PORT WASHINGTON, N.Y., May 5, 2015 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) today reported results for the first quarter ended March 31, 2015.

Operating Highlights


    --  Operating funds from operations (Operating FFO) of $0.13 per diluted
        share
    --  Same-property net operating income (NOI) increased 2.0% including
        redevelopments and 1.2% excluding redevelopments
    --  Signed 33 new and renewal leases for 312,900 square feet
    --  Comparable cash-basis lease spreads of 8.3%
    --  Total portfolio 93.1% leased and same-property portfolio 93.7% leased at
        quarter-end

Summary of Previously-Announced Activities


    --  On January 12, 2015, the Company issued 5.75 million common shares for
        net proceeds of $41.9 million
    --  On January 23, 2015, the Company acquired Lawndale Plaza located in
        Philadelphia, Pennsylvania for $25.2 million
    --  On February 5, 2015, the Company closed $100 million of new unsecured
        term loans ($50 million five-year term loan borrowed at closing and $50
        million seven-year term loan to be drawn by July 1, 2015), effectively
        prefunding all 2015 mortgage debt maturities
    --  On February 5, 2015, the Company extended the maturity dates of its
        unsecured revolving credit facility from August 1, 2016 to February 5,
        2019 and its previously outstanding $50 million term loan from August 1,
        2018 to February 5, 2020
    --  On February 27, 2015, the Company acquired the remaining 60% interest in
        New London Mall located in New London, Connecticut for $27.3 million
        resulting in the property now being wholly-owned

"During the first quarter of 2015, we continued to advance our long-term business plan. Our acquisitions, solid leasing results, equity offering and debt refinancing activities all strengthen the Company's foundation that is being established to deliver long-term shareholder value creation," commented Bruce Schanzer, President and CEO.

Financial Results

Operating FFO for first quarter 2015 was $10.6 million or $0.13 per diluted share, compared to $10.3 million or $0.13 per diluted share for the same period in 2014. NAREIT-defined FFO for first quarter 2015 was $10.1 million or $0.12 per diluted share, compared to $7.3 million or $0.09 per diluted share for the same period in 2014. The principal differences between Operating FFO and NAREIT-defined FFO are acquisition costs and debt extinguishment amounts.

Net loss attributable to common shareholders for first quarter 2015 was $(123,000) or $(0.00) per diluted share, compared to $(1.8) million or $(0.03) per diluted share for the same period in 2014.

Portfolio Results

Same-property NOI for the quarter increased 2.0% including redevelopments and 1.2% excluding redevelopments. Results for 2015 included higher snow removal costs.

During first quarter 2015, the Company signed 33 leases for 312,900 square feet. On a comparable space basis, the Company leased 285,500 square feet at a positive lease spread of 8.3% on a cash basis (new leases increased 12.1% and renewals increased 7.3%).

The Company's total portfolio, excluding properties held for sale, was 93.1% leased at March 31, 2015, compared to 93.1% at December 31, 2014 and 93.5% at March 31, 2014. The Company's same-property portfolio was 93.7% leased at March 31, 2015, compared to 93.9% at December 31, 2014 and 94.0% at March 31, 2014.

Balance Sheet

As of March 31, 2015, the Company had $184.0 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization (EBITDA) of 7.4 times. Additionally, as previously announced, the Company has effectively prefunded its 2015 mortgage maturities with $100 million of unsecured term loans.

2015 Guidance

The Company reaffirms its previously-announced 2015 guidance at a range of $0.51 to $0.54 per diluted share for Operating FFO and a range of $0.50 to $0.53 per diluted share for NAREIT-defined FFO. The principal difference in 2015 guidance between Operating FFO and NAREIT-defined FFO is acquisition costs.

Quarterly Dividends

The Company will pay a cash dividend of $0.05 per share on the Company's common stock and $0.453125 per share on the Company's 7.25% Series B Cumulative Redeemable Preferred Stock on May 20, 2015 to shareholders of record as of the close of business on May 8, 2015.

Non-GAAP Financial Measures

NAREIT-defined FFO is a widely-recognized non-GAAP financial measure for REITs that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful in understanding financial performance and provides a relevant basis for comparison among REITs. The Company also presents Operating Funds From Operations (Operating FFO), which excludes certain items that are not indicative of the operating results provided by the Company's core portfolio and that affect the comparability of the Company's period-over-period performance. A reconciliation of net income (loss) attributable to common shareholders to FFO and Operating FFO for the three months ended March 31, 2015 and 2014 is detailed in the attached schedule.

Supplemental Financial Information Package

The Company has issued "Supplemental Financial Information" for the period ended March 31, 2015. Such information has been filed today as an exhibit to Form 8-K and will also be available on the Company's website at www.cedarrealtytrust.com.

Investor Conference Call

The Company will host a conference call today, May 5, 2015, at 5:00 PM (ET) to discuss the first quarter results. The conference call can be accessed by dialing (877) 705-6003 or (1) (201) 493-6725 for international participants. A live webcast of the conference call will be available online on the Company's website at www.cedarrealtytrust.com.

A replay of the call will be available from 8:00 PM (ET) on May 5, 2015, until midnight (ET) on May 19, 2015. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13603949 for the telephonic replay. A replay of the Company's webcast will be available on the Company's website for a limited time.

About Cedar Realty Trust

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership and operation of primarily grocery-anchored shopping centers straddling the Washington DC to Boston corridor. The Company's portfolio (excluding properties treated as "held for sale") is comprised of 59 properties, with approximately 9.3 million square feet of gross leasable area.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.cedarrealtytrust.com.

Forward-Looking Statements

Statements made in this press release that are not strictly historical are "forward-looking" statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and outcomes to differ materially from those expressed or implied in forward-looking statements. Please refer to the documents filed by Cedar Realty Trust, Inc. with the SEC, specifically the Company's Annual Report on Form 10-K for the year ended December 31, 2014, which identifies important risk factors that could cause actual results to differ from those contained in forward-looking statements.



                                                CEDAR REALTY TRUST, INC.

                                         Condensed Consolidated Balance Sheets

                                                      (unaudited)


                                                    March 31,                     December 31,

                                                                             2015                        2014
                                                                             ----                        ----

    ASSETS

    Real estate

    Land                                                             $315,807,000                $312,868,000

    Buildings and improvements                                      1,183,270,000               1,163,305,000
                                                                    -------------               -------------

                                                                    1,499,077,000               1,476,173,000

    Less accumulated depreciation                                   (274,456,000)              (267,211,000)
                                                                     ------------                ------------

    Real estate, net                                                1,224,621,000               1,208,962,000

    Real estate held for sale                                          16,749,000                  16,508,000

    Cash and cash equivalents                                           3,771,000                   3,499,000

    Restricted cash                                                     7,845,000                   7,859,000

    Receivables                                                        21,308,000                  18,405,000

    Other assets and deferred charges,
     net                                                               32,643,000                  31,546,000

    TOTAL ASSETS                                                   $1,306,937,000              $1,286,779,000
                                                                   ==============              ==============


    LIABILITIES AND EQUITY

    Mortgage loans payable                                           $361,267,000                $393,388,000

    Unsecured revolving credit facility                                48,000,000                  72,000,000

    Unsecured term loans                                              250,000,000                 200,000,000

    Accounts payable and accrued
     liabilities                                                       24,563,000                  22,364,000

    Unamortized intangible lease
     liabilities                                                       23,674,000                  23,776,000

    Total liabilities                                                 707,504,000                 711,528,000
                                                                      -----------                 -----------


    Noncontrolling interest -limited
     partners' mezzanine OP Units                                         389,000                     396,000
                                                                          -------                     -------


    Equity:

    Preferred stock                                                   190,661,000                 190,661,000

    Common stock and other shareholders'
     equity                                                           406,667,000                 378,891,000

    Minority interests in consolidated
     joint ventures                                                     (655,000)                  2,872,000

    Limited partners' OP Units                                          2,371,000                   2,431,000

    Total equity                                                      599,044,000                 574,855,000
                                                                      -----------                 -----------


    TOTAL LIABILITIES AND EQUITY                                   $1,306,937,000              $1,286,779,000
                                                                   ==============              ==============



                                                    CEDAR REALTY TRUST, INC.

                                        Condensed Consolidated Statements of Operations

                                                          (unaudited)


                                             Three months ended March 31,
                                             ----------------------------

                                                                                2015             2014
                                                                                ----             ----


    PROPERTY REVENUES

    Rents                                                                $28,962,000      $28,540,000

    Expense recoveries                                                     9,621,000        9,117,000

    Other                                                                     52,000           55,000

    Total property revenues                                               38,635,000       37,712,000
                                                                          ----------       ----------

    PROPERTY OPERATING EXPENSES

    Operating, maintenance and
     management                                                            8,344,000        8,168,000

    Real estate and other property-
     related taxes                                                         4,687,000        4,551,000
                                                                           ---------        ---------

    Total property operating expenses                                     13,031,000       12,719,000
                                                                          ----------       ----------


    PROPERTY OPERATING INCOME                                             25,604,000       24,993,000
                                                                          ----------       ----------


    OTHER EXPENSES AND INCOME

    General and administrative                                             3,919,000        3,524,000

    Acquisition costs                                                        499,000        2,870,000

    Depreciation and amortization                                          9,508,000        9,448,000

    Impairment charges                                                     1,109,000           88,000

    Total other expenses and income                                       15,035,000       15,930,000
                                                                          ----------       ----------


    OPERATING INCOME                                                      10,569,000        9,063,000
                                                                          ----------        ---------


    NON-OPERATING INCOME AND EXPENSES

    Interest expense                                                     (7,278,000)     (8,071,000)

    Early extinguishment of debt costs                                      (57,000)        (88,000)

    Total non-operating income and
     expense                                                             (7,335,000)     (8,159,000)
                                                                          ----------       ----------


    INCOME FROM CONTINUING OPERATIONS                                      3,234,000          904,000
                                                                           ---------          -------


    DISCONTINUED OPERATIONS

    Income from operations                                                    12,000          864,000

    Impairment reversals/(charges), net                                      153,000         (58,000)

    Total income from discontinued
     operations                                                              165,000          806,000
                                                                             -------          -------


    NET INCOME                                                             3,399,000        1,710,000
                                                                           ---------        ---------


    Add, net loss attributable to
     noncontrolling interests:

    Minority interests in consolidated
     joint ventures                                                           78,000           66,000

    Limited partners' interest in
     Operating Partnership                                                     2,000           11,000
                                                                               -----           ------

    Total net loss attributable to
     noncontrolling interests                                                 80,000           77,000
                                                                              ------           ------


    NET INCOME ATTRIBUTABLE TO CEDAR
     REALTY TRUST, INC.                                                    3,479,000        1,787,000


    Preferred stock dividends                                            (3,602,000)     (3,602,000)


    NET LOSS ATTRIBUTABLE TO COMMON
     SHAREHOLDERS                                                         $(123,000)    $(1,815,000)
                                                                           =========      ===========



    PER COMMON SHARE ATTRIBUTABLE TO
     COMMON SHAREHOLDERS (BASIC AND
     DILUTED)

    Continuing operations                                                    $(0.01)         $(0.04)

    Discontinued operations                                                     0.01             0.01

                                                                             $(0.00)         $(0.03)
                                                                              ======           ======


    Weighted average number of common
     shares -basic and diluted                                            80,719,000       74,620,000
                                                                          ==========       ==========



                                      CEDAR REALTY TRUST, INC.

      Reconciliation of Net Loss Attributable to Common Shareholders to Funds From Operations

                                and Operating Funds From Operations

                                            (unaudited)


                                                                   Three months ended March 31,
                                                                 ----------------------------

                                                                                2015                     2014
                                                                                ----                     ----


    Net loss attributable to common
     shareholders                                                         $(123,000)            $(1,815,000)

    Real estate depreciation and amortization                              9,427,000                9,361,000

    Limited partners' interest                                               (2,000)                (11,000)

    Impairment charges, net                                                  956,000                  146,000

    Consolidated minority interests:

    Share of loss                                                           (78,000)                (66,000)

    Share of FFO                                                           (126,000)               (307,000)
                                                                            --------                 --------

    Funds From Operations ("FFO")                                         10,054,000                7,308,000

    Adjustments for items affecting
     comparability:

    Acquisition costs                                                        499,000                2,870,000

    Early extinguishment of debt costs                                        57,000                   88,000

    Operating Funds From Operations
     ("Operating FFO")                                                   $10,610,000              $10,266,000
                                                                         ===========              ===========


    FFO per diluted share:                                                     $0.12                    $0.09
                                                                               =====                    =====


    Operating FFO per diluted share:                                           $0.13                    $0.13
                                                                               =====                    =====


    Weighted average number of diluted common
     shares:

    Common shares                                                         84,302,000               78,289,000

    OP Units                                                                 393,000                  480,000
                                                                             -------                  -------

                                                                          84,695,000               78,769,000
                                                                          ==========               ==========

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SOURCE Cedar Realty Trust, Inc.