UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): August 6, 2015

 

 

Cedar Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland		001-31817		42-1241468
(State or other jurisdiction of incorporation)		(Commission File No.)		(IRS Employer Identification No.)
44 South Bayles Avenue Port Washington, NY				11050-3765
(Address of principal executive offices)				(Zip Code)

(516) 767-6492

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Items 2.02 and 7.01. Results of Operations and Financial Condition, and Regulation FD.

The information in this Current Report on Form 8-K is furnished under Item 2.02 – “Results of Operations and Financial Condition” and Item 7.01 – “Regulation FD Disclosure”. This information, including the exhibits attached hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

On August 6, 2015, Cedar Realty Trust, Inc. (the “Company”) issued a press release announcing its comparative financial results as well as certain supplemental financial information for the three and six months ended June 30, 2015. The press release and the supplemental financial information are furnished as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

 

(d)

Exhibits.

 

99.1		Cedar Realty Trust, Inc. Supplemental Financial Information at June 30, 2015 (including press release dated August 6, 2015).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

CEDAR REALTY TRUST, INC.

/s/ PHILIP R. MAYS

Philip R. Mays

Chief Financial Officer

(Principal financial officer)

Dated: August 6, 2015

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CEDAR REALTY TRUST, INC.

Supplemental Financial Information

June 30, 2015

(unaudited)

TABLE OF CONTENTS

 

Earnings Press Release			3-6
Financial Information
Condensed Consolidated Balance Sheets			7
Condensed Consolidated Statements of Operations			8
Supporting Schedules to Consolidated Statements			9
Funds From Operations and Additional Disclosures			10
Earnings Before Interest, Taxes, Depreciation and Amortization			11
Summary of Outstanding Debt			12
Summary of Debt Maturities			13
Portfolio Information
Real Estate Summary			14-16
Leasing Activity			17
Tenant Concentration			18
Lease Expirations			19
Same-Property Net Operating Income			20
2015 Acquisitions and Dispositions			21
Summary of Real Estate Held For Sale			22
Non-GAAP Financial Disclosures			23

Forward-Looking Statements

The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). In addition, statements made or incorporated by reference herein may include certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, those set forth under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K. Accordingly, the information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2014 and Form 10-Q for the quarter ended June 30, 2015.

 

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CEDAR REALTY TRUST REPORTS

SECOND QUARTER 2015 RESULTS

Port Washington, New York – August 6, 2015 – Cedar Realty Trust, Inc. (NYSE: CDR) today reported results for the second quarter ended June 30, 2015.

Operating Highlights

 

•

Operating funds from operations (Operating FFO) of $0.14 per diluted share

 

•

Same-property net operating income (NOI) increased 3.2% including redevelopments and 2.2% excluding redevelopments

 

•

Signed 44 new and renewal leases for 182,100 square feet

 

•

Comparable cash-basis lease spreads of 7.7%

 

•

Total portfolio 93.2% leased and same-property portfolio 93.3% leased at quarter-end

 

•

Raised low end of 2015 Operating FFO guidance to a new range of $0.52 to $0.54 per diluted share

“We are pleased with another quarter of solid operating results,” commented Bruce Schanzer, President and CEO. “What is especially gratifying is that these results are occurring while we continue to migrate our capital into stronger assets and markets and we further strengthen our balance sheet. Our consistent results may not be flashy, but we believe there is much to be excited about at Cedar as we execute our long-term strategic plan to methodically build a leading shopping center REIT.”

Financial Results

Operating FFO for second quarter 2015 was $11.6 million or $0.14 per diluted share, compared to $11.2 million or $0.14 per diluted share for the same period in 2014. Operating FFO for six months ended June 30, 2015 was $22.2 million or $0.26 per diluted share, compared to $21.4 million or $0.27 per diluted share for the same period in 2014. NAREIT-defined FFO for second quarter 2015 was $11.6 million or $0.14 per diluted share, compared to $12.5 million or $0.16 per diluted share for the same period in 2014. NAREIT-defined FFO for six months ended June 30, 2015 was $21.6 million or $0.25 per diluted share, compared to $19.9 million or $0.25 per diluted share for the same period in 2014. The principal differences between Operating FFO and NAREIT-defined FFO are acquisition costs and debt extinguishment amounts.

Net income attributable to common shareholders for second quarter 2015 was $1.9 million or $0.02 per diluted share, compared to $13.5 million or $0.17 per diluted share for the same period in 2014. Net income attributable to common shareholders for six months ended June 30, 2015 was $1.8 million or $0.02 per diluted share, compared to $11.6 million or $0.15 per diluted share for the same period in 2014. The quarter and six months ended June 30, 2014 each includes $11.8 million of gains on sales of properties.

 

3

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Portfolio Results

Same-property NOI for second quarter increased 3.2% including redevelopments and 2.2% excluding redevelopments.

During second quarter 2015, the Company signed 44 leases for 182,100 square feet. On a comparable space basis, the Company leased 140,400 square feet at a positive lease spread of 7.7% on a cash basis (new leases increased 9.8% and renewals increased 7.2%). During six months ended June 30, 2015, the Company signed 77 leases for 495,000 square feet. On a comparable space basis, the Company leased 425,900 square feet at a positive lease spread of 8.0% on a cash basis (new leases increased 11.1% and renewals increased 7.2%).

The Company’s total portfolio, excluding properties held for sale, was 93.2% leased at June 30, 2015, compared to 93.1% at March 31, 2015 and 93.3% at June 30, 2014. The Company’s same-property portfolio was 93.3% leased at June 30, 2015, compared to 93.7% at March 31, 2015 and 94.1% at June 30, 2014.

Balance Sheet

As of June 30, 2015, the Company had $215.6 million available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization (EBITDA) of 7.1 times.

2015 Guidance

The Company raised the low end of its 2015 guidance to a new range of $0.52 to $0.54 per diluted share for Operating FFO and a new range of $0.51 to $0.53 per diluted share for NAREIT-defined FFO. The principal difference in 2015 guidance between Operating FFO and NAREIT-defined FFO is acquisition costs.

Quarterly Dividends

The Company will pay a cash dividend of $0.05 per share on the Company’s common stock and $0.453125 per share on the Company’s 7.25% Series B Cumulative Redeemable Preferred Stock on August 20, 2015 to shareholders of record as of the close of business on August 10, 2015.

 

4

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Non-GAAP Financial Measures

NAREIT-defined FFO is a widely-recognized non-GAAP financial measure for REITs that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful in understanding financial performance and provides a relevant basis for comparison among REITs. The Company also presents Operating Funds From Operations (Operating FFO), which excludes certain items that are not indicative of the operating results provided by the Company’s core portfolio and that affect the comparability of the Company’s period-over-period performance. A reconciliation of net income attributable to common shareholders to FFO and Operating FFO for the three and six months ended June 30, 2015 and 2014 is detailed in the attached schedule.

Supplemental Financial Information Package

The Company has issued “Supplemental Financial Information” for the period ended June 30, 2015. Such information has been filed today as an exhibit to Form 8-K and will also be available on the Company’s website at www.cedarrealtytrust.com.

Investor Conference Call

The Company will host a conference call today, August 6, 2015, at 5:00 PM (ET) to discuss the second quarter results. The conference call can be accessed by dialing (877) 705-6003 or (1) (201) 493-6725 for international participants. A live webcast of the conference call will be available online on the Company’s website at www.cedarrealtytrust.com.

A replay of the call will be available from 8:00 PM (ET) on August 6, 2015 until midnight (ET) on August 20, 2015. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 13612238 for the telephonic replay. A replay of the Company’s webcast will be available on the Company’s website for a limited time.

About Cedar Realty Trust

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership and operation of primarily grocery-anchored shopping centers straddling the Washington DC to Boston corridor. The Company’s portfolio (excluding properties treated as “held for sale”) is comprised of 59 properties, with approximately 9.3 million square feet of gross leasable area.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company’s website at www.cedarrealtytrust.com.

 

5

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Forward-Looking Statements

Statements made in this press release that are not strictly historical are “forward-looking” statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance and outcomes to differ materially from those expressed or implied in forward-looking statements. Please refer to the documents filed by Cedar Realty Trust, Inc. with the SEC, specifically the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which identifies important risk factors that could cause actual results to differ from those contained in forward-looking statements.

Contact Information:

Cedar Realty Trust, Inc.

Philip R. Mays

Chief Financial Officer

(516) 944-4572

 

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CEDAR REALTY TRUST, INC.

Condensed Consolidated Balance Sheets

 

		June 30,				December 31,
		2015				2014
ASSETS
Real estate
Land		$	314,773,000			$	312,868,000
Buildings and improvements			1,186,408,000				1,163,305,000
			1,501,181,000				1,476,173,000
Less accumulated depreciation			(283,222,000	)			(267,211,000	)
Real estate, net			1,217,959,000				1,208,962,000
Real estate held for sale			14,572,000				16,508,000
Cash and cash equivalents			8,371,000				3,499,000
Restricted cash			8,353,000				7,859,000
Receivables			19,330,000				18,405,000
Other assets and deferred charges, net			29,002,000				31,546,000
TOTAL ASSETS		$	1,297,587,000			$	1,286,779,000
LIABILITIES AND EQUITY
Mortgage loans payable		$	354,522,000			$	393,388,000
Unsecured revolving credit facility			—				72,000,000
Unsecured term loans			300,000,000				200,000,000
Accounts payable and accrued liabilities			20,336,000				22,364,000
Unamortized intangible lease liabilities			22,750,000				23,776,000
Total liabilities			697,608,000				711,528,000
Noncontrolling interest - limited partners’ mezzanine OP Units			—				396,000
Equity:
Preferred stock			190,661,000				190,661,000
Common stock and other shareholders’ equity			407,325,000				378,891,000
Minority interests in consolidated joint ventures			(766,000	)			2,872,000
Limited partners’ OP Units			2,759,000				2,431,000
Total equity			599,979,000				574,855,000
TOTAL LIABILITIES AND EQUITY		$	1,297,587,000			$	1,286,779,000

 

7

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CEDAR REALTY TRUST, INC.

Condensed Consolidated Statements of Operations

 

		Three months ended June 30,								Six months ended June 30,
		2015				2014				2015				2014
PROPERTY REVENUES
Rents		$	29,196,000			$	29,806,000			$	58,158,000			$	58,346,000
Expense recoveries			7,414,000				7,321,000				17,035,000				16,438,000
Other			132,000				181,000				184,000				236,000
Total property revenues			36,742,000				37,308,000				75,377,000				75,020,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management			5,657,000				6,303,000				14,001,000				14,471,000
Real estate and other property-related taxes			4,965,000				4,643,000				9,652,000				9,194,000
Total property operating expenses			10,622,000				10,946,000				23,653,000				23,665,000
PROPERTY OPERATING INCOME			26,120,000				26,362,000				51,724,000				51,355,000
OTHER EXPENSES AND INCOME
General and administrative			3,652,000				3,780,000				7,571,000				7,304,000
Acquisition costs			—				—				499,000				2,870,000
Depreciation and amortization			9,721,000				9,693,000				19,229,000				19,141,000
Gain on sale			—				(3,810,000	)			—				(3,810,000	)
Impairment charges			124,000				1,725,000				1,233,000				1,813,000
Total other expenses and income			13,497,000				11,388,000				28,532,000				27,318,000
OPERATING INCOME			12,623,000				14,974,000				23,192,000				24,037,000
NON-OPERATING INCOME AND EXPENSES
Interest expense			(7,207,000	)			(8,124,000	)			(14,485,000	)			(16,195,000	)
Early extinguishment of debt costs			—				(62,000	)			(57,000	)			(150,000	)
Total non-operating income and expense			(7,207,000	)			(8,186,000	)			(14,542,000	)			(16,345,000	)
INCOME FROM CONTINUING OPERATIONS			5,416,000				6,788,000				8,650,000				7,692,000
DISCONTINUED OPERATIONS
Income from operations			—				635,000				12,000				1,499,000
Impairment reversals			—				183,000				153,000				125,000
Gain on extinguishment of debt obligations			—				1,423,000				—				1,423,000
Gain on sales			—				7,963,000				—				7,963,000
Total income from discontinued operations			—				10,204,000				165,000				11,010,000
NET INCOME			5,416,000				16,992,000				8,815,000				18,702,000
Add, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures			111,000				147,000				189,000				213,000
Limited partners’ interest in Operating Partnership			(10,000	)			(79,000	)			(8,000	)			(68,000	)
Total net loss attributable to noncontrolling interests			101,000				68,000				181,000				145,000
NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.			5,517,000				17,060,000				8,996,000				18,847,000
Preferred stock dividends			(3,602,000	)			(3,602,000	)			(7,204,000	)			(7,204,000	)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS		$	1,915,000			$	13,458,000			$	1,792,000			$	11,643,000
PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED)
Continuing operations		$	0.02			$	0.04			$	0.02			$	0.00
Discontinued operations			0.00				0.13				0.00				0.15
		$	0.02			$	0.17			$	0.02			$	0.15
Weighted average number of common shares - basic and diluted			81,488,000				75,531,000				81,103,000				75,076,000

 

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CEDAR REALTY TRUST, INC.

Supporting Schedules to Consolidated Statements

 

Balance Sheets		June 30, 2015				December 31, 2014
Construction in process (included in buildings and improvements)		$	5,846,000			$	11,032,000
Receivables
Rents and other tenant receivables, net		$	4,105,000			$	3,479,000
Straight-line rents			15,225,000				14,926,000
		$	19,330,000			$	18,405,000
Other assets and deferred charges, net
Lease origination costs		$	17,955,000			$	18,180,000
Financing costs			6,008,000				4,256,000
Prepaid expenses			3,415,000				6,689,000
Other			1,624,000				2,421,000
		$	29,002,000			$	31,546,000

 

		Three months ended June 30,								Six months ended June 30,
Statements of Operations		2015				2014				2015				2014
Rents
Base rents		$	28,063,000			$	28,273,000			$	55,855,000			$	55,364,000
Percentage rent			210,000				134,000				354,000				255,000
Straight-line rents			93,000				292,000				289,000				479,000
Amortization of intangible lease liabilities, net			830,000				1,107,000				1,660,000				2,248,000
		$	29,196,000			$	29,806,000			$	58,158,000			$	58,346,000

 

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CEDAR REALTY TRUST, INC.

Funds From Operations and Additional Disclosures

 

		Three months ended June 30,								Six months ended June 30,
		2015				2014				2015				2014
Net income attributable to common shareholders		$	1,915,000			$	13,458,000			$	1,792,000			$	11,643,000
Real estate depreciation and amortization			9,657,000				9,609,000				19,084,000				18,970,000
Limited partners’ interest			10,000				79,000				8,000				68,000
Impairment charges, net			124,000				1,542,000				1,080,000				1,688,000
Gain on sales			—				(11,773,000	)			—				(11,773,000	)
Consolidated minority interests:
Share of loss			(111,000	)			(147,000	)			(189,000	)			(213,000	)
Share of FFO			(42,000	)			(226,000	)			(168,000	)			(533,000	)
Funds From Operations (“FFO”) applicable to diluted common shares			11,553,000				12,542,000				21,607,000				19,850,000
Adjustments for items affecting comparability:
Acquisition costs			—				—				499,000				2,870,000
Early extinguishment of debt costs			—				62,000				57,000				150,000
Gain on extinguishment of debt obligations			—				(1,423,000	)			—				(1,423,000	)
Operating Funds From Operations (“Operating FFO”) applicable to diluted common shares		$	11,553,000			$	11,181,000			$	22,163,000			$	21,447,000
FFO per diluted common share:		$	0.14			$	0.16			$	0.25			$	0.25
Operating FFO per diluted common share:		$	0.14			$	0.14			$	0.26			$	0.27
Weighted average number of diluted common shares:
Common shares			85,022,000				79,223,000				84,662,000				78,756,000
OP Units			393,000				465,000				393,000				472,000
			85,415,000				79,688,000				85,055,000				79,228,000
Additional Disclosures (Pro-Rata Share):
Straight-line rents		$	92,000			$	298,000			$	290,000			$	495,000
Amortization of intangible lease liabilities			804,000				1,049,000				1,608,000				2,129,000
Non-real estate amortization			466,000				720,000				968,000				1,405,000
Share-based compensation, net			901,000				821,000				1,705,000				1,611,000
Maintenance capital expenditures (a)			472,000				449,000				784,000				862,000
Lease related expenditures (b)			666,000				593,000				1,174,000				1,402,000
Development and redevelopment capital expenditures			1,791,000				1,951,000				2,950,000				4,355,000
Capitalized interest and financing costs			81,000				201,000				244,000				402,000

 

(a)	Consists of payments for building and site improvements.

(b)	Consists of payments for tenant improvements and leasing commissions.

 

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CEDAR REALTY TRUST, INC.

Earnings Before Interest, Taxes, Depreciation and Amortization

 

		Three months ended June 30,								Six months ended June 30,
		2015				2014				2015				2014
EBITDA Calculation
Income from continuing operations		$	5,416,000			$	6,788,000			$	8,650,000			$	7,692,000
Add (deduct):
Interest expense (including early extinguishment of debt costs)			7,207,000				8,186,000				14,542,000				16,345,000
Depreciation and amortization			9,721,000				9,693,000				19,229,000				19,141,000
Minority interests share of consolidated joint venture EBITDA			(301,000	)			(738,000	)			(743,000	)			(1,554,000	)
Discontinued operations:
Income from operations			—				635,000				12,000				1,499,000
Interest expense			—				230,000				—				631,000
EBITDA			22,043,000				24,794,000				41,690,000				43,754,000
Adjustments for items affecting comparability:
Impairment charges			124,000				1,725,000				1,233,000				1,813,000
Gain on sales			—				(3,810,000	)			—				(3,810,000	)
Acquisition costs			—				—				499,000				2,870,000
Adjusted EBITDA		$	22,167,000			$	22,709,000			$	43,422,000			$	44,627,000
Pro-rata share of net debt (a)
Pro-rata share of debt		$	638,202,000			$	675,759,000			$	638,202,000			$	675,759,000
Pro-rata share of unrestricted cash and cash equivalents			(8,279,000	)			(3,494,000	)			(8,279,000	)			(3,494,000	)
		$	629,923,000			$	672,265,000			$	629,923,000			$	672,265,000
Pro-rata fixed charges (a)
Interest expense (b)		$	6,616,000			$	7,386,000			$	13,305,000			$	14,934,000
Preferred stock dividends			3,602,000				3,602,000				7,204,000				7,204,000
Scheduled mortgage repayments			1,473,000				1,824,000				3,014,000				4,126,000
		$	11,691,000			$	12,812,000			$	23,523,000			$	26,264,000
Debt and Coverage Ratios
Net debt to Adjusted EBITDA (c)			7.1	x			7.7	x			7.2	x			7.7	x
Interest coverage ratio (based on Adjusted EBITDA)			3.4	x			3.1	x			3.3	x			3.0	x
Fixed charge coverage ratio (based on Adjusted EBITDA)			1.9	x			1.8	x			1.8	x			1.7	x

 

(a)	Includes properties “held for sale”.

(b)	Excludes early extinguishment of debt costs.

(c)	For the purposes of this computation, this ratio has been adjusted to include the annualized results of properties acquired, and to exclude, where applicable, (i) the results and debt related to properties sold, and (ii) lease termination income.

 

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CEDAR REALTY TRUST, INC.

Summary of Outstanding Debt

As of June 30, 2015

 

		Maturity				Interest
Property		Date				Rate				Amounts
Fixed-rate mortgages:
Groton Shopping Center			Oct 2015				5.3	%		$	10,953,000
Quartermaster Plaza			Oct 2015				5.3	%			41,327,000
Southington Center			Nov 2015				5.1	%			5,141,000
Jordan Lane			Dec 2015				5.5	%			11,707,000
Oakland Mills			Jan 2016				5.5	%			4,403,000
Franklin Village Plaza			Aug 2016				4.1	%			40,914,000
West Bridgewater Plaza			Sep 2016				6.2	%			10,194,000
Carman’s Plaza			Oct 2016				6.2	%			33,500,000
Hamburg Square			Oct 2016				6.1	%			4,680,000
Meadows Marketplace			Nov 2016				5.6	%			9,326,000
San Souci Plaza (a)			Dec 2016				6.2	%			27,200,000
Camp Hill			Jan 2017				5.5	%			61,981,000
Golden Triangle			Feb 2018				6.0	%			19,123,000
Gold Star Plaza			May 2019				7.3	%			1,149,000
Swede Square			Nov 2020				5.5	%			9,915,000
Colonial Commons			Feb 2021				5.5	%			25,996,000
The Point			Nov 2022				4.5	%			28,745,000
Metro Square			Nov 2029				7.5	%			7,863,000
Total fixed-rate mortgages			weighted average				5.4	%			354,117,000
Net unamortized premium											405,000
Total mortgage debt, net											354,522,000
Unsecured debt:
Variable-rate (b):
Revolving credit facility (c)			Feb 2019				1.5	%			—
Term loan			Feb 2020				1.6	%			50,000,000
Fixed-rate (d):
Term loan			Feb 2019				2.9	%			75,000,000
Term loan			Feb 2020				2.8	%			50,000,000
Term loan			Feb 2021				4.0	%			75,000,000
Term loan			Feb 2022				3.3	%			50,000,000
Total unsecured debt			weighted average				3.0	%			300,000,000
Total debt			weighted average				4.3	%		$	654,522,000
Pro-rata share of total debt reconciliation:
Total debt										$	654,522,000
Less pro-rata share attributable to joint venture minority interest											(16,320,000	)
Pro-rata share of total debt										$	638,202,000
Fixed to variable rate debt ratio:
Fixed-rate debt							92.2	%		$	588,202,000
Variable-rate debt							7.8	%			50,000,000
							100.0	%		$	638,202,000

 

(a)	The Company has a 40% ownership interest in this joint venture.

(b)	For variable-rate debt, rate in effect as of June 30, 2015.

(c)	Subject to a one-year extension at the Company’s option.

(d)

The interest rates on these term loans consist of LIBOR plus a credit spread based on the Company’s leverage, for which the Company has interest rate swaps which convert the LIBOR rates to fixed rates (the interest rate swaps and indicated rates for the two $50 million term loans became effective July 1, 2015). Accordingly, these term loans are presented as fixed-rate debt.

 

12

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CEDAR REALTY TRUST, INC.

Summary of Debt Maturities

As of June 30, 2015

 

		Secured Debt								Unsecured Debt
Year		Scheduled Amortization				Balloon Payments				Revolving Credit Facility (a)				Term Loans				Total
2015		$	2,713,000			$	68,739,000			$	—			$	—			$	71,452,000
2016			4,220,000				128,564,000				—				—				132,784,000
2017			2,439,000				60,478,000				—				—				62,917,000
2018			2,148,000				18,007,000				—				—				20,155,000
2019			2,036,000				—				—				75,000,000				77,036,000
2020			1,981,000				8,849,000				—				100,000,000				110,830,000
2021			1,244,000				22,367,000				—				75,000,000				98,611,000
2022			1,039,000				24,323,000				—				50,000,000				75,362,000
Thereafter			4,498,000				472,000				—				—				4,970,000
		$	22,318,000			$	331,799,000			$	—			$	300,000,000				654,117,000
											Net unamortized premium								405,000
																		$	654,522,000

 

(a)	Revolving credit facility has no outstanding borrowings at June 30, 2015, and expires in February 2019. The credit facility is subject to a one-year extension at the Company’s option.

 

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CEDAR REALTY TRUST, INC.

Real Estate Summary

As of June 30, 2015

 

												Average
		Year						Percent				base rent per				Major Tenants (a)
Property Description		acquired		GLA				occupied				leased sq. ft.				Name		GLA
Connecticut
Big Y Shopping Center		2013			101,105				100.0	%		$	22.81			Big Y			63,817
Brickyard Plaza		2004			227,193				85.4	%			8.69			Home Depot			103,003
																Kohl’s			58,966
																Michaels			21,429
Groton Shopping Center		2007			117,186				88.0	%			11.74			TJ Maxx			30,000
																Goodwill			21,306
Jordan Lane		2005			177,504				87.7	%			11.79			Stop & Shop			60,632
																CW Price			39,280
New London Mall		2009			259,566				94.4	%			15.16			Shop Rite			64,017
																Marshalls			30,627
																Home Goods			25,432
																Petsmart			23,500
																A.C. Moore			20,932
Oakland Commons		2007			90,100				100.0	%			6.37			Walmart			54,911
																Bristol Ten Pin			35,189
Southington Center		2003			155,842				98.5	%			7.28			Walmart			95,482
																NAMCO			20,000
Total Connecticut					1,128,496				92.4	%			11.94
Maryland
Metro Square		2008			71,896				100.0	%			19.39			Shoppers Food Warehouse			58,668
Oakland Mills		2005			58,224				100.0	%			14.05			Food Lion			43,470
San Souci Plaza (b)		2009			264,134				78.7	%			10.57			Shoppers Food Warehouse			61,466
																Marshalls			27,000
																Maximum Health and Fitness			15,612
Valley Plaza		2003			190,939				100.0	%			5.20			K-Mart			95,810
																Ollie’s Bargain Outlet			41,888
																Tractor Supply			32,095
Yorktowne Plaza		2007			158,982				86.2	%			13.78			Food Lion			37,692
Total Maryland					744,175				89.5	%			10.95
Massachusetts
Fieldstone Marketplace		2005/2012			193,970				94.0	%			10.75			Shaw’s			68,000
																Flagship Cinema			41,975
																New Bedford Wine and Spirits			15,180
Franklin Village Plaza		2004/2012			303,096				90.3	%			20.85			Stop & Shop			75,000
																Marshalls			26,890
																Team Fitness			15,807
Kings Plaza		2007			168,243				95.2	%			6.51			Work Out World			42,997
																CW Price			28,504
																Ocean State Job Lot			20,300
																Savers			19,339
Norwood Shopping Center		2006			102,459				100.0	%			9.73			Hannaford Brothers			42,598
																Planet Fitness			18,830
																Dollar Tree			16,798
The Shops at Suffolk Downs		2005			121,320				98.8	%			13.66			Stop & Shop			74,977
Timpany Plaza		2007			183,775				98.9	%			7.48			Stop & Shop			59,947
																Big Lots			28,027
																Gardner Theater			27,576
Webster Plaza		2007			101,824				100.0	%			10.25			Price Chopper			58,545
West Bridgewater Plaza		2007			133,039				78.1	%			9.78			Shaw’s			57,315
																Planet Fitness			15,000
Total Massachusetts					1,307,726				93.8	%			12.04

 

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CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of June 30, 2015

 

												Average
		Year						Percent				base rent per				Major Tenants (a)
Property Description		acquired		GLA				occupied				leased sq. ft.				Name		GLA
New Jersey
Carll’s Corner		2007			129,582				84.7	%			8.81			Acme Markets			55,000
																Peebles			18,858
Pine Grove Plaza		2003			86,089				95.1	%			11.28			Peebles			24,963
Washington Center Shoppes		2001			157,394				90.9	%			9.25			Acme Markets			66,046
																Planet Fitness			20,742
Total New Jersey					373,065				89.7	%			9.60
New York
Carman’s Plaza		2007			194,082				75.6	%			19.52			Pathmark			52,211
																Home Goods			25,806
																Department of Motor Vehicle			19,310
Pennsylvania
Academy Plaza		2001			137,415				89.9	%			14.51			Acme Markets			50,918
Camp Hill		2002			464,765				98.3	%			14.21			Boscov’s			159,040
																Giant Foods			92,939
																LA Fitness			45,000
																Orthopedic Inst of PA			40,904
																Barnes & Noble			24,908
																Staples			20,000
Colonial Commons		2011			461,914				90.0	%			13.96			Giant Foods			67,815
																Dick’s Sporting Goods			56,000
																LA Fitness			41,325
																Ross Dress For Less			30,000
																Marshalls			27,000
																JoAnn Fabrics			25,500
																David’s Furniture			24,970
																Office Max			23,500
																Old Navy			15,500
Crossroads II (c)		2008			133,717				93.9	%			20.06			Giant Foods			78,815
Fairview Commons		2007			52,964				72.6	%			10.68			Grocery Outlet			16,650
Fort Washington Center		2002			41,000				100.0	%			21.83			LA Fitness			41,000
Gold Star Plaza		2006			71,720				93.3	%			8.73			Redner’s			48,920
Golden Triangle		2003			202,943				94.6	%			12.75			LA Fitness			44,796
																Marshalls			30,000
																Staples			24,060
																Just Cabinets			18,665
																Aldi			15,242
Halifax Plaza		2003			51,510				100.0	%			12.69			Giant Foods			32,000
Hamburg Square		2004			99,580				95.2	%			6.47			Redner’s			56,780
																Peebles			19,683
Lawndale Plaza		2015			93,040				94.1	%			18.24			Shop Rite			63,342
Maxatawny Marketplace		2011			58,339				100.0	%			12.21			Giant Foods			53,914
Meadows Marketplace		2004/2012			91,518				100.0	%			15.69			Giant Foods			67,907
Mechanicsburg Center		2005			51,500				100.0	%			22.57			Giant Foods			51,500
Newport Plaza		2003			64,489				100.0	%			11.81			Giant Foods			43,400
Northside Commons		2008			69,136				100.0	%			10.10			Redner’s			53,019
Palmyra Shopping Center		2005			111,051				97.3	%			7.11			Weis Markets			46,912
																Goodwill			18,104
Port Richmond Village		2001			154,908				87.0	%			13.98			Thriftway			40,000
																Pep Boys			20,615
Quartermaster Plaza		2014			456,602				93.4	%			14.55			Home Depot			150,000
																BJ’s Wholesale Club			117,718
																Planet Fitness			23,146
																Staples			20,388
																Petsmart			19,089

 

15

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CEDAR REALTY TRUST, INC.

Real Estate Summary (Continued)

As of June 30, 2015

 

														Average
		Year								Percent				base rent per				Major Tenants (a)
Property Description		acquired				GLA				occupied				leased sq. ft.				Name		GLA
Pennsylvania (continued)
River View Plaza			2003				226,786				90.2	%			19.80			United Artists			77,700
																		Avalon Carpet			25,000
																		Pep Boys			22,000
																		Staples			18,000
South Philadelphia			2003				283,415				83.0	%			13.83			Shop Rite			54,388
																		Ross Dress For Less			31,349
																		LA Fitness			31,000
																		Modell’s			20,000
Swede Square			2003				100,816				97.0	%			17.47			LA Fitness			37,200
The Commons			2004				203,426				88.9	%			8.30			Bon-Ton			54,500
																		Shop ‘n Save			52,654
																		TJ Maxx			24,404
The Point			2000				268,037				97.1	%			12.64			Burlington Coat Factory			76,665
																		Giant Foods			76,627
																		A.C. Moore			24,890
																		Staples			24,000
Trexler Mall			2005				337,297				88.2	%			9.99			Kohl’s			88,248
																		Bon-Ton			62,000
																		Lehigh Wellness Partners			33,227
																		Oxyfit Gym			28,870
																		Marshalls			28,488
Trexlertown Plaza			2006				313,929				87.8	%			12.16			Giant Foods			78,335
																		Hobby Lobby			57,512
																		Redner’s			47,900
																		Big Lots			33,824
																		Tractor Supply			19,097
Upland Square			2007				394,598				92.6	%			17.72			Giant Foods			78,900
																		Carmike Cinema			45,276
																		LA Fitness			42,000
																		Best Buy			30,000
																		TJ Maxx			25,000
																		Bed, Bath & Beyond			24,721
																		A.C. Moore			21,600
																		Staples			18,336
Total Pennsylvania							4,996,415				92.4	%			13.88
Virginia
Coliseum Marketplace			2005				106,648				100.0	%			16.34			Farm Fresh			57,662
																		Michaels			23,981
Elmhurst Square			2006				66,250				87.2	%			9.63			Food Lion			38,272
Fredericksburg Way			2005				63,000				100.0	%			18.47			Ukrop’s Supermarket			63,000
General Booth Plaza			2005				71,639				98.3	%			14.10			Farm Fresh			53,758
Glen Allen Shopping Center			2005				63,328				100.0	%			7.14			Giant Foods			63,328
Kempsville Crossing			2005				79,512				98.4	%			10.78			Walmart			41,975
																		Farm Fresh			16,938
Oak Ridge Shopping Center			2006				38,700				92.2	%			10.69			Food Lion			33,000
Suffolk Plaza			2005				67,216				100.0	%			9.90			Farm Fresh			67,216
Total Virginia							556,293				97.5	%			12.53
Total (93.2% leased at June 30, 2015)							9,300,252				92.2	%		$	12.99

 

(a)	Major tenants are determined as tenants with 15,000 or more sq.ft of GLA, tenants at single-tenant properties, or the largest tenant at a property, based on GLA.

(b)	The Company has a 40% ownership interest in this joint venture.

(c)	Although the ownership percentage for this joint venture is 60%, the Company has included 100% of this joint venture’s debt and results of operations in its pro-rata calculations, based on partnership earnings promotes, loan guaranties, and/or other terms of the related joint venture agreement.

 

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CEDAR REALTY TRUST, INC.

Leasing Activity

 

																						Tenant				Average
		Leases				Square				New Rent				Prior Rent				Cash Basis				Improvements				Lease
		Signed				Feet				Per. Sq. Ft (a)				Per. Sq. Ft (a)				% Change				Per. Sq. Ft (b)				Term (Yrs)
Total Comparable Leases
2nd Quarter 2015			41				140,400			$	19.21			$	17.85				7.7	%		$	3.54				4.1
1st Quarter 2015			30				285,500			$	9.65			$	8.91				8.3	%		$	4.67				5.4
4th Quarter 2014			36				224,600			$	16.26			$	14.74				10.3	%		$	3.11				5.3
3rd Quarter 2014			55				173,300			$	17.40			$	16.01				8.8	%		$	1.25				5.0
Total			162				823,800			$	14.71			$	13.52				8.8	%		$	3.33				5.1
New Leases - Comparable
2nd Quarter 2015			12				25,900			$	17.93			$	16.33				9.8	%		$	19.17				6.3
1st Quarter 2015			8				53,800			$	11.43			$	10.20				12.1	%		$	24.80				7.8
4th Quarter 2014			3				20,600			$	17.27			$	15.29				12.9	%		$	33.94				7.4
3rd Quarter 2014			5				12,300			$	25.02			$	23.29				7.4	%		$	17.62				7.0
Total			28				112,600			$	15.48			$	13.97				10.8	%		$	24.38				7.3
Renewals - Comparable
2nd Quarter 2015			29				114,500			$	19.50			$	18.19				7.2	%		$	0.00				3.6
1st Quarter 2015			22				231,700			$	9.24			$	8.61				7.3	%		$	0.00				4.8
4th Quarter 2014			27				204,000			$	16.16			$	14.68				10.0	%		$	0.00				5.1
3rd Quarter 2014			31				161,000			$	16.82			$	15.45				8.9	%		$	0.00				4.8
Total			109				711,200			$	14.59			$	13.44				8.5	%		$	0.00				4.7
Total Comparable and Non-Comparable
2nd Quarter 2015			44				182,100			$	16.85				N/A				N/A			$	9.28				5.1
1st Quarter 2015			33				312,900			$	10.03				N/A				N/A			$	4.26				5.9
4th Quarter 2014			31				232,800			$	16.38				N/A				N/A			$	3.00				5.5
3rd Quarter 2014			41				187,800			$	17.83				N/A				N/A			$	1.30				5.1
Total			149				915,600			$	14.60				N/A				N/A			$	4.33				5.5

 

(a)	New rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term. Prior rent per sq. ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.

(b)	Includes tenant allowance and landlord work. Excludes first generation space.

 

17

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CEDAR REALTY TRUST, INC.

Tenant Concentration (Based on Annualized Base Rent)

As of June 30, 2015

 

		Number																Annualized				Percentage
		of												Annualized				base rent				annualized
Tenant		stores				GLA				% of GLA				base rent				per sq. ft.				base rents
Top twenty tenants (a):
Giant Foods			12				785,000				8.4	%		$	11,736,000			$	14.95				10.5	%
LA Fitness			7				282,000				3.0	%			4,732,000				16.78				4.2	%
Shop Rite			3				182,000				2.0	%			2,945,000				16.18				2.6	%
Stop & Shop			4				271,000				2.9	%			2,815,000				10.39				2.5	%
Farm Fresh			4				196,000				2.1	%			2,235,000				11.40				2.0	%
Home Depot			2				253,000				2.7	%			2,101,000				8.30				1.9	%
Dollar Tree			19				190,000				2.0	%			2,014,000				10.60				1.8	%
Staples			6				125,000				1.3	%			2,005,000				16.04				1.8	%
BJ’s Wholesale Club			1				118,000				1.3	%			1,683,000				14.26				1.5	%
Redner’s			4				207,000				2.2	%			1,538,000				7.43				1.4	%
United Artists			1				78,000				0.8	%			1,454,000				18.64				1.3	%
Marshalls			6				170,000				1.8	%			1,437,000				8.45				1.3	%
Shaw’s			2				125,000				1.3	%			1,431,000				11.45				1.3	%
Big Y			1				64,000				0.7	%			1,404,000				21.94				1.3	%
Shoppers Food Warehouse			2				120,000				1.3	%			1,267,000				10.56				1.1	%
Walmart			3				192,000				2.1	%			1,193,000				6.21				1.1	%
Ukrop’s Supermarket			1				63,000				0.7	%			1,163,000				18.46				1.0	%
Food Lion			4				152,000				1.6	%			1,118,000				7.36				1.0	%
Kohl’s			2				147,000				1.6	%			1,113,000				7.57				1.0	%
Carmike Cinema			1				45,000				0.5	%			1,034,000				22.98				0.9	%
Sub-total top twenty tenants			85				3,765,000				40.5	%			46,418,000				12.33				41.7	%
Remaining tenants			777				4,808,000				51.7	%			64,983,000				13.52				58.3	%
Sub-total all tenants (b)			862				8,573,000				92.2	%		$	111,401,000			$	12.99				100.0	%
Vacant space			N/A				727,000				7.8	%
Total			862				9,300,000				100.0	%

 

(a)	Several of the tenants listed above share common ownership with other tenants:

(1) Giant Foods and Stop & Shop, (2) Farm Fresh, Shoppers Food Warehouse, and Shop ‘n Save (GLA of 53,000; annualized base rent of $120,000), (3) Dollar Tree and Family Dollar (GLA of 56,000; annualized base rent of $525,000), (4) Marshalls, TJ Maxx (GLA of 79,000; annualized base rent of $764,000) and Home Goods (GLA of 51,000; annualized base rent of $609,000), (5) Shaw’s and Acme Markets (GLA of 172,000; annualized base rent of $781,000), and (6) Food Lion and Hannaford Brothers (GLA of 43,000; annualized base rent of $522,000).

(b)	Comprised of large tenants (15,000 or more GLA) and small tenants as follows:

 

														Annualized				Percentage
		Occupied				%				Annualized				base rent				annualized
		GLA				of GLA				base rent				per sq. ft.				base rents
Large tenants			6,065,000				70.7	%		$	65,652,000			$	10.83				58.9	%
Small tenants			2,508,000				29.3	%			45,749,000				18.24				41.1	%
Total			8,573,000				100.0	%		$	111,401,000			$	12.99				100.0	%

 

18

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CEDAR REALTY TRUST, INC.

Lease Expirations

As of June 30, 2015

 

Year of lease expiration		Number of leases expiring				GLA expiring				Percentage of GLA expiring				Annualized expiring base rents				Annualized expiring base rents per sq. ft.				Percentage of annualized expiring base rents
Month-To-Month			58				282,000				3.3	%		$	2,880,000			$	10.21				2.6	%
2015			44				389,000				4.5	%			4,080,000				10.49				3.7	%
2016			137				779,000				9.1	%			10,596,000				13.60				9.5	%
2017			118				847,000				9.9	%			11,808,000				13.94				10.6	%
2018			108				896,000				10.5	%			13,452,000				15.01				12.1	%
2019			111				895,000				10.4	%			11,220,000				12.54				10.1	%
2020			113				1,473,000				17.2	%			16,764,000				11.38				15.0	%
2021			44				562,000				6.6	%			7,320,000				13.02				6.6	%
2022			26				178,000				2.1	%			2,592,000				14.56				2.3	%
2023			19				154,000				1.8	%			1,788,000				11.61				1.6	%
2024			27				520,000				6.1	%			7,152,000				13.75				6.4	%
2025			22				452,000				5.3	%			6,564,000				14.52				5.9	%
Thereafter			35				1,146,000				13.4	%			15,185,000				13.24				13.6	%
All tenants			862				8,573,000				100.0	%		$	111,401,000			$	12.99				100.0	%
Vacant space			N/A				727,000				N/A
Total portfolio			862				9,300,000				N/A

 

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CEDAR REALTY TRUST, INC.

Same-Property Net Operating Income (“Same-property NOI”)

Same-Property NOI (a)

 

		Three months ended June 30,
		2015				2014
Base Rents		$	24,083,000			$	23,858,000
Expense Recoveries			6,221,000				6,363,000
Total Revenues			30,304,000				30,221,000
Operating expenses			8,574,000				8,959,000
NOI		$	21,730,000			$	21,262,000
Occupied			92.7	%			93.7	%
Leased			93.3	%			94.1	%
Average base rent		$	13.16			$	12.89
Number of same properties			53				53
NOI growth			2.2%
		Six months ended June 30,
		2015				2014
Base Rents		$	45,130,000			$	44,748,000
Expense Recoveries			14,144,000				13,734,000
Total Revenues			59,274,000				58,482,000
Operating expenses			18,743,000				18,746,000
NOI		$	40,531,000			$	39,736,000
Occupied			92.6	%			93.5	%
Leased			93.3	%			93.8	%
Average base rent		$	13.08			$	12.82
Number of same properties			52				52
NOI growth			2.0%

 

(a)

Same-property NOI includes properties that were owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as “held for sale”. Same-property NOI (i) excludes non-cash revenues such as straight-line rent adjustments and amortization of intangible lease liabilities, (ii) reflects internal management fees charged to properties, and (iii) excludes infrequent items, such as lease termination fee income.

 

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CEDAR REALTY TRUST, INC.

2015 Acquisitions and Dispositions

 

Date

Purchase

Acquisitions

Location

GLA

Acquired

Price

New London Mall (a)

New London, CT

259,566

1/23/2015

$

27,314,000

Lawndale Plaza

Philadelphia, PA

93,040

2/27/2015

25,189,000

$

52,503,000

Date

Sales

Dispositions

Location

GLA

Sold

Price

Huntingdon Plaza

Huntingdon, PA

142,845

2/2/2015

$

2,200,000

Kenley Village

Hagerstown, MD

51,894

5/28/2015

2,275,000

$

4,475,000

 

(a)	Represents the remaining 60% ownership interest, giving the Company a 100% ownership interest in this property.

 

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CEDAR REALTY TRUST, INC.

Summary of Real Estate Held for Sale

As of June 30, 2015

 

										Real estate												Average
						Percent				at book								Percent				base rent per
Property Description		State				owned				value				GLA				occupied				leased sq. ft.
Included in results from Continuing Operations
Circle Plaza (a)			PA				100	%		$	1,492,000				92,171				100.0	%		$	2.74
Liberty Marketplace			PA				100	%			13,080,000				68,200				98.2	%			18.04
Total Real Estate Held for Sale										$	14,572,000				160,371				99.3	%		$	9.18

 

(a)	Property sold on July 22, 2015.

 

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CEDAR REALTY TRUST, INC.

Non-GAAP Financial Disclosures

Funds From Operations (“FFO”)

FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The National Association of Real Estate Investment Trusts generally defines FFO as net income attributable to common shareholders (determined in accordance with GAAP), excluding gains (losses) from sales of real estate properties, impairment provisions on real estate properties, plus real estate related depreciation and amortization, and adjustments for partnerships and joint ventures to reflect FFO on the same basis. The Company considers FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets.

The Company also considers Operating Funds From Operations (“Operating FFO”) to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition costs, amounts relating to early extinguishment of debt and preferred stock redemption costs. The Company believes Operating FFO further assists in comparing the Company’s financial performance to other REITs and the Company’s performance across reporting periods on a consistent basis by excluding such items.

FFO and Operating FFO should be reviewed with GAAP net income when trying to understand the Company’s operating performance. FFO and Operating FFO do not represent cash generated from operating activities and should not be considered as an alternative to net income attributable to common shareholders or to cash flow from operating activities. The Company’s computation of FFO and Operating FFO may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

EBITDA is a widely-recognized supplemental non-GAAP financial measure. The Company computes EBITDA as net income from continuing operations, plus interest expense, amortization of deferred financing costs, and depreciation and amortization. The Company believes EBITDA provides additional information with respect to the Company’s performance and ability to meet its future debt service requirements.

The Company also considers “Adjusted EBITDA” to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition costs and impairment provisions. The Company believes Adjusted EBITDA further assists in comparing the Company’s financial performance to other companies and the Company’s performance across reporting periods on a consistent basis by excluding such items.

EIBITDA and Adjusted EBITDA should be reviewed with GAAP net income when trying to understand the Company’s operating performance. EBITDA and Adjusted EBITDA do not represent cash generated from operating activities and should not be considered as an alternative to net income attributable to common shareholders or to cash flow from operating activities. The Company’s computation of EBITDA and Adjusted EBITDA may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

 

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