Cash flow quality is severely strained, highlighted by persistent negative AFFO, including a $3.5 million deficit in 2025Q3, which indicates that maintenance capital expenditures consistently outpace operational cash generation.
| 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 |
|---|
| Cash from Operations | 8.04M | 7.97M | 9.46M | 8.25M | -20.46M | 44.96M | 42.58M | 53.67M | 57.9M | 57.53M | 57.52M | 59.14M | 50.88M | 49.68M | 50.59M | 39.25M | 41.7M | 50.64M | 59.37M | 51.5M | 37.93M | 29.93M | 19.33M | -4.88M | 1.16M | 787.3K | 995.25K | 1.11M | 771.1K | 935.31K | 945.24K |
| Operating CF Growth % | -63.51% | -15.73% | 14.73% | 140.3% | -145.51% | 5.59% | -20.67% | -7.3% | 0.65% | 0% | -2.72% | 16.21% | 2.43% | -1.8% | 28.9% | -5.89% | -17.65% | -14.7% | 15.27% | 35.8% | 26.7% | 54.83% | 496.11% | -521.14% | 47.21% | -20.89% | -9.96% | 43.35% | -17.56% | -1.05% | -23.51% |
| Operating CF / Revenue % | 27.63% | 26.73% | 27.39% | 23.82% | -60.18% | 35.25% | 31.42% | 37.25% | 38.09% | 39.4% | 38.07% | 39.63% | 34.34% | 35.78% | 35.98% | 28.98% | 26.53% | 27.87% | 34.03% | 33.68% | 29.98% | 37.92% | 37.8% | -18.41% | 8.92% | 15.44% | 30.95% | 43.94% | 30.06% | 37.9% | 42.64% |
| Net Income | -3.61M | -1.87M | 4.54M | 2.01M | 44.16M | -45M | -520K | 1.57M | 4.36M | 19.65M | 8.76M | 21.78M | 28.69M | 14.2M | 34.02M | -108.51M | -44.18M | -16.8M | 18.38M | 21.97M | 15.34M | 13.21M | 7.86M | -21.35M | -468K | -147.72K | 5.42K | 64.47K | 200K | 500K | 561.62K |
| Depreciation & Amortization | 7.37M | 7.52M | 8.45M | 10.92M | 19.37M | 39.45M | 48.41M | 45.86M | 40.05M | 40.12M | 40.79M | 38.59M | 38.7M | 45.66M | 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 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 1.61M | 3.04M | 3.72M | 4.12M | 3.76M | 3.55M | 2.93M | 3.17M | 3.53M | 3.7M | 3.91M | 2.98M | 2.98M | 2.43B | 1.1B | 1.31B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -56K | 1.6M | -2.75M | -4.18M | -94.03M | 125K | 1.24M | -1.81M | -4.36M | -1.85M | -1.01M | -2.02M | -2.92M | -3.58M | -1.37M | 1.44M | 1.3M | 220K | -1.3M | -10.92M | -11.07M | -628K | -742K | 11.43M | -1.77M | 909.74K | 69K | 324.68K | 48.4K | -28.61K | -12.69K |
| Working Capital Changes | 882K | 731K | -785K | -500K | 8.43M | -3.75M | -14.96M | -2.47M | -8.84M | -8.1M | -1.43M | -3.48M | -6.4M | -3.69M | -3.05M | -8.73M | -8.1M | -6.46M | 5.14M | -1.7M | -1.22M | 873K | 1.97M | 14K | 851K | -966.06K | 299.32K | 219.2K | 39.54K | -2.44K | -44.09K |
| Cash from Investing | 13.16M | 29.99M | 25.6M | -3.7M | 676.77M | 71.53M | -18.37M | -22.34M | -14.94M | -46.44M | 51.06M | -47.88M | 49.12M | -15.25M | 50.11M | -64.24M | -29.83M | -68.73M | -150.93M | -192.43M | -187.75M | -327.83M | -168.06M | -199.9M | -41.38M | -2.21M | -8.4M | -282.25K | 423.56K | -277K | -127.75K |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | -155K | -4.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41.55M | -4.3M | -51.44M | -350K | -1.1M | 0 | 0 | 0 | 0 | 0 | 0 | -8.51M | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | -155K | -4.65M | 0 | -9.08M | -3.68M | -32.44M | -31.92M | 0 | 0 | 0 | 0 | 30.59M | 24.16M | 6.75M | -17.45M | -8K | -1.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 699.34M | 104.5M | 21.18M | 18.65M | 19.12M | 12.51M | 96.17M | 0 | 0 | 0 | 0 | 3.54M | 31.01M | 33.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 16.84M | 33.51M | 25.6M | 2.76M | 699.34M | 104.5M | 21.18M | 9.57M | 15.44M | -20.88M | 66.55M | -35.18M | 65.37M | 5.03M | 40.06M | -1.92M | -3.41M | -217K | -965K | -4.93M | -1.44M | -1.97M | 830K | -11.79M | 2.86M | 12.36M | -6.33M | 0 | 664.44K | 322.98K | 8.56K |
| Cash from Financing | -21.05M | -52.72M | -20.34M | -2.11M | -646.12M | -114.86M | -25.32M | -30.56M | -48.2M | -10.27M | -107.79M | -12.68M | -100.47M | -37.97M | -105.25M | 22.9M | -14.87M | 27.02M | 77.58M | 143.35M | 159.1M | 298.04M | 151.03M | 207.11M | 41.8M | 3.45M | 5.99M | 797.05K | -923.67K | -921.4K | -919.33K |
| Dividends Paid | -5.73M | -6.56M | -10.44M | -10.75M | -408.05M | -14.67M | -17.9M | -28.56M | -29.58M | -31.34M | -31.46M | -31.41M | -30.25M | -28.86M | -29.18M | -38.91M | -31.9M | -17.05M | -49.73M | -1.79M | -1.52M | -28.86M | -16.34M | 0 | 0 | 0 | -778.97K | -938.67K | -898.16K | -898.16K | -898.16K |
| Common Dividends | 0 | 0 | -10.44M | 0 | -397.3M | -3.92M | -7.15M | -17.81M | -18.3M | -17.68M | -17.05M | -17M | -15.84M | -14.43M | -14.4M | -24.7M | -22.45M | -5.05M | -40.03M | -41.56M | 6.35M | 6.4M | -14.13M | -1.12M | -1.03M | 0 | -778.97K | -938.67K | -898.16K | -898.16K | -898.16K |
| Debt Issuance (Net) | 968K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 |
| Share Repurchases | -20.71M | -41.91M | -11.5M | 0 | -467K | -8K | 0 | -6.84M | -2.33M | 0 | 0 | 0 | 0 | 0 | -124.94M | 0 | 0 | 0 | -122K | 0 | 0 | 0 | 0 | -12M | 0 | 0 | -1.15M | 0 | 0 | 0 | 0 |
| Other Financing | 10.18M | -456K | -444K | -414K | 1.43M | -4.08M | -368K | -154K | -5.96M | -94K | -1.79M | -14.18M | -2.79M | -2.44M | -10.43M | -4.61M | -15.16M | -50.7M | 1.13M | 48.59M | -37.39M | -4.12M | -3.34M | 5.59M | 10.74M | -922K | -2.2M | -64.28K | -25.51K | -1.84K | -21.16K |
| Net Change in Cash | 153K | -14.75M | 14.72M | 2.44M | 10.19M | 1.63M | -1.11M | 770K | -5.24M | 820K | 799K | -1.42M | -474K | -3.55M | -4.55M | -2.1M | -3M | 8.93M | -13.97M | 2.42M | 9.28M | 144K | 2.3M | 2.33M | 1.58M | 2.03M | -1.46M | 1.62M | 270.98K | -263.09K | -101.84K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40K | 0 | 0 | 0 | 0 |
| Cash at Beginning | 15.87M | 30.62M | 15.91M | 13.46M | 3.27M | 1.64M | 2.75M | 1.98M | 7.22M | 2.88M | 2.08M | 3.5M | 3.97M | 7.52M | 12.07M | 14.17M | 17.16M | 8.23M | 20.31M | 17.89M | 8.6M | 8.46M | 6.15M | 3.83M | 2.25M | 841.11K | 2.3M | 678.2K | 407.22K | 670.31K | 772.14K |
| Cash at End | 16.26M | 15.87M | 30.62M | 15.91M | 13.46M | 3.27M | 1.64M | 2.75M | 1.98M | 3.7M | 2.88M | 2.08M | 3.5M | 3.97M | 7.52M | 12.07M | 14.17M | 17.16M | 6.33M | 20.31M | 17.89M | 8.6M | 8.46M | 6.15M | 3.83M | 2.87M | 841.11K | 2.3M | 678.2K | 407.22K | 670.31K |
| Free Cash Flow | 4.36M | 4.46M | -2.13M | 1.79M | -42.87M | 16.65M | 3.03M | 21.77M | 27.52M | 31.96M | 42.04M | 46.44M | 34.63M | 29.39M | 19.09M | -52.91M | 11.55M | -57.66M | -72.04M | -135.99M | -146.44M | -295.92M | -149.56M | -192.99M | -43.08M | -5.27M | -1.07M | 823.09K | 530.22K | 335.32K | 808.92K |
| FCF Growth % | 1516.88% | 308.67% | -219.14% | 104.18% | -357.44% | 449.79% | -86.08% | -20.92% | -13.9% | -23.97% | -9.47% | 34.09% | 17.84% | 53.94% | 136.08% | -558.18% | 120.03% | 19.96% | 47.03% | 7.13% | 50.52% | -97.86% | 22.51% | -347.97% | -717.89% | -391.81% | -230.12% | 55.24% | 58.12% | -58.55% | -34.54% |
| FCF / Revenue % | 14.99% | 14.93% | -6.18% | 5.17% | -126.07% | 13.06% | 2.23% | 15.11% | 18.1% | 21.89% | 27.83% | 31.12% | 23.37% | 21.17% | 13.58% | -39.07% | 7.35% | -31.73% | -41.29% | -88.93% | -115.77% | -374.87% | -292.43% | -728.11% | -331.67% | -103.31% | -33.31% | 32.72% | 20.67% | 13.59% | 36.49% |
Parent company liquidity dependency
As reported in recent financial filings, Cedar Realty Trust frequently records negative AFFO, with a deficit of $3.5 million in 2025Q3, indicating that recurring capital requirements often exceed the cash generated by the portfolio after accounting for necessary property-level maintenance and leasing costs.
The recurring inability to generate positive AFFO suggests that the company's dividend policy may be disconnected from its actual cash-generating capacity. Investors should monitor whether the current dividend payout, which reached a 0.86 ratio in 2026Q1, remains sustainable without further reliance on external financing or asset liquidations.
Based on the provided quarterly data, the relationship between FFO and GAAP operating cash flow is highly inconsistent, with FFO/NI ratios swinging from -13.35 in 2025Q2 to 1.56 in 2025Q1, reflecting significant distortions from non-cash impairments and the ongoing portfolio restructuring process.
This extreme variance suggests that FFO may not be a reliable proxy for operational health during this period of transition. The disconnect between GAAP cash flow and FFO appears to indicate that the company is struggling to convert its reported earnings into stable, recurring cash flow available for debt service.
According to historical financial statements, property-level capital expenditures, including tenant improvements and maintenance, have remained a significant drag on cash flow, with quarterly outflows reaching as high as $4.5 million in 2024Q3, which directly impacts the net cash available for distribution.
The necessity of these expenditures to maintain anchor tenant occupancy in the Northeast corridor appears to be a structural burden that limits the company's financial flexibility. If these capital requirements continue to fluctuate, it may indicate that the portfolio requires more intensive reinvestment than the current cash flow can support.
As evidenced by the persistent gap between Net Income and FFO, depreciation and amortization charges continue to heavily distort the company's bottom line, with Net Income frequently falling into negative territory while FFO remains positive in several periods, such as the $1.5 million reported in 2026Q1.
This divergence suggests that the company's GAAP profitability is significantly understated by non-cash accounting charges related to its real estate assets. However, the reliance on FFO to justify performance may be misleading if the underlying properties are not generating sufficient cash to cover the capital expenditures required to sustain their value.
Quick answers to the most common questions about buying CDR-PC stock.
Cedar Realty Trust, Inc. (CDR-PC) generated $8.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cedar Realty Trust, Inc. (CDR-PC) generated $4.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cedar Realty Trust, Inc. (CDR-PC) spent $3.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cedar Realty Trust, Inc. (CDR-PC) returned $6.6M to shareholders via cash dividends and spent $41.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.