Hot Stock of the Day: Cedar Realty Trust Inc. (NYSE: CDR)
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PORT WASHINGTON, N.Y, January 31, 2020 – Shares of Cedar Realty Trust Inc. (NYSE: CDR) declined -3.73% to $2.84. The stock traded total volume of 329.616K shares higher than the average volume of 283.17K shares.
For the third quarter of 2019, Cedar Realty Trust Inc. (NYSE: CDR) reported net income of $0.10M or $0.00 per diluted share attributable to common shareholders, compared to net income of $3.50M or $0.04 per diluted share for the same period in 2018. The principal differences in the comparative three-month results was an increase in general and administrative expenses as a as a result of the adoption of the new lease accounting standards in 2019, and a gain on a property sold, a reversal of an impairment and early extinguishment of debt costs in 2018. Net income attributable to common shareholders for the nine-month period ended September 30, 2019 was $3.00M or $0.03 per diluted share, compared to net loss of $12.40M or ($0.15) per diluted share. The principal differences in the comparative nine-month results are gains on properties sold and an increase in general and administrative expenses as a as a result of the adoption of the new lease accounting standards in 2019, and a gain on a property sold, impairment charges related to properties held for sale, lease termination income, early extinguishment of debt costs and preferred stock redemption costs in 2018.
NAREIT-defined FFO for the third quarter of 2019 was $10.60M or $0.12 per diluted share, compared to $7.50M or $0.08 per diluted share for the same period in 2018. Operating FFO for the three-month period ended September 30, 2019 was $10.60M or $0.12 per diluted share, compared to $12.40M or $0.13 per diluted share for the same period in 2018. The difference between Operating FFO and NAREIT-defined FFO was early extinguishment of debt costs in 2018. The principal difference between the comparative three-months results was an increase in in general and administrative expenses in 2019 as a result of the adoption of the new lease accounting standards.
NAREIT-defined FFO for the nine-month period ended September 30, 2019 was $31.00M or $0.34 per diluted share, compared to $33.50M or $0.36 per diluted share for the same period in 2018. Operating FFO for the nine-month period ended September 30, 2019 was $31.00M or $0.34 per diluted share, compared to $41.90M or $0.45 per diluted share for the same period in 2018. The difference between Operating FFO and NAREIT-defined FFO were preferred stock redemption costs and early extinguishment of debt costs in 2018. The principal difference between the comparative nine-month results was an increase in general and administrative expenses in 2019 as a result of the adoption of the new lease accounting standards and lease termination income in 2018.
Debt:
As of September 30, 2019, the Company had $116.00M available under its revolving credit facility and reported net debt to earnings before interest, taxes, depreciations, and amortization for real estate (EBITDAre) of 8.1 times. Further, the Company has no debt maturities until early 2021.
Equity:
On December 18, 2018, the Company’s Board of Directors approved a stock repurchase program, which authorized the purchase of up to $30.00M of the Company’s common stock in the open market or through private transactions, subject to market conditions, from time to time, through December 18, 2019. During the three months ended March 31, 2019, the Company repurchased 2,050,000 shares at a weighted average price per share of $3.34. There have been no repurchases subsequent to March 31, 2019. Since approval of the plan on December 18, 2018, the Company has repurchased a total of 2,823,000 shares at a weighted average price per share of $3.25.
CDR has the market capitalization of $251.06M and its EPS growth ratio for the past five years was 5.80%. The return on assets ratio of the Company was 0.40% while its return on investment ratio stands at 2.60%. Price to sales ratio was 1.73 while 89.20% of the stock was owned by institutional investors.
