Revenue growth remains in a contractionary phase, evidenced by a 7.3% year-over-year decline in 2026Q1 alongside volatile NOI margins that fluctuated to 62.3%.
| 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 | 29.12M | 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 % | -12.29% | -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 | 10.21M | 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) | 18.9M | 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 % | 64.92% | 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 | 14.45M | -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 | 11.96M | 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 % | 41.08% | 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 % | 25.79% | 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 | 4.45M | 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 % | 15.29% | 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 | 0.02x | -1.17x | -0.12x | 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 | -1.28M | 1.45M | 0 | 0 | -68.31M | 45.39M | 24.14M | 0 | 4.83M | 210K | 2.62M | 105K | 825K | 15K | -29.4M | 8.55M | 10.67M | -1.68M | 5.45M | 0 | 0 | 0 | 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 % | -12.39% | -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 % | -12.39% | -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 % | 13.4% | 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 | 1.03 | 1.05 | 1.28 | 1.41 | 1.35 | 0.70 | 0.78 | 0.68 | 0.86 | -0.71 | -0.05 | 0.29 | 0.64 | 0.74 | 0.58 | 0.34 | 0.21 | -0.19 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| 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 | -0.27 | -0.26 | 0.05 | 0.22 | 0.10 | 0.26 | 0.34 | 0.17 | 0.34 | -1.20 | -0.48 | -0.19 | 0.21 | 0.25 | 0.18 | 0.15 | 0.09 | -0.25 | -0.01 | -0.00 | -0.00 | 0.00 | 0.00 | 0.01 | 0.01 |
| EPS Growth % | -92.21% | 464.29% | 121.88% | 64.64% | 62.45% | -1685.19% | -3.85% | -677.78% | -79.55% | 120% | -61.54% | -23.53% | 100% | -50% | 128.33% | -150% | -152.63% | -190.48% | -16% | 38.89% | 20% | 65.02% | 136.36% | - | - | - | - | - | - | - | - |
| EPS (Basic) | - | 0.79 | 0.14 | -0.64 | -1.81 | -4.82 | -0.27 | -0.26 | 0.05 | 0.22 | 0.10 | 0.26 | 0.34 | 0.17 | 0.34 | -1.20 | -0.48 | -0.19 | 0.21 | 0.25 | 0.18 | 0.15 | 0.09 | -0.25 | -0.01 | -0.00 | -0.00 | 0.00 | 0.00 | 0.01 | 0.01 |
| Diluted Shares Outstanding | 13.72M | 13.72M | 13.72M | 13.72M | 13.45M | 13.21M | 86.47M | 86.34M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M | 86.47M |
Parent company liquidity dependency
As reported in recent financial filings, Cedar Realty Trust 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 divestment of assets rather than a failure of the underlying grocery-anchored retail model.
The persistent negative revenue growth suggests that the company is shrinking its footprint to manage liquidity, which may limit its ability to achieve economies of scale. Investors should monitor whether the remaining portfolio can sustain occupancy levels sufficient to offset the loss of rental income from divested properties.
Based on the provided income statement data, FFO per share has exhibited extreme volatility, swinging from a positive $0.27 in 2025Q4 to a negative $0.23 in 2025Q3, indicating that the company's core earnings power is currently highly sensitive to non-recurring items and structural shifts.
The erratic FFO trajectory suggests that the company's ability to generate consistent cash flow is compromised by its integration into the parent entity. This instability warrants further investigation into whether the current dividend yield is sustainable or if it remains at risk of further suspension.
According to the quarterly income statement data, the NOI margin fluctuated significantly, dropping to 58.7% in 2025Q1 before recovering to 62.3% in 2026Q1, which suggests that property-level operating expenses remain difficult to control amidst a shrinking portfolio and potential inflationary pressures on maintenance costs.
The inability to maintain a stable NOI margin implies that the company may be struggling to pass through rising property taxes and insurance costs to its tenant base. This margin pressure appears to be a structural challenge that could further erode the net profitability of the remaining assets.
As evidenced by the historical data, the company frequently reported negative AFFO, including a deficit of $3.5 million in 2025Q3, which suggests that recurring maintenance capital expenditures are consistently outpacing the cash flow generated by the properties after accounting for necessary property-level investments.
This persistent gap between FFO and AFFO indicates that the company may be under-investing in its properties or relying on external capital to fund essential maintenance. Such a trend may imply that the long-term value of the real estate is being eroded to support short-term liquidity needs.
Quick answers to the most common questions about buying CDR-PC stock.
For fiscal year 2025, Cedar Realty Trust, Inc. (CDR-PC) reported total revenue of $29.8M. This represents a 1245.6% increase compared to $2.2M in 1996.
Cedar Realty Trust, Inc. (CDR-PC) reported a net loss of $1.9M for the fiscal year ending 2025.
Cedar Realty Trust, Inc. (CDR-PC) 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-PC) 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.