MASSAPEQUA, N.Y., July 29, 2021 /PRNewswire/ -- 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
-
- Signed 23 renewal leases for 153,200 square feet at an increase
of 2.6%
- 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 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.
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 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.
CEDAR REALTY
TRUST, INC.
|
Condensed
Consolidated Balance Sheets
|
(unaudited)
|
|
|
|
|
|
|
|
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
|
CEDAR REALTY
TRUST, INC.
|
Condensed
Consolidated Statements of Operations
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
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
|
CEDAR REALTY
TRUST, INC.
|
Reconciliation of
Net Income (Loss) Attributable to Common Shareholders to Funds From
Operations
|
and Operating
Funds From Operations
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
230,000
|
|
-
|
|
230,000
|
|
483,000
|
Financing
costs
|
|
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
|
View original
content:https://www.prnewswire.com/news-releases/cedar-realty-trust-reports-second-quarter-2021-results-301344638.html
SOURCE Cedar Realty Trust, Inc.