return on Equity (ROE)	0.04%	0.02%	0.03%	0.01%	-0.04%	-0.05%	-0.14%	-0.08%	0.01%	0.07%
Debt / Assets	0.51%	0.49%	0.46%	0.51%	0.52%	0.54%	0.52%	0.56%	0.6%	0.66%
Debt / Equity	1.13x	1.04x	0.92x	1.12x	1.23x	1.31x	1.20x	0.65x	1.91x	2.54x
Net Debt / EBITDA	7.62x	4.14x	3.97x	4.50x	4.53x	4.76x	7.70x	3.72x	6.40x	5.37x
Book Value per Share	6.91	6.73	7.29	6.46	5.95	5.64	33.30	15.12	5.35	4.10

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	59.14M	57.52M	57.53M	57.9M	53.67M	42.58M	44.96M	-20.46M	8.25M	9.46M
Operating CF Growth %	0.16%	-0.03%	0%	0.01%	-0.07%	-0.21%	0.06%	-1.46%	1.4%	0.15%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	21.78M	8.76M	19.65M	4.36M	1.57M	-520K	-45M	44.16M	2.01M	4.54M
Depreciation & Amortization	38.59M	40.79M	40.12M	40.05M	45.86M	48.41M	39.45M	19.37M	10.92M	8.45M
Stock-Based Compensation	3.17M	2.93M	3.55M	3.76M	4.12M	3.72M	3.04M	1.61M	0	0
Other Non-Cash Items	-2.02M	-1.01M	-1.85M	-4.36M	-1.81M	1.24M	125K	-94.03M	-4.18M	-2.75M
Working Capital Changes	-3.48M	-1.43M	-8.1M	-8.84M	-2.47M	-14.96M	-3.75M	8.43M	-500K	-785K
Cash from Investing+	-47.88M	51.06M	-46.44M	-14.94M	-22.34M	-18.37M	71.53M	676.77M	-3.7M	25.6M
Acquisitions (Net)	0	0	0	0	0	0	-4.65M	-155K	0	0
Purchase of Investments	0	-31.92M	-32.44M	-3.68M	-9.08M	0	-4.65M	-155K	0	0
Sale of Investments	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	-35.18M	66.55M	-20.88M	15.44M	9.57M	21.18M	104.5M	699.34M	2.76M	25.6M
Cash from Financing+	-12.68M	-107.79M	-10.27M	-48.2M	-30.56M	-25.32M	-114.86M	-646.12M	-2.11M	-20.34M
Dividends Paid	-31.41M	-31.46M	-31.34M	-29.58M	-28.56M	-17.9M	-14.67M	-408.05M	-10.75M	-10.44M
Common Dividends	-17M	-17.05M	-17.68M	-18.3M	-17.81M	-7.15M	-3.92M	-397.3M	0	-10.44M
Debt Issuance (Net)	-1000K	-1000K	-1000K	1000K	1000K	-1000K	-1000K	-1000K	1000K	1000K
Share Repurchases	0	0	0	-2.33M	-6.84M	0	-8K	-467K	0	-11.5M
Other Financing	-14.18M	-1.79M	-94K	-5.96M	-154K	-368K	-4.08M	1.43M	-414K	-444K
Net Change in Cash+	-1.42M	799K	820K	-5.24M	770K	-1.11M	1.63M	10.19M	2.44M	14.72M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	3.5M	2.08M	2.88M	7.22M	1.98M	2.75M	1.64M	3.27M	13.46M	15.91M
Cash at End	2.08M	2.88M	3.7M	1.98M	2.75M	1.64M	3.27M	13.46M	15.91M	30.62M
Free Cash Flow+	46.44M	42.04M	31.96M	27.52M	21.77M	3.03M	16.65M	-42.87M	1.79M	-2.13M
FCF Growth %	0.34%	-0.09%	-0.24%	-0.14%	-0.21%	-0.86%	4.5%	-3.57%	1.04%	-2.19%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	0.7	1.35	1.41	1.28	1.05	1.03	-1.46	0.73	0.94	0.96
FFO Payout Ratio	27.99%	14.57%	14.45%	16.49%	19.57%	8%	-20.3%	4043.35%	83.19%	78.95%
NOI Margin	70.12%	70.54%	69.64%	68.49%	66.44%	66.36%	63.59%	58.63%	62.02%	61.43%
Net Debt / EBITDA	7.62x	4.14x	3.97x	4.50x	4.53x	4.76x	7.70x	3.72x	6.40x	5.37x
Debt / Assets	51.23%	49.27%	46.32%	51.09%	52.3%	54.22%	51.83%	56.14%	60.28%	65.9%
Interest Coverage	1.77x	1.43x	1.89x	1.41x	1.07x	0.98x	1.27x	0.02x	1.25x	1.50x
Book Value / Share	6.91	6.73	7.29	6.46	5.95	5.64	33.3	15.12	5.35	4.1
Revenue Growth	0.69%	1.26%	-3.36%	4.12%	-5.22%	-5.93%	-5.89%	-73.34%	1.84%	-0.24%

Revenue by Segment

	2018	2019	2023	2024
Rental Revenue	-	142.72M	33.99M	34.62M
Rental Revenue Growth	-	-	-76.19%	1.86%
Real Estate, Other	-	-	645K	1.4M
Real Estate, Other Growth	-	-	-	117.05%
Real Estate Other	4.78M	1.36M	-	-
Real Estate Other Growth	-	-71.49%	-	-
Rents	113.86M	-	-	-
Rents Growth	-	-	-	-
Expense Recoveries	33.38M	-	-	-
Expense Recoveries Growth	-	-	-	-

Frequently Asked Questions

Valuation & Price

Cedar Realty Trust, Inc. (CDR-PC) has a price-to-earnings (P/E) ratio of 126.5x. This suggests investors expect higher future growth.

Growth & Financials

Cedar Realty Trust, Inc. (CDR-PC) reported $30.8M in revenue for fiscal year 2024. This represents a 77% decrease from $135.4M in 2011.

Cedar Realty Trust, Inc. (CDR-PC) saw revenue decline by 0.2% over the past year.

Yes, Cedar Realty Trust, Inc. (CDR-PC) is profitable, generating $5.2M in net income for fiscal year 2024 (13.2% net margin).

Dividend & Returns

Yes, Cedar Realty Trust, Inc. (CDR-PC) pays a dividend with a yield of 4.30%. This makes it attractive for income-focused investors.

Cedar Realty Trust, Inc. (CDR-PC) has a return on equity (ROE) of 7.0%. This is below average, suggesting room for improvement.

Industry Metrics

Cedar Realty Trust, Inc. (CDR-PC) generated Funds From Operations (FFO) of $15.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Cedar Realty Trust, Inc. (CDR-PC) offers a 4.30% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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