cdr-ex991

The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). In addition, certain statements made or incorporated by reference herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) the loss or bankruptcy of the Company’s tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (v) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company’s share price from prices prior to the spread of the COVID-19 pandemic; (vi) financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (viii) the impact of the Company’s leverage on operating performance; (ix) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (x) risks endemic to real estate and the real estate industry generally(xi) competitive risks; (xii) risks related to the geographic concentration of the Company’s properties in the Washington, D.C. to Boston corridor; (xiii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; ; (xiv) the inability of the Company to realize anticipated returns from its redevelopment activities; (xv) uninsured losses; (xvi) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xvii) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and other documents that the Company files with the Securities and Exchange Commission from time to time.

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company’s actual results and may be beyond the Company’s control. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors or to assess the effects of each factor on the Company’s business. Accordingly, there can be no assurance that the Company’s current expectations will be realized.

Port Washington, New York – May 14, 2020 – Cedar Realty Trust, Inc. (NYSE:CDR – the “Company”) today reported results for the first quarter 2020. Net loss attributable to common shareholders was $(0.06) per diluted share compared to net income of $0.00 per diluted share for the comparable 2019 period. Other highlights include:

"First and foremost, our thoughts and prayers go out to all of those impacted by COVID-19 along with great appreciation for those operating on the front lines,” said Bruce Schanzer, President and Chief Executive Officer. “From a company perspective, we are gratified that our primarily grocery-anchored shopping center portfolio has performed relatively well during this unprecedented time. I am proud to say, however, that the relative outperformance we have seen is not just a function of our assets, but is very much a credit to Team Cedar. I could not be prouder of my colleagues and the way they have helped us navigate through this economic storm.”

Net loss attributable to common shareholders for the first quarter of 2020 was $(4.9) million or $(0.06) per diluted share, compared to net income of $0.2 million or $0.00 per diluted share for the same period in 2019. The principal differences in the comparative three-month results were lease termination income, an impairment charge on a property held for sale, and the acceleration of depreciation relating to the demolition of certain existing buildings at redevelopment properties in 2020.

NAREIT-defined FFO for the first quarter of 2020 was $16.3 million or $0.18 per diluted share, compared to $10.2 million or $0.11 per diluted share for the same period in 2019. Operating FFO for the first quarter of 2020 was $16.7 million or $0.18 per diluted share, compared to $10.2 million or $0.11 per diluted share for the same period in 2019. The difference between Operating FFO and NAREIT-defined FFO in 2020 was redevelopment costs. The principal difference between the comparative three-month Operating FFO results was lease termination income in 2020.

During the first quarter of 2020, the Company signed 30 leases for 309,500 square feet. On a comparable space basis, the Company leased 307,900 square feet at a negative lease spread of (0.4)% on a cash basis (new leases decreased 7.5% and renewals increased 0.9%).

Same-property NOI increased 0.8% excluding redevelopment properties compared to the same period in 2019.

The Company’s same-property portfolio was 93.2% leased at March 31, 2020, compared to 93.0% at December 31, 2019 and 91.9% at March 31, 2019. The Company’s total portfolio, excluding properties held for sale, was 91.8% leased at March 31, 2020, compared to 93.2% at December 31, 2019 and 90.5% at March 31, 2019. The sequential decrease in total leased portfolio percentage was driven by proactively recapturing the K-Mart space at Valley Plaza in early 2020 to facilitate a future value-add renovation.

The Company reported net debt to earnings before interest, taxes, depreciations, and amortization for real estate (EBITDAre) of 8.8 times for the quarter ended March 31, 2020 and was in compliance with all financial covenants.

As of March 31, 2020, The Commons, located in Dubois, Pennsylvania, Carll’s Corner, located in Bridgeton, New Jersey, Suffolk Plaza, located in Suffolk, Virginia, and Metro Square, located in Owings Mills, Maryland, have been classified as “real estate held for sale”.

NAREIT-defined FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company considers NAREIT-defined FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets. The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. NAREIT-defined FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. A reconciliation of net income (loss) attributable to common shareholders to NAREIT-defined FFO and Operating FFO for the three months ended March 31, 2020 and 2019 is detailed in the attached schedule.

EBITDAre is a recognized supplemental non-GAAP financial measure. The Company presents EBITDAre in accordance with the definition adopted by NAREIT, which generally defines EBITDAre as net income plus interest expense, income tax expense, depreciation, amortization, and impairment write-downs of depreciated property, plus or minus losses and gains on the disposition of depreciated property, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates. The Company believes EBITDAre provides additional information with respect to the Company’s performance and ability to meet its future debt service requirements. The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as management transition, acquisition pursuit and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company’s computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

Same-property NOI is a widely recognized supplemental non-GAAP financial measure for REITs. Properties are included in same-property NOI if they are owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as held for sale. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI. The Company considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company’s properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year. Same property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure.

The Company has issued “Supplemental Financial Information” for the period ended March 31, 2020. Such information has been filed today as an exhibit to Form 8-K and will also be available on the Company’s website at www.cedarrealtytrust.com.

The Company will host a conference call today, May 14, 2020, at 5:00 PM (ET) to discuss the quarterly results. The conference call can be accessed by dialing (877) 705-6003 or (1) (201) 493-6725 for international participants. A live webcast of the conference call will be available online on the Company’s website at www.cedarrealtytrust.com.

A replay of the call will be available from 8:00 PM (ET) on May 14, 2020, until midnight (ET) on May 28, 2020. The replay dial-in numbers are (844) 512-2921 or (1) (412) 317-6671 for international callers. Please use passcode 13702201 for the telephonic replay. A replay of the Company’s webcast will be available on the Company’s website for a limited time.

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. The Company’s portfolio (excluding properties treated as “held for sale”) comprises 55 properties, with approximately 8.3 million square feet of gross leasable area.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company’s website at www.cedarrealtytrust.com.

Certain statements made in this this press release that are not strictly historical are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) the loss or bankruptcy of the Company’s tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (v) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company’s share price from prices prior to the spread of the COVID-19 pandemic; (vi) financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (viii) the impact of the Company’s leverage on operating performance; (ix) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (x) risks endemic to real estate and the real estate industry generally(xi) competitive risks; (xii) risks related to the geographic concentration of the Company’s properties in the Washington, D.C. to Boston corridor; (xiii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; ; (xiv) the inability of the Company to realize anticipated returns from its redevelopment activities; (xv) uninsured losses; (xvi) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xvii) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and other documents that the Company files with the Securities and Exchange Commission from time to time.

	March 31,			December 31,
	2020			2019
ASSETS
Real estate, at cost	$	1,508,784,000		$	1,515,206,000
Less accumulated depreciation		(398,367,000	)		(389,861,000	)
Real estate, net		1,110,417,000			1,125,345,000
Real estate held for sale		17,073,000			13,230,000
Cash and cash equivalents		74,882,000			2,747,000
Receivables		22,850,000			22,164,000
Other assets and deferred charges, net		43,552,000			42,139,000
TOTAL ASSETS	$	1,268,774,000		$	1,205,625,000

LIABILITIES AND EQUITY
Liabilities:
Mortgage loan payable	$	46,127,000		$	46,370,000
Finance lease obligation		5,358,000			5,364,000
Unsecured revolving credit facility		182,000,000			106,000,000
Unsecured term loans		473,018,000			472,841,000
Accounts payable and accrued liabilities		61,654,000			50,502,000
Unamortized intangible lease liabilities		9,966,000			10,473,000
Total liabilities		778,123,000			691,550,000

Equity:
Preferred stock		159,541,000			159,541,000
Common stock and other shareholders' equity		327,570,000			351,020,000
Noncontrolling interests		3,540,000			3,514,000
Total equity		490,651,000			514,075,000

TOTAL LIABILITIES AND EQUITY	$	1,268,774,000		$	1,205,625,000

	Three months ended March 31,
	2020			2019
PROPERTY REVENUES
Rental revenues	$	35,115,000		$	36,592,000
Other		7,370,000			291,000
Total property revenues		42,485,000			36,883,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		7,721,000			7,967,000
Real estate and other property-related taxes		5,122,000			5,210,000
Total property operating expenses		12,843,000			13,177,000

PROPERTY OPERATING INCOME		29,642,000			23,706,000

OTHER EXPENSES AND INCOME
General and administrative		5,002,000			4,798,000
Depreciation and amortization		13,747,000			10,129,000
Gain on sales		-			(101,000	)
Impairment charges		7,474,000			-
Total other expenses and income		26,223,000			14,826,000

OPERATING INCOME		3,419,000			8,880,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(5,517,000	)		(5,891,000	)
Total non-operating income and expense		(5,517,000	)		(5,891,000	)

NET (LOSS) INCOME		(2,098,000	)		2,989,000

Attributable to noncontrolling interests		(148,000	)		(107,000	)

NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		(2,246,000	)		2,882,000

Preferred stock dividends		(2,688,000	)		(2,688,000	)

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(4,934,000	)	$	194,000

NET (LOSS) INCOME PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):	$	(0.06	)	$	0.00

Weighted average number of common shares - basic and diluted		86,370,000			86,580,000

Balance Sheets	March 31,		December 31,
	2020		2019

Construction in process (included in real estate, at cost)	$	29,696,000	$	15,151,000

Receivables
Rents and other tenant receivables, net	$	5,958,000	$	5,061,000
Mortgage note receivable		3,500,000		3,500,000
Straight-line rents		13,392,000		13,603,000
	$	22,850,000	$	22,164,000

Other assets and deferred charges, net
Lease origination costs	$	19,466,000	$	19,947,000
Right-of-use assets		14,141,000		13,638,000
Prepaid expenses		7,634,000		6,048,000
Revolving credit facility issuance costs		868,000		1,021,000
Interest rate swap assets		-		136,000
Other		1,443,000		1,349,000
	$	43,552,000	$	42,139,000

Accounts payable and accrued liabilities
Accounts payable and accrued liabilities	$	25,284,000	$	29,544,000
Right-of-use liabilities		14,308,000		13,778,000
Interest rate swap liabilities		22,062,000		7,180,000
	$	61,654,000	$	50,502,000

Statements of Operations	Three months ended March 31,
	2020		2019
Rental revenues
Base rents	$	25,762,000	$	26,401,000
Expense recoveries		8,555,000		9,194,000
Percentage rent		296,000		182,000
Straight-line rents		43,000		224,000
Amortization of intangible lease liabilities, net		459,000		591,000
	$	35,115,000	$	36,592,000

	Three months ended March 31,
	2020			2019
Net (loss) income attributable to common shareholders	$	(4,934,000	)	$	194,000
Real estate depreciation and amortization		13,705,000			10,083,000
Limited partners' interest		(28,000	)		2,000
Gain on sales		-			(101,000	)
Impairment charges		7,474,000			-
Consolidated minority interests:
Share of income		176,000			105,000
Share of FFO		(143,000	)		(79,000	)
Funds From Operations ("FFO") applicable to diluted common shares		16,250,000			10,204,000
Adjustments for items affecting comparability:
Redevelopment costs (a)		483,000			-
Operating Funds From Operations ("Operating FFO") applicable to diluted common shares	$	16,733,000		$	10,204,000

FFO per diluted common share:	$	0.18		$	0.11

Operating FFO per diluted common share:	$	0.18		$	0.11

Weighted average number of diluted common shares:
Common shares and equivalents		90,767,000			90,862,000
OP Units		537,000			553,000
		91,304,000			91,415,000

Additional Disclosures (b):
Straight-line rents	$	43,000		$	224,000
Amortization of intangible lease liabilities		459,000			591,000
Non-real estate amortization		352,000			377,000
Share-based compensation, net		1,014,000			1,015,000
Maintenance capital expenditures (c)		1,708,000			2,826,000
Lease related expenditures (d)		2,308,000			2,303,000
Development and redevelopment capital expenditures		5,766,000			4,071,000
Capitalized interest and financing costs		593,000			258,000

	Three months ended March 31,
	2020			2019
Net (loss) income	$	(2,098,000	)	$	2,989,000
Interest expense		5,517,000			5,891,000
Depreciation and amortization		13,747,000			10,129,000
Gain on sales		-			(101,000	)
Impairment charges		7,474,000			-
EBITDAre		24,640,000			18,908,000
Adjustments for items affecting comparability:
Redevelopment costs (a)		483,000			-
Adjusted EBITDAre	$	25,123,000		$	18,908,000

Net debt
Debt, excluding issuance costs	$	703,425,000		$	624,429,000
Finance lease obligation		5,656,000			5,688,000
Unrestricted cash and cash equivalents		(74,882,000	)		(25,000	)
	$	634,199,000		$	630,092,000

Fixed charges (b)
Interest expense	$	5,765,000		$	5,805,000
Preferred stock dividends		2,688,000			2,688,000
Scheduled mortgage repayments		263,000			253,000
	$	8,716,000		$	8,746,000

Debt and Coverage Ratios (c)
Net debt to Adjusted EBITDAre		8.8	x		8.4	x
Interest coverage ratio (based on Adjusted EBITDAre)		3.1	x		3.3	x
Fixed charge coverage ratio (based on Adjusted EBITDAre)		2.1	x		2.2	x

	Maturity	Interest
	Dates	Rates	Amounts
Secured fixed-rate debt:
Franklin Village Plaza mortgage	Jun 2026	3.9%	$	46,425,000
Senator Square finance lease obligation (a)	Sep 2050	5.3%		5,656,000

Unsecured debt (b):
Variable-rate (c):
Revolving credit facility (d)	Sep 2021	2.5%		182,000,000
Term loan	Sep 2022	2.6%		50,000,000

Fixed-rate (e):
Term loan	Feb 2021	3.7%		75,000,000
Term loan	Feb 2022	3.1%		50,000,000
Term loan	Sep 2022	3.3%		50,000,000
Term loan	Apr 2023	3.3%		100,000,000
Term loan	Sep 2024	3.8%		75,000,000
Term loan	Jul 2025	4.7%		75,000,000
Total unsecured debt	weighted average	3.3%		657,000,000

Total debt	weighted average	3.3%		709,081,000

Unamortized mortgage, finance lease and term loan issuance costs				(2,578,000	)

Total debt			$	706,503,000

Fixed to variable rate debt ratio:
Fixed-rate debt		67.3%	$	477,081,000
Variable-rate debt		32.7%		232,000,000
		100.0%	$	709,081,000

								Average
	Year				Percent			base rent per			Selected
Property Description	acquired		GLA		occupied			leased sq. ft.		Grocer Anchor	Other Anchors
Connecticut
Bethel Shopping Center		2013		101,105		95.1	%	$	23.38	Big Y	Dollar Tree
Brickyard Plaza		2004		227,598		99.2	%		8.75		Home Depot
											Kohl's
											Michaels
											PetSmart
Groton Shopping Center		2007		130,264		100.0	%		12.43	Aldi	TJ Maxx
											Goodwill
											Planet Fitness
											Dollar Tree
											Pet Supplies Plus
Jordan Lane		2005		177,504		73.1	%		12.67	Stop & Shop	Crunch Fitness
											Dollar Tree
New London Mall		2009		259,566		96.1	%		13.09	Shop Rite	Marshalls
											Home Goods
											PetSmart
											A.C. Moore
Oakland Commons		2007		90,100		100.0	%		6.37	Walmart	Bristol Ten Pin
Southington Center		2003		155,842		98.5	%		7.85	Walmart	NAMCO
											Southington Wine & Spirit
Total Connecticut				1,141,979		94.1	%		11.66

Delaware
Christina Crossing		2017		119,446		90.7	%		19.45	Shop Rite

Maryland / Washington, D.C.
East River Park		2015		150,038		97.4	%		20.11	Safeway	District of Columbia
											CVS
Oakland Mills		2005		59,308		91.1	%		12.06	LA Mart
Patuxent Crossing (f/k/a San Souci Plaza) (a)		2009		264,134		82.3	%		11.46	McKay's Market and Café	Marshalls
											Home Goods
											World Gym
											JOANN Fabrics
											Dollar Tree
Senator Square		2018		61,691		100.0	%		21.42		Unity Health Care
											Dollar Tree
Shoppes at Arts District		2016		35,676		100.0	%		36.76	Yes! Organic Market	Busboys and Poets
Valley Plaza		2003		190,939		49.8	%		9.60		Ollie's Bargain Outlet
											Tractor Supply
Yorktowne Plaza		2007		136,197		74.1	%		13.25	Food Lion	Dollar Tree
Total Maryland / Washington, D.C.				897,983		79.2	%		15.42

Massachusetts
Fieldstone Marketplace	2005/2012			150,123		84.6	%		12.15	Shaw's	Work Out World
											Dollar Tree
											Family Dollar
Franklin Village Plaza	2004/2012			303,524		89.9	%		21.19	Stop & Shop	Marshalls
											NRG Labs
Kings Plaza		2007		168,243		81.0	%		8.64		Fun Z Trampoline Park
											Ocean State Job Lot
											Savers
											Dollar General
Norwood Shopping Center		2006		97,756		96.1	%		10.15	Big Y	Planet Fitness
											Dollar Tree
The Shops at Suffolk Downs		2005		121,187		100.0	%		14.15	Stop & Shop	Dollar Tree

								Average
	Year				Percent			base rent per			Selected
Property Description	acquired		GLA		occupied			leased sq. ft.		Grocer Anchor	Other Anchors
Massachusetts (continued)
Timpany Plaza		2007		182,799		65.1	%		10.11		Big Lots
											Gardner Theater
											Tractor Supply
											Dollar Tree
Webster Commons		2007		98,984		96.7	%		11.84		Big Lots
											Planet Fitness
											CVS
											Aubuchon Hardware
Total Massachusetts				1,122,616		86.1	%		13.98

New Jersey
Pine Grove Plaza		2003		86,089		80.9	%		11.90		Gordmans
											Dollar Tree
The Shops at Bloomfield Station		2016		63,844		81.6	%		19.09	Super Foodtown
Washington Center Shoppes		2001		157,394		89.5	%		10.45	Acme Markets	Planet Fitness
Total New Jersey				307,327		85.5	%		12.55

New York
Carman's Plaza		2007		195,485		85.2	%		19.96	Key Foods	24 Hour Fitness
											Department of Motor Vehicle
											Popcorn Beauty
											Dollar Tree
Pennsylvania
Academy Plaza		2001		137,415		94.1	%		15.45	Acme Markets	Rite Aid
Camp Hill		2002		430,198		99.7	%		15.24	Giant Foods	Boscov's
											LA Fitness
											Barnes & Noble
											Staples
Colonial Commons		2011		410,432		98.6	%		13.49	Giant Foods (b)	Dick's Sporting Goods
											Home Goods
											Ross Dress For Less
											Marshalls
											JoAnn Fabrics
											David's Furniture
											Old Navy
											Dollar Tree
Crossroads II (a)		2008		133,717		95.0	%		20.74	Giant Foods	Dollar Tree
Fairview Commons		2007		52,964		75.3	%		10.14	Grocery Outlet	Dollar Tree
Fishtown Crossing		2001		120,375		91.8	%		14.89	IGA Supermarket	Pep Boys
											Dollar Tree
											Dollar General
Girard Plaza		2019		35,688		100.0	%		15.77	Save A Lot	Dollar General
Gold Star Plaza		2006		71,720		95.5	%		8.94	Redner's	Dollar Tree
Golden Triangle		2003		202,790		89.9	%		13.28		LA Fitness
											Marshalls
											Staples
											Immunotek
											Walgreens
											Dollar Tree
Halifax Plaza		2003		51,510		100.0	%		13.55	Giant Foods	Rite Aid
Hamburg Square		2004		102,058		96.7	%		6.49	Redner's	Chesaco RV
Lawndale Plaza		2015		92,773		100.0	%		18.66	Shop Rite
Meadows Marketplace	2004/2012			91,518		98.2	%		15.82	Giant Foods
Newport Plaza		2003		64,489		100.0	%		12.81	Giant Foods	Rite Aid
Northside Commons		2008		69,136		100.0	%		10.41	Redner's	Dollar Tree
Palmyra Shopping Center		2005		111,051		89.7	%		7.83	Weis Markets	Goodwill

								Average
	Year				Percent			base rent per			Selected
Property Description	acquired		GLA		occupied			leased sq. ft.		Grocer Anchor	Other Anchors
Pennsylvania (continued)
Quartermaster Plaza		2014		456,602		94.2	%		14.75	BJ's Wholesale Club	Home Depot
											Planet Fitness
											Staples
											PetSmart
											Walgreens
Riverview Plaza		2003		189,032		99.3	%		20.09		United Artists
											Avalon Carpet
											Pep Boys
											Staples
South Philadelphia		2003		193,085		76.3	%		12.32	Shop Rite	Ross Dress For Less
											LA Fitness
											Kid City
Swede Square		2003		100,816		73.9	%		18.38		LA Fitness
The Point		2000		262,620		86.2	%		14.98	Giant Foods	Burlington
											A.C. Moore
											Staples
											Dollar Tree
Trexler Mall		2005		337,297		80.5	%		11.14		Kohl's
											Lehigh Wellness Partners
											Maxx Fitness
											Marshalls
											Home Goods
											Dollar Tree
Trexlertown Plaza		2006		325,171		94.5	%		14.13	Giant Foods	Hobby Lobby
											Burlington
											Big Lots
											Tractor Supply
Total Pennsylvania				4,042,457		92.5	%		14.22

Virginia
Coliseum Marketplace		2005		106,648		100.0	%		17.13	Kroger	Michaels
Elmhurst Square		2006		66,254		91.4	%		10.46	Food Lion
General Booth Plaza		2005		71,639		100.0	%		15.23	Food Lion
Glen Allen Shopping Center		2005		63,328		100.0	%		7.71	Publix
Kempsville Crossing		2005		79,512		93.1	%		11.64	Walmart	The Iron Asylum
Oak Ridge Shopping Center		2006		38,700		100.0	%		11.03	Food Lion
Total Virginia				426,081		97.4	%		12.84

Total (91.8% leased at March 31, 2020)				8,253,374		90.2	%	$	14.00

				Percentage					Percentage
				of occupied			Annualized		annualized
Tenant Categories	Examples/Description	GLA		GLA			base rent		base rents
Grocer Anchor	Giant Foods, Shop Rite, Stop & Shop, Big Y, BJ's Wholesale Club, Food Lion, Walmart Neighborhood Market		2,379,000		32.0	%	$	29,136,000		28.0	%
Limited/Fast Service Restaurants	Panera Bread, Subway, Dunkin, McDonalds, Chipotle		275,000		3.7	%		7,212,000		6.9	%
Fitness	LA Fitness, Planet Fitness, 24 Hour Fitness		507,000		6.8	%		6,343,000		6.1	%
Full Service Restaurants	Chili's, Red Lobster, Busboys and Poets		233,000		3.1	%		5,018,000		4.8	%
Dollar/Variety	Dollar Tree, Big Lots, Five Below		494,000		6.6	%		4,863,000		4.7	%
Discount Department Stores	Marshalls, Kohl's, Burlington, Ross Dress For Less, TJ Maxx		677,000		9.1	%		4,847,000		4.7	%
Medical, Dental and Optical	Medical Centers, Urgent Care, Physical Therapy, Dentists, Optical		213,000		2.9	%		4,564,000		4.4	%
Personal Care	Nail Salons, Hair Salons, Spas, GNC		151,000		2.0	%		3,661,000		3.5	%
Home Improvement/Hardware	Home Depot, Tractor Supply		339,000		4.6	%		2,658,000		2.6	%
Banking	Santander Bank, Wells Fargo, Bank of America, Middlesex Savings Bank		87,000		1.2	%		2,643,000		2.5	%
Wireless and Gaming	AT&T Mobility, T-Mobile, Verizon Wireless, GameStop		101,000		1.4	%		2,428,000		2.3	%
Home Furnishing	Homegoods, Mattress Firm		195,000		2.6	%		2,269,000		2.2	%
Pharmacy/Drug Store	Rite Aid, Walgreens, CVS		92,000		1.2	%		2,233,000		2.1	%
Beer, Wine and Liquor	Beer, Wine and Liquor Stores		117,000		1.6	%		2,146,000		2.1	%
Office Supply	Staples, The UPS Store		122,000		1.6	%		2,134,000		2.0	%
Hobby Stores	Michaels, Hobby Lobby, A.C. Moore, JoAnn Fabrics		200,000		2.7	%		2,102,000		2.0	%
Governmental Office	District of Columbia, Department of Motor Vehicle, USPS		74,000		1.0	%		1,879,000		1.8	%
Clothing	Old Navy, Men's Wearhouse, Carter's, Madrag		111,000		1.5	%		1,835,000		1.8	%
Movie Theatre	United Artists, Gardner Theater		105,000		1.4	%		1,731,000		1.7	%
Shoes	Famous Footwear, Shoe City, Shoe Carnival		82,000		1.1	%		1,707,000		1.6	%
Automotive Parts and Service	Pep Boys, Advance Auto Parts, AutoZone, Mavis		128,000		1.7	%		1,630,000		1.6	%
Pet	PetSmart, Pet Valu, Pet Supplies Plus		102,000		1.4	%		1,503,000		1.4	%
Non-Retail	Various office tenants		81,000		1.1	%		1,429,000		1.4	%
Sporting and Outdoor Stores	Dicks, NAMCO Pools		106,000		1.4	%		1,374,000		1.3	%
Beauty Supplies	Sally Beauty, Popcorn Beauty, Ulta		55,000		0.7	%		1,333,000		1.3	%
Other	Professional Services, Thrift Stores, Cleaners, Education, Books and Other		416,000		5.6	%		5,532,000		5.3	%
			7,442,000		100.0	%	$	104,210,000		100.0	%

	Number									Annualized		Percentage
	of				Percentage			Annualized		base rent		annualized
Tenant	stores		GLA		of GLA			base rent		per sq. ft.		base rents
Top twenty-five tenants (a):
Giant Foods		8		538,000		6.5	%	$	9,007,000	$	16.74		8.6	%
Shop Rite		4		252,000		3.1	%		4,092,000		16.24		3.9	%
Stop & Shop		3		211,000		2.6	%		2,786,000		13.20		2.7	%
Dollar Tree		21		224,000		2.7	%		2,414,000		10.78		2.3	%
LA Fitness		4		158,000		1.9	%		2,110,000		13.35		2.0	%
Big Y		2		106,000		1.3	%		2,006,000		18.92		1.9	%
Home Depot		2		253,000		3.1	%		1,977,000		7.81		1.9	%
Staples		5		106,000		1.3	%		1,773,000		16.73		1.7	%
BJ's Wholesale Club		1		118,000		1.4	%		1,760,000		14.92		1.7	%
Marshalls		6		170,000		2.1	%		1,558,000		9.16		1.5	%
United Artists		1		78,000		0.9	%		1,538,000		19.72		1.5	%
Food Lion		4		163,000		2.0	%		1,530,000		9.39		1.5	%
Planet Fitness		5		99,000		1.2	%		1,283,000		12.96		1.2	%
Walmart		3		192,000		2.3	%		1,193,000		6.21		1.1	%
Redner's		3		159,000		1.9	%		1,160,000		7.30		1.1	%
Kohl's		2		147,000		1.8	%		1,031,000		7.01		1.0	%
Home Goods		4		105,000		1.3	%		944,000		8.99		0.9	%
Shaw's		1		68,000		0.8	%		925,000		13.60		0.9	%
District of Columbia		1		34,000		0.4	%		905,000		26.62		0.9	%
24 Hour Fitness		1		54,000		0.7	%		889,000		16.46		0.9	%
Walgreens		2		29,000		0.4	%		875,000		30.17		0.8	%
Kroger		1		58,000		0.7	%		863,000		14.88		0.8	%
PetSmart		3		63,000		0.8	%		857,000		13.60		0.8	%
Dick's Sporting Goods		1		56,000		0.7	%		784,000		14.00		0.8	%
Burlington Coat Factory		2		84,000		1.0	%		760,000		9.05		0.7	%
Sub-total top twenty-five tenants		90		3,525,000		42.7	%		45,020,000		12.77		43.2	%
Remaining tenants		719		3,917,000		47.5	%		59,190,000		15.11		56.8	%
Sub-total all tenants (b)		809		7,442,000		90.2	%	$	104,210,000	$	14.00		100.0	%
Vacant space	N/A			811,000		9.8	%
Total		809		8,253,000		100.0	%

(1) Giant Foods, Stop & Shop and Food Lion, and (2) Marshalls, Home Goods, and TJ Maxx (GLA of 30,000; annualized base rent of $315,000).

Total Portfolio
								Annualized		Percentage
	Number				Percentage			expiring		of annualized
Year of lease	of leases		GLA		of GLA			base rents		expiring
expiration	expiring		expiring		expiring			per sq. ft.		base rents
Month-To-Month		51		271,000		3.6	%	$	17.55		4.6	%
2020		65		389,000		5.2	%		14.34		5.4	%
2021		136		752,000		10.1	%		16.15		11.7	%
2022		104		570,000		7.7	%		16.44		9.0	%
2023		79		580,000		7.8	%		14.74		8.2	%
2024		92		784,000		10.5	%		14.60		11.0	%
2025		88		1,174,000		15.8	%		13.39		15.1	%
2026		34		283,000		3.8	%		16.25		4.4	%
2027		37		307,000		4.1	%		13.95		4.1	%
2028		37		392,000		5.3	%		11.86		4.5	%
2029		43		711,000		9.6	%		12.94		8.8	%
Thereafter		43		1,229,000		16.5	%		11.32		13.4	%
All tenants		809		7,442,000		100.0	%	$	14.00		100.0	%

Spaces ≥ 10,000 GLA
								Annualized		Percentage
	Number				Percentage			expiring		of annualized
Year of lease	of leases		GLA		of GLA			base rents		expiring
expiration	expiring		expiring		expiring			per sq. ft.		base rents
Month-To-Month		5		150,000		2.7	%	$	14.53		3.5	%
2020		8		228,000		4.1	%		10.24		3.7	%
2021		13		417,000		7.6	%		11.13		7.4	%
2022		14		308,000		5.6	%		12.88		6.3	%
2023		13		417,000		7.6	%		11.38		7.6	%
2024		19		598,000		10.9	%		11.67		11.2	%
2025		26		921,000		16.8	%		11.26		16.6	%
2026		8		201,000		3.7	%		13.03		4.2	%
2027		10		204,000		3.7	%		11.53		3.8	%
2028		10		291,000		5.3	%		9.47		4.4	%
2029		16		618,000		11.2	%		11.97		11.8	%
Thereafter		19		1,144,000		20.8	%		10.67		19.5	%
All tenants		161		5,497,000		100.0	%	$	11.38		100.0	%

Spaces < 10,000 GLA
								Annualized		Percentage
	Number				Percentage			expiring		of annualized
Year of lease	of leases		GLA		of GLA			base rents		expiring
expiration	expiring		expiring		expiring			per sq. ft.		base rents
Month-To-Month		46		121,000		6.2	%	$	21.28		6.2	%
2020		57		161,000		8.3	%		20.16		7.8	%
2021		123		335,000		17.2	%		22.39		18.0	%
2022		90		262,000		13.5	%		20.61		13.0	%
2023		66		163,000		8.4	%		23.33		9.1	%
2024		73		186,000		9.6	%		24.01		10.7	%
2025		62		253,000		13.0	%		21.16		12.8	%
2026		26		82,000		4.2	%		24.12		4.7	%
2027		27		103,000		5.3	%		18.74		4.6	%
2028		27		101,000		5.2	%		18.77		4.6	%
2029		27		93,000		4.8	%		19.44		4.3	%
Thereafter		24		85,000		4.4	%		20.13		4.1	%
All tenants		648		1,945,000		100.0	%	$	21.42		100.0	%

										Tenant		Average
	Leases		Square		New Rent		Prior Rent		Cash Basis	Improvements		Lease
	Signed		Feet		Per. Sq. Ft (a)		Per. Sq. Ft (a)		% Change	Per. Sq. Ft (b)		Term (Yrs)
Total Comparable Leases
1st Quarter 2020		29		307,900	$	16.15	$	16.21	-0.4%	$	6.46		6.8
4th Quarter 2019		40		286,200	$	14.64	$	14.40	1.7%	$	11.28		5.3
3rd Quarter 2019		40		576,200	$	9.44	$	8.70	8.5%	$	16.74		8.4
2nd Quarter 2019		35		448,000	$	14.37	$	14.74	-2.5%	$	4.29		5.6
Total		144		1,618,300	$	13.00	$	12.81	1.5%	$	10.37		6.8


New Leases - Comparable
1st Quarter 2020		12		37,600	$	18.11	$	19.57	-7.5%	$	34.91		7.4
4th Quarter 2019		12		75,600	$	11.29	$	12.83	-12.0%	$	42.72		9.3
3rd Quarter 2019		14		165,500	$	10.84	$	8.44	28.4%	$	58.28		10.2
2nd Quarter 2019		5		14,200	$	17.73	$	16.19	9.6%	$	58.63		7.8
Total		43		292,900	$	12.22	$	11.38	7.4%	$	51.28		9.5


Renewals - Comparable
1st Quarter 2020		17		270,300	$	15.88	$	15.74	0.9%	$	2.50		6.7
4th Quarter 2019		28		210,600	$	15.84	$	14.96	5.9%	$	0.00		3.9
3rd Quarter 2019		26		410,700	$	8.88	$	8.81	0.9%	$	0.00		7.7
2nd Quarter 2019		30		433,800	$	14.26	$	14.70	-3.0%	$	2.51		5.5
Total		101		1,325,400	$	13.17	$	13.13	0.4%	$	1.33		6.2


Total Comparable and Non-Comparable
1st Quarter 2020		30		309,500	$	16.18	N/A		N/A	$	6.43		6.8
4th Quarter 2019		41		297,100	$	15.08	N/A		N/A	$	13.24		5.5
3rd Quarter 2019		42		579,400	$	9.49	N/A		N/A	$	16.82		8.4
2nd Quarter 2019		37		452,400	$	14.75	N/A		N/A	$	4.25		5.7
Total		150		1,638,400	$	13.22	N/A		N/A	$	10.74		6.8

Funds From Operations (“FFO”) and Operating Funds From Operations (“Operating FFO”)

FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company presents FFO in accordance with the definition adopted by the National Association of Real Estate Investments Trusts (“NAREIT”). NAREIT generally defines FFO as net income attributable to common shareholders (determined in accordance with GAAP), excluding gains (losses) from sales of real estate properties, impairment provisions on real estate properties, plus real estate related depreciation and amortization, and adjustments for partnerships and joint ventures to reflect FFO on the same basis. The Company considers FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets.

The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. FFO and Operating FFO do not represent cash generated from operating activities and should not be considered as an alternative to net income attributable to common shareholders or to cash flow from operating activities. The Company’s computations of FFO and Operating FFO may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre

The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit, management transition, and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company’s computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

Same-property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure. Same-property NOI should not be considered as an alternative to consolidated operating income prepared in accordance with GAAP or as a measure of liquidity. The Company’s computations of same-property NOI may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

Earnings Press Release		4 - 6

Financial Information
Condensed Consolidated Balance Sheets		7
Condensed Consolidated Statements of Operations		8
Supporting Schedules to Consolidated Statements		9
Funds From Operations and Additional Disclosures		10
EBITDA for Real Estate and Additional Disclosures		11
Summary of Outstanding Debt and Maturities		12

Portfolio Information
Real Estate Summary		13 - 15
Tenant Categories		16
Tenant Concentration		17
Lease Expirations		18
Leasing Activity		19
Same-Property Net Operating Income		20
Summary of Real Estate Held for Sale		21

Non-GAAP Financial Disclosures		22

Same-Property NOI (a)	Three months ended March 31,
	2020			2019
Base Rents	$	20,166,000		$	20,161,000
Expense Recoveries		6,721,000			6,811,000
Total Revenues		26,887,000			26,972,000
Operating expenses		8,937,000			9,162,000
Same-Property NOI	$	17,950,000		$	17,810,000

Occupied	91.2%			91.4%
Leased	93.2%			91.9%
Average base rent	$	13.64		$	13.56
Number of same properties	46			46
Same-Property NOI growth	0.8%


Same-Property NOI Reconciliation (a)	Three months ended March 31,
	2020			2019
Operating income	$	3,419,000		$	8,880,000
Add (deduct):
General and administrative		5,002,000			4,798,000
Gain on sales		-			(101,000	)
Impairment charges		7,474,000			-
Depreciation and amortization		13,747,000			10,129,000
Straight-line rents		(43,000	)		(224,000	)
Amortization of intangible lease liabilities		(459,000	)		(591,000	)
Other adjustments		52,000			(50,000	)
NOI related to properties not defined as same-property		(11,242,000	)		(5,031,000	)
Same-Property NOI	$	17,950,000		$	17,810,000

							Average
				Percent			base rent per
Real Estate Held for Sale	Location	GLA		occupied			leased sq. ft.
Carll's Corner	Bridgeton, NJ		129,582		42.0	%	$	8.93
Metro Square	Owings Mills, MD		71,896		18.4	%		28.26
Suffolk Plaza	Suffolk, VA		67,216		100.0	%		10.90
The Commons	Dubois, PA		203,309		59.2	%		8.35
			472,003		54.1	%	$	10.18

	Mortgage Loan		Finance Lease		Revolving			Term
Year	Payable		Obligation		Credit Facility			Loans		Amounts
2020	$	780,000	$	24,000	$	-		$	-	$	804,000
2021		1,074,000		35,000		182,000,000	(d)		75,000,000		258,109,000
2022		1,116,000		37,000		-			150,000,000		151,153,000
2023		1,160,000		39,000		-			100,000,000		101,199,000
2024		1,206,000		41,000		-			75,000,000		76,247,000
2025		1,253,000		44,000		-			75,000,000		76,297,000
2026		39,836,000		48,000		-			-		39,884,000
Thereafter		-		5,388,000		-			-		5,388,000
	$	46,425,000	$	5,656,000	$	182,000,000		$	475,000,000	$	709,081,000