Cedar Realty Trust (CDR) Tops Q3 EPS by 5c

Cedar Realty Trust (NYSE: CDR) reported Q3 EPS of ($0.02), $0.05 better than the analyst estimate of ($0.07).

• NAREIT-defined FFO and Operating FFO of $0.09 per diluted share compared to $0.06 for the prior quarter
• Same-property net operating income (NOI) decreased 9.1% compared to a 14.6% decrease in the prior quarter
• Collected 91% of base rents and monthly charges compared to 77% in the prior quarter
• Recorded $2.2 million of uncollectible revenue/bad debt expense compared to $4.6 million in the prior quarter
• Wrote-off $0.3 million of straight line rent receivables compared to $1.2 million in the prior quarter
• Signed 33 new and renewal leases for 249,200 square feet in the quarter
• Same-property portfolio 91.7% leased at quarter-end
• On July 9, 2020, sold Metro Square for $4.3 million and on September 17, 2020, sold an outparcel building at Oakland Mills for $1.1 million
• On July 23, 2020, entered into lease with the Government of the District of Columbia for approximately 240,000 square feet of office space in a new building to be constructed at Senator Square

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

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