NYSE$CDR-PB
Cedar Realty Trust Inc · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
Reported results for the fourth quarter and full year 2020.
Cedar Realty Trust reported a net income attributable to common shareholders of $0.25 per diluted share for Q4 2020. Operating Funds from operations (FFO) was $0.71 per diluted share. Same-property net operating income (NOI) decreased 4.1%.
- Operating Funds from operations (FFO) of $0.71 per diluted share for the quarter
- NAREIT-defined FFO of $0.71 per diluted share for the quarter
- Same-property net operating income (NOI) decreased 4.1% for the quarter
- Signed 37 new and renewal leases for 222,000 square feet in the quarter
Headline financials
Revenue & EPS history
Cedar Realty Trust Inc · Revenue · Quarterly
$33.3M
Revenue by segment
Cedar Realty Trust Inc · $30.8M total across 1 segment · Q4 2021
- Rental Revenues$30.8M—100.0%
Forward guidance
The Company is not providing per share net income or FFO guidance. However, our current 2021 expectations for the key drivers of our earnings.
Tailwinds
- Interest expense decreasing by approximately $1.7 million compared to 2020 prior to any proactive debt refinancing transactions completed in 2021.
- Taking into account the one-year extension option the Company has at its election for its revolving credit facility, the Company has no 2021 debt maturities.
- The Company is currently advancing the long-term refinancing of a substantial portion of its 2022 debt maturities.
- Any proactive refinancing will increase interest expense as the proceeds will likely first be used to repay the Company’s revolving credit facility, which currently has a variable interest rate of 1.8%.
- Same-property NOI decreasing approximately 1% to 3% excluding redevelopment properties and 2% to 4% when redevelopment properties are included.
Headwinds
- Decrease in lease termination income of approximately $7.5 million.
- This is substantially driven by the $7.1 million of lease termination income recorded in Q1 2020 related to the Company agreeing to a cash payment in consideration for permitting a dark anchor tenant to terminate its lease prior to the contractual expiration at Metro Square.
- Same-property NOI decreasing approximately 1% to 3% excluding redevelopment properties and 2% to 4% when redevelopment properties are included.
- Property NOI decreasing by approximately $2.5 million related to property dispositions closed in 2020.
- The Company is exploring additional dispositions that, if closed, would further reduce 2021 property NOI.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q4 2020
+0.1%
Avg return
Earnings day
-0.4%
Avg return
5 days after
+4.2%
Avg return
30 days after
33%
12 / 36 earnings
Positive
+7.4%
Q3 2022
Best reaction
-5.8%
Q2 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.9% | -13.0% | — | |
| Q2 2025 | +7.2% | +4.2% | +6.6% | |
| Q1 2025 | +0.0% | -2.3% | -9.3% | |
| Q4 2024 | +0.0% | +1.7% | +7.6% | |
| Q3 2024 | +1.5% | -1.0% | -1.7% | |
| Q2 2024 | +3.0% | +1.5% | +3.4% | |
| Q1 2024 | +0.0% | +1.3% | -2.7% | |
| Q4 2023 | -3.1% | -3.1% | -2.6% | |
| Q3 2023 | -0.9% | -6.2% | -1.6% | |
| Q2 2023 | -0.3% | -3.9% | -6.2% | |
| Q1 2023 | -0.1% | +1.3% | +6.7% | |
| Q4 2022 | -1.4% | -2.3% | -6.3% | |
| Q3 2022 | +7.4% | -11.1% | +23.6% | |
| Q3 2025 | -0.0% | +6.7% | +33.5% | |
| Q2 2022 | -0.5% | -2.4% | -0.5% | |
| Q1 2022 | +1.0% | +15.4% | +46.4% | |
| Q4 2021 | -0.1% | -9.9% | +22.9% | |
| Q3 2021 | -2.7% | -0.1% | -2.1% | |
| Q2 2021 | +5.1% | +0.6% | +0.2% | |
| Q1 2021 | +1.7% | +0.1% | +0.9% | |
| Q4 2020 | +0.9% | -0.6% | +1.1% | |
| Q3 2020 | -0.5% | +4.1% | -0.2% | |
| Q2 2020 | +0.6% | +0.8% | -2.7% | |
| Q1 2020 | -1.1% | +3.1% | +38.5% | |
| Q3 2019 | +0.5% | +0.6% | -0.6% | |
| Q2 2019 | -5.8% | -0.4% | +0.1% | |
| Q1 2019 | +2.5% | +0.4% | -2.2% | |
| Q3 2018 | -3.2% | +0.9% | -3.8% | |
| Q2 2018 | -1.5% | +0.8% | +0.1% | |
| Q1 2018 | -0.5% | +0.6% | +2.5% | |
| Q3 2017 | +2.3% | -0.0% | -1.4% | |
| Q2 2017 | -0.1% | -1.4% | -1.2% | |
| Q1 2017 | -1.6% | -0.9% | -1.3% | |
| Q3 2016 | -0.2% | -1.1% | -2.0% | |
| Q2 2016 | -0.3% | +2.4% | -1.1% | |
| Q1 2016 | -3.5% | — | — |
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