Executive Summary

Q1 2024 consolidated revenue was $25.872M, down 0.7% year over year (Q1 2023: $26.066M) and slightly below Q4 2023’s $26.2M, while operating income improved to $7.478M from $6.574M YoY .
Net loss attributable to common shareholders widened to $(10.749)M, or $(0.17) per share, versus $(5.365)M, or $(5.48) per share, in Q1 2023, driven by higher interest expense and negative fair value changes in derivative liabilities .
Same-Property NOI rose 2.72% ($+0.4M) with portfolio occupancy at 91.2% (up 10 bps YoY), reflecting steady leasing activity and modest operating improvements .
No formal guidance was provided and no Q1 2024 earnings call transcript was available; ongoing preferred dividend non-payment ($2.042M undeclared) and leverage (Debt/Assets ~74%) remain investor focus points and potential stock catalysts as the capital structure evolves .

What Went Well and What Went Wrong

What Went Well

Occupancy improved to 91.2% (+10 bps YoY), supported by active leasing; management highlighted ongoing leasing momentum in Q1 [“The Company's real estate portfolio was 91.2% occupied, a 10 basis point increase from 91.1%.”] .
Same-Property NOI increased 2.72% ($+0.4M), reflecting a $0.5M revenue increase partially offset by a $0.1M expense rise [“Same-Property NOI increased by 2.72% or $0.4 million.”] .
Operating income improved to $7.478M from $6.574M YoY, evidencing better core operations despite macro headwinds .

What Went Wrong

Net loss attributable to common shareholders expanded to $(10.749)M and EPS to $(0.17), with FFO available to common/OP units turning negative to $(4.116)M from $2.252M YoY, driven by capital structure and non-cash items .
Interest expense rose to $7.405M, and net changes in fair value of derivative liabilities were $(5.507)M, both pressuring GAAP earnings despite operating gains .
Preferred dividends remained undeclared ($2.042M), weighing on FFO available to common holders and underscoring capital structure constraints .

Financial Results

Metric	Q1 2023	Q4 2023	Q1 2024
Total Revenue ($USD Millions)	$26.066	$26.200	$25.872
Operating Income ($USD Millions)	$6.574	N/A	$7.478
Net Loss Attributable to Common ($USD Millions)	$(5.365)	N/A	$(10.749)
Basic EPS ($USD)	$(5.48)	N/A	$(0.17)
FFO available to Common ($USD Millions)	$2.252	N/A	$(4.116)
Operating Margin (%)	25.2% (6.574/26.066)	N/A	28.9% (7.478/25.872)

KPIs

KPI	Q1 2023	Q1 2024
Occupancy (%)	91.1%	91.2%
Same-Property NOI Growth (%)	—	+2.72% ($+0.4M)
Leases Signed (sf)	—	117,264 sf
Leases Renewed (sf)	—	47,972 sf

Note: Company-level Q4 2023 consolidates WHLR; detailed Cedar-only segment data was furnished via exhibits and WHLR supplements referenced in Cedar’s 8-K .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q2 onward	Not provided	Not provided	Maintained (no formal guidance)
Operating/EBITDA margins	FY/Q2 onward	Not provided	Not provided	Maintained (no formal guidance)
Preferred Dividends	Ongoing	Undeclared	Undeclared	Maintained (no change disclosed)

Earnings Call Themes & Trends

No Q1 2024 earnings call transcript was found; analysis relies on the Cedar 8-K referencing WHLR’s press release, the WHLR Q1 2024 Form 10-Q, and the Q1 2024 Financial Supplement .

Topic	Previous Mentions (Q3 2023; Q4 2023)	Current Period (Q1 2024)	Trend
Leasing/Occupancy	Ongoing leasing updates via WHLR supplements; no Cedar-only transcript	Occupancy 91.2%; active leasing (signed 117k sf; renewed 48k sf)	Slight improvement
Same-Property NOI	Stable to modest changes discussed in supplements	+2.72% YoY (+$0.4M)	Improving
Capital Structure & Preferreds	Elevated leverage and preferred considerations persist	Preferred dividends undeclared ($2.042M)	Ongoing constraint
Derivative Liabilities	Fair value swings noted in recent periods	$(5.507)M negative impact in Q1 2024	Volatile
Interest Expense	Elevated levels in prior periods	$7.405M in Q1 2024	Persistently high

Management Commentary

“Same-Property NOI increased by 2.72% or $0.4 million.” This reflects leasing-driven revenue gains partially offset by increased property expenses .
“The Company's real estate portfolio was 91.2% occupied, a 10 basis point increase from 91.1%.” Reinforces incremental improvement in core occupancy .
Consolidated operating performance strengthened (operating income +$0.9M YoY), but GAAP loss increased due to interest and derivative-related items .

Q&A Highlights

No Q1 2024 earnings call transcript was available for Cedar/WHLR; no Q&A summary to report .

Estimates Context

Wall Street consensus estimates (S&P Global) for CDR-PC were unavailable due to missing CIQ mapping in our dataset; as a result, we cannot compare reported results to S&P consensus at this time. Values retrieved from S&P Global were unavailable for this ticker due to mapping constraints.
Given the absence of consensus, investors should focus on sequential and YoY trajectories: revenue slightly down sequentially, operating income up YoY, but GAAP losses widened on financing and derivative dynamics .

Key Takeaways for Investors

Core portfolio fundamentals are stable: occupancy up modestly to 91.2% and Same-Property NOI +2.72%, indicating resilient property-level cash generation .
Operating income improved YoY, but GAAP losses expanded due to $7.405M interest expense and $(5.507)M derivative fair value impact—watch for further balance sheet actions or derivative dynamics that can swing quarterly earnings .
FFO available to common holders declined to $(4.116)M; combined with undeclared preferred dividends ($2.042M), capital allocation remains constrained—monitor preferred strategy and potential tender/redemption actions impacting CDR preferreds .
Revenue was slightly lower sequentially ($25.872M vs $26.2M), but operating margin expanded to 28.9% (from 25.2% YoY), suggesting cost discipline at the property level despite macro rate pressure .
Liquidity and leverage are key watch items: cash $17.732M; Debt/Total Assets ~74.45%—deleveraging or asset sales could be meaningful stock catalysts for preferred holders .
Near-term trading: headlines around preferred dividends, capital structure steps, or leasing wins can drive volatility; medium-term thesis hinges on maintaining NOI growth, controlling financing costs, and progress on capital structure simplification .

Sources reviewed and read: Cedar Realty Trust 8-K referencing Q1 2024 results and exhibits ; WHLR Q1 2024 press release and financial supplement; WHLR Q1 2024 Form 10-Q; prior quarter press release/supplement for context .

CEDAR REALTY TRUST, INC. (CDR-PC)·Q1 2024 Earnings Summary