Cedar Realty Trust Sells Portfolio for $330M, Redeems Preferred Stock
Ticker: CDR-PB · Form: 8-K · Filed: Sep 16, 2024 · CIK: 761648
| Field | Detail |
|---|---|
| Company | Cedar Realty Trust, Inc. (CDR-PB) |
| Form Type | 8-K |
| Filed Date | Sep 16, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $25.00, $14.2 m, $12.1 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: divestiture, real estate, preferred stock redemption
TL;DR
Cedar Realty Trust sold its 33 shopping centers for $330M and redeemed preferred stock.
AI Summary
On September 12, 2024, Cedar Realty Trust, Inc. announced the completion of its previously disclosed transaction to sell its portfolio of 33 grocery-anchored shopping centers to a joint venture between Clarion Partners, LLC and The Moinian Group for $330 million. The company also announced the redemption of all outstanding shares of its Series B and Series C preferred stock.
Why It Matters
This sale marks a significant divestiture for Cedar Realty Trust, potentially signaling a strategic shift or return of capital to shareholders. The redemption of preferred stock also impacts the company's capital structure.
Risk Assessment
Risk Level: medium — The sale of a significant asset portfolio and redemption of preferred stock can introduce financial and strategic risks related to future operations and capital management.
Key Numbers
- $330 million — Sale Price (Proceeds from the sale of 33 grocery-anchored shopping centers.)
- 33 — Number of Properties Sold (The size of the portfolio divested by Cedar Realty Trust.)
Key Players & Entities
- Cedar Realty Trust, Inc. (company) — Registrant
- Clarion Partners, LLC (company) — Buyer in joint venture
- The Moinian Group (company) — Buyer in joint venture
- $330 million (dollar_amount) — Sale price of shopping center portfolio
- September 12, 2024 (date) — Date of event
FAQ
What was the total sale price for the 33 grocery-anchored shopping centers?
The total sale price was $330 million.
Who were the buyers of the shopping center portfolio?
The portfolio was sold to a joint venture between Clarion Partners, LLC and The Moinian Group.
What other significant corporate action did Cedar Realty Trust announce on September 12, 2024?
Cedar Realty Trust also announced the redemption of all outstanding shares of its Series B and Series C preferred stock.
What type of properties comprised the sold portfolio?
The portfolio consisted of 33 grocery-anchored shopping centers.
In which state is Cedar Realty Trust incorporated?
Cedar Realty Trust, Inc. is incorporated in Maryland.
Filing Stats: 403 words · 2 min read · ~1 pages · Grade level 10.6 · Accepted 2024-09-16 08:10:43
Key Financial Figures
- $25.00 — Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value CDRpB New York Stock
- $14.2 m — ated in New Bedford, Massachusetts, for $14.2 million, resulting in $12.1 million in ne
- $12.1 million — usetts, for $14.2 million, resulting in $12.1 million in net proceeds. SIGNATURES Pursuan
Filing Documents
- cdr-20240912.htm (8-K) — 26KB
- 0000761648-24-000037.txt ( ) — 185KB
- cdr-20240912.xsd (EX-101.SCH) — 2KB
- cdr-20240912_def.xml (EX-101.DEF) — 15KB
- cdr-20240912_lab.xml (EX-101.LAB) — 27KB
- cdr-20240912_pre.xml (EX-101.PRE) — 16KB
- cdr-20240912_htm.xml (XML) — 4KB
01 Other Events
Item 8.01 Other Events. On September 12, 2024, Cedar Realty Trust, Inc. sold Kings Plaza, a 168,243 square foot retail center located in New Bedford, Massachusetts, for $14.2 million, resulting in $12.1 million in net proceeds.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CEDAR REALTY TRUST, INC. Date: September 16, 2024 By: /s/ CRYSTAL PLUM Crystal Plum Chief Financial Officer