Cedar Realty Trust
 | |
| Public | |
| Traded as | NYSE: CDR |
| Founded | 1984 |
| Headquarters | Port Washington, New York, United States |
Number of locations | 65 operating properties |
Area served | Northeast megalopolis, United States |
Number of employees | 71 (Dec. 2013) |
| Website |
www |
|
Footnotes / references | |
Cedar Realty Trust is a publicly traded, American real estate investment trust (REIT) which specifically manages and owns supermarket anchored shopping centers.[2] The company is headquartered in Port Washington, New York and incorporated in Maryland.[1] As of December 2013, the company's primary property footprint was in the Washington, D.C. to Boston metropolitan corridor,[4] where it owned 65 "operating properties" amounting to ~9.4 million sq. ft. of gross leasable area (GLA),[2] and occupied by 899 tenants.[5] Cedar's properties are found in Connecticut, Maryland, Massachusetts, New Jersey, New York, Virginia and Pennsylvania.[6]
Cedar Realty Trust was formerly known as "Cedar Shopping Centers".[7]
Business model
As noted in the opening, Cedar has set itself up as a REIT which is an IRS-recognized taxable structure under which most of its assets must be in and revenue from real estate or related sources.[2] Essentially all of Cedar's revenue comes from rents and payments on long-term leases from tenants of their various properties.[2] As of December 2013, >90% of Cedar's gross leasable area was occupied.[2] Cedar's focus on "grocery-anchored community shopping centers" is predicated on the notion that people need to eat and purchase staples and will continue to need to do so into the future, thus providing a long term stable base for revenues.[2]
Cedar operates under a structure where substantially all of its assets have been contributed to a limited partnership, Cedar Realty Trust Partnership, L.P., which itself is a Delaware corporation.[2] As of December 2013, Cedar was the only partner in the Partnership and owned >99% of the contributed assets.[2]
As of December 2013, the top two tenants in terms of number of occupied locations were Dollar Tree and Giant Foods, with 22 and 13 locations, respectively.[5] Giant Foods also occupied the largest sq. footage overall and generated the most revenue for Cedar, accounting for ~12% of 2013 revenue.[5]
Acquisitions
Among the properties acquired by the company are:
- In 2014
- Quartermaster Plaza, 456,000 sq. ft. on 46 acres located in South Philadelphia, Pennsylvania for US$92,300,000, purchased from Forest City Ratnor Companies of Cleveland, Ohio[4]
- Before 2014
- South Philadelphia Shopping Center, 283,000 sq. ft. located in South Philadelphia, Pennsylvania, adjacent to Quartermaster Plaza acquired in 2014.[4]
- In 2006
- Harbor Square (known as "Shore Mall" at the time of purchase), ~344,800 sq. ft. on 124.6 acres located in Egg Harbor Township, New Jersey for US$36,500,000.[8] The property was originally constructed in 1968.[8]
Divestments
Among the properties sold by the company are:
- In 2014
- Harbor Square, to Aetna Realty of New York, for US$25,000,000; the property was originally acquired for $36 million.[8]
See also
References
Bibliography
- "2013 10-K: Cedar Realty Trust, Inc.". EDGAR. U.S. Securities and Exchange Commission. February 25, 2014. COMMISSION FILE NUMBER: 001-31817.
- Kostelni, Natalie (February 28, 2014). "Egg Harbor Twp. center sells for $25M" (blog). Philadelphia Business Journal. Archived from the original on March 29, 2014.
- Van Allen, Peter (March 26, 2014). "South Philly shopping center sells for $92.3 million" (blog). Philadelphia Business Journal. Archived from the original on March 29, 2014.
Press releases
- "Cedar Realty Trust, Inc. Reports Third Quarter 2011 Results" (Press release). Cedar Realty Trust. November 9, 2011.