Cedar Realty Trust, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in total revenues and profitability compared to the same periods in 2023. Total revenues for Q3 2024 were $8.1 million, down from $8.6 million in Q3 2023, marking a decrease of 5.9%. For the nine-month period, revenues decreased to $25.5 million from $25.8 million, a decline of 1.3%. The decrease in revenue was attributed to lower base rents and a reduction in expense recoveries.
Operating income for Q3 2024 was $2.8 million, significantly lower than the $4.9 million reported in Q3 2023. Net income for the third quarter fell to $357,000 from $2.9 million in the prior year, while the net loss attributable to common shareholders was $(1.5 million), compared to a profit of $242,000 in Q3 2023. For the nine months ended September 30, 2024, net income was $698,000, down from $1.9 million in 2023, with a net loss attributable to common shareholders of $(6.5 million), slightly worse than the $(6.2 million) loss in the previous year.
The company’s total assets as of September 30, 2024, were $227.6 million, with total liabilities of $162.5 million, resulting in total equity of $65.1 million. This represents a decrease in equity from $76.0 million a year earlier. The company’s cash and cash equivalents increased to $17.5 million from $8.6 million in the same period last year, reflecting improved cash flow from operating activities, which rose to $5.8 million from $4.9 million.
Cedar Realty Trust executed a tender offer on September 25, 2024, to purchase up to $9.0 million of its Series C Preferred Stock, ultimately accepting 688,670 shares at a price of $14.00 per share, totaling approximately $9.6 million. The company also reported impairment charges of approximately $1.1 million related to a property in Philadelphia.
The company’s portfolio consisted of 17 properties as of September 30, 2024, primarily grocery-anchored shopping centers in the Northeast. Despite the challenges, the company reported an increase in same-property occupancy to 86.3%, up from 84.8% a year earlier, indicating a positive trend in leasing activity. However, the company faced challenges with increased bad debt provisions, particularly due to the bankruptcy of Big Lots, which leased 65,051 square feet from Cedar Realty.
About CEDAR REALTY TRUST, INC.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.