Welcome to our dedicated page for Cedar Realty Trust news (Ticker: CDR), a resource for investors and traders seeking the latest updates and insights on Cedar Realty Trust stock.
Cedar Realty Trust, Inc. (CDR) generates news primarily as a real estate investment trust (REIT) focused on income-producing retail properties and grocery-anchored shopping centers in the Northeast. Company announcements have covered its strategic review of alternatives, large-scale asset sales, and its merger with Wheeler Real Estate Investment Trust, Inc., as well as ongoing communications related to its preferred stock.
News items for Cedar Realty Trust include updates on portfolio transactions, such as the completed sale of a portfolio of 33 grocery-anchored shopping centers and a redevelopment property to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers. Releases have also detailed the sale of specific redevelopment properties, the structure and timing of cash proceeds to shareholders, and the steps leading to the all-cash merger with a Wheeler subsidiary.
Another important category of coverage involves capital markets and shareholder actions. Cedar and Wheeler jointly announced the completion of their merger, explaining that Wheeler acquired all outstanding shares of Cedar’s common stock and that Cedar’s common stock would no longer trade on the NYSE. Cedar has also issued news about special dividends and the mechanics of NYSE due-bill procedures tied to those distributions.
For ongoing investors in Cedar’s preferred stock, news releases provide information on preferred dividend declarations and the federal income tax treatment of distributions, including the breakdown of ordinary dividends, capital gains, and nondividend distributions. Together, these items create a historical and continuing record of Cedar’s transition from an independent NYSE-listed REIT to a wholly owned subsidiary of Wheeler and its continuing obligations to preferred shareholders.
Users following CDR-related news can review this stream to understand the evolution of Cedar’s business, the details of its asset sales and merger, and the latest information affecting its preferred stock distributions and tax reporting.
Cedar Realty Trust (NYSE: CDR) has announced a cash dividend of $0.066 per share on its common stock, payable on November 22, 2021, to shareholders of record as of November 12, 2021. Additionally, the company will pay a dividend of $0.453125 per share on its 7¼% Series B Preferred Stock and $0.40625 per share on its 6½% Series C Preferred Stock, both also payable on November 22, 2021. Cedar Realty Trust focuses on grocery-anchored shopping centers in high-density urban markets along the East Coast.
Cedar Realty Trust has appointed Jennifer Bitterman as its new Chief Financial Officer, effective immediately, succeeding Philip Mays, who is leaving for another opportunity. Bitterman has been with the company since 2011 and previously served as Senior VP of Corporate and Portfolio Management. Additionally, Cedar has amended its revolving credit facility to allow for $185 million of borrowings, maturing in August 2024, and extended a $50 million term loan to August 2026, enhancing its financial flexibility.
Cedar Realty Trust (NYSE: CDR) has initiated a dual-track process to explore strategic alternatives aimed at maximizing shareholder value. This includes potential sales or mergers of the Company or its grocery-anchored shopping center portfolio and mixed-use redevelopment projects. The strategic review, which was previously disrupted by COVID-19, is guided by a special committee. The Board intends to address the perceived disconnect between Cedar's share price and its underlying real estate value. B of A Securities, JLL, and CBRE are advising the Company on this process.
Cedar Realty Trust reported a strong second quarter in 2021, with net income of $48.4 million, or $3.52 per diluted share, contrasting with a loss of $8.8 million in Q2 2020. The company's funds from operations (FFO) were $0.59 per diluted share, up from $0.41 per share during the same period last year. Notably, same-property net operating income surged by 8.2%. The firm achieved a 96.8% collection rate for rents and completed 38 leases covering 199,300 square feet. Financial maneuvers included a $114 million mortgage and significant property sales totaling $99.5 million.
Cedar Realty Trust, Inc. (NYSE: CDR) announced a cash dividend of $0.066 per share on Common Stock, payable on August 20, 2021, to shareholders of record by August 10, 2021. Additionally, the Board approved a dividend of $0.453125 per share on 7¼% Series B Cumulative Redeemable Preferred Stock and $0.40625 per share on 6½% Series C Cumulative Redeemable Preferred Stock, both payable on the same date with the same record date. Cedar Realty Trust focuses on grocery-anchored shopping centers in urban markets from Washington, D.C. to Boston.
Cedar Realty Trust (NYSE: CDR) will release its financial results for Q2 2021 on July 29, 2021, after market close. A conference call will follow at 5:00 PM ET to discuss the results. The company operates 53 grocery-anchored shopping centers across high-density urban areas from Washington, D.C., to Boston, totaling approximately 7.6 million square feet of leasable space. Investors can access the call via phone or a live webcast on their website.
Quinn Residences announced Richard Ross as the new CEO and James Howley as Chief Investment Officer, effective immediately. Ross, previously CFO, has led the company since its inception, while Howley brings over a decade of real estate investment experience. Quinn operates over 1,000 single-family rental homes across seven Southeastern markets and aims to double its portfolio in 2022. The leadership changes come as the company strives to capitalize on growing demand for high-quality rental housing in attractive markets.
Cedar Realty Trust announced the sale of the Camp Hill Shopping Center in Camp Hill, Pennsylvania, for approximately $89.7 million at a cap rate of about 6.5%. The center, which is 97% leased, is anchored by a Giant supermarket, Boscov's, LA Fitness, and Barnes & Noble. CEO Bruce Schanzer highlighted a discrepancy between private market valuations of grocery-anchored properties and public equity market valuations, indicating potential for future strategic actions if this dislocation continues.
Cedar Realty Trust (NYSE: CDR) reported a net loss of $1.6 million or $0.12 per diluted share for Q1 2021, a decrease from $4.9 million or $0.39 per share in Q1 2020. Operating FFO was $0.62 per diluted share, down from $1.17 a year earlier. The company collected 95.7% of its rents and signed 31 leases covering 268,000 square feet. However, same-property NOI fell 5.1%, and the portfolio was 87.8% leased, down from 93.2% a year prior. Notably, Cedar closed a $114 million mortgage and formed a joint venture for a commercial building in D.C.
Cedar Realty Trust (NYSE: CDR) has announced a joint venture with Asland Capital Partners and Goldman Sachs Urban Investment Group for the development of Northeast Heights, a mixed-use project in Washington D.C.'s Ward 7. This first phase includes a six-story, 258,500 square foot commercial building, fully leased to the D.C. Department of General Services, with $105 million in construction financing from J.P. Morgan. The project aims to revitalize the area and create economic opportunities, with construction set to begin in Q2 2021.