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.

Rewards

Trading at 22.8% below its fair value

Became profitable this year

Risk Analysis

Earnings are forecast to decline by an average of -99.8% per year for the next 3 years

Unstable dividend track record

Large one-off items impacting financial results



Snowflake Analysis

Average 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

5.4%

CDR

0.9%

US REITs

0.6%

US Market


1 Year Return

-13.2%

CDR

18.9%

US REITs

24.6%

US Market

Return vs Industry: CDR underperformed the US REITs industry which returned 17.9% over the past year.

Return vs Market: CDR underperformed the US Market which returned 24.7% over the past year.


Shareholder returns

CDRIndustryMarket
7 Day5.4%0.9%0.6%
30 Day7.7%3.9%3.0%
90 Day-10.6%0.1%10.6%
1 Year-7.3%-13.2%23.8%18.9%27.3%24.6%
3 Year-43.0%-50.9%35.5%18.4%50.5%40.8%
5 Year-54.4%-62.9%46.8%16.5%78.9%59.1%

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?

18.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CDR ($2.78) is trading below our estimate of fair value ($3.6)

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 poor value based on its PE Ratio (55.2x) compared to the REITs industry average (37.8x).

PE vs Market: CDR is poor value based on its PE Ratio (55.2x) compared to the US market (18.9x).


Price to Earnings Growth Ratio

PEG Ratio: CDR's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


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 (2x).


Next Steps

Future Growth

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

-99.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CDR's earnings are forecast to decline over the next 3 years (-99.8% per year).

Earnings vs Market: CDR's earnings are forecast to decline over the next 3 years (-99.8% per year).

High Growth Earnings: CDR's earnings are forecast to decline over the next 3 years.

Revenue vs Market: CDR's revenue (1.4% per year) is forecast to grow slower than the US market (7.5% per year).

High Growth Revenue: CDR's revenue (1.4% per year) is forecast to grow slower than 20% 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?

-23.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CDR has a large one-off gain of $2.9M impacting its September 30 2019 financial results.

Growing Profit Margin: CDR became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: CDR has become profitable over the past 5 years, growing earnings by -23.4% per year.

Accelerating Growth: CDR has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: CDR has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (8.1%).


Return on Equity

High ROE: CDR's Return on Equity (3.1%) is considered low.


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).


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?

6.78%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Cedar Realty Trust before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company6.8%marketbottom25%1.4%markettop25%3.7%industryaverage3.6%forecastin3Years6.8%

Current dividend yield vs market & industry

Notable Dividend: CDR's dividend (7.19%) is higher than the bottom 25% of dividend payers in the US market (1.4%).

High Dividend: CDR's dividend (7.19%) is in the top 25% of dividend payers in the US market (3.66%)


Stability and Growth of Payments

Stable Dividend: CDR's dividend payments have been volatile 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%), 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

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

6.0yrs

Average management tenure


CEO

Bruce Schanzer (50yo)

8.6yrs

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 ($USD10.64M) is above average for companies of similar size in the US market ($USD1.08M).

Compensation vs Earnings: Bruce's compensation has been consistent with company performance over the past year.


Management Age and Tenure

6.0yrs

Average Tenure

49yo

Average Age

Experienced Management: CDR's management team is seasoned and experienced (6 years average tenure).


Board Age and Tenure

4.5yrs

Average Tenure

61yo

Average Age

Experienced Board: CDR's board of directors are considered experienced (4.5 years average tenure).


Insider Trading

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


Recent Insider Transactions

SellUS$75,36827 Sep 19
Philip Mays
EntityIndividual
Role
Chief Financial Officer
Executive VP
Shares25,000
Max PriceUS$3.01
SellUS$31,40009 May 19
Bruce Schanzer
EntityIndividual
Role
Chief Executive Officer
President
Shares10,000
Max PriceUS$3.14

Ownership Breakdown

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


Management Team

  • Michael Winters (58yo)

    Chief Investment Officer & Executive VP

    • Tenure: 4.9yrs
  • Gaspare Saitta (46yo)

    VP & Chief Accounting Officer

    • Tenure: 14.7yrs
  • Phil Mays (51yo)

    Executive VP

    • Tenure: 8.6yrs
    • Compensation: US$759.00k
  • Adina Storch (48yo)

    Chief Compliance Officer

    • Tenure: 5.8yrs
  • Bruce Schanzer (50yo)

    President

    • Tenure: 8.6yrs
    • Compensation: US$10.64m
  • Robin Zeigler (46yo)

    Executive VP & COO

    • Tenure: 3.8yrs
    • Compensation: US$2.56m
  • Tim Havener

    Senior Vice President of Leasing

    • Tenure: 3yrs
  • Jennifer Bitterman

    Vice President of Asset Management

    • Joshua Stein

      Vice President of Acquisitions

      • Tenure: 6yrs
    • Lauren Licausi

      Vice President of Human Resources

      • Tenure: 10yrs

    Board Members

    • Roger Widmann (79yo)

      Chairman of the Board

      • Tenure: 8.6yrs
      • Compensation: US$180.00k
    • Steve Rogers (64yo)

      Independent Director

      • Tenure: 3.8yrs
      • Compensation: US$120.00k
    • Gregg Gonsalves (51yo)

      Independent Director

      • Tenure: 2.7yrs
      • Compensation: US$105.00k
    • Sabrina Kanner (61yo)

      Independent Director

      • Tenure: 1.6yrs
      • Compensation: US$59.39k
    • Pam Hootkin (71yo)

      Independent Director

      • Tenure: 11.6yrs
      • Compensation: US$120.00k
    • Bruce Schanzer (50yo)

      President

      • Tenure: 8.6yrs
      • Compensation: US$10.64m
    • Abe Eisenstat (49yo)

      Independent Director

      • Tenure: 4.5yrs
      • Compensation: US$114.97k

    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$250.788m
    • Market Cap: US$253.528m
    • Shares outstanding: 86.48m
    • 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 57 properties, with approximately 8.5 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 Analysis2020/01/24 00:13
    End of Day Share Price2020/01/23 00:00
    Earnings2019/09/30
    Annual Earnings2018/12/31


    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.