Cedar Realty Trust : Supplemental Financial Information

EXHIBIT 99.1

SUPPLEMENTAL

FINANCIAL

INFORMATION

PERIOD ENDED SEPTEMBER 30, 2020

CEDAR REALTY TRUST, INC.
Supplemental Financial Information
September 30, 2020
(unaudited)
TABLE OF CONTENTS
Earnings Press Release................................................................................................................................................................	4 - 7
Financial Information
Condensed Consolidated Balance Sheets.....................................................................................................................................	8
Condensed Consolidated Statements of Operations......................................................................................................................	9
Supporting Schedules to Consolidated Statements........................................................................................................................	10
Funds From Operations and Additional Disclosures.....................................................................................................................	11
EBITDA for Real Estate and Additional Disclosures...................................................................................................................	12
Summary of Outstanding Debt and Maturities..............................................................................................................................	13
Portfolio Information
Real Estate Summary.....................................................................................................................................................................	14 - 16
Tenant Categories..........................................................................................................................................................................	17
Tenant Concentration.....................................................................................................................................................................	18
Lease Expirations...........................................................................................................................................................................	19
Leasing Activity.............................................................................................................................................................................	20
Same-PropertyNet Operating Income...........................................................................................................................................	21
Summary of Dispositions and Real Estate Held for Sale..............................................................................................................	22
Non-GAAPFinancial Disclosures..............................................................................................................................................	23

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Forward-Looking Statements

The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States ("GAAP"). In addition, certain statements made or incorporated by reference herein are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the "Company") to be materially different from future results, performance or achievements expressed or implied by such forward- looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "may", "will", "should", "estimates", "projects", "anticipates", "believes", "expects", "intends", "future", and words of similar import, or the negative thereof. Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs,"shelter-in-place" or "stay-at-home" orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company's tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company's tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) the loss or bankruptcy of the Company's tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (iv) the ability and willingness of the Company's tenants to renew their leases with the Company upon expiration, the Company's ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (v) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company's share price from prices prior to the spread of the COVID-19 pandemic; (vi) financing risks, such as the Company's inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (vii) increases in the Company's borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (viii) the impact of the Company's leverage on operating performance; (ix) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (x) risks endemic to real estate and the real estate industry generally(xi) competitive risks; (xii) risks related to the geographic concentration of the Company's properties in the Washington, D.C. to Boston corridor; (xiii) damage to the Company's properties from catastrophic weather and other natural events, and the physical effects of climate change; ; (xiv) the inability of the Company to realize anticipated returns from its redevelopment activities;

1. uninsured losses; (xvi) the Company's ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xvii) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see "Risk Factors" in Part I, Item 1A, of the Company's Annual Report on Form 10-K for the year ended December 31, 2019 and other documents that the Company files with the Securities and Exchange Commission from time to time.

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company's actual results and may be beyond the Company's control. New factors emerge from time to time, and it is not possible for the Company's management to predict all such factors or to assess the effects of each factor on the Company's business. Accordingly, there can be no assurance that the Company's current expectations will be realized.

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CEDAR REALTY TRUST REPORTS

THIRD QUARTER 2020 RESULTS AND COVID-19 UPDATE

Port Washington, New York - October 29, 2020 - Cedar Realty Trust, Inc. (NYSE:CDR - the "Company") today reported results for the third quarter 2020. Net loss attributable to common shareholders was $(0.02) per diluted share compared to net loss of $(0.00) per diluted share for the comparable 2019 period. Other highlights include:

Third Quarter 2020 Highlights

• NAREIT-definedFFO and Operating FFO of $0.09 per diluted share compared to $0.06 for the prior quarter
• Same-propertynet operating income (NOI) decreased 9.1% compared to a 14.6% decrease in the prior quarter
• Collected 91% of base rents and monthly charges compared to 77% in the prior quarter
• Recorded $2.2 million of uncollectible revenue/bad debt expense compared to $4.6 million in the prior quarter
• Wrote-off$0.3 million of straight line rent receivables compared to $1.2 million in the prior quarter
• Signed 33 new and renewal leases for 249,200 square feet in the quarter
• Same-propertyportfolio 91.7% leased at quarter-end
• On July 9, 2020, sold Metro Square for $4.3 million and on September 17, 2020, sold an outparcel building at Oakland Mills for $1.1 million
• On July 23, 2020, entered into lease with the Government of the District of Columbia for approximately 240,000 square feet of office space in a new building to be constructed at Senator Square

Subsequent Events

• On October 8, 2020, sold Glen Allen for $8.5 million
• On October 27, 2020, the Board of Directors approved a plan for a 6.6 for 1 reverse common stock split, which will be completed prior to December 31, 2020
• On October 27, 2020, utilized our revolving credit facility to repay the $75.0 million term loan which was set to mature in February 2021, as we advance the long-term refinancing of the loan which we anticipate closing in early 2021. The revolving credit facility matures in September 2021, and may be extended, at the Company's option, for an additional one-year period, subject to customary conditions

COVID-19 Update

The Company took various actions as a result of COVID-19, which were fully detailed in the Company's First Quarter 2020 Earnings Press Release on May 14, 2020. Deferred and waived base rents and monthly charges are as follows (dollars in millions):

								Range
		Nine months ended				Deferred / Waived		Payback		Payback
		September 30, 2020		Total		Months		Months		Period
Deferred Rent		$ 2.7		$ 3.0		1 to 10		1 to 24		July 2020 to March 2021
						(Wtd Avg 4.1)		(Wtd Avg 10.3)		(Wtd Avg Dec 2020)
Waived Rent	$ 0.9	$ 1.0		1 to 11		N/A		N/A
						(Wtd Avg 4.2)

For the quarter ended September 30, 2020, base rent and monthly charges were reduced by $0.4 million related to tenant bankruptcies.

Financial Results

Net loss attributable to common shareholders for the third quarter of 2020 was $(1.4) million or $(0.02) per diluted share, compared to net income of $0.1 million or $(0.00) per diluted share for the same period in 2019. The principal difference in the comparative three- month results were the effects of COVID-19 in 2020, and a gain on a property sold in 2020. Net loss attributable to common shareholders for the nine-month period ending September 30, 2020 was $(15.1) million or $(0.18) per dilutive share, compared to net income of $3.0 million or $0.03 per dilutive share for the same period of 2019. The principal differences in the comparative nine- month results were lease termination income, an impairment charge on a property held for sale, the acceleration of depreciation relating to the demolition of certain existing buildings at redevelopment properties, and the effects of COVID-19 in 2020, and a gain on properties sold in 2020 and 2019.

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