CDR-PB on NYSE

Cedar Realty Trust

Logo: Cropped from official Twitter profile image, https://pbs.twimg.com/profile_images/3433947814/08f60b72fd7a2ee239077a7a08e63cb1.png, Non-free logo, via Wikipedia5

American real estate company

Cedar Realty Trust, Inc. is a real estate investment trust that invests in shopping centers.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

1984Founded1

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  • TickerCDR-PB on NYSE1
  • IndustryReal Estate Investment Trusts1
  • HeadquartersPort Washington1
  • Websitecedarrealtytrust.com
  • Incorporated inMD6
  • Business address2529 Virginia Beach Blvd., Virginia Beach, Va 234526
  • Filer categoryNon-accelerated filer, Smaller reporting company6
  • Legal formINCORPORATED4
  • LEI54930056URX93R2RSN824
  • StatusActive4
  • LEI statusLapsed (not renewed)4
  • Registered addressC/O CSC-Lawyers Incorporating Service Company, 21202 Baltimore, United States4

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Cedar Realty Trust, Inc. is a real estate investment trust that invests in shopping centers. It is a subsidiary of Wheeler Real Estate Investment Trust. As of December 31, 2022, the company owned 19 properties with 2.9 million square feet of leasable space primarily in the Northeastern United States, including 7 properties in Pennsylvania. The company's major tenants are TJX Companies (4.8% of revenues), Kohl's (4.2% of revenues), Shaw's (3.8% of revenues), Dollar Tree (3.5% of revenues), and Walmart (3.5% of revenues). The only notable property owned by the company is The Shoppes at Trexler.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

26.9%Operating margin8
-6.3%Net margin8
-14.1%Revenue growth, 20258
-29.4%Return on equity8
22.00×Debt to equity8

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Rental Revenue brought in 96% of the revenue Cedar Realty Trust broke down this way in fiscal 2025.

  1. Rental Revenue$28.5M896%down 14% from 2024
  2. Real Estate, Other$1.2M84%down 14% from 2024
Products and services by year
Products and services20242025
Rental Revenue$33.1M$28.5M
Real Estate, Other$1.4M$1.2M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$29.7M

Out of $29.7M in revenue.8 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$8.0M

Out of $8.0M of cash from operations.8

Financial statements

Revenue91011128$29.7M in 2025−79% since 2019
0$50.0M$100.0M$150.0M2019: $144.1M$144.1M20192020: $45.9M$45.9M2020−68%2021: $39.2M$39.2M2021−15%2022: $34.3M$34.3M2022−12%2023: $34.6M$34.6M2023+1%2024: $34.5M$34.5M2024−0%2025: $29.7M$29.7M2025−14%
Operating income91011128$8.0M in 2025−68% since 2019
-$75.0M-$50.0M-$25.0M0$25.0M$50.0M2019: $25.1M$25.1M20192020: -$2.7M-$2.7M20202021: -$21.8M-$21.8M2021+712%2022: -$68.1M-$68.1M2022+213%2023: $10.0M$10.0M20232024: $13.6M$13.6M2024+36%2025: $8.0M$8.0M2025−42%
Net income91011128-$1.9M in 2025
-$50.0M-$25.0M0$25.0M$50.0M2019: $1.1M$1.1M20192020: -$1.1M-$1.1M20202021: -$45.1M-$45.1M2021+4107%2022: $44.0M$44.0M20222023: $2.0M$2.0M2023−95%2024: $4.5M$4.5M2024+126%2025: -$1.9M-$1.9M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
Total revenues$29.7M$34.5M
Operating, maintenance and management$6.2M$8.1M
Real estate and other property-related taxes$4.5M$5.1M
Corporate general and administrative$2.6M$2.4M
Depreciation and amortization$7.7M$8.7M
Total expenses$21.0M$24.3M
Gain on sales, net$5.0M$4.5M
Impairment charges-$5.8M-$1.1M
Total other-$731.0K$3.4M
OPERATING INCOME$8.0M$13.6M
Interest expense, net-$9.1M-$9.1M
Loss on loan prepayment-$718.0K$0
Total non-operating income and expenses-$9.8M-$9.1M
NET (LOSS) INCOME-$1.9M$4.5M
Preferred stock dividends-$6.1M-$10.3M
Deemed contributions on preferred stock$18.8M$7.6M
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, Basic$10.8M$1.9M
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS, Diluted$10.8M$1.9M
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, Basic (in dollars per share)$0.79$0.14
NET INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, Diluted (in dollars per share)$0.79$0.14
Weighted average number of common shares, basic (in shares)13.7M shares13.7M shares
Weighted average number of common shares, diluted (in shares)13.7M shares13.7M shares

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The story

The company was founded in 1984 as Cedar Shopping Centers. In October 2003, the company became a public company via an initial public offering.

In 2005, the company acquired a 27-property portfolio for $90 million.

In 2009, RioCan Real Estate Investment Trust acquired a 15% stake in the company as part of a joint venture agreement.

In 2010, the company acquired 7 shopping centers from PREIT for $168 million.

In 2011, the company changed its name to Cedar Realty Trust. It also sold 5 sites in Ohio anchored by Discount Drug Mart.

In 2011, Bruce Schanzer became chief executive officer.

In July 2022, the company sold a portfolio of 33 shopping centers to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers for $879 million.

In August 2022, Wheeler Real Estate Investment Trust acquired the company. M. Andrew Franklin became president and chief executive officer of the company and Crystal Plum became chief financial officer.

From Wikipedia’s article on Cedar Realty Trust, shared under CC BY-SA 4.0.7

Leadership

Who has led Cedar Realty Trust, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Leo S. Ullman2006–2011
  2. Bruce J. Schanzer2011–2014
  3. Michael Andrew Franklin2022–now

President

  1. Leo S. Ullman2006–2011
  2. Bruce J. Schanzer2011–2013
  3. Michael Andrew Franklin2022

Chief financial officer

  1. Thomas J. Okeeffe2006–2007
  2. Leo S. Ullman2007
  3. Lawrence E. Kreider2007–2011
  4. Philip Mays2011–2021
  5. Jennifer Bitterman2021–2022
  6. Crystal Plum2022
  7. Jason Simone2026–now

Chief operating officer

  1. Nancy Mozzachio2015–2016
  2. Robin McBride Zeigler2016–2021
1990200020102020
Board members and other officers (28)

Former names

  • CEDAR SHOPPING CENTERS INCAug 13, 2003 to Nov 10, 20116
  • CEDAR INCOME FUND LTD /MD/Oct 24, 2001 to May 16, 20036
  • UNI INVEST USA LTDJul 14, 2000 to Nov 22, 20006
  • CEDAR INCOME FUND LTDAug 7, 1995 to Nov 22, 20006

Timeline

  1. Aug 22, 2022New chief executive Michael Andrew Franklin becomes CEO17
  2. Jun 15, 2011New chief executive Bruce J. Schanzer becomes CEO18
  3. Feb 1, 2006New chief executive Leo S. Ullman becomes CEO19
  4. 1984Founded Founded1

Filings

189 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 66 major events, 51 insider forms, 10 large holders, 42 other. The latest 20:

  1. Sep 9, 20264 EDGAR
  2. Aug 20, 20264 EDGAR
  3. Aug 6, 20268-K EDGAR
  4. Aug 6, 202610-Q EDGAR
  5. Jul 30, 20268-K EDGAR
  6. Jun 12, 20263 EDGAR
  7. May 14, 20263 EDGAR
  8. May 8, 20268-K EDGAR
  9. May 8, 202610-Q EDGAR
  10. Apr 27, 20268-K EDGAR
  11. Mar 5, 20268-K EDGAR
  12. Mar 5, 202610-K EDGAR
  13. Jan 30, 20268-K EDGAR
  14. Jan 21, 20268-K EDGAR
  15. Nov 6, 20258-K EDGAR
  16. Nov 6, 202510-Q EDGAR
  17. Oct 31, 20258-K EDGAR
  18. Aug 19, 20258-K EDGAR
  19. Aug 12, 20258-K EDGAR
  20. Aug 5, 20258-K EDGAR

The 189 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 3 buys and 7 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 8, 2026Franklin Michael AndrewCEOBuy1,472$15.40$22.7KForm 4
Aug 20, 2026Simone JasonChief Financial OfficerBuy400$17.00$6.8KForm 4
Apr 10, 2025Franklin Michael AndrewCEOSale752$17.75$13.3KForm 4
Mar 27, 2025SKOIEN GARY JDirectorSale1,270$16.25$20.6KForm 4
Mar 27, 2025Franklin Michael AndrewCEOSale195$16.25$3.2KForm 4
Jan 29, 2025Franklin Michael AndrewCEOSale850$15.75$13.4KForm 4
Aug 25, 2022Franklin Michael AndrewCEOBuy4,790$10.30$49.3KForm 4
Jul 11, 2022Morris DarcyDirectorSale107,058$28.77$3.1MForm 4
Jul 8, 2022Morris DarcyDirectorSale996,219$28.81$28.7MForm 4
Apr 5, 2022Schanzer Bruce JPres. & Chief Exec. OfficerSale25,000$28.00$700.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Sources

The numbers on this page point here. Each one links to the record it came from.

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