NYSE:CDR

Stock Analysis Report

Executive Summary

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.


Snowflake Analysis

Established dividend payer and slightly overvalued.


Similar Companies

Share Price & News

How has Cedar Realty Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CDR has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

4.7%

CDR

1.5%

US REITs

0.06%

US Market


1 Year Return

-21.4%

CDR

16.6%

US REITs

19.4%

US Market

Return vs Industry: CDR underperformed the US REITs industry which returned 16.6% over the past year.

Return vs Market: CDR underperformed the US Market which returned 19.4% over the past year.


Shareholder returns

CDRIndustryMarket
7 Day4.7%1.5%0.06%
30 Day2.5%4.4%1.1%
90 Day7.9%7.5%8.9%
1 Year-15.6%-21.4%21.4%16.6%21.9%19.4%
3 Year-44.0%-52.2%39.0%21.6%48.9%39.3%
5 Year-52.5%-61.8%59.5%26.7%71.9%53.1%

Price Volatility Vs. Market

How volatile is Cedar Realty Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Cedar Realty Trust undervalued compared to its fair value and its price relative to the market?

2.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CDR ($2.87) is trading below our estimate of fair value ($2.94)

Significantly Below Fair Value: CDR is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: CDR is unprofitable, so we can't compare its PE Ratio to the REITs industry average.

PE vs Market: CDR is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate CDR's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: CDR is good value based on its PB Ratio (0.7x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

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

-1.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CDR is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: CDR is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: CDR is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: CDR's revenue is expected to decline over the next 3 years (-1.1% per year).

High Growth Revenue: CDR's revenue is forecast to decline over the next 3 years (-1.1% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if CDR's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

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

-27.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CDR is currently unprofitable.

Growing Profit Margin: CDR is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: CDR is unprofitable, and losses have increased over the past 5 years at a rate of -27.7% per year.

Accelerating Growth: Unable to compare CDR's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: CDR is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (8.2%).


Return on Equity

High ROE: CDR has a negative Return on Equity (0.3%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Cedar Realty Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: CDR has a high level of physical assets or inventory.

Debt Coverage by Assets: CDR's debt is not covered by short term assets (assets are 0.1x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable CDR has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: CDR is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 1.9% per year.


Financial Institutions Analysis

Asset Level: CDR's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if CDR has a sufficient allowance for bad loans.

Low Risk Liabilities: CDR reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if CDR has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CDR has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if CDR has an appropriate level of bad loans.


Next Steps

Dividend

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

6.97%

Current Dividend Yield


Dividend Yield vs Market

company7.0%marketbottom25%1.4%markettop25%3.7%industryaverage3.5%forecastin3Years7.0%

Current dividend yield vs market & industry

Notable Dividend: CDR's dividend (6.97%) is higher than the bottom 25% of dividend payers in the US market (1.43%).

High Dividend: CDR's dividend (6.97%) is in the top 25% of dividend payers in the US market (3.7%)


Stability and Growth of Payments

Stable Dividend: CDR's dividends per share have been stable in the past 10 years.

Growing Dividend: CDR's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (67.9%), CDR's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CDR's dividends in 3 years are forecast to be thoroughly covered by earnings (0.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.1yrs

Average management tenure


CEO

Bruce Schanzer (50yo)

8.7yrs

Tenure

US$10,635,930

Compensation

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 ...


CEO Compensation Analysis

Compensation vs Market: Bruce's total compensation ($USD10.64M) is above average for companies of similar size in the US market ($USD1.11M).

Compensation vs Earnings: Bruce's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
Bruce Schanzer
President8.7yrsUS$10.64m2.68% $6.5m
Philip Mays
Executive VP8.7yrsUS$759.00k0.80% $1.9m
Robin Zeigler
Executive VP & COO3.9yrsUS$2.56m0.57% $1.4m
Michael Winters
Chief Investment Officer & Executive VP5yrsno datano data
Gaspare Saitta
VP & Chief Accounting Officer14.8yrsno datano data
Adina Storch
Chief Compliance Officer5.8yrsno datano data
Lauren Licausi
Vice President of Human Resources10.1yrsno datano data
Tim Havener
Senior Vice President of Leasing3.1yrsno datano data
Jennifer Bitterman
Vice President of Asset Management0yrsno datano data
Joshua Stein
Vice President of Acquisitions6.1yrsno datano data

6.1yrs

Average Tenure

49yo

Average Age

Experienced Management: CDR's management team is seasoned and experienced (6.1 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Bruce Schanzer
President8.7yrsUS$10.64m2.68% $6.5m
Roger Widmann
Chairman of the Board8.7yrsUS$180.00k0.19% $462.4k
Steven Rogers
Independent Director3.9yrsUS$120.00k0.080% $196.3k
Gregg Gonsalves
Independent Director2.8yrsUS$105.00k0.072% $175.4k
Sabrina Kanner
Independent Director1.7yrsUS$59.39k0.059% $144.8k
Pamela Hootkin
Independent Director11.7yrsUS$120.00k0.15% $375.5k
Abraham Eisenstat
Independent Director4.6yrsUS$114.97k0.25% $608.4k

4.6yrs

Average Tenure

61yo

Average Age

Experienced Board: CDR's board of directors are considered experienced (4.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Cedar Realty Trust, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Cedar Realty Trust, Inc.
  • Ticker: CDR
  • Exchange: NYSE
  • Founded: 1984
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: US$243.970m
  • Market Cap: US$242.461m
  • Shares outstanding: 86.82m
  • Website: https://www.cedarrealtytrust.com

Number of Employees


Location

  • Cedar Realty Trust, Inc.
  • 44 South Bayles Avenue
  • Port Washington
  • New York
  • 11050
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CDRNYSE (New York Stock Exchange)YesCommon StockUSUSDDec 1986
CDH1DB (Deutsche Boerse AG)YesCommon StockDEEURDec 1986
CDR.PRBNYSE (New York Stock Exchange)PFD-B 7.25%USUSDMay 2012
CDR.PRCNYSE (New York Stock Exchange)6.50% CUM PFD CUSUSDAug 2017

Biography

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 8.3 million square feet of gross leasable area. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/19 00:38
End of Day Share Price2020/02/18 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


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.