QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | o | x | ||||||||||||
Non-accelerated filer | o | Smaller reporting company | ||||||||||||
Emerging growth company |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Real estate: | |||||||||||
Land | $ | $ | |||||||||
Buildings and improvements | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Real estate, net | |||||||||||
Cash and cash equivalents | |||||||||||
Restricted cash | |||||||||||
Receivables, net | |||||||||||
Deferred costs and other assets, net | |||||||||||
TOTAL ASSETS | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Loans payable, net | $ | $ | |||||||||
Accounts payable, accrued expenses, and other liabilities | |||||||||||
Below market lease intangibles, net | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Equity: | |||||||||||
Preferred stock | |||||||||||
Common stock ($ | |||||||||||
Additional paid-in capital | |||||||||||
Cumulative distributions in excess of net income | ( | ( | |||||||||
Total equity | |||||||||||
TOTAL LIABILITIES AND EQUITY | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Rental revenues | $ | $ | $ | $ | |||||||||||||||||||
Other revenues | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||
Operating, maintenance and management | |||||||||||||||||||||||
Real estate and other property-related taxes | |||||||||||||||||||||||
Corporate general and administrative | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
OTHER | |||||||||||||||||||||||
Gain on sale | |||||||||||||||||||||||
Transaction costs | ( | ( | |||||||||||||||||||||
Impairment charges | ( | ( | |||||||||||||||||||||
Total other | ( | ( | |||||||||||||||||||||
OPERATING INCOME (LOSS) | ( | ( | |||||||||||||||||||||
NON-OPERATING INCOME AND EXPENSES | |||||||||||||||||||||||
Interest (expense) income, net | ( | ( | ( | ||||||||||||||||||||
Total non-operating income and expenses | ( | ( | ( | ||||||||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | ( | ( | |||||||||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Income from discontinued operations | |||||||||||||||||||||||
Impairment charges | ( | ||||||||||||||||||||||
Gain on sales | |||||||||||||||||||||||
Total income from discontinued operations | |||||||||||||||||||||||
NET INCOME | |||||||||||||||||||||||
Net income attributable to noncontrolling interests: | |||||||||||||||||||||||
Limited partners' interest in Operating Partnership | ( | ( | |||||||||||||||||||||
Total net income attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||
NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC. | |||||||||||||||||||||||
Preferred stock dividends | ( | ( | ( | ( | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | $ | $ | ( | $ | ||||||||||||||||||
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED): | |||||||||||||||||||||||
Continuing operations | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Discontinued operations | |||||||||||||||||||||||
$ | $ | $ | ( | $ | |||||||||||||||||||
Weighted average number of common shares - basic and diluted |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Unrealized (loss) gain on change in fair value of cash flow hedges | ( | ||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||
Comprehensive income attributable to Cedar Realty Trust, Inc. | $ | $ | $ | $ |
Preferred stock | Common stock | Additional paid-in capital | Cumulative distributions in excess of net income | Total Equity | |||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | ( | ||||||||||||||||||||||||||||||||||||||||
Net (loss) | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | ( | ||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | $ | $ | $ | ( | $ |
Cedar Realty Trust, Inc. Shareholders | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | Common stock | Treasury stock, at cost | Additional paid-in capital | Cumulative distributions in excess of net income | Accumulated other comprehensive income | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||
Net (loss) | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on change in fair value of cash flow hedges | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net | — | — | ( | ( | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Common stock sales, net of issuance expenses | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to common shareholders/noncontrolling interests | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Reallocation adjustment of limited partners' interest | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance, March 31, 2022 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on change in fair value of cash flow hedges | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net | — | — | ( | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Purchase of OP Units | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Acquisition of minority interests | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Reallocation adjustment of limited partners' interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2022 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (loss) on change in fair value of cash flow hedges | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation, net | — | — | ( | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock offering | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchases | — | — | ( | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Common stock issuance | — | — | — | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to common shareholders/noncontrolling interests | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Reallocation adjustment of limited partners' interest | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | $ | $ | $ | $ | ( | $ | $ |
Noncontrolling Interests | |||||||||||||||||||||||
Minority interest in consolidated joint ventures | Limited partners' interest in Operating Partnership | Total | Total Equity | ||||||||||||||||||||
Balance, December 31, 2021 | $ | — | $ | $ | $ | ||||||||||||||||||
Net (loss) | — | ( | ( | ( | |||||||||||||||||||
Unrealized gain on change in fair value of cash flow hedges | — | ||||||||||||||||||||||
Share-based compensation, net | — | — | — | ( | |||||||||||||||||||
Common stock sales, net of issuance expenses | — | — | — | ||||||||||||||||||||
Preferred stock dividends | — | — | — | ( | |||||||||||||||||||
Distributions to common shareholders/noncontrolling interests | — | ( | ( | ( | |||||||||||||||||||
Reallocation adjustment of limited partners' interest | — | ||||||||||||||||||||||
Balance, March 31, 2022 | — | ||||||||||||||||||||||
Net (loss) | — | ( | ( | ( | |||||||||||||||||||
Unrealized gain on change in fair value of cash flow hedges | — | ||||||||||||||||||||||
Share-based compensation, net | — | — | — | ||||||||||||||||||||
Purchase of OP Units | — | ( | ( | ( | |||||||||||||||||||
Preferred stock dividends | — | — | — | ( | |||||||||||||||||||
Acquisition of minority interests | — | — | — | ( | |||||||||||||||||||
Reallocation adjustment of limited partners' interest | — | ( | ( | ||||||||||||||||||||
Balance, June 30, 2022 | — | ||||||||||||||||||||||
Net income | — | ||||||||||||||||||||||
Unrealized (loss) on change in fair value of cash flow hedges | — | ( | |||||||||||||||||||||
Share-based compensation, net | — | — | — | ||||||||||||||||||||
Common stock offering | — | — | — | ||||||||||||||||||||
Common stock repurchases | — | — | — | ||||||||||||||||||||
Common stock issuance | — | — | — | ||||||||||||||||||||
Preferred stock dividends | — | — | — | ( | |||||||||||||||||||
Distributions to common shareholders/noncontrolling interests | — | ( | ( | ( | |||||||||||||||||||
Reallocation adjustment of limited partners' interest | — | ( | ( | ||||||||||||||||||||
Balance, September 30, 2022 | $ | — | $ | $ | $ |
Nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Gain on sales | ( | ( | |||||||||
Impairment charges | |||||||||||
Straight-line rents and expenses, net | ( | ( | |||||||||
Credit adjustments on operating lease receivables | ( | ||||||||||
Depreciation and amortization | |||||||||||
Above (below) market lease amortization, net | ( | ( | |||||||||
Expense relating to share-based compensation, net | |||||||||||
Amortization of deferred financing costs | |||||||||||
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Receivables, net | ( | ||||||||||
Deferred costs and other assets, net | ( | ( | |||||||||
Accounts payable, accrued expenses, and other liabilities | ( | ||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
INVESTING ACTIVITIES | |||||||||||
Expenditures for real estate improvements | ( | ( | |||||||||
Net proceeds from sales of real estate | |||||||||||
Contributions to unconsolidated joint venture | ( | ||||||||||
Net cash (used in) provided by investing activities | ( | ||||||||||
FINANCING ACTIVITIES | |||||||||||
Repayments under revolving credit facility | ( | ||||||||||
Advances under revolving credit facility | |||||||||||
Repayment of term note | ( | ||||||||||
Proceeds (termination payment) related to interest rate swap | |||||||||||
Mortgage proceeds | |||||||||||
Mortgage repayments | ( | ||||||||||
Payments of deferred financing costs | ( | ( | |||||||||
Noncontrolling interests: | |||||||||||
Distributions to limited partners | ( | ||||||||||
Acquisition of joint venture minority interest share | ( | ||||||||||
Redemption of OP units | ( | ||||||||||
Preferred stock dividends | ( | ( | |||||||||
Distributions to common shareholders | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Reconciliation to consolidated balance sheets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Cash, cash equivalents and restricted cash | $ | $ |
Nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Supplemental disclosure of cash activities: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Supplemental disclosure of non-cash activities: | |||||||||||
Capitalization of interest and financing costs | |||||||||||
Buildings and improvements included in accounts payable, accrued expenses, and other liabilities | |||||||||||
Payoff of mortgages through mortgage assumptions |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
REVENUES | |||||||||||||||||||||||
Rental revenues | $ | $ | $ | $ | |||||||||||||||||||
Other revenues | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
EXPENSES | |||||||||||||||||||||||
Operating, maintenance and management | |||||||||||||||||||||||
Real estate and other property-related taxes | |||||||||||||||||||||||
Corporate general and administrative | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total expenses | |||||||||||||||||||||||
OPERATING INCOME | |||||||||||||||||||||||
NON-OPERATING INCOME AND EXPENSES | |||||||||||||||||||||||
Interest expense, net | ( | ( | |||||||||||||||||||||
Total non-operating income and expenses | ( | ( | |||||||||||||||||||||
INCOME FROM DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Impairment charges | ( | ||||||||||||||||||||||
Gain on sales | |||||||||||||||||||||||
TOTAL INCOME FROM DISCONTINUED OPERATIONS | $ | $ | $ | $ |
September 30, 2023 | ||||||||||||||||||||
Description | Maturity dates | Balance outstanding | Contractual interest rates weighted average | |||||||||||||||||
Fixed-rate secured term loans: | ||||||||||||||||||||
Timpany Plaza | Sep 2028 | $ | ||||||||||||||||||
Guggenheim (a) | Nov 2032 | |||||||||||||||||||
Patuxent Crossing/Coliseum Marketplace | Jan 2033 | |||||||||||||||||||
Unamortized issuance costs | ( | |||||||||||||||||||
$ |
For the three months ending December 31, 2023 | $ | |||||||
December 31, 2024 | ||||||||
December 31, 2025 | ||||||||
December 31, 2026 | ||||||||
December 31, 2027 | ||||||||
December 31, 2028 | ||||||||
Thereafter | ||||||||
$ | ||||||||
(Loss) recognized in other comprehensive income reclassified into earnings (effective portion) | ||||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||||||||
Classification | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||
$ | $ | $ | $ | ( |
Series B Preferred Stock | Series C Preferred Stock | ||||||||||||||||||||||
Par value | $ | $ | |||||||||||||||||||||
Liquidation value | $ | $ | |||||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Series B Preferred Stock | Series C Preferred Stock | Series B Preferred Stock | Series C Preferred Stock | ||||||||||||||||||||
Shares authorized | |||||||||||||||||||||||
Shares issued and outstanding | |||||||||||||||||||||||
Balance | $ | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Common stock | $ | $ | $ | $ | |||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
$ | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Base rents | $ | $ | $ | $ | |||||||||||||||||||
Expense recoveries - variable lease revenue | |||||||||||||||||||||||
Percentage rent - variable lease revenue | |||||||||||||||||||||||
Straight-line rents | ( | ||||||||||||||||||||||
Above (below) market lease amortization, net | |||||||||||||||||||||||
Credit adjustments on operating lease receivables | ( | ( | |||||||||||||||||||||
Total rental revenues | $ | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Expense relating to share/unit grants | $ | $ | $ | $ | |||||||||||||||||||
Amounts capitalized | ( | ||||||||||||||||||||||
Total charged to operations | $ | $ | $ | $ |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Numerator | |||||||||||||||||||||||
Net income (loss) from continuing operations | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Preferred stock dividends | ( | ( | ( | ( | |||||||||||||||||||
Net loss attributable to noncontrolling interests | |||||||||||||||||||||||
Net earnings allocated to unvested shares | |||||||||||||||||||||||
Income (loss) from continuing operations, net of noncontrolling interest, attributable to vested common shares | ( | ( | ( | ||||||||||||||||||||
Income from discontinued operations, net of noncontrolling interests, attributable to vested common shares | |||||||||||||||||||||||
Net income (loss) attributable to vested common shares | $ | $ | $ | ( | $ | ||||||||||||||||||
Denominator | |||||||||||||||||||||||
Weighted average number of vested common shares outstanding, basic and diluted | |||||||||||||||||||||||
Net income (loss) per common share attributable to common shareholders (basic and diluted): | |||||||||||||||||||||||
Continuing operations | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||
Discontinued operations | |||||||||||||||||||||||
$ | $ | $ | ( | $ |
September 30, | December 31, | ||||||||||
2023 | 2022 | ||||||||||
2022 financings and real estate taxes | $ | $ | |||||||||
Management fees | |||||||||||
Leasing commissions | |||||||||||
Cost Sharing Agreement allocations (a) | |||||||||||
Other | ( | ||||||||||
Total | $ | $ |
Three months ended September 30, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
Revenues | $ | 8,620,000 | $ | 7,810,000 | $ | 810,000 | 10.4% | ||||||||||||||||
Property operating expenses | (2,923,000) | (3,637,000) | 714,000 | -19.6% | |||||||||||||||||||
Property operating income | 5,697,000 | 4,173,000 | 1,524,000 | ||||||||||||||||||||
Corporate general and administrative | (679,000) | (3,875,000) | 3,196,000 | -82.5% | |||||||||||||||||||
Depreciation and amortization | (2,738,000) | (4,010,000) | 1,272,000 | -31.7% | |||||||||||||||||||
Gain on sale | 2,662,000 | — | 2,662,000 | n/a | |||||||||||||||||||
Impairment charges | — | (9,151,000) | 9,151,000 | n/a | |||||||||||||||||||
Transaction costs | — | (23,971,000) | 23,971,000 | n/a | |||||||||||||||||||
Interest (expense) income, net | (2,012,000) | 615,000 | (2,627,000) | -427.2% | |||||||||||||||||||
Income (loss) from continuing operations | 2,930,000 | (36,219,000) | 39,149,000 | ||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income from discontinued operations | — | 356,000 | (356,000) | -100.0% | |||||||||||||||||||
Gain on sales | — | 125,500,000 | (125,500,000) | n/a | |||||||||||||||||||
Net income | 2,930,000 | 89,637,000 | (86,707,000) | ||||||||||||||||||||
Net income attributable to noncontrolling interests | — | (328,000) | 328,000 | n/a | |||||||||||||||||||
Net income attributable to Cedar Realty Trust, Inc. | $ | 2,930,000 | $ | 89,309,000 | $ | (86,379,000) |
Nine months ended September 30, | Change | ||||||||||||||||||||||
2023 | 2022 | Dollars | Percent | ||||||||||||||||||||
Revenues | $ | 25,827,000 | $ | 24,955,000 | $ | 872,000 | 3.5% | ||||||||||||||||
Property operating expenses | (9,856,000) | (10,585,000) | 729,000 | -6.9% | |||||||||||||||||||
Property operating income | 15,971,000 | 14,370,000 | 1,601,000 | ||||||||||||||||||||
Corporate general and administrative | (2,349,000) | (9,648,000) | 7,299,000 | -75.7% | |||||||||||||||||||
Depreciation and amortization | (8,540,000) | (9,361,000) | 821,000 | -8.8% | |||||||||||||||||||
Gain on sale | 2,662,000 | — | 2,662,000 | n/a | |||||||||||||||||||
Impairment charges | — | (9,350,000) | 9,350,000 | n/a | |||||||||||||||||||
Transaction costs | — | (58,163,000) | 58,163,000 | n/a | |||||||||||||||||||
Interest expense, net | (5,867,000) | (5,222,000) | (645,000) | 12.4% | |||||||||||||||||||
Income (loss) from continuing operations | 1,877,000 | (77,374,000) | 79,251,000 | ||||||||||||||||||||
Discontinued operations: | |||||||||||||||||||||||
Income from discontinued operations | — | 14,302,000 | (14,302,000) | -100.0% | |||||||||||||||||||
Impairment charges | — | (16,629,000) | 16,629,000 | n/a | |||||||||||||||||||
Gain on sales | — | 125,500,000 | (125,500,000) | n/a | |||||||||||||||||||
Net income | 1,877,000 | 45,799,000 | (43,922,000) | ||||||||||||||||||||
Net income attributable to noncontrolling interests | — | (132,000) | 132,000 | n/a | |||||||||||||||||||
Net income attributable to Cedar Realty Trust, Inc. | $ | 1,877,000 | $ | 45,667,000 | $ | (43,790,000) |
For the three months ended September 30, | For the nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating income (loss) | $ | 4,942,000 | $ | (36,834,000) | $ | 7,744,000 | $ | (72,152,000) | |||||||||||||||
Add (deduct): | |||||||||||||||||||||||
Corporate general and administrative | 679,000 | 3,875,000 | 2,349,000 | 9,648,000 | |||||||||||||||||||
Gain on sale | (2,662,000) | — | (2,662,000) | — | |||||||||||||||||||
Transaction costs | — | 23,971,000 | — | 58,163,000 | |||||||||||||||||||
Impairment charges | — | 9,151,000 | — | 9,350,000 | |||||||||||||||||||
Depreciation and amortization | 2,738,000 | 4,010,000 | 8,540,000 | 9,361,000 | |||||||||||||||||||
Straight-line rents | (203,000) | (3,000) | (665,000) | 42,000 | |||||||||||||||||||
Above (below) market lease amortization, net | (105,000) | (90,000) | (233,000) | (411,000) | |||||||||||||||||||
Other non-property revenue | (104,000) | 11,000 | (225,000) | 38,000 | |||||||||||||||||||
NOI related to properties not defined as same-property | (4,000) | 84,000 | (75,000) | (365,000) | |||||||||||||||||||
Same-property NOI | $ | 5,281,000 | $ | 4,175,000 | $ | 14,773,000 | $ | 13,674,000 | |||||||||||||||
Number of same properties | 19 | 19 | 19 | 19 | |||||||||||||||||||
Same-property occupancy, end of period | 85.2 | % | 82.6 | % | 85.2 | % | 82.6 | % | |||||||||||||||
Same-property leased, end of period | 88.7 | % | 84.5 | % | 88.7 | % | 84.5 | % | |||||||||||||||
Same-property average base rent, end of period | $ | 10.57 | $ | 10.37 | $ | 10.57 | $ | 10.37 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2023 | 2022 | 2023 | |||||||||||||||
Renewals (a): | |||||||||||||||||
Leases renewed with rate increase (sq feet) | 50,999 | 42,971 | 120,750 | ||||||||||||||
Leases renewed with rate decrease (sq feet) | — | 29,223 | — | ||||||||||||||
Leases renewed with no rate change (sq feet) | — | — | 7,643 | ||||||||||||||
Total leases renewed (sq feet) | 50,999 | 72,194 | 128,393 | ||||||||||||||
Leases renewed with rate increase (count) | 9 | 8 | 17 | ||||||||||||||
Leases renewed with rate decrease (count) | — | 2 | — | ||||||||||||||
Leases renewed with no rate change (count) | — | — | 3 | ||||||||||||||
Total leases renewed (count) | 9 | 10 | 20 | ||||||||||||||
Option exercised (count) | 1 | 5 | 4 | ||||||||||||||
Weighted average on rate increases (per sq foot) | $ | 1.51 | $ | 0.93 | $ | 0.99 | |||||||||||
Weighted average on rate decreases (per sq foot) | $ | — | $ | (0.28) | $ | — | |||||||||||
Weighted average on all renewals (per sq foot) | $ | 1.51 | $ | 0.44 | $ | 0.93 | |||||||||||
Weighted average change over prior rates | 10.35 | % | 3.67 | % | 7.33 | % | |||||||||||
New Leases (a) (b): | |||||||||||||||||
New leases (sq feet) | 56,656 | 38,360 | 113,321 | ||||||||||||||
New leases (count) | 8 | 5 | 14 | ||||||||||||||
Weighted average rate (per sq foot) | $ | 12.42 | $ | 9.64 | $ | 12.58 |
Nine months ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows provided by (used in): | |||||||||||
Operating activities | $ | 4,925,000 | $ | (22,424,000) | |||||||
Investing activities | $ | (335,000) | $ | 677,489,000 | |||||||
Financing activities | $ | 582,000 | $ | (644,868,000) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) attributable to common shareholders | $ | 242,000 | $ | 86,621,000 | $ | (6,187,000) | $ | 37,603,000 | |||||||||||||||
Real estate depreciation and amortization | 2,738,000 | 3,973,000 | 8,540,000 | 19,039,000 | |||||||||||||||||||
Limited partners' interest | — | 328,000 | — | 132,000 | |||||||||||||||||||
Gain on sales | (2,662,000) | (125,500,000) | (2,662,000) | (125,500,000) | |||||||||||||||||||
Impairment charges | — | 9,151,000 | — | 25,979,000 | |||||||||||||||||||
FFO applicable to diluted common shares | 318,000 | (25,427,000) | (309,000) | (42,747,000) | |||||||||||||||||||
Transaction costs (a) | — | 23,971,000 | — | 58,163,000 | |||||||||||||||||||
Operating FFO applicable to diluted common shares | $ | 318,000 | $ | (1,456,000) | $ | (309,000) | $ | 15,416,000 | |||||||||||||||
FFO per diluted common share | $ | 0.02 | $ | (1.85) | $ | (0.02) | $ | (3.10) | |||||||||||||||
Operating FFO per diluted common share | $ | 0.02 | $ | (0.11) | $ | (0.02) | $ | 1.12 | |||||||||||||||
Weighted average number of diluted common shares (b): | |||||||||||||||||||||||
Common shares and equivalents | 13,718,000 | 13,697,000 | 13,718,000 | 13,717,000 | |||||||||||||||||||
OP Units | — | 30,000 | — | 59,000 | |||||||||||||||||||
13,718,000 | 13,727,000 | 13,718,000 | 13,776,000 |
Exhibit 2.1.a | ||||||||
Exhibit 2.1.b | ||||||||
Exhibit 2.1.c | Second Amendment to Asset Purchase and Sale Agreement, dated as of April 29, 2022, by and among the Seller Parties signature thereto, Cedar Realty Trust, Inc., DRA Fund X-B LLC and KPR Centers LLC, incorporated by reference to Exhibit 2.1.c of the Registrant’s Annual Report on Form 10-K filed on March 2, 2023. | |||||||
Exhibit 2.1.d | ||||||||
Exhibit 2.2.a | ||||||||
Exhibit 2.2.b | ||||||||
Exhibit 2.2.c |
Exhibit 3.1.a | ||||||||
Exhibit 3.1.b | ||||||||
Exhibit 3.1.c | ||||||||
Exhibit 3.1.d | ||||||||
Exhibit 3.1.e | ||||||||
Exhibit 3.1.f | ||||||||
Exhibit 3.2 | ||||||||
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 | ||||||||
Exhibit 32.2 | ||||||||
Exhibit 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because iXBRLtags are embedded within the Inline XBRL document. | |||||||
Exhibit 101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
Exhibit 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
Exhibit 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
Exhibit 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
Exhibit 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
Exhibit 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
By: | /s/ M. ANDREW FRANKLIN | By: | /s/ CRYSTAL PLUM | ||||||||
M. Andrew Franklin | Crystal Plum | ||||||||||
Chief Executive Officer and President (Principal Executive Officer) | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | ||||||||||
November 7, 2023 |
Date: November 7, 2023 | |||||
/s/ M. ANDREW FRANKLIN | |||||
M. Andrew Franklin Chief Executive Officer and President |
Date: November 7, 2023 | |||||
/s/ CRYSTAL PLUM | |||||
Crystal Plum Chief Financial Officer |
/s/ M. ANDREW FRANKLIN | |||||
M. Andrew Franklin Chief Executive Officer and President |
/s/ CRYSTAL PLUM | |||||
Crystal Plum Chief Financial Officer |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value per share (in dollars per share) | $ 0.06 | $ 0.06 |
Common stock, shares authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (in shares) | 13,718,000 | 13,718,000 |
Common stock, shares outstanding (in shares) | 13,718,000 | 13,718,000 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 2,930,000 | $ 89,637,000 | $ 1,877,000 | $ 45,799,000 |
Unrealized (loss) gain on change in fair value of cash flow hedges | 0 | (3,131,000) | 0 | 8,321,000 |
Comprehensive income | 2,930,000 | 86,506,000 | 1,877,000 | 54,120,000 |
Comprehensive income attributable to noncontrolling interests | 0 | (332,000) | 0 | (195,000) |
Comprehensive income attributable to Cedar Realty Trust, Inc. | $ 2,930,000 | $ 86,174,000 | $ 1,877,000 | $ 53,925,000 |
Business and Organization |
9 Months Ended |
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Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business and Organization | Business and Organization Cedar Realty Trust, Inc. (the “Company”) is a real estate investment trust (“REIT”) that focuses on owning and operating income producing retail properties with a primary focus on grocery-anchored shopping centers primarily in the Northeast. At September 30, 2023, the Company owned a portfolio of 19 operating properties. Cedar Realty Trust Partnership, L.P. (the “Operating Partnership”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At September 30, 2023, the Company owned a 100.0% interest in, and was the sole general partner of, the Operating Partnership and is a wholly-owned subsidiary of WHLR (as defined herein). As used herein, the “Company” refers to Cedar Realty Trust, Inc. and its subsidiaries on a consolidated basis, including the Operating Partnership or, where the context so requires, Cedar Realty Trust, Inc. only. Asset Sale and Merger On March 2, 2022, the Company entered into definitive agreements for the sale of the Company and its assets in a series of related all-cash transactions. Specifically, the Company and certain of its subsidiaries entered into an asset purchase and sale agreement (the “Asset Purchase Agreement”) with DRA Fund X-B LLC and KPR Centers LLC (together with their respective designees, the “Grocery-Anchored Purchasers”) for the sale of a portfolio of 33 grocery-anchored shopping centers for cash (the “Grocery-Anchored Portfolio Sale”). In addition, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with Wheeler Real Estate Investment Trust, Inc. (“WHLR”) and certain of its affiliates pursuant to which, following closing of the Grocery-Anchored Portfolio Sale, WHLR acquired the balance of the Company’s shopping center assets by way of an all-cash merger transaction (the “Merger”). The transactions contemplated by the Asset Purchase Agreement and the Merger Agreement are collectively referred to as the “Transactions”. The Transactions were unanimously approved by the Company’s former Board of Directors and were approved by the Company’s common stockholders at a special meeting of stockholders held on May 27, 2022. On July 7, 2022, the Company and certain of its subsidiaries completed the Grocery-Anchored Portfolio Sale and the East River Park and Senator Square redevelopment asset sales for total gross proceeds of approximately $879 million, including the assumed debt. There were no material relationships among the Company, the Grocery-Anchored Purchasers, or any of their respective affiliates. On August 22, 2022, the Company completed the Merger. Each outstanding share of common stock of the Company and outstanding common unit of the Operating Partnership held by persons other than the Company immediately prior to the Merger were canceled and converted into the right to receive a cash payment of $9.48 per share or unit. As a result of the Merger, WHLR acquired all of the outstanding shares of the Company's common stock, which ceased to be publicly traded on the New York Stock Exchange (“NYSE”). The Company's outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock remain outstanding and continue to trade on the NYSE. In addition, prior to consummation of the Merger, the Company's Board of Directors declared a special dividend on shares of the Company's outstanding common stock and OP Units of $19.52 per share, payable to holders of record of the Company's common stock and OP Units at the close of business on August 19, 2022. In connection with the Transactions, the Company incurred transaction costs included in the accompanying condensed consolidated statement of operations.
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Summary of Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation/Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. The unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The unaudited condensed consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participated. The Company consolidates all variable interest entities for which it is the primary beneficiary. Certain prior year amounts in the condensed consolidated financial statements and notes thereto have been reclassified to conform to current year presentation. Supplemental Condensed Consolidated Statements of Cash Flows Information
Recently Issued and Adopted Accounting Pronouncements Accounting standards that have been recently issued or proposed by the Financial Accounting Standards Board or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows.
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Real Estate |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | Real Estate A significant portion of the Company's land, buildings and improvements serve as collateral for the Company's secured term loans. Accordingly, restrictions exist as to the encumbered properties' transferability, use and other common rights typically associated with property ownership. Dispositions On July 11, 2023, the Company sold an outparcel building adjacent to Carll's Corner, located in Bridgeton, New Jersey for $3.0 million, resulting in a $2.7 million gain, which is included in operating income in the accompanying condensed consolidated statements of operations. Discontinued Operations On July 7, 2022, the Company and certain of its subsidiaries completed the Grocery-Anchored Portfolio Sale and the East River Park and Senator Square redevelopment asset sales for total gross proceeds of approximately $879 million, including the assumed debt. The Grocery-Anchored Portfolio Sale represented a strategic shift and had a material effect on the Company’s operations and financial results, and, therefore, the Company determined that it was deemed a discontinued operation. Accordingly, the portfolio of 33 grocery-anchored shopping centers were classified as held for sale and the results of their operations were classified as discontinued operations in 2022. The following is a summary of income from discontinued operations:
Net cash provided by operating activities from discontinued operations was $0.0 million and $25.9 million for the nine months ended September 30, 2023 and 2022, respectively. Net cash provided by investing activities from discontinued operations was $0.0 million and $651.5 million for the nine months ended September 30, 2023 and 2022, respectively.
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Fair Value Measurements |
9 Months Ended |
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Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The carrying amounts of cash and cash equivalents, restricted cash, receivables, certain other assets, and accounts payable, accrued expenses, and other liabilities approximate their fair value due to their terms and/or short-term nature. The fair value of the Company’s fixed rate secured term loans was estimated using available market information and discounted cash flow analyses based on borrowing rates the Company believes it could obtain with a similar term and maturities. As of September 30, 2023 and December 31, 2022, the fair value of the Company’s fixed rate secured term loans, which were determined to be Level 3 within the valuation hierarchy, was $138.3 million and $131.8 million, respectively, and the carrying value of such loans, was $140.4 million and $131.5 million, respectively. Nonfinancial assets and liabilities measured at fair value in the condensed consolidated financial statements consist of real estate held for sale, which, if applicable, are measured on a nonrecurring basis, and have been determined to be (1) Level 2 within the valuation hierarchy, where applicable, based on the respective contracts of sale, adjusted for closing costs and expenses, or (2) Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices, adjusted for closing costs and expenses, determined by discounted cash flow analyses, income capitalization analyses or a sales comparison approach if no contracts had been concluded. The discounted cash flow and income capitalization analyses include all estimated cash inflows and outflows over a specific holding period and, where applicable, any estimated debt premiums. These cash flows were composed of unobservable inputs, which included forecasted rental revenues and expenses based upon existing in-place leases, market conditions and expectations for growth. Capitalization rates and discount rates utilized in these analyses were based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties. The sales comparison approach is utilized for certain land values and includes comparable sales that were completed in the selected market areas. The comparable sales utilized in these analyses were based upon observable per acre rates that the Company believes to be within a reasonable range of current market rates for the respective properties.
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Loans Payable |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans Payable | Loans Payable Debt obligations are composed of the following at September 30, 2023 and collateralized by 13 properties:
(a)Collateralized by 10 properties. Timpany Plaza Loan Agreement On September 12, 2023, the Company entered into a term loan agreement with Cornerstone Bank for $11.56 million at a fixed rate of 7.27% with interest-only payments due monthly for the first twelve months (the "Timpany Plaza Loan Agreement"). Commencing on September 12, 2024, until the maturity date of September 12, 2028, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time. On the closing date, the Company received $9.06 million of the $11.56 million and the remaining $2.5 million will be received upon the satisfaction of certain lease-related contingencies. The Timpany Plaza Loan Agreement is collateralized by the Timpany Plaza shopping center. Scheduled Principal Payments Scheduled principal payments on secured term loans at September 30, 2023, due on various dates from 2024 to 2033, are as follows:
Derivative Financial Instruments The interest rate swaps were terminated as part of the Grocery-Anchored Portfolio Sale. Charges and/or credits relating to the changes in the fair value of the interest rate swaps were made to accumulated other comprehensive loss, limited partners’ interest, or operations (included in interest expense), as applicable. Over time, the unrealized gains and losses recorded in accumulated other comprehensive loss were reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affected earnings. The following presents the effect of the Company’s qualifying interest rate swaps on the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022:
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Commitments and Contingencies |
9 Months Ended |
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Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments The Company is the lessee under ground lease agreements. The executive office lease agreement was terminated in 2022. As of September 30, 2023, the Company’s weighted average remaining lease term is approximately 48.1 years and the weighted average discount rate used to calculate the Company’s lease liability is approximately 8.6%. Rent expense under the Company’s ground lease and executive office lease agreements was approximately $0.1 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively. Rent expense under the Company’s ground lease and executive office lease agreements was approximately $0.2 million and $0.2 million for the nine months ended September 30, 2023 and 2022, respectively. Litigation The Company is involved in various legal proceedings in the ordinary course of its business, including, but not limited to commercial disputes. The Company believes that such litigation, claims and administrative proceedings will not have a material adverse impact on its financial position or its results of operations. The Company records a liability when it considers the loss probable and the amount can be reasonably estimated. In addition, the below legal proceedings are in process: On April 8, 2022, several purported holders of the Company’s outstanding preferred stock filed a putative class action complaint against the Company, the Board of Directors prior to the Merger, and WHLR in Montgomery County Circuit Court, Maryland entitled Sydney, et al. v. Cedar Realty Trust, Inc., et al., (Case No. C-15-CV-22-001527). On May 6, 2022, the Plaintiffs in Sydney filed a motion for a preliminary injunction. Also on May, 6, 2022, a purported holder of the Company’s outstanding preferred stock filed a separate putative class action complaint against the Company and the Board of Directors prior to the Merger in the United States District Court for the District of Maryland, entitled Kim v. Cedar Realty Trust, Inc., et al., Civil Action No. 22-cv-01103. On May 11, 2022, the Company, the former Board of Directors of the Company and WHLR removed the Sydney action to the United States District Court for the District of Maryland, Case No. 8:22-cv-01142-GLR. On May 16, 2022, the court ordered that a hearing on the Sydney Plaintiffs’ motion for preliminary injunction be held on June 22, 2022. On June 2, 2022, the Plaintiffs in Kim also filed a motion for a preliminary injunction. The court consolidated the motions for preliminary injunction. On June 23, 2022, following a hearing, the court issued an order denying both motions for preliminary injunction, holding that the Plaintiffs in both cases were unlikely to succeed on the merits and that Plaintiffs had not established that they would suffer irreparable harm if the injunction was denied. By order dated July 11, 2022, the court consolidated the Sydney and Kim cases and set an August 24, 2022 deadline for the Plaintiffs in both cases to file a consolidated amended complaint. Plaintiffs filed their amended complaint on August 24, 2022. The amended complaint alleges on behalf of a putative class of holders of the Company's preferred stock, among other things, claims for breach of contract against the Company and the former Board of Directors with respect to the articles supplementary governing the terms of the Company's preferred stock, breach of fiduciary duty against the former Board of Directors, and tortious interference and aiding and abetting breach of fiduciary duty against WHLR. On October 7, 2022, Defendants moved to dismiss the amended complaint. Plaintiffs opposed the motion to dismiss and filed a motion to certify a question of law to Maryland’s Supreme Court. On August 1, 2023, the court issued a decision and order granting Defendants’ motions to dismiss, without leave to amend, and denying Plaintiffs’ motion to certify a question of law to the Maryland Supreme Court. The Plaintiffs appealed the dismissal to the United States Court of Appeals for the Fourth Circuit, Case No. 23-1905, docketed on August 30, 2023. The Court has set a briefing schedule. At this juncture, the outcome of the litigation remains uncertain. On July 11, 2022, a purported holder of the Company's outstanding preferred stock filed a complaint against the Company and the Board of Directors prior to the Merger in the United States District Court for the Eastern District of New York, entitled High Income Securities Fund v. Cedar Realty Trust, Inc., et al., No. 2:22-cv-4031. The complaint alleged that the Defendants violated Section 10(b) of the Exchange Act and SEC Rule 10b-5 promulgated thereunder by making false and misleading statements and omissions, and that the former Board of Directors are control persons under Section 20(a) of the Exchange Act. On September 25, 2023, the Court granted Defendants’ motion to dismiss the complaint with prejudice, and the time within which the Plaintiff could have appealed such decision has passed. On October 14, 2022, a purported holder of the Company's outstanding preferred stock filed a putative class action against the Company, the Board of Directors prior to the Merger, and WHLR in Nassau County Supreme Court, New York entitled Krasner v. Cedar Realty Trust, Inc., et al., (Case No. 613985/2022). The complaint alleges on behalf of a putative class of holders of the Company's preferred stock, among other things, claims for breach of contract against the Company and the former Board of Directors with respect to the articles supplementary governing the terms of the Company's preferred stock, breach of fiduciary duty against the former Board of Directors, and tortious interference and aiding and abetting breach of fiduciary duty against WHLR. The complaint seeks, among other relief, an award of monetary damages, attorneys' fees, and expert fees. Defendants removed the case to a federal court. On April 24, 2023, the federal court granted Plaintiff’s motion to remand the case to the Nassau County Supreme Court. Defendants sought and received leave from the federal appellate court for permission to appeal the remand decision. The appeal has been briefed and argued. In the interim, Defendants filed motions in the Nassau County action to dismiss or stay the case based both on the pendency of the lawsuit in Maryland in which the same claims were asserted by other preferred stockholders and on the merits. The motions have been fully briefed, including supplemental briefing on the impact of the Maryland decision. The court held a hearing on the motions on October 27, 2023, but has not yet issued a ruling thereon. At this juncture, the outcome of the litigation is uncertain.
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Shareholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity Preferred Stock The Company is authorized to issue up to 12,500,000 shares of preferred stock, in the aggregate. The following tables summarize details about the Company’s preferred stock:
Dividends The following table provides a summary of dividends declared and paid per share:
On October 20, 2023, the Company’s Board of Directors declared dividends of $0.453125 and $0.406250 per share with respect to the Company’s Series B Preferred Stock and Series C Preferred Stock, respectively. The distributions are payable on November 20, 2023 to shareholders of record of the Series B Preferred Stock and Series C Preferred Stock, as applicable, on November 10, 2023. On August 26, 2022, the Company paid merger consideration of $9.48 per share on shares of the Company's outstanding common stock.
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Revenues |
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Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | Revenues Rental revenues for the three and nine months ended September 30, 2023 and 2022, respectively, are comprised of the following:
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Share-Based Compensation |
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Share-Based Compensation | Share-Based Compensation The following tables set forth certain share-based compensation information for the three and nine months ended September 30, 2023 and 2022, respectively:
On August 22, 2022, due to a change in control of the Company in connection with the Transactions, all share-based compensation outstanding at that time fully vested, including the Company’s then-President and CEO's restricted stock units. At September 30, 2023, there were no shares available for grants pursuant to the Company's 2017 Stock Incentive Plan since this plan was terminated in connection with the Merger.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to the Company’s common shareholders by the weighted average number of common shares outstanding for the period including participating securities (restricted shares that have non-forfeitable rights to receive dividends issued pursuant to the Company’s share-based compensation program are considered participating securities). Unvested restricted shares that are participating securities are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For the three and nine months ended September 30, 2023, the Company had 0.0 million of weighted average unvested restricted shares outstanding that were participating securities. For the three and nine months ended September 30, 2022, the Company had 0.1 million and 0.3 million, respectively, of weighted average unvested restricted shares outstanding that were participating securities. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2023 and 2022:
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Related Party Transactions |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | Related Party TransactionsWith the completion of the Company's merger with WHLR, the Company became a wholly-owned subsidiary of WHLR. WHLR performs property management and leasing services for the Company, pursuant to the Wheeler Real Estate Company Management Agreement. During the three and nine months ended September 30, 2023, the Company paid WHLR $0.7 million and $1.1 million, respectively, for these services. During the three and nine months ended September 30, 2022, the Company paid WHLR $0.1 million for these services. The Operating Partnership and WHLR’s operating partnership, Wheeler REIT, L.P., are party to a cost sharing and reimbursement agreement, pursuant to which the parties agreed to share costs and expenses associated with certain employees, certain facilities and property, and certain arrangements with third parties (the “Cost Sharing Agreement”). The related party amounts due to WHLR as of September 30, 2023 and December 31, 2022 are comprised of:
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Summary of Significant Accounting Policies (Policies) |
9 Months Ended |
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Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Preparation | The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates. The unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. |
Principles of Consolidation | The unaudited condensed consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participated. The Company consolidates all variable interest entities for which it is the primary beneficiary. Certain prior year amounts in the condensed consolidated financial statements and notes thereto have been reclassified to conform to current year presentation. |
Recently Issued and Adopted Accounting Pronouncements | Accounting standards that have been recently issued or proposed by the Financial Accounting Standards Board or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of supplemental cash flow information | Supplemental Condensed Consolidated Statements of Cash Flows Information
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Real Estate (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of income from discontinued operations | The following is a summary of income from discontinued operations:
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Loans Payable (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of debt obligations | Debt obligations are composed of the following at September 30, 2023 and collateralized by 13 properties:
(a)Collateralized by 10 properties.
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Schedule of scheduled principal payments on secured term loans | Scheduled principal payments on secured term loans at September 30, 2023, due on various dates from 2024 to 2033, are as follows:
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Schedule of effect of derivative financial instruments on condensed consolidated statements of operations | The following presents the effect of the Company’s qualifying interest rate swaps on the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022:
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Shareholders' Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of preferred stock | The Company is authorized to issue up to 12,500,000 shares of preferred stock, in the aggregate. The following tables summarize details about the Company’s preferred stock:
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Schedule of dividends declared and paid | The following table provides a summary of dividends declared and paid per share:
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Revenues (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of rental revenues | Rental revenues for the three and nine months ended September 30, 2023 and 2022, respectively, are comprised of the following:
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Share-Based Compensation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share-based compensation information | The following tables set forth certain share-based compensation information for the three and nine months ended September 30, 2023 and 2022, respectively:
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Earnings Per Share (Tables) |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of calculation of numerator and denominator in earnings per share | The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2023 and 2022:
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Related Party Transactions (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of related party amounts due | The related party amounts due to WHLR as of September 30, 2023 and December 31, 2022 are comprised of:
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Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Supplemental disclosure of cash activities: | ||
Cash paid for interest | $ 5,467,000 | $ 12,273,000 |
Supplemental disclosure of non-cash activities: | ||
Capitalization of interest and financing costs | 0 | 1,035,000 |
Buildings and improvements included in accounts payable, accrued expenses, and other liabilities | 407,000 | 641,000 |
Payoff of mortgages through mortgage assumptions | $ 0 | $ 157,925,000 |
Real Estate - Summary of Loss from Discontinued Operations (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
NON-OPERATING INCOME AND EXPENSES | ||||
INCOME FROM DISCONTINUED OPERATIONS | $ 0 | $ 356,000 | $ 0 | $ 14,302,000 |
Impairment charges | 0 | 0 | 0 | (16,629,000) |
Gain on sales | 0 | 125,500,000 | 0 | 125,500,000 |
Total income from discontinued operations | 0 | 125,856,000 | 0 | 123,173,000 |
Held-for-Sale | Grocery-Anchored Shopping Center | ||||
REVENUES | ||||
Rental revenues | 0 | 1,340,000 | 0 | 44,130,000 |
Other revenues | 0 | 26,000 | 0 | 184,000 |
Total revenues | 0 | 1,366,000 | 0 | 44,314,000 |
EXPENSES | ||||
Operating, maintenance and management | 0 | 321,000 | 0 | 9,557,000 |
Real estate and other property-related taxes | 0 | 216,000 | 0 | 6,750,000 |
Corporate general and administrative | 0 | 0 | 0 | 468,000 |
Depreciation and amortization | 0 | 0 | 0 | 9,726,000 |
Total expenses | 0 | 537,000 | 0 | 26,501,000 |
OPERATING INCOME | 0 | 829,000 | 0 | 17,813,000 |
NON-OPERATING INCOME AND EXPENSES | ||||
Interest expense, net | 0 | (473,000) | 0 | (3,511,000) |
Total non-operating income and expenses | 0 | (473,000) | 0 | (3,511,000) |
INCOME FROM DISCONTINUED OPERATIONS | 0 | 356,000 | 0 | 14,302,000 |
Impairment charges | 0 | 0 | 0 | (16,629,000) |
Gain on sales | 0 | 125,500,000 | 0 | 125,500,000 |
Total income from discontinued operations | $ 0 | $ 125,856,000 | $ 0 | $ 123,173,000 |
Fair Value Measurements (Details) - Fixed-rate secured term loans - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Estimate of Fair Value Measurement | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 138.3 | $ 131.8 |
Reported Value Measurement | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 140.4 | $ 131.5 |
Loans Payable - Additional Information (Details) |
9 Months Ended | ||
---|---|---|---|
Sep. 12, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
property
|
Sep. 30, 2022
USD ($)
|
|
Debt Instrument [Line Items] | |||
Number of collateral real estate properties | property | 13 | ||
Proceeds from issuance of secured debt | $ 9,060,000 | $ 130,000,000 | |
Timpany Plaza | Fixed-rate secured term loans | |||
Debt Instrument [Line Items] | |||
Face amount | $ 11,560,000 | ||
Stated interest rate | 7.27% | ||
Interest only payments, term | 12 months | ||
Amortization term | 30 years | ||
Proceeds from issuance of secured debt | $ 9,060,000.00 | ||
Receivable from issuance of secured debt, contingency | $ 2,500,000 |
Loans Payable - Schedule of Debt Obligations (Details) |
Sep. 30, 2023
USD ($)
property
|
---|---|
Debt Instrument [Line Items] | |
Total debt gross | $ 144,060,000 |
Unamortized issuance costs | (3,676,000) |
Long-Term Debt | $ 140,384,000 |
Contractual interest rates weighted average | 5.60% |
Number of collateral real estate properties | property | 13 |
Fixed-rate secured term loans | Timpany Plaza | |
Debt Instrument [Line Items] | |
Total debt gross | $ 9,060,000 |
Contractual interest rates weighted average | 7.30% |
Fixed-rate secured term loans | Guggenheim | |
Debt Instrument [Line Items] | |
Total debt gross | $ 110,000,000 |
Contractual interest rates weighted average | 5.30% |
Number of collateral real estate properties | property | 10 |
Fixed-rate secured term loans | Patuxent Crossing/Coliseum Marketplace | |
Debt Instrument [Line Items] | |
Total debt gross | $ 25,000,000 |
Contractual interest rates weighted average | 6.40% |
Loans Payable - Schedule of Scheduled Principal Payments on Secured Term Loans (Details) |
Sep. 30, 2023
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
For the three months ending December 31, 2023 | $ 0 |
December 31, 2024 | 74,000 |
December 31, 2025 | 306,000 |
December 31, 2026 | 329,000 |
December 31, 2027 | 481,000 |
December 31, 2028 | 9,456,000 |
Thereafter | 133,414,000 |
Long-Term Debt | $ 144,060,000 |
Loans Payable - Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations (Details) - Continuing Operations - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Derivative Instruments Gain Loss [Line Items] | ||||
(Loss) recognized in other comprehensive income reclassified into earnings (effective portion) | $ 0 | $ 0 | $ 0 | $ (2,320,000) |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest (expense) income, net | Interest (expense) income, net | Interest (expense) income, net | Interest (expense) income, net |
Commitments and Contingencies (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
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Commitments and Contingencies Disclosure [Abstract] | ||||
Weighted average remaining lease term | 48 years 1 month 6 days | 48 years 1 month 6 days | ||
Weighted average discount rate | 8.60% | 8.60% | ||
Rent expense | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Shareholders' Equity - Summary of Preferred Stock (Details) - USD ($) |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Class Of Stock [Line Items] | ||
Shares authorized (in shares) | 12,500,000 | |
Balance | $ 159,541,000 | $ 159,541,000 |
Series B Preferred Stock | ||
Class Of Stock [Line Items] | ||
Par value (in dollars per share) | $ 0.01 | |
Liquidation value (in dollars per share) | $ 25.00 | |
Shares authorized (in shares) | 6,050,000 | 6,050,000 |
Shares issued (in shares) | 1,450,000 | 1,450,000 |
Shares outstanding (in shares) | 1,450,000 | 1,450,000 |
Balance | $ 34,767,000 | $ 34,767,000 |
Series C Preferred Stock | ||
Class Of Stock [Line Items] | ||
Par value (in dollars per share) | $ 0.01 | |
Liquidation value (in dollars per share) | $ 25.00 | |
Shares authorized (in shares) | 6,450,000 | 6,450,000 |
Shares issued (in shares) | 5,000,000 | 5,000,000 |
Shares outstanding (in shares) | 5,000,000 | 5,000,000 |
Balance | $ 124,774,000 | $ 124,774,000 |
Shareholders' Equity - Schedule of Dividends Declared and Paid (Details) - $ / shares |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Aug. 22, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Class Of Stock [Line Items] | |||||
Common stock, dividends (in dollars per share) | $ 0 | $ 19.520 | $ 0 | $ 19.586 | |
7.25% Series B Preferred Stock | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, dividends (in dollars per share) | $ 0.453 | $ 0.453 | $ 1.359 | $ 1.359 | |
Preferred stock, dividends rate | 7.25% | 7.25% | 7.25% | 7.25% | 7.25% |
6.50% Series C Preferred Stock | |||||
Class Of Stock [Line Items] | |||||
Preferred stock, dividends (in dollars per share) | $ 0.406 | $ 0.406 | $ 1.219 | $ 1.219 | |
Preferred stock, dividends rate | 6.50% | 6.50% | 6.50% | 6.50% | 6.50% |
Shareholders' Equity - Additional Information (Details) - $ / shares |
Oct. 20, 2023 |
Aug. 26, 2022 |
---|---|---|
Class Of Stock [Line Items] | ||
Merger consideration, cash payments (in dollars per share) | $ 9.48 | |
Series B Preferred Stock | Subsequent Event | ||
Class Of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 0.453125 | |
Series C Preferred Stock | Subsequent Event | ||
Class Of Stock [Line Items] | ||
Preferred stock dividends declared (in dollars per share) | $ 0.406250 |
Share-Based Compensation - Schedule of Share-Based Compensation Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Share-Based Payment Arrangement, Noncash Expense [Abstract] | ||||
Expense relating to share/unit grants | $ 0 | $ 785,000 | $ 0 | $ 1,662,000 |
Amounts capitalized | 0 | 0 | 0 | (54,000) |
Total charged to operations | $ 0 | $ 785,000 | $ 0 | $ 1,608,000 |
Share-Based Compensation - Additional Information (Details) |
Sep. 30, 2023
shares
|
---|---|
2017 Stock Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for grant under for grant (in shares) | 0 |
Earnings Per Share - Additional Information (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Weighted average nonvested restricted shares outstanding (in shares) | 0 | 100,000 | 0 | 300,000 |
Weighted average number of OP units outstanding (in shares) | 0 | 30,000 | 0 | 59,000 |
Market Performance-Based Equity Award | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Equity awards issued (in shares) | 0 | 0 | 0 | 0 |
Equity awards outstanding (in shares) | 0 | 0 |
Related Party Transactions - Additional Information (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Related Party Transaction [Line Items] | ||||
Related party transaction expenses | $ 6,340,000 | $ 11,522,000 | $ 20,745,000 | $ 29,594,000 |
Related Party | Property Management and Leasing Services | WHLR | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expenses | $ 700,000 | $ 100,000 | $ 1,100,000 | $ 100,000 |
Related Party Transactions - Summary of Related Party Amounts Due (Details) - Related Party - USD ($) |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Related Party Transaction [Line Items] | ||
Amounts of transaction | $ 8,386,000 | $ 7,328,000 |
2022 financings and real estate taxes | ||
Related Party Transaction [Line Items] | ||
Amounts of transaction | 7,166,000 | 7,166,000 |
Management fees | ||
Related Party Transaction [Line Items] | ||
Amounts of transaction | 220,000 | 110,000 |
Leasing commissions | ||
Related Party Transaction [Line Items] | ||
Amounts of transaction | 555,000 | 85,000 |
Cost Sharing Agreement Allocations | ||
Related Party Transaction [Line Items] | ||
Amounts of transaction | 424,000 | 0 |
Other | ||
Related Party Transaction [Line Items] | ||
Amounts of transaction | $ 21,000 | $ (33,000) |
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