Cedar Realty Trust, Inc.

NYSE:CDR 株式レポート

時価総額：US$385.4m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

Cedar Realty Trust 過去の業績

過去 基準チェック /06

主要情報

-43.12%

収益成長率

-42.67%

EPS成長率

REITs 業界の成長19.39%
収益成長率-6.75%
株主資本利益率-31.74%
ネット・マージン-110.40%
前回の決算情報30 Jun 2022

最近の業績更新

Recent updates

Seeking Alpha • Aug 09

Cedar Realty Trust shareholders to receive $29/share from sale of assets and merger

Cedar Realty Trust (NYSE:CDR) announced that Cedar and Wheeler Real Estate Investment Trust have jointly decided that the proceeds to Cedar shareholders from the sale of assets and subsequent merger in a series of related all-cash transactions will total $29/share. Cedar board declared a special dividend on shares of Cedar's outstanding common stock of $19.52/share payable to shareholders of record at Aug.19, 2022. Assuming the merger transaction is completed on Aug. 22, 2022, payment of the dividend will be made to eligible shareholders on Aug. 26, 2022. Shareholders as of the merger closing date will also be entitled to receive merger consideration of $9.48/share, payable on or about the same date as the special dividend.
Seeking Alpha • Jul 21

Wheeler Real Estate Investment Trust Transformed By Cedar Deal

Wheeler recently cut a deal to take over the less-desirable properties from the Cedar Realty Trust liquidation. Despite the lower quality of these locations, they are actually well in line with the broader Wheeler portfolio and provide cash flow the business desperately needs. The opportunity exists to invest alongside Management in the senior notes, which appear poised to profit the most from an eventual sale of the business. The current situation at Wheeler Real Estate Investment Trust (WHLR) merits further consideration by investors willing to stomach some volatility and fully apprised of the risks. A brief summary follows: The Players Jon Wheeler - namesake of the business - was ousted after two ugly proxy battles. Joseph Stillwell - at the helm after winning his second proxy attempt. He had the initial misfortune of gaining control as Covid lockdowns began. Steamboat Capital Partners - owns portions of the WHLR capital stack, and has sued over treatment of preferred shareholders. Cedar Reality Trust (CDR) - winding down REIT that has agreed to sell WHLR a portfolio of properties for $130m cash and the assumption of CDR preferred shares. The sale is expected to close in the coming 2-4 weeks. Legacy WHLR Overview The legacy business had the following results in FY21: WHLR Investor Presentation $41.7m NOI, $6.8m Adjusted Funds from Operations (AFFO) Cap structure summary and new CDR acquisition pieces: $130m KeyBank bridge loan to WHLR, CDR B/C preferred ($161m face) Base rent has averaged ~77.5% of WHLR revenues over the past five fiscal years, and with 94% of properties rented at $9.62 for FY21, I therefore estimate Wheeler will earn ~$64m of FY22 revenue vs $60.4m in FY21. Support below: Author calculations from WHLR 10-K's Q1-22 results were $15.5m of revenue (vs $14.7 in Q1-21), $10.2m NOI (vs $9.8m), and $2.3m of AFFO (vs $1.2m), so results appear on track. WHLR Investor Presentation CDR Acquisition Overview CDR Transaction Proxy Author summary from CDR FY21 10-K New WHLR Pro-Forma So how does this transaction change the complexion of Wheeler? Prior to the deal, WHLR has 5.5m leasable square feet with $9.62 average base rent. The acquisition will increase their square footage by around 50% and add slightly higher rents on a lower occupancy base. The CDR properties included in the transaction were about 28% of total CDR base rents and 38% of square footage. This equates to ~$36m of FY22 revenues on the acquired properties (28% of CDR's $127.6m FY21 total revenues) and doesn't assume any new leases for FY22. The pro-forma combined cashflow could look something like this: ~$100m revenue $33m property operations ($13m from CDR's 28% of operating expenses, $20m run rate for WHLR) $10m corporate overhead (~$6m run rate for WHLR, assume $4m increase from CDR, some could be non-cash and synergies could improve this number) $23m cash interest expense (5% estimate on $452m pro-forma debt below) $10m Capex ($28m total FY21 for CDR of which 28% is ~$8m, $1.1m for WHLR for "recurring Capex" in FY21) No Taxes
Seeking Alpha • Jul 08

Cedar Realty Trust closes sale of grocery-anchored portfolio

Cedar Realty Trust (NYSE:CDR) closed the earlier announced sale of a portfolio of 33 grocery-anchored shopping centers and a redevelopment property to a JV between a fund managed by DRA Advisors LLC and KPR Centers for total gross proceeds of ~$879M, including assumed debt. Earlier, it sold its Riverview Plaza redevelopment property for gross proceeds of ~$34M. These transactions are the first step in its earlier announced sale of assets and subsequent merger in a series of related all-cash transactions. The final step of the process, expected to be completed within 4-6 weeks, is the merger of the company with a subsidiary of Wheeler Real Estate Investment (NASDAQ:WHLR) in an all-cash transaction valuing remaining assets at $291.3M. Total net proceeds from the transactions will be distributed to common shareholders on merger completion.
Seeking Alpha • Mar 15

Take A Shower After Reading The Wheeler/Cedar Merger

While seemingly beneficial to Cedar common the merger was a bit dirty. Preferred shareholders have had their collateral stripped out from under them. Each company has a complex capital stack with each section having a different benefit or harm from the M&A.  Invest cautiously.
Seeking Alpha • Jan 24

Cedar Realty Trust: Recent Upside Driven By Speculation

Cedar Realty Trust remains a mediocre company, with shares not trading any better than at the fair value level. Cedar Realty does have potential if it can turn around, but we haven't seen concrete data supporting this possibility. Recent upside in CDR stock has been driven by speculation that may or may not come to fruition.
Seeking Alpha • Sep 09

Cedar Realty Trust: A Mediocre Prospect At A Low Price

Cedar Realty Trust has achieved only mediocre performance for investors over the past few years. The pandemic negatively affected the company, but its financial performance is not bad. In fact, while debt is high, shares are cheap and might offer upside. Of course, this upside does come with corresponding risk.
分析記事 • May 28

Here's Why It's Unlikely That Cedar Realty Trust, Inc.'s (NYSE:CDR) CEO Will See A Pay Rise This Year

The results at Cedar Realty Trust, Inc. ( NYSE:CDR ) have been quite disappointing recently and CEO Bruce Schanzer...
分析記事 • Feb 24

Could The Cedar Realty Trust, Inc. (NYSE:CDR) Ownership Structure Tell Us Something Useful?

Every investor in Cedar Realty Trust, Inc. ( NYSE:CDR ) should be aware of the most powerful shareholder groups...
分析記事 • Jan 03

Cedar Realty Trust's(NYSE:CDR) Share Price Is Down 77% Over The Past Five Years.

Cedar Realty Trust, Inc. ( NYSE:CDR ) shareholders will doubtless be very grateful to see the share price up 87% in the...

収支内訳

Cedar Realty Trust の稼ぎ方とお金の使い方。LTMベースの直近の報告された収益に基づく。

収益と収入の歴史

NYSE:CDR 収益、費用、利益 ( )USD Millions
日付収益収益G+A経費研究開発費
30 Jun 22123-135140
31 Mar 22125-57170
31 Dec 21128-56180
30 Sep 2186-47180
30 Jun 218635170
31 Mar 21104-15160
31 Dec 20136-12170
30 Sep 20138-28180
30 Jun 20143-27190
31 Mar 20150-15210
31 Dec 19144-10200
30 Sep 191454190
30 Jun 191468180
31 Mar 1915112170
31 Dec 18152-11170
30 Sep 18152-10170
30 Jun 18152-19170
31 Mar 18147-34170
31 Dec 17146-3170
30 Sep 17146-6160
30 Jun 17147-5160
31 Mar 171504160
31 Dec 16151-6170
30 Sep 16152-2170
30 Jun 161505170
31 Mar 161495160
31 Dec 151497150
30 Sep 151484150

質の高い収益: CDRは現在利益が出ていません。

利益率の向上: CDRは現在利益が出ていません。

フリー・キャッシュフローと収益の比較

過去の収益成長分析

収益動向: CDRは利益が出ておらず、過去 5 年間で損失は年間43.1%の割合で増加しています。

成長の加速: CDRの過去 1 年間の収益成長を 5 年間の平均と比較することはできません。現在は利益が出ていないためです。

収益対業界: CDRは利益が出ていないため、過去 1 年間の収益成長をREITs業界 ( -31.5% ) と比較することは困難です。

株主資本利益率

高いROE: CDRは現在利益が出ていないため、自己資本利益率 ( -31.74% ) はマイナスです。

総資産利益率

使用総資本利益率

過去の好業績企業の発掘

7D

1Y

7D

1Y

7D

1Y

企業分析と財務データの現状

データ最終更新日（UTC時間）
企業分析2022/08/23 23:12
終値2022/08/22 00:00
収益2022/06/30
年間収益2021/12/31

データソース

企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。

パッケージデータタイムフレーム米国ソース例
会社財務10年
  • 損益計算書
  • キャッシュ・フロー計算書
  • 貸借対照表
アナリストのコンセンサス予想+プラス3年
  • 予想財務
  • アナリストの目標株価
市場価格30年
  • 株価
  • 配当、分割、措置
所有権10年
  • トップ株主
  • インサイダー取引
マネジメント10年
  • リーダーシップ・チーム
  • 取締役会
主な進展10年
  • 会社からのお知らせ

* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。

特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。

分析モデルとスノーフレーク

このレポートを生成するために使用した分析モデルの詳細は、当社の Github ページ でご覧いただけます。また、レポートの使い方に関する ガイド や YouTube の チュートリアル もご用意しています。

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業界およびセクターの指標

私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。

アナリスト筋

Cedar Realty Trust, Inc. これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。8

アナリスト機関
Richard MilliganBaird
Paul AdornatoBMO Capital Markets Equity Research
Craig SchmidtBofA Global Research