Cedar Realty Trust

What Cedar Realty Trust does

Cedar Realty Trust, Inc. is a real estate investment trust that was founded in 1984 and, until August 2022, was publicly traded on the NYSE under the ticker CDR. The company historically owned, operated, and redeveloped grocery-anchored shopping centers concentrated in densely populated urban markets from Washington, DC to Boston. Following a dual-track exit transaction announced March 2, 2022, Cedar sold 33 grocery-anchored centers to DRA Fund X-B LLC and KPR Centers LLC for approximately $879 million in gross proceeds (closed July 2022) and merged the balance of its shopping center assets with Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) in an all-cash transaction valued at $291.3 million (closed August 2022). Cedar now operates as a wholly-owned subsidiary of Wheeler REIT, with its common stock cancelled and delisted (Form 15-12G filed September 6, 2022), while its 7.25% Series B and 6.50% Series C Cumulative Redeemable Preferred Stock remain outstanding and listed on NYSE under tickers CDR.P.B and CDR.P.C.

The company's retained portfolio comprises 17 grocery-anchored shopping centers totaling approximately 2.6 million square feet of gross leasable area, leased at 86.3% as of June 30, 2022, with average base rent of $10.49 per square foot and small-shop space averaging $17.91 per square foot. Revenue is generated through rental income streams including base rent, expense recoveries, percentage rent, and straight-line rent adjustments under long-term triple-net and gross lease structures. The customer base consists of national and regional retail tenants anchored by credit-rated grocers (Kroger, Shaw's, Shoprite, Redner's, Food Lion), home improvement (Home Depot, Lowe's), off-price apparel (Kohl's, Marshalls, HomeGoods), and discount variety (Dollar Tree, Big Lots), with top 25 tenants representing 53.9% of annualized base rents. Q2 2022 total property revenues from continuing operations were $8.5 million, with Adjusted EBITDAre of $15.3 million and a net debt to Adjusted EBITDAre ratio of 8.3x.

Post-merger, the company is managed through Wheeler REIT's fully integrated, self-managed REIT platform headquartered at 2529 Virginia Beach Blvd, Virginia Beach, VA. Ongoing corporate activity is limited to preferred stock management — recurring dividend declarations, completed tender offers for Series B and Series C preferred stock in March and April 2025, a preferred stock repurchase authorization announced August 2025, and routine SEC reporting (most recent 10-K filed March 5, 2026). Investor communications are delivered via Equisolve-powered IR website (ir.cedarrealtytrust.com), with property leasing channels including the WHLR website, Crexi marketplace listings, and PropertyCapsule.

Name

Cedar Realty Trust

Legal name

Cedar Realty Trust, Inc.

Website

http://cedarrealtytrust.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

51–100 employees

Short description

Cedar Realty Trust, Inc. is a wholly-owned subsidiary of Wheeler Real Estate Investment Trust (NASDAQ: WHLR) since August 2022, retaining a portfolio of 17 grocery-anchored shopping centers (~2.6M sq ft) across densely populated East Coast markets and managing outstanding NYSE-listed Series B and Series C preferred stock.

Ownership category

akta.pro rank

Product category

Retail REIT

NAICS

Lessors of Other Real Estate Property (53119), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120), Real Estate and Rental and Leasing (53)

SIC

Real Estate Investment Trusts (6798), Operators Of Nonresidential Buildings (6512), Lessors Of Real Property, Nec (6519)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industries

REITs & Listed Real Estate Securities (FSAAAKAD), Natural Resources — Timberland (FSAAAKAH)

Keywords

• Grocery-anchored shopping centers
• Commercial real estate
• Retail REIT
• Property leasing
• Tenant occupancy

Headquarters

HQ city

Port Washington

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Infrastructure, Marketing or Sales

Revenue model

1. Rental income from commercial real estate: Primary revenue is rental income (base rent, expense recoveries, percentage rent, straight-line rents, and amortization of intangible lease liabilities) from owned grocery-anchored shopping centers leased to retailers. In Q2 2022, total property revenues were $8.5 million (continuing operations) with base rents, expense recoveries, and percentage rent as main components. Long-term, triple-net and gross leases with annual escalations on a portfolio of grocery-anchored retail properties.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust that owns, operates, and leases a portfolio of grocery-anchored shopping centers concentrated in densely populated urban markets from Washington, D.C. to Boston. Following the August 2022 merger with Wheeler Real Estate Investment Trust, Inc., Cedar operates as a wholly-owned subsidiary of WHLR, with the Series B and Series C Cumulative Redeemable Preferred Stock remaining publicly listed on NYSE. The company generates revenue primarily through rental income (base rent, expense recoveries, and percentage rent) from long-term triple-net and gross leases with national, regional, and local retail tenants.

Product overview

Cedar Realty Trust, Inc. operates as a single unified real estate investment trust (REIT) product — the grocery-anchored shopping center portfolio — rather than a platform-plus-modules software architecture. The core product is the retained portfolio of grocery-anchored retail properties, supplemented by financial products including Common Stock (formerly NYSE: CDR), 7.25% Series B Cumulative Redeemable Preferred Stock (NYSE: CDRpB), and 6.50% Series C Cumulative Redeemable Preferred Stock (NYSE: CDRpC). Featured assets include Ft. Howard Square, Village of Martinsville, and Franklin Village Shopping Center. Following the August 2022 merger with Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR), Cedar Realty Trust operates as a wholly-owned subsidiary of WHLR and continues to issue dividends and manage preferred stock tender offers.

Differentiator

Problem solved

Functional benefit

Products and services

• Cedar Realty Trust Grocery-Anchored Shopping Center Portfolio
• 7.25% Series B Cumulative Redeemable Preferred Stock (NYSE: CDRpB)

Quantifiable outcome

• 86.3% leased at June 30, 2022 (continuing operations portfolio of 17 properties, 2.6M sq ft)
• +5 more outcomes

Named customers33 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Partnerships

Three partnerships are on record, tiered minor, flagship and core.

• Crossroads Joint Venture (minority partner)minorStrategic or Co-development Partner · 28 June 2022On June 28, 2022, Cedar Realty Trust acquired the minority ownership interest in the Crossroads joint venture for $1.0 million, consolidating ownership of the property. Earlier, in October 2021, the Company acquired the 60% minority ownership percentage in the San Souci Plaza joint venture (now Patuxent Crossing).
• Wheeler Real Estate Investment Trust, Inc. (WHLR)flagshipStrategic or Co-development Partner · 2 March 2022On March 2, 2022, Cedar Realty Trust entered into a definitive agreement and plan of merger with Wheeler Real Estate Investment Trust, Inc. (NASDAQ: WHLR) and certain affiliates, pursuant to which Wheeler acquired the balance of Cedar's shopping center assets via an all-cash merger transaction valuing the remaining portfolio at $291.3 million. Following completion, Cedar survives as a wholly-owned subsidiary of Wheeler. Common stockholders approved on May 27, 2022; Grocery-Anchored Portfolio Sale closed July 7, 2022 for ~$879M.
• DRA Fund X-B LLC and KPR Centers LLC (Grocery-Anchored Purchasers)coreChannel Partner/ Reseller/ Distributor · 2 March 2022On March 2, 2022, Cedar and certain subsidiaries entered into an asset purchase and sale agreement with DRA Fund X-B LLC and KPR Centers LLC (collectively, the Grocery-Anchored Purchasers) to sell a portfolio of 33 grocery-anchored shopping centers for a cash purchase price of $840.0 million, plus up to $80.5 million additional for redevelopment assets. Closed July 7, 2022 with total gross proceeds of approximately $879 million including assumed debt.

Scale indicators8 records

Recent moves6 records

Expansion highlights2 records

Direct peers

• Wheeler Real Estate Investment Trust: Parent company of Cedar Realty Trust following the August 2022 merger. WHLR operates 67 grocery-anchored shopping centers across 14 states and now manages the residual Cedar portfolio, making it the most directly comparable peer.
• Regency Centers: A leading grocery-anchored shopping center REIT operating ~480 properties. Directly comparable given its focus on necessity-based grocery-anchored retail with national tenant rosters similar to Cedar's.
• Kimco Realty: One of the largest publicly traded shopping center REITs, focused on open-air grocery-anchored and necessity-based retail. Directly competes for tenants and assets in similar East Coast submarkets.
• Federal Realty Investment Trust: High-quality open-air retail REIT with grocery-anchored mixed-use properties in dense East Coast markets (DC to Boston), the same corridor where Cedar operates. Comparable tenant mix and demographic focus.
• Brixmor Property Group: Owns and operates ~370 open-air shopping centers anchored by grocery and necessity-based retailers. Directly comparable in asset class, tenant profile, and operating model.
• Phillips Edison & Company: Grocery-anchored shopping center REIT focused on necessity-based neighborhood and community centers. Closely aligned with Cedar's strategy of stable, daily-needs retail with national grocers as anchors.
• Kite Realty Group: Open-air shopping center REIT with a portfolio concentrated in Sunbelt markets. Comparable in asset class and tenant strategy, though geographically distinct.

Broad incumbents

• National Retail Properties: Diversified net-lease retail REIT focused on single-tenant properties. While not directly operating shopping centers like Cedar, it competes for retail real estate capital and shares exposure to the same national tenant base.
• Realty Income: The largest net-lease REIT, with significant retail exposure including necessity-based tenants. Operates across broader geographies and asset types but is a key comparable for retail real estate cash flow.

Regional players

• Tanger Inc. Specialty retail REIT focused on outlet shopping centers. While asset type differs (outlets vs. grocery-anchored), it operates in retail real estate with similar tenant relationships and shopping center operational model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cedar-shopping-centers
• Xx.com/CedarRealtyTrst
• Facebookfacebook.com/cedar-shopping-centers-171240262944481

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cedar Realty Trust