Cedar Realty Trust, Inc.

NYSE:CDR Voorraadrapport

Marktkapitalisatie: 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 Beheer

Beheer criteriumcontroles 3/4

Belangrijke informatie

Bruce Schanzer

Algemeen directeur

n/a

Totale compensatie

Percentage CEO-salarisn/a
Dienstverband CEO11.2yrs
Eigendom CEO2.9%
Management gemiddelde ambtstermijn7.5yrs
Gemiddelde ambtstermijn bestuur4.7yrs

Recente managementupdates

Analyse-artikel • 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...

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.
Analyse-artikel • 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...
Analyse-artikel • 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...
Analyse-artikel • 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...

Analyse CEO-vergoeding

Hoe is Bruce Schanzer's beloning veranderd ten opzichte van Cedar Realty Trust's winst?
DatumTotale vergoedingSalarisBedrijfswinsten
Jun 30 2022n/an/a

-US$135m

Mar 31 2022n/an/a

-US$57m

Dec 31 2021n/an/a

-US$56m

Sep 30 2021n/an/a

-US$47m

Jun 30 2021n/an/a

US$35m

Mar 31 2021n/an/a

-US$15m

Dec 31 2020US$1mUS$750k

-US$12m

Sep 30 2020n/an/a

-US$28m

Jun 30 2020n/an/a

-US$27m

Mar 31 2020n/an/a

-US$15m

Dec 31 2019US$2mUS$750k

-US$10m

Sep 30 2019n/an/a

US$4m

Jun 30 2019n/an/a

US$8m

Mar 31 2019n/an/a

US$12m

Dec 31 2018US$11mUS$800k

-US$11m

Sep 30 2018n/an/a

-US$10m

Jun 30 2018n/an/a

-US$19m

Mar 31 2018n/an/a

-US$34m

Dec 31 2017US$1mUS$800k

-US$3m

Sep 30 2017n/an/a

-US$6m

Jun 30 2017n/an/a

-US$5m

Mar 31 2017n/an/a

US$4m

Dec 31 2016US$2mUS$800k

-US$6m

Sep 30 2016n/an/a

-US$2m

Jun 30 2016n/an/a

US$5m

Mar 31 2016n/an/a

US$5m

Dec 31 2015US$2mUS$800k

US$7m

Compensatie versus markt: Er zijn onvoldoende gegevens om vast te stellen of de totale vergoeding van Bruce redelijk is in vergelijking met bedrijven van vergelijkbare omvang in de US markt.

Compensatie versus inkomsten: De vergoeding van Bruce is het afgelopen jaar in lijn geweest met de bedrijfsprestaties.

CEO

Bruce Schanzer (53 yo)

11.2yrs
Tenure
US$1,187,676
Compensatie

Mr. Bruce J. Schanzer, J.D., has been the Chief Executive Officer, President and Director of Cedar Realty Trust, Inc. since June 15, 2011. Mr. Schanzer has substantial expertise in the areas of corporate a...

Leiderschapsteam

NaamPositieTenureCompensatieEigendom
Bruce Schanzer
President11.2yrsUS$1.19m2.91%
$ 11.2m
Jennifer Bitterman
Executive VPless than a yeargeen gegevens0.18%
$ 687.6k
Michael Winters
Chief Investment Officer & Executive VP7.5yrsgeen gegevensgeen gegevens
Gaspare Saitta
VP & Chief Accounting Officer17.3yrsgeen gegevensgeen gegevens
Lauren Licausi
Vice President of Human Resources12.6yrsgeen gegevensgeen gegevens
Tim Havener
Executive Vice President of Leasing5.6yrsgeen gegevensgeen gegevens
Richard Vilaboy
Senior Vice President of Property Managementno datageen gegevensgeen gegevens
Nicholas Partenza
Director of Financial Reportingno datageen gegevensgeen gegevens
Ann Maneri
Controller & VP of Property Accounting3.6yrsgeen gegevensgeen gegevens
Todd Schively
Director of Developmentno datageen gegevensgeen gegevens
Brad Cohen
Senior Managing Directorno datageen gegevensgeen gegevens
7.5yrs
Gemiddelde duur
51yo
Gemiddelde leeftijd

Ervaren management: Het managementteam van CDR is doorgewinterd en ervaren (gemiddelde ambtstermijn van 7.5 jaar).

Bestuursleden

NaamPositieTenureCompensatieEigendom
Bruce Schanzer
President11.2yrsUS$1.19m2.91%
$ 11.2m
Steven Rogers
Independent Director6.4yrsUS$92.50k0.15%
$ 575.5k
Gregg Gonsalves
Independent Chairman of the Board5.3yrsUS$85.00k0.14%
$ 542.8k
Sabrina Kanner
Independent Director4.2yrsUS$85.00k0.13%
$ 495.0k
Darcy Morris
Independent Director1.3yrsgeen gegevens0.019%
$ 72.6k
Abraham Eisenstat
Independent Director7.1yrsUS$92.50k0.32%
$ 1.2m
Richard Ross
Independent Director1.3yrsgeen gegevens0.019%
$ 72.6k
Sharon Stern
Independent Director1.3yrsgeen gegevens0.046%
$ 177.6k
4.7yrs
Gemiddelde duur
53.5yo
Gemiddelde leeftijd

Ervaren bestuur: De raad van bestuur van CDR wordt beschouwd als ervaren (gemiddelde ambtstermijn 4.7 jaar).

Bedrijfsanalyse en status van financiële gegevens

GegevensLaatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse2022/08/23 21:54
Aandelenkoers aan het einde van de dag2022/08/22 00:00
Inkomsten2022/06/30
Jaarlijkse inkomsten2021/12/31

Gegevensbronnen

De gegevens die gebruikt zijn in onze bedrijfsanalyse zijn afkomstig van S&P Global Market Intelligence LLC. De volgende gegevens worden gebruikt in ons analysemodel om dit rapport te genereren. De gegevens zijn genormaliseerd, waardoor er een vertraging kan optreden voordat de bron beschikbaar is.

PakketGegevensTijdframeVoorbeeld Amerikaanse bron *
Financiële gegevens bedrijf10 jaar
  • Resultatenrekening
  • Kasstroomoverzicht
  • Balans
Consensus schattingen analisten+3 jaar
  • Financiële prognoses
  • Koersdoelen analisten
Marktprijzen30 jaar
  • Aandelenprijzen
  • Dividenden, splitsingen en acties
Eigendom10 jaar
  • Top aandeelhouders
  • Handel met voorkennis
Beheer10 jaar
  • Leiderschapsteam
  • Raad van bestuur
Belangrijkste ontwikkelingen10 jaar
  • Bedrijfsaankondigingen

* Voorbeeld voor effecten uit de VS, voor niet-Amerikaanse effecten worden gelijkwaardige formulieren en bronnen gebruikt.

Tenzij anders vermeld zijn alle financiële gegevens gebaseerd op een jaarperiode, maar worden ze elk kwartaal bijgewerkt. Dit staat bekend als Trailing Twelve Month (TTM) of Last Twelve Month (LTM) gegevens. Meer informatie.

Analysemodel en Snowflake

Details van het analysamodel dat is gebruikt om dit rapport te genereren zijn beschikbaar op onze Github-pagina, we hebben ook handleidingen over hoe u onze rapporten kunt gebruiken en tutorials op YouTube.

Leer meer over het team van wereldklasse dat het Simply Wall St-analysemodel heeft ontworpen en gebouwd.

Industrie en sector

Onze industrie- en sectormetrics worden elke 6 uur berekend door Simply Wall St, details van ons proces zijn beschikbaar op Github.

Bronnen van analisten

Cedar Realty Trust, Inc. wordt gevolgd door 8 analisten. van deze analisten hebben de schattingen van de omzet of winst ingediend die zijn gebruikt als input voor ons rapport. Inzendingen van analisten worden de hele dag door bijgewerkt.

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