$CDRPB
CEDAR REALTY TRUST, INC.

2018 Q2 Form 10-Q Financial Statement

#000156459018018893 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q4 2017 Q2
Revenue $41.35M $37.14M $35.70M
YoY Change 15.83% -0.09% -5.74%
Cost Of Revenue $11.05M $11.65M $10.38M
YoY Change 6.45% 2.82% -1.89%
Gross Profit $30.30M $25.49M $25.32M
YoY Change 19.67% -1.35% -7.25%
Gross Profit Margin 73.28% 68.64% 70.93%
Selling, General & Admin $4.280M $4.410M $4.240M
YoY Change 0.94% -2.22% 6.53%
% of Gross Profit 14.13% 17.3% 16.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.55M $9.940M $9.950M
YoY Change 6.03% 2.05% -9.3%
% of Gross Profit 34.82% 39.0% 39.3%
Operating Expenses $25.87M $14.35M $24.57M
YoY Change 5.27% 0.63% -5.67%
Operating Profit $15.48M $11.14M $1.276M
YoY Change 1113.4% -3.8% 2.16%
Interest Expense $5.546M -$5.560M $5.665M
YoY Change -2.1% -3.47% -20.52%
% of Operating Profit 35.82% -49.91% 443.97%
Other Income/Expense, Net -$5.546M -$5.665M
YoY Change -2.1% -19.37%
Pretax Income $9.940M $5.680M -$4.390M
YoY Change -326.42% 80.32% -191.46%
Income Tax
% Of Pretax Income
Net Earnings $9.777M $5.680M -$4.474M
YoY Change -318.53% 80.09% -191.53%
Net Earnings / Revenue 23.64% 15.29% -12.53%
Basic Earnings Per Share $0.08 -$0.10
Diluted Earnings Per Share $0.08 $417.8K -$0.10
COMMON SHARES
Basic Shares Outstanding 88.01M 81.77M
Diluted Shares Outstanding 88.17M 81.77M

Balance Sheet

Concept 2018 Q2 2017 Q4 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.600M $3.700M $2.900M
YoY Change -44.83% 27.59% 7.41%
Cash & Equivalents $1.625M $3.702M $2.937M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $17.50M $17.20M $15.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.167B $393.0K $1.193B
YoY Change -2.13% -8.82% -6.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.000M $3.500M $2.500M
YoY Change 100.0% 20.69% -39.02%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $1.233B $1.252B $1.242B
YoY Change -0.72% 1.53% -6.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $628.4M $580.1M $621.0M
YoY Change 1.19% -4.54% -10.32%
Other Long-Term Liabilities $14.70M $17.70M $19.00M
YoY Change -22.63% -12.81% -12.44%
Total Long-Term Liabilities $643.1M $597.8M $640.0M
YoY Change 0.48% -4.81% -10.39%
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities $643.1M $597.8M $640.0M
Total Liabilities $666.7M $622.3M $667.3M
YoY Change -0.09% -4.48% -10.62%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $5.473M $5.479M
YoY Change 7.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.73M $18.46M
YoY Change 1.84%
Treasury Stock Shares $2.987M $3.359M
Shareholders Equity $565.9M $628.3M $574.3M
YoY Change
Total Liabilities & Shareholders Equity $1.233B $1.252B $1.242B
YoY Change -0.72% 1.53% -6.37%

Cashflow Statement

Concept 2018 Q2 2017 Q4 2017 Q2
OPERATING ACTIVITIES
Net Income $9.777M $5.680M -$4.474M
YoY Change -318.53% 80.09% -191.53%
Depreciation, Depletion And Amortization $10.55M $9.940M $9.950M
YoY Change 6.03% 2.05% -9.3%
Cash From Operating Activities $20.50M $15.70M $19.31M
YoY Change 6.16% -7.43% 9.78%
INVESTING ACTIVITIES
Capital Expenditures -$7.740M -$8.440M -$5.800M
YoY Change 33.45% 69.14% -73.86%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.140M $0.00
YoY Change -97.38% -100.0%
Cash From Investing Activities -$7.740M -$6.310M -$5.800M
YoY Change 33.45% -108.24% -71.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.03M -6.940M -12.23M
YoY Change 6.54% -92.71% -462.91%
NET CHANGE
Cash From Operating Activities 20.50M 15.70M 19.31M
Cash From Investing Activities -7.740M -6.310M -5.800M
Cash From Financing Activities -13.03M -6.940M -12.23M
Net Change In Cash -270.0K 2.450M 1.280M
YoY Change -121.09% -250.31% 40.66%
FREE CASH FLOW
Cash From Operating Activities $20.50M $15.70M $19.31M
Capital Expenditures -$7.740M -$8.440M -$5.800M
Free Cash Flow $28.24M $24.14M $25.11M
YoY Change 12.47% 9.98% -36.88%

Facts In Submission

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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-17187000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2946000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-564000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-289000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7219000
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5762000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6655000
CY2017Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5473000
CY2017Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2937000
CY2017Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2536000
CY2018Q2 us-gaap Percentage Rent
PercentageRent
127000
CY2017Q2 us-gaap Percentage Rent
PercentageRent
244000
us-gaap Percentage Rent
PercentageRent
216000
us-gaap Percentage Rent
PercentageRent
447000
CY2018Q2 cdr Straight Line Rent Revenue Expense
StraightLineRentRevenueExpense
246000
CY2017Q2 cdr Straight Line Rent Revenue Expense
StraightLineRentRevenueExpense
255000
CY2018Q2 cdr Amortization Of Intangible Lease Liabilities
AmortizationOfIntangibleLeaseLiabilities
2213000
CY2017Q2 cdr Amortization Of Intangible Lease Liabilities
AmortizationOfIntangibleLeaseLiabilities
636000
CY2018Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
29451000
CY2018Q2 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
26865000
CY2017Q2 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
27070000
us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
54022000
us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
54210000
CY2017Q2 us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
28205000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
57612000
us-gaap Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
56428000
CY2018Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
4300000
CY2018Q2 cdr Effective Date Of Employment Agreement
EffectiveDateOfEmploymentAgreement
2023-06-15
cdr Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Maximum Shares To Be Earned
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsMaximumSharesToBeEarned
750000
CY2018Q2 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
58
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Managing Member Or General Partner Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPManagingMemberOrGeneralPartnerOwnershipInterest
0.996
us-gaap Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners Ownership Interest
LimitedLiabilityCompanyLLCOrLimitedPartnershipLPMembersOrLimitedPartnersOwnershipInterest
0.004
CY2018Q2 us-gaap Units Of Partnership Interest Amount
UnitsOfPartnershipInterestAmount
347000
us-gaap Interest Paid Net
InterestPaidNet
10933000
us-gaap Interest Paid Net
InterestPaidNet
10543000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
727000
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
285000
CY2018Q2 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
124100000
CY2017Q4 us-gaap Loans Payable Fair Value Disclosure
LoansPayableFairValueDisclosure
127700000
CY2018Q2 us-gaap Notes And Loans Payable
NotesAndLoansPayable
126500000
CY2017Q4 us-gaap Notes And Loans Payable
NotesAndLoansPayable
128000000
cdr Amount Of Accumulated Other Comprehensive Loss To Be Reclassified Into Earnings
AmountOfAccumulatedOtherComprehensiveLossToBeReclassifiedIntoEarnings
1800000
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
12500000
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.100
cdr Share Based Compemsation Average Annual Stock Holders Return Percentage Description
ShareBasedCompemsationAverageAnnualStockHoldersReturnPercentageDescription
The percentage of the market performance-based equity award to be earned will be determined based on the Company’s average annual TSR over the Interim Performance Period and/or over the Full Performance Period as follows: if average annual TSR (1) is below 4%, the percentage of grant earned would be 0%, (2) equals 4%, the percentage of grant earned would be 33.3%, (3) equals 6.5%, the percentage of grant earned would be 66.7%, and (4) equals 10% or above, the percentage of grant earned would be 100%.
CY2018Q2 cdr Performance Based Awards Awards Granted Grant Date Market Price
PerformanceBasedAwardsAwardsGrantedGrantDateMarketPrice
4.38
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
965000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
2054000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1944000
CY2018Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
110000
CY2017Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
65000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
217000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
111000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
863000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
900000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1837000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1833000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
3600000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
3800000
us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
3800000
us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
IncrementalCommonSharesAttributableToParticipatingNonvestedSharesWithNonForfeitableDividendRights
3800000
CY2018Q2 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
160000
CY2017Q2 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
85000
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
208000
us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
254000
CY2018Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
294000
CY2017Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
190000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
412000
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
375000
CY2018Q2 cdr Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
6795000
CY2017Q2 cdr Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-8266000
cdr Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-16297000
cdr Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-277000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
155000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
78000
CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5750000
CY2018Q2 cdr Weighted Average Number Of Operating Partnership Units Outstanding
WeightedAverageNumberOfOperatingPartnershipUnitsOutstanding
347000
CY2017Q2 cdr Weighted Average Number Of Operating Partnership Units Outstanding
WeightedAverageNumberOfOperatingPartnershipUnitsOutstanding
351000
cdr Weighted Average Number Of Operating Partnership Units Outstanding
WeightedAverageNumberOfOperatingPartnershipUnitsOutstanding
347000
cdr Weighted Average Number Of Operating Partnership Units Outstanding
WeightedAverageNumberOfOperatingPartnershipUnitsOutstanding
351000

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