Cedar Realty Trust (NYSE: CDR-PB) is a real estate investment trust (REIT) that owns and operates income-producing retail properties, with a primary focus on grocery-anchored shopping centers. Revenue comes from tenant base rent and property operating income collected under multi-year leases across a portfolio of retail centers. The company is fully integrated, handling property ownership, operations, and acquisition integration internally. As of the 10-K filed March 5, 2026, the portfolio held 187 active leases covering approximately 1.9 million occupied square feet, with annualized base rent totaling roughly $19.6 million. Total revenues were $29.7 million for FY2025, down 14.1% from $34.5 million in FY2024. The company carried $142.8 million in total debt as of FY2025, making it debt-heavy relative to its revenue base. M. Andrew Franklin serves as CEO and President, and Crystal Plum serves as CFO, both signing the FY2025 10-K on March 5, 2026.

Revenue model

Rental income from multi-year leases with retail tenants at grocery-anchored shopping centers. Revenue is primarily base rent, supplemented by property operating cost recoveries. FY2025 total revenues were $29.7 million; net operating income was $19.0 million.

Products and services

Ownership and operation of grocery-anchored retail shopping centers. Services include property management, leasing, and acquisition integration of retail real estate assets.

Customers and end markets

Retail tenants, predominantly grocery and necessity-based retailers, operating under leases at shopping centers. The portfolio had 187 active leases as of FY2025, with lease expirations spread from 2026 through beyond 2034.

Value-chain role

Property owner and operator. Acquires, owns, leases, and manages retail real estate. Acts as landlord to retail tenants.

Geographic exposure

The 10-K references properties in the U.S. The filing does not specify individual states or regions beyond describing properties as predominantly grocery-anchored shopping centers.

Source: SEC 10-K, filed 2026-03-05

Industry: Real Estate Investment Trusts