PORT WASHINGTON, N.Y., November 7, 2019 – Shares of Cedar Realty Trust Inc. (NYSE: CDR) declined -2.42% to $3.23. The stock grabbed the investor’s attention and traded 59.658K shares as compared to its average daily volume of 338.75K shares. The stock’s institutional ownership stands at 90.50%.
For the second quarter of 2019, Cedar Realty Trust, Inc. (NYSE: CDR) reported net income of $2.70M or $0.03 per diluted share, attributable to common shareholders compared to net income of $7.10M or $0.08 per diluted share for the same period in 2018. The principal differences in the comparative three-month results are gain on a property sold in 2019 and lease termination income in 2018. Net income attributable to common shareholders for the six-month period ended June 30, 2019 was $2.90M or $0.03 per diluted share, compared to net loss of $15.90M or ($0.19) per diluted share. The principal differences in the comparative six-month results are gain on properties sold in 2019, and impairment charges related to properties held for sale, lease termination income, and preferred stock redemption costs in 2018.
NAREIT-defined FFO for the second quarter of 2019 was $10.20M or $0.11 per diluted share, compared to $17.60M or $0.19 per diluted share for the same period in 2018. NAREIT-defined FFO for the six-month period ended June 30, 2019 was $20.40M or $0.22 per diluted share, compared to $26.00M or $0.28 per diluted share for the same period in 2018. Operating FFO for the second quarter of 2019 was $10.20M or $0.11 per diluted share, compared to $17.60M or $0.19 per diluted share for the same period in 2018. Operating FFO for the six-month period ended June 30, 2019 was $20.40M or $0.22 per diluted share, compared to $29.50M or $0.32 per diluted share for the same period in 2018. The principal difference between the comparative three and six-month results is lease termination income in 2018. The principal difference between Operating FFO and NAREIT-defined FFO is preferred stock redemption costs in 2018.
Balance Sheet
Debt:
As of June 30, 2019, the Company had $117.40M available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization for real estate (EBITDAre) of 8.3 times. Further, the Company has no debt maturities until early 2021.
Equity:
On December 18, 2018, the Company’s Board of Directors approved a stock repurchase program, which authorized the purchase of up to $30.00M of the Company’s common stock in the open market or through private transactions, subject to market conditions, from time to time, through December 18, 2019. There were no repurchases during the three months ended June 30, 2019. During the three months ended March 31, 2019, the Company repurchased 2,050.0K shares at a weighted average price per share of $3.34. Since approval of the plan on December 18, 2018, the Company has repurchased a total of 2,823.0K shares at a weighted average price per share of $3.25.
CDR has a market value of $292.87M while its EPS was booked as $0.09 in the last 12 months. The stock has 88.48M shares outstanding. In the profitability analysis, the company has gross profit margin of 66.80% while net profit margin was 3.00%. Beta value of the company was 0.92; beta is used to measure riskiness of the security. Analyst recommendation for this stock stands at 2.80.
