PORT WASHINGTON, N.Y.,
Dec. 12, 2017 /PRNewswire/
-- Cedar Realty Trust, Inc. (NYSE: CDR) (the "Company") today
announced that it has commenced an offering to sell shares of its
6.50% Series C Cumulative Redeemable Preferred Stock (the "Series C
Preferred Stock") in an underwritten public offering. The
shares of Series C Preferred Stock sold in the offering are a
further issuance of the Series C Preferred Stock issued by the
Company on August 24,
2017. The Company expects to grant the underwriters a
30-day option to purchase up to an additional 15% of the shares of
Series C Preferred Stock initially sold to the public in the
offering.
The Company intends to use the net proceeds from the offering to
partially redeem the Company's 7.25% Series B Cumulative Redeemable
Preferred Stock. Pending such use, the net proceeds will be
used to temporarily repay amounts outstanding under the Company's
unsecured revolving credit facility.
Raymond James & Associates,
Inc. and KeyBanc Capital Markets Inc. will act as joint
book-running managers for the offering. The shares of the
Company's Series C Preferred Stock currently trade on the New York
Stock Exchange under the symbol "CDR PrC."
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any offer or
sale of, these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful.
The offering will be made only by means of an effective
registration statement, a prospectus and a related prospectus
supplement. When available, copies of the final prospectus
supplement and the accompanying prospectus relating to these
securities may be obtained from Raymond
James & Associates, Inc., 880 Carillon Parkway,
St. Petersburg, FL 33716,
Attention: Equity Syndicate, by telephone by calling (800) 248-8863
or e-mail request to prospectus@raymondjames.com or KeyBanc
Capital Markets Inc., 127 Public Square, Cleveland, OH 44114, Attention: Debt Capital
Markets, by telephone by calling (888) 539-1057.
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. At
September 30, 2017, the Company's
portfolio (excluding properties treated as "held for sale")
comprised 61 properties, with approximately 9.0 million square
feet of gross leasable area.
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 Securities and Exchange
Commission (the "SEC"), specifically the Company's Annual Report on
Form 10-K for the year ended December 31,
2016, 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 important risk factors that could cause
actual results to differ from those contained in forward-looking
statements.
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SOURCE Cedar Realty Trust, Inc.