Executive Summary

Cedar Realty Trust’s Q1 2025 portfolio metrics were stable-to-soft: occupancy held at 86.7% (flat vs Q4), leased rate fell to 86.9% (–200 bps q/q; –260 bps y/y), and Annualized Base Rent (ABR) declined to $20.89M (–5.5% q/q; –12.8% vs Q3) .
Leasing skewed to renewals with modest uplift (+8.3% renewal rent spread); no new leases were signed in Q1, after strong Q4 new-lease economics (+79.7% spread) .
Cedar executed capital actions: tender offers reduced Series B/C preferred outstanding and Cedar secured a $10.0M bridge loan (SOFR + 1.30%) on April 4, 2025, backed by $10.0M cash collateral from the parent OP .
Wall Street consensus estimates for Cedar (CDR-PC) were not available via S&P Global, so no “vs. estimates” comparison can be made (SPGI mapping unavailable).

What Went Well and What Went Wrong

What Went Well

Occupancy improved year over year to 86.7% (from 85.3% in Q1 2024), indicating tenant retention/resilience even as leasing slowed .
Renewal pricing power: 74,390 sq ft renewed at a weighted-average +$0.88/sq ft, an +8.28% uplift over prior rates in Q1 2025 .
Capital structure progress: Cedar repurchased and retired 1,301,159 shares of Series C preferred for $21.2M at $16.29/sh (premium vs carrying value) and bought 592,372 shares of Series B preferred for ~$10.5M; dividends on B/C continued as declared for May 20, 2025 .

What Went Wrong

Leased rate fell to 86.9% (–200 bps q/q; –260 bps y/y), signaling near-term revenue pressure from expirations and slower backfilling .
No new leases executed in Q1 2025, a sharp slowdown versus Q4’s 9,976 sq ft of new leasing at attractive $31.31/sq ft rates (+79.7% new rent spread), raising questions on demand cadence .
ABR declined sequentially to $20.89M from $22.04M in Q4 2024 and $23.95M in Q3 2024, reflecting dispositions and lower leased percentages across the portfolio .

Financial Results

Note: Cedar Realty Trust is reported as a consolidated subsidiary within Wheeler REIT (WHLR). Where Cedar-only financial statements are not presented, we show Cedar portfolio KPIs and WHLR consolidated P&L for context.

Cedar Portfolio KPIs (Quarterly)

Metric	Q3 2024	Q4 2024	Q1 2025
Occupancy (%)	86.3%	86.7%	86.7%
Leased (%)	89.7%	88.9%	86.9%
Annualized Base Rent ($USD Millions)	$23.95	$22.04	$20.89
ABR per Occupied Sq Ft ($USD)	$10.78	$10.81	$10.69
Renewals (sq ft)	96,523	46,630	74,390
Renewal Rent Spread (%)	10.26%	22.33%	8.28%
New Leases (sq ft)	8,290	9,976	0
New Rent Spread (%)	–13.38%	79.72%	—

WHLR Consolidated P&L (Context for Cedar contribution)

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$24.79	$27.59	$24.35
Operating Income ($USD Millions)	$13.89	$4.64	$12.14
Basic EPS ($USD)	$(91.99)	$173.35	$(22.41)
FFO per Common Share/OP Unit ($USD)	$(90.98)	$248.50	$7.27
AFFO per Common Share/OP Unit ($USD)	$1.75	$18.46	$1.32

Guidance Changes

No formal revenue/EPS guidance was provided by Cedar. Capital actions and dividends were disclosed.

Metric	Period	Previous Guidance	Current Guidance	Change
Series B Preferred Dividend ($/share)	Q2 2025 payable May 20, 2025	—	$0.453125 declared Apr 29, 2025	Maintained (declared)
Series C Preferred Dividend ($/share)	Q2 2025 payable May 20, 2025	—	$0.406250 declared Apr 29, 2025	Maintained (declared)
Preferred Repurchase (Series C)	Q1 2025	—	1,301,159 shares repurchased for $21.2M; avg $16.29/sh	Executed
Preferred Repurchase (Series B)	Q1–Q2 2025	—	592,372 shares purchased for ~$10.5M	Executed
Bridge Loan	As of Apr 4, 2025	—	$10.0M, SOFR + 1.30%, matures Jan 4, 2026 (extendable)	New facility

Earnings Call Themes & Trends

No Q1 2025 earnings call transcript was available for Cedar/WHLR in our corpus.

Topic	Previous Mentions (Q3 2024)	Previous Mentions (Q4 2024)	Current Period (Q1 2025)	Trend
Occupancy/Leasing	Cedar occupancy 86.3%; leased 89.7%; renewals 96.5k sq ft; new leases 8.3k sq ft	Occupancy 86.7%; leased 88.9%; renewals 46.6k sq ft; new leases 10.0k sq ft	Occupancy 86.7%; leased 86.9%; renewals 74.4k sq ft; no new leases	Leased rate declining; renewals steady; new leasing paused
Pricing Power	Renewal spread +10.26%; new rent spread –13.38%	Renewal spread +22.33%; new rent spread +79.72%	Renewal spread +8.28%; no new rent spread (no new leases)	Renewal uplift persists; volatility in new-lease economics; pause in Q1
Capital Structure	Preferred/derivative liabilities elevated; tender activity initiated	High derivative fair value swings; Dutch auction completed; more tender activity	Large Series B/C tenders executed; $10M bridge facility	Ongoing deleveraging of preferreds; liquidity bolstered
Dispositions	Several asset sales (Oakland Commons, Kings Plaza, etc.)	South Philadelphia sold; multiple parcels sold	Webster Commons sold in Feb 2025	Portfolio pruning continues
Dividends	Cedar B/C dividends declared for Nov 2024	Cedar B/C dividends declared for Feb 2025	Cedar B/C dividends declared for May 2025	Consistent dividend maintenance on preferreds

Management Commentary

Filings emphasized portfolio and leasing metrics with detailed supplemental data; no direct management quotes were provided in the Q1 2025 8-K exhibits for Cedar/WHLR .
Company overview reiterates focus on grocery-anchored centers in secondary/tertiary markets and Cedar’s treatment as a noncontrolling interest subsidiary within WHLR .

Q&A Highlights

No Q1 2025 earnings call transcript was available for review; therefore, Q&A themes and clarifications cannot be provided.

Estimates Context

Wall Street consensus estimates via S&P Global were unavailable for CDR-PC due to missing SPGI mapping; as a result, comparisons vs. consensus for Q1 2025 Revenue and EPS could not be performed.

Key Takeaways for Investors

Cedar’s leased rate erosion (to 86.9%) and sequential ABR declines suggest near-term topline pressure; watch leasing velocity and backfill of expiring GLA in coming quarters .
Renewal economics remain constructive (+8.3% in Q1), but absence of new leases in Q1 after strong Q4 new lease spreads is a cautionary datapoint on demand pacing .
Preferred capital actions and the $10M bridge loan enhance flexibility and reduce ongoing dividend burden over time; track further tenders and collateral movements .
Continued asset pruning (e.g., Webster Commons sale) indicates active portfolio management; monitor ABR/occupancy impacts alongside debt paydowns .
For trading: preferred dividend declarations and tender outcomes are discrete catalysts; leasing updates (particularly re-acceleration of new deals) could drive sentiment.
Medium term: Focus on stabilizing leased rates toward 89–90% and re-establishing new-lease momentum to arrest ABR declines; dividend continuity supports preferred valuations .
Data note: Cedar-specific P&L is not separately reported; rely on Cedar portfolio KPIs and WHLR consolidated results until standalone Cedar financials become available .

Citations: Cedar/WHLR Q1 2025 8-K and supplemental ; Q4 2024 8-K and supplemental ; Q3 2024 8-K and supplemental .

CEDAR REALTY TRUST, INC. (CDR-PC)·Q1 2025 Earnings Summary