# CDR-PC earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/CDR-PC) · [Earnings tab](https://www.lopjlb.com/stock/CDR-PC?tab=earnings) Updated: 2026-08-17T10:03:58 Quarters analyzed: 8 ## Cross-quarter narrative Across 8 calls for CDR-PC, management tone moved from +0.20 (2019 Q3) to +0.70 (2021 Q2). Latest guidance stance: vague. Latest desk line: Cedar Realty Trust reports strong Q2 leasing momentum, 97% rent collection, and asset sales at attractive cap rates, while highlighting a persistent share price vs. real estate value disconnect and active board review of capital allocation. ## Latest CallCard · Q2 Cedar Realty Trust reports strong Q2 leasing momentum, 97% rent collection, and asset sales at attractive cap rates, while highlighting a persistent share price vs. real estate value disconnect and active board review of capital allocation. **Guidance:** vague — No formal guidance provided; management expects NOI and occupancy growth over coming quarters, lease spreads to improve, and occupancy to reach low-to-mid 90s, but no specific numeric targets. **Tone:** mgmt 0.7 · Q&A pressure 0.6 · divergence 0.2 Management highlights robust leasing pipeline, strong rent collection, successful asset sales at attractive cap rates, and progress on redevelopment projects, expressing confidence in grocery-anchored strategy and value creation. ### Demand visibility Strong tenant demand for grocery-anchored space driving robust leasing pipeline across anchor, national small shop, and local retailers. Leasing volume increased with 40 leases totaling 209,100 sq ft in Q2; 15 new comparable leases vs 4 in prior quarters; renewals at positive 2.6% spread; anchor deals signed post-quarter at Valley Plaza and New London; pipeline includes diverse retailer types focusing on growth and expansion. ### Margins / costs Same-property NOI grew 8.2% YoY (excl redevelopment) and 10.2% (incl); leasing costs elevated deal-by-deal due to commodity pricing and white-box work, but returns attractive relative to cost of capital. Operating FFO $8.5M ($0.61/share), property NOI $20.8M; demolition costs at Norwood added back to operating FFO; leasing costs vary per deal, with focus on positive net effective rent; commodity price increases factored in. ### Capital allocation Sold Camp Hill Mall ($90M, 6.5% cap) and Carmans Shopping Center; refinanced $114M mortgage at 65% LTV, 3.049% fixed; repaid $50M term loan, reduced revolver to $12M; evaluating further dispositions to exploit public-private valuation disconnect. Proceeds from sales and refinancing used to repay near-term maturities; revolver maturity September 2021 with 1-year extension option; board actively reviewing capital allocation options including asset sales and potential share repurchases. ### Milestones - **Camp Hill Mall sale** [delivered]: Closed in Q2 for ~$90M at 6.5% cap rate - **Carmans Shopping Center sale** [delivered]: Disposition closed in Q2 - **DGS Joint Venture at Northeast Heights (Phase 1)** [on_track]: Construction underway, anticipated delivery December 2022 - **Norwood Shopping Center redevelopment** [on_track]: Demolition of big box space for new larger grocery store; leasing progress - **Valley Plaza redevelopment** [on_track]: Anchor leases signed with Hobby Lobby and Grocery Outlet replacing former Kmart - **Yorktowne redevelopment** [on_track]: Leasing and construction milestones achieved - **Fishtown Crossing redevelopment** [on_track]: New deals: Popeye's prototype, Honeygrow; leasing progress - **New London Mall redevelopment** [on_track]: Anchor lease with Porter and Chester technical school replacing former A.C. Moore ### Fears / risks - **Pandemic resurgence**: Assuming there are no additional shutdowns or impact to retailers due to new coronavirus variant - **Leasing spread compression**: Spread on this quarter's 15 new deals is a negative 18.7%; expect to see better spreads as we continue to move through the process - **Occupancy drag from redevelopments**: Occupancy still affected by preparing rede ## Quarter one-liners - **2021 Q2:** Cedar Realty Trust reports strong Q2 leasing momentum, 97% rent collection, and asset sales at attractive cap rates, while highlighting a persistent share price vs. real estate value disconnect and active board review of capital allocation. - **2021 Q1:** Cedar Realty Q1: 96% collections, leasing spreads positive, $114M financing closed, Goldman Sachs JV for Northeast Heights DGS building, shares at >8% cap rate vs 6-7% private market. - **2020 Q4:** Cedar Realty delivered higher Q4 2020 FFO despite the pandemic, cut G&A and headcount, paused some projects, and is focusing capital on mixed‑use redevelopments while seeking mid‑3% refinancing. - **2020 Q3:** Cedar Realty Trust reports 91% Q3 rent collections, advances $75M term loan refinancing via revolver, progresses DGS redevelopment financing, and targets >$2M G&A savings in 2021. - **2020 Q2:** Cedar Realty Trust reports strong Q2 collections (88% July), signs 20-year D.C. government lease for 260k sq ft office at Northeast Heights redevelopment, modifies credit facility, and targets $20M pad sales to address 2021 term loan maturity. - **2020 Q1:** Cedar Realty Trust reports 70% April rent collection vs 58% peer average, driven by grocery-anchored necessity portfolio; suspended guidance, drew $75M revolver, cut dividend, scaled capex, and may reverse split to meet NYSE $1 price rule. - **2019 Q4:** Cedar Realty Q4 2019: FFO $0.11/sh, FY $0.45/sh; 2020 guide $0.49-$0.51; same-store NOI flat ex-redev, -1-2% incl. redev on anchor exits; occupancy 93.2%; advancing value-add & mixed-use projects; $15-25M dispositions H2. - **2019 Q3:** Cedar Realty Q3 2019: strong leasing (8.5% cash spreads), redevelopment progress at Fishtown Crossing and mixed-use projects, reaffirmed FFO guidance $0.44-$0.45, noted low share price disconnect and soft transaction volume. ## Theme arcs - **Management tone** (improving): Δ mgmt=+0.50 ## Fear persistence - **share price disconnect** [resolved]: 2019 Q3 - **rent collection deterioration** [resolved]: 2020 Q1 - **leverage and balance sheet** [resolved]: 2020 Q1 - **share price compliance** [resolved]: 2020 Q1 - **tenant viability** [recurring]: 2020 Q1, 2020 Q3 - **duration uncertainty** [resolved]: 2020 Q1 - **further impairments** [resolved]: 2020 Q1 - **dividend sustainability** [resolved]: 2020 Q1 - **operational disruption** [resolved]: 2020 Q1 - **pandemic resurgence** [recurring]: 2020 Q3, 2021 Q2 ## Guidance path 2019 Q3:maintained → 2019 Q4:vague → 2020 Q1:withdrawn → 2020 Q2:vague → 2020 Q3:vague → 2020 Q4:vague → 2021 Q1:vague → 2021 Q2:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/CDR-PC`