Supplemental Financial Information

June 30, 2021

(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-Property Net Operating Income

21

Summary of Dispositions and Real Estate Held for Sale

22

Non-GAAP Financial Disclosures

23

2

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; (xv) 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, 2020 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.

3

CEDAR REALTY TRUST REPORTS

SECOND QUARTER 2021 RESULTS

Massapequa, New York - July 29, 2021 - Cedar Realty Trust, Inc. (NYSE: CDR - the 'Company') today reported results for the second quarter of 2021. Net income attributable to common shareholders was $3.52 per diluted share. Other highlights include:

Operating Highlights

•

NAREIT-defined Funds from operations (FFO) of $0.59 per diluted share for the quarter

•

Operating FFO of $0.61 per diluted share for the quarter

•

Collected 96.8% of base rents and monthly charges for the quarter

•

Same-property net operating income (NOI) increased 8.2% for the quarter

•

Signed 38 comparable leases for 199,300 square feet

o

Signed 23 renewal leases for 153,200 square feet at an increase of 2.6%

o

Signed 15 new leases for 46,100 square feet at a decrease of (18.7)%

Balance Sheet Highlights

•

On May 5, 2021, the Company closed a non-recourse mortgage for $114.0 million maturing June 1, 2031

•

On May 5, 2021, the Company formed a joint venture with Goldman Sachs Urban Investment Group and Asland Capital Partners for the for the construction of an approximately 258,000 square foot commercial building in Washington D.C.

•

On May 5, 2021, the Company sold The Commons for $9.8 million

•

On June 21, 2021, the Company sold Camp Hill for $89.7 million

•

On June 29, 2021, the Company paid-off a $50.0 million term-note that was scheduled to mature in February 2022

Financial Results

Net income attributable to common shareholders for the second quarter of 2021 was $48.4 million or $3.52 per diluted share, compared to net loss of $(8.8) million or $(0.67) per diluted share for the same period in 2020. Net income attributable to common shareholders for the six-months period ending June 30, 2021was $46.8 million or $3.41 per dilutive share, compared to net loss of $(13.7) million or $(1.06) per dilutive share for the same period of 2020. The principal differences in the comparative three and six month results were gain on sales of properties in 2021, and an impairment (reversal) charges on a properties held for sale in 2021 and 2020, a lease termination fee from a property held for sale in 2020, and the acceleration of depreciation relating to the demolition of certain existing buildings at redevelopment properties in 2020.

NAREIT-defined FFO for the second quarter of 2021 was $8.2 million or $0.59 per diluted share, compared to $5.7 million or $0.41 per diluted share for the same period in 2020. Operating FFO for the second quarter of 2021 was $8.5 million or $0.61 per diluted share, compared to $5.7 million or $0.41 per diluted share for the same period in 2020. The difference between Operating FFO and NAREIT-defined FFO in 2020 was redevelopment costs and financing costs. The principal difference in the comparative three-month NAREIT-defined FFO and Operating FFO was the second quarter of 2020 was significantly impacted by the effects of COVID-19.

NAREIT-defined FFO for the six months ended June 30, 2021 was $16.8 million or $1.21 per diluted share, compared to $22.0 million or $1.59 per dilutive share for the same period in 2020. Operating FFO for the six-months ended June 30, 2021 was $17.1 million or $1.21 per diluted share, as compared to $22.5 million or $1.62 per dilutive share for the same period in 2020. The principal differences between the comparative six-month NAREIT-defined FFO and Operating FFO results were the effects of COVID-19 and lease termination income in 2020.

Portfolio Update

During the second quarter of 2021, the Company signed 40 leases for 209,100 square feet. On a comparable space basis, the Company signed 23 renewal leases for 153,200 square feet at an increase of and 2.6% and 15 new leases for 46,100 square feet at a decrease of (18.7)%. During the six-month period ended June 30, 2021, the Company signed 71 leases for 477,300 square feet. On a comparable space basis, the Company signed 44 renewal leases for 297,300 square feet at an increase of 1.2% and 19 new leases for 79,600 square feet at a decrease of (8.1)%.

Excluding redevelopments, same property NOI increased 8.2% for the second quarter of 2021 and increased 0.8% for the six months ended June 30, 2021, as compared to the same periods of 2020. Including redevelopments same property NOI increased 10.5% for the second quarter of 2021 and decreased (0.7)% for the six months ended June 30, 2021, as compared to the same period of 2020. The second quarter of 2020 was significantly impacted by the effects of COVID-19.

The Company's same-property portfolio was 90.9% leased at June 30, 2021, compared to 90.1% at March 31, 2021 and 92.1% at June 30, 2020. The Company's total portfolio, excluding properties held for sale, was 88.7% leased at June 30, 2021, compared to 87.8% at March 31, 2021 and 90.0% at June 30, 2020. Subsequent to June 30, 2021, the Company executed three anchor leases for 95,207 square feet. Hobby

4

Lobby and Grocery Outlet will be our new anchors at Valley Plaza, back filling a former Kmart box. Additionally, Porter and Chester Institute will be joining the lineup at the ShopRite-anchored New London Mall.

Balance Sheet

On May 5, 2021, the Company closed a non-recourse mortgage for $114.0 million. The mortgage matures June 1, 2031, bears interest at a fixed-rate of 3.49% and requires payment of interest only for the first five years followed by payments of principal and interest based on thirty-year amortization for the remainder of the term. The loan is secured by five shopping centers consisting of Lawndale Plaza, The Shops at Suffolk Downs, Christina Crossing, Trexlertown Plaza, and The Point. These properties had no pre-existing debt and the proceeds from this new loan were used to reduce amounts outstanding under the Company's revolving credit facility.

On May 5, 2021, the Company formed a joint venture with Goldman Sachs Urban Investment Group and Asland Capital Partners for the construction of an approximately 258,000 square foot six-story commercial building in Washington D.C. consisting of approximately 240,000 square feet of office space which is 100% leased to the Washington, D.C., Department of General Services (DGS) for its headquarters and approximately 18,000 square feet of street-level retail. This building is planned as the first phase of Northeast Heights, a redevelopment of two existing shopping centers, East River Park and Senator Square, into a mixed-use residential, office and retail property. Further, the joint venture has secured construction financing from JP Morgan not to exceed $105 million. The construction loan initially bears interest at LIBOR plus 200 basis points and has an initial term of three years with two, one-year extension options subject to customary conditions. The Company has a 10% interest in the joint venture and be a co-general partner along with Asland Capital Partners. As of June 30, 2021, the Company has contributed approximately $2.5 million to the unconsolidated joint venture.

On May 5, 2021, the Company sold The Commons for $9.8 million and on June 21, 2021, sold Camp Hill for $89.7 million.

On June 29, 2021, the Company paid-off a $50.0 million term note that was schedules to mature in February 2022. As of June 30, 2021, the Company has $112.1 million available under its revolving credit facility and is in compliance with all financial covenants.

Non-GAAP Financial Measures

NAREIT-defined FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company considers NAREIT-defined FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets. The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company's performance across reporting periods on a consistent basis by excluding such items. NAREIT-defined FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company's operating performance. A reconciliation of net income (loss) attributable to common shareholders to NAREIT-defined FFO and Operating FFO for the three and twelve months ended December 31, 2020 and 2019 is detailed in the attached schedule.

EBITDAre is a recognized supplemental non-GAAP financial measure. The Company presents EBITDAre in accordance with the definition adopted by NAREIT, which generally defines EBITDAre as net income plus interest expense, income tax expense, depreciation, amortization, and impairment write-downs of depreciated property, plus or minus losses and gains on the disposition of depreciated property, and adjustments to reflect the Company's share of EBITDAre of unconsolidated affiliates. The Company believes EBITDAre provides additional information with respect to the Company's performance and ability to meet its future debt service requirements. The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as management transition, acquisition pursuit and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company's performance across reporting periods on a consistent basis by excluding such items. EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company's operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company's computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

Same-property NOI is a widely recognized supplemental non-GAAP financial measure for REITs. Properties are included in same-property NOI if they are owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as held for sale. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI. The Company considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company's properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year. Same property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure.

5

Supplemental Financial Information Package

The Company has issued 'Supplemental Financial Information' for the period ended June 30, 2021. 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, July 29, 2021, at 5:00 PM (ET) to discuss the quarterly 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 July 29, 2021, until midnight (ET) on August 12, 2021. The replay dial-in numbers are (844) 512-2921 or (1) (412) 317-6671 for international callers. Please use passcode 13720828 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, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. The Company's portfolio (excluding properties treated as 'held for sale') comprises 53 properties, with approximately 7.6 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

Certain statements made in this this press release that are not strictly historical 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

6

climate change; (xiv) the inability of the Company to realize anticipated returns from its redevelopment activities; (xv) 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 years ended December 31, 2020 and December 31, 2019, when available, 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.

Contact Information:

Cedar Realty Trust, Inc.

Philip R. Mays

Senior Executive Vice President, Chief Financial Officer and Treasurer

(516) 944-4572

7

CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets

June 30,

December 31,

2021

2020

ASSETS

Real estate, at cost

$

1,474,090,000

$

1,527,478,000

Less accumulated depreciation

(423,671,000

)

(428,569,000

)

Real estate, net

1,050,419,000

1,098,909,000

Real estate held for sale

2,219,000

9,498,000

Investment in unconsolidated joint venture

2,481,000

-

Cash and cash equivalents

5,603,000

1,637,000

Restricted cash

230,000

-

Receivables

23,254,000

21,952,000

Other assets and deferred charges, net

32,488,000

45,255,000

TOTAL ASSETS

$

1,116,694,000

$

1,177,251,000

LIABILITIES AND EQUITY

Liabilities:

Mortgage loan payable, net

$

157,298,000

$

45,385,000

Finance lease obligation

5,328,000

5,340,000

Unsecured revolving credit facility

12,000,000

175,000,000

Unsecured term loans, net

348,894,000

398,549,000

Accounts payable and accrued liabilities

45,037,000

56,580,000

Unamortized intangible lease liabilities

8,355,000

8,939,000

Total liabilities

576,912,000

689,793,000

Equity:

Preferred stock

159,541,000

159,541,000

Common stock and other shareholders' equity

375,770,000

323,957,000

Noncontrolling interests

4,471,000

3,960,000

Total equity

539,782,000

487,458,000

TOTAL LIABILITIES AND EQUITY

$

1,116,694,000

$

1,177,251,000

8

CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

Three months ended June 30,

Six months ended June 30,

2021

2020

2021

2020

PROPERTY REVENUES

Rental revenues

$

31,880,000

$

28,461,000

$

65,216,000

$

63,576,000

Other

340,000

159,000

555,000

7,529,000

Total property revenues

32,220,000

28,620,000

65,771,000

71,105,000

PROPERTY OPERATING EXPENSES

Operating, maintenance and management

6,296,000

5,508,000

14,076,000

13,229,000

Real estate and other property-related taxes

5,051,000

4,978,000

10,171,000

10,100,000

Total property operating expenses

11,347,000

10,486,000

24,247,000

23,329,000

PROPERTY OPERATING INCOME

20,873,000

18,134,000

41,524,000

47,776,000

OTHER EXPENSES AND INCOME

General and administrative

4,873,000

3,906,000

9,401,000

8,908,000

Depreciation and amortization

10,257,000

14,426,000

21,468,000

28,173,000

Gain on sales

(48,857,000

)

-

(49,904,000

)

-

Impairment (reversal) charges

(1,849,000

)

133,000

(1,849,000

)

7,607,000

Total other expenses and income

(35,576,000

)

18,465,000

(20,884,000

)

44,688,000

OPERATING INCOME (LOSS)

56,449,000

(331,000

)

62,408,000

3,088,000

NON-OPERATING INCOME AND EXPENSES

Interest expense

(4,985,000

)

(5,678,000

)

(9,691,000

)

(11,195,000

)

Total non-operating income and expense

(4,985,000

)

(5,678,000

)

(9,691,000

)

(11,195,000

)

NET INCOME (LOSS)

51,464,000

(6,009,000

)

52,717,000

(8,107,000

)

Attributable to noncontrolling interests

(409,000

)

(88,000

)

(550,000

)

(236,000

)

NET INCOME (LOSS) ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.

51,055,000

(6,097,000

)

52,167,000

(8,343,000

)

Preferred stock dividends

(2,688,000

)

(2,688,000

)

(5,376,000

)

(5,376,000

)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS

$

48,367,000

$

(8,785,000

)

$

46,791,000

$

(13,719,000

)

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):

$

3.52

$

(0.67

)

$

3.41

$

(1.06

)

Weighted average number of common shares - basic and diluted

13,197,000

13,107,000

13,171,000

13,097,000

9

CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

Balance Sheets

June 30,

December 31,

2021

2020

Construction in process (included in real estate, at cost)

$

33,020,000

$

41,699,000

Receivables

Rents and other tenant receivables, net (a)

$

6,383,000

$

6,541,000

Mortgage note and other receivable

5,500,000

3,500,000

Straight-line rents

11,371,000

11,911,000

$

23,254,000

$

21,952,000

Other assets and deferred charges, net

Lease origination costs

$

16,266,000

$

22,331,000

Right-of-use assets

10,054,000

13,828,000

Prepaid expenses

4,539,000

6,906,000

Revolving credit facility issuance costs

180,000

623,000

Other

1,449,000

1,567,000

$

32,488,000

$

45,255,000

Accounts payable and accrued liabilities

Accounts payable and accrued liabilities

$

21,472,000

$

23,576,000

Right-of-use liabilities

10,357,000

14,077,000

Interest rate swap liabilities

13,208,000

18,927,000

$

45,037,000

$

56,580,000

Statements of Operations

Three months ended June 30,

Six months ended June 30,

2021

2020

2021

2020

Rental revenues

Base rents

$

23,574,000

$

22,781,000

$

47,591,000

$

48,543,000

Expense recoveries

7,452,000

6,328,000

15,800,000

14,883,000

Percentage rent

362,000

33,000

927,000

329,000

Straight-line rents

229,000

(988,000

)

359,000

(945,000

)

Amortization of intangible lease liabilities, net

263,000

307,000

539,000

766,000

$

31,880,000

$

28,461,000

$

65,216,000

$

63,576,000

(a)

Includes $1.0 million of net receivables related to deferred rent as a result of COVID-19 as of June 30, 2021.

10

CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures

Three months ended June 30,

Six months ended June 30,

2021

2020

2021

2020

Net income (loss) attributable to common shareholders

$

48,367,000

$

(8,785,000

)

$

46,791,000

$

(13,719,000

)

Real estate depreciation and amortization

10,227,000

14,400,000

21,420,000

28,105,000

Limited partners' interest

287,000

(52,000

)

278,000

(80,000

)

Gain on sales

(48,857,000

)

-

(49,904,000

)

-

Impairment charges

(1,849,000

)

133,000

(1,849,000

)

7,607,000

Consolidated minority interests:

Share of income

122,000

140,000

272,000

316,000

Share of FFO

(88,000

)

(118,000

)

(201,000

)

(261,000

)

Funds From Operations ('FFO') applicable to diluted common shares

8,209,000

5,718,000

16,807,000

21,968,000

Adjustments for items affecting comparability:

-

-

Redevelopment costs (a)

230,000

-

230,000

483,000

Financing costs (b)

44,000

-

44,000

-

Operating Funds From Operations ('Operating FFO') applicable to diluted common shares

$

8,483,000

$

5,718,000

$

17,081,000

$

22,451,000

FFO per diluted common share:

$

0.59

$

0.41

$

1.21

$

1.59

Operating FFO per diluted common share:

$

0.61

$

0.41

$

1.23

$

1.62

Weighted average number of diluted common shares:

Common shares and equivalents

13,855,000

13,762,000

13,845,000

13,757,000

OP Units

81,000

81,000

81,000

81,000

13,936,000

13,843,000

13,926,000

13,838,000

Additional Disclosures (c):

Straight-line rents

$

229,000

$

(988,000

)

$

359,000

$

(945,000

)

Amortization of intangible lease liabilities

263,000

307,000

539,000

766,000

Non-real estate amortization

436,000

334,000

795,000

686,000

Share-based compensation, net

880,000

972,000

1,760,000

1,986,000

Maintenance capital expenditures (d)

770,000

1,820,000

1,627,000

3,528,000

Lease related expenditures (e)

2,866,000

2,242,000

5,169,000

4,550,000

Development and redevelopment capital expenditures

3,184,000

5,359,000

7,020,000

11,125,000

Capitalized interest and financing costs

756,000

631,000

1,555,000

1,224,000

(a)

Includes redevelopment project costs expensed pursuant to GAAP such as certain demolition and lease termination costs.

(b)

Represents acceleration of amortization of financing costs related to the term note paid-off prior to maturity.

(c)

These additional disclosures are presented to assist with understanding the Company's real estate operations and capital requirements. These amounts should not be considered independently or as a substitute for the Company's consolidated financial statements reported under GAAP.

(d)

Consists of payments for building and site improvements.

(e)

Consists of payments for tenant improvements and leasing commissions.

11

CEDAR REALTY TRUST, INC.

EBITDA for Real Estate ('EBITDAre') and Additional Disclosures

Three months ended June 30,

Six months ended June 30,

2021

2020

2021

2020

Net income (loss)

$

51,464,000

$

(6,009,000

)

$

52,717,000

$

(8,107,000

)

Interest expense

4,985,000

5,678,000

9,691,000

11,195,000

Depreciation and amortization

10,257,000

14,426,000

21,468,000

28,173,000

Gain on sales

(48,857,000

)

-

(49,904,000

)

-

Impairment charges

(1,849,000

)

133,000

(1,849,000

)

7,607,000

EBITDAre

16,000,000

14,228,000

32,123,000

38,868,000

Adjustments for items affecting comparability:

Redevelopment costs (a)

230,000

-

230,000

483,000

Financing costs (b)

44,000

-

44,000

-

Adjusted EBITDAre

$

16,274,000

$

14,228,000

$

32,397,000

$

39,351,000

Net debt

Debt, excluding issuance costs

$

521,113,000

$

698,067,000

$

521,113,000

$

698,067,000

Finance lease obligation

5,615,000

5,649,000

5,615,000

5,649,000

Unrestricted cash and cash equivalents

(5,603,000

)

(68,233,000

)

(5,603,000

)

(68,233,000

)

$

521,125,000

$

635,483,000

$

521,125,000

$

635,483,000

Fixed charges (c)

Interest expense

$

5,280,000

$

5,966,000

$

10,387,000

$

11,731,000

Preferred stock dividends

2,688,000

2,688,000

5,376,000

5,376,000

Scheduled mortgage repayments

275,000

265,000

548,000

528,000

$

8,243,000

$

8,919,000

$

16,311,000

$

17,635,000

Debt and Coverage Ratios (d)

Net debt to Adjusted EBITDAre

8.7

x

10.8

x

8.9

x

9.7

x

Interest coverage ratio (based on Adjusted EBITDAre)

2.8

x

2.5

x

2.8

x

2.8

x

Fixed charge coverage ratio (based on Adjusted EBITDAre)

1.8

x

1.7

x

1.8

x

1.9

x

(a)

Includes redevelopment project costs expensed pursuant to GAAP such as certain demolition and lease termination costs.

(b)

Represents acceleration of amortization of financing costs related to the term note paid-off prior to maturity.

(c)

Includes properties 'held for sale'.

(d)

For the purposes of these computations, these ratios have been adjusted to include the annualized results of properties acquired, and to exclude, where applicable, (i) the results related to properties sold, and (ii) lease termination income.

12

CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt and Maturities

As of June 30, 2021

Maturity

Interest

Dates

Rates

Amounts

Secured fixed-rate debt:

Franklin Village Plaza

Jun 2026

3.9%

$

45,113,000

Shops at Suffolk Downs (a)

June 2031

3.5%

15,600,000

Trexlertown Plaza (a)

June 2031

3.5%

36,100,000

The Point (a)

June 2031

3.5%

29,700,000

Christina Crossing (a)

June 2031

3.5%

17,000,000

Lawndale Plaza (a)

June 2031

3.5%

15,600,000

Senator Square finance lease obligation (b)

Sep 2050

5.3%

5,615,000

Total fixed rate debt

weighted average

3.6%

164,728,000

Unsecured debt (c):

Variable-rate (d):

Revolving credit facility (e)

Sep 2021

1.74%

12,000,000

Term loan

Sep 2022

1.81%

50,000,000

Fixed-rate (f):

Term loan

Sep 2022

3.49%

50,000,000

Term loan

Apr 2023

3.46%

100,000,000

Term loan

Sep 2024

3.94%

75,000,000

Term loan

Jul 2025

4.82%

75,000,000

Total unsecured debt

weighted average

3.56%

362,000,000

Total debt

weighted average

3.59%

526,728,000

Unamortized mortgage, finance lease and term loan issuance costs

(3,208,000

)

Total debt

$

523,520,000

Fixed to variable rate debt ratio:

Fixed-rate debt

88.2%

$

464,728,000

Variable-rate debt

11.8%

62,000,000

100.0%

$

526,728,000

Mortgage Loan

Finance Lease

Revolving

Term

Year

Payable

Obligation

Credit Facility

Loans

Amounts

2021

$

542,000

$

19,000

$

12,000,000

(e)

$

-

$

12,561,000

2022

1,116,000

37,000

-

100,000,000

101,153,000

2023

1,160,000

39,000

-

100,000,000

101,199,000

2024

1,206,000

41,000

-

75,000,000

76,247,000

2025

1,253,000

44,000

-

75,000,000

76,297,000

2026

40,922,000

48,000

-

-

40,970,000

Thereafter

112,914,000

5,387,000

-

-

118,301,000

$

159,113,000

$

5,615,000

$

12,000,000

$

350,000,000

$

526,728,000

(a)

The mortgages for these properties are cross-collateralized.

(b)

Maturity date reflects the first date the Company has the right to acquire the underlying land on the finance lease obligation.

(c)

During the third quarter of 2021, the weighted average interest rate for the Company's unsecured credit facilities will decreased 15 basis points ('bps') as a result of a decrease in the Company's leverage ratio.

(d)

Variable-rate in effect as of June 30, 2021.

(e)

Subject to a one-year extension at the Company's option.

(f)

The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company's leverage ratio, for which the Company has interest rate swaps which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.

13

CEDAR REALTY TRUST, INC.

Real Estate Summary

As of June 30, 2021

Average

Year

Percent

base rent per

Selected

Property Description

acquired

GLA

occupied

leased sq. ft.

Grocer Anchor

Other Anchors

Connecticut

Bethel Shopping Center

2013

101,105

95.1

%

$

23.50

Big Y

Dollar Tree

Brickyard Plaza

2004

227,598

99.2

%

8.83

Home Depot

Kohl's

Michaels

PetSmart

Groton Shopping Center

2007

130,264

100.0

%

12.31

Aldi

TJ Maxx

Goodwill

Planet Fitness

Dollar Tree

Pet Supplies Plus

Jordan Lane

2005

174,679

94.3

%

10.84

Stop & Shop

Crunch Fitness

Dollar Tree

Shopper's World

New London Mall

2009

259,566

89.0

%

12.89

Shop Rite

Marshalls

Home Goods

PetSmart

Oakland Commons

2007

90,100

100.0

%

6.37

Walmart

Bristol Ten Pin

Southington Center

2003

155,842

98.5

%

7.90

Walmart

NAMCO

Southington Wine & Spirit

Total Connecticut

1,139,154

95.8

%

11.37

Delaware

Christina Crossing

2017

119,446

90.7

%

19.53

Shop Rite

Maryland / Washington, D.C.

East River Park

2015

150,038

92.3

%

20.68

Safeway

District of Columbia

CVS

Oakland Mills

2005

57,008

92.6

%

11.36

LA Mart

Patuxent Crossing (f/k/a San Souci Plaza) (a)

2009

264,134

82.4

%

11.63

McKay's Market and Café

Marshalls

Home Goods

World Gym

JOANN Fabrics

Dollar Tree

Senator Square

2018

42,941

100.0

%

28.78

Unity Health Care

Dollar Tree

Shoppes at Arts District

2016

35,676

100.0

%

38.83

Yes! Organic Market

Busboys and Poets

Valley Plaza

2003

190,939

27.9

%

10.16

Tractor Supply

Yorktowne Plaza

2007

136,197

65.6

%

12.75

Food Lion

Dollar Tree

Total Maryland / Washington, D.C.

876,933

71.8

%

16.34

Massachusetts

Fieldstone Marketplace

2005/2012

150,123

84.3

%

12.05

Shaw's

Work Out World

Dollar Tree

Family Dollar

Franklin Village Plaza

2004/2012

305,937

87.3

%

20.54

Stop & Shop

Marshalls

NRG Labs

Kings Plaza

2007

168,243

82.2

%

8.69

Fun Z Trampoline Park

Ocean State Job Lot

Savers

Dollar General

Norwood Shopping Center

2006

42,308

85.9

%

8.61

Big Y

Planet Fitness

Dollar Tree

The Shops at Suffolk Downs

2005

121,187

98.8

%

14.62

Stop & Shop

Dollar Tree

Target (b)

14

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of June 30, 2021

Average

Year

Percent

base rent per

Selected

Property Description

acquired

GLA

occupied

leased sq. ft.

Grocer Anchor

Other Anchors

Massachusetts (continued)

Timpany Plaza

2007

182,799

67.4

%

10.28

Big Lots

Gardner Theater

Tractor Supply

Dollar Tree

Webster Commons

2007

98,984

96.7

%

11.95

Big Lots

Planet Fitness

CVS

Aubuchon Hardware

Total Massachusetts

1,069,581

84.8

%

13.99

New Jersey

Pine Grove Plaza

2003

79,306

49.6

%

14.68

Acme Markets (b)

Dollar Tree

The Shops at Bloomfield Station

2016

63,844

86.0

%

17.80

Super Foodtown

Washington Center Shoppes

2001

157,300

92.8

%

11.42

Acme Markets

Planet Fitness

Total New Jersey

300,450

79.9

%

13.42

New York

Carman's Plaza

2007

182,081

64.9

%

22.19

Key Foods

Department of Motor Vehicle

Popcorn Beauty

Dollar Tree

Pennsylvania

Academy Plaza

2001

136,685

90.9

%

15.53

Acme Markets

Rite Aid

Colonial Commons

2011

410,432

92.0

%

13.66

Giant Foods (c)

Dick's Sporting Goods

Home Goods

Ross Dress For Less

Marshalls

JoAnn Fabrics

David's Furniture

Old Navy

Dollar Tree

Crossroads II (a)

2008

133,717

98.7

%

19.74

Giant Foods

Dollar Tree

Fairview Commons

2007

52,964

75.3

%

10.10

Grocery Outlet

Dollar Tree

Fishtown Crossing

2001

127,265

88.0

%

17.40

IGA Supermarket

Pep Boys

Dollar Tree

Dollar General

Girard Plaza

2019

35,688

100.0

%

16.29

Save A Lot

Dollar General

Gold Star Plaza

2006

71,720

100.0

%

9.02

Redner's

Dollar Tree

Golden Triangle

2003

202,790

97.5

%

12.71

LA Fitness

Marshalls

Staples

Immunotek

American Freight

Walgreens

Dollar Tree

Halifax Plaza

2003

51,510

100.0

%

13.68

Giant Foods

Rite Aid

Hamburg Square

2004

102,058

96.7

%

6.50

Redner's

Chesaco RV

Lawndale Plaza

2015

92,773

100.0

%

18.62

Shop Rite

Meadows Marketplace

2004/2012

91,518

89.8

%

15.87

Giant Foods

Newport Plaza

2003

64,489

97.0

%

13.21

Giant Foods

Rite Aid

Northside Commons

2008

69,136

100.0

%

10.42

Redner's

Dollar Tree

Palmyra Shopping Center

2005

111,051

90.2

%

7.95

Weis Markets

Goodwill

15

CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of June 30, 2021

Average

Year

Percent

base rent per

Selected

Property Description

acquired

GLA

occupied

leased sq. ft.

Grocer Anchor

Other Anchors

Pennsylvania (continued)

Quartermaster Plaza

2014

456,602

91.2

%

14.83

BJ's Wholesale Club

Home Depot

Planet Fitness

Staples

PetSmart

Walgreens

Riverview Plaza

2003

108,902

74.5

%

21.90

Pep Boys

Staples

South Philadelphia

2003

193,740

76.3

%

12.63

Shop Rite

Ross Dress For Less

LA Fitness

Kid City

Swede Square

2003

100,809

94.0

%

15.84

Grocery Outlet

LA Fitness

The Point

2000

260,625

87.8

%

14.62

Giant Foods

Burlington

Barton's Home Outlet

Staples

Dollar Tree

Trexler Mall

2005

336,687

98.2

%

11.02

Kohl's

Urban Air

Lehigh Wellness Partners

Maxx Fitness

Marshalls

Home Goods

Dollar Tree

Trexlertown Plaza

2006

325,171

94.5

%

14.32

Giant Foods

Hobby Lobby

Burlington

Big Lots

Tractor Supply

Total Pennsylvania

3,536,332

92.0

%

13.89

Virginia

Coliseum Marketplace

2005

106,648

45.9

%

14.18

Michaels

Elmhurst Square

2006

66,254

91.1

%

10.13

Food Lion

General Booth Plaza

2005

71,639

100.0

%

15.33

Food Lion

Kempsville Crossing

2005

79,512

96.1

%

10.94

Walmart

The Iron Asylum

Oak Ridge Shopping Center

2006

38,700

100.0

%

11.07

Food Lion

Total Virginia

362,753

81.6

%

12.39

Total (88.7% leased at June 30, 2021)

7,586,730

87.6

%

$

13.88

(a)

Although the ownership percentage for these joint ventures are 40% and 60%, respectively, the Company has included 100% of these joint ventures' results of operations in its calculations, based on partnership promotes, additional equity interests, and/or other terms of the related joint venture agreements.

(b)

Tenant is a shadow anchor and is not included in GLA, percent occupied, and average base rent per leased sq.ft.

(c)

Giant Foods retains the leasehold obligation as Hobby Lobby is a subtenant and currently occupying the space.

16

CEDAR REALTY TRUST, INC.

Tenant Categories (Based on Annualized Base Rent)

As of June 30, 2021

Percentage

Percentage

Q2-2021

of occupied

Annualized

of annualized

percent

Tenant Categories

Examples/Description

GLA

GLA

base rent

base rents

collected

Grocer Anchor

Giant Foods, Shop Rite, Stop & Shop, Big Y, BJ's Wholesale Club, Food Lion, Walmart Neighborhood Market

2,143,000

32.2%

$

25,985,000

28.2%

99.3%

Limited/Fast Service Restaurants

Panera Bread, Subway, Dunkin, McDonalds, Chipotle

271,000

4.1%

7,276,000

7.9%

96.6%

Fitness

LA Fitness, Planet Fitness

402,000

6.0%

4,775,000

5.2%

89.9%

Full Service Restaurants

Chili's, Red Lobster, Busboys and Poets

218,000

3.3%

4,737,000

5.1%

84.8%

Discount Department Stores

Marshalls, Kohl's, Burlington, Ross Dress For Less, TJ Maxx

493,000

7.4%

4,167,000

4.5%

99.8%

Dollar/Variety

Dollar Tree, Big Lots, Five Below

479,000

7.2%

4,394,000

4.8%

97.6%

Medical, Dental and Optical

Medical Centers, Urgent Care, Physical Therapy, Dentists, Optical

191,000

2.9%

4,113,000

4.5%

98.4%

Personal Care

Nail Salons, Hair Salons, Spas

149,000

2.2%

3,458,000

3.7%

97.5%

Home Improvement/Hardware

Home Depot, Tractor Supply

366,000

5.5%

2,883,000

3.1%

100.0%

Banking

Santander Bank, Wells Fargo, Bank of America, Middlesex Savings Bank

64,000

1.0%

1,888,000

2.0%

99.9%

Wireless and Gaming

AT&T Mobility, T-Mobile, Verizon Wireless, GameStop

88,000

1.3%

2,293,000

2.5%

94.4%

Pharmacy/Drug Store

Rite Aid, Walgreens, CVS

92,000

1.4%

2,291,000

2.5%

99.1%

Office Supply

Staples, The UPS Store

100,000

1.5%

1,692,000

1.8%

99.5%

Beer, Wine and Liquor

Beer, Wine and Liquor Stores

119,000

1.8%

2,065,000

2.2%

92.3%

Governmental Office

District of Columbia, Department of Motor Vehicle, USPS

74,000

1.1%

1,937,000

2.1%

99.9%

Clothing

Old Navy, Carter's, Madrag

102,000

1.5%

1,467,000

1.6%

94.3%

Home Furnishing

Homegoods, Mattress Firm

185,000

2.8%

2,016,000

2.2%

94.2%

Automotive Parts and Service

Pep Boys, Advance Auto Parts, AutoZone, Mavis

122,000

1.8%

1,599,000

1.7%

98.9%

Shoes

Famous Footwear, Shoe City

69,000

1.0%

1,390,000

1.5%

97.1%

Non-Retail

Various office tenants

67,000

1.0%

1,145,000

1.2%

92.8%

Sporting and Outdoor Stores

Dicks, NAMCO Pools

95,000

1.4%

1,373,000

1.5%

96.0%

Hobby Stores

Michaels, Hobby Lobby, JoAnn Fabrics

155,000

2.3%

1,263,000

1.4%

98.6%

Beauty Supplies

Sally Beauty, Popcorn Beauty, Ulta

49,000

0.7%

1,232,000

1.3%

99.9%

Pet

PetSmart, Pet Supplies Plus

86,000

1.3%

1,249,000

1.4%

100.0%

Other

Professional Services, Thrift Stores, Movie Theatre, Cleaners, Education, Books and Other

467,000

7.0%

5,552,000

6.0%

94.9%

6,646,000

100.0%

$

92,240,000

100.0%

96.8%

17

CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of June 30, 2021

Number

Annualized

Percentage

of

Percentage

Annualized

base rent

annualized

Tenant

stores

GLA

of GLA

base rent

per sq. ft.

base rents

Top twenty-five tenants (a):

Giant Foods

7

445,000

5.9

%

$

7,327,000

$

16.47

7.9

%

Shop Rite

4

250,000

3.3

%

4,092,000

16.37

4.4

%

Stop & Shop

3

211,000

2.8

%

2,938,000

13.92

3.2

%

Dollar Tree

22

233,000

3.1

%

2,545,000

10.92

2.8

%

Home Depot

2

253,000

3.3

%

1,977,000

7.81

2.1

%

BJ's Wholesale Club

1

118,000

1.6

%

1,760,000

14.92

1.9

%

Marshalls

6

170,000

2.2

%

1,576,000

9.27

1.7

%

Food Lion

4

163,000

2.1

%

1,559,000

9.56

1.7

%

Big Y

1

64,000

0.8

%

1,484,000

23.19

1.6

%

Staples

4

86,000

1.1

%

1,383,000

16.08

1.5

%

LA Fitness

3

113,000

1.5

%

1,361,000

12.04

1.5

%

Planet Fitness

5

99,000

1.3

%

1,283,000

12.96

1.4

%

Walmart

3

192,000

2.5

%

1,193,000

6.21

1.3

%

Redner's

3

159,000

2.1

%

1,160,000

7.30

1.3

%

Home Goods

4

105,000

1.4

%

1,034,000

9.85

1.1

%

Kohl's

2

147,000

1.9

%

1,031,000

7.01

1.1

%

District of Columbia

1

34,000

0.4

%

932,000

27.41

1.0

%

Shaw's

1

68,000

0.9

%

925,000

13.60

1.0

%

Walgreens

2

29,000

0.4

%

875,000

30.17

0.9

%

PetSmart

3

63,000

0.8

%

857,000

13.60

0.9

%

Dick's Sporting Goods

1

56,000

0.7

%

784,000

14.00

0.8

%

CVS

2

20,000

0.3

%

783,000

39.15

0.8

%

Burlington Coat Factory

2

84,000

1.1

%

760,000

9.05

0.8

%

Lehigh Valley Health

1

33,000

0.4

%

673,000

20.39

0.7

%

Department of Motor Vehicles

1

19,000

0.3

%

656,000

34.53

0.7

%

Sub-total top twenty-five tenants

88

3,214,000

42.4

%

40,948,000

12.74

44.4

%

Remaining tenants

663

3,432,000

45.2

%

51,292,000

14.95

55.6

%

Sub-total all tenants (b)

751

6,646,000

87.6

%

$

92,240,000

$

13.88

100.0

%

Vacant space

N/A

941,000

12.4

%

Total

751

7,587,000

100.0

%

(a)

Several of the tenants listed above share common ownership with other tenants:

(1) Giant Foods, Stop & Shop and Food Lion, and (2) Marshalls, Home Goods, and TJ Maxx (GLA of 30,000; annualized base rent of $315,000).

(b)

Comprised of tenants as follows:

Percentage

Annualized

Percentage

Occupied

of occupied

Annualized

base rent

annualized

GLA

GLA

base rent

per sq. ft.

base rents

Spaces ≥ 10,000 GLA

4,868,000

73.2

%

$

54,722,000

$

11.24

59.3

%

Spaces < 10,000 GLA

1,778,000

26.8

%

37,518,000

21.12

40.7

%

Total

6,646,000

100.0

%

$

92,240,000

$

13.88

100.0

%

18

CEDAR REALTY TRUST, INC.

Lease Expirations

As of June 30, 2021

Total Portfolio

Annualized

Percentage

Number

Percentage

expiring

of annualized

Year of lease

of leases

GLA

of GLA

base rents

expiring

expiration

expiring

expiring

expiring

per sq. ft.

base rents

Month-To-Month

55

167,000

2.5

%

$

18.71

3.4

%

2021

50

235,000

3.5

%

16.30

4.2

%

2022

99

440,000

6.6

%

17.48

8.3

%

2023

87

652,000

9.8

%

14.99

10.6

%

2024

101

795,000

12.0

%

14.56

12.5

%

2025

97

1,069,000

16.1

%

12.90

15.0

%

2026

68

560,000

8.4

%

14.40

8.7

%

2027

43

368,000

5.5

%

13.73

5.5

%

2028

35

374,000

5.6

%

11.23

4.6

%

2029

35

603,000

9.1

%

13.04

8.5

%

2030

33

436,000

6.6

%

10.48

5.0

%

Thereafter

48

947,000

14.2

%

13.41

13.8

%

All tenants

751

6,646,000

100.0

%

$

13.88

100.0

%

Spaces ≥ 10,000 GLA

Annualized

Percentage

Number

Percentage

expiring

of annualized

Year of lease

of leases

GLA

of GLA

base rents

expiring

expiration

expiring

expiring

expiring

per sq. ft.

base rents

Month-To-Month

1

21,000

0.4

%

$

5.52

0.2

%

2021

6

142,000

2.9

%

13.18

3.4

%

2022

9

189,000

3.9

%

13.24

4.6

%

2023

14

471,000

9.7

%

11.85

10.2

%

2024

18

586,000

12.0

%

11.67

12.5

%

2025

25

795,000

16.3

%

10.47

15.2

%

2026

15

385,000

7.9

%

11.89

8.4

%

2027

12

248,000

5.1

%

11.77

5.3

%

2028

11

299,000

6.1

%

9.01

4.9

%

2029

13

528,000

10.8

%

12.03

11.6

%

2030

10

365,000

7.5

%

8.31

5.5

%

Thereafter

16

839,000

17.2

%

11.82

18.1

%

All tenants

150

4,868,000

100.0

%

$

11.24

100.0

%

Spaces < 10,000 GLA

Annualized

Percentage

Number

Percentage

expiring

of annualized

Year of lease

of leases

GLA

of GLA

base rents

expiring

expiration

expiring

expiring

expiring

per sq. ft.

base rents

Month-To-Month

54

146,000

8.2

%

$

20.60

8.0

%

2021

44

93,000

5.2

%

21.08

5.2

%

2022

90

251,000

14.1

%

20.67

13.8

%

2023

73

181,000

10.2

%

23.16

11.2

%

2024

83

209,000

11.8

%

22.65

12.6

%

2025

72

274,000

15.4

%

19.97

14.6

%

2026

53

175,000

9.8

%

19.93

9.3

%

2027

31

120,000

6.7

%

17.78

5.7

%

2028

24

75,000

4.2

%

20.09

4.0

%

2029

22

75,000

4.2

%

20.17

4.0

%

2030

23

71,000

4.0

%

21.65

4.1

%

Thereafter

32

108,000

6.1

%

25.82

7.4

%

All tenants

601

1,778,000

100.0

%

$

21.12

100.0

%

19

CEDAR REALTY TRUST, INC.

Leasing Activity (a)

Cash

Tenant

Average

Leases

Square

New Rent

Prior Rent

Basis

Improvements

Lease

Signed

Feet

Per. Sq. Ft (a)

Per. Sq. Ft (a)

% Change

Per. Sq. Ft (b)

Term (Yrs)

Total Comparable Leases

2nd Quarter 2021

38

199,300

$

13.72

$

14.32

-4.2%

$

10.82

6.4

1st Quarter 2021

25

177,600

$

17.23

$

16.99

1.4%

$

5.46

5.7

4th Quarter 2020

37

222,100

$

19.07

$

18.78

1.5%

$

0.59

5.4

3rd Quarter 2020

32

240,100

$

11.27

$

11.06

1.9%

$

4.24

6.9

Total

132

839,100

$

15.18

$

15.13

0.3%

$

5.10

6.1

New Leases - Comparable

2nd Quarter 2021

15

46,100

$

15.99

$

19.66

-18.7%

$

41.35

8.1

1st Quarter 2021

4

33,500

$

21.84

$

20.66

5.7%

$

17.91

9.9

4th Quarter 2020

4

8,900

$

20.57

$

24.36

-15.6%

$

2.52

7.6

3rd Quarter 2020

8

72,900

$

9.07

$

7.46

21.5%

$

13.99

9.1

Total

31

161,400

$

14.33

$

14.62

-2.0%

$

21.99

8.9

Renewals - Comparable

2nd Quarter 2021

23

153,200

$

13.04

$

12.71

2.6%

$

1.63

5.9

1st Quarter 2021

21

144,100

$

16.16

$

16.14

0.1%

$

2.56

4.7

4th Quarter 2020

33

213,100

$

19.01

$

18.55

2.5%

$

0.51

5.3

3rd Quarter 2020

24

167,300

$

12.23

$

12.63

-3.1%

$

0.00

5.9

Total

101

677,700

$

15.38

$

15.25

0.8%

$

1.08

5.4

Total Comparable and Non-Comparable

2nd Quarter 2021

40

209,100

$

14.30

N/A

N/A

$

15.02

6.2

1st Quarter 2021

31

268,200

$

16.88

N/A

N/A

$

25.98

8.9

4th Quarter 2020

37

222,000

$

19.07

N/A

N/A

$

0.59

5.4

3rd Quarter 2020

33

249,200

$

11.32

N/A

N/A

$

5.33

6.8

Total

141

948,500

$

15.37

N/A

N/A

$

12.20

6.9

(a)

Leases on this schedule represent retail activity only; office leases are not included. New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq. ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.

(b)

Includes costs of tenant specific landlord work and tenant allowances provided to tenants. Excludes first generation space.

20

CEDAR REALTY TRUST, INC.

Same-Property Net Operating Income ('Same-property NOI')

Same-Property NOI (a)

Three months ended June 30,

Six months ended June 30,

2021

2020

2021

2020

Base Rents

$

19,225,000

$

17,814,000

$

38,764,000

$

37,685,000

Expense Recoveries

6,148,000

5,318,000

12,846,000

10,794,000

Total Revenues

25,373,000

23,132,000

51,610,000

48,479,000

Operating expenses

8,583,000

7,621,000

18,208,000

15,332,000

Same-Property NOI

$

16,790,000

$

15,511,000

$

33,402,000

$

33,147,000

Occupied

90.1%

90.7%

90.1%

90.7%

Leased

90.9%

92.1%

90.9%

92.1%

Average base rent

$

13.55

$

13.73

$

13.55

$

13.73

Number of same properties

45

45

45

45

Same-Property NOI growth

8.2%

0.8%

Same-Property NOI Reconciliation (a)

Three months ended June 30,

Six months ended June 30,

2021

2020

2021

2020

Operating income (loss)

$

56,449,000

$

(331,000

)

$

62,408,000

$

3,088,000

Add (deduct):

General and administrative

4,873,000

3,906,000

9,401,000

8,908,000

Gain on sales

(48,857,000

)

-

(49,904,000

)

-

Impairment charges

(1,849,000

)

133,000

(1,849,000

)

7,607,000

Depreciation and amortization

10,257,000

14,426,000

21,468,000

28,173,000

Straight-line rents

(229,000

)

988,000

(359,000

)

945,000

Amortization of intangible lease liabilities

(263,000

)

(307,000

)

(539,000

)

(766,000

)

Other adjustments

14,000

(59,000

)

(15,000

)

12,000

NOI related to properties not defined as same-property

(3,605,000

)

(3,245,000

)

(7,209,000

)

(14,820,000

)

Same-Property NOI

$

16,790,000

$

15,511,000

$

33,402,000

$

33,147,000

(a)

Same-Property NOI includes properties that were owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and excluding properties classified as 'held for sale'. Same-Property NOI (i) excludes non-cash revenues such as straight-line rent adjustments and amortization of intangible lease liabilities, (ii) reflects internal management fees charged to properties, and (iii) excludes infrequent items, such as lease termination fee income.

21

CEDAR REALTY TRUST, INC.

Summary of Dispositions and Real Estate Held For Sale

As of June 30, 2021

Date

Sales

Dispositions

Location

GLA

Sold

Price

Kempsville Crossing (land parcel)

Virginia Beach, VA

-

2/24/2021

$

1,300,000

The Commons

Dubois, PA

203,309

5/5/2021

9,761,000

Camp Hill Shopping Center

Camp Hill, PA

430,198

6/21/2021

89,662,500

633,507

$

100,723,500

Average

Percent

base rent per

Real Estate Held for Sale

Location

GLA

occupied

leased sq. ft.

Carll's Corner

Bridgeton, NJ

129,582

21.1%

$

14.24

22

CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

Funds From Operations ('FFO') and Operating Funds From Operations ('Operating FFO')

FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company presents FFO in accordance with the definition adopted by the National Association of Real Estate Investments Trusts ('NAREIT'). NAREIT generally defines FFO as net income attributable to common shareholders (determined in accordance with GAAP), excluding gains (losses) from sales of real estate properties, impairment write-downs on real estate properties directly attributable to decreases in the value of depreciable real estate, plus real estate related depreciation and amortization, and adjustments for partnerships and joint ventures to reflect FFO on the same basis. The Company considers FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets.

The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as non-capitalized acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company's performance across reporting periods on a consistent basis by excluding such items.

FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company's operating performance. FFO and Operating FFO do not represent cash generated from operating activities and should not be considered as an alternative to net income attributable to common shareholders or to cash flow from operating activities. The Company's computations of FFO and Operating FFO may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ('EBITDAre') and Adjusted EBITDAre

EBITDAre is a recognized supplemental non-GAAP financial measure. The Company presents EBITDAre in accordance with the definition adopted by NAREIT, which generally defines EBITDAre as net income plus interest expense, income tax expense, depreciation, amortization, and impairment write-downs of depreciated property, plus or minus losses and gains on the disposition of depreciated property, and adjustments to reflect the Company's share of EBITDAre of unconsolidated affiliates. The Company believes EBITDAre provides additional information with respect to the Company's performance and ability to meet its future debt service requirements.

The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit, management transition, and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company's performance across reporting periods on a consistent basis by excluding such items.

EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company's operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company's computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

Same-Property Net Operating Income ('Same-Property NOI')

Same-property NOI is a widely recognized supplemental non-GAAP financial measure for REITs. Properties are included in same-property NOI if they are owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as held for sale. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI. The Company considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company's properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year.

Same-property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure. Same-property NOI should not be considered as an alternative to consolidated operating income prepared in accordance with GAAP or as a measure of liquidity. The Company's computations of same-property NOI may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

23

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Cedar Realty Trust Inc. published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 21:30:03 UTC.