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CEDAR REALTY TRUST

(CDR)
End-of-day quote Nyse  -  2022-08-22
29.00 USD   +0.07%
2022Cedar Realty Trust, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
CI
2022Standard Real Estate Investments, LP acquired Northeast Heights from Cedar Realty Trust, Inc.
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2022Cedar Realty Trust, Inc. Announces Board Changes
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DRA Fund X-B LLC and KPR Centers completed the acquisition of Portfolio of 33 Grocery-Anchored Shopping Centers from Cedar Realty Trust (NYSE: CDR) for approximately $880 million.

07/07/2022 EST

DRA Fund X-B LLC and KPR Centers signed an agreement to acquire Portfolio of 33 grocery-anchored shopping centers from Cedar Realty Trust, Inc. (NYSE:CDR) for a cash consideration of approximately $840 million on March 2, 2022. In separate transaction, Cedar Realty signed an agreement to sell the Revelry redevelopment project for $34.0 million, Cedar is negotiating the sale of the Northeast Heights redevelopment project for $46.5 million, to sell Cedar Realty and its remaining assets to Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLR), after completion of the above described transactions, in an all-cash merger transaction that values the assets at $291.3 million. The transaction are estimated to generate total net proceeds, after all transaction expenses, of more than $29.00 per share in cash, which will be distributed to shareholders upon completion. Cedar Realty Trust, Inc. will be required to pay a termination fee of, in the case of the Asset Purchase Agreement, $7.0 million plus up to $3.5 million in expense reimbursement costs. The transactions are not subject to financing conditions, the transactions are unanimously approved by the Company's Board of Directors and are expected to close by the end of the second quarter of 2022, subject to satisfaction of customary closing conditions, including approval by Cedar's common shareholders. As on May 27, 2022, Cedar Realty Trust's shareholder approved the transaction. Jones Lang LaSalle Securities, LLC are acting as financial advisors and fairness opinion provider to Cedar, and Yoel Kranz of Goodwin Procter LLP is acting as legal counsel to Cedar. BofA Securities, Inc. acting as financial advisor and Fairness Opinion provider to Cedar. JLL is acting as the Company's real estate advisor with respect to the sale of the grocery-anchored shopping center portfolio and CBRE is acting as real estate advisor to Cedar with respect to the sale of the redevelopment projects. Martin Luskin and Beth Connors of Blank Rome LLP acted as legal advisor to DRA Advisors LLC and KPR Centers. William R. Crowe of Rogin Nassau LLC acted as legal advisor to DRA Advisors LLC and KPR Centers.

DRA Fund X-B LLC and KPR Centers completed the acquisition of Portfolio of 33 Grocery-Anchored Shopping Centers from Cedar Realty Trust (NYSE: CDR) on July 7, 2022.


ę S&P Capital IQ 2022
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Managers and Directors
Bruce J. Schanzer President, Chief Executive Officer & Director
Jennifer Ladman Bitterman CFO, Secretary, Treasurer & Executive VP
Michael Winters Chief Investment Officer & Executive VP
Abraham Mark Eisenstat Independent Director
Steven G. Rogers Independent Director