CORPORATE PRESENTATION May 2019
CEDAR REALTY TRUST Cedar Realty Trust Inc. is a real estate investment trust focused on ownership, operation and redevelopment of shopping centers, predominantly with a grocery component, in high-density, urban markets from Washington, D.C. to Boston. We are a high-performing REIT with the adaptability of boutique blue chip firm. 2
OUR VALUES Collaboration & Everyday Disciplined Collegiality Excellence Strategic Focus Alignment with Risk Management Our Shareholders There is a strong connection between our values, our goals and our corporate strategy. Our values are founded in a culture of collaboration and collegiality, a commitment to everyday excellence and disciplined capital allocation. These values contribute to our record of impressive results and inform our audacious goals. 3
OUR GOALS Our goals are to be a best-in-class shopping center REIT and a best-in- class employer, not simply the biggest, and we are committed to achieving the highest results, both for our shareholders and the communities we serve. 4
OUR STRATEGY REGIONAL EXPERTISE WITH FOCUS ON HIGH DC TO BOSTON POPULATION DENSITY URBAN MARKETS HIGHLY ANALYTICAL APPROACH TO CAPITAL CAPITAL ALLOCATION FOCUSED ON COST OF CAPITAL AND ALLOCATION RISK ADJUSTED RETURNS DIVEST CENTERS IN LOW-POPULATION DENSITY CAPITAL MARKETS, INVEST PROCEEDS IN HIGH- MIGRATION POPULATION DENSITY URBAN MARKETS PURSUE REDEVELOPMENT AND EXPANSION OF REDEVELOP CENTERS IN HIGH-POPULATION DENSITY URBAN MARKETS 5
OUR STORY 2011 - 2013 • New management team took over Cedar in mid-2011 • Inherited under-performing shopping center REIT with disparate portfolio • Unveiled initial strategic plan to turn around the Company • Streamlined portfolio to focus on grocery-anchored shopping centers in D.C. to Boston corridor • Improved and simplified capital structure while lowering leverage 6
OUR STORY 2013 - TODAY • With execution of initial strategic plan concluding began implementing next strategic phase • Intensified Cedar’s exposure to high population density urban markets within D.C. to Boston footprint while divesting lower population density assets • Pursuing three major multi-phased urban mixed-use redevelopment projects • Ground-breaking of early phases expected in 2019 • Deliveries of early phases anticipated to begin in late 2020 • Long-term objective is to be a significant owner of urban mixed use assets with retail components in addition to our core grocery-anchored assets 7
OUR STORY IMPROVING METRICS Trimmed portfolio and improved asset quality Portfolio Size (1) ABR PSF (1) Population Density (1) $16.59 154,782 12mm $13.80 SF $11.26 9mm 104,507 SF 67,697 5mm SF 2Q11 (Prior 1Q19 (Current 1Q19 (Top 2 2Q11 (Prior 1Q19 (Current 1Q19 (Top 2 2Q11 (Prior 1Q19 (Current 1Q19 (Top 2 Management) Management) Quartiles) Management) Management) Quartiles) Management) Management) Quartiles) 8 (1) Based on prorata ownership
OUR STORY DISCIPLINED CAPITAL ALLOCATION Issue equity when there is an accretive use of proceeds and stock is trading above NAV Repurchase shares when stock is trading at a discount to NAV Acquire assets when it is accretive and attractive Sell assets when it makes sense Redevelop assets when there is a solid risk-adjusted return 9 Source: Citigroup Research – Citi’s New Year’s 2019 REITSolutions , December 27, 2018
OUR STORY DISCIPLINED CAPITAL ALLOCATION 1/6/2015 7/26/2016 CDR raises $42 million of CDR raises $45 million of common equity at $7.30 per common equity at $7.86 per share. share. (~5% premium to Wall St. NAV) (~4% premium to Wall St. NAV) 110% 100% 12/18/2018 90% CDR announces a $30 million share repurchase program (~50% discount to Wall St. 80% NAV) 70% 60% CDR: 57% 50% 100% Line 40% 1/1/2014 8/28/2014 4/24/2015 12/20/2015 8/15/2016 4/11/2017 12/7/2017 8/3/2018 3/31/2019 ____________________ Source: SNL as of March 31, 2019 . 11
CAPITAL MIGRATION Since 2011, Cedar has systematically divested non- core assets in low-population density markets and migrated capital into superior assets in higher population density markets. At first, the capital from these sales was used to reduce debt. Subsequently, the proceeds have been used to purchase assets in higher population density markets, to fund redevelopment and value-add investments in these high-population density markets, and recently, to fund highly accretive stock repurchases . 11
CAPITAL MIGRATION PORTFOLIO QUARTILES – AS OF MARCH 31, 2019 Weighted Average % of Cash NOI 3-Mile Population Average Base Rent Households / sq.mi. 3-Mile HH Income Top Quartile Cedar is using the proceeds 14 Assets 35% $18.57 PSF 3,356 222,914 $69,403 from lower 2.3M SF quartile asset sales to invest in higher ~80% population of value density markets 2 nd Quartile through strategic 14 Assets 35% $14.61 PSF 1,247 86,650 $67,033 redevelopments 2.6M SF and acquisitions 3 rd Quartile 14 Assets 19% $12.02 PSF 627 45,170 $78,391 1.9M SF 20% of value 4 th Quartile Cedar is selling assets in the 14 Assets 11% $8.10 PSF 610 41,178 $63,111 bottom quartiles 1.8M SF of its portfolio 12
CAPITAL MIGRATION RECENT ACTIVITY 3-Mile Asset Name / Market ABR Population HH Income Acquisitions 2014 - 2019 Acquisitions Cedar has acquired centers with Senator Square - Washington, D.C. $22.01 238,552 $68,648 an average of ~255,000 people Christina Crossing - Wilmington, DE $17.46 112,056 $49,728 within 3-miles and an average The Shops at Bloomfield Station- New York Metro $18.74 315,828 $62,620 ABR psf of $17.72 Shoppes at Arts District - Washington, D.C. $34.86 179,033 $66,519 East River Park - Washington, D.C. $20.99 231,299 $67,364 Lawndale Plaza - Philadelphia, PA $18.03 365,005 $44,848 Quartermaster Plaza - Philadelphia, PA $14.47 342,640 $51,478 2014 - 2019 Dispositions Fairview Plaza $12.45 44,195 $48,919 Dispositions Townfair Center $8.83 26,507 $37,979 Cedar has divested centers with Lake Raystown Plaza $12.38 12,950 $37,075 an average of ~33,000 people Carbondale Plaza $7.16 13,266 $33,606 within 3-miles and an average Virginia Little Creek $12.07 119,352 $40,775 ABR psf of $11.77 Annie Land Plaza $9.50 1,459 $49,360 Smithfield Plaza $9.40 11,955 $70,347 St. James Square $11.73 27,029 $48,706 Huntingdon Plaza $4.50 13,122 $37,160 Circle Plaza $2.74 18,373 $39,930 Kenley Village $9.00 56,180 $41,212 Liberty Marketplace $18.05 14,285 $40,342 Upland Square $18.29 46,758 $59,387 Fredricksburg Way $0.00 23,361 $89,017 Mechanicsburg Center $22.57 52,388 $69,656 West Bridgewater Plaza $4.92 59,189 $59,204 Maxatawny Marketplace $11.85 12,356 $77,789 13
CAPITAL MIGRATION CAP RATES RELATIVELY STABLE Lower Density • 3-mile population of 43,796 • 3-mile median income of $64,054 Higher Density • 3-mile population of 182,324 • 3-mile median income of $70,275 Cap rates have held relatively stable for grocery-anchored shopping centers in higher and lower population density markets in the Northeast 14 Note: See Appendix for constituent transactions
CAPITAL MIGRATION FOCUS ON POPULATION DENSITY: PHILADELPHIA South Quarter Crossing (Quartermaster Plaza and South Philadelphia) 3-Mile Pop: 344,634 Lawndale Plaza 3-Mile Pop: 369,938 Riverview Plaza 3-Mile Pop: 348,923 Fishtown Crossing (F/K/A Port Richmond Village) 3-Mile Pop: 364,105 15
CAPITAL MIGRATION FOCUS ON POPULATION DENSITY: WASHINGTON, D.C. Shoppes at Arts District 3-Mile Pop: 177,355 East River Park and Senator Square 3-Mile Pop: 233,886 16
CAPITAL MIGRATION FOCUS ON POPULATION DENSITY: NEW YORK METRO Carman’s Plaza 3-Mile Pop: 159,471 The Shops at Bloomfield Station 3-Mile Pop: 323,176 17
CAPITAL MIGRATION FOCUS ON POPULATION DENSITY: BOSTON The Shops at Suffolk Downs 3-Mile Pop: 188,558 18
REDEVELOPMENT & VALUE-ADD INVESTING Our strategy for accomplishing our goals includes redevelopment and value-add investments into our centers, especially those in high- density urban markets. In addition, we lease and merchandise our shopping centers to address evolving retail and demographic trends. Through this process of investment and a continual focus on improvement, we advance the urban communities we serve while generating attractive long-term returns on capital. We spark profound transformations within these communities through the improvements we make to our shopping centers. We’re committed to being a valuable corporate citizen growing the per - share value of Cedar while serving and improving our communities. Investing capital into high-density urban markets allows us to do well while doing good since we generate attractive investment returns while also increasing access to fresh food and improving the amenities of our communities. 19
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