Enterprising Investor
2 years ago
CEDAR REALTY TRUST ANNOUNCES FINAL PROCEEDS OF $29.00 PER SHARE TO COMMON SHAREHOLDERS RESULTING FROM SALE OF ASSETS AND MERGER (8/09/22)
Cedar Board of Directors Declares Special Dividend of $19.52 Per Common Share;
Merger Consideration Will Be $9.48 Per Common Share
MASSAPEQUA, N.Y., Aug. 9, 2022 /PRNewswire/ -- Cedar Realty Trust (NYSE: CDR) ("Cedar") today announced that Cedar and Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) ("Wheeler") have jointly determined that the proceeds to Cedar common shareholders from the sale of Cedar's assets and subsequent merger in a series of related all-cash transactions will total $29.00 per share.
Accordingly, Cedar's Board of Directors today declared a special dividend on shares of Cedar's outstanding common stock of $19.52 per share, payable to shareholders of record at the close of business on August 19, 2022. Payment of the special dividend is contingent upon the closing of Cedar's previously announced cash merger transaction with a subsidiary of Wheeler – the final step of the sale process – which is expected to be consummated on or about August 22, 2022. Assuming the merger transaction is consummated on August 22, 2022, payment of the dividend will be made to eligible shareholders on August 26, 2022. Shareholders as of the merger closing date will also be entitled to receive merger consideration of $9.48 per share, payable on or about the same date as the special dividend.
Important Information About the Special Dividend
Due to the nature of the special dividend, as required by the rules of the NYSE, Cedar's common stock will trade with "due bills", representing an assignment of the right to receive the special dividend, beginning August 18, 2022, one business day prior to the special dividend record date, through the merger closing date (such period of time the "Due-bill Period"). AS A RESULT, HOLDERS OF CEDAR'S COMMON STOCK ON THE SPECIAL DIVIDEND RECORD DATE MUST HOLD CEDAR COMMON STOCK THROUGH THE MERGER CLOSING DATE IN ORDER TO BE ENTITLED TO RECEIVE THE SPECIAL DIVIDEND. CEDAR COMMON STOCKHOLDERS WHO SELL THEIR SHARES ON OR BEFORE THE MERGER CLOSING DATE WILL NOT BE ENTITLED TO RECEIVE THE SPECIAL DIVIDEND. PURCHASERS OF CEDAR COMMON STOCK DURING THE DUE-BILL PERIOD (EVEN IF THE TRADE WILL SETTLE AFTER THE DUE-BILL PERIOD) WHO HOLD SUCH SHARES ON THE MERGER CLOSING DATE WILL BE ENTITLED TO RECEIVE THE SPECIAL DIVIDEND. STOCKHOLDERS THAT SELL CEDAR COMMON STOCK DURING THE DUE-BILL PERIOD (EVEN IF THE TRADE WILL SETTLE AFTER THE DUE-BILL PERIOD) WILL NOT BE ENTITLED TO RECEIVE THE SPECIAL DIVIDEND.
Due bills obligate a seller of shares of stock to deliver the dividend to the buyer. The due-bill obligations are settled customarily between the brokers representing buyers and sellers of the stock. Cedar has no obligation for either the amount of the due bill or the processing of the due bill. Buyers and sellers of Cedar common stock during the Due-bill Period should consult with their broker before trading in Cedar common stock to be sure they understand the effect of the due-bill procedures.
https://www.prnewswire.com/news-releases/cedar-realty-trust-announces-final-proceeds-of-29-00-per-share-to-common-shareholders-resulting-from-sale-of-assets-and-merger-301602563.html
Enterprising Investor
3 years ago
Cedar Realty Trust Announces Agreements for Sale of Company and Its Assets Following Dual-Track Review of Strategic Alternatives (3/02/22)
Net Proceeds Estimated to be More Than $29 Per Share in Cash After Transaction Expenses
MASSAPEQUA, N.Y., March 2, 2022 /PRNewswire/ -- Cedar Realty Trust (NYSE: CDR) (the "Company") today announced that following its previously announced dual-track review of strategic alternatives, it has entered into definitive agreements for the sale of the Company and its assets in a series of related all-cash transactions:
- An agreement to sell a portfolio of 33 grocery-anchored shopping centers to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers for $840.0 million.
- An agreement to sell the Revelry redevelopment project for $34.0 million. Cedar is negotiating the sale of the Northeast Heights redevelopment project for $46.5 million. (In the event the sale of the redevelopment projects is not completed prior to closing of the grocery-anchored shopping center portfolio sale, the DRA-KPR joint venture has agreed to acquire these two projects at the aggregate price of $80.5 million.)
- An agreement to sell the Company and its remaining assets to Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR), after completion of the above-described transactions, in an all-cash merger transaction that values the assets at $291.3 million.
The transactions, which were unanimously approved by the Company's Board of Directors, are estimated to generate total net proceeds, after all transaction expenses, of more than $29.00 per share in cash, which will be distributed to shareholders upon completion. The $29.00 per share of estimated net proceeds represent a 16.6% premium to Cedar's closing share price on March 2, 2022, and a 70.6% premium to the Company's closing share price on September 9, 2021, the last day of trading prior to the announcement of the dual-track review of strategic alternatives.
"We believe this combination of transactions represents the best possible outcome for our common shareholders and we are very pleased with the progress thus far of our dual-track review of strategic alternatives," said Bruce Schanzer, Cedar's President and Chief Executive Officer.
Upon completion of the transactions, Cedar will be wholly owned by Wheeler Real Estate Investment Trust, and Cedar's common stock will no longer be publicly traded. Pursuant to the terms of the merger agreement with Wheeler, all shares of Cedar's currently outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock, will remain outstanding shares of Cedar preferred stock following the merger and will remain listed on the New York Stock Exchange under their current ticker symbols.
The transactions are not subject to financing conditions and are expected to close by the end of the second quarter of 2022, subject to satisfaction of customary closing conditions, including approval by Cedar's common shareholders.
BofA Securities and JLL Securities are acting as financial advisors to Cedar, and Goodwin Procter LLP is acting as legal counsel to Cedar. JLL is acting as the Company's real estate advisor with respect to the sale of the grocery-anchored shopping center portfolio and CBRE is acting as real estate advisor to Cedar with respect to the sale of the redevelopment projects.
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 53 properties, with approximately 7.6 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.
Additional Information and Where to Find It
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval.
In connection with the proposed transactions, Cedar will file with the Securities and Exchange Commission (the "SEC") a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, Cedar intends to mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the proposed transactions. Investors and stockholders of Cedar are urged to read the proxy statement (including any amendments and supplements thereto) relating to the proposed transactions carefully when it becomes available. Stockholders will be able to obtain free copies of the proxy statement and other documents containing important information about Cedar once these documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov or free of charge from Cedar by directing a request to Investor Relations at (516) 944-4561.
Participants in the Solicitation
Cedar and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Cedar's stockholders in connection with the proposed merger. Information about the directors and executive officers of Cedar is set forth in its proxy statement for its 2021 annual meeting of stockholders on Schedule 14A filed with the SEC on April 30, 2021, and its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 11, 2021. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.
https://www.prnewswire.com/news-releases/cedar-realty-trust-announces-agreements-for-sale-of-company-and-its-assets-following-dual-track-review-of-strategic-alternatives-301494500.html
Enterprising Investor
3 years ago
Cedar Realty Trust Names Jennifer Bitterman Chief Financial Officer (9/09/21)
Announces Refinancing of Corporate Credit Facility
MASSAPEQUA, N.Y., Sept. 9, 2021 /PRNewswire/ -- Cedar Realty Trust (NYSE: CDR) (the "Company") today announced that Jennifer Bitterman has been named Executive Vice President and Chief Financial Officer, effective immediately. Ms. Bitterman joined Cedar in 2011 and most recently was Senior Vice President of Corporate and Portfolio Management where she played integral roles in critical strategic and operational decisions, as well as overseeing financial planning and analysis.
Ms. Bitterman succeeds Philip Mays who is departing Cedar to pursue another opportunity and has agreed to assist Cedar through late-October to ensure a seamless transition.
"Jennifer has been a key member of our executive team for a decade and we are thrilled that she will become our new Chief Financial Officer," stated Bruce Schanzer, President and Chief Executive Officer of Cedar. "Her promotion is well deserved and provides Cedar with important continuity and strong leadership at the helm of our finance organization."
"Philip has been an outstanding colleague since joining Cedar with me in 2011. His insights and expertise, not to mention his integrity and collegiality, are exemplary and will be missed. We thank Philip for his many years of service and wish him continued success," Mr. Schanzer added.
Prior to Cedar, Ms. Bitterman worked at Morgan Stanley Real Estate in the asset management group and at Credit Suisse performing equity research on the REIT sector. She received her BBA degree with high distinction from the Ross School of Business at the University of Michigan.
Cedar also announced that on August 30, 2021, the Company amended and extended its revolving credit facility and a $50 million term loan that was scheduled to mature on September 8, 2022. The amended revolving credit facility provides for up to $185 million of borrowings and matures August 30, 2024 and may be extended for two additional one-year periods, subject to customary conditions. The maturity for the $50 million term loan was extended to August 30, 2026.
The amended credit facility and term loans require compliance with various covenants and restrictions, and interest rates are subject to adjustment within a pricing grid based on the Company's leverage ratio.
The Company's bank group for its amended $185 million credit facility included KeyBank National Association, as Administrative Agent, Bank of America, N.A., as Syndication Agent, with Manufacturers and Traders Trust Company along with Regions Bank as Co-Documentation Agents. Other banks included Truist Bank and Raymond James Bank, N.A.
The Company's bank group for its amended term loan included KeyBank National Association, as Administrative Agent, Manufacturers and Traders Trust Company along with Regions Capital Markets as Co-Lead Arrangers. Other banks included Bank of America, N.A., Truist Bank, and Raymond James Bank, N.A.
Ms. Bitterman added, "We are very pleased to further strengthen our financial position by improving and extending the terms of our credit facility. We thank our lending partners for their continued support of Cedar."
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 53 properties, with approximately 7.6 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.
https://www.prnewswire.com/news-releases/cedar-realty-trust-names-jennifer-bitterman-chief-financial-officer-301372980.html
Enterprising Investor
3 years ago
Cedar Realty Trust Announces Dual-Track Review Of Strategic Alternatives To Maximize Shareholder Value (9/09/21)
Engages Advisors to Explore Potential Sale or Merger of Company, and Potential Sales of Grocery-Anchored Shopping Center Portfolio and Redevelopment Projects
MASSAPEQUA, N.Y., Sept. 9, 2021 /PRNewswire/ -- Cedar Realty Trust (NYSE: CDR) (the "Company") today announced that its Board of Directors has initiated a dual-track process to review the Company's strategic alternatives in order to maximize shareholder value. As part of this process, Cedar is exploring, among other alternatives, a potential sale or merger involving the entire Company, and alternatively the potential sale of its core grocery-anchored shopping center portfolio and its mixed-use redevelopment projects.
As previously disclosed, the Board formed a special committee in the second half of 2019 to commence a strategic review process that was disrupted due to the outbreak of the COVID-19 pandemic.
"We believe there is a profound disconnect between Cedar's share price and the underlying value of our real estate, as evidenced by recent transaction activity both within our portfolio and in our markets," stated Bruce Schanzer, President and CEO. "The Board is committed to maximizing value for all our shareholders and, accordingly, we believe that this dual-track strategic review process will enable us to achieve that."
B of A Securities is acting as financial advisor to Cedar. JLL is acting as the Company's real estate advisor with respect to a potential sale of the grocery-anchored shopping center portfolio. CBRE is acting as real estate advisor with respect to a potential sale of the mixed-use redevelopment projects.
No assurances can be given regarding the outcome or timing of the strategic review process. Cedar does not presently intend to make any further public comment regarding the process until it has been completed.
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 53 properties, with approximately 7.6 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. 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, 2020, 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.
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.
https://www.prnewswire.com/news-releases/cedar-realty-trust-announces-dual-track-review-of-strategic-alternatives-to-maximize-shareholder-value-301372938.html
Enterprising Investor
3 years ago
Cedar Realty Trust Announces Sale Of Camp Hill Shopping Center For Approximately $89.7 Million (6/22/21)
MASSAPEQUA, N.Y., June 22, 2021 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) announced that yesterday it closed on the sale of the Camp Hill Shopping Center in Camp Hill, Pennsylvania, a 97% leased, 423,671 square foot grocery-anchored shopping center, anchored by a Giant supermarket, Boscov's, LA Fitness and Barnes & Noble. The asset was sold for approximately $89.7 million at a cap rate of approximately 6.5%.
"We are pleased to close this divestiture. We continue to note the disconnect between private market valuations for our core grocery anchored shopping center portfolio and the public equity market valuation for this portfolio and will take further appropriate measures to exploit this dislocation if it persists," said Bruce Schanzer, President and CEO of Cedar.
About Cedar Realty Trust
Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses primarily on the ownership and operation of grocery-anchored shopping centers straddling the Washington D.C. to Boston corridor. The Company's portfolio (excluding properties treated as "held for sale") comprises 53 properties, with approximately 7.6 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.
https://www.prnewswire.com/news-releases/cedar-realty-trust-announces-sale-of-camp-hill-shopping-center-for-approximately-89-7-million-301317733.html
Enterprising Investor
4 years ago
Cedar Realty Trust partners with Asland Capital Partners and the Goldman Sachs Urban Investment Group for Major Opportunity Zone Redevelopment in Washington, D.C.'s Seventh Ward (5/06/21)
Joint venture secures $105 million loan from J.P. Morgan for construction of new Department of General Services headquarters
NEW YORK, May 6, 2021 /PRNewswire/ -- Asland Capital Partners, Cedar Realty Trust (NYSE: CDR) and the Goldman Sachs Urban Investment Group announced the formation of a joint venture for the construction of the first phase of Northeast Heights, a mixed-use office and retail development in the Minnesota/Benning submarket of Washington D.C.'s Ward 7 neighborhood. The partnership also announced it has secured $105 million in construction financing from J.P. Morgan.
The first phase of Northeast Heights is a 258,500 square foot six-story commercial building. The office space is 100% leased to the Washington, D.C., Department of General Services (DGS) for its headquarters. The building includes 18,000 square feet of street-level retail. Cedar Realty Trust and Asland Capital Partners are co-developing the property while the Goldman Sachs Urban Investment Group is serving as a strategic capital partner. Trammell Crow Company, one of the nation's largest commercial real estate developers and investors, is the designated fee developer. A JLL Capital Markets team comprised by Roland Merchant Jr., Nicco Lupo and Thomas Pryor arranged the debt and equity financing. Relocation of the DGS headquarters to Ward 7 was announced by Mayor Muriel Bowser in 2020 as part of the city's revitalization strategy to spark economic activity and investment in the area, and to bring retail, entertainment and dining options to the neighborhood. Construction is expected to begin in Q2 2021.
"Formation of this joint venture represents an important first step in advancing Cedar Realty Trust's vision for Northeast Heights, a mixed-use redevelopment project that will bring substantial economic activity to Ward 7," said Robin Zeigler, Chief Operating Officer of Cedar. "As the cornerstone and catalyst to the Northeast Heights redevelopment, construction of the DGS headquarters building will begin the long-planned revitalization of the Minnesota/Benning Corridor. We are grateful for the support of our partners, lenders, and local Washington, D.C. governmental officials who have been instrumental in achieving this milestone."
"Asland is excited to be part of this major investment in the vibrant Ward 7 community. The development will create jobs and lay the groundwork to deliver much-needed goods and services that have been heretofore absent from this previously underserved enclave," said James H. Simmons III, CEO & Founding Partner of Asland Capital Partners.
"Northeast Heights was made possible by a shared vision for inclusive growth among public and private partners, and we are thrilled to support the District's long-term commitment to the Benning Road corridor," said Daniel Alger, managing director and co-head of the Goldman Sachs Urban Investment Group. "This project will create jobs, promote economic opportunity and will serve as a model for community development."
The area's designation as an Opportunity Zone will allow for important tax incentives for investments in new business and commercial projects at Ward 7, a historically underserved market. The joint venture will work to lease the remaining retail space at the property to retailers that benefit tenants of the office building and bring necessary amenities and services to the area.
"We believe that the impetus behind the opportunity zone program was precisely the development of projects such as Northeast Heights, aimed at creating vital investment opportunities on mixed-income, underserved neighborhoods," added Mr. Simmons. "We are looking forward to continue working on this remarkable project and being part of the future of Ward 7."
"Trammell Crow Company is pleased to play a key role in the development of Northeast Heights on behalf of the ownership team of Cedar, Asland, and Goldman Sachs and to execute the District's vision for the new DGS headquarters. As one of the District's most active office developers, we look forward to bringing our expertise to this project and new partnership," said Campbell Smith, Managing Director and Business Unit Leader for Trammell Crow Company MidAtlantic.
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 54 properties, with approximately 8.2 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.
About Asland Capital Partners:
Asland Capital Partners invests in residential and commercial assets in emerging submarkets within major U.S. growth cities, including New York, San Francisco, Chicago and Washington, DC. Specializing in multifamily, mixed-use and retail assets, the firm is focused on the revitalization of communities through the rehabilitation and repositioning of undervalued and underinvested assets. Asland's principals have invested over $700 million of equity into workforce and affordable multifamily housing developments over the past decade, repositioning approximately 180 assets consisting of 11,200 multifamily units, 2 million square feet of mixed-use space and 170,500 square feet of retail space. For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.AslandCap.com.
About the Goldman Sachs Urban Investment Group (UIG)
Established in 2001, The Goldman Sachs Urban Investment Group (UIG) is an investing and lending business focused on community and economic development, predominately in underserved minority communities. Since its inception, UIG has committed over $10 billion through real estate projects, social enterprises, and lending facilities for small businesses, students, and individuals in order to create opportunity for underserved communities and families. UIG's investing and lending has facilitated the creation and preservation of over 42,500 housing units - the majority of which are affordable to low, moderate and middle-income families - as well as over 2.8 million square feet of community facility space and over 11.2 million square feet of commercial, retail, and industrial space.
https://www.prnewswire.com/news-releases/cedar-realty-trust-partners-with-asland-capital-partners-and-the-goldman-sachs-urban-investment-group-for-major-opportunity-zone-redevelopment-in-washington-dcs-seventh-ward-301285682.html
Enterprising Investor
4 years ago
Cedar Realty Trust Announces Appointment Of Three New Independent Directors Reaches Agreements with Camac Partners and Ewing Morris & Co. (4/28/21)
PORT WASHINGTON, N.Y., April 28, 2021 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) ("Cedar" or the "Company"), today announced that it has agreed to appoint three new independent directors, Darcy D. Morris, Richard H. Ross, and Sharon Stern, to the Company's Board of Directors (the "Board"), effective immediately, each with terms expiring at the Company's upcoming 2021 Annual Meeting of Shareholders (the "2021 Annual Meeting"). The Company has also agreed to nominate the three new independent directors for election at the 2021 Annual Meeting. In addition, longtime directors Pamela Hootkin and Roger Widmann will retire from the Board, effective as of the 2021 Annual Meeting. With the addition of the three new independent directors, the size of the Board will temporarily increase from seven to ten directors, and upon the conclusion of the 2021 Annual Meeting, the Board will be reduced to eight directors, seven of which will be independent.
These appointments are in connection with the separate Cooperation Agreements that Cedar entered into with Camac Partners LLC and certain of its affiliates ("Camac") and Ewing Morris & Co. Investment Partners Ltd. and certain of its affiliates ("Ewing Morris") pursuant to which Camac and Ewing Morris will each withdraw their director nominations previously submitted to Cedar and will support the Board's full slate of directors at the 2021 Annual Meeting. Camac and Ewing Morris also agreed to abide by customary standstill provisions and voting commitments.
Gregg Gonsalves, Chairman of the Board of Cedar, commented, "Cedar's Board of Directors is committed to adhering to the highest standards of corporate governance and acting in our shareholders' best interests. To that end, after thoughtful deliberation, and in consultation with our shareholders, we are pleased to welcome Darcy, Richard, and Sharon to our Board and look forward to working collaboratively with them to reach our goal of delivering superior shareholder value in the years ahead. Our new directors bring substantial real estate and capital markets industry expertise and fresh perspectives, and further enhance our Board's alignment with shareholders. On behalf of the Board, we thank Pam and Roger for their dedication and contributions to Cedar over many years."
The full Cooperation Agreements will be filed by Cedar with the U.S. Securities and Exchange Commission as exhibits to a Current Report on Form 8-K. BofA Securities is acting as Cedar's financial advisor, and Goodwin Procter LLP is acting as legal counsel. Wilson Sonsini Goodrich & Rosati, Professional Corporation is acting as legal counsel to Camac. Olshan Frome Wolosky LLP is acting as legal counsel to Ewing Morris.
About Darcy D. Morris
Darcy D. Morris is a co-founder of Ewing Morris, a value driven Canadian boutique investment firm, and has served as its Co-President and Chief Executive Officer, since June 2011. Prior to co-founding Ewing Morris, he served as a Portfolio Manager at MacDougall, MacDougall & MacTier Inc., a wealth management firm subsequently acquired by Raymond James Ltd. Mr. Morris currently serves on the Board of The Caldwell Partners International Inc. (TSX: CWL), an executive search firm, is Treasurer of the Toronto Public Library Foundation and is President of the Art Gallery of Ontario (AGO) Foundation. Mr. Morris received an Honours Bachelor of Arts in Political Studies from Queen's University and was awarded the Canadian Investment Manager designation in 2010.
About Richard H. Ross
Richard H. Ross is the President and CFO of Quinn Residences, a real estate operating company focused on acquiring, developing, and operating well located, purpose- built, single-family rental homes primarily in the southeastern United States. Previously, Mr. Ross served as the Executive Vice President & Chief Financial Officer for Branch Properties, and before that was Chief Financial Officer and later Chief Executive Officer of Trade Street Residential, Inc., a publicly traded multi-family REIT. Mr. Ross is on the Board of Independence Realty Trust, Inc. He graduated from the University of Florida with a Bachelor of Science in Accounting.
About Sharon Stern
Sharon Stern is the President of Eastmore Management and Metro Investments, two organizations focused on the acquisition, development and management of multi-residential and commercial properties in the downtown core of Montreal. Previously, Ms. Stern worked in Strategy and Corporate Development for the Business Development Bank of Canada. Ms. Stern earned a Bachelor of Arts Degree from McGill University in Economics and World Religions and a Master's Degree in Economic Policy from Brown University.
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 54 properties, with approximately 8.2 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.
https://www.prnewswire.com/news-releases/cedar-realty-trust-announces-appointment-of-three-new-independent-directors-301279562.html
Enterprising Investor
4 years ago
Cedar Realty Trust Comments On Recent Public Announcements (3/02/21)
PORT WASHINGTON, N.Y., March 2, 2021 /PRNewswire/ -- Cedar Realty Trust, Inc. (NYSE: CDR) ("the Company") today issued the following statement regarding recent filings with the Securities and Exchange Commission and other announcements made by certain shareholders.
"Cedar Realty Trust's Board of Directors and management team are committed to acting in the best interests of shareholders as we work to deliver best-in-class performance for our investors and other stakeholders. In the second half of 2019, our Board formed a special committee to commence a strategic review process and was actively exploring a sale of the Company at a price of approximately $25 per share (adjusted for the Company's recent reverse stock split). This strategic review process, in which certain Camac Partners' director nominees participated directly and of which others were aware, was disrupted due to the outbreak of the COVID-19 pandemic.
"We have also refreshed our Board each year since 2015 with the exception of 2019 during our strategic review process. The Board today consists of a diverse group of high-caliber professionals who possess substantial real estate and capital markets expertise. We remain committed to corporate governance best practices and intend to further strengthen our Board with the near-term addition of one or more highly qualified candidates.
"Lastly, our Board and management team are focused on navigating through this pandemic period and maximizing value for our shareholders. We are always open to constructive input and assess all good ideas to create value for shareholders as the market and the Company's share price continue to recover from this unprecedented 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 54 properties, with approximately 8.2 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.
https://www.prnewswire.com/news-releases/cedar-realty-trust-comments-on-recent-public-announcements-301238316.html
tdeck
5 years ago
Cedar Realty Trust (NYSE:CDR) Rating Increased to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Cedar Realty Trust (NYSE:CDR) from a hold rating to a buy rating in a research report released on Monday, Zacks.com reports. They currently have $0.75 price target on the real estate investment trust’s stock.
According to Zacks, “Cedar Realty Trust, Inc. is a real estate investment trust which owns a portfolio of predominantly grocery-anchored shopping centers in high-density urban markets from D.C. to Boston. Cedar Realty Trust Inc, formerly known as Cedar Shopn Ctr, is based in Port Washington, NY. “
Several other equities research analysts have also recently commented on the company. ValuEngine upgraded Cedar Realty Trust from a strong sell rating to a sell rating in a research note on Thursday, April 30th. TheStreet cut Cedar Realty Trust from a c- rating to a d+ rating in a research note on Friday, February 7th. Finally, B. Riley cut their price target on Cedar Realty Trust from $5.00 to $2.00 and set a buy rating for the company in a research note on Friday, April 3rd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $1.58.
A number of large investors have recently added to or reduced their stakes in CDR. SG Americas Securities LLC raised its position in Cedar Realty Trust by 61.6% in the first quarter. SG Americas Securities LLC now owns 34,008 shares of the real estate investment trust’s stock worth $32,000 after acquiring an additional 12,965 shares in the last quarter. Cresset Asset Management LLC purchased a new position in Cedar Realty Trust in the fourth quarter worth $33,000. Raymond James & Associates purchased a new position in Cedar Realty Trust in the fourth quarter worth $36,000. Premier Asset Management LLC purchased a new position in Cedar Realty Trust in the first quarter worth $45,000. Finally, Nisa Investment Advisors LLC raised its position in Cedar Realty Trust by 36.6% in the fourth quarter. Nisa Investment Advisors LLC now owns 15,475 shares of the real estate investment trust’s stock worth $46,000 after acquiring an additional 4,143 shares in the last quarter. Hedge funds and other institutional investors own 87.04% of the company’s stock.
Soapy Bubbles
13 years ago
Cedar Shopping Centers to Report Second Quarter 2011 Financial Results
Cedar Shop (NYSE:CDR)
Intraday Stock Chart
Today : Tuesday 26 July 2011
Click Here for more Cedar Shop Charts.
Cedar Shopping Centers, Inc. (NYSE: CDR) today announced that it will release financial results for the three-month period ended June 30, 2011, after the market closes on Thursday, August 4, 2011. The Company will host a conference call on Friday, August 5, 2011 at 8:30 AM (ET) to discuss the financial results.
A live webcast of the conference call will be available online on the Company's website at www.cedarshoppingcenters.com. The conference call can also be accessed by dialing (877) 407-4018 or (1) (201) 689-8471 for international participants. A replay of the call will be available from 12:00 Noon (ET) on August 5, 2011, until midnight (ET) on August 19, 2011. The replay dial-in numbers are (877) 870-5176 or (1) (858) 384-5517 for international callers. Please use passcode 4343698 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 Shopping Centers, Inc.
Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on ownership, operation, development and redevelopment of "bread & butter"® supermarket-anchored shopping centers in coastal mid-Atlantic and New England states. The Company presently owns (both exclusively or in joint venture) and manages approximately 16.0 million square feet of GLA at 131 shopping center properties, that are predominantly anchored by supermarkets and/or drugstores.
For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.cedarshoppingcenters.com.
Contact Information:Cedar Shopping Centers, Inc.Investor RelationsBrad Cohen203-682-8211
SOURCE Cedar Shopping Centers, Inc.
Soapy Bubbles
14 years ago
Cedar Shopping Centers Announces Appointment of New Chief Financial Officer
Date : 05/24/2011 @ 5:10PM
Source : PR Newswire
Stock : Cedar Shop (CDR)
Quote : 5.25 -0.06 (-1.13%) @ 7:52AM
Cedar Shopping Centers Announces Appointment of New Chief Financial Officer
Cedar Shop (NYSE:CDR)
Intraday Stock Chart
Today : Tuesday 24 May 2011
Click Here for more Cedar Shop Charts.
Cedar Shopping Centers, Inc. (NYSE: CDR) a fully-integrated real estate investment trust which focuses primarily on the ownership, operation, development and redevelopment of supermarket-anchored shopping centers in coastal mid-Atlantic and Northeast coastal states today announced that Phillip R. Mays will join the Company on or about June 13, 2011 as its Chief Financial Officer. He will succeed Lawrence E. Kreider, who will serve as a consultant to the Company through the end of the year.
Philip Mays has significant experience as a financial and accounting executive over the past 19 years including extensive REIT and SEC experience. In his various positions, Mr. Mays has been involved in the financial aspects of strategic transactions and acquisitions, SEC reporting, corporate forecasting, coordination of external and internal audits, lease administration, tax and REIT compliance and treasury/cash management. Mr. Mays joins us after 6 years with Federal Realty Investment Trust where he initially served as the Controller beginning in May 2005 and was subsequently promoted to Chief Accounting Officer in September 2006 and Vice President, Chief Accounting Officer in February 2007.
Prior to joining Federal Realty, Mr. Mays was Vice President of Finance and Corporate Controller for CRIIMI MAE, Inc. for period of one year. For seven years prior thereto, Mr. Mays was an accountant at Ernst & Young, LLP, achieving senior manager status at its office in Dallas/Fort Worth, Texas, where he supervised audits and assisted clients in real estate, construction and hospitality, including public REITs. Mr. Mays has been a CPA since 1993.
Leo Ullman, Cedar's CEO stated, "We are delighted to be able to announce that Phillip Mays will be joining our Company as CFO. We believe his background and solid financial experience will further strengthen the Company's financial operations and capabilities. He brings to our Company an extraordinary history of quality, experience and capability in our industry. Phillip is expected to be a critical member of the Company's team as we execute on our previously-announced business plan for enhancing the quality of our portfolio and our operating results in the coming years. We also acknowledge the four years of dedicated service to our Company by Larry Kreider and the opportunity to be able to benefit from his counsel in the coming months."
About Cedar Shopping Centers
Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on the ownership, operation, development and redevelopment of "bread and butter"® supermarket-anchored shopping centers in coastal mid-Atlantic and Northeast coastal states. The Company presently owns (both exclusively or in joint venture) and manages approximately 16.1 million square feet of GLA at 131 shopping center properties, of which more than 75% are anchored by supermarkets and/or drugstores with average remaining lease terms of approximately 11 years.
For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.cedarshoppingcenters.com.
SOURCE Cedar Shopping Centers, Inc.
Trade like a pro: Leverage real-time discussions and market-moving ideas to outperform.
Windbag1014
5 years ago
conix
5 years ago
UserAlias1
10 years ago
Penny Roger$
11 years ago
WallStreetMyWay
12 years ago
Hot Features
Premium
