This company has been acquired
Cedar Realty Trust (CDR) Stock Overview
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. More details
| Snowflake Score | |
|---|---|
| Valuation | 4/6 |
| Future Growth | 0/6 |
| Past Performance | 0/6 |
| Financial Health | 5/6 |
| Dividends | 0/6 |
CDR Community Fair Values
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Cedar Realty Trust, Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$29.00 |
| 52 Week High | US$29.26 |
| 52 Week Low | US$16.74 |
| Beta | 1.12 |
| 1 Month Change | -0.14% |
| 3 Month Change | 8.82% |
| 1 Year Change | 67.34% |
| 3 Year Change | 97.93% |
| 5 Year Change | -12.47% |
| Change since IPO | -54.94% |
Recent News & Updates
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.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 TaxesCedar 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.Recent updates
Shareholder Returns
| CDR | US REITs | US Market | |
|---|---|---|---|
| 7D | 0.2% | 3.6% | -2.6% |
| 1Y | 67.3% | 10.4% | 20.0% |
Return vs Industry: CDR exceeded the US REITs industry which returned -7.2% over the past year.
Return vs Market: CDR exceeded the US Market which returned -13.5% over the past year.
Price Volatility
| CDR volatility | |
|---|---|
| CDR Average Weekly Movement | 3.0% |
| REITs Industry Average Movement | 3.3% |
| Market Average Movement | 7.3% |
| 10% most volatile stocks in US Market | 16.7% |
| 10% least volatile stocks in US Market | 3.2% |
Stable Share Price: CDR has not had significant price volatility in the past 3 months.
Volatility Over Time: CDR's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1984 | 56 | Bruce Schanzer | www.cedarrealtytrust.com |
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 54 properties, with approximately 8.1 million square feet of gross leasable area.
Cedar Realty Trust, Inc. Fundamentals Summary
| CDR fundamental statistics | |
|---|---|
| Market cap | US$385.36m |
| Earnings (TTM) | -US$135.29m |
| Revenue (TTM) | US$122.55m |
Is CDR overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| CDR income statement (TTM) | |
|---|---|
| Revenue | US$122.55m |
| Cost of Revenue | US$45.19m |
| Gross Profit | US$77.36m |
| Other Expenses | US$212.66m |
| Earnings | -US$135.29m |
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
n/a
| Earnings per share (EPS) | -10.23 |
| Gross Margin | 63.13% |
| Net Profit Margin | -110.40% |
| Debt/Equity Ratio | 85.1% |
How did CDR perform over the long term?
See historical performance and comparisonCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2022/08/23 19:00 |
| End of Day Share Price | 2022/08/22 00:00 |
| Earnings | 2022/06/30 |
| Annual Earnings | 2021/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
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.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Cedar Realty Trust, Inc. is covered by 8 analysts. of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Richard Milligan | Baird |
| Paul Adornato | BMO Capital Markets Equity Research |
| Craig Schmidt | BofA Global Research |