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Cedar Realty Trust

NYSE:CDR
Snowflake Description

Fair value second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CDR
NYSE
$265M
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. The last earnings update was 21 days ago. More info.


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CDR Share Price and Events
7 Day Returns
-1%
NYSE:CDR
-0.3%
US REITs
0.2%
US Market
1 Year Returns
-27.9%
NYSE:CDR
13.3%
US REITs
2.9%
US Market
CDR Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cedar Realty Trust (CDR) -1% -5.6% -16.3% -27.9% -56% -50.8%
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • CDR underperformed the REITs industry which returned 13.3% over the past year.
  • CDR underperformed the Market in United States of America which returned 2.9% over the past year.
Price Volatility
CDR
Industry
5yr Volatility vs Market

CDR Value

 Is Cedar Realty Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cedar Realty Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cedar Realty Trust.

NYSE:CDR Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:CDR
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (243.43%))
1.367
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.37
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.367 * 5.96%)
10.87%

Discounted Cash Flow Calculation for NYSE:CDR using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Cedar Realty Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Cedar Realty Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:CDR DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 10.87%)
2019 26.13 Analyst x4 23.57
2020 28.63 Analyst x4 23.29
2021 29.72 Analyst x2 21.80
2022 31.29 Est @ 5.27% 20.70
2023 32.70 Est @ 4.51% 19.51
2024 34.00 Est @ 3.98% 18.30
2025 35.22 Est @ 3.6% 17.10
2026 36.40 Est @ 3.34% 15.94
2027 37.55 Est @ 3.16% 14.83
2028 38.68 Est @ 3.03% 13.78
Present value of next 10 years cash flows $188.82
NYSE:CDR DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $38.68 × (1 + 2.73%) ÷ (10.87% – 2.73%)
$487.92
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $487.92 ÷ (1 + 10.87%)10
$173.78
NYSE:CDR Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $188.82 + $173.78
$362.60
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $362.60 / 86.48
$4.14
NYSE:CDR Discount to Share Price
Calculation Result
Value per share (USD) From above. $4.14
Current discount Discount to share price of $3.02
= -1 x ($3.02 - $4.14) / $4.14
27%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Cedar Realty Trust is available for.
Intrinsic value
27%
Share price is $3.02 vs Future cash flow value of $4.14
Current Discount Checks
For Cedar Realty Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cedar Realty Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cedar Realty Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cedar Realty Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cedar Realty Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:CDR PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.14
NYSE:CDR Share Price ** NYSE (2019-05-22) in USD $3.02
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cedar Realty Trust.

NYSE:CDR PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:CDR Share Price ÷ EPS (both in USD)

= 3.02 ÷ 0.14

21.95x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cedar Realty Trust is good value based on earnings compared to the US REITs industry average.
  • Cedar Realty Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Cedar Realty Trust's expected growth come at a high price?
Raw Data
NYSE:CDR PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 21.95x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
-10.7%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NYSE:CDR PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 21.95x ÷ -10.7%

-2.05x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cedar Realty Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cedar Realty Trust's assets?
Raw Data
NYSE:CDR PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $4.42
NYSE:CDR Share Price * NYSE (2019-05-22) in USD $3.02
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:CDR PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:CDR Share Price ÷ Book Value per Share (both in USD)

= 3.02 ÷ 4.42

0.68x

* Primary Listing of Cedar Realty Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cedar Realty Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Cedar Realty Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Cedar Realty Trust has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CDR Future Performance

 How is Cedar Realty Trust expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-10.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cedar Realty Trust expected to grow at an attractive rate?
  • Cedar Realty Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Cedar Realty Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Cedar Realty Trust's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:CDR Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:CDR Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -10.7%
NYSE:CDR Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts -0.1%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:CDR Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:CDR Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 149 8 2
2020-12-31 143 2 4
2019-12-31 144 2 3
NYSE:CDR Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 151 57 12
2018-12-31 152 58 -11
2018-09-30 152 56 -11
2018-06-30 152 58 -19
2018-03-31 147 56 -34
2017-12-31 146 57 -3
2017-09-30 146 58 -6
2017-06-30 147 60 -5
2017-03-31 150 58 4
2016-12-31 151 59 -6
2016-09-30 152 60 -2
2016-06-30 150 59 5

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cedar Realty Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Cedar Realty Trust's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:CDR Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Cedar Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CDR Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.10 0.10 0.10 1.00
2020-12-31 0.05 0.08 0.02 2.00
2019-12-31 0.03 0.03 0.02 2.00
NYSE:CDR Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.14
2018-12-31 -0.13
2018-09-30 -0.12
2018-06-30 -0.22
2018-03-31 -0.40
2017-12-31 -0.04
2017-09-30 -0.08
2017-06-30 -0.07
2017-03-31 0.05
2016-12-31 -0.08
2016-09-30 -0.03
2016-06-30 0.06

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Cedar Realty Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cedar Realty Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cedar Realty Trust has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CDR Past Performance

  How has Cedar Realty Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cedar Realty Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cedar Realty Trust's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Cedar Realty Trust has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Cedar Realty Trust has become profitable in the last year making it difficult to compare the US REITs industry average.
Earnings and Revenue History
Cedar Realty Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cedar Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:CDR Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 151.34 12.13 17.22
2018-12-31 152.02 -11.11 16.92
2018-09-30 152.23 -10.59 17.16
2018-06-30 152.45 -19.27 17.30
2018-03-31 146.80 -34.16 17.27
2017-12-31 146.01 -3.15 16.91
2017-09-30 146.04 -6.30 15.61
2017-06-30 147.44 -5.45 15.81
2017-03-31 149.61 3.74 15.54
2016-12-31 151.09 -6.18 16.75
2016-09-30 151.65 -2.29 17.38
2016-06-30 149.95 4.60 16.76
2016-03-31 148.82 5.23 16.43
2015-12-31 149.21 6.87 15.00
2015-09-30 148.14 3.91 15.00
2015-06-30 148.54 3.92 14.62
2015-03-31 149.11 5.10 14.75
2014-12-31 148.18 2.76 14.36
2014-09-30 147.46 -1.99 14.63
2014-06-30 145.14 -9.04 14.56
2014-03-31 141.75 -13.33 14.23
2013-12-31 139.60 -11.57 13.98
2013-09-30 131.66 10.45 13.25
2013-06-30 131.38 9.36 13.64
2013-03-31 134.94 10.43 13.92
2012-12-31 134.21 -0.84 14.28
2012-09-30 141.06 -28.02 14.19
2012-06-30 140.89 -28.85 13.12

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Cedar Realty Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cedar Realty Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Cedar Realty Trust has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cedar Realty Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cedar Realty Trust has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CDR Health

 How is Cedar Realty Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Cedar Realty Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cedar Realty Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cedar Realty Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Cedar Realty Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cedar Realty Trust Company Filings, last reported 1 month ago.

NYSE:CDR Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 542.49 644.23 4.71
2018-12-31 558.72 626.41 10.85
2018-09-30 570.95 626.90 20.15
2018-06-30 567.76 628.51 15.38
2018-03-31 562.21 634.02 14.75
2017-12-31 630.11 580.64 10.10
2017-09-30 579.22 629.06 5.85
2017-06-30 575.75 622.67 5.63
2017-03-31 588.11 626.72 5.88
2016-12-31 582.00 610.07 5.96
2016-09-30 573.93 705.63 4.51
2016-06-30 579.41 706.11 2.66
2016-03-31 586.22 690.03 1.76
2015-12-31 597.54 677.77 2.08
2015-09-30 594.61 650.84 2.22
2015-06-30 599.98 657.15 8.37
2015-03-31 599.04 664.13 3.77
2014-12-31 574.86 668.17 3.50
2014-09-30 578.81 680.53 4.25
2014-06-30 579.47 703.69 4.04
2014-03-31 571.89 754.30 5.67
2013-12-31 535.23 719.79 3.97
2013-09-30 535.56 724.03 5.44
2013-06-30 542.04 718.06 5.00
2013-03-31 543.27 732.77 4.89
2012-12-31 521.13 746.75 7.52
2012-09-30 652.74 654.87 7.42
2012-06-30 544.89 743.67 7.59
  • Cedar Realty Trust's level of debt (118.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (131.8% vs 118.8% today).
  • Debt is not well covered by operating cash flow (8.8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Cedar Realty Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cedar Realty Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CDR Dividends

 What is Cedar Realty Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
6.62%
Current annual income from Cedar Realty Trust dividends. Estimated to be 6.62% next year.
If you bought $2,000 of Cedar Realty Trust shares you are expected to receive $132 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Cedar Realty Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Cedar Realty Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:CDR Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:CDR Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31 0.20 1.00
2019-12-31 0.20 1.00
NYSE:CDR Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-18 0.200 6.391
2019-01-22 0.200 5.878
2018-10-22 0.200 5.813
2018-07-19 0.200 4.484
2018-04-12 0.200 4.652
2018-01-19 0.200 4.766
2017-10-17 0.200 3.419
2017-07-20 0.200 3.802
2017-04-19 0.200 3.913
2017-01-18 0.200 3.599
2016-10-24 0.200 3.095
2016-07-25 0.200 2.716
2016-04-19 0.200 2.794
2016-01-25 0.200 2.849
2015-10-26 0.200 2.856
2015-07-15 0.200 3.075
2015-04-22 0.200 2.943
2015-01-26 0.200 2.653
2014-10-30 0.200 2.827
2014-07-22 0.200 3.192
2014-04-24 0.200 3.228
2014-01-29 0.200 3.251
2013-10-28 0.200 3.342
2013-07-29 0.200 3.810
2013-05-09 0.200 3.481
2013-01-30 0.200 3.412
2012-10-31 0.200 3.814
2012-07-30 0.200 3.693
2012-04-30 0.200 4.071
2011-11-09 0.200 4.483
2011-10-27 0.360 9.777
2011-07-28 0.360 10.498
2011-04-25 0.360 6.763
2011-01-19 0.360 6.116
2010-10-21 0.360 5.741
2010-07-19 0.360 6.026
2010-04-26 0.360 5.477
2010-03-15 0.360 4.555
2010-03-03 0.360 5.017
2009-11-06 0.000 0.000
2009-10-28 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Cedar Realty Trust has been paying a dividend for less than 10 years.
  • Cedar Realty Trust has only been paying a dividend for 9 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Cedar Realty Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Cedar Realty Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cedar Realty Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cedar Realty Trust has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CDR Management

 What is the CEO of Cedar Realty Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bruce Schanzer
COMPENSATION $10,635,930
AGE 49
TENURE AS CEO 7.9 years
CEO Bio

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 and real estate finance as well as commercial real estate law. He has several years of experience in the real estate area. Mr. Schanzer served for the past four years at Goldman, Sachs & Co., as a Managing Director in Real Estate Investment Banking. Prior to that, he served as a Vice President at Merrill Lynch in the Real Estate Investment Banking division. Prior to this, he practiced Real Estate Law for six years in New York. He received his J.D. from the Benjamin N. Cardozo School of Law, where he served as a Member of the Law Review, an MBA from the University of Chicago and Bachelor of Arts in Political Science from Yeshiva University where he is now a member of its board of trustees.

CEO Compensation
  • Bruce's compensation has increased in line with Cedar Realty Trust recently becoming profitable.
  • Bruce's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Cedar Realty Trust management team in years:

5.9
Average Tenure
48
Average Age
  • The average tenure for the Cedar Realty Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Bruce Schanzer

TITLE
President
COMPENSATION
$11M
AGE
49
TENURE
7.9 yrs

Phil Mays

TITLE
Executive VP
COMPENSATION
$759K
AGE
50
TENURE
7.9 yrs

Robin Zeigler

TITLE
Executive VP & COO
COMPENSATION
$3M
AGE
45
TENURE
3.2 yrs

Michael Winters

TITLE
Chief Investment Officer & Executive VP
AGE
57
TENURE
4.3 yrs

Gaspare Saitta

TITLE
VP & Chief Accounting Officer
AGE
45
TENURE
14 yrs

Adina Storch

TITLE
Chief Compliance Officer
AGE
47
TENURE
5.1 yrs

Charles Burkert

TITLE
Senior Vice President of Development & Construction
TENURE
5.9 yrs

Lauren Licausi

TITLE
Vice President of Human Resources
TENURE
9.3 yrs

Tim Havener

TITLE
Senior Vice President of Leasing
TENURE
2.3 yrs

Jennifer Bitterman

TITLE
Vice President of Asset Management
Board of Directors Tenure

Average tenure and age of the Cedar Realty Trust board of directors in years:

3.8
Average Tenure
60
Average Age
  • The tenure for the Cedar Realty Trust board of directors is about average.
Board of Directors

Roger Widmann

TITLE
Chairman of the Board
COMPENSATION
$180K
AGE
78
TENURE
7.9 yrs

Bruce Schanzer

TITLE
President
COMPENSATION
$11M
AGE
49
TENURE
7.9 yrs

Pam Hootkin

TITLE
Director
COMPENSATION
$120K
AGE
70
TENURE
10.9 yrs

Abe Eisenstat

TITLE
Director
COMPENSATION
$115K
AGE
48
TENURE
3.8 yrs

Steve Rogers

TITLE
Director
COMPENSATION
$120K
AGE
63
TENURE
3.2 yrs

Gregg Gonsalves

TITLE
Director
COMPENSATION
$105K
AGE
50
TENURE
2 yrs

Sabrina Kanner

TITLE
Director
COMPENSATION
$59K
AGE
60
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • Cedar Realty Trust insiders have only sold shares in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
09. May 19 Sell Bruce Schanzer Individual 08. May 19 08. May 19 -10,000 $3.14 $-31,400
26. Dec 18 Buy Abraham Eisenstat Individual 20. Dec 18 20. Dec 18 100,000 $2.87 $287,090
28. Nov 18 Buy Bruce Schanzer Individual 27. Nov 18 27. Nov 18 10,840 $3.40 $36,825
08. Aug 18 Sell Philip Mays Individual 07. Aug 18 07. Aug 18 -25,000 $4.56 $-114,093
20. Jun 18 Sell Bruce Schanzer Individual 19. Jun 18 19. Jun 18 -30,000 $4.46 $-133,662
X
Management checks
We assess Cedar Realty Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cedar Realty Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CDR News

Simply Wall St News

Do Investors Have Good Reason To Be Wary Of Cedar Realty Trust, Inc.'s (NYSE:CDR) 6.5% Dividend Yield?

(NYSE:CDR) from a dividend investor's perspective. Owning a strong business and reinvesting the dividends is widely seen as an attractive way of growing your wealth. If you are hoping to live on your dividends, it's important to be more stringent with your investments than the average punter. Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful. With a goodly-sized dividend yield despite a relatively short payment history, investors might be wondering if Cedar Realty Trust is a new dividend aristocrat in the making. It sure looks interesting on these metrics - but there's always more to the story . The company also bought back stock equivalent to around 3.4% of market capitalisation this year. When buying stocks for their dividends, you should always run through the checks below, to see if the dividend looks sustainable. Explore this interactive chart for our latest analysis on Cedar Realty Trust! NYSE:CDR Historical Dividend Yield, May 17th 2019 Want to participate in a short research study? Help shape the future of investing tools and you could win a $250 gift card! Payout ratios Dividends are typically paid from company earnings. If a company pays more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. So we need to be form a view on if a company's dividend is sustainable, relative to its net profit after tax. Looking at the data, we can see that 61% of Cedar Realty Trust's profits were paid out as dividends in the last 12 months. A payout ratio above 50% generally implies a business is reaching maturity, although it is still possible to reinvest in the business or increase the dividend over time. In addition to comparing dividends against profits, we should inspect whether the company generated enough cash to pay its dividend. Cedar Realty Trust paid out 52% of its cash flow as dividends last year, which is within a reasonable range for the average corporation. REITs like Cedar Realty Trust often have different rules governing their distributions, so a higher payout ratio on its own is not unusual. Is Cedar Realty Trust's Balance Sheet Risky? As Cedar Realty Trust has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. … Cedar Realty Trust has net debt of 7.83 times its earnings before interest, tax, depreciation and amortisation (EBITDA) which implies meaningful risk if interest rates rise of earnings decline. … Dividend Growth Potential The other half of the dividend investing equation is evaluating whether earnings per share (EPS) are growing. Over the long term, dividends need to grow at or above the rate of inflation, in order to maintain the recipient's purchasing power. In the last five years, Cedar Realty Trust's earnings per share have shrunk at approximately 19% per annum. If earnings continue to decline, the dividend may come under pressure. Every investor should make an assessment of whether the company is taking steps to stabilise the situation. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Why Cedar Realty Trust, Inc. (NYSE:CDR) Is An Attractive Investment To Consider

(NYSE:CDR) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … that has been able to sustain great financial health over the past

Simply Wall St -

What You Must Know About Cedar Realty Trust, Inc.'s (NYSE:CDR) Beta Value

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … To use beta as an investor, you must first understand that the overall market has a beta of one. … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Did You Manage To Avoid Cedar Realty Trust's (NYSE:CDR) Painful 53% Share Price Drop?

Unfortunately, that's been the case for longer term Cedar Realty Trust, Inc. … (NYSE:CDR) shareholders, since the share price is down 53% in the last three years, falling well short of the market return of around 48%. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement.

Simply Wall St -

Is Cedar Realty Trust, Inc. (NYSE:CDR) Excessively Paying Its CEO?

Bruce Schanzer became the CEO of Cedar Realty Trust, Inc. … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Bruce Schanzer's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Investing In Cedar Realty Trust, Inc. (NYSE:CDR): What You Need To Know

Cedar Realty Trust, Inc. … Check out our latest analysis for Cedar Realty Trust … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent

Simply Wall St -

At US$3.22, Is Cedar Realty Trust, Inc. (NYSE:CDR) Worth Looking At Closely?

Cedar Realty Trust, Inc. … Less-covered, small caps sees more of an opportunity for mispricing due to the lack of information available to the public, which can be a good thing? … Today I will analyse the most recent data on Cedar Realty Trust’s outlook and valuation to see if the opportunity still exists

Simply Wall St -

Did Cedar Realty Trust, Inc. (NYSE:CDR) Insiders Sell Shares?

But logic dictates you should pay some attention to whether insiders are buying or selling shares. … Cedar Realty Trust Insider Transactions Over The Last Year. … Over the last year we saw more insider selling of Cedar Realty Trust shares, than buying

Simply Wall St -

Is Cedar Realty Trust Inc's (NYSE:CDR) CEO Paid At A Competitive Rate?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Bruce Schanzer's Compensation Compare With Similar Sized Companies. … According to our data, Cedar Realty Trust Inc has a market capitalization of US$313m, and pays its CEO total annual compensation worth US$1.5m.

Simply Wall St -

One Metric To Rule Them All: Cedar Realty Trust Inc (NYSE:CDR)

Cedar Realty Trust Inc is a US$345m. … real estate investment trust (REIT) based in Port Washington, United States. … View our latest analysis for Cedar Realty Trust

Simply Wall St -

CDR Company Info

Description

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. The Company's portfolio (excluding properties treated as "held for sale") comprises 56 properties, with approximately 8.6 million square feet of gross leasable area.

Details
Name: Cedar Realty Trust, Inc.
CDR
Exchange: NYSE
Founded: 1984
$264,642,591
$259,513,151
86,484,507
Website: http://www.cedarrealtytrust.com
Address: Cedar Realty Trust, Inc.
44 South Bayles Avenue,
Port Washington,
New York, 11050,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE CDR Common Stock New York Stock Exchange US USD 17. Dec 1986
DB CDH1 Common Stock Deutsche Boerse AG DE EUR 17. Dec 1986
NYSE CDR.PRC 6.50% CUM PFD C New York Stock Exchange US USD 18. Aug 2017
NYSE CDR.PRB PFD-B 7.25% New York Stock Exchange US USD 24. May 2012
Number of employees
Current staff
Staff numbers
77
Cedar Realty Trust employees.
Industry
Retail REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 04:39
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/20
Last earnings filing: 2019/05/02
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.