Cedar Realty Trust

Cedar Realty Trust, Inc. is a publicly traded real estate investment trust that invests in shopping centers in the Mid-Atlantic states.

Cedar Realty Trust, Inc.
TypePublic company
NYSE: CDR
S&P 600 component
Founded1984 (1984)
Headquarters
Port Washington, New York
Key people
 Bruce J. Schanzer, President
Philip R. Mays, CFO
Revenue $144 million (2019)
$1 million (2019)
Total assets $1.205 billion (2019)
Total equity $514 million (2019)
Number of employees
74 (2019)
Websitecedarrealtytrust.com
Footnotes / references
[1]

Investments

As of December 31, 2019, the company owned 56 properties containing 8.3 million square feet, including 23 properties in Pennsylvania.[1]

The company's largest tenants are as follows:[1]

Rank Tenant % of 2019 Revenue
1 Giant Food 8.4%
2 Shop Rite 4.1%
3 Stop & Shop 2.6%
4 Dollar Tree 2.2%
5 LA Fitness 2.0%
6 Big Y 1.9%
7 Home Depot 1.9%
8 Staples Inc. 1.7%
9 BJ's Wholesale Club 1.6%
6 TJX Corporation 1.5%

History

The company was founded in 1984 as Cedar Shopping Centers.

In 2005, the company acquired a 27-property portfolio for $90 million[2] and Columbia Mall for $14 million, which it sold in 2013.[3] It also acquired The Shops at Suffolk Downs.[4]

In 2006, the company acquired Shaw's Plaza.[5]

In 2009, RioCan Real Estate Investment Trust acquired a 15% stake in the company as part of a joint venture agreement.[6]

In 2010, the company acquired a 20% interest in Exeter Commons.[7] It also acquired 7 shopping centers from Pennsylvania Real Estate Investment Trust for $168 million.[8] It also sold Gabriel Brothers Plaza for $4.5 million.[9]

In 2011, the company changed its name to Cedar Realty Trust. It also sold 5 sites in Ohio anchored by Discount Drug Mart.[10]

In 2011, Bruce Schanzer became chief executive officer.[11]

In 2014, the company acquired Quartermaster Plaza in South Philadelphia for $92.3 million.[12] It also sold Harbor Square for $25 million.[13]

In 2015, the company acquired Lawndale Plaza in Philadelphia, Pennsylvania for $24.5 million.[14]

In 2016, the company acquired East River Park Shopping Center for $39 million[15] and The Shoppes at Arts District for $20.5 million.[16]

In 2017, the company acquired Christina Crossing for $29.3 million.[17]

References
  1. "Cedar Realty Trust 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "Cedar Shopping Centers buying Pa., Ohio properties". American City Business Journals. February 7, 2005.
  3. "Cedar Realty Trust 2013 Annual Report" (PDF).
  4. "Cedar Shopping Centers to acquire 'The Shops at Suffolk Downs'". American City Business Journals. July 14, 2005.
  5. "Cedar Shopping Centers buys Shaw's Plaza". American City Business Journals. July 24, 2006.
  6. VALORZI, JOHN (October 26, 2009). "RioCan makes $181-million U.S. foray". The Globe and Mail.
  7. Kostelni, Natalie (May 12, 2010). "Cedar Shopping Centers, RioCan buying Pa. shopping center". American City Business Journals.
  8. Kostelni, Natalie (August 16, 2010). "Cedar Shopping buying 7 PREIT centers". American City Business Journals.
  9. "GABRIEL BROTHERS PLAZA SELLS IN OHIO". RE Business Online. January 4, 2010.
  10. Ball, Brian R. (May 3, 2011). "Cedar Shopping Centers selling 5 area sites anchored by Discount Drug Marts". American City Business Journals.
  11. "New Focus at Cedar Realty Trust". Nareit. November 6, 2013.
  12. Van Allen, Peter (March 26, 2014). "South Philly shopping center sells for $92.3 million". American City Business Journals.
  13. Kostelni, Natalie (February 28, 2014). "Egg Harbor Twp. center sells for $25M". American City Business Journals.
  14. "Cedar Realty Trust Acquires Lawndale Plaza In Philadelphia, PA" (Press release). PR Newswire. March 2, 2015.
  15. "Cedar Realty Trust Acquires East River Park Shopping Center In Washington, D.C." (Press release). PR Newswire. January 4, 2016.
  16. "Cedar Realty Trust Acquires Shoppes At Arts District In Hyattsville, MD" (Press release). PR Newswire. February 25, 2016.
  17. Canavan, Kathy (May 1, 2017). "Top real estate deals of this quarter". Delaware Business Times.
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