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Dec 31, 2021
Cedar Realty Trust Inc Q4 2021 Earnings Report
Reported a net loss and signed contracts to sell the company and its assets in a series of all-cash transactions.
Key Takeaways
Cedar Realty Trust reported a net loss attributable to common shareholders of $(1.47) per diluted share for Q4 2021. The company signed agreements to sell its assets in a series of all-cash transactions, including a portfolio of 33 grocery-anchored shopping centers for $840.0 million and the sale of the Company and its remaining assets for $291.3 million.
NAREIT-defined Funds from operations (FFO) of $0.57 per diluted share for the quarter
Operating FFO of $0.57 per diluted share for the quarter
Collected 96.7% of base rents and monthly charges for the quarter
Same-property net operating income (NOI) increased 2.8% for the quarter
Cedar Realty Trust Inc
Cedar Realty Trust Inc
Cedar Realty Trust Inc Revenue by Segment
Revenue by Segment
Rental Revenues Revenue
CapyFin.com Forward Guidance
The company has entered into definitive agreements that will result in the sale of the Company and its assets in a series of related all-cash transactions.
Positive Outlook
- Agreement to sell a portfolio of 33 grocery-anchored shopping centers for $840.0 million
- Agreement to sell the Revelry redevelopment project for $34.0 million
- Negotiating a contract for the sale of the Northeast Heights redevelopment project for $46.5 million
- Agreement to sell the Company and its remaining assets for $291.3 million
- Acquirer of the portfolio of 33 grocery-anchored shopping centers has agreed to backstop the two redevelopment transactions at the aggregate price of $80.5 million if they do not close before the closing of the shopping center portfolio transaction
Challenges Ahead
- Economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic
- 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
- 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
- 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
- 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