CEDAR REALTY TRUST, INC. (CDR-PB)·Q3 2025 Earnings Summary

Executive Summary

• Cedar Realty Trust (subsidiary of WHLR) reported Q3 updates through a CDR Form 8‑K that furnished WHLR’s press release and Q3 supplemental, highlighting continued leasing progress at Cedar (occupancy up 70 bps QoQ to 87.0%) and active capital markets activity, while consolidated WHLR revenue declined YoY on prior-year asset sales .
• WHLR consolidated results (which include Cedar) delivered $23.8M revenue, basic EPS of $18.37 and Adjusted EBITDA of $13.2M; Same‑Property NOI grew 3.3% YoY on higher property revenue, partly offset by property expenses .
• Cedar was a focus of capital actions: during Q3, Cedar repurchased 620,069 shares of Cedar Series C preferred, and on Oct 31 declared quarterly dividends on Cedar Series B ($0.453125/sh) and Series C ($0.40625/sh) payable Nov 20, 2025; CDR preferred counts outstanding declined materially YTD via tender/repurchases, supportive for preferred holders .
• No earnings call transcript was posted for CDR or WHLR; Street consensus from S&P Global for CDR/WHLR EPS and revenue was unavailable, limiting “vs. estimates” analysis (see Estimates Context) .

What Went Well and What Went Wrong

• What Went Well

  • Cedar leasing momentum: Q3 renewals of 40,316 sq ft at +13.6% over prior rents and 35,097 sq ft of new leases at a +14.8% new rent spread; occupancy improved to 87.0% (from 86.2% in Q2) .
  • Consolidated Same‑Property NOI growth: +3.3% YoY in Q3 driven by +$0.9M property revenue increase (partly offset by +$0.4M property expense) .
  • Capital allocation: Cedar repurchased 620,069 sh of Cedar Series C preferred for $10.1M in Q3; YTD, Cedar repurchased 592,372 sh of Series B and 1,921,228 sh of Series C (deemed distributions recognized), reducing noncontrolling interests and future dividend outflows .
  • CEO tone emphasized “disciplined portfolio management,” “strategic dispositions,” and structure of reimbursements to mitigate operating cost inflation—a constructive signal on operating discipline .

• What Went Wrong

  • Consolidated revenue fell 3.9% YoY to $23.8M due to properties sold in 2024–2025; while same‑center rents rose, dispositions created a headwind .
  • Impairment: Q3 included $2.49M impairment (notably Carll’s Corner, NJ), lifting operating expenses YoY; Cedar’s Timpany occupancy remained 67.5% as of quarter‑end, illustrating pockets of softness .
  • Interest expense remained elevated; total Q3 interest expense was $7.85M, essentially flat YoY; debt stood at $502.7M at 9/30/25 (weighted average 5.6%) with most maturities long‑dated, but leverage remains high at 80.4% debt/total assets .

Financial Results

Consolidated (WHLR, includes Cedar). No earnings call was held; Street estimate comparisons were not available (see Estimates Context).

Segment/KPI focus for Cedar (subsidiary of WHLR)

Cedar within consolidated context (selected balance/capital metrics)

Notes: Consolidated revenue and margins reflect WHLR including Cedar. Cedar does not report standalone GAAP revenue/EPS in these furnished materials; investor focus for CDR preferred is on portfolio KPIs, dividend actions, and parent-level coverage/leverage .

Guidance Changes

No formal financial guidance was provided; Cedar communicated preferred dividend declarations.

Earnings Call Themes & Trends

No Q3 earnings call transcript was posted for Cedar or WHLR.

Management Commentary

• “WHLR’s third‑quarter results reflect the Company's disciplined portfolio management, active capital markets transactions, and a focus on leasing and operational efficiency. Same‑Property NOI growth of 4.2% reflects the Company's long‑term objective to look beyond just ABR growth and mitigate the impact of raising operating costs through improved tenant reimbursement structures.” – M. Andrew Franklin, CEO & President .

Q&A Highlights

• No Q3 earnings call transcript available for Cedar or WHLR; no Q&A to report .

Estimates Context

• S&P Global (Capital IQ) Street consensus for CDR‑PB and for WHLR quarterly EPS/revenue was not available; as a result, we cannot present “vs. estimates” metrics this quarter. Values retrieved from S&P Global where applicable.*

Key Takeaways for Investors

• Cedar’s operating inflection: sequential improvement in occupancy and leased rate, and double‑digit renewal spreads, suggest leasing traction that supports cash flows backing the preferred dividends .
• Preferred‑holder positives: tangible reduction in Cedar Series B/C outstanding shares via tenders/repurchases and continued declaration of regular quarterly dividends (B: $0.453125; C: $0.40625) provide supportive technicals for CDR‑PB/CDR‑PC pricing and liquidity .
• Consolidated cash generation stabilizing: Adjusted EBITDA held in a mid‑teens million range and Same‑Property NOI grew YoY; continued asset sales funded debt paydowns on Cedar facilities, modestly improving credit profile .
• Watch impairment risk and tenanting: selective impairments (e.g., Carll’s Corner) and centers with sub‑optimal occupancy (e.g., Timpany) remain idiosyncratic risks requiring continued leasing execution .
• Balance sheet: leverage remains high (80.4% debt/total assets) but maturities are long‑dated; ongoing dispositions and noncore monetizations are key to deleverage/payout sustainability .
• Near‑term catalysts: preferred dividend payments (Nov 20), additional dispositions with related debt reduction, and leasing updates (renewal roll‑downs/ups and new rent spreads) .

Citations and sources

• CDR Form 8‑K (Item 2.02/7.01) furnishing WHLR Q3 press release and supplemental .
• WHLR Q3 2025 8‑K and supplemental: consolidated results, Cedar KPIs, capital markets, dividends, dispositions, and financial statements .
• WHLR Q2 2025 8‑K and supplemental for trend analysis .
• WHLR Q1 2025 8‑K and supplemental for trend analysis .

Footnote

• Values retrieved from S&P Global.