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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 7 days ago. More info.
7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
---|---|---|---|---|---|---|
Cedar Realty Trust (CDR) | -0.3% | 2.1% | -1.1% | -15.2% | -50.2% | -45.5% |
US REITs | 0.1% | 7.3% | 4.2% | 12.8% | 20.5% | 26.4% |
US Market | 0.5% | 6.3% | 1.9% | 2% | 45.1% | 40.5% |
Below are the data sources, inputs and calculation used to determine the intrinsic value for Cedar Realty Trust.
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 | 13% |
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.
Data Point | Calculation/ Source | Result |
---|---|---|
Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
Equity Risk Premium | S&P Global | 7.3% |
REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.55 |
Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.551 (1 + (1- 21%) (197.13%)) |
1.408 |
Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.41 |
Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.408 * 7.27%) |
12.97% |
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 use analyst's estimates of cash flows going forward 5 years for the 1st 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.
2019 | 2020 | 2021 | 2022 | 2023 | |
Adjusted Funds From Operations (AFFO) (USD, Millions) | 30.07 | 28.67 | 32.60 | 33.15 | 33.71 |
Source | Analyst x3 | Analyst x4 | Analyst x1 | Est @ 1.7% | Est @ 1.7% |
Present Value Discounted (@ 12.97%) |
26.62 | 22.47 | 22.61 | 20.35 | 18.32 |
Present value of next 5 years cash flows | $110.37 |
Calculation | Result | |
---|---|---|
Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= $33.71 × (1 + 2.73%) ÷ (12.97% – 2.73%) |
$338.32 |
Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= $338.32 ÷ (1 + 12.97%)5 |
$183.90 |
Calculation | Result | |
---|---|---|
Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= $110.37 + $183.90 |
$294.27 |
Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $294.27 / 88.79 |
$3.21 |
Calculation | Result | |
---|---|---|
Value per share (USD) | From above. | $3.21 |
Current discount | Discount to share price of
$3.46
= -1 x ($3.46 - $3.21) / $3.21 |
-7.7% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Data Point | Source | Value |
---|---|---|
Earnings Per Share * | Company Filings (2018-12-31) in USD | $-0.12 |
NYSE:CDR Share Price ** | NYSE (2019-02-13) in USD | $3.46 |
United States of America REITs Industry PE Ratio | Median Figure of 154 Publicly-Listed REITs Companies | 31.96x |
United States of America Market PE Ratio | Median Figure of 3,046 Publicly-Listed Companies | 16.95x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Cedar Realty Trust.
Calculation | Outcome | |
---|---|---|
PE Ratio | = NYSE:CDR Share Price ÷ EPS (both in USD) = 3.46 ÷ -0.12 |
-29.19x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
PE Ratio | See PE Ratio Section | -29.19x |
Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts |
90.5%per year |
United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 0.86x |
United States of America Market PEG Ratio | Median Figure of 2,117 Publicly-Listed Companies | 1.36x |
*Line of best fit is calculated by linear regression .
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value |
---|---|---|
Book Value per Share | Company Filings (2018-12-31) in USD | $4.45 |
NYSE:CDR Share Price * | NYSE (2019-02-13) in USD | $3.46 |
United States of America REITs Industry PB Ratio | Median Figure of 192 Publicly-Listed REITs Companies | 1.74x |
United States of America Market PB Ratio | Median Figure of 5,122 Publicly-Listed Companies | 1.81x |
Calculation | Outcome | |
---|---|---|
PB Ratio | = NYSE:CDR Share Price ÷ Book Value per Share (both in USD) = 3.46 ÷ 4.45 |
0.78x |
* Primary Listing of Cedar Realty Trust.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
Data Point | Source | Value (per year) |
---|---|---|
NYSE:CDR Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts | 90.5% |
NYSE:CDR Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts | -1.8% |
United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 0.8% |
United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 3.8% |
United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.4% |
United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.1% |
*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.
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 |
Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
---|---|---|---|---|
2021-12-31 | 150 | 9 | 1 | |
2020-12-31 | 142 | 3 | 4 | |
2019-12-31 | 144 | 4 | 3 |
Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
---|---|---|---|
2018-12-31 | 152 | -10 | |
2018-09-30 | 152 | 56 | -10 |
2018-06-30 | 152 | 58 | -19 |
2018-03-31 | 147 | 57 | -34 |
2017-12-31 | 146 | 58 | -3 |
2017-09-30 | 146 | 58 | -6 |
2017-06-30 | 147 | 60 | -5 |
2017-03-31 | 150 | 58 | 4 |
2016-12-31 | 151 | 58 | -6 |
2016-09-30 | 152 | 60 | -2 |
2016-06-30 | 150 | 59 | 5 |
2016-03-31 | 149 | 59 | 5 |
*GAAP earnings excluding extraordinary items.
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.
Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
---|---|---|---|---|
2021-12-31 | 0.11 | 0.11 | 0.11 | 1.00 |
2020-12-31 | 0.06 | 0.08 | 0.03 | 2.00 |
2019-12-31 | 0.04 | 0.05 | 0.03 | 2.00 |
Date (Data in USD Millions) | EPS * |
---|---|
2018-12-31 | -0.12 |
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 |
2016-03-31 | 0.06 |
*GAAP earnings excluding extraordinary items.
How has Cedar Realty Trust performed over the past 5 years?
All data from Cedar Realty Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
---|---|---|---|---|
2018-12-31 | 152.02 | -10.48 | 16.92 | |
2018-09-30 | 152.23 | -10.50 | 17.16 | |
2018-06-30 | 152.45 | -19.17 | 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 | |
2012-03-31 | 136.03 | -45.20 | 11.90 |
*GAAP earnings excluding extraordinary items.
How is Cedar Realty Trust's financial health and their level of debt?
All data from Cedar Realty Trust Company Filings, last reported 1 month ago.
Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
---|---|---|---|
2018-12-31 | 558.72 | 624.83 | 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 |
2012-03-31 | 547.07 | 753.12 | 10.81 |
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
What is Cedar Realty Trust's current dividend yield, its reliability and sustainability?
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 185 Stocks | 4% |
United States of America Market Average Dividend Yield | Market Cap Weighted Average of 1997 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 | 3.6% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
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 |
Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
---|---|---|
2019-01-22 | 0.200 | 5.734 |
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 |
2009-04-02 | 0.000 | 0.000 |
2009-02-17 | 0.450 | 16.313 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
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.
Average tenure and age of the Cedar Realty Trust management team in years:
Average tenure and age of the Cedar Realty Trust board of directors in years:
Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
---|---|---|---|---|---|---|---|---|---|---|
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 |
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 - – Full articleCedar 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 - – Full articleBut 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 - – Full articleThis 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 - – Full articleCedar 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 - – Full articleCedar Realty Trust, Inc. … It is widely considered that insider selling stock in their own companies is potentially a bearish signal … A two-decade research published in The MIT Press (1998) showed that stocks following insider selling declined 2.7% relative to the market
Simply Wall St - – Full articleA sizeable part of portfolio returns can be produced by dividend stocks due to their contribution to compounding returns in the long run. … In the past 10 years Cedar Realty Trust Inc (NYSE:CDR) has returned an average of 5.00% per year to investors in the form of dividend payouts. … Let's take a look at Cedar Realty Trust in more detail.
Simply Wall St - – Full articleCedar Realty Trust Inc (NYSE:CDR), a reits company based in United States,. … Let’s examine Cedar Realty Trust’s valuation and outlook in more detail to determine if there’s still a bargain opportunity? … Check out our latest analysis for Cedar Realty Trust.
Simply Wall St - – Full articleLet’s take a look at Cedar Realty Trust’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … According to my valuation model, Cedar Realty Trust seems to be fairly priced at around 5.71% below my intrinsic value, which means if you buy Cedar Realty Trust today, you’d be paying a reasonable price for it. … In addition to this, it seems like Cedar Realty Trust’s share price is quite stable, which could mean there may be less chances to buy low in the future now that it’s fairly valued.
Simply Wall St - – Full articleCedar Realty Trust Inc is a US$338.78M small-cap real estate investment trust (REIT) based in Port Washington, United States. … View 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. … Next Steps: As a REIT, Cedar Realty Trust offers some unique characteristics which could help diversify your portfolio.
Simply Wall St - – Full article
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 58 properties, with approximately 8.7 million square feet of gross leasable area.
Name: | Cedar Realty Trust, Inc. |
CDR | |
Exchange: | NYSE |
Founded: | 1984 |
$316,962,450 | |
$305,282,720 | |
88,785,000 | |
Website: | http://www.cedarrealtytrust.com |
Address: |
Cedar Realty Trust, Inc. 44 South Bayles Avenue, Port Washington, New York, 11050, United States |
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.PRB | PFD-B 7.25% | New York Stock Exchange | US | USD | 24. May 2012 | |
NYSE | CDR.PRC | 6.50% CUM PFD C | New York Stock Exchange | US | USD | 18. Aug 2017 |
Retail REITs | |
Real Estate |
Area | Date (UTC time) |
---|---|
Company Analysis updated: | 2019/02/14 00:01 |
End of day share price update: | 2019/02/13 00:00 |
Last estimates confirmation: | 2019/02/12 |
Last earnings filing: | 2019/02/07 |
Last earnings reported: | 2018/12/31 |
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.