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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
Revenue by Segment
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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