PORT WASHINGTON, N.Y.,
Nov. 1, 2018 /PRNewswire/
-- Cedar Realty Trust, Inc. (NYSE: CDR – the "Company") today
reported results for the third quarter ended September 30, 2018. Net income attributable to
common shareholders was $0.04 per
diluted share compared with net loss ($0.06) per diluted share for the comparable 2017
period. Other highlights include:
Highlights
- NAREIT-defined funds from operations (FFO) of $0.08 per diluted share
- Operating funds from operations (Operating FFO) of $0.13 per diluted share
- Signed 42 new and renewal leases for 193,200 square feet in the
quarter
- Comparable cash-basis lease spreads of 3.4%
- Total portfolio 91.6% leased and same-property portfolio 92.3%
leased at quarter-end
- Acquired Senator Square shopping center in Washington, D.C. through a deed of lease
- Sold two properties totaling $19.6
million
- Refinanced four mortgages with a new unsecured $75 million seven year term loan
- Reaffirmed full-year 2018 Operating FFO range of $0.58 to $0.59 per
diluted share
"We continue progressing our portfolio repositioning strategy as
our major urban mixed-use redevelopments gain momentum.
Notably, our project in Washington,
D.C. was significantly advanced with the acquisition of
Senator Square which sits directly across Minnesota Avenue from our
East River Park shopping center. More generally, we are
pleased with our leasing efforts in the face of the secular retail
headwinds and our balance sheet management with the unencumbering
of four properties via a $75 million
term loan financing," commented Bruce
Schanzer, President and Chief Executive Officer.
Financial Results
Net income attributable to common shareholders for the third
quarter of 2018 was $3.5 million or
$0.04 per diluted share, compared to
net loss of ($5.1) million or
($0.06) per diluted share for the
same period in 2017. The principal differences in the comparative
three-month results are gain on sale, reversal of impairment and
early extinguishment of debt charges in 2018 and preferred stock
redemption costs in 2017. Net loss attributable to common
shareholders for the nine months ended September 30, 2018 was ($12.4) million or ($0.15) per diluted share, compared to net loss
of ($5.0) million or ($0.07) per diluted share for the same period in
2017. The principal differences in the comparative nine-month
results are lease termination income, impairment charges, gain on
sale and preferred stock redemption costs in 2018, and a gain on
sale of an outparcel building, preferred stock redemption costs and
impairment charges in 2017.
NAREIT-defined FFO for the third quarter of 2018 was
$7.5 million or $0.08 per diluted share, compared to $4.6 million or $0.05 per diluted share for the same period in
2017. NAREIT-defined FFO for the nine months ended September 30, 2018 was $33.5 million or $0.36 per diluted share, compared to $27.8 million or $0.32 per diluted share for the same period in
2017. Operating FFO for the third quarter of 2018 was $12.4 million or $0.13 per diluted share, compared to $12.5 million or $0.14 per diluted share for the same period in
2017. Operating FFO for the nine-month period ended September 30, 2018 was $41.9 million or $0.45 per diluted share, compared to $35.9 million or $0.41 per diluted share for the same period in
2017. The principal difference in the comparative nine-month
results is lease termination income in 2018. The principal
differences between Operating FFO and NAREIT-defined FFO are
preferred stock redemption costs and early extinguishment of debt
charges.
Portfolio Update
During the third quarter of 2018, the Company signed 42 leases
for 193,200 square feet. On a comparable space basis, the Company
leased 191,200 square feet at a positive lease spread of 3.4% on a
cash basis (renewals increased 9.4% and new leases decreased 5.3%).
During the nine months ended September 30,
2018, the Company signed 125 leases for 1,039,100 square
feet. On a comparable space basis, the Company leased 1,014,000
square feet at a negative lease spread of 3.4% on a cash basis
(renewals decreased 2.4% and new leases decreased 8.8%).
Excluding six strategic leases signed in early 2018, comparable
lease spread for the nine months ended September 30, 2018 would have been 4.4% (renewals
increased 6.1% and new leases decreased 2.2%). These six strategic
leases consisted of (a) five anchor renewals in the first quarter
of 2018 totaling 303,000 square feet at reduced or flat base rental
rates that the Company proactively renewed with extended rental
terms, and (b) a new lease in the second quarter of 2018 for 29,000
square feet of unconventional retail space in the rear of a
shopping center at a significantly reduced rental rate. These
anchor tenants have good credit and generate high foot traffic at
their respective properties.
Same-property NOI for the third quarter of 2018 decreased 0.2%
excluding redevelopments and decreased 1.4% including
redevelopments, compared to the same period of 2017. Same property
NOI for the nine-month period increased 0.5% excluding
redevelopments and decreased 0.3% including redevelopments,
compared to the same period of 2017.
The Company's total portfolio, excluding properties held for
sale, was 91.6% leased at September 30,
2018, compared to 91.7% at June 30,
2018 and 92.7% at September 30,
2017. The Company's same-property portfolio was 92.3% leased
at September 30, 2018, compared to
92.3% at June 30, 2018 and 93.7% at
September 30, 2017. The Company's
total portfolio and same-property portfolio leased percentages at
September 30, 2018 were negatively
impacted 134 basis points and 155 basis points, respectively, as a
result of the recent Bon-Ton bankruptcy, which resulted in two
anchor vacancies in April 2018 within
the Company's portfolio.
Acquisitions
On August 8, 2018, the Company
purchased a land parcel adjacent to its Riverview Plaza property,
located in Philadelphia,
Pennsylvania. The purchase price for the land parcel was
$1.0 million, which was comprised of
$25,000 in cash and approximately
208,000 OP Units.
On August 21, 2018, the Company
entered into a deed of lease for Senator Square, a shopping center
located in Washington, D.C.
The deed of lease conveys fee title to the buildings to the Company
and contains future options to acquire fee title to the land at its
then fair-value, with the first such option becoming available
between the 25th and the 33rd anniversaries of the lease, depending
on certain property benchmarks, with additional purchase options
every 10 years thereafter during the lease term. This lease,
which expires in August 2117, is
presented in the Company's financial statements as two separate
components as follows: (1) a $5.7
million capital lease obligation for the fee interest in the
buildings, and (2) an operating lease for the land.
Dispositions
On August 28, 2018, the Company
sold Mechanicsburg Center, located in Mechanicsburg, Pennsylvania. The sales price
for the property was $16.1 million,
which resulted in a gain on sale of $4.9
million.
On September 28, 2018, the Company
sold West Bridgewater Plaza, located in West Bridgewater, Massachusetts. The sales
price for the property was $3.5
million. An impairment charge of $9.4
million has been recorded in connection with this property
during 2018.
Balance Sheet
As of September 30, 2018, the
Company had $135.1 million available
under its revolving credit facility and reported net debt to
earnings before interest, taxes, depreciation, and amortization for
real estate (EBITDAre) of 7.6 times.
On July 24, 2018, the Company
closed a new $75.0 million unsecured
term loan maturing on July 24, 2025
which was used to repay four mortgages that matured through
November 2022. Interest on borrowings under the term loan can
range from LIBOR plus 170 to 225 basis points based on the
Company's leverage ratio. Additionally, the Company entered into
forward interest rate swap agreements which convert the LIBOR rates
to a fixed rates through its maturity. As a result, the effective
interest rate is 4.6% at September 30,
2018, based on the Company's leverage ratio.
2018 Guidance
The Company's full-year 2018 guidance is as follows:
|
|
Revised
Guidance
|
Net (loss)
attributable to common shareholders per diluted share
|
|
($0.13) -
($0.12)
|
NAREIT-defined FFO
per diluted share
|
|
$0.48 -
$0.49
|
Operating FFO per
diluted share
|
|
$0.58 -
$0.59
|
The guidance is based, in part, on the following:
- Same-property NOI excluding redevelopment properties will be
relatively flat from 2017 to 2018
- Bon-Ton bankruptcy impact of approximately $0.01 per share
- Incremental third-party fees related to shareholder activism
and ongoing litigation in connection with the termination of the
former Chief Operating Officer aggregating approximately
$0.01 per share
- Lease termination income impact for permitting a dark anchor
tenant to terminate its lease, net of foregone rental payments, of
approximately $0.05 per share
- Early extinguishment of debt costs of $0.05 per share and preferred stock redemption
costs of $0.04 per share
- Dispositions of approximately $20
million
- Guidance range only reflects closed acquisitions
The principal differences between NAREIT-defined FFO and
Operating FFO are early extinguishment of debt and preferred stock
redemption costs.
Non-GAAP Financial Measures
NAREIT-defined FFO is a widely recognized supplemental non-GAAP
measure utilized to evaluate the financial performance of a REIT.
The Company considers NAREIT-defined 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 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 pursuit costs, amounts
relating to early extinguishment of debt and preferred stock
redemption costs, management transition costs and certain
redevelopment costs. The Company believes Operating FFO further
assists in comparing the Company's performance across reporting
periods on a consistent basis by excluding such items.
NAREIT-defined FFO and Operating FFO should be reviewed with GAAP
net income attributable to common shareholders, the most directly
comparable GAAP financial measure, when trying to understand the
Company's operating performance. A reconciliation of net income
(loss) attributable to common shareholders to NAREIT-defined FFO
and Operating FFO for the three and nine months ended September 30, 2018 and 2017 is detailed in the
attached schedule.
EBITDAre is a recognized supplemental non-GAAP financial
measure. The Company presents EBITDAre in accordance with the
definition adopted by NAREIT, which generally defines EBITDAre as
net income plus interest expense, income tax expense, depreciation,
amortization, and impairment write-downs of depreciated property,
plus or minus losses and gains on the disposition of depreciated
property, and adjustments to reflect the Company's share of
EBITDAre of unconsolidated affiliates. The Company believes
EBITDAre provides additional information with respect to the
Company's performance and ability to meet its future debt service
requirements. The Company also considers Adjusted EBITDAre 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
pursuit and redevelopment costs. The Company believes Adjusted
EBITDAre further assists in comparing the Company's performance
across reporting periods on a consistent basis by excluding such
items. EBITDAre and Adjusted EBITDAre should be reviewed with GAAP
net income, the most directly comparable GAAP financial measure,
when trying to understand the Company's operating performance.
EBITDAre and Adjusted EBITDAre do not represent cash generated from
operating activities and should not be considered as an alternative
to income from continuing operations or to cash flow from operating
activities. The Company's computation of Adjusted EBITDAre may
differ from the computations utilized by other companies and,
accordingly, may not be comparable to such companies.
Same-property NOI is a widely recognized supplemental non-GAAP
financial measure for REITs. Properties are included in
same-property NOI if they are 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. Consistent
with the capital treatment of such costs under GAAP, tenant
improvements, leasing commissions and other direct leasing costs
are excluded from same-property NOI. The Company considers
same-property NOI useful to investors as it provides an indication
of the recurring cash generated by the Company's properties by
excluding certain non-cash revenues and expenses, as well as other
infrequent items such as lease termination income which tends to
fluctuate more than rents from year to year. Same property NOI
should be reviewed with consolidated operating income, the most
directly comparable GAAP financial measure.
Supplemental Financial Information Package
The Company has issued "Supplemental Financial Information" for
the period ended September 30, 2018.
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, November 1, 2018, at 5:00
PM (ET) to discuss the quarterly 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
November 1, 2018, until midnight (ET)
on November 15, 2018. The replay
dial-in numbers are (844) 512-2921 or
(1) (412) 317-6671 for international callers. Please use
passcode 13683229 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, 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 58 properties, with approximately 8.7 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.
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. Factors which could cause actual
results to differ materially from current expectations include,
among others: adverse general economic conditions in
the United States and uncertainty
in the credit and retail markets; financing risks, such as the
inability to obtain new financing or refinancing on favorable terms
as the result of market volatility or instability; risks related to
the market for retail space generally, including reductions in
consumer spending, variability in retailer demand for leased space,
tenant bankruptcies, adverse impact of internet sales demand,
ongoing consolidation in the retail sector and changes in economic
conditions and consumer confidence; risks endemic to real estate
and the real estate industry generally; the impact of the Company's
level of indebtedness on operating performance; inability of
tenants to meet their rent and other lease obligations; adverse
impact of new technology and e-commerce developments on the
Company's tenants; competitive risk; risks related to the
geographic concentration of the Company's properties in the
Washington D.C. to Boston corridor; the effects of natural and
other disasters; and the inability of the Company to realize
anticipated returns from its redevelopment activities. 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, 2017, as it may be
updated or supplemented in the Company's Quarterly Reports on Form
10-Q and the Company's other filings with the SEC, which identify
additional risk factors that could cause actual results to differ
from those contained in forward-looking statements.
CEDAR REALTY
TRUST, INC.
|
Condensed
Consolidated Balance Sheets
|
(unaudited)
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
2018
|
|
2017
|
ASSETS
|
|
|
|
|
Real estate, at
cost
|
|
$
1,502,342,000
|
|
$
1,534,599,000
|
Less accumulated
depreciation
|
|
(353,085,000)
|
|
(341,943,000)
|
Real estate,
net
|
|
1,149,257,000
|
|
1,192,656,000
|
Real estate held for
sale
|
|
11,348,000
|
|
-
|
Cash and cash
equivalents
|
|
4,398,000
|
|
3,702,000
|
Restricted
cash
|
|
-
|
|
3,517,000
|
Receivables
|
|
21,905,000
|
|
17,193,000
|
Other assets and
deferred charges, net
|
|
50,645,000
|
|
35,350,000
|
TOTAL
ASSETS
|
|
$
1,237,553,000
|
|
$
1,252,418,000
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
Liabilities:
|
|
|
|
|
Mortgage loans
payable
|
|
$
47,545,000
|
|
$
127,969,000
|
Capital lease
obligation
|
|
5,398,000
|
|
-
|
Unsecured revolving
credit facility
|
|
102,000,000
|
|
55,000,000
|
Unsecured term
loans
|
|
471,954,000
|
|
397,156,000
|
Accounts payable and
accrued liabilities
|
|
25,688,000
|
|
24,519,000
|
Unamortized
intangible lease liabilities
|
|
14,014,000
|
|
17,663,000
|
Total
liabilities
|
|
666,599,000
|
|
622,307,000
|
|
|
|
|
|
Equity:
|
|
|
|
|
Preferred
stock
|
|
159,541,000
|
|
207,508,000
|
Common stock and
other shareholders' equity
|
|
408,182,000
|
|
420,828,000
|
Noncontrolling
interests
|
|
3,231,000
|
|
1,775,000
|
Total
equity
|
|
570,954,000
|
|
630,111,000
|
|
|
|
|
|
TOTAL LIABILITIES
AND EQUITY
|
|
$
1,237,553,000
|
|
$
1,252,418,000
|
CEDAR REALTY
TRUST, INC.
|
Condensed
Consolidated Statements of Operations
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
PROPERTY
REVENUES
|
|
|
|
|
|
|
|
|
Rents
|
|
$
28,120,000
|
|
$
28,362,000
|
|
$
85,732,000
|
|
$
84,790,000
|
Expense
recoveries
|
|
7,747,000
|
|
7,436,000
|
|
24,800,000
|
|
22,796,000
|
Other
|
|
303,000
|
|
600,000
|
|
4,556,000
|
|
1,285,000
|
Total property
revenues
|
|
36,170,000
|
|
36,398,000
|
|
115,088,000
|
|
108,871,000
|
PROPERTY OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
Operating,
maintenance and management
|
|
6,394,000
|
|
5,578,000
|
|
20,182,000
|
|
18,084,000
|
Real estate and other
property-related taxes
|
|
5,037,000
|
|
4,931,000
|
|
15,172,000
|
|
14,597,000
|
Total property
operating expenses
|
|
11,431,000
|
|
10,509,000
|
|
35,354,000
|
|
32,681,000
|
|
|
|
|
|
|
|
|
|
PROPERTY OPERATING
INCOME
|
|
24,739,000
|
|
25,889,000
|
|
79,734,000
|
|
76,190,000
|
|
|
|
|
|
|
|
|
|
OTHER EXPENSES AND
INCOME
|
|
|
|
|
|
|
|
|
General and
administrative
|
|
3,975,000
|
|
4,121,000
|
|
12,745,000
|
|
12,494,000
|
Acquisition pursuit
costs
|
|
-
|
|
-
|
|
-
|
|
156,000
|
Depreciation and
amortization
|
|
9,650,000
|
|
9,807,000
|
|
30,245,000
|
|
30,178,000
|
Gain on
sale
|
|
(4,864,000)
|
|
-
|
|
(4,864,000)
|
|
(7,099,000)
|
Impairment
(reversals)/charges
|
|
(707,000)
|
|
-
|
|
20,689,000
|
|
9,850,000
|
Total other expenses
and income
|
|
8,054,000
|
|
13,928,000
|
|
58,815,000
|
|
45,579,000
|
|
|
|
|
|
|
|
|
|
OPERATING
INCOME
|
|
16,685,000
|
|
11,961,000
|
|
20,919,000
|
|
30,611,000
|
|
|
|
|
|
|
|
|
|
NON-OPERATING
INCOME AND EXPENSES
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(5,551,000)
|
|
(5,544,000)
|
|
(16,468,000)
|
|
(16,638,000)
|
Early extinguishment
of debt costs
|
|
(4,829,000)
|
|
-
|
|
(4,829,000)
|
|
|
Total non-operating
income and expense
|
|
(10,380,000)
|
|
(5,544,000)
|
|
(21,297,000)
|
|
(16,638,000)
|
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS)
|
|
6,305,000
|
|
6,417,000
|
|
(378,000)
|
|
13,973,000
|
|
|
|
|
|
|
|
|
|
Attributable to
noncontrolling interests
|
|
(145,000)
|
|
(117,000)
|
|
(353,000)
|
|
(371,000)
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO CEDAR
REALTY TRUST, INC.
|
|
6,160,000
|
|
6,300,000
|
|
(731,000)
|
|
13,602,000
|
|
|
|
|
|
|
|
|
|
Preferred stock
dividends
|
|
(2,688,000)
|
|
(3,535,000)
|
|
(8,175,000)
|
|
(10,739,000)
|
Preferred stock
redemption costs
|
|
-
|
|
(7,890,000)
|
|
(3,507,000)
|
|
(7,890,000)
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON
SHAREHOLDERS
|
|
$
3,472,000
|
|
$
(5,125,000)
|
|
$
(12,413,000)
|
|
$
(5,027,000)
|
|
|
|
|
|
|
|
|
|
NET INCOME (LOSS)
PER COMMON SHARE ATTRIBUTABLE
TO COMMON SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.04
|
|
$
(0.06)
|
|
$
(0.15)
|
|
$
(0.07)
|
Diluted
|
|
$
0.04
|
|
$
(0.06)
|
|
$
(0.15)
|
|
$
(0.07)
|
|
|
|
|
|
|
|
|
|
Weighted average
number of common shares:
|
|
|
|
|
|
|
|
|
Basic
|
|
89,049,000
|
|
85,642,000
|
|
88,228,000
|
|
83,049,000
|
Diluted
|
|
89,875,000
|
|
85,642,000
|
|
88,228,000
|
|
83,049,000
|
CEDAR REALTY
TRUST, INC.
|
Reconciliation of
Net Income (Loss) Attributable to Common Shareholders
to
|
Funds From
Operations and Operating Funds From Operations
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
September 30,
|
|
Nine months ended
September 30,
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
Net income (loss)
attributable to common shareholders
|
|
$
3,472,000
|
|
$
(5,125,000)
|
|
$
(12,413,000)
|
|
$
(5,027,000)
|
Real estate
depreciation and amortization
|
|
9,601,000
|
|
9,756,000
|
|
30,095,000
|
|
30,036,000
|
Limited partners'
interest
|
|
19,000
|
|
(21,000)
|
|
(41,000)
|
|
(22,000)
|
Gain on
sales
|
|
(4,864,000)
|
|
-
|
|
(4,864,000)
|
|
(7,099,000)
|
Impairment
(reversals)/charges
|
|
(707,000)
|
|
-
|
|
20,689,000
|
|
9,850,000
|
Consolidated minority
interests:
|
|
|
|
|
|
|
|
|
Share of
income
|
|
126,000
|
|
138,000
|
|
394,000
|
|
393,000
|
Share of
FFO
|
|
(99,000)
|
|
(125,000)
|
|
(343,000)
|
|
(322,000)
|
Funds From
Operations ("FFO") applicable to diluted
common shares
|
|
7,548,000
|
|
4,623,000
|
|
33,517,000
|
|
27,809,000
|
Adjustments for items
affecting comparability:
|
|
|
|
|
|
|
|
|
Preferred stock
redemption costs
|
|
-
|
|
7,890,000
|
|
3,507,000
|
|
7,890,000
|
Financing costs
(a)
|
|
4,829,000
|
|
-
|
|
4,829,000
|
|
-
|
Acquisition pursuit
costs
|
|
-
|
|
-
|
|
-
|
|
156,000
|
Redevelopment costs
(b)
|
|
-
|
|
-
|
|
-
|
|
37,000
|
Operating Funds
From Operations ("Operating FFO") applicable
to diluted common shares
|
|
$
12,377,000
|
|
$
12,513,000
|
|
$
41,853,000
|
|
$
35,892,000
|
|
|
|
|
|
|
|
|
|
FFO per diluted
common share:
|
|
$
0.08
|
|
$
0.05
|
|
$
0.36
|
|
$
0.32
|
|
|
|
|
|
|
|
|
|
Operating FFO per
diluted common share:
|
|
$
0.13
|
|
$
0.14
|
|
$
0.45
|
|
$
0.41
|
|
|
|
|
|
|
|
|
|
Weighted average
number of diluted common shares:
|
|
|
|
|
|
|
|
|
Common shares and
equivalents
|
|
92,961,000
|
|
89,434,000
|
|
92,179,000
|
|
86,825,000
|
OP Units
|
|
469,000
|
|
349,000
|
|
388,000
|
|
350,000
|
|
|
93,430,000
|
|
89,783,000
|
|
92,567,000
|
|
87,175,000
|
View original
content:http://www.prnewswire.com/news-releases/cedar-realty-trust-reports-third-quarter-2018-results-300742659.html
SOURCE Cedar Realty Trust, Inc.