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Cedar Realty Trust

Topic: Company

 From HandWiki - Reading time: 4 min
Short description: American real estate company
Cedar Realty Trust, Inc.
TypePublic company
NYSE: CDR
Founded1984; 40 years ago (1984)
Headquarters
Port Washington, New York
Key people
 Bruce J. Schanzer, President
Philip R. Mays, CFO
RevenueDecrease $144 million (2019)
Decrease $1 million (2019)
Total assetsDecrease $1.205 billion (2019)
Total equityDecrease $514 million (2019)
Number of employees
74 (2019)
Websitecedarrealtytrust.com
Footnotes / references
[1]

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

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. ↑ 1.0 1.1 1.2 "Cedar Realty Trust 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission. https://www.sec.gov/Archives/edgar/data/761648/000156459020004590/cdr-10k_20191231.htm. 
  2. ↑ "Cedar Shopping Centers buying Pa., Ohio properties". American City Business Journals. February 7, 2005. https://www.bizjournals.com/pittsburgh/stories/2005/02/07/daily7.html. 
  3. ↑ "Cedar Realty Trust 2013 Annual Report". https://www.annualreports.com/HostedData/AnnualReportArchive/c/NYSE_CDR_2015.pdf. 
  4. ↑ "Cedar Shopping Centers to acquire 'The Shops at Suffolk Downs'". American City Business Journals. July 14, 2005. https://www.bizjournals.com/boston/stories/2005/07/11/daily61.html. 
  5. ↑ "Cedar Shopping Centers buys Shaw's Plaza". American City Business Journals. July 24, 2006. https://www.bizjournals.com/boston/stories/2006/07/24/daily8.html. 
  6. ↑ VALORZI, JOHN (October 26, 2009). "RioCan makes $181-million U.S. foray". The Globe and Mail. https://www.theglobeandmail.com/globe-investor/riocan-makes-181-million-us-foray/article1339231/. 
  7. ↑ Kostelni, Natalie (May 12, 2010). "Cedar Shopping Centers, RioCan buying Pa. shopping center". American City Business Journals. https://www.bizjournals.com/philadelphia/blogs/real_estate/2010/05/cedar_shopping_centers_riocan_buying_pa_shopping_center.html. 
  8. ↑ Kostelni, Natalie (August 16, 2010). "Cedar Shopping buying 7 PREIT centers". American City Business Journals. https://www.bizjournals.com/philadelphia/stories/2010/08/16/daily5.html. 
  9. ↑ "GABRIEL BROTHERS PLAZA SELLS IN OHIO". RE Business Online. January 4, 2010. https://rebusinessonline.com/gabriel-brothers-plaza-sells-in-ohio/. 
  10. ↑ Ball, Brian R. (May 3, 2011). "Cedar Shopping Centers selling 5 area sites anchored by Discount Drug Marts". American City Business Journals. https://www.bizjournals.com/columbus/news/2011/05/03/cedar-shopping-centers-selling-5-area.html. 
  11. ↑ "New Focus at Cedar Realty Trust". Nareit. November 6, 2013. https://www.reit.com/news/reit-magazine/november-december-2013/new-focus-cedar-realty-trust. 
  12. ↑ Van Allen, Peter (March 26, 2014). "South Philly shopping center sells for $92.3 million". American City Business Journals. https://www.bizjournals.com/philadelphia/blog/peter-van-allen/2014/03/south-philly-shopping-center-sells-for-923-million.html. 
  13. ↑ Kostelni, Natalie (February 28, 2014). "Egg Harbor Twp. center sells for $25M". American City Business Journals. https://www.bizjournals.com/philadelphia/blog/real-estate/2014/02/center-in-egg-harbor-sells-for-25m.html. 
  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. https://www.delawarebusinesstimes.com/top-real-estate-deals-2017-far/. 

External links




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