Noteworthy Stock: Cedar Realty Trust, Inc. (NYSE: CDR)

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CDR ,Cedar Realty Trust, Inc.,CDR

On 21 Jan 19, Cedar Realty Trust, Inc. (NYSE: CDR) above/below -3.78% and ended at $3.3100. The stock’s market capitalization arrived at $293.878M and total traded volume was 520,479 shares. The stock has a 52-week highest price of $5.5500 and its 52-week lowest price was called at $2.7300. During last trade, its maximum trading price was registered $3.4300 and it’s the minimum trading price was noted $3.2700.

Cedar Realty Trust, Inc. (CDR) recently stated results for the third quarter ended September 30, 2018. Net income attributable to ordinary shareholders was $0.04 per diluted share contrast with net loss ($0.06) per diluted share for the comparable 2017 period.  Other highlights include:

Highlights

  • NAREIT-defined funds from operations (FFO) of $0.08per diluted share
  • Operating funds from operations (Operating FFO) of $0.13per diluted share
  • Signed 42 new and renewal leases for 193,200 square feet in the quarter
  • Comparable cash-basis lease spreads of 3.4%
  • Total portfolio 91.6% leased and same-property portfolio 92.3% leased at quarter-end
  • Purchased Senator Square shopping center in Washington, D.C.through a deed of lease
  • Sold two properties totaling $19.6M
  • Refinanced four mortgages with a new unsecured $75Mseven year term loan
  • Reaffirmed full-year 2018 Operating FFO range of $0.58to $0.59 per diluted share

Financial Results

Net income attributable to ordinary shareholders for the third quarter of 2018 was $3.5M or $0.04 per diluted share, contrast to net loss of ($5.1)M or ($0.06) per diluted share for the same period in 2017. The principal differences in the comparative three-month results are gain on sale, reversal of impairment and early extinguishment of debt charges in 2018 and preferred stock redemption costs in 2017. Net loss attributable to ordinary shareholders for the nine months ended September 30, 2018 was ($12.4)Mor ($0.15) per diluted share, contrast to net loss of ($5.0)M or ($0.07) per diluted share for the same period in 2017. The principal differences in the comparative nine-month results are lease termination income, impairment charges, gain on sale and preferred stock redemption costs in 2018, and a gain on sale of an outparcel building, preferred stock redemption costs and impairment charges in 2017.

NAREIT-defined FFO for the third quarter of 2018 was $7.5M or $0.08 per diluted share, contrast to $4.6M or $0.05 per diluted share for the same period in 2017. NAREIT-defined FFO for the nine months ended September 30, 2018 was $33.5M or $0.36 per diluted share, contrast to $27.8M or $0.32 per diluted share for the same period in 2017. Operating FFO for the third quarter of 2018 was $12.4M or $0.13 per diluted share, contrast to $12.5M or $0.14 per diluted share for the same period in 2017. Operating FFO for the nine-month period ended September 30, 2018 was $41.9M or $0.45 per diluted share, contrast to $35.9M or $0.41 per diluted share for the same period in 2017. The principal difference in the comparative nine-month results is lease termination income in 2018. The principal differences between Operating FFO and NAREIT-defined FFO are preferred stock redemption costs and early extinguishment of debt charges.

Acquisitions

On August 8, 2018, the Company purchased a land parcel adjacent to its Riverview Plaza property, located in Philadelphia, Pennsylvania. The purchase price for the land parcel was $1.0M, which was comprised of $25,000 in cash and about 208,000 OP Units.

On August 21, 2018, the Company entered into a deed of lease for Senator Square, a shopping center located in Washington, D.C.  The deed of lease conveys fee title to the buildings to the Company and contains future options to acquire fee title to the land at its then fair-value, with the first such option becoming accessible between the 25th and the 33rd anniversaries of the lease, depending on certain property benchmarks, with additional purchase options every 10 years thereafter during the lease term.  This lease, which expires in August 2117, is presented in the Company’s financial statements as two separate components as follows: (1) a $5.7M capital lease obligation for the fee interest in the buildings, and (2) an operating lease for the land.

Dispositions

On August 28, 2018, the Company sold Mechanicsburg Center, located in Mechanicsburg, Pennsylvania. The sales price for the property was $16.1M, which resulted in a gain on sale of $4.9M.

On September 28, 2018, the Company sold West Bridgewater Plaza, located in West Bridgewater, Massachusetts. The sales price for the property was $3.5M. An impairment charge of $9.4M has been recorded in connection with this property during 2018.

CDR price volatility for a month noted as 6.03% however its price volatility for a week documented as 4.73%. The stock established a positive trend of 2.48% in last week and indicated rise of 7.82% in previous month.

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