Type Public Founded 1984 | Founder Leo S Ullman Number of employees 71 | |
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Traded as NYSE: CDRS&P 600 Component Number of locations 65 operating properties Area served Northeast megalopolis, United States Website www.cedarrealtytrust.com Stock price CDR (NYSE) US$ 5.36 -0.11 (-2.01%)6 Mar, 4:02 PM GMT-5 - Disclaimer Headquarters Port Washington, Town of North Hempstead, New York, United States Subsidiaries Cedar-Bristol, LLC, Virginia Little Creek LLC | ||
Cedar realty trust investing in redevelopment
Cedar Realty Trust is a publicly traded, American real estate investment trust (REIT) which specifically manages and owns supermarket anchored shopping centers. The company is headquartered in Port Washington, New York and incorporated in Maryland. As of December 2013, the company's primary property footprint was in the Washington, D.C. to Boston metropolitan corridor, where it owned 65 "operating properties" amounting to ~9.4 million sq. ft. of gross leasable area (GLA), and occupied by 899 tenants. Cedar's properties are found in Connecticut, Maryland, Massachusetts, New Jersey, New York, Virginia and Pennsylvania.
Contents
- Cedar realty trust investing in redevelopment
- Cedar realty trust continues portfolio pruning
- Business model
- Acquisitions
- Divestments
- References
Cedar Realty Trust was formerly known as "Cedar Shopping Centers".
Cedar realty trust continues portfolio pruning
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. Essentially all of Cedar's revenue comes from rents and payments on long-term leases from tenants of their various properties. As of December 2013, >90% of Cedar's gross leasable area was occupied. 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.
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. As of December 2013, Cedar was the only partner in the Partnership and owned >99% of the contributed assets.
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. Giant Foods also occupied the largest sq. footage overall and generated the most revenue for Cedar, accounting for ~12% of 2013 revenue.
Acquisitions
Among the properties acquired by the company are:
Divestments
Among the properties sold by the company are: