Cedar Realty Trust (CDR) Tops Q4 EPS by 45c

Cedar Realty Trust (NYSE: CDR) reported Q4 EPS of $0.25, $0.45 better than the analyst estimate of ($0.20).

• Operating Funds from operations (FFO) of $0.71 per diluted share for the quarter and $2.91 for the year
• NAREIT-defined FFO of $0.71 per diluted share for the quarter and $2.88 for the year
• Same-property net operating income (NOI) decreased 4.1% for the quarter and 6.8% for the year
• Signed 37 new and renewal leases for 222,000 square feet in the quarter and 121 new and renewal leases for 963,000 square feet for the year
• Comparable cash-basis lease spreads of 1.5% for the quarter and 0.1% for the year
• On October 27, 2020, utilized our revolving credit facility to repay the $75.0 million term loan which was set to mature in February 2021, as we advance the long-term refinancing of the loan which we anticipate closing in early 2021. The revolving credit facility matures in September 2021, and may be extended, at the Company\'s option, for an additional one-year period, subject to customary conditions
• Same property portfolio was 91.2% leased
• On October 8, 2020, sold Glen Allen Shopping Center for $8.5 million, on November 2, 2020, sold Pine Grove outparcel building for $1.1 million, and on December 10, 2020, sold Suffolk Plaza for $7.0 million
• On November 27, 2020, the Company completed a 1-for-6.6 reverse stock split of the issued and outstanding common stock

For earnings history and earnings-related data on Cedar Realty Trust (CDR) click here.

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