<SEC-DOCUMENT>0001193125-22-155663.txt : 20220520
<SEC-HEADER>0001193125-22-155663.hdr.sgml : 20220520
<ACCEPTANCE-DATETIME>20220520085031
ACCESSION NUMBER:		0001193125-22-155663
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220520
DATE AS OF CHANGE:		20220520

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CEDAR REALTY TRUST, INC.
		CENTRAL INDEX KEY:			0000761648
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				421241468
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31817
		FILM NUMBER:		22945455

	BUSINESS ADDRESS:	
		STREET 1:		928 CARMANS ROAD
		CITY:			MASSAPEQUA
		STATE:			NY
		ZIP:			11758
		BUSINESS PHONE:		5167676492

	MAIL ADDRESS:	
		STREET 1:		928 CARMANS ROAD
		CITY:			MASSAPEQUA
		STATE:			NY
		ZIP:			11758

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR SHOPPING CENTERS INC
		DATE OF NAME CHANGE:	20030812

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD /MD/
		DATE OF NAME CHANGE:	20001128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNI INVEST USA LTD
		DATE OF NAME CHANGE:	20000407
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d334830ddefa14a.htm
<DESCRIPTION>DEFA14A
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<TITLE>DEFA14A</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9745; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by a Party other than the Registrant&nbsp;&nbsp;&#9744; </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Preliminary Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>&#9744;<B></B><B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Confidential, for Use of the Commission Only (as permitted by Rule
<FONT STYLE="white-space:nowrap">14a-6(e)(2))</FONT> </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Proxy Statement </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9745;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Definitive Additional Materials </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting Material under <FONT STYLE="white-space:nowrap">&#167;240.14a-12</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>CEDAR REALTY TRUST, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check all boxes that apply): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9745;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">No fee required. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee paid previously with preliminary materials. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules
<FONT STYLE="white-space:nowrap">14a-6(i)(1)</FONT> and <FONT STYLE="white-space:nowrap">0-11</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Update on Transaction Litigation </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As previously reported, on March&nbsp;2, 2022 Cedar Realty Trust, Inc. (the &#147;Company&#148; or &#147;Cedar&#148;) entered into definitive agreements for
the sale of certain of the Company&#146;s assets (the &#147;Grocery-Anchored Portfolio Sale&#148;) and the subsequent merger of the Company (the &#147;Company Merger&#148;) with a wholly-owned subsidiary of Wheeler Real Estate Investment Trust, Inc.
(&#147;Wheeler&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On April&nbsp;8, 2022, several purported holders of the Company&#146;s outstanding preferred stock filed a putative class action
complaint against the Company, the Board of Directors of the Company (the &#147;Board&#148;), and Wheeler in Montgomery County Circuit Court, Maryland, entitled<I>&nbsp;Sydney, et al. v. Cedar Realty Trust, Inc., et al.</I>, Case No. <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">C-15-CV-22-00152.</FONT></FONT></FONT></FONT> On May&nbsp;6, 2022, plaintiffs in the<I>&nbsp;Sydney</I>&nbsp;action filed
an amended complaint. The amended complaint alleges on behalf of a putative class of holders of the Company&#146;s preferred stock, among other things, against the Company and the Board, claims for breach of contract with respect to the articles
supplementary governing the terms of the Company&#146;s preferred stock and breach of fiduciary duty, and, against Wheeler, tortious interference and aiding and abetting breach of fiduciary duty. The<I>&nbsp;Sydney</I>&nbsp;amended complaint seeks,
among other things, (i)&nbsp;a declaration that holders of the Company&#146;s preferred stock are entitled to exercise either their liquidation rights or conversion rights as set forth in the articles supplementary, (ii)&nbsp;compensatory damages,
(iii)&nbsp;an injunction enjoining the distribution to the Company&#146;s common shareholders of the proceeds of the Grocery-Anchored Portfolio Sale, and (iv)&nbsp;an injunction enjoining the Company Merger. On May&nbsp;6, 2022, the plaintiffs
in<I>&nbsp;Sydney</I>&nbsp;filed a motion for a preliminary injunction to temporarily enjoin, until the final resolution of the litigation (i)&nbsp;the distribution of the gross proceeds from the Grocery-Anchored Portfolio Sale to the common
stockholders, (ii)&nbsp;the closing of the Company Merger, and (iii)&nbsp;the imposition of a constructive trust over the gross proceeds from both the Grocery-Anchored Portfolio Sale and the Company Merger. On May&nbsp;11, 2022, Cedar, the Board and
Wheeler removed the <I>Sydney</I> action to the United States District Court for the District of Maryland, Case No.
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">8:22-cv-01142-GLR.</FONT></FONT></FONT> On May&nbsp;16, 2022, the court ordered that a hearing on the <I>Sydney</I> plaintiffs&#146; motion for
preliminary injunction will be held on June&nbsp;22, 2022. As part of the litigation, Cedar has stipulated that no proceeds of the Grocery-Anchored Portfolio Sale will be distributed to the common stockholders and that the Company Merger will not
occur until after the close of business on June&nbsp;24, 2022. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company believes that the allegations asserted against the Company and other
defendants in the lawsuit described above are without merit and intends to vigorously defend against the claims and against plaintiffs&#146; motion for a preliminary injunction. If the court were to nonetheless grant a preliminary injunction
temporarily enjoining the Company&#146;s distribution, in whole or in part, of proceeds from the Grocery-Anchored Portfolio Sale to common stockholders and/or consummation of the Company Merger, this is likely to materially adversely affect the
ability of the Company to realize the anticipated benefits from the asset-sale and merger transactions, including: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Risk of Termination of Merger Agreement</I>. Pursuant to the terms of the merger agreement with Wheeler, the
parties each have the right to terminate the agreement if the Company Merger is not consummated by August&nbsp;30, 2022. Accordingly, any delay caused by the court&#146;s granting of a preliminary injunction may result in the termination of the
merger agreement, in which case the Company&#146;s common stockholders will not receive the merger consideration specified in the merger agreement. In that event, the Company would pursue and consider other transactions and strategies to maximize
shareholder value but there is no guarantee that a similarly favorable transaction, or any comparable transaction, will be identified and successfully executed in the near term or at all. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Risk of Significant Delay Pending Resolution of Legal Proceedings</I>. A preliminary injunction, if granted by
the court, could remain in place for the duration of the period necessary to resolve all of the various claims and allegations made by plaintiffs, which could include a full trial on the merits. This could result in a significant delay in fully
consummating the anticipated transactions and/or distributing proceeds to common stockholders, which delay could be months or even years. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Risk of Reduced Distribution to Stockholders. </I>If a court ultimately determines that the Company&#146;s
common stockholders are not entitled to a distribution of transaction proceeds, in whole or in part, unless the Company&#146;s preferred stockholders are contemporaneously redeemed or converted, then the aggregate amount of transaction proceeds
ultimately available for distribution to common stockholders may be materially less than $29.00 per share. </P></TD></TR></TABLE>
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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Risks related to required REIT distributions. </I>An injunction on the Company&#146;s ability to distribute
proceeds from the Grocery-Anchored Portfolio Sale to common shareholders could cause the Company to violate the REIT qualification rules, which among other things, require that gains from sales of assets be distributed to common shareholders no
later than the same year in which the sale occurred. A failure to timely distribute proceeds would result in imposition of corporate level tax, excise taxes and other penalties that would be significantly value-destructive for the Company and all
its stakeholders. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Additional Information and Where to Find It </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or
approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the proposed transactions, Cedar has filed with the SEC a definitive proxy statement on Schedule 14A. Investors and
stockholders of Cedar are urged to read the proxy statement (including any amendments and supplements thereto) relating to the proposed transactions carefully when they become available. Stockholders will be able to obtain free copies of the proxy
statement and other documents containing important information about Cedar once these documents are filed with the SEC, through the website maintained by the SEC at<U>&nbsp;http://www.sec.gov</U>&nbsp;or free of charge from Cedar by directing a
request to Investor Relations at (516) <FONT STYLE="white-space:nowrap">944-4561.</FONT> </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Participants in the Solicitation </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Cedar and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Cedar&#146;s stockholders in connection
with the proposed transactions. Information about the directors and executive officers of Cedar is set forth in its proxy statement for its 2021 annual meeting of stockholders on Schedule 14A filed with the SEC on April&nbsp;30, 2021, and its Annual
Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended December&nbsp;31, 2020, which was filed with the SEC on February&nbsp;11, 2021. Other information regarding the participants in the proxy solicitation and a
description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Cautionary Statement Regarding Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information included herein, together with other statements and information publicly disseminated by Cedar, contains certain forward-looking statements
within the meaning of Section&nbsp;27A of the Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended. Cedar intends such forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Forward-looking statements, which are based on certain assumptions and describe the Company&#146;s future plans, strategies and expectations, are generally
identifiable by use of the words &#147;may&#148;, &#147;will&#148;, &#147;should&#148;, &#147;estimates&#148;, &#147;projects&#148;, &#147;anticipates&#148;, &#147;believes&#148;, &#147;expects&#148;, &#147;intends&#148;, &#147;future&#148;, 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)&nbsp;the proposed transactions may not be
completed in a timely manner or at all, including the risk that any required approvals, including the approval of the Company&#146;s stockholders, are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect
the Company or the expected benefits of the proposed transactions; (ii)&nbsp;the possibility that any or all of the various conditions to the consummation of the transactions may not be satisfied or waived; (iii)&nbsp;the occurrence of any event,
change or other circumstance that could give rise to the termination of one or more of the definitive transaction agreements, including in circumstances which would require the Company to pay a termination fee or other expenses; (iv)&nbsp;the risk
that the pending shareholder litigation in connection with the transactions, or additional lawsuits that may be filed in the future in connection with the transactions, may result in significant costs of defense, indemnification and liability;
(v)&nbsp;the economic, political and social impact of, and uncertainty relating to, the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, including: (a)&nbsp;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, <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">&#147;shelter-in-place&#148;</FONT></FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;stay-at-home&#148;</FONT></FONT> orders and social </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">distancing practices, as well as individuals adversely impacted by the
<FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, (b)&nbsp;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)&nbsp;the potential impact of any such events on the obligations of the Company&#146;s tenants to make rent and other payments or honor other commitments under existing leases, (d)&nbsp;the potential adverse
impact on returns from redevelopment projects, (e)&nbsp;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)&nbsp;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; (vi)&nbsp;the ability and willingness of the Company&#146;s tenants and
other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (vii)&nbsp;the loss or bankruptcy of the Company&#146;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 <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic; (viii)&nbsp;the ability and willingness of the Company&#146;s tenants to renew their leases with the Company
upon expiration, the Company&#146;s ability to <FONT STYLE="white-space:nowrap">re-lease</FONT> 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 <FONT
STYLE="white-space:nowrap">COVID-19</FONT> 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; (ix)&nbsp;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&#146;s share price from prices prior to the spread of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic;
(x)&nbsp;financing risks, such as the Company&#146;s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (xi)&nbsp;increases in the Company&#146;s borrowing costs as a result of
changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (xii) the impact of the Company&#146;s leverage on operating performance; (xiii)&nbsp;risks related to the market for retail space generally,
including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of <FONT STYLE="white-space:nowrap">e-commerce,</FONT> ongoing consolidation in the retail sector and changes in economic conditions and
consumer confidence; (xiv)&nbsp;risks endemic to real estate and the real estate industry generally; (xv)&nbsp;competitive risks; (xvi)&nbsp;risks related to the geographic concentration of the Company&#146;s properties in the Washington, D.C. to
Boston corridor; (xvii)&nbsp;damage to the Company&#146;s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xviii)&nbsp;the inability of the Company to realize anticipated returns from its
redevelopment activities; (xix)&nbsp;uninsured losses; (xx)&nbsp;the Company&#146;s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xxi)&nbsp;information
technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see &#147;Risk Factors&#148; in Part I, Item 1A, of the Company&#146;s Annual Report on Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2021 and other documents that the Company files with the SEC from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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&#146;s actual results and may be beyond the Company&#146;s control. New factors emerge from time to time, and it is not possible for the Company&#146;s management to predict all such factors or to assess the effects of
each factor on the Company&#146;s business. Accordingly, there can be no assurance that the Company&#146;s current expectations will be realized. </P>
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