Profile: Cedar Realty Trust Inc (CDR.N)

CDR.N on New York Stock Exchange

5.49USD
3:42pm EDT
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$0.02 (+0.37%)
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Cedar Realty Trust, Inc., formerly Cedar Shopping Centers, Inc., is a fully-integrated real estate investment trust (REIT), which focuses primarily on ownership and operation of supermarket-anchored shopping centers. As of December 31, 2011, the Company owned and managed a portfolio of 70 operating properties totaling approximately 9.6 million square feet of gross leasable area (GLA). In addition, the Company had an ownership interest in 22 operating properties, with approximately 3.7 million square feet of GLA, through its Cedar/RioCan joint venture in which the Company has a 20% interest. The entire managed portfolio, including the Cedar/RioCan properties, was approximately 93.1% leased, as of December 31, 2011. The Company conducts all of its business through Cedar Realty Trust Partnership L.P. (the Operating Partnership). On January 14, 2011, the Company acquired Colonial Commons, a shopping center located in Lower Paxton Township, Pennsylvania.

The Company has three 60%-owned joint ventures formed to develop the projects, which include Upland Square, Heritage Crossings and Crossroads II. As of December 31, 2011, it owned 98% of the Operating Partnership and is its sole general partner. With respect to its 13 consolidated joint ventures, the Company has general partnership interests of 20% in nine properties, 40% in two properties, 50% in one property, and 75% in one property. During the year ended December 31, 2011, the Company completely exited the Ohio market, principally the Discount Drug Mart portfolio of drugstore/convenience centers, and concentrated on the mid-Atlantic and Northeast coastal regions (10 properties sold, during 2011, and four properties held for sale, as of December 31, 2011); to focus on grocery-anchored strip centers, by disposing of its mall and single-tenant/triple-net-lease properties (three properties sold, during 2011, and 11 properties held for sale, as of December 31, 2011), and to focus on the operations of the Company’s remaining properties, by disposing of certain development projects, land acquired for development, and other non-core assets (four properties sold, during 2011, and five properties held for sale/conveyance, as of December 31, 2011).

Company Address

Cedar Realty Trust Inc

44 South Bayles Avenue
PORT WASHINGTON   NY   11050-3765
P: +1516.7676492
F: +1516.7676497

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