Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - CEDAR REALTY TRUST, INC. | d497001d8k.htm |
| EX-99.1 - EX-99.1 - CEDAR REALTY TRUST, INC. | d497001dex991.htm |
Exhibit 99.2
Supplemental Financial Information
December 31, 2012
(unaudited)
Cedar Realty Trust, Inc.
44 South Bayles Avenue
Port Washington, NY 11050-3765
Tel: (516) 767-6492 Fax: (516) 767-6497
www.cedarrealtytrust.com
CEDAR REALTY TRUST, INC.
Supplemental Financial Information
December 31, 2012
(unaudited)
TABLE OF CONTENTS
| Financial Information |
||||
| Consolidated Balance Sheets |
3 | |||
| Consolidated Statements of Operations |
4 | |||
| Supporting Schedules to Consolidated Statements |
5-6 | |||
| Funds From Operations and Additional Disclosures |
7 | |||
| Earnings Before Interest, Taxes, Depreciation and Amortization |
8 | |||
| Summary of Outstanding Debt |
9-10 | |||
| Summary of Debt Maturities |
11 | |||
| Preferred Stock Activity |
12 | |||
| Portfolio Information |
||||
| Real Estate Summary |
13-15 | |||
| Leasing Activity |
16 | |||
| Tenant Concentration |
17 | |||
| Lease Expirations |
18 | |||
| Same-Property Net Operating Income |
19 | |||
| Acquisitions and Dispositions |
20 | |||
| Properties Held for Sale/Conveyance |
||||
| Real Estate Summary |
22 | |||
| Summary of Outstanding Debt |
23 | |||
| Non-GAAP Financial Disclosures |
24 | |||
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, statements made or incorporated by reference herein may include certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements 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 which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. Accordingly, the information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2012.
2
CEDAR REALTY TRUST, INC.
Consolidated Balance Sheets
| December 31, | ||||||||
| 2012 | 2011 | |||||||
| Assets: |
||||||||
| Real estate |
||||||||
| Land |
$ | 282,383,000 | $ | 268,182,000 | ||||
| Buildings and improvements |
1,178,111,000 | 1,095,754,000 | ||||||
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|||||
| 1,460,494,000 | 1,363,936,000 | |||||||
| Less accumulated depreciation |
(237,751,000 | ) | (196,661,000 | ) | ||||
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|
|
|||||
| Real estate, net |
1,222,743,000 | 1,167,275,000 | ||||||
| Real estate held for sale/conveyance |
77,793,000 | 211,679,000 | ||||||
| Investment in Cedar/RioCan joint venture |
— | 44,743,000 | ||||||
| Cash and cash equivalents |
7,522,000 | 12,070,000 | ||||||
| Restricted cash |
13,752,000 | 14,707,000 | ||||||
| Receivables |
18,289,000 | 25,660,000 | ||||||
| Other assets and deferred charges, net |
29,804,000 | 33,730,000 | ||||||
| Assets relating to real estate held for sale/conveyance |
— | 2,299,000 | ||||||
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|||||
| Total assets |
$ | 1,369,903,000 | $ | 1,512,163,000 | ||||
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| Liabilities and equity: |
||||||||
| Mortgage loans payable |
605,216,000 | $ | 586,743,000 | |||||
| Mortgage loans payable—real estate held for sale/conveyance |
23,258,000 | 124,888,000 | ||||||
| Secured credit facilities |
156,000,000 | 166,317,000 | ||||||
| Accounts payable and accrued liabilities |
28,179,000 | 32,404,000 | ||||||
| Unamortized intangible lease liabilities |
30,508,000 | 35,017,000 | ||||||
| Unamortized intangible lease liabilities—real estate held for sale/conveyance |
4,992,000 | 6,406,000 | ||||||
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| Total liabilities |
848,153,000 | 951,775,000 | ||||||
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| Noncontrolling interest—limited partners’ mezzanine OP Units |
623,000 | 4,616,000 | ||||||
| Commitments and contingencies |
— | — | ||||||
| Equity: |
||||||||
| Cedar Realty Trust, Inc. shareholders’ equity: |
||||||||
| Preferred stock |
163,669,000 | 158,575,000 | ||||||
| Common stock and other shareholders’ equity |
349,987,000 | 335,268,000 | ||||||
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| Total Cedar Realty Trust, Inc. shareholders’ equity |
513,656,000 | 493,843,000 | ||||||
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| Noncontrolling interests: |
||||||||
| Minority interests in consolidated joint ventures |
6,081,000 | 56,511,000 | ||||||
| Limited partners’ OP Units |
1,390,000 | 5,418,000 | ||||||
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|||||
| Total noncontrolling interests |
7,471,000 | 61,929,000 | ||||||
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| Total equity |
521,127,000 | 555,772,000 | ||||||
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| Total liabilities and equity |
$ | 1,369,903,000 | $ | 1,512,163,000 | ||||
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3
CEDAR REALTY TRUST, INC.
Consolidated Statements of Operations
| Three months ended December 31, | Years ended December 31, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Revenues: |
||||||||||||||||
| Rents |
$ | 28,115,000 | $ | 26,837,000 | $ | 108,260,000 | $ | 105,008,000 | ||||||||
| Expense recoveries |
7,045,000 | 6,579,000 | 26,302,000 | 26,810,000 | ||||||||||||
| Other |
652,000 | 876,000 | 6,021,000 | 3,010,000 | ||||||||||||
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| Total revenues |
35,812,000 | 34,292,000 | 140,583,000 | 134,828,000 | ||||||||||||
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| Property operating expenses: |
||||||||||||||||
| Operating, maintenance and management |
5,876,000 | 6,388,000 | 23,037,000 | 27,457,000 | ||||||||||||
| Real estate and other property-related taxes |
4,496,000 | 4,321,000 | 17,514,000 | 16,578,000 | ||||||||||||
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| Total property operating expenses |
10,372,000 | 10,709,000 | 40,551,000 | 44,035,000 | ||||||||||||
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| Property operating income |
25,440,000 | 23,583,000 | 100,032,000 | 90,793,000 | ||||||||||||
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| Other expenses: |
||||||||||||||||
| General and administrative |
3,278,000 | 2,970,000 | 14,277,000 | 10,740,000 | ||||||||||||
| Management transition charges and employee termination costs |
41,000 | — | 1,172,000 | 6,875,000 | ||||||||||||
| Impairment charges (reversals) |
5,779,000 | (271,000 | ) | 5,779,000 | 7,148,000 | |||||||||||
| Acquisition transaction costs and terminated projects |
116,000 | 267,000 | 116,000 | 1,436,000 | ||||||||||||
| Depreciation and amortization |
9,820,000 | 15,392,000 | 44,540,000 | 43,105,000 | ||||||||||||
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| Total other expenses |
19,034,000 | 18,358,000 | 65,884,000 | 69,304,000 | ||||||||||||
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| Operating income |
6,406,000 | 5,225,000 | 34,148,000 | 21,489,000 | ||||||||||||
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| Non-operating income and expense: |
||||||||||||||||
| Interest expense |
(9,879,000 | ) | (10,708,000 | ) | (39,359,000 | ) | (41,746,000 | ) | ||||||||
| Accelerated write-off of deferred financing costs |
— | — | (2,607,000 | ) | — | |||||||||||
| Interest income |
4,000 | 133,000 | 191,000 | 349,000 | ||||||||||||
| Equity in income of unconsolidated joint ventures |
49,000 | 519,000 | 1,481,000 | 1,671,000 | ||||||||||||
| Gain (loss) on exit from unconsolidated joint ventures |
30,526,000 | — | 30,526,000 | (7,961,000 | ) | |||||||||||
| Gain on sales |
516,000 | — | 997,000 | 130,000 | ||||||||||||
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| Total non-operating income and expense |
21,216,000 | (10,056,000 | ) | (8,771,000 | ) | (47,557,000 | ) | |||||||||
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| Income (loss) from continuing operations |
27,622,000 | (4,831,000 | ) | 25,377,000 | (26,068,000 | ) | ||||||||||
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| Discontinued operations: |
||||||||||||||||
| Income from operations |
281,000 | 2,193,000 | 3,963,000 | 5,128,000 | ||||||||||||
| Impairment charges, net |
(1,142,000 | ) | (1,171,000 | ) | (4,000 | ) | (88,458,000 | ) | ||||||||
| Gain on sales |
3,929,000 | 382,000 | 4,679,000 | 884,000 | ||||||||||||
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| Total discontinued operations |
3,068,000 | 1,404,000 | 8,638,000 | (82,446,000 | ) | |||||||||||
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| Net income (loss) |
30,690,000 | (3,427,000 | ) | 34,015,000 | (108,514,000 | ) | ||||||||||
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| Less, net (income) loss attributable to noncontrolling interests: |
||||||||||||||||
| Minority interests in consolidated joint ventures |
(63,000 | ) | (825,000 | ) | (4,335,000 | ) | 2,507,000 | |||||||||
| Limited partners’ interest in Operating Partnership |
(88,000 | ) | 152,000 | 26,000 | 2,446,000 | |||||||||||
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| Total net (income) loss attributable to noncontrolling interests |
(151,000 | ) | (673,000 | ) | (4,309,000 | ) | 4,953,000 | |||||||||
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| Net income (loss) attributable to Cedar Realty Trust, Inc. |
30,539,000 | (4,100,000 | ) | 29,706,000 | (103,561,000 | ) | ||||||||||
| Preferred stock dividends |
(3,804,000 | ) | (3,579,000 | ) | (14,819,000 | ) | (14,200,000 | ) | ||||||||
| Preferred stock redemption costs |
(4,443,000 | ) | — | (4,998,000 | ) | — | ||||||||||
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| Net income (loss) attributable to common shareholders |
$ | 22,292,000 | $ | (7,679,000 | ) | $ | 9,889,000 | $ | (117,761,000 | ) | ||||||
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| Per common share attributable to common shareholders (basic and diluted): |
||||||||||||||||
| Continuing operations |
$ | 0.27 | $ | (0.13 | ) | $ | 0.07 | $ | (0.61 | ) | ||||||
| Discontinued operations |
$ | 0.04 | 0.01 | 0.06 | (1.18 | ) | ||||||||||
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| $ | 0.31 | $ | (0.12 | ) | $ | 0.13 | $ | (1.79 | ) | |||||||
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| Weighted average number of common shares—basic and diluted |
68,278,000 | 66,804,000 | 68,017,000 | 66,387,000 | ||||||||||||
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4
CEDAR REALTY TRUST, INC.
Supporting Schedules to Consolidated Statements
Balance Sheets Detail
| December 31, | December 31, | |||||||
| 2012 | 2011 | |||||||
| Construction in process (included in buildings and improvements) |
$ | 6,699,000 | $ | 24,475,000 | ||||
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| Receivables |
|
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| Rents and other tenant receivables, net |
$ | 3,317,000 | $ | 6,882,000 | ||||
| Straight-line rents |
14,353,000 | 13,418,000 | ||||||
| Other |
619,000 | 5,360,000 | ||||||
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| $ | 18,289,000 | $ | 25,660,000 | |||||
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| Other assets and deferred charges, net |
||||||||
| Lease origination costs |
$ | 15,158,000 | $ | 14,217,000 | ||||
| Financing costs |
5,686,000 | 6,224,000 | ||||||
| Prepaid expenses |
5,196,000 | 5,857,000 | ||||||
| Leasehold improvements, furniture and fixtures |
1,161,000 | 1,035,000 | ||||||
| Investments related to deferred compensation liabilities |
450,000 | 3,562,000 | ||||||
| Property and other deposits |
152,000 | 1,430,000 | ||||||
| Other |
2,001,000 | 1,405,000 | ||||||
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| $ | 29,804,000 | $ | 33,730,000 | |||||
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| Minority interests in consolidated joint ventures |
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| Operating joint venture properties: |
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| New London Mall and San Souci Plaza |
5,114,000 | 6,805,000 | ||||||
| Upland Square |
1,048,000 | 1,048,000 | ||||||
| Homburg (two properties) (a) |
— | 13,909,000 | ||||||
| Held-for-sale joint venture properties: |
||||||||
| Homburg (seven properties) (b) |
— | 34,774,000 | ||||||
| CVS at Naugatuck |
— | 56,000 | ||||||
| Heritage Crossing |
(81,000 | ) | (81,000 | ) | ||||
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| $ | 6,081,000 | $ | 56,511,000 | |||||
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| (a) | Remaining 80% ownership interests acquired on October 12, 2012. |
| (b) | Properties sold on October 12, 2012. |
5
CEDAR REALTY TRUST, INC.
Supporting Schedules to Consolidated Statements
Statements of Operations Detail
| Three months ended December 31, | Years ended December 31, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Rents |
||||||||||||||||
| Base rents |
$ | 26,409,000 | $ | 24,783,000 | $ | 100,836,000 | $ | 97,015,000 | ||||||||
| Percentage rent |
295,000 | 371,000 | 1,074,000 | 1,058,000 | ||||||||||||
| Straight-line rents |
212,000 | 271,000 | 986,000 | 1,199,000 | ||||||||||||
| Amortization of intangible lease liabilities |
1,199,000 | 1,412,000 | 5,364,000 | 5,736,000 | ||||||||||||
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| $ | 28,115,000 | $ | 26,837,000 | $ | 108,260,000 | $ | 105,008,000 | |||||||||
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| Other revenues |
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| Lease termination fees |
$ | — | $ | — | $ | 3,029,000 | $ | — | ||||||||
| RioCan management fees (a) |
618,000 | 862,000 | 2,754,000 | 2,755,000 | ||||||||||||
| Other |
34,000 | 14,000 | 238,000 | 255,000 | ||||||||||||
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| $ | 652,000 | $ | 876,000 | $ | 6,021,000 | $ | 3,010,000 | |||||||||
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| Equity in income of unconsolidated joint ventures: |
||||||||||||||||
| Cedar/RioCan (a) |
$ | 49,000 | $ | 519,000 | $ | 1,481,000 | $ | 1,348,000 | ||||||||
| Philadelphia redevelopment project |
— | — | — | 323,000 | ||||||||||||
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| $ | 49,000 | $ | 519,000 | $ | 1,481,000 | $ | 1,671,000 | |||||||||
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| Net (income) loss attributable to noncontrolling interests—minority interests in consolidated joint ventures |
||||||||||||||||
| Operating joint venture properties: |
||||||||||||||||
| New London Mall and San Souci Plaza |
$ | 81,000 | $ | 37,000 | $ | 600,000 | $ | 488,000 | ||||||||
| Homburg (two properties) (b) |
(271,000 | ) | (75,000 | ) | (487,000 | ) | (381,000 | ) | ||||||||
| Held-for-sale joint venture properties: |
||||||||||||||||
| Homburg (seven properties) (c) |
127,000 | (778,000 | ) | (4,124,000 | ) | 391,000 | ||||||||||
| CVS at Naugatuck |
— | (9,000 | ) | (324,000 | ) | (24,000 | ) | |||||||||
| Columbia Mall |
— | — | — | 2,033,000 | ||||||||||||
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| $ | (63,000 | ) | $ | (825,000 | ) | $ | (4,335,000 | ) | $ | 2,507,000 | ||||||
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| (a) | On October 10, 2012, the Company exited the 20% Cedar / 80% RioCan joint venture that owned 22 retail shopping-center properties. Effective January 31, 2013, the Company’s property management agreement for the sold properties terminated. |
| (b) | Remaining 80% ownership interests acquired on October 12, 2012. |
| (c) | Properties sold on October 12, 2012. |
6
CEDAR REALTY TRUST, INC.
Funds From Operations and Additional Disclosures
| Three months ended December 31, | Years ended December 31, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| Net income (loss) attributable to common shareholders |
$ | 22,292,000 | $ | (7,679,000 | ) | $ | 9,889,000 | $ | (117,761,000 | ) | ||||||
| Real estate depreciation and amortization |
9,758,000 | 15,427,000 | 44,335,000 | 48,156,000 | ||||||||||||
| Limited partners’ interest |
88,000 | (152,000 | ) | (26,000 | ) | (2,446,000 | ) | |||||||||
| Impairment charges |
6,921,000 | 900,000 | 5,783,000 | 95,606,000 | ||||||||||||
| (Gain) loss on exit from unconsolidated joint ventures |
(30,526,000 | ) | — | (30,526,000 | ) | 7,961,000 | ||||||||||
| (Gain) on sales |
(4,445,000 | ) | (382,000 | ) | (5,676,000 | ) | (884,000 | ) | ||||||||
| Consolidated minority interest: |
||||||||||||||||
| Share of income (loss) |
63,000 | 825,000 | 4,335,000 | (2,507,000 | ) | |||||||||||
| Share of FFO |
(484,000 | ) | (1,476,000 | ) | (4,562,000 | ) | (5,918,000 | ) | ||||||||
| Unconsolidated joint ventures: |
||||||||||||||||
| Share of income |
(49,000 | ) | (519,000 | ) | (1,481,000 | ) | (1,671,000 | ) | ||||||||
| Share of FFO |
158,000 | 1,546,000 | 4,646,000 | 5,984,000 | ||||||||||||
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| Funds From Operations (“FFO”) |
3,776,000 | 8,490,000 | 26,717,000 | 26,520,000 | ||||||||||||
| Adjustments for items affecting comparability: |
||||||||||||||||
| Management transition charges and employee termination costs |
41,000 | — | 1,172,000 | 6,875,000 | ||||||||||||
| Accelerated write-off of deferred financing costs |
— | — | 2,607,000 | — | ||||||||||||
| Share-based compensation mark-to-market adjustments |
— | (68,000 | ) | 10,000 | (808,000 | ) | ||||||||||
| Preferred stock redemption costs |
4,443,000 | — | 4,998,000 | — | ||||||||||||
| Acquisition transaction costs and terminated projects, including Company share from the Cedar/RioCan joint venture |
116,000 | 262,000 | 309,000 | 1,618,000 | ||||||||||||
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| Operating Funds From Operations (“Operating FFO”) |
$ | 8,376,000 | $ | 8,684,000 | $ | 35,813,000 | $ | 34,205,000 | ||||||||
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| FFO per diluted share: |
$ | 0.05 | $ | 0.12 | $ | 0.37 | $ | 0.38 | ||||||||
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| Operating FFO per diluted share: |
$ | 0.12 | $ | 0.12 | $ | 0.50 | $ | 0.49 | ||||||||
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|||||||||
| Weighted average number of diluted common shares: |
||||||||||||||||
| Common shares |
71,876,000 | 69,746,000 | 71,338,000 | 68,715,000 | ||||||||||||
| OP Units |
281,000 | 1,415,000 | 459,000 | 1,415,000 | ||||||||||||
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|||||||||
| 72,157,000 | 71,161,000 | 71,797,000 | 70,130,000 | |||||||||||||
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|||||||||
| Additional Disclosures (Pro-Rata Share): |
||||||||||||||||
| Straight-line rents |
$ | 184,000 | $ | 357,000 | $ | 1,250,000 | $ | 1,634,000 | ||||||||
| Amortization of intangible lease liabilities |
1,140,000 | 1,471,000 | 5,596,000 | 6,476,000 | ||||||||||||
| Lease termination income |
— | — | 3,029,000 | — | ||||||||||||
| Non-real estate amortization |
680,000 | 997,000 | 2,606,000 | 4,399,000 | ||||||||||||
| Share-based compensation other than mark-to-market adjustments |
1,018,000 | 876,000 | 3,903,000 | 5,665,000 | ||||||||||||
| Maintenance capital expenditures |
1,716,000 | 1,126,000 | 4,879,000 | 3,302,000 | ||||||||||||
| Development and redevelopment capital expenditures |
3,040,000 | 7,951,000 | 17,340,000 | 33,412,000 | ||||||||||||
| Capitalized interest and financing costs |
314,000 | 593,000 | 1,314,000 | 2,629,000 | ||||||||||||
7
CEDAR REALTY TRUST, INC.
Earnings Before Interest, Taxes, Depreciation and Amortization
| Three months ended December 31, | Years ended December 31, | |||||||||||||||
| 2012 | 2011 | 2012 | 2011 | |||||||||||||
| EBITDA Calculation |
||||||||||||||||
| Income (loss) from continuing operations |
$ | 27,622,000 | $ | (4,831,000 | ) | $ | 25,377,000 | $ | (26,068,000 | ) | ||||||
| Add (deduct): |
||||||||||||||||
| Interest expense |
9,879,000 | 10,708,000 | 39,359,000 | 41,746,000 | ||||||||||||
| Accelerated write-off of deferred financing costs |
— | — | 2,607,000 | — | ||||||||||||
| Depreciation and amortization |
9,820,000 | 15,392,000 | 44,540,000 | 43,105,000 | ||||||||||||
| Minority interests share of consolidated joint venture EBITDA |
(1,082,000 | ) | (3,165,000 | ) | (10,273,000 | ) | (10,844,000 | ) | ||||||||
| Discontinued operations: |
||||||||||||||||
| Income from operations |
281,000 | 2,193,000 | 3,963,000 | 5,128,000 | ||||||||||||
| Interest expense |
729,000 | 2,244,000 | 6,421,000 | 9,379,000 | ||||||||||||
| Depreciation and amortization |
28,000 | 96,000 | 134,000 | 5,501,000 | ||||||||||||
| Pro-rata share attributable to Cedar/RioCan joint venture: |
||||||||||||||||
| Depreciation and amortization |
99,000 | 1,027,000 | 3,154,000 | 4,123,000 | ||||||||||||
| Interest expense |
73,000 | 833,000 | 2,605,000 | 3,616,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| EBITDA |
47,449,000 | 24,497,000 | 117,887,000 | 75,686,000 | ||||||||||||
| Adjustments for items affecting comparability: |
||||||||||||||||
| Share-based compensation mark-to-market adjustments |
— | (68,000 | ) | 10,000 | (808,000 | ) | ||||||||||
| Management transition charges and employee termination costs |
41,000 | — | 1,172,000 | 6,875,000 | ||||||||||||
| (Gain) loss on exit from unconsolidated joint ventures |
(30,526,000 | ) | — | (30,526,000 | ) | 7,961,000 | ||||||||||
| (Gain) on sales |
(516,000 | ) | — | (997,000 | ) | (130,000 | ) | |||||||||
| Impairment charges (reversals) |
5,779,000 | (271,000 | ) | 5,779,000 | 7,148,000 | |||||||||||
| Acquisition transaction costs and terminated projects, including Company share from Cedar/RioCan joint venture |
116,000 | 262,000 | 309,000 | 1,618,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted EBITDA |
$ | 22,343,000 | $ | 24,420,000 | $ | 93,634,000 | $ | 98,350,000 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Pro-rata share of outstanding debt (a) |
$ | 752,140,000 | $ | 827,036,000 | $ | 752,140,000 | $ | 827,036,000 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fixed charges (a) |
||||||||||||||||
| Interest expense |
$ | 10,271,000 | $ | 12,538,000 | $ | 44,677,000 | $ | 49,332,000 | ||||||||
| Interest expense—consolidated minority interests share |
(601,000 | ) | (1,671,000 | ) | (5,552,000 | ) | (6,654,000 | ) | ||||||||
| Interest expense—Cedar/RioCan joint venture |
73,000 | 833,000 | 2,605,000 | 3,616,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Interest Expense |
9,743,000 | 11,700,000 | 41,730,000 | 46,294,000 | ||||||||||||
| Preferred stock dividends |
3,804,000 | 3,579,000 | 14,819,000 | 14,200,000 | ||||||||||||
| Pro-rata share of scheduled mortgage repayments |
2,509,000 | 2,195,000 | 9,456,000 | 8,749,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Fixed charges |
$ | 16,056,000 | $ | 17,474,000 | $ | 66,005,000 | $ | 69,243,000 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Debt and Coverage Ratios (b) |
||||||||||||||||
| Debt to Adjusted EBITDA (c) |
8.5 x | 8.7 x | 8.7 x | 8.8 x | ||||||||||||
| Interest coverage ratio (Based on Adjusted EBITDA) |
2.3 x | 2.1 x | 2.2 x | 2.1 x | ||||||||||||
| Fixed charge coverage ratio (Based on Adjusted EBITDA) |
1.4 x | 1.4 x | 1.4 x | 1.4 x | ||||||||||||
| (a) | Includes properties “held for sale/conveyance”. |
| (b) | Ratios exclude lease termination income. |
| (c) | The debt to Adjusted EBITDA ratio has been adjusted to exclude (i) for the 2012 periods, (A) all EBITDA and management fee income relating to the Cedar/RioCan joint venture, partially offset by only those corporate overhead savings actually realized, and (B) the results and debt related to the four properties in the process of being conveyed to their respective lenders, and (ii) for all periods, the results of properties sold during each of the respective periods as the related debt is no longer outstanding at the end of such period. |
8
CEDAR REALTY TRUST, INC.
Summary of Outstanding Debt
As of December 31, 2012
|
Property |
Percent Owned |
Maturity Date |
Interest rate (a) |
Stated contract amounts |
||||||||||||
| Fixed-rate mortgages: |
||||||||||||||||
| Consolidated Properties: |
||||||||||||||||
| Fort Washington |
100 | % | Jan 2013 | 5.4 | % | $ | 5,396,000 | (b) | ||||||||
| Academy Plaza |
100 | % | Mar 2013 | 7.3 | % | 8,633,000 | (b) | |||||||||
| General Booth Plaza |
100 | % | Aug 2013 | 6.1 | % | 4,968,000 | (b) | |||||||||
| Kempsville Crossing |
100 | % | Aug 2013 | 6.1 | % | 5,602,000 | (b) | |||||||||
| Port Richmond Village |
100 | % | Aug 2013 | 6.5 | % | 13,867,000 | ||||||||||
| Smithfield Plaza |
100 | % | Aug 2013 | 6.1 | % | 3,205,000 | (b) | |||||||||
| Suffolk Plaza |
100 | % | Aug 2013 | 6.1 | % | 4,194,000 | (b) | |||||||||
| Virginia Little Creek |
100 | % | Aug 2013 | 6.1 | % | 4,492,000 | (b) | |||||||||
| Timpany Plaza |
100 | % | Jan 2014 | 6.1 | % | 7,753,000 | ||||||||||
| Trexler Mall |
100 | % | May 2014 | 5.5 | % | 20,121,000 | ||||||||||
| Coliseum Marketplace |
100 | % | Jul 2014 | 6.1 | % | 11,291,000 | ||||||||||
| Fieldstone Marketplace |
100 | % | Jul 2014 | 6.0 | % | 17,365,000 | ||||||||||
| King’s Plaza |
100 | % | Jul 2014 | 6.0 | % | 7,389,000 | ||||||||||
| Liberty Marketplace |
100 | % | Jul 2014 | 6.1 | % | 8,456,000 | ||||||||||
| Yorktowne Plaza |
100 | % | Jul 2014 | 6.0 | % | 19,330,000 | ||||||||||
| Mechanicsburg Giant |
100 | % | Nov 2014 | 5.5 | % | 8,710,000 | ||||||||||
| Elmhurst Square Shopping Center |
100 | % | Dec 2014 | 5.4 | % | 3,810,000 | ||||||||||
| New London Mall |
40 | % | Apr 2015 | 4.9 | % | 27,365,000 | ||||||||||
| Carbondale Plaza |
100 | % | May 2015 | 6.4 | % | 4,770,000 | ||||||||||
| Oak Ridge Shopping Center |
100 | % | May 2015 | 5.5 | % | 3,293,000 | ||||||||||
| Pine Grove Plaza |
100 | % | Sep 2015 | 5.0 | % | 5,455,000 | ||||||||||
| Groton Shopping Center |
100 | % | Oct 2015 | 5.3 | % | 11,475,000 | ||||||||||
| Southington Shopping Center |
100 | % | Nov 2015 | 5.1 | % | 5,462,000 | ||||||||||
| Jordan Lane |
100 | % | Dec 2015 | 5.5 | % | 12,384,000 | ||||||||||
| Oakland Mills |
100 | % | Jan 2016 | 5.5 | % | 4,657,000 | ||||||||||
| Smithfield Plaza |
100 | % | May 2016 | 6.2 | % | 6,800,000 | ||||||||||
| Franklin Village Plaza |
100 | % | Aug 2016 | 4.1 | % | 42,981,000 | ||||||||||
| West Bridgewater |
100 | % | Sep 2016 | 6.2 | % | 10,581,000 | ||||||||||
| Carman’s Plaza |
100 | % | Oct 2016 | 6.2 | % | 33,500,000 | ||||||||||
| Hamburg Commons |
100 | % | Oct 2016 | 6.1 | % | 4,928,000 | ||||||||||
| Meadows Marketplace |
100 | % | Nov 2016 | 5.6 | % | 9,823,000 | ||||||||||
| San Souci Plaza |
40 | % | Dec 2016 | 6.2 | % | 27,200,000 | ||||||||||
| Camp Hill Shopping Center |
100 | % | Jan 2017 | 5.5 | % | 64,250,000 | ||||||||||
| Golden Triangle |
100 | % | Feb 2018 | 6.0 | % | 20,052,000 | ||||||||||
| Gold Star Plaza |
100 | % | May 2019 | 7.3 | % | 1,729,000 | ||||||||||
| Swede Square |
100 | % | Nov 2020 | 5.5 | % | 10,311,000 | ||||||||||
| Colonial Commons |
100 | % | Feb 2021 | 5.5 | % | 27,272,000 | ||||||||||
| Townfair Center |
100 | % | Jul 2021 | 5.2 | % | 16,050,000 | ||||||||||
| Virginia Little Creek |
100 | % | Sep 2021 | 8.0 | % | 322,000 | ||||||||||
| The Point |
100 | % | Nov 2022 | 4.5 | % | 29,960,000 | ||||||||||
| Metro Square |
100 | % | Nov 2029 | 7.5 | % | 8,520,000 | ||||||||||
|
|
|
|||||||||||||||
| Total Fixed-Rate Mortgages |
3.9 years | 5.6 | % | $ | 543,722,000 | |||||||||||
|
|
|
|||||||||||||||
| weighted average | ||||||||||||||||
9
CEDAR REALTY TRUST, INC.
Summary of Outstanding Debt (Continued)
As of December 31, 2012
| Percent | Maturity | Interest | Stated | |||||||||||||
|
Property |
Owned | Date | rate (a) | contract amounts | ||||||||||||
| Variable-rate mortgage: |
||||||||||||||||
| Upland Square |
100 | %(c) | Oct 2013 | (d) | 3.0 | % | 60,417,000 | |||||||||
|
|
|
|||||||||||||||
| Total mortgages at stated contract amounts |
3.6 years | 5.3 | % | 604,139,000 | ||||||||||||
| weighted average | ||||||||||||||||
| Unamortized discount/premium |
1,077,000 | |||||||||||||||
|
|
|
|||||||||||||||
| Total mortgage debt (including unamortized discount/premium) |
605,216,000 | |||||||||||||||
|
|
|
|||||||||||||||
| Corporate Credit Facility: | ||||||||||||||||
| Revolving facility |
Jan 2015 | (d) | 2.8 | % | 81,000,000 | |||||||||||
| Term loan |
Jan 2016 | (d) | 2.8 | % | 75,000,000 | |||||||||||
|
|
|
|||||||||||||||
| 2.6 years | 2.8 | % | 156,000,000 | |||||||||||||
|
|
|
|||||||||||||||
| weighted average | ||||||||||||||||
| Total Consolidated Debt (Excluding Held for Sale/Conveyance Mortgage Debt) |
3.4 years | 4.8 | % | $ | 761,216,000 | |||||||||||
|
|
|
|||||||||||||||
| weighteds average | ||||||||||||||||
| Pro-rata share of total debt reconciliation: | ||||||||||||||||
| Total consolidated debt (excluding held for sale/conveyance mortgage debt) |
$ | 761,216,000 | ||||||||||||||
| Less pro-rata share attributable to consolidated joint venture minority interests |
(32,334,000 | ) | ||||||||||||||
| Plus pro-rata share attributable to properties held for sale/conveyance (e) |
23,258,000 | |||||||||||||||
|
|
|
|||||||||||||||
| Pro-rata share of total debt |
$ | 752,140,000 | ||||||||||||||
|
|
|
|||||||||||||||
| Pro-rata share of fixed debt |
$ | 535,723,000 | ||||||||||||||
| Pro-rata share of variable debt |
216,417,000 | |||||||||||||||
|
|
|
|||||||||||||||
| Pro-rata share of total debt |
$ | 752,140,000 | ||||||||||||||
|
|
|
|||||||||||||||
| Percentage of pro-rata fixed debt |
71.2 | % | ||||||||||||||
| Percentage of pro-rata variable debt |
28.8 | % | ||||||||||||||
|
|
|
|||||||||||||||
| 100.0 | % | |||||||||||||||
|
|
|
|||||||||||||||
| (a) | For variable rate debt, rate in effect as of December 31, 2012. |
| (b) | Mortgages repaid in January or February 2013. |
| (c) | Although the ownership percentage for this joint venture is 60%, the Company has included 100% of this joint venture’s debt and results of operations in its pro-rata calculations, based on partnership earnings promotes, a loan guaranty, and/or other terms of the related joint venture agreement. |
| (d) | Each of these loans is subject to a one-year extension option. |
| (e) | See “Summary of Outstanding Debt—Held for Sale Properties.” |
10
CEDAR REALTY TRUST, INC.
Summary of Debt Maturities
As of December 31, 2012
| Consolidated, Excluding Mortgages on Properties Held for Sale (a) |
||||||||||||||||||||||||||||||||
| Maturity schedule by year |
Cedar pro-rata share of: | JV Partners pro-rata share of: | ||||||||||||||||||||||||||||||
| Scheduled Amortization |
Balloon Payments |
Credit Facility |
Total | Scheduled Amortization |
Balloon Payments |
Total | Total | |||||||||||||||||||||||||
| 2013 |
$ | 3,989,000 | $ | 114,607,000 | (b) | $ | — | $ | 118,596,000 | $ | — | $ | — | $ | — | $ | 118,596,000 | |||||||||||||||
| 2014 |
6,988,000 | 100,656,000 | — | 107,644,000 | — | — | — | 107,644,000 | ||||||||||||||||||||||||
| 2015 |
5,823,000 | 51,301,000 | 81,000,000 | (c) | 138,124,000 | — | 16,419,000 | 16,419,000 | 154,543,000 | |||||||||||||||||||||||
| 2016 |
4,691,000 | 118,694,000 | 75,000,000 | (c) | 198,385,000 | — | 16,320,000 | 16,320,000 | 214,705,000 | |||||||||||||||||||||||
| 2017 |
2,896,000 | 60,478,000 | — | 63,374,000 | — | — | — | 63,374,000 | ||||||||||||||||||||||||
| 2018 |
2,389,000 | 31,941,000 | — | 34,330,000 | — | — | — | 34,330,000 | ||||||||||||||||||||||||
| 2019 |
2,078,000 | — | — | 2,078,000 | — | — | — | 2,078,000 | ||||||||||||||||||||||||
| 2020 |
2,025,000 | 8,849,000 | — | 10,874,000 | — | — | — | 10,874,000 | ||||||||||||||||||||||||
| 2021 |
1,277,000 | 22,383,000 | — | 23,660,000 | — | — | — | 23,660,000 | ||||||||||||||||||||||||
| 2022 |
1,039,000 | 24,323,000 | — | 25,362,000 | — | — | — | 25,362,000 | ||||||||||||||||||||||||
| Thereafter |
4,497,000 | 476,000 | — | 4,973,000 | — | — | — | 4,973,000 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| $ | 37,692,000 | $ | 533,708,000 | $ | 156,000,000 | $ | 727,400,000 | $ | — | $ | 32,739,000 | $ | 32,739,000 | $ | 760,139,000 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| (a) | Amounts exclude unamortized discounts/premiums. |
| (b) | Includes $59.7 million of property-specific construction financing, due in October 2013, subject to a one-year extension option. |
| (c) | Each of the amounts due in 2015 and 2016 is subject to a one-year extension option. |
11
CEDAR REALTY TRUST, INC.
Preferred Stock Activity
| Series A 8.875% | Series B 7.25% (a) | |||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Balance, December 31, 2011 |
6,400,000 | $ | 158,575,000 | — | $ | — | ||||||||||
| Initial Series B Offering and Series A Redemption |
(360,000 | ) | (8,920,000 | ) | 400,000 | 9,200,000 | ||||||||||
| “At-The-Market” Series B Sales and Open Market Series A Purchases |
(127,000 | ) | (3,148,000 | ) | 199,000 | 4,581,000 | ||||||||||
| Follow-on Series B Offering and Series A Redemptions |
(4,505,000 | ) | (111,625,000 | ) | 4,830,000 | 115,006,000 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Balance, December 31, 2012 |
1,408,000 | 34,882,000 | 5,429,000 | 128,787,000 | ||||||||||||
| At-The-Market Series B Sales |
— | — | 221,000 | 5,330,000 | ||||||||||||
| Follow-on Series B Offering and Series A Redemption |
(1,408,000 | ) | (34,882,000 | ) | 2,300,000 | 55,616,000 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Balance, February 28, 2013 |
— | $ | — | 7,950,000 | $ | 189,733,000 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) | Shares of Series B stock were sold at a discount. The yield for shares sold in 2012 was 7.6% ; the yield for shares sold in 2013 was 7.4% |
12
CEDAR REALTY TRUST, INC.
Real Estate Summary
As of December 31, 2012
| Average | ||||||||||||||||||||||||||||||
| Percent | Year | Percent | base rent per | Major Tenants (a) |
||||||||||||||||||||||||||
| Property Description |
State | owned | acquired | GLA | occupied | leased sq. ft. | Name |
GLA | ||||||||||||||||||||||
| Connecticut |
||||||||||||||||||||||||||||||
| Groton Shopping Center |
CT | 100 | % | 2007 | 117,186 | 84.3 | % | $ | 11.65 | TJ Maxx | 30,000 | |||||||||||||||||||
| Jordan Lane |
CT | 100 | % | 2005 | 177,504 | 99.2 | % | 10.89 | Stop & Shop | 60,632 | ||||||||||||||||||||
| CW Price | 39,280 | |||||||||||||||||||||||||||||
| Retro Fitness | 20,283 | |||||||||||||||||||||||||||||
| New London Mall |
CT | 40 | % | 2009 | 259,293 | 94.2 | % | 14.24 | Shop Rite | 64,017 | ||||||||||||||||||||
| Marshalls | 30,354 | |||||||||||||||||||||||||||||
| Homegoods | 25,432 | |||||||||||||||||||||||||||||
| Petsmart | 23,500 | |||||||||||||||||||||||||||||
| AC Moore | 20,932 | |||||||||||||||||||||||||||||
| Oakland Commons |
CT | 100 | % | 2007 | 90,100 | 100.0 | % | 6.37 | Wal-Mart | 54,911 | ||||||||||||||||||||
| Bristol Ten Pin | 35,189 | |||||||||||||||||||||||||||||
| Southington Shopping Center |
CT | 100 | % | 2003 | 155,842 | 97.8 | % | 6.85 | Wal-Mart | 95,482 | ||||||||||||||||||||
| NAMCO | 20,000 | |||||||||||||||||||||||||||||
| The Brickyard |
CT | 100 | % | 2004 | 249,200 | 68.2 | % | 7.58 | Home Depot | 103,003 | ||||||||||||||||||||
| Kohl’s | 58,966 | |||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| Total Connecticut |
1,049,125 | 88.8 | % | 10.15 | ||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| Maryland |
||||||||||||||||||||||||||||||
| Kenley Village |
MD | 100 | % | 2005 | 51,894 | 73.7 | % | 8.77 | Food Lion | 29,000 | ||||||||||||||||||||
| Metro Square |
MD | 100 | % | 2008 | 71,896 | 100.0 | % | 18.87 | Shoppers Food Warehouse | 58,668 | ||||||||||||||||||||
| Oakland Mills |
MD | 100 | % | 2005 | 58,224 | 100.0 | % | 13.39 | Food Lion | 43,470 | ||||||||||||||||||||
| San Souci Plaza |
MD | 40 | % | 2009 | 264,134 | 78.7 | % | 9.93 | Shoppers Food Warehouse | 61,466 | ||||||||||||||||||||
| Marshalls | 27,000 | |||||||||||||||||||||||||||||
| Maximum Health and Fitness | 15,612 | |||||||||||||||||||||||||||||
| St. James Square |
MD | 100 | % | 2005 | 39,903 | 100.0 | % | 11.42 | Food Lion | 33,000 | ||||||||||||||||||||
| Valley Plaza |
MD | 100 | % | 2003 | 190,939 | 100.0 | % | 4.98 | K-Mart | 95,810 | ||||||||||||||||||||
| Ollie’s Bargain Outlet | 41,888 | |||||||||||||||||||||||||||||
| Tractor Supply | 32,095 | |||||||||||||||||||||||||||||
| Yorktowne Plaza |
MD | 100 | % | 2007 | 158,982 | 91.1 | % | 13.32 | Food Lion | 37,692 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| Total Maryland |
835,972 | 90.0 | % | 10.47 | ||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| Massachusetts |
||||||||||||||||||||||||||||||
| Fieldstone Marketplace |
MA | 100 | % | 2005/2012 | 193,970 | 95.8 | % | 11.36 | Shaw’s | 68,000 | ||||||||||||||||||||
| Flagship Cinema | 41,975 | |||||||||||||||||||||||||||||
| New Bedford Wine and Spirits | 15,180 | |||||||||||||||||||||||||||||
| Franklin Village Plaza |
MA | 100 | % | 2004/2012 | 304,347 | 92.6 | % | 20.31 | Stop & Shop | 75,000 | ||||||||||||||||||||
| Marshalls | 26,890 | |||||||||||||||||||||||||||||
| Team Fitness | 15,807 | |||||||||||||||||||||||||||||
| Kings Plaza |
MA | 100 | % | 2007 | 168,243 | 92.7 | % | 6.15 | Work Out World | 42,997 | ||||||||||||||||||||
| CW Price | 28,504 | |||||||||||||||||||||||||||||
| Ocean State Job Lot | 20,300 | |||||||||||||||||||||||||||||
| Savers | 19,339 | |||||||||||||||||||||||||||||
| Norwood Shopping Center |
MA | 100 | % | 2006 | 102,459 | 98.2 | % | 7.32 | Hannaford Brothers | 42,598 | ||||||||||||||||||||
| Rocky’s Ace Hardware | 18,830 | |||||||||||||||||||||||||||||
| Dollar Tree | 16,798 | |||||||||||||||||||||||||||||
| Price Chopper Plaza |
MA | 100 | % | 2007 | 101,824 | 91.1 | % | 11.00 | Price Chopper | 58,545 | ||||||||||||||||||||
| The Shops at Suffolk Downs |
MA | 100 | % | 2005 | 121,251 | 86.8 | % | 12.62 | Stop & Shop | 74,977 | ||||||||||||||||||||
| Timpany Plaza |
MA | 100 | % | 2007 | 183,775 | 97.0 | % | 6.83 | Stop & Shop | 59,947 | ||||||||||||||||||||
| Big Lots | 28,027 | |||||||||||||||||||||||||||||
| Gardner Theater | 27,576 | |||||||||||||||||||||||||||||
| West Bridgewater Plaza |
MA | 100 | % | 2007 | 133,039 | 96.9 | % | 8.78 | Shaw’s | 57,315 | ||||||||||||||||||||
| Big Lots | 25,000 | |||||||||||||||||||||||||||||
| Planet Fitness | 15,000 | |||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| Total Massachusetts |
1,308,908 | 93.9 | % | 11.57 | ||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| New Jersey |
||||||||||||||||||||||||||||||
| Carll’s Corner |
NJ | 100 | % | 2007 | 129,582 | 85.4 | % | 8.85 | Acme Markets | 55,000 | ||||||||||||||||||||
| Peebles | 18,858 | |||||||||||||||||||||||||||||
| Pine Grove Plaza |
NJ | 100 | % | 2003 | 86,089 | 100.0 | % | 10.13 | Peebles | 24,963 | ||||||||||||||||||||
| Washington Center Shoppes |
NJ | 100 | % | 2001 | 157,394 | 93.4 | % | 8.82 | Acme Markets | 66,046 | ||||||||||||||||||||
| Planet Fitness | 20,742 | |||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| Total New Jersey |
373,065 | 92.1 | % | 9.16 | ||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
13
CEDAR REALTY TRUST, INC.
Real Estate Summary (Continued)
As of December 31, 2012
| Average | ||||||||||||||||||||||||||||||
| Percent | Year | Percent | base rent per | Major Tenants (a) |
||||||||||||||||||||||||||
| Property Description |
State | owned | acquired | GLA | occupied | leased sq. ft. | Name |
GLA | ||||||||||||||||||||||
| New York |
||||||||||||||||||||||||||||||
| Carman’s Plaza |
NY | 100 | % | 2007 | 194,082 | 91.8 | % | 17.11 | Pathmark | 52,211 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| Extreme Fitness | 27,598 | |||||||||||||||||||||||||||||
| Home Goods | 25,806 | |||||||||||||||||||||||||||||
| Department of Motor Vehicle | 19,310 | |||||||||||||||||||||||||||||
| Pennsylvania |
||||||||||||||||||||||||||||||
| Academy Plaza |
PA | 100 | % | 2001 | 137,662 | 90.3 | % | 13.63 | Acme Markets | 50,918 | ||||||||||||||||||||
| Camp Hill |
PA | 100 | % | 2002 | 470,117 | 99.3 | % | 13.56 | Boscov’s | 167,597 | ||||||||||||||||||||
| Giant Foods | 92,939 | |||||||||||||||||||||||||||||
| LA Fitness | 45,000 | |||||||||||||||||||||||||||||
| Orthopedic Inst of PA | 40,904 | |||||||||||||||||||||||||||||
| Barnes & Noble | 24,908 | |||||||||||||||||||||||||||||
| Staples | 20,000 | |||||||||||||||||||||||||||||
| Carbondale Plaza |
PA | 100 | % | 2004 | 120,689 | 100.0 | % | 6.76 | Weis Markets | 52,720 | ||||||||||||||||||||
| Peebles | 18,000 | |||||||||||||||||||||||||||||
| Circle Plaza |
PA | 100 | % | 2007 | 92,171 | 100.0 | % | 2.74 | K-Mart | 92,171 | ||||||||||||||||||||
| Colonial Commons |
PA | 100 | % | 2011 | 466,233 | 86.5 | % | 12.82 | Giant Foods | 67,815 | ||||||||||||||||||||
| Dick’s Sporting Goods | 56,000 | |||||||||||||||||||||||||||||
| L.A. Fitness | 41,325 | |||||||||||||||||||||||||||||
| Ross Dress For Less | 30,000 | |||||||||||||||||||||||||||||
| Marshalls | 27,000 | |||||||||||||||||||||||||||||
| JoAnn Fabrics | 25,500 | |||||||||||||||||||||||||||||
| David’s Furniture | 24,970 | |||||||||||||||||||||||||||||
| Office Max | 23,500 | |||||||||||||||||||||||||||||
| Crossroads II |
PA | 100 | %(b) | 2008 | 133,717 | 92.1 | % | 20.03 | Giant Foods | 78,815 | ||||||||||||||||||||
| Fairview Commons |
PA | 100 | % | 2007 | 42,314 | 53.3 | % | 9.68 | Family Dollar | 10,789 | ||||||||||||||||||||
| Fairview Plaza |
PA | 100 | % | 2003 | 71,979 | 100.0 | % | 12.39 | Giant Foods | 61,637 | ||||||||||||||||||||
| Fort Washington |
PA | 100 | % | 2002 | 41,000 | 100.0 | % | 19.90 | LA Fitness | 41,000 | ||||||||||||||||||||
| Gold Star Plaza |
PA | 100 | % | 2006 | 71,720 | 82.2 | % | 8.91 | Redner’s | 48,920 | ||||||||||||||||||||
| Golden Triangle |
PA | 100 | % | 2003 | 202,943 | 98.2 | % | 12.47 | LA Fitness | 44,796 | ||||||||||||||||||||
| Marshalls | 30,000 | |||||||||||||||||||||||||||||
| Staples | 24,060 | |||||||||||||||||||||||||||||
| Just Cabinets | 18,665 | |||||||||||||||||||||||||||||
| Aldi | 15,242 | |||||||||||||||||||||||||||||
| Halifax Plaza |
PA | 100 | % | 2003 | 51,510 | 100.0 | % | 11.89 | Giant Foods | 32,000 | ||||||||||||||||||||
| Hamburg Commons |
PA | 100 | % | 2004 | 99,580 | 96.4 | % | 6.52 | Redner’s | 56,780 | ||||||||||||||||||||
| Peebles | 19,683 | |||||||||||||||||||||||||||||
| Huntingdon Plaza |
PA | 100 | % | 2004 | 142,845 | 71.9 | % | 5.18 | Sears | 26,150 | ||||||||||||||||||||
| Peebles | 22,060 | |||||||||||||||||||||||||||||
| Lake Raystown Plaza |
PA | 100 | % | 2004 | 142,559 | 95.7 | % | 12.31 | Giant Foods | 63,835 | ||||||||||||||||||||
| Tractor Supply | 32,711 | |||||||||||||||||||||||||||||
| Liberty Marketplace |
PA | 100 | % | 2005 | 68,200 | 89.4 | % | 17.56 | Giant Foods | 55,000 | ||||||||||||||||||||
| Meadows Marketplace |
PA | 100 | % | 2004/2012 | 91,518 | 100.0 | % | 15.43 | Giant Foods | 67,907 | ||||||||||||||||||||
| Mechanicsburg Giant |
PA | 100 | % | 2005 | 51,500 | 100.0 | % | 21.78 | Giant Foods | 51,500 | ||||||||||||||||||||
| Newport Plaza |
PA | 100 | % | 2003 | 64,489 | 100.0 | % | 11.55 | Giant Foods | 43,400 | ||||||||||||||||||||
| Northside Commons |
PA | 100 | % | 2008 | 64,710 | 96.1 | % | 9.89 | Redner’s Market | 48,519 | ||||||||||||||||||||
| Palmyra Shopping Center |
PA | 100 | % | 2005 | 111,051 | 89.2 | % | 6.00 | Weis Markets | 46,912 | ||||||||||||||||||||
| Goodwill | 18,104 | |||||||||||||||||||||||||||||
| Port Richmond Village |
PA | 100 | % | 2001 | 154,908 | 96.8 | % | 12.51 | Thriftway | 40,000 | ||||||||||||||||||||
| Pep Boys | 20,615 | |||||||||||||||||||||||||||||
| City Stores, Inc. | 15,200 | |||||||||||||||||||||||||||||
| River View Plaza |
PA | 100 | % | 2003 | 226,786 | 90.5 | % | 18.63 | United Artists | 77,700 | ||||||||||||||||||||
| Avalon Carpet | 25,000 | |||||||||||||||||||||||||||||
| Pep Boys | 22,000 | |||||||||||||||||||||||||||||
| Staples | 18,000 | |||||||||||||||||||||||||||||
| South Philadelphia |
PA | 100 | % | 2003 | 283,415 | 79.3 | % | 14.58 | Shop Rite | 54,388 | ||||||||||||||||||||
| Ross Dress For Less | 31,349 | |||||||||||||||||||||||||||||
| L.A. Fitness | 31,000 | |||||||||||||||||||||||||||||
| Modell’s | 20,000 | |||||||||||||||||||||||||||||
14
CEDAR REALTY TRUST, INC.
Real Estate Summary (Continued)
As of December 31, 2012
| Average | ||||||||||||||||||||||||||||||
| Percent | Year | Percent | base rent per | Major Tenants (a) |
||||||||||||||||||||||||||
| Property Description |
State | owned | acquired | GLA | occupied | leased sq. ft. | Name |
GLA | ||||||||||||||||||||||
| Pennsylvania (continued) |
||||||||||||||||||||||||||||||
| Swede Square |
PA | 100 | % | 2003 | 100,816 | 97.0 | % | 16.10 | LA Fitness | 37,200 | ||||||||||||||||||||
| The Commons |
PA | 100 | % | 2004 | 203,426 | 87.5 | % | 9.34 | Bon-Ton | 54,500 | ||||||||||||||||||||
| Shop ‘n Save | 52,654 | |||||||||||||||||||||||||||||
| TJ Maxx | 24,404 | |||||||||||||||||||||||||||||
| The Point |
PA | 100 | % | 2000 | 268,037 | 99.0 | % | 12.41 | Burlington Coat Factory | 76,665 | ||||||||||||||||||||
| Giant Foods | 76,627 | |||||||||||||||||||||||||||||
| AC Moore | 24,890 | |||||||||||||||||||||||||||||
| Staples | 24,000 | |||||||||||||||||||||||||||||
| Townfair Center |
PA | 100 | % | 2004 | 218,662 | 100.0 | % | 9.11 | Lowe’s Home Centers | 95,173 | ||||||||||||||||||||
| Giant Eagle | 83,821 | |||||||||||||||||||||||||||||
| Michael’s Store | 17,592 | |||||||||||||||||||||||||||||
| Trexler Mall |
PA | 100 | % | 2005 | 339,363 | 88.7 | % | 9.66 | Kohl’s | 88,248 | ||||||||||||||||||||
| Bon-Ton | 62,000 | |||||||||||||||||||||||||||||
| Lehigh Wellness Partners | 30,594 | |||||||||||||||||||||||||||||
| Trexlertown Fitness Club | 28,870 | |||||||||||||||||||||||||||||
| Marshall’s | 28,572 | |||||||||||||||||||||||||||||
| Trexlertown Plaza |
PA | 100 | % | 2006 | 316,143 | 78.9 | % | 13.22 | Giant Foods | 78,335 | ||||||||||||||||||||
| Redner’s | 47,900 | |||||||||||||||||||||||||||||
| Big Lots | 33,824 | |||||||||||||||||||||||||||||
| Sears | 22,500 | |||||||||||||||||||||||||||||
| Tractor Supply | 19,097 | |||||||||||||||||||||||||||||
| Upland Square |
PA | |
100 |
% (b) |
2007 | 391,578 | 92.8 | % | 16.92 | Giant Foods | 78,900 | |||||||||||||||||||
| Carmike Cinema | 45,276 | |||||||||||||||||||||||||||||
| LA Fitness | 42,000 | |||||||||||||||||||||||||||||
| Best Buy | 30,000 | |||||||||||||||||||||||||||||
| TJ Maxx | 25,000 | |||||||||||||||||||||||||||||
| Bed, Bath & Beyond | 24,721 | |||||||||||||||||||||||||||||
| A.C. Moore | 21,600 | |||||||||||||||||||||||||||||
| Staples | 18,336 | |||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| Total Pennsylvania |
5,241,641 | 91.5 | % | 12.63 | ||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| Virginia |
||||||||||||||||||||||||||||||
| Annie Land Plaza |
VA | 100 | % | 2006 | 42,500 | 97.2 | % | 9.39 | Food Lion | 29,000 | ||||||||||||||||||||
| Coliseum Marketplace |
VA | 100 | % | 2005 | 105,998 | 100.0 | % | 15.97 | Farm Fresh | 57,662 | ||||||||||||||||||||
| Michael’s | 23,981 | |||||||||||||||||||||||||||||
| Elmhurst Square |
VA | 100 | % | 2006 | 66,250 | 89.1 | % | 9.46 | Food Lion | 38,272 | ||||||||||||||||||||
| General Booth Plaza |
VA | 100 | % | 2005 | 71,639 | 96.6 | % | 12.89 | Farm Fresh | 53,758 | ||||||||||||||||||||
| Kempsville Crossing |
VA | 100 | % | 2005 | 94,477 | 97.3 | % | 11.21 | Farm Fresh | 73,878 | ||||||||||||||||||||
| Martin’s at Glen Allen |
VA | 100 | % | 2005 | 63,328 | 100.0 | % | 6.61 | Martin’s | 63,328 | ||||||||||||||||||||
| Oak Ridge Shopping Center |
VA | 100 | % | 2006 | 38,700 | 100.0 | % | 10.56 | Food Lion | 33,000 | ||||||||||||||||||||
| Smithfield Plaza |
VA | 100 | % | 2005/2008 | 134,664 | 96.4 | % | 9.23 | Farm Fresh | 45,544 | ||||||||||||||||||||
| Maxway | 21,600 | |||||||||||||||||||||||||||||
| Peebles | 21,600 | |||||||||||||||||||||||||||||
| Suffolk Plaza |
VA | 100 | % | 2005 | 67,216 | 100.0 | % | 9.40 | Farm Fresh | 67,216 | ||||||||||||||||||||
| Ukrop’s at Fredericksburg |
VA | 100 | % | 2005 | 63,000 | 100.0 | % | 18.47 | Ukrop’s Supermarket | 63,000 | ||||||||||||||||||||
| Virginia Little Creek |
VA | 100 | % | 2005 | 69,620 | 100.0 | % | 11.12 | Farm Fresh | 66,120 | ||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| Total Virginia |
817,392 | 97.8 | % | 11.46 | ||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| Total Consolidated Properties, Excluding Held for Sale/Conveyance Properties—“Operating Portfolio” |
9,820,185 | 91.9 | % | 11.90 | ||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||
| (a) | Major tenants are determined as tenants with 15,000 or more sq.ft of GLA, tenants at single-tenant properties, or the largest tenant at a property. |
| (b) | Although the ownership percentages for these joint ventures is 60%, the Company has included 100% of these joint ventures’ debt and results of operations in its pro-rata calculations, based on partnership earnings promotes, loan guaranties, and/or other terms of the related joint venture agreements. |
15
CEDAR REALTY TRUST, INC.
Leasing Activity
| Three months
ended December 31, 2012 |
Year
ended December 31, 2012 |
|||||||
| Renewals (a) |
||||||||
| Leases signed |
26 | 111 | ||||||
| Square feet |
130,000 | 486,000 | ||||||
| New rent per sq.ft (b) |
$ | 15.52 | $ | 13.14 | ||||
| Prior rent per sq. ft (b) |
$ | 14.43 | $ | 12.20 | ||||
| Cash basis % change |
7.6 | % | 7.7 | % | ||||
| Tenant improvements per sq. ft. (c) |
$ | 0.00 | $ | 0.00 | ||||
| Average lease term (years) |
4.5 | 4.5 | ||||||
| New Leases |
||||||||
| Leases signed |
14 | 48 | ||||||
| Square feet |
60,000 | 229,000 | ||||||
| New rent per sq.ft (b) |
$ | 17.14 | $ | 14.48 | ||||
| Tenant improvements per sq. ft. (c) |
$ | 7.35 | $ | 9.23 | ||||
| Average lease term (years) |
8.2 | 9.6 | ||||||
| Renewals and New Leases |
||||||||
| Leases signed |
40 | 159 | ||||||
| Square feet |
190,000 | 715,000 | ||||||
| New rent per sq.ft (b) |
$ | 16.03 | $ | 13.57 | ||||
| Tenant improvements per sq. ft. (c) |
$ | 2.32 | $ | 2.95 | ||||
| Average lease term (years) |
5.6 | 6.1 | ||||||
| (a) | Includes leases that renewed with no increase pursuant to their terms. The renewal results, excluding such leases with no contractual increase, would have been as follows: |
| Three months ended | Year ended | |||||||
| December 31, 2012 | December 31, 2012 | |||||||
| Leases signed |
23 | 93 | ||||||
| Square feet |
117,000 | 391,000 | ||||||
| Cash basis % change |
8.6 | % | 8.9 | % | ||||
| (b) | 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. |
| (c) | Includes tenant allowance and landlord work. Excludes first generation space. |
16
CEDAR REALTY TRUST, INC.
Tenant Concentration (Based on Annualized Base Rent)
As of December 31, 2012
| Number of stores |
Annualized | Percentage | ||||||||||||||||||||||
| Annualized | base rent | annualized | ||||||||||||||||||||||
| Tenant |
GLA | % of GLA | base rent | per sq. ft. | base rents | |||||||||||||||||||
| Top twenty tenants (a): |
||||||||||||||||||||||||
| Giant Foods |
14 | 912,000 | 9.3 | % | $ | 13,789,000 | $ | 15.12 | 12.8 | % | ||||||||||||||
| LA Fitness |
7 | 282,000 | 2.9 | % | 4,447,000 | 15.77 | 4.1 | % | ||||||||||||||||
| Farm Fresh |
6 | 364,000 | 3.7 | % | 3,909,000 | 10.74 | 3.6 | % | ||||||||||||||||
| Stop & Shop |
4 | 271,000 | 2.8 | % | 2,805,000 | 10.35 | 2.6 | % | ||||||||||||||||
| Dollar Tree |
19 | 194,000 | 2.0 | % | 1,928,000 | 9.94 | 1.8 | % | ||||||||||||||||
| Food Lion |
7 | 243,000 | 2.5 | % | 1,925,000 | 7.92 | 1.8 | % | ||||||||||||||||
| Staples |
5 | 104,000 | 1.1 | % | 1,701,000 | 16.36 | 1.6 | % | ||||||||||||||||
| Shop Rite |
2 | 118,000 | 1.2 | % | 1,695,000 | 14.36 | 1.6 | % | ||||||||||||||||
| Redner’s |
4 | 202,000 | 2.1 | % | 1,514,000 | 7.50 | 1.4 | % | ||||||||||||||||
| United Artist |
1 | 78,000 | 0.8 | % | 1,411,000 | 18.09 | 1.3 | % | ||||||||||||||||
| Shaw’s |
2 | 125,000 | 1.3 | % | 1,389,000 | 11.11 | 1.3 | % | ||||||||||||||||
| Marshall’s |
6 | 170,000 | 1.7 | % | 1,366,000 | 8.04 | 1.3 | % | ||||||||||||||||
| Shoppers Food Warehouse |
2 | 120,000 | 1.2 | % | 1,237,000 | 10.31 | 1.2 | % | ||||||||||||||||
| Ukrop’s |
1 | 63,000 | 0.6 | % | 1,163,000 | 18.46 | 1.1 | % | ||||||||||||||||
| Kohl’s Department Store |
2 | 149,000 | 1.5 | % | 1,113,000 | 7.47 | 1.0 | % | ||||||||||||||||
| Carmike Cinema |
1 | 45,000 | 0.5 | % | 1,034,000 | 22.98 | 1.0 | % | ||||||||||||||||
| Giant Eagle |
1 | 84,000 | 0.9 | % | 922,000 | 10.98 | 0.9 | % | ||||||||||||||||
| Wal-Mart |
2 | 150,000 | 1.5 | % | 838,000 | 5.59 | 0.8 | % | ||||||||||||||||
| Dick’s Sporting Goods |
1 | 56,000 | 0.6 | % | 812,000 | 14.50 | 0.8 | % | ||||||||||||||||
| Rite Aid |
5 | 54,000 | 0.5 | % | 799,000 | 14.80 | 0.7 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Sub-total top twenty tenants |
92 | 3,784,000 | 38.5 | % | 45,797,000 | 12.10 | 42.6 | % | ||||||||||||||||
| Remaining tenants |
821 | 5,244,000 | 53.4 | % | 61,639,000 | 11.75 | 57.4 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Sub-total all tenants (b) |
913 | 9,028,000 | 91.9 | % | $ | 107,436,000 | $ | 11.90 | 100.0 | % | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Vacant space |
N/A | 792,000 | 8.1 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Total |
913 | 9,820,000 | 100.0 | % | ||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| (a) | Several of the tenants listed above share common ownership with other tenants: |
| (1) | Giant Foods, Stop & Shop, and Martin’s at Glen Allen (GLA of 63,000; annualized base rent of $418,000), and (2) Farm Fresh, Shaw’s, Shop ‘n Save (GLA of 53,000; annualized base rent of $412,000) , Shoppers Food Warehouse, and Acme Markets (GLA of 172,000; annualized base rent of $756,000). |
| (b) | Comprised of large tenants (greater than 15,000 sq. ft.) and small tenants as follows: |
| Annualized | Percentage | |||||||||||||||||||
| Annualized | base rent | annualized | ||||||||||||||||||
| GLA | % of GLA | base rent | per sq. ft. | base rents | ||||||||||||||||
| Large tenants |
6,322,000 | 70.0 | % | $ | 63,681,000 | $ | 10.07 | 59.3 | % | |||||||||||
| Small tenants |
2,706,000 | 30.0 | % | 43,755,000 | 16.17 | 40.7 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
9,028,000 | 100.0 | % | $ | 107,436,000 | $ | 11.90 | 100.0 | % | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
17
CEDAR REALTY TRUST, INC.
Lease Expirations
As of December 31, 2012
| Percentage | ||||||||||||||||||||||||
| Number | Percentage | Annualized | Annualized | of annualized | ||||||||||||||||||||
| Year of lease | of leases | GLA | of GLA | expiring | expiring base | expiring | ||||||||||||||||||
| expiration |
expiring | expiring | expiring | base rents | rents per sq. ft. | base rents | ||||||||||||||||||
| Month-To-Month |
36 | 92,000 | 1.0 | % | $ | 1,275,000 | $ | 13.86 | 1.2 | % | ||||||||||||||
| 2013 |
120 | 460,000 | 5.1 | % | 6,344,000 | 13.79 | 5.9 | % | ||||||||||||||||
| 2014 |
146 | 1,269,000 | 14.1 | % | 12,177,000 | 9.60 | 11.3 | % | ||||||||||||||||
| 2015 |
148 | 1,282,000 | 14.2 | % | 13,852,000 | 10.80 | 12.9 | % | ||||||||||||||||
| 2016 |
114 | 922,000 | 10.2 | % | 10,172,000 | 11.03 | 9.5 | % | ||||||||||||||||
| 2017 |
113 | 912,000 | 10.1 | % | 11,838,000 | 12.98 | 11.0 | % | ||||||||||||||||
| 2018 |
57 | 643,000 | 7.1 | % | 8,533,000 | 13.27 | 7.9 | % | ||||||||||||||||
| 2019 |
27 | 332,000 | 3.7 | % | 3,878,000 | 11.68 | 3.6 | % | ||||||||||||||||
| 2020 |
34 | 880,000 | 9.7 | % | 8,208,000 | 9.33 | 7.6 | % | ||||||||||||||||
| 2021 |
37 | 419,000 | 4.6 | % | 6,262,000 | 14.95 | 5.8 | % | ||||||||||||||||
| 2022 |
20 | 139,000 | 1.5 | % | 1,895,000 | 13.63 | 1.8 | % | ||||||||||||||||
| 2023 |
16 | 168,000 | 1.9 | % | 2,225,000 | 13.24 | 2.1 | % | ||||||||||||||||
| Thereafter |
45 | 1,510,000 | 16.7 | % | 20,777,000 | 13.76 | 19.3 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| All tenants |
913 | 9,028,000 | 100.0 | % | $ | 107,436,000 | $ | 11.90 | 100.0 | % | ||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Vacant space |
N/A | 792,000 | N/A | |||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| Total portfolio |
913 | 9,820,000 | N/A | |||||||||||||||||||||
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|
|||||||||||||||||||
18
CEDAR REALTY TRUST, INC.
Same-Property Net Operating Income (“Same-property NOI”)
Same-Property (a) (b)
| Three months ended December 31, | Percent | |||||||||||
| 2012 | 2011 | Change | ||||||||||
| Base Rents |
$ | 20,712,000 | $ | 20,609,000 | 0.5 | % | ||||||
| Expense Recoveries |
5,575,000 | 5,396,000 | 3.3 | % | ||||||||
|
|
|
|
|
|||||||||
| Total Revenues |
26,287,000 | 26,005,000 | 1.1 | % | ||||||||
| Operating expenses |
7,760,000 | 7,573,000 | 2.5 | % | ||||||||
|
|
|
|
|
|||||||||
| NOI |
$ | 18,527,000 | $ | 18,432,000 | 0.5 | % | ||||||
|
|
|
|
|
|||||||||
| Occupancy |
93.6 | % | 93.2 | % | ||||||||
| Number of same properties |
61 | 61 | ||||||||||
| NOI growth, excluding dark anchor impact (c) | 1.6% | |||||||||||
| Years ended December 31, | Percent | |||||||||||
| 2012 | 2011 | Change | ||||||||||
| Base Rents |
$ | 79,441,000 | $ | 79,119,000 | 0.4 | % | ||||||
| Expense Recoveries |
20,618,000 | 21,712,000 | -5.0 | % | ||||||||
|
|
|
|
|
|||||||||
| Total Revenues |
100,059,000 | 100,831,000 | -0.8 | % | ||||||||
| Operating expenses |
28,825,000 | 30,349,000 | -5.0 | % | ||||||||
|
|
|
|
|
|||||||||
| NOI |
$ | 71,234,000 | $ | 70,482,000 | 1.1 | % | ||||||
|
|
|
|
|
|||||||||
| Occupancy |
93.6 | % | 93.2 | % | ||||||||
| Number of same properties |
59 | 59 | ||||||||||
| NOI growth, excluding dark anchor impact (c) |
1.8% | |||||||||||
| (a) | Same properties include only those consolidated properties that were owned and operated for the entirety of both periods being compared, except for properties undergoing redevelopment and expansion until such properties have stabilized, and properties classified as “held for sale/conveyance”. |
| (b) | 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. |
| (c) | Excludes the down time impact prior to Wal-Mart taking possession of the space at Oakland Commons, located in Bristol, CT. |
19
CEDAR REALTY TRUST, INC.
Acquisitions and Dispositions
| Date | Purchase | |||||||||||||
| Acquisitions of noncontrolling interests in consolidated properties |
Location | GLA | Acquired | Price | ||||||||||
| Meadows Marketplace (80 % interest) (b) |
Hershey, PA | 91,518 | 10/12/2012 | $ | 13,375,000 | |||||||||
| Fieldstone Marketplace (80% interest) (b) |
New Bedford, MA | 193,970 | 10/12/2012 | 13,955,000 | ||||||||||
|
|
|
|||||||||||||
| $ | 27,330,000 | |||||||||||||
|
|
|
|||||||||||||
| Date | Purchase | |||||||||||||
| Acquisition of unconsolidated joint venture property |
Location | GLA | Acquired | Price | ||||||||||
| Franklin Village Plaza (a) |
Franklin, MA | 304,347 | 10/10/2012 | $ | 75,127,000 | |||||||||
|
|
|
|||||||||||||
| Date | Sales | |||||||||||||
| Dispositions of consolidated properties |
Location | GLA | Sold | Price | ||||||||||
| Hilliard Discount Drug Mart Plaza |
Hilliard, OH | 40,988 | 2/7/2012 | $ | 1,434,000 | |||||||||
| First Merit Bank at Akron |
Akron, OH | 3,200 | 2/23/2012 | 633,000 | ||||||||||
| Grove City Discount Drug Mart Plaza |
Grove City, OH | 40,848 | 3/12/2012 | 1,925,000 | ||||||||||
| CVS at Naugatuck (50% interest) |
Naugatuck, CT | 13,225 | 3/20/2012 | 3,350,000 | ||||||||||
| CVS at Bradford |
Bradford, PA | 10,722 | 3/30/2012 | 967,000 | ||||||||||
| CVS at Celina |
Celina, OH | 10,195 | 3/30/2012 | 1,449,000 | ||||||||||
| CVS at Erie |
Erie, PA | 10,125 | 3/30/2012 | 1,278,000 | ||||||||||
| CVS at Portage Trail |
Akron, OH | 10,722 | 3/30/2012 | 1,061,000 | ||||||||||
| Rite Aid at Massillon |
Massillon, OH | 10,125 | 3/30/2012 | 1,492,000 | ||||||||||
| Kingston Plaza |
Kingston, NY | 5,324 | 4/12/2012 | 1,182,000 | ||||||||||
| Stadium Plaza |
East Lansing, MI | 77,688 | 5/3/2012 | 5,400,000 | ||||||||||
| Blue Mountain Commons (land parcel) |
Harrisburg. PA | N/A | 6/19/2012 | 102,000 | ||||||||||
| Oregon Pike (land parcel) |
Lancaster, PA | N/A | 6/28/2012 | 1,100,000 | ||||||||||
| Trindle Springs (land parcel) |
Mechanicsburg, PA | N/A | 7/20/2012 | 800,000 | ||||||||||
| Aston (land parcel) |
Aston, PA | N/A | 7/27/2012 | 1,365,000 | ||||||||||
| Homburg Joint Venture (20 % interest in seven properties) (b) |
Various | 560,772 | 10/12/2012 | 23,642,000 | ||||||||||
| The Point at Carlisle |
Carlisle, PA | 182,859 | 10/15/2012 | 7,350,000 | ||||||||||
| Wyoming (land parcel) |
Wyoming, MI | N/A | 11/16/2012 | 1,000,000 | ||||||||||
|
|
|
|||||||||||||
| Total |
$ | 55,530,000 | ||||||||||||
|
|
|
|||||||||||||
| Date | Sales | |||||||||||||
| Dispositions of unconsolidated joint venture properties |
Location | GLA | Sold | Price | ||||||||||
| Cedar/RioCan Joint Venture (20% interest in 21 properties) (a) |
Various | 3,406,927 | 10/10/2012 | $ | 119,521,000 | |||||||||
|
|
|
|||||||||||||
| (a) | On October 10, 2012, the Company exited the 20% Cedar / 80% RioCan joint venture. Pursuant to the underlying agreements, the Company exchanged its 20% interest in the joint venture for a 100% ownerhsip in Franklin Village Plaza and $41.6 million in cash. |
| (b) | On October 12, 2012, the Company concluded definitive agreements with Homburg Invest Inc. (“HII”) relating to the application of the buy/sell provisions of the joint venture agreements, pursuant to which the Company (i) acquired HII’s 80% ownership interest in two properties, and (ii) the Company sold to HII its 20% ownership interests in the remaining seven properties. |
20
Properties Held For Sale/Conveyance
21
CEDAR REALTY TRUST, INC.
Summary of Real Estate Held for Sale/Conveyance
As of December 31, 2012
| Average | ||||||||||||||||||||||||||
| Percent | Percent | base rent per | Major Tenants (a) | |||||||||||||||||||||||
| Property Description |
State | owned | GLA | occupied | leased sq. ft. | Name | GLA | |||||||||||||||||||
| Ohio Discount Drug Mart Portfolio |
||||||||||||||||||||||||||
| Gahanna Discount Drug Mart Plaza |
OH | 100 | % | 48,667 | 82.3 | % | 13.90 | Discount Drug Mart | 24,592 | |||||||||||||||||
| Westlake Discount Drug Mart Plaza |
OH | 100 | % | 55,775 | 88.0 | % | 5.83 | BG Storage | 24,600 | |||||||||||||||||
| Discount Drug Mart | 24,480 | |||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| Total Ohio Discount Drug Mart Portfolio |
104,442 | 85.3 | % | 9.46 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| Single-Tenant/Triple-Net-Lease Properties | ||||||||||||||||||||||||||
| McCormick Place |
OH | 100 | % | 46,000 | 100.0 | % | 4.50 | Sam Levin Furniture | 46,000 | |||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| Malls |
||||||||||||||||||||||||||
| Columbia Mall |
PA | 100 | % | 352,544 | 85.0 | % | 4.30 | Sears | 64,264 | |||||||||||||||||
| Dunham Sports | 61,178 | |||||||||||||||||||||||||
| Bon-Ton | 45,000 | |||||||||||||||||||||||||
| J.C. Penny | 34,076 | |||||||||||||||||||||||||
| Shore Mall |
NJ | 100 | % | 459,058 | 92.0 | % | 7.55 | Boscov’s | 174,600 | |||||||||||||||||
| Burlington Coat Factory | 85,000 | |||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| Total Malls |
811,602 | 89.0 | % | 6.20 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| Other Non-Core Assets |
||||||||||||||||||||||||||
| Dunmore Shopping Center |
PA | 100 | % | 101,080 | 89.2 | % | 2.87 | Enyon Furniture Outlet | 40,000 | |||||||||||||||||
| Big Lots | 26,902 | |||||||||||||||||||||||||
| Steircycle | 22,680 | |||||||||||||||||||||||||
| East Chestnut |
PA | 100 | %(b) | 21,180 | 100.0 | % | 13.63 | Rite Aid | 11,180 | |||||||||||||||||
| Heritage Crossing |
PA | 100 | %(c) | 28,098 | 100.0 | % | 23.74 | Walgreens | 14,748 | |||||||||||||||||
| Oakhurst Plaza |
PA | 100 | % | 111,869 | 69.5 | % | 11.98 | Gold’s Gym | 40,214 | |||||||||||||||||
| Roosevelt II |
PA | 100 | % | 180,088 | 0.0 | % | — | Vacant | N/A | |||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| Total Other Non-Core Assets |
442,315 | 49.1 | % | 9.88 | ||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| Total Properties Held for Sale |
1,404,359 | 76.5 | % | $ | 7.14 | |||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| Land Parcels Previously Acquired for Development |
||||||||||||||||||||||||||
| Five land parcels in Pennsylvania |
PA | 100 | % | 74 | acres | |||||||||||||||||||||
| Shore Mall |
NJ | 100 | % | 50 | acres | |||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| Total Land Parcels Previously Acquired for Development |
124 | acres | ||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||
| (a) | Major tenants are determined as tenants with 15,000 or more sq.ft. of GLA, tenants at single-tenant properties, or the largest tenant at a property. |
| (b) | Property sold in January 2013. |
| (c) | Although the ownership percentage for this joint venture is stated at 60%, the Company has included 100% of this joint venture’s results of operations in its-pro-rata calculations, based on the terms of the related joint venture agreement. |
22
CEDAR REALTY TRUST, INC.
Properties Held for Sale/Conveyance—Summary of Outstanding Debt
As of December 31, 2012
| Stated | ||||||||||||||||
| Percent | Maturity | Interest | contract | |||||||||||||
| Property |
Owned | Date | rate | amounts | ||||||||||||
| Fixed-rate mortgages: | ||||||||||||||||
| Roosevelt II (a) |
100 | % | Mar 2012 | 6.5 | % | $ | 11,105,000 | |||||||||
| Gahanna DDM (a) (b) |
100 | % | Nov 2016 | 5.8 | % | 4,839,000 | ||||||||||
| Westlake DDM (a) (b) |
100 | % | Dec 2016 | 5.6 | % | 3,109,000 | ||||||||||
| McCormick Place (a) (b) |
100 | % | Aug 2017 | 6.1 | % | 2,547,000 | ||||||||||
| East Chestnut (c) |
100 | % | Apr 2018 | 7.4 | % | 1,538,000 | ||||||||||
|
|
|
|||||||||||||||
| Total fixed-rate mortgages |
1.8. years | 6.3 | % | 23,138,000 | ||||||||||||
| Unamortized premium |
120,000 | |||||||||||||||
|
|
|
|||||||||||||||
| Total mortgage debt (including unamortized premium) |
|
$ | 23,258,000 | |||||||||||||
|
|
|
|||||||||||||||
| (a) | These properties are in the process of being conveyed to their respective lenders, either through short sale, foreclosure, or deed-in-lieu of foreclosure processes. |
| (b) | Until the conveyances of the properties are completed, interest is being recorded (but not paid) at approximately 500 basis points higher than the stated rates. |
| (c) | Property sold in January 2013. |
23
CEDAR REALTY TRUST, INC.
Non-GAAP Financial Disclosures
Use of Funds From Operations (“FFO”)
FFO is a widely-recognized non-GAAP financial measure for REITs that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, FFO is useful to investors as 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 do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand a REIT’s operating performance. The Company considers FFO an important supplemental measure of its operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs.
The Company computes FFO in accordance with the “White Paper” published by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income applicable to common shareholders (determined in accordance with GAAP), excluding impairment charges, excluding gains or losses from debt restructurings and sales of properties, plus real estate-related depreciation and amortization, and after adjustments for partnerships and joint ventures (which are computed to reflect FFO on the same basis). FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income applicable to common shareholders or to cash flow from operating activities. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.
The Company also presents “Operating FFO”, which excludes certain items that are not indicative of the results provided by the Company’s operating portfolio and that affect the comparability of the Company’s period-over-period performance, such as management transition charges and employee termination costs, the accelerated write-off of deferred financing costs, mark-to-market adjustments related to share-based compensation, preferred stock redemption costs, acquisition transaction costs, and costs related to terminated projects.
Use of Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)
EBITDA is another widely-recognized non-GAAP financial measure that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful to investors and lenders in understanding financial performance and providing a relevant basis for comparison among other companies, including REITs. While EBITDA should not be considered as a substitute for net income attributable to the Company’s common shareholders, net operating income, cash flow from operating activities, or other income or cash flow data prepared in accordance with GAAP, the Company believes that EBITDA may provide additional information with respect to the Company’s performance or ability to meet its future debt service requirements, capital expenditures and working capital requirements. The Company computes EBITDA by excluding interest expense and amortization of deferred financing costs, and depreciation and amortization, from income from continuing operations.
The Company also presents “Adjusted EBITDA”, which excludes certain items that are not indicative of the results provided by the Company’s operating portfolio and that affect the comparability of the Company’s period-over-period performance, such as mark-to-market adjustments relating to share-based compensation, management transition charges and employee termination costs, gain/(loss) on exit from unconsolidated joint ventures, acquisition transaction costs, and costs related to terminated projects. The ratios of debt to Adjusted EBITDA, Adjusted EBITDA to interest expense, and Adjusted EBITDA to fixed charges are additional related measures of financial performance. Because EBITDA from one company to another excludes some, but not all, items that affect net income, the computations of EBITDA may vary from one company to another.
24