Cedar Realty Trust, Inc.

NYSE:CDR 주식 리포트

시가총액: 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 과거 순이익 실적

과거 기준 점검 0/6

핵심 정보

-43.12%

순이익 성장률

-42.67%

주당순이익(EPS) 성장률

REITs 산업 성장률19.39%
매출 성장률-6.75%
자기자본이익률-31.74%
순이익률-110.40%
최근 순이익 업데이트30 Jun 2022

최근 과거 실적 업데이트

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.
분석 기사 • 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...
분석 기사 • 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...
분석 기사 • 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...

매출 및 비용 세부 내역

Cedar Realty Trust가 돈을 벌고 사용하는 방법. 최근 발표된 LTM 실적 기준.

순이익 및 매출 추이

NYSE:CDR 매출, 비용 및 순이익 (USD Millions)
날짜매출순이익일반관리비연구개발비
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

양질의 수익: CDR 은(는) 현재 수익성이 없습니다.

이익 마진 증가: CDR는 현재 수익성이 없습니다.

잉여현금흐름 대비 순이익 분석

과거 순이익 성장 분석

수익추이: CDR은 수익성이 없으며 지난 5년 동안 손실이 연평균 43.1% 증가했습니다.

성장 가속화: 현재 수익성이 없어 지난 1년간 CDR의 수익 성장률을 5년 평균과 비교할 수 없습니다.

수익 대 산업: CDR은 수익성이 없어 지난 해 수익 성장률을 REITs 업계(-31.5%)와 비교하기 어렵습니다.

자기자본이익률

높은 ROE: CDR는 현재 수익성이 없으므로 자본 수익률이 음수(-31.74%)입니다.

총자산이익률

투하자본수익률

우수한 과거 실적 기업을 찾아보세요

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기업 분석 및 재무 데이터 상태

데이터최종 업데이트 (UTC 시간)
기업 분석2022/08/23 06:31
종가2022/08/22 00:00
수익2022/06/30
연간 수익2021/12/31

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분석가 소스

Cedar Realty Trust, Inc.는 8명의 분석가가 다루고 있습니다. 이 중 명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.

분석가기관
Richard MilliganBaird
Paul AdornatoBMO Capital Markets Equity Research
Craig SchmidtBofA Global Research